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Overnight Reverse Repurchase Agreement

Overnight Reverse Repurchase Agreement Template for Ireland

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Key Requirements PROMPT example:

Overnight Reverse Repurchase Agreement

"I need an Irish law Overnight Reverse Repurchase Agreement for use between our investment firm and multiple EU-based banks, with specific provisions for automated margin calls and electronic trading platform integration."

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Document background
This Overnight Reverse Repurchase Agreement template is designed for use in the Irish financial markets, providing a legal framework for short-term secured financing transactions. The document is essential for financial institutions, banks, and investment firms operating under Irish jurisdiction who engage in overnight repo transactions for liquidity management, financing, or securities borrowing purposes. It incorporates requirements from Irish financial regulations, EU directives, and international market standards, addressing key aspects such as collateral transfer, margin maintenance, default procedures, and regulatory compliance. The agreement is particularly relevant in the context of Irish and EU financial markets infrastructure and includes specific provisions required by Irish law regarding financial collateral arrangements and settlement finality.
Suggested Sections

1. Parties: Identification of the parties entering into the agreement

2. Background: Context of the agreement and general intention of the parties

3. Definitions: Definitions of key terms used throughout the agreement

4. Purchase and Repurchase: Core provisions regarding the sale and repurchase of securities

5. Income Payments: Treatment of income received on purchased securities during the transaction

6. Margin Maintenance: Provisions for maintaining agreed margin ratios and margin transfer mechanics

7. Payment and Transfer: Mechanics of payments and securities transfers

8. Representations and Warranties: Standard representations and warranties from both parties

9. Events of Default: Definition of events of default and their consequences

10. Close-out and Set-off: Procedures for early termination and calculation of amounts due

11. Notices: Requirements for giving notices under the agreement

12. Governing Law and Jurisdiction: Specification of Irish law as governing law and jurisdiction provisions

Optional Sections

1. Tax Provisions: Detailed tax provisions when parties are subject to different tax regimes or specific tax considerations apply

2. Agency Provisions: Additional provisions when one party acts as agent for multiple principals

3. Buy/Sell Back Transactions: Specific provisions for buy/sell back transactions if these are to be covered

4. Force Majeure: Provisions dealing with events outside parties' control, if not covered in standard terms

5. Electronic Trading: Provisions for electronic trading platforms when relevant

6. Custodian Provisions: Additional provisions when third-party custodians are involved

Suggested Schedules

1. Schedule 1 - Form of Confirmation: Standard form for transaction confirmations

2. Schedule 2 - Eligible Securities: List of securities eligible for use in transactions

3. Schedule 3 - Margin Percentages: Agreed margin ratios for different types of securities

4. Schedule 4 - Contact Details: Contact information for notices and operations

5. Schedule 5 - Settlement Systems and Arrangements: Details of agreed settlement systems and procedures

6. Appendix A - Form of Margin Transfer Notice: Standard form for margin call notices

7. Appendix B - Tax Documentation: Required tax forms and certificates

8. Appendix C - Electronic Messaging Procedures: Procedures for electronic communications and trading if applicable

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Act of Insolvency
Accrued Interest
Additional Margin
Adjustment Date
Agency Transaction
Applicable Rate
Base Currency
Business Day
Buy Back Date
Buy Back Price
Cash Margin
Clean Price
Close-out Amount
Confirmation
Default Market Value
Default Notice
Designated Office
Distribution
Early Termination Date
Eligible Margin
Equivalent Margin Securities
Equivalent Securities
Event of Default
Exercise Notice
Forward Transaction
Income
Irish Business Day
Margin Percentage
Margin Ratio
Margin Securities
Margin Transfer
Market Value
Net Exposure
Net Margin
Notice of Default
Pricing Rate
Purchase Date
Purchase Price
Purchased Securities
Receivable Securities
Reference Price
Repurchase Date
Repurchase Price
Settlement Date
Spot Rate
System
TARGET2
Tax Event
Term
Transaction
Transaction Exposure
Transfer Date
Valuation Date
Valuation Percentage
Value Date
Clauses
Purchase and Sale
Repurchase
Income Payments
Margin Maintenance
Payment and Transfer
Substitution
Representations and Warranties
Events of Default
Close-out and Set-off
Tax
Interest
Notices
Assignment and Transfer
Costs and Expenses
Force Majeure
Term and Termination
Governing Law
Jurisdiction
Entire Agreement
Severability
Confidentiality
Settlement
Agency
Electronic Trading
Recording
Waiver
Time of Essence
No Waivers
Remedies
Counterparts
Third Party Rights
Further Assurance
Securities Transfer
Margin Calls
Default Valuation
Set-off Rights
Dispute Resolution
Regulatory Compliance
Relevant Industries

Banking

Financial Services

Investment Management

Insurance

Securities Trading

Asset Management

Public Sector

Treasury Services

Capital Markets

Financial Technology

Relevant Teams

Legal

Treasury

Trading

Operations

Risk Management

Compliance

Collateral Management

Settlement

Portfolio Management

Fixed Income

Securities Services

Investment Operations

Financial Control

Middle Office

Relevant Roles

Treasury Manager

Legal Counsel

Compliance Officer

Risk Manager

Trading Manager

Operations Manager

Collateral Manager

Settlement Officer

Portfolio Manager

Financial Controller

Head of Fixed Income

Repo Trader

Securities Lending Manager

Chief Investment Officer

Head of Legal

Head of Operations

Industries
European Union (Securities Financing Transactions) Regulations 2017 (S.I. No. 631 of 2017): Implements the EU Securities Financing Transactions Regulation (SFTR) in Ireland, providing rules for transparency of securities financing transactions including repos
European Communities (Financial Collateral Arrangements) Regulations 2010: Governs financial collateral arrangements and provides legal framework for title transfer and security financial collateral arrangements
Companies Act 2014: Primary legislation governing corporate entities in Ireland, including provisions related to creating security interests and corporate insolvency
Central Bank Act 1942 (as amended): Establishes regulatory framework for financial institutions and transactions in Ireland
European Union (Bank Recovery and Resolution) Regulations 2015: Implements the EU Bank Recovery and Resolution Directive (BRRD) in Ireland, affecting rights and obligations in case of bank failure
Settlement Finality Directive (98/26/EC) as implemented in Ireland: Governs settlement finality in payment and securities settlement systems, crucial for repo transactions
European Market Infrastructure Regulation (EMIR) as applicable in Ireland: Regulates over-the-counter derivatives, central counterparties, and trade repositories, which may impact repo transactions
Criminal Justice (Money Laundering and Terrorist Financing) Act 2010: Sets out anti-money laundering requirements that may affect documentation requirements and due diligence processes
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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