An Overnight Reverse Repurchase Agreement is commonly used in financial markets for short-term liquidity management and secured lending. Under English and Welsh law, this document establishes the terms for a transaction where securities are sold and repurchased the following business day, with the difference in prices effectively representing interest. The agreement includes critical elements such as pricing mechanisms, collateral requirements, and default provisions, while ensuring compliance with UK regulatory requirements and market standards. It's particularly relevant for financial institutions seeking to manage overnight cash positions or implement short-term investment strategies.
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1. Parties: Identification of the parties entering into the agreement
2. Background: Context and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Purchase and Repurchase Obligations: Core obligations regarding the sale and repurchase of securities
5. Pricing and Payment Terms: Purchase price, repo rate, and payment mechanics
6. Margin Maintenance: Requirements for maintaining collateral value
7. Events of Default: Circumstances constituting default and consequences
8. Representations and Warranties: Standard representations and warranties from both parties
9. Tax Provisions: Treatment of taxes and gross-up obligations
10. Governing Law and Jurisdiction: Choice of law and jurisdiction for dispute resolution
1. Income Payments: Treatment of income on purchased securities, used when securities may generate income during the repo period
2. Substitution: Rights to substitute collateral, included when parties want flexibility in collateral management
3. Agency Provisions: Required when one party acts as agent rather than principal
4. Additional Tax Representations: Required for cross-border transactions or specific tax structures
5. Buy/Sell Back Annex: Optional provisions for buy/sell back transactions
1. Form of Confirmation: Template for transaction-specific confirmations
2. Eligible Securities: List of acceptable securities for the repo
3. Margin Ratios: Specific haircuts and margin requirements
4. Contact Details: Operational contacts and notice details
5. Form of Power of Attorney: Standard form of power of attorney if required for enforcement
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