Bond Repurchase Agreement for the National Interbank Bond Market

Article 1 In order to safeguard the legitimate rights and interests of both parties, the rights and obligations of both parties to the repurchase shall be clarified. Participants in the direct transactions of the national inter-bank bond market shall be based on the relevant laws and regulations of the National Inter-bank Bond Market Bond Trading Measures and other relevant laws and regulations. This Agreement shall be signed jointly on the basis of equality, voluntariness and consensus.

Article 2 The repurchasing parties referred to in this Agreement include the repurchasing party and the reverse repurchasing party in the bond repurchase transaction; the bonds, repurchase, repurchase party and reverse repurchase party referred to in this Agreement are all in accordance with the National Bank. Definition of the Bond Market Trading Management Measures.

Article 3 In addition to the signing of this Agreement, the repurchase parties shall conclude a repurchase transaction contract on a repurchase transaction, and the repurchase transaction contract and the agreement together constitute a complete repurchase contract for the repurchase transaction. The repurchase contract takes effect after the registration of the pledge.

Article 4 The repurchase contract is an agreement between the repurchasing parties on the repurchase transaction. The repurchase contract shall be in written form, and the written form shall include the transaction order, telegram, telex, fax, contract and letter generated by the National Interbank Funding System.

The content of the repurchase contract is agreed by the repurchasing parties and generally includes the following terms: transaction date, trader name, name of the repurchased party, reverse repoder name, bond type, repurchase period, repo rate, total face value of the bond. , first-time fund settlement amount, maturity fund settlement amount, first delivery date, due delivery date, bond escrow account and RMB fund account, delivery method, business official seal, legal representative signature, etc.; transaction order and telegram generated by trading system As a repurchase contract with telex, the official seal of business and the signature of the legal representative may not be a mandatory clause.

Article 5 The repurchasing parties shall handle the pledge registration of the bonds at the China Government Securities Depository Trust & Clearing Co., Ltd.

The pledge registration refers to the act of the Central Clearing Company freezing the bonds specified in the repurchase contract in the repurchase bond escrow account in accordance with the repurchase settlement instructions transmitted by the repurchasing parties through the central bond bookkeeping system.

Article 6 The date of the transaction is the date on which the repurchase parties enter into a repurchase contract.

Article 7 The delivery date is the first delivery date and the due delivery date. The first delivery date is the date for the bond pledge registration and the reverse repurchase party to transfer the funds to the designated account of the repurchase party; the due date is the repurchase party's transfer of the funds to the designated account of the reverse repurchase and is released accordingly. The date of the bond pledge relationship.

Article 8 The repurchase period is the actual number of days from the first delivery date to the due delivery date, in days, including the first delivery date, excluding the due delivery date.

Article 9 The repurchase interest rate is the ratio of the interest paid by the repurchasing party to the reverse repurchase party during the repurchase period and the funds to be integrated, expressed as the annual interest rate. The base days for calculating interest are 365 days.

Article 10 The amount of fund liquidation shall be divided into the first fund clearing amount and the due fund clearing amount. Expired fund settlement amount = initial fund settlement amount*.

Article 11 The repurchase transaction unit is 10,000 yuan. The bond settlement unit is 10,000 yuan; the fund clearing unit is yuan, and two decimal places are reserved.

Article 12 The delivery methods that the repurchasing parties can choose include three types: payment by coupon, payment by coupon, and payment by coupon.

See the voucher payment means the completion of the bond pledge registration on the first delivery date, and the reverse repurchase party will transfer the funds to the designated account of the repurchasing party according to the contract.

Coupon payment means that the fund clearing bank of the Central Clearing Company and the bond transaction completes the bond pledge registration and the completion of the bond pledge and the funds after the bond and the fund settlement order transmitted by the repurchasing parties confirm the two parties have prepared the full bond and funds for delivery. The method of delivery of funds.

Seeing payment vouchers refers to the delivery method of the bond pledge relationship after the repurchasing party has transferred the funds to the designated account of the reverse repurchase party according to the contract on the due date.

Article 13 The repurchasing parties shall, in accordance with the agreement of the repurchase transaction contract, timely transmit to the Central Clearing Company a complete and matching repurchase settlement order. After receiving the feedback from the Central Clearing Company on the mismatch of the repurchase settlement instructions, the repurchasing parties shall promptly communicate and modify the reissue.

Article 14 Rights and Obligations of the Repurchasing Party

The rights of the repurchasing party:

Obtaining funds for the integration of bonds in accordance with the contract;

The bond interest paid by the issuer of the bond issued during the repurchase period;

On the due date of delivery, the same type of bonds will be purchased back in accordance with the contract.

Obligations of the repurchasing party:

According to the contract, timely delivery of the complete repurchase settlement instructions;

On the first delivery date, the bond is issued in accordance with the contract type and quantity;

On the due date of delivery, the payment is made in accordance with the contracted maturity fund settlement amount.

Article 15: Rights and Obligations of the Reverse Repurchase

Reverse repurchase rights:

Obtain the bond pledge according to the type and amount of the contract agreed upon in the contract;

Have a bond quality during the repurchase period;

On the due date of delivery, the liquidation of the due funds is obtained in accordance with the contract.

Reverse repurchase obligations:

According to the contract, timely delivery of the complete repurchase settlement instructions and related confirmation instructions;

On the first delivery date, the payment is made in accordance with the first fund settlement amount agreed upon in the contract;

On the due date of delivery, the bonds used for pledge are returned in accordance with the type and amount of the contract.

Article 16 Default and its definition

If either party to the repurchase fails to perform the obligations stipulated in the repurchase contract, it constitutes a breach of contract, and the defaulting party shall be liable to the observant party for breach of contract. The breach of contract referred to in this Agreement includes but is not limited to the following:

After the repurchase transaction contract is concluded, the repurchase settlement instruction is not delivered in accordance with the contract;

On the first delivery date, the repurchasing party does not have sufficient bonds for the repurchase pledge registration, or after the bond pledge registration, the reverse repurchase party fails to transfer the funds to the designated account of the repurchasing party according to the contract;

On the due date of delivery, the repurchasing party has no sufficient funds for liquidation or fails to transfer the funds to the designated account of the reverse repurchase party according to the contract, or the repurchase party fails to receive the payment confirmation instruction according to the contract. .

Article 17 The delay or interruption of the delivery of bonds or funds due to force majeure shall be exempted from liability for compensation in part or in whole according to the degree of force majeure, except as otherwise provided by law. A party that delays or interrupts the issuance of bonds or funds shall promptly notify the other party of the force majeure and provide a valid proof file.

The term "force majeure" as used in this paragraph refers to external factors that cannot be foreseen and cannot be prevented by the repurchasing party, including natural disasters such as earthquakes, typhoons, floods, flash floods, as well as strikes, political unrest, wars, etc.

Article 18: Default treatment

When the repurchasing party disputes a party that fails to perform the repurchase contract, it shall first settle the dispute through consultation; if no agreement can be reached after negotiation, either party may apply to the People's Bank of China for the determination of breach of contract liability; the repurchasing party shall receive the liability for breach of contract from the People's Bank of China. If there is no objection within three working days from the result, the following corresponding breach of contract processing clause shall be implemented within three working days from the fourth working day:

After the repurchase contract is concluded

If the repurchasing parties fail to transmit the repurchase settlement instructions in accordance with the contract, and any breach of contract occurs, they shall bear corresponding responsibilities respectively;

The repurchasing party fails to transfer the repurchase settlement order according to the contract, or on the first delivery date, the repurchasing party does not have sufficient bonds for the repurchase of the pledge registration. If the breach occurs, the reverse repurchase has the right to request the repurchase. The party continues to perform the repurchase contract and has the right to terminate the repurchase contract and notify the repurchasing party. At the same time, the reverse repurchase has the right to request the interest rate and impose a penalty interest on the repurchasing party on the basis of the interest rate;

If the reverse repurchase party fails to transmit the repurchase settlement instruction in accordance with the contract, if the breach of contract occurs, the repurchasing party has the right to request the reverse repurchase party to continue to perform the repurchase contract, and also has the right to terminate the repurchase contract and notify the reverse repo. At the same time, the repurchasing party has the right to request a interest rate and to add a penalty interest to the reverse repurchase on the basis of the interest rate.

On the first delivery date, after the bond pledge registration is completed, the reverse repurchase party fails to transfer the funds to the designated account of the repurchasing party according to the contract. If the breach of contract occurs, the repurchasing party has the right to request the reverse repurchase party to continue to perform the return. The purchase contract also has the right to terminate the repurchase contract in writing, and requires the reverse repurchase party to terminate the bond pledge relationship at the latest business day on the contract termination date. At the same time, the repurchasing party has the right to request the interest rate and the basis of the interest repayment. The upper counter-repurchase party adds a penalty interest.

On the due date of delivery, the repurchasing party has no sufficient funds for liquidation, or fails to transfer the funds to the designated account of the reverse repurchase party according to the contract. If the default occurs, the reverse repurchase party has the right to request the repurchasing party to continue. To fulfill the obligation of the repurchase contract, the company has the right to request the interest rate and collect the penalty interest from the repurchasing party on the basis of the interest rate.

On the due date of delivery, the reverse repurchase party fails to transmit the payment confirmation instruction according to the contract after receiving the payment. If the breach occurs, the repurchasing party has the right to request the reverse repurchase party to continue to fulfill the repurchase contract obligation, and has the right to request compensation. Interest rate, and on the basis of the interest rate, add the penalty interest to the reverse repo.

The interest rate is calculated according to the contracted fund settlement amount, repurchase interest rate, and the delay of the funds to the account days; the penalty interest is based on the settlement amount of the contracted delivery date, and the penalty interest rate is calculated according to the agreed interest rate of the repurchased parties, but the maximum is not allowed. Exceeding the overdraft interest rate of the People's Bank of China reserve account, the repurchase parties did not agree, the penalty interest rate is calculated at two-tenths of the daily interest rate.

The various types of liquidated damages provided for in this paragraph may be applied separately or in combination to the defaulting party.

Article 19 Within three working days from the result of the determination of the liability for breach of contract made by the People's Bank of China, the repurchasing party that breaches the contract does not implement the third clause of the Article 18, and the reverse repurchase party has the right to comply. It is required that the Central Clearing Company organizes the bonds under the auction repurchase contract through the People's Bank of China bond generation system; the proceeds from the auction of bonds are calculated according to the provisions of Article 18, and the interest, the interest rate and the penalty interest are paid first. In addition to the principal, after the compensation of interest, interest, penalty and principal, the remainder is returned to the repurchasing party, and the shortfall is recovered from the repurchasing party.

Article 20 After the breaching party implements the clause for breach of contract, the repurchasing parties shall report the determination of the liability for breach of contract and the result of the breach of contract to the People's Bank of China for the record within three working days.

Article 21 If any party who repurchases is dissatisfied with the results of the People's Bank of China's breach of contract, it may file a lawsuit in the people's court; if it receives the result of the determination of the breach of contract by the People's Bank of China, it has not filed an objection within three working days. Within three working days from the fourth working day, if the defaulting party fails to implement the corresponding breach of contract provisions of this Agreement, the observant party may file a lawsuit in the people's court.

Article 22 The repurchasing parties may sign a supplementary agreement as a subsidiary agreement of this Agreement and jointly implement it. The supplementary agreement shall comply with the relevant laws and regulations of the State and the relevant provisions of the People's Bank of China and shall not conflict with this Agreement.

Article 23 If any party in the repurchase transaction is terminated in the national inter-bank bond market bond trading qualification, it shall continue to perform the repurchase contract that has been reached and implement the provisions under this Agreement.

Article 24 This Agreement is an open agreement and shall enter into force after being signed by the participants.