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The Revolving Credit Agreement is a fundamental financing document used in Nigerian banking and corporate finance transactions where flexible, ongoing access to credit is required. This agreement type is particularly useful for businesses needing working capital or fluctuating funding requirements, as it allows for multiple drawdowns and repayments within a specified facility limit. The document must comply with Nigerian banking laws, particularly the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria regulations. It typically includes detailed provisions on facility mechanics, conditions for drawdown, interest calculations, security arrangements (if applicable), and regulatory compliance requirements. The agreement is structured to protect both lender and borrower interests while ensuring enforceability under Nigerian law.

1. Parties: Identification of the lender(s), borrower(s), and any guarantors

2. Background: Context of the agreement and brief description of the revolving credit facility

3. Definitions and Interpretation: Detailed definitions of terms used throughout the agreement and interpretation rules

4. The Facility: Description of the revolving credit facility, including amount, purpose, and revolving mechanism

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

6. Utilization: Procedures and requirements for drawing down the facility, including notice requirements

7. Repayment and Prepayment: Terms for repayment, prepayment options, and re-borrowing provisions

8. Interest: Interest calculation, payment dates, and default interest provisions

9. Fees and Expenses: All applicable fees, costs, and expenses

10. Tax Provisions: Tax-related obligations and gross-up provisions

11. Representations and Warranties: Borrower's representations and warranties

12. Information Undertakings: Borrower's obligations to provide financial and other information

13. General Undertakings: Positive and negative covenants of the borrower

14. Events of Default: Circumstances constituting default and consequences

15. Changes to Parties: Provisions regarding assignment and transfer rights

16. Administration: Administrative provisions including calculations and notices

17. Governing Law and Enforcement: Choice of Nigerian law and enforcement provisions