this Agreement shall be construed as references to this Agreement as supplemented, amended or restated from time to time;

a Party or any other person includes its successors in title or permitted transferee;

"Clauses", “Sub-clauses” and “Recitals” shall be construed as references to clauses, sub-clauses and recitals respectively of this Agreement; and

words importing the singular shall include the plural and vice-versa.

all percentages resulting from such calculations other than those determined through the use of interpolation will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point (e.g., 9.876541% (or .09876541) being rounded down to 9.87654% (or .0987654) and 9.876545% (or .09876545) being rounded up to 9.87655% (or .0987655));

all percentages determined through the use of linear interpolation by reference to two (2) relevant Reference Rates will be rounded, if necessary, in accordance with the method set forth in subsection (i) above, but to the same degree of accuracy as the two (2) rates used to make the determination (except that such percentages will not be rounded to a lower degree of accuracy than the nearest one thousandth of a percentage point (0.001%)); and

all currency amounts used in or resulting from the above calculations will be rounded, unless otherwise specified in the relevant Currency definition, to the nearest two decimal places in the relevant currency (with .005 being rounded upwards (e.g., .674 being rounded down to .67 and .675 being rounded up to .68).

Disbursement Request

Currency(ies) and amount(s) for the Tranche;

Disbursement Date; such Disbursement Date shall be a Business Day falling at least five (5) Business Days after the date of the Disbursement Request;

Principal Repayment Date(s), including the Maturity Date, taking into account that the Principal Repayment Period for each Tranche shall not exceed twenty (20) years including a grace period of maximum five (5) years;

maximum Fixed Interest Rate or maximum Spread to the Reference Rate;

Interest Period and Interest Payment Dates;

Day Count Convention and Business Days; and

Borrower’s account for payments.

Disbursement Notice

the Currency(ies) and the amount(s) for the Tranche;

the Disbursement Date;

the Principal Repayment Period and Principal Repayment Date(s), including the Maturity Date;

the Fixed Interest Rate or the Spread to the Reference Rate;

the Interest Period and the Interest Payment Dates;

the Day Count Convention and the Business Days; and

the Borrower’s and the CEB’s accounts for payments. A Disbursement Notice matching the elements included in a Disbursement Request shall constitute an irrevocable and unconditional commitment on the part of the Borrower to borrow from the CEB and on the part of the CEB to disburse to the Borrower the Tranche under the terms and conditions specified in the Disbursement Notice.

the issue of a Disbursement Request for the first Tranche beyond twelve

the issue of any further Disbursement Request beyond eighteen (18) months after the last disbursement; or

the issue of any further Disbursement Request beyond the day falling fifteen (15) Business Days before the Closing Date.

Conditions precedent to the Disbursement Request for the first Tranche:

Conditions precedent to any further Disbursement Request:

Mechanics

Prepayment Costs

The relevant financial news provider referred to under the EURIBOR definition does not quote any percentage rate or its corresponding screen rate page is not accessible.

The CEB determines that it is not possible to determine the applicable Reference Rate in accordance with paragraph (a) above.

At any time between the delivery of a Disbursement Notice and the Disbursement Date the CEB reasonably determines that there are exceptional and unexpected circumstances of an economic, financial, political or other external nature adversely affecting the CEB’s access to its sources of funding.

If the Borrower so requires, the Parties, acting in good faith, shall enter into negotiations for a period of not more than thirty (30) calendar days in order to agree on an alternative to the applicable EURIBOR. If no agreement is reached, the Borrower shall proceed with prepayment on the next Interest Payment Date in the terms provided under

Sub-clause 4.7

.

The CEB shall have the right, acting in good faith and in consultation with the Borrower to the extent reasonably practicable, to change the duration of any subsequent Interest Period to thirty (30) calendar days or less by sending to the Borrower a notice thereof. Any such change to an Interest Period shall take effect on the date specified by the CEB in such notice.

For the avoidance of doubt, items (i) and (ii) above shall only apply in circumstances where the Borrower shall pay interest on the principal of a Tranche outstanding at a Floating Interest Rate.

first, any fees, costs, charges or expenses due but unpaid under this Agreement;

secondly, any accrued interest due but unpaid under this Agreement,

thirdly, any principal due but unpaid under this Agreement; and

fourthly, any other sum due but unpaid under this Agreement.

all the land, real property rights and permits required for the implementation of the Project are timely available;

all assets and plants under the Project are permanently insured, maintained and operated in accordance with international best practices; and

any other requirement specified in Appendix 1 (“Specific Conditions”) hereto is complied with.

the European Social Charter.

it will institute and thereafter comply with internal policies, procedures and controls, in line with applicable legislation and international best practices, for the purpose of preventing the Borrower to become, in connection with the implementation of the Project or otherwise, an instrument for money laundering or terrorism financing;

it will not make any Loan proceeds available to or for the benefit of, directly or indirectly, any Sanctioned Person;

it will not commit, and no person, with its consent or prior knowledge, will commit, in connection with the implementation of the Project or any Sub- project a Corrupt Practice, a Fraudulent Practice, a Coercive Practice, a Collusive Practice or an Obstructive Practice (hereinafter, together with money laundering, terrorism financing and making available any Loan proceeds to Sanctioned Persons referred to as the “Prohibited Practices”).

A “Corrupt Practice” means any act of offering, giving, receiving, or soliciting, directly or indirectly, anything of value to influence improperly the actions of another party.

A “Fraudulent Practice” means any act or omission, including a misrepresentation, that knowingly or recklessly misleads, or attempts to mislead, a party to obtain a financial or other benefit, or to avoid an obligation.

A “Coercive Practice” means any act of impairing or harming, or threatening to impair or harm, directly or indirectly, any party or the property of any party to influence improperly the actions of a party.

A “Collusive Practice” means any arrangement between two or more parties designed to achieve an improper purpose, including influencing improperly the actions of another party.

An “Obstructive Practice” means, in relation to an investigation into a Coercive, Collusive, Corrupt or Fraudulent Practice, (a) any act of deliberately destroying, falsifying, altering or concealing of evidence material to the investigation; (b) any act of threatening, harassing or intimidating any party to prevent it from disclosing its knowledge of matters relevant to the investigation or from pursuing the investigation; and/or (c) any act intending to materially impede the exercise of the contractual rights of audit or access to information. The Borrower undertakes to inform CEB if it should become aware of any fact or information suggestive of the commission of any such Prohibited Practice. For this purpose, the knowledge of any member of the PIU shall be deemed the knowledge of the Borrower.

to take timely such action as the CEB may reasonably request to investigate and/or terminate any alleged or actual Prohibited Practice;

to facilitate any investigation that the CEB may conduct concerning any alleged or actual Prohibited Practice; and

to inform the CEB of the measures taken to seek damages from the persons responsible for any loss resulting from any such Prohibited Practice.

Progress Reports

prior to every Disbursement Request, except for the Disbursement Request for the first Tranche.

Completion Report

any action or protest initiated or any objection raised by any third party or any complaint received by the Borrower or any litigation that is commenced or threatened against it with regard to procurement or environmental, social, occupational health and safety (e.g. loss of life, major accident) matters or other matters in connection with the Project; or

any enactment of or any amendment to any law, rule or regulation (or in the application or official interpretation of any law, rule or regulation) in connection with the Project.

Cross-Default

the CEB makes a demand of early reimbursement under Article 3.3 of the Loan Regulations; or

an event or potential event of default under any unsecured and unsubordinated Debt Instrument of the Borrower or any of its agencies or instrumentalities has occurred and is continuing.

simultaneously pays; or

sets aside in a designated account for payment on the next Interest Payment Date

created on property at the time of purchase solely as security for the payment of the purchase price or for the payment of debt incurred for the purpose of financing the purchase of such property; or

securing a Debt Instrument maturing not more than one (1) year after the date on which it was originally incurred.

is not made within a revolving credit facility which remains open for drawing on the same terms after such prepayment; or

is not made out of the proceeds of another Debt Instrument having a term at least equal to the unexpired term of the prepaid Debt Instrument,

it carries out its business according to the laws, decrees, regulations, articles of association and other texts applicable to it; in particular, it complies with the applicable laws on fraud, corruption, money laundering and financing of terrorism;

it is not and none of its officers, directors, agent or employees is a Sanctioned Person or is the subject of a final and irrevocable court ruling in connection with Prohibited Practices perpetrated in the exercise of its professional duties and none of them did or does enter into business relationships with Sanctioned Persons;

its competent bodies have authorised it to enter into the Agreement and have given the signatory(ies) the authorisation therefor, in accordance with the laws, decrees, regulations and other texts applicable to it;

the execution and delivery of, the performance of its obligations under and compliance with the provisions of this Agreement do not:

no event or circumstance is outstanding that constitutes a default under any Debt Instrument or any other agreement, which is binding on it or to which its assets are subject, which might reasonably be expected to give rise to a Material Adverse Change;

no Security has been granted to a third party in breach of

Sub-clause 7.2

;

no litigation, arbitration or administrative proceedings of or before any court, arbitral tribunal or agency which might reasonably be expected to give rise to a Material Adverse Change have (to the best of its knowledge and belief) been started or threatened against it; and

it has received a copy of the Loan Regulations, the Loan Policy, the Environmental and Social Safeguards Policy, the Procurement Guidelines and the Data Protection Regulation and has taken note thereof.

in the case of a hand-delivered or registered letter, on the date of delivery;

in the case of electronic mail, only when actually received in readable form and only if it is addressed in such a manner as the other Party shall specify for this purpose; and

in the case of electronic mail, which contains a Disbursement Notice, sent by the CEB to the Borrower, when the electronic mail is sent.

mention the LD reference in the subject line; and

be in the form of a non-editable electronic image (pdf, tif or any other common non editable file format agreed between the Parties) of the notice signed by the person or persons duly authorised to sign such notice on behalf of the Borrower, attached to the electronic mail.

Disbursement Requests;

any communications in respect of the suspension, cancellation and/or early reimbursement of the Loan or in respect of a Prepayment Notice; and

any other communication required by the CEB. The Parties agree that any above notice (including via electronic mail) is an accepted form of communication, shall constitute admissible evidence in court and shall have the same evidential value as an agreement under hand.

materijalno ugrožava sposobnost Zajmoprimca da izvršava svoje finansijske obaveze u skladu sa Sporazumom; (ii) na negativan način utiče na Sredstvo obezbeđenja koje je dostavio Zajmoprimac ili treće lice da bi se osiguralo blagovremeno izvršenje finansijskih obaveza Zajmoprimca u skladu sa Sporazumom; ili (iii) negativno utiče na bilo koja prava ili pravne lekove BRSE-a prema Sporazumu.

ovaj sporazum tumačiće se kao upućivanja na ovaj sporazum koji može biti dopunjen, izmenjen ili prepravljen s vremena na vreme;

Strana ili bilo koje drugo lice uključuje svoje naslednike u nazivu ili one dozvoljene putem prenosa;

“Klauzule”, “Potklauzule” i “Uvodne izjave” tumačiće se kao upućivanja na klauzule, potklauzule i uvodne izjave pojedinačno u ovom sporazumu; i

reči koje su u jednini uključivaće i množinu i obrnuto.

svi procenti koji predstavljaju rezultat navedenih obračuna sem onih koji su utvrđeni kroz upotrebu interpolacije biće zaokruženi, po potrebi, na najbliži stohiljaditi deo procentnog poena (na primer 9,876541% (ili ,09876541) se zaokružuju na 9,87654% (ili ,0987654) i 9,876545% (ili ,09876545) se zaokružuju na 9,87655% (ili ,0987655));

svi procenti utvrđeni kroz upotrebu linearne interpolacije upućivanjem na dve (2) relevantne Referentne kamatne stope biće zaokruženi, po potrebi, u skladu sa metodom utvrđenom u pododeljku (i) iznad, ali u istom stepenu tačnosti kao i dve (2) stope koje se koriste za određivanje (osim kada navedeni procenti neće biti zaokruženi na niži nivo tačnosti nego što je najbliži hiljaditi deo procentnog poena (0,001%)); i

svi iznosi valuta koji se koriste ili predstavljaju rezultat gorenavedenih kalkulacija biće zaokruženi, osim ako je drugačije naznačeno u relevantnoj definiciji valute, na najbliža dva decimalna mesta relevantne valute (sa ,005 koje se zaokružuje prema gore (na primer, ,674 se zaokružuje na ,67, dok se ,675 zaokružuje na ,68).

Zahtev za isplatu

Valutu(e) i iznos(e) Tranše;

Datum isplate; navedeni datum isplate biće Radni dan koji pada barem pet (5) Radnih dana, nakon datuma podnošenja Zahteva za isplatu;

Datum(e) za otplatu glavnice, uključujući Datum dospeća, uzimajući u obzir da Period za otplatu glavnice za svaku Tranšu neće prekoračiti dvadeset (20) godina uključujući period počeka od najviše pet (5) godina;

Maksimalnu fiksnu kamatnu stopu ili maksimalan raspon u odnosu na Referentnu kamatnu stopu;

Kamatni period i Datume za plaćanje kamate;

Konvenciju za utvrđivanje dana i Radne dane; i

Račun Zajmoprimca za plaćanja.

Obaveštenje o isplati

Valutu(e) i iznos(e) Tranše;

Datum isplate;

Period za otplatu glavnice i Datum(e) za otplatu glavnice, uključujući Datum dospeća;

Fiksnu kamatnu stopu ili Raspon u odnosu na Referentnu kamatnu stopu;

Kamatni period i Datume za plaćanje kamate;

Konvenciju za utvrđivanje dana i Radne dane; i

Račune Zajmoprimca i BRSE za plaćanja.

Podnošenje Zahteva za isplatu prve Tranše nakon dvanaest (12) meseci posle datuma od potpisivanja Sporazuma od strane Strana ili nakon dvadeset i četiri (24) meseca nakon odobrenja zahteva za zajam od strane Administrativnog saveta BRSE, koji god nastupi ranije;

Podnošenje bilo kakvog dodatnog Zahteva za isplatu nakon osamnaest

Podnošenje bilo kakvog dodatnog Zahteva za isplatu nakon datuma koji pada petnaest (15) Radnih dana pre Datuma zaključenja zajma.

Uslovi koji prethode Zahtevu za isplatu prve Tranše:

Uslovi koji prethode svakom sledećem Zahtevu za isplatu:

Mehanizam

Troškovi prevremene otplate

Relevantni dobavljač finansijskih vesti pod definicijom EURIBOR nije naveo bilo koju procentualnu stopu ili njegova odgovarajuća strana sa objavljenom stopom nije dostupna.

BRSE odlučuje da nije moguće da se utvrdi primenljiva Referentna kamatna stopa u skladu sa stavom (a) u tekstu iznad.

U svakom trenutku između isporuke Obaveštenja o isplati i Datuma isplate, BRSE opravdano utvrđuje da li postoje izuzetne i neočekivane okolnosti ekonomske, finansijske, političke ili druge spoljne prirode koje na negativan način utiču na pristup BRSE svojim izvorima finansiranja.

Ako Zajmoprimac to zahteva, Strane, delujući u dobroj veri, stupaju u pregovore u periodu ne dužem od trideset (30) kalendarskih dana da bi se dogovorile o alternativi za primenljivi EURIBOR. Ako ne dođe do dogovora, Zajmoprimac će da nastavi sa prevremenom otplatom na sledeći Datum isplate kamate pod uslovima definisanim u potklauzuli 4.7.

BRSE ima pravo, delujući u dobroj veri i konsultujući se sa Zajmoprimcem u meri koja je razumno izvodljiva, da promeni trajanje sledećeg Kamatnog perioda na trideset (30) kalendarskih dana ili manje tako što će Zajmoprimcu da pošalje obaveštenje o tome. Svaka takva promena Kamatnog perioda će postati važeća na datum koji je definisala BRSE u navedenom obaveštenju.

Da bi se izbegla bilo kakva sumnja, stavke (i) i (ii) iznad će se odnositi samo na okolnosti kada Zajmoprimac plaća kamatu na glavnicu neotplaćene Tranše po Varijabilnoj kamatnoj stopi.

prvo, bilo kojih naknada, troškova, taksi ili izdataka dospelih, ali neplaćenih po ovom sporazumu;

drugo, bilo koja obračunata kamata, dospela, ali neplaćena po ovom sporazumu,

treće, bilo koja glavnica dospela, ali neplaćena po ovom sporazumu; i

četvrto, bilo koji drugi iznos dospeo, ali neplaćen po ovom sporazumu.

celokupno zemljište, imovinska prava, kao i sve dozvole potrebne za sprovođenje Projekta budu blagovremeno obezbeđene;

sva imovina i postrojenja koji predstavljaju deo ovog Projekta moraju biti trajno osigurani, održavani i operativni u skladu sa najboljom međunarodnom praksom; i

bude ispunjen bilo koji drugi zahtev naveden u Prilogu 1 (“Posebni uslovi“) ovog sporazuma.

ne učini dostupnim sredstva Zajma za ili u korist bilo kog Sankcionisanog lica, direktno ili indirektno;

„Podmićivanje“ predstavlja svako nuđenje, davanje, primanje ili traženje, bilo direktno ili indirektno, neke vrednosti radi neodgovarajućeg uticaja na postupanje neke druge strane.

„Obmanjivanje“ predstavlja svako činjenje ili nečinjenje, uključujući pogrešne tvrdnje, kojima se svesno ili nesvesno vrši obmana, ili se čini pokušaj obmanjivanja jedne strane da bi se stekla neka finansijska ili druga korist ili izbegla neka obaveza.

„Prinuda“ predstavlja svako ugrožavanje ili nanošenje štete ili pretnja ugrožavanjem ili nanošenjem štete, direktno ili indirektno, nekoj strani ili imovini te strane u cilju neprikladnog uticaja na njeno postupanje.

„Tajno dogovaranje“ predstavlja svaki dogovor između dve ili više strana sa ciljem da se ostvari neki neprikladan cilj, uključujući neprikladno uticanje na postupanje druge strane.

„Opstrukcija“ znači, u vezi sa istragom Prinude, Tajnog dogovaranja, Podmićivanja ili Obmanjivanja, (a) svako delo namernog uništavanja, falsifikovanja, promene ili prikrivanja dokaznog materijala u istrazi; (b) bilo koji čin pretnje, uznemiravanja ili zastrašivanja bilo koje strane kako bi se sprečilo da obelodani svoje znanje o pitanjima relevantnim za istragu ili da nastavi istragu; i/ili (c) bilo koji akt kojim se namerava materijalno ometanje vršenja ugovornih prava revizije ili pristupa informacijama.

da na vreme preduzme one mere koje BRSE bude opravdano zahtevala da istraži i/ili prekine svaki navodni ili stvarni čin Zabranjenog delovanja;

da omogući svaku istragu koju može da vrši BRSE u vezi sa navodnim ili stvarnim Zabranjenim delovanjem; i

da obavesti BRSE o merama koje su preduzete da se zatraži odšteta od lica koja su odgovorna za bilo koji gubitak koji proističe iz takvog čina Zabranjenog delovanja. Ministarstvo građevinarstva, saobraćaja i infrastrukture će biti odgovorno za kontakte sa BRSE u svrhu ove potklauzule.

Izveštaj o napretku

Završni izveštaj

svaki postupak ili protest koji je započet ili prigovor koji je podignut od strane trećeg lica ili bilo koja žalba koju je primio Zajmoprimac ili sudski spor koji je započet ili se njime preti u pogledu nabavke ili socijalnih ili pitanja zaštite životne sredine ili pitanja zdravlja i bezbednosti na radu (npr. gubitak života ili važna nesreća) ili druga pitanja u vezi sa Projektom; ili

svako donošenje zakona ili izmene i dopune zakona, propisa ili pravila (ili u primeni ili zvaničnom tumačenju bilo kog zakona, propisa ili pravila) u vezi sa Projektom.

Neizvršenje obaveza

BRSE zatraži prevremenu otplatu u skladu sa članom 3.3 Propisa o zajmu; ili

je došlo do ili se nastavlja događaj ili potencijalni događaj neizvršenja obaveza u pogledu neobezbeđenih i podređenih Instrumenata zaduženja Zajmoprimca ili neke od njegovih agencija ili državnih organa.

plaća istovremeno; ili

odvaja sa strane na namenski račun za plaćanje na sledeći Datum plaćanja kamate

nastalo na svojini u trenutku kupovine jedino kao zalog za plaćanje kupoprodajne cene ili za otplatu duga nastalog u svrhu finansiranja kupovine navedene svojine; ili

koje obezbeđuje Instrument zaduživanja čije dospeće pada najkasnije jednu (1) godinu nakon datuma na koji je prvobitno nastao.

nije izvršena u okviru revolving kredita koji ostaje otvoren za povlačenje pod istim uslovima nakon takve prevremene otplate; ili

nije učinjena sredstvima drugog Instrumenta zaduživanja čiji je rok najmanje jednak neisteklom roku prevremeno otplaćenog Instrumenta zaduživanja,

obavlja svoje poslovanje u skladu sa zakonima, uredbama, propisima, statutima i drugim dokumentima koji se na njega primenjuju; posebno, poštuje važeće zakone o prevari, korupciji, pranju novca i finansiranju terorizma;

da nije i da nijedan od njegovih službenika, direktora, agenata ili zaposlenih Sankcionisano lice ili predmet pravosnažne i neopozive sudske presude u vezi sa Zabranjenim delovanjem počinjenim u vršenju svojih profesionalnih dužnosti, a niko od njih nije niti je stupio u poslovne odnose sa Sankcionisanim licima;

da su ga nadležni organi ovlastili da zaključuje Sporazum i da su potpisniku(cima) dali ovlašćenje za to, u skladu sa zakonima, uredbama, propisima i drugim dokumentima koji se na njih primenjuju;

da potpisivanjem i njegovim uručivanjem, izvršenjem svojih obaveza prema i u saglasnosti sa ovim sporazumom ne:

da ne postoji nijedan događaj ili okolnost koja je nerešena, a koja predstavlja neizvršenje obaveza iz nekog Instrumenta zaduživanja ili drugog sporazuma, koji je obavezujući za njega ili čiji je predmet njegova imovina, od kojeg bi se opravdano moglo očekivati da izazove Materijalno negativnu promenu;

da trećem licu nije odobreno nikakvo Sredstvo obezbeđenja zbog kršenja potklauzule 7.2;

nikakva parnica, arbitraža ili administrativni postupak pred nekim sudom, arbitražnim sudom ili agencijom, a od kog bi se opravdano moglo očekivati da ima za rezultat Materijalno negativnu promenu (po njegovom najboljem saznanju i verovanju) nije započet niti se očekuje protiv njega; i

da je dobio primerak Propisa o zajmu, Kreditne politike, Politike o zaštiti životne sredine i merama socijalne zaštite, Smernica o nabavkama i Pravilnika o zaštiti ličnih podataka, i da ih je uzeo u obzir.