The Credit Default Swap Agreement is a sophisticated financial instrument used in the Nigerian market for managing credit risk exposure. This document type is employed when parties wish to transfer credit risk of a reference entity from one party to another in exchange for regular premium payments. The agreement must comply with Nigerian financial regulations, including the Investment and Securities Act 2007, Central Bank of Nigeria guidelines, and BOFIA 2020. It includes detailed provisions for credit events, settlement mechanisms, payment obligations, and early termination rights. The document is typically used by banks, financial institutions, and large corporations seeking to hedge credit risk or take on credit exposure for investment purposes. The agreement follows international standards while incorporating specific requirements of Nigerian law and regulatory framework.
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1. Parties: Identification of the protection buyer and protection seller, including registration details and regulatory status
2. Background: Context of the agreement, relationship between parties, and purpose of the CDS
3. Definitions: Detailed definitions of terms including Credit Events, Reference Entity, Reference Obligation, and other key terms
4. Transaction Terms: Core economic terms including notional amount, fixed rate, credit events covered, and term of the agreement
5. Credit Events: Detailed specification of triggering events (bankruptcy, failure to pay, restructuring etc.) and conditions for each
6. Settlement Terms: Procedures for settlement following a credit event, including valuation and payment mechanisms
7. Premium Payments: Payment terms, calculation periods, and payment dates for the CDS premium
8. Representations and Warranties: Standard and transaction-specific representations by both parties
9. Covenants: Ongoing obligations of the parties during the term of the agreement
10. Events of Default: Circumstances constituting default under the agreement and consequences
11. Termination: Termination events, early termination provisions, and close-out procedures
12. Notices: Communication procedures and contact details for notices between parties
13. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
14. General Provisions: Standard boilerplate clauses including amendments, assignments, and severability
1. Credit Support Arrangements: Include when collateral or other credit support is required, specifying collateral terms and maintenance
2. Third Party Rights: Include when there are specific third parties who may have rights under the agreement
3. Tax Provisions: Include detailed tax provisions when cross-border elements exist or specific tax implications need addressing
4. Market Disruption: Include when there's need to address potential market disruption events and their handling
5. Additional Termination Events: Include when specific circumstances beyond standard events should trigger termination
6. Multiple Reference Entities: Include when the CDS covers multiple reference entities, specifying treatment of each
7. Regulatory Compliance: Include specific section when dealing with regulated entities or cross-border transactions
1. Schedule 1: Transaction Details: Specific terms of the CDS transaction including reference entity, obligations, and economic terms
2. Schedule 2: Notice Details: Detailed contact information and procedures for various types of notices
3. Schedule 3: Credit Support Terms: Detailed terms of any credit support arrangements including collateral requirements
4. Schedule 4: Reference Entity Information: Detailed information about the reference entity and reference obligations
5. Appendix A: Form of Credit Event Notice: Template for credit event notification
6. Appendix B: Form of Assignment Agreement: Standard form for assigning rights under the agreement
7. Appendix C: Calculation Agent Procedures: Detailed procedures for calculations and determinations
8. Appendix D: Settlement Terms: Detailed procedures for physical or cash settlement following credit events
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