The Global Master Repurchase Agreement (GMRA) adapted for Nigerian law serves as the primary documentation for repurchase and reverse repurchase transactions in the Nigerian financial market. This agreement is essential for financial institutions engaging in secured lending through the temporary exchange of securities against cash. It incorporates both international best practices and specific requirements set by the Central Bank of Nigeria and other Nigerian regulatory authorities. The document is typically used when parties wish to establish a long-term framework for conducting multiple repo transactions, providing standardized terms for pricing, margins, default handling, and risk management while ensuring compliance with Nigerian banking and securities laws.
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1. Parties: Identification of the contracting parties and their legal status
2. Background: Context of the agreement and relationship between the parties
3. Definitions and Interpretation: Definitions of key terms and interpretation rules
4. Initiation and Confirmation: Process for initiating transactions and confirmation requirements
5. Income Payments: Treatment of income on transferred securities
6. Payment and Transfer: Mechanics of payments and securities transfers
7. Contractual Currency: Currency provisions and exchange rate mechanisms
8. Substitution: Rules for substituting securities
9. Representations: Party representations and warranties
10. Events of Default: Default triggers and consequences
11. Tax Event: Tax-related provisions and obligations
12. Interest on Outstanding Payments: Interest calculations and payment obligations
13. Set-off: Rights of set-off between parties
14. Notices and Other Communications: Communication methods and requirements
15. Governing Law and Jurisdiction: Nigerian law as governing law and jurisdiction provisions
16. No Waivers: Non-waiver provisions
17. Time of the Essence: Time provisions and their criticality
18. Assignment and Transfer: Rules for assignment and transfer of rights
1. Agency: Required when one or both parties act as agents
2. Force Majeure: Optional provisions for force majeure events
3. Buy/Sell Back Transactions: Include when parties wish to enter into buy/sell back transactions
4. Electronic Trading: Required when parties use electronic trading platforms
5. Foreign Exchange Risk: Additional provisions for cross-border transactions
6. CBN Compliance: Specific provisions required for Nigerian Central Bank compliance
7. Islamic Banking Provisions: Required when one party operates under Islamic banking principles
1. Schedule 1 - Form of Confirmation: Standard form for transaction confirmations
2. Schedule 2 - Base Currency: Specification of base currency for calculations
3. Schedule 3 - Eligible Securities: List and characteristics of eligible securities
4. Schedule 4 - Agency Provisions: Detailed provisions for agency relationships
5. Schedule 5 - Buy/Sell Back Provisions: Specific terms for buy/sell back transactions
6. Schedule 6 - Nigerian Regulatory Requirements: Specific requirements under Nigerian law
7. Appendix A - Contact Details: Contact information for both parties
8. Appendix B - Service Providers: Details of custodians and other service providers
9. Appendix C - Forms and Notices: Standard forms and notice templates
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