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Standby Credit Agreement

Standby Credit Agreement Template for Nigeria

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Key Requirements PROMPT example:

Standby Credit Agreement

"I need a Standby Credit Agreement under Nigerian law for a manufacturing company securing a ₦100 million facility from FirstBank Nigeria, with quarterly interest payments and a 3-year term starting March 2025."

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Document background
The Standby Credit Agreement is a crucial financial instrument in Nigerian banking practice, typically used when a borrower requires access to a credit facility that can be drawn upon as needed, rather than receiving an immediate loan disbursement. This type of agreement is particularly valuable for businesses seeking financial flexibility and contingency funding. The document must comply with Nigerian banking regulations, including BOFIA 2020 and Central Bank of Nigeria directives, while incorporating international best practices in credit facility documentation. It typically includes detailed provisions on facility limits, availability periods, drawdown mechanisms, interest calculations, and security arrangements. The agreement is structured to protect both lender and borrower interests while ensuring enforceability under Nigerian law, making it essential for various corporate financing needs, working capital requirements, and project funding arrangements.
Suggested Sections

1. Parties: Identification of the lender and borrower with full legal names and addresses

2. Background: Context of the agreement and relationship between parties

3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement

4. The Facility: Core terms of the standby credit facility including amount, purpose, and availability period

5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available

6. Utilization: Process and requirements for drawing down the facility

7. Interest: Interest rate, calculation method, and payment terms

8. Fees: All applicable fees including commitment fees, arrangement fees, and other charges

9. Repayment: Terms and schedule for repayment of drawn amounts

10. Representations and Warranties: Standard representations and warranties given by the borrower

11. Covenants: Positive and negative undertakings by the borrower

12. Events of Default: Circumstances constituting default and consequences

13. Changes to Parties: Rules regarding assignment and transfer of rights

14. Notices: Communication requirements and contact details

15. Governing Law and Jurisdiction: Nigerian law as governing law and jurisdiction provisions

16. Execution: Signature blocks and execution formalities

Optional Sections

1. Security: Include when the facility is secured by specific assets or guarantees

2. Tax Provisions: Detailed tax provisions when cross-border elements exist or specific tax arrangements are needed

3. Increased Costs: Provisions for dealing with regulatory changes affecting the lender's costs

4. Market Disruption: Include for LIBOR/SOFR based facilities to address market disruption events

5. Multi-currency Provisions: Include if the facility can be drawn in multiple currencies

6. Force Majeure: Specific force majeure provisions beyond standard defaults

7. Anti-corruption Provisions: Enhanced compliance provisions for high-risk transactions

8. Islamic Banking Provisions: Include for Sharia-compliant facilities

Suggested Schedules

1. Conditions Precedent: Detailed list of required documents and conditions

2. Form of Utilization Request: Standard form for requesting drawdown of the facility

3. Form of Compliance Certificate: Template for periodic compliance certification

4. Calculation of Interest: Detailed interest calculation methodology and examples

5. Existing Security: Details of any existing security arrangements

6. Required Insurance: Specification of required insurance coverage

7. Authorized Signatories: List of persons authorized to act for each party

8. Form of Transfer Certificate: Template for transferring rights under the agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Availability Period
Business Day
CBN
Commitment
Conditions Precedent
Default
Event of Default
Facility
Facility Amount
Fee Letter
Finance Documents
Financial Indebtedness
Interest Payment Date
Interest Period
Interest Rate
Law
Lender
Material Adverse Effect
Naira
Obligor
Outstanding Amount
Permitted Security
Potential Event of Default
Repayment Date
Request
Security
Security Documents
Stamp Duties
Subsidiary
Tax
Termination Date
Unutilized Amount
Utilization
Utilization Date
Utilization Request
VAT
Authority
Authorized Signatory
BOFIA
Borrowed Money
Break Costs
Charged Property
Commitment Fee
Compliance Certificate
Default Interest
Disruption Event
Drawing
Enforcement Event
Financial Statements
Group
Holding Company
Increased Costs
Insurance Proceeds
Margin
Material Contracts
Permitted Financial Indebtedness
Quotation Day
Reference Banks
Secured Obligations
Security Interest
Tax Deduction
Transfer Certificate
Unpaid Sum
Clauses
Facility Terms
Conditions Precedent
Utilization
Interest
Repayment
Prepayment
Fees and Expenses
Tax Gross-up
Increased Costs
Representations
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Security
Set-off
Assignment and Transfer
Amendments and Waivers
Confidentiality
Notices
Calculations
Severability
Counterparts
Governing Law
Enforcement
Jurisdiction
Service of Process
Waiver of Immunity
Force Majeure
Anti-Money Laundering
Sanctions Compliance
Data Protection
Entire Agreement
Third Party Rights
Time of Essence
Further Assurance
Relevant Industries

Banking

Financial Services

Corporate Lending

Investment Banking

Commercial Banking

Industrial Manufacturing

Oil and Gas

Real Estate

Infrastructure

Telecommunications

Retail

Agriculture

Mining

Power and Energy

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Corporate Banking

Credit Analysis

Operations

Transaction Management

Documentation

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Corporate Banking Officer

Credit Risk Manager

Legal Counsel

Compliance Officer

Relationship Manager

Credit Analyst

Financial Controller

Banking Operations Manager

Corporate Finance Manager

Senior Loan Officer

Chief Legal Officer

Transaction Manager

Risk Assessment Officer

Industries
Banks and Other Financial Institutions Act (BOFIA) 2020: The primary legislation governing banking operations in Nigeria, including provisions for credit facilities and financial instruments
Central Bank of Nigeria Act 2007: Provides regulatory framework for banking operations and monetary policy, including guidelines for credit facilities
Nigerian Contract Law: Based on common law principles, governs the formation and enforcement of contracts, including credit agreements
Money Laundering (Prevention and Prohibition) Act 2022: Regulates financial transactions and includes due diligence requirements for credit facilities
Asset Management Corporation of Nigeria (AMCON) Act 2010: Relevant for debt recovery and management of non-performing credit facilities
Stamp Duties Act: Requires proper stamping of credit agreements and related documents for them to be admissible in evidence
CBN Guidelines on Issuance and Treatment of Bankers Acceptances and Commercial Papers: Provides specific guidelines for standby credit facilities and similar financial instruments
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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