Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698840401427.pdf (Sierra Leone)
AC( lr- t CLS FI N" 82.323 Serapis N"2009-0712 Finance Contract Between the The Republic of Sierra Leone And T The European Investment Bank Freetown, 10 December 2012 !

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lE pas sI ourneq lueg luaurtse^ul ueado,Jnf aqI pue 'yed lsrg eql go (.,lernolog,, aq1) 'luaudole^ao cltllouoca pue aCueuu jo Jelslull,l 'eJeuJey 'M W ernues -rO [q paluaserdar 'lueurdoleloo crurouoa:l pue ocueug lo fulsrurlrl aql lq peluasa:der 'auoel erers ,o 3rlqndau eql :N:t3l 1l8 3ovrlt st lcYulNoc srHr TABLES CiF CONTENTS ARTICLE 1 Credit and Disbursements.
1 .01 Amount of Credit............. 1.02 Disbursement procedure ... 1 .03 Currency of disbursement 1.04 Conditions of disbursement................. 1.05 Deferment of disbursement................ 1.06 Cancellation and suspension............ 1.07 Cancellation after expiry of the Credl 1 .08 Sums due under Article '1 ARTICLE 2 The 1oan ......... ....... 2.01 Amount of Loan 2.o2 Currency of repayment, interest and -'ther charges.... 2.03 Confi rmation by the Bank...................
ARTICLE 3 1nterest.................... 3.01 Rate of interest.

3.02 lntereston overdue sums.................. 3.03 Market Disruption Event ARTICLE 4 Repayment 4.O1 Normal repayment 4.02 Voluntary prepayment..................... 4.03 Compulsoryprepayment.. 4.O4 General...

ARTICLE 5 Payments....... 5.01 Day count convention 5.02 Time and place of payment............... 5.03 No set-off by the Bonower 5.04 Disruption to Payment Systems 5.05 Application of sums received ..--..... ..L2 ta 1l .,, .I ..
_1., ..... 16 ...-.1€r .

.1. ,.... it ...,.18 ..,, 18 ...._ 18 .....18 .....18 ....t', .... 1t) ...,.

t9 ....?_0 ... ?,i ,., .

11 ._.

j,- l 14 24 '24 2n ARTICLE 6 Bonower undertakings and representations 6.01 Use of Loan and availability of other i,rnds 6.02 Completion of Project........ 6.03 lncreased cost of Project.. 6.04 OnJending Agreement........ 6.05 Project A9reement......................... 6.06 6.07 Compliance with laws, the Treaty an, IPA.............
The Bonower's undertaking with respect to money-laundering compliance 6.08 lntegrity Commitment..... 6.09 Client information........ 6.10 General Representations and Warranties ARTICLE 7 Security ...... 7 .O1 Pari Passu ranking 7.02 Additional security 7.03 Clauses by inclusion.......
ARTICLE 8 lnformation and Visits ...................- 8.01 lnformation conceming the Project... .... 8.02 lnformation concerning the Borrower' .... 8.03 Visits by the Bank ARTICLE 9 Charges and expenses..,......... 9.01 Taxes, duties and fees..-...-........... 9.02 Other charges.............. 9.03 lncreased costs, indemnity and ser.off...................
ARTICLE 1 0 Events of defau|t...................... 10.01 Right to demand repayment...... 'l0.02 Other rights at |aw...................,... 10.03 1ndemnity................... 10.04 Non-Waiver ARTICLE 1'l Law and jurisdiction.................. '11.01 Goveming Law............................ ..21) .

)_6 .25 ..26 ..25 71 .., i .,: ' ..27 .zs .2<) ..

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.

?9 .3(j ..30 .30 .. ]{i .. -i _1 .3i .1:) .ia l: 11.02 Jurisdiction 11.03 Agentof Service............... 11.M Placeof performance...................
ARTICLE 12 Final clauses 12.01 Notices to either party........ 12.02 Form of notice 12.03 Changes to parties 12.O4 lnvalidity 12 05 Amendments 12.06 Third Party Rights................ 12.07 Recitals, Schedules and Annexes Schedule A Schedule B Schedule C Schedule D Schedule E 34 34 3.t .34 _.35 35 35 36 1D 36 :ic 36 4-, LE.
4,- al 4 Ja/Y\olroE eql lo Jleqaq ,,, i-i:]l]iro'J s[]l aln3axa ol pezi.rol.l}ne {1np uaaq sErl luaudola^ao srtr,Jouocf pue o3ueuu ro laislulf{ 'eJeuJe) M W elnures lC pue I xeuuv ul pue }ce4uoC sll,ll ul lno las suol}lpuo3 Drre sLL!.
!ai 3ql uo lpeJc srql Iq paluaseJder (sorna uofiiur s u rttue'res) 000'o0o'9t un3 ro .xns aql jo 6urAroxoq eql pasrjoqlne seq euoe-I enars lo slqndeu eql Jo ]uauuJa^oe eq1 (9) 1z) lelceu ur lno les pafold aq] ]o 'eseo [ur ur '1ou llPqs ueol IueS aql ]o ]unoure rsos telol aql ]o (tueo Jed ai-B leql papr^ord :(.lcEJluo3.
eq, pe4uoC ecueurj srrll iapun (sorne uo[lru e^U &ue^es) jco c00'si unl lo lunoure ue ur lrpeJc e I o] 6urp;^oJd lsenbeJ s,re,^ oJro8 aql ol lcaga ;nr6 o1 paprcap seq 'slelrseu eseql ur pellc slcel puLr sluauralEs aql ol pleoer ourneq pue suorisun] sr Jo edo3s atll ur{.I}rih sllel lceford eql Jo 6urcueuu eq1 leq Ouueprsuoc lueg eq1 (9} %09 p€ef,xe ^uu) '(,,luouroorOV nouoloO,, aql) pesrrra.l r(guanbasqns se 'selels 4rJed pLre uesqquec 'ue3ulv aql puB salBls Jaqurall su pue r$runtutuo3 ueadoJnf aqt ,raa$laq 0002 aunr gz uo nouoloc ur peuors lueureaioy drqsrauye6 aql rllr,Y\ acuEprocce ur sa.rosar u^^o s,lue8 ag uro4 (soJna uortlrur alg,quenas) 000'000'92 Unl to t!perc e lueg aqi uort pelsanbar setl rs aqt '(Z) lelceu ur ln les ue;d Eurcueug aq1 gqni og tapto uq (g) ^o.rJo8 000'000'0ze 000'000'9r.
000'00 t'e I tvrot_ )iue8 eql L!oJ] ueo-l eaurng pue auosl Ejlars 'erJeqrl 'ejro^l,p a]9c lo slueuure oe uo{ uoqnquluo3 000'000'!€ 000'002'e0l A/u.
ulo4luerC IueS ppoM aql uro4 ueo'] (lueJo 0oo'002'1tr pue ,req) Iueg Neudole^ao ueculv asrnos (Unil lunouv :s/r\olloj se pa3iieuu eq 11rm 1cefo.r6 eql leql pal4s seq ier^orJ^g e$ pue (soJn€ uotl;tur i(luanes pue parpunq aerql) 000'000'0Lt unf sr 'lue8 eq1 ,(q pey:u6se se lcalord eql lo lsoc lelol otll Q) l)'.irpuel-uo ue qonoiql ueo-l aql pual-uo llr/t^ ra,ho.J.log aql qcrqin ol (,,9IU,,) psluarusldrur eq 11eqs 1calo.t6 aqt (,lcaloJd,, aql) v alnpaq3s ul L,orssrursuerl leuoroer e ^uedtuoo tro las {,,uolldUJseO le3!uqJaL oql) uortducsap lestu'.lca} aql ul paqucsap r(pelnctled aloul iE eeurng pue 3uo€l ellats 'eltaqtl 'al!o^l,p el83 lsauuosJalul ol aull uollsauuoclalu!
pue rcrssr,rrsuert auoqlseq e ]o uorlarulsuo3 aq} ourleuanun sr ]!

teq] palels seq Ja/ho.uo8 aql ^q '(,,;u.rrueerDy 6u;puaFuO,, aq1) lueurael6e (l) :sv3uf H/lA 'salpeJd puE s;sll!^q3e 'seprlod 'A6ale4s 'acueura^oo rir pr,?

)srapun ci uaql alqeue llrh leql uogeulolr!

at4 ol ssagce 6utirt6 r(q 'leraue6 suazqrJ nf aqi pue sraploqelEts sl!
sprE^\ol dno:g g13 atfl ]o A qelunocce eql acuequa .r sr q3rq/rl 1o asod:nd aq1 ',(cr1o6 ,(cueJedsueJl slr poqslqelso eroleraql seq glf seoueurt ir slteloJd aql ol palurl 'suo[epl^ slq6u upurnq 6urnnpur 'slslJ lercos pue lEuauruor^ue r. lorl3npor sril ur olor lerluassa ue sleld uorleldojut ol sse]f,e ]eql sJeprsuoc 8lf (ll) 'punl lsnJl ernlcnrlseJjul eculv 6; aq1 uo.r1 ,(prsqns B se llern se lceJluo3 slql lo 1,0 9 apUV ur Ino lss se paprnord aq lgeqs rueuaer6y nouoioo eql lo ll xeuuv ro Zt elcrue qI,\ ur r(prsqns aleJ ]saralur uV (0[) "eueplooce 'IUeg aql paiueJ[: sueol ]o uo[esluouJe pue uo,ssluruloo lsalalur uo auoal erals io crlqndau oU jo sr\el )ql qlur\ ecuepJocce ut anp se6leqo ^q re3stJ 'sellnp leJol io leuoqeu lle uror] uo[duJaxa .rer6 01 saaroe 'luauaar6y nouo103 aql o] tl xsuuv ]o 9 alsuv o1 luens:nd 'pue luaurea:Bv nouolo3 aql lo ljo aql urqu,n o;.rq1e,l lcafoj6 aq1 ci lueuaeloe sI sturuuoc ']ce4uo3 s!r{l lo uoqncaxa s1r dq ':amor.,og aq1 (6) ^alue4 'sarcr;od ;13 lue^elal qll$ lualsrsuoc aq lsnur r::Joqerado ueol s.lueg aql lo suorlpuoo pue surol aq1 '[16urp.rocce 'pue :uolun ueedornf aq] l,) slsaio]ut aq1 ur elqrssod se se pasn aie spunJ sI leql arnsua lleqs Iueg eql leqq sep^o.,d lueg aql Jo alnlels a'l-L (g) ^lleuoBeJ paluaulaldu,l -,q irr sr 1oalo.r6 aql q3rqm Japun suoupuqJ pue suuili eql Uo las o) JapJo ut (,;uetueer6y i:,ato;d.. etlt) luauaej5e lcaford e olur ralua oi are )IU s$ pue Jar^oJ.log aql'Iueg eql (/) i,.val,, aq) 3IU qlr$ luaueaj6e ic€tord leuoqEr.,alur ue se llar se (.IlEoJL aql)
 OlU ..f tuaruqsrlqelsa aq1 pue lce[o.r6 aql Jo uoqeluaureldur aq1 o; lcedsel qym ,(1eet1 leuoqeutalut r,E olrj ia]l]a ot aJe eaurnc pue auoa-l erlars lo 3xqndeu eql 'euaqtl 'alto^l,p algc (g) NOW THEREFORE it is hereby agreed as t( lows: INTERPRETATION AND DEFINITIONS (al lnterpretation (i) References in this Contract to Arti(xes, Recitals, Schedules and Annexes are, save if expliciUy stipulated otherwise, referer oes respectively to articles of, and recitals, scheduies and annexes to this Contract.
(i0 References in this Contract to a provisron of law is a reference to that provision as arnended or re-enacted.
(iii) References in this Contract to any otl i)r agreement or instrument is a reference to thai other agreement or instrument as amended novated, supplemented, extended or restated (bl Definitions ln this Contract: "Acceptance Deadline" for a notice means: (a) 16h00 Luxembourg time on the day of delivery, if the notice is delivered by r4h0r Luxembourg time on a Business Day, or (b) 11h00 Luxembourg time on the ne),t ollowing day which is a Business Day.

rf the nctrce r'.
rf the nctrce r'.

delivered after'14h00 Luxembourg tim.'

on any such day or is delivered on a oay which is noi a Business Day.

'Business Day' means a day (other lha.l a Saturday or Sunday) on vr'hich the Ban.

:':nr: commercial banks are open for general business in Luxembourg.

"Changeof4ontrol Evenf' means: (a) Siena Leone Electricity Corporation, E. ?ctricite de Guln6e, Liberia Electricity Corporation ano Cl-Energie cease to control RTC and/o.
to be the beneficial owners of 100o/o lone hun,lre.l oel cent) of the issued share capital of RTC and (b) 'control' means the power to direct :he management and policies of an entity, wheihr.

through the ownership of voting capital, ry contract or otherwise.

'Ghange-of-Law Evenf means the enactntent, promulgation.

execution ol ratification or of at-lv change in or amendment to any law, rule o egulation (or in the application or offcial interpretatic.
'r of any law, rule or regulation) that occurs af.er the date of this Contract and which.

in the opinion .ri he Bank, would materially impair (i) the Bonower's ability to perform its obligations under lrrr... Contract or any security provided in resp€:t of this Contract, or (ii) RTC's abilitv to pedc:nr ',.

obligations under the Prqect Agreement.

"Compliance Certificate" means a certificaje substantially in the form set out rn Schedulc i] - 'Contract" has the meaning given to it in Re.ital (4).
"Cotonou Agreement" has the meaning gi!
ln to it in Recital (3) 'Credit" has the rneaning given to it in Artici 1.01 "Debt lnstrument" means (a) an instrument, including any receipt cr statement of account, evidencing or constituting an obligation to repay a loan, deposit, advance or similar extension of credit (includinE withcl: limitation any extension of credit under a refinancing or rescheduling agreement), (b) an obligation evidenced by a bond, debenture or simiiar written evidence of indebtedness; or (c) a guarantee granted by the Bonower for an obligation of a third pafi.
"Deferment lndemnity" means an indemnitv calculated on the amount of disbursement deferred or suspended at the percentage rate (if higher rnan zero) by which: the Fixed Rate net of the Margin that would have been applicable to such amount hao ii bee;r disbursed to the Borrower on the Scheouled Disbursement Date exceeds the Reievant lnterbank Rate (one mont' rate) less 0.125olo (twelve point ive basis poi:Is) unless this value is less than zero, in wl,ich case it will be set at zero.
Such indemnity shall accrue from the ScheCuled Disbursement Date to the actual disbursemen: date or, as the case may be, until the datc of cancellation of the Notified Tranche in accordance with this Contract.

'Disbursement Notice" means a notice rom the Bank to the Borrower pursuant to aiid ' r accordance with Article 1.02C.

"Disburaemsnt Request" means a notice substantially in the form set out rn Schedule C.1 .
'Dbruption Event" means either or both of (a) a material disruption to those payment or communications systems or to those fiDancial reqr.

ired to operate in order for payments to l-1e made ,ri markets which are, in each €se, connection with this Contract or (b) the occurrence of any other event wh.

:h results in a disruption (oJ a technical o, eystems.
related nature) to the treasury or pay:.rents operations of either the Bank or the Borrowe,' preventing that party: (i) from performing its payment obligations under this Contract.

or (ii) from communicating with other p 'rties, and which disruption (in either such case ai, per (a) or (b) above) is not caused by, and is bevon':l he control of, the party whose operations are disrupted.
'Eu-Africa ITF Subsidy" means and refer s to a EUR 12,500 000 (twelve million five ,ru,Ci+' thousand euros) subsidy frcm the EU-Africa lnfrastructure Trust Fund "EURIBOR" has the meaning given to it in S(:hedule B 'EUR' or'euro" means the lawful curency of the Member States of the European Union whioh from time to time adopt it as their cunency in accordance with the relevant provisions of the Treary on European Union and the Treaty on the l unctioning of the European Union or their succeedi'ri; treaties.
"Final Availability Date" means the date faf rng 5 (five) years after the signature of thrs Contracl.

'Fixed Rate' means an annual interesl riJte determined by the Bank in accordance wath :he applicable principles from time to time laid down by the governing bodies of the Bank for loans made at a fixed rate of interest, denominate,l in the currency of the Tranche and bearing equivalent terms for the repayment of capitral and the p ,yment of interest.
Fixed Rate shall include the Margin "Fixed Rate Tranche" means a Tranche on xhich Fixed Rate is applied.

'lndemnifiable Prepayment Event" means a prepayment event under Article 4.034 other tlr?.,1 paragraph 4.03A(2\ (Pari pass to Non-ElB Fnancingl ot 4.034(5) llilegalM.

'lnterest Subaidy'means and refers to an annual interest rate subsidy pursuant ic Annex ii cf th?

: Cotonou Agreement.

"lPA' has the meaning given to it in Recital l5).

'LIBOR" has the meaning given to it in Sche iule B.
'Loan" means the aggregate amount of Tri.

nches disbursed from time to time by the Bank uncre, this Contract. "

argin" means 50 (fifty) basis points (0.50: ;).


'merket Disruption Event" means any of tr,:, following circumstances: (a) there are, in the reasonable opinion oi the Bank, events or circumstances adversely aflectifg the Bank's access to its sources of funding; (b) in the opinion of the Bank, funds are not available from its ordinary sources of funding , , order to adequately fund a Tranche ir: the relevant currency and/or for the relevant marufli.
and/or in relation to the reimbursement profile of such Tranche; For the purposes of Article 1.068(b), 'Tralrche'will mean a Tranche as requested under Altid(, 1.028. '

aterial AdveEe Change'' means, in relation to the Borrower any event or change of cL'Ir.1iiirl,l affecting the Borrower, which, in the reasoni.
ble opinion of the Bank: (a) materially impairs the ability of the Borr)wer to perform its obligations under thrs Coni:'ac or (b) materially impairs the financial condition or prospects of the Borrower.

'maturity Date' means the last repayment date of a Tranche specified pursuant to,Artrcle 4 0 !Br, I 'National Poyver Authority means the l,ational Power Author,ty of Srerra Leone.

i'air,l.

: , headquarters al Electricity House, 36 Siaka stevens Street.

Freetown.
Freetown.

Sierra Leone "Non-ElB Financing" means any loan.

(save for the Loan and any other direct loans frorr :he Bank), credit bond or other form of financia.

indebtedness or any obligation for the payment or repayment of money originally granted to the :lorrower for a term of more than 3 (lhree) years 'Notified Tranche" means a Tranche in resoect of which the Bank has issued a Disbursemeni Notice.
"On-lending Agreement" has the meaning g'ven to it in Recital (1) ' Payment Date" means the 10 January and r0 July of each year until the Maturity Date, save that, in case any such date is not a Relevant Busxness Day, it means the following Relevant Business Day, without adjustment to the interest due under Article 3.01.

"Prepayment Amounl'' means the amoun' of a Tranche to be prepaid by the Borrcwer rn accordance with Article 4.02A.
"Prepaymenl Date" means the date, whicl shall be a Payment Date, on which the Borrower proposes to effect prepayment of a Prepaym,'nt Amount.
"Prepayment lndemnity" means in respect ci any principal amount to be prepaad or cancelied, 1he amount communicated by the Bank to the f]onower as the present value (as of the Prepaymeni Date) of the excess, if any, of: (a) the interest calculated at Fixed Rate net of the Margin that would accrue ther-^after on the Prepayment Amount over the period from the Prepayment Date to the Maturity Date.

if t' were not prepaid, over (b) the interest that would so acsue over that period.
ff it were calculated at the Redeploymenl Rate, less 0.15% (fifteen basis points).

The said present value shall be calculated irt a discount rate equal to the Redeployment Rat€r.

applied as of each relevant Payment Date.

'Prepayment Notice" means a written notic(: from the Bonower specifying, arnongst other trirlgs the Prepayment Amount and the Prepayment Date in accordance with Article 4.024.

"Projecf has the meaning given to it in Recit.

I (1).
I (1).

"Proiect Agreement' has the meaning given ,o it in Recital (7).
'Qualifying Expenditure" means expendit.rre (including costs of design and supervrsicr, ., relevant, and net of taxes and duties payabl€ by the Borrower) incurred by the Borrower in respec: of works, goods and services in .espect of itsms specified in the Technical Description as eligible for financing under the Credit, whach contract or contracts shall have been executed on terms satisfactory to the Bank, having regard to the most recent edition of the Bank's Guide io Procurement, as published on its website at tuid e-to procurement.htm at the date of this Contract.
rttp://ww1ir.

eib.

orqlinfocentre/0ublications/al i/ 'Redeployment Rate" means the Fixed Rate excluding the Margin in effect on tha day cf 1hlj 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 Maturity Date as the Tranche in respect of which a prepayrient is proposed or requested to be made.
For those cases where the period is sho(er than 48 (forty eight) months (or 36 (thirty six) months in :rre absence of a repayment of principal during that period) the most closely corresponding rnone,; market rate equivalent will be used, that is the Relevant lnterbank Rate minus 0 125% (hvelve poinr five basis points) for periods of up to 12 (t\,,elve) months.
For periods failing between 12 (trvel!,e) anC 36/48 (thirty sixlforty eight) months as Jre case may be, the bid point on the swap rates as pbblished by Reuters for the related currenc'y and observed by the Bank at the time oi calculat'cn will apply.
"Relevant Business Day" means a day on 'r'hich the Trans-European Automated Real-tame Gtu-lss Settlement Express Transfer payment syst,m which utilises a single shared platform anc whrri: was launched on 19 November 2007 (TARGET2) is open for the settlement of paymenrs in EUR ' Relevant lnterbank Rate" means EURIBOi l. 'RTC" has the meaning given to it Recital (11 "Scheduled Disbursement Date" means the date on which a Tranche is scheduled io i:, disbursed in accordanee with Article 1.028.
'Security'means any moftgage, pledge, lierr, charge, assignment, hypothecation, or other se;urilJ interest securing any obligation of any person or any other agreement or arrangement haying a similar effect.

'subsidised Rate" has the meaning given tc it under Article 3.014.

'Technical Description" has the meaning gr/en to at in Recital (1).
"Tranche" means each disbursement made ,rto be made underthis Contract 'Tranaparency Policy" means the transparency policy of the Bank as amended from time to ttme and available on the Bank's website at http:/ ,vww.eib.orolinfocentre/oublicationsla /qib- transparencv-Dolicv.

htm at the date hereof.

'Treaty" has the meaning given to it in Recital (6) aR-i.lcLE I Credit and ;)isbursements 1.01 Amount of Credit By this Contract the Bank establishes in lavour of the Borrower, and the Borrower accePis.
ihe credit in an amount of EUR 75,000,000 (seventy five million euros) for the financing c{ tre Project (the 'Credit").

1.02 Disbursement procedure 1 .024 '1.028 Tranches The Bank shall disburse the Credit in up -:7 (seven) Tranches.

The amount of each Trancire.

ii not being the undrawn balance of the Cr.rCit, shall be in a minimum amount ot EUR 5 CoC.00ar (five million euros).
Disbursement Request (a) The Borrower may present to the Bank a Disbursement Request for the disbursement of a Tranche, to be received by the latest on or prior to 15 (fifteen) days before the Final Availability Date.
The Borrower may also delegate (subject to receipt by the BanK of a satisfactory inshument of delegatioi) the submission of Disbursemenl Requests to RT( The Disbursement Request shall be in the form set out in Schedule C and shall specify: (i) the amount and cunency of lhe Tranche; (ii) the preferred disbursement c.?te for the Tranche; such preferred disbursement Cate must be a Relevant Busines'.
Day falling at least 15 (fifteen) days after the date of the Disbursement Request and on or before the Final Availability Date, it be;ng understood that notwithstan.

'ng the Final Availability Date the Bank may disburse the Tranche up to 4 (four) ;alendar months from the date of the Dasbursemeni Request; (iii) the interest payment periodic,'y for the Tranche, in accordance with Article 3.0'1: (iv) the terms for repayment of )rincipal for the Tranche.
in accordance wiiir .Artcle 4.01; (v) the first and last dates for rep3yment of principai for the Tranche, and (vi) the IBAN code (or appropriat-, fesn"1 in line with local banking practrce) and SWIF' BIC of the bank account to which disbursement of the Tranche should be rrade r" accordance wilh Article 1.02f .

(b) Each Disbursement Request shall be accompanied by evidence of the authoriv .j{ tlr.

person or persons authorised to sign it and the specimen signature of such person r,.
persons or a decraration by the Borrower that no change has occurred in relation tc tfr, authority of the person or persons authorised to sign Disbursement Requesls unde lhls Contract.

(c) Subject to Article 1.02C(b), each D,sbursement Request is irrevocable (6uru6rs lo eurq le raururns u!
Z+lNe pue raluu ur !+fyag) | .asuapl^a ro sluau.rncop 6urn ollol aql ]o ileo lueuesrnqsrc palnpeqcs aq] eJolaq sl,ell ssaursng (uat) 0l ourllel olep eql erolaq Jo uo 'li ol trropelsqes acuelsqns pue uloJ ur ',iue8 aql ,(q ldiecer uodn leuorypuoc sr zo I aleruv Je, un aqcuerl ]sru e\q lo luauesrnqsrp aql oqsueJl lsJ!J vro r lu-5i[EsihqEiF-r6=86!rFuoe- w't un: ur aqsuerl qcee esrnqsrp lleqs IueS eql iufisEff-qs!-p-I6-I58fifr5 00l, aqcuerl qai:a .lol peur3ods eq ,ieu lunocce auo A;ug 'luno3: a IuEq un o s.Ja,v\oJJo8 aql o1 epeui uaaq peq .
{a.

{t lr se l3eriuoo srrl} rapun s}ueuasrnqsrp ei-Ilsuoc lleqs lunoloe qcns o} sluaulIEd teqi sa5pal/v\oulee ra/uoJlog eq1 '(aoncerd 6urlueq 1e ol qur aurl ur leruro, aleudordde el{l ql,er rc apo3 NVgl qIA\) oleC luauesrnqsro pelnpeqcs ar1 eJoraq s,(ep (uaouu) 9!
ueql Jalel ]ou Iue6 aqi ol 6ur}.m ur lleqs luaue6rnqsro lleqs Ja,$oJJog eql se ]uno3f,e e$ ol speu €q ^Jrtou lunoccv lueulestnqqo azo L 'e30oN luauasJnqsrc aq1 ,;r pagrceds quauale 11e peldacce e^eq ol peu,lep aq llr/J\ Ja/uoltog atlt 'popad qcns urqlr/r lsanbou luaua$nqsro aql ouqurn ur pax lou seq ral oxo8 aql ll ]9oss lleqs ac[oN luauasJnqsrq oql pue penbep gueu:asrnqsre aq] uodnersql pue ,ru JC €q Ieo ssaursng lxau aql uo ,auq 0rnoquJaxn'l 00qZf uE ll relel ou pa^racar eq ol Xueg eql ol sJrlou uaIUM ,(q lsanbail luauresnqsro aql alo^ar ac[oN lueuresJnqso eql Jo ]dracet lusr.le$nqsrg aq1 ur 'i(ue 1r 'lueuela 6urpuodsalJoc 0urmo11o; r{eu rea,roiJog eq} 'lsanb€U oqi pallar lou seop acrioN luauasrnqsro aq] ur peulc ds queurqa eql ]o a.lor.u Jo auo Jl (q) ^ar 'eleo ilunleul oql lBun aqouerl aqi ol elqecrldde aleu pexu aql (!
!^) pue :aqsuerl aqj ro; saleq luaur(e6 elqerldde aql (tn) :eqcuerl aql rol lednulld lo luau^e, aJ Jol sa]ep lspl puetsJU aq] (n) :aqouell at{}.ro} ledrcui I 1o luau:r(edal Jo} srrlal eql (^!)

ar.ll roj.
ar.ll roj.

rsajatur lo tuaru,ied ei11-ro1 fircrpoued aql pue a ;6 lueu.rr(e6 lsele]ur lsru aql (lll) :aleo .rauasrnqslo palnpsq3s aql (tD :Unf ,I aqcueJf aql ]o ]unoure sql (, :,!rcads ;1eqs qcrq,$ a3r1oN lueurasinqsrg e (3lU ol [doc qlm) Jorr^oJog olg ol ra^rlap Z0 L alc{Uv srq} ol sr.lrJoluoo lsanbeg luetuesrlqsrg aqll 'lleqs lueg eq} aqcuerl €.
rL1 eleo luausslnqsto palnpaqgs pesodord aql a.,olaq s^ep (ua, 0f ueql ssal loN (e) :aqcuerl o3floN luauosJnqslo )20 I :uo[oelsqes s,Iueg aq] o] pago pue ecrol llnj ur ele (luaulaerOe -.rapl()ilareqs pue uorlercosse lo salo]re aql ol palrurl lou lnq Durpnlsur) slueulncop ., lerocitoi 11e oue triear1 aql qllin a3uepjocce ur ielerodjocur ueeq seq CIU (nr) :Iueg eql ol fuolcejsrles aJuersqns pue,J.rol e ul 31u rtq olur peJalua uaeq e^eu anoqe (0 qdeJoeJed ur ol peJalal i..,a-ua3j5e eseqs.rnd l3r od Joqcue aq1 o1 6urle1a,r slueurearoe aJrruas uorssrrxsuerl 0) ^lnp :lueg rl3ns 1o ,{doc pagtyac e pue lueg ,ru1 dq pa,ueca: uoaq seq luauaer6e eseqcJnd Ja -J,r] ol lrolielsqes sure] ur rele]-llo ue pue]eprnojd i(i,aua ue uaor$aq olur pajalua uaeq r^eq ,leus sieel (o^u) 9 uer{l ssel ou lo rluol e ro1 1ue ueelGe aseqclnd raiy\od ioqcue ue (l) ^o.- rr sr liue 3fu pue eaurne 'auoal Exars lo 3[qndou ,jqi'eu9ql.l 'aro^l,p e]q9 r'.r?
xueg aqt ol nrolaelsrles ecuelsqns pue [!JoJ e ur peu6ts A;np uaeq seq Vdl atit (t) ^q :l.olJa pue ecrol llnj paune.J so!4unoc JnoJ lle ur pega pue €oJol ilnl ur si pue eeurng pue euoel eJers lo crHndau eq] 'euaql..l 'oJro^l,p al93 Iq peg[el pue lreg aq1 o1 fuo1ce1sr1es acuelsqns pue urJo] e u pauQs (1np uaaq seq I1eo1 eq1 o :luauaerov peford er{ lo olur ouualua :,i.ll rlliir\ uoqceuuoc ur parrnbar sluesuoc ,tesseoeu [e paulEqo seq CIU pue :lueg aql , 1 fuo1ce1sr1es acueJsqns pue ulol e u!
lue^e i(ue ur ,;ue (peloa eW pue CIU ]o sqe]s aul Jo lq6!l ur luauraerOy lcalor6 aq;o 6uru6rs 1o aurl 3ql le lueg erll (q parrnba.r aq Aeur leql uorlrpuoc leuouppe {ue ot lcehns pue) 3 alnpsqcs u!

lno las uJiol aql ur A1;erguelsqns olur poJaluo uaaq seq 31U pue IueE aq1 'JalrrorJog aul uaai\ laq luatre:6y icalord aql (q) :Iueg a rl.
r(q pa^€oej ua€q serl luaurearov 5urpua5u6 aql lo Ado3 anJ] paUUaJ e pue Iueg aq1 c1 fuopelsues ecuelsqns pue turo] " ur olur paralua uaeq seq Ol_U pue.leaorJog eql L ra/\Alaq lueulear6v 6urpua;-ug aq1 (6) ol pue ueo"l aqi ,(eda,r ol lcerluoS srql ur pepraord se slueuJesJn(.srp e^recal ol raltnoro8 aq1 yujed rl peurelqo uaeq a^eq fuEsso3au 6uraq se a^oqe (l) qda6ered rapun uaar6 uorurdo l?0al aq1 ur paie3rpur ro yueg aq trq peurJads quasuoi) lorluoc e8ueqcxa 1le leql aJueprne (J) :r€punereq enp qunotl.te Jeno lle pue Farelur ^ed r3uelde33e Jo acuopr^a pue Iueg aqi ol alqeldaJce acrruas Jo 1ue6e ue Jo luau4urodde (e) :luauil.rodde slr Jo a3rruos lo lua6e aql ,{q ]irau.
;aar6v lcalo.rd eql 1o sluatuerrnba: aql qlur,\ eoueD:occe ur secuernsut leq] acuaptlo (p) :aeBd ul eJe :Iueg aql ol fuopeJsrles u:o; e ur lueuraer6y F-ijpual-uo pue guatuae:0y pefprd eqt uo pue Jor,,oxo8 sL0 [q (uorun ueadoJn] r)qi lo aJBsn[ ]o unoC eq] ]o uor]crpsunf pue rirel ttsrtbuS ]o erroqr eq] 6urpnpur) peJluoc sir-ll ,o Arlrqeaoroluo pue uollncaxa 'l$rprlen ,lnp eql uo rerhorJog aql Jo a3[snf io penssr lueg aql ol pesserppe uorurdo le6el e (c) ro lerauee-,(eurolv eql ^rtsrurW .ui; aql pue l3eJluoC srrll Jo auoa'l erals jo atqndau aql ,o luaueued aql Iq uorlecuqeJ (q) :luaujoaJov l.afoJd al4 lo 'fu?sse3eu I 'pue 'luoLuaaJoy ourpuq ^q lcefo:6 eq1 pue luaureerEv oelod et{l Juetueer6v OurpuaFuo aqi 'i3ejluo3 srql ql,r\ uorlsauuoc ur pajlnbej sa[uor.llr,.?
Jo serpoq crlqnd ro ;eluau-Ju.leno6 ,o slerordde io sluasuo3 Aressacau lle pauelqo ;eq la/y\ouo8 aqi 1eq1 a:uaprne (e) pue :aqcuerf rL,EAai3r aql lo iue'Lr.
]ssjnqsrp ol Joud lueg aql ol F rpr^ord eq llEqs luaurearov rouolo3 3\.ll r.l+rrt^ a3uepjocce ur luoureeroB s,fuunoc lsol.l ]ue^alar aql 'eaurne -i,r e]loni,J al93 'euaqr"l ur sluauoduros asueuu ol pesn sr ueo-l eql ieql lua^a eql ur (ln) 'aures aql lo ,lrlrqeecrolua pue frprlen aq1 ro lrelluo3 sr.ll 'Aq pelegdueluoc suolllesuerl er1l pue '1o acueu:rg:ad pue olur {4ue eq1 qy,$ uoqcauuoc lrl alqerrsp ro fuesseceu sr Je/y\orJo8 oql pau0ou sel )iueg aq] qcrllir,\ e3uelnsse ro !
'orLrdo 'luarxn3op laqlo ro uollespoqtne Jaqlo lue p IdoJ en4 pellryac e (n) :repureraq pesJnqsrp eq ol eqcuerl aql Jo lunoue eql ,o (luec Jad Alq6r3i %08 lo ale6a-r66e aql ol renba lseel le lunoue ue ur ernlrpuedxl 6url11enc} Dalin3ur o^eq lll/'r\ la,noJlog aql aleG luauJesJnqslG pslnpaqcs lue^elel aql iaue 6uritel {ep (qlartqbra pue perpunq euo) ,{08!

e$ Aq }eW 6uqeqsuotuep quourncop (ry) :leql arojaq pesrnqsrp seqcuerl I,r: rG siunoure aqi 1o (1uac red pa.lpunq euo) o7o9g1.
oue eqcueJl snor^ajd eql lo stlri'roue sql to ouac Jod lltl6!a) %Og ,o ale6er66e aq] ol lenbe lseel le lunoure ue ,;r arnlpuadr3 6ur&rlen5 porncur seq reihorJog aq 1eq1 6uue4suouap Euaurncop (!!!)

:lsenbeu luauresrnqsro lue apJ aql to alep eql ol dn lcefo]d aql ,o lcodsal ur re,vroJlog eq] Aq pagru-rrloc {;enpe4uoc ro par:ncut eJnlpuadxe ale0or66e eql paaJxo tou lllr sueo-t Jo urol eg Jo lunotue ele6a.r66e aql 'aqcuerl ]ue^elal eql jo u/r^opineJp 6u;mo1;o1 \eql oule4suourep acuepr^e (!!)

(!)
(!)

acuapr^o Jo siueuJncop 6uu^olpl eql lo 'eqoual pasodoid arll roj aleo luauasJnqsl0 polnpoqcs ar,l aroJaq s^eo sseursng (uel) 0L 6ur1e; alep aql aroleq ro uo 'U ol fuolcelsges e3uelsqns pue urol ur lusg aq] Iq ldrac€r :!

O elnpeqcs lo uuol eql ur ro^ olrog al{ uro{ alecuruac e (e) :uodn leuoltrpuryJ s!

'ls.
!U orll Ourpnpur 'ZO'I elcluv .epun sqcuerl qcee lo lueuraslnqstp aql seqcueJl llv 'i1els burpnlcur) leuorleredo r(11n1 pue aceld ur ale jaeuloua s,Ieu/r o pue s,CfU (s) .uopers[es s,luEg el{ ol (sa]noe3oJd pue arnpn4s ;euotleztue6lo 8r0 r pue :uotlcEs[es s,IuE8 eqq ot sJed ur aie (susrueqceul uoddns sJeppqoleqs iolpue luno3ce eNaseJ 'IpafJ Io Jallel e sE qcns) saxauue Er pue Vdl aq} ted se sguel r,ilssrrlsue4 ,o sluoruled ,(laur] eJnsue ol CIU lo st Jstueqc€u 6utcual-6uu elenbope (J) :uo[ceJgps s,Xueg aqq ol 'eeurne pue guoa'] erJals lo ]tqndag aql 'euaqrl 'ero^l,p el93 u!
lcafo:d aql lo uorpluouradu.,t eql ro, palnbal s3suell pue suorlezloqlne 'syttr.tad lEluauruor^ua l,essaSeu 11e 1o r(doc aru; peglpa3 (b) rraaq seq 1calo.r6 aq1 rol sursrueqceul pue uoqlesrue6ro aJueueluleu puB uo[eJado aq] (d) :Iueg et{l Jo uoFersnes eql ol peuuep leourne pue auoal erars 1o crpndag eql 'eueqr'l 'ero l,p elqC er'i lo Jleqeq uo palncexa ueaq e^eq pue aceld ur e:e 31U Jo luaurqsrtqelsa aq:o1 slueu aar6e egersap pue fuessaoau ;;e (o) :uo[cEslles s,Iueg a$ ol pa]dope rlaaq seq lenueul uoqeluauJaldur petord eql (Ar) pue uoBaels[es s,xueg eq] ol peltnJsai pue palurodde uaaq o^eq sjaquraur $els (e>t pue raoueur lerauao aql (rrD 'dn-pred nl ueaq a^eq suorlnqquoc ,(Inba ,s:aHoqaleqs lle (r) 'uo.rlcEJslles s,Iueg eql o) pue ^ uoqet3csse lo salctue pue r$ear1 eql $rit\ ecuepiocce ur pelurodde ueeq e^eq slolceJlp ]o pjeoq sr lo sraqular.Ll lle (r) ler{ acuapna rtopelsrles Outpnpur 'leuoleredo {1n1 sr 31y (u) (vii) evidence that a power purchase agreement between an energy provicjer and ar, off-tiaker is in place and efbctive in terms satisfactory to the Bank (b) that on the Scheduled Disburseme.
)t Date for the proposed Tranche: (D the representations and warranties which are repeated pursuant to Afticle 6.10 are conect in all r$pects: and (iD no event or circumstance u,nich constitutes or would with the passage of time r.r.

giving of notice under this Ccntract constitute: (aa) an event of default undr.r Article 10.01 , or (bb) a prepayment event un,ler Article 4.03, has occuned: and is continuing rnremedied or unwaived or would result ftom th3 proposed Tranche.
1.05 Deferment of disbursement 1.054 Grounds for deferment Upon the written request of the Borrower the Bank shall defer the disbursement of any Notinec Tranche in whole or in part to a date spe.jified by the Borrower being a daie falling not later tha.

6 (six) months from its Scheduled Disbur.iement Date and not later than 60 (sixty) da:Js pnor t. the first repayment date of the Tranche indicated in the Disbursemenl Notice.
ln such case, the Borrower shall pay the Deferment lndemnity calculated on the amount of disburserner,i deferred- Any request for defierment shall have eftect in respect of a Tranche only if it rs made at least , (seven) Business Days before its Scheduled Disbursement Date.
If for a Notified Tranche any of the cond;iions referred to in Article 1.04 is not fulfilled as ai the specified date and at the Scheduled Disbrrrsement Date, disbursement will be defened to a date agreed between the Bank and the Borr,wer falling not earlier than 7 (seven) Business Dai.-- following the fulfilment of all conditions of disbursement (yrithout preJudice lo the right oi 'ihe Bank to suspend and/or cancel the undis;.ursed portion of the Credit in whole or an pan pufsuant to Article 1.068).
ln such case, the Borr wer shall pay the Deferment lndemflrty calculaied c,l the amount of disbursement defened.

'1 05B Cancellation of a di6bursemenl defered by 6 (six) months The Bank may, by notice in writing to the Borrower, cancel a disbursement whicn has been deferred under Article '1.05A by more thdn 6 (six) months in aggregate.

The cancelled arnour.l shall remain available for disbursement Lnder Articie 1.02.
't.06 Cancellation and suspension '1.064 Borower's right to cancel The Borrower may at any time by notice in writing to the Bank cancel, in w,;role or rn oart an.l with immediate effect, the undisbursed portion of the Credit.

However.

the notice shall nave ,r. effect in respect of a Notified Tranche which has a Scheduied Disbursement Date falri^g .r,iihi', 7 (seven) Business Days of the date of tl"e notice.
LmB Bank's right to suspend and cancel (a) The Bank may, by notice in writing to the Bonower, suspend and/or cancel ihi?

undisbursed portion of the Credit in whole or in part at any time and with i!
'rimediate effect: (i) upon the occurrence of an 3vent or circumstance mentioned rn Artiole 4.C,1A or 10.01 or an event or circum'.tance which ryould with the passage of time cr grvrng of notice under this Contracr consttute an event under Article 4.03A or an event ot default under Article l0-01; or (ii) if a Material Adverse Chang, orccurs.
(b) The Bank may also suspend the p'Jrtion of the Credit in respect of which it has not issueo a Disbursemenl Notice with immediate effect in the case that a Market Disruption Event occurs.

(c) Any suspension shall continue unlrl the Bank ends (by written notice) the suspensron c cancels the suspended amount.
1.06C lndemnity for suspension and cancellation of a Tranche 1.06c(1) SUSPENSION lf the Bank suspends a Notified Tranche whether upon an lndemnmable Prepayment Event or an event mentioned in Article 10.01 or ulon the occunence of a Matenal Adverse Change.

ttre Bonower shall pay to the Bank the Deferment lndemnity calculated on the amount of disbursement susp€nded.
r.06q2) CANCELLATION lf pursuant to Article 1.064, the Borro\rver :ancels a Notif,ed Tranche, it shall indemnify the Bank under Article 4.028: lf the Bank cancels a Fixed Rete Tranc, e which is a Notified Tranche upon an lndemnifiabl€ Prepayment Event or upon the occurren.
'e of a Material Adverse Change or pursuant to Article 1.058, the Bonower shall pay to the Bank the Prepayment lndemnity; or if the Bank cancels a Notified Tranche upon an event mentior ed in Article 10.01, the Borrower shall indemnify the Bank under Article '10.03.

Save in these cases, no indemnity is payable upon canceilation of a Tranche by the Bank The indemnity shall be calculated on the basis that the cancelled amount is deemed tc ha're been disbursed and repaid on the Scheduled Disbursement Date or.
to the exlent thai the disbursement of the Tranche is currently deferred or suspended, on the date of the cancellaii,r:l notice.

1.07 Cancellation after expirv of the Credit On the day following the Final Availabilit', Date, and unless otheuise specifically agreeC ti iil writing by the Bank, the part of the Creoit in respect of which no Disburse'next Reque:rt n,rs been made in accordance with Article 1.02B shall be automatically cancelled.

without ary noii,-,.

being served by the Bank to the Bonowe.


and without liability arising on the parl of etfrer irad\ Sums due under Article 1 Sums due under Articles 1.05 and 1.06 shall be payable in EUR.

They shall be payable within 15 (fifteen) days of the Bonoweis receipt of the Bank's demand or within any longer period specified in the Bank's demand.

ABTI.g!E2 Ihe-t93-!
ABTI.g!E2 Ihe-t93-!

Amount of Loan The Loan shall comprise the aggrcgate .rmount of Tranches disbursed by the Bank under the Credit, as confirmed by the Bank pursuar' to Article 2.03. t 2.02 Currencv of reoavment, intereat and otlrel charces i I ) { I ., lnterest, repayments and other charges payable in respect of each Tranche shall be made by the Bonower in the currency in which the lranche is disbursed.
Any other payment shall be made in the curency specified by the Bank having regard to the cunency of the expenditure to be reimbursed by means of that payment.

i2.03 Confirmation bv the Bank Wthin 1C (ten) days after disbursement of each Tranche, the Bank shall deliver to the Borrower the amortisation table refened to in Article 4.01, if appropriate, showing the disbursement date, curency, lhe amount disbursed, the repayment terms and the interest rate of and for that Tranche.

ARl ICLE 3 !nteres!
ARl ICLE 3 !nteres!

t ti 3.01 !3.01A Rato of interest Subiect to Article 3.01B,'rnterest shall be calculated on the basis of Article 5.01 at an annual rate .

of 1.95% (one hundred and ninety five basis points) (the "Subsidised Rate') that is the Fixed Rate minus the lnterest Subsidy.
to ,.1- The Borrower shall pay interest on the outstanding balance of each Fixed Rate Tranche at the Subsidised Rate semi-annually in anea, s 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.
lf the period ftom the date on which disbursement was made to the first Payment Date is 30 (thirty) days or less then the payment of interest accrued during such period shall be postponed to the following Payment Date.

lnterest shall be calculated on the basis of Article 5.01(a) at an annual rate that is the Subsidised Rate.

13.0'18 i i I !

: As per Recital (10), the interest payable by the Borrower to the Bank shall benefit from the lnterest Subsidy.
The Bank may at any time susp€nd or cancel he application of the lnterest Subsidy upon the occurrence of any of the eventrs of default set out in Article 10.01 or if, as a result of the Bonote/s conduct arly fraud or corruption is found to have occuned in the Bonowe/s oi nfc'* performance of the Project, in which case interest shall accrue and be payable at the Fixed Rate.
The Bank may also demand that lhe Bonower repay an amount equivalent to the lnterest Subsidy benefit that the Bonower has received if, as a result of the Bonoweds or RTC'S conduct, any fraud or corruption is found to have occuned in the Bonowefs or RTC's perficrmance of the Project.
i3_0-2 lnterest on overdue 6ums Without prejudice to Article 10 and by w;y 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 lnterbank Rate plus the Margin plus 2olo (two hundred basis points) and shall be payable in accordance with the demand of the Bank.
For the purpose of determlning the Relevant lnterbank Rate in relation to this Article 3.02, the relevant periods within the meaning of Schedute B shall be successive periods of 'l (one) month commencing on the due date.
However, interest on any overdue sum under a Fixed Rate Tranche shall be charged at lhe annual rate that is the sum of the rate defined in Article 3.01A plus 0.25% (twenty live basis points) if that annual rate exceeds, for any given relevant period, the rate specified in the precedang paragraph.
lf the overdue sum is in a curency 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 cunency plus 2olo (two hundred basis points), calculated in accordance with the market practice for such rate.
3.03 irarket Disruption Event ln relation to a specific Notified Tranche, if at any time between the date of issuance by the Bank of the Disburserfient Notlce in resp€ct of such Tranche and the date falling 2 (two) Business Days prior to the Scheduled Disbursement Date, a Market Disruption Event occurs, , he Bank may notify to the Borrower that this clause has come into effect.
ln such case, the rate of interest applicable to such Nohfied Tranche untal the Maturity Date shall be the percentage rate per annum which is the sum of: 19 (_ I 0.1.

(a) (b) the Margin: and the fixed rate (expressed as a pelcentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an altemative rate determination method reasonably determined by the Bank.
The Bonower shall have the right to refuse in writing such disbursement within the deadline specified in the notification and shall bear charges incuned as a result, if any, in which case the Bank shall not effect the disbursement and the conesponding Credit shall remain available for disbursement under Article '1.028.

lf the Bonower does not refuse the disbursement in time, the parties agree that the disbursement and the conditions thereof sh€ll be fully binding for both partjes.
The Fixed Rete p applicable.

{ re$ously notified by th.. Bank in the Disbursement Notice shall be no longer AR-rlCLE 4 ECSevmen!

$or ia.ore Nomal repavment Repayment of a Tranche The Borrower shall repay each Tranche by instalments on the Payment Dates specilied in the relevant Disbursement Notice in accordance with the terms of the amortisation table delivered pursuant to Article 2.03.
'4.01B Amortisationtable Each amortisation table shall be drawn up on the basis that (a) repayment shall be made semi-annually by equal instalments of principal; (b) the first repayment date of each Tranche shall be a date falling not later than 7 years after Contract signature date and the last repayment dale of each Tranche shall be a date falting not later than 25 years after Contrac't signature date.
4.01 C EU-Africa ITF Subsidy The Eu-Africa ITF SubsirJy shall, cover repayment of the instalrnents in capital owed by the Bonower to the Bank from the first Payment Date in accordance with paragraph (b) of Article 4.018 above up to a &aximum amount of EUR 12,500,000 (tt relve million FNe hundred thousand euros).
The Bank may at any time suspend or cancel the application of the Eu-Africa ITF Subsidy upon the occunence of any of the events of default set out in Article 10.01 or if, as a Jesult of the Bonowe/s conduct, any fraud or conuption is found to have occurred in the Borrower's or RTC'' performance of the project {s. l , , ' 20!
0l The Bank may also demand that the Boron er repay an amount equivalent to the Eu-Africa ITF Subsidy benefit that the Bonower has received if, as a result of the Bonower's or RTC'S conduct, any fraud or conuption is found to have occuned in the Bonower's or RTC'S performance of the Project.
1.02 Voluntaryprcoavment n2A Pr€payment option Subject to Articles 4.028' 4.02C and 4.0/+, the Borrower may prepay all or part of any Tranche, together with accrued interest and indeninities if any, upon giving a Prepayment Notice with at least 1 (one) month'Q prior notice speqifying the Prepayment Amount and the Prepayment Date.

Subject to Article 4.

(EC the Prepayment Notice shall be binding and irrevocable.
4.028 Prcpayment indemhity The Bonower shall pay to the Bank on the Prepayment Datre the Prepayment lndemnity.

,,4 02c Prcpayment mechanie The Bank shall notify the Bonower, not later than 15 (fifteen) days prior to the Prepayment Date, of he Prepayment Amount, of the accrued interest due thereon and of the andemnity payable under Article 4.028.
Not later than the Acceptance Deadline, t1e Bonower shall notify the Bank either: (a) that it confirms the Prepayment Notice on the terms specified by the Bank; or (b) that it withdraws lhe Prepayment Notice.

lf the Bonower gives the confirmation under paragraph (a) above, it shall effect the prepayment.

lf the Bonower withdraws the Prepayment Notice or iails 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, il any, due on the Prepayment Amount.
4.03 Compulsory prepavment 4.03A Grounds for prepayment 4.03A(1) PROJECT COST REDUCTTON i lf the total cost of the Project should be reduced ftom fie figure s'rated in Recital (2) to a level at which the amount of the Credit exceeds 507o (fifty per cent) of such cost, the Bank may in proportion to the reduction forthwith, by notice to the Bonower, cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan.
The Bonower shall effect payment of the amount demanded on Ure date specified by the Bank, such date being a date falling not less than 30 (thirty) days from the date of the demand.
21 y.t t 2) PARI PASSUTO Non-ElB Financing lf the Borrower voluntarily prepays (fo- the avoidance of doubt, prepayment shall include repurchase or cancellation where app!,cable) a part or the whole of any other Non-ElB Financing and such prepayment is not mirde out of the proceeds of a loan having a term at least equal to the unexpired term of the Non-ElB Financing prepaid, the Bank may, by notice to the Bonower, cancel the undisbursed porticn of the Credit and demand prepayment of the Loan.
The proportion of the Loan that the BanK may require to be prepaid shall be the same as the proportion that the prepaid amount of the Non-ElB Financing bearc to the aggregate outstanding amount of all Non-ElB Financing.

The Borrower shall efhct payment of the amount demanded on the date specified by the Bank, such date being a dEte falling not less'than 30 (thirty) days from the date of the demand.
o3A(3) CHANGE OF CONTROL The Bonower shall prompUy inform the Bank if a Changeof-Control Event has occuned or is likely to occur.

At any time after the occurrence of a Change-of4ontrol Event, the Bank may, by notice to the Borrower, cncel the undisbursed portion of the Credit and demand prepayment of the Loan, together with accrud interest and all other amounts accrued or outstanding under thas Conhact.
ln addition, if the Bonower has informecl the Bank that a Change-of-Control Event is about to occur, or ffthe Bank has reasonable caus3 to believe that a Chang+ of-Control Event is about to occur, the Bank may request that the Borower consult with it.

Such consultation shall take phce within 30 (thirty) days from the datt of the Bank's request.
After the earlier of (a) the lapse of 30 (thirty) days from the date of such request for consultation, or (b) at any time thereafter, upon the occunence of the anticipated Changeof-Control Event the Bank may, by notice to the Bonower, cancel the undisbursed portjon of the Credit and demand prepayment of the Loan, together with accrued interest and allother amounts accrued or outstanding under this Contract.

The Bonower shall effect payment of the amount demanded on the date specified by the Bank.
such date being a date falling not less than 30 (thirty) days from the date of the demand.

4103A(4) CHANGE OF LAW The Bonower shall promptly inform the Uank if a Change-of-Law Event has occuned or is likely to occur.

ln such case, or if the Bank has reasonable cause to believe that a Changeof-Law Event has occuned or is about to occur, the Bank may request that the Borrower consult with it.

Such consultation shall take place within 30 (Urirty) days ftom the date of the Bank's request.
lf, after the lapse of 30 (thirty) days from th3 date of such request for consultation the Bank is of the opinion that the effects of the Chang:-of-Law Event cannot be mitjgated to its satisfaction, the Bank may by notice to the Bonowr.

:r, cancel the undisbursed portion of the Credit and demand prepayment of the Loan, togeth.

r with accrued interest and all other amounts accrued or outstanding under this Contract.

.
.

The Borrower shall effect payment of the amount demanded on the date sp€citied by the Bank, such date being a date falling not less than 30 (thirty) days trom the date of the demand.
4:03A(5) ILLEGALITY It (a) it becomes unla*.ful in any applicable .jurisdiction for the Bank to perform any of its obligations as contemplated in this Contract or to fund or maintain the Loan; or 22 v-5 (b) the Cotonou Agreement is: (i) no longer in full iorce and effect; (ii) repudiated by the Bonower; (iii) not binding on the Bonower,n any respect; or (iv) not effective in accordance with its terms or is alleged by the Borrower to be ineffective in accordance wit\ its terms, the Bank shall promptly notify the Bonower and the Bank may immediately (i) suspend or cancel the undisbursed portion of the Cr:.dit and/or (ii) demand prepayment of the Loan on the date indicated by the Bank in its notice tc the Bonower.
, I.OSN(O) BREACH OF'THE PhOJECT AGREEMEI'IT ln the event that RTC is in breach of an) provision under the Project Agreement, the Bank may cancel the undisbursed portion of the !

;redit and/or demand prepayment of the Loan.

The Bonower shall effect payment of the amount demanded on the date specified by the Bank, such date being a date falling not less than 30 rthirty) days from the date of the demand.
4.03A(7) BREACH OF THE ONLENDING AGREEMENT ln the event that the Bonower and/or RTC is, in the reasonable opinion of the Bank, in material breach of any provision under the On-lenrling Agreement, the Bank may cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan.

The Borrower shall effect payment of he amount demanded on the date specified by the Bank, such date being a date falling not less than 30 (thirty) days from the date of the demand.
4.038 Prepayment mechanics Any sum demanded by the Bank pursuant to Article 4.03A, together with any interest or other amounts accrued or outstanding under ttrrs Contract including, without limitation, any indemnity due under Article 4.03C, shall be paid on Jhe date indicated by the Bank in its notice of demand.
4.03C Prepayment Sndemnity ln the case of an Indemnifiable Prepaym, nt Event, the indemnity, it any, shall be determined in accordance with Article 4.028. lf, moreover, pursuant to any provision of Article 4.03A the Borrower prepays a Tranche on a date other than a relevant Payment Date, the Bonower shall indemnify the Bank in such amount is required to compensate it for receipt of funds otherwise than on a as the Bank shall c€rtify relevant Payment Date.
4.04 General A prepaid amount may not bs reborrowed.

This Article 4 shall not prejudice Article 10 ).1 AB']-|CLE 5 Eeyme!
!g 5.01 Dav count convention Any amount due by way of interest, inder,rnity 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) in respect of anterest and indemn,ibs Cue under a Fixed Rate Tranche, a year of 360 (three hundred and sixty) days and a month of 30 (thirty) daysi (b) in respect of f6es, a year of aOO ltnree hundred and sixty) days and the number of days elapsed.

!
!

5.02 Time and place of pavment Unless otheMise specified, all sums other than sums of interest, indemnity and principal are payable within 15 (frfteen) days of the Boi 'ower's receipt of the Bank's demand.

Each sum payable by the Borrower unde'this Contract shall be paid to the respective account notified by the Bank to the Bonower.
The Bank shall indicate the account not less than 15 (ffieen) days before the due date for tt'e first payment by the Borrower and shall notifi/ 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 ftom the Bonower shall be der.med paid when the Bank receives it.
5.03 No set-off by the Borrou|el All payments to be made by the Bonowe'r under this Contract shall be calculated and be made without (and free and clear of any deduct:on for) set-off or counterclaim 5.04 Disruotion to Pavment Svstems lf either the Bank determines (in tts discretion) that a Disruption Event has occurred or the Bank is notifed by the Bonower that a Disruption Event has occurred: (a) the Bank may, and shall if requested to do so by the Borrower, consult with the Borrower with a view to agreeing with the Bonower such changes to the operation or administration ofthe Contract as the qank may deem necessary in the circumstances; (b) the Bank shall ndi be obliged to consult with the Borrower in relation to any changes mentioned in paragraph (a) if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation 1o agree to such changes; and (c) the Bank shall not be liable for any damages, costs or losses whatsoever arising as a result of a Disruption Event or for taking or not taking any acticn pursuant to or in connection with this Article 5.04.
24 /.s.
5.05 ADplication of sums received 5.05A General Sums received from the Bonower shall only discharge its payment obligations if received in accordance with the terms of this Contract s 05B Partial payments tf the Bank receives a payment that is insufficient to discharge all the amounts then due and payable by the Bonower under this Cont 'rct, the Bank shau apply that payment in or towards payment of: (a) first, in or towards payment pro faE of any unpaid fees, costs, indemnities and expenses due under this'Contract; (b) secondly, in or towards payment :f any accrued interest due but unpaid under this Agreement; (c) thirdly, in or towards payment of an, principal due but unpaid under this Contract; and (d) frcurthly, in or towards payment of any other sum due but unpaid under this Contract.
5 05C Allocation of 6ums rclated to Tranches (a) ln case of: (i) a partial voluntary prepayment of a Tranche that is subject to a repayment in several instalmenB, the Prepayment /mount shall be applied pro rata to each outstanding instalment (ii) a partial mmpulsory prepaynient of a Tranche that is subject to a repayment in several instalments, the Prep ryment Amount shall be applied in reduction of the outstanding instalments in inverse order of maturity.
(b) Sums received by the Bank follow lg a demand under Article 10.01 and applied to a Tranche, shall reduce the outstandirg instalments in inverse order of maturity.

The Bank may apply sums received between T.anches at its discretion.

(c) ln case of receipt of sums which ca not be identified as applicable to a specific Tranche, and on which there is no agreen 3nt between the Bank and the Borrower on their applicetion, the Bank may apply these between Tranches at its discretion.
ARTICLE 5 Borrower undertakinqs and reoresentations .The undertakings in this Article 6 remaan 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.

25 t$, 6.01 Usegt Loan and availabiliw of other fu ds The Bonower shall use all amounts bonuwed by it under the Loan exclusrvely for the execution of the Project and the On-lending Agreement.

The Bonower shall ensure that the other tunds listed in Recital.
(2) are available for the Project and that such funds are expended, to the extent required, on the financing of the Project.

6,02 Comoletion of Proiect The Bonower shall ensure that the Project is carried out in acrordance with the Technical Description as may.

Fe modified from time to time with the approval of the Bank, and completed by the final ddte specified therein.
6.03 lncreased cost of Proiect lf the total cost of the Proiect exceeds il e estimated figure set out in Recital (2), the Borower shall obtain the finance to fund the exce.is cost without recourse to the Bank.

so as to enable the Project to be completed in accordancl'with the Technical Description.

The plans for funding the exe€ss cost shall be communicated to the Bank without delay.
6.04 On-lendinqAqreement The Bonower shall: (a) ensure that the On-lending Agreement will be entered into in English between the Bonower and RTC and be of a tenor of at least 25 (twenty five) years; (b) make sums advanced by the Bank hereunder available to RTC upon disbursement by the Bank: (c) on-lend the funds disbursed to it tJy the Bank at the same financial conditions (maturity and interest rate, including, for the avoidance of doubt, the lnterest Subsidy and the EU- Afica ITF Subsidy) as those of the respective Tranches.
6,05 Proiect Aqreement The Bonower shall ensure that RTC cornplies at all times with all terms and conditions under the Project Agreement.

5.06 Compliance with - lhe Trealv andtP A The Bonower shall comply in all respects with all laws and regulations to which it or the Project is subject.
The Bonower will take all decisions and actions necessary to maintain the financial viability of RTC, including, if necessary, by making cash contributions to the RTC to restore its financial sustainablility as defined in the lPA.

26 0( The Bonower shall not, and shall ensure that the National Power Authority does not take any action which is or could be detrimental to the Project and/or the financial sustainability of RTC.
The Borrower shall furtfter ensure thal the National Power Authority shall not build up any payment arrears towards RTC.
6.07 The Borower's undertakinq with resoect to monev-launderino comoliance The Bonower will institute, maintain a,ld comply with intemal procedures and controls in compliance with applicable national laws and best practices, for the purpose of ensuring that no transaction is entered with, or for the be,tefit of, any of the individuals or lnstitutions named on updated lists of senctioned persons profiulgated by the United Nations Security Council or its to Securit)& Council Resolutions 1267 (1999), 1373 (2001) committees pu rsuant and/or by the Cruncil of the EU pursuant to its Common Positions 2O02|402|CSFP and their related or successor resolutions and/or 2001/931/CSFP a implementing acts in connection with finallcing of tenorism matters un 6.08 lnteqritvCommitment The Borrower warrants and undertakes that it has not committed, and no person to its present knowledge has committed, any of the following acts and that it will not commit.
and no person, with its consent or prior knowledge, will ccmmit any such act, that is to say: (a) the offering, giving, receiving or soliciting of any improper advantage to influence the action of an person holding a publiu office or function or a director or employee of a public authority or public enterprise or a director or official of a public international organisation in connection with any procurement process or in the execution of any contract in connection with those elements of tile Project described in the Technical Descnption; or (b) any act which improperly influences or aims improperly to influence the procurement p(rcess or the implementation of tne Proiect to the detriment of the Borrower, including collusion between tenderers, For this purpose, the knowledge of the officer mentioned in Article 12.01 shall be deemed the knowledge of the Bonower.
The Borrowe.

undertakes to promptly inform the Bank if it should become aware of any fact or information suggestive of the commission of any such act.

6.09 Clientinrormation The Borrower notes the policy of the Bank to pass information on its clients' transactions to the competent authorities in circumstances where EU law requires regulated financial institutions to do so.

6.
6.

't 0 General ReDresentation-s anU Warranties The Borrower represents and warrants to the Bank that (a) it has the power to execute, deliver and perrorm its obligations under this Contract and all necessary action has been taken to authorise the execution, delivery and performance of the same by it; 27 0,\.
(b) this Contract constitutes its legally ,alid, 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: (D contravene or conflict with any applicable law statute, rule or regulation, or any judgement, decree or permi, to which it is subject; ' (ii) conlravene or clnflict 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 obligdions under this Conbact; (d) there has been no Material Adverse Change since 10 October 2012; (e) no eveht or drcumstance which constifutes an event of default under Article 10.01 has occurred and is continuing unremedied or unwaived; i'a (0 no litigation, arbitration, adminisi?tive proceedings or investigation is cunent or to its knowledge is threatened or pendi[g before any court, arbitral body or agency which has resulted or if adversely determined is reasonably likely to resuft in a Material Adverse Change, nor is there subsisting against it any unsatisfied judgement or award; (g) it has obtained all necessary r;onsents, aufiorisations, licences or approvals of governmental or public bodies or authorities in connection with this Contract and in order to lawfully comply with its obligations hereunder, and the Project and all such @nsents, authorisations, licences or approvals are in full force and effect and admissible in evidence; (h) its payment obligations under this Contract rank not less than pai passu in right of payment with all other present and future unsecured and unsubordinated obligations under any of itrs debt instruments except for obligations mandatorily preferred by law: and 0 it is in compliance with all undertakrngs under this Article 6 The representations and warranties set out above shall survive the execution of this Contract and are deemed repeated on each Scheduled Disbursement Date and on each Payment Date.
ARTICLE 7 Eecu-n& f,dl-sunoerrakings in this Article 7 Emain in force ftcm the date of this Contract for so long as any amount $i:ustanOing under this Contract or the Credit is in force.

28 ,.(.

D!.R[.lAM:NT Liili i:' t r ''lrr I .. z.ot Pari Passu rankino The Borrower shall ensure that its payment obligations under this Contract rank, and will rank, not less than pai passu in right of payment with all other present and future unsecured and unsubordinated obligations under any of its Debt Instruments.
ln 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 lnstrument of the Borrower or of any of its agencies or instrumentalities has occuned and is continuing, the Bonower shall not make (or authorise) any payment in respect o1'any other such Debt lnstrument (whether regularly scheduled or otheMise) without simultar eously paying, or setting aside in a designated account for payment on the next Payment De e a sum equal to, the same proportion of the debt outstanding under this Contract as tfE pioportion that the payment under such Debt lnstrument bears to the total &bt outstanding undcr that lnstrument.
For this purpose, any payment of a Debt lnstrument tha't is made out of the proceeds of the issue of another instrument, to which substantially the same persons as hold r;:aims under the Debt lnstrument have subscribed, shall be disregarded.
7.02 Additionalsecuritv Should the Borower grant to a third oarty any security for the performance of any Debt lnstrumenl or any preference or priority in respect thereof, the Borrower shall, it 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 equivaient preference or priority.
7,03 Clauses bv inclusion lf the Bonower: (a) concludes with any other financial :reditor a financing agreement that includes a loss-of- rating clause, and/or a cross dehult clause and/or mandatory prepayment or "put" provisions and/or provisions for coriateral secufily andlot a pari passu clause, or (b) if the Borrower concludes such an agreement which includes any of the provisions mentioned in (a) above that is stricter than the equivalent provision(s) of this Contract, 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.
29 t.t' l aF^ncLE 8 Informatlon and Visits o n,t information concemino the Proiect The Bonower shall procure that all information to be provided to the Bank pursuant to the Project Agreement is duly and promptly provided to the Bank.
8.02 lnformation conceminq the Borrower The Bonower shall (a) inform the Bank imrnediately cf: (D any contemplated amendmetrt to the Treaty and/or the lPAi (ii) any change to the Project; (iiD any fact which obliges it to pGpay any financial indebtedness or any EU funding; (iv) any event or decision that constifutes or may result in the events described in Article 4.034: (v) any intention on ib part to grant any security over any of its assets in favour of a third party; (vi) any fact or event that is reasonably likely to prevent ihe substantial fulfilment of any obligation of the Bonower under this ContraG (vii) any breach of the Onlending Agreement; and/or (vii) any event listed in Article 10.01 having occurred or being threatened or anticipated.
Visits bv the Bank The Borrower shall allow persons desigr ated by the Bank, as well as persons designated by oher EU institutions or bodies when so required by the relevant mandatory provisions of EU law, to visrt the sites, installations and works comprising he Project and to conduct such checks as hey may wish, and shall provide ther , or ensure that they are provided, with all necessary assistranc€ for this purpose.
The Bonower acknowledges that the Bank may be obliged to divulge such information relating to the Bonower, RTC and the Projecl to any competent EU institution or body in accordance wilh the relevant mandatory provisions of EU law.

30 9,1, I I t ARTICLE 9 Chames_and exoenses I Taxes.
duties and fees The Bonower shall pay all taxes, dutjes, iees and other imircsitions of lrhatsoever nature, including stamp duty and registration fiee5, arising out of the execution or implementation of this Contract or any related document and in the creation, perfection, registration or enforcement ot any security for the Loan to the extent a6,p.licable.
The Bonower shall pay all principal, inrerest, indemnities and other amounts due under this Contract gross without deduction of any rational or local impositions whatsoever; provided that, if the Bonow?r is oqiged to make any sL.ch deduction, it will gross up the payment to the Bank so that after deducti6n, the net amount received by the Bank is equivalent to the sum due, 9,02 Other charqes : tos The Bonorer shall b€ar all charges and c-xpenses, including professional, banking or exchange charges incuned in connection with the preparation, execution, implementiation and termination of this Contract or any related documenl, 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.
lncreased costs.
indomnitv and set-off (a) The Bonower shall pay to the Bar,k any sums or expenses incuned or suffered by the Bank as a consequence of the introduction of or any change in (or in the interpretation, adminisfation or application of) any law or regulation or compliance with any law or regulation made after the date of signafure this Contract, in accordanc€ with wtrich (i) the Bank is obliged to incur additional :osts in order to fund or perform its obligations under this Contract, or (ii) any amount owed to th€ Bank under this Contract or fie financial income resulting from the granting , the Credit or the Loan by the Bank to the Bonower is reduced or eliminated.
(b) Vvithout prejudice to any other rilhts of the Bank under this Contract or under any applicable law, the Bonower shall indemnify and hold the Bank harmless lrom and against any loss incuned as a res {t of any payment or partial discharge that takes place in a manner other than as expressly set out in this Contract.
(c) The Bank may set off any matured obligation due from the Bonower under this Contract (to the extent beneficially owned Dy the Bank) against any obligation (whelher or not matured) owed by the Bank to the Borrower regardless of the place of payment, booking branch or currency of eiher obligation.

If the obligations are in difbrent cunencies, the Bank may converf either obligati6n at a market rSte of exchange in its usual course of business for the purpose of the set-off.
lf either obligation is unliquidated or unascertained, the Bank may set oT in an amount estimated by it in good faith to be the amount of that obligation.

31 t ,.J { d I I I AR.rlg!E-l9 EvgntS_gt-Cela-Ult 10.01 Riqht to demand repavment The Bonower shall repay all or part of the Loan forthwith, together with accrued interest and all other accrued or outstanding amounts under this Contract, upon \i/ritten demand being made by the Bank in accordance with the followin I provisions.
10.01A lmmodiatedemand The Bank may make such demand immediately: (a) if the Sono*r does not pay on the due date any amount payable pursuant to this Contrdct at the place and in the currency in which it is expressed to be payable, unless (ir its failure to pay is caused by an administrative or technical error or a Disruption Event and (ii) payment is made within 3 ithree) Business Days of its due date; (b) if any information or document given to the Bank by or on behalf of the Bonower or RTC or any representation or statemen!
made or deemed to be made by the Bonower or RTC in application of this Conhact .r the Project Agreement or in connection with the negotiation or performance of this Oontract or the Project Agreement is or proves to have been inconect, incomplete or misloading in any material respect; (c) il following any default of the Bo,.ower in relation to any loan, or any obligation ansing out of any financial transaction, otl er than the Loan: 0 the Bonower is required or rs capable of being requhed or will, following expiry of any applicable contracfual grace period, be required or be cepable of being required to prepay, discharge, close out or terminate ahead of maturity such other loan or obligation; or (iD any financial commitnent for such other loan or obligation 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 wittr its creditors; (e) if any corporate action, legal proceedings or other procedure or step is taken in relation to or an order is made or an effective resolution is passed for the winding up of RTC, or if RTC tekes steps towards a substantial reduction in its capital, is declared insolvent or ceases or resolves to cease to carry on the whole or any substantial part of its business or activities; (f) if an encumbrancer takes possession of, or a receiver, liqurdator, administrator, administrative receiver or similar officer is appointed, whether by a court of competent jurisdiction or by any competent administrative authority or by any person, of or over, any part of the business or pssets of RTC or any property forming part of the Project; (S) if the Borrower ddtaulG in the performance cf any obligatjon in respect of any other loan made to it from the resources of tht: Bank or the EUi (h) if any distress, execution, sequestration or other process is levied or enforced upon the property of RTC or any property forming part of the Prolect and is not discharged or
 stayed within 14 (fourteen) days: 32 t5 (D if a Material Adverse Change occurs, as compared with the Borrowefs condition at the date of this Contract U) if it is or becomes unlawful for the Bonower and/or RTC to perform any of its obligations under this Conbact or the Proje6t Agreement or this Contract and/or the Project Agreement is not effective in accordance with its terms or is alleged by the Bonower and/or RC to be ineffec{ive in accordance with its terms; or (k) if the Bonower fails to perform any of its obligations under the Treaty and lPA.
10.018 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 berng an obligatjpn mefitioned in Article 10.q,iA; or I (b) if any fact relhted to the Eorrowe' or the Project stated in the Recitals materially alters and is not materially restored anC if the alteration either prejudices the interests of the Bank as lender to the Bofiower or adversely affects the implementation or operation of the Project, unless the non-compliance or circumstjance giving rise to the non-compliance is capable of remedy and is remedied withan a reasonable period of time specilied in a notice served by the Bank on the Bonower.
'10.02 Other riqhts at law Article 10.01 shall not restrict any other dght of the Bank at law to require prepayment of the Loan.

10.03 lndemniw ln case of demand under Article 10.0 , the Bonower shall pay to the Bank the amount demanded together with the Prepaymeilt lndemnity on any amount of principal due to be prepaid.
Such Prepayment lndemnity shall accrue ftom the due date for payment specified in the Bank's notice of demand and be calc rlated on the basis that prepayment is effected on the date so specified.

Amounts due by the Borrower pursuant ro this Article 10.03 shall be payable on the date of prepayment specified in the Bank's demand.
10.M Non-Waivel 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.
33 ARTTCLE 11 Law and iu' isdiction ,'1.01 Governinq Law This Contract and any non-conbaclual obligations arising out of or in connection with it shall be governed by the laws of England and Wales 11.02 Jurisdiction The parties hereby subgrit to the jurisdiction of the Court of Justice of the European Union.

The parties to this Confiact hereby waive any immunity from or right to object to the iurisdiction of these courts.
A decision of the courb gi en pursuant to this Article shall be conclusive and binding on each party without restric{ion or r. servatjon.

11.03 Aoent of Service Wthout prejudice to any other mode of seruice allowed under any relevant law, the Borower hereby undertakes to appoint an agenl of s:rvice acceptable to the Bank for the purposes of accepting service on its behalf of any writ, notice, order, judgement or other legal process.
The Bonower agrees that lailure by a process agent to notiry it of the process will not invalidate the proceedings concerned.

The Bank hereby appoinb (The) Securitie Management Trust Limited, 8 Lothbury, London EC2R 7HH, United Kingdom, to be its agent fior the purpose of accepting service of legal process.

11.04 Place of pertomance Unless otherwise specifically agreed by the lank in writing, the place of performance under this Contract, shall be the seat of the Bank.
,l1.05 Evidence of sums due ln any legal action arising out oi this Contra,:t the c€rtificate of the Bank as to any amount or rate due to the Bank under this Contract sh.rll in the absence of manifest error be prima facie evidence of such amount or rate.
34 ,+ aEi'rcLE 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 r.rr facsimile number as set out below, or to such other address or facsimile number as a party previously notifies to the other rn writing: For the Bank For the Borrower Attention: Ops B - Head of Division West Aftica, Sahel and Caribbean 100 boulevard Konrad Adenauer L-2950 Luxembourg Facsimrle no: (+352) 4379 64897 Attention: Office of the Financial Secretary Ministry of Finance and Economic Development Treasury Building George Street Freetown Sierra Leone Facsimile no.
: (+232) 22 228472 12.02 Form of notice Any notice or other communicErtion given ''nder this Conhact must be in writing.

Notices and other communications, for'..,hich fixed periods are laid down in this Contract or which themselves fix periods binding o l the addressee, may be made by hand delivery, registered letter or facsimile.
Such noticeo and communications shall be deemed to have been received by the other party on the date c, delivery in relation to a hand{elivered or registered letter or on receipt of transmission in relat, )n to a facsimile.

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.
Wrthout affucting 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.
I.J Notices issued by the Borrower pursuanf to any provision of this Conhact shall, where required by the Bank, be delivered to the Bank tcgether with satisfactory evidence of the authority of the person or persons authorised to sign such notice on behalf of the Bonower and the authenticated specimen signature of sucii peGon or persons.
12.03 Chanqes to parties Neither padry to this Contract may not asiign or transfer any of its rights or obligations under this Contract without the prior written consen-ofthe Bank or the Borrower, as the case may be.

12.01 lnvaliditv !i 1'.


lf any provisioh herebf is invalid, such inv€rlidity shall not prejudice any other provision hereof '12.05 Amendments Any provision of this Contract may b$ amended and any consent or approval required thereunder may only be given with the writlen agreement of the Bank and the Borrower.
12.06 Third Partv Riqhts A person who is not a party to this Contraot has no rights by virtue of the Contracts (R,ghts of Third Parties) Act 1999 to enforce or enjov the benefit of any term of thls Contract.
12.07 Recitals, Schedules and Annex6 The Recitab and followang Schedules forr, part of this Contracl Schedule A Schedule B Schedule C Schedule D Schedule E Forms for Bonower Certificates of the Borrower Model Proiec-t Agreement Technical Description and Reporting Definition of EURIBOR and LIBOR The following Annexes are attached heret Annex I Annex ll Authorisation of srgnatory Certificate of Borrowing Powers 36 t.s.
lN WTNESS WHEREOF the parties hqireto have €used this Contract to be executed in 3 (three) originals in the English language and have respectively caused their authorised representatives to initial each page of this Contract on their behalf.

At Freetown, this 10 December 2012 Signed for and on behalf of THE REPUBLIC OF SIERRA LEONE Signed for and on behalf of EUROPEAN INVESTMENT BANK I I I ,G\C M.W Dr Minister of Finance and ?rr C^.^^.--- P.H.
Chamberlain Associate Director 0/b,, G. Heim Head of Division 37 Schedule A Proiect Specification and Reoortinq A.lleshdg3lqescdsl!on Purpose, Location The prgec{ consists of a 1350 km 225 .

(V transmission line to interconnect the West African countries of C6te d'lvoire, Liberia, Sierra Leone and Guinea.
The purpose of the proiect is to improve tre dilapidated isolated eledncity systems of Liberia, Siena Leone and Guinea by providing a bqckbon{ transmission infrasrtcture and interconnection to increase the reliability of the electricity slstemf.attract new cost-effeclive generation capacity and allow the development of regional elec:tricity trade.

The project includes l2 substations of which several will act as hubs for electrification of the secondary cities of the countries.
ln the initial years, the proiect will provide electricity supply from C6te d'lvoire to the other three countries and support the development of the hydropower potential of Guinea.

Description .

Construction of approximately 1,350 km of high voltage transmlssion line.

.
.

Extension of a high voltage substations in Man (C6te d'lvoire), construction of new high voltage substations in Yekepa (Liberia), in Nz6r4kor6 (Guinea), in Buchanan (Liberia), in Monrovia (Liberia), in Mano (Liberia), in Kenema (Sierra Leone), in Bikongor (Siena Leone), in Bumbuna (Siena Leone), in Yiben (Sierra Leone), in Kamakwie (Sierra Leone), in Linsan (Guinea), Scada system for the control of the substations.

.

Compensation equipment (SVCs, csDacitors, reactors, synchronous compensators).
Modifications to existing equipment to allo\n network operations- .

Compensaton study and other studies, Owne6 Engineer costs, RTC costs.

.

Rural electrification, periurban electrificat on and medium voltage distribution (implemented separately from the main project).

38 ?.\ r I I t t t i Lt Transmission Line route of the Project .

:Gitinea ; Cole d;lvaire tJ.


l l Section Kamakwie-Yiben Yiben-Bumbuna Length 21 l knr 60km Bumbuna-Bikonggor 146km .96km r.Kenema 115km Kenema-Mano Mario-lilohrovia 107km Monrovia-Buchanan'l12km Buchanan-Yekdpa 229km 49km Nzerekore-Yekepa ,.152km Ye <epa{4an Total 1,350km Transmission lines Substations Com nsation ent, modafications Studies, su rvision, RTC costs Rural/periurban electrifi cation not done by RTC) Technical contingencies (10%) Subtotal Price contin8encies (2% p.a.)
lnterest d construction Total Calendar The project is expected to be operational in nrid-2016 MEUR MUSD I I I 146.6 87 .6 15,5 36.4 44.O 28.6 358.7 9.4 1.9 370.0 19 5.0 116.5 zo.6 48.5 58.5 38.0 477 .O t2.6 2.5 492.7 )a ov I ''I floz 9 0e aurlpeao Tuawdnba $Mod a^qced euyep ol ipnls uo$esuedwo1 uolleur.rolur / luaurnf,oo 'fi\olaq paleclput aurtpeap eql Iq lsalel aqt le uoqeuxolur 6uur olloJ aql lueg eql ol Je^ttap lleqs Je,$orJog eql -f cgicdSToT6lpurctq-'Z SFGfr lo asec ur i(;;:lerpeuuj!
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6u1u1e1dxe 'petod eq1 lo lsoo pu!!

eq!

:iepp eqrssod iue Jo!

suoseal auuetdxe 'queuodwoc s1cefud ulew )q Jo qcee lo uoqetda@ p o:r,p otll :e$ueqc ]uecguals Aue to!
suoseer eq1 awuepxa 'po]€,tdwoc se tcqud otll ]o sctls.uolc.reqj pJ,utpel eq lo uoaducsop leuq V :Eutpnpur'Uodau uollalduloo pelou tt1z z l' Lt Iueg aql ol r(.tanrlap 1o a1e6 ',holaq poreopul eurtpeap eq ,(q lselel a$ le uo[eJedo le ut pue uotlelduloc tceto.td uo uoneuuolur 6uwro1;oi eql lueg eql ol Jo^rap lleqs Jaiuorrog erll Eo-lrEErtroloTeEf, .sir@ t uollEur.roJul / lueurncoo Schedule B Detinitions of E_URIBOR 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 qf a relevant period cf one or more whole months, the rate of interest for depositi in Et-fi for a term for the c. (c)in respect df a relevant period ..rf more than one month (but not whole months), the rate resulting from a linear interpo:?t on 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 ofthe relevant period, number of whole rnonths; and 'nesponding (the period for which the rate is taken or from which the rates are interpolated being the "Representative Period"), as published at 1 t h00 Brussels tin ?
or at a later time acceptable to the Bank on the day (the "Reset Date") which falb 2 (tui,)) Relevant Business Days prior to the first day of the relevant period, on Reuters page ELIRIBOR 01 or its successor page or, failing which, by any other means of publication chosen for this purpose by the Bank.
lf such rate is not so published, the Bank shall request the pnncipal euro-zone offices of four major banks in the euro-zone, selec{ed by the Bank, to quole lhe rate at which EUR deposits in a comparable amount are offered by each of them as at approximately 1 t h00, Brussels time, on the Reset Date tc prime banks in the euro-zone interbank market for a period equal to the Representative Period.
lf at least 2 (two) quotations are provided, the rate for that Reset Date will be the arithmetic mean of the quotations.
lf fewer than 2 (two) quotatlons are provided as requested, the rate for that Reset Date will be the arithmetic mean of the ra:es quoted by major banks in the euro-zone, selected by the Bank, at approximately 11n00 Brussels time on the day which falls 2 (two) Relevant Business Days after the Reset Date, ior loans in EUR in a comparable amount to leading European Banks for a period equalto the Representative Period.

lf the rate resulting from the above ir below zero, EURIBOR will be deemed to be zero.
lf no rate is available as provided ..,bove, EURIBOR shall be the rate (expressed as a percentage rate per annum) wh'rch is determined by the Bank to be the all-inclusive cost to the Bank for the funding of fie relevant Tranche based upon the then applicable intemally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank.
B. LIBOR USO "LlBOtr 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 ,rne or more whole months, the rate of interest for deposits in USD for a term for the correspondlng number of whole months; and 43 I ,.

{ .

(c) in respect of a relevant period of mor.
:) than one month (but not whole months), the rate resulting from a linear interpolation b), 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.lhe ler,gth of the relevant period,(the period for which the rate is taken or ftom which the ,ates are interpolated being the "Representative Period"), as set by the British Bankers Association (or any successor to that function of the British Bankers Association as determinec by the Bank) and ieleased by financial news provklers at 11h00 London time or at a later time acceptable to the Bank on the day (the "Res€t Date") which falls 2 (two) London Business Days prior to the first day of the relevant period.
lf such rate is not so released by any iinancial news provider acceptable to the Bank, the Bank shall requqst the principal London offices of 4 (four) major banks in the London interbank *marke( selected by the Bank to quote the rate at which USD deposits in a comparable amoiJnt are ofbred by eaeh of them at approximately 11h00 London time on the Reset Date, to prime banks in th€ London interbank market for a period equal to the Representative Period.
lf at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotabons provided.
lf fewer than 2 (two) quotations are provided as requested, the Bank shall request the principal New York City ofnces of 4 (four) major banks in the New York City interbank market, selected by the Bank, to quole the rate at which USD deposits in a comparable amount are offered by each of hem .rt approximately 11h00 New York City time on the day falling 2 (two) New York Business Days afier the Reset Date, to prime banks in the European market for a period equal to the Representative Period.
lf at least 2 (two) such quotations are provided, the rate will f e the arithmetic mean of the quotations provided.

lf the rate resulting from the above is t,elow zero, LIBOR will be deemed to be zero.
lf no rate is available as provided above, LIBOR shall be the rate (expressed as a percentage rate per annum) whic-h is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the .elevant Tranche based upon the then applicable intemally generated Bank reterence ft e or an altemative rate determination method reasonably determined by the Bank.. C. General For the purposes of the foregoing defiiritons: (a) 'London Busin6s Day" means a day on which banks are open for normal business in London and'New Yod( Buslne6a Day' means a day on which banks are open for normal business in New York- (b) All percentages resutting from any calculations referGd 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 Bonower without delay of the quotations received by the Bank.

(d) lf 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 BanlGrs Association (or any successor to that function of the British Bankers Association as determined by the Bank) in respect of LIBOR, the Bank may by notice to the Borower amend the provision to bring it into line with such other ptovisions.
44 (* i I i t fl., .

Schedule C C.l Form of Disbur*nent Reguest (Atticle 1.028) Disbursement Request Counhy - PROJECT Date: pfoce€d with lhe fofforring disbursem€nt IanB ('): Date & rlnou(,lt roqu€sted FIn Piopo6ed dato: r.te ba.b (A,t.

3.01) (% or Sproad) indk te only OtlE) Rato (% or Haximum Sprrad)3 (&r 3.01) Dstes (Art.
5) Rovtllon ConvoBh{r deto (lf ',ny) frequency .Rr0.rn nt mdhodology l ft1.0rl Ep8yment dal€ Date: S€mi-annual B D Equal instakrEnts B I I ll -_ -,] I I I l Reserved icr the EIB Total Cmdlt Amount: Disbursed to date Balanco &I dlsbuBefient: Cunenl disbursernenl: Ealance aE!

disburs6rhent: Disbu ls€rltent deadine: ilar number d a,isbuBernents: Minimum Tranche size Total allocations to date l**"* {cofll€at c.lneocy) i_l [] I I Yes / l{o i:.t l,lqlE: tf D Bonower d@s no!
srF,c& an i,te'r,.sl l,te o, SpEad trers , th€ funowet will bo deemed to have dgreed to lhe intorest f',Flo orsprBad subseguently ptovided by tha Bank i, lie DisDurserrant l$olbe, ir acc!/danoe wi 1 Atlkle 1.02C(c).

I i I I Y?.

( Bonoweds account to be credited Acc.
N": .. ... ... ... (please, provide IBAN format in case of disbursements in EUR, or appropriate format for the relevant curTency) Bank name, address: ...... ... ..... Ptease transmit information ,"t";;;ii;' Bonowefs authorised name(s) and signature(s): ' " ' a 46 ( rt( Certlficales to be orovided bv the Borrower D. 1 Form of Certificate from Bonower (Article 1.04B) Schedule D European lnvestrnent Bank To: From: [Bonowerl Date: Subject Finance Contract between European lnvestment Bank and the Republic of Siena Leone dated [.]
(the "Flnanco Contracf) Fl number ..i......... Seraris number ...... ... tt Dear Sirs, Terms defined in the Finance Conhact have the same meaning when used in this letter.
For the purposes of Article 1.04 of the Fina'lce Contract we hereby certify to you as follows: (a) no event described in Article 4.034 has occurred and is continuing unremedied; (b) no security of the type prohibited under Article 7.03 has been created or is in existence; (c) there has been no material change to any aspect of the Proiect or in respect of which we are obliged to report under Article 8.01, save as previously communicated by us; (d) we have sultcient funds available to ensure the timely completion and implementation of the Pmject in accordance with Schedule A.1i (e) no event or circumstance which constitutes or would with the passage of time or giving of notice under the Finance Contract constifute an event of default under Article '10.01 has occuned and is continuing unremedied or unwaived; (0 no litigation, arbitration adminisfative proceedings or investigation is current or to our knowledge is threatened or pending before any court, arbihal body or agency which has resulted or if adversely determineo is reasonably likely to result in a Material Adverse Change, nor is there subsisting agairrst us any unsatisfied judgement or award; (g) the representatons and warranties to be made or repeated by us under Article 6.10 are true in all respects; and (h) no Material Adverse Chqnge has occuned, as compared with our condition at the date of the Finance Contract Yours faithfdlly, For and on behalf of the Republic of Siena Leone Date: 47 ,.
( D.2 Form of Compliance Certificate European lnvestrnent Bank To: From: The Republic of Sierra Leone Date: Subject Finance Contract between European lnvestment Bank and The Republic of Siena Leone dated [.]

(the'Finance Contract) Fl number Serapis number ......... Dear Sirs, We refer to the Finance Contract This is a Compliance Certifcete.

Terms defined an the Finance Contrect tra{e ttre same meaning when used in this Compliance Certificate.
We hereby coifirm: I no security of the type prohibited under Article 7.03 has been created or is in existence; no event or circumstance which consftutes 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 ocrlJned and is continuing unremedied or unwaived.

Yours faithtully, For and on behalf of The Republic or Sierra Leone I.1 48 (__ nl, yt -.}
f olnpaqcs tu5trrfiEv-I5elEileFE CLSG INTERC')NNECTION P roject Agreement , between The Republic of Sierra Leone ancl lRrcI and European lnvestment Bank [Locationl, [Datel t.J I( h.\.

,] .i il THIS PROJECT AGREEii!ENT IS iIADE BETWEEN: Leone, (the "Borrower") represented by and offces at Leone rriflel.

and duly by [Name], [RTC], a company establi3hed und:r the laws of [.]

and having its regir.tered office- at [i, representea bi rJ, a board resolution ac@ltance 'n "wiUr dated [.

], attiched as Annex ll.


(tre "RTC') and The European lnvestrnent Bank having its seat at 9&1 00 blvd Konrad Adenauer, L-2950 LuxembourgF Kirchberg, GranGDucfi6 du Luxembourg, represented by [Narnel, friflel.

(the "Bank") 1 \__t.
.I t1 COT{TENTS INTERPRETATION AND DEFINITIONS ARTICLE I Borower and RTC undertaklngp and lcpr€s€ntatiorE i.01 Uss ot Loan and availabllity oi othor funds 1.O2 Completion of Prcioct 1.03 lncltased cost of Projoct l.O/t Procurcmontproc€dure '1.05 ContinuingProjectundertakings 1 .06 Dispocal of a$ets t,07 Gompliaqce wit{ laws 1.08 Change in busirfess 1.09 erger l.t0 Financialcovenants 1.11 Socurity 1.12 Books and recolds 1.13 RTC'S unclertaking with Espect to money-laund€rlng compliance 1.11 lntegrityCommitment 1.15 Cliontlnformatlon l.16 Gener"l RoprasontaUons and War"antios ARTICLE 2 lnformation and Vblts 2,01 lnfo.matlon concoming the Projoct 2.02 lnformauon concemlng RTC 2.03 Vislts by the Bank ARTICLE 3 Law and rurisdlcton 3.01 Govomlng Law 3.02 Jurisdiction 3.03 Ag€nt of Sorvico 3.04 Placo of p€rfomance ARTICLE 4 Final clau3e8 4.01 Notcss to either party 4.02 Form of nofce 4.03 Chang$ to parties 4.0/+ lnvalidity 4,05 Amendments /t.06 Third Party Rights 4.07 Recitals, Schodules and Annexes Schedule A Schedule B 4 6 6 6 6 6 6 7 7 7 7 8 I I 8 I 9 9 10 10 '11 12 13 13 13 13 13 't3 t3 14 14 14 15 't5 15 16 21 2 I WHEREAS: (1) The Bonoyver has stated that it is undertaking the construction of a backbone transmission and interconnection line to interconnecl COte d'lvoire, Liberia, Sierra Leone and Guinea, as more particularly described in the technical desgiption (the "Technlcal Description'!)
set out in Schedule A (the:Projecr).

The Project shall be implernented by the RTC to which the Borrower will on-lend the Loan through an on-lending agreement (the'On-lendlng AgBement').
(2) The total cost ot the Pro,ect, as estimated by the Bank, is EUR 370,000,000 (three hundred and seventy million Euros) (the 'Total Cosf) and the Borrower has stated that it irtends to finance the Proiect as follows: so,,.lr"" African Development Bank (loan and grant) Loan from the World Bani Grant from KfW Contdbutions from the Govemments of Cdte d'lvoire, Liberia, Siena Leone and Guinea Loan from the Bank TOTAL Amount (EUR, 147,200,000 103,700,000 31,000,000 13.100,000 75,000,000 370,000,000 (3) The Bank and the Bonower have entered into a finance contract dated [.]
(the 'Finance Contracf).

(4) ln addition to the Finance Contract, the Bonower, RTC and the Bank have agreed to enter into this projeci ag 3ement (the'Proiect Agrcemenf).
3 \ \=J, I 0/, NOW THEREFORE i1 is hereby agreed as fottows INTERPRETATION AND OEFII{ITIONS (a) lnt8rprstation (i) References in this Pro.iect Agreemer to Artides, Recitals, Schedules and Annexes are, save if eplici{y stipulated otherwise, reierences respec,tively to articles of, and recatals, schedules and annexes to this Proiecr Agreement.

(ii) References in this Projed AgEement to a provision of law are references to that provision as anrended or re.enac,ted from time to time.
(ii0 References in this Pro,iect Agreement to any other agreement or insbument are references to th?t other agreement ol insbument as amended, novated, supplemented, extendeq or resbted from lime to time.

(iv) ln the evenl oCa conflict betlv€en any prcvision of the Finance Contracl and any provision of this Proiect Agreement, the former shall prevail.
(v) The Finance Contrac{ shall be read in conjunction urih this Projecl Agreement and this Proiect Agreement and the Finance Contract shall constitute a single agreement.

(b) Oofinitlons ln lhis Proiect Agreement: 'Bank' has the meaning given to it in the list of parties to this Projec{ Agreement.

'Borrowel, has the meaning given to it in lhe list of parties to this Proiect Agreement.
[lay' means a day (other than a Saturday or Sunday) on whicfi lhe Bank and 'Busin€ss comm€rcial banks are open fur general businoss in Luxembourg.

'Envircnmenf means the following, in so hr as they affect human health and social welF being: (a) fauna and flora; (b) soil, water, air, climate and the landscape; and (c) cultural heritage and the built environment, and includes, without limitation, occupational and community health and safety matters and working conditlons.
"Envircnmontal Appmval(s)' means any permit, Iicence, authorisation, consent or other approval required by Environmental Law.

'Envircnmental Claim' means any claim, proceeding, formal notice or Investigation by any person in resped of any Environmental Law.

'Envircnmental llw' means: (a) laws and regulations of the Republic of Sierra Leone: and (b) applicableintemationaltreaties.

of which a principal obieqlive is the preservation, protedion or improvement of the Environment.
"Finance Cmtract' has the meaning given to it in Recital (3).

"Financial viability' has the meaning given to it in the tPA.

'GAAP" means generally accepted accounting Principles in the Republic of Siena Leone, including IFRS.

4 q \ ,5 'Guide to Prccuremgnt' means the.

Bankl guide to procurement as available on the Bank's website (htlp:/ at the date of this Agreement) and provided to RTC and the Bonower.
^iwrv.eib.oro/infocentre/oriblications/aluouide-to-procurementhtm "IFRS" means intemational 1606/2002 to the extent applicable standards within the meaning ol IAS Regulation financial statements.

'lPA" means the inlemational projec{ agreement entered into between.Cote d'lvoire, Liberia, the Republic of Sierra Leone, Guinea and RTC on [.]

for the purpose of implemenling the Proiect.

'Loan' means the aggregate amount of fanches disbursed fom time to time by lhe Bank under the Finance Contac,l.
'materlal AdyeBe Change' means, any event .

r change of condition afrecling RTC which, in the opinion of the Bank: (a) materially ifipairs ibe auitlty of RTC, to perform and comply with its obligations under ,t this Proiecl Agreem'ent or (b) materially impairs the financial condition (financial or otherwise), business, operations, property or prospects of the RTC.

'On-lending Agr€emsnt'has the meaning given to in Recital (1).
"PaOr' means a party to this Prolect Agreement and "Parte6' shall be construed accordingly.

'PTojocf has lhe meaning given to it in Recital (1).

'RTC' has the meaning given to it in the list of parlies to this Proiecl Agreement.

'Secudty'means any mortgage, pledge, lien, charge, assignment, hypothecdion, or other security interest securing any obligation of any person or any other agrcement or arrangement having a similar efiecl.

'Technical Descrlpton' has the meaning given to it in Recital (1).
'Total Co6f has the meaning given to it in Recital (2)- 5<- ,l i o.1.

ARTICLE 1 The undertakings in this Afticle I remain in for'ce from the date of this Project Agreement tor so long as any amount is outstanding under the Finance Contract.

1,01 Use of Loan and avallabllitv of otho,' funds RTC shall use all amounls bonowed made available to it under the On-lending Agreement exclusively for the execution of the Projecl.
RTC shall ensure that it has available to it all other funds necessary to the implementation pf the Proiecl in accordance with the Technical Description and that such funds are *pended, to the extent required, on the fnancing of the Proiect.

1.02 Complstion of Prpiect RTC shall carry out the Proied in accordance with the Technical Description as may be modified from time to time with thr approval of the Bank, and complete it by the final date specified therein.

1.03 le@-Etss!
1.03 le@-Etss!

lf the total cost of the Projecl excoeds the estimated figure set out in Recital (2) RTC shall obtain the fnance to fund the exoess cost without recouBe to the Bank, so as to enable the Project to be completed in accordance with the Tecfinical Description.

The plans for funding the excess cost shall be communicated to the Bank without delay.
1.04 Procur?mont orocedure RTC undertakes to purchase equipment, secure services and order works br the Proiect by open intemational tender or other acceptable procurement procedure complying, to the Benk's satFfadion with its policy as described in its Guide lo Procurement in Sorce at the date of this Project Agreernent.

RTC hereby confirms that it has been provided with a copy of the Guide to Pro@rement prior to the signature of this Proiecl Agreement.
'1.05 ContinuinqProjoctundednkinqs RTC shall: (a) Ualntananco: maintain, repair, overhaul and renew all pmperty forming part ofthe Pro.lecl 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 Projeci or, as appft)ptiate, replace and renew such asseB and maintain the Proiecf in substantially continuous operation in accordance with its original purpose; provided that the Bank may yrithhold its consent only where the proposed action would preiudice the Bank's interests as lender to the Bonower or would render lhe Proiect ineligibb for tnancing by the Bank under its Statute or under Article 309 of the Treaty on the Functioning of the European Union; 6 \-, \ ,1' (c) (d) (e) lrrcunnce: insure all worts and property iorming part ot the Pro.iect with first dass insurance ggrnpanies in accordance with the most comprehensive relevant industy practice; Rights and Permits: maintain in force all rights of way or use and all permits, licenses, approvals or adhorisations necessary for the execution and opration ol the Project; and Environment (i) implement and operate the Prorect in compliance with Environmential Law; (ii) obtain and maintain requisite Environmental Approvals for the Projed; and , (iil) cqmply rvith any such Environmental Approvals EU lat: (0 execute and operate the Pr( ,ecl in accordanc€ with the relevant standards of EU hw to the exter specif !d by the Bank prior to the date of this Project Agreement.
l.06 Di3oosal of assets (a) Except as provided belci , RTC shall not, either in a single transaciion or in a series of transaciions whether related or not and whether voluntarily or involuntarily dispose of any part of its assets.
(b) Paragraph (a) above does not apply to any disposal of assets for fair market value and at arm's length: (U made in the ordinary cqurse of trading of the disposing entily; (ii) made in exchange for other assets comparable or superior as to type, value and quality; or (iiD made with the prior writ(en @nsent of the Bank, in each case other than assets forming part of lhe Projecl pursuant to Article 1.05(b) and all shares in subsidiaries holding assets forming part of the Poect which may not be disposed of.
For the purposes of this Article, 'dispose' and 'disposal' includes any aci effeding sale, transfer, lease or other disposal.

't.07 Comollance with laws RTC shall comdy in all respecls with all la\irs and regulations to which it or the Project is subiect.

'1.08 Chanoo in business RTC shall pro"ur" ih"t no substantial change is made to the core business of RTC from that canied on at the date of this Proiect Agreement.
1.09 l{orcer RTC shall not enter into any amalgamation, demerger, merger or corporate reconstrudion .

7, /5 'td B 'l3P p uolssrulutoc 3l{ ,o a^lFa66ns uo$etrJolu!

lo }cel i(ue Jo aie/\ e aulog€q qcns ol selsuapun clu clu ]o oopal/houl aql plnoqs lr ]!

ueg ato uuojur pouraep aq lleqs !0 t ertrryv u!


PauollueuJ Ja3lso aql Jo'pa[old-3t0 ]o Jeoeueu.l aql ro 'CIU ,o srcperlp lo pJeoq aql io raquraut lue lo e6pel^\gul 5t{l 'asodmd slql.tol ^[duio]d ^ue 'srarepual uae/'lleq uosnpc 6utpnpq'Je,v\ollog aql lo luauiutep er{} ol paloJd aqljo uottsluauaFul!

er$ lo sssJoJd luaulaJrDoJd eql acuangu!

ol AUadoJdu!

stlre ro saouangul ,fuedoidu:r q.lq,$ pe IUB (q) Jo :uo$dugsao lpcluqcal eql ur paqpcsep lcalord aqu ]o queua|a esor$ qy* uo[9€uu@ u!
pe4uoc r(ue 1o uogroaxe aql ur Jo ssacord luaurarmoJd (ue g1,n uotparruoo u1 uollestueOro leuo!]euelu!

orqnd e lo lel3go ro rolcaip B Jo asldJalua cllqnd ro cllqnd e lo aai(o1du:a ro joperp e ro uolpunJ ro ecuo clqnd e ourploq uocJed e lo uolpe eql acuangur o1 eoelue^pB JadoJdur!
ro oulllcllos Jo 6u!^!eJsl '6unr6 'ouualJo aql (e) uururoc 1m 'a6pa6ou1ro!.d Jo luasuoc sll r$/n 'uosJed ou pue 'uulLuoe lou llur\ I leql pue spe ouuaollo} etll lo lue 'pa$!uJtr@ seq a6peF\oul luasa.rd sI ol uosrad ou pue 'pallrrJruoo lou seq u le\q saleuapun pue sluerEt Clu iEsiiiilmm'ripuam :^es ol sr leqt 'pe qcns ^tloqlnB ^ue ^ue 'sJsu?r.u ursuoJel ,o 6uEueug r{ll^f, uo}cauuo, ur spe buuueueldtur rolpu?
suorulosal rossa3cns Jo palelar Jlaql pue dlSClZ,o Z\OZ pue dlsC/fe6lf0oz suollsod uoruruoC slr ol luensJnd n3 el{l ]o rolpue @quoJ-i5F]6Titfffi) (!O0Z) e/er '(666f ) ZgZr suoontoseu tl3unoC aql lrcuno3 ,(1unca5 ol luensrnd sealllultlloJ sl{ Jo llcunoc /(unces suoleN pauun aql Aq peleolnuo.rd suosJad pauolpues Jo sqs[ pslepdn uo pa.lleu suoryullsur .ro slenpwpur aql lo ,(u" 'Jo Beuaq aql Jo] Jo 'r.lll,l^ FJalua sr uonaesup4 ou lEql ouunsue .ro asod:nd aql rol'soJ[JeJd ]saq pup s*\el lBuoqeu elq6{dde qu,vr ague[duio9 ur slo4uoc pue sa:npaco.rd leuJelur rlf'^ i(ldtuoc pue ulelureu 'elny1sur llu^ CfU ^q 'IUBE aqll0 uo*cels[es 6ql ol ()tueg eql F^ordde sef,uerqal ]o sulal palpne aq r4r$ asuppJose u!
poureFJ se) alndar lsuorleulalut lo slollpn?

leuaxo llBr{s slunoo3e S,CIU aurl o} aur!}

uo4 }sago ur s?

dwg rgp$.
dwg rgp$.

ecuep.pJcp ul '}ca[ord eql qu/r^ uorpeuuoc ur saJnlpuedxe Eulpnpur 'DIU lo sseursnq pudslasse eq1 pue suorpesueJl ter3ueug lle ]o apeui oq llBqs sat4lra parroo pue 11n1 qcrfi ur luirocce 1o spJo3al pue slooq iadod dea)t ol anurluoo ll!r,^ pue ldal seq y letp ajnsua lleqs gIU 5tr6'5ilEtE='i66ii ^q ^q slasse sy 1o :aao fiunceg i(ue }srsqns ol Uul.lad lo aleaio tou lleqs CIU ,sEr5ES ^ue tt'I c,.l zt't tt'I 'C.fU p {lltlqetn lercueurg aq1 q pedsal r{!^^ Z ZI elclue repun s6uqepepun q!
q}urr ,(lou:oc lleqs .la {roJJog eq1 pue (saxauue sI ourpnpu0 Vdl aql Japun soulleuapun lepueug stl lle qgm,(ldruoc lleqs OIU EiEECIo5'|E ru-EEiI Oyr 1.15 Client n RTC declares that, to the best of its knowledge and belief, and afier making due enquiry, no fund invested in RTC'S share capital is of ilticit origin and likewise declares that no fund specified in lhe Recitals is of illicit origin.
lt furlhermore undertakes to promptly inform the Bank, if it should at any time be infcrmed of an illicit origin of any suci fund.

The Bonower and RTC note the policy of the Bank to pass iniormatlon on its clients' transactions to the competent authoritjes in circumstances where EU law would require regulated financial institutions lo do so.
't .16 Goncral Reprc3entations and Warrartties RTC and, wherEapplicable, the Boirolner, represents and warants to the Bank that: (a) it is dulyilncorpoEted and vali.ily existing as a [.]

under the laws of [.]

and it .
has power lo carry on its business as it is now being conducted and to own its property and ofier assets; it has the power to execute, deliver and perform its obligations under this Proiect Agreement and all necessary @rporate, shareholder and olher action has been taken to authorise lhe exeoJtion, delivery and performance of the same by iq this Projed Agreement constitutes its legally valid, binding and enforceable obligations; the execution and delivery of, the perfcrmance of its obligations under and compliance with the provisions of this Proiect Agreement do not and will not: (i) conbavene or conffid with any applicable law, statute, rule or regulation, or any judgement, decree or permit to lvhich it is subieet; (i0 @ntravene or conflict w,r.h any agreement or other instrument binding upon it which might reasonably be expecied to have a malerial adverse effect on its ability to perform its obligations under this Project Agreement; (iiD contravene or conflict wirh any provision of its articles of association; the latest available consolidated audited ac@unts of RTC have been prepared on a basis consistent with previous years and have been approved by its auditors as represenling a true and Fair view of the resulls of its operations for that year and accurately disclose or reserve againsl all the liabiliues (actual or contingent) of RTC; (b) (c) (d) (e) (D no event or circumstance Mrich constitutes a breach of this Proiect Agreement has occuned and is continuing unremedied or unwaived; G) (h) (i) no
 litigation, arbitration, administrative proceedings or investigation is cunenl or to its knolvledge is threatened or pending before any court, arbitral body or agency which has resulted or if adversely determined is reasonably likely to result in a Material Adverse Change, nor is there subsisting against it or any of tts subsidiaies any unsatisfed iudgement or award; it has obtained all necessary consents, authorisations, licences or approvals of govemmental or public bodies or authori$es in connection with this Prgect Agreement and in order to lawfully comply with its obligations hereunder.
and the Projeci and all such @nsents, authorisations, licences or approvals are in full force and eff€ct and admissible in evidence; at the date of this Proiect Agree.nent, no Security exists over its assetsi \_l_ i I\ 0.1 !d 0L pue:/r el leluauuor uf alqeJlddE pue :loefoid aql lo uolleJado Jo uo[ncoxa Jo suoflpuoc sql pegB ro sgpnlald ,(ueoueFqns ,(eur qorllr 'Je/\ 0106 al.ll ,o/pue OIU ol u,$oul Ue^e lo pel IUE (I) ql,v\ I Aq asueltduro3-uou ^ue (ttr) ^ue (0 ^ue pue :p€told eql oulpalle sJsllBu .leqo rc leluauuouua o1 p:e6a.r W^ Je/$oJJoE eql ro/pue C1U lsule6e peualBart-g ro 6ulpuad 'paeuaururoJ aEpayvroul slr ol sr lsql ulq3 lelueuruoJlui Iue ro la,uorog or{l Jo/pue CIU t(q pa^racar lurplduroa aurnqe6 ,(ue.to IUed pJrr{ ro pa}pnur lsaprd ro uolpe Iq pasra uorpalqo ^ue ^uE :ro lueg a\g urolur A[druoJd :pe[o:6 aq.ro1 ueld 6upueug :o auruer6o.rd arnUpusdxa aql ol rc alqelaurll 'sueld 'u6lsap 'a3pd aql 'eflE Jalu!
'lo padsaJ ur 'luauraar6y pa{o:6 srql 1o 6uru6!s eq} ol Joud pelord aql qUivr uo[a€uuoc ur lueg aql ol apeur saJnsoloslp sqq luno$e opl Ouryel osle '1oalord por.
{u,$ IueE :rlll lo le^oJdde aq} Jo, uuqns aql ol ooupqs lBueleur Aue :esodrnd aql rcl fuessacau eJuelslssp lle qlln^ suosJad qcns apl^oJd lleqs ClE ,o/pue .Fi!\orJog aql pue esuadxa sJa/r^oxoS eql le Jo lu4lnsuoo e ro [e]s u Iuee aq1 '6utu,vr ur IUeg aql esec aql se 'Je/noJJog aql &/pue 3IU pue 'au!l uo lueg lou saop 'aq ^IIpa, eql ol para^lpp lou s!
lueuJmop Jo uo[pr.trJolur qcns $ ]Bql sle,vqe pap!^ord sll ourlolduJe ,(q 'alqtsear luexa €q of i(cua1c4ap eq1 {paurer "tued les aurl elqeuoseer E uu{!rr^ uolssruJo eql ^eu, prrql Jsqlo ^elap ^eur ^ue ^q ^o (e) (q) :euI elqeuoseej e urqlurr aunbar {Bur IueS aq} sp }cglold aql to} Jo lo sJa$ew leluouruoJl^ua pue uolleJedo'uollsluauadurl'lusr.uarncold '6uoueug aql OuruJecu@ Ueun lop reqlnl Jo uo$amo1ur qons i(ue (D ^lqeuoseal ol seued eql ur psurgads 'sauJq atn le puE 'uxo, ur puB paluoc u!
uotpurrolut eqq (D eull ol aurll uro4 paaJoe se asr,,uaqlo ro Z'V elnp€q€ ^q puE Jueurasjov lcelord sr4 :lueg aql ol lo^lap (e) leqs 'aq ieut :rsea aql sB !a,r olog et{l Jo/pue CtU rEldEiAn-Eullli55ii6a-tro11e-66iEi t0'z E!5!ITEE!6$euroJu-i TTT5IIEY [pafor6 aq1 pue CfU lo sn]e]s uo ourpuadap 6uru6rs lo aui[ |e passnf,stp aq ol lueg als ,(q psJlnbal suoqlpuof, teuoqlppvl ^ue 'Vdt aqlro suualoqlqu eruelduroo llry u!

s!
s!

ll puP :ClU ,o ropual qlu papnpuoo uaaq a^eq [slueua^oc let3upu[ Jo:l asnpp 6uBEJ ]o ssol ou :t apEV stql Jepun s6uqqjapun lle (0t^\ eJuqduoJ u!

s!

lt :u lsuteoe peueleaJql s!

Jo p3oueujlljo3 u3eq seq ur"lC leluauruol!^u3 ou (futnbue lnlelec pue 8np apeui 6uraeq) larreq pue e6pe1a,rou1 s]!

Jo lsaq aql ot pue (a)90 1. al36tv L6u auelldruoo ut st l!

(ur) o (r) (!)
(ur) o (r) (!)

(iv) any suspension, revocation or modification of any Environmental Approval, and set out the ac{ion to be taken with respecl to such matters.

(d) provide to the Bank, if so requested: (i) a certificate of its insurers showing fumlment of the requirements of Article 1.05(c); (iD annual'y, a list of policies in force covering the insured property forming part of the Projec't, togethe!'

with confirmation of paymenl of the current premiums.
:.02 lnfotmation concemino RTc RTC shall: -.---:-_--T- (a) deliver to the Bank: (i) (iD (iii) (iv) (v) (vi) (vii) as soon as they become available but in any event within 180 (one hundred and eighty) days afler the end of each of its financial years its consolidated and unconsolidated annual report, balance sheet, profit and loss account and auditors report for that financial year together with a compliance certificate as s€t out in Schedule B signed by and reported on by RTC'S auditors confirming compliance by RTC with the financial covenarts pur:iuant to Article [1.10] and with evidence of such compliance and rehted calculations ; and as soon as they become publicly available but in any event within 120 (one hundred and twenty) days afier the end of each of the relevant accounting periods itg interim consolidated and unconsolidated semi- annual report, balance sheet and prolit and loss account for the first half-year of each of tts finilncial years together with a Compliance Certificate as set out in Schedule B signed by two directors confirming compliance by RTC with the financial covenants pursuant to Article [1.10] and with evidence of such compliance and related calculations; from time to time, such further information on its general financial situation as the Bank may reasonably reguire or such certifcates of @mpliance with the undertakings of Micle 1 as the Bank may de€m necessary, promptly, copies of all signed transmission servi@ agreements; its revised financial model as soon as it has been updated;
 quarterly progress reports during the implementation phase of the projecl; and promptly, upon request by the Bank, copies of Board resolutions and Board minutes of RTC: and (b) inform the Bank immedialery of (i) any material alteration to iti articles of association or shareholding stuclure and of any change of ownership of its shares afier the date of lhis Proiect Agreement: (iD any fad which obliges it to prepay any financial indebtedness or any EU tunding; 11 0 f .
I I I i (iiU any intenlion on its p?rt to grant any security over any of its assets in favour of a third party; (iv) any intention on its part to relinquish ownership of any material component of the Prcject (v) any fact or event that is reasonably likely to prevent the substantial fulfilment of any obligation of RTC and/or the Bonower under this Project Agreement; (vi) if any corporate aciior, legal proceedings or other procedure or step is taken in relation to or an order is made or an effeclive resolution is passed ior the windirrg up of RTC, or if RTC takes steps towards a substantial reduc{ion in its capital, is declared insolvent or ceases or resolves to cease to carry on the wtlole or any substantial part of its business or activities; .. (vii) lf an encumbrancer lakes possession of, or a receiver, liquidator, administrator, administralive receiver or similar officer is appointed, whether by a court of competent iurisdiclion or by any competent administrative authority or by any person, of or over, any part of the business or assets of RTC or any property forming part of the Pro.iect; (viii) if any distress, execu-on, sequestration or other process is levied or enforced upon the property of RTC or any property forming part of the Project and is not discharged or stayed within 14 (fourteen) days; (ix) any investigalions conceming the integritv of the members of RTC'S Board of Directors or managers; (x) any litigation, arbitraticn or administrative proceedings or investigation which is cunent, threatened
 or pending which migt( if adversely determined result in a luaterial Adverse Change; (xi) if il is or becomes unlawful for RTC to perform any of its obligations under this Project Agreement and/or lhe Pro.iect Agreement is not effeclive in accordance with its terms or is alleged by RTC to be ineffedive in accordance with its terms; (xii) any chang€ (xiii) any invoices issued by it to its clients which remain unpaid for a period in its bansrnission tariffs; and/or of 30 (thirty) days following their due date.
2.03 Visib by the Bank RTC shall allow persons d$ignated by the Bank, as well as persons designated by other EU institutions or bodies when so required by the relevant mandatory provisions of EU law, to visit the sites, installarions and works comprising the Pro.iect and to conduct such checlG as they may wish, and shall provide them, or ensure that they are provided, with all necessary assistance for this purpose.
RTC acknowledges that the Bank may be obliged to divulge such information relating to RTC and the Projec{ to any competent EU institrrtion or body in accordance with the relevant mandatory provisions of EU law.
12\ \ I I I )t 't( \- et :ou$u/v\ ut roqlo aql ol seulou llsnol^eld iued e se requrnu allrlscel Jo ssaJppe laqlo qpns ol Jo ',v\oleq ulo las se €quJnu alrursce] io ssajppE aqq ol apeu aq lleqs luauaelEv p3loid s!$ ol laqua ol passaJppe luau33J6v pslord srql Japun ua^16 suolleclunuulo3 JsLllo puE sac0oN itrEf5qn6qE55F[ ^ued t0'?

E556Ei5lru!]
E556Ei5lru!]

t-fic[uv- aaueuuofad ,o aopld a$ '6u[pn ul lueg aq i(o pasJoe 'tusg aq]lo leas oql aq lleqs lueuleerov paford slql Japun es!ruatso sselun 5mEEmFAl6E5Eia ^llecgE€ds ,0'c 'ssa3od le6allo aa!ruas 6uqdaocs lo osod,nd eq1 .lo; gua6e sl!

aq ol 'i,uop6uly palun 'HHl.
UZgf uopuo'l 'IJnq$o'l g 'paluJl'l lsruf lualrlaoeuet,l ssBpmes (aqf) slurodde ,(qaraq lueg aq1 'peu:eouoc sou;peeJoJd aql appltB^ur lou llur\ ssaJoJd aql lo I r$tou ol lua6e ssacord e te6al reqlo oJnllq lpt{ sa€r6B ro paueopnf 'rapro 'aJllou 1u,nr,(ue 1o eqaq q uo aJ!rues ouqdocse p sssodJnd aq| Jol acrrues 1o 1ua6e q1 se [s|1e1ap pEum puB aureu Iasuil slurodde ,{qaJaq c1u 'nrel lue^epr ,(ue Japun po/$olle ocru3s Jo apoul .,oqlo ol actpnlajd lnor]lrM ,e/noJog eq1 'sseood ^q ^uB 'peuJeouoc sourpaanold eql alepprul lou ll!/$ ssacoJd aqt arnlet lel{ sa€iDe F,hoJJog aql ssecord le6el .la\0o ,o I ,({lou ol luaoe ssa3ord e ro luauaOpnf ':ap:o 'solou 'Ir/'^ IUB Jo leqaq q!
uo aqruas 6uldea3e lo sesodJnd aql rol a3rues ]o lua6p sl!
sp lslrqep ]reluot pue aual Uasul] s]urodde i(qa:eq rainor:o€ al+ '^ el lue^alar {ue rapun pen olle arrruas Jo apour Jaqlo ol eclpnfaJd lnoqlM ^q ^ue 5c!-'uo-Sl-olT56v to't 'uo[eru3sar ro uorlrgFeJ lnor$a fued r+3e3 uo oulputq pue e^rsnl3uo3 aq lleqs apUV slql ol luensJnd ua^r6 iun6 eql p uorsroap V 'sunoc eseql ]o uorlorpsunl aql ol patqo ol lqOI ro u.ro4 ftqunutul lue aarcm ,tqat]q salped ar{I 'uo!un ueadorn3 aql Jo alFnf p UnoO aql ,o uorcrps'Jnl e$ o] ]urqns {qaeq seluEd aql EEE5!FEFr z0't 'sele6 pue puel6u3 p s,uel aq1 ,(o paurenoO aq leqs 1 qlh^ uolpeurroo ur ro ,o 1no 6u1spe suo4e6rrqo lerq.e4uoc-uo(, iue pue luauee.r6y ;cafoid slrll ilETEEiffi5 }o'r uor-i5iFEmIEuETEi ETi5Frw For the Bank For the Borrower For RTC I 4.O2 Form of notice I I I -1 Attention: Ops B [Name and Title] 100 boulevard Konrad Adenauef L-2950 Luxembourg Facsimile no: [FAX NO.l Attention: [Oepartnent / Division - INDIVIDUAL NAMES PLEASE] [ADDRESSI Facsimile no: [FAX NO.]
Attention: lDepartrnent / Division - N INDIVIDUAL NAMES PLEASE] [ADDRESS] Facsimile no: IFAX NO.]

I i , Ilq I I Any notice or other communication given under this Project Agreement must be in wfiting.

Notices and other communications, for which fixed periods are laid down in this Proiec't Agreement or which themselves fix periods binding on the addressee, may be made by hand delivery, registered letter or facsimile.
Su€fi nolices and communications shall be deemed to have been received by the olher party on the date of delivery in relation to a hand{elivered or registered letler or on receipt of transmission in relation to a facsimile.

Other notices and communications may be made by hand delivery, registered letter or facsimile.
Without affecting the validity of any notice delivered by facsimile according to the paragraphs above, a copy of each riotice 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 Bonower or RTC pursuant to any provision of this Pro.iect Agreement shall, where required by the Bank, be delivered to the Bank together with satisfadory evidence ofthe authority of the person or persons authorised to sign such notice on behalf of the Bomower or RTC and the authenticated specimen signature of such person or p€rsons.
4.03 Chanqes to oarties Neither party to this Project Agreement may assign or transfer any of tts rights or obligations under this Project Agreement without the prior written consent of the Bank, the Bonower or RTC, as the case may be.

4.04 lnvalidtu lf any provision hereof is invalid, such invalidity shall not preiudice any other provision hereof.
14 -\ \ 0$ 4.05 Amendments Any provision of this Project Agreement may be amended and any consent or approval required thereunder may only be given with the written agreement of all Parties hereto.

4.06 Third Partv Riqhts A person who is not a party to this Proiect Agreement has no rights by virtue of the Contracts (Rights of Third Parties) Act 1999 to enforce or enioy the benefit of any term of this Proiect Agreement.
1.07 ry The Recitals and following Schedules torm part of this Project Agreement: Schedule A Schedule B Technical Oescription and Reporting Form ol Compliance Certificate I The following Annexes are attached hereto: Annex I Annex ll Bonorrreds authorisation of signatory Promote/s authorisation of signatory ll{ WITNESS WI{EREOF the Parties hercto have caused this Proiect Agreemeft to be executed in 4 (four) originals in the English language.
This Pmieci Agreement has been initialled by [name and title] on behaf of the Borower, [name and titlel, on behalf of RTC and by [name and titlel on behalf of lhe Bank.

ln [.

], this [.]
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: I Total MEUR MUSD .. i2{.ra 1 .350km Transmission lines Substations Stud Technical contingencies (10%) subtotal Price contingen cies 12% p.a.l lnterest during construction Total I I I I I Calondar The project is expected to be operational in mid-2016 17 o< I I I f-6 -) ,Loz90t aurlpPao Vowdnba Jefiod o^tlcea) euuep q lpnp ualesuadwoS uoDeuJoru!
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suoseoJ eql 6ulule4xe 'pofeiw@ se 16,e[ud eql lo sct$uepaeqc pcluqcq oql lo uoqducsap !o!q V :0ulpnlout 'Uodeu uogaduJoC pato:d uoffBulJo]ul / luourn9oo tLoz'zt'19 lusg €ql ol rfuea1lap 1o aleq uorlalduro paloJd uo uoqeu]olu!
6u!r$ollo] aqt Iueg aql ol Jarulep [Eqs le ',!\olaq palectpul aullpesp 3q1 ,(q Felel aql le uo[ejado leflut pup eq1 t ^ojJog Form of GomDliance Cortificate Schedule B To: European lnvestrnent Bank From: IRTCI Dale: Subjed: Project Agre€ment bc-tereen the Republic of Siena Leone, RTC and European ln\restment Bank dated .

(the'Proiect Agreemenf) F|nuEper............ Srapisnumber......... 1t l Dear Sirs, We refer to lhe Project Agreement.

This is a Compliance Certificate.


Terms defined in the Proieal Agreern€nt have the same meaning when used in this Compliance Cert'icate.
We hereby confirm: (i) [inserl detairs and computations of @venants to be @difiedr', (iD no Security of the h/pe prohibited under he Projec{ Agreement has been ffeated or is in existence; (iii) no event or circumsl,anr:e which constitutes or would wfi lhe pa$sage of time or giving of nofice under the Prc]jecl Agreement constitute a brcach of the Pro.iect Agreemert has occuned and is continuing unrernedied or unwaived.
Yours faithtully, For and on behalf of [RTC] [direclor] ldirectorl 21 I -\ ,,5' I XSNNV GOVERNMENT O.F SIERRA TEONE STAIE:fltXISE Fr<*wn.

@b oftw$ a. I,?.o fte ; I March,2009.

&.om tte meby.
&.om tte meby.

'subse&ion (5) of*ection 56 of the portfolio of Yours sincerely, PBESIEENT ar: BOUILTOT Charlotte Subject FW: ISSUES ON AUTHENTICITY --- Original Messge From: keikura Bangura [mai]to:keikurab@qmail.coml Sent: Thursday, May (D, 2013 07:33 PM To: GUIHARIBRAND Stephanie; sahr iusu@hksll.havard.edu <g3h1-iggu.@-h!g11.haya1d.e!

"U> Subject: ISSUES ON AUTHENTICrrY - Dear GUIHARD.
I have at one time dealt with this issue relating to the authenticity of Dr. Samura's posltion as post electons Minister of Finance and Economic Development and his signature, I further want to affirm that unllke other democracies where ministeB are required to resign their positions ulon the end of term of Gwerpment in Office, in Sierra teone,:the position is dlfferent.
By the provision of Section 58(1) paragraphs (a) and (e) Ministers and Deputy Ministers are deemed to vacate their positions upon the occurence of any one of the events stated in paragraphs (a) and (e) of the Constitution of Sierra Leone 1991.
However, the proyissio to section 1 paragraphs (a) and (e) of Section 58 (1) further qualifies the situation to the extend that ; " not withstanding the provisions of paragraphs a and e of sub section (1) Mlnisters and DeputyMiniste6 shall not vacate office as such by reason of the expiration of the term of office of the President or the assumption by the speaker to the office of President puEuant to section(7) and (8) of section 54 and shall accordingly continue to perform the functions of thelr respective offices untill the election of the new president and vice president" Upon the election of our new President and vice President, the then Ministers and Deputy Mlnisters continued in their respective offlces until the appointment of new Ministers and Deputies to their new portfolios.
You are aware that at the time the Loan under reference was negotiated here in Feetown, sierra Leone, the substantve mlnlster then in post was of Finance and Economic Development for Sierra L€one Dr. Semura who remained in post until a new Minister was duly appointed to that portfolio.

ln support of this confirmation, I lvant to draw your attention to Section 171 sub section(s) paragnph (a) and (b) respectively.
Paragraph (a) states'a reference to an appointment to any office shall be construed as including a reference to the appointment of a person to act in or perform the functions of that office; and Paragrapg (b) further states " a reference to the,lrolder of an office by a term designatinS his office shall be cotlstrued as including a reference to any person for the time being lawfully acting in or performing the fuctions of that office" ln view of the above, Dr. Samura's signature on the Loan Agreement at the time of the Loan negotiation was authentic and lawful puRuant to Section 58 sub section (2) of the Constihrtion of Sierra Leone 1991 I (Act No.6) of 1991 and is therefore Leone.
While I hold these views, European lnvestment Bank to require that the new minister must nothing adverse in the exercise of not adversely affected.

Please do the Eank holds a contrary view on this issue.# I count on your cooperation.

Keikura BanBura lfind long time is rn case 2 iTffi /" -.

SIERRA LEONE GOVERNMENT REF: L/Fl FROM: TheSolicitor-General TO me fl$ocia Seuetary.

RE T'EST FOR A LEGAL AGREEMENT BETWE THE EUROP E D 66 Decernber,2012.
s G F LOAN F TERRA L NE AI\D o BY We refer to your Memoranitun on the above-mentioned subject matter dated 56 December, 2012, requesting this Office to state the legal tnstrument which authorises Dr. Samura Mathew Wilson Kamara" the current Minister of Finance and Economic Development to sign the above Loan Agreement on behalf of the Republic of Sierra Leone.
For the purpose of continuity of state functions, Section 58 Sub Section (2) of the Constitution of Sierra Leone, (Act No.6) of 1991 specifically made provision for continuity of Ministers and Depwy Ministers in their respective Offrces until the election of the new President and Vice President.
Section 58 (2) provides thus; "Notwithstanding the provisions of Paragraphs (a) and (e) of sub sectionl Ministers and Deputy Ministers shall not vacate office as such by reason of the expiration of the term of Office of the President or the assumption by the Speaker of the Office of President pursuant to Sections 7 and 8 of Section 54 and shall accordingly continue to perfomr their respective of6ces until the election of the new Preside,nt and Vice Pre,sident."
In view of the above, I do hereby confirm that by Seotion 58 sub-section 2 of the Constitution of Siema Leone l99l (Act No.

Q of l99l makes provision for continuity of Ministers and Deputy Minist€rs in Office.

Accordingly, the cure,lrt Minister of Finance and Economic Dwelopmeo!
Dr. Samura Mathew Wilson' Kamara has the legal authority required by the European Investnent Baak to sigrr the above-mentioned Loan Agreernenl His signaturc is arttrenticated by the provisions of Section 58 (2) of the Constitltion of Siena Leone, 1991 (Act No.6) of 1991 and is therefore legally binding.

GumaBuilding Lamina Sankoh Street Freetown h=i$\a' BANGURA Principal State Cormsel for: Solicitor-General.

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