The Global Master Repurchase Agreement (GMRA) is essential for parties engaging in repurchase and reverse repurchase transactions in the Indian financial markets. This document is used when parties intend to enter into multiple repo transactions and need a standardized framework that governs all such dealings. It incorporates specific Indian legal and regulatory requirements while maintaining international best practices. The agreement is particularly relevant for financial institutions operating under Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) regulations, covering crucial aspects such as pricing mechanisms, margin maintenance, default provisions, and risk management procedures. It includes jurisdiction-specific modifications to ensure enforceability under Indian law while facilitating cross-border transactions where permitted by regulations.
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1. Parties: Identification of the contracting parties and their legal status
2. Background: Context of the agreement and intention of the parties to enter into repurchase transactions
3. Definitions: Comprehensive definitions of terms used throughout the agreement
4. General Obligations: Basic obligations of the parties in relation to purchase and repurchase of securities
5. Initiation and Confirmation: Procedures for initiating transactions and confirmation requirements
6. Margin Maintenance: Rules for calculating and maintaining margin requirements
7. Income Payments: Treatment of income on purchased securities during the transaction period
8. Payment and Transfer: Mechanics of payments and securities transfers
9. Representations and Warranties: Standard representations and warranties from both parties
10. Events of Default: Definition of default events and consequences
11. Tax Event: Provisions dealing with tax-related issues and obligations
12. Interest and Compensation: Calculations of interest and compensation amounts
13. Single Agreement: Provision establishing all transactions as part of a single agreement
14. Notices and Other Communications: Communication procedures between parties
15. Governing Law and Jurisdiction: Choice of law and jurisdiction provisions
16. No Reliance: Acknowledgment of independent decision making by parties
17. Termination: Procedures and consequences of termination
1. Agency Transactions: Required when either party may act as agent for third parties
2. Electronic Trading: Include when parties may execute transactions through electronic platforms
3. Force Majeure: Optional provision for extraordinary events affecting performance
4. Buy/Sell Back Transactions: Include when parties intend to enter into buy/sell back transactions
5. Bills Transactions: Required for transactions involving Treasury Bills or similar instruments
6. Forward Transactions: Include for forward-settling repo transactions
7. Netting Provisions: Additional netting arrangements beyond standard provisions
8. Electronic Signatures: Include when parties agree to use electronic signatures
1. Schedule 1 - Form of Confirmation: Standard form for transaction confirmations
2. Schedule 2 - Form of Buy/Sell Back Confirmation: Specific confirmation form for buy/sell back transactions
3. Annex I - Supplemental Terms and Conditions: Jurisdiction-specific modifications and additional terms
4. Annex II - Agency Transactions: Detailed provisions for agency transactions
5. Annex III - Buy/Sell Back Transactions: Specific provisions for buy/sell back transactions
6. Annex IV - Bills Transactions: Specific provisions for transactions in bills
7. Annex V - Foreign Exchange Transactions: Provisions for cross-currency repos
8. Annex VI - Electronic Trading: Terms for electronic trading platforms
9. Annex VII - Security Interest Provisions: Additional security interest provisions for certain jurisdictions
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