A Facility Letter is a crucial banking document used in Nigerian financial transactions when a bank or financial institution approves a credit facility for a borrower. This document type is commonly employed across various sectors in Nigeria and must comply with local banking regulations, particularly the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria guidelines. The Facility Letter serves multiple purposes: it formally communicates the approval of credit, specifies all relevant terms and conditions, outlines security requirements, and establishes the legal framework for the lending relationship. It is typically issued following a successful loan application and credit assessment, and becomes legally binding upon acceptance by the borrower. The document's format and content are influenced by Nigerian banking practices and regulatory requirements, making it essential for both lenders and borrowers to understand its implications fully.
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1. Bank Details and Reference: Bank's letterhead, reference number, and date
2. Recipient Details: Borrower's name and address
3. Salutation: Formal greeting and reference to any previous discussions or applications
4. Facility Approval: Clear statement of the facility approval and type of facility
5. Facility Amount: The approved amount in figures and words
6. Purpose: Specified purpose for which the facility is being granted
7. Interest Rate: Applicable interest rate, calculation method, and payment terms
8. Tenure: Duration of the facility and repayment terms
9. Security Requirements: Details of required security/collateral
10. Conditions Precedent: Conditions that must be fulfilled before drawdown
11. Key Covenants: Essential promises and obligations of the borrower
12. Events of Default: Circumstances that would constitute default
13. Acceptance: Instructions for acceptance and return of the facility letter
1. Fees and Charges: Detailed breakdown of applicable fees - included when there are multiple or complex fee structures
2. Insurance Requirements: Specific insurance requirements - included when insurance is required for the facility
3. Availability Period: Period during which the facility can be drawn - included for facilities with multiple drawdown options
4. Security Margin: Required margin details - included for margin lending facilities
5. Regulatory Compliance: Specific regulatory requirements - included when special regulatory considerations apply
6. Tax Provisions: Tax-related obligations - included when specific tax considerations are relevant
1. Drawdown Notice Format: Standard format for requesting drawdown of the facility
2. Repayment Schedule: Detailed schedule of repayment dates and amounts
3. Fee Schedule: Detailed breakdown of all applicable fees and charges
4. Security Documents List: List of required security documents and their formats
5. Conditions Precedent Checklist: Detailed checklist of all required documents and conditions
6. Insurance Requirements: Detailed specifications for required insurance coverage
Relevant legal definitions
Availability Period
Business Day
Conditions Precedent
Default
Event of Default
Facility
Facility Amount
Interest Payment Date
Interest Period
Interest Rate
Material Adverse Effect
Maturity Date
Naira
Outstanding Amount
Permitted Purpose
Repayment Date
Repayment Schedule
Security
Security Documents
Security Provider
Taxes
Term
Transaction Documents
Utilization
Utilization Date
Utilization Request
Working Capital
Business Day
Conditions Precedent
Default
Event of Default
Facility
Facility Amount
Interest Payment Date
Interest Period
Interest Rate
Material Adverse Effect
Maturity Date
Naira
Outstanding Amount
Permitted Purpose
Repayment Date
Repayment Schedule
Security
Security Documents
Security Provider
Taxes
Term
Transaction Documents
Utilization
Utilization Date
Utilization Request
Working Capital
Clauses
Facility Terms
Interest and Fees
Repayment
Security
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Termination
Assignment and Transfer
Notices
Governing Law
Dispute Resolution
Force Majeure
Confidentiality
Anti-Money Laundering
Regulatory Compliance
Insurance
Information Undertakings
Financial Covenants
Set-off Rights
Tax
Currency Provisions
Indemnification
Amendment and Waiver
Interest and Fees
Repayment
Security
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Termination
Assignment and Transfer
Notices
Governing Law
Dispute Resolution
Force Majeure
Confidentiality
Anti-Money Laundering
Regulatory Compliance
Insurance
Information Undertakings
Financial Covenants
Set-off Rights
Tax
Currency Provisions
Indemnification
Amendment and Waiver
Relevant Industries
Banking and Financial Services
Real Estate
Manufacturing
Agriculture
Oil and Gas
Telecommunications
Retail and Commerce
Construction
Healthcare
Education
Technology
Transport and Logistics
Mining
Hospitality
Relevant Teams
Legal
Finance
Credit Risk
Compliance
Corporate Banking
Treasury
Operations
Risk Management
Corporate Secretariat
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Financial Controller
Credit Risk Manager
Relationship Manager
Legal Counsel
Compliance Officer
Credit Analyst
Loan Officer
Banking Operations Manager
Corporate Banking Manager
Risk Assessment Officer
Company Secretary
Managing Director
Finance Manager
Business Development Manager
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