OPEN REPURCHASE AGREEMENT Definition

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OPEN REPURCHASE AGREEMENT is a repurchase agreement with no set maturity date and often a rate of return that fluctuates on a daily basis, depending on market rates. The yield on this type of investment is higher than on a daily repurchase agreement because the agreement often runs several days and the dealer usually requires some short notice before the investor can withdraw funds.

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CONTROL DEFICIENCIES exist when the design or operation of a control does not allow employees, in their assigned functions, to prevent or detect misstatements on a timely basis.

BENEFIT PERIOD is the projected useful life time period over which an asset will be productive.

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