The Loan Guarantor Agreement Form is a crucial legal document used in Nigerian lending transactions where additional security is required for a loan facility. This document is typically employed when a lender requires extra assurance beyond the borrower's own creditworthiness, particularly in high-value loans or where the borrower's credit history or collateral is insufficient. The agreement must comply with Nigerian banking regulations, contract law, and financial services requirements, including the Banks and Other Financial Institutions Act (BOFIA) 2020 and relevant Central Bank of Nigeria directives. It's commonly used by financial institutions, businesses, and individuals, setting out the guarantor's obligations, limits of liability, and enforcement procedures. The document includes specific provisions for both individual and corporate guarantors, incorporating necessary safeguards and compliance requirements under Nigerian law.
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1. Parties: Identifies and provides full details of the Lender, Borrower, and Guarantor(s)
2. Background: Explains the context of the loan agreement and the purpose of the guarantee
3. Definitions: Defines key terms used throughout the agreement
4. Guarantee and Indemnity: Details the scope and nature of the guarantee obligation
5. Extent of Guarantor's Liability: Specifies the maximum amount guaranteed and any limitations
6. Duration of Guarantee: Defines when the guarantee becomes effective and when it terminates
7. Guarantor's Representations and Warranties: Statements of fact and assurances made by the guarantor
8. Guarantor's Covenants: Ongoing obligations and commitments of the guarantor
9. Enforcement and Recovery: Procedures for enforcing the guarantee and recovering payments
10. Payments and Interest: Terms regarding payment obligations and applicable interest
11. Notices: Requirements for formal communications between parties
12. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and jurisdiction for disputes
13. Execution: Signature blocks and attestation requirements
1. Multiple Guarantors: Additional provisions when there is more than one guarantor, including joint and several liability
2. Security Provisions: Where the guarantee is supported by specific security or collateral
3. Corporate Guarantor Provisions: Additional requirements when the guarantor is a company rather than an individual
4. Assignment and Transfer: Terms allowing the lender to assign or transfer the guarantee rights
5. Force Majeure: Provisions dealing with unforeseen circumstances affecting the guarantee
6. Language Declaration: Required when the guarantor is not fluent in English, confirming the agreement has been explained in their native language
1. Details of Primary Loan Agreement: Summary of the main loan agreement being guaranteed
2. Guarantor's Assets Declaration: Statement of the guarantor's assets and financial position
3. Specific Secured Assets: Details of any assets specifically secured under the guarantee
4. Form of Demand: Template for making formal demands under the guarantee
5. Required Corporate Authorizations: For corporate guarantors, copies of board resolutions and other authorizations
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