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Revolving Agreement

Revolving Agreement Template for Nigeria

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Key Requirements PROMPT example:

Revolving Agreement

"I need a Revolving Agreement under Nigerian law for a manufacturing company to access working capital of up to 500 million Naira from FirstBank Nigeria, with quarterly interest payments and the facility to be secured against company inventory and receivables."

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Document background
This Revolving Agreement template is designed for use in the Nigerian market where businesses require flexible financing arrangements. It provides a framework for ongoing credit facilities where borrowers can draw down, repay, and reborrow funds within a prescribed limit. The document is structured to comply with Nigerian banking laws and regulations, including the Banks and Other Financial Institutions Act (BOFIA) and Central Bank of Nigeria guidelines. It typically includes comprehensive terms covering facility limits, interest calculations, security arrangements, conditions precedent, and ongoing obligations. This type of agreement is particularly useful for businesses with cyclical cash flow needs or working capital requirements, providing flexibility while maintaining proper risk management and regulatory compliance.
Suggested Sections

1. Parties: Identification of the lender and borrower with full legal names and addresses

2. Background: Context of the agreement and relationship between parties

3. Definitions and Interpretation: Definitions of key terms and interpretation rules

4. Facility Amount and Purpose: Details of the revolving facility amount and permitted purposes

5. Drawdown Mechanics: Procedures and conditions for requesting and receiving funds

6. Interest and Fees: Interest calculation, payment terms, and applicable fees

7. Repayment Terms: Repayment obligations including minimum payments and revolving nature

8. Conditions Precedent: Conditions that must be satisfied before facility becomes available

9. Representations and Warranties: Standard declarations made by the borrower

10. Covenants: Ongoing obligations of the borrower during the facility term

11. Events of Default: Circumstances constituting default and consequences

12. Termination: Conditions and process for terminating the facility

13. Governing Law and Jurisdiction: Nigerian law as governing law and jurisdiction details

Optional Sections

1. Security: Required if the facility is secured - details of collateral and security arrangements

2. Guarantee: Required if there is a guarantor for the facility

3. Insurance: Required if specific insurance coverage is mandatory

4. Assignment and Transfer: Include if rights under the agreement can be assigned or transferred

5. Anti-Money Laundering: Required for regulated financial institutions

6. Force Majeure: Optional clause for unforeseeable circumstances

7. Increased Costs: Include if lender can pass regulatory cost increases to borrower

Suggested Schedules

1. Facility Terms: Detailed commercial terms including facility limit, interest rates, fees

2. Conditions Precedent Documents: List of required documents and conditions

3. Form of Drawdown Request: Standard form for requesting drawdowns

4. Repayment Schedule: If applicable, schedule of minimum repayment amounts

5. Security Details: If secured, detailed description of security assets

6. Permitted Purpose: Detailed list of approved uses for the facility

7. Financial Covenants: Specific financial ratios and requirements to be maintained

Authors

Alex Denne

Head of Growth (Open Source Law) @ ºÚÁÏÊÓƵ | 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

Retail

Trading

Agriculture

Real Estate

Construction

Oil and Gas

Telecommunications

Healthcare

Technology

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Corporate Banking

Credit

Operations

Company Secretariat

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Legal Counsel

Compliance Officer

Credit Risk Manager

Relationship Manager

Corporate Banking Officer

Financial Controller

Company Secretary

Account Manager

Risk Officer

Banking Operations 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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