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Reverse Purchase Agreement for Nigeria

Reverse Purchase Agreement Template for Nigeria

A comprehensive legal agreement governed by Nigerian law that establishes the terms and conditions for a reverse purchase transaction, where one party sells an asset or security to another party with a commitment to repurchase it at a predetermined future date and price. The document details the initial sale, repurchase obligations, pricing mechanisms, security arrangements, and risk allocation between parties, while ensuring compliance with Nigerian financial regulations, including Central Bank of Nigeria requirements and relevant securities laws.

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What is a Reverse Purchase Agreement?

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.

What sections should be included in a Reverse Purchase Agreement?

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

What sections are optional to include in a Reverse Purchase Agreement?

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

What schedules should be included in a Reverse Purchase Agreement?

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Ƶ

Document Type

Purchase Agreement

Cost

Free to use
Relevant legal definitions


























































Clauses








































Relevant Industries

Financial Services

Banking

Investment Management

Securities Trading

Commodities Trading

Energy

Manufacturing

Agriculture

Real Estate

Mining

Oil and Gas

Infrastructure

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Trading

Operations

Investment

Corporate Finance

Asset Management

Securities

Deal Advisory

Transaction Support

Relevant Roles

Chief Financial Officer

Treasury Manager

Finance Director

Investment Manager

Risk Manager

Legal Counsel

Compliance Officer

Trading Manager

Portfolio Manager

Securities Officer

Financial Controller

Operations Manager

Asset Manager

Corporate Finance Manager

Transaction Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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