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Okvirni Repo Ugovor Master Repo Agreement

Okvirni Repo Ugovor Master Repo Agreement

OKVIRNI UGOVOR

O REOTKUPU HARTIJA OD VREDNOSTI

(OKVIRNI REPO UGOVOR)



Zaključen xxxx _______ 20__.godine

(u daljem tekstu: Ugovor)

između:


<banka A>


i


<banka B>



u daljem tekstu: Ugovorne strane.


I. Opšte odredbe


Član 1.


  1. Ugovorne strane su saglasne da ovim ugovorom urede međusobne odnose u vezi sa obavljanjem repo transakcija (u daljem tekstu: Transakcijа).



  1. Тransakcijа јe kupovina i prodaja hartija od vrednosti u kojoj je jedna ugovorna strana (u daljem tekstu: Prodavac) saglasna da na datum kupovine proda hartije od vrednosti drugoj ugovornoj strani (u daljem tekstu: Kupac), a Kupac je saglasan xx xxxxx Prodavcu kupovnu cenu, uz istovremenu obavezu da će ekvivalentne hartije od vrednosti na tačno utvrđeni datum ili na zahtev Prodavca (u daljem tekstu: datum reotkupa) prodati Prodavcu koji će za te hartije Kupcu platiti reotkupnu cenu.


  1. Transakcije se izvršavaju u zemlji i inostranstvu preko nadležnih intitucija za kliring i saldiranje hartija od vrednosti.


  1. Ugovorne strane nisu u obavezi da obavljaju Transakcije, već o tome odlučuju zavisno od svojih potreba, kao i procene kretanja finansijskih i drugih pokazatelja na finansijskom tržištu.


Član 2.


  1. Ugovorne strane su saglasne da će za svaku pojedinačnu Transakciju na osnovu ovog ugovora zaključiti poseban ugovor u kome će biti utvrđeni uslovi te Transakcije (u daljem tekstu: Zaključnica) koji, zajedno sa ovim ugovorom (u daljem tekstu: Xxxxxx), čini jedan jedinstveni ugovor.


  1. Elementi Zaključnice utvrđeni su u prilogu ovog ugovora.


Član 3.


  1. U slučaju protivrečnosti između odredaba ovog ugovora i posebnih uslova za pojedinačnu Transakciju utvrđenih u Zaključnici, primenjivaće se posebni uslovi iz Zaključnice.


  1. Ugovorne strane su saglasne da neizvršenje obaveze jedne ugovorne strane po bilo kojoj Transakciji iz bilo koje Zaključnice predstavlja neizvršenje odnosno povredu Ugovora predviđenu članom 18. Ugovora, osim ako drukčije ne ugovore.



II. Značenje pojedinih pojmova


Član 4.


Pojedini pojmovi, u smislu ovog ugovora, imaju sledeća značenja:


  1. Datum zaključenja Transakcije (Trade Date) je datum na koji su ugovorne strane zaključile Zaključnicu.


  1. Datum kupovine (Purchase Date) je datum na koji je Kupac xxxxx da Prodavcu plati kupovnu cenu za kupljene hartije od vrednosti, a Prodavac xx xxxxx da mu proda odnosno prenese te hartije od vrednosti.


  1. Datum reotkupa (Repurchase Date) je datum na koji je Kupac xxxxx da Prodavcu proda, odnosno prenese ekvivalentne hartije od vrednosti, a Prodavac xx xxxxx da Kupcu plati reotkupnu cenu.


  1. Dospeće Transakcije, isto što i Prevremeno okončanje Transakcije (Termination), odnosi se na nastanak obaveze Kupca da proda Prodavcu ekvivalentne hartije od vrednosti, te na obavezu Prodavca da za navedene hartije od vrednosti plati Kupcu reotkupnu cenu. Izuzetno, ako su kupljene hartije od vrednosti dospele u toku trajanja Transakcije, neće se smatrati da je nastupilo Prevremeno okončanje Transakcije već da je nastalo novčano potraživanje jedne ugovorne strane (Prodavca) prema drugoj (Kupca) u visini iznosa dobijenog dospećem odnosno prevremenim otkupom takvih hartija od vrednosti xx xxxxxx izdavaoca.


  1. Kupljene hartije od vrednosti (Purchased Securities) su hartije od vrednosti koje je Prodavac prodao Kupcu, kao i nove kupljene hartije od vrednosti u smislu ovog ugovora.

  2. Ekvivalentne hartije od vrednosti su hartije od vrednosti koje su:


    1. kupljene hartije od vrednosti;

    2. izdate od istog izdavaoca, iste su vrste i tržišne vrednosti i imaocu daju ista prava kao i kupljene hartije od vrednosti ili

    3. druge hartije od vrednosti koje su ugovorne strane utvrdile kao takve u Zaključnici.



  1. Nove kupljene hartije od vrednosti (New Purchased Securities) su hartije od vrednosti kojima Prodavac, o svom trošku i uz saglasnost Kupca, može da zameni bilo koje ekvivalenthe hartije od vrednosti.


  1. Kupovna cena je iznos koji na datum kupovine Kupac plaća Prodavcu za kupljene hartije od vrednosti koje su predmet Transakcije. Formulu za obračun kupovne cene ugovorne strane utvrđuju u Zaključnici ovog ugovora.


  1. Razlika u ceni (Price Differential) predstavlja iznos dobijen primenom repo stope na kupovnu cenu, uz korišćenje u obračunu stvarnog xxxxx xxxx trajanja Transakcije, od (i uključujući) datuma kupovine do (ali isključujući) datum reotkupa (Vreme trajanja Transakcije), a na osnovicu od 360 ili 365 xxxx, saglasno tržišnoj praksi ili prema drugoj osnovici koju xx xxxxxx ugovorile u Zaključnici, primenom prostog interesnog računa.



  1. Reotkupna cena (Repurchase Price) je iznos jednak zbiru kupovne cene i razlike u ceni obračunate na datum reotkupa.


  1. Repo xxxxx (Pricing Rate) je kamatna xxxxx po kojoj se obračunava razlika u ceni, ugovorena između ugovornih strana za pojedinačnu transakciju, i izražava se u procentu na godišnjem nivou. Ugovorne strane utvrđuju visinu repo stope u Zaključnici.


  1. Haircut predstavlja procenat umanjenja tržišne vrednosti ekvivalentnih hartija od vrednosti radi utvrđivanja Kupovne cene. Ugovorne strane visinu haircut-a utvrđuju u Zaključnici, i to za svaku vrstu ekvivalentnih hartija od vrednosti koje su predmet Transakcije.


  1. Koeficijent aktivacije transfera margine (Margin call) predstavlja procenat dozvoljenog odstupanja tržišne vrednosti ekvivalentnih hartija od vrednosti od Kupovne cene uvećane za iznos obračunate, a neisplaćene xxxxxx. Koeficijent aktivacije transfera margine ugovorne strane utvrđuje u Zaključnici za svaku pojedinačnu Transakciju.


  1. Obračunata a neisplaćena kamata (Accrued intrest) xx xxxxxx koja se izračunava primenom Repo stope na kupovnu cenu za xxxx xxxx od (i uključujući) datuma kupovine do (ali isključujući) datuma kada se vrši obračun xxxxxx, xx osnovicu od 360 ili 365 xxxx saglasno sa tržišnom praksom ili drugom osnovicom koju xx xxxxxx ugovorile u Zaključnici, primenom prostog interesnog računa.



  1. Transfer margine predstavlja prenos margine u novcu ili margine u ekvivalentnim hartijama od vrednosti između ugovornih strana radi nadoknade nastale transakcijske izloženosti jedne ugovorne xxxxxx xxxxx drugoj, u skladu s odredbama ovog ugovora.


  1. Margina u novcu (Cash Margin) predstavlja novčani iznos koji je Kupac xxxxx xx xxxxx Prodavcu ili obrnuto a u cilju nadoknade nastale transakcijske izloženosti jedne ugovorne xxxxxx xxxxx drugoj.


  1. Margina u ekvivalentnim hartijama od vrednosti (Equivalent Margin Securities) predstavlja ekvivalentne hartije od vrednosti koje je Prodavac xxxxx da prenese Kupcu ili obrnuto a u cilju nadoknade nastale transakcijske izloženosti jedne ugovorne xxxxxx xxxxx drugoj.


  1. Transakcijska izloženost (Transaction Exposure) predstavlja, za vreme trajanja Transakcije, razliku između iznosa:


    1. kupovne cene uvećane za iznos obračunate a neisplaćene xxxxxx, pri čemu se ovaj iznos uvećava za iznos margina u novcu (uvećanih u skladu sa članom 10. st. (6) i (7) ovog ugovora) koje je Kupac isplatio Prodavcu, kao i za iznos tržišne vrednosti margine u ekvivalentnim hartijama od vrednosti koje je Kupac preneo Prodavcu, i


    1. tržišne vrednosti ekvivalentnih hartija od vrednosti u trenutku obračuna, umanjene za iznos haircut-a, pri čemu se ovaj iznos uvećava za iznos margina u novcu (uvećanih u skladu sa članom 10. st. (6) i (7) ovog ugovora) koje je Prodavac isplatio Kupcu, kao i za iznos tržišne vrednosti margine u ekvivalentnim hartijama od vrednosti koje je Prodavac preneo Kupcu.


Ako je iznos pod (a) veći od iznosa pod (b), smatraće se da postoji transakcijska izloženost Kupca prema Prodavcu u visini razlike ta dva iznosa, a ako je iznos pod (b) veći od iznosa pod (a), smatraće se da postoji transakcijska izloženost Prodavca prema Kupcu u visini razlike ta dva iznosa.



  1. Neto izloženost jedne ugovorne xxxxxx xxxxx drugoj postoji ako je zbir svih transakcijskih izloženosti jedne ugovorne xxxxxx xxxxx drugoj ugovornoj strani veći od ukupnog zbira svih transakcijskih izloženosti druge ugovorne xxxxxx xxxxx prvoj ugovornoj strani.


  1. Netiranje plaćanja xx xxxxx utvrđivanja obaveze plaćanja ako na bilo koji datum obe ugovorne strane imaju obavezu da izvrše plaćanje u istoj valuti po osnovu iste Transakcije, kao i po osnovu svih zaključenih transakcija. Međusobne obaveze plaćanja će se prebiti nakon što ugovorne strane međusobno razmene i usaglase obračune svih iznosa plaćanja u skladu sa ovim ugovorom. Netiranje će se izvršiti tako da ugovorna strana koja duguje veći iznos plati drugoj ugovornoj strani razliku između tih iznosa.



  1. Prihod od hartija od vrednosti predstavlja svaku kamatu, kupon, dividendu i/ili bilo koji drugi prihod (uključujući i bilo koju hartiju od vrednosti koju njen izdavalac izda umesto isplate kupona ili dividende) u odnosu na hartiju od vrednosti xxxx xx predmet Transakcije. Isplata glavnice neće se smatrati isplatom xxxxxxx xx hartije od vrednosti u smislu odredbi ovog ugovora.


  1. Radni xxx je:


    1. u slučaju plaćanja u dinarima - xxx na xxxx xx poslovne banke otvorene za poslovanje i plaćanja u mestu Transakcije ili, ako nije tako dogovoreno, u mestu u kojem se vode računi na koje treba izvršiti uplatu (isključujući subotu, nedelju ili xxxxxxx);


    1. u slučaju plaćanja u nekoj drugoj valuti različitoj od xxxxxx - xxx na xxxx xx poslovne banke otvorene za poslovanje i plaćanja u mestu Transakcije ili, ako nije tako dogovoreno, u mestu u kojem se vode računi na koje treba izvršiti uplatu (isključujući subotu, nedelju ili xxxxxxx);


    1. uslučaju prenosa hartija od vrednosti, xxx xxxx je nadležna intitucija otvorena za kliring i saldiranje hartija od vrednosti.


  1. Konvencija o radnom xxxx xx saglasnost ugovornih strana o tome koji će se xxx smatrati radnim danom u slučaju kada bilo koji datum plaćanja ili isporuke, datum utvrđivanja ili vrednovanja, datum početka ili raskida ili datum izvršenja dogovoren između ugovornih strana nije Radni xxx u smislu xxxxx 22) ovog člana ugovora, i utvrđuje se u Zaključnici. Ako konvencija o radnom danu nije utvrđena u Zaključnici, smatraće se da je Radni xxx - Naredni xxx u smislu xxxxx 24) alineje (b).


  1. Radni xxx za potrebe Konvencije o radnom danu (u odnosu na datum plaćanja, isporuke, utvrđivanja ili vrednovanja, odnosno datum raskida) je:



    1. prvi prethodni Radni xxx (Prethodni xxx), ili



    1. prvi naredni Radni xxx (Naredni xxx), ili



    1. prvi naredni Radni xxx, osim ako taj xxx pada u naredni kalendarski mesec, u kom slučaju će se predmetno plaćanje, isporuka, utvrđivanje ili vrednovanje izvršiti, odnosno, datum početka, raskida ili izvršenja nastupiti, prvog prethodnog Radnog xxxx (Izmenjeni naredni xxx).


  1. Kliring i saldiranje je utvrđivanje obaveza i potraživanja u hartijama od vrednosti i novcu po zaključenim kupoprodajnim transakcijama hartijama od vrednosti, kao i izvršavanje obaveza prenosom hartija od vrednosti i novčanih sredstava.


  1. Transakcija do opoziva je transakcija u kojoj se tačan datum reotkupa ne utvrđuje prilikom zaključenja transakcije, nego se određuje naknadno, u pisanom obaveštenju koje jedna ugovorna strana pošalje drugoj. Ako nijedna ugovorna strana ne pošalje xxxxxx obaveštenje iz xxx xxxxx Ugovora, smatraće se da datum reotkupa nastupa jednu kalendarsku godinu nakon datuma kupovine. Ako xx xxxx određeni datum neradni xxx (praznik, subota, nedelja ili bilo koji xxx xxxx banke nisu otvorene za poslovanje) datum reotkupa xxxx određen u skladu sa Konvencijom o radnom danu.



  1. Transakcija s fiksnim rokom je Transakcija kod koje se tačan datum reotkupa utvrđuje prilikom zaključenja Transakcije.


  1. Tržišna vrednost (Market Value) hartija od vrednosti predstavlja:


    1. kotiranu cenu za te Hartije od vrednosti dobijenu preko opšte priznatog izvora dogovorenog između strana, ili


    1. u odsustvu takvog dogovora, odnosno kotacije,

      1. ako su Hartije od vrednosti listirane na berzi i nisu suspendovane, njihova poslednja cena kotirana na berzi;

      2. ako Hartije od vrednosti nisu listirane na berzi, ali na glavnom tržištu na kojem se trguje xxx hartijama njihovu cenu objavljuje centralna banka ili drugi nadležni organ na taj xxx, poslednja objavljena takva cena;

      3. ako cenu nije moguće odrediti saglasno odredbama pod (i) i (ii) xxx xxxxx, xxxxxx kupovne i prodajne cene za takve Hartije od vrednosti, u dato vreme na dati datum ustanovljene xx xxxxxx dva vodeća tržišna učesnika koja nisu ugovorne strane,

      4. ako cenu nije moguće odrediti saglasno odredbama pod (i), (ii) i (iii) xxx xxxxx, cena koju obe ugovorne strane međusobno obračunaju u skladu sa Tržišnim parametrima utvrđenim u Zaključnici,


uvećanu za kamatu po osnovu tih Hartija od vrednosti na datum utvrđivanja njihove tržišne vrednosti (ako kamata već nije uključena u cenu tj. cena xxxxxxx xxxxxxxx kao “dirty price”).


  1. Ugovorna valuta (Contractual Currency) je valuta koju u skladu s propisima prihvate obe ugovorne xxxxxx xxx valutu u kojoj će se vršiti sve isplate u odnosu na bilo koju Transakciju. Svi iznosi koji nisu izraženi u ugovornoj valuti xxxx preračunati u tu valutu prema srednjem kursu Narodne banke Srbije na xxx obračuna, osim ako su ugovorne strane u Zaključnici ugovorile drugi kurs za obračun. Ugovorne strane mogu u slučaju više Transakcija u različitim valutama dogovoriti i jednu valutu u kojoj bi vršile prebijanja medjusobnih potraživanja i obaveza proisteklih iz tih transakcija.




III. Zaključenje transakcije, Zaključnica, izvršenje obaveza


Član 5.


  1. Ugovorne strane su saglasne da uslovi Transakcije mogu biti usaglašeni usmeno (telefonom), elektronski ili u pisanoj formi, a na predlog bilo koje od ugovornih strana.


  1. Ugovorne strane su saglasne da, ako su uslovi Transakcije usaglašeni usmeno (telefonom), ta telefonska konverzacija bude snimana. Snimljeni telefonski razgovori mogu biti korišćeni kao dokazno sredstvo u sudskim i vansudskim postupcima koji mogu biti pokrenuti u vezi sa ovim ugovorom.


Član 6.


  1. Nakon što se ugovorne strane usaglase o elementima Transakcije, Prodavac se obavezuje da xx Xxxxx bez odlaganja poslati dva primerka potpisane Zaključnice, popunjene u skladu sa usaglašenim uslovima Transakcije. Kupac potpisuje oba primerka Zaključnice, i jedan primerak vraća Prodavcu.


  1. Zaključnica je zaključena i proizvodi pravno dejstvo u trenutku kada Prodavac primi od Kupca primerak Zaključnice koji sadrži potpis obe ugovorne strane.



Član 7.


  1. Kupac može da izjavi prigovor na primljeni primerak Zaključnice ukoliko ona nije popunjena u skladu sa usaglašenim uslovima Transakcije.


  1. Prigovor na Zaključnicu xxxx biti izjavljen Prodavcu odmah po njenom prijemu, u protivnom će se smatrati da sadržaj Zaključnice odgovara usaglašenim uslovima Transakcije. Prigovor na Zaključnicu xxxx biti izjavljen pisanim putem ili u elektronskoj formi.


  1. Ako Prodavac prihvati elemente Prigovora, xxxxx xx da, do kraja radnog xxxx xxxx je isti primio, pisanim putem ili u elektronskoj formi obavesti o tome Kupca, nakon čega će ugovorne strane zaključiti novu Zaključnicu u skladu sa članom 6. ovog ugovora.


  1. Ako Prodavac ne prihvati elemente Prigovora ili do kraja radnog xxxx xxxx je isti primio pisanim putem ili u elektronskoj formi ne obavesti Kupca da Prigovor prihvata, smatraće se da Zaključnica nije zaključena.



Član 8.


  1. Prodavac se obavezuje da na datum kupovine hartija od vrednosti isporuči Kupcu kupljene hartije od vrednosti, a Kupac se obavezuje da na taj isti xxx xxxxx Prodavcu kupovnu cenu.


  1. Kupac se obavezuje da na datum reotkupa isporuči Prodavcu ekvivalentne hartije od vrednosti a Prodavac se obavezuje xx xxxxx Kupcu reotkupnu cenu (umanjenu za bilo koji iznos xxxxxxx i drugih priliva u skladu sa članom 11. ovog ugovora).



  1. Transakcija će se smatrati dospelom:


    1. u slučaju Transakcije do opoziva - na xxx određen u zahtevu za opoziv Transakcije, odnosno ako ni jedna Ugovorna strana takav zahtev ne uputi, godinu xxxx od datuma kupovine;


    1. u slučaju Transakcije s fiksnim rokom, na utvrđeni datum reotkupa.


  1. U slučaju dospeća Transakcije do opoziva na zahtev jedne od ugovornih strana, jedna ugovorna strana xxxx pisanim putem obavestiti drugu ugovornu stranu o datumu reotkupa najmanje 2 (dva) xxxxx xxxx pre datuma reotkupa.


IV. Upravljanje izloženošću putem margina


Član 9.


  1. Lice koje ugovorne strane odrede za obračun Xxxx izloženosti u smislu ovog ugovora (Agent za vrednovanje) ili, ako takvo određenje izostane, svaka od ugovornih strana, izračunaće Neto izloženost na svaki Datum vrednovanja određen u Zaključnici, a u slučaju da dogovor o Datumu vrednovanja izostane obračun će se vršiti na svaki Radni xxx – do 11:00 časova primenom Tržišnih parametara iz Zaključnice.



  1. Agent za za vrednovanje obaveštava obe ugovorne strane o iznosu neto izloženosti odmah nakon njenog utvrđivanja pri čemu je, na zahtev bilo koje ugovorne strane, u obavezi da dostavi detalje obračuna te izloženosti, elektronski ili u pisanoj formi.


  1. Transfer Margine izvršiće se u visini Neto izloženosti obračunate za taj xxx ako je iznos iz člana 4. stava (1) xxxxx (18) pod (b) veći/manji od gornje/donje vrednosti dobijene primenom koeficijenta aktivacije transfera margine (Margin call-a) utvrđenog u Zaključnici na iznos iz člana 4. stava (1) xxxxx (18) pod (a), a ako taj koeficijent nije utvrđen na xxx xxxxx, transfer margine će se vršiti svaki put kada se utvrdi neto izloženost u skladu sa ovim ugovorom.



  1. Ugovorne strane su saglasne da nakon utvrđivanja ispunjenosti uslova za transfer margine na način iz stava (3) ovog člana Primalac xxxxxxx xxxxx obaveštenje Davaocu margine, kojim zahteva transfer xxxxxxx xxxx će biti najmanje jednaka Neto izloženosti.


  1. Obaveštenje iz stava (4) ovog člana, ako xx xxxx učinjeno usmeno, odnosno telefonom, xxxx naknadno i bez odlaganja biti učinjeno i elektonski ili u pisanoj formi, na xxxxx xxx što je to uobičajeno u tržišnoj praksi.


  1. Neto izloženost će biti utvrđena, i shodno tome xxxx potrebno izvršiti transfer margine, za sve Transakcije osim ako je drukčije ugovoreno Zaključnicom.



Član 10.


  1. Davalac margine je u obavezi da, nakon prijema obaveštenja iz člana 9. stava (4) ovog ugovora od Primaoca margine, izvrši prenos margine u iznosu najmanje jednakom utvrđenoj neto izloženosti u roku utvrđenom u Zaključnici, a ako ovaj rok nije utvrđen između ugovornih strana, Davalac margine je u obavezi da prenese marginu:



  • prvog sledećeg radnog xxxx xxxxx prijema obaveštenja iz člana 9. stava (4) Xxxxxxx, ako je isto primio pre 11:00 časova tekućeg xxxx,



  • drugog radnog xxxx xxxxx prijema obaveštenja iz člana 9. stava (4) Xxxxxxx, ako je isto primio posle 11:00 časova tekućeg xxxx.



  1. Ugovorne strane xx xxxxx prenosa margine utvrditi u Zaključnici, a ako način prenosa margine ne utvrde u Zaključnici Davalac margine ima pravo da odluči da li će preneti Marginu u novcu ili Marginu u ekvivalentinm hartijama od vrednosti ili kombinacijom ova dva načina.



  1. U slučaju prenosa margine u ekvivalentnim hartijama od vrednosti ugovorne xxxxxx xx u Zaključnici precizirati način zaokruživanja neophodnog broja hartija.


  1. Izuzetno, ako je Primalac margine:


  • već platio Marginu u novcu koja mu nije vraćena, i/ili

  • već preneo Marginu u ekvivalentnim hartijama od vrednosti koja mu nije vraćena,


Davalac margine je u obavezi xx xxxxx takvu Marginu u novcu ili Xxxxxxx u ekvivalentnim hartijama od vrednosti, a preostali iznos neto izloženosti vraća ili prenosi u skladu sa stavom (2) ovog člana Ugovora.


  1. Primljena margina u novcu predstavlja novčanu obavezu Primaoca margine prema Davaocu margine.



  1. Ugovorne strane su saglasne da će se na iznos primljene margine u novcu obračunavati kamata, po kamatnoj stopi utvrđenoj u Zaključnici, za xxxx xxxx od (i uključujući) datuma prijema margine do (ali isključujući) datuma kada se vrši povraćaj margine, na osnovicu od 360 ili 365 xxxx saglasno sa tržišnom praksom ili drugom osnovicom koju xx xxxxxx ugovorile u Zaključnici, primenom prostog interesnog računa, a koju će Primalac margine plaćati Davaocu margine u vremenskim intervalima definisanim u Zaključnici.



  1. Ako Ugovorne strane ne utvrde kamatnu stopu i vremenske intervale plaćanja xxxxxx u skladu sa stavom (6) ovog člana Ugovora, kamatna xxxxx xx biti jednaka Repo stopi za pojedinačnu Transakciju, a kamata će se plaćati onog xxxx xxxx se od Primaoca margine zahteva xx xxxxx marginu.



  1. Na datum Dospeća Transakcije, bilo xxxx xxxxxxx/plaćena a nevraćena margina, po osnovu te Transakcije, xxxx biti vraćena Ugovornoj strani xxxx xx istu prenela/platila uvećanu za pripadajuću kamatu (accrued intrest).


V. Prihodi iz hartija od vrednosti


Član 11.


  1. Ako izdavalac izvrši bilo kakvu isplatu xxxxxxx po osnovu ekvivalentnih hartija od vrednosti imaocima tih hartija od vrednosti pre isteka roka Transakcije, Kupac će na xxx te isplate preneti Prodavcu iznos koji je primio, osim ako drukčije nije ugovoreno.



  1. Ako xx xxxxx do prenosa margine u ekvivalentnim hartija od vrednosti sa jedne Ugovorne strane na drugu Ugovornu stranu, a izdavalac izvrši bilo kakvu isplatu xxxxxxx po osnovu tih hartija od vrednosti pre nego što je strana xxxx xx primila takvu marginu vratila te hartije od vrednosti drugoj ugovornoj strani, strana xxxx xx xx xxxxxxx primila dužna je da drugoj Ugovornoj strani prenese primljeni iznos i to istog xxxx xxxx je prihod primila osim ako drukčije nije ugovoreno.


  1. Ako izdavalac hartija od vrednosti u smislu st. (1) i (2) ovog člana ugovora, umesto isplate xxxxxxx iz tih hartija od vrednosti izda kakvu drugu hartiju od vrednosti, strana xxxx xx takve hartije od vrednosti primila dužna je da ih istog xxxx prenese drugoj ugovornoj strani, osim ako drukčije nije ugovoreno.


  1. Ako prihod iz st. (1) i (2) ovog člana ugovora, odnosno hartije od vrednosti iz stava (3) ovog člana, zbog ograničenja odnosno tehničke nemogućnosti platnog sistema ili sistema za saldiranje hartija od vrednosti, nije moguće doznačiti odnosno preneti istog xxxx xxxx su primljeni od izdavaoca hartija od vrednosti, strana xxxx xx xxx prihod odnosno hartije od vrednosti primila dužna je da ga doznači odnosno da ih prenese drugoj strani u najkraćem mogućem roku koji platni sistem ili sistem za saldiranje hartija od vrednosti dopušta, na način xxxx xx to uobičajeno u tržišnoj praksi.


  1. Ugovorne strane su saglasne da se iznosi iz st. (1) i (2) ovog člana odnosno hartije od vrednosti iz stava (3) ovog člana prenose bez odbijanja poreza odnosno drugih davanja koja mogu opterećivati takve hartije od vrednosti.


  1. Odredbe st. od (1) do (5) ovog člana ugovora primenjuju se bez obzira da xx xx Kupac odnosno strana xxxx xx na ime margine primila hartije od vrednosti zadržala vlasništvo nad xxx hartijama od vrednosti do isteka roka transakcije.



  1. Ako su na ekvivalentne hartije od vrednosti data slobodno prenosiva prava upisa, Kupac će preneti na Prodavca, najkasnije trećeg xxxx od xxxx trgovine xxx pravima, ekvivalent prava upisa koja pripadaju xxx hartijama od vrednosti. Ako ta prava nisu na taj xxxxx xxxxxxx do tog xxxx, Prodavac može da kupi njihov ekvivalent na tržištu za račun Kupca. Ako Prodavac nije u mogućnosti da na xxx xxxxx xxxx xx prava, on može da zahteva od Kupca da mu plati iznos jednak Tržišnoj vrednosti tih prava na sledeći xxx trgovanja.




  1. Sve slobodno prenosive akcije dobijene u vidu bonusa, negotovinske raspodele i prateća prava (koja nisu prava upisa) koja su izdata, nastala ili su dodeljena za ekvivalentne hartije od vrednosti do isteka roka transakcije xxxx xxxxxxx Prodavcu na Datum reotkupa, osim ako drukčije nije ugovoreno.






VI. Plaćanje i prenos


Član 12.


  1. Prenos kupljenih hartija od vrednosti xx xxxxxx Prodavca i plaćanje kupovne cene xx xxxxxx Kupca izvršiće se istovremeno na datum kupovine osim ako drukčije nije ugovoreno. Prenos ekvivalentnih hartija od vrednosti xx xxxxxx Kupca i plaćanje reotkupne cene xx xxxxxx Prodavca izvršiće se istovremeno na datum reotkupa osim ako drukčije nije ugovoreno.


  1. Ugovorne strane su saglasne da sva novčana plaćanja koja, u skladu sa odredbama ovog ugovora, moraju biti učinjena u neto iznosu odnosno bez odbitka bilo kakvih poreza, taksi ili kakvih drugih davanja, osim ako drukčije nije propisano zakonom.


  1. Svaka od strana može promeniti račun za prijem plaćanja ili isporuku nakon što drugoj ugovornoj strani dostavi obaveštenje o takvoj promeni najkasnije xxxxx radnih xxxx pre ugovorenog datuma za relevantno plaćanje ili isporuku. Ako druga ugovorna strana iz opravdanih razloga ne prihvati takvu promenu dužna je da o tome blagovremeno obavesti stranu od koje je primila obaveštenje o promeni.

Član 13.


  1. Ugovorne strane se obavezuju da će preduzeti sve potrebne radnje i isporučiti svu potrebnu dokumentaciju kako bi prilikom prenosa svih hartija od vrednosti koje su predmet ovog ugovora, pravo vlasništva odnosno sva prava koja proizlaze iz tih hartija od vrednosti u potpunosti xxxx xxxxxxx na Ugovornu stranu kojoj se hartije od vrednosti prenose.


  1. Svaka Ugovorna strana obavezuje se da će platiti iznos u novcu i preneti hartije od vrednosti na datum, u mestu i na račun naveden u Zaključnici.



  1. Ako tokom trajanja ovog ugovora između ugovornih strana na isti datum dođe do dospeća dveju ili više uzajamnih novčanih obaveza nastalih na osnovu Ugovora, pri čemu su sve dospele novčane obaveze u istoj valuti, ugovorne strane su saglasne da će se na xxx dospeća tih obaveza sve takve novčane obaveze međusobno prebiti, te da će jedina preostala obaveza biti neto iznos dobijen prebijanjem, koji će jedna ugovorna strana biti dužna da isplati drugoj.


  1. Ako tokom trajanja ovog ugovora između Ugovornih strana na isti datum dođe do dospeća uzajamnih obaveza isporuke odnosno prenosa hartija od vrednosti istog izdanja odnosno izdavaoca, vrste, denominacije, valute i serije, nastalih na osnovu ovog Ugovora, Ugovorne strane su saglasne da će na xxx dospeća sve takve uzajamne obaveze isporuke hartija od vrednosti obračunati tako da xx xxxx do prebijanja tih hartija od vrednosti, te da će jedina preostala obaveza biti obaveza isporuke razlike neto količine hartija od vrednosti koju će jedna Ugovorna strana biti dužna da prenese drugoj Ugovornoj strani.


Član 14.


  1. Sve hartije od vrednosti koje se prenose u skladu s ovim ugovorom moraju biti:


    1. prenete u nadležnoj instituciji za kliring i saldiranje hartija od vrednosti ili

    2. prenete na bilo koji drugi dozvoljen način o kojem se sporazumeju Ugovorne strane.


VII. Ugovorna valuta


Član 15.


  1. Sva plaćanja po osnovu Transakcija zaključenih u skladu sa ovim ugovorom, xxxx učinjena u Ugovornoj valuti.


  1. Ugovorna strana koja na osnovu ovog ugovora treba da primi bilo koji novčani iznos, može prihvatiti predlog druge Ugovorne strane da taj iznos primi u nekoj drugoj valuti ako je to u skladu sa propisima. Ugovorna strana koja na osnovu ovog ugovora prihvati da primi bilo koji novčani iznos u valuti koja nije ugovorna valuta, ima pravo da obračuna nastale troškove konverzije primljene valute u ugovornu valutu, u skladu s tržišnom praksom, i da zahteva naknadu tih troškova xx xxxxxx xxxx xx izvršila plaćanje.




  1. Ako iz bilo kog razloga primljeni iznos bude manji od iznosa koji je trebao biti primljen u ugovornoj valuti, Ugovorna strana xxxx xx izvršila plaćanje obavezuje se da bez odlaganja doplati razliku u ugovornoj valuti obračunatu u skladu s tržišnom praksom.




  1. Ako iz bilo kog razloga primljeni iznos bude veći od iznosa koji je trebao biti primljen u ugovornoj valuti, Ugovorna strana xxxx xx primila navedeni iznos obavezuje se da bez odlaganja vrati razliku u ugovornoj valuti obračunatu u skladu s tržišnom praksom i ima pravo da zahteva naknadu troškova transfera xx xxxxx ugovorne strane.




VIII. Pravo zamene


Član 16.


  1. U smislu ovog ugovora, međusobno su zamenljive samo ekvivalentne hartije od vrednosti.


  1. Prodavac može, o svom trošku i uz saglasnost Kupca, da zameni bilo koje ekvivalentne hartije od vrednosti Novim kupljenjenim hartijama od vrednosti, koje, u trenutku xxxx xx postignuta saglasnost o takvoj zameni imaju Tržišnu vrednost najmanje jednaku Tržišnoj vrednosti ekvivalentnih hartija od vrednosti koje se zamenjuju.


  1. Svaki prenos hartija od vrednosti u skladu sa odredbama stava (2) ovog člana ugovora, xxxx sproveden istog xxxx, istovremenim prenosom ekvivalentnih hartija od vrednosti u zamenu za nove kupljene hartija od vrednosti.


  1. Zamena nema dejstvo novacije na pravne odnose iz Transakcije koji ostaju na snazi, osim što se nove kupljene hartije od vrednosti smatraju ekvivalentnim hartijama od vrednosti umesto hartija od vrednosti koje su zamenjene.


IX. Posebne garancije


Član 17.


  1. Svaka Ugovorna strana garantuje drugoj Ugovornoj strani da je Ugovor potpisan xx xxxxxx ovlašćenih lica, te da će sve Transakcije biti zaključene xx xxxxxx ovlašćenih lica.


  1. Ugovorna strana koja na osnovu ovog ugovora vrši bilo kakav prenos hartija od vrednosti drugoj ugovornoj strani, garantuje toj strani da te hartije nisu opterećene založnim i/ili bilo kojim drugim pravima odnosno teretima u korist trećih lica, te da se u vezi s istima ne vodi nikakav sudski ili drugi xxxxxxxx xxxx bi mogao umanjiti prava druge Ugovorne strane u vezi s xxx hartijama od vrednosti.







X. Povreda Ugovora


Član 18.


  1. Smatraće se da je povreda Xxxxxxx nastupila:



  1. ako Kupac na datum kupovine ne plati Prodavcu kupovnu cenu ili ako Prodavac na datum reotkupa ne plati Kupcu reotkupnu cenu a Ugovorna strana koja nije prekršila ugovorne odredbe dostavi xxxxxx obaveštenje o povredi ugovora u skladu sa članom 19. stavom (4) (u daljem tekstu: Obaveštenje o povredi) Ugovornoj strani xxxx xx prekršila ugovorne odredbe ili




  1. ako Prodavac na datum kupovine ne isporuči Kupcu kupljene hartije od vrednosti ili ako Kupac na datum reotkupa ne isporuči Prodavcu ekvivalentne hartije od vrednosti a Ugovorna strana koja nije prekršila ugovorne odredbe dostavi Obaveštenje o povredi Ugovornoj strani xxxx xx prekršila ugovorne odredbe; ili



  1. ako Kupac ili Prodavac prekrše odredbe člana 10. ovog ugovora koje se odnose na prenos margine a Ugovorna strana koja nije prekršila ugovorne odredbe dostavi Obaveštenje o povredi Ugovornoj strani xxxx xx prekršila ugovorne odredbe; ili



  1. ako Kupac ili Prodavac prekrše odredbe člana 11. ovog ugovora koje se odnose na prenos xxxxxxx iz hartija od vrednosti a Ugovorna strana koja nije prekršila ugovorne odredbe dostavi Obaveštenje o povredi Ugovornoj strani xxxx xx prekršila ugovorne odredbe; ili




  1. ako nadležni organ Kupca ili Prodavca xxxxxx odluku o dobrovoljnom prestanku rada a nakon toga druga Ugovorna strana dostavi Obaveštenje o povredi Ugovornoj strani xxxx xx takvu odluku donela ili ako centralna banka uvede prinudnu upravu kod Kupca ili Prodavca, ili im oduzme dozvolu za rad, u skladu sa zakonom kojim se uredjuje poslovanje banaka; ili




  1. ako su garancije date xx xxxxxx Kupca ili Prodavca prema odredbama člana 17. ovog ugovora netačne odnosno neistinite a nakon toga Ugovorna strana koja nije prekršila ugovorne odredbe dostavi Obaveštenje o povredi Ugovornoj strani xxxx xx prekršila ugovorne odredbe; ili



  1. u slučaju trajne ili preteće nesposobnosti plaćanja Kupca ili Prodavca u smislu zakona kojim se uređuje stečajni postupak, u slučaju podnošenja predloga za otvaranje stečajnog postupka nad Kupcem ili Prodavcem, ili ako Kupac ili Prodavac pisanim putem izjavi drugoj Ugovornoj strani da nije u mogućnosti ili da ne namerava da ispuni bilo koju od svojih obaveza u skladu s ovim Ugovorom i/ili u skladu s bilo kojom Transakcijom koja iz njega proizlazi; ili




  1. ako Kupac ili Prodavac prekrši bilo koju drugu obavezu iz ovog ugovora, i ne ispuni je u naknadnom roku od pet radnih xxxx xxxxx prijema pisanog zahteva druge Ugovorne strane za naknadnim ispunjenjem te obaveze, a nakon toga Ugovorna strana xxxx xx zahtevala ispunjenje obaveze dostavi Obaveštenje o povredi Ugovornoj strani xxxx xx prekršila ugovorne obaveze a nije ih ispunila u ostavljenom roku.



XI. Namirenje potraživanja i iznos poravnanja


Član 19.


  1. Smatraće se da je kod svake Transakcije između Ugovornih strana u trenutku nastupanja bilo koje povrede ugovornih odredbi iz člana 18. ovog ugovora nastupio datum reotkupa odnosno da su sva međusobna potraživanja i obaveze po osnovu svih Transakcija dospele, osim ako drukčije nije ugovoreno Zaključnicom.


  1. U slučaju povrede odredbi iz člana 18. ovog ugovora, na novi datum reotkupa (xxx dospeća) Ugovorna strana koja nije prekršila ugovorne odredbe obračunaće i utvrditi Transakcijsku odnosno Xxxx izloženost jedne ugovorne xxxxxx xxxxx drugoj i o tome će pisanim putem obavestiti drugu ugovornu stranu, u skladu sa stavom (4) ovog člana ugovora.


  1. Nakon što, u skladu sa stavom 2. ovog člana, bude obračunata Xxxx izloženost, ugovorna strana koja nema neto izloženost plaća iznos obračunate Xxxx izloženosti drugoj ugovornoj strani. Obaveza po xxx osnovu dospeva na naplatu prvog radnog xxxx xxxxx što je nastupila bilo koja povreda ugovornih odredbi iz člana 18. ovog ugovora, a po prijemu obaveštenja iz stava 4) ovog člana. Svi iznosi koji nisu izraženi u ugovornoj valuti xxxx obračunati u tu valutu u skladu sa odredbama ovog ugovora.



  1. Ugovorna strana koja nije prekršila ugovorne odredbe obavezuje se da će bez odlaganja Ugovornoj strani xxxx xx prekršila ugovorne odredbe poslati Obaveštenje o povredi u kome :



  1. izjavljuje da je, s obzirom da xx xxxxx do povrede Xxxxxxx iz člana 18. (uz navođenje razloga), obračunala i utvrdila iznos Neto izloženosti jedne ugovorne xxxxxx xxxxx drugoj, kao i da je, radi namirenja potraživanja prodala/kupila hartije od vrednosti, pri čemu je odlučila xx xxx tržišnu vrednost ovih hartija od vrednosti izabere:

(aa) u slučaju prodaje hartija od vrednosti neto prihod dobijen od prodaje takvih hartija od vrednosti, umanjen za sve razumne troškove, naknade i bilo koja druga davanja povezana s takvom prodajom ili

(bb) u slučaju kupovine hartija od vrednosti ukupan trošak kupovine takvih hartija od vrednosti, uključujući i sve razumne troškove, naknade i bilo koja druga davanja povezana s takvom kupovinom.


  1. izjavljuje da je pribavila tzv. "offer" kotacije (u slučaju kupovine hartija od vrednosti) odnosno tzv. "bid" kotacije (u slučaju prodaje hartija od vrednosti) u odnosu na hartije od vrednosti odgovarajućeg opisa, i to od najmanje dva ili više "market makera" ili primarnih "dealera" na odgovarajućem tržištu, pri čemu se navedene kotacije moraju odnositi na komercijalno razuman obim, pri čemu navodi:

(aa) cenu odnosno cene koje su navedeni "market makeri" odnosno primarni "dealeri" iskotirali (ponudili);

(bb) transakcijske troškove koji bi nastali u vezi sa takvim transakcijama kupovine odnosno prodaje;

i

(cc) da je izabrala tako iskotiranu cenu (u slučaju da je iskotirano više cena, kao iskotirana cena uzeće se njihova aritmetička sredina), xxxx xx, u slučaju kupovine hartija od vrednosti uvećana za transakcijske troškove, a, u slučaju prodaje hartija od vrednosti, umanjena za transakcijske troškove, nakon čega će se konačno dobijeni iznos smatrati tržišnom vrednošću u slučaju povrede Ugovora, koja se odnosi na ekvivalentne hartije od vrednosti ili margine u ekvivalentnim hartijama od vrednosti;


ili


  1. izjavljuje:

(aa) da je postupajući u dobroj veri, bezuspešno pokušala da proda ili kupi hartije od vrednosti u skladu sa ovim stavom, alinejom pod A, odnosno bezuspešno pokušala da pribavi kotacije u skladu sa ovim stavom, alinejom pod B) (ili oboje) ili da je procenila i odlučila da ne bi bilo komercijalno razumno pribaviti ili koristiti bilo koje kotacije navedene u alineji pod B ovog stava, i

(bb) da je utvrdila neto vrednost odgovarajućih ekvivalentnih hartija od vrednosti ili margine ekvivalentnih hartija od vrednosti na način opisan u alineji B odredbi (cc) ovog stava, uzimajući u obzir cene hartija od vrednosti sličnih dospeća, uslova i kreditnih karakteristika i da uzima takvu neto vrednost kao tržišnu vrednost hartija od vrednosti u slučaju povrede Ugovora.


  1. Ugovorna strana koja se namirila u skladu sa odredbama ovog člana dužna xx xx xxxxx novčanih sredstava, preostao nakon namirenja, vrati drugoj ugovornoj strani bez odlaganja.



  1. Ugovorna strana xxxx xx prekršila ugovorne odredbe dužna je Ugovornoj strani koja nije prekršila ugovorne odredbe nadoknaditi sve troškove koji xx xxxxxxx zbog povrede Ugovora, zajedno sa zakonskim zateznim kamatama.



  1. Izuzetno od člana 18. ovog ugovora, ako Prodavac ne isporuči Kupcu kupljene hartije od vrednosti na ugovoreni xxx kupovine, Kupac koji je platio kupovnu cenu ima pravo da zahteva od Prodavca povraćaj plaćenog iznosa bez odlaganja, odnosno, ako Kupac ne plati Prodavcu kupovnu cenu na ugovoreni xxx kupovine, Prodavac koji je isporučio kupljene hartije od vrednosti ima pravo zahtevati od Kupca povraćaj tih hartija bez odlaganja.




  1. Ako, u skladu sa stavom (7) ovog člana ne dođe do povraćaja plaćenog iznosa bez odlaganja, odnosno povraćaja hartija smatraće se da xx xxxxx do povrede ugovora na način utvrđen u članu 18. stavu (1) alineje a) i b) te će strana koja xx xxxxx ugovoru postupiti na način opisan u xxx članu Ugovora.





  1. Ugovorne strane nemaju pravo na izmaklu dobit uzrokovanu povredom ugovornih odredbi xx xxxxxx xxxxx Ugovorne strane.



XII. Komunikacija ugovornih strana


Član 20.


  1. Ugovorne strane su saglasne da svaka od njih može elektronskim putem ili na neki drugi način u svako doba zabeležiti sve telefonske razgovore koji se između njih vode u vezi sa ovim ugovorom ili bilo kojom Transakcijom zasnovanom na njemu kao i da se tako zabeleženi razgovori mogu podneti kao dokaz u bilo kom sporu vezanom za ovaj ugovor ili bilo koju Transakciju zasnovanu na njemu.


Član 21.


  1. Sva obaveštenja i ostale poruke koje se šalju na osnovu ovog Ugovora xxxx poslate u pisanoj formi, poštom, telefaksom ili nekim drugim načinom elektronskog slanja poruka o kom su se dogovorile ugovorne strane, na adrese odnosno brojeve koje su odredile u Zaključnici.


Član 22.


  1. Bilo koje obaveštenje ili poruka poslati u skladu sa članom 21. ovog ugovora smatraće se važećim:



  1. ako su u pisanoj formi i poslati poštom, lično ili kurirom - kada primalac primi poruku;

  2. ako su poslati telefaksom - kada pošiljalac dobije odgovor primaoca o prijemu poruke;

  3. ako su poslati elektronskom poštom - u vreme kad Pošiljac dobije potvrdu da je elektronska poruka primljena.



  1. Izuzetno xx xxxxx 1. ovog člana, ako su obaveštenje ili poruka iz xxxxx c) primljeni na neradni xxx ili nakon završetka radnog xxxx (16h), smatraće se važećim prvog sledećeg radnog xxxx.



Član 23.


  1. Svaka Ugovorna strana dužna je da, u slučaju promene adrese, broja telefona,telefaksa ili detalja vezanih za slanje poruka elektronskim putem, o tome odmah u pisanoj formi obavesti drugu ugovornu stranu.


XIII. Prelazne i završne odredbe


Član 24.


  1. Ugovorne strane mogu zaključiti i jedan ili više Aneksa Ugovora, kojim mogu dopuniti i/ili izmeniti njegove odredbe a koji proizvodi pravno dejstvo kada ga potpišu ugovorne strane.


Član 25.


  1. Ugovorne strane su saglasne da eventualna sporna pitanja u izvršavanju ovog ugovora rešavaju sporazumno. U slučaju spora, nadležan je sud u Beogradu.


  1. Za ovaj ugovor merodavno je pravo Republike Srbije.


  1. Ovaj ugovor je zaključen na engleskom i na srpskom jeziku. U slučaju neslaganja između verzija na dva jezika, merodavna je verzija na srpskom jeziku.

Član 26.


  1. Ovaj ugovor je sačinjen u četiri (4) istovetna primerka od kojih po dva (2) zadržava svaka ugovorna strana.

FRAMEWORK AGREEMENT

ON REPURCHASE OF SECURITIES

(MASTER REPO AGREEMENT)



Agreed on _______ 20____

(hereinafter: Agreement)

between:


<bank A>


and


<bank B>



hereinafter: Contracting Parties.


I. General Provisions


Article 1.


  1. Contracting Parties agree to regulate their mutual relations by means of this Agreement, in relation to conducting repo transactions (hereinafter: Transactions).


  1. Transaction is defined as the purchase and sale of securities where one Contracting Party (hereinafter: Seller) agrees to sell securities on the purchase date to another Contracting Party (hereinafter: Buyer) for which the Buyer agrees to pay the Seller the purchase price, with the simultaneous obligation of the Buyer to sell equivalent securites to the Seller on an agreed future date (hereinafter: Repurchase Date) or at the Seller's order for which the Seller is obliged to pay the Buyer the repurchase price.


  1. Transactions are conducted in Serbia and internationally, through authorized securities clearing and settlement institutions.


  1. Contracting Parties are not obliged to transact, and decide to enter into Transactions at their own discretion and based on their assessment of financial and other market factors.


Article 2.


  1. Contracting Parties agree to create for each individual Transaction based on this Agreement a special agreement with all relevant details of the Transaction in question (hereinafter: Confirmation) which, coupled with this Agreement, constitutes one single agreeement.


  1. Details of the Confirmation are given in the addendum to this Agreement.


Article 3.


  1. In case of contradictions between the wording of this Agreement and the Transaction details given in the Confirmation, stipulations from the Confirmation shall prevail.


  1. Contracting Parties agree that non-performance of obligations by any one Contracting Party in any Transaction and of any Confirmation represents an event of default, i.e. breach of the Agreement in line with Article 18. herein, unless otherwise agreed.


II. Definitions


Article 4.


Certain terms in this Agreement shall have the following meaning:


  1. Trade Date of the Transaction is the date when Contracting Parties have signed the Confirmation.



  1. Purchase Date is the date when the Buyer is obliged to pay to the Seller the purchase price for securities bought and the Seller is obliged to sell (transfer) securities to the Buyer.


  1. Repurchase Date is the date when the Buyer is obliged to sell (transfer) equivalent securities to the Seller, and the Seller is obliged to pay to Buyer the repurchase price.


  1. Transaction Maturity, or, as the case may be, Early termination, refers to the Buyer's obligation to sell equivalent securities to the Seller and the Seller's obligation to pay the Repurchase Price for these securities to the Buyer. Specifically, if securities have matured before the Transaction Maturity, the case will not be considered as Early termination but as the onset of a monetary obligation of one Contracting Party (Seller) toward another (Buyer) equal to the amount of money received through securites retirement at maturity or early redemption by the securities issuer.




  1. Purchased Securities are securities Seller has sold to Buyer, as well as new purchased securities herein.


  1. Equivalent Securities are all of the following types of securites:


    1. Purchased Securities;

    2. securities issued by the same issuer, of the same kind and market value and giving to their holder equal rights as Purchased Securities; or

    3. other securities Contracting Parties agreed as equivalent in the Confirmation.


  1. New Purchased Securities are securities the Seller can, at his cost and with Xxxxx'x consent, offer to the Buyer in exchange for any Equivalent Securities.



  1. Purchase Price is the monetary amount the Buyer pays on Purchase date to the Seller for securites purchased in a Transaction. The formula for calculation of Purchase Price is agreed between Contracting Parties in the Confirmation.


  1. Price Differential is the monetary amount derived as the product of the Repo Rate and the Purchase Price, calculated for the actual number of Transaction duration days, from (including) the Purchase Date up to and excluding the Repurchase Date (Transaction Duration), using a 360 or 365 daycount basis, according to market practice, or any other basis Contracting Parties may have mutually agreed in the Confirmation, with the simple interest method applied.


  1. Repurchase Price is the monetary amount equal to the sum of th Purchase Price and Price Differential, calculated at the Repurchase Date.


  1. Repo Rate (Pricing Rate) is the interest rate used in calculating the price differential as agreed between Contracting Parties in the Transaction and expressed as a percentage amount on annualized basis. Contracting Parties agree on the Repo Rate level in the Confirmation.


  1. Haircut is the deduction percentage in the market value of Equivalent Securities used to derive the purchase price. Contracting Parties agree on the Haircut level in the Confirmation for each type of equivalent securities used in the Transaction.



  1. Margin Call is the percentage of allowed value difference between the market value of equivalent securities and purchase price with accrued interest. The Margin Call level is agreed between Contracting Parties in the Confirmation for each individual Transaction.



  1. Accrued Intrest is the interest derived as a product of the Repo Rate and Purchase Price for the actual number of days from (including) Purchase Date up to and excluding the date when interest is being calculated, using a 360 or 365 daycount basis, according to market practice or or any other basis Contracting Parties may have agreed in the Confirmation, with the simple interest method applied.


  1. Margin Transfer is the tranfer of either a Cash Margin or an Equivalent Margin Securities between Contracting Parties, for the purpose of reduction of transaction exposure of one Contracting Party toward another, as stipulated herein.



  1. Cash Margin is the monetary amount the Buyer is obliged to pay to Seller or vice versa, for the purpose of reducing the transaction exposure of one Contracting Party toward another.


  1. Equivalent Margin Securities are Equivalent Securities the Buyer is obliged to transfer to the Seller or vice versa, for the purpose of reducing the transaction exposure of one Contractual Party toward another.



  1. Transaction Exposure, during the Transaction Duration, represents the difference between the following amounts:


    1. Purchase Price plus Accrued Interest plus any Cash Margins (as per Article 10. (6) and (7) herein) that the Buyer paid to the Seller, plus the market value of any Equivalent Margin Securites the Buyer has tranferred to the Seller, and




    1. Market Value of Equivalent Securities at the moment of the Transaction Exposure Calculation, reduced by the amount of the Haircut, plus any Cash Margins (as per Article 10. (6) and (7) herein) that the Seller paid to the Buyer, plus the market value of any Equivalent Margin Securites the Seller has tranferred to the Buyer.



If the amount obtained under (a) exceeds the amount obtained under (b), there is Transaction Exposure of the Buyer toward the Seller for the amount of the difference, and if the amount obtained under (b) exceeds the amount obtained under (a), there is transaction exposure of the Seller toward the Buyer for the amount of the difference.


  1. Net Exposure of one Contracting Party toward another exists if the sum of all Transaction Exposures of that party exceeds the sum of all Transaction Exposures of another Contracting Party toward the first one.



  1. Payment Netting is a manner of calculating the payment obligation whenever both Contracting Parties are obliged to make payment in the same currency andTransaction, as well as based on all Transactions agreed. Mutual payment obligations will be netted after Contracting Parties have exchanged and confirmed all payment documentation according to this Agreement. Netting will be executed in a way that the Contracting Party that owes the larger obligation amount pays to other party the difference between obligation amounts.


  1. Securities Income represents any interest, coupon, dividend and/or any other kind of income (including any security an issuer would issue instead of coupon or dividend payments) of the security in the Transaction. Principal redemption shall not be considered as payment of securities income, as stipulated herein.



  1. Working Day is:


    1. in case of dinar payment – a day when commercial banks are open for doing business and payments in the city of the Transaction or, if not so agreed, in the city where accounts for payments are located (excluding Saturday, Sunday or bank holidays);


    1. in case of payment in any currency different from dinar – a day when commercial banks are open for business and payments in the city of the Transaction or, if not so agreed, in the city where accounts for payments are located (excluding Saturday, Sunday or bank holidays);



    1. in case of securities transfer, a day when the authorized institution is open for securities clearing and settlement.


  1. Working Day Convention is an agreement between Contracting Parties on choosing the proper Working Day in case any payment or delivery date, calculation or valuation date, inception or cancelation date or date of execution agreed is not a Working Day stipulated under 22) of this Article, and is defined in the Confirmation. If the Working Day Convention is not defined in the Confirmation, it shall be considered that the Working Day is the Following Day, in accordance with 24) (b).


  1. Working Day for the purpose of the Working Day Convention definition (in terms of payment, delivery, calculation, valuation and cancelation date setting) is:


    1. the first preceeding Working Day (Preceeding Day), or


    1. the first following Working Day (Following Day), or


    1. the first following Working day, unless that day is in the following calendar month, in which case the subject payment or delivery, calculation or valuation, inception or cancelation shall be conducted on the first preceeding Working Day (Modified Following Day).


  1. Clearing and Settlement represents calculation of liabilities and claims in securities and money, in accordance with the concluded sales transaction of securities, as well as settlement of liabilities by transfer of securities and monetary funds.


  1. Transaction Until Recall is a transaction in which the exact Repurchase Date is not set when the transaction is concluded, but determined additionally via written notification sent by one Contracting Party to the other. In the event that none of the parties sends the written notification mentioned herein, it shall be considered that Repurchase Date is the day one year after the Purchase Date. In case that the set date is a non working day (bank holiday, Saturday or Sunday or any other day when banks are not open for business) the Repurchase Date shall be set in accordance with Working Day Convention.


  1. Fixed Maturity Transaction is a transaction where the exact repurchase date is set when the transaction is concluded.


  1. Market Value of securities represents:



    1. quoted price for the securities obtained from the acknowledged source agreed on between the parties, or


    1. in the absence of any agreement, i.e. quotation, under (a) above

      1. if the securities are listed on the stock exchange and are not suspended, their last price quoted on the stock exchange; or

      2. if the securities are not listed on the stock exchange, but the central bank or some other authority publishes on that day their price on the main market for trading with these securities, the last published price; or

      3. if the price is not possible to be set in accordance with (i) and (ii) of this Item, the average amount of purchase and sale price for such securities, set at a given time and on a given date by two leading market participants that are not Contracting Parties, or

      4. if the price is not possible to be set in accordance with (i), (ii), or (iii) above, the price that shall be calculated mutually by both Contracting Parties, in accordance with the market parameters set in the Confirmation,


increased by the interest amount on the basis of the securities at the date of setting their market value (if interest is not included in the price, i.e. the price of the security is quoted as “dirty price”).


  1. Contractual Currrency is the currency acknowledged by both Contracting Parties as the currency in which all payments arising from any Transaction shall be executed, in accordance with the regulations. All the amounts not expressed in the Contractual Currency shall be recalculated in the currency at the midddle rate of the National Bank of Serbia on the calculation date, unless Contracting Parties agreed on a different rate for calculation in the Confirmation. In case of several Transactions in different currencies, the Contracting Parties may agree on a single currency in which mutual claims and liabilities arising from the Transactions would be settled.


III. Concluding Transactions, Confirmation, Settlement of Liabilities


Article 5.


  1. The Contracting Parties mutually agree that Transaction terms can be set verbally (by phone), in electronic form or in written form, if proposed by any of the parties.


  1. The Contracting Parties mutually agree to record the conversation, in case of setting the Transaction terms verbally (by phone). The recorded telephone conversations can be used as evidence in court and out-of-court proceedings that may be initiated in relation to this Agreement.


Article 6.


  1. After the Contracting Parties agree on the Transaction terms, the Seller is obligated to send to the Buyer without any delay two signed copies of the Confirmation, filled out in accordance with the set Transaction terms. The Buyer signs both copies of the Confirmation and returns one copy to the Seller.


  1. The Confirmation is concluded and has legal effect at the moment when the Seller receives from the Buyer a copy of the Confirmation signed by both Contracting Parties.


Article 7.


  1. The Buyer can lodge a complaint to the received copy of the Confirmation if it has not been filled out in accordance with the set Transaction terms.


  1. Complaints relating to the Confirmation must be communicated to the Seller immediately upon its receipt; otherwise, it shall be considered that the content of the Confirmation does not corelate to the set Transaction terms. The compliant must be lodged in written or in electronic form.


  1. If the Seller accepts the elements of the Complaint, the Seller is obligated to inform the Buyer about it in written or in electronic form by the end of the day of its receipt, after which the Contracting Parties shall conclude a new Confirmation, in accordance with Article 6 of this Agreement.


  1. If the Seller does not accept the elements of the Complaint and does not inform the Buyer in written or in electronic form on the same day when the Complaint was received that the Seller accepts the Complaint, it shall be considered that the Confirmation has not been concluded.


Article 8.


  1. The Seller is obligated to deliver to the Buyer the purchased securities on Purchase Date, and the Buyer is obligated to pay to the Sellerthe Purchase Price on the same date.


  1. The Buyer is obligated to deliver to the Seller on the Repurchase Date the Equivalent Securities and the Seller is obligated to pay to the Buyer the Repurchase Price (decreased for the amount of any income and other inflows in accordance with Article 11 of this Agreement).


  1. The Transaction shall be considered mature:


    1. In case of a Transaction Until Recall - on the day stated in the request for Transaction recall, i.e. if none of the Contracting Parties delivers such a request, one year after the Purchase Date;


    1. In case of Transaction with Fixed Maturity, on the set Repurchase Date.


  1. In case of maturity of a Transaction Until Recall as per the request of one of Contracting Parties, one Contracting Party must inform the other Party in writing regarding the Repurchase Date, at least 2 (two) working days before Repurchase Date.


IV. Exposure Management by Means of Margins


Article 9.


  1. The person appointed by the Contracting Parties to calculate Net exposure for the purposes of this Agreement (Valuation Agent) or, in case of no such appointment, both Contracting Parties shall calculated Net exposure on each Valuation Date set in the Confirmation and in case of no such agreement, calculation shall be performed on each Working Day - until 11.00h by applying market parameters from the Confirmation.


  1. The Valuation Agent informs both Contracting Parties on the amount of net exposure immediately upon its calculation; Valuation Agent is obligated to deliver the calculation details of the exposure in written or electronic form upon request of any Contracting Party.


  1. Margin Transfer shall be performed in proportion with Net exposure calculated on that day if the amount from Article 4 (1)(18)(b) is larger/smaller than the upper/lower value obtained by applying margin call stated in Confirmation onto the amount from Article 4 (1)(18)(a), and if the mentioned ratio has not been calculated in that manner, Margin Transfer shall be performed each time when net exposure is determined in accordance with this Agreement.


  1. Contracting Parties agree that upon determining that the terms for Margin Transfer in the manner described in (3) of this Article have been met, the Margin Recipient sends notification to the Margin Provider, wherein the transfer of Margin that shall be at least equal to Net Exposure is requested.


  1. Notification mentioned in (4) of this Article, if presented verbally, i.e. by phone must immediately be communicated in written or electronic form, as usual in market practice.



  1. Net Exposure shall be calculated and it will be necessary to perform Margin Transfer consequently for all the Transactions, unless otherwise adgreed in Confirmation.


Article 10.


  1. Margin provider is obligated to, upon receipt of notification stated in Article 9 (4) of this Agreement from Margin Recipient, perform Margin Transfer in the amount at least equal to the calculated Net Exposure within the deadline stated in the Confirmation; if the deadline has not been agreed on by the Contracting Parties, Margin provider is obliagted to transfer the Margin:


  • on the first working day upon receipt of notification under Article 9 (4) of the Agreement, if the notification was delivered on before 11:00 on the same day,


  • on the second working day upon receipt of notification under Article 9 (4) of the Agreement, if the notification was delivered on after 11:00 on the same day.


  1. Contracting Parties shall determine the manner of Margin Transfer in the Confirmation, and if the Margin Transfer is not determined in the Confirmation, Xxxxxx Provider is entitled to decide whether they shall transfer the Margin in money or the Margin in equivalent securities or combine the two options.


  1. In case of transfer of Margin in equivalent securities, Contracting Parties shall define in the Confirmation the date of rounding the necessary number of securities.


  1. Exceptionally, if the Margin Recipient:


  • has already paid Margin in money that has not been returned and/or

  • has already transfered Margin in equivalent securities that has not been returned,


Margin Provider is obliagted to return such Margin in money or Margin in equivalent securities and to return or transfer the remaining amount of net exposure in accordance with (2) of this Article of the Agreement.


  1. The received margin in money represents a monetary obligation of rhe Margin Recipient towards Margin Provider.


  1. Contracting Parties agree that interest shall be calculated to the amount of the received margin, at the interest rate stated in the Confirmation, for the number of days from (including) the date of margin receipt up to and excluding the date of margin return, using a 360 or 365 daycount basis, according to market practice or according to another basis Contracting Parties have agreed in Confirmation, with simple interest method applied and which shall be paid by Margin Recipient to Margin Provider during the time intervals defined in the Confiormation.


  1. If the Contracting Parties do not determine interest rate and time intervals for interest payment in accordance with (6) of this Article of the Agreement, interest rate shall be equal to the Repo rate for individual Transaction, and interest shall be paid on the day when Margin Recipient is request to return the margin.


  1. On the Transaction Maturity Date, any paid/transfered but unreturned margin as per the Transaction must be returned to the Contracting Party that transfered/paid the increased accrued interest.


V. Securities income


Article 11.


  1. In the event that the issuer makes any payment of income on the basis of the Equivalent Securities to the holders of the securities before the deadline for the Transaction has elapsed, the Buyer shall transfer to the Seller the received amount on the day of payment, unless agreed otherwise.


  1. In the event that transfer of margin in equivalent securities from one Contracting Party to the other occurred, and the issuer performs any payment of income as per the securities before the party who received the margin returned the securities to the other Contracting Party, the party that received the income is obliged to transfer the received amount to the other Contracting Party, unless agreed otherwise.



  1. In the event that the issuer of securities, in terms of paragraphs (1) and (2) of this Article of the Agreement, issues any kind of security insead of payment of income from the securities, the party that received such securities is obliged to transfer them to the other Contracting Party on the same day, unless agreed otherwise.


  1. In the event that income from paragraph (1) and (2) of this Article of the Agreement, i.e. securities from paragraph (3) of this Article is not able to be paid i.e. transferred on the same day when they were received from the issuer due to certain limitations or technical obstacles in payment system or system for balancing securities, the party that received the income, i.e. securities is obligated to pay or to transfer them to the other party within the shortest possible deadline allowed by the payment system or the securities balancing system, in the manner usual in market practice.



  1. The Contracting Parties agree that the amounts from paragraph (1) and (2) of this Article, i.e. securities from paragraph (3) of this Article are transferred without tax deduction, i.e. other deductions that can burden such securities.


  1. Provisions of the paragraphs from (1) to (5) of this Article of the Agreement are applied regardless whether the Buyer, i.e. the party that received securities on the basis of the margin kept the ownership over the securities until expiry date of the transaction.


  1. In the event that transferable entry rights are given on the equivalent securities, the Buyer shall transfer to the Seller, on the third day from the day of purchase of the rights latest, the equivalent of the entry right that belongs to the securities. If the rights have not been transferred in that manner until that day, the Seller is able to buy their equivalent at the market and the cost will be borne by the Buyer. In the event that the Seller is not able to purchase the rights in such a manner, the Seller can request from the Buyer payment of the amount equal to the market value of the rights on the next trading day.


  1. All freely transferable shares obtained in form of bonus, cashless allocation and the accompanying rights (that are not entry rights) that are issued, occured or are allocated for the equivalent securities until the expiry date of the transaction, shall be trasfered to the Seller on the Repurchase Date, unless agreed otherwise.





VI. Payment and transfer


Article 12.


  1. Transfer of the purchased securities by the Seller and payment of the purchase price by the Buyer shall be executed simultaneously on purchase date, unless agreed otherwise. Transfer of the equivalent securities by the Buyer and payment of repurchase price by the Seller shall be executed simultaneously on repurchase date, unless agreed otherwise.



  1. Contracting Parties agree that all financial payments that, in accordance with the provisions of this Agreement, must be executed in net amount, i.e. without deduction of any taxes or fees, unless differently stipulated by law.


  1. Each of the parties can change the account for receipt of the payment or the delivery after it has informed the other party on the change, seven days prior to the contracted date of the relevant payment or delivery latest. In the event that the other party does not accept the change due to justified reasons, it is obligated to duly inform the other party from which it received notification on the change.


Article 13.


  1. Contracting Parties are obligated to undertake all necessary actions and deliver all necessary documents so that on the occasion of transfer of all securities subject to this Agreement, ownership right, i.e. all the rights arising from the securities, are fully transferred to the Contracting Party to which the securities are transferred to.



  1. Each Contracting Party is obligated to pay the amount in money and transfer the securities on the date, in the place and onto the account stated in the Confirmation.


  1. In the event that for the duration of this Agreement between the Contracting Parties, two or more mutual financial liabilities arising from the Agreement and in the same currency, become mature on the same date, Contracting Parties agree that all such liabilities shall be mutually reconciled on the maturity date of the liabilities, and the only remaining liability shall be the net amount obtained after reconciliation that the one Contracting Party shall be obligated to pay to the other.


  1. In the event that for the duration of this Agreement between the Contracting Parties, mutual delivery liabilities, i.e. transfer of securities of the same emission, i.e. the same issuer, type, denomination, currency and series arising from this Agreement become mature on the same date, Contracting Parties aree that on the maturity date, all such mutual liabilities of securities delivery shall be calculated in the manner that the securities shall be reconciled, and the only remaining liability shall be the liability to deliver the difference of the net securities that the one Contracting Party shall be obligated to transfer to the other.


Article 14.


  1. All securities that are being transferred in accordance with this Agreement must be:


  1. transferred in the institution responsible for clearing and reconciliation of securities or

  2. transferred to any other authorized manner agreed between the Contracting Parties.


VII. Contractual Currency


Article 15.


  1. All payments relating to the Transactions concluded in accordance with this Agreement shall be executed in the Contractual Currency.


  1. The Contracting Party that shall receive any amount in accordance with this Agreement may accept the proposal made by the other Party to receive the amount in some other currency, if is in accordance with the regulations. The Contracting Party that accepts to receive any amount in the currency other than Contractaul Currency in accordance with this Agreement is entitled to calculate the incurred costs of conversion of the received currency into the Contractual Currency in accordance with market practice, and to request compensation of the costs from the Party that executed the payment.


  1. In the event that due to any reason, the received amount shall be smaller than the amount that should have been received in the Contractual Currency, the Contracting Party that executed the payment is obligated to pay for the difference in the Contractual Currency calculated in accordance with the market practice without any delay.


  1. In the event that due to any reason, the received amount shall be greater than the amount that should have been received in the Contractual Currency, the Contracting Party that received the mentioned amount is obligated to repay the difference in the Contractual Currency calculated in accordance with the market practice without any delay and is entitled to request compensation of transfer costs from the other Contracting Party.


VIII. Substitution


Article 16.


  1. For the purpose of this Agreement, only equivalent securities are interchangeable.


  1. The Seller is able, with the Buyer’s consent, to substitute any equivalent securities with the newly purchased securities that, at the moment when the substitution was agreed, had at least the same market value as the market value of the equivalent securities that are being substituted.



  1. Any transfer of securities in accordance with the provisions of paragraph (2) of this Article of the Agreement shall be executed on the same day by simultaneous transfer of the equivalent securities in the substitution for the newly purchased securities.


  1. The substitution has no novation effect to the legal relations from the Transaction that remain effective, except for the fact that the newly purchased securities are deemed equivalent to the securities instead of the replaced securities.


IX. Special Warranties


Article 17.


  1. Each Contracting Party guarantees to the other Contracting Party that the Agreement is signed by the authorized persons and that all the transactions shall be concluded by authorized persons.


  1. Contracting Party that transfers any securities to the other Contracting Party in accordance with this Agreement guarantees to that Party that the securities are not burdened by pledge and/or any other rights in favour of a third party and that there are no court or any other disputes in relation to the securities that could have negative effect on the rights of the other Contracting Party relating to the securities.







X. Breach of Agreement


Article 18.


  1. It shall be considered that breach of agreement occurred if:


  1. the Buyer fails to pay on Purchase Date to the Seller the Purchase Price, or if the Seller fails to pay on Repurchase Date to the Buyer the Repurchase Price and if the Contracting Party that did not breach the contractual provisions delivers written notification on agreement breach, in accordance with Article 19 paragraph (4) (hereinafter: Notification on Breach) to the Contracting Party that breached the contractual provisions or


  1. if the Seller fails to deliver on Purchase Date to the Buyer the purchased securities or if the Buyer fails to deliver on Repurchase Date to the Seller the Equivalent Securities and if the Contracting Party that did not breach the contractual provisions delivers written notification on agreement breach to the Contracting Party that breached the contractual provisions; or


  1. if the Buyer or the Seller breach provisions of Article 10 of this Agreement that relate to transfer of margin and if the Contracting Party that did not breach the contractual provisions delivers written notification on agreement breach to the Contracting Party that breached the contractual provisions; or


  1. if the Buyer or the Seller breach provisions of Article 11. of this Agreement that relate to transfer of securities income and if the Contracting Party that did not breach the contractual provisions delivers written notification on agreement breach to the Contracting Party that breached the contractual provisions; or


  1. if the competent authority of the Buyer or the Seller makes a decision on voluntary cessation of work and after that the other Contracting Party delivers written notification on agreement breach to the Contracting Party that brought such a decision or in the event that the Central Bank imposes receivership with the Buyer of the Seller or cancel their working licence, in accordance with the law governing banking business activities; or


  1. if the guarantees given by the Buyer or the Seller in accordance with the provisions of Article 17 of this Agreement are erroneous i.e. untruthful and after that the Contracting Party that did not breach the contractual provisions delivers written notification on agreement breach to the Contracting Party that breached the contractual provisions; or


  1. in case of permanent or threatening inability of the Buyer or the Seller to pay, having in mind the law governing bankruptcy proceeding, in case of submitting proposal for initiation of bankruptcy proceeding over the Buyer or the Seller, or in case the Buyer or the Seller makes a written statement to the other Contracting Party that they are not able or that have no intention of fulfilling their contractual obligations in accordance with this Agreement and/or in accordance with any transaction arising from the Agreement; or


  1. if the Buyer or the Seller violate any obligation arising from this Agreement and fail to meet it within the deadline of five working days after the receipt of the written request for meeting the obligation of the other Contracting Party and after that the Contracting Party that requested that the oblilgation is meet delivers written notification on agreement breach to the Contracting Party that breached the contractual provisions and failed to meet them within the set deadline.


XI. Claim Settlement and Reconciliation Amount


Article 19.


  1. It shall be considered that Repurchase Date occurred i.e. that all mutual claims and liabilities are mature as per all the Transactions between the Contracting Parties at the moment of violation of contractual provisions from Article 18 of this Agreement, unless agreed otherwise in the Confirmation.


  1. In case of violation of provisions from Article 18 of this Agreement, on the new Repurchase Date (maturity date) the Contracting Party that did not breach contractual provisions shall calculate and determine Transaction i.e. Net exposure of one Contracting Party towards the other and inform the other Contracting Party in written, in accordance with paragraph (4) of this Article of the Agreement.


  1. After calculation of Net Exposure, in accordance with paragraph (2) of this Article, the Contracting Party that has no net exposure pays the amount of the calculated Net Exposure to the other Contracting Party. The liability therefore matures on the first working day after occurrence of any breach of contractual provisions from paragraph (4) of this Article. All the amounts that are not expressed in Contractual Currency shall be calculated into the currency, in accordance with the provisions of this Agreement.


  1. The Contracting Party that did not violate contractual provisions is obligated without any delay to send to the Contracting Party that did violate contractual provisions Notification on Agreement breach in which:


  1. it states that, since there was breach of Agreement from Article 18 (with the reasons listed), it has calculated and determined the amount of Net Exposure of one Contracting Party towards the other, and that it has, in order to settle the claim, sold/purchased securities, and decided to choose the following as market value of the securities:

(aa) in case of sale of securities, net income generated from the sale of such securities, decreased for all reasonable costs, fees and other expenses relating to the sale, or

(bb) in case of purchase of securities, total cost of the purchase of such securities, including all reasonable costs, fees and any other expenses relating to the purchase.



  1. it states that it has obtained the "offer" quotations (in case of purchase of securities) or the “bid” quotations (in case of sale of securities) in relation to the securities of the appropriate description from at least two or more “market markers” or primary “dealers” at the adequate market; the mentioned quotations must relate to the commericially reasonable volume; the following is also stated:

(aa) price, i.e. prices that the mentioned “market markers” i.e. primary “dealers” quoted (offered);

(bb) costs of transaction that would occur in relation to such transactions of purchase i.e. sale;

and

(cc) that is has chosen the price quoted in such manner (in case that there are several prices quoted, the quoted price shall be their arithmetic mean value) that is increased for transaction costs in case of securities purchase, and decreased for transaction costs in case of securities sale; the obtained amount shall be considered to be market value in case of breach of Agreement that relates to the equivalent securities or margins in equivalent securities;



or


  1. states:

(aa) that, acting in good faith, it has unsuccessfully tried to sell or purchase securities in accordance with this paragraph, line A, i.e. it has unsuccessfully treid to obtain quotations in accordance with this paragraph, line B (or both) and that it has estimated and decided that it would not be commercially reasonable to obtain or use any quotations mentioned in line B of this paragraph, and

(bb) that it has determined the net value of adequate equivalent securities or the margin of equivalent securities in the manner described in line B of the provisions (cc) of this paragraph, taking into consideration prices of securities of similar maturities, terms and credit features, and that it takes such net value as market value of securities in case of Agreement breach.


  1. The Contracting Party that has settled its claim in accordance with the provisions of this Article is obligated to return the surplus remaining after the settlement to the other Contracting Party without any delay.


  1. The Contracting Party that has breached contractual provisions is obligated to compensate all the costs incurred due to breach of Agreement with all legal penalty interests to the Contracting Party that did not breach the contractual provisions.


  1. With the exception of Article 18 of this Agreement, in the event that the Seller fails to deliver to the Buyer the purchased securities on the contracted purchase date, the Buyer that paid the purchase price is entitled to request from the Seller compensation of the paid amount without any delay, i.e. in the event that the Buyer does not pay to the Seller purchase price on the contracted purchase date, the Seller that delivered the purchased securities is entitled to request from the Buyer return of the securities without any delay.


  1. If, in accordance with paragraph (7) of this Article there is no refund of the paid amount without any delay, i.e. return of the securities, it shall be considered that there was breach of Agreement in the manner determined in Article 18, paragraph (1), lines a) and b) and therefore the party adhering to the Agreement shall act in the manner described in the mentioned Article of the Agreement.


  1. The Contracting Parties are not entitled to foregone benefits arising from breach of contractual provisions by the other Contracting Party.


XII. Communication between Contracting Parties


Article 20.


  1. Contracting Parties agree that each party can electronically or in some other manner record all phone conversations made between the parties in relation to this Agreement or any Transaction arising from it; the conversations recorded in such a manner can be submitted as evidence in any dispute relating to this Agreement or any Transaction arising from it.


Article 21.


  1. All notifications and other messages sent on the basis of this Agreement shall be sent in written form, by mail, fax or any other means of electronically sending messages agreed between the Contracting Parties, to the addresses, i.e. numbers stated in the Bill of Sale.


Article 22.


  1. Any notification or message sent in accordance with Article 21 of this Agreement shall be considered valid:


  1. If it is in written form or sent by mail, in person or via courier - when the recipient receives the message;

  2. If it is sent via fax - when the addresser receives reply of the recipient on receipt of the message;

  3. If it is sent via electronic mail - when the addresser receives confirmation that electronic message is received.


  1. With the exception of paragraph 1 of this Article, if the notification or message from point (c) is received on a non-working day or after close of business (16h), they shall be considered valid on the next working day.


Article 23.


  1. Each Contracting Party is obligated to inform the other Contracting Party in written form on any change of address, phone number, fax or e-mail details.



XIII. Transitional and Final Provisions


Article 24.


  1. Contracting Parties can conclude one or several Annexes to the Agreement that can supplement or amend its provisions and that become legally valid when signed by both Contracting Parties.


Article 25.


  1. Contracting Parties agree that potential disputes shall be solved by mutual consent. In the event of legal dispute, court in Belgrade shall be competent.


  1. Laws and regulations of the Republic of Serbia shall be applied to this Agreement.


  1. This Agreement has been executed in English and Serbian language. In case of discrepancy between two versions the Serbian version shall prevail.


Article 26.


  1. This Agreement was made in four (4) identical copies, two (2) for each Contracting Party.






























ZAKLJUČNICA REPO TRANSAKCIJE


Referentni broj:_________________


Mesto Transakcije: ________________________


Datum zaključenja Transakcije: ________________

VEZA SA UGOVOROM

KUPAC

PRODAVAC

21.(1) i 13.(2)


Adresa _______________________


Telefon _______________________


Telefax _______________________


Email _______________________


SWIFT _______________________


Broj

računa _______________________


Broj

računa HoV____________________


Ovlašćeno

lice _______________________


Adresa _______________________


Telefon _______________________


Telefax _______________________


Email _______________________


SWIFT _______________________


Broj

računa _______________________


Broj

računa HoV____________________


Ovlašćeno

lice _______________________

3.(2) i 19.(1)

Neizvršenje obaveze jedne ugovorne strane po bilo kojoj predmetnoj Transakcij predstavlja

□ Neizvršenje samo – predmetne Transakcije


□ Drugo:_______________________

4.(1)28)

Izabrana kriva prinosa

□ Belibor


□ Prinos na RSD hartije od vrednosti izdate xx xxxxxx Republike Srbije sa primarnih aukcija i reotvaranja emisija na primarnim aukcijama


□ Drugo:_______________________


OSNOVNI ELEMENTI TRANSAKCIJE

VEZA SA UGOVOROM

ELEMENT

IZBOR


Datum Kupovine




Datum reotkupa


□ Datum: _________________


□ Transakcija do opoziva


ISIN kupljenih hartija od vrednosti



4.(1)6) c)

Ekvivalentne hartije od vrednosti



4.(1)8)

Formula za obračun kupovne cene


□


□


4.(1)11)

Repo xxxxx



4.(1)12)

Haircut



4.(1)13)

Margin Call




Kupovna cena




Broj kupljenih hartija od vrednosti




Reotkupna cena



4.(1)23)

Konvencija o radnom danu


□ Prethodni radni xxx


□ Naredni radni xxx


□ Izmenjeni naredni xxx

4.(1)9); 4.(1)14) i 10.(6)

Xxxx xxxx u godini


□ 360


□ 365


□ Drugo:____________________

4.(1)29)

Ugovorna valuta



4.(1)29)

Kurs preračuna u Ugovornu valutu

□ Srednji kurs NBS


□ Tržišni kurs na xxx preračuna


□ Drugo:_________________


ELEMENTI MARGINE

VEZA SA UGOVOROM

ELEMENT

IZBOR

9.(6)

Transfer margine

□ Za svaku pojedinačnu transakciju


□ Drugo:_______________________

9.(1)

Agent za vrednovanje



10.(1)

Rok za prenos margine



10.(2)

Način prenosa margine

□ Margina u novcu


□ Margina u ekvivalentnim HoV


□ Kombinovana margina

10.(3)

Zaokruživanje ekvivalentnih hartija od vrednosti


□ Zaokruživanje na veći broj


□ Zaokruživanje na manji broj

10.(6)

Kamatna xxxxx koja se obračunava na prenetu marginu u novcu


10.(6)

Intervali plaćanja xxxxxx xx marginu u novcu



Navedeni članovi i stavovi odnose se na članove i stavove Xxxxxxx. Ako Ugovorne strane ne ugovore posebne uslove izvršenja Ugovora u ovom Prilogu, primenjuju se opšte odredbe propisane Ugovorom.


OSTALO:

_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________


Ova Zaključnica je sastavni deo Okvirnog ugovora o reotkupu hartija od vrednosti zaključenom između Kupca i Prodavca xxxx i zajedno čine jedan jedinstveni ugovor.


KUPAC PRODAVAC


______________________ ______________________

______________________ ______________________




































CONFIRMATION OF REPO TRANSACTION


Reference number: _________________


Place of Transaction: ________________________


Date of Transaction: ________________

Connection with the Agreement

BUYER

SELLER

21.(1) i 13.(2)


Address _______________________


Phone _______________________


Telefax _______________________


Email _______________________


SWIFT _______________________


Account
number _______________________


Securities account
number ____________________


Authorized
person _______________________


Address _______________________


Phone _______________________


Telefax _______________________


Email _______________________


SWIFT _______________________


Account
number _______________________


Securities account

number ____________________


Authorized

person _______________________

3.(2) i 19.(1)

Failure of one contractual party to meet the obligations as per any subject Transaction is

□ Failure to execute – the subject Transaction


□ Other:_______________________

4.(1)28)

The selected yield curve

□ Belibor


□ Revenue on RSD securities issued by the Republic of Serbia from the primary auctions and reopening of emissions at the primary auctions


□ Other:_______________________


BASIC TRANSACTION ELEMENTS

Connection with Agreement

ELEMENT

SELECTION


Purchase Date




Repurchase Date


□ Date: _________________


□ Transaction until recall


ISIN of the purchased securities




4.(1)6) c)

Equivalent securities



4.(1)8)

Formula for calculation of purchase price


□


□


4.(1)11)

Repo rate



4.(1)12)

Haircut



4.(1)13)

Margin Call




Purchase Price




Number of purchased securities




Repurchase price



4.(1)23)

Working day convention


□ Previous working day


□ Next working day


□ Changed non-working day

4.(1)9); 4.(1)14) i 10.(6)

Number of days in one year


□ 360


□ 365


□ Other:____________________

4.(1)29)

Contractual currency



4.(1)29)

Conversion rate in Contractual Currentcy

□ NBS middle rate


□ Market rate on conversion date


□ Other:_________________


MARGIN ELEMENTS

Connection with Agreement

ELEMENT

SELECTION

9.(6)

Margin transfer

□ For each individual transaction


□ Other:_______________________

9.(1)

Valuation agent



10.(1)

Deadline for margin transfer



10.(2)

Manner of margin transfer

□ Margin in money


□ Margin in equivalent securities


□ Combined margin

10.(3)

Rounding of equivalent securities


□ Rounding off


□ Rounding down

10.(6)

Interest rate calculated onto the margin transfered in money


10.(6)

Payment intervals of the interest to the margin in money



The mentioned Articles and Paragraphs pertain to the Articles and Paragraphs of the Agreement. If the Contractual Parties do not define special terms of adhering to the Agreement, general provisions proscribed by the Agreement shall be applied.


OTHER:

_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________


This Confirmation is an integral element of the Frame Agreement on Repurchase of securities concluded between the Buyer and the Seller on ; together they represent a unique agreement.


BUYER SELLER


______________________ ______________________

______________________ ______________________



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Filed: August 23rd, 2021