The Personal Guarantee Loan Agreement is a critical document used in Nigerian lending practices when a lender requires additional security for a loan beyond the borrower's own creditworthiness. This document is typically employed when a business or individual seeks financing but needs a third party to guarantee the loan obligation. The agreement, governed by Nigerian law and regulated by the Central Bank of Nigeria, establishes the legal framework for the guarantee, including the guarantor's obligations, enforcement mechanisms, and remedies available to the lender. It's particularly important in the Nigerian context where personal guarantees are frequently required for business loans and must comply with local banking regulations, contract law, and the Money Lenders Act.
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1. Parties: Identifies the Lender, Borrower, and Guarantor with their full legal names and addresses
2. Background: Explains the context of the loan and guarantee arrangement, including the Borrower's request for the loan and the Guarantor's willingness to guarantee it
3. Definitions: Defines key terms used throughout the agreement
4. Loan Details: Specifies the loan amount, interest rate, and repayment terms
5. Guarantee Provisions: Details the scope and nature of the guarantee, including the Guarantor's obligations
6. Representations and Warranties: Statements of fact by the Guarantor about their financial status and ability to guarantee the loan
7. Nature of Guarantee: Specifies that the guarantee is continuing, irrevocable, and unconditional
8. Payment Obligations: Details when and how the Guarantor must pay upon default by the Borrower
9. Default Provisions: Defines events of default and consequences
10. Enforcement: Describes the Lender's rights and remedies for enforcement
11. Indemnity: Guarantor's obligation to indemnify the Lender against losses
12. Notices: Specifies how formal communications between parties should be made
13. Governing Law and Jurisdiction: Confirms Nigerian law applies and specifies jurisdiction for disputes
1. Security: Include when additional security is provided beyond the personal guarantee
2. Multiple Guarantors: Include when there is more than one guarantor, defining joint and several liability
3. Assignment: Include if the rights under the guarantee may be assigned to third parties
4. Independent Legal Advice: Include when the Guarantor needs to confirm they received independent legal advice
5. Currency Provisions: Include for loans involving foreign currency
6. Set-off Rights: Include when the Lender has the right to set off against other accounts
7. Force Majeure: Include when specific events beyond parties' control should be addressed
1. Loan Terms Schedule: Detailed breakdown of loan amount, interest calculations, and repayment schedule
2. Guarantor's Statement of Assets: List of Guarantor's assets and financial status
3. Specified Default Events: Comprehensive list of events constituting default
4. Form of Demand: Template for formal demand to be made under the guarantee
5. Related Security Documents: List of any additional security documents related to the guarantee
Relevant legal definitions
Agreement
Applicable Law
Business Day
Default Event
Default Interest
Default Notice
Demand
Encumbrance
Enforcement Action
Financial Indebtedness
Guarantee
Guaranteed Obligations
Guarantor
Interest Period
Interest Rate
Lender
Loan
Loan Agreement
Material Adverse Effect
Nigerian Naira
Outstanding Amount
Party/Parties
Principal Borrower
Repayment Date
Secured Obligations
Security
Security Interest
Specified Time
Tax
Working Day
Termination Date
Enforcement Notice
Guarantee Limit
Related Rights
Relevant Documents
Required Currency
Default Rate
Facility
Guaranteed Liabilities
Insolvency Event
Security Documents
Applicable Law
Business Day
Default Event
Default Interest
Default Notice
Demand
Encumbrance
Enforcement Action
Financial Indebtedness
Guarantee
Guaranteed Obligations
Guarantor
Interest Period
Interest Rate
Lender
Loan
Loan Agreement
Material Adverse Effect
Nigerian Naira
Outstanding Amount
Party/Parties
Principal Borrower
Repayment Date
Secured Obligations
Security
Security Interest
Specified Time
Tax
Working Day
Termination Date
Enforcement Notice
Guarantee Limit
Related Rights
Relevant Documents
Required Currency
Default Rate
Facility
Guaranteed Liabilities
Insolvency Event
Security Documents
Clauses
Interpretation
Guarantee and Indemnity
Representations and Warranties
Payment Obligations
Interest
Security
Default
Enforcement
Demands and Notices
Assignment and Transfer
Amendments and Waivers
Severability
Counterparts
Set-Off Rights
Currency
Costs and Expenses
Indemnification
Confidentiality
Force Majeure
Governing Law
Jurisdiction
Entire Agreement
Third Party Rights
Limitation of Liability
Duration
Termination
Independent Legal Advice
Multiple Guarantors
Stamp Duty
Further Assurance
Guarantee and Indemnity
Representations and Warranties
Payment Obligations
Interest
Security
Default
Enforcement
Demands and Notices
Assignment and Transfer
Amendments and Waivers
Severability
Counterparts
Set-Off Rights
Currency
Costs and Expenses
Indemnification
Confidentiality
Force Majeure
Governing Law
Jurisdiction
Entire Agreement
Third Party Rights
Limitation of Liability
Duration
Termination
Independent Legal Advice
Multiple Guarantors
Stamp Duty
Further Assurance
Relevant Industries
Banking and Financial Services
Microfinance
Small and Medium Enterprises
Real Estate
Construction
Manufacturing
Retail
Agriculture
Professional Services
Technology
Relevant Teams
Legal
Credit and Risk
Compliance
Corporate Banking
Business Development
Operations
Document Management
Loan Administration
Risk Management
Commercial Banking
Relevant Roles
Credit Manager
Loan Officer
Risk Assessment Manager
Legal Counsel
Compliance Officer
Business Development Manager
Relationship Manager
Credit Analyst
Banking Operations Manager
Document Controller
Corporate Banking Manager
SME Banking Officer
Chief Risk Officer
Legal Director
Financial Controller
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