The Master Netting Agreement is essential for financial institutions and corporations operating in Nigeria who engage in multiple financial transactions with the same counterparty. This agreement provides legal certainty for netting arrangements under Nigerian law, reducing credit risk and capital requirements by allowing parties to offset positive and negative exposures into a single net amount. It is particularly relevant in light of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria regulations, which recognize netting arrangements. The document includes specific provisions for early termination, default scenarios, and settlement procedures, while ensuring compliance with Nigerian financial regulations and banking laws. It's commonly used in derivatives trading, securities lending, and other financial transactions where multiple obligations exist between parties.
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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
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