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AFD AGREEMENT N° CRS1028 01 G
CREDIT FACILITY AGREEMENT
dated as of November 15, 2024
between
AGENCE FRANÇAISE DE DEVELOPPEMENT
The Lender
and
THE REPUBLIC OF SERBIA
The Borrower
TABLE OF CONTENTS
1. DEFINITIONS AND INTERPRETATION .................................................................... 6
1.1 Definitions ....................................................................................................... 6 1.2 Interpretation ................................................................................................... 6
2. FACILITY, PURPOSE AND CONDITIONS OF UTILISATION ................................... 6
2.1 Facility ............................................................................................................. 6 2.2 Purpose .......................................................................................................... 6 2.3 Monitoring ....................................................................................................... 6 2.4 Conditions precedent ...................................................................................... 6
3. DRAWDOWN OF FUNDS .......................................................................................... 7
3.1 Drawdown amounts ........................................................................................ 7 3.2 Drawdown request .......................................................................................... 7 3.3 Payment completion ........................................................................................ 8 3.4 Disbursement Methods ................................................................................... 8 3.5 Deadline for the First Drawdown ................................................................... 11 3.6 Deadline for Drawdown of the Funds ............................................................ 11
4. INTEREST ................................................................................................................ 12
4.1 Interest Rate ................................................................................................. 12 4.2 Calculation and payment of interest .............................................................. 13 4.3 Late payment and default interest ................................................................. 14 4.4 Communication of Interest Rates .................................................................. 14 4.5 Effective Global Rate (Taux Effectif Global) .................................................. 14
5. CHANGE TO THE CALCULATION OF INTEREST ................................................. 15
5.1 Market Disruption .......................................................................................... 15 5.2 Replacement of Screen Rate ........................................................................ 15
6. FEES ........................................................................................................................ 17
6.1 Commitment Fees ......................................................................................... 17 6.2 Front-end Fee ............................................................................................... 17
7. REPAYMENT ........................................................................................................... 17
8. PREPAYMENT AND CANCELLATION ................................................................... 17
8.1 Voluntary prepayment ................................................................................... 17 8.2 Mandatory prepayment ................................................................................. 18 8.3 Cancellation by the Borrower ........................................................................ 18 8.4 Cancellation by the Lender ............................................................................ 19 8.5 Restrictions ................................................................................................... 19
9. ADDITIONAL PAYMENT OBLIGATIONS ................................................................ 19
9.1 Costs and expenses ...................................................................................... 19 9.2 Cancellation Indemnity .................................................................................. 20 9.3 Prepayment Indemnity .................................................................................. 20 9.4 Taxes and duties ........................................................................................... 20 9.5 Additional Costs ............................................................................................ 20 9.6 Currency indemnity ....................................................................................... 21 9.7 Due dates...................................................................................................... 21
10. REPRESENTATIONS AND WARRANTIES ............................................................. 21
10.1 Power and authority ...................................................................................... 21 10.2 Validity and admissibility in evidence ............................................................. 22 10.3 Binding obligations ........................................................................................ 22 10.4 No filing or stamp taxes ................................................................................. 22 10.5 Transfer of funds ........................................................................................... 22 10.6 No conflict with other obligations ................................................................... 23 10.7 Governing law and enforcement .................................................................... 23 10.8 No default...................................................................................................... 23 10.9 No misleading information ............................................................................. 23 10.10 Project Documents ........................................................................................ 23 10.11 Project Authorisations ................................................................................... 23 10.12 Procurement ................................................................................................. 23 10.13 Pari passu ranking ........................................................................................ 24 10.14 Licit Origin of the funds and Prohibited Practices .......................................... 24 10.15 No Material Adverse Effect ............................................................................ 24 10.16 No immunity .................................................................................................. 24
11. UNDERTAKINGS ..................................................................................................... 25
11.1 Compliance with Laws, Regulations and Obligations .................................... 25 11.2 Authorisations ............................................................................................... 25 11.3 Project Documents ........................................................................................ 25 11.4 Implementation and preservation of the Project ............................................ 25 11.5 Procurement ................................................................................................. 25 11.6 Environmental and social responsibility ......................................................... 26 11.7 Additional financing ....................................................................................... 27 11.8 Pari passu ranking ........................................................................................ 27 11.9 Designated Accounts .................................................................................... 27 11.10 Inspections .................................................................................................... 27 11.11 Project evaluation .......................................................................................... 28 11.12 Financial Sanctions Lists and Embargo ......................................................... 28 11.13 Licit Origin, absence of Prohibited Practices ................................................. 28 11.14 Investigations ................................................................................................ 29 11.15 Visibility and Communication......................................................................... 29
12. INFORMATION UNDERTAKINGS ........................................................................... 29
12.1 Financial Information ..................................................................................... 29 12.2 Progress Report ............................................................................................ 30 12.3 Co-Financing ................................................................................................. 30 12.4 Information - miscellaneous .......................................................................... 30
13. EVENTS OF DEFAULTS ......................................................................................... 30
13.1 Events of Default ........................................................................................... 30 13.2 Acceleration .................................................................................................. 32 13.3 Notification of an Event of Default ................................................................. 33
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 ..................................................................................... 34 14.5 Day count convention .................................................................................... 34 14.6 Place of payment .......................................................................................... 34 14.7 Payment Systems Disruption ........................................................................ 34
15. MISCELLANEOUS ................................................................................................... 35
15.1 Language ...................................................................................................... 35 15.2 Certifications and determinations .................................................................. 35 15.3 Partial invalidity ............................................................................................. 35 15.4 No Waiver ..................................................................................................... 35 15.5 Assignment ................................................................................................... 36 15.6 Legal effect ................................................................................................... 36 15.7 Entire agreement ........................................................................................... 36 15.8 Amendments ................................................................................................. 36 15.9 Confidentiality - Disclosure of information...................................................... 36 15.10 Limitation....................................................................................................... 36 15.11 Hardship ....................................................................................................... 36
16. NOTICES ................................................................................................................. 37
16.1 In writing and addresses ............................................................................... 37 16.2 Delivery ......................................................................................................... 37 16.3 Electronic communications ............................................................................ 38
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 ..................................................................................... 52
SCHEDULE 4 - CONDITIONS PRECEDENT ...................................................................... 53
SCHEDULE 5A - FORM OF DRAWDOWN REQUEST ....................................................... 55
SCHEDULE 5B - FORM OF CONFIRMATION OF DRAWDOWN AND RATE .................... 57
SCHEDULE 5C - FORM OF RATE CONVERSION REQUEST ........................................... 59
SCHEDULE 5D - FORM OF RATE CONVERSION CONFIRMATION ................................. 60
SCHEDULE 6 – AFD’S COVENANT OF INTEGRITY ......................................................... 61
SCHEDULE 7 - INFORMATION THAT THE LENDER IS AUTHORIZED
EXPRESSLY TO DISCLOSE ON THE LENDER’S WEBSITE (IN PARTICULAR ON
ITS OPEN DATA PLATFORM) ............................................................................................ 63
SCHEDULE 8 – COMMUNICATION NOTE OF THE PROJECT ......................................... 64
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 authorized 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. Arnaud Dauphin, in his capacity as Director of Western Balkans regional office, 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 2 of the Serbia Railway Sector Modernization Programme”, the “Project”, as described further in Schedule 2 (Project Description) for a total value of one hundred and twenty million Euros (EUR 120,000,000).
(B) The Borrower has requested that the Lender makes a facility available for the purposes of financing the Project in part.
(C) The IBRD as Co-Financier intends to provide financing of the Project for an amount of up to sixty million Euros (EUR 60,000,000).
(D) Pursuant to a resolution n° C20240698 of the Comité des Etats Etrangers dated September 18, 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: