The Working Capital Facility Agreement is a crucial financing document used in Nigerian commercial lending practice when a company needs access to flexible funding for its day-to-day operations. This agreement is particularly important in the Nigerian context where businesses often require reliable access to working capital to manage cash flow gaps and seasonal variations in their operations. The document must comply with Nigerian banking regulations, particularly the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria guidelines. It typically includes detailed provisions on facility limits, drawdown mechanisms, interest calculations, security requirements, and financial covenants, all structured to meet both Nigerian legal requirements and international banking standards.
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1. Parties: Identification of the lender(s) and borrower(s) with their complete legal details
2. Background: Context of the facility, including purpose and basic commercial terms
3. Definitions and Interpretation: Comprehensive definitions of terms used in the agreement and interpretation rules
4. The Facility: Detailed terms of the working capital facility, including amount, purpose, and availability period
5. Conditions Precedent: Documents and conditions required before the facility becomes available
6. Utilization: Process and requirements for drawing down the facility
7. Repayment and Prepayment: Terms for repayment, including mandatory and voluntary prepayment provisions
8. Interest: Interest calculation, periods, and payment terms, including default interest
9. Fees: All applicable fees including arrangement, commitment, and processing fees
10. Tax Provisions: Tax-related obligations and gross-up provisions
11. Representations and Warranties: Standard and specific representations made by the borrower
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: Rules regarding assignment and transfer of rights and obligations
16. Administration: Operational aspects including calculations, notices, and payments
17. Governing Law and Enforcement: Choice of Nigerian law and jurisdiction provisions
1. Security: Required if the facility is secured, detailing the security package and enforcement rights
2. Guarantee: Required if there are corporate or personal guarantees supporting the facility
3. Increased Costs: Protection for lender against regulatory changes, typically included for longer-term facilities
4. Set-off Rights: Detailed set-off provisions, typically included for borrowers with deposits at the lending bank
5. Multi-currency Provisions: Required if the facility can be drawn in multiple currencies
6. Bank Account Provisions: Required if specific account maintenance and operation requirements exist
7. Islamic Banking Provisions: Required if the facility needs to comply with Islamic banking principles
8. Material Adverse Change: Detailed MAC provisions, typically for larger facilities
1. Conditions Precedent: Detailed list of required documents and conditions
2. Form of Utilization Request: Standard form for drawing down the facility
3. Repayment Schedule: If applicable, detailed repayment dates and amounts
4. Form of Compliance Certificate: Template for periodic compliance certification
5. Existing Security: List of existing security interests, if relevant
6. Form of Transfer Certificate: Standard form for transferring facility interests
7. Financial Covenants: Detailed financial covenants and calculations
8. Permitted Security: List of security interests permitted under the facility
9. Form of Security Documents: Templates for required security documentation
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