Which of the following is true for a "repurchase agreement"?

Question

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A repurchase agreement (also known as a repo) is a short-term borrowing agreement in which the borrower (usually a bank or other financial institution) sells securities, usually government bills, to the lender with an agreement to repurchase them at a later date at a slightly higher price. The bills are used as collateral for the loan. This is a form of collateralized borrowing, not a non-collateralized loan. It is also a short-term agreement, not a long-term borrowing agreement. The government is not involved in the borrowing process in a repurchase agreement.

Which of the Following Is True for a "Repurchase Agreement