Uvod
Dated 27 October 2025
REPUBLIC OF SERBIA
represented by the Government of the Republic of Serbia
acting by and through the Ministry of Finance
as Borrower
and
J.P. MORGAN SE
as Agent
and
JPMORGAN CHASE BANK, N.A., LONDON BRANCH
as Initial Mandated Lead Arranger
and
CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK and
ING BANK N.V.
as Mandated Lead Arrangers
and
CERTAIN OTHER FINANCIAL INSTITUTIONS
as Original Lenders
FACILITY AGREEMENT NO. 0020022188
Facility relating to a senior unsecured term loan facility of up to EUR
260,000,000 UKEF guaranteed loan advances to finance the provision
of certain construction services by Bechtel Enka UK Limited, operating
in Serbia through Bechtel Enka UK Limited Ogranak Beograd to
Koridori Srbije d.o.o. Beograd in relation to the construction of the
Infrastructure Corridor E-761 highway section Pojate-Preljina
(the Morava Corridor)
CONTENTS
CLAUSE PAGE
.................................................................................................................... 2 Interpretation .................................................................................................................. 2
1. Definitions and interpretation ......................................................................... 2
2. Effectiveness ................................................................................................ 24
.................................................................................................................. 25 The Facility ................................................................................................................... 25
3. The Facility ................................................................................................... 25
4. Purpose ........................................................................................................ 26
5. Conditions of utilisation ................................................................................ 26
.................................................................................................................. 29 Utilisation ..................................................................................................................... 29
6. Utilisation ...................................................................................................... 29 .................................................................................................................. 31
Repayment, prepayment and cancellation .................................................................. 31
7. Repayment ................................................................................................... 31
8. Prepayment and cancellation....................................................................... 31
.................................................................................................................. 35 Costs of utilisation ........................................................................................................ 35
9. Interest ......................................................................................................... 35
10. Changes to the calculation of interest ......................................................... 36
11. Fees ............................................................................................................. 37
.................................................................................................................. 39 Additional payment obligations .................................................................................... 39
12. Tax gross up and indemnities ...................................................................... 39
13. Increased costs ............................................................................................ 43
14. Other indemnities ......................................................................................... 44
15. Mitigation by the Lenders ............................................................................. 45
16. Costs and expenses .................................................................................... 46
.................................................................................................................. 48 Representations, undertakings and Events of Default ................................................ 48
17. Representations ........................................................................................... 48
18. Information undertakings ............................................................................. 55
19. General undertakings ................................................................................... 57
20. Events of Default .......................................................................................... 67
.................................................................................................................. 70
Changes to Parties ...................................................................................................... 70
21. Changes to the Lenders ............................................................................... 70
22. Changes to the Borrower ............................................................................. 75 .................................................................................................................. 76
The Finance Parties ..................................................................................................... 76
23. Role of the Agent and the Arrangers............................................................ 76
24. Conduct of business by the Finance Parties ............................................... 85
25. Sharing among the Finance Parties ............................................................ 85 ................................................................................................................ 87
Administration .............................................................................................................. 87
26. Payment mechanics ..................................................................................... 87
27. Set-off ........................................................................................................... 90
28. Notices ......................................................................................................... 90
29. Calculations and certificates ........................................................................ 92
30. Partial invalidity ............................................................................................ 92
31. Remedies and waivers ................................................................................. 93
32. Amendments and waivers ............................................................................ 93
33. Confidential Information ............................................................................... 94
34. Confidentiality of funding rates .................................................................... 99
35. Counterparts............................................................................................... 101
36. Governing Language ................................................................................. 101
37. Contractual recognition of bail-in ............................................................... 101
.............................................................................................................. 104
Governing law and enforcement ................................................................................ 104
38. Governing law ............................................................................................ 104
39. Arbitration ................................................................................................... 104
40. Jurisdiction ................................................................................................. 105
41. Service of process ..................................................................................... 106
THE SCHEDULES
SCHEDULE ........................................................................................................... PAGE
Schedule 1 The Original Parties ................................................................................ 108 The Original Lender ........................................................................................... 108
Schedule 2 Conditions Precedent to Initial Utilisation ............................................... 109
Schedule 3 Utilisation Requests ................................................................................ 113 PART A Form of Reimbursement Request ....................................................... 113
PART B Form of Payment Request ................................................................... 118
Schedule 4 Form of Transfer Certificate .................................................................... 125
Schedule 5 Form of Assignment Agreement ............................................................. 127
Schedule 6 Timetables ............................................................................................... 130 Schedule 7 Daily Non-Cumulative Compounded RFR Rate ..................................... 131
EXECUTION
EXECUTION .......................................................................................................... PAGE
Signatories ............................................................................................................. 1 THIS AGREEMENT is dated 27 October 2025 and made between:
(1) 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) J.P. MORGAN SE, registered with the Commercial Register B of the local
court of Frankfurt am Main under registration number HRB 16861 whose
registered office is at Taunustor 1 (TaunusTurm), 60310 Frankfurt am Main,
Germany as agent of the other Finance Parties (the "Agent");
(3) JPMORGAN CHASE BANK, N.A., LONDON BRANCH as initial mandated
lead arranger (the "Initial Mandated Lead Arranger");
(4) CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK and ING
BANK N.V. as mandated lead arrangers (together, the "Mandated Lead
Arrangers" and each individually a "Mandated Lead Arranger"); and
(5) THE FINANCIAL INSTITUTIONS as listed in Schedule 1 (The Original
Parties) as lender (the "Original Lender").
Whereas:
(A) On 8 July 2019, the Republic of Serbia enacted the Law on Determining
Public Interest and Special Procedures for Implementation of the Project for
Construction of Infrastructure Corridor E-761 Highway Section Pojate-
Preljina (Zakon o utvrđivanju javnog interesa i posebnim postupcima radi
realizacije projekta izgradnje infrastrukturnog koridora auto-puta E-761,
deonica Pojate-Preljina, Official Gazette of the Republic of Serbia, no.
49/2019) ( the "Morava Corridor Law").
(B) On 29 August 2019, the Government of the Republic of Serbia selected the
Bechtel-Enka consortium as its strategic partner for the Project in
accordance with the Decree on the Criteria and Manner of Selecting a
Strategic Partner and Professional Supervision of the Execution of Works
for the Implementation of the Project for the Construction of the
Infrastructural Corridor of the E-761 Highway, Pojate-Preljina Section
(Uredba o kriterijumima i načinu izbora strateškog partnera i stručnog
nadzora nad izvođenjem radova na realizaciji projekta izgradnje
infrastrukturnog koridora auto-puta E-761, deonica Pojate-Preljina
("Moravski koridor"), Official Gazette of the Republic of Serbia, no.
55/2019).
(C) The Borrower, Koridori Srbije d.o.o. Beograd (the "Buyer") and Bechtel
Enka UK Limited, a private limited company incorporated in England with
registered number 09623025 whose registered office is at 11 Pilgrim Street,
London, United Kingdom, EC4V 6RN, operating in Serbia through Bechtel
Enka UK Limited Ogranak Beograd, registered branch office Resavska 23, Belgrade, Serbia, with corporate identification number 29510300 and tax
identification number 111763679 (the "Exporter"), have entered into a
contract agreement dated 5 December 2019 (the "Export Contract") for
the construction of the E761 motorway Pojate-Preljina Project (the "Morava
Corridor").
(D) The Borrower and JPMorgan Chase Bank, N.A., London Branch as original
lender entered, amongst others, into a UKEF-supported facility agreement
no. 0020008959 dated 11 June 2021 pursuant to which a senior unsecured
term loan facility has been made available to finance the provision of
certain construction services under the Export Contract (the "UKEF-
Supported Facility Agreement 2021"). The Lenders have agreed, on the
terms and conditions of this Agreement, to further advance to the Borrower
the sum of up to EUR 260,000,000 to assist the financing of the Export
Contract.
(E) His Britannic Majesty's Secretary of State acting through the Export Credits
Guarantee Department (operating as UK Export Finance) ("UK Export
Finance") has agreed to give a guarantee to the Lenders relating to certain
obligations of the Borrower under this Agreement.
OPERATIVE PROVISIONS
It is agreed as follows:
INTERPRETATION