repo with no definite term. The agreement is made on a day-to-day basis and either the borrower or the lender may choose to terminate. The rate paid is higher than on overnight repo and is subject to adjustment if rates move.
Repurchase agreement in which the repurchase date is unspecified and the agreement can be terminated by either party at any time. The agreement continues on a day-to-day basis with interest rate adjustments made as market rates change.
Repurchase agreement that has an undefined repurchase date that continues on a day-to-day basis--either party may end it at any time. Each day the interest rate is adjusted to reflect changes in the market.