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Creditor Agreement

Creditor Agreement Template for Nigeria

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Key Requirements PROMPT example:

Creditor Agreement

"I need a Creditor Agreement under Nigerian law for a manufacturing company seeking a 5-year facility of 500 million Naira from multiple lenders, with quarterly repayments starting March 2025 and security over the company's manufacturing equipment."

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Document background
The Creditor Agreement serves as a fundamental legal instrument in Nigerian financial transactions, establishing the framework for credit relationships between parties. This document is essential when establishing formal lending arrangements, whether for corporate financing, project funding, or structured credit facilities. The agreement must comply with Nigerian financial regulations, including the Banks and Other Financial Institutions Act (BOFIA) and relevant Central Bank of Nigeria guidelines. It typically includes comprehensive provisions for loan terms, security arrangements, representations and warranties, events of default, and enforcement mechanisms. The Creditor Agreement is particularly crucial in protecting the interests of both parties while ensuring the transaction meets all regulatory requirements for enforceability under Nigerian law.
Suggested Sections

1. Parties: Identification of the Creditor(s) and Debtor(s) with full legal names and addresses

2. Background: Context of the credit arrangement and relationship between the parties

3. Definitions: Definitions of key terms used throughout the agreement

4. Loan Amount and Purpose: Specification of the credit amount and its intended use

5. Interest Rate and Calculations: Details of applicable interest rates, calculation methods, and payment periods

6. Repayment Terms: Schedule of repayments, payment methods, and prepayment provisions

7. Security: Details of any collateral or security provided for the loan

8. Representations and Warranties: Statements of fact and assurances given by the Debtor

9. Covenants: Ongoing obligations of the Debtor during the term of the agreement

10. Events of Default: Circumstances constituting default and consequences thereof

11. Remedies: Rights and remedies available to the Creditor upon default

12. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

13. Notices: Process and addresses for formal communications between parties

14. Execution: Signature blocks and execution requirements

Optional Sections

1. Intercreditor Provisions: Required when multiple creditors are involved, establishing priority and voting rights

2. Assignment and Transfer: Include when rights to assign or transfer the debt need to be specifically addressed

3. Tax Provisions: Detailed tax clauses needed when tax implications are significant or complex

4. Currency Provisions: Required when loan or repayments involve foreign currency

5. Insurance Requirements: Detailed insurance obligations when specific insurance coverage is required for security

6. Financial Covenants: Include when specific financial ratios or requirements need to be maintained

7. Change of Control: Include when changes in debtor's ownership structure need to be restricted

8. Force Majeure: Include when specific events beyond parties' control need to be addressed

Suggested Schedules

1. Repayment Schedule: Detailed schedule of repayment dates and amounts

2. Security Details: Comprehensive description of all security assets and their values

3. Conditions Precedent: List of conditions to be satisfied before loan disbursement

4. Form of Notice: Standard templates for various notices under the agreement

5. Calculation of Interest: Detailed methodology and examples of interest calculations

6. Required Insurance: Specific insurance requirements and minimum coverage amounts

7. Permitted Security Interests: List of pre-approved security interests that may exist

8. Form of Compliance Certificate: Template for periodic compliance reporting

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



















































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Relevant Industries

Banking

Financial Services

Manufacturing

Real Estate

Construction

Agriculture

Oil and Gas

Telecommunications

Retail

Healthcare

Education

Transportation

Mining

Technology

Infrastructure

Relevant Teams

Legal

Finance

Credit Risk

Compliance

Treasury

Corporate Banking

Debt Recovery

Risk Management

Corporate Secretariat

Business Development

Relevant Roles

Chief Financial Officer

Finance Director

Credit Manager

Legal Counsel

Corporate Lawyer

Risk Manager

Compliance Officer

Treasury Manager

Financial Controller

Credit Analyst

Account Manager

Banking Relationship Manager

Debt Recovery Officer

Company Secretary

Finance Manager

Industries








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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