The Master Repurchase Agreement is a fundamental document in the Nigerian financial markets, providing a standardized framework for repurchase transactions between financial institutions. It is essential for liquidity management, securities financing, and monetary policy implementation in Nigeria. The agreement is designed to comply with Central Bank of Nigeria regulations and local securities laws while incorporating international best practices. It is typically used when parties expect to enter into multiple repo transactions and need a robust framework that addresses transfer of securities, margin maintenance, default scenarios, and close-out mechanisms. The document includes specific provisions for Nigerian market operations, settlement systems, and eligible securities, making it suitable for both domestic and cross-border transactions involving Nigerian counterparties.
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1. Parties: Identification of the contracting parties and their legal status
2. Background: Context of the agreement and general intention of the parties to enter into repurchase transactions
3. Definitions: Comprehensive definitions of terms used throughout the agreement, including specific Nigerian market terminology
4. Scope and Application: Scope of the agreement and its application to individual transactions
5. Initiation and Confirmation: Process for initiating transactions and requirements for transaction confirmations
6. Transfer of Securities and Payments: Mechanisms for transferring securities and making payments, including settlement procedures
7. Margin Maintenance: Requirements for maintaining margin, including margin ratios and transfer procedures
8. Income Payments: Treatment of income on transferred securities during the transaction period
9. Events of Default: Definition of events of default and consequences
10. Close-out and Set-off: Procedures for early termination and calculation of amounts due
11. Tax Provisions: Treatment of taxes and tax-related obligations under Nigerian law
12. Representations and Warranties: Standard and Nigeria-specific representations and warranties
13. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction provisions
14. Notices: Requirements for giving notices under the agreement
15. General Provisions: Standard boilerplate provisions including amendments, waivers, and severability
1. Agency Provisions: Required when either party may act as agent for third parties in repo transactions
2. Buy/Sell Back Transactions: Include when parties want to provide for buy/sell back transactions as an alternative to repurchase transactions
3. Interest on Cash Margin: Optional provisions for payment of interest on cash margin
4. Foreign Exchange Provisions: Required when transactions may be denominated in different currencies
5. Electronic Trading: Include when parties intend to use electronic trading platforms
6. Force Majeure: Optional broader force majeure provisions beyond standard market disruption
7. Central Bank Requirements: Additional provisions required for transactions with regulated entities under CBN supervision
1. Schedule 1 - Form of Confirmation: Standard form for confirming individual transactions
2. Schedule 2 - Security Details: Format for specifying eligible securities and their valuations
3. Schedule 3 - Margin Ratios: Specified margin ratios for different types of securities
4. Schedule 4 - Contact Details: Contact information for notices and operations
5. Schedule 5 - Terms and Conditions for Nigerian Securities: Specific terms applicable to Nigerian government securities and other local securities
6. Schedule 6 - Form of Power of Attorney: Standard form for any required powers of attorney under Nigerian law
7. Appendix A - Standard Settlement Instructions: Details of payment and securities settlement arrangements
8. Appendix B - Electronic Messaging Procedures: Procedures for electronic communications and trading if applicable
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