2002年版ISDA主协议中英文对照 下载本文

specified in, or pursuant to, the relevant Confirmation or elsewhere in this Agreement, by reason of force majeure or act of state occurring after a Transaction is entered into, on any day:―

(1) the Office through which such party (which will be the Affected Party) makes and receives payments or deliveries with respect to such Transaction is prevented from performing any absolute or contingent obligation to make a payment or delivery in respect of such Transaction, from receiving a payment or delivery in respect of such Transaction or from complying with any other material provision of this Agreement relating to such Transaction (or would be so prevented if such payment, delivery or compliance were required on that day), or it becomes impossible or impracticable for such Office so to perform, receive or comply (or it would be impossible or impracticable for such Office so to perform, receive or comply if such payment, delivery or compliance were required on that day); or

(2) such party or any Credit Support Provider of such party (which will be the Affected Party) is prevented from performing any absolute or contingent obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating to such Transaction, from receiving a payment or delivery under such Credit Support Document or from complying with any other material provision of such Credit Support Document (or would be so prevented if such payment, delivery or compliance were required on that day), or it becomes impossible or impracticable for such party or Credit Support Provider so to perform, receive or comply (or it would be impossible or impracticable for such party or Credit Support Provider so to perform, receive or comply if such payment, delivery or compliance were required on that day),

so long as the force majeure or act of state is beyond the control of such Office, such party or such Credit Support Provider, as appropriate, and such Office, party or Credit Support Provider could not, after using all reasonable efforts (which will not require such party or Credit Support Provider to incur a loss, other than immaterial, incidental expenses), overcome such prevention, impossibility or impracticability;

(iii) Tax Event. Due to (1) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (2) a Change in Tax Law, the party (which will be the Affected Party) will, or there is a substantial likelihood that it will, on the next succeeding Scheduled Settlement Date (A) be required to pay to the other party an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 9(h)) or (B) receive a payment from which an amount is required to be

條款後,倘因交易進行之後任一日發生之不可抗力或政府行爲:―

(1) 該方(即受影響方)就該交易為款項支付及收受或交付之辦事處,無法為該交易進行支付或交付而履行任何絕對或或有之義務,或無法接受支付或交付,或無法就該交易遵守本協議之任何其他重要條款(或如該日提出該付款、交付或遵守協議之要求而無法為之),或該辦事處之履行、接受付款或遵守協議變為不可能或不可行(或如該日提出支付款項、交付或遵守協議之要求而該辦事處按要求履約係不可能或不可行);或

(2) 該方或該方之任何信用支持提供者(即受影響方)無法履行該方或該信用支持提供者於有關該等交易之任何信用支持文件下之絕對或或有之支付或交付義務,或無法接受支付或交付,或無法就該交易遵守本協議之任何其他重要條款(或如該日提出該付款、交付或遵守協議之要求而無法為之),或該方或該信用支持提供者之履行、接受付款或遵守協議變為不可能或不可行(或如該日提出支付款項、交付或遵守協議之要求而該方或該信用支持提供者按要求履約係不可能或不可行),

且該不可抗力或政府行為超出該辦事處、該方或該信用支持提供者(視情況而定)之控制範圍,並且該辦事處、該方或信用支持提供者於盡所有合理努力(但該努力不應使該方或信用支持提供者承受損失,惟不重要及附帶開支以外之損失除外)之後仍無法克服上述不能,不可能或不可行之情況;

(iii) 稅務事件。由於:(1)在交易進行以後稅務機關採取行動或於具合法管轄權之法庭提出之任何訴訟(不論該訴訟是否與本協議一方有關),或(2)因稅法之變更,一方(即受影響方)將有或有極大可能,於下一個預定結算日:(A)須按第2(d)(i)(4)條就可獲補償稅捐向另一方支付額外款項(有關第9(h)條之利息除外),或(B)收取一筆需從該項付款中扣減或預扣稅款之款項(有關第9(h)條之利息除外),而無權按第2(d)(i)(4)條之規定要求對方支付額外款項(基於第2(d)(i)(4)(A)或(B)條之原因除外);

deducted or withheld for or on account of a Tax (except in respect of interest under Section 9(h)) and no additional amount is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B));

(iv) Tax Event Upon Merger. The party (the “Burdened Party”) on the next succeeding Scheduled Settlement Date will either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 9(h)) or (2) receive a payment from which an amount has been deducted or withheld for or on account of any Tax in respect of which the other party is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating with, or merging with or into, or transferring all or substantially all its assets (or any substantial part of the assets comprising the business conducted by it as of the date of this Master Agreement) to, or reorganising, reincorporating or reconstituting into or as, another entity (which will be the Affected Party) where such action does not constitute a Merger Without Assumption;

(v) Credit Event Upon Merger. If “Credit Event Upon Merger” is specified in the Schedule as applying to the party, a Designated Event (as defined below) occurs with respect to such party, any Credit Support Provider of such party or any applicable Specified Entity of such party (in each case, “X”) and such Designated Event does not constitute a Merger Without Assumption, and the creditworthiness of X or, if applicable, the successor, surviving or transferee entity of X, after taking into account any applicable Credit Support Document, is materially weaker immediately after the occurrence of such Designated Event than that of X immediately prior to the occurrence of such Designated Event (and, in any such event, such party or its successor, surviving or transferee entity, as appropriate, will be the Affected Party). A “Designated Event” with respect to X means that:―

(1) X consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets (or any substantial part of the assets comprising the business conducted by X as of the date of this Master Agreement) to, or reorganises, reincorporates or reconstitutes into or as, another entity;

(2) any person, related group of persons or entity acquires directly or indirectly the beneficial ownership of (A) equity securities having the power to elect a majority of the board of directors (or its equivalent) of X or (B) any other ownership interest enabling it to exercise control of X; or

(3) X effects any substantial change in its capital structure by means of the issuance, incurrence or guarantee of debt or the issuance of (A) preferred stock or other securities convertible into or exchangeable for debt or preferred stock or (B) in the case of entities other than corporations, any

(iv) 因合併造成之稅務事件。在下一個預定結算日,一方(“負擔方”)將:(1)就第2(d)(i)(4)條下之可獲補償稅捐支付額外款項(有關第9(h)條有關之利息除外),或(2)收取一筆已在該付款中扣減或預扣任何稅款之款項,而另一方不須就該稅款支付額外款項(基於第2(d)(i)(4)(A)或(B)條之原因除外),以上任何一情況,皆由於一方將與另一實體結合、合併或併購,或將其所有或大部份資產(或本主協議日期起其從事之商業行為中運用之大部分資產)轉移給另一實體,或重組、再設立或改組為另一實體(稱為受影響方)所導致,並且該行動不構成不承擔債務之合併;

(v) 因合併造成之信用事件。若附約中規定“因合併造成之信用事件”適用於某方,而該方、該方之任何信用支持提供者或該方之任何相關特定機構(各為“X方”)發生指定事件(定義如下),並且該指定事件不構成不承擔債務之合併,而X方,或(如適用)X方之繼承、存續或受讓之實體之信用情況,於考慮任何適用之信用支持文件之後仍嚴重低於指定事件發生之前X方之信用情況(於此等情況下,該方或其繼承、存續或受讓之實體,視情況而定將成為“受影響方”)。有關X方之“指定事件”係指:―

(1) X方與另一實體結合、合併或併購,或將其所有或大部份資產(或本主協議日期起其從事之商業行為中運用之大部分資產)轉移予另一實體,或重組、再設立或改組為另一實體;

(2) 任何人、其關係人或實體直接或間接取得:(A)選舉X方董事會(或類似機構)大多數成員之股權之受益權,或(B)使其能對X方行使控制權之任何其他所有權之受益權;或

(3) X方透過發行債務、負擔債務或保證之方

式對其資本結構進行重大改變,或(A)發行優先股或可轉換或交換成債券或優先股之其他證券,或(B)如X方並非公司,發行其他形式之所有權益之方式對其資本結構進

other form of ownership interest; or 行重大改變;或 (vi) Additional Termination Event. If any “Additional (vi) 其他終止事件。若附約或任何確認書規定“其他Termination Event” is specified in the Schedule or any 終止事件”適用時,發生該些事件(在此情況下,受Confirmation as applying, the occurrence of such event 影響方或各受影響方將視附約或該確認書中有關其(and, in such event, the Affected Party or Affected 他終止事件之規定而定)。 Parties will be as specified for such Additional

Termination Event in the Schedule or such Confirmation).

(c) Hierarchy of Events. (c) 事件之等級。

(i) An event or circumstance that constitutes or gives rise to an Illegality or a Force Majeure Event will not, for so long as that is the case, also constitute or give rise to an Event of Default under Section 5(a)(i), 5(a)(ii)(1) or 5(a)(iii)(1) insofar as such event or circumstance

relates to the failure to make any payment or delivery or

a failure to comply with any other material provision of

this Agreement or a Credit Support Document, as the case may be.

(ii) Except in circumstances contemplated by clause (i) above, if an event or circumstance which would otherwise constitute or give rise to an Illegality or a Force Majeure Event also constitutes an Event of Default or any other Termination Event, it will be

treated as an Event of Default or such other Termination

Event, as the case may be, and will not constitute or

give rise to an Illegality or a Force Majeure Event.

(iii) If an event or circumstance which would otherwise constitute or give rise to a Force Majeure Event also constitutes an Illegality, it will be treated as an Illegality, except as described in clause (ii) above, and not a Force Majeure Event.

(d) Deferral of Payments and Deliveries During Waiting Period. If an Illegality or a Force Majeure Event has occurred and is continuing with respect to a Transaction, each payment or delivery which would otherwise be required to be made under that Transaction will be deferred

to, and will not be due until:―

(i) the first Local Business Day or, in the case of a delivery, the first Local Delivery Day (or the first day that would have been a Local Business Day or Local Delivery Day, as appropriate, but for the occurrence of the event or circumstance constituting or giving rise to

that Illegality or Force Majeure Event) following the

end of any applicable Waiting Period in respect of that Illegality or Force Majeure Event, as the case may be;

or

(ii) if earlier, the date on which the event or circumstance constituting or giving rise to that Illegality or Force Majeure Event ceases to exist or, if such date is not a Local Business Day or, in the case of a delivery, a Local Delivery Day, the first following day that is a

Local Business Day or Local Delivery Day, as appropriate.

(e) Inability of Head or Home Office to Perform Obligations of Branch. If (i) an Illegality or a Force Majeure Event occurs under Section 5(b)(i)(1) or 5(b)(ii)(1) (i) 任何構成或導致非法或不可抗力事件之事件或情況,如在其存續期間與未能付款或未能交付或未遵守本協議或信用支持文件(視情況而定)之任何其他重大規定有關,則將不構成或導致第5(a)(i)、第5(a)(ii)(1)或第5(a)(iii)(1)條下之違約事件。

(ii) 除上述(i)款規定之情況外,若任何可構成或導致非法或不可抗力事件之事件或情況,亦構成違約事件或任何其他終止事件,該事件或情況將被視為違約事件或其他終止事件(視情況而定),而不構成或導致非法或不可抗力事件。

(iii) 若任何可構成或導致不可抗力事件之事件或情況亦構成非法,該事件或情況將被視為非法(上述第(ii)款規定之情況除外),而非不可抗力事件。 (d) 等待期間之遲延付款及交付。如就任何交易已發生非法或不可抗力事件且非法或不可抗力處於持續狀態,該交易下須履行之各項付款或交付將遲延至以下時間始到期:—

(i) 有關非法或不可抗力事件(視情況而定)適用之等待期間之後之首個當地營業日,在交付之情況下為首個當地交付日(或若無非法或不可抗力事件(視情況而定)之發生本應為當地營業日或當地交付日(視情況而定)之首日);或

(ii) 於較早之情形,係指構成或導致非法或不可抗力事件之事件或情況終止之日,或如該日並非當地營業日或就交付而言並非當地交付日,則指次一構成當地營業日或當地交付日(視情況而定)之日。

(e) 總部或總辦事處無法履行分支機構之義務。如(i)發生第5(b)(i)(1)或第5(b)(ii)(1)條下之任何非法或不可抗力事件,而有關辦事處並非受影響方之總部或總辦事處,

and the relevant Office is not the Affected Party’s head or home office, (ii) Section 10(a) applies, (iii) the other party seeks performance of the relevant obligation or compliance with the relevant provision by the Affected Party’s head or home office and (iv) the Affected Party’s head or home office fails so to perform or comply due to the occurrence of an event or circumstance which would, if that head or home office were the Office through which the Affected Party makes and receives payments and deliveries with respect to the relevant Transaction, constitute or give rise to an Illegality or a Force Majeure Event, and such failure would otherwise constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) with respect to such party, then, for so long as the relevant event or circumstance continues to exist with respect to both the Office referred to in Section 5(b)(i)(1) or 5(b)(ii)(1), as the case may be, and the Affected Party’s head or home office, such failure will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1).

6. Early Termination; Close-Out Netting

(a) Right to Terminate Following Event of Default. If at any time an Event of Default with respect to a party (the “Defaulting Party”) has occurred and is then continuing, the other party (the “Non-defaulting Party”) may, by not more than 20 days notice to the Defaulting Party specifying the relevant Event of Default, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic Early Termination” is specified in the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding Transactions will occur immediately upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b) Right to Terminate Following Termination Event.

(i) Notice. If a Termination Event other than a Force Majeure Event occurs, an Affected Party will, promptly upon becoming aware of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction, and will also give the other party such other information about that Termination Event as the other party may reasonably require. If a Force Majeure Event occurs, each party will, promptly upon becoming aware of it, use all reasonable efforts to notify the other party, specifying the nature of that Force Majeure Event, and will also give the other party such other information about that Force Majeure Event as the other party may reasonably require.

(ii) Transfer to Avoid Termination Event. If a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, other than immaterial, incidental expenses) to transfer within

(ii)有第10(a)條規定之適用,(iii)另一方要求受影響方之總部或總辦事處履行有關義務或遵守有關規定,並且(iv)某一事件或情況導致受影響方之總部或總辦事處未能按要求履約,而若該受影響方透過該總部或總辦事處就有關交易進行付款和交付,該事件將構成或導致非法或不可抗力事件,而且該未能履約之行為可構成該方第5(a)(i)或第5(a)(iii)(1)條下之違約事件,則在第5(b)(i)(1)或5(b)(ii)(1)條(視情況而定)所述辦事處及受影響方之總部或總辦事處皆持續存在有關事件或情況之整個期間,該未能履約之行為不構成第5(a)(i)或第5(a)(iii)(1)條下之違約事件。

6. 提前終止;終止交易時之淨額結算

(a) 違約事件發生後之終止權利。在任何時候發生有關一方(以下簡稱“違約方”)之違約事件且在持續中,另一方(以下簡稱“未違約方”)得以通知期不超過二十天之通知通知違約方有關違約事件,並指定不早於通知生效之日期為有關所有未完成之交易之提前終止日。但如附約上規定“自動提前終止”適用於一方,則該方發生第5(a)(vii)(1)、(3)、(5)、(6)條規定,或第5(a)(vii)(8)條規定之類似之違約事件之時,或在該方發生第5(a)(vii)(4)條所規定或第5(a)(vii)(8)條規定之類似之違約事件後提出有關訴訟或請求狀之前,有關所有未完成交易之提前終止日立即生效。

(b) 終止事件後之終止權利。

(i) 通知。若發生不可抗力事件以外之終止事件,受影響方應在獲悉該事件後立即通知另一方,說明該終止事件之性質及各項受影響交易,並按另一方合理之要求將有關終止事件之其他資料通知另一方。如發生不可抗力事件,任一方應在獲悉該事件後立即儘所有合理之努力通知另一方,說明該不可抗力事件之性質,並按另一方合理之要求將有關不可抗力事件之其他資料通知另一方。

(ii) 為避免終止事件而轉讓。若發生稅務事件,而僅有一方受影響,或發生因合併造成之稅務事件而負擔方係受影響方,受影響方以擁有第6(b)(iv)條下指定提前終止日之權利為條件,應盡所有合理之努力(但該努力不應使該方承受損失,惟不重要及附帶開支以外之損失除外)於按第6(b)(i)條發出通知後之二十天內將其在本協議下就該受影響交易之所有權

20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist.

If the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i).

Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other party’s policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed.

(iii) Two Affected Parties. If a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach agreement within 30 days after notice of such occurrence is given under Section 6(b)(i) to avoid that Termination Event.

(iv) Right to Terminate.

(1) If:―

(A) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect to all Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or

(B) a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the Affected Party,

the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event if there are two Affected Parties, or the Non-affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, if the relevant Termination Event is then continuing, by not more than 20 days notice to the other party, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all Affected Transactions.

(2) If at any time an Illegality or a Force Majeure Event has occurred and is then continuing and any applicable Waiting Period has expired:―

(A) Subject to clause (B) below, either party may, by not more than 20 days notice to the other party, designate (I) a day not earlier than the day on which such notice becomes effective as an Early Termination Date in respect of all Affected Transactions or (II) by specifying in that notice the Affected

利義務轉讓予其他辦事處或關聯企業,以停止該終止事件。

若受影響方未能為上述之轉讓,其應於二十天內通知另一方,而另一方得於收到第6(b)(i)條下之通知後三十天內進行上述轉讓。

一方按第6(b)(ii)條所為之任何轉讓均須取得另一方之事前書面同意,如另一方依其當時有效之政策容許其與受讓方按提出之條件進行交易時,另一方不得拒絕該轉讓。

(iii) 兩個受影響方。若發生稅務事件而有兩個受影響方時,各方應在第6(b)(i)條下有關事件發生之通知作出後三十天內盡一切合理之努力達成協議,以避免該終止事件之發生。

(iv) 終止之權利。

(1) 如果:–

(A) 受影響方於發出第6(b)(i)條下之通知後三十天內,未能就所有受影響交易進行第6(b)(ii)條下之轉讓或達成第6(b)(iii)條下之協議(視情況而定);或

(B) 發生因合併造成之信用事件或其他終止事件,或發生因合併造成之稅務事件且負擔方並非受影響方,

發生因合併造成之稅務事件情況下之負擔方,發生稅務事件或其他終止事件並且有兩個受影響方情況下之任何受影響方,或發生因合併造成之信用事件或其他終止事件並且僅有一個受影響方之情況下之未受影響方,得於相關終止事件仍在持續之情況下,以通知期不超過二十天之通知通知另一方,指定該通知生效後之任一日作為所有受影響交易之提前終止日。

(2) 倘發生非法或不可抗力事件且該等事件仍持續存在,而適用之等待期間業已屆滿:–

(A) 除依下述(B)款,任何一方得以通知期不超過二十天之通知通知另一方,(I)就所有受影響交易指定該通知生效日之後之日為提前終止日,或(II)於通知中說明其指定提前終止日之受影響交易,就部分受影響交易指定該通知生效日兩個當地營業日之