Zakon o potvrđivanju Sporazuma o zajmu između KfW, Frankfurt na Majni i Republike Srbije koju zastupa Vlada Republike Srbije delujući preko i putem Ministarstva finansija za Zajam za politike (PBL) „Reforma sektora energetike i životne sredine u Republici Srbiji II“

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Section4.1.

Variable Interest Rate with a fixed interest option. The Borrower will pay interest

on the Loan in accordance with the following provisions:

Variable Interest Rate. Unless a fixed interest rate applies pursuant to

Article 4.1

c) (Change to fixed interest rate at the request of the Borrower),

the interest rate applicable for an Interest Period (as defined in

Article 4.1

(Interest Period) shall be determined as a variable interest rate in

accordance with the definitions and terms as defined in Annex 9 (Variable

Rate Definitions) (the "Variable Rate Definitions") and the following

provisions (such variable interest rate, the "Variable Interest Rate"):

EURIBOR. The variable interest rate for the relevant Interest Period

shall be determined as the aggregate of

(aa) the EURIBOR valid for the relevant Interest Period; and

(bb) the margin of 0.9 % (in words: zero point nine percent) per annum (the "Margin").

KfW shall promptly notify the Borrower of the relevant EURIBOR and

the aggregate variable interest rate determined on this basis under

this paragraph as well as of the duration of the relevant Interest

Period.

ii)

Term €STR. If a Reference Rate Non-Utilisation Event has occurred

and is continuing in relation to EURIBOR on the applicable Reference

Rate Determination Date, the variable interest rate for the relevant

Interest Period shall be determined as the aggregate of

(aa) the Term €STR valid for the relevant Interest Period; and

(bb) the relevant Term €STR Credit Adjustment Spread; and

cc)

the Margin.

KfW shall promptly notify the Borrower of the relevant Term €STR

Reference Rate, the relevant Term €STR Adjustment Spread and the

aggregate variable interest rate determined on this basis under this

paragraph as well as of the duration of relevant Interest Period.

iii)

Compounded €STR Observation Shift. If a Reference Rate Non-

Utilisation Event has occurred and is continuing in relation to

EURIBOR and Term €STR on the applicable Reference Rate

Determination Date, the variable interest rate for the relevant Interest

Period shall be determined as the aggregate of

(aa) the Compounded €STR (Observation Shift) Calculated Daily Rate valid for the relevant Interest Period; and

(bb) the applicable Compounded €STR Credit Adjustment Spread; and

cc)

the Margin.

Lag time. When determining the variable interest rate under this

paragraph (iii), a Lag Time of thirty (30) TARGET Days shall apply.

iv)

Zero Floor. If the interest rate thus calculated falls below 0 % per

annum, the Variable Interest Rate will be 0 % per annum for the

relevant Interest Period.

Interest Calculation Adjustments. Further to the provisions of Articles

4.1 a) (ii), 4.1 a) (iii) and the Variable Rate Definitions, KfW may make

such further technical, administrative, operational and other

conforming changes and adjustments to these provisions as are

required to permit the administration, calculation and determination of

the relevant Reference Rate by KfW in a manner substantially

consistent with market practice or as are required by KfW to make the

interest provisions, in particular the timing and frequency of

determining rates, the calculation rules, the notification periods and

similar technical, administrative or operational measures,

administratively feasible for KfW. To this effect, KfW may send the

Borrower a notification (a "Technical Adjustment Notification")

which shall supplement and adjust this Agreement, and which shall,

upon receipt and acknowledgement by the Borrower, form an integral

part of this Agreement.

Interest Period. Interest period is the period from one Payment Date (as

defined in

Article 4.3

(Payment Dates) hereof) (including such date) to the next following Payment Date (excluding such date) with the exception of

the first interest period which will begin on the value date of the

disbursement of the relevant Loan amount and will end on the next

Payment Date (the "Interest Period").

If a Payment Date falls on a day that is not a Banking Day, it will be

adjusted in accordance with

Article 6.2

(Due date) hereof. In this case the

Interest Period will end on the day of the adjusted Payment Date and the

next Interest Period will commence on the adjusted Payment Date. The

interest rate applicable until the original expiry of the Interest Period will

apply to the adjusted Interest Period.

Change to Fixed Interest Rate at the request of the Borrower. After the last

disbursement from the Loan the Borrower may demand that a fixed interest

rate be applied for the full amount then outstanding in accordance with the

following provisions ("Interest Change") In the event the Borrower desires

an Interest Change, the following provisions will apply:

Fixed-interest period. The fixed-interest period extends from the date

from which the interest rate fixed on the basis of

Article 4.1

c) (iv)

(Fixed interest rate) hereof below ("Fixed Interest Rate") is to be

applied at the request of the Borrower ("Date of Effectiveness") until

payment in full of the last repayment instalment; the Date of

Effectiveness must fall on a Payment Date.

ii)

Notification of KfW. The Borrower will notify KfW of its request for

Interest Change in a form that essentially matches Annex 5

(Specimen Application for Interest Change) hereof. The notification

must specify the desired Date of Effectiveness and must be received

in Frankfurt am Main, Federal Republic of Germany, by 12:00 noon

on the fifteenth Banking Day before the respective Date of

Effectiveness at the latest.

iii)

Interest rate quotation. In due time but not later than at 12:00 noon in

Frankfurt am Main, Federal Republic of Germany, on the fifth (5th)

Banking Day before the Date of Effectiveness, KfW will give the

Borrower a non-binding quotation of the fixed interest rate that would

be applicable pursuant to

Article 4.1

c) (iv) (Fixed interest rate) hereof

if the change were to take place on the date of such quotation.

If the Borrower irrevocably confirms to KfW the Interest Change and

the Date of Effectiveness by 12:00 noon in Frankfurt am Main,

Federal Republic of Germany, on the fourth (4th) Banking Day before

the agreed Date of Effectiveness at the latest, KfW will then perform

the Interest Change as instructed and will inform the Borrower of the

Fixed Interest Rate determined on the Date of Effectiveness pursuant

Article 4.1

c) (iv) (Fixed interest rate) hereof.

If the Borrower does not accept the Fixed Interest Rate offered by

KfW or if KfW has not received the Borrower's confirmation by 12:00

noon in Frankfurt am Main, Federal Republic of Germany, on the

fourth (4th) Banking Day before the respective Date of Effectiveness,

then KfW will not effect a change from the Variable to a Fixed Interest

Rate.

iv)

Fixed Interest Rate. KfW will determine the Fixed Interest Rate on the

basis of the capital market conditions then prevailing in the European

Monetary Union for long-term loans taking into consideration the

costs incurred by KfW plus a margin of 0.9 % (in words: zero point

nine percent) per annum. If the interest rate calculated accordingly

falls below 0 % per annum, the Fixed Interest Rate will be 0 % per

annum. The Fixed Interest Rate thus determined will apply until the

last repayment instalment has been received in accordance with the

repayment schedule set out in

Article 5.1

(Repayment schedule)

hereof. KfW will inform the Borrower promptly of the Fixed Interest

Rate.

Non-Utilisation Fee. If following notification pursuant to

Article 4.1

(iii)

(Interest rate quotation) hereof KfW has set a Fixed Interest Rate

for a Loan amount pursuant to

Article 4.1

c) (Change to fixed interest

rate at the request of the Borrower) hereof and if the Borrower then

cancels the Interest Change or if the Interest Change is cancelled for

other reasons for which KfW is not accountable, the Borrower will

promptly pay to KfW upon its request a Non-Utilisation Fee. The Non-

Utilisation Fee will be determined by calculating the amount (if any)

by which:

KfW’s initial costs of funding the respective loan amount in the

Euro capital market (as determined on the date of on which

KfW has set a Fixed Interest Rate for a Loan amount pursuant

Article 4.1

c) (Change to fixed interest rate at the request of the Borrower)) until the end of the fixed interest period applying

to the Loan Amount had the change-over to a Fixed Interest

Rate taken place as notified by the Borrower;

exceeds:

ii)

the amount of income which KfW would be able to obtain by

reinvesting an amount equal to the respective Loan amount in

the Euro capital market until the end of the fixed interest period.

The amount thus determined will be discounted by the applicable

reinvestment interest rate curve.

vi)

No reconversion. After an Interest Change, a reconversion from a

fixed interest rate to a variable interest rate is excluded.

Nastavi čitanje

Član 4.1. Zakon o potvrđivanju Sporazuma o zajmu između KfW, Frankfurt na Majni i Republike Srbije koju zastupa Vlada Republike Srbije delujući preko i putem Ministarstva finansija za Zajam za politike (PBL) „Reforma sektora energetike i životne sredine u Republici Srbiji II“