The Pre-Financing Agreement serves as a critical instrument in Nigerian business transactions where advance funding is required before the commencement or completion of a project or transaction. This document is commonly used in various sectors including oil & gas, infrastructure, and trade financing, where substantial upfront capital is needed. The agreement must comply with Nigerian banking regulations, particularly the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria directives. It typically includes detailed provisions for funding disbursement, repayment mechanisms, security arrangements, and risk mitigation measures. The document is essential for protecting the interests of both the financing institution and the recipient while ensuring regulatory compliance in Nigeria's financial sector.
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1. Parties: Identification of the financing party and the recipient, including their legal status and registration details
2. Background: Context of the pre-financing arrangement, purpose of the funding, and relationship between parties
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. Facility Amount and Purpose: Specification of the pre-financing amount and its intended use
5. Conditions Precedent: Conditions that must be satisfied before the financing becomes available
6. Disbursement Terms: Procedures and conditions for disbursement of the pre-financing amount
7. Repayment Terms: Schedule and method of repayment, including interest calculations
8. Representations and Warranties: Statements of fact and assurances given by the recipient
9. Covenants: Ongoing obligations of the recipient during the term of the agreement
10. Events of Default: Circumstances that constitute default and their consequences
11. Remedies: Rights and remedies available to the financing party in case of default
12. Governing Law and Jurisdiction: Nigerian law as governing law and jurisdiction for disputes
13. Notices: Process and addresses for formal communications between parties
14. Miscellaneous: Standard boilerplate provisions including amendments, waivers, and severability
1. Security Arrangements: Details of any collateral or security provided - include if security is required
2. Guarantee Provisions: Terms of any guarantees provided - include if there are guarantors
3. Multiple Tranche Provisions: Structure for multiple disbursements - include if financing is in tranches
4. Special Purpose Vehicle: Provisions relating to SPV structure - include if an SPV is involved
5. Currency Provisions: Foreign exchange considerations - include for cross-border financing
6. Assignment and Transfer: Rights to assign or transfer the agreement - include if transferability is required
7. Agent Provisions: Terms for dealing with agents - include in syndicated financing
1. Schedule 1 - Disbursement Schedule: Detailed timeline and conditions for disbursement of funds
2. Schedule 2 - Repayment Schedule: Detailed breakdown of repayment dates and amounts
3. Schedule 3 - Conditions Precedent Documents: List of required documents and conditions to be satisfied
4. Schedule 4 - Form of Drawdown Notice: Template for requesting disbursement of funds
5. Schedule 5 - Security Details: Detailed description of any security or collateral provided
6. Schedule 6 - Fees and Charges: Breakdown of all applicable fees, charges, and interest calculations
7. Appendix A - Compliance Requirements: Details of regulatory compliance requirements under Nigerian law
8. Appendix B - Form of Certificates: Templates for various certificates required under the agreement
Relevant legal definitions
Advance
Agreement
Applicable Law
Availability Period
Banking Day
Business Day
CBN
Charges
Conditions Precedent
Default Interest
Default Rate
Drawdown
Drawdown Date
Drawdown Notice
Effective Date
Event of Default
Facility
Facility Amount
Final Repayment Date
Finance Documents
Financial Indebtedness
Financing Party
Force Majeure
Interest Period
Interest Rate
Material Adverse Effect
Naira
Obligor
Payment Date
Permitted Purpose
Potential Event of Default
Project
Project Documents
Recipient
Repayment Date
Repayment Schedule
Security
Security Documents
Security Interest
Taxes
Transaction Documents
Utilization
Warranties
Agreement
Applicable Law
Availability Period
Banking Day
Business Day
CBN
Charges
Conditions Precedent
Default Interest
Default Rate
Drawdown
Drawdown Date
Drawdown Notice
Effective Date
Event of Default
Facility
Facility Amount
Final Repayment Date
Finance Documents
Financial Indebtedness
Financing Party
Force Majeure
Interest Period
Interest Rate
Material Adverse Effect
Naira
Obligor
Payment Date
Permitted Purpose
Potential Event of Default
Project
Project Documents
Recipient
Repayment Date
Repayment Schedule
Security
Security Documents
Security Interest
Taxes
Transaction Documents
Utilization
Warranties
Clauses
Interpretation
Facility Terms
Purpose
Conditions Precedent
Drawdown
Interest
Repayment
Prepayment
Security
Representations and Warranties
Covenants
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Acceleration
Changes to Parties
Payment Mechanics
Set-off
Notices
Calculations
Amendments
Confidentiality
Counterparts
Severability
Force Majeure
Anti-Money Laundering
Sanctions
Governing Law
Dispute Resolution
Indemnification
Costs and Expenses
Tax Provisions
Currency Provisions
Assignment
Waiver
Further Assurance
Facility Terms
Purpose
Conditions Precedent
Drawdown
Interest
Repayment
Prepayment
Security
Representations and Warranties
Covenants
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Acceleration
Changes to Parties
Payment Mechanics
Set-off
Notices
Calculations
Amendments
Confidentiality
Counterparts
Severability
Force Majeure
Anti-Money Laundering
Sanctions
Governing Law
Dispute Resolution
Indemnification
Costs and Expenses
Tax Provisions
Currency Provisions
Assignment
Waiver
Further Assurance
Relevant Industries
Banking & Financial Services
Oil & Gas
Infrastructure & Construction
Agriculture & Agribusiness
Manufacturing
Trading & Commerce
Mining & Natural Resources
Real Estate & Property Development
Transportation & Logistics
Power & Energy
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Credit
Corporate Finance
Project Finance
Operations
Company Secretariat
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Compliance Officer
Risk Manager
Credit Manager
Corporate Finance Manager
Project Finance Manager
Account Relationship Manager
Managing Director
Company Secretary
Financial Controller
Banking Operations Manager
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