Entire agreement

The terms and conditions herein contained, including the Exhib­its, constitute the entire Agreement between the parties hereto and supersede all previous communications, whether oral or written» be­tween the parties hereto with respect to the subject matters hereof» and no agreement or understanding varying or extending the same shall be binding upon either party hereto unless in writing which ex­pressly refers to this Agreement and which is signed by a duly author­ized officer or representative of the party bound thereby.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement in duplicate as of the day and year first above written.

The BORROWER The LENDER

By By

Witness Witness

WORDS AND EXPRESSIONS

preamble n преамбула

principal n основная сумма кредита

hereinafter referred to as далее именуемый

witnesseth (to witness v) устар. свидетельствовать,

заверять (подпись)

whereas con принимая во внимание (в документах)

has entered into Purchase заключил контракт о покупке

Contract

Addendum n добавление, приложение

disbursement n выплата средств по кредитному

соглашению

240

«the Drawdown Dates»

to accrue v

Exhibits

to elapse v

semiannually adj

arrear n

mean adj

round upward ... to the nearest whole multiple of

Reuters

manifest error

conclusive and binding adj

repayment n

prepayment n

premium n

penalty n

to be of the essence

due hereunder (hereunder = under this document)

pursuant to

breach n

enforceable adj

expenses n

fee n

transaction n

to contemplate v

to consummate v

to incur v

даты «выборки» (использования кредита)

нарастать

приложение «В»

проходить (о времени)

один раз в полгода

невыплаченная задолженность

среднее

округленное кверху до ... ближайшего целого числа, кратного ...

«Рейтер» (крупнейшее информационное агентство, поставляющее в том числе и коммерческую, финансовую информацию)

явная ошибка

окончательный и обязательный

выплата, погашение

досрочный платеж

вознаграждение

штраф

быть значимым

подлежащие оплате по этому документу

соответственно, согласно

нарушение

в силе, осуществимый

издержки

комиссия

сделка

рассматривать

завершать, осуществлять

нести расходы

241

nonrefundable adj	не подлежащий возмещению
overdue payment	просроченный (задержанный) платеж
discretion n	усмотрение
offset n	возмещение, компенсация, зачет, уменьшение
levy n	сбор, налог
withholdings or impositions	удержания или облагание налогом
for good value	на/за полную стоимость
drawdown notice	сообщение о «выборке» (использовании) кредита
representation n	представление
warranty n	гарантия
covenant n	договор, обязательство (условие или статья договора, обычно защищающая интересы кредитора и указывающая, какие условия заемщик должен выполнить обязательно)
pari passu	наравне
contingent	возможный, условный, непредвиденный
if subject to cure	при необходимости исправления (устранения)
UNCITRAL = United Commercial International Trade Legislation	Единое торгово-коммерческое международное законодательство
miscellaneous adj	разное
non-waiver n	неотказ (от прав)
severability n	приостановление действия
to construe v	толковать

Exercise 1. Study the Loan Agreement.

U n i t 6

CURRENCY AND SHARE MARKETS ВАЛЮТНЫЕ И ФОНДОВЫЕ РЫНКИ

Exercise 1. Read and render the text.

Besides the subdivision of markets into money markets, stock-markets and commodity markets, there also exist a sub-classification of them according to the character of deals concluded — into spot markets and futures markets.

Spot markets are the ones for buying and selling goods, currency or securities available for immediate delivery, futures markets — for delivery at a future date for a price fixed in advance. Futures currency markets are often called forward exchange contracts markets.

Theoretically it is only the foreign exchange deals (i.e. currency markets) that establish the relative price of one convertible currency against another. (The currencies are subdivided into hard (free, con­vertible) and non-convertible, the price of the latter being established more or less artificially, by governments). In practice, however, very few currencies are completely free, the central banks of the nations in question intervening in an appropriate manner — including the Bank of England in the UK and the Federal Reserve Board in the USA.

Share markets (also subdivided into spot markets and futures mar­kets) are institutions where shares are bought and sold according to fixed rules but at prices controlled by supply and demand.

The principle of the stock-market is well-known: companies issue shares (British) or stocks (American) and market them to raise addi­tional funds called equity (or share) capital. Shares of the most suc­cessful and powerful companies, paying the highest dividends, are called blue chips.

In both currency and share-markets deals are concluded by brokers (individuals or companies) who receive the broking commission for their services. The two tactics of market-makers are known as those of «bears» (lowering the prices) and «bulls» (pushing the prices up).

243

The condition of share markets as a whole is reflected by many in­dices, the most widely known of them being the Dow Jones in the USA and Nikkei in Japan.

As for the share capital itself it is subdivided into two main catego­ries: privileged shares (American: preferred stock) and ordinary shares (American: common stock). Holders of privileged shares get their divi­dend payments at a fixed rate, regardless of the market performance of the company’s shares, e.g. 5% annually of the par nominal value of the share. This is not always good, for if the company performs exception­ally well, holders of the ordinary shares get the corresponding dividends (say, 50%), whereas the holders of privileged shares still have to be con­tent with the same 5% (if the rules do not stipulate otherwise). Owners of preference shares are sometimes also excluded from the management of the company and have no voting rights.

Decisive control over the company’s policy is most often {although not always) Exercise d by the controlling shareholders (also called ma­jority shareholders), i.e. the owner of more than 50% of all shares.

There are a great many other subdivisions of shares (besides privi­leged and ordinary), i.e. founders’ shares, convertible, redeemable, cumulative privileged shares, subscription and term shares. All these subdivisions reflect the great complexity of this sector of business.

N o t e s:

spot market рынок наличного товара, немедленно

оплачиваемых валютных и других сделок

futures market фьючерсный рынок

forward exchange contracts форвардные валютные контракты

shares or stocks n акции (английское и американское

слово)

equity ( or share) capital акционерный капитал

blue chips «голубые фишки» (наиболее прибыльные

акции крупных компаний)

broking commission брокерская комиссия

“bear” n «медведь» (биржевое)

“bull” n «бык» (биржевое)

244

privileged shares (preferred stocks)

ordinary shares

(... — common stocks)

voting rights

controlling shareholder (... majority shareholders)

founders’ shares

convertible shares

redeemable shares

cumulative shares

subscription (shares) term shares

Exercise 2. Ask questions to

привилегированные акции

обыкновенные акции

право голоса

владелец контрольного пакета

акции учредителя

конвертируемые акции

выкупаемые акции

кумулятивные акции

(с накоплением дивидендов)

акции по подписке

акции на ограниченный срок

text.