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BUYER CREDIT FACILITY AGREEMENT
Among
THE REPUBLIC OF SERBIA
represented by the Government of the Republic of Serbia acting by and
through the Ministry of Finance Acting in its capacity as Borrower
Arranged by
BRED BANQUE POPULAIRE
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
CREDIT INDUSTRIEL ET COMMERCIAL
CREDIT LYONNAIS
NATIXIS
SOCIETE GENERALE Acting in their capacity as Mandated Lead Arrangers
With
NATIXIS Acting in its capacity as Global Coordinator, Structuring and Documentation Bank
And
NATIXIS Acting in its capacity as ECA Agent
And
THE FINANCIAL INSTITUTIONS LISTED IN PART I OF SCHEDULE
1 Acting in their capacity as Original Lenders
13 May 2025
TABLE OF CONTENTS
1. DEFINITIONS AND INTERPRETATION ..................................................................... 8
2. THE FACILITY .......................................................................................................... 27
3. PURPOSE ................................................................................................................ 29
4. CONDITIONS OF UTILISATION ............................................................................... 29
5. UTILISATION – IRREVOCABLE DIRECT PAYMENT ............................................... 32
6. REPAYMENT............................................................................................................ 35
7. VOLUNTARY PREPAYMENT AND CANCELLATION .............................................. 36
8. MANDATORY PREPAYMENT - ILLEGALITY ........................................................... 37
9. RESTRICTIONS ....................................................................................................... 40
10. INTEREST ................................................................................................................ 41
11. INTEREST PERIODS ............................................................................................... 42
12. CHANGES TO THE CALCULATION OF INTEREST ................................................ 43
13. FEES ........................................................................................................................ 45
14. ECA OVERRIDE, ECA INSURANCE PREMIUM, SUBROGATION .......................... 46
15. TAX GROSS UP AND INDEMNITIES ....................................................................... 49
16. INCREASED COSTS ................................................................................................ 55
17. OTHER INDEMNITIES ............................................................................................. 57
18. MITIGATION BY THE LENDERS.............................................................................. 59
19. COSTS AND EXPENSES ......................................................................................... 59
20. REPRESENTATIONS ............................................................................................... 60
21. INFORMATION UNDERTAKINGS ............................................................................ 69
22. GENERAL UNDERTAKINGS .................................................................................... 73
23. EVENTS OF DEFAULT ............................................................................................ 78
24. CHANGES TO THE LENDERS ................................................................................ 83
25. ROLE OF THE ECA AGENT ..................................................................................... 90
26. CONDUCT OF BUSINESS BY THE FINANCE PARTIES ....................................... 100
27. SHARING AMONG THE FINANCE PARTIES......................................................... 100
28. PAYMENT MECHANICS ........................................................................................ 102
29. SET-OFF ................................................................................................................ 105
30. NOTICES ................................................................................................................ 105
31. CALCULATIONS AND CERTIFICATES.................................................................. 107
32. PARTIAL INVALIDITY ............................................................................................. 108
33. REMEDIES, WAIVERS AND HARDSHIP, REPLACEMENT OF SCREEN RATE, TRANSFER BY THE BORROWER AND ANNULMENT ......................................... 108
34. CONFIDENTIALITY ................................................................................................ 110
35. CONFIDENTIALITY OF FUNDING RATES ............................................................ 116
36. GOVERNING LAW ................................................................................................. 118
37. JURISDICTION - ARBITRATION ............................................................................ 118
38. COMPLETE AGREEMENT ..................................................................................... 120
ANNEXES
SCHEDULE 1. THE ORIGINAL LENDERS ...................................................................... 124
SCHEDULE 2. CONDITIONS PRECEDENT .................................................................... 126
SCHEDULE 3. TERMS OF PAYMENT AND LIST OF DOCUMENTS TO BE SUPPLIED TO THE ECA AGENT ...................................................................................... 134
SCHEDULE 4. SELLER’S CERTIFICATE ........................................................................ 138
SCHEDULE 5. FORM OF BORROWER’S UTILISATION CONFIRMATION CERTIFICATE .................................................................................................................... 140
SCHEDULE 6. FORM OF CERTIFICATE OF AUTHORITY AND INCUMBENCY OF THE SELLER ..................................................................................................................... 141
SCHEDULE 7. FORM OF CERTIFICATE OF AUTHORITY AND INCUMBENCY OF THE BUYER ...................................................................................................................... 143
SCHEDULE 8. FORM OF CERTIFICATE OF AUTHORITY AND INCUMBENCY OF THE BORROWER ............................................................................................................. 145
SCHEDULE 9. FORM OF TRANSFER AGREEMENT .................................................... 147
SCHEDULE 10. FORM OF CONFIDENTIALITY UNDERTAKING .................................... 150
SCHEDULE 11. CONTACT DETAILS ............................................................................... 155 THIS AGREEMENT (the Agreement) is dated 13 May 2025 and made
BETWEEN:
(1) THE REPUBLIC OF SERBIA, represented by the Government of the Republic of Serbia acting by and through the Ministry of Finance as borrower
(the Borrower);
(2) NATIXIS, a French société anonyme whose registered office is at 7 promenade Germaine Sablon, 75013 Paris, France, registered with the commercial and companies registry of Paris under number 542 044 524 RCS Paris, acting as global coordinator, structuring and documentation bank (the
Global Coordinator, Structuring and Documentation Bank);
(3) BRED BANQUE POPULAIRE, a French société coopérative de banque populaire à forme anonyme whose registered office is at 18 quai de la Rapée, 75012 Paris, France, registered with the commercial and companies registry of Paris under number 552 091 795 RCS Paris, acting as mandated lead arranger;
(4) CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, a French société anonyme, whose registered office is at 12 place des Etats-Unis, CS 70052, 92547 Montrouge Cedex, France, registered with the commercial and companies registry of Nanterre under number 304 187 701 RCS Nanterre, acting as mandated lead arranger;
(5) CREDIT INDUSTRIEL ET COMMERCIAL, a French société anonyme whose registered office is at 6 Avenue de Provence, 75009 Paris, France, registered with the commercial and companies registry of Paris under number 542 016 381 RCS Paris, acting as mandated lead arranger;
(6) CREDIT LYONNAIS, a French société anonyme, whose registered office is at 18 rue de la République, 69002 Lyon, France, registered with the commercial and companies registry of Lyon under number 954 509 741 RCS Lyon, acting as mandated lead arranger;
(7) NATIXIS, a French société anonyme whose registered office is at 7 promenade Germaine Sablon, 75013 Paris, France, registered with the commercial and companies registry of Paris under number 542 044 524 RCS Paris, acting as mandated lead arranger;
(8) SOCIÉTÉ GÉNÉRALE, a French société anonyme whose registered office is at 29 boulevard Haussmann, 75009 Paris, France, registered with the commercial and companies registry of Paris under number 552 120 222 RCS Paris, acting as mandated lead arranger;
(BRED Banque Populaire, Crédit Agricole Corporate and Investment Bank, Crédit Industriel et Commercial, Crédit Lyonnais, Natixis and Société Générale, when acting as mandated lead arrangers, shall be together
referred to as the Mandated Lead Arrangers)
(9) NATIXIS, a French société anonyme whose registered office is at 7 promenade Germaine Sablon, 75013 Paris, France, registered with the commercial and companies registry of Paris under number 542 044 524 RCS Paris, acting as ECA agent (the ECA Agent);
(10) THE FINANCIAL INSTITUTIONS listed in Part I of Schedule 1 (The Original Lenders) as Original Lenders (the Original Lenders).
WHEREAS
A. Commercial Contract
The REPUBLIC OF SERBIA, represented by the Government of the Republic of Serbia, acting by and through the Ministry of Defense (the Buyer) has entered into a purchase contract No. DGI/DEM/5448/22 dated 29 August 2024 with Dassault Aviation, whose registered office is at 9 rond-point des Champs-Elysées-Marcel Dassault, 75008 Paris, France, registered with the commercial and companies registry of Paris under number 712 042 456 RCS Paris (the Seller) for the supply of twelve (12) RAFALE fighters and their associated products and services (as amended from time to time, the
Commercial Contract).
The total purchase price of the equipment to be delivered and services to be performed by the Seller under the Commercial Contract amounts to EUR 2,745,000,000 (the Total Contract Price) and is payable as follows:
(i)
an advance payment equal to 30% of the Total Contract Price, i.e. EUR 823,500,000 (the Advance Payment), which has been paid by the Buyer prior to the date hereof through the own financial resources of the Buyer in two portions (a) a first portion in an amount equal to 15% of the Total Contract Price, i.e. EUR 411,750,000 (the First Advance Payment) and (b) a second portion in an amount equal to 15% of the Total Contract Price, i.e. EUR 411,750,000 (the Second Advance Payment) and in accordance with the terms of the Commercial Contract; and
(ii) a first progress payment equal to 25% of the Total Contract Price, i.e. EUR 686,250,000 which shall be paid by Utilisation under the Facility and in accordance with the terms of the Commercial Contract (the
First Progress Payment);
(iii) a second progress payment equal to 25% of the Total Contract Price, i.e. EUR 686,250,000 which shall be paid by Utilisation under the Facility and in accordance with the terms of the Commercial Contract
(the Second Progress Payment); and
(iv) the balance equal to 20% of the Total Contract Price, i.e. EUR 549,000,000 to be paid by Utilisation under the Facility and in accordance with the terms of the Commercial Contract.
B. BPI AE Facility Agreement
The Parties have entered into this Agreement in order to record the terms and conditions upon and to which the Lenders have agreed, subject to the terms and conditions of this Agreement, to make available to the Borrower the Facility in the maximum aggregate principal amount of one billion nine hundred twenty-one million five hundred thousand Euros (EUR 1,921,500,000), the proceeds of which are to be applied to finance a portion of the Total Contract Price not exceeding 70% of the Total Contract Price. Subject to the terms and conditions of this Agreement, the Facility shall be made available by direct payments to the Seller for the payment of goods and services to be supplied and performed under the Commercial Contract.
IT IS AGREED as follows: