ZMLUVA
ZMLUVA
o úprave vzájomných práv a povinností súvisiacich s čerpaním úverových prostriedkov v súlade
s Dohodou o financovaní medzi Európskou investičnou bankou a Slovenskou republikou - Rámcový úver na financovanie prioritných projektov v rámci Národného strategického referenčného rámca SR na roky 2007 – 2013
uzatvorená podľa §§ 262 a 269 ods. 2 zákona č. 513/1991 Zb. Obchodný zákonník v znení neskorších predpisov
Článok 1
Zmluvné strany
1.1 Názov: Ministerstvo financií Slovenskej republiky
Sídlo: Štefanovičova 5, 817 82 Bratislava 15
IČO: 00 151 742
Zastúpené: Xxxxxx Xxxxxxxx
podpredsedom vlády a ministrom financií
(ďalej len „Koordinátor“)
1.2 Názov: Ministerstvo dopravy, výstavby a regionálneho rozvoja Slovenskej republiky
Sídlo: Námestie slobody č. 6, 810 05 Bratislava
IČO: 30 416 094
Zastúpené: Xxxxx Xxxxxxx
prvým podpredsedom vlády a ministrom dopravy, výstavby a regionálneho rozvoja
Názov: Ministerstvo hospodárstva Slovenskej republiky
Sídlo: Mierová 19, 827 15 Bratislava 212
IČO: 00 686 832
Zastúpené: Xxxxxxx Xxxxxxxx
ministrom hospodárstva
Názov: Ministerstvo školstva, vedy, výskumu a športu Slovenskej republiky
Sídlo: Stromová 1, 813 30 Bratislava
IČO: 00 164 381
Zastúpené: Xxxxxxx Xxxxxxxx
ministrom školstva, vedy, výskumu a športu
Názov: Ministerstvo životného prostredia Slovenskej republiky
Sídlo: Nám. Xxxxxxxx Xxxxx 1, 812 35 Bratislava
IČO: 42 181 810
Zastúpené: Xxxxxxxx Xxxxxx
ministrom životného prostredia
Názov: Ministerstvo práce, sociálnych vecí a rodiny Slovenskej republiky
Sídlo: Špitálska 4, 6, 8, 816 43 Bratislava
IČO: 31 751 067
Zastúpené: Xxxxxxx Xxxxxxx
podpredsedom vlády a ministrom práce, sociálnych vecí a rodiny
Názov: Ministerstvo zdravotníctva Slovenskej republiky
Sídlo: Limbová 2, 837 52 Bratislava 37
IČO: 00 165 565
Zastúpené: Xxxxxx Xxxxxxxxxx
ministrom zdravotníctva
Názov: Ministerstvo pôdohospodárstva a rozvoja vidieka Slovenskej republiky
Sídlo: Dobrovičova 12, 812 66 Bratislava 37
IČO: 00 156 621
Zastúpené: Xxxxxxx Xxxxxxx
ministrom pôdohospodárstva a rozvoja vidieka
Názov: Úrad vlády Slovenskej republiky
Sídlo: Námestie slobody 1, 813 70 Bratislava
IČO: 00 151 513
Zastúpené: Xxxxxxxx Xxxxxxxxxx
vedúcim úradu vlády
(ďalej len spolu „riadiace orgány“ alebo „RO“, jednotlivo špecifikované pod oficiálnym názvom ústredného orgánu štátnej správy)
spolu ako „Zmluvné strany“ uzavreli Zmluvu o úprave vzájomných práv a povinností súvisiacich s čerpaním úverových prostriedkov v súlade s Dohodou o financovaní medzi Európskou investičnou bankou a Slovenskou republikou - Rámcový úver na financovanie prioritných projektov v rámci Národného strategického referenčného rámca SR na roky 2007 – 2013 (ďalej len „Zmluva“).
Článok 2 Pojmy
Projekt – súhrn aktivít a činností v rámci Národného strategického referenčného rámca a vybraných operačných programov v programovom období 2007 - 2013, na realizáciu ktorých budú poskytnuté finančné prostriedky:
(a) zo štrukturálnych fondov Európskej únie (ďalej len „EÚ“) a Kohézneho fondu; a
(b) zo štátneho rozpočtu, ktoré sú kryté úverom financovaným Európskou investičnou bankou na základe Dohody o financovaní uzatvorenou medzi Európskou investičnou bankou a Slovenskou republikou – Rámcový úver na financovanie prioritných projektov v rámci Národného strategického referenčného rámca SR na roky 2007 – 2013 (ďalej len „Dohoda o financovaní“) určeným na spolufinancovanie Projektov (ďalej len „Úver od EIB“).
Príjimateľ (Final Beneficiary) – orgán, organizácia, právnická osoba, fyzická osoba, subjekty územnej samosprávy alebo administratívna jednotka, ktorej sú za účelom realizácie Projektu alebo operácie poskytované prostriedky štátneho rozpočtu, určené na spolufinancovanie a prostriedky zo štrukturálnych fondov EÚ alebo Kohézneho fondu.
Centrálny koordinačný orgán (Central Coordination Body, ďalej len „CKO“) – ústredný orgán štátnej správy určený v Národnom strategickom referenčnom rámci, zodpovedný za efektívnu a účinnú koordináciu riadenia pomoci zo štrukturálnych fondov EÚ a Kohézneho fondu v rámci Národného strategického referenčného rámca SR pre ciele Konvergencia a Regionálna konkurencieschopnosť a zamestnanosť v programovom období 2007 - 2013.
Riadiaci orgán (Managing Authority, ďalej len „RO“) – národný, regionálny alebo miestny verejný orgán alebo súkromný orgán určený členským štátom, ktorý je zodpovedný za riadenie operačného programu. Na účely tejto Zmluvy sú príslušnými riadiacimi orgánmi Ministerstvo dopravy, výstavby a regionálneho rozvoja Slovenskej republiky, Ministerstvo životného prostredia Slovenskej republiky, Ministerstvo práce, sociálnych vecí a rodiny Slovenskej republiky, Ministerstvo hospodárstva Slovenskej republiky, Ministerstvo školstva, vedy, výskumu a športu Slovenskej republiky, Ministerstvo zdravotníctva Slovenskej republiky, Ministerstvo pôdohospodárstva a rozvoja vidieka Slovenskej republiky a Úrad vlády Slovenskej republiky.
Sprostredkovateľský orgán pod riadiacim orgánom (Intermediate Body, ďalej len „SORO“) – ministerstvo, ostatný ústredný orgán štátnej správy, samosprávny kraj alebo iná právnická osoba, ktorá má odborné, personálne a materiálne predpoklady na plnenie úloh riadiaceho orgánu určených v splnomocnení riadiaceho orgánu.
Implementačná jednotka programu (Project Implementation Unit, ďalej len „PIU“) na programové obdobie 2007
– 2013 k Dohode o financovaní je poverená osoba ako organizačný útvar v rámci pôsobnosti Ministerstva financií Slovenskej republiky ako Koordinátora, zriadený najmä na zabezpečenie koordinácie financovania Projektov a vykazovania ich realizácie smerom k Európskej investičnej banke (ďalej len „EIB“).
Článok 3 Všeobecné prehlásenia
1. Vláda Slovenskej republiky uznesením č. 788 zo dňa 12. novembra 2010 súhlasila s návrhom Dohody o financovaní a splnomocnila podpredsedu vlády a ministra financií na podpis Dohody o financovaní.
2. Dohodu o financovaní EIB a Slovenská republika uzatvorili dňa 16. novembra 2010, v zmysle ktorej sa EIB zaviazala poskytnúť Slovenskej republike úver vo výške 1 300 000 000 EUR (slovom: jedna miliarda tristo miliónov EUR).
3. Dohoda o financovaní a zároveň aj Sprievodný list k hláseniu a prideleniam, ktorý je súčasťou Dohody o financovaní, stanovuje kritéria a operačné postupy pre implementáciu rámcového úveru na financovanie Národného strategického referenčného rámca SR na roky 2007 - 2013 od EIB na spolufinancovanie investícií.
4. Za riadenie Projektov, ktorých výdavky na spolufinancovanie sú kryté Úverom od EIB je zodpovedných osem rezortov, a to Ministerstvo dopravy, výstavby a regionálneho rozvoja Slovenskej republiky, Ministerstvo hospodárstva Slovenskej republiky, Ministerstvo školstva, vedy, výskumu a športu Slovenskej republiky, Ministerstvo životného prostredia Slovenskej republiky, Ministerstvo práce, sociálnych vecí a rodiny Slovenskej republiky, Ministerstvo zdravotníctva Slovenskej republiky, Ministerstvo pôdohospodárstva a rozvoja vidieka Slovenskej republiky a Úrad vlády Slovenskej republiky.
5. V súlade s Dohodou medzi Úradom vlády Slovenskej republiky a Ministerstvom dopravy, výstavby a regionálneho rozvoja Slovenskej republiky podľa § 40q zákona č. 575/2001 Z. z. o organizácii činnosti vlády a organizácii ústrednej štátnej správy v znení zákona č. 403/2010 Z. z. a v súlade s Delimitačným protokolom o delimitácii kompetencií, ktorý je prílohou č. 1 k Dohode medzi Úradom vlády Slovenskej republiky a Ministerstvom dopravy, výstavby a regionálneho rozvoja Slovenskej republiky, je orgán vykonávajúci pôsobnosť Centrálneho koordinačného orgánu Ministerstvo dopravy, výstavby a regionálneho rozvoja Slovenskej republiky.
6. Táto Zmluva sa týka všetkých v budúcnosti poskytnutých tranží vyplatených v rámci Úveru od EIB na základe Dohody o financovaní.
Článok 4 Predmet Zmluvy
Premetom Zmluvy je vymedzenie práv a povinností Zmluvných strán vyplývajúcich z poskytnutia Úveru od EIB a z plnenia záväzkov vyplývajúcich z Dohody o financovaní, ktorá je prílohou č. 1 tejto Zmluvy.
1. Koordinátor sa zaväzuje:
Článok 5
Práva a povinnosti Koordinátora
a) včas, v dohodnutej výške a v súlade so splátkovým kalendárom Dohody o financovaní uhrádzať splátky istiny a úrokov;
b) po dohode s RO prostredníctvom PIU na základe podkladov RO predkladať EIB písomné žiadosti o čerpanie príslušnej tranže Úveru od EIB určeného na krytie výdavkov spolufinancovania zo štátneho rozpočtu;
c) v prípade potreby viesť s EIB rokovania týkajúce sa všetkých finančných záležitostí poskytnutého úveru, najmä o výške čerpanej tranže, o odklade vyplatenia ktorejkoľvek tranže, o zrušení, či pozastavení úveru, resp. o jeho predčasnom splatení celého, či ktorejkoľvek tranže úveru a podobne;
d) zabezpečovať prostredníctvom PIU informovanie EIB a vykazovanie údajov požadovaných EIB v súlade s Dohodou o financovaní; a
e) realizovať zákonné povinnosti vyplývajúce pre Koordinátora ako správcu štátneho dlhu.
2. Koordinátor je oprávnený, resp. povinný podľa potreby a v súlade so všeobecne záväznými právnymi predpismi Slovenskej republiky:
a) vykonávať monitorovanie finančných prostriedkov, ktoré sú kryté Úverom od EIB u RO ako správcov rozpočtových kapitol;
b) vykonávať monitorovanie dodržiavania povinností RO ako správcov rozpočtových kapitol vyplývajúcich z tejto Zmluvy;
c) včas informovať RO o všetkých podmienkach a skutočnostiach súvisiacich s poskytnutím a čerpaním Úveru od EIB;
d) nevyžadovať od RO duplicitné informácie týkajúce sa Projektov, ktoré Koordinátor v požadovaných časových intervaloch predkladá EIB, ktoré má Koordinátor k dispozícii prostredníctvom ITMS, resp. na základe štandardných podkladov zasielaných zo strany RO Koordinátorovi podľa aktuálnej verzie Systému finančného riadenia štrukturálnych fondov EÚ a Kohézneho fondu na programové obdobie 2007 – 2013; a
e) vyžadovať od RO dodatočné informácie týkajúce sa Projektov, ktoré Koordinátor v požadovaných časových intervaloch predkladá EIB, v dostatočnom časovom predstihu potrebnom na spracovanie informácií, pričom nemá tieto informácie k dispozícii v ITMS, resp. z iných zdrojov.
3. Ustanoveniami tohto článku nie sú dotknuté ďalšie ustanovenia osobitných predpisov o kontrole hospodárenia s prostriedkami štátneho rozpočtu, najmä zákon č. 39/1993 Z. z. o Najvyššom kontrolnom úrade Slovenskej republiky v znení neskorších predpisov, zákon č. 502/2001 Z. z. o finančnej kontrole a vnútornom audite a o zmene a doplnení niektorých zákonov v znení neskorších predpisov alebo zákon č. 528/2008 Z. z. o pomoci a podpore poskytovanej z fondov Európskeho spoločenstva v znení neskorších predpisov.
Článok 6 Povinnosti RO
1. RO sa zaväzujú v nevyhnutej miere a v závislosti od charakteru operačného programu:
a) zabezpečiť poskytovanie finančných prostriedkov na realizáciu Projektov v súlade s cieľmi Projektu, premietnutých do merateľných ukazovateľov Projektu;
b) v prípade potreby umožniť Koordinátorovi, PIU alebo EIB kontrolu implementácie Projektov, a spolupracovať pri misiách odborných poradcov EIB;
c) poskytovať Koordinátorovi na požiadanie riadne a v stanovených termínoch dodatočné informácie týkajúce sa Projektov (údaje o Projekte, ktoré Koordinátor nemá k dispozícii prostredníctvom ITMS, resp. na základe štandardných podkladov zasielaných zo strany RO Koordinátorovi podľa aktuálnej
verzie Systému finančného riadenia štrukturálnych fondov EÚ a Kohézneho fondu na programové obdobie 2007 - 2013), ktoré Koordinátor v pozícii dlžníka musí v požadovaných časových intervaloch predkladať EIB v súlade s Dohodou o financovaní;
d) viesť náležitú dokumentáciu a záznamy, ktoré budú jasne preukazovať financovanie a realizáciu Projektov, podľa požiadaviek systémov riadenia a finančného riadenia štrukturálnych fondov EÚ a Kohézneho fondu na programové obdobie 2007 – 2013;
e) informovať Koordinátora o odhade čerpaných a skutočne vynaložených výdavkov na realizáciu Projektov za účelom, aby Koordinátor mohol zabezpečiť prostriedky štátneho rozpočtu ako zdroj spolufinancovania, vrátane možnosti prekročenia plánovaných výdavkov podľa pôvodného rozpočtu Projektov;
f) zabezpečovať ostatné administratívne a technické záležitosti týkajúce sa Projektov tak, aby sa realizovali v primeranej lehote a s maximálnou hospodárnosťou;
g) dodržiavať všetky zákonné povinnosti vyplývajúce pre RO zo všeobecne záväzných právnych predpisov.
2. Zmluvné strany rozumejú, že pri oprávnenosti výdavkov sa bude prihliadať najmä na to, či:
a) bol výdavok, ktorý bol skutočne vynaložený a riadne preukázaný vo forme nákladov alebo výdavkov Prijímateľa, v relevantných prípadoch partnera a ktoré boli vynaložené na Projekt vybraný na podporu v rámci operačných programov v súlade s hodnotiacimi a výberovými kritériami a obmedzeniami stanovenými najmä nariadeniami Európskeho parlamentu a Rady (ES)1;
b) vznikol v oprávnenom období realizácie Projektu a Projekt nesmie byť ukončený pred 1. januárom 2007;
c) bol vynaložený v súlade s technickým opisom tak ako to vyplýva z článku 6.02 Dohody o financovaní; a
d) spĺňa všetky náležitosti vyžadované právnymi predpismi Slovenskej republiky a Európskej únie.
3. RO je povinný bezodkladne písomne oznámiť Koordinátorovi všetky podstatné zmeny a skutočnosti, ktoré môžu mať negatívny vplyv na realizáciu Projektu alebo súvisia s plnením Dohody o financovaní (najmä schopnosti Prijímateľa dodržať povinnosť zabezpečiť realizáciu Projektu), najneskôr do 7 pracovných dní od ich vzniku alebo odo dňa kedy sa RO o nich dozvie, alebo v primeranej lehote v závislosti od komplexnosti Projektu. RO je povinný v primeranej lehote písomne informovať Koordinátora o akýchkoľvek skutočnostiach, ktoré môžu závažne a negatívne ovplyvniť schopnosť Prijímateľa dodržiavať povinnosť zabezpečiť realizáciu Projektu. Príslušný RO a Koordinátor bez zbytočného odkladu prerokujú ďalšie možnosti a spôsoby plnenia realizácie Projektu alebo iného plnenia, ktoré súvisí s plnením predmetu tejto Zmluvy.
4. RO je povinný bezodkladne písomne oznámiť Koordinátorovi začatie akéhokoľvek súdneho, rozhodcovského, exekučného, konkurzného, reštrukturalizačného alebo obdobného konania, ktoré sa proti Prijímateľovi v súvislosti s realizáciou Projektu financovaného Úverom od EIB začalo alebo ho sám inicioval. Ďalej je RO povinný bezodkladne oznámiť Koordinátorovi, ak niektorý z veriteľov Prijímateľa podal proti nemu návrh na vyhlásenie konkurzu a návrh na povolenie reštrukturalizácie alebo vstup do likvidácie a jej ukončení.
5. RO je povinný vykonávať kontroly hospodárnosti, účelnosti a efektívnosti poskytnutých prostriedkov u Prijímateľa v zmysle zmluvy o poskytnutí nenávratného finančného príspevku a platných všeobecne záväzných právnych predpisov Slovenskej republiky.
6. Práva a povinnosti vyplývajúce z tejto Zmluvy prechádzajú aj na právnych nástupcov Zmluvných strán. Ministerstvo dopravy, výstavby a regionálneho rozvoja Slovenskej republiky ako ústredný orgán štátnej správy do pôsobnosti, ktorého od 1. januára 2011 prešli pôsobnosti Úradu vlády Slovenskej republiky vymedzené zákonmi a inými všeobecne záväznými právnymi predpismi v oblasti koordinácie využívania finančných prostriedkov z fondov EÚ - vykonávanie pôsobnosti Centrálneho koordinačného
1 Napríklad Nariadením Európskeho parlamentu a Rady (ES) č. 1080/2006, nariadením Európskeho parlamentu a Rady (ES) č. 1081/2006, nariadením Rady (ES) č. 1341/2008 a nariadením Rady (ES) č. 1084/2006 a zmluvou o poskytnutí návratného finančného príspevku.
orgánu sa zaväzuje poskytnúť Koordinátorovi metodickú podporu a súčinnosť nevyhnutnú pre implementáciu Úveru z EIB.
7. Aby sa predišlo pochybnostiam, informačné povinnosti RO vyplývajúce z tohto článku voči Koordinátorovi je každý RO povinný plniť aj voči PIU v prípade, ak o to písomne požiada.
Článok 7
Povinnosti RO vyžadujúce súčinnosť RO voči Prijímateľom
1. RO berú na vedomie, že povinnosti uvedené v tomto článku, ktoré vyplývajú pre Slovenskú republiku ako dlžníka v zmysle Dohody o financovaní, sú povinnosti, ktorých konečné splnenie je povinný zabezpečiť Prijímateľ. RO sa však zaväzujú vyvinúť maximálne úsilie voči Prijímateľovi a zabezpečiť splnenie týchto povinností a to najmä:
a) získanie príslušného predbežného alebo konečného povolenia, súhlasu, licencie, schválenia, rozhodnutia alebo oprávnenia požadovaného v súvislosti s realizáciou Projektu; a
b) zmluvne zabezpečiť plnenie požiadaviek týkajúcich sa ochrany životného prostredia a dodržiavanie postupov vyžadovaných v rámci posudzovania vplyvov verejných a súkromných projektov na životné prostredie.
2. V rozsahu v akom je to potrebné a možné zo strany poisťovacích spoločností, vzhľadom na charakter Projektu a v zmysle podmienok príslušného operačného programu, je RO povinný vyžadovať od Prijímateľa zabezpečenie poistenia majetku nadobudnutého z Projektu, vrátane všetkých prác a majetku, po dobu trvania realizácie Projektu pre prípad poškodenia, zničenia, straty, odcudzenia alebo iných škôd na majetku, ktorý nadobudol alebo zhodnotil úplne alebo sčasti z prostriedkov Úveru od EIB poskytnutého na základe Dohody o financovaní. RO je povinný viesť evidenciu o vyplatení a výške poistného plnenia z prípadnej poistnej udalosti. RO zabezpečí, že voči Prijímateľovi nebude on ani SORO niesť zodpovednosť za škodu vzniknutú na majetku Prijímateľa počas realizácie Projektu a v tejto súvislosti zabezpečí, že RO a ani SORO nebude akceptovať požiadavku o zvýšenie oprávnených nákladov, ktoré súvisia so vznikom takejto škody.
3. S prihliadnutím na bežné opotrebovania a charakter Projektu je RO povinný zmluvne zabezpečiť, pokiaľ sa dá, aby Prijímateľ vykonával údržby, opravy, generálne opravy a obnovy celého majetku tvoriaceho súčasť Projektu počas obdobia udržateľnosti Projektu.
4. RO zmluvne zabezpečí, aby Prijímateľ počas obdobia realizácie Projektu nezmenil podstatným spôsobom samotný Projekt do takej miery, že by táto zmena (i) mohla narušiť povahu Projektu; (ii) znamenala poskytnutie neoprávnenej výhody tretím osobám; alebo (iii) spôsobila zmenu vlastníckych pomerov Prijímateľa bez predchádzajúceho súhlasu RO.
5. RO je povinný zabezpečiť, aby Prijímateľ Úveru od EIB nezaťažil počas platnosti tejto Zmluvy majetok, ktorý nadobudol alebo zhodnotil na základe Úveru od EIB poskytnutého na základe Dohody o financovaní, záložným právom ani iným zabezpečovacím právom alebo zábezpekou s výnimkou bánk, s ktorými má RO uzatvorenú zmluvu o spolupráci pri výkone záložného práva. Uvedená veta neplatí, ak je v záložnej alebo úverovej zmluve k Projektu financovaného spolufinancovaním Úverom od EIB na strane záložného veriteľa alebo veriteľa EIB alebo EIB spoločne s Ministerstvom financií Slovenskej republiky.
Článok 8
Záverečné ustanovenia
1. Na práva a povinnosti, ktoré nie sú upravené touto Zmluvou, sa primerane použijú ustanovenia všeobecne záväzných právnych predpisov Slovenskej republiky.
2. Túto Zmluvu možno meniť a dopĺňať len na základe vzájomného súhlasu všetkých Zmluvných strán formou písomných a očíslovaných dodatkov, ktorých platnosť nadobudne dňom ich podpisu Zmluvnými stranami a účinnosť dňom nasledujúcim po dni ich zverejnenia.
3. Táto Zmluva je vyhotovená v deviatich rovnopisoch, pričom každý účastník Zmluvy dostane jeden rovnopis.
4. Táto Zmluva nadobúda platnosť dňom jej podpisu Zmluvnými stranami a účinnosť dňom nasledujúcim po dni jej zverejnenia.
5. Táto Zmluva stráca platnosť a účinnosť dňa 31. marca 2017.
6. Neoddeliteľnou súčasťou tejto Zmluvy je Dohoda o financovaní.
V Bratislave 19. januára 2011
...................................................... .....................................................
Xxxx Xxxxxx Xxx Xxxxx
podpredseda vlády a minister financií prvý podpredseda vlády a minister dopravy Slovenskej republiky výstavby a regionálneho rozvoja
Slovenskej republiky
...................................................... .....................................................
Xxxxx Xxxxxx Xxxxx Xxxxxxx
minister hospodárstva minister školstva, vedy, výskumu a športu Slovenskej republiky Slovenskej republiky
...................................................... .....................................................
Xxxxxx Xxxx Xxxxx Xxxxx
minister životného prostredia podpredseda vlády a minister práce, Slovenskej republiky sociálnych vecí a rodiny
Slovenskej republiky
...................................................... ........................................................
Xxxx Xxxxxxxx Xxxxx Xxxxx
minister zdravotníctva minister pôdohospodárstva Slovenskej republiky a rozvoja vidieka
Slovenskej republiky
......................................................
Xxxxxx Xxxxxxxxx vedúci úradu vlády Slovenskej republiky
FI N°
Serapis N° 2006-0030
Slovak Republic – NDP II Framework Loan
Finance Contract
between the
European Investment Bank
and the
Slovak Republic
Bratislava, 15 November 2010
Luxembourg, 16 November 2010
THIS CONTRACT IS MADE BETWEEN:
The European Investment Bank having its seat at 00-000 xxxx Xxxxxx Xxxxxxxx, Xxxxxxxxxx, X-0000 Xxxxxxxxxx, represented by
(the „„Bank‟‟)
of the first part, and
Slovak Republic, represented by its Ministry of Finance, having its office at Štefaničova 0, 000 00 Xxxxxxxxxx, Xxxxxx Xxxxxxxx, represented by Mr. Xxxx Xxxxxx, Deputy Prime Minister and Minister of Finance,
(the „„Borrower‟‟)
of the second part.
WHEREAS:
(1) The Borrower has stated that it is undertaking an operation (the “Project”) to support, facilitate and accelerate the implementation of schemes (each, a “Scheme” and, together, the “Schemes”) under the Slovak development strategy as defined in the National Strategic Reference Framework (“NSRF”) and 11 (eleven) Operational Programmes (each, an “Operational Programme” and, together, the “Operational Programmes”) as follows: Regional OP, OP Environment, OP Transport, OP Informatisation of Society, OP Research and Development, OP Competitiveness and Economic Growth, OP Health, OP Technical Assistance, OP Bratislava Region, OP Employment and Social Inclusion and OP Education prepared for the 2007-2013 programming period as more particularly described in the technical description (the „„Technical Description‟‟) set out in Schedule A.
(2) The Borrower has stated that in implementing the Project it will be acting through its Ministry of Finance (“MoF”), which has the responsibility for coordination of financial management of EU funds in the Slovak Republic. MoF will also be responsible for the overall coordination and monitoring of the proposed Loan. MoF (in its capacity as certifying authority for the NSRF), the Office of the Government of the Slovak Republic (central coordination body (each, a “Managing Authority” and, together, the “Managing Authorities”) responsible for each Operational Programme), and line Slovak Ministries and implementing agencies (intermediate bodies) responsible for the Schemes will be the promoters for the Schemes and the Project (each a “Promoter” and, together, the “Promoters”).
(3) The final beneficiaries of funds under the Project will be public and private bodies benefiting from support from EU grants such as central and local government institutions (Ministries, Regions, municipalities), State and regionally or municipally owned enterprises, private bodies and non-profit organisations (each a “Final Beneficiary” and, together, the “Final Beneficiaries”).
(4) The total cost of the Project is estimated by the Bank to be EUR 13,846,000,000 (thirteen thousand eight hundred and forty six million euros). The Borrower expects that a grant contribution for the Project (the “EU Grant(s)”) will be provided by the European Commission to co-finance the Project. The Borrower has stated that it intends to finance the Project as follows:
Source | Amount (M EUR) |
EU Structural/Cohesion Funds | 11,361 |
Credit from the Bank | 1,300 |
National public funds | 777 |
Private/other sources | 408 |
TOTAL | 13,846 |
(5) In order to fulfil the financing plan set out in Recital (4), the Borrower has requested from the Bank a credit equivalent to EUR 1,300,000,000 (one thousand three hundred million euros).
(6) The Bank considering that the financing of the Project falls within the scope of its functions, and having regard to the statements and facts cited in these Recitals, has decided to give effect to the Borrower‟s request providing to it a credit in an amount equivalent to EUR 1,300,000,000 (one thousand three hundred million euros) under this Finance Contract (the „„Contract‟‟); provided that the amount of the Bank loan shall not, in any case, exceed 50% (fifty per cent) of the total cost of the Project set out in Recital (4) and that the amount of the Bank loan together with EU Grants shall not, in any case, exceed 100% (one hundred per cent) of the total cost of the Project as set out in Recital (4).
(7) The Borrower has authorised the borrowing of the sum of EUR 1,300,000,000 (one thousand three hundred million euros) represented by this credit on the terms and conditions set out in this Contract, as set out in Xxxxx X.
(8) The Statute of the Bank provides that the Bank shall ensure that its funds are used as rationally as possible in the interests of the European Union; and, accordingly, the terms and conditions of the Bank's loan operations must be consistent with relevant European Union policies.
(9) The financing of the Project includes certain state subsidies or grants and the
provision of such funds has been duly authorised and will be provided in compliance with all relevant EU law.
(10) References in this Contract to Articles, Recitals, Schedules and Annexes are, save if explicitly stipulated otherwise, references respectively to articles of, and recitals, schedules and annexes to this Contract.
(11) In this Contract:
„„Acceptance Deadline” for a notice means:
(i) 16h00 Luxembourg time on the day of delivery, if the notice is delivered by 14h00 Luxembourg time on a Business Day; or
(ii) 11h00 Luxembourg time on the next following day which is a Business Day, if the notice is delivered after 14h00 Luxembourg time on any such day or is delivered on a day which is not a Business Day.
“Allocation and Reporting Side Letter” has the meaning given to it in Article 1.08A.
„„Allocation Procedure‟‟ means the procedure set up in Article 1.08A.
„„Allocation Request‟‟ is the request submitted to the Bank pursuant to Article 1.08A.
“Business Day” means a day (other than a Saturday or Sunday) on which the Bank and commercial banks are open for general business in Luxembourg.
“Contract” has the meaning given to it in Recital (6).
„„Credit‟‟ has the meaning given to it in Article 1.01.
„„Disbursement Notice‟‟ means a notice from the Bank to the Borrower pursuant to and in accordance with Article 1.02C.
„„Disbursement Request‟‟ means a notice substantially in the form set out in Schedule C.1.
„„Environment‟‟ means the following, in so far as they affect human well-being: (a) fauna and flora; (b) soil, water, air, climate and the landscape; and (c) cultural heritage and the built environment and includes occupational health and safety and the Project‟s social effects.
„„Environmental Law‟‟ means EU law and national laws and regulations of the Slovak Republic, as well as applicable international treaties, of which a principal objective is the preservation, protection or improvement of the Environment.
“EU Grant” has the meaning given to it in Recital (4).
„„EURIBOR‟‟ has the meaning given to it in Schedule B.
“Final Availability Date” means 31 December 2013.
„„Final Beneficiary‟‟ has the meaning given to it in Recital (3).
„„Fixed Rate‟‟ means an annual interest rate determined by the Bank in accordance with the applicable principles from time to time laid down by the governing bodies of the Bank for loans made at a fixed rate of interest, denominated in the currency of the Tranche and bearing equivalent terms for the repayment of capital and the payment of interest.
„„Fixed Rate Tranche‟‟ means a Tranche disbursed on a Fixed Rate basis.
„„Floating Rate‟‟ means a fixed-spread floating interest rate, that is to say an annual interest rate equal to the Relevant Interbank Rate plus or minus the Spread, determined by the Bank for each successive Floating Rate Reference Period.
„„Floating Rate Reference Period‟‟ means each period from one Payment Date to the next relevant Payment Date and the first Floating Rate Reference Period shall commence on the date of disbursement of the Tranche.
„„Floating Rate Tranche‟‟ means a Tranche disbursed on a Floating Rate basis.
„„Indemnifiable Prepayment Event‟‟ means a prepayment event under Article 4.03A.
„„Interest Revision/Conversion‟‟ means the determination of new financial conditions relative to the interest rate, specifically the same interest rate basis ("revision") or a different interest rate basis ("conversion") which can be offered for the remaining term of a Tranche or until a next Interest Revision/Conversion Date, if any.
„„Interest Revision/Conversion Date‟‟ means the date, being a Payment Date,
specified by the Bank pursuant to Article 1.02C in the Disbursement Notice or pursuant to Article 3 and Schedule D.
„„Interest Revision/Conversion Proposal‟‟ means a proposal made by the Bank under Schedule D, for an amount which, at the proposed Interest Revision/Conversion Date, is not less than EUR 10,000,000 (ten million euros) or the equivalent thereof.
„„Interest Revision/Conversion Request‟‟ means a written notice from the Borrower, delivered at least 75 (seventy-five) days before an Interest Revision/Conversion Date, requesting the Bank to submit to it an Interest Revision/Conversion Proposal. The Interest Revision/Conversion Request shall also specify:
(i) Payment Dates chosen in accordance with the provisions of Article 3.01;
(ii) the preferred repayment schedule chosen in accordance with Article 4.01; and
(iii) any further Interest Revision/Conversion Date chosen in accordance with Article 3.01.
“Letter of Allocation” has the meaning given to it in Article 1.08A.
„„LIBOR‟‟ has the meaning given to it in Schedule B.
„„Loan‟‟ means the aggregate amount of Tranches disbursed from time to time by the Bank under this Contract.
“Managing Authority” has the meaning given to it in Recital (2).
„„Market Disruption Event‟‟ has the meaning given to it in Article 1.06B.
“Maturity Date” means the last or sole repayment date of a Tranche specified pursuant to Article 4.01A(b)(iii) or Article 4.01B.
“MoF” has the meaning given to it in Recital (2).
„„Notified Tranche‟‟ means a Tranche in respect of which the Bank has issued a Disbursement Notice.
“NSRF” has the meaning given to it in Recital (1).
“Operational Programme” has the meaning given to it in Recital (1).
„„Payment Date‟‟ means the annual, semi-annual or quarterly dates specified in the Disbursement Notice until the Interest Revision/Conversion Date, if any, or the Maturity Date, save that, in case any such date is not a Relevant Business Day, it means:
(i) for a Fixed Rate Tranche, the following Relevant Business Day, without adjustment to the interest due under Article 3.01 except for those cases where repayment is made in a single instalment according to Article 4.01B, when the preceding Relevant Business Day shall apply instead to this single instalment and last interest payment and only in this case with adjustment to the interest due under Article 3.01; and
(ii) for a Floating Rate Tranche, the next day, if any, of that calendar month that is a Relevant Business Day or, failing that, the nearest preceding day that is a Relevant Business Day, in all cases with corresponding adjustment to the interest due under Article 3.01.
„„Prepayment Amount‟‟ means the amount of a Tranche to be prepaid by the Borrower in accordance with Article 4.02A.
„„Prepayment Date‟‟ means the date, which shall be a Payment Date, on which the Borrower proposes to effect prepayment of a Prepayment Amount.
„„Prepayment Notice‟‟ means a written notice from the Borrower specifying, amongst other things, the Prepayment Amount and the Prepayment Date in accordance with Article 4.02A.
„„Project‟‟ has the meaning given to it in Recital (1).
“Promoter” has the meaning given to it in Recital (2).
„„Redeployment Rate‟‟ means the Fixed Rate in effect on the day of the indemnity
calculation for fixed-rate loans denominated in the same currency and which shall have the same terms for the payment of interest and the same repayment profile to the Interest Revision/Conversion Date, if any, or the Maturity Date as the Prepayment Amount. For those cases where the period is shorter than the minimum intervals described under Article 3.01 the most closely corresponding money market rate equivalent will be used, that is the Relevant Interbank Rate minus 0.125% (12.5 basis points) for periods of up to 12 (twelve) months. For periods falling between 13 and 36/48 months respectively, the bid point on the swap rates as published by Intercapital in Reuters for the related currency and observed by the Bank at the time of calculation will apply.
„„Relevant Business Day‟‟ means:
(i) for EUR, a day which is a business day according to the TARGET2 operating days calendar; and
(ii) for any other currency, a day on which banks are open for general business in the principal domestic financial centre of the relevant currency.
“Relevant Interbank Rate” means:
(i) EURIBOR for a Tranche denominated in EUR;
(ii) LIBOR for a Tranche denominated in GBP or USD; and
(iii) the market rate and its definition chosen by the Bank and separately communicated to the Borrower, for a Tranche denominated in any other currency.
“Scheme” has the meaning given to it in Recital (1).
“Scheduled Disbursement Date” means the date on which a Tranche is scheduled to be disbursed in accordance with Article 1.02C.
„„Security‟‟ and „„Security Interest‟‟ means any mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any other agreement or arrangement having the effect of conferring security.
„„Spread‟‟ means the fixed spread to the Relevant Interbank Rate (being either plus or minus) determined by the Bank and notified to the Borrower in the relevant Disbursement Notice or Interest Revision/Conversion Proposal.
„„Technical Description‟‟ has the meaning given to it in Recital (1).
“Tranche” means each disbursement made or to be made under this Contract.
NOW THEREFORE it is hereby agreed as follows:
ARTICLE 1
Credit and disbursement
1.01 Amount of Credit
By this Contract the Bank establishes in favour of the Borrower, and the Borrower accepts, the credit in an amount equivalent to EUR 1,300,000,000 (one thousand three hundred million euros) for the financing of the Project (the “Credit”).
1.02 Disbursement procedure
1.02A Tranches
The Bank shall disburse the Credit in up to eight (8) Tranches. The amount of each Tranche, if not being the undrawn balance of the Credit, shall be in a minimum amount of the equivalent to EUR 100,000,000 (one hundred million euros).
The first Tranche shall not in any event exceed EUR 350,000,000 (three hundred and fifty million euros).
1.02B Disbursement Request
(a) From time to time up to 15 (fifteen) days before the Final Availability Date, the Borrower may present to the Bank a Disbursement Request for the disbursement of a Tranche. The Disbursement Request shall specify:
(i) the amount and currency of the Tranche;
(ii) the preferred disbursement date for the Tranche, which shall be a Relevant Business Day falling at least 15 (fifteen) days after the date of the Disbursement Request and on or before the Final Availability Date, it being understood that the Bank may disburse the Tranche up to 4 (four) calendar months from the date of the Disbursement Request;
(iii) whether the Tranche is a Fixed Rate Tranche or a Floating Rate Tranche, each pursuant to the relevant provisions of Article 3.01;
(iv) the preferred interest payment periodicity for the Tranche, chosen in accordance with Article 3.01;
(v) the preferred terms for repayment of principal for the Tranche, chosen in accordance with Article 4.01;
(vi) the preferred first and last dates for repayment of principal for the Tranche;
(vii) the Borrower‟s choice of Interest Revision/Conversion Date, if any, for the Tranche; and
(viii) the IBAN code (or appropriate format in line with local banking practice) and SWIFT BIC of the bank account to which disbursement of the Tranche should be made in accordance with Article 1.02D.
(b) The Borrower may also at its discretion specify in the Disbursement Request the following respective elements, if any, as provided by the Bank on an indicative basis and without commitment, to be applicable to the Tranche, that is to say:
(i) in the case of a Fixed Rate Tranche, the fixed interest rate; and
(ii) in the case of a Floating Rate Tranche, the Spread,
applicable until the Maturity Date or until the Interest Revision/Conversion Date, if any.
(c) Each Disbursement Request shall be accompanied by evidence of the authority of the person or persons authorised to sign it and the specimen signature of such person or persons.
(d) Subject to Article 1.02C(b), each Disbursement Request is irrevocable.
1.02C Disbursement Notice
(a) Not less than 10 (ten) days before the proposed Scheduled Disbursement Date of a Tranche the Bank shall, if the Disbursement Request conforms to this Article 1.02, deliver to the Borrower a Disbursement Notice which shall specify:
(i) the currency, amount and EUR equivalent of the Tranche;
(ii) the Scheduled Disbursement Date;
(iii) the interest rate basis for the Tranche;
(iv) the first interest Payment Date and the periodicity for the payment of interest for the Tranche;
(v) the terms for repayment of principal for the Tranche;
(vi) the first and last dates for repayment of principal for the Tranche;
(vii) the applicable Payment Dates for the Tranche;
(viii) the Interest Revision/Conversion Date, if any, for the Tranche; and
(ix) for a Fixed Rate Tranche the fixed interest rate and for a Floating Rate Tranche the Spread.
(b) If one or more of the elements specified in the Disbursement Notice does not reflect the corresponding element, if any, in the Disbursement Request, the Borrower may following receipt of the Disbursement Notice revoke the Disbursement Request by written notice to the Bank to be received no later than 12h00 Luxembourg time on the next Business Day and thereupon the Disbursement Request and the Disbursement Notice shall be of no effect. If the Borrower has not revoked in writing the Disbursement Request within such period, the Borrower will be deemed to have accepted all elements specified in the Disbursement Notice.
(c) If the Borrower has presented to the Bank a Disbursement Request in which the Borrower has not specified the elements referred to in Article 1.02B(b), the Borrower will be deemed to have agreed in advance to the corresponding element as subsequently specified in the Disbursement Notice.
1.02D Disbursement Account
Disbursement shall be made to the account of the Borrower as the Borrower shall notify in writing to the Bank not later than 15 (fifteen) days before the Scheduled Disbursement Date (with IBAN code or with the appropriate format in line with local banking practice).
Only one account may be specified for each Tranche.
1.03 Currency of disbursement
Subject to availability, disbursement of each Tranche shall be made in EUR or any other currency that is widely traded on the principal foreign exchange markets.
For the calculation of the sums available to be disbursed in currencies other than EUR, and to determine their equivalent in EUR, the Bank shall apply the rate published by the European Central Bank in Frankfurt, available on or shortly before submission of the Disbursement Notice as the Bank shall decide.
1.04 Conditions of disbursement
1.04A First Tranche
The disbursement of the first Tranche under Article 1.02 is conditional upon receipt by the Bank in form and substance satisfactory to it, on or before the date falling 5 (five) Business Days before the Scheduled Disbursement Date, of the documents or evidence or upon the conditions as follows:
(a) evidence satisfactory to the Bank that the execution of this Contract by the Borrower has been duly authorised and that the person or persons signing the Contract on behalf of the Borrower is/are duly authorised to do so together with the specimen signature of each such person or persons;
(b) a legal opinion in the English language from the Ministry of Justice of the
Slovak Republic on the due execution of this Contract by the Borrower stating that the Contract is valid, binding and enforceable in the Slovak Republic in accordance with its terms, such legal opinion in the form set out in Annex II;
(c) evidence satisfactory to the Bank of the authority of the person or persons authorised to sign a Disbursement Request together with the specimen signature of such person or persons;
(d) evidence satisfactory to the Bank that a project implementation unit (the “PIU”) relating to, inter alia, institutional set-up and procedures, particularly between the MoF, the Promoters and the Managing Authorities responsible for the individual Schemes has been put in place with respect to:
(i) Scheme identification and verification of compliance with the Bank‟s eligibility criteria,
(ii) conformity with EU environmental and procurement legislation,
(iii) allocation procedures, including information provided by the Borrower in a format acceptable to the Bank, and
(iv) meeting regular monitoring and reporting requirements of the Bank (including, without limitation, the reporting requirements set out in Article 8 of this Contract); and
(e) duly executed Allocation and Reporting Side Letter, as further described in Article 1.08A.
1.04B Second and Subsequent Tranches
The disbursement of the second and any subsequent Tranches is conditional upon receipt by the Bank in form and substance satisfactory to it, on or before the date falling 5 (five) Business Days before the Scheduled Disbursement Date for the proposed Tranche, of the following written evidence from the Borrower:
(a) evidence demonstrating that 80% (eighty per cent) of all previously disbursed Tranches have been committed by the Borrower to finance the Schemes subject to the Letter(s) of Allocation, or that 50% (fifty per cent) of all previously disbursed Tranches has been effectively paid out to the Final Beneficiaries to cover any expenditure incurred with respect to any Scheme(s) subject to the Letter(s) of Allocation;
(b) for the disbursement of the second Tranche, a list of Schemes financed under the first Tranche indicating for each Scheme whether an Environmental Impact Assessment (an “EIA”) under the EU EIA Directive and/or nature assessment under the EU Habitats and Birds Directives was required or not, and such other information as the Bank may request from the Borrower to this effect;
(c) with respect to Schemes with a project cost not exceeding EUR 25,000,000: (i) a declaration from a Managing Authority based on a list of Schemes as to whether an EIA is required or not; and (ii) a declaration from a Managing Authority based on a list of Schemes stating that such Schemes will have no effect, potential or likely, on a conservation site or if such Schemes have an effect on conservation sites, Form B (as further specified in the Allocation and Reporting Side Letter) signed by the competent authority and submitted to the Bank individually; and
(d) with respect to Schemes with a project cost of equal to or more than EUR 25,000,000:
(i) a declaration from a Managing Authority as to whether an EIA is required or not and, for Schemes requiring an EIA, the Non-Technical Summary of the EIA for such Schemes shall be submitted to the Bank; and (ii) either Form A or Form B (as further specified in the Allocation and Reporting Side Letter) shall be submitted to the Bank.
1.04C All Tranches
The disbursement of each Tranche under Article 1.02, including the first and the second, is conditional upon:
(a) receipt by the Bank in form and substance satisfactory to it, on or before the date falling 5 (five) Business Days before the Scheduled Disbursement Date for the proposed Tranche, of the following additional documents or evidence:
(i) evidence satisfactory to the Bank that the infringement procedure
against the Slovak Republic concerning its environmental legislation has been resolved prior to any disbursement related to Schemes which are subject to EIA;
(ii) a certificate from the Borrower in the form of Schedule C.2; and
(iii) a copy of any other authorisation or other document, opinion or assurance which the Bank has notified the Borrower is necessary or desirable in connection with the entry into and performance of, and the transactions contemplated by, the Contract or the validity and enforceability of the same; and
(b) that on the Scheduled Disbursement Date for the proposed Tranche:
(i) the representations and warranties which are repeated pursuant to Article 6.07 are correct in all respects; and
(ii) no event or circumstance which constitutes or would with the passage of time or giving of notice under this Contract constitute an event of default under Article
10.01 or a prepayment event under Article 4.03 has occurred and is continuing unremedied or unwaived or would result from the proposed Tranche.
1.05 Deferment of disbursement
1.05A Grounds for deferment
Upon the written request of the Borrower, the Bank shall defer the disbursement of any Notified Tranche in whole or in part to a date specified by the Borrower being a date falling not later than 6 (six) months from its Scheduled Disbursement Date. In such case, the Borrower shall pay the deferment indemnity as determined pursuant to Article 1.05B below.
Any request for deferment shall have effect in respect of a Tranche only if it is made at least 5 (five) Business Days before its Scheduled Disbursement Date.
If any of the conditions referred to in Article 1.04 is not fulfilled as at the specified date and at the Scheduled Disbursement Date, and the Bank is of the opinion that it will not be satisfied, disbursement will be deferred to a date agreed between the Bank and the Borrower falling not earlier than 5 (five) Business Days following the fulfilment of all conditions of disbursement.
1.05B Deferment indemnity
If the disbursement of any Notified Tranche is deferred, whether at the request of the Borrower or by reason of non-fulfilment of the conditions of disbursement, the Borrower shall, upon demand by the Bank, pay an indemnity on the amount of disbursement deferred. Such indemnity shall accrue from the Scheduled Disbursement Date to the actual disbursement date or, as the case may be, until the date of cancellation of the Notified Tranche in accordance with this Contract at a rate equal to R1 minus R2, where:
“R1” means the rate of interest that would have applied from time to time pursuant to Article 3.01 and, if the Tranche had been disbursed on the Scheduled Disbursement Date; and
“R2” means the Relevant Interbank Rate less 0.125% (12.5 basis points); provided that for the purpose of determining the Relevant Interbank Rate in relation to this Article 1.05, the relevant periods provided for in Schedule B shall be successive periods of 1 (one) month commencing on the Scheduled Disbursement Date.
Furthermore, the indemnity:
(a) if the deferment exceeds one (1) month in duration, shall accrue at the end of every month;
(b) shall be calculated using the day count convention applicable to R1;
(c) where R2 exceeds R1, shall be set at zero; and
(d) shall be payable in accordance with Article 1.10.
1.05C Cancellation of disbursement deferred by 6 (six) months
The Bank may, by notice in writing to the Borrower, cancel a disbursement which has been deferred under Article 1.05A by more than 6 (six) months in aggregate. The cancelled amount shall remain available for disbursement under Article 1.02.
1.06 Cancellation and suspension
1.06A Borrower‟s right to cancel
The Borrower may at any time by notice in writing to the Bank cancel, in whole or in part and with immediate effect, the undisbursed portion of the Credit. However, the notice shall have no effect in respect of a Notified Tranche which has a Scheduled Disbursement Date falling within 5 (five) Business Days of the date of the notice.
1.06B Bank‟s right to suspend and cancel
(a) The Bank may, by notice in writing to the Borrower, suspend and/or cancel the undisbursed portion of the Credit in whole or in part at any time and with immediate effect:
(i) upon the occurrence of an event or circumstance mentioned in Article 10.01 or an event or circumstance which would with the passage of time or giving of notice under this Contract constitute an event of default under Article 10.01; or
(ii) if a Market Disruption Event has occurred and is continuing.
(b) Furthermore, to the extent that the Bank may cancel the Credit under Article 4.03A, the Bank may also suspend it. Any suspension shall continue until the Bank ends the suspension or cancels the suspended amount.
(c) For the purposes of this Article, "Market Disruption Event" means:
(i) the Bank determines that there are exceptional circumstances adversely affecting the Bank‟s access to its sources of funding;
(ii) in the opinion of the Bank, the cost to the Bank of obtaining funds from its sources of funding would be in excess of the applicable Relevant Interbank Rate for the relevant currency and period of a Tranche;
(iii) the Bank determines that by reason of circumstances affecting its sources of funding generally adequate and fair means do not exist for ascertaining the applicable Relevant Interbank Rate for the relevant currency and period of a Tranche;
(iv) in the opinion of the Bank, funds are not reasonably likely to be available to it in the ordinary course of business to fund a Tranche in the currency requested or for the relevant period, if applicable and appropriate to the specific lending operation; or
(v) it is not possible for the Bank to obtain funding in sufficient amounts for it to fund a disbursement, if applicable and appropriate to the specific lending operation, or there is a material upheaval in the international debt, money or capital markets.
1.06C Indemnity for suspension and cancellation of a Tranche
1.06C(1) SUSPENSION
If the Bank suspends a Notified Tranche, whether upon an Indemnifiable Prepayment Event or an event mentioned in Article 10.01, the Borrower shall indemnify the Bank under Article 1.05B.
1.06C(2) CANCELLATION
If pursuant to Article 1.06A, the Borrower cancels:
(a) a Fixed Rate Notified Tranche, it shall indemnify the Bank under Article 4.02B;
(b) a Floating Rate Tranche or any part of the Credit other than a Notified Tranche, no indemnity is payable.
If the Bank cancels a Fixed Rate Notified Tranche upon an Indemnifiable Prepayment Event or pursuant to Article 1.05C, the Borrower shall indemnify the Bank under Article 4.02B. If the Bank cancels a Notified Tranche upon an event mentioned in Article 10.01, the Borrower shall indemnify the Bank under Article 10.03. Save in these cases, no indemnity is payable upon cancellation of a Tranche by the Bank.
An indemnity shall be calculated on the basis that the cancelled amount is
deemed to have been disbursed and repaid on the Scheduled Disbursement Date or, to the extent that the disbursement of the Tranche is currently deferred or suspended, on the date of the cancellation notice.
1.07 Cancellation after expiry of the Credit
Any time following the expiry of a period of 4 (four) months after the Final Availability Date. the Bank may by notice to the Borrower and without liability arising on the part of either party, cancel any part of the Credit in respect of which no Disbursement Request has been made in accordance with Article 1.02B.
1.08 Allocations
1.08A Allocation Procedure
Not later than 31 December 2015, the Borrower may submit to the Bank for approval a request for allocation (the “Allocation Request”).
The Loan may solely be allocated to Schemes identified as eligible for financing in the Technical Description, annexed hereto as Schedule A. In order for a Scheme to qualify for financing hereunder, the Borrower must comply with the Allocation Procedure in Article 1.08A, Allocation undertakings in Article 1.08B, Continuing Project undertakings in Article
6.05 and allocation procedure and reporting requirements set out in a side letter (the “Allocation and Reporting Side Letter”) signed by the Bank and the Borrower after the signature of this Contract.
The Bank shall have full discretion whether or not to approve the Allocation Request so submitted following such examination of the Schemes as it deems necessary and shall, in the event of approval, issue a letter of allocation (hereinafter referred to as a “Letter of Allocation”), informing the Borrower of its approval of the Schemes submitted and of the amount in EUR allocated to them. In the event the Bank does not approve a submitted Allocation Request, the Bank shall inform the Borrower thereof in writing.
The Borrower shall provide the Bank with any additional information regarding the Schemes as the Bank, in its own discretion, may request.
In agreement with the Borrower, the Bank may amend the allocation procedures in view of any change required by inter alia the European Commission or the development of the Project.
1.08B Allocation undertakings
(a) In relation to Allocation Requests for:
(i) Schemes with total cost not exceeding EUR 25,000,000: such Schemes are subject to ex-post approval by the Bank;
(ii) Schemes with total cost between EUR 25,000,000 and EUR 50,000,000 have to be submitted to the Bank for approval, before applying the proceeds of the Bank‟s Loan to the financing of a Scheme. The Bank reserves the right to request that the Borrower provide additional information or, if deemed necessary, perform a partial or an in-depth appraisal of the Schemes; and
(iii) Schemes with total cost exceeding EUR 50,000,000 have to be submitted to the Bank for approval, before applying the proceeds of the Bank‟s Loan to the financing of a Scheme. The Borrower shall provide the Bank with a full application dossier at the time it is sent to the European Commission (or without undue delay). For that purpose, the Borrower shall also authorise the Bank to use the Bank‟s “XXXXXXX” opinion (XXXXXXX Action Completion Note) on the Schemes concerned.
(b) The Borrower shall not commit any funds of the Bank against Schemes that require an EIA or biodiversity assessment according to EU and national law without, prior to commitment, receiving the consent from the competent authority and making the Non-Technical Summary of the EIA available to the public.
(c) The Borrower shall inform the Bank of any Scheme being financed in parallel with another operation funded by the Bank.
1.09 Reallocation
1.09A Reallocation at the request of the Borrower
The Borrower may, by request to the Bank which shall include reasons therefor, and not later than 31 December 2015, propose to reallocate in accordance with Article 1.08 any part of the Loan which has been allocated but not spent by the Borrower on a Scheme or made available in full, directly or indirectly, by the Borrower to the relevant Final Beneficiaries.
The Bank may, at its discretion, accept the Borrower‟s proposal for reallocation and reallocate any portion of the Loan in accordance with the provisions of Article 1.08.
If the reallocation is not possible or possible only in part, the Borrower shall prepay immediately to the Bank the part of the Loan which has been disbursed by the Bank subject to the original Allocation, together with accrued interest on the prepaid amount and compensation, if any, calculated in accordance with Article 4.02.
1.09B Reallocation at the request of the Bank
The Borrower shall propose to reallocate any part of the Loan which has been allocated, in accordance with the procedures described in Article 1.08, in relation to a Scheme if such Scheme, in the reasonable opinion of the Bank, is ineligible for financing by the Bank under the Bank‟s Statute, policies or guidelines or under Article 309 of the Treaty on the Functioning of the European Union. If, within the timeframe provided for in the Bank‟s written request, the Borrower fails to replace such Scheme, the Borrower shall repay all or part of the Loan in accordance with Article 10.01A.
1.10 Sums due under Article 1
Sums due under Articles 1.05 and 1.06 shall be payable in the currency of the Tranche concerned. They shall be payable within 7 (seven) days of the Borrower‟s receipt of the Bank‟s demand or within any longer period specified in the Bank‟s demand.
ARTICLE 2
The Loan
2.01 Amount of Loan
The Loan shall comprise the aggregate amount of Tranches disbursed by the Bank under the Credit, as confirmed by the Bank pursuant to Article 2.03.
2.02 Currency of repayment, interest and other charges
Interest, repayments and other charges payable in respect of each Tranche shall be made by the Borrower in the currency of the Tranche.
Any other payment shall be made in the currency specified by the Bank having regard to the currency of the expenditure to be reimbursed by means of that payment.
2.03 Confirmation by the Bank
Within 10 (ten) days after disbursement of each Tranche, the Bank shall deliver to the Borrower the amortisation table referred to in Article 4.01, if appropriate, showing the disbursement date, currency, the amount disbursed, the repayment terms and the interest rate of and for that Tranche.
ARTICLE 3
Interest
3.01 Rate of interest
Fixed Rates and Spreads are available for periods of not less than 4 (four) years or, in the absence of a repayment of principal during that period, not less than 3 (three) years.
3.01A Fixed Rate Tranches
The Borrower shall pay interest on the outstanding balance of each Fixed Rate Tranche at the Fixed Rate quarterly, semi-annually or annually in arrears on the relevant Payment Dates as specified in the Disbursement Notice, commencing on the first such Payment Date following the date on which the disbursement of the Tranche was made. If the period from the date on which disbursement was made to the first Payment Date is 15 days or less then the payment of interest accrued during such period shall be postponed to the following Payment Date.
Interest shall be calculated on the basis of Article 5.01(a) at an annual rate that is the Fixed Rate.
3.01B Floating Rate Tranches
The Borrower shall pay interest on the outstanding balance of each Floating Rate Tranche at the Floating Rate quarterly, semi-annually or annually in arrears on the relevant Payment Dates, as specified in the Disbursement Notice commencing on the first such Payment Date following the date of disbursement of the Tranche. If the period from the date of disbursement to the first Payment Date is 15 days or less then the payment of interest accrued during such period shall be postponed to the following Payment Date.
The Bank shall notify the Floating Rate to the Borrower within 10 (ten) days following the commencement of each Floating Rate Reference Period.
If pursuant to Articles 1.05 and 1.06 disbursement of any Floating Rate Tranche takes place after the Scheduled Disbursement Date the interest rate applicable to the first Floating Rate Reference Period shall be determined as though disbursement had taken place on the Scheduled Disbursement Date.
Interest shall be calculated in respect of each Floating Rate Reference Period on the basis of Article 5.01(b).
3.01C Revision or Conversion of Tranches
Where the Borrower exercises an option to revise or convert the interest rate basis of a Tranche, it shall, from the effective Interest Revision/Conversion Date (in accordance with the procedure set out in Schedule D) pay interest at a rate determined in accordance with the provisions of Schedule D.
3.02 Interest on overdue sums
Without prejudice to Article 10 and by way of exception to Article 3.01, interest shall accrue on any overdue sum payable under the terms of this Contract from the due date to the date of payment at an annual rate equal to the Relevant Interbank Rate plus 2% (200 basis points) and shall be payable in accordance with the demand of the Bank. For the purpose of determining the Relevant Interbank Rate in relation to this Article 3.02, the relevant periods within the meaning of Schedule B shall be successive periods of one month commencing on the due date.
However, interest on a Fixed Rate Tranche shall be charged at the annual rate that is the sum of the rate defined in Article 3.01A plus 0.25% (25 basis points) if that annual rate exceeds for any given relevant period the rate specified in the preceding paragraph.
If the overdue sum is in a currency other than the currency of the Loan, the following rate per annum shall apply, namely the Relevant Interbank Rate that is generally retained by the Bank for transactions in that currency plus 2% (200 basis points), calculated in accordance with the market practice for such rate.
ARTICLE 4
Repayment
4.01 Normal repayment
4.01A Repayment by instalments
(a) The Borrower shall repay each Tranche by instalments on the Payment Dates specified in the relevant Disbursement Notice in accordance with the terms of the amortisation table delivered pursuant to Article 2.03.
(b) Each amortisation table shall be drawn up on the basis that:
(i) in the case of a Fixed Rate Tranche without an Interest Revision/Conversion Date, repayment shall be made on a constant annuity basis or by equal annual, semi-annual or quarterly instalments of principal;
(ii) in the case of a Fixed Rate Tranche with an Interest Revision/Conversion Date or a Floating Rate Tranche, repayment shall be made by equal annual, semi-annual or quarterly instalments of principal; and
(iii) the first repayment date of each Tranche shall be a Payment Date falling not later than the first Payment Date immediately following 7th (seventh) anniversary of the Scheduled Disbursement Date of the Tranche and the last repayment date shall be a Payment Date falling not earlier than 4 (four) years and not later than 30 (thirty) years from the Scheduled Disbursement Date.
4.01B Single instalment
Alternatively, the Borrower may repay the Tranche in a single instalment on a Payment Date specified in the Disbursement Notice, being a date falling not less than 3 (three) years or more than 16 (sixteen) years from the Scheduled Disbursement Date.
4.02 Voluntary prepayment
4.02A Prepayment option
Subject to Articles 4.02B, 4.02C and 4.04, the Borrower may prepay all or part of any Tranche, together with accrued interest and indemnities if any, upon giving a Prepayment Notice with at least 1 (one) month's prior notice specifying the Prepayment Amount and the Prepayment Date.
Subject to Article 4.02C the Prepayment Notice shall be binding and irrevocable.
4.02B Prepayment indemnity
4.02B(1) FIXED RATE TRANCHE
(a) Subject to paragraph (b) below, if the Borrower prepays a Fixed Rate Tranche the Borrower shall pay to the Bank on the Prepayment Date an indemnity equal to the present value (as of the Prepayment Date) of the excess, if any, of:
(i) the interest that would accrue thereafter on the Prepayment Amount over the period from the Prepayment Date to the Interest Revision/Conversion Date, if any, or the Maturity Date, if it were not prepaid; over
(ii) the interest that would so accrue over that period, if it were calculated at the Redeployment Rate, less 0.15% (fifteen basis points).
The said present value shall be calculated at a discount rate equal to the Redeployment Rate, applied as of each relevant Payment Date.
(b) The Borrower may prepay a Fixed Rate Tranche without indemnity on the Interest Revision/Conversion Date in the event of the non-fulfilment of an Interest Revision/Conversion pursuant to Schedule D.
4.02B(2) FLOATING RATE TRANCHE
The Borrower may prepay a Floating Rate Tranche without indemnity on any relevant Payment Date. If the Borrower has accepted an Interest Revision/Conversion Proposal to convert a Floating Rate Tranche to a Fixed Rate Tranche pursuant to Schedule D, Article 4.02B(1) applies.
4.02C Prepayment mechanics
The Bank shall notify the Borrower, not later than 15 (fifteen) days prior to the Prepayment Date, of the Prepayment Amount, of the accrued interest due thereon and of the indemnity payable under Article 4.02B or, as the case may be, that no indemnity is due.
Not later than the Acceptance Deadline, the Borrower shall notify the Bank either:
(a) that it confirms the Prepayment Notice on the terms specified by the Bank; or
(b) that it withdraws the Prepayment Notice.
If the Borrower gives the confirmation under paragraph (a) above, it shall effect the prepayment. If the Borrower withdraws the Prepayment Notice or fails to confirm it in due time, it may not effect the prepayment. Save as aforesaid, the Prepayment Notice shall be binding and irrevocable.
The Borrower shall accompany the prepayment by the payment of accrued interest and indemnity, if any, due on the Prepayment Amount.
4.03 Compulsory prepayment 4.03A Grounds for prepayment 4.03A(1) PROJECT COST REDUCTION
If the total cost of the Project should be reduced from the figure stated in Recital (4) to a level at which the amount of the Credit exceeds 50% (fifty per cent) and/or to a level at which the amount of the Credit together with EU Grants exceeds 100% (one hundred per cent) of such cost, the Bank may, in proportion to the reduction forthwith, and by notice to the Borrower, cancel the Credit and/or demand prepayment of the Loan.
4.03A(2) NON-COMPLIANCE
If the Bank becomes aware, or has reasonable grounds to believe, that either (i) a Promoter or a Final Beneficiary has failed to comply with any obligation passed on to it by the Borrower pursuant to the requirements of this Contract with respect to any Scheme or
(ii) that funds intended to be allocated to Scheme(s) have not been so allocated and/or are not being used in compliance with the Technical Description (hereinafter, an “Affected Scheme”), it may notify the Borrower. Within a period of 30 (thirty) days following the giving of that notice, the Borrower shall either:
(a) reallocate the relevant portion of the Loan to another Scheme in accordance with Article 1.08; or
(b) prepay a proportion of the Loan corresponding to the ratio of the value of the Affected Scheme to the aggregate value of all Schemes, together with interest accrued on the amount to be prepaid.
4.03A(3) EU GRANT EVENT
If the Borrower is informed, or has reasonable grounds to believe, that any EU Grant has been, or is intended to be, cancelled, or if the Borrower has repaid or has been required to repay fully or partially any EU Grant (such cancellation or repayment hereinafter referred to as „„EU Grant Event‟‟), the Borrower shall promptly inform the Bank. Upon receipt of such information the Bank may demand that the Borrower consult with it. Such consultation shall take place within 30 (thirty) days from the date of the Bank's request. In addition, after the elapse of 30 (thirty) days from the date of such a request, the Bank may by notice to the Borrower, forthwith cancel the Credit or demand prepayment of the Loan in such proportion as the cancelled or repaid EU Grant bears to the total financial assistance for the Project from EU Grants.
4.03A(4) NON-ALLOCATION OR NON-DISBURSEMENT TO FINAL BENEFICIARIES
The Borrower shall prepay on 31 December 2015 such part of the Loan that has not been allocated or which has been allocated but not been disbursed to a Final Beneficiary by such date.
4.03B Prepayment mechanics
Any sum demanded by the Bank pursuant to Article 4.03A, together with any interest or other amounts accrued and outstanding and any indemnity due under Article 4.03C, shall be paid on the date indicated by the Bank which date shall fall not less than 30 (thirty) days from the date of the Bank‟s notice of demand and shall be applied in accordance with Article 10.05.
4.03C Prepayment indemnity
In the case of an Indemnifiable Prepayment Event, the indemnity, if any, shall be determined in accordance with Article 4.02B(1) for a Fixed Rate Tranche and Article 4.02B(2) for a Floating Rate Tranche.
If, moreover, pursuant to any provision of Article 4.03A the Borrower prepays a Tranche on a date other than a relevant Payment Date, the Borrower shall indemnify the Bank in such amount as the Bank shall certify is required to compensate it for receipt of funds otherwise than on a relevant Payment Date.
4.04 Application of partial prepayments
If the Borrower partially prepays a Tranche, the Prepayment Amount shall be applied pro rata to each outstanding instalment or, at the Borrower‟s option, at inverse order of maturity of each outstanding installment.
A prepaid amount may not be reborrowed. This Article 4 shall not prejudice Article 10.
ARTICLE 5
Payments
5.01 Day count convention
Any amount due by way of interest, indemnity or fee from the Borrower under this Contract, and calculated in respect of a fraction of a year, shall be determined on the following respective conventions:
(a) for a Fixed Rate Tranche, a year of 360 (three hundred and sixty) days and a month of 30 (thirty) days; and
(b) for a Floating Rate Tranche, a year of 360 (three hundred and sixty) days (but 365 (three hundred and sixty five) days (invariable) for GBP) and the number of days elapsed.
5.02 Time and place of payment
Unless otherwise specified, all sums other than sums of interest, indemnity and principal are payable within 7 (seven) days of the Borrower‟s receipt of the Bank‟s demand.
Each sum payable by the Borrower under this Contract shall be paid to the respective account notified by the Bank to the Borrower. The Bank shall indicate the account not less than 15 (fifteen) days before the due date for the first payment by the Borrower and shall notify any change of account not less than 15 (fifteen) days before the date of the first payment to which the change applies. This period of notice does not apply in the case of payment under Article 10.
A sum due from the Borrower shall be deemed paid when the Bank receives it.
5.03 Set-off
The Bank may set off any matured obligation due from the Borrower under this Contract (to the extent beneficially owned by the Bank) against any obligation (whether or not matured) owed by the Bank to the Borrower regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Bank may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. If either obligation is unliquidated or unascertained, the Bank may set off in an amount estimated by it in good faith to be the amount of that obligation.
ARTICLE 6
Borrower undertakings and representations
The undertakings in this Article 6 remain in force from the date of this Contract for so long as any amount is outstanding under this Contract or the Credit is in force.
6.01 Use of Loan and availability of other funds
The Borrower shall use the proceeds of the Loan exclusively for the execution of the Project.
The Borrower shall ensure that it has available to it the other funds listed in Recital (4) and that such funds are expended, to the extent required, on the financing of the Project.
6.02 Completion of Project
The Borrower shall carry out the Project in accordance with the Technical Description as may be modified from time to time with the approval of the Bank, and complete it by the final date specified therein.
The Borrower undertakes to ensure that all Schemes to be financed in whole or in part by the Loan satisfy at all times the eligibility criteria specified in the Technical Description.
6.03 Increased cost of Project
If the total cost of the Project exceeds the estimated figure set out in Recital (4), the Borrower shall obtain the finance to fund the excess cost without recourse to the Bank, so as to enable the Project to be completed in accordance with the Technical Description. The plans for funding the excess cost shall be communicated to the Bank without delay.
6.04 Procurement procedure
The Borrower undertakes to, and shall procure that the Promoters and Final Beneficiaries shall where applicable, purchase equipment, secure services and order works for the Project (a) in so far as they apply to it or to the Project, in accordance with EU law in general and in particular with the relevant EU Directives and (b) in so far as EU Directives do not apply, by procurement procedures which, to the satisfaction of the Bank, respect the criteria of economy and efficiency.
6.05 Continuing Project undertakings
The Borrower shall, and shall procure that the Promoters and Final Beneficiaries shall where applicable:
(a) Maintenance: maintain, repair, overhaul and renew all property forming part of the Project as required to keep it in good working order;
(b) Project assets: unless the Bank shall have given its prior consent in writing, retain title to and possession of all or substantially all the assets comprising the Project or, as appropriate, replace and renew such assets and maintain the Project in substantially continuous operation in accordance with its original purpose; provided that the Bank may withhold its consent only where the proposed action would prejudice the Bank's interests as lender to the Borrower or would render the Project ineligible for financing by the Bank under its Statute or under Article 309 of the Treaty on the Functioning of the European Union;
(c) Insurance: insure all works and property forming part of the Project with first class insurance companies in accordance with the most comprehensive relevant industry practice;
(d) Rights and Permits: maintain in force all rights of way or use and all permits necessary for the execution and operation of the Project; and
(e) Environment:
(i) implement and operate the Project and each particular Scheme in compliance with Environmental Law;
(ii) obtain and maintain requisite environmental approvals for the Project and each particular Scheme; and
(iii) comply with any such environmental approvals.
(f) EU law: execute and operate the Project in accordance with the relevant
standards of EU law directly applicable to the Borrower, the Promoter or the Final Beneficiary (as the case may be) and the Project, in particular in the fields of public procurement and state aid.
(g) Other undertakings:
(i) store, maintain and update the relevant documentation including:
1. for Schemes requiring an EIA, environmental studies related to EIA, the Non- Technical Summaries of EIAs, and nature/biodiversity assessments or equivalent documents supporting the compliance with the EU Habitats and Birds Directives; and
2. for Schemes not requiring an EIA, either a reasoned statement from the competent authority as to why an EIA is not necessary or a statement from the Borrower explaining why the Scheme in question falls outside the scope of the EU EIA Directive,
such documentation to be provided to the Bank upon request. In case the Bank requires such documentation, the Borrower shall provide all documents requested promptly (within 10 Business Days from the Bank‟s request with reference to the commitment in the Bank‟s public disclosure policy regarding response to external inquiries);
(ii) ensure that there is no double-financing of the Schemes in parallel with other Bank‟s loans;
(iii) carry out an EIA for all Schemes that are expected to have a significant impact on the environment, according to the definitions and criteria contained in the relevant EU Directives;
(iv) ensure that Non-Technical Summaries of the EIAs, if EIA is required for any Scheme, are made available to the public;
(v) invite the Bank as an observer to the meetings of the Monitoring Committee of the Operational Programmes.
6.06 Compliance with laws
The Borrower shall, and shall procure that the Promoters and Final Beneficiaries shall, comply in all respects with all laws to which it or the Project is subject.
6.07 General Representations and Warranties
The Borrower represents and warrants to the Bank that:
(a) it has the power to execute, deliver and perform its obligations under this Contract and all necessary action has been taken to authorise the execution, delivery and performance of the same by it;
(b) this Contract constitutes its legally valid, binding and enforceable obligations;
(c) the execution and delivery of, the performance of its obligations under and compliance with the provisions of this Contract do not and will not:
(i) contravene or conflict with any applicable law, statute, rule or regulation, or any judgement, decree or permit to which it is subject; or
(ii) contravene or conflict with any agreement or other instrument binding upon it which might reasonably be expected to have a material adverse effect on its ability to perform its obligations under this Contract;
(d) no event or circumstance which constitutes an event of default under Article 10.01 has occurred and is continuing unremedied or unwaived;
(e) it has obtained all necessary consents, authorisations, licences or approvals of governmental or public bodies or authorities in connection with this Contract and the Project and all such consents, authorisations, licences or approvals are in full force and effect and admissible in evidence;
(f) its payment obligations under this Contract rank not less than pari passu
in right of payment with all other present and future unsecured and unsubordinated obligations under any of its Debt Instruments except for obligations mandatorily preferred by law; and
(g) it is in compliance in all respects with all applicable EU and Slovak competition (including state aid) laws and regulations.
The representations and warranties set out above shall survive the execution of this Contract and are deemed repeated on each Scheduled Disbursement Date and each Payment Date.
ARTICLE 7
Security
The undertakings in this Article 7 remain in force from the date of this Contract for so long as any amount is outstanding under this Contract or the Credit is in force.
7.01 Pari Passu ranking
The Borrower shall ensure that its payment obligations under this Contract rank, and will rank, not less than pari passu in right of payment with all other present and future unsecured obligations under any of its Debt Instruments except for obligations mandatorily preferred by law.
In particular, if the Bank makes a demand under Article 10.01 or if an event or potential event of default under any unsecured and unsubordinated Debt Instrument of the Borrower or of any of its agencies or instrumentalities has occurred and is continuing, the Borrower shall not make (or authorize) any payment in respect of any other such Debt Instrument (whether regularly scheduled or otherwise) without simultaneously paying, or setting aside in a designated account for payment on the next Payment Date a sum equal to, the same proportion of the debt outstanding under this Contract as the proportion that the payment under such Debt Instrument bears to the total debt outstanding under that Debt Instrument. For this purpose, any payment of a Debt Instrument that is made out of the proceeds of the issue of another instrument, to which substantially the same persons as hold claims under the Debt Instrument have subscribed, shall be disregarded.
In this Contract, “Debt Instrument” means (a) an instrument, including any receipt or statement of account, evidencing or constituting an obligation to repay a loan, deposit, advance or similar extension of credit (including without limitation any extension of credit under a refinancing or rescheduling agreement), (b) an obligation evidenced by a bond, debenture or similar written evidence of indebtedness or (c) a guarantee granted by the Borrower for an obligation of a third party.
7.02 Additional Security
Should the Borrower grant to a third party any Security for the performance of any Debt Instrument or any preference or priority in respect thereof, the Borrower shall, if so required by the Bank, provide to the Bank equivalent Security for the performance of its obligations under this Contract or grant to the Bank equivalent preference or priority.
7.03 Clauses by inclusion
If the Borrower concludes with any other medium or long term financial creditor a financing agreement that includes a loss-of-rating clause or a covenant or other provision regarding its financial ratios, the Borrower shall so inform the Bank and shall, at the request of the Bank, execute an agreement to amend this Contract so as to provide for an equivalent provision in favour of the Bank.
ARTICLE 8
Information and visits
8.01 Information concerning the Project
The Borrower shall:
(a) deliver to the Bank:
(i) the information in content and in form, and at the times, specified in the Allocation and Reporting Side Letter or otherwise as agreed from time to time by the parties to this Contract; and
(ii) any such information or further document concerning the financing, procurement, implementation, operation and environmental impact of or for the Project as the Bank may reasonably require within a reasonable time;
provided always that if such information or document is not delivered to the Bank on time, and the Borrower does not rectify the omission within a reasonable time set by the Bank in writing, the Bank may remedy the deficiency, to the extent feasible, by employing its own staff or a consultant or any other third party, at the Borrower‟s expense and the Borrower shall provide such persons with all assistance necessary for the purpose;
(b) submit for the approval of the Bank without delay any material change to the overall Project (including any material change to individual Schemes with cost above EUR 25 million), including, inter alia, in respect of the price, design, plans, timetable or to the expenditure programme or financing plan for the Project, in relation to the disclosures made to the Bank prior to the signing of this Contract; and
(c) promptly inform the Bank of:
(i) any action or protest initiated or any objection raised by any third party or any genuine complaint received by the Borrower or any material litigation that is commenced or threatened against it with regard to environmental or other matters affecting the Project; and
(ii) any fact or event known to the Borrower, which may substantially prejudice or affect the conditions of execution or operation of the Project.
8.02 Information concerning the Borrower
The Borrower shall:
(a) deliver to the Bank, from time to time, such information on its general financial situation as the Bank may reasonably require;
(b) ensure that its budgetary records fully reflect the operations relating to the financing, execution and operation of the Project; and
(c) inform the Bank immediately of:
(i) any fact which obliges it to prepay any financial indebtedness or any EU funding;
(ii) any intention on its part to grant any Security or preference or priority for the performance of any Debt Instrument in favour of a third party;
(iii) any intention on its part to relinquish ownership of any material component of the Project;
(iv) any fact or event that is reasonably likely to prevent the substantial fulfilment of any obligation of the Borrower under this Contract;
(v) any event listed in Article 10.01 having occurred or being threatened or anticipated; or
(vi) any event or decision that constitutes or may result in the events described in Article 4.03A.
8.03 Visits by the Bank
The Borrower shall allow, and shall procure that the Promoters and Final Beneficiaries (where applicable) allow, persons designated by the Bank, as well as persons designated by other European Union institutions or bodies when so required by the relevant mandatory provisions of European Union law, to visit the sites, installations and works comprising the Project and to conduct such checks as they may wish, and shall provide them, or ensure that they are provided, with all necessary assistance for this purpose.
The Borrower acknowledges that the Bank may be obliged to divulge such information relating to the Borrower, the Promoters, the Final Beneficiaries and the Project to any competent European Union institution or body in accordance with the relevant mandatory provisions of European Union law.
ARTICLE 9
Charges and expenses
9.01 Taxes, duties and fees
The Borrower shall pay all taxes, duties, fees and other impositions of whatsoever nature, including stamp duty and registration fees, arising out of the execution or implementation of this Contract or any related document and in the creation, perfection, registration or enforcement of any security for the Loan to the extent applicable.
The Borrower shall pay all principal, interest, indemnity and other amounts due under this Contract gross without deduction of any national or local impositions whatsoever; provided that, if the Borrower is obliged to make any such deduction, it will gross up the payment to the Bank so that after deduction, the net amount received by the Bank is equivalent to the sum due.
9.02 Other charges
The Borrower shall bear all charges and expenses, including professional, banking or exchange charges incurred in connection with the preparation, execution, implementation, and termination of this Contract or any related document, any amendment, supplement or waiver in respect of this Contract or any related document, and in the amendment, creation, management and realisation of any security for the Loan.
ARTICLE 10
Events of default
10.01 Right to demand repayment
The Borrower shall repay all or part of the Loan forthwith, together with accrued interest and other outstanding amounts, upon written demand being made by the Bank in accordance with the following provisions.
10.01A Immediate demand
The Bank may make such demand immediately:
(a) if the Borrower fails on the due date to repay any part of the Loan, to pay interest thereon or to make any other payment to the Bank as provided in this Contract, unless
(i) its failure to pay is caused by an administrative or technical error and (ii) payment is made within 3 (three) Business Days of its due date;
(b) if any information or document given to the Bank by or on behalf of the Borrower or any representation or statement made or deemed to be made by the Borrower in this Contract or in connection with the negotiation of this Contract is or proves to have been incorrect or misleading in any material respect;
(c) if, following any default in relation thereto, the Borrower is required or is
capable of being required or will, following expiry of any applicable contractual grace period, be required or be capable of being required to prepay, discharge, close out or terminate ahead of maturity any other loan or obligation arising out of any financial transaction or any commitment for any other loan or obligation arising out of any financial transaction is cancelled or suspended;
(d) if the Borrower is unable to pay its debts as they fall due, or suspends its debts, or makes or, without prior written notice to the Bank, seeks to make a composition with its creditors;
(e) if the Borrower defaults in the performance of any obligation in respect of any other loan granted by the Bank or financial instrument entered into with the Bank;
(f) if the Borrower defaults in the performance of any obligation in respect of any other loan made to it from the resources of the EU;
(g) if any distress, execution, sequestration or other process is levied or enforced upon any property forming part of the Project and is not discharged or stayed within 14 (fourteen) days; or
(h) if it is or becomes unlawful for the Borrower to perform any of its obligations under this Contract or this Contract is not effective in accordance with its terms or is alleged by the Borrower to be ineffective in accordance with its terms.
10.01B Demand after notice to remedy
The Bank may also make such demand:
(a) if the Borrower fails to comply with any obligation under this Contract not being an obligation mentioned in Article 10.01A; or
(b) if any fact stated in the Recitals materially alters and is not materially restored and if the alteration either prejudices the interests of the Bank as lender to the Borrower or adversely affects the implementation or operation of the Project,
unless the non-compliance or circumstance giving rise to the non-compliance is capable of remedy and is remedied within a reasonable period of time specified in a notice served by the Bank on the Borrower.
10.02 Other rights at law
Article 10.01 shall not restrict any other right of the Bank at law to require prepayment of the Loan.
10.03 Indemnity
10.03A Fixed Rate Tranches
In case of demand under Article 10.01 in respect of any Fixed Rate Tranche, the Borrower shall pay to the Bank the amount demanded together with a sum calculated in accordance with Article 4.02B on any amount that has become due and payable. Such sum shall accrue from the due date for payment specified in the Bank‟s notice of demand and be calculated on the basis that prepayment is effected on the date so specified.
10.03B Floating Rate Tranches
In case of demand under Article 10.01 in respect of any Floating Rate Tranche, the Borrower shall pay to the Bank the amount demanded together with a sum equal to the present value of 0.15% (fifteen basis points) per annum calculated and accruing on the amount due to be prepaid in the same manner as interest would have been calculated and would have accrued, if that amount had remained outstanding according to the original amortisation schedule of the Tranche, until the Interest Revision/Conversion Date, if any, or the Maturity Date.
The value shall be calculated at a discount rate equal to the Redeployment Rate applied as of each relevant Payment Date.
10.03C General
Amounts due by the Borrower pursuant to this Article 10.03 shall be payable on the date of prepayment specified in the Bank‟s demand.
10.04 Non-Waiver
No failure or delay or single or partial exercise by the Bank in exercising any of its rights or remedies under this Contract shall be construed as a waiver of such right or remedy. The rights and remedies provided in this Contract are cumulative and not exclusive of any rights or remedies provided by law.
10.05 Application of sums received
Sums received by the Bank following a demand under Article 10.01 shall be applied first in payment of expenses, interest and indemnities and secondly in reduction of the outstanding instalments in inverse order of maturity. The Bank may apply sums received between Tranches at its discretion.
ARTICLE 11
Law and jurisdiction
11.01 Governing Law
This Contract and any non-contractual obligations arising out of or in connection with it shall be governed by the laws of Luxembourg.
11.02 Jurisdiction
The parties hereby submit to the jurisdiction of the European Court of Justice.
11.03 Evidence of sums due
In any legal action arising out of this Contract the certificate of the Bank as to any amount or rate due to the Bank under this Contract shall in the absence of manifest error be prima facie evidence of such amount or rate.
ARTICLE 12
Final clauses
12.01 Notices to either party
Notices and other communications given under this Contract addressed to either party to this Contract shall be made to the address or facsimile number as set out below, or to such other address or facsimile number as a party previously notifies to the other in writing:
For the Bank Attention: Ops A
00-000 xxxxxxxxx Xxxxxx Xxxxxxxx X-0000 Xxxxxxxxxx
XXXXXXXXXX
For the Borrower Attention: Ministry of Finance Štefaničova 5
817 82 Bratislava
Slovak Republic XXXXXXXXXX
Copies to: Attention: Department of Special Operations
Ministry of Finance Xxxxxxxxxxx 0
817 82 Bratislava Slovak Republic
XXXXXXXXXX
12.02 Form of notice
Any notice or other communication given under this Contract must be in writing.
Notices and other communications for which fixed periods are laid down in this Contract or which themselves fix periods binding on the addressee may be made by hand delivery, registered letter or facsimile. The date of delivery, registration or, as the case may be, the stated date of receipt of transmission shall be conclusive for the determination of a period.
Other notices and communications may be made by hand delivery, registered letter or facsimile or, to the extent agreed by the parties by written agreement, by email or other electronic communication.
Without affecting the validity of any notice delivered by facsimile according to the paragraphs above, a copy of each notice delivered by facsimile shall also be sent by letter to the relevant party on the next following Business Day at the latest.
Notices issued by the Borrower pursuant to any provision of this Contract shall, where required by the Bank, be delivered to the Bank together with satisfactory evidence of the authority of the person or persons authorised to sign such notice on behalf of the Borrower and the authenticated specimen signature of such person or persons.
12.03 Changes to parties
The Borrower may not assign or transfer any of its rights or obligations under this Contract without the prior written consent of the Bank.
The Bank may assign all or part of its rights and benefits or transfer (by way of novation, sub-participation or otherwise) all or part of its rights, benefits and obligations under this Contract.
12.04 Recitals, Schedules and Annex
The Recitals and following Schedules form part of this Contract: Schedule A Technical Description
Schedule B Definitions of EURIBOR and LIBOR
Schedule C Forms for the Borrower
Schedule D Interest Rate Revision and Conversion
The following Annexes are attached hereto:
Annex I Authorisation of Signatory of the Borrower
Annex II Form of Legal Opinion
IN WITNESS WHEREOF the parties hereto have caused this Contract to be executed in 3 originals in the English language and have respectively caused XXXXXXXXXX, on behalf of the Bank and XXXXXXXXXX, on behalf of the Borrower to initial each page of this Contract.
At Bratislava, this 15 November 2010
At Luxembourg, 16 November 2010
Signed for and on behalf of SLOVAK REPUBLIC
Signed for and on behalf of EUROPEAN INVESTMENT BANK
X. Xxxxxx X. Rop
Schedule A
TECHNICAL DESCRIPTION
A.1.1 Purpose, Location
The Project will support, facilitate and accelerate the implementation of Schemes under the Slovak National Strategic Reference Framework and selected Operational Programmes co- financed by the Cohesion Fund (CF), the European Regional Development Fund (ERDF) and the European Social Fund (ESF) under the Convergence and Regional Competitiveness and Employment objectives in the 2007-2013 programming period. Schemes will be implemented in all Slovak regions.
A.1.2 Description
The Bank will support selected Operational Programmes and priority axes. The table below indicates the priority axes currently agreed with the European Commission subject to changes during project implementation.
EIB Project scope – Operational Programmes and priorities eligible for EIB financing
Operational Programme (EU Fund) / Priority Axis |
1 Regional Operational Programme (ERDF) |
1. Infrastructure of education |
2. Infrastructure of social services, social-legal protection and social guardianship |
3. Strengthening the cultural potential of the regions and infrastructure of tourism |
4. Regeneration of settlements |
5. Regional roads ensuring transport serviceability of the regions |
6. Technical assistance |
2 OP Environment (ERDF, CF) |
1. Integrated Protection and Rational Use of Waters (CF) |
2. Flood protection (CF) |
3. Air protection and Minimisation of Adverse Effects of Climate Change(ERDF) |
4. Waste management (CF) |
5. Protection and Regeneration of the Natural Environment and Landscape (ERDF) |
6. Technical Assistance (CF) |
3 OP Transport (ERDF, CF) |
1. Railway Infrastructure (CF) |
2. Road infrastructure TEN-T (CF) |
3. Intermodal Transportation Infrastructure (CF) |
4. Infrastructure for Integrated Transport systems |
5. Road Infrastructure (Expressways and 1st Class Roads) (ERDF) |
6. Public Railway Passenger Transport (ERDF) |
7. Technical Assistance (ERDF) |
4 OP Informatisation of Society (ERDF) |
1. Electronisation of public administration and development of electronic services |
2. Development and renewal of the national infrastructure of repository institutions |
3. Improvement of broadband internet access |
4. Technical assistance |
5 OP Research and Development (ERDF) |
1. Infrastructure of R&D |
2. Support to R&D |
3. Infrastructure of R&D in the Bratislava region |
4. Support to R&D in the Bratislava region |
5. Infrastructure of higher learning schools |
6. Technical assistance: Convergence Objective |
7. Technical assistance: Regional Competitiveness and Employment Objective |
6 OP Competitiveness and Economic Growth (ERDF) |
1. Innovation and competitiveness |
2. Energy sector |
3. Tourism |
4. Technical assistance |
7 OP Health (ERDF) |
1. Hospital Healthcare System Modernization |
2. Health Promotion and Health Risks Prevention |
3. Technical Assistance |
8 OP Technical Assistance (ERDF) |
1. Preparation, Management, Monitoring, Evaluation, Publicity and Strengthening of Administrative Capacities in These Areas |
2. Financial Management, Control and Strengthening of Administrative Capacities in These Areas |
9 OP Bratislava region (ERDF) |
1. Infrastructure |
2. Knowledge Economy |
3. Technical assistance |
10 OP Employment and Social Inclusion (ESF) |
1. Supporting Employment Growth |
2. Supporting Social Inclusion |
3. Supporting employment, social inclusion, and capacity building in the BSR |
4. Building capacities and improving the quality of the public administration |
5. Technical Assistance |
11 OP Education (ESF) |
1. Reform of the education and vocational training system |
2. Continuing education as an instrument of human resource development |
3. Support to education of persons with special educational needs |
4. Modern education for a knowledge-based economy for the Bratislava region |
5. Technical assistance for the Convergence objective |
A.1.3 Calendar
Schemes should be implemented and completed during the 2007-2015 period.
Schedule B
Definitions of EURIBOR and LIBOR
A. EURIBOR
"EURIBOR‟‟ means:
(a) in respect of a relevant period of less than one month, the rate of interest for deposits in EUR for a term of one month;
(b) in respect of a relevant period of one or more whole months, the rate of interest for deposits in EUR for a term for the corresponding number of whole months; and
(c) in respect of a relevant period of more than one month (but not whole months), the rate resulting from a linear interpolation by reference to two rates for deposits in EUR, one of which is applicable for a period of whole months next shorter and the other for a period of whole months next longer than the length of the relevant period,
(the period for which the rate is taken or from which the rates are interpolated being the
„„Representative Period‟‟),
as published at 11h00 Brussels time or at a later time acceptable to the Bank on the day (the
„„Reset Date‟‟) which falls 2 (two) Relevant Business Days prior to the first day of the relevant period, on Reuters page EURIBOR 01 or its successor page or, failing which, by any other means of publication chosen for this purpose by the Bank.
If such rate is not so published, the Bank shall request the principal euro-zone offices of four major banks in the euro-zone, selected by the Bank, to quote the rate at which EUR deposits in a comparable amount are offered by each of them as at approximately 11h00, Brussels time, on the Reset Date to prime banks in the euro-zone interbank market for a period equal to the Representative Period. If at least 2 (two) quotations are provided, the rate for that Reset Date will be the arithmetic mean of the quotations.
If fewer than 2 (two) quotations are provided as requested, the rate for that Reset Date will be the arithmetic mean of the rates quoted by major banks in the euro-zone, selected by the Bank, at approximately 11h00 Brussels time on the day which falls 2 (two) Relevant Business Days after the Reset Date, for loans in EUR in a comparable amount to leading European Banks for a period equal to the Representative Period.
B. LIBOR USD
"LIBOR‟‟ means, in respect of USD:
(a) in respect of a relevant period of less than one month, the rate of interest for deposits in USD for a term of one month;
(b) in respect of a relevant period of one or more whole months, the rate of interest for deposits in USD for a term for the corresponding number of whole months; and
(c) in respect of a relevant period of more than one month (but not whole months), the rate resulting from a linear interpolation by reference to two rates for deposits in USD, one of which is applicable for a period of whole months next shorter and the other for a period of whole months next longer than the length of the relevant period,
(the period for which the rate is taken or from which the rates are interpolated being the
„„Representative Period‟‟),
as set by the British Bankers Association and released by financial news providers at 11h00 London time or at a later time acceptable to the Bank on the day (the „„Reset Date‟‟) which falls 2 (two) London Business Days prior to the first day of the relevant period.
If such rate is not so released by any financial news provider acceptable to the
Bank, the Bank shall request the principal London offices of 4 (four) major banks in the London interbank market selected by the Bank to quote the rate at which USD deposits in a comparable amount are offered by each of them at approximately 11h00 London time on the Reset Date, to prime banks in the London interbank market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided.
If fewer than 2 (two) quotations are provided as requested, the Bank shall request the principal New York City offices of 4 (four) major banks in the New York City interbank market, selected by the Bank, to quote the rate at which USD deposits in a comparable amount are offered by each of them at approximately 11h00 New York City time on the day falling 2 (two) New York Business Days after the Reset Date, to prime banks in the European market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided.
C. LIBOR GBP
"LIBOR‟‟ means, in respect of GBP:
(a) in respect of a relevant period of less than one month, the rate of interest for deposits in GBP for a term of one month;
(b) in respect of a relevant period or of one or more whole months, the rate of interest for deposits in GBP for a term for the corresponding number of whole months; and
(c) in respect of a relevant period of more than one month (but not whole months), the rate resulting from a linear interpolation by reference to two rates for deposits in GBP, one of which is applicable for a period of whole months next shorter and the other for a period of whole months next longer than the length of the relevant period,
(the period for which the rate is taken or from which the rates are interpolated being the
„„Representative Period‟‟),
as set by the British Bankers Association and released by financial news providers at 11h00 London time or at a later time acceptable to the Bank on the day (the „„Reset Date‟‟) on which the relevant period starts or, if that day is not a Business Day in London, on the next following day which is such a Business Day.
If such rate is not so released by any financial news provider acceptable to the Bank, the Bank shall request the principal London offices of 4 (four) major banks in the London interbank market, selected by the Bank (the „„Reference Banks‟‟), to quote the rate at which GBP deposits in a comparable amount are offered by each of them at approximately 11h00 London time on the Reset Date, to prime banks in the London interbank market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided.
If fewer than 2 (two) quotations are provided as requested, the rate will be the arithmetic mean of the rates quoted at approximately 11h00 London time on the Reset Date by major banks in London (selected by the Bank) for loans in GBP in a comparable amount to leading European banks for a period equal to the Representative Period.
D. General
For the purposes of the foregoing definitions:
(a) „„London Business Day‟‟ means a day on which banks are open for normal business in London and „„New York Business Day‟‟ means a day on which banks are open for normal business in New York.
(b) All percentages resulting from any calculations referred to in this Schedule will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with halves being rounded up.
(c) The Bank shall inform the Borrower without delay of the quotations received by the Bank.
(d) If any of the foregoing provisions becomes inconsistent with provisions adopted under the aegis of EURIBOR FBE and EURIBOR ACI in respect of EURIBOR or of the British Bankers Association in respect of LIBOR, the Bank may by notice to the Borrower amend the provision to bring it into line with such other provisions.
Schedule C
Forms for the Borrower
C.1 Form of Disbursement Request (Article 1.02B)
D i s b u r s e m e n t R e q u e s t
S L O V AK R E P U B L I C – N D P I I F R AM E W O R K L O A N
D a t e :
Please proceed with the following disbursement: Loan Name (*):
Signature Date (*): Contract FI number:
Currency & amount requested | |
Currency | Amount |
Proposed disbursement date:
Reserved for the EIB
(contract currency)
Total Credit Amount:
Disbursed to date:
Balance for disbursement:
Current disbursement:
Balance after disbursement:
Disbursement deadline:
Max. number of disbursements:
Minimum Tranche size:
Total allocations to date: Conditions precedent:
Yes / No
I N T E R E S T
Int. rate basis (Art. 3.01) Rate (% or Spread)
Annual
Semi-annual Quarterly
🞏
🞏
🞏
Frequency (Art. 3.01)
Payment Dates (Art. 5)
Interest Revision/Conversion date (if any)
Annual
Semi-annual Quarterly
🞏
🞏
🞏
C A P I T A L
Repayment frequency
Equal instalments
Constant annuities Single instalment
🞏
🞏
🞏
Repayment methodology (Art. 4.01)
First repayment date
Maturity Date:
Xxxxxxxx'x account to be credited:
Acc. N : …………………………………………………………………………………………….
(please, provide IBAN format in case of disbursements in EUR, or appropriate format for the relevant currency) Bank name, address: …………………………………………………………………………
Please transmit information relevant to: Xxxxxxxx'x authorised name(s) and signature(s):
C.2 Form of Certificate from Borrower (Article 1.04B)
To: European Investment Bank
From: Slovak Republic
Date: <>
Subject: Finance Contract between European Investment Bank and Slovak Republic dated 11 November 2010 (the “Finance Contract”)
FI number <> Serapis number 2006-0030
Dear Sirs,
Terms defined in the Finance Contract have the same meaning when used in this letter.
For the purposes of Article 1.04 of the Finance Contract we hereby certify to you as follows:
(a) no Security or priority or preference of the type referred to under Article 7.02 has been created or is in existence;
(b) there has been no material change to any aspect of the Project or in respect of which we are obliged to report under Article 8.01, save as previously communicated by us;
(c) no event or circumstance which constitutes or would with the passage of time or giving of notice under the Finance Contract constitute an event of default under Article 10.01 has occurred and is continuing unremedied or unwaived;
(d) the representations and warranties to be made or repeated by us under Article 6.07 are true in all respects; and
(e) no event described in Article 4.03A has occurred and is continuing unremedied.
Yours faithfully,
For and on behalf of SLOVAK REPUBLIC Date:
Schedule D
Interest Rate Revision and Conversion
If an Interest Revision/Conversion Date has been included in the Disbursement Notice for a Tranche, the following provisions shall apply.
A. Mechanics of Interest Revision/Conversion
Upon receiving an Interest Revision/Conversion Request the Bank shall, during the period commencing 60 (sixty) days and ending 30 (thirty) days before the Interest Revision/Conversion Date, deliver to the Borrower an Interest Revision/Conversion Proposal stating:
(a) the interest rate and/or Spread that would apply to the Tranche, or the part thereof indicated in the Interest Revision/Conversion Request pursuant to Article 3.01; and
(b) that such rate shall apply until the Maturity Date or until a new Interest Revision/Conversion Date, if any, and that interest is payable quarterly, semi-annually or annually in arrears on designated Payment Dates.
The Borrower may accept in writing an Interest Revision/Conversion Proposal by the deadline specified therein.
Any amendment to the Contract requested by the Bank in this connection shall be effected by an agreement to be concluded not later than 15 (fifteen) days prior to the relevant Interest Revision/Conversion Date.
B. Effects of Interest Revision/Conversion
If the Borrower duly accepts in writing a Fixed Rate or a Spread in respect of an Interest Revision/Conversion Proposal, the Borrower shall pay accrued interest on the Interest Revision/Conversion Date and thereafter on the designated Payment Dates.
Prior to the Interest Revision/Conversion Date, the relevant provisions of the Contract and Disbursement Notice shall apply to the entire Tranche. From and including the Interest Revision/Conversion Date onwards, the provisions contained in the Interest Revision/Conversion Proposal relating to the new interest rate or Spread shall apply to the Tranche (or part thereof) until the new Interest Revision/Conversion Date, if any, or until the Maturity Date.
C. Non-fulfillment of Interest Revision/Conversion
If the Borrower does not submit an Interest Revision/Conversion Request or does not accept in writing the Interest Revision/Conversion Proposal for the Tranche or if the parties fail to effect an amendment requested by the Bank pursuant to Paragraph A above, the Borrower shall repay the Tranche (or part thereof) on the Interest Revision/Conversion Date, without indemnity. The Borrower will repay on the Interest Revision/Conversion Date any part of a Tranche which is unaffected by the Interest Revision/Conversion.
ANNEX I
Authorisation of Signatory of the Borrower
ANNEX II
Form of Legal Opinion
European Investment Bank 98-100 Bd. Xxxxxx Xxxxxxxx L-2950 Luxembourg
To the attention of the Legal Department
Re: Finance Contract for Slovak Republic – NDP II Framework Loan
Dear Sirs,
1. I, the undersigned </>, Minister of Justice of the Slovak Republic (“Slovakia”), give this opinion pursuant to Article 1.04A of the Finance Contract (the “Finance Contract”) made between Slovakia and the European Investment Bank (“EIB”) for an amount equivalent to EUR 1,300,000,000 on 11 November 2010. Terms defined in the Finance Contract have the same meaning in this opinion.
2. I have inspected the signed copy of the Finance Contract and have examined such laws, statutes, documents and other matters, and have made such other enquiries, as I have considered necessary or appropriate for the purpose of giving this opinion. Based upon the foregoing, I am of the opinion and state, respectively, that:
(a) the Finance Contract has been duly executed and delivered on behalf of Slovakia by </> as lawful representative of Slovakia;
(b) the execution of the Finance Contract by </> as lawful representative of Slovakia has been made upon the provisions of </>; and
(c) no provision exists in Slovakia, which would make it necessary to ratify the execution, delivery, and implementation of the Finance Contract.
3. There are no deductions or withholdings, whether on account of any taxes or charges otherwise imposed, levied or assessed by or on behalf of Slovakia to be made from any payment to be made to the EIB by Slovakia pursuant to the Finance Contract.
4. No exchange control consents are necessary to receive disbursements, to repay the same and to pay interest and all other amounts due under the Finance Contract.
5. The choice of the law of Luxembourg as the law governing the Finance Contract is valid and enforceable.
6. By virtue of the provisions of the Finance Contract, the European Court of Justice shall have jurisdiction in relation to any claim or dispute between Slovakia and the EIB, and any judgement of such court against Slovakia in relation to the Finance Contract may be enforced in Slovakia.
Based on the foregoing I have come to the conclusion that all requirements specified in the laws, regulations and legally binding decisions currently applicable to Slovakia and/or governing the Finance Contract were complied with in order that the Finance Contract be valid and legally binding upon Slovakia as borrower, and I am of the opinion that the Finance Contract constitutes legally valid and binding obligations of Slovakia as borrower, and commits Slovakia irrevocably to the fulfilment of its obligations under the Finance Contract according to its terms.
This opinion relates only to Slovak law as currently applied by Slovak courts at the
date of this legal opinion and I have made no investigation of the laws and regulations of any country or jurisdiction other than Slovakia and I do not express or imply any opinion on such laws and regulations. I have assumed that there is nothing in the laws and regulations of any jurisdiction outside Slovakia, which affects this legal opinion. My opinion is to be construed in accordance with and is governed by the laws and regulations of the Slovak Republic.
Bratislava, </>
Sincerely yours,
</>
Minister of Justice