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Designated Office

Paragraph 1(a) of the Global Master Repurchase Agreement states that parties may enter into transactions through their “Designated Offices”.  There is no real definition of “Designated Office” within the GMRA.  Both the Buyer and the Seller simply specify their “Designated Office(s)” within Part 1(f) of Annex I to the 2011 GMRA (Part 1(e) to Annex I to the 2000 GMRA, Part 1(d) to the 1995 PSA/ISMA).

The reason why the parties are to act through “Designated Offices” is that this is designed to ensure that the parties only act through offices in jurisdictions where the close-out netting provisions of Paragraph 10 of the GMRA are upheld.

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