The 30 Day Credit Agreement is a vital financial instrument used in Nigerian business operations when a party requires short-term financing with a rapid repayment schedule. This document is particularly relevant in scenarios where businesses need working capital, inventory financing, or bridge funding. The agreement must comply with Nigerian banking laws, including the Central Bank of Nigeria Act 2007 and the Banks and Other Financial Institutions Act (BOFIA) 2020. It is structured to provide clarity on credit terms, protect the interests of both parties, and ensure enforceability under Nigerian law. The document includes essential elements such as credit amount, interest calculations, repayment schedules, default provisions, and any applicable security arrangements, making it suitable for both financial institutions and businesses engaged in credit relationships.
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Key Requirements PROMPT example:
30 Day Credit Agreement
"I need a 30 Day Credit Agreement for my manufacturing company to extend a NGN 5,000,000 credit facility to a wholesale distributor, with interest at 2% above the Central Bank of Nigeria base rate."
1. Parties: Identifies and defines the Lender and Borrower with their full legal names, registration details, and addresses
2. Background: Explains the context of the credit agreement and the intention of the parties to enter into this arrangement
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Credit Facility: Details the amount of credit being extended, purpose, and basic terms
5. Interest Rate: Specifies the applicable interest rate, calculation method, and payment terms
6. Repayment Terms: Outlines the 30-day repayment period, payment schedule, and payment methods
7. Conditions Precedent: Lists conditions that must be met before the credit facility becomes available
8. Representations and Warranties: States the legal promises and factual assertions made by the Borrower
9. Covenants: Details ongoing obligations of the Borrower during the credit period
10. Events of Default: Defines circumstances that constitute default and their consequences
11. Remedies: Outlines the Lender's rights and remedies in case of default
12. Governing Law: Confirms Nigerian law as governing law and jurisdiction
13. Execution: Signature blocks and execution requirements
1. Security: Include when the credit facility is secured by collateral or guarantees
2. Insurance: Include when insurance is required to protect the credit facility
3. Assignment: Include when either party needs the right to assign the agreement
4. Force Majeure: Include when protection against unforeseen circumstances is needed
5. Prepayment Terms: Include when early repayment options are allowed
6. Late Payment Provisions: Include when specific late payment penalties or procedures are required
7. Anti-Money Laundering Compliance: Include for high-value credits or when dealing with corporate entities
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates and amounts
2. Schedule 2 - Conditions Precedent Documents: List of required documents and conditions to be satisfied
3. Schedule 3 - Form of Drawdown Notice: Standard form for requesting credit disbursement
4. Schedule 4 - Security Details: Details of any collateral or security arrangements if applicable
5. Appendix A - Compliance Documents: Required regulatory and compliance documentation
6. Appendix B - Know Your Customer (KYC) Requirements: List of required KYC documents and verification procedures
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Retail
Manufacturing
Construction
Import/Export
Agriculture
Technology
Healthcare
Real Estate
Energy
Telecommunications
Professional Services
Wholesale Distribution
Relevant Teams
Legal
Finance
Treasury
Credit Control
Risk Management
Compliance
Commercial Operations
Accounts Receivable
Business Development
Contract Administration
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Financial Controller
Treasury Manager
Risk Manager
Legal Counsel
Compliance Officer
Commercial Director
Accounts Receivable Manager
Credit Analyst
Business Development Manager
Contract Manager
Company Secretary
Finance Operations Manager
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