Variable Rate Open Reverse Repurchase Agreement Sample Clauses

Variable Rate Open Reverse Repurchase Agreement. A variable rate open reverse repurchase agreement has a variable rate and an open maturity date. The initiation message should suffice to settle the opening exchange of securities collateral and cash. A cancellation message is required with a call indicator to cancel the initiation instruction in order to allow for the termination to be instructed. The call indicator should serve as an amendment rather than true cancellation as the Accounting Agent will need to maintain the accrual history on the reverse repo. Additionally, the rate may change throughout the repo life; this business practice is called a rerate. These rate changes will require a cancellation using a rate indicator and a new instruction with the revised rate also using the rate indicator. Again, the rate indicator should serve as an amendment rather than true cancellation as the Accounting Agent will need to maintain the accrual history on the repo. To support the close out or rerate of this type of agreement the following additional elements will be required: - Previous Reference- this will link the cancellation and new messages to the initiation message - Repurchase Type Indicator – this will indicate why the initiation instruction is being cancelled and the new/closing instruction is being sent o Call indicator should be used for maturity changes o Rate indicate should be used for rate changes - Rate Change Date/Time – (for rerates only) this will indicate the effective date of the new rate and is required from an accounting agent perspective
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Related to Variable Rate Open Reverse Repurchase Agreement

  • ISSUE OF REPLACEMENT NOTES, COUPONS AND TALONS 13.1 The Issuer will cause a sufficient quantity of additional forms of Notes, Coupons and Talons to be available, upon request, to the Agent at its specified office for the purpose of issuing replacement Notes, Coupons and Talons as provided below.

  • Partial Disposal During Term of Service Agreement Throughout the Term of the Service Agreement, LEA may request partial disposal of Student Data obtained under the Service Agreement that is no longer needed. Partial disposal of data shall be subject to LEA’s request to transfer data to a separate account, pursuant to Article II, section 3, above.

  • REPLACEMENT OF NOTES, COUPONS AND TALONS Should any Note, Coupon or Talon be lost, stolen, mutilated, defaced or destroyed, it may be replaced at the specified office of the Agent upon payment by the claimant of such costs and expenses as may be incurred in connection therewith and on such terms as to evidence and indemnity as the Issuer may reasonably require. Mutilated or defaced Notes, Coupons or Talons must be surrendered before replacements will be issued.

  • FAILURE TO HONOUR SETTLEMENT AGREEMENT 32. If this Settlement Agreement is accepted by the Hearing Panel and, at any subsequent time, the Respondent fails to honour any of the Terms of Settlement set out herein, Staff reserves the right to bring proceedings under section 24.3 of the By-laws of the MFDA against the Respondent based on, but not limited to, the facts set out in Part IV of the Settlement Agreement, as well as the breach of the Settlement Agreement. If such additional enforcement action is taken, the Respondent agrees that the proceeding(s) may be heard and determined by a hearing panel comprised of all or some of the same members of the hearing panel that accepted the Settlement Agreement, if available.

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