2002年版ISDA主协议中英文对照

(僅供參考)*

ISDA?

International Swaps and Derivatives Association, Inc.

2002 MASTER AGREEMENT

dated as of ...............................................

ISDA?

國際掉期及衍生工具協會

2002年主協議

_____年_____月_____日

________________________與______________________ ______________________ and ______________________

have entered and/or anticipate entering into one or more transactions (each a “Transaction”) that are or will be governed by this 2002 Master Agreement, which includes the schedule (the “Schedule”), and the documents and other confirming evidence (each a “Confirmation”) exchanged between the parties or otherwise effective for the purpose of confirming or evidencing those Transactions. This 2002 Master Agreement and the Schedule are together referred to as this “Master Agreement”.

Accordingly, the parties agree as follows:― 1. Interpretation (a) Definitions. The terms defined in Section 14 and elsewhere in this Master Agreement will have the meanings therein specified for the purpose of this Master Agreement.

(b) Inconsistency. In the event of any inconsistency between the provisions of the Schedule and the other provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement, such Confirmation will prevail for the purpose of the relevant Transaction.

(c) Single Agreement. All Transactions are entered into in reliance on the fact that this Master Agreement and all Confirmations form a single agreement between the parties (collectively referred to as this “Agreement”), and the parties would not otherwise enter into any Transactions.

2. Obligations (a) General Conditions. (i) Each party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement.

(ii) Payments under this Agreement will be made on the due date for value on that date in the place of the account specified in the relevant Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for

payments in the required currency. Where settlement is

by delivery (that is, other than by payment), such

delivery will be made for receipt on the due date in the

manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement.

之間已進行及/或預期進行受本2002年主協議規範(或將為其規範)之一筆或多筆交易(均稱為“交易”);本主協議包括附約(以下簡稱“附約”)以及雙方間另交換或為確認或證明該等交易使其生效之文件和其他確認證據(均稱為“確認書”)。本2002年主協議及其附約統稱為“主協議”。

據此,雙方同意如下:–

1. 釋義

(a) 定義。就本主協議而言,本主協議第14條以及其他部分所定義之詞匯將具有其所特定之含義。 (b) 不一致。若附約之條款與本主協議之其他條款有不一致之處,以附約為準。若任何確認書與本主協議之條款有不一致之處,就有關交易而言,以確認書為準。 (c) 單一協議。所有交易之進行乃基於信賴本主協議以及所有確認書構成雙方之間之單一協議(統稱“協議”),否則雙方不會進行任何交易。 2. 義務 (a) 一般條件。

(i) 受本協議之其他條款約束,雙方應按各確認書之規定為各項付款或交付。 (ii) 本協議項下之付款應於到期日在有關確認書所規定之帳戶所在地或按本協議其他規定另行支付;款項應以自由可轉讓資金以及所要求之貨幣付款之通用方式支付。若結算以交付形式進行(即付款之外之方式),該交付應於到期日按有關義務之通用方式

進行,然有關確認書或本協議另有規定時,則不在此限。 (iii) Each obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or Potential Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has occurred or been effectively designated and (3) each other condition specified in this Agreement to be a condition precedent for the purpose of this Section 2(a)(iii).

(b) Change of Account. Either party may change its account for receiving a payment or delivery by giving notice (iii) 第2(a)(i)條下各方之每項義務取決於以下先決條件:(1)對方未發生任何違約事件或潛在違約事件且該事件仍在持續中;(2)就有關交易而言,尚未出現或尚未有效地指定提前終止日;以及(3)於本協議下作為本第2(a)(iii)條先決條件之其他各項條件。

(b) 更改帳戶。除非另一方及時發出反對通知且其反對係合理者,任何一方可在付款或交付之預定結算日前至to the other party at least five Local Business Days prior to the Scheduled Settlement Date for the payment or delivery to which such change applies unless such other party gives timely notice of a reasonable objection to such change.

(c) Netting of Payments. If on any date amounts would otherwise be payable:―

(i) in the same currency; and

(ii) in respect of the same Transaction,

by each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by which the larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount and payment obligation will be determined in respect of all amounts payable on the same date in the same currency in respect of those Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or any Confirmation by specifying that “Multiple Transaction Payment Netting” applies to the Transactions identified as being subject to the election (in which case clause (ii) above will not apply to such Transactions). If Multiple Transaction Payment Netting is applicable to Transactions, it will apply to those Transactions with effect from the starting date specified in the Schedule or such Confirmation, or, if a starting date is not specified in the Schedule or such Confirmation, the starting date otherwise agreed by the parties in writing. This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices through which the parties make and receive payments or deliveries.

(d) Deduction or Withholding for Tax.

(i) Gross-Up. All payments under this Agreement will be made without any deduction or withholding for or on account of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, then in effect. If a party is so required to deduct or withhold, then that party (“X”) will:―

少五個當地營業日通知對方變更接收款項或交付之帳戶。

(c) 付款淨額結算。若任何日期雙方均須:–

(i) 以相同貨幣;及

(ii) 就相同交易,

向另一方付款,雙方支付該款項之義務將於當日自動地完成及解除,若一方本應支付之總額高於對方本應支付之總額,支付較大總額一方之付款義務則為向另一方繳付兩者(較大總支付款及較小總支付款)間之差額。

雙方可就兩筆或以上之交易選擇就該等交易於同一日期以相同貨幣支付之所有付款進行淨額結算及履行付款義務,不論此等付款是否關於同一筆交易。該選擇可於附約或任何確認書上作出,並規定“多筆交易付款凈額結算”適用於該選擇所指定之交易(在此情況下,上述第(ii)款將不適用於此等交易)。如多筆交易付款凈額結算適用者,其生效日期為附約或確認書中規定之開始日期;如附約或確認書中未規定生效日期,則由雙方另行以書面另行約定開始日期。此選擇可就不同組別之交易分別作出並分別適用於雙方用以交付接受款項或交付物之每一組辦事處。

(d) 稅捐之扣減或預扣。

(i) 所扣稅捐補足。本協議項下之所有付款應不因任何稅捐而予以扣減或預扣,除非此扣減或預扣是按當時有效並經有關政府稅務機關之慣例加以修正之適用法律之要求而作出。若一方被要求扣減或預扣任何款項,該方(“X方”)應:–

(1) promptly notify the other party (“Y”) of such requirement;

(2) pay to the relevant authorities the full amount required to be deducted or withheld (including the full amount required to be deducted or withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount has been assessed against Y;

(3) promptly forward to Y an official receipt (or a certified copy), or other documentation reasonably acceptable to Y, evidencing such payment to such authorities; and

(4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise entitled under this Agreement, such additional amount as is necessary to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y would have received had no such deduction or withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for:―

(A) the failure by Y to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

(B) the failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have occurred but for (I) 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 (II) a Change in Tax Law.

(ii) Liability. If:―

(1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4);

(2) X does not so deduct or withhold; and

(3) a liability resulting from such Tax is assessed directly against X,

then, except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

(1) 及時將該要求通知另一方(“Y方”);

(2) 當確定需要支付該扣減或預扣款項或收到通知獲悉已向Y方課徵該款項(二者之較早發生者)時,應及時向有關政府機關支付所需扣減或預扣之全部款項(包括按本第2(d)條要求從X方付給Y方之任何額外款項中扣減或預扣之全部款項);

(3) 及時向Y方發出正式收據(或經認證之副本),或Y方能合理接受之其他文件,證明己向有關政府機關付款;以及

(4) 若該稅為可獲補償稅捐,則除了支付給Y方其在本協議項下應得之款項外,還應向Y方支付額外款項,使Y方實得之淨額(不包括向X方或Y方課徵之可獲補償稅捐)相等於在不需要扣減或預扣款項時其應得之全部款項。但如X方之支付義務是由以下事件所引發之,則X方無須向Y方支付任何額外款項:–

(A) Y方未遵守或履行第4(a)(i)、 4(a)(iii)或4(d)條所載之任何協議;或

(B) Y方按第3(f)條所作之陳述為不正確及不真實,除非該陳述是由於:(I)在進行某項交易以後,稅務機關採取之行動或在有管轄權之法庭內提出之訴訟(不論該行動或訴訟是否就本協議一方提出),或(II)稅法之變更而變得不正確及不真實。

(ii) 責任。如:–

(1) 因按經有關政府稅務機關之慣例加以修正之任何適用法律之要求,X方需作出任何扣減或預扣,但按第2(d)(i)(4)條之規定,X方無須向Y方支付任何額外款項;

(2) X方沒有扣減或預扣款項;並且

(3) 稅務責任直接加於X方,

則Y方除非已承擔或將承擔該稅務所引致之責任外,Y方應及時向X方支付有關該責任之款項(包括任何有關利息,但僅在Y方未能遵守或履行第4(a)(i)、4(a)(iii)或4(d)條所載之任何協議時才包括任何有關懲罰性責任)。

3. Representations

Each party makes the representations contained in Sections 3(a), 3(b), 3(c), 3(d), 3(e) and 3(f) and, if specified in the Schedule as applying, 3(g) to the other party (which representations will be deemed to be repeated by each party on each date on which a Transaction is entered into and, in the case of the representations in Section 3(f), at all times until the termination of this Agreement). If any “Additional Representation” is specified in the Schedule or any Confirmation as applying, the party or parties specified for 3. 陳述

各方向另一方作出第3(a)、3(b)、3(c)、3(d)、3(e)和3(f)條以及(如按附約規定適用時之)第3(g)款所載之陳述(這些陳述將被視為在每次進行交易當日為各方複述,按第3(f)條所作之陳述將被視為直至本協議終止前不斷為各方所複述)。如任何“其他陳述”按附約或確認書之規定,亦予適用者,該陳述中規定之一方或各方將於該陳述所指定之時點作出或被視為另重複(如有適用者)此一其他陳述。 such Additional Representation will make and, if applicable, be deemed to repeat such Additional Representation at the time or times specified for such Additional Representation.

(a) Basic Representations.

(i) Status. It is duly organised and validly existing under the laws of the jurisdiction of its organisation or incorporation and, if relevant under such laws, in good standing;

(ii) Powers. It has the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a party and has taken all necessary action to authorise such execution, delivery and performance;

(iii) No Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets;

(iv) Consents. All governmental and other consents that are required to have been obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and

(v) Obligations Binding. Its obligations under this Agreement and any Credit Support Document to which it is a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)).

(b) Absence of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge, Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations under this

(a) 基本陳述。

(i) 地位。其為適當地組成並按其成立或組織之司法管轄區之法律有效存續以及,如與該等法律相關者,處於良好之狀態;

(ii) 權力。其有權簽署本協議以及其為一方之與本協議有關之其它任何文件,有權按本協議有關交付之要求交付本協議及有關本協議之任何其它文件,及有權履行本協議項下之義務以及任何以其為一方之信用支持文件下之義務,並已採取所有必要行動授權此等簽署、交付及履行;

(iii) 無違反或扺觸。此等簽署、交付及履行並無違反或扺觸任何適用之法律,符合其組織章程性文件之任何規定,符合適用於該方或其資產之任何法庭或政府機關所頒佈之法令或判決,或任何約束或影響該方或其資產之合同約定;

(iv) 同意。已獲取有關本協議或其為一方之任何信用支持文件所需之一切政府同意及其它同意;此等同意己全面生效並且有關同意生效之所有條件已獲遵守;以及

(v) 義務之約束。其在本協議及其為一方之任何信用支持文件項下之義務均構成其合法、有效及有約束力之義務,並可按該些文件之有關條款強制執行(受限於適用之破產、重組、無償還能力、延期償還或通常影響債權者權利之類似法律,並在有關執行方面受限於普遍適用之衡平原則(無論該執行是訴諸於衡平法或普通法))。

(b) 不存在某些事件。沒有任何己經發生及持續之違約事件或潛在之違約事件,或據其所知並無有關該方之終止事件,並且簽署或履行本協議或其為一方之任何信用支持文件下之義務,不會引致該終止事件或情況之發

Agreement or any Credit Support Document to which it is a party.

(c) Absence of Litigation. There is not pending or, to its knowledge, threatened against it, any of its Credit Support Providers or any of its applicable Specified Entities any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the legality, validity or enforceability against it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement or such Credit 生。

(c) 不存在訴訟。沒有任何待決的,或據其所知,沒有任何對其或其任何信用支持提供者或其任何有關特定機構構成威脅之基於普通法或衡平法或於任何法庭、裁判所、政府實體、代理人、官員或仲裁者前進行之訴訟、控告或起訴,其將可能影響本協議或其為一方之任何信用支持文件之合法性、有效性或可執行性,或其履行本協議或該等信用支持文件下之義務之能力。

Support Document.

(d) Accuracy of Specified Information. All applicable information that is furnished in writing by or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate and complete in every material respect.

(e) Payer Tax Representation. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(e) is accurate and true.

(f) Payee Tax Representations. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(f) is accurate and true.

(g) No Agency. It is entering into this Agreement, including each Transaction, as principal and not as agent of any person or entity.

4. Agreements

Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a party:―

(a) Furnish Specified Information. It will deliver to the other party or, in certain cases under clause (iii) below, to such government or taxing authority as the other party reasonably directs:―

(i) any forms, documents or certificates relating to taxation specified in the Schedule or any Confirmation;

(ii) any other documents specified in the Schedule or any Confirmation; and

(iii) upon reasonable demand by such other party, any form or document that may be required or reasonably requested in writing in order to allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt of such demand), with any such form or document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required

(d) 指定資料之正確性。以書面形式由其發出或以其名義發給另一方,並為本第3(d)條之目的在附約上指明其有所適用之所有資料,於該資料之日期在各重要方面均為真實、正確及完整。

(e) 付款人稅務陳述。其為本第3(e)條之目的在附約中所作之陳述均為正確及真實。

(f) 受款人稅務陳述。其為本第3(f)條之目的在附約中所作之陳述均為正確及真實。

(g) 無代理。其以本人之身份而非任何人或機構之代理人訂立本協議。

4. 協議

雙方彼此同意,當任何一方在本協議或其為一方之任何信用支持文件下負有或可能負有任何義務時:–

(a) 提供指定資料。其將向另一方,或在下述第(iii)款之某些情形下向另一方合理地指示之政府或稅務機關提供:–

(i) 附約或任何確認書規定之有關稅務之表格、文件或證書;

(ii) 附約或任何確認書規定之任何其他文件;以及

(iii) 按另一方之合理要求,提供可能需要或以書面合理地要求之任何表格或文件,使該另一方或其信用支持提供者在按本協議或任何適用之信用支持文件付款時無需就任何稅捐支付扣減或預扣款項,或得以降低支付此等扣減或預扣之適用率(只要是該表格或文件之完成、簽署或遞交不會嚴重地損害接受該要求一方之法律或商業地位),此等表格或文件應正確地並按使另一方合理滿意之方式填妥、簽署,連同任何合理要求之證明,一併交付,

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