The Reverse Repurchase Agreement serves as a crucial instrument in the Philippine financial markets, providing a framework for short-term secured lending transactions. It is commonly used by banks, financial institutions, and corporate entities operating under Philippine jurisdiction to manage liquidity and access short-term funding. The agreement must comply with BSP regulations, particularly Circular 1062, which provides specific guidelines for repo transactions. This document is essential when parties wish to enter into a reverse repo transaction where the buyer agrees to purchase securities with a commitment to sell them back to the original seller at a predetermined future date and price. It includes comprehensive provisions for pricing, margin maintenance, default scenarios, and regulatory compliance, making it suitable for both domestic and cross-border transactions within the Philippine regulatory framework.
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1. Parties: Identification of the seller and buyer in the reverse repo transaction
2. Background: Context of the agreement and general purpose of the transaction
3. Definitions: Definitions of technical terms, including 'Purchase Price', 'Repurchase Price', 'Securities', 'Income', etc.
4. Sale and Repurchase: Core transaction terms including the commitment to sell and repurchase securities
5. Pricing and Payment Terms: Details of purchase price, repurchase price, and pricing calculations
6. Transfer of Securities: Mechanics and timing of securities transfer
7. Margin Maintenance: Requirements for maintaining margin and marking to market
8. Income Payments: Treatment of income on the securities during the transaction period
9. Representations and Warranties: Standard representations by both parties regarding capacity and authority
10. Events of Default: Definition of default events and consequences
11. Remedies: Available remedies in case of default or breach
12. Regulatory Compliance: Compliance with BSP regulations and other applicable laws
13. Notices: Process for serving notices between parties
14. Governing Law and Jurisdiction: Specification of Philippine law and jurisdiction
15. General Provisions: Standard boilerplate provisions including amendments, waivers, and severability
1. Substitution of Securities: Used when parties want to allow substitution of securities during the transaction period
2. Tax Provisions: Detailed tax provisions required when parties have specific tax considerations or cross-border elements
3. Buy/Sell Back Annex: Required when transaction is structured as a buy/sell back rather than classic repo
4. Agency Provisions: Required when either party is acting as agent for undisclosed principals
5. Electronic Trading Provisions: Required when transactions will be conducted through electronic trading platforms
6. Force Majeure: Detailed force majeure provisions beyond standard defaults, used in jurisdictions or situations requiring specific coverage
1. Schedule 1 - Form of Confirmation: Template for transaction-specific confirmations
2. Schedule 2 - Eligible Securities: List and characteristics of securities eligible for the repo transactions
3. Schedule 3 - Pricing Rates and Calculations: Detailed pricing methodology and applicable rates
4. Schedule 4 - Margin Ratios: Specific margin ratios applicable to different types of securities
5. Schedule 5 - Contact Details: Contact information for notices and operational matters
6. Appendix A - Standard Settlement Instructions: Details of accounts and settlement procedures
7. Appendix B - Forms of Power of Attorney: Required forms for executing transfers and settlements
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