Prevederi specifice operatiunilor de swap pe rata dobanzii

1. Definitii specifice / Specific definitions

"Swap pe Rata Dobanzii" inseamna o operatiune prin care doua parti convin contractual sa schimbe plati ale dobanzii aferente aceleiasi Sume Notionale si cu aceeasi Data a Platii pe o anumita Durata, una dintre parti efectuand plati ale dobanzii la o rata fixa/variabila, in schimbul platii dobanzii la o rata variabila, efectuata de cealalta parte, si invers.

"Interest Rate Swap" means a transaction where two party contractually agree to exchange interest rate payments corresponding to the same Notional Amount and with the same Payment Date for a certain Tenor, one of the parties making fixed/floating interest rate payments, in exchange for the floating interest rate payments made by the other party, and vice versa.

"Confirmare" inseamna documentul emis in maniera de la punctul 2 de mai jos si care contine termenii specifici ai operatiunii de Swap pe Rata Dobanzii agreati de parti, incluzand, fara a se limita la, cel putin urmatoarele elemente: partile, Suma Notionala, platitorul de Rata Fixa/Variabila a Dobanzii, platitorul de Rata Variabila a Dobanzii, Rata Fixa/Variabila a Dobanzii, Rata Variabila a Dobanzii, Data de Plata, Data Tranzactiei, Data Efectiva, Data Fixarii Ratei de Dobanda Variabila/Data de Referinta, Durata, Data Terminarii; o forma orientativa a Confirmarii este prezentata in Anexa 4.

"Confirmation" means the document issued as provided by point 2 below, containing the specific terms of the Interest Rate Swap transaction, as agreed by the parties, including, without limitation, the following elements: counterparties, Notional Amount, Fixed/Floating Rate payer, Floating Rate payer, Fixed/Floating Rate, Floating Rate, Payment Date, Trade Date, Effective Date, Reset Date/Fixing Date, Tenor, Termination Date; a draft form of the Confirmation is presented in Annex 4.

"Suma Notionala" inseamna suma operatiunii de Swap pe Rata Dobanzii, reprezentand baza de calcul a ratelor de dobanzi agreate de parti, exprimata intr-una sau mai multe valute, si stabilita de Banca in functie de elementele pe care aceasta le considera relevante in raport de specificul operatiunii.

"Notional Amount" means the amount of the Interest Rate Swap transaction, on which the agreed interest rates are computed, expressed in one or more currencies, and established by the Bank depending on the criteria of relevance for it on the basis of  the specifics of the transaction.

"Data Tranzactiei" inseamna data la care Banca si Clientul incheie un contract privind o operatiune de Swap pe Rata Dobanzii, respectiv data la care partile convin la telefon termenii operatiunii de Swap pe Rata Dobanzii.

"Trade Date" means the date when the Bank and the Customer enter into an agreement regarding an Interest Rate Swap transaction, respectively the date when the parties agree over the phone the terms of the Interest Rate Swap transaction.

"Data Efectiva" inseamna data de la care se incepe calculul ratelor de dobanda agreate; poate sa coincida sau nu cu Data Tranzactiei.

"Effective Date" means the date the Interest Rate Swap begins accruing the agreed interest; may or may not coincide with the Trade Date.

"Data Fixarii Ratei de Dobanda Variabila/Data de Referinta" inseamna data de la care se stabileste Rata Variabila a Dobanzii, servind pentru calculul sumelor aferente ratelor de dobanda agreate.

"Reset Date/Fixing Date" means the date when the Floating Rate is established, rate which shall be taken into consideration, in order to compute the amounts corresponding to the agreed interest rates.

"Durata" inseamna perioada pentru care este incheiata operatiunea de Swap pe Rata Dobanzii.

"Tenor" means the period of time for which the Interest Rate Swap transaction is concluded.

"Data Terminarii" inseamna data la care inceteaza operatiunea de Swap pe Rata Dobanzii.

"Termination Date" means the date when the Interest Rate Swap transaction is terminated.

"Data Platii" inseamna oricare din datele la care se face schimbul reciproc al sumelor aferente ratelor de dobanda agreate.

"Payment Date" means any of the dates of the reciprocal exchange of the amounts corresponding to the agreed interest rates.

"Rata Fixa a Dobanzii" inseamna rata dobanzii care ramane fixa pe toata Durata operatiunii de Swap pe Rata Dobanzii.

"Fixed Rate" means the interest rate which remains fixed for the entire Tenor of the Interest Rate Swap transaction.

"Rata Variabila a Dobanzii" inseamna rata dobanzii care se modifica in functie de evolutia pietei; partile pot folosi, fara a se limita la, unul sau mai multi dintre urmatorii indicatorii: BUBOR, EURIBOR, LIBOR.

"Floating Rate" means the interest rate which changes depends on the market's evolution; the parties may use, without limitation one or more of the following benchmarks: BUBOR, EURIBOR, LIBOR.

"Diferenta" inseamna riscul de credit pe care il prezinta operatiunea de Swap pe Rata Dobanzii in raport cu randamentul titlurilor de stat, care sunt lipsite de risc.

"Spread" means the credit risk of the Interest Rate Swap transaction relative to the corresponding risk free t-bills yield.

"Cont" inseamna contul Clientului deschis la Banca, prin intermediul caruia se vor face toate debitarile si creditarile aferente operatiunii de Swap pe Rata Dobanzii.

"Account" means the account of the Customer held with the Bank, through which all the debiting and crediting corresponding to the Interest Rate Swap transaction shall be performed.

"Prime Rate pentru Moneda Relevanta" reprezinta media ratelor de dobanda pe termen scurt, pentru moneda relevanta, percepute de catre banci in relatia cu clientii cu care au cele mai bune relatii de credit, publicata pe pagina relevanta a ecranul Reuters, sau daca o asemenea pagina sau un asemenea serviciu nu este disponibil la data relevanta, o alta pagina sau serviciu similar dupa caz, conceput pentru afisarea Prime Rate, si efectiva in conformitate cu practicile bancare internationale.

'Prime Rate for the Relevant Currency ' means the average of the short term interest rates, for the relevant currency, the banks charge to their most creditworthy customers, which appears on the relevant page of the Reuters screen, or if such page or such service is not available at the relevant date, such another page or such other service, as the case may be, for the purpose of displaying the Prime Rate, and effective in accordance with international banking practices.

Valoarea juridica a Confirmarii/Verificari/Amendamente / Legal Value of the Confirmation/Verifications/Amendments

Confirmarea privind termenii operatiunii de Swap pe Rata Dobanzii, agreati la telefon, va fi completata de Banca cu datele convenite la momentul primirii Instructiunilor prin telefon si trimisa Clientului, care o va semna prin Reprezentantii sai Autorizati si o va returna Bancii prin fax in aceeasi zi in care a fost transmisa Instructiunea. Pentru scopuri interne si de raportare ale Bancii, Clientul se obliga sa puna la dispozitia acesteia originalul Confirmarii trimise prin fax, in termen de maximum 2 (doua) Zile Lucratoare de la Data Tranzactiei.

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The Confirmation of the Interest Rate Swap terms shall be filled in by the Bank as previously agreed with the Customer by phone, then forwarded to the Customer who has to sign it by its Authorised Representatives and return it to the Bank, by fax in the same day the Instruction was transmitted. For internal and reporting purposes of the Bank, the Customer undertakes to deliver to the Bank the original of the Confirmation sent by fax in maximum 2 (two) Business Days from the Trade Date.

Clientul are obligatia sa verifice confirmarile si formularele standard primite de la Banca in termenul pe care il are la dispozitie pana la returnarea lor catre Banca conform prevederilor Contractului. Returnarea acestor documente Bancii semnate fara obiectiuni valoreaza acceptarea lor de catre Client.

The Customer has the obligation to verify the confirmations and the standard forms received from the Bank, in the available time under the Agreement until the documents have to be returned. The returning of the documents without exceptions/objections to the Bank shall mean the acceptance of such documents by the Customer.

Partile pot modifica, prin act aditional la Confirmare, oricare din termenii operatiunii de Swap pe Rata Dobanzii, modificare care va intra in vigoare din momentul incheierii actului aditional respectiv.

The parties may amend, by additional act to the Confirmation, any of the Interest Rate Swap's terms, which amendment shall enter into force on the additional act signing date.

Garantia / Pledge

Inainte de Data Tranzactiei, Clientul se obliga sa constituie in favoarea Bancii o garantie reala mobiliara avand ca obiect o suma de bani, in limita si valuta comunicata de Banca, in functie de elementele preconizate ale operatiunii de Swap pe Rata Dobanzii, precum si sa prezinte Bancii decizia organului competent prin care se aproba garantia respectiva.

Before the Trade Date, the Customer undertakes to establish in favour of the Bank a pledge on deposit amounts, in the limit and currency communicated by the Bank, depending on the contemplated terms of the Interest Rate Swap transaction, as well as to submit to the Bank the decision of the competent body by which the relevant pledge is approved.

In functie de evolutia elementelor operatiunii de Swap pe Rata Dobanzii, pe toata Durata acesteia, Banca poate solicita marirea sumei de bani, obiect al garantiei reale mobiliare mai sus mentionate, solicitare careia Clientul trebuie sa-i dea curs in termen de zile de la data primirii unei notificari in acest sens din partea Bancii.

Depending on the evolution of the elements of the Interest Rate Swap transaction, throughout its entire Tenor, the Bank may request the increase of the deposited amounts, object of the pledge above mentioned, request which the Customer has to carry out in  [ ] days from the date the relevant notification was received.

De la caz la caz, Banca, in discretia ei totala, va putea sa renunte (in forma scrisa si expresa) la o astfel de garantie sau va structura modalitatea de garantare intr-o alta forma, la alegerea sa.

On a case by case basis, the Bank, at its sole discretion, may waive (expressly and in a written form) the request to have established a pledge in its favour or may structure the collateral in another form.

Plati / Payments

La Data Platii, Banca va determina sumele aferente ratelor de dobanda agreate (respectiv va actiona ca Agent de Calcul), si partile vor face schimbul acestor sume prin debitarea respectiv creditarea Contului. Clientul autorizeaza irevocabil Banca sa efectueze in mod automat respectiva debitare a Contului.

The Bank shall determine the amounts corresponding to the agreed interest rates at the Payment Date (respectively, the Bank shall act as Calculation Agent), and the parties shall exchange such amounts by debiting, respectively crediting the Account. To that purpose, the Customer hereby irrevocably authorises the Bank to automatically debit its Account.

In cazul in care la Data Platii sumele din Cont sunt neindestulatoare pentru acoperirea sumelor datorate de Client Bancii, aceasta este autorizata irevocabil de catre Client sa debiteze in mod automat orice conturi pe care Clientul le detine la Banca, inclusiv conturile de depozit. In cazul in care la data debitarii depozitele sunt nematurate, partile sunt de acord ca Banca nu va plati Clientului nici o dobanda pentru perioada de valabilitate a depozitului.

In case the amounts standing to the Account are not sufficient at the Payment Date to cover the amounts the Customer owes to the Bank, the Bank is irrevocably authorised to debit any accounts of the Customer held with the Bank, including the deposit accounts. In case the deposit accounts are not matured at such date, the parties agree that the Bank shall not remunerate any interest for the entire term of the deposit.

Rata Dobanzii Penalizatoare / Default Interest

Daca orice suma datorata de o parte celeilalte parti nu este platita la scadenta (scadenta stabilita initial sau accelerata dupa caz), se va aplica o dobanda penalizatoare conform paragrafului de mai jos.

Rata dobanzii penalizatoare:

a) in cazul operatiunilor cu lei este Lombard;

b) in cazul operatiunilor cu valuta este de doua ori Prime Rate pentru Moneda Relevanta.

O astfel de dobanda va fi calculata la o baza de 360 de zile/an (exceptand Prime Rate pentru Lira Sterlina la care baza este de 365 de zile/an) pentru numarul de zile din perioada pentru care o astfel de dobanda este platibila.

If any amount payable by one party to the other party is not paid when due (including upon acceleration), interest shall accrue on such amount at the prevailing default rate mentioned in the paragraph below.

The default interest rate:

a) in case of ROL is Lombard;

b) in case of foreign currency is twice of the Prime Rate for the Relevant Currency.

Such interest shall be computed on the basis of a 360-day year (except for the British Pound Prime Rate  where the base is 365 days) for the actual number of days occurring in the period for which such interest is payable.

6. Independenta operatiunii de Swap pe Rata Dobanzii / The Independence of the Interest Rate Swap Transaction

Operatiunea de Swap pe Rata Dobanzii are un caracter independent fata de orice tranzactie la care Clientul este parte, inclusiv cele ale carei riscuri Clientul a urmarit sa le acopere prin incheierea respectivei operatiuni de Swap pe Rata Dobanzii.

The Interest Rate Swap transaction has an independent character towards any other transaction to which the Customer is a party, including those for the risks coverage of which the Customer has entered the relevant Interest Rate Swap transaction.

7. Terminarea operatiunii de Swap pe Rata Dobanzii / Termination of the Interest Rate Swap Transaction

Terminarea operatiunii de Swap pe Rata Dobanzii poate interveni in urmatoarele cazuri, fiind efectiva dupa cum urmeaza:

1. prin acordul partilor, la data agreata de acestea;
2. in caz de incalcare de catre Client a oricareia din obligatiile sale derivand din Contract precum si din prezentele Prevederi Specifice, la data notificarii in acest sens de catre Banca;
3. in cazul in care Clientul a depus o petitie de deschidere a procedurii de reorganizare sau faliment sau o asemenea petitie a fost depusa impotriva sa (Data Petitiei); in acest caz are loc o terminare automata la Data Petitiei a tuturor operatiunilor de Swap pe Rata Dobanzii in curs, fara a fi necesara o notificare prealabila.

The Interest Rate Swap transaction may be terminated in the following cases, being effective as follows:

by agreement of the parties, at the agreed date;

in case the Customer breaches any of its obligations derived from the Agreement and from the present Specific Provisions, at the date of the relevant Bank's notification;

in case the Customer has submitted a petition for the opening of a reorganisation or bankrupty procedure or such petition has been submitted against it (Petition Date); in such case there is an automatic termination at the Petition Date of all the outstanding Interest Rate Swap transactions, without prior notice being required.

8. Efectele terminarii operatiunii de Swap pe Rata Dobanzii / Effects of the Interest Rate Swap' termination

In oricare din cazurile de terminare a unei operatiunii de Swap pe Rata Dobanzii, Banca va face o marcare la piata a acesteia, in conformitate cu practicile bancare recunoscute, pentru a se afla costul potential de inlocuire (respectiv suma care ar fi fost platita sau primita in cazul in care operatiunea ar fi fost terminata si inlocuita cu o tranzactie similara si de sens contrar pentru perioada ramasa), respectiv suma care va fi platita Clientului sau va fi datorata de catre Client Bancii in functie de conditiile existente pe piata la momentul marcarii la piata.

In any case an Interest Rate Swap transaction is terminated, the Bank shall mark to market such transaction, in accordance with the recognised banking practices, in order to determine the potential replacement cost (respectively the amount that would have to be paid or received if the transaction were terminated and replaced by an opposite similar transaction for the remaining period), respectively the amount which shall be paid to the Customer or shall be owed by the Customer to the Bank depending on the market conditions existing at the marking to market date.

Indiferent de partea care datoreaza suma rezultata din marcarea la piata, Clientul datoreaza Bancii orice comisioane/costuri in legatura cu terminarea respectivei operatiuni de Swap pe Rata Dobanzii.

Regardless of the party owing the amount resulting from the marking to market, the Customer owes the Bank any commissions/costs the Bank incurs in relation with the termination of the relevant Interest Rate Swap transaction.

9. Cesiunea / Assignment

Clientul accepta prin prezenta ca fiecare operatiune de Swap pe Rata Dobanzii este incheiata intuitu personae (in considerarea persoanei lui) si ca nu poate transfera in consecinta nici un drept sau obligatie derivand din Contract si din prezentele Prevederi Specifice, fara acordul expres si in scris al Bancii.

The Customer hereby acknowledges that each Interest Rate Swap transaction is concluded intuitu personae (in consideration of its person) and therefore cannot transfer any right or obligation deriving from the Agreement and from the present Specific Provisions without the Bank's written express approval.

10. Aplicabilitatea / Applicability

Prezentele Prevederi Specifice sunt aplicabile (i) principalelor tipuri de Swap pe Rata Dobanzii respectiv: Swap pe Rata Dobanzii Clasic, Swap de Baza, Swap pe Rata Dobanzii si Devize Combinate, astfel cum sunt acestea definite in Norma 12/2003 privind supravegherea solvabilitatii si expunerilor mari ale institutiilor de credit, si intelese de practica internationala, (ii) combinatiilor de tranzactii mai sus mentionate, precum si (iii) oricaror tranzactii carora le sunt aplicabile, prin vointa partilor exprimata prin Confirmare, prezentele Prevederi Specifice.

The present Specific Provisions are applicable to (i) the main types of Interest Rate Swap respectively: Plain Vanilla Swap, Basis Swap, Cross Currency Swap, as defined by Norm No. 12/2003 regarding the supervision of the credit institutions' solvency and great exposures and construed by the international practice, (ii) combinations of the transactions above referred to, as well as (iii) to any other transactions declared by the parties through the Confirmation, to be subject to the present Specific Provisions.

11. Clauza de neraspundere / Disclaimer

Incheierea de operatiuni Swap pe Rata Dobanzii poate avea efecte diferite. In vreme ce limiteaza riscurile pentru una din parti, creaza riscuri pentru cealalta. Avand in vedere riscurile existente pentru ambele parti precum si importanta unei intelegeri depline a acestor riscuri, Clientul declara si garanteaza Bancii ca:

Clientul s-a informat asupra mecanismului operatiunii de Swap pe Rata Dobanzii, atat prin intermediul Bancii, cat si al tertelor parti;

Clientul a semnat Prevederile Specifice operatiunilor de Swap pe Rata Dobanzii numai dupa o analiza atenta a faptului ca acest contract este adecvat pentru Client, luand in considerare elemente ca experienta, obiectivele, resursele financiare si alte circumstante relevante;

Clientul a citit cu atentie si a inteles termenii si conditiile prezentelor Prevederi Specifice (si prin urmare nu poate invoca eroarea asupra scopului mediat (error in causa remota) a prezentului contract);

Clientul a inteles natura prezentelor Prevederi Specifice (si a relatiei contractuale care deriva din acestea), are o intelegere clara a gradului mare de risc derivat din acestea, precum si a faptului ca incheierea unor astfel de operatiuni este potrivita numai pentru persoanele care sunt capabile din punct de vedere financiar sa suporte pierderi importante;

Clientul intelege ca exista posibilitatea unor pierderi potential nelimitate, pierderi care ar putea depasi in mod substantial garantia reala mobiliara creata in favoarea Bancii, pierderi pentru care este singur responsabil;

Clientul declara si garanteaza Bancii ca doreste si ca este capabil, din punct de vedere financiar si din orice alt punct de vedere, sa isi asume riscul operatiunilor de Swap pe Rata Dobanzii;

Clientul recunoaste ca in cazul operatiunilor de Swap pe Rata Dobanzii este imposibila garantarea unui profit sau lipsa pierderilor, recunoaste ca nu a primit asemenea garantii din partea Bancii sau a unuia dintre reprezentantii acesteia, si ca nu a intrat in prezentele Prevederi Specifice pe baza unor asemenea garantii sau declaratii similare.

Declaratiile si garantiile Clientului mentionate la acest articol 11 vor fi considerate ca repetandu-se cu ocazia fiecarei operatiuni de Swap pe Rata Dobanzii incheiate intre Client si Banca.

Prin semnarea prezentelor Prevederi Specifice, Clientul a luat la cunostinta ca declaratiile si garantiile de mai sus ale Clientului au fost determinante pentru Banca la incheierea contractului cu acesta.

Entering into Interest Rate Swap transactions can have different effects. While limiting risks for one party, it creates risks for the other. Given the risks involved for both parties and the importance of a thorough understanding of such risks, the Customer declares and guarantees to the Bank that:

The Customer has informed itself with regard to the mechanics of the Interest Rate Swap operation, both from the Bank and from third parties;

The Customer enters into the Specific Provisions for Interest Rate Swap Transactions only after a careful consideration that such agreement is appropriate for the Customer in light of its experience, objectives, financial resources and other relevant circumstances;

The Customer has thoroughly read and understood all the terms and conditions of the present Specific Provisions (and therefore cannot invoke the error on its remote purpose (error in causa remota) in entering this agreement);

The Customer has understood the nature of the present Specific Provisions (and of the derived contractual relationship) into which is entering, has a clear understanding of the high degree of risks arising out of the agreement, as well as of the fact that entering into such transactions is only suitable for persons who are financially able to withstand important losses;

The Customer understands that there is a possibility for potentially unlimited losses, losses which might substantially exceed the pledge created in favour of the Bank, losses for which it is solely responsible;

The Customer represents to the Bank that is willing and able, financially and otherwise, to assume the risk of Interest Rate Swap transactions;

The Customer recognizes that guarantees of profit or freedom from loss are impossible of performance in Interest Rate Swap transactions, acknowledges that Customer has not received such guarantees from the Bank or from any of its representatives, and has not entered into the present Specific Provisions in consideration of or in reliance upon such guarantees or similar representations.

The representations and warranties of the Customer contained in this article 11 shall be deemed to be repeated upon any Interest Rate Swap transaction between the Bank and Customer.

By signing the present Specific Provisions, the Customer hereby acknowledges that its above mentioned representations and warranties were essential in the Bank's entering into this agreement.

Data / Date __________________

Banca:

The Bank:

By: __________ ______ ____ ______ By: __________ ______ ____ ______

Title: __________ ______ ____ ____ Title: __________ ______ ____ _____

Clientul:

The Customer:

By: __________ ______ ____ ______ By: __________ ______ ____ ______

Title: __________ ______ ____ ____ Title: __________ ______ ____ _____