Scope (Buy/Sellback Annex) - GMRA Provision

2000 Global Master Repurchase Agreement A Jolly Contrarian owner’s manual™ Resources and navigation Resources: 2010 GMRA: Full wikitext · Nutshell wikitext Navigation 2000 GMRA Table of Contents · 1 · 2 · 3 · 4 · 5 · 6 · 7 · 8 · 9 · 10 · 11 · 12 · 13 · 14 · 15 · 16 · 17 · 18 · 19 · 20 · 21 · Schedule · Equities Annex: EA 1 · EA 2 · EA 3 · EA 4 · EA 5 · Buy/Sellback Annex · BSA 1 · BSA 2 · BSA 3 · BSA 4 · BNA 5 Index: Click ᐅ to expand: GMRA Paragraph BSA 1 in a Nutshell™ Use at your own risk, campers! BSA 1 Scope (a) The parties may enter Buy/Sell Back Transactions under this Agreement. (b) Where they do, Agreement will be amended by paragraphs 3 to 5 of this Annex. view template Full text of Paragraph BSA 1 BSA 1 Scope (a) The parties have agreed that the Transactions to which this Agreement applies may include Buy/Sell Back Transactions. (b) In relation to Buy/Sell Back Transactions, the Agreement shall be construed as if it had been amended and supplemented as set out in paragraphs 3 to 5 of this Annex. view template Related agreements and comparisons Related agreements: Click here for the same clause in the 1996 MRA, when we get round to finding out the first thing about it. Comparison: Knowing and, really, caring very little about other kinds of repo agreement, we have nothing presently to compare the Global Master Repurchase Agreement with. Tell me more Sign up for our newsletter — or just get in touch: for ½ a weekly 🍺 you get to consult JC. Ask about it here.

Content and comparisons

Buy/Sellback Annex
BSA 1 Scope (Buy/Sellback Annex)
BSA 2 Interpretation (Buy/Sellback Annex)
BSA 3 Initiation; Confirmation; Termination (Buy/Sellback Annex)
BSA 4 Margin maintenance: “repricing” (Buy/Sellback Annex)
BSA 5 Income Payments (Buy/Sellback Annex)

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Summary

Throat-clearing, though note the deliciously hesitant manner with which ICMA’s crack drafting squad™ approaches the concept of making the necessary consequential amendments to the Global Master Repurchase Agreement to make sure it works for Buy/Sell Back Transactions.

Rather than just saying that, where Buy Sell Back Transactions are concerned, the Agreement is amended by the for Buy/Sellback Annex, or even deeming the agreement to have been so amended — though that would be feeble-willed enough — here the parties may do not more than wilfully construe the Agreement as if it had been amended, the clear implication being, in some formalistic sense, it has not.

Is there an ontological difference between being contractually obliged to carry on as if your contract has been amended, and actually amending it? Answers on a postcard.

What this might mean should the parties come to litigation-grade blows over the terms of a Buy/Sell Back Transaction we can only wonder. Does it matter?

Given the vanishingly remote possibility of anyone with the intellectual faculties required to maintain a pulse embarking on litigation over a repurchase transaction, we would venture it does not.

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See also

• Buy/Sell Back Transaction

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