The Guarantee Agreement For Loan is a critical financial security instrument widely used in Nigerian business and personal financial transactions. It is typically required when a lender seeks additional security for a loan facility, particularly in cases where the borrower's creditworthiness alone is insufficient or when regulatory requirements mandate additional security. The document must comply with Nigerian banking regulations, the Money Lenders Act, and other relevant financial legislation. It includes specific provisions addressing guarantee limits, enforcement mechanisms, and remedies available under Nigerian law. This type of agreement is essential for risk mitigation in lending transactions and is commonly used by banks, financial institutions, and private lenders operating within Nigeria. The document requires careful consideration of both federal and state-specific regulations, particularly regarding interest rates, enforcement procedures, and registration requirements.
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1. Parties: Identification of the Guarantor, Lender, and Borrower with their full legal names and addresses
2. Background: Context of the loan agreement and the purpose of the guarantee
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. Guarantee and Indemnity: Core guarantee obligations, scope of guarantee, and indemnification provisions
5. Extent and Limits of Guarantee: Specific details of guarantee amount, duration, and any limitations
6. Guarantor's Representations and Warranties: Statements of fact and assurances given by the Guarantor
7. Continuing Security: Provisions establishing the guarantee as a continuing security until full discharge
8. Preservation of Rights: Lender's rights preservation and non-discharge provisions
9. Payments: Payment obligations, mechanism, and currency provisions
10. Default and Enforcement: Events of default and enforcement mechanisms
11. Costs and Expenses: Allocation of costs related to the guarantee
12. Notices: Communication requirements and contact details
13. General Provisions: Standard boilerplate clauses including severability, amendments, and governing law
14. Execution: Signature blocks and execution formalities
1. Security Provisions: Additional security arrangements if the guarantee is secured by specific assets
2. Corporate Authority: Required when guarantor is a corporate entity, including board resolutions and corporate approvals
3. Joint and Several Liability: Required when there are multiple guarantors
4. Assignment and Transfer: Provisions for transferability of guarantee rights, if permitted
5. Independent Legal Advice: Confirmation of independent legal advice, particularly important for individual guarantors
6. Foreign Currency Provisions: Required when the loan or guarantee involves foreign currency
7. Subordination Provisions: Required when there are multiple creditors or guarantees that need to be ranked
1. Schedule 1 - The Loan Agreement: Copy or details of the underlying loan agreement being guaranteed
2. Schedule 2 - Guarantor Information: Detailed information about the Guarantor including financial statements if a company
3. Schedule 3 - Guarantee Limit and Terms: Specific financial terms of the guarantee including any caps or limitations
4. Schedule 4 - Forms of Notice: Standard forms for various notices under the agreement
5. Schedule 5 - Conditions Precedent: List of documents and conditions required before guarantee becomes effective
6. Appendix A - Board Resolution: If corporate guarantor, the board resolution approving the guarantee
7. Appendix B - Legal Opinion: Legal opinion confirming validity and enforceability of the guarantee
Relevant legal definitions
Agreement
Applicable Law
Banking Day
Borrower
Business Day
Default
Default Interest
Default Rate
Enforcement Event
Event of Default
Finance Documents
Financial Indebtedness
Guaranteed Obligations
Guarantor
Interest Period
Lender
Loan
Loan Agreement
Material Adverse Effect
Naira
Notice
Parties
Payment Date
Principal Amount
Secured Obligations
Security
Security Interest
Stamp Duty
Tax
Working Day
Write-down
Guarantee Period
Guarantee Amount
Discharge Date
Demand Notice
Enforcement Notice
Guaranteed Liabilities
Insolvency Event
Interest
Legal Proceedings
Outstanding Amount
Payment Currency
Relevant Documents
Security Documents
Specified Time
Underlying Agreement
Valid Claim
Applicable Law
Banking Day
Borrower
Business Day
Default
Default Interest
Default Rate
Enforcement Event
Event of Default
Finance Documents
Financial Indebtedness
Guaranteed Obligations
Guarantor
Interest Period
Lender
Loan
Loan Agreement
Material Adverse Effect
Naira
Notice
Parties
Payment Date
Principal Amount
Secured Obligations
Security
Security Interest
Stamp Duty
Tax
Working Day
Write-down
Guarantee Period
Guarantee Amount
Discharge Date
Demand Notice
Enforcement Notice
Guaranteed Liabilities
Insolvency Event
Interest
Legal Proceedings
Outstanding Amount
Payment Currency
Relevant Documents
Security Documents
Specified Time
Underlying Agreement
Valid Claim
Clauses
Guarantee
Indemnity
Representations and Warranties
Payment Obligations
Default
Enforcement
Security
Assignment
Notices
Costs and Expenses
Stamp Duty
Tax
Governing Law
Jurisdiction
Dispute Resolution
Force Majeure
Severability
Entire Agreement
Amendment
Waiver
Counterparts
Confidentiality
Set-off
Currency
Interest
Registration
Authority
Termination
Remedies
Time of Essence
Further Assurance
Third Party Rights
Survival
Compliance with Laws
Independent Legal Advice
Priority of Payments
Discharge
Joint and Several Liability
Continuing Security
Preservation of Rights
Indemnity
Representations and Warranties
Payment Obligations
Default
Enforcement
Security
Assignment
Notices
Costs and Expenses
Stamp Duty
Tax
Governing Law
Jurisdiction
Dispute Resolution
Force Majeure
Severability
Entire Agreement
Amendment
Waiver
Counterparts
Confidentiality
Set-off
Currency
Interest
Registration
Authority
Termination
Remedies
Time of Essence
Further Assurance
Third Party Rights
Survival
Compliance with Laws
Independent Legal Advice
Priority of Payments
Discharge
Joint and Several Liability
Continuing Security
Preservation of Rights
Relevant Industries
Banking & Financial Services
Real Estate
Manufacturing
Agriculture
Oil & Gas
Telecommunications
Construction
Retail
Healthcare
Education
Transportation & Logistics
Mining
Technology
Small and Medium Enterprises
Relevant Teams
Legal
Finance
Compliance
Risk Management
Credit Administration
Corporate Secretariat
Treasury
Business Development
Operations
Corporate Banking
Document Management
Relevant Roles
Chief Financial Officer
Legal Counsel
Finance Director
Credit Risk Manager
Loan Officer
Compliance Officer
Corporate Secretary
Banking Relationship Manager
Treasury Manager
Business Development Manager
Risk Assessment Officer
Financial Controller
Managing Director
Company Director
Legal Director
Credit Analyst
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