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<br /> I ~¡+\ <br /> MASTER REPURCHASE AGREEMENT Qated as of 9-15-94 <br /> (Approved by the Public Securities <br /> Association, February 1986; revised <br /> August 1987.) <br /> Between: <br /> Citv of San Marcos <br /> 1. Applicability <br /> From time to time the parties hereto may enter into transactions in which one <br /> pa.rty ("Seller") agrees to transfer to the other ("Buyer") securities or <br /> financial instruments ("Securities") against the transfer of funds by Buyer, with <br /> a simultaneous agreement by Buyer to Transfer to Seller such securities at a date <br /> certain or on demand, against the transfer of funds by Seller. Each such <br /> transaction shall be referred to herein as a "Transaction" and shall be governed <br /> by this agreement, including any supplemental terms or conditions contained in <br /> Annex I hereto, unless otherwise agreed in writing. <br /> 2. Definitions <br /> (a) "Act of Insolvency," with respect to any party, (I) the commencement by such <br /> party as debtor of any case or proceeding under any bankruptcy, insolyency, <br /> reorganization, liquidation, dissolution or similar law, or such party seeking <br /> the appointment of a receiver, trustee, custodian, or simila~ official for such <br /> party or any substantial part of its property, or (ii)the commencement of any <br /> such case or proceeding against such party, or another seeking such appointment, <br /> or the filing against a party of an application for a protective decree under the <br /> provisions of the Securities Investor Protection Act of 1970, which (A) is <br /> consented to or not timely contested by such party, (B) results in the entry of <br /> an order for relief, such an appointment, the issuance of such a protective <br /> decree or the entry of an order having a similar effect, or 0 is not dismissed <br /> within 15 days, (iii) the making by a party of a general assignment for the <br /> benefit or creditors, or (iv) the admission in writing by a party of such <br /> party's inability to pay such party's debts as they become due: <br /> (b) "Additional Purchased Securities," Securities provided by Seller to Buyer <br /> pursuant to Paragraph 4 (a) hereof; <br /> iJ "Buyers Margin Amount," with respect to 'any Transaction as of any date, the <br /> amount obtained by application of a percentage (which may be equal to the <br /> percentage that is agreed to as the Sellers Margin Amount under subparagraph (q) <br /> of this paragraph), agreed- to by Buyel=" and Prior to entering into the <br /> Transaction, to the Repurchase Price for such Transaction as of such date. <br /> 3. Initiation; Conformation; Termination <br /> (a) An agreement to enter into a Transaction may be made orally or in writing at <br /> the initiation of either Buyer or Seller. On the purchase date for the <br /> Transaction, the purchased securities shall be transferred to Buyer or its agent <br /> against the transfer of the purchase price to an account of seller. (b) Upon <br /> agreeing to enter into a Transaction hereunder, Buyer or Seller (or both), as <br /> shall be agreed, shall promptly deliver to the other party a written conformation <br /> of each Transaction (a "Conformation"). The Conformation shall describe the <br /> purchased securities (including CUSIP number, if any), identify Buyer and Seller <br /> and set forth (I) the Purchase date, (ii) the Purchase Price, (iii) the <br /> Repurchase date, unless the transaction is to be terminable on demand, (iv) the <br /> 12 <br />