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
Relevant legal definitions
Accrued Interest
Act of Insolvency
Applicable Law
Appropriate Market
Banking Day
Base Currency
Business Day
Buy/Sell Back Differential
CBN
Confirmation
Contract Rate
Default Market Value
Default Notice
Defaulting Party
Distributions
Eligible Margin
Equivalent Margin Securities
Equivalent Securities
Event of Default
Forward Price
Forward Transaction
Income
Interest Period
Margin Ratio
Margin Securities
Margin Transfer
Market Value
Net Exposure
Net Margin
Non-Defaulting Party
Notice of Default
NSE
Payment Date
Pricing Rate
Purchase Date
Purchase Price
Purchased Securities
Repurchase Date
Repurchase Price
SEC
Securities
Settlement Date
Spot Transaction
System
Termination
Transaction
Transaction Exposure
Transfer Date
Valuation Date
Naira
FMDQ
Nigerian Business Day
Material Adverse Effect
Contractual Currency
Custodian
Designated Office
Electronic Trading Platform
Income Payment Date
Nigerian Government Securities
Pricing Source
Regulatory Authority
Securities Account
Settlement Bank
Act of Insolvency
Applicable Law
Appropriate Market
Banking Day
Base Currency
Business Day
Buy/Sell Back Differential
CBN
Confirmation
Contract Rate
Default Market Value
Default Notice
Defaulting Party
Distributions
Eligible Margin
Equivalent Margin Securities
Equivalent Securities
Event of Default
Forward Price
Forward Transaction
Income
Interest Period
Margin Ratio
Margin Securities
Margin Transfer
Market Value
Net Exposure
Net Margin
Non-Defaulting Party
Notice of Default
NSE
Payment Date
Pricing Rate
Purchase Date
Purchase Price
Purchased Securities
Repurchase Date
Repurchase Price
SEC
Securities
Settlement Date
Spot Transaction
System
Termination
Transaction
Transaction Exposure
Transfer Date
Valuation Date
Naira
FMDQ
Nigerian Business Day
Material Adverse Effect
Contractual Currency
Custodian
Designated Office
Electronic Trading Platform
Income Payment Date
Nigerian Government Securities
Pricing Source
Regulatory Authority
Securities Account
Settlement Bank
Clauses
Sale and Purchase
Transfer of Title
Purchase Price
Repurchase Price
Margin Maintenance
Income Payments
Payment and Transfer
Events of Default
Tax
Interest
Termination
Close-out
Set-off
Representations and Warranties
Undertakings
Conditions Precedent
Market Value
Price Differential
Substitution
Notices
Assignment
Amendments
Counterparts
Severability
Entire Agreement
Force Majeure
Confidentiality
Dispute Resolution
Governing Law
Jurisdiction
Regulatory Compliance
Anti-Money Laundering
Documentation
Recording
Electronic Trading
Agency
Custodian Provisions
Default Remedies
Market Disruption
Netting
Settlement
Indemnification
Costs and Expenses
Further Assurance
Time of Essence
Waiver
Third Party Rights
Transfer of Title
Purchase Price
Repurchase Price
Margin Maintenance
Income Payments
Payment and Transfer
Events of Default
Tax
Interest
Termination
Close-out
Set-off
Representations and Warranties
Undertakings
Conditions Precedent
Market Value
Price Differential
Substitution
Notices
Assignment
Amendments
Counterparts
Severability
Entire Agreement
Force Majeure
Confidentiality
Dispute Resolution
Governing Law
Jurisdiction
Regulatory Compliance
Anti-Money Laundering
Documentation
Recording
Electronic Trading
Agency
Custodian Provisions
Default Remedies
Market Disruption
Netting
Settlement
Indemnification
Costs and Expenses
Further Assurance
Time of Essence
Waiver
Third Party Rights
Relevant Industries
Banking
Financial Services
Investment Management
Securities Trading
Asset Management
Capital Markets
Treasury Services
Insurance
Pension Fund Management
Relevant Teams
Legal
Treasury
Trading
Operations
Risk Management
Compliance
Securities Operations
Settlement
Credit
Portfolio Management
Financial Control
Collateral Management
Relevant Roles
Treasury Manager
Trading Director
Financial Controller
Legal Counsel
Compliance Officer
Risk Manager
Securities Operations Manager
Investment Officer
Portfolio Manager
Chief Financial Officer
Head of Trading
Settlement Officer
Collateral Manager
Credit Risk Officer
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