Bilateral Amendment Agreement for ndfs and ndss- version 2

isda<sub>®

International Swaps and Derivatives Association, Inc.</sub>

AMENDMENT FOR ASIAN CURRENCY NON-DELIVERABLE FX TRANSACTIONS

NON-DELIVERABLE CURRENCY OPTION TRANSACTIONS AND NON-DELIVERABLE SWAP TRANSACTIONS
dated as of ……………………..
between
and
(the "Amendment")
WHEREAS, in 2001 EMTA sponsored the publication of Template Terms for Non-Deliverable FX and Non-Deliverable Currency Option Transactions for each of CNY, KRW, INR, PHP and TWD and thereafter ISDA published the Template Terms for Cross Currency Interest Rate Swap Transactions (Non-deliverable), which were subsequently adopted and used by the marketplace for confirming Non-Deliverable FX, Currency Option and Swaps Transactions (together, the “Existing Template Terms”);
WHEREAS, EMTA, the Singapore Foreign Market Exchange Committee (the "SFEMC") and the Foreign Exchange Committee (the "FXC") have recently collaborated to introduce improvements into the Existing Template Terms;
WHEREAS, effective December 1, 2004, EMTA, SFEMC, and the FXC have co-sponsored the amended 2004 Template Terms for Non- Deliverable FX and Non-Deliverable Currency Option Transactions and ISDA has sponsored the amended Template Terms for Cross Currency Interest Rate Swap Transactions (Non-deliverable) (the “New Template Terms”) for each of CNY, KRW, IDR, INR, PHP and TWD (each a “Reference Currency”);
WHEREAS, each Party wishes to amend the documentation for Non-Deliverable FX Transactions, Non-Deliverable Currency Option Transactions and Non-Deliverable Swap Transactions (both cross currency swaps and interest rate swaps) outstanding on [December 1, 2004] ¹for each of the Reference Currencies (the “Existing Confirmations”) to similarly incorporate the New Template Terms into each Existing Confirmation with the other Party;

WHEREAS, each Party desires to simplify and expedite the amendment of its Existing Confirmations through the execution of this Amendment Agreement.

Accordingly, in consideration of the mutual agreements contained in this Amendment, the parties agree as follows:
1. Amendment. Effective [December 1, 2004]², unless otherwise agreed by the Parties in writing, each Existing Confirmation shall be amended to delete therefrom any of the Existing Template Terms that are inconsistent with the New Template Terms and to replace such terms with the New Template Terms for the relevant Reference Currency.

2. Effect of this Amendment. Except for the amendment specified in Section 1 above, this Amendment Agreement shall not affect any other terms of the Existing Confirmations, which terms shall remain in full force and effect.

3. 
   Miscellaneous
   

(a) Entire Agreement. This Amendment constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communication and prior writings (except as otherwise provided herein) with respect thereto.

(b) Counterparts. This Amendment may be executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original.
(c) Headings. The headings used in this Amendment are for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Amendment.
(d) Governing Law. This Amendment will be governed by and construed in accordance with [English law][the laws of the State of New York (without reference to choice of law doctrine)].³
In witness whereof the parties have executed this Amendment on the respective dates specified below with effect from the date specified first on the first page of this Amendment.

(Name of Party) (Name of Party)

By: By:

Name: Name:

Title: Title:

Date: Date:

1 Insert different date, if applicable.

2 December 1 has been used throughout this amendment as this is the date that the NDF terms became applicable. Parties may choose to use another mutally acceptable date.

3 Delete as applicable.

AM0702.DOC/0042

Copyright © 2005 by International Swaps and Derivatives Association, Inc.