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Overnight Reverse Repurchase Agreement
"Need an Overnight Reverse Repurchase Agreement for our Singapore subsidiary bank to lend government securities to a local hedge fund, with specific provisions for same-day settlement and enhanced margin requirements of 105%. This needs to be ready for implementation by March 2025."
1. Parties: Identification of buyer and seller, including registration details and addresses
2. Background: Context of the transaction and relationship between parties
3. Definitions: Key terms used throughout the agreement including pricing, securities, and transaction mechanics
4. Purchase and Sale: Core transaction terms including purchase price and securities
5. Repurchase Terms: Terms of repurchase including price, timing and mechanics of settlement
6. Income Payments: Treatment of income on purchased securities during the transaction period
7. Margin Maintenance: Requirements for maintaining collateral value and margin calls
8. Events of Default: Circumstances constituting default and consequences thereof
9. Representations and Warranties: Standard and transaction-specific representations by both parties
10. Governing Law and Jurisdiction: Singapore law as governing law and jurisdiction provisions
1. Substitution: Optional provisions allowing parties to substitute securities during the transaction term
2. Agency Provisions: Provisions for when either party acts as agent for third parties
3. Tax Provisions: Detailed tax provisions for cross-border transactions or specific tax considerations
4. Break Clause: Provisions allowing early termination under specified circumstances
1. Form of Confirmation: Standard template for transaction confirmations
2. Eligible Securities Schedule: List and characteristics of acceptable securities for the transaction
3. Margin Percentage Schedule: Details of applicable margin ratios and calculations
4. Agency Terms Schedule: Detailed agency terms and requirements if applicable
5. Contact Details: Contact information for notices, margin calls and other communications
Authors
Applicable Margin Ratio
Appropriate Market
Base Currency
Business Day
Buyer
Cash Margin
Confirmation
Contractual Currency
Default Market Value
Default Notice
Eligible Securities
Event of Default
Income
Income Payment Date
Margin Percentage
Margin Securities
Margin Transfer
Market Value
Net Exposure
Net Margin
Pricing Rate
Purchase Date
Purchase Price
Purchased Securities
Repurchase Date
Repurchase Price
Seller
Settlement Date
Spot Rate
Term
Transaction
Transaction Exposure
Transfer Date
Valuation Date
Valuation Percentage
Value Date
Repurchase Obligations
Margin Maintenance
Income Payments
Payment and Transfer
Interest Calculation
Substitution Rights
Tax Provisions
Events of Default
Termination
Set-off Rights
Representations and Warranties
Notices
Assignment and Transfer
Governing Law
Jurisdiction
Dispute Resolution
Force Majeure
Agency Provisions
Confidentiality
Custodian Rights and Obligations
Price Differential
Market Value Determination
Securities Redelivery
Default Remedies
Indemnification
Transaction Costs
Confirmations
Early Termination
Recording and Documentation
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