The Revolving Credit Agreement is a fundamental financing document used in Nigerian banking and corporate finance transactions where flexible, ongoing access to credit is required. This agreement type is particularly useful for businesses needing working capital or fluctuating funding requirements, as it allows for multiple drawdowns and repayments within a specified facility limit. The document must comply with Nigerian banking laws, particularly the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria regulations. It typically includes detailed provisions on facility mechanics, conditions for drawdown, interest calculations, security arrangements (if applicable), and regulatory compliance requirements. The agreement is structured to protect both lender and borrower interests while ensuring enforceability under Nigerian law.
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1. Parties: Identification of the lender(s), borrower(s), and any guarantors
2. Background: Context of the agreement and brief description of the revolving credit facility
3. Definitions and Interpretation: Detailed definitions of terms used throughout the agreement and interpretation rules
4. The Facility: Description of the revolving credit facility, including amount, purpose, and revolving mechanism
5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
6. Utilization: Procedures and requirements for drawing down the facility, including notice requirements
7. Repayment and Prepayment: Terms for repayment, prepayment options, and re-borrowing provisions
8. Interest: Interest calculation, payment dates, and default interest provisions
9. Fees and Expenses: All applicable fees, costs, and expenses
10. Tax Provisions: Tax-related obligations and gross-up provisions
11. Representations and Warranties: Borrower's representations and warranties
12. Information Undertakings: Borrower's obligations to provide financial and other information
13. General Undertakings: Positive and negative covenants of the borrower
14. Events of Default: Circumstances constituting default and consequences
15. Changes to Parties: Provisions regarding assignment and transfer rights
16. Administration: Administrative provisions including calculations and notices
17. Governing Law and Enforcement: Choice of Nigerian law and enforcement provisions
1. Security: Details of any security arrangements - include if the facility is secured
2. Guarantee: Terms of guarantee - include if there are guarantors
3. Increased Costs: Provisions for dealing with regulatory changes affecting lender's costs - include for longer-term facilities
4. Market Disruption: Provisions dealing with market disruption events - include for LIBOR/NIBOR based facilities
5. Multiple Lenders: Syndication provisions - include if there are multiple lenders
6. Currency Provisions: Include if the facility involves multiple currencies
7. Islamic Finance Provisions: Include if the facility needs to be Sharia-compliant
8. Anti-corruption Provisions: Detailed anti-corruption provisions - include for international lenders
1. Conditions Precedent: Detailed list of required documents and conditions
2. Form of Utilization Request: Standard form for drawing down the facility
3. Form of Compliance Certificate: Template for periodic compliance certification
4. Repayment Schedule: If applicable, schedule of repayment dates and amounts
5. Financial Covenants: Detailed financial covenants and calculations
6. Form of Transfer Certificate: Standard form for transferring interests in the facility
7. Existing Security: Details of any existing security arrangements
8. Form of Accession Deed: Template for new parties joining the agreement
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