CONTENTS 目錄

　　1. LOAN OF SECURITIES證券出借

　　2. DETAILS OF SECURITY REQUESTED BY BORROWER

　　3. COMMENCEMENT OF THE LOAN出借起始日

　　4. DELIVERY OF DOCUMENTS文件遞送

　　5. REQUIREMENTS TO EFFECT THE DELIVERY OF THE BANK INSTRUMENT

　　銀行票據(jù)遞送生效要求

　　6. DELIVERY OF THE BANK INSTRUMENT銀行票據(jù)遞送

　　7. RATES APPLICABLE TO LOANED SECURITIES證券出借利率

　　8. BORROWER RIGHT TO TERMINATE THE AGREEMENT借用人終止協(xié)議的權(quán)力

　　9. BORROWER’S OBLIGATION TO RE-DELIVERY借用人的歸還義務(wù)

　　10. EXERCISE OF BUY-IN ON FAILURE TO REDELIVER歸還失敗時執(zhí)行補(bǔ)購

　　11. SUBSTITUTION OF COLLATERAL抵押物置換

　　12. ASSIGNEMENT OF THE AGREEMENT協(xié)議轉(zhuǎn)讓

　　13. TRANSFER TAXES協(xié)議轉(zhuǎn)讓

　　14. LENDER’S WARRANTIES出借人保證

　　15. BORROWER’S WARRANTIES借用人保證

　　16. MODIFICATION TO LEGISLATION法規(guī)修改

　　17. INTEREST ON OUTSTANDING PAYMENTS欠款利息

　　18. EVENT OF DEFAULT違約事項

　　19. SEVERANCE條款剝離

　　20. NOTICES通知

　　21. GOVERNING LAW AND JURISDICTION適用法律及司法管轄

　　22. TIME時間

　　23. RECORDING錄音

　　24. MISCELLANEOUS其他事項

　　25. PENALTY AND EXPENSES FOR EXTENSIONS罰金及延期費用

　　Annex: LOAN OF BANKING SECURITY PROGRAM APPLICATION

　　附件： 銀行證券出借項目申請表

　　MASTER SECURITIES LOAN AGREEMENT NUMBER 證券出借總協(xié)議號

　　as dated 日期

　　Between 簽署方

　　, with registered address in hereby represented by as Borrower

　　, 登記地址為 , 在此 其為借用人

　　, with registered address in hereby represented by as lender

　　, 登記地址為 , 在此 為借用人

　　1. LOAN OF SECURITIES證券出借

　　The LENDER will lend Securities to BORROWER, and BORROWER will borrow Securities from LENDER in accordance with terms and conditions of this Agreement.

　　按照此協(xié)議規(guī)定條款，出借人將證券借給借用人，借用人向出借人借用證券。

　　3. DETAILS OF SECURITY REQUESTED BY BORROWER

　　借用人要求借用的證券信息

　　The BORROWER requests to borrow the Bank Instrument as follows:

　　借用人要求借用的銀行票據(jù)如下：

　　Currency: 幣種： Amount: 數(shù)額： Issuer: 數(shù)額： Isin Code:ISIN編碼：

　　3. COMMENCEMENT OF THE LOAN出借起始日

　　The BORROWER will sign this Agreement and in the same time, within 7 banking days after signature, will transfer to the designated Escrow Agent, the amount of EUR as per attached invoice to permit to cover the call Option expensed to reserve the security in favor of this transaction. At this moment the loan procedure will commence. This amount shall be transferred by BORROWER within 7 days of the signature of this Agreement and will be refunded after successful completion of this transaction by the LENDER, as per article 5). The BORROWER has the right also to deduct the above mentioned amount from the service fees total amount as per art. 7).

　　借用人在簽定此協(xié)議后7個銀行工作日內(nèi)，將所附發(fā)票中的規(guī)定金額 歐元轉(zhuǎn)到指定的托管代理人帳上，以支付完成本交易所需的看漲期權(quán)費用。完成這一步，出借合同即時生效。借用人必須在簽訂協(xié)議后7日內(nèi)完成轉(zhuǎn)賬。在交易完成后，出借人將根據(jù)條款5將款項全部退還給借用人。根據(jù)條款7，借用人也有權(quán)選擇從服務(wù)費中扣除以上金額的費用。

　　4. DELIVERY OF DOCUMENTS文件遞送

　　After signature of this agreement and the wire transfer of the above mentioned amount agreed, within 48 hours, the LENDER will post on the markent the call option to reserve the tranche of the above mentioned banking security on the stock exchange. After that will send to the Borrower a Official Corporate Invoice with all details of the Instrument, Corporate Deed of Assignment, Bond Power if requested, Confirmation of Euroclear or Bloomberg, Printout of Clearstream, Security Card of the Stock Exchange market where the intrument is quoted, Prospectus of the Issuing Program of the Bank if available, to permit the designated BORROWER’s Bank Officer to check and authenticate the bank intrument.

　　The instrument is screenable in Euroclear, Clearstream or Bloomberg systems.

　　在借用人簽署了協(xié)議、并按以上條款約定的金額匯款以后，出借人將在48小時之內(nèi)在證券交易市場上買入看漲期權(quán)，預(yù)訂相應(yīng)份額的證券。并隨后向借用人寄出正式的公司發(fā)票，同時附上與銀行票據(jù)相關(guān)的全部細(xì)節(jié)，包括公司轉(zhuǎn)讓契約、證券出售或過戶授權(quán)書(如果需要)、歐洲票據(jù)清算所(Euroclear)或彭博公司的證明、國際結(jié)算系統(tǒng)(Clearstream)輸出數(shù)據(jù)、用于股票交易市場報價的安全卡、以及銀行發(fā)行程序相關(guān)章程(如果有)，允許借用人的指定銀行檢查和核實銀行票據(jù)的有效性。此票據(jù)可在Euroclear、Clearstream或彭博公司系統(tǒng)中查詢。

　　6. REQUIREMENTS TO EFFECT THE DELIVERY OF THE BANK INSTRUMENT

　　銀行票據(jù)遞送生效要求

　　After the verification and authentication of the above mentioned documents, BORROWER will transfer to Lender a collateral granting the payment of full amount of the service fees as followings:

　　以上條款所述文件經(jīng)過檢查核實后，借用人應(yīng)向出借人交付抵押物，承諾支付全部服務(wù)費，程序如下

　　Upon receipt of the above mentioned collateral, the ESCROW LENDER shall immediately refund the clearing and settlement expenses paid or the BORROWER will deduct the same amount in the services fees collateral. Please note that if the delivery of collateral will not take place within 20 days of the pro forma of invoice issuing date (as per art.4), the contract will be considered null and void.

　　在收到上文所述抵押物后，出借代理人應(yīng)立即退還借用人支付的結(jié)算交割費用?；蛘呓栌萌藦膶⒅Ц兜南嚓P(guān)服務(wù)費中扣除這部分?jǐn)?shù)額的費用。請注意，如果借用人不能在出借人開具估價發(fā)票后的20日內(nèi)發(fā)出抵押物(根據(jù)條款4)，則此合同被視為無效。

　　6. DELIVERY OF THE BANK INSTRUMENT銀行票據(jù)遞送

　　At this moment the LENDER will confirm to the clearing operator the purchasing and after the necessary due diligence by the Lender’s bank on bank to bank basis, will cause the delivery of the Bank Instrument to which the Agreement relates, by Swift MT 760, to the BORROWER’s Designated Bank. The transaction will be closed on a Bank-to-Bank basis using the swift system or certified banking email message system.

　　此時，出借人應(yīng)向結(jié)算人員確認(rèn)購買行為，并在提起借用人銀行應(yīng)有注意的基礎(chǔ)上，采用行對行的方式，經(jīng)信匯760向借用人銀行遞送與協(xié)議相關(guān)的銀行票據(jù)。在行對行基礎(chǔ)上使用Swift系統(tǒng)或可靠的銀行郵件系統(tǒng)完成交易。

　　7. RATES APPLICABLE TO LOANED SECURITIES證券出借利率

　　BORROWER shall pay to the LENDER, in the manner prescribed in paragraph 5), the agreed service fee of ..% ( PERCENT) of the amount of the instrument for a period of one year and one day. The lessee has the possibility to extend the leasing period for up to 5 years, paying the service fee yearly, fifteen days before the maturity date.

　　借用人應(yīng)采用第5段描述的方式，按雙方協(xié)定向出借人支付服務(wù)費，金額為票面價值的% (百分之 )，有效期為一年零一天。如果借用人采用年付形式，并早于到期日15天支付服務(wù)費，就有可能將出借期延長，延長期最長可達(dá)5年。

　　8. BORROWER RIGHT TO TERMINATE THE AGREEMENT借用人終止協(xié)議的權(quán)力

　　BORROWER may terminate this Agreement at any time, by sending a written notice to LENDER. BORROWER shall return the Instrument immediately.

　　借用人可以隨時向出借人發(fā)送書面通知終止協(xié)議，并應(yīng)立即將借用票據(jù)歸還出借人。

　　9. BORROWER’S OBLIGATION TO RE-DELIVERY借用人的歸還義務(wù)

　　BORROWER must return the bank instrument unencumbered to the LENDER 15 days before his maturity date. In any moment the ownership of the intrument will not be transferred.

　　借用人必須在到期日前15天將銀行票據(jù)無負(fù)擔(dān)(無抵押、債務(wù)等)歸還出借人。在整個出借過程中，票據(jù)所有權(quán)不發(fā)生轉(zhuǎn)移。

　　10. EXERCISE OF BUY-IN ON FAILURE TO REDELIVER歸還失敗時執(zhí)行補(bǔ)購

　　In the event that as a result of the failure of the Transferrer to fulfill its redelivery obligations a buy-in is exercised against the Transferee. The Borrower, after approval by the Lender, shall redelivery also equivalent securities on termination of the Loan.

　　在轉(zhuǎn)讓方無法完成歸還義務(wù)的情況下，受讓方可以執(zhí)行補(bǔ)購。借用人在經(jīng)出借人批準(zhǔn)的情況下，可以在出借到期時歸還證券。

　　11. SUBSTITUTION OF COLLATERAL抵押物置換

　　BORROWER, prior to the date of maturity of the bank instrument lent, may have delivered or delivers Alternative Collateral acceptable to LENDER or cash in the amount of the aggregate market value of the lent Instrument on the same business day.

　　借用人在銀行票據(jù)租借到期日之前，可以以出借人允許的形式置換抵押物，或者按置換當(dāng)天租借票據(jù)的全部市場價格折算成一定的現(xiàn)金做為抵押。

　　12. ASSIGNEMENT OF THE AGREEMENT協(xié)議轉(zhuǎn)讓

　　This Agreement may not be assigned to any third party without prior written consent from the LENDER.

　　在未經(jīng)出借人書面同意的情況下，本協(xié)議不得被轉(zhuǎn)讓給任意第三方。

　　13. TRANSFER TAXES協(xié)議轉(zhuǎn)讓

　　Borrower hereby undertakes promptly to pay and account for any transferee or similar duties or taxes chargeable in connection withstand transaction effected pursuant to or contemplated by this Agreement, and shall indemnify and keep indemnified Lender against any liability arising as a result of Borrower’s failure to do so.

　　在本協(xié)議下，借用人負(fù)有支付責(zé)任以及任何受讓人相關(guān)責(zé)任，并負(fù)擔(dān)因協(xié)議規(guī)定交易或協(xié)議計劃交易所導(dǎo)致的相關(guān)稅費。如借用人無法完成此義務(wù)，應(yīng)及時補(bǔ)償出借人，并保證其不受損失。

　　14. LENDER’S WARRANTIES出借人保證

　　The LENDER hereby warrants and undertakes to the BORROWER on a continuing basis to the intent that such warranties shall survive the completion of any transaction contemplated herein that, where acting as a LENDER:

　　•LENDER grants BORROWER an exclusive license to use the Instrument. The License is transferable to other third parties only after authorization of the LENDER.

　　•LENDER grants BORROWER that the delivery of the documents as per article 4, will be done within 48 hours after the receipt of the deposit in the Designated Escrow Company Clearing and Settlement account as per article 3).

　　•LENDER grants BORROWER that the delivery of the bank Instrument as per article 6) will be effected within 7 banking days after receipt of the collateral as per article 5).

　　出借人在此向借用人作出保證和承諾。本保證以持續(xù)合作為基礎(chǔ)，不因任何協(xié)議計劃交易的完成而失去效力。出借人保證：

　　•出借人授予借用人使用票據(jù)的專用許可證。許可證未經(jīng)出借人批準(zhǔn)不得轉(zhuǎn)讓給第三方。

　　•出借人承諾在指定代理公司清算交割帳戶收到存入款(依據(jù)條款3)后，在48小時內(nèi)向借用人遞送文件(依據(jù)條款4)。

　　•出借人承諾在收到抵押物后(依據(jù)條款5)，在7個銀行工作日內(nèi)向借用人遞送銀行票據(jù)(依據(jù)條款6)。

　　15. BORROWER’S WARRANTIES借用人保證

　　The BORROWER hereby warrants and undertakes to the LENDER on a continuing basis to the intent that such warranties shall survive the completion of any transaction contemplated herein that, where acting as a BORROWER:

　　a) BORROWER is obligated to observe due care when using the bank instrument and shall ensure that the amount of the Instrument is covered by reasonable asset, insurance, or same value collateral

　　b) BORROWER also grants that he has the capability in funds or credit line already approved to pay the lending/borrowing fees at the moment of signature of this agreement and within the moment of the successful conclusion of this transaction.

　　c) BORROWER also grants that the bank instrument will not be pledged, mortgaged or encumbered.

　　d) BORROWER presents and warrants that no provision of this Agreement is in violation of or contradicts any agreement or contract between BORROWER and his Designated Bank.

　　e) BORROWER grants that the Bank Officer, as below, is completely aware of the above and other terms of the transaction and is ready to confirm and grant his awareness also under verification by LENDER’s Bank Officer designated for the due diligence on bank to bank basis.

　　f) BORROWER designates the following receiving bank:

　　借用人在此向出借人作出保證和承諾。本保證以持續(xù)合作為基礎(chǔ)，不因任何協(xié)議計劃交易的完成而失去效力。借用人保證：

　　a) 借用人有義務(wù)在使用銀行票據(jù)期間內(nèi)善盡職責(zé)，并確保有足額的合理財產(chǎn)、保險、或同等價值的抵押物為銀行票據(jù)提供擔(dān)保。

　　b) 借用人還應(yīng)保證，在協(xié)議簽署期間以及交易成功完成之前，借用人有充足的資金或貸款額度支付出借費用。

　　c) 借用人還應(yīng)保證，銀行票據(jù)不會被典當(dāng)、設(shè)置擔(dān)?；虻盅骸?/span>

　　d) 借用人聲明并保證，協(xié)議中的規(guī)定條款并不違反借用人與指定銀行簽訂的協(xié)議(或合同)，或兩者的規(guī)定并無矛盾之處。

　　e) 借用人保證以下銀行職員充分了解以上規(guī)定及其它與交易有關(guān)的條款，并且能夠確認(rèn)和證實其知情性。出借人銀行指定的行對行業(yè)務(wù)管理人員將對此進(jìn)行確認(rèn)。

　　f) 借用人指定以下受理銀行：

　　16. MODIFICATION TO LEGISLATION法規(guī)修改

　　Any reference in this Agreement to an act, regulation or other legislation shall include a reference to any statutory modification or reenactment thereof for the time being in force.

　　此協(xié)議中涉及到的法案、規(guī)章或其它法律包含其已經(jīng)生效的修訂條款或重新制定的新法。

　　17. INTEREST ON OUTSTANDING PAYMENTS欠款利息

　　In the event of either party failing to remit sums in accordance with this Agreement such Party hereby undertakes to pay to the other party upon demand an interest on the sum due and outstanding, for the period commencing on and inclusive of the original due date for payment to the date of the actual payment. The interest agreed is 12% yearly and will accrue daily on a compound basis and will be calculated according to the actual number of days elapsed and paid against forma invoice.

　　如協(xié)議任何一方不能按協(xié)議規(guī)定及時付款，另一方有權(quán)要求欠款方對應(yīng)付且未付款項支付利息。計息期從原定到期日開始(包括到期日)至實際支付日結(jié)束。雙方約定年利率為12%，利息按復(fù)利計算并按日累計。所付金額按實際天數(shù)計算，以估價發(fā)票為基礎(chǔ)支付。

　　18. EVENT OF DEFAULT違約事項

　　Non observance of one or more of the above mentioned articles wil render this agreement null and void, and the money deposited in the Designated Escrow Company Clearing and Settlement account as per article 3) will cover the clearing expenses. The Borrower shall reimburse to the Lender the difference in value between the market price paid by the Lender to purchase the bank instrument on the market and the real selling price realised by the Lender for selling the instrument on the market, if selling value is inferior to buying price.

　　嚴(yán)格執(zhí)行以上規(guī)定條款的行為將不會導(dǎo)致協(xié)議失效。按照條款3)，存入指定托管公司結(jié)算交割帳戶的資金應(yīng)足以支付結(jié)算費用。如果出借人在市場上購買銀行票據(jù)的價格與最終賣出銀行票據(jù)的價格間有差異，且賣出價低于買入價，則借用人需向出借人支付此差價金額。

　　19. SEVERANCE條款剝離

　　If any provision of this Agreement is declared by any judicial or other competent authority to be void or otherwise non enforceable, that provision shall be severed from the Agreement and the remaining provisions of this Agreement shall remain in full force and effect.

　　如果此協(xié)議中任一條款被司法機(jī)構(gòu)或主管機(jī)關(guān)宣布為無效或不具備執(zhí)行效力，那么此條款應(yīng)從協(xié)議中剝離，而協(xié)議的其他條款仍然具有全部效力。

　　20. NOTICES通知

　　Any notice or other communication in respect of this Agreement may be given in any manner set forth below:

　　a) if in writing and delivered by courier, on the date it is delivered;

　　b) if sent by telex or by telegram, on the date the recipient’s answerback is received;

　　c) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date that mail is delivered or its delivery is attempted;

　　d) if sent by electronically messaging system, on the date that electronic message is received

　　與協(xié)議有關(guān)的通知或信息可以通過以下任一一種形式遞送：

　　a) 如果通過快遞遞送書面信息，投遞日即為生效日;

　　b) 如果通過電報形式發(fā)送，生效日從收到收信人回復(fù)時起;

　　c) 如果通過掛號信方式(海外需郵寄航空信件)或同等方式(有郵件回執(zhí))遞送，生效日從投遞日或嘗試投遞日起;

　　d) 如果通過電子信息系統(tǒng)發(fā)送，收到信息日為生效日。

　　21. GOVERNING LAW AND JURISDICTION適用法律及司法管轄

　　22.1 This Agreement is governed by, and shall be construed in accordance with, ENGLISH law. The Courts of London, UK, have exclusive Jurisdiction to hear and decide any suit, action or proceedings, and to settle any disputes, which may arise out of or in connection with this Agreement, and, for those purposes, each party irrevocably submits to the jurisdiction of the court of ENGLAND.

　　此協(xié)議適用于英國法，根據(jù)英國法條文進(jìn)行解釋。對于任一案件、行為、或訴訟程序，英國倫敦法院具有專屬管轄權(quán)。倫敦法院有權(quán)調(diào)解由協(xié)議導(dǎo)致的或與協(xié)議有關(guān)的任何爭議。出于解決問題的目的，協(xié)議任何一方不得撤回向英國法院提出的爭議。

　　Each Party irrevocably waives any objection which it might at any time have to the courts of England being nominated as the forum to hear and decide any proceedings and to settle any disputes and agrees not to claim that the courts of England are not convenient or appropriate forum.

　　此協(xié)議指定英國法院為聽取和處理訴訟程序、解決爭議的法院，協(xié)議任何一方不得持有任何可能的異議。雙方不得以不方便和不適當(dāng)為理由拒絕由該法院解決爭議。

　　22. TIME時間

　　Time shall be of the essence of the Agreement 時間是此協(xié)議中極為重要的因素。

　　23. RECORDING錄音

　　The Parties agree that each may record all telephone conversation between them

　　雙方同意將彼此間全部電話交流進(jìn)行錄音。

　　24. MISCELLANEOUS其他事項

　　a) this Agreement constitutes the entire agreement and understanding of the Parties with respect to its subject matter and supersedes all oral communication and prior writings with respect thereto.

　　b) no amendment in respect of this Agreement will be effective unless in writing and executed by each of the Parties or confirmed by an exchange of telexes or electronic messages on an electronic messaging system

　　c) except as provided on this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law.

　　d) a person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any terms of this Agreement.

　　e) this Agreement (and each amendment in respect of it) may be executed and delivered in counterparts (including by facsimile or email transmission), each of which will be deemed as original.

　　a) 此協(xié)議文本包含了全部協(xié)議內(nèi)容以及雙方對協(xié)議主旨的理解。雙方之前所做的口頭交流以及相關(guān)書面文件不再發(fā)生效力。

　　b) 對協(xié)議內(nèi)容所做的任何修改必須為書面形式，由協(xié)議雙方共同執(zhí)行或經(jīng)電報或電子信息系統(tǒng)確認(rèn)，否則不發(fā)生效力。

　　c) 除協(xié)議另有規(guī)定，協(xié)議所賦予雙方的權(quán)利、權(quán)力、補(bǔ)償、以及特權(quán)與相關(guān)法律所規(guī)定的各方權(quán)利、權(quán)力、補(bǔ)償、以及特權(quán)不發(fā)生矛盾，可以累加。

　　d) 非協(xié)議相關(guān)方的第三人無權(quán)根據(jù)《1999年合同(第三人權(quán)利)法案》要求執(zhí)行協(xié)議條款。

　　e) 此協(xié)議(以及相關(guān)修訂)的副本具有與正本同等效力?？梢赃f送(包括通過傳真或電子郵件發(fā)送)或作為執(zhí)行依據(jù)。

　　25. PENALTY AND EXPENSES FOR EXTENSIONS罰金及延期費用

　　The terms of expiration of this agreement can be extended for other 30 days paying an amount of euro 10,000 as penalty. The terms of 20 days after receipt of the corporate invoice to provide for the conditional payment, can be extended for other 30 days paying a penalty of eur10,000

　　協(xié)議的終止日期可以向后延長30天，但為此必須支付10,000歐元作為罰金。借用人在收到公司發(fā)票后準(zhǔn)備進(jìn)行有條件支付的20天期限也可以向后延長30天，但同樣要交付10,000歐元的罰金。

　　READ, APPROVED AND EXECUTED BY THE PARTIES IN 9 PAGES TODAY.

　　雙方已經(jīng)閱讀了全部九頁文件，并對所有條款表示認(rèn)可，該協(xié)議于即日起生效。

　　THE LENDER出借人

　　Annex: LOAN OF BANKING SECURITY PROGRAM APPLICATION

　　附件： 銀行證券出借項目申請表

　　We confirm that the above mentioned bank officer is completely aware about our application.

　　我方確認(rèn)，上述銀行經(jīng)辦人完全了解我方申請一事。

　　APPLICATION DATA申請信息：

　　Purpose of loan applied for: 申請該項借用的目的：

　　We are ready to deposit in the appointed AGENT LENDERS the call option banking expenses, against invoice, in an amount of

　　EUR 20,000 for instrument’s value within 5,000,000

　　EUR 40,000 for instrument’s value more high

　　我方將在收到發(fā)票后，付給指定的代理出借人看漲期權(quán)的銀行服務(wù)費用，具體數(shù)額如下：

　　票據(jù)面值低于5000000時，支付20000歐元

　　票據(jù)面值高于5000000時，支付40000歐元

　　In finance options are types of contracts, including and, where the future payoffs to the buyer and seller of the contract are determined by the price of another security, such as a common stock. More specifically, a call option is an agreement in which the buyer (holder) has the right (but not the obligation) to by buying an asset at a set price on (for a European style option) or not later than (for an American style option) a future date (the exercise date or expiration); and the seller (writer) has the obligation to honor the terms of the contract. A put option is an agreement in which the buyer has the right (but not the obligation) to exercise by selling an asset at the strike price on or before a future date; and the seller has the obligation to honor the terms of the contract.

　　在金融領(lǐng)域，期權(quán)是某種形式的合約協(xié)議，在該協(xié)議中，買方和賣方的贏利是由其他債券(如普通股票)的價格決定的。準(zhǔn)確地說，看漲期權(quán)是一種協(xié)議，在該協(xié)議中，買方(持有方)有權(quán)(但非義務(wù))以固定的價格在未來某日(按照歐洲國家對期權(quán)的定義)或在未來某日之前(按照美國對期權(quán)的定義)購買某一資產(chǎn)(未來某日可為期權(quán)行使日期，或到期日);同時，賣方有義務(wù)履行合同之規(guī)定。看跌期權(quán)亦為一種協(xié)議，在該協(xié)議中，買方有權(quán)(但非義務(wù))以履約價格在未來某日或未來某日之前出售某一資產(chǎn);同時賣方有義務(wù)履行合同之規(guī)定。

　　Since the option gives the buyer a right and the writer an obligation, the buyer pays the option premium to the writer. The buyer is considered to have a position, and the seller a position. For every open contract there is a buyer and a seller. Traders in exchange-traded options do not usually interact directly, but through a such as, in the U.S., or in Germany and Luxemburg. The clearing house guarantees that an assigned writer will fulfill his obligation if the option is exercised. Options/Derivatives are not rated and/or are below investment grade; however the OCC’s clearing process is considered AAA rated.)

　　鑒于期權(quán)賦予買方權(quán)利，而給予賣方義務(wù)，因而買方應(yīng)向賣方支付期權(quán)溢價。買賣雙方均有頭寸。每個開放式合約均有一個賣方和一個買方。通常，場內(nèi)交易期權(quán)中的買賣雙方不會直接接觸，而是通過，例如在美國、德國或盧森堡。在行使期權(quán)期間，票據(jù)交換所要保證指定的賣方履行全部義務(wù)。期權(quán)/金融衍生品低于投資級別且/或不會被評級;但美國貨幣監(jiān)管署的清算流程的評級為AAA級。

　　PRE ADVISES (only if needed by the borrower) 預(yù)先通知(如果借用人要求提供的話)

　　1. by swift MT999 bank to bank basis covering the banking cost in an amount of EUR 98,000

　　2. by certified email bank to bank basis covering the banking cost in an amount of EUR 38,000.

　　1. 以銀行對銀行Swift MT99的形式，手續(xù)費98000歐元

　　2. 以銀行對銀行確認(rèn)電子郵件的形式，手續(xù)費38000歐元

　　Procedures as follows: 操作流程如下：

　　1) ALTOFIN issues an agreement for securities in leasing (no leasing fees)

　　愛托芬公司出具證券租借協(xié)議(無租借費);

　　2) ALTOFIN discount 90% leased BOND (BG or CD or MTN), transform discounted amount in an Altofin CD

　　愛托芬公司對租借證券(銀行擔(dān)保、存單或中期票據(jù))提供9折優(yōu)惠，折后資金存入愛托芬存單;

　　3) CD shall be deposited in our correspondent bank (Volksbank or Bank of Dubai) with maturity date one year

　　客戶在我公司代理行開立存單(沃克銀行或迪拜銀行)，存期為一年;

　　4) Volkshank issues SKR (Safe Keeping Receipt) with deposited CD

　　沃克銀行為存單出具保管收據(jù)(SKR);

　　5) SKR shall be confirmed by MT 760 保管收據(jù)按信匯760方式確認(rèn);

　　6) End of the transaction 完成交易。

　　Please note, in order to carry out issuing of Altofin CD/POF on Bloomberg (in alternative to security in leasing from primary banks, quoted in stock market), costumer need to go through leasing procedure as formality to meet legal requirements of our Institution (FREE OF CHARGE). This is to say, costumer will sign agreement as borrower for an security chosen from our list, we will lend and discount at 90% of face value. Funds from discounted security to be placed on CD therefore publicized in Bloomberg along with access code for costumer bank record and verification.

　　請注意，要開立在彭博公司注冊的愛托芬存單或資金證明(而不是通過主要銀行租借證券)，客戶必須完成正規(guī)的租借程序，使其符合行業(yè)協(xié)會的法規(guī)要求(免費)。這就是說，客戶要從我們的列表中選擇一種證券，作為借用方簽訂協(xié)議，我們以票面價值九折出借。這部分資金將被存入存單，并在彭博公司注冊?？蛻魰玫綆裘艽a，以便查詢和確認(rèn)資金。

　　Upon receipt of Application form filled by the costumer, we will issue agreement for acceptance

　　and signature. An pro forma invoice shall be provided for an advance payment for settlement. Once executed advance payment, in 2 (two) banking days, CD shall be placed on Bloomberg and provided access code to you/your bank.

　　我們在收到客戶填寫的申請表之后，將會出具承諾協(xié)議并簽字蓋章，同時開出一張形式發(fā)票，以便客戶支付預(yù)付款。收到預(yù)付款后，我們將在兩個銀行工作日內(nèi)在彭博公司注冊存單，并向您或您的銀行提供帳戶密碼。

　　Balance of the fees for Altofin CD emission shall be paid upon verification on Bloomberg and

　　grant by one of the method payment as per guidelines & procedure. I.E: pay order or promissory note, endorsed by your bank or conditional swift mt 103.

　　開立愛托芬存單的剩余服務(wù)費要經(jīng)過彭博公司的檢驗才能支付，并且以不違反章程和合同的方式支付。也就是說，本票或付款通知書要經(jīng)過您的銀行背書或以信匯103有條件方式支付。

　　MISCELLANEA其他

　　Hereby we certify that all data presented in this loan application are full and correct.

　　We authorize Lenders or other Company Encharged to verify and clarify all the presented data from their sources.

　　Lender shall have the right to reject the loan application without any explanation if the loan application contain false information.

　　Hereby we entitle the Lender to disclose the information presented in the loan application to credit Institutions having considerable holding in them.

　　在此我們確認(rèn)，本借用申請中所有的資料均完整真實。

　　我們允許借用人或其它負(fù)責(zé)公司通過自己的渠道查證及核實所有資料。

　　如借用申請中含有任何虛假信息，出借人有權(quán)無條件拒絕借用申請。

　　同時，我方也允許出借人向擁有其股份的信用機(jī)構(gòu)披露本申請中的任何信息。