The Bond Repurchase Agreement serves as a fundamental instrument in Nigerian financial markets, enabling participants to access short-term financing while using bonds as collateral. This document is essential for financial institutions engaging in repurchase transactions under Nigerian law and must comply with Central Bank of Nigeria (CBN) guidelines and Securities and Exchange Commission (SEC) regulations. It is typically used when one party seeks to obtain short-term funding while the other aims to earn returns on excess liquidity. The agreement incorporates market standard provisions for pricing, margin maintenance, and default scenarios, while addressing specific requirements of Nigerian financial regulations. The document structure follows international best practices while accommodating local market conventions and regulatory requirements.
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1. Parties: Identification of the seller and buyer, including registration details and addresses
2. Background: Context of the agreement and brief description of the repo transaction structure
3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including market standard definitions
4. Sale and Repurchase: Core transaction terms including sale and repurchase obligations
5. Income Payments: Treatment of interest, dividends, or other income on the securities during the repo period
6. Margin Maintenance: Requirements for maintaining collateral value and margin calls
7. Payment and Transfer: Mechanics of payments and securities transfers
8. Representations and Warranties: Standard representations by both parties regarding capacity, authority, and securities
9. Events of Default: Definition of default events and consequences
10. Remedies: Rights and remedies upon default
11. Termination: Provisions for early termination and close-out
12. Notices: Communication requirements and contact details
13. Governing Law and Jurisdiction: Nigerian law as governing law and jurisdiction provisions
1. Tri-Party Arrangements: Required when using a tri-party agent for collateral management
2. Tax Provisions: Detailed tax provisions needed for cross-border transactions or specific tax arrangements
3. Agency Provisions: Required when either party acts as agent for undisclosed principals
4. Foreign Exchange Provisions: Required for cross-border repos or foreign currency denominated securities
5. Netting Provisions: Optional provisions for close-out netting if multiple transactions are contemplated
6. Electronic Trading and Settlement: Required when using electronic trading platforms or settlement systems
1. Schedule 1 - Form of Confirmation: Template for transaction-specific confirmations
2. Schedule 2 - Eligible Securities: List and characteristics of securities eligible for repo transactions
3. Schedule 3 - Pricing Parameters: Details of pricing methodology, haircuts, and margin ratios
4. Schedule 4 - Contact Details: Detailed contact information for notices and margin calls
5. Appendix A - Standard Market Calculations: Standardized methods for calculating prices, margin, and interest
6. Appendix B - Forms of Notices: Standard forms for various notices under the agreement
Relevant legal definitions
Act
Accrued Interest
Affiliate
Agency Securities
Applicable Law
Approved Securities
Banking Day
Base Currency
Business Day
Buy-Back Date
Buy-Back Price
CBN
Confirmation
Corporate Securities
Default Interest Rate
Eligible Margin
Event of Default
Government Securities
Haircut
Income
Initial Margin
Interest Period
Margin Ratio
Margin Transfer
Market Value
Master Agreement
Material Adverse Effect
Naira
Net Exposure
Notice of Default
Purchase Date
Purchase Price
Purchased Securities
Pricing Rate
Reference Price
Repo Interest
Repo Rate
SEC
Securities
Settlement Date
Spot Rate
Stamp Duty
Substitution
Tax
Term
Transaction
Transaction Date
Transfer Date
Valuation Date
Valuation Percentage
Valuation Time
Accrued Interest
Affiliate
Agency Securities
Applicable Law
Approved Securities
Banking Day
Base Currency
Business Day
Buy-Back Date
Buy-Back Price
CBN
Confirmation
Corporate Securities
Default Interest Rate
Eligible Margin
Event of Default
Government Securities
Haircut
Income
Initial Margin
Interest Period
Margin Ratio
Margin Transfer
Market Value
Master Agreement
Material Adverse Effect
Naira
Net Exposure
Notice of Default
Purchase Date
Purchase Price
Purchased Securities
Pricing Rate
Reference Price
Repo Interest
Repo Rate
SEC
Securities
Settlement Date
Spot Rate
Stamp Duty
Substitution
Tax
Term
Transaction
Transaction Date
Transfer Date
Valuation Date
Valuation Percentage
Valuation Time
Clauses
Definitions
Sale and Purchase
Title Transfer
Margin Maintenance
Income Payments
Payment and Transfer
Representations and Warranties
Events of Default
Remedies
Set-off
Tax Gross-up
Stamp Duty
Notices
Assignment and Transfer
Confidentiality
Force Majeure
Indemnification
Default Interest
Termination
Close-out Netting
Governing Law
Dispute Resolution
Counterparts
Severability
Entire Agreement
Amendment
Third Party Rights
Waiver
Further Assurance
Costs and Expenses
Electronic Trading
Settlement Instructions
Calculation Agent
Market Disruption
Substitution
Agency Provisions
Sale and Purchase
Title Transfer
Margin Maintenance
Income Payments
Payment and Transfer
Representations and Warranties
Events of Default
Remedies
Set-off
Tax Gross-up
Stamp Duty
Notices
Assignment and Transfer
Confidentiality
Force Majeure
Indemnification
Default Interest
Termination
Close-out Netting
Governing Law
Dispute Resolution
Counterparts
Severability
Entire Agreement
Amendment
Third Party Rights
Waiver
Further Assurance
Costs and Expenses
Electronic Trading
Settlement Instructions
Calculation Agent
Market Disruption
Substitution
Agency Provisions
Relevant Industries
Banking
Financial Services
Investment Management
Insurance
Public Sector
Capital Markets
Securities Trading
Asset Management
Treasury Services
Financial Technology
Relevant Teams
Legal
Compliance
Treasury
Trading
Risk Management
Operations
Settlement
Portfolio Management
Middle Office
Regulatory Reporting
Collateral Management
Financial Control
Relevant Roles
Treasury Manager
Bond Trader
Repo Desk Manager
Legal Counsel
Compliance Officer
Risk Manager
Securities Operations Manager
Portfolio Manager
Fixed Income Strategist
Collateral Manager
Settlement Officer
Financial Controller
Chief Investment Officer
Head of Trading
Regulatory Reporting Officer
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