版ISDA主协议中英文对照.docx
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版ISDA主协议中英文对照.docx
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版ISDA主协议中英文对照
2002年版ISDA主协议中英文对照
ISDA®
InternationalSwapsandDerivativesAssociation,Inc.
2002MASTERAGREEMENT
datedasof
(僅供參考)*
ISDA®
國際掉期及衍生工具協會
2002年主協議
_____年_____月_____日
______________________and______________________
________________________與______________________
haveenteredand/oranticipateenteringintooneormoretransactions(eacha“Transaction”)thatareorwillbegovernedbythis2002MasterAgreement,whichincludestheschedule(the“Schedule”),andthedocumentsandotherconfirmingevidence(eacha“Confirmation”)exchangedbetweenthepartiesorotherwiseeffectiveforthepurposeofconfirmingorevidencingthoseTransactions.This2002MasterAgreementandtheSchedulearetogetherreferredtoasthis“MasterAgreement”.
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”。
Accordingly,thepartiesagreeasfollows:
―
據此,雙方同意如下:
–
1.Interpretation
1.釋義
(a)Definitions. ThetermsdefinedinSection14andelsewhereinthisMasterAgreementwillhavethemeaningsthereinspecifiedforthepurposeofthisMasterAgreement.
(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)Inconsistency. IntheeventofanyinconsistencybetweentheprovisionsoftheScheduleandtheotherprovisionsofthisMasterAgreement,theSchedulewillprevail.IntheeventofanyinconsistencybetweentheprovisionsofanyConfirmationandthisMasterAgreement,suchConfirmationwillprevailforthepurposeoftherelevantTransaction.
(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)SingleAgreement. AllTransactionsareenteredintoinrelianceonthefactthatthisMasterAgreementandallConfirmationsformasingleagreementbetweentheparties(collectivelyreferredtoasthis“Agreement”),andthepartieswouldnototherwiseenterintoanyTransactions.
(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.Obligations
2.義務
(a)GeneralConditions.
(a)一般條件。
(i)EachpartywillmakeeachpaymentordeliveryspecifiedineachConfirmationtobemadebyit,subjecttotheotherprovisionsofthisAgreement.
(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)PaymentsunderthisAgreementwillbemadeontheduedateforvalueonthatdateintheplaceoftheaccountspecifiedintherelevantConfirmationorotherwisepursuanttothisAgreement,infreelytransferablefundsandinthemannercustomaryforpaymentsintherequiredcurrency.Wheresettlementisbydelivery(thatis,otherthanbypayment),suchdeliverywillbemadeforreceiptontheduedateinthemannercustomaryfortherelevantobligationunlessotherwisespecifiedintherelevantConfirmationorelsewhereinthisAgreement.
(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)EachobligationofeachpartyunderSection2(a)(i)issubjectto
(1)theconditionprecedentthatnoEventofDefaultorPotentialEventofDefaultwithrespecttotheotherpartyhasoccurredandiscontinuing,
(2)theconditionprecedentthatnoEarlyTerminationDateinrespectoftherelevantTransactionhasoccurredorbeeneffectivelydesignatedand(3)eachotherconditionspecifiedinthisAgreementtobeaconditionprecedentforthepurposeofthisSection2(a)(iii).
(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)ChangeofAccount. EitherpartymaychangeitsaccountforreceivingapaymentordeliverybygivingnoticetotheotherpartyatleastfiveLocalBusinessDayspriortotheScheduledSettlementDateforthepaymentordeliverytowhichsuchchangeappliesunlesssuchotherpartygivestimelynoticeofareasonableobjectiontosuchchange.
(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)NettingofPayments. Ifonanydateamountswouldotherwisebepayable:
―
(c)付款淨額結算。
若任何日期雙方均須:
–
(i)inthesamecurrency;and
(i)以相同貨幣;及
(ii)inrespectofthesameTransaction,
(ii)就相同交易,
byeachpartytotheother,then,onsuchdate,eachparty’sobligationtomakepaymentofanysuchamountwillbeautomaticallysatisfiedanddischargedand,iftheaggregateamountthatwouldotherwisehavebeenpayablebyonepartyexceedstheaggregateamountthatwouldotherwisehavebeenpayablebytheotherparty,replacedbyanobligationuponthepartybywhichthelargeraggregateamountwouldhavebeenpayabletopaytotheotherpartytheexcessofthelargeraggregateamountoverthesmalleraggregateamount.
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。
ThepartiesmayelectinrespectoftwoormoreTransactionsthatanetamountandpaymentobligationwillbedeterminedinrespectofallamountspayableonthesamedateinthesamecurrencyinrespectofthoseTransactions,regardlessofwhethersuchamountsarepayableinrespectofthesameTransaction.TheelectionmaybemadeintheScheduleoranyConfirmationbyspecifyingthat“MultipleTransactionPaymentNetting”appliestotheTransactionsidentifiedasbeingsubjecttotheelection(inwhichcaseclause(ii)abovewillnotapplytosuchTransactions).IfMultipleTransactionPaymentNettingisapplicabletoTransactions,itwillapplytothoseTransactionswitheffectfromthestartingdatespecifiedintheScheduleorsuchConfirmation,or,ifastartingdateisnotspecifiedintheScheduleorsuchConfirmation,thestartingdateotherwiseagreedbythepartiesinwriting.ThiselectionmaybemadeseparatelyfordifferentgroupsofTransactionsandwillapplyseparatelytoeachpairingofOfficesthroughwhichthepartiesmakeandreceivepaymentsordeliveries.
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)DeductionorWithholdingforTax.
(d)稅捐之扣減或預扣。
(i)Gross-Up. AllpaymentsunderthisAgreementwillbemadewithoutanydeductionorwithholdingfororonaccountofanyTaxunlesssuchdeductionorwithholdingisrequiredbyanyapplicablelaw,asmodifiedbythepracticeofanyrelevantgovernmentalrevenueauthority,thenineffect.Ifapartyissorequiredtodeductorwithhold,thenthatparty(“X”)will:
―
(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)promptlynotifytheotherparty(“Y”)ofsuchrequirement;
(1)及時將該要求通知另一方(“Y方”);
(2)paytotherelevantauthoritiesthefullamountrequiredtobedeductedorwithheld(includingthefullamountrequiredtobedeductedorwithheldfromanyadditionalamountpaidbyXtoYunderthisSection2(d))promptlyupontheearlierofdeterminingthatsuchdeductionorwithholdingisrequiredorreceivingnoticethatsuchamounthasbeenassessedagainstY;
(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)promptlyforwardtoYanofficialreceipt(oracertifiedcopy),orotherdocumentationreasonablyacceptabletoY,evidencingsuchpaymenttosuchauthorities;and
(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)ifsuchTaxisanIndemnifiableTax,paytoY,inadditiontothepaymenttowhichYisotherwiseentitledunderthisAgreement,suchadditionalamountasisnecessarytoensurethatthenetamountactuallyreceivedbyY(freeandclearofIndemnifiableTaxes,whetherassessedagainstXorY)willequalthefullamountYwouldhavereceivedhadnosuchdeductionorwithholdingbeenrequired.However,XwillnotberequiredtopayanyadditionalamounttoYtotheextentthatitwouldnotberequiredtobepaidbutfor:
―
(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)thefailurebyYtocomplywithorperformanyagreementcontainedinSection 4(a)(i),4(a)(iii)or4(d);or
(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)thefailureofarepresentationmadebyYpursuanttoSection3(f)tobeaccurateandtrueunlesssuchfailurewouldnothaveoccurredbutfor(I)anyactiontakenbyataxingauthority,orbroughtinacourtofcompetentjurisdiction,afteraTransactionisenteredinto(regardlessofwhethersuchactionistakenorbroughtwithrespecttoapartytothisAgreement)or(II)aChangeinTaxLaw.
(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)Liability. If:
―
(ii)責任。
如:
–
(1)Xisrequiredbyanyapplicablelaw,asmodifiedbythepracticeofanyrelevantgovernmentalrevenueauthority,tomakeanydeductionorwithholdinginrespectofwhichXwouldnotberequiredtopayanadditionalamounttoYunderSection2(d)(i)(4);
(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)Xdoesnotsodeductorwithhold;and
(2)X方沒有扣減或預扣款項;並且
(3)aliabilityresultingfromsuchTaxisassesseddirectlyagainstX,
(3)稅務責任直接加於X方,
then,excepttotheextentYhassatisfiedorthensatisfiestheliabilityresultingfromsuchTax,YwillpromptlypaytoXtheamountofsuchliability(includinganyrelatedliabilityforinterest,butincludinganyrelatedliabilityforpenaltiesonlyifYhasfailedtocomplywithorperformanyagreementcontainedinSection4(a)(i),4(a)(iii)or4(d)).
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
EachpartymakestherepresentationscontainedinSections3(a),3(b),3(c),3(d),3(e)and3(f)
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