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Master Netting Agreement
"I need a Master Netting Agreement under Nigerian law for use between our commercial bank and multiple financial institutions, with specific provisions for foreign currency transactions and electronic trading platforms, to be implemented by March 2025."
1. Parties: Identification of the contracting parties and their legal status
2. Background: Context of the agreement and relationship between the parties
3. Definitions and Interpretation: Comprehensive definitions of terms used in the agreement and rules of interpretation
4. Scope of Agreement: Types of transactions and obligations covered by the netting arrangement
5. Netting Provisions: Core provisions detailing the netting mechanisms, calculations, and processes
6. Representations and Warranties: Statements of fact and assurances from each party
7. Events of Default: Circumstances constituting default and their consequences
8. Early Termination: Provisions for early termination and calculation of termination amounts
9. Set-off Rights: Rights to set off obligations against amounts owed
10. Payment Obligations: Terms for settlement and payment of netted amounts
11. Notice Requirements: Procedures for giving notices under the agreement
12. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
13. Miscellaneous: Standard boilerplate provisions including amendments, assignments, and severability
1. Multi-branch Provisions: Include when parties operate through multiple branches or offices
2. Third Party Rights: Include when rights need to be extended to affiliates or third parties
3. Special Entity Provisions: Include when one party is a regulated entity requiring specific provisions
4. Credit Support Arrangements: Include when parties agree to provide collateral or other credit support
5. Electronic Trading Provisions: Include when parties engage in electronic trading or platform-based transactions
6. Local Law Requirements: Include specific Nigerian regulatory compliance provisions when dealing with regulated entities
1. Schedule 1 - Covered Transactions: List and description of transaction types covered by the agreement
2. Schedule 2 - Excluded Transactions: List of transactions specifically excluded from the netting arrangement
3. Schedule 3 - Office Details: Contact details and notice information for each party
4. Schedule 4 - Forms of Confirmation: Standard forms for confirming transactions under the agreement
5. Appendix A - Netting Calculation Methodology: Detailed methodology for performing netting calculations
6. Appendix B - Form of Legal Opinions: Standard form legal opinions required under Nigerian law
7. Appendix C - Regulatory Notifications: Forms and procedures for required regulatory notifications in Nigeria
Authors
Banking
Financial Services
Insurance
Investment Management
Securities Trading
Commodities Trading
Corporate Treasury
Pension Fund Management
Asset Management
Capital Markets
Development Finance
Microfinance
Legal
Treasury
Risk Management
Trading
Compliance
Operations
Finance
Credit Risk
Regulatory Affairs
Investment Management
Portfolio Management
Documentation
Transaction Management
Financial Control
Chief Financial Officer
Treasury Manager
Risk Management Officer
Legal Counsel
Compliance Officer
Trading Manager
Financial Controller
Operations Director
Credit Risk Manager
Head of Trading
General Counsel
Chief Risk Officer
Treasury Operations Manager
Head of Legal
Regulatory Compliance Manager
Senior Trading Executive
Investment Manager
Portfolio Manager
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