The Reverse Purchase Agreement is a sophisticated financial instrument commonly used in Nigerian financial markets for liquidity management, short-term financing, and securities trading. This document type is essential when parties wish to structure a transaction involving the temporary transfer of assets or securities with a predetermined repurchase arrangement. It is particularly relevant in the Nigerian context where such agreements must comply with local financial regulations, including Central Bank of Nigeria directives and securities laws. The agreement typically includes detailed provisions on asset valuation, margin maintenance, default mechanisms, and risk management procedures. It is commonly used by financial institutions, corporate entities, and investment firms operating within Nigeria's financial markets for purposes such as short-term funding, securities lending, and liquidity management.
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1. Parties: Identification and details of the parties entering into the agreement
2. Background: Context of the agreement and relationship between the parties
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. Subject Matter of Agreement: Description of the assets or securities subject to the reverse purchase arrangement
5. Purchase Price and Payment Terms: Details of the purchase price, payment schedule, and payment mechanisms
6. Repurchase Obligations: Terms and conditions of the repurchase, including timing and price calculation
7. Delivery and Transfer: Procedures for delivery and transfer of assets or securities
8. Representations and Warranties: Statements of fact and assurances given by each party
9. Covenants: Ongoing obligations and commitments of the parties
10. Security Arrangements: Details of any collateral or security provided
11. Events of Default: Circumstances constituting default and consequences
12. Termination: Conditions and procedures for termination of the agreement
13. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
14. Notices: Process and requirements for formal communications between parties
15. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments
1. Market Disruption: Provisions dealing with market disruption events - include when dealing with market-sensitive assets
2. Tax Provisions: Detailed tax implications and responsibilities - include when tax considerations are significant
3. Foreign Exchange Provisions: Currency conversion and exchange rate mechanisms - include for cross-border transactions
4. Regulatory Compliance: Specific regulatory requirements - include when dealing with regulated assets or entities
5. Force Majeure: Provisions for unforeseen circumstances - include when long-term or high-value transactions
6. Anti-Money Laundering Provisions: AML compliance requirements - include when dealing with financial institutions
7. Electronic Trading Provisions: Electronic trading platform terms - include when transactions will be executed electronically
1. Asset Schedule: Detailed description and specification of assets subject to the agreement
2. Pricing Schedule: Detailed pricing mechanisms, formulae, and adjustments
3. Form of Transfer Notice: Template for transfer notices between parties
4. Security Documents: Forms of security documents and collateral arrangements
5. Authorized Representatives: List of authorized representatives and their powers
6. Operating Procedures: Detailed procedures for executing transactions
7. Compliance Requirements: Specific regulatory and compliance requirements
8. Form of Confirmation: Template for transaction confirmations
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