The Guarantee Facility Agreement is a crucial document in Nigerian banking and finance transactions, used when one party (the guarantor) agrees to secure the financial obligations of another party (the principal debtor) to a beneficiary. This agreement is particularly important in the Nigerian market where secured lending is prevalent and guarantees are frequently required by financial institutions. The document must comply with Nigerian legislation including CAMA 2020, BOFIA, and relevant Central Bank of Nigeria regulations. A well-structured Guarantee Facility Agreement will typically include provisions for the guarantee's scope, enforcement mechanisms, representations and warranties, and any associated security arrangements. It's commonly used in corporate finance, project finance, and general banking facilities, requiring careful consideration of corporate authority, enforceability under Nigerian law, and registration requirements.
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1. Parties: Identification of the Guarantor, Principal Debtor, and Beneficiary/Lender
2. Background: Context of the guarantee facility, including reference to the underlying facility agreement
3. Definitions and Interpretation: Definitions of key terms and interpretation principles
4. The Guarantee and Indemnity: Core guarantee provisions, including scope and nature of the guarantee
5. Maximum Liability: Specification of the guarantee amount and any limitations
6. Guarantor's Representations and Warranties: Standard and specific representations regarding capacity, authority, and financial condition
7. Duration and Release: Term of the guarantee and conditions for release
8. Payments: Payment obligations, mechanics, and currency provisions
9. Tax Gross-up and Indemnities: Tax-related provisions and associated indemnities
10. Costs and Expenses: Allocation of costs related to preparation and enforcement
11. Enforcement and Remedies: Rights and remedies available to the beneficiary
12. Changes to Parties: Assignment and transfer provisions
13. Notices: Communication procedures and contact details
14. Miscellaneous: Standard boilerplate provisions
15. Governing Law and Jurisdiction: Nigerian law as governing law and jurisdiction provisions
1. Security Provisions: Required when the guarantee is supported by additional security
2. Corporate Guarantee Specific Provisions: Required when the guarantor is a corporate entity, including corporate benefit statements
3. Multiple Guarantors: Required when there is more than one guarantor, defining joint and several liability
4. Currency Conversion: Required when the guarantee involves multiple currencies
5. Central Bank Compliance: Required when the guarantee needs specific Central Bank of Nigeria approvals
6. Priority and Subordination: Required when there are multiple creditors or ranking of security
7. Step-In Rights: Optional provisions for lender intervention rights
8. Independent Legal Advice: Required when dealing with individual guarantors or as per bank policy
1. Form of Demand: Standard form for making demands under the guarantee
2. Conditions Precedent: List of required documents and conditions to be satisfied
3. Form of Compliance Certificate: Template for periodic compliance certification
4. Secured Assets: Description of any assets securing the guarantee (if applicable)
5. Authorized Signatories: List of persons authorized to act under the guarantee
6. Form of Transfer Certificate: Template for transferring guarantee rights
7. Payment Details: Bank account and payment instruction details
8. Corporate Authorizations: Copies of relevant corporate approvals and resolutions
Relevant legal definitions
Acceleration Event
Account Bank
Additional Guarantor
Authorisation
Availability Period
Banking Day
Beneficiary
Business Day
CAMA
Central Bank
Charged Assets
Conditions Precedent
Default
Default Interest
Default Rate
Demand
Effective Date
Enforcement Event
Event of Default
Facility
Facility Agreement
Finance Documents
Financial Indebtedness
Guaranteed Obligations
Guarantor
Insolvency Event
Interest Period
Legal Reservation
Liability
Material Adverse Effect
Maximum Guaranteed Amount
Naira
Notice
Obligor
Payment Date
Principal Debtor
Recovered Amount
Recovery
Relevant Documents
Secured Obligations
Security
Security Documents
Security Interest
Security Period
Stamp Duty
Tax
Transaction Documents
Transfer Certificate
Underlying Agreement
Account Bank
Additional Guarantor
Authorisation
Availability Period
Banking Day
Beneficiary
Business Day
CAMA
Central Bank
Charged Assets
Conditions Precedent
Default
Default Interest
Default Rate
Demand
Effective Date
Enforcement Event
Event of Default
Facility
Facility Agreement
Finance Documents
Financial Indebtedness
Guaranteed Obligations
Guarantor
Insolvency Event
Interest Period
Legal Reservation
Liability
Material Adverse Effect
Maximum Guaranteed Amount
Naira
Notice
Obligor
Payment Date
Principal Debtor
Recovered Amount
Recovery
Relevant Documents
Secured Obligations
Security
Security Documents
Security Interest
Security Period
Stamp Duty
Tax
Transaction Documents
Transfer Certificate
Underlying Agreement
Clauses
Guarantee and Indemnity
Representations and Warranties
Payment Obligations
Tax Gross-up
Costs and Expenses
Indemnities
Security
Authority and Capacity
Compliance
Events of Default
Acceleration
Enforcement
Assignment and Transfer
Amendments and Waivers
Severability
Confidentiality
Notices
Set-off
Currency
Remedies and Waivers
Counterparts
Third Party Rights
Further Assurance
Time of Essence
Independent Obligations
Joint and Several Liability
Governing Law
Dispute Resolution
Jurisdiction
Service of Process
Limitation of Liability
Force Majeure
Anti-Money Laundering
Stamp Duty
Representations and Warranties
Payment Obligations
Tax Gross-up
Costs and Expenses
Indemnities
Security
Authority and Capacity
Compliance
Events of Default
Acceleration
Enforcement
Assignment and Transfer
Amendments and Waivers
Severability
Confidentiality
Notices
Set-off
Currency
Remedies and Waivers
Counterparts
Third Party Rights
Further Assurance
Time of Essence
Independent Obligations
Joint and Several Liability
Governing Law
Dispute Resolution
Jurisdiction
Service of Process
Limitation of Liability
Force Majeure
Anti-Money Laundering
Stamp Duty
Relevant Industries
Banking and Financial Services
Manufacturing
Oil and Gas
Real Estate and Construction
Telecommunications
Agriculture
Power and Energy
Mining
Retail and Commerce
Infrastructure Development
Transportation and Logistics
Healthcare
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Secretariat
Credit
Commercial
Corporate Banking
Transaction Management
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Commercial Director
Treasury Manager
Risk Manager
Compliance Officer
Company Secretary
Credit Manager
Relationship Manager
Transaction Manager
Security Trustee
Facility Agent
Corporate Banking Manager
Senior Legal Counsel
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