The Master Asset Finance Agreement serves as a foundational document for establishing long-term asset financing relationships in Nigeria. It is designed for situations where parties anticipate multiple financing transactions over time, avoiding the need to negotiate separate agreements for each transaction. The agreement complies with Nigerian banking regulations, including the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Secured Transactions in Movable Assets Act 2017. It includes comprehensive provisions for drawdown mechanics, security arrangements, covenants, and enforcement rights, while incorporating flexibility to accommodate various asset types and financing structures. This Master Asset Finance Agreement is particularly useful for financial institutions providing regular asset financing to corporate clients, with provisions for both simple and complex financing arrangements.
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1. Parties: Identification of the finance provider and the customer, including their registered addresses and company details
2. Background: Context of the agreement, explaining the framework nature of the facility and its purpose
3. Definitions and Interpretation: Comprehensive definitions of terms used throughout the agreement and interpretation rules
4. Facility and Purpose: Details of the master facility, including total facility limit and permitted purposes
5. Drawdown Conditions: Conditions precedent and ongoing conditions for individual financings under the facility
6. Asset Purchase and Ownership: Provisions regarding asset selection, purchase process, and ownership arrangements
7. Payment Terms: Payment obligations, including principal, interest, fees, and payment mechanics
8. Security Arrangements: Core security requirements and enforcement rights
9. Representations and Warranties: Standard and finance-specific representations and warranties
10. Covenants: Financial and operational covenants, including asset maintenance requirements
11. Events of Default: Comprehensive list of default events and consequences
12. Enforcement and Remedies: Rights and remedies upon default, including asset recovery procedures
13. Indemnities: Standard and specific indemnities related to asset financing
14. Boilerplate Provisions: Standard contractual provisions including notices, amendments, and governing law
1. Islamic Finance Provisions: Required when offering Sharia-compliant financing options
2. Insurance Requirements: Detailed insurance provisions when assets require specific insurance arrangements
3. Asset Maintenance Services: Include when the finance provider also provides maintenance services
4. Cross-Border Provisions: Required when assets may be used across international borders
5. Government Contract Requirements: Special provisions required when financing assets for government entities
6. Currency Protection: Required when financing is provided in foreign currency
7. Environmental Compliance: Specific provisions for assets with environmental implications
8. Agency Provisions: Required for syndicated facilities with an agent bank structure
1. Facility Summary: Key commercial terms including facility limit, pricing, and tenure
2. Form of Drawdown Request: Standard form for requesting individual financings under the facility
3. Conditions Precedent: Detailed list of required documents and conditions
4. Permitted Assets: Categories and specifications of assets eligible for financing
5. Form of Security Documents: Ƶ for asset-specific security documentation
6. Pricing Schedule: Detailed breakdown of interest rates, fees, and charges
7. Form of Compliance Certificate: Template for periodic compliance reporting
8. Asset Valuation Methodology: Agreed methods for asset valuation and revaluation
9. Insurance Requirements: Detailed insurance specifications for different asset types
10. Operating Procedures: Day-to-day procedures for asset management and reporting
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Manufacturing
Oil & Gas
Agriculture
Transportation & Logistics
Construction
Mining
Telecommunications
Healthcare
Real Estate
Energy
Industrial Equipment
Relevant Teams
Legal
Finance
Treasury
Risk Management
Credit
Operations
Procurement
Commercial
Compliance
Portfolio Management
Business Development
Asset Management
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Risk Manager
Credit Manager
Asset Finance Manager
Operations Director
Procurement Manager
Commercial Director
Compliance Officer
Financial Controller
Business Development Manager
Portfolio Manager
Security Trustee Officer
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