Repurchase Agreement

Repurchase Agreement Template for United States

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Key Requirements PROMPT example:

"I need a Repurchase Agreement for a transaction between our investment bank and a regional commercial bank, involving US Treasury securities with a total value of $50M and a repurchase date of March 15, 2025."

Document background

Repurchase Agreements are fundamental instruments in the U.S. financial markets, providing a crucial mechanism for short-term financing and liquidity management. These agreements are commonly used when an entity needs temporary funding while holding securities, or when a party seeks to earn additional return on cash holdings. The agreement typically specifies the securities involved, pricing terms, margin requirements, and default provisions. Under U.S. jurisdiction, these contracts are particularly important for their bankruptcy protection and regulatory treatment, making them a preferred tool for financial institutions' daily operations and risk management.

Suggested Sections

1. Parties: Identification of seller and buyer

2. Background: Context and purpose of the repurchase arrangement

3. Definitions: Key terms used throughout the agreement including Purchase Date, Repurchase Date, Purchased Securities, Purchase Price, and Repurchase Price

4. Purchase and Sale: Core terms of initial sale and agreement to repurchase, including transfer of title

5. Price and Payment Terms: Purchase price, repurchase price, pricing rate calculations and payment mechanics

6. Transfer of Securities: Mechanics and timing of securities transfer, delivery methods and confirmation process

7. Margin Maintenance: Requirements for maintaining collateral value, margin calls and transfer procedures

8. Events of Default: Circumstances constituting default, remedies and consequences of default

9. Representations and Warranties: Standard assurances from both parties regarding capacity, authority and securities ownership

Optional Sections

1. Income Payments: Treatment of dividends, interest or other income payments during repo term

2. Substitution: Rights and procedures for substituting equivalent securities during the repo term

3. Tax Provisions: Special tax considerations, withholding requirements and tax-related representations

4. Cross-Default: Provisions linking defaults under other agreements between the parties

Suggested Schedules

1. Schedule of Purchased Securities: Detailed list and description of securities subject to the agreement

2. Pricing Schedule: Detailed pricing calculations, methodologies and rates

3. Form of Confirmation: Standard template for transaction confirmations

4. Margin Calculations: Methodology and formulas for calculating margin requirements

5. Eligible Securities: List and criteria for acceptable securities for substitution

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Act of Insolvency

Business Day

Default Notice

Term

Clauses

Relevant Industries

Banking
Securities Trading
Asset Management
Insurance
Government

Relevant Teams

Treasury
Trading
Risk Management
Legal
Compliance
Operations

Relevant Roles

Treasury Manager
Trading Desk Manager
Risk Manager
Compliance Officer
Portfolio Manager
Operations Director

Industries

Securities Exchange Act of 1934: Primary federal law governing securities trading and establishing the SEC, critical for repo agreements as they involve securities transactions

Securities Act of 1933: Fundamental legislation requiring registration of securities and full disclosure of material information in securities offerings

FIRREA: Financial Institutions Reform, Recovery, and Enforcement Act - Provides regulatory framework for financial institutions engaging in repo transactions

Bankruptcy Code Title 11 USC �� 559: Specific provisions governing the treatment of repo agreements in bankruptcy proceedings

Dodd-Frank Act: Post-2008 reform legislation affecting financial institutions and their transactions, including reporting requirements for repo agreements

UCC Article 9: Uniform Commercial Code provisions governing secured transactions, crucial for establishing security interests in repo agreements

UCC Article 8: Uniform Commercial Code provisions specifically dealing with investment securities and their transfer

Blue Sky Laws: State-specific securities regulations that may affect repo transactions within particular jurisdictions

SIFMA Master Repurchase Agreement: Standard industry template published by Securities Industry and Financial Markets Association, widely used as the base document for repo transactions

Bank Secrecy Act: Anti-money laundering legislation requiring financial institutions to assist government agencies in detecting and preventing money laundering

USA PATRIOT Act: Enhanced anti-money laundering requirements and know-your-customer obligations for financial institutions

Internal Revenue Code: Federal tax provisions affecting the treatment of repo transactions and related income

Federal Reserve Regulations: Central bank rules governing financial institutions' conduct in repo markets and related reporting requirements

SEC Regulations: Securities and Exchange Commission rules governing securities transactions, including specific provisions for repo agreements

FINRA Rules: Financial Industry Regulatory Authority requirements for member firms engaging in repo transactions

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Authors

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