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AFD AGREEMENT N° CRS 1029 01 H
CREDIT FACILITY AGREEMENT
dated as of December 17, 2024
between
AGENCE FRANÇAISE DE DEVELOPPEMENT
The Lender
and
THE REPUBLIC OF SERBIA
The Borrower
TABLE OF CONTENTS
1 DEFINITIONS AND INTERPRETATION .......................................................................... 7
1.1 Definitions .............................................................................................................. 7
1.2 Interpretation .......................................................................................................... 7
2 FACILITY, PURPOSE AND CONDITIONS OF UTILISATION ......................................... 7
2.1 Facility .................................................................................................................... 7
2.2 Purpose .................................................................................................................. 7
2.3 Monitoring .............................................................................................................. 7
2.4 Conditions precedent ............................................................................................. 7
3 DRAWDOWN OF FUNDS ............................................................................................... 8
3.1 Drawdown amounts ................................................................................................ 8
3.2 Drawdown request ................................................................................................. 8
3.3 Payment completion ............................................................................................... 9
3.4 Payment mechanics - Direct payments by the Lender to Contractor ....................... 9
3.5 Deadline for the First Drawdown .......................................................................... 10
3.6 Deadline for Drawdown of the Funds.................................................................... 10
4 INTEREST ……………………………………………………………………………………...10
4.1 Interest Rate ......................................................................................................... 10
4.2 Calculation and payment of interest...................................................................... 12
4.3 Late payment and default interest ........................................................................ 13
4.4 Communication of Interest Rates ......................................................................... 13
4.5 Effective Global Rate (Taux Effectif Global) .......................................................... 13
5 CHANGE TO THE CALCULATION OF INTEREST ...................................................... 14
5.1 Market Disruption ................................................................................................. 14
5.2 Replacement of Screen Rate ............................................................................... 14
6 FEES ……………………………………………………………………………………………15
6.1 Commitment Fees ................................................................................................ 15
6.2 Appraisal Fee ....................................................................................................... 16
7 REPAYMENT ................................................................................................................ 16
8 PREPAYMENT AND CANCELLATION ......................................................................... 16
8.1 Voluntary prepayment ........................................................................................... 16
8.2 Mandatory prepayment ......................................................................................... 17
8.3 Cancellation by the Borrower ............................................................................... 17
8.4 Cancellation by the Lender ................................................................................... 17
8.5 Restrictions .......................................................................................................... 18
9 ADDITIONAL PAYMENT OBLIGATIONS ..................................................................... 18
9.1 Costs and expenses ............................................................................................. 18 9.2 Cancellation Indemnity ......................................................................................... 18
9.3 Prepayment Indemnity.......................................................................................... 19
9.4 Taxes and duties .................................................................................................. 19
9.5 Additional Costs ................................................................................................... 19
9.6 Currency indemnity .............................................................................................. 20
9.7 Due dates ............................................................................................................. 20
10 REPRESENTATIONS AND WARRANTIES .................................................................. 20
10.1 Power and authority ............................................................................................. 20
10.2 Validity and admissibility in evidence .................................................................... 20
10.3 Binding obligations ............................................................................................... 21
10.4 No filing or stamp taxes ........................................................................................ 21
10.5 Transfer of funds .................................................................................................. 21
10.6 No conflict with other obligations .......................................................................... 21
10.7 Governing law and enforcement ........................................................................... 21
10.8 No default ............................................................................................................. 22
10.9 No misleading information .................................................................................... 22
10.10 Project Documents ............................................................................................... 22
10.11 Project Authorisations ........................................................................................... 22
10.12 Procurement ......................................................................................................... 22
10.13 Pari passu ranking ................................................................................................ 22
10.14 Licit Origin of the funds and Prohibited Practices ................................................. 23
10.15 No Material Adverse Effect ................................................................................... 23
10.16 No immunity ......................................................................................................... 23
11 UNDERTAKINGS .......................................................................................................... 23
11.1 Compliance with Laws, Regulations and Obligations ............................................ 23
11.2 Authorisations ...................................................................................................... 24
11.3 Project Documents ............................................................................................... 24
11.4 Implementation and preservation of the Project .................................................... 24
11.5 Procurement ......................................................................................................... 24
11.6 Environmental and social responsibility ................................................................ 25
11.7 Additional financing .............................................................................................. 27
11.8 Pari passu ranking ................................................................................................ 27
11.9 Inspections ........................................................................................................... 27
11.10 Project evaluation ................................................................................................. 27
11.11 Financial Sanctions Lists and Embargo ................................................................ 27
11.12 Licit Origin, absence of Prohibited Practices ......................................................... 28
11.13 Investigations ....................................................................................................... 28 11.14 Visibility and Communication ................................................................................ 29 11.15 Project Specific Covenants…………………………………...............………………29
12 INFORMATION UNDERTAKINGS ................................................................................ 29 12.1 Financial Information ............................................................................................ 29
12.2 Progress Report ................................................................................................... 29
12.3 Co-Financing ........................................................................................................ 29
13 EVENTS OF DEFAULTS............................................................................................... 30
13.1 Events of Default .................................................................................................. 30
13.2 Acceleration ......................................................................................................... 32
13.3 Notification of an Event of Default ........................................................................ 32
14 ADMINISTRATION OF THE FACILITY ......................................................................... 33
14.1 Payments ............................................................................................................. 33
14.2 Set-off .................................................................................................................. 33
14.3 Business Days ..................................................................................................... 33
14.4 Currency of payment ............................................................................................ 33
14.5 Day count convention ........................................................................................... 33
14.6 Place of payment .................................................................................................. 33
14.7 Payment Systems Disruption ............................................................................... 34
15 MISCELLANEOUS ....................................................................................................... 34
15.1 Language ............................................................................................................. 34
15.2 Certifications and determinations ......................................................................... 35
15.3 Partial invalidity .................................................................................................... 35
15.4 No Waiver ............................................................................................................ 35
15.5 Assignment .......................................................................................................... 35
15.6 Legal effect ........................................................................................................... 35
15.7 Entire agreement .................................................................................................. 35
15.8 Amendments ........................................................................................................ 35
15.9 Confidentiality - Disclosure of information ............................................................. 36
15.10 Limitation .............................................................................................................. 36
15.11 Hardship ............................................................................................................... 36
16 NOTICES 36
16.1 In writing and addresses....................................................................................... 36
16.2 Delivery ................................................................................................................ 37
16.3 Electronic communications ................................................................................... 37
17 GOVERNING LAW, ENFORCEMENT AND CHOICE OF DOMICILE ........................... 38 17.1 Governing Law ..................................................................................................... 38
17.2 Arbitration ............................................................................................................. 38
17.3 Service of process ................................................................................................ 39
18 DURATION …………………………………………………………………………………… 39
SCHEDULE 1A DEFINITIONS ............................................................................................. 41
SCHEDULE 1B CONSTRUCTION ...................................................................................... 49
SCHEDULE 2 PROJECT DESCRIPTION .......................................................................... 50
SCHEDULE 3 FINANCING PLAN...................................................................................... 51
SCHEDULE 4 CONDITIONS PRECEDENT ....................................................................... 52
SCHEDULE 5A FORM OF DRAWDOWN REQUEST .......................................................... 54
SCHEDULE 5B FORM OF CONFIRMATION OF DRAWDOWN AND RATE ....................... 56
SCHEDULE 5C FORM OF RATE CONVERSION REQUEST.............................................. 58
SCHEDULE 5D FORM OF RATE CONVERSION CONFIRMATION ................................... 59
SCHEDULE 6 FORM OF FOLLOW-UP REPORT OF THE PROJECT INDICATORS ....... 60
SCHEDULE 7 INFORMATION THAT THE LENDER IS AUTHORIZED EXPRESSLY TO
DISCLOSE ON THE LENDER’S WEBSITE (IN PARTICULAR ON ITS
OPEN DATA PLATFORM) .......................................................................... 61
SCHEDULE 7-1 TRANSACTION INFORMATION NOTICE ................................................. 62
SCHEDULE 8 – AFD’S COVENANT OF INTEGRITY.......................................................... 63
SCHEDULE 9 NON-EXHAUSTIVE LIST OF ENVIRONMENTAL AND SOCIAL
DOCUMENTS WHICH THE BORROWER PERMITS TO BE DISCLOSED IN
CONNECTION WITH E&S COMPLAINTS-MANAGEMENT MECHANISM’S
RULES OF PROCEDURE .......................................................................... 67
SCHEDULE 10 - BIODIVERSITY DATA SHARING ............................................................. 68
CREDIT FACILITY AGREEMENT
BETWEEN:
(1) REPUBLIC OF SERBIA, represented by the Government of the Republic of Serbia, through Minister of Finance, Mr. Siniša Mali, who is duly authorised to sign this Agreement,
(“Republic of Serbia” or the “Borrower”);
AND
(2) AGENCE FRANCAISE DE DEVELOPPEMENT, a French public entity governed by French law, with registered office at 5, Rue Roland Barthes, 75598 Paris Cedex 12, France, registered with the Trade and Companies Register of Paris under number 775 665 599, represented by Mr. Rémy Rioux, in his capacity as Chief Executive Officer, duly authorised to sign this Agreement,
(“AFD” or the “Lender”);
(hereinafter jointly referred to as the “Parties” and each a “Party”);
WHEREAS:
(A) The Borrower intends to implement the Phase III of the Serbian Solid Waste Program (the “Project”), as described further in Schedule 2 (Project Description) for a total value of one hundred and fifty million Euros (EUR 150,000,000).
(B) The Borrower has requested that the Lender makes a facility available for the purposes of financing the Project in part.
(C) The Lender, a public entity contributing to the implementation of the French State's development aid policy (in accordance with Article L. 515-13 of French Monetary and Financial Code), has expressed its interest to participate in the financing of the Project.
(D) The EBRD, as Co-Financier, intends to provide financing of the Project for an amount of up to seventy five million Euros (EUR 75,000,000) to be committed from the date of the effectiveness of the EBRD Loan Agreement.
(E) Pursuant to a resolution n° C20241236 of the Board of Directors dated December 11, 2024, the Lender has agreed to make the Facility available to the Borrower pursuant to the terms and conditions of this Agreement.
THEREFORE THE PARTIES HAVE AGREED AS FOLLOWS:
1 DEFINITIONS AND INTERPRETATION