Close-Out/Netting & sovereign immunity opinion
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Ivory Coast
Senegal
We acted for a major “Bulge Bracket” bank and advised on ISDA based transactions in Ivory Coast and Senegal. We reviewed in detail the procedure for closing out financial positions and setting off debts both in the event of commercial default and insolvent default. We also reviewed our answers to deal with the situation where the counterparty was a sovereign entity, an agent or department of a sovereign government.