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
Relevant legal definitions
Act of Insolvency
Additional Margin
Adjusted Value
Agency Transaction
Appropriate Market
Base Currency
Business Day
Buy/Sell Back Difference
Buy/Sell Back Transaction
Buyer
Cash Margin
Clean Price
Close-out Amount
Confirmation
Contractual Currency
Default Market Value
Default Notice
Defaulting Party
Distribution
Eligible Margin
Event of Default
Forward Transaction
Income
Indian Business Day
Interest Rate
Margin Ratio
Margin Securities
Margin Transfer
Market Value
Net Exposure
Net Margin
Non-Defaulting Party
Notice of Default
Parties
Performance Date
Price Differential
Pricing Rate
Purchase Date
Purchase Price
Purchased Securities
Receivable
Repo Interest
Repurchase Date
Repurchase Price
Repurchase Transaction
Reset Date
Securities
Seller
Settlement Date
Spot Rate
Term
Termination
Transaction
Transaction Exposure
Transfer Date
Underlying Securities
Value Date
Weighted Average Price
RBI
SEBI
Indian Rupee
Foreign Exchange Laws
Applicable Rate
Margin Percentage
Minimum Transfer Amount
Indian Tax Event
Foreign Securities
Domestic Securities
Market Price
Reference Price
Valuation Agency
Electronic Trading Platform
Clearing Corporation
Clearing House
Custodian
Depository
Settlement Bank
Additional Margin
Adjusted Value
Agency Transaction
Appropriate Market
Base Currency
Business Day
Buy/Sell Back Difference
Buy/Sell Back Transaction
Buyer
Cash Margin
Clean Price
Close-out Amount
Confirmation
Contractual Currency
Default Market Value
Default Notice
Defaulting Party
Distribution
Eligible Margin
Event of Default
Forward Transaction
Income
Indian Business Day
Interest Rate
Margin Ratio
Margin Securities
Margin Transfer
Market Value
Net Exposure
Net Margin
Non-Defaulting Party
Notice of Default
Parties
Performance Date
Price Differential
Pricing Rate
Purchase Date
Purchase Price
Purchased Securities
Receivable
Repo Interest
Repurchase Date
Repurchase Price
Repurchase Transaction
Reset Date
Securities
Seller
Settlement Date
Spot Rate
Term
Termination
Transaction
Transaction Exposure
Transfer Date
Underlying Securities
Value Date
Weighted Average Price
RBI
SEBI
Indian Rupee
Foreign Exchange Laws
Applicable Rate
Margin Percentage
Minimum Transfer Amount
Indian Tax Event
Foreign Securities
Domestic Securities
Market Price
Reference Price
Valuation Agency
Electronic Trading Platform
Clearing Corporation
Clearing House
Custodian
Depository
Settlement Bank
Clauses
Definitions
Purchase and Sale
Margin Maintenance
Payment and Transfer
Income Payments
Representations and Warranties
Events of Default
Indemnification
Confidentiality
Tax Provisions
Force Majeure
Assignment and Transfer
Governing Law
Dispute Resolution
Termination
Notices
Entire Agreement
Amendments
Severability
Agency Provisions
Risk Disclosure
Securities Valuation
Netting
Set-off Rights
Regulatory Compliance
Foreign Exchange Compliance
Electronic Trading
Settlement Procedures
Market Disruption
Substitution of Securities
Recording of Communications
Custody Arrangements
Reporting Requirements
Interest Calculations
Buy/Sell Back Provisions
Forward Transactions
Agency Transactions
Authentication
Counterparty Risk
Documentation
Purchase and Sale
Margin Maintenance
Payment and Transfer
Income Payments
Representations and Warranties
Events of Default
Indemnification
Confidentiality
Tax Provisions
Force Majeure
Assignment and Transfer
Governing Law
Dispute Resolution
Termination
Notices
Entire Agreement
Amendments
Severability
Agency Provisions
Risk Disclosure
Securities Valuation
Netting
Set-off Rights
Regulatory Compliance
Foreign Exchange Compliance
Electronic Trading
Settlement Procedures
Market Disruption
Substitution of Securities
Recording of Communications
Custody Arrangements
Reporting Requirements
Interest Calculations
Buy/Sell Back Provisions
Forward Transactions
Agency Transactions
Authentication
Counterparty Risk
Documentation
Relevant Industries
Banking
Financial Services
Securities Trading
Investment Management
Asset Management
Insurance
Pension Fund Management
Treasury Services
Capital Markets
Financial Technology
Relevant Teams
Legal
Treasury
Trading
Risk Management
Compliance
Operations
Securities Services
Finance
Investment
Regulatory Affairs
Relevant Roles
Treasury Manager
Legal Counsel
Compliance Officer
Risk Manager
Trading Director
Securities Operations Manager
Financial Controller
Head of Fixed Income
Chief Investment Officer
Repo Trader
Legal Director
Regulatory Compliance Manager
Operations Director
Investment Manager
Portfolio Manager
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