ISDA Master Agreement.docx

ISDA Master Agreement.docx

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ISDAMasterAgreement

ISDAMasterAgreement2002

（Multicurrency—Cross-Border）

ISDA?

InternationalSwapsandDerivativesAssociation,Inc.

2002MASTERAGREEMENT

datedasof2011

andNATIXIS

haveenteredand/oranticipateenteringintooneormoretransactions（eacha“Transaction”）thatareorwillbe

governedbythis2002MasterAgreement,whichincludestheschedule（the“Schedule”）,andthedocumentsandotherconfirmingevidence（eacha“Confirmation”）exchangedbetweenthepartiesorotherwiseeffectiveforthepurposeofconfirmingorevidencingthoseTransactions.This2002MasterAgreementandtheSchedulearetogetherreferredtoasthis“MasterAgreement”.

Accordingly,thepartiesagreeasfollows:

―

1.Interpretation

（a）Definitions.ThetermsdefinedinSection14andelsewhereinthisMasterAgreementwillhavethemeaningsthereinspecifiedforthepurposeofthisMasterAgreement.

（b）Inconsistency.IntheeventofanyinconsistencybetweentheprovisionsoftheScheduleandtheotherprovisionsofthisMasterAgreement,theSchedulewillprevail.IntheeventofanyinconsistencybetweentheprovisionsofanyConfirmationandthisMasterAgreement,suchConfirmationwillprevailforthepurposeoftherelevantTransaction.

（c）SingleAgreement.AllTransactionsareenteredintoinrelianceonthefactthatthisMasterAgreementandallConfirmationsformasingleagreementbetweentheparties（collectivelyreferredtoasthis“Agreement”）,andthepartieswouldnototherwiseenterintoanyTransactions.

2.Obligations

（a）GeneralConditions.

（i）EachpartywillmakeeachpaymentordeliveryspecifiedineachConfirmationtobemadebyit,

subjecttotheotherprovisionsofthisAgreement.

（ii）PaymentsunderthisAgreementwillbemadeontheduedateforvalueonthatdateintheplace

oftheaccountspecifiedintherelevantConfirmationorotherwisepursuanttothisAgreement,infreely

transferablefundsandinthemannercustomaryforpaymentsintherequiredcurrency.Where

settlementisbydelivery（thatis,otherthanbypayment）,suchdeliverywillbemadeforreceiptonthe

duedateinthemannercustomaryfortherelevantobligationunlessotherwisespecifiedintherelevant

ConfirmationorelsewhereinthisAgreement.

（iii）EachobligationofeachpartyunderSection2（a）（i）issubjectto

（1）theconditionprecedentthat

noEventofDefaultorPotentialEventofDefaultwithrespecttotheotherpartyhasoccurredandis

continuing,

（2）theconditionprecedentthatnoEarlyTerminationDateinrespectoftherelevant

1ISDA?

Transactionhasoccurredorbeeneffectivelydesignatedand（3）eachotherconditionspecifiedinthis

AgreementtobeaconditionprecedentforthepurposeofthisSection2（a）（iii）.

（b）ChangeofAccount.EitherpartymaychangeitsaccountforreceivingapaymentordeliverybygivingnoticetotheotherpartyatleastfiveLocalBusinessDayspriortotheScheduledSettlementDateforthepaymentordeliverytowhichsuchchangeappliesunlesssuchotherpartygivestimelynoticeofareasonableobjectiontosuchchange.

（c）NettingofPayments.Ifonanydateamountswouldotherwisebepayable:

―

（i）inthesamecurrency;and

（ii）inrespectofthesameTransaction,

byeachpartytotheother,then,onsuchdate,eachparty’sobligationtomakepaymentofanysuchamountwillbeautomaticallysatisfiedanddischargedand,iftheaggregateamountthatwouldotherwisehavebeenpayablebyonepartyexceedstheaggregateamountthatwouldotherwisehavebeenpayablebytheotherparty,replacedbyanobligationuponthepartybywhichthelargeraggregateamountwouldhavebeenpayabletopaytotheotherpartytheexcessofthelargeraggregateamountoverthesmalleraggregateamount.

ThepartiesmayelectinrespectoftwoormoreTransactionsthatanetamountandpaymentobligationwillbedeterminedinrespectofallamountspayableonthesamedateinthesamecurrencyinrespectofthoseTransactions,regardlessofwhethersuchamountsarepayableinrespectofthesameTransaction.TheelectionmaybemadeintheScheduleoranyConfirmationbyspecifyingthat“MultipleTransactionPaymentNetting”

appliestotheTransactionsidentifiedasbeingsubjecttotheelection（inwhichcaseclause（ii）abovewillnotapplytosuchTransactions）.IfMultipleTransactionPaymentNettingisapplicabletoTransactions,itwillapplytothoseTransactionswitheffectfromthestartingdatespecifiedintheScheduleorsuchConfirmation,or,ifastartingdateisnotspecifiedintheScheduleorsuchConfirmation,thestartingdateotherwiseagreedbythepartiesinwriting.ThiselectionmaybemadeseparatelyfordifferentgroupsofTransactionsandwillapplyseparatelytoeachpairingofOfficesthroughwhichthepartiesmakeandreceivepaymentsordeliveries.

（d）DeductionorWithholdingforTax.

（i）Gross-Up.AllpaymentsunderthisAgreementwillbemadewithoutanydeductionor

withholdingfororonaccountofanyTaxunlesssuchdeductionorwithholdingisrequiredbyany

applicablelaw,asmodifiedbythepracticeofanyrelevantgovernmentalrevenueauthority,thenineffect.

Ifapartyissorequiredtodeductorwithhold,thenthatparty（“X”）will:

―

（1）promptlynotifytheotherparty（“Y”）ofsuchrequirement;

（2）paytotherelevantauthoritiesthefullamountrequiredtobedeductedorwithheld

（includingthefullamountrequiredtobedeductedorwithheldfromanyadditionalamountpaid

byXtoYunderthisSection2（d））promptlyupontheearlierofdeterminingthatsuchdeduction

orwithholdingisrequiredorreceivingnoticethatsuchamounthasbeenassessedagainstY;

（3）promptlyforwardtoYanofficialreceipt（oracertifiedcopy）,orotherdocumentation

reasonablyacceptabletoY,evidencingsuchpaymenttosuchauthorities;and

（4）ifsuchTaxisanIndemnifiableTax,paytoY,inadditiontothepaymenttowhichYis

otherwiseentitledunderthisAgreement,suchadditionalamountasisnecessarytoensurethat

thenetamountactuallyreceivedbyY（freeandclearofIndemnifiableTaxes,whetherassessed

againstXorY）willequalthefullamountYwouldhavereceivedhadnosuchdeductionor

withholdingbeenrequired.However,XwillnotberequiredtopayanyadditionalamounttoY

totheextentthatitwouldnotberequiredtobepaidbutfor:

―

（A）thefailurebyYtocomplywithorperformanyagreementcontainedin

Section4（a）（i）,4（a）（iii）or4（d）;or

（B）thefailureofarepresentationmadebyYpursuanttoSection3（f）tobe

accurateandtrueunlesssuchfailurewouldnothaveoccurredbutfor（I）anyaction

takenbyataxingauthority,orbroughtinacourtofcompetentjurisdiction,aftera

Transactionisenteredinto（regardlessofwhethersuchactionistakenorbroughtwith

respecttoapartytothisAgreement）or（II）aChangeinTaxLaw.

（ii）Liability.If:

―

（1）Xisrequiredbyanyapplicablelaw,asmodifiedbythepracticeofanyrelevant

governmentalrevenueauthority,tomakeanydeductionorwithholdinginrespectofwhichX

wouldnotberequiredtopayanadditionalamounttoYunderSection2（d）（i）（4）;

（2）Xdoesnotsodeductorwithhold;and

（3）aliabilityresultingfromsuchTaxisassesseddirectlyagainstX,

then,excepttotheextentYhassatisfiedorthensatisfiestheliabilityresultingfromsuchTax,Ywill

promptlypaytoXtheamountofsuchliability（includinganyrelatedliabilityforinterest,butincluding

anyrelatedliabilityforpenaltiesonlyifYhasfailedtocomplywithorperformanyagreementcontained

inSection4（a）（i）,4（a）（iii）or4（d））.

3.Representations

EachpartymakestherepresentationscontainedinSections3（a）,（b）,（c）,（d）,（e）and（f）and,ifspecifiedintheScheduleasapplying,（g）totheotherparty（whichrepresentationswillbedeemedtoberepeatedbyeachpartyoneachdateonwhichaTransactionisenteredintoand,inthecaseoftherepresentationsinSection3（f）,atalltimesuntiltheterminationofthisAgreement）.Ifany“AdditionalRepresentation”isspecifiedintheScheduleor

anyConfirmationasapplying,thepartyorpartiesspecifiedforsuchAdditionalRepresentationwillmakeand,ifapplicable,bedeemedtorepeatsuchAdditionalRepresentationatthetimeortimesspecifiedforsuchAdditionalRepresentation.

（a）BasicRepresentations.

（i）Status.Itisdulyorganisedandvalidlyexistingunderthelawsofthejurisdictionofits

organisationorincorporationand,ifrelevantundersuchlaws,ingoodstanding;

（ii）Powers.IthasthepowertoexecutethisAgreementandanyotherdocumentationrelatingto

thisAgreementtowhichitisaparty,todeliverthisAgreementandanyotherdocumentationrelatingto

thisAgreementthatitisrequiredbythisAgreementtodeliverandtoperformitsobligationsunderthis

AgreementandanyobligationsithasunderanyCreditSupportDocumenttowhichitisapartyandhas

takenallnecessaryactiontoauthorisesuchexecution,deliveryandperformance;

（iii）NoViolationorConflict.Suchexecution,deliveryandperformancedonotviolateorconflict

withanylawapplicabletoit,anyprovisionofitsconstitutionaldocuments,anyorderorjudgmentofany

courtorotheragencyofgovernmentapplicabletoitoranyofitsassetsoranycontractualrestriction

bindingonoraffectingitoranyofitsassets;

（iv）Consents.Allgovernmentalandotherconsentsthatarerequiredtohavebeenobtainedbyit

withrespecttothisAgreementoranyCreditSupportDocumenttowhichitisapartyhavebeen

obtainedandareinfullforceandeffectandallconditionsofanysuchconsentshavebeencomplied

with;and

（v）ObligationsBindin