The Repurchase Agreement is a fundamental instrument in Nigerian financial markets, providing a secure mechanism for short-term financing and liquidity management. It is commonly used by banks, financial institutions, and other market participants operating under Nigerian jurisdiction to access short-term funding or manage their securities portfolios. The document incorporates requirements from the Central Bank of Nigeria, the Investment and Securities Act 2007, and other relevant Nigerian financial regulations. It typically includes detailed provisions for the transfer of securities, pricing mechanisms, margin maintenance, and default scenarios, while ensuring compliance with Nigerian banking and securities laws. This type of agreement is particularly important in the Nigerian context where repo transactions play a crucial role in monetary policy implementation and financial market development.
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1. Parties: Identification of seller and buyer with full legal names and addresses
2. Background: Context of the agreement and relationship between parties
3. Definitions and Interpretation: Key terms used in the agreement and rules of interpretation
4. Sale and Repurchase: Core transaction terms including initial sale and repurchase obligation
5. Purchase Price and Pricing Rate: Calculation of initial purchase price and repurchase price
6. Transfer of Securities: Mechanics for transfer of securities and timing
7. Income Payments: Treatment of income or distributions on the securities during the repo period
8. Margin Maintenance: Requirements for maintaining collateral value and margin calls
9. Representations and Warranties: Standard and transaction-specific representations by both parties
10. Events of Default: Circumstances constituting default and consequences
11. Close-out and Set-off: Mechanisms for early termination and calculation of amounts due
12. Tax Provisions: Treatment of taxes and gross-up obligations
13. Notices: Communication methods and contact details
14. Governing Law and Jurisdiction: Nigerian law as governing law and jurisdiction for disputes
15. General Provisions: Standard boilerplate clauses including amendments, waivers, and severability
1. Custodian Arrangements: Required when a third-party custodian is involved in holding securities
2. Agency Provisions: Needed when one party acts as agent for undisclosed principals
3. Interest Provisions: Required for agreements involving interest-bearing securities
4. Buy/Sell Back Annex: Used when transaction is structured as buy/sell back rather than classic repo
5. Islamic Finance Provisions: Required for Sharia-compliant repo transactions
6. Electronic Trading: Needed when trades are executed through electronic platforms
7. Force Majeure: Detailed force majeure provisions beyond standard terms
8. Regulatory Compliance: Additional compliance requirements for regulated entities
1. Schedule 1 - Form of Confirmation: Template for transaction-specific confirmations
2. Schedule 2 - Eligible Securities: List and characteristics of securities eligible for repo
3. Schedule 3 - Pricing Rate Calculation: Detailed methodology for calculating pricing rate
4. Schedule 4 - Margin Ratios: Agreed haircuts and margin percentages for different security types
5. Schedule 5 - Contact Details: Operational and legal contact information for both parties
6. Appendix A - Standard Settlement Instructions: Payment and securities transfer instructions
7. Appendix B - Forms of Notices: Templates for margin calls and other standard notices
8. Appendix C - Tax Documentation: Required tax forms and certificates
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