The Loan Indemnity Agreement serves as a critical risk mitigation tool in Nigerian lending transactions, providing additional security to lenders beyond the primary loan agreement. This document becomes essential when there's a need for enhanced protection of the lender's interests, particularly in high-value loans, corporate financing, or situations with heightened risk profiles. The agreement, governed by Nigerian law and compliant with local banking regulations, typically details the scope of indemnity, trigger events, payment obligations, and enforcement mechanisms. It's commonly used alongside main loan agreements, especially when the original borrower's creditworthiness needs to be supplemented or when complex corporate structures require additional security layers.
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1. Parties: Identification of the Indemnifier, the Beneficiary (typically the lender), and the Principal Debtor (if different from the Indemnifier)
2. Background: Recitals explaining the context of the loan agreement and the purpose of the indemnity
3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including references to the underlying loan agreement
4. Indemnity: Core indemnity provisions, including scope, trigger events, and extent of coverage
5. Payment Obligations: Terms for making payments under the indemnity, including timing and method
6. Representations and Warranties: Statements of fact and assurances given by the Indemnifier
7. Duration and Continuing Security: Period of effectiveness and survival of the indemnity obligations
8. Costs and Expenses: Allocation of costs related to preparation, enforcement, and preservation of rights
9. Notices: Communication procedures and contact details for formal notices
10. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
1. Security Provisions: Include when the indemnity is secured by specific assets or guarantees
2. Multiple Indemnifiers: Required when there is more than one indemnifier, addressing joint and several liability
3. Corporate Authorizations: Include for corporate indemnifiers, detailing corporate approvals and authority
4. Assignment and Transfer: Include if parties want to allow transfer of rights under the indemnity
5. Step-In Rights: Include when the beneficiary needs rights to take control of certain situations or assets
6. Currency Provisions: Include for cross-border transactions or when multiple currencies are involved
7. Tax Provisions: Include when tax implications need specific addressing
8. Force Majeure: Include when specific events beyond control need to be addressed
1. Form of Demand: Template for making formal demands under the indemnity
2. Details of the Underlying Loan: Summary or copy of the main terms of the loan being indemnified
3. Security Details: Description of any security or collateral provided (if applicable)
4. Corporate Authorizations: Copies of relevant corporate approvals and resolutions (for corporate indemnifiers)
5. Payment Details: Bank account and payment processing information
6. Contact Details: Comprehensive contact information for all parties and their representatives
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