Common use of Repurchase Agreements Clause in Contracts

Repurchase Agreements. A. Repurchase agreements not included as investments under the Agreement are authorized subject to the following restrictions: ° All repurchase agreements must be entered into subject to a Master Repurchase Agreement. ° Trading partners are limited to banks or trust companies authorized to do business in New York State and primary reporting dealers. ° Obligations shall be limited to obligations of the United States of America and obligations guaranteed by agencies of the United States of America. ° No substitution of investment securities will be allowed. ° The custodian shall be a party other than the trading partner. ° All repurchase agreements shall be in compliance with the provisions of Sections 10 and 11 of the GML. ° Any investment securities which are purchased pursuant to a repurchase agreement shall be deemed to be payable or redeemable for purposes of the preceding sentence on the date on which such obligations are scheduled to be repurchased by the seller thereof; any investment securities which provide for the adjustment of their respective interest rate on set dates shall be deemed to be payable or redeemable for purposes of the preceding sentence on the date on which the principle amount may be recovered in full by demand of the holder or owner thereof.

Repurchase Agreements. A. Repurchase agreements not included as investments under the Agreement are authorized subject to the following restrictions: °  All repurchase agreements must be entered into subject to a Master Repurchase Agreement. °  Trading partners are limited to banks or trust companies authorized to do business in New York State and primary reporting dealers. °  Obligations shall be limited to obligations of the United States of America and obligations guaranteed by agencies of the United States of America. °  No substitution of investment securities will be allowed. °  The custodian shall be a party other than the trading partner. °  All repurchase agreements shall be in compliance with the provisions of Sections 10 and 11 of the GML. °  Any investment securities which are purchased pursuant to a repurchase agreement shall be deemed to be payable or redeemable for purposes of the preceding sentence on the date on which such obligations are scheduled to be repurchased by the seller thereof; any investment securities which provide for the adjustment of their respective interest rate on set dates shall be deemed to be payable or redeemable for purposes of the preceding sentence on the date on which the principle amount may be recovered in full by demand of the holder or owner thereof.