2006O0028 — SL — 27.07.2007 — 001.001

Ta dokument je mišljen zgolj kot dokumentacijsko orodje in institucije za njegovo vsebino ne prevzemajo nobene odgovornosti

►B SMERNICA EVROPSKE CENTRALNE BANKE z dne 21. decembra 2006 o upravljanju deviznih rezerv Evropske centralne banke s strani nacionalnih centralnih bank in o pravni dokumentaciji za posle, ki vključujejo te rezerve (ECB/2006/28) (UL C 017, 25.1.2007, p.5)

spremenjena z:









▼B

SMERNICA EVROPSKE CENTRALNE BANKE

z dne 21. decembra 2006

o upravljanju deviznih rezerv Evropske centralne banke s strani nacionalnih centralnih bank in o pravni dokumentaciji za posle, ki vključujejo te rezerve

(ECB/2006/28)

2007/C 17/02







SVET EVROPSKE CENTRALNE BANKE JE — ob upoštevanju Pogodbe o ustanovitvi Evropske skupnosti in zlasti tretje alinee člena 105(2) Pogodbe, ob upoštevanju tretje alinee člena 3.1 ter členov 12.1 in 30.6. Statuta Evropskega sistema centralnih bank in Evropske centralne banke, ob upoštevanju naslednjega: (1) Na podlagi člena 30.1 Statuta nacionalne centralne banke (NCB) držav članic, ki so sprejele euro, oskrbijo z deviznimi rezervami Evropsko centralno banko (ECB), ki je polno upravičena imeti in upravljati devizne rezerve, prenesene nanjo. (2) Na podlagi členov 9.2 in 12.1 Statuta lahko ECB opravlja nekatere svoje dejavnosti prek NCB in lahko NCB naloži opravljanje nekaterih svojih poslov. V skladu s tem ECB meni, da bi nanjo prenesene devizne rezerve morale upravljati NCB kot njene zastopnice. (3) Vključenost NCB v upravljanje deviznih rezerv, prenesenih na ECB, in transakcije v zvezi s tem upravljanjem zahtevajo posebno dokumentacijo za posle, ki vključujejo devizne rezerve ECB. (4) Smernica ECB/2000/1 z dne 3. februarja 2000 o upravljanju deviznih rezerv Evropske centralne banke s strani nacionalnih centralnih bank in pravne dokumentacije za posle, ki vključujejo devizne rezerve Evropske centralne banke ( 1 ), je bila od sprejetja že večkrat spremenjena in jo je treba zaradi jasnosti in preglednosti preoblikovati — ob upoštevanju naslednjega: SPREJEL NASLEDNJO SMERNICO:







Člen 1

Opredelitve

▼M1

V tej smernici:

— „evropske jurisdikcije“ pomenijo jurisdikcije vseh držav članic, ki so sprejele euro v skladu s Pogodbo, ter Dansko, Švedsko, Švico in Združeno kraljestvo (samo Anglija in Wales),

— „sodelujoča NCB“ pomeni NCB države članice, ki je sprejela euro.

▼B

Člen 2

Upravljanje deviznih rezerv s strani sodelujočih NCB kot zastopnic ECB

1. Vsaka sodelujoča NCB je upravičena sodelovati pri operativnem upravljanju deviznih rezerv, prenesenih na ECB. Sodelujoča NCB se lahko odloči, da se takšnega upravljanja vzdrži ali da ga združi z eno ali več drugimi sodelujočimi NCB. Če NCB ne sodeluje pri operativnem upravljanju deviznih rezerv ECB, potem rezerve, ki bi jih sicer upravljala vzdržana NCB, upravljajo druge NCB.

2. Sodelujoče NCB opravljajo posle, ki vključujejo devizne rezerve ECB, kot zastopnice ECB. Šteje se, da sodelujoča NCB z začetkom opravljanja takšnih poslov priznava svoj status zastopnice ECB. V zvezi z vsemi posli, ki jih sodelujoče NCB opravljajo v imenu ECB, morajo te sodelujoče NCB pri sklepanju vsakega od poslov vsem strankam razkriti status ECB kot principala z navedbo njenega imena ter številke računa ali identifikacijske oznake.

3. Vsaka sodelujoča NCB mora, kadar opravlja posle, ki vključujejo devizne rezerve ECB, kot zastopnica ECB, svoje lastne interese ali interese katerega koli subjekta, za katerega opravlja posle, podrediti interesom ECB.

4. Kadar nasprotna stranka ECB zahteva dokazilo o upravičenosti sodelujoče NCB, da kot zastopnica ECB opravlja posle, ki vključujejo devizne rezerve ECB, mora sodelujoča NCB takšni nasprotni stranki predložiti dokazilo o mandatu za zastopanje.

Člen 3

Pravna dokumentacija

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1. Vsi posli, ki vključujejo devizne rezerve ECB, se izvajajo ob uporabi standardne pravne dokumentacije, kakor jo zahteva ta člen. Vendar se lahko Izvršilni odbor odloči, da v zvezi z državo članico, ki sprejema euro, uporabi standardni sporazum, določen v Prilogi I, točka 1(c) ali 2(c), in ne sporazum, določen v Prilogi I, točka 1(a) ali 2(a), k tej smernici, če v zvezi z uporabo navedenega standardnega sporazuma v navedeni državi članici ni na voljo pravne ocene v obliki in z vsebino, ki sta sprejemljivi za ECB. Izvršilni odbor nemudoma obvesti Svet ECB o kakršni koli odločitvi, sprejeti na podlagi te določbe.

2. Zavarovani posli, ki vključujejo devizne rezerve ECB ter zajemajo pogodbe o povratnem nakupu, pogodbe o povratni prodaji, dogovore o nakupu/povratni prodaji in dogovore o prodaji/povratnem nakupu, ter vsi posli z izvedenimi finančnimi instrumenti, ki se sklepajo izven organiziranega trga (OTC) in vključujejo devizne rezerve ECB, se dokumentirajo v skladu s standardnimi sporazumi iz Priloge I, in to v takšni obliki, kot jo ECB vsakokrat odobri ali spremeni.

▼B

3. Dokument v formatu iz Priloge II se priloži in je sestavni del vsakega standardnega sporazuma, razen Okvirnega sporazuma FBE za finančne transakcije (izdaja 2004), po katerem se izvajajo zavarovani posli (vključujoč med drugim pogodbe o povratnem nakupu, pogodbe o povratni prodaji, dogovore o nakupu/povratni prodaji, dogovore o prodaji/povratnem nakupu, dogovore o posojanju vrednostnih papirjev in tristranske repoje) ali posli z izvedenimi finančnimi instrumenti, ki se sklepajo izven organiziranega trga (OTC) in ki vključujejo devizne rezerve ECB.

4. Z vsemi nasprotnimi strankami mora biti sklenjen okvirni sporazum o neto poravnavi v eni od oblik iz Priloge III, razen z nasprotnimi strankami: (i) s katerimi je ECB podpisala Okvirni sporazum FBE za finančne transakcije (izdaja 2004) in (ii) ki so organizirane ali ustanovljene po pravu katere koli evropske jurisdikcije, razen Irske.

5. Zagotavljanje finančnih storitev, ki vključujejo devizne rezerve ECB, s strani finančnih posrednikov, vključujoč med drugim bančne, skrbniške in investicijske storitve, ki jih zagotovijo korespondenti, skrbniki in depozitarji, organizacije za poravnavo poslov in centralne klirinške hiše za izvedene finančne instrumente, s katerimi se trguje na borzi, se dokumentira s posebnimi sporazumi, kot jih ECB vsakokrat odobri.

Člen 4

Končne določbe

1. Ta smernica začne veljati 1. januarja 2007.

2. Smernica ECB/2000/1 s spremembami se s tem razveljavi.

3. Sklicevanja na razveljavljeno smernico se razlagajo kakor sklicevanja na to smernico.

4. Ta smernica je naslovljena na sodelujoče NCB.









PRILOGA I

STANDARDNI SPORAZUMI ZA ZAVAROVANE POSLE, POSLE Z IZVEDENIMI FINANČNIMI INSTRUMENTI, KI SE SKLEPAJO IZVEN ORGANIZIRANEGA TRGA (OTC), IN DEPOZITNE POSLE

1. Vsi zavarovani posli, ki vključujejo devizne rezerve ECB (obsegajoč pogodbe o povratnem nakupu, pogodbe o povratni prodaji, dogovore o nakupu/povratni prodaji in dogovore o prodaji/povratnem nakupu), morajo biti dokumentirani z naslednjimi standardnimi sporazumi, in to v obliki, kot jo ECB vsakokrat odobri ali spremeni: (a) Okvirni sporazum FBE za finančne transakcije (izdaja 2004) za posle z nasprotnimi strankami, organiziranimi ali ustanovljenimi po pravu katere koli evropske jurisdikcije ter po pravu Severne Irske in Škotske; (b) „Bond Market Association Master Repurchase Agreement“ za posle z nasprotnimi strankami, organiziranimi ali ustanovljenimi po zveznem pravu ali pravu zveznih držav Združenih držav Amerike; in (c) „TBMA/ISMA Global Master Repurchase Agreement (2000 version)“ za posle z nasprotnimi strankami, organiziranimi ali ustanovljenimi po pravu katere izmed jurisdikcij, ki niso navedene v pododstavku (a) ali (b).

▼M1

2. Vsi posli z izvedenimi finančnimi instrumenti, ki se sklepajo izven organiziranega trga (OTC) in vključujejo devizne rezerve ECB (vključno z obrestnimi zamenjavami, kadar je izpostavljenost krita z zavarovanjem), morajo biti dokumentirani z naslednjimi standardnimi sporazumi, in to v obliki, kot jo ECB vsakokrat odobri ali spremeni: (a) Okvirni sporazum FBE za finančne transakcije (izdaja 2004) za posle z nasprotnimi strankami, organiziranimi ali ustanovljenimi po pravu katere koli evropske jurisdikcije; (b) „1992 International Swaps and Derivatives Association Master Agreement (Multicurrency – cross-border, New York law version)“ za posle z nasprotnimi strankami, organiziranimi ali ustanovljenimi po zveznem pravu ali pravu zveznih držav Združenih držav Amerike; in (c) „1992 International Swaps and Derivatives Association Master Agreement (Multicurrency – cross-border, English law version)“ za posle z nasprotnimi strankami, organiziranimi ali ustanovljenimi po pravu katere izmed jurisdikcij, ki niso navedene v pododstavku (a) ali (b).

▼B

3. Vsi depozitni posli, ki vključujejo devizne rezerve ECB, z nasprotnimi strankami, ki: (i) so primerne za zavarovane posle, opisane v odstavku 1, in/ali posle z izvedenimi finančnimi instrumenti, ki se sklepajo izven organiziranega trga (OTC), opisane v odstavku 2, in (ii) so organizirane ali ustanovljene po pravu katere koli evropske jurisdikcije, razen Irske, morajo biti dokumentirani z Okvirnim sporazumom FBE za finančne transakcije (izdaja 2004) v takšni obliki, kot jo ECB vsakokrat odobri ali spremeni.









PRILOGA II

PRILOGA ECB ( 2 )

Ta priloga se priloži in je sestavni del vsakega standardnega sporazuma, razen Okvirnega sporazuma FBE za finančne transakcije (izdaja 2004), v okviru katerega se v skladu s členom 3(3) te smernice izvajajo zavarovani posli (vključujoč med drugim pogodbe o povratnem nakupu, pogodbe o povratni prodaji, dogovore o nakupu/povratni prodaji, dogovore o prodaji/povratnem nakupu, dogovore o posojanju vrednostnih papirjev in tristranske repoje) ali posli z izvedenimi finančnimi instrumenti, ki se sklepajo izven organiziranega trga (OTC) in ki vključujejo devizne rezerve ECB.

1. Določbe te priloge so dodatni pogoji k (ime standardnega sporazuma, za katerega se uporabja ta priloga) z dne (datum sporazuma) („Sporazum“) med Evropsko centralno banko („ECB“) in (naziv nasprotne stranke) („nasprotna stranka“). Določbe te priloge so priložene Sporazumu, vključene vanj in tvorijo njegov sestavni del. Če in kolikor katera koli določba Sporazuma (razen določb te priloge) ali Okvirnega sporazuma ECB o neto poravnavi, sklenjenega (datum) („okvirni sporazum o neto poravnavi“) med ECB in nasprotno stranko, vključno s katerim koli dodatnim pogojem, prilogo ali dodatkom k Sporazumu, vsebuje določbe, ki niso v skladu z določbami te priloge ali imajo njim enak ali podoben učinek, prevladajo določbe te priloge in se uporabljajo namesto njih.

2. Razen če drugače nalagajo zakoni ali drugi predpisi, nasprotna stranka soglaša, da bo vse podatke ali nasvete, prejete od ECB, in vse podatke o ECB, ki jih je dobila zaradi tega, ker je stranka Sporazuma, vključno med drugim vse informacije glede obstoja ali pogojev Sporazuma (vključno s to prilogo), ali glede razmerja, ki je s Sporazumom nastalo med nasprotno stranko in ECB, obravnavala kot zaupne in jih pod nobenim pogojem ne bo razkrila tretji osebi, prav tako pa ne bo uporabljala imena ECB v kakršnem koli reklamnem ali promocijskem gradivu.

3. Nasprotna stranka soglaša, da bo takoj, ko bo to razumno izvedljivo, pisno obvestila ECB: (i) o kakršni koli konsolidaciji, združitvi (spojitvi ali pripojitvi) z drugim subjektom ali o prenosu vsega ali bistvenega dela svojega premoženja na drug subjekt; (ii) o imenovanju kakršnega koli likvidacijskega upravitelja, stečajnega upravitelja, upravitelja ali podobnega uradnika ali o začetku kakršnega koli postopka za prenehanje ali reorganizacijo nasprotne stranke ali drugega podobnega postopka; ali (iii) o spremembi naziva nasprotne stranke.

4. ECB se ne odpoveduje imuniteti pred tožbami ali pristojnostjo katerega koli sodišča, pa tudi pred ukrepi pravnega varstva proti ECB v smislu sodnih odredb, nalogov za posebno izvršbo ali za izterjavo nad premoženjem ECB ali rubeža njenih sredstev (pred sodbo ali po njej), v vsakem primeru v največjem obsegu, ki ga dovoljuje veljavna zakonodaja.

5. V zvezi z ECB se ne uporabljajo določbe za primer kršitve ali kakršne koli druge določbe, ki se nanašajo na stečaj, nesolventnost ali drug podoben primer glede ECB.

6. Nasprotna stranka soglaša, da je sklenila sporazum (vključno s to prilogo) v svojem lastnem imenu in ne kot zastopnik katerega koli drugega subjekta ter da bo opravljala vse transakcije v svojem lastnem imenu.









PRILOGA III

KAZALO

Priloga IIIa

Okvirni sporazum o neto poravnavi, ki ga ureja angleško pravo in je sestavljen v angleškem jeziku, za uporabo z vsemi nasprotnimi strankami, razen z nasprotnimi strankami:

(i) ustanovljenimi v Združenih državah Amerike, ali

(ii) ustanovljenimi v Franciji in Nemčiji, ki so primerne samo za depozitne posle, ali

(iii) s katerimi je ECB podpisala Okvirni sporazum FBE za finančne transakcije (izdaja 2004) in ki so organizirane ali ustanovljene po pravu katere koli evropske jurisdikcije, razen Irske.

Priloga IIIb

Okvirni sporazum o neto poravnavi, ki ga ureja francosko pravo: za uporabo z nasprotnimi strankami, ustanovljenimi v Franciji, ki so primerne samo za depozitne posle; sestavljen v francoskem jeziku.

Priloga IIIc

Okvirni sporazum o neto poravnavi, ki ga ureja nemško pravo: za uporabo z nasprotnimi strankami, ustanovljenimi v Nemčiji, ki so primerne samo za depozitne posle; sestavljen v nemškem jeziku.

Priloga IIId

Okvirni sporazum o neto poravnavi, ki ga ureja newyorško pravo: za uporabo z nasprotnimi strankami, ustanovljenimi v Združenih državah Amerike; sestavljen v angleškem jeziku.









PRILOGA IIIa

Okvirni sporazum o neto poravnavi, ki ga ureja angleško pravo

MASTER NETTING AGREEMENT

Dated:

Between:

European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany (hereinafter referred to as the „ECB“), and

[Counterparty] whose [address] [registered place of business] is at [address] (hereinafter referred to as the „Counterparty“)

1. Scope of agreement

1.1 The purpose of this Agreement (hereinafter referred to as the „Agreement“) is to ensure that the ECB is able to net all existing positions under all outstanding transactions made between the ECB and the Counterparty, regardless of any agent or agents authorised to act on behalf of the ECB through whom the transactions giving rise to those positions may have been effected, including the central bank of any Member State of the European Union which has adopted the euro as its currency, and regardless of which office (including the head office and all branches) of the Counterparty may be involved in such transactions, and after taking into account the effect of any existing netting provisions in master or other agreements between the ECB and the Counterparty and/or provisions of mandatory law that operate with similar effect that may apply to certain of such transactions.

1.2 In this Agreement, a „netting agreement“ means any agreement for the time being in effect between the parties (and including, without limitation, this Agreement and agreements of the kind listed in Appendix 1 of this Agreement), including such modifications and additions thereto as may be agreed between the ECB and the Counterparty (hereinafter referred to as the „parties“) from time to time, which contains provisions to the effect that, should any event of default as defined for the purposes of such agreement occur, there may be an early termination, liquidation, closing-out or acceleration of transactions or obligations under transactions or any analogous event (a „default termination“) and the respective obligations of the parties under such agreement may be combined, aggregated or set-off against each other so as to produce a single net balance payable by one party to the other.

2. General

2.1 All transactions of whatever nature (hereinafter referred to as „transactions“) entered into between the parties at any time after the date of this Agreement shall be governed by this Agreement, unless the parties specifically agree otherwise.

2.2 The parties acknowledge that the terms of this Agreement, all transactions governed by this Agreement, any amendments to the terms of such transactions, and the single net balance payable under any netting agreement constitute a single business and contractual relationship and arrangement.

2.3 The Counterparty has entered into this Agreement as principal and represents and warrants that it has entered and shall enter into all transactions as principal.

2.4 This Agreement is supplemental to the netting agreements entered into between the parties prior to the date of this Agreement, and all further netting agreements and transactions entered into between the parties after the date of this Agreement shall be supplemental to this Agreement.

3. Base currency

The base currency for the purposes of this Agreement shall be the US dollar or, at the ECB's option, any other currency. Wherever it is necessary in accordance with the terms of this Agreement to convert amounts into the base currency, such amounts shall be converted at the daily reference rate published by the ECB for the currency to be converted into the base currency or, in the absence of such reference rate, at the rate of exchange at which the ECB can buy or sell, as appropriate, such amounts with or against the base currency on such day, all as determined by the ECB.

4. Cross acceleration

Should any default termination occur under any netting agreement (including under Appendix 2 of this Agreement), then the ECB shall have the right to declare, by written notice to the Counterparty, that a default termination has occurred under each other netting agreement in respect of which default termination has not occurred in accordance with the provisions thereof.

5. Global netting

5.1 Should a default termination occur, the ECB shall, as soon as is reasonably practicable, take an account of what is due from each party to the other under each netting agreement (including under Appendix 2 of this Agreement) in respect of which default termination has occurred and aggregate the sums due from each party to the other under such netting agreements (including under Appendix 2 of this Agreement), in every case in or converted into the base currency, and only the net balance of the account shall be payable by the party owing the larger aggregate sum.

5.2 Clause 5.1 shall continue to operate to the extent possible notwithstanding the unenforceability under applicable law of any provisions contained in any netting agreement (including under Appendix 2 of this Agreement).

6. Notices and other communications

All notices, instructions and other communications to be given under this Agreement shall be effective only upon receipt and shall be made in writing (including by electronic means).

7. Severability

Each provision contained herein (including, without limitation, Appendix 2 of this Agreement) shall be treated as separate from any other provision herein and shall be enforceable notwithstanding the unenforceability of any such other provision.

8. Non-assignability

The rights and obligations of the Counterparty under this Agreement may not be assigned, charged, pledged or otherwise transferred or dealt with by the Counterparty.

9. Governing law and jurisdiction

9.1 This Agreement shall be governed by and construed in accordance with English law.

9.2 For the benefit of the ECB, the Counterparty hereby irrevocably submits for all purposes of or in connection with this Agreement to the jurisdiction of the District Court (Landgericht) of Frankfurt am Main, Germany. Nothing in this clause 9 shall limit the right of the ECB to take proceedings before the courts of any other country of competent jurisdiction.

(In case of Luxembourg counterparties:)

In addition to clause 9 of this Agreement the parties agree that for purpose of Article 1 of the Protocol annexed to the Convention on Jurisdiction and the Enforcement of Judgements in Civil and Commercial Matters, signed in Brussels on 27 September 1998 and without prejudice to the foregoing execution of this Agreement by the parties hereto, [Luxembourg Counterparty] expressly and specifically confirms its agreement to the provisions of clause 9 of this Agreement, stipulating that the District Court (Landgericht) of Frankfurt am Main shall have jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement and, for such purposes, irrevocably submits to the jurisdiction of such courts.









Appendix 1

Netting agreements ( 3 )

1. FBE Master Agreement for Financial Transactions (Edition 2004)

2. ISDA Master Agreement (Multi-currency — Cross border 1992)

3. TBMA/ISMA Global Master Repurchase Agreement (2000 version)

4. The Bond Market Association Master Repurchase Agreement.









Appendix 2

Transactions not subject to any netting agreement

1. The provisions of this Appendix apply to transactions entered into between the parties that are not effectively subject to any other netting agreement.

2. Should: (a) a default termination occur under any netting agreement, or (b) an event that is defined as an event of default or other analogous event under any netting agreement occur, which event would, assuming there were outstanding transactions under any such netting agreement, result in, or entitle the ECB to take steps which would result in, a default termination under such netting agreement, (any such event under (a) or (b) above is referred to in this Appendix as an „event of default“), then all transactions to which this Appendix applies (but not less than all, unless any such transaction may not be so closed out under applicable law) under which obligations have or would otherwise have fallen due by or after the date of such event of default (the „close out date“) shall be liquidated and closed-out as described under paragraphs 3 and 4 of this Appendix, and the ECB shall, without prejudice to paragraphs 3 and 4 of this Appendix, not be obliged to make any further payments or deliveries under any such transactions.

3. Should liquidation and close-out under paragraph 2 of this Appendix occur, the ECB shall, as soon as is reasonably practicable, take an account of what is due from each party to the other, including, as necessary, determining in respect of each transaction the ECB's total gain or loss, as the case may be, resulting from the liquidation and close-out of such transaction as at the date of such liquidation and close-out, in every case in or converted into the base currency. The ECB shall then aggregate such gains and losses and only the balance of the account shall be payable by the Counterparty, if the aggregate losses exceed the aggregate gains, or by the ECB, if the aggregate gains exceed the aggregate losses.

4. In determining in respect of each transaction the ECB's total gain or loss, the ECB shall, subject to applicable law, use a commercially reasonable method of calculation which (a) is based on, to the extent practicable and available, quotations from at least four leading dealers in the relevant market operating in the same financial centre, and (b) takes into account, where applicable, the liquidation and close-out of such transaction earlier than its scheduled value date or delivery date.

5. The parties agree that the calculation of the net sum under paragraphs 3 and 4 of this Appendix is a reasonable pre-estimate of losses suffered.









PRILOGA IIIb

Okvirni sporazum o neto poravnavi, ki ga ureja francosko pravo

CONVENTION-CADRE DE COMPENSATION

Date:

Entre:

La Banque centrale européenne, Kaiserstrasse 29, D-60311 Francfort-sur-le-Main, Allemagne (ci-après dénommée la „BCE“) et

(ci-après dénommée la „Contrepartie“)

1. Champ d'application de la convention

1.1. La présente Convention (ci-après dénommée la „Convention“) a pour objet de permettre à la BCE de compenser l'ensemble des positions existantes dans le cadre de l'ensemble des transactions en cours effectuées entre la BCE et la Contrepartie, sans distinction de l'agent ou des agents autorisés à agir pour le compte de la BCE par l'intermédiaire duquel ou desquels les transactions génératrices de ces positions ont pu être effectuées, y compris la banque centrale de tout Etat membre de l'Union européenne ayant adopté l'euro comme monnaie nationale, et sans distinction de l'établissement (y compris le siège social et l'ensemble des succursales) de la Contrepartie impliqué dans ces transactions, et après prise en considération de l'incidence de toutes les dispositions existantes relatives à la compensation qui figurent dans la convention-cadre ou dans les autres conventions conclues entre la BCE et la Contrepartie et/ou des dispositions de la législation applicable ayant un effet similaire et susceptibles de s'appliquer à certaines de ces transactions.

1.2. Dans la présente Convention, on entend par „convention de compensation“ toute convention en vigueur entre les parties (y compris, sans restriction, la présente Convention et les conventions de l'espèce énumérées dans l'additif 1 de la présente Convention), y compris les modifications et avenants aux textes susceptibles d'être convenus, s'il y a lieu, entre la BCE et la Contrepartie (ci-après dénommées les „parties“), qui comporte des dispositions prévoyant, lors de la survenance d'un cas de défaillance tel que défini dans le cadre de cette convention, une possibilité de résiliation, d'exigibilité anticipées ou de „close out“ des transactions ou des obligations afférentes aux transactions ou de tout événement analogue (une „résiliation pour défaillance“), les obligations respectives des parties dans le cadre de cette convention pouvant dès lors être regroupées, globalisées ou compensées réciproquement de manière à donner lieu à un solde net unique payable par l'une des parties à l'autre.

2. Dispositions d'ordre général

2.1. L'ensemble des transactions de toute nature (ci-après dénommées „transactions“) conclues entre les parties à tout moment après la date de la présente Convention sera régi par la présente Convention, sauf si les parties en décident spécifiquement autrement.

2.2. Les parties reconnaissent que les termes de la présente Convention, l'ensemble des transactions régies par elle, toutes les modifications apportées aux termes de ces transactions et le solde net unique payable dans le cadre de toute convention de compensation constituent une relation et un accord professionnels et contractuels uniques.

2.3. La Contrepartie a conclu cette Convention en son nom propre; elle déclare et atteste qu'elle a conclu et conclura toutes les transactions en son nom propre.

2.4. La présente Convention complète les conventions antérieures de compensation conclues antérieurement entre les parties; toutes les autres conventions de l'espèce et transactions qui seront conclues ultérieurement entre les parties compléteront la présente Convention.

3. Devise de référence

La devise de référence utilisée dans le cadre de cette Convention sera le dollar des Etats-Unis ou, au choix de la BCE, une autre devise. Dans les cas où il sera nécessaire, conformément aux termes de la présente Convention, de convertir les montants dans la devise de référence, la conversion s'effectuera au taux de référence quotidien publié par la BCE pour la devise à convertir dans la devise de référence ou, à défaut de ce taux de référence, au taux de change auquel la BCE peut acheter ou vendre, selon le cas, ces montants avec ou contre la devise de référence ce même jour, selon les conditions définies par la BCE.

4. Clause de défaillance croisée

Lors de la survenance d'une résiliation pour défaillance dans le cadre d'une convention de compensation (y compris dans le cadre de l'additif 2 de la présente Convention), la BCE sera habilitée à prononcer, par notification écrite à la Contrepartie, la résiliation pour défaillance de chacune des autres conventions de compensation pour lesquelles il n'y a pas eu résiliation pour défaillance dans les conditions prévues par les dispositions précitées.

5. Compensation globale

5.1. Lors de la survenance d'une résiliation pour défaillance, la BCE comptabilisera dans les meilleurs délais les montants dus par chacune des parties à l'autre au titre de chaque convention de compensation (y compris dans le cadre de l'additif 2 de la présente Convention) pour laquelle est intervenue une résiliation pour défaillance et globalisera les sommes dues par chaque partie à l'autre au titre de ces conventions de compensation (y compris dans le cadre de l'additif 2 de la présente Convention) libellées ou converties dans tous les cas dans la devise de référence, seul le solde net étant payable par la partie débitrice du montant brut le plus élevé.

5.2. La clause 5.1 restera en vigueur dans la mesure du possible nonobstant le caractère inapplicable, en vertu de la loi en vigueur, de toute disposition pouvant être contenues dans une convention de compensation (y compris dans le cadre de l'additif 2 de la présente Convention).

6. Notifications et autres communications

L'ensemble des notifications, instructions et autres communications à donner dans le cadre de la présente Convention ne prendront effet qu'à la date de leur réception et seront adressées par écrit (y compris par les moyens électroniques).

7. Gestion séparée

Chacune des dispositions de la présente Convention (y compris, sans restriction, l'additif 2 de ladite Convention) sera traitée isolément des autres dispositions et sera applicable nonobstant le caractère inapplicable de ces autres dispositions.

8. Incessibilité

Les droits et obligations de la Contrepartie dans le cadre de la présente Convention ne peuvent être cédés, transférés ou autrement négociés par la Contrepartie.

9. Loi applicable, attribution de compétences

9.1. La présente Convention sera soumise au droit français et interprétée selon ledit droit.

9.2. Dans l'intérêt de la BCE, la Contrepartie soumet irrévocablement par la présente Convention tous les cas afférents à celle-ci ou s'y rapportant à la compétence de la juridiction du tribunal (Landgericht) de Francfort-sur-le-Main, Allemagne. Aucune disposition de cette clause 9 ne limitera le droit de la BCE d'entamer une procédure judiciaire devant les tribunaux compétents d'un autre pays.









Appendice 1

Conventions de compensation

1. FBE Master Agreement for Financial Transactions (Edition 2004)

2. ISDA Master Agreement (Multi-currency — Cross border 1992)

3. TBMA/ISMA Global Master Repurchase Agreement (2000 version)

4. The Bond Market Association Master Repurchase Agreement.









Appendice 2

Transactions non soumises à une convention de compensation

1. Les dispositions du présent Additif s'appliquent aux transactions conclues entre les parties qui ne sont pas effectivement soumises à une autre convention de compensation.

2. Lors de la survenance: (a) d'une résiliation pour défaillance dans le cadre d'une convention de compensation ou (b) d'un événement défini comme étant un cas de défaillance ou un événement analogue dans le cadre d'une quelconque convention de compensation, lequel événement, dans l'hypothèse où des transactions seraient en cours au titre de cette convention de compensation, amènerait ou habiliterait la BCE à prendre des mesures qui entraîneraient une résiliation pour défaillance dans le cadre de ladite convention, (les événements prévus en (a) ou en (b) étant dénommés dans le présent Additif „cas de défaillance“), l'ensemble des transactions concernées par le présent Additif (sans exception, sauf dans le cas où une transaction ne peut faire l'objet d'une résiliation dans ces conditions aux termes de la loi applicable) dans le cadre desquelles les obligations sont ou seraient arrivées à échéance à la date ou après la date de survenance de ce cas de défaillance (la „date de résiliation“) pourront être résiliées par notification écrite de la BCE à la Contrepartie dans les conditions prévues aux paragraphes 3 et 4 du présent Additif et la BCE ne sera pas tenue d'effectuer, sans préjudice des paragraphes 3 et 4 du présent Additif, d'effectuer d'autres paiements ou livraisons au titre de ces transactions.

3. En cas de résiliation selon les termes du paragraphe 2 du présent Additif, la BCE comptabilisera dans les meilleurs délais les sommes dues par chacune des parties à l'autre, notamment, le cas échéant, en déterminant pour chaque transaction la perte ou le gain total de la BCE résultant de la résiliation de ladite transaction à la date de résiliation, le montant étant dans tous les cas libellé ou converti dans la devise de référence. La BCE globalisera ensuite ces gains et pertes et seul le solde net sera payable par la Contrepartie si le total des pertes excède celui des gains, ou par la BCE si le total des gains excède celui des pertes.

4. Pour déterminer, dans le cadre de chaque transaction, le montant total du gain ou de la perte de la BCE, celle-ci utilisera, sous réserve de la législation applicable, une méthode de calcul commercialement raisonnable (a) fondée, dans la toute la mesure du possible, sur les cotations fournies par au moins quatre intervenants de premier rang du marché considéré et opérant dans le même centre financier et (b) prenant en compte, le cas échéant, la résiliation de la transaction intervenues antérieurement à la date de valeur ou de livraison prévus.

5. Les parties conviennent que le calcul de la somme nette aux termes des paragraphes 3 et 4 du présent Additif constituent une estimation raisonnable des pertes encourues.









PRILOGA IIIc

Okvirni sporazum o neto poravnavi, ki ga ureja nemško pravo

Europäische Zentralbank

EZB-Aufrechnungsvertrag

(„Master Netting Agreement“)

vom:

zwischen

der Europäische Zentralbank, Kaiserstraße 29, D-60311 Frankfurt am Main, Deutschland (im nachfolgenden „EZB“) und

............................................................................

(Im nachfolgenden „Vertragspartner“)

1. Anwendungsbereich dieses Vertrages

1.1 Der Zweck dieses Vertrages (im folgenden: „Vertrag“) besteht darin, die Verrechnung aller bestehenden Positionen aus allen offenen Geschäften zwischen der EZB und dem Vertragspartner zu ermöglichen. Der Vertrag schließt Geschäfte ein, die die EZB über Stellvertreter (z. B. Teilnehmerzentralbanken) abschließt. Er umfaßt auch ferner alle diejenigen Geschäfte, die über die Hauptverwaltung oder eine unselbständige Zweigniederlassung des Vertragspartners mit der EZB abgeschlossen werden. Der Vertrag berücksichtigt ferner alle sonst zwischen den Parteien bestehenden Rahmenverträge oder sonstigen Vereinbarungen, die Aufrechnungsklauseln enthalten, sowie zwingende gesetzliche Vorschriften mit ähnlichen Wirkungen.

1.2 Unter einem Aufrechnungsvertrag (Netting Agreement) im Sinne dieses Vertrages (im folgenden: „Aufrechungsvertrag“) sind alle die zwischen den Parteien getroffenen (einschließlich dieses Vertrags sowie der im Anhang 1 zum Vertrag aufgeführten) Vereinbarungen in ihrer jeweiligen Fassung zu verstehen, die Klauseln enthalten, wonach im Fall eines wichtigen Grundes (event of default) insbesondere eine vorzeitige Beendigung eintritt oder eine Kündigung ausgesprochen werden kann (im folgenden: „Beendigung oder Kündigung aus wichtigem Grund“); ferner muß dort vereinbart sein, daß infolge einer Beendigung oder Kündigung Geschäfte oder Verpflichtungen fällig bzw. in verrechenbare, fällige Forderungen umgewandelt werden, die anschließend zusammengefaßt, ver- oder aufgerechnet werden mit der Folge, daß lediglich ein einziger Nettosaldo durch eine der beiden Parteien geschuldet wird.

2. Allgemeines

2.1 Für alle Geschäfte, die die Parteien nach Unterzeichnung dieses Vertrages tätigen (in folgenden „Einzelabschlüsse“), gelten die nachfolgenden Bestimmungen, sofern die Parteien im Einzelabschluß nichts abweichendes vereinbaren.

2.2 Die Parteien sind sich darüber einig, daß dieser Vertrag in seiner jeweiligen Fassung, alle Einzelabschlüsse, die von diesem Vertrag erfaßt werden, und die aus Aufrechnungsverträgen resultierenden Nettosalden ein einheitliches Vertragsverhältnis bilden.

2.3 Die Vertragsparteien sichern zu, daß sie den Vertrag in eigenem Namen abgeschlossen haben und alle Einzelabschlüsse ebenfalls in eigenem Namen tätigen werden.

3. Vertragswährung („base currency“)

Vertragswährung ist der US-Dollar oder jede andere Währung, die die Parteien vereinbaren. Die Umrechnung von auf andere Währungen lautenden Beträgen in die Vertragswährung erfolgt jeweils zum täglichen Referenzkurs, den die EZB für die umzurechnende Währung veröffentlicht oder, hilfsweise, zum jeweiligen Marktkurs, zu dem die EZB an diesem Geschäftstag den umzurechnenden Währungsbetrag gegen die Vertragswährung kaufen oder verkaufen kann.

4. Vertragsübergreifendes Kündigungs- oder Beendigungsrecht aus wichtigem Grund

Sofern die EZB ein Kündigungs- oder Beendigungsrecht aus wichtigem Grund im Rahmen eines Aufrechnungsvertrages (sowie auch gemäß Anhang 2 zu diesem Vertrag) hat, erstreckt sich dieses Recht auch auf jeden anderen Aufrechnungsvertrag, auch wenn nach den dortigen Vereinbarungen ein vergleichbarer Kündigungs- oder Beendigungsgrund noch nicht gegeben ist.

5. Allumfassende Aufrechnungsvereinbarung („global netting“)

5.1 Sollte eine Beendigung oder Kündigung aus wichtigem Grund stattfinden, wird die EZB unverzüglich die aus den jeweiligen Aufrechnungsverträgen (sowie auch aus Anhang 2 zu diesem Vertrag) resultierenden Nettosalden errechnen und diese, nach Umrechnung in die Vertragswährung, zu einer einzigen Forderung oder Verbindlichkeit zusammenfassen mit der Folge, daß nurmehr dieser Betrag zwischen den Parteien geschuldet wird.

5.2 Z. 5.1 gilt ungeachtet dessen, daß Klauseln in Aufrechnungsverträgen (einschl. Anhang 2 zu diesem Vertrag) nach dem jeweils anwendbaren Recht nicht wirksam bzw. nichtig sind.

6. Erklärungen und andere Mitteilungen

Alle Erklärungen, Weisungen und andere Mitteilungen im Rahmen dieses Vertrages sind nur dann wirksam, wenn sie in Schriftform oder in elektronischer Form übermittelt werden und der Gegenseite auch zugegangen sind.

7. Teilbarkeit

Sollte eine Bestimmung dieses Vertrages (einschließlich des Anhangs 2) ganz oder teilweise unwirksam sein oder werden, bleiben die übrigen Bestimmungen wirksam. An Stelle der unwirksamen Bestimmungen tritt eine wirksame Regelung, die dem wirtschaftlichen Zweck mit der unwirksamen Bestimmung soweit wie möglich Rechnung trägt.

8. Die Rechte und Pflichten aus dem Vertrag darf der Vertragspartner weder abtreten noch in sonstiger Weise hierüber verfügen.

9. 9.1. Dieser Vertrag unterliegt dem Recht der Bundesrepublik Deutschland. 9.2 Nicht ausschließlicher Gerichtsstand ist Frankfurt am Main.









Anhang 1

Liste der Aufrechnungsverträge

1. FBE Master Agreement for Financial Transactions (Edition 2004)

2. ISDA Master Agreement (Multi-currency — Cross border 1992)

3. TBMA/ISMA Global Master Repurchase Agreement (2000 version)

4. The Bond Market Association Master Repurchase Agreement.









Anhang 2

Geschäfte, die keinem Aufrechnungsvertrag unterliegen

1. Vorschriften dieses Anhanges finden Anwendung auf solche Einzelabschlüsse zwischen den Parteien, die von keinem anderen Aufrechnungsvertrag erfaßt werden.

2. Sofern a) eine Beendigung oder Kündigung aus wichtigem Grund nach Maßgabe eines Aufrechnungsvertrages eintritt oder b) ein Beendigungs- oder Kündigungsgrund nach Maßgabe eines Aufrechnungsvertrages vorliegt, der zur Beendigung führen oder zur Kündigung durch die EZB berechtigen würde, sofern Einzelabschlüsse im Rahmen dieses Aufrechnungsvertrags getätigt worden wären, (im folgenden: „beendigendes Ereignis im Sinne dieses Anhangs“) und die EZB eine Kündigung im Hinblick auf diesen Anhang ausgesprochen hat, dann werden alle unter diesen Anhang fallenden Einzelabschlüsse gemäß den Ziffern 3 und 4 dieses Anhangs beendigt und abgerechnet, sofern diese Einzelabschlüsse Verpflichtungen enthalten, die im Zeitpunkt des Wirksamwerdens der Beendigung oder Kündigung noch nicht fällig sind. Die Hauptpflichten aus diesen Einzelgeschäften erlöschen, vorbehaltlich der nachfolgenden Ziffern 3 und 4 dieses Anhangs.

3. Sollte eine Beendigung oder Kündigung gemäß Ziffer 2 dieses Anhangs eintreten, wird die EZB unverzüglich die beiderseitigen Ansprüche ermitteln und hierbei, sofern erforderlich, den aus jedem Einzelabschluß für die EZB resultierenden Gewinn oder Verlust ermitteln, der sich aus der vorzeitigen Kündigung oder Beendigung an dem Tag ergibt, an dem die Kündigung oder Beendigung wirksam wird; sie wird ferner diese Positionen ggf. in die Vertragswährung umrechnen. Die EZB faßt dann diese Forderungen und Verbindlichkeiten zu einer einzigen Forderung oder Verbindlichkeit zusammen mit der Folge, daß nurmehr dieser Betrag zwischen den Parteien geschuldet wird.

4. Zur Ermittlung der Gewinne und Verluste der EZB aus den jeweiligen Einzelabschlüssen wird die EZB, vorbehaltlich des anwendbaren Rechtes, eine für beide Seiten angemessene Berechnungsmethode verwenden, die a), soweit möglich und vorhanden, auf den von mindestens vier bedeutenden Marktteilnehmern an dem maßgeblichen Finanzplatz gestellten Kursen oder Preisen beruht und b) hierbei in Rechnung stellt, daß die Beendigung oder Kündigung des jeweiligen Einzelabschlusses vorzeitig stattgefunden hat.









PRILOGA IIId

Okvirni sporazum o neto poravnavi, ki ga ureja newyorško pravo

MASTER NETTING AGREEMENT

Dated as of:

Between:

European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany (hereinafter referred to as the „ECB“), and

[Counterparty] whose [address] [registered place of business] is at [address] (hereinafter referred to as the „Counterparty“)

1. Scope of agreement

1.1 The purpose of this Agreement (hereinafter referred to as the „Agreement“) is to ensure that the ECB is able to net all existing positions under all outstanding transactions made between the ECB and the Counterparty, regardless of any agent or agents authorised to act on behalf of the ECB through whom the transactions giving rise to those positions may have been effected, including the central bank of any Member State of the European Union which has adopted the euro as its currency, and regardless of which office (including the head office and all branches) of the Counterparty may be involved in such transactions, and after taking into account the effect of any existing netting provisions in master or other agreements between the ECB and the Counterparty and/or provisions of mandatory law that operate with similar effect that may apply to certain of such transactions.

1.2 In this Agreement, a „netting agreement“ means any agreement for the time being in effect between the parties (and including, without limitation, this Agreement and agreements of the kind listed in Appendix 1 of this Agreement), including such modifications and additions thereto as may be agreed between the ECB and the Counterparty (hereinafter referred to as the „parties“) from time to time, which contains provisions to the effect that, should any event of default as defined for the purposes of such agreement occur, there may be an early termination, liquidation, closing-out or acceleration of transactions or obligations under transactions or any analogous event (a „default termination“) and the respective obligations of the parties under such agreement may be combined, aggregated or netted against each other so as to produce a single net balance payable by one party to the other.

2. General

2.1 All transactions of whatever nature (hereinafter referred to as „transactions“) entered into between the ECB and the parties at any time after the date of this Agreement shall be governed by this Agreement, unless the parties specifically agree otherwise.

2.2 The parties acknowledge that the terms of this Agreement, all transactions governed by this Agreement, any amendments to the terms of such transactions, and the single net balance payable under any netting agreement constitute a single business and contractual relationship and arrangement.

2.3 Each party represents and warrants to the other that it is a financial institution for purposes of the U.S. Federal Deposit Insurance Corporation Improvement Act of 1991 (hereinafter referred to as „FDICIA“), and the parties agree that this Agreement shall be a netting contract, as defined in FDICIA, and that each receipt or payment obligation under the Agreement shall be a covered contractual payment entitlement or covered contractual payment obligation respectively, as defined in and subject to FDICIA.

2.4 The Counterparty has entered into this Agreement as principal and represents and warrants that it has entered and shall enter into all transactions as principal.

[2.5 The Counterparty represents and warrants to, and covenants and agrees with the ECB, that: (a) it has the power to execute and deliver this Agreement and any other documentation relating to this Agreement to which it is a party and that it is required to deliver; it has the power to perform its obligations under this Agreement and any obligations under any netting agreement to which it is a party; it has taken all necessary action to authorise such execution, delivery and performance, including authorisations required under the U.S. Federal Deposit Insurance Act, as amended, including amendments effected by the U.S. Federal Institutions Reform, Recovery and Enforcement Act of 1989, and under any agreement, writ, decree or order entered into with a party's supervisory authorities; and (b) at all times during the term of this Agreement, it will continuously include and maintain as part of its official written books and records this Agreement, the netting agreements and evidence of all necessary authorisations.] ( 4 )

[2.5][2.6] This Agreement is supplemental to the netting agreements entered into between the parties prior to the date of this Agreement, and all further netting agreements and transactions entered into between the parties after the date of this Agreement shall be supplemental to this Agreement.

3. Base currency

The base currency for the purposes of this Agreement shall be the US dollar or, at the ECB's option, any other currency. Wherever it is necessary in accordance with the terms of this Agreement to convert amounts into the base currency, such amounts shall be converted at the daily reference rate published by the ECB for the currency to be converted into the base currency or, in the absence of such reference rate, at the rate of exchange at which the ECB can buy or sell, as appropriate, such amounts with or against the base currency on such day, all as determined by the ECB.

4. Cross acceleration

Should any default termination occur under any netting agreement (including under Appendix 2 of this Agreement), then the ECB shall have the right to declare, by written notice to the Counterparty, that a default termination has occurred under each other netting agreement in respect of which default termination has not occurred in accordance with the provisions thereof.

5. Global netting

5.1 Should a default termination occur, the ECB shall, as soon as is reasonably practicable, take an account of what is due from each party to the other under each netting agreement (including under Appendix 2 of this Agreement) in respect of which default termination has occurred and aggregate the sums due from each party to the other under such netting agreements (including under Appendix 2 of this Agreement), in every case in or converted into the base currency, and only the net balance of the account shall be payable by the party owing the larger aggregate sum.

5.2 Clause 5.1 shall continue to operate to the extent possible notwithstanding the unenforceability under applicable law of any provisions contained in any netting agreement (including under Appendix 2 of this Agreement).

6. Notices and other communications

All notices, instructions and other communications to be given under this Agreement shall be effective only upon receipt and shall be made in writing (including by electronic means).

7. Severability

Each provision contained herein (including, without limitation, Appendix 2 of this Agreement) shall be treated as separate from any other provision herein and shall be enforceable notwithstanding the unenforceability of any such other provision.

8. Non-assignability

The rights and obligations of the Counterparty under this Agreement may not be assigned, charged, pledged or otherwise transferred or dealt with by the Counterparty.

9. Governing law and jurisdiction

9.1 This Agreement shall be governed by and construed in accordance with the laws of the State of New York, United States of America.

9.2 For the benefit of the ECB, the Counterparty hereby irrevocably submits for all purposes of or in connection with this Agreement to the jurisdiction of the District Court (Landgericht) of Frankfurt am Main, Germany. Nothing in this clause 9 shall limit the right of the ECB to take proceedings before the courts of any other country of competent jurisdiction.

European Central Bank

[Name of Counterparty] ( 5 )









Appendix 1

Netting agreements

1. FBE Master Agreement for Financial Transactions (Edition 2004)

2. ISDA Master Agreement (Multi-currency — Cross border 1992)

3. TBMA/ISMA Global Master Repurchase Agreement (2000 version)

4. The Bond Market Association Master Repurchase Agreement.









Appendix 2

Transactions not subject to any netting agreement

1. The provisions of this Appendix apply to transactions entered into between the parties that are not effectively subject to any other netting agreement.

2. Should: (a) a default termination occur under any netting agreement, or (b) an event that is defined as an event of default or other analogous event under any netting agreement occur, which event would, assuming there were outstanding transactions under any such netting agreement, result in, or entitle the ECB to take steps which would result in, a default termination under such netting agreement, (any such event under (a) or (b) above is referred to in this Appendix as an „event of default“), then all transactions to which this Appendix applies (but not less than all, unless any such transaction may not be so closed out under applicable law) under which obligations have or would otherwise have fallen due by or after the date of such event of default (the „close out date“) shall be liquidated and closed-out as described under paragraphs 3 and 4 of this Appendix, and the ECB shall, without prejudice to paragraphs 3 and 4 of this Appendix, not be obliged to make any further payments or deliveries under any such transactions.

3. Should liquidation and close-out under paragraph 2 of this Appendix occur, the ECB shall, as soon as is reasonably practicable, take an account of what is due from each party to the other, including, as necessary, determining in respect of each transaction the ECB's total gain or loss, as the case may be, resulting from the liquidation and close-out of such transaction as at the date of such liquidation and close-out, in every case in or converted into the base currency. The ECB shall then aggregate such gains and losses and only the balance of the account shall be payable by the Counterparty, if the aggregate losses exceed the aggregate gains, or by the ECB, if the aggregate gains exceed the aggregate losses.

4. In determining in respect of each transaction the ECB's total gain or loss, the ECB shall, subject to applicable law, use a commercially reasonable method of calculation which (a) is based on, to the extent practicable and available, quotations from at least four leading dealers in the relevant market operating in the same financial centre, and (b) takes into account, where applicable, the liquidation and close-out of such transaction earlier than its scheduled value date or delivery date.

5. The parties agree that the calculation of the net sum under paragraphs 3 and 4 of this Appendix is a reasonable pre-estimate of losses suffered.