Document:

exv4w2

Exhibit 4.2

AMENDED AND RESTATED BYLAWS OF

KIOR, INC.,

a Delaware corporation

(Dated as of June 29, 2011)

ARTICLE I.

OFFICES

     Section 1. Registered Office. The registered office shall be at the office of
Corporation Trust Center, in the City of Wilmington, New Castle County, State of Delaware.

     Section 2. Other Offices. The corporation may also have offices at such other places
both within and without the State of Delaware as the Board of Directors may from time to time
determine or the business of the corporation may require.

ARTICLE II.

MEETINGS OF STOCKHOLDERS

     Section 1. Annual Meeting. An annual meeting of the stockholders for the election of
directors shall be held at such place either within or without the State of Delaware as shall be
designated on an annual basis by the Board of Directors and stated in the notice of the meeting.
Meetings of stockholders for any other purpose may be held at such time and place, within or
without the State of Delaware, as shall be stated in the notice of the meeting or in a duly
executed waiver of notice thereof. Any other proper business may be transacted at the annual
meeting.

     Section 2. Notice of Annual Meeting. Unless otherwise required by applicable law,
written notice of the annual meeting stating the place, date and hour of the meeting shall be given
to each stockholder entitled to vote at such meeting not less than 10 nor more than 60 days before
the date of the meeting.

     Section 3. Voting List. The officer who has charge of the stock ledger of the
corporation shall prepare and make, or cause a third party to prepare and make, at least 10 days
before every meeting of stockholders, a complete list of the stockholders entitled to vote at the
meeting, arranged in alphabetical order, and showing the address of each stockholder and the number
of shares registered in the name of each stockholder. Such list shall be open to the examination
of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a
period of at least 10 days prior to the meeting, either at a place within the city where the
meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so
specified, at the place where the meeting is to be held. The list shall also be produced and kept
at the time and place of the meeting during the whole time thereof, and may be inspected by any
stockholder who is present.

     Section 4. Special Meetings. Special meetings of the stockholders of this
corporation, for any purpose or purposes, unless otherwise prescribed by statute or by the
Certificate of Incorporation, shall be called by the President or Secretary at the request in
writing of a majority of the members of the Board of Directors, the Chairman of the Board, the Lead

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Director, the Chief Executive Officer or the President, and may not be called absent such a
request. Such request shall state the purpose or purposes of the proposed meeting.

     Section 5. Notice of Special Meetings. As soon as reasonably practicable after
receipt of a request as provided in Section 4 of this Article II, written notice of a special
meeting, stating the place, date (which shall be not less than 10 nor more than 60 days from the
date of the notice) and hour of the special meeting and the purpose or purposes for which the
special meeting is called, shall be given to each stockholder entitled to vote at such special
meeting.

     Section 6. Scope of Business at Special Meeting. Business transacted at any special
meeting of stockholders shall be limited to the purposes stated in the notice.

     Section 7. Quorum. The holders of a majority of the voting power of the stock issued
and outstanding and entitled to vote thereat, present in person or represented by proxy, shall
constitute a quorum at all meetings of the stockholders for the transaction of business, except as
otherwise provided by statute or by the Certificate of Incorporation. If, however, such quorum
shall not be present or represented at any meeting of the stockholders, the chairman of the meeting
or the stockholders entitled to vote thereat, present in person or represented by proxy, shall have
power to adjourn the meeting from time to time, without notice other than announcement at the
meeting, until a quorum shall be present or represented. At such adjourned meeting at which a
quorum shall be present or represented, any business may be transacted which might have been
transacted at the meeting as originally notified. If the adjournment is for more than 30 days, or
if a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be
given to each stockholder of record entitled to vote at the meeting as provided in Section 2 or
Section 5 of this Article II, as applicable. To the fullest extent permitted by law, the Board of
Directors may postpone or reschedule any previously scheduled special or annual meeting of
stockholders before it is to be held, in which case notice shall be provided to the stockholders of
the new date, time and place, if any, of the meeting as provided in Section 2 or Section 5 of this
Article II, as applicable.

     Section 8. Qualifications to Vote. The stockholders of record on the books of the
corporation at the close of business on the record date as determined by the Board of Directors and
only such stockholders shall be entitled to vote at any meeting of stockholders or any adjournment
thereof.

     Section 9. Record Date. The Board of Directors may fix a record date for the
determination of the stockholders entitled to notice of or to vote at any stockholders’ meeting and
at any adjournment thereof, or to receive payment of any dividend or other distribution or
allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or
exchange of stock or for the purpose of any other lawful action. Unless otherwise required by law,
the record date shall not be more than 60 nor less than 10 days before the date of such meeting,
and not more than 60 days prior to any other action. If no record date is fixed by the Board of
Directors, the record date for determining stockholders entitled to notice of or to vote at a
meeting of stockholders shall be at the close of business on the day next preceding the day on
which notice is given, or if notice is waived, at the close of business on the day next preceding
the day on which the meeting is held. To the fullest extent permitted by law, a determination
of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply
to

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any adjournment of the meeting; provided, however, that the Board of Directors may fix a new
record date for the adjourned meeting.

     Section 10. Action at Meetings. When a quorum is present at any meeting, the vote of
the holders of a majority of the voting power of the shares of stock having voting power present in
person or represented by proxy shall decide any question brought before such meeting, unless the
question is one upon which by express provision of applicable law, the Certificate of Incorporation
or this Section 10, a different vote is required, in which case such express provision shall govern
and control the decision of such question. With respect to a matter submitted for a vote of the
stockholders as to which a stockholder approval requirement is applicable under the stockholder
approval policy of any stock exchange or quotation system on which the capital stock of the
corporation is traded or quoted, the requirements of Rule 16b-3 under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), or any provision of the Internal Revenue Code, in each
case for which no higher voting requirement is specified by the General Corporation Law of the
State of Delaware, the Certificate of Incorporation or these Bylaws, the vote required for approval
shall be the requisite vote specified in such stockholder approval policy, Rule 16b-3 or Internal
Revenue Code provision, as the case may be (or the highest such requirement if more than one is
applicable). For the approval of the appointment of independent public accountants (if submitted
for a vote of the stockholders) or the approval of any matter recommended to the stockholders by
the Board of Directors with respect to the compensation of executives, including any advisory vote
regarding executive compensation, the vote required for approval shall be a majority of the votes
cast on the matter.

     Section 11. Voting and Proxies. Except as otherwise provided in the Certificate of
Incorporation, each stockholder shall at every meeting of the stockholders be entitled to one vote
in person or by proxy for each share of the capital stock having voting power held by such
stockholder, but no proxy shall be voted on after three years from its date, unless the proxy
provides for a longer period. Each proxy shall be revocable unless expressly provided therein to
be irrevocable and unless it is coupled with an interest sufficient in law to support an
irrevocable power.

     Section 12. No Action by Consent Without a Meeting. Except as otherwise permitted by
the Certificate of Incorporation, no action shall be taken by written consent of the stockholders
of the Corporation.

     Section 13. Stockholder Proposals. At an annual meeting of stockholders of the
corporation, only such business shall be conducted, and only such proposals shall be acted upon, as
shall have been properly brought before such annual meeting. To be properly brought before an
annual meeting, business or proposals (other than any nomination of directors of the corporation,
which is governed by Section 18 of Article III hereof) must (i) be specified in the notice relating
to the meeting (or any supplement thereto) given by or at the direction of the Board of Directors
in accordance with Section 1 of Article IV hereof or (ii) be properly brought before the meeting by
a stockholder of the corporation who (A) is a stockholder of record at the time of the giving of
such stockholder’s notice provided for in this Section 13, (B) shall be entitled to vote at the
annual meeting and (C) complies with the requirements of this Section 13,
and otherwise be proper subjects for stockholder action and be properly introduced at the
annual meeting. Clause (ii) of the immediately preceding sentence shall be the exclusive means for
a

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stockholder to submit business or proposals (other than matters properly brought under Rule 14a-8
under the Securities Exchange Act 1934, as amended (the “Exchange Act”), and included in the notice
relating to the meeting (or any supplement thereto) given by or at the direction of the Board of
Directors in accordance with Section 1 of Article IV hereof) before an annual meeting of
stockholders of the corporation. For a proposal to be properly brought before an annual meeting by
a stockholder of the corporation pursuant to these provisions, in addition to any other applicable
requirements, such stockholder must have given timely advance notice thereof in writing to the
Secretary of the corporation. To be timely, such stockholder’s notice must be delivered to, or
mailed and received at, the principal executive offices of the corporation not earlier than the
close of business on the 120th day and not later than the close of business on the 90th day prior
to the first anniversary of the annual meeting date of the next preceding annual meeting (except in
the case of the 2012 annual meeting, for which such notice shall be timely if delivered in the same
time period as if such meeting were a special meeting governed by the penultimate sentence of the
second paragraph of Section 18 of Article III hereof); provided, however, that if the scheduled
annual meeting date differs from such anniversary date by more than 30 days, notice by such
stockholder, to be timely, must be so delivered or received not earlier than the close of business
on the 120th day and not later than the close of business on the later of the 90th day prior to the
date of such annual meeting or, if less than 100 days’ prior notice or public disclosure of the
scheduled meeting date is given or made, the 10th day following the earlier of the day on which the
notice of such meeting was mailed to stockholders of the corporation or the day on which such
public disclosure was made. In no event shall any adjournment, postponement or deferral of an
annual meeting or the announcement thereof commence a new time period for the giving of a
stockholder’s notice as described above. For purposes of this Section 13 and Section 18 of Article
III, “public disclosure” shall mean disclosure in a press release or in a document publicly filed
with the Securities and Exchange Commission pursuant to Sections 13, 14 or 15(d) of the Exchange
Act.

     Any such stockholder’s notice to the Secretary of the corporation shall set forth as to each
matter such stockholder proposes to bring before the annual meeting (i) a description of the
proposal desired to be brought before the annual meeting and the reasons for conducting such
business at the annual meeting, together with the text of the proposal or business (including the
text of any resolutions proposed for consideration), (ii) as to such stockholder proposing such
business and the beneficial owner, if any, on whose behalf the proposal is made, (A) the name and
address of such stockholder, as they appear on the corporation’s books, and of such beneficial
owner, if any, and the name and address of any other stockholders known by such stockholder to be
supporting such business or proposal, (B) (1) the class or series and number of shares of capital
stock of the corporation which are, directly or indirectly, owned beneficially and of record by
such stockholder and such beneficial owner, (2) any option, warrant, convertible security, stock
appreciation right or similar right with an exercise or conversion privilege or a settlement
payment or mechanism at a price related to any class or series of shares of capital stock of the
corporation or with a value derived in whole or in part from the price, value or volatility of any
class or series of shares of capital stock of the corporation or any derivative or synthetic
arrangement having characteristics of a long position in any class or series of shares of capital
stock of the corporation, whether or not such instrument or right shall be subject to settlement in
the underlying class or series of capital stock of the corporation or otherwise (any
such instrument, a “Derivative Instrument”) directly or indirectly owned beneficially by such
stockholder and by such beneficial owner and any other direct or indirect opportunity to profit or

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share in any profit derived from any increase or decrease in the value of shares of capital stock
of the corporation, (3) any proxy, contract, arrangement, understanding or relationship the effect
or intent of which is to increase or decrease the voting power of such stockholder or beneficial
owner with respect to any shares of any security of the corporation, (4) any pledge by such
stockholder or beneficial owner of any security of the corporation or any short interest of such
stockholder or beneficial owner in any security of the corporation (for purposes of this Section 13
and Section 18 of Article III hereof, a person shall be deemed to have a short interest in a
security if such person directly or indirectly, through any contract, arrangement, understanding,
relationship or otherwise, has the opportunity to profit or share in any profit derived from any
decrease in the value of the subject security), (5) any rights to dividends on the shares of
capital stock of the corporation owned beneficially by such stockholder and by such beneficial
owner that are separated or separable from the underlying shares of capital stock of the
Corporation, (6) any proportionate interest in shares of capital stock of the corporation or
Derivative Instruments held, directly or indirectly, by a general or limited partnership in which
such stockholder or beneficial owner is a general partner or, directly or indirectly, beneficially
owns an interest in a general partner and (7) any performance-related fees (other than an
asset-based fee) that such stockholder or beneficial owner is entitled to based on any increase or
decrease in the value of shares of capital stock of the corporation or Derivative Instruments, if
any, as of the date of such notice, including, without limitation, any such interests held by
members of such stockholder’s or beneficial owner’s immediate family sharing the same household
(which information shall be supplemented by such stockholder and beneficial owner, if any, not
later than 10 days after the record date for the meeting to disclose such ownership as of the
record date), and (C) any other information relating to such stockholder and beneficial owner, if
any, that would be required to be disclosed in solicitations of proxies for the proposal, or would
otherwise be required, in each case pursuant to Section 14 of the Exchange Act and the rules and
regulations promulgated thereunder; (iii) any material interest of such stockholder and beneficial
owner, if any, in such business or proposal and (iv) a description of all agreements, arrangements
and understandings between such stockholder and beneficial owner, if any, on the one hand, and any
other person or persons (including their names), on the other hand, in connection with such
business or proposal by such stockholder.

     A stockholder providing notice of business proposed to be brought before an annual meeting
shall further update and supplement such notice, if necessary, so that the information provided or
required to be provided in such notice pursuant to this Section 13 shall be true and correct as of
the record date for the meeting and as of the date that is ten business days prior to the meeting
or any adjournment or postponement thereof, and such update and supplement shall be delivered to,
or mailed and received at, the principal executive offices of the corporation not later than five
business days after the record date for the meeting (in the case of the update and supplement
required to be made as of the record date), and not later than eight business days prior to the
date of the meeting or if practicable (or, if not practicable, on the first practicable date prior
to) any adjournment or postponement thereof (in the case of the update and supplement required to
be made as of ten business days prior to the meeting or any adjournment or postponement thereof).
In addition, a stockholder providing notice of business proposed to be brought before an annual
meeting shall update and supplement such notice, and deliver such update and supplement to the
principal executive offices of the corporation, promptly following
the occurrence of any event that materially changes the information provided or required to be
provided in such notice pursuant to this Section 13.

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     The Chairman of the Board, the Lead Director if the Chairman is not presiding or, if neither
the Chairman nor the Lead Director is presiding, the presiding officer of the meeting of
stockholders of the corporation shall determine whether the requirements of this Section 13 have
been met with respect to any stockholder proposal. If the Chairman of the Board, the Lead Director
or the presiding officer determines that any stockholder proposal was not made in accordance with
the terms of this Section 13, he shall so declare at the meeting and any such proposal shall not be
acted upon at the meeting.

     At a special meeting of stockholders of the corporation, only such business shall be
conducted, and only such proposals shall be acted upon, as shall have been properly brought before
such special meeting. To be properly brought before such a special meeting, business or proposals
(other than any nomination of directors of the corporation, which is governed by Section 18 of
Article III hereof) must (i) be specified in the notice relating to the meeting (or any supplement
thereto) given by or at the direction of the Board of Directors in accordance with Section 1 of
Article IV hereof or (ii) constitute matters incident to the conduct of the meeting as the Chairman
of the Board, the Lead Director or the presiding officer of the meeting shall determine to be
appropriate.

     In addition to the foregoing provisions of this Section 13, a stockholder of the corporation
shall also comply with all applicable requirements of the Exchange Act and the rules and
regulations thereunder with respect to the matters set forth in this Section 13. Nothing in this
Section 13 shall be deemed to affect any rights of stockholders to request inclusion of proposals
in the corporation’s proxy statement pursuant to Rule 14a-8 under the Exchange Act.

ARTICLE III.

DIRECTORS

     Section 1. Powers. The business of the corporation shall be managed by or under the
direction of its Board of Directors, which may exercise all such powers of the corporation and do
all such lawful acts and things as are not by applicable law or by the Certificate of Incorporation
or by these Bylaws directed or required to be exercised or done by the stockholders.

     Section 2. Number; Election; Tenure and Qualification. Within the limits specified in
the Certificate of Incorporation, and subject to such rights of holders of shares of one or more
outstanding series of preferred stock of the corporation to elect one or more directors of the
corporation under circumstances as shall be provided by or pursuant to the Certificate of
Incorporation, the number of directors of the corporation that shall constitute the Board of
Directors shall be fixed from time to time exclusively by, and may be increased or decreased from
time to time exclusively by, the affirmative vote of at least a majority of the whole board. The
directors shall be divided, with respect to the time for which they severally hold office, into
classes as provided in the Certificate of Incorporation. No decrease in the authorized number of
directors shall shorten the term of any incumbent director. Directors need not be stockholders.

     Section 3. Vacancies and Newly Created Directorships. Unless otherwise specifically
provided in the Certificate of Incorporation or these Bylaws, vacancies and newly-created
directorships resulting from any increase in the authorized number of directors may be filled by a
majority of the directors then in office, although less than a quorum, or by a sole

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remaining
director and not by the stockholders. Each director so chosen shall hold office for a term
expiring at the next annual meeting of stockholders or until his or her successor shall have been
duly elected and qualified, unless sooner displaced. If there are no directors in office, then an
election of directors may be held in the manner provided by applicable law.

     Section 4. Location of Meetings. The Board of Directors of the corporation may hold
meetings, both regular and special, either within or without the State of Delaware.

     Section 5. Meeting of Newly Elected Board of Directors. The first meeting of each
newly elected Board of Directors shall be held immediately following the annual meeting of
stockholders and no notice of such meeting shall be necessary to the newly elected directors in
order legally to constitute the meeting, provided a quorum shall be present. In the event such
meeting is not held at such time, the meeting may be held at such time and place as shall be
specified in a notice given as hereinafter provided for special meetings of the Board of Directors,
or as shall be specified in a written waiver signed by all of the directors.

     Section 6. Regular Meetings. Regular meetings of the Board of Directors may be held
without notice at such time and at such place as shall from time to time be determined by the Board
of Directors; provided that any director who is absent when such a determination is made shall be
given notice of such location.

     Section 7. Special Meetings. Special meetings of the Board of Directors may be called
by the President on, (a) in the event directors are required to attend such meeting in person, five
business days’ notice and (b) in all other cases, two days’ notice, in each case to each director
by mail, overnight courier service or facsimile; special meetings shall be called by the President
or Secretary in a like manner and on like notice on the written request of any director. Notice
may be waived in accordance with Section 229 of the General Corporation Law of the State of
Delaware. Each notice of special meetings delivered pursuant to the foregoing shall contain a
general description of the matters intended to be discussed at such meeting.

     Section 8. Quorum and Action at Meetings. At all meetings of the Board of Directors,
a majority of the directors then in office shall constitute a quorum for the transaction of
business, and the act of a majority of the directors present at any meeting at which there is a
quorum shall be the act of the Board of Directors, except as may be otherwise specifically provided
by statute or by the Certificate of Incorporation. If a quorum shall not be present at any meeting
of the Board of Directors, the directors present thereat may adjourn the meeting from time to time,
without notice other than announcement at the meeting, until a quorum shall be present.

     Section 9. Action Without a Meeting. Unless otherwise restricted by the Certificate
of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of
the Board of Directors or of any committee thereof may be taken without a meeting, if all members
of the Board of Directors or committee, as the case may be, consent thereto in writing,
and the writing or writings are filed with the minutes of proceedings of the Board of
Directors or committee.

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     Section 10. Telephonic Meeting. Unless otherwise restricted by the Certificate of
Incorporation or these Bylaws, members of the Board of Directors, or any committee designated by
the Board of Directors, may participate in a meeting of the Board of Directors, or any committee,
by means of conference telephone or similar communications equipment by means of which all persons
participating in the meeting can hear each other, and such participation in a meeting shall
constitute presence in person at the meeting.

     Section 11. Committees. The Board of Directors may, by resolution passed by a
majority of the whole board, designate one or more committees, each committee to consist of one or
more of the directors of the corporation. The Board of Directors may designate one or more
directors as alternate members of any committee, who may replace any absent or disqualified member
at any meeting of the committee. In the absence or disqualification of a member of a committee,
the member or members thereof present at any meeting and not disqualified from voting, whether or
not such member or members constitute a quorum, may unanimously appoint another member of the Board
of Directors to act at the meeting in the place of any such absent or disqualified member.

     Section 12. Chairman of the Board and Lead Director. The Board of Directors may elect
from among its members a Chairman of the Board, who may be an officer of the corporation. The
Chairman of the Board, if any, shall preside at all meetings of the Board of Directors and of the
stockholders at which the Chairman shall be present. The Chairman shall have and may exercise such
powers as are, from time to time, assigned to the Chairman by the Board of Directors and as may be
provided by law.

     If an officer of the Corporation is serving as the Chairman of the Board, the Board of
Directors may appoint from among its members a director who shall be designated as the Lead
Director. The Lead Director shall consult with and act as a liaison between the Board of Directors
and the officers of the corporation and shall have and may exercise such powers as are, from time
to time, assigned to such person by the Board of Directors. The Lead Director, if any, shall, when
present, preside over meetings of the Board of Directors or of the stockholders in the absence of
the Chairman of the Board. Meetings of the members of the Board of Directors who are not officers
of the corporation shall be presided over by the Lead Director, or if there is none, by the
Chairman of the Board, if he or she is independent, or if he or she is not independent, by a
director selected to so preside at such meeting(s).

     Section 13. Committee Authority. Any such committee, to the extent provided in the
resolution of the Board of Directors, shall have and may exercise all the powers and authority of
the Board of Directors in the management of the business and affairs of the corporation, and may
authorize the seal of the corporation to be affixed to all papers which may require it; but no such
committee shall have the power or authority in reference to (a) approving, adopting or recommending
to the stockholders, any action or matter expressly required by the General Corporation Law of the
State of Delaware to be submitted to stockholders for approval, or (b) adopting, amending or
repealing any Bylaw of the corporation. Such committee or committees
shall have such name or names as may be determined from time to time by resolution adopted by
the Board of Directors.

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     Section 14. Committee Minutes. Each committee shall keep regular minutes of its
meetings and report the same to the Board of Directors when required to do so by the Board of
Directors.

     Section 15. Compensation of Directors. Unless otherwise restricted by the Certificate
of Incorporation or these Bylaws, the Board of Directors shall have the authority to fix the
compensation of directors. The directors may be paid their expenses, if any, of attendance at each
meeting of the Board of Directors and may be paid a fixed sum for attendance at each meeting of the
Board of Directors or a stated salary as director. No such payment shall preclude any director
from serving the corporation in any other capacity and receiving compensation therefor. Members of
special or standing committees may be allowed like compensation for attending committee meetings.

     Section 16. Resignation. Any director or officer of the corporation may resign at any
time. Each such resignation shall be made in writing and shall take effect at the time specified
therein, or, if no time is specified, at the time of its receipt by either the Board of Directors,
the President or the Secretary. The acceptance of a resignation shall not be necessary to make it
effective unless expressly so provided in the resignation.

     Section 17. Removal. Directors may be removed as provided in the Certificate of
Incorporation.

     Section 18. Stockholder Nominations. Subject to such rights of holders of shares of
one or more outstanding series of preferred stock of the corporation to elect one or more directors
of the corporation under circumstances as shall be provided by or pursuant to the Certificate of
Incorporation, only persons who are nominated in accordance with the procedures set forth in this
Section 18 shall be eligible for election as, and to serve as, directors of the corporation.
Nominations of persons for election to the Board of Directors may be made only at a meeting of the
stockholders of the corporation at which directors of the corporation are to be elected (i) by or
at the direction of the Board of Directors or (ii) (if but only if the Board of Directors has
determined that directors shall be elected at such meeting) by any stockholder of the corporation
who is a stockholder of record at the time of the giving of such stockholder’s notice provided for
in this Section 18, who shall be entitled to vote at such meeting in the election of directors of
the corporation and who complies with the requirements of this Section 18. Clause (ii) of the
immediately preceding sentence shall be the exclusive means for a stockholder to make any
nomination of a person or persons for election as a director of the corporation at an annual
meeting or special meeting (other than matters properly brought under Rule 14a-11 under the
Exchange Act and included in the notice relating to the meeting (or any supplement thereto) given
by or at the direction of the Board of Directors in accordance with Section 1 of Article IV
hereof). Any such nomination by a stockholder of the corporation shall be preceded by timely
advance notice in writing to the Secretary of the corporation.

     To be timely with respect to an annual meeting, such stockholder’s notice must be delivered
to, or mailed and received at, the principal executive offices of the corporation not
earlier than the close of business on the 120th day and not later than the close of business
on the 90th day prior to the first anniversary of the annual meeting date of the next preceding
annual meeting (except in the case of the 2012 annual meeting, for which such notice shall be
timely if

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delivered in the same time period as if such meeting were a special meeting governed by
the following sentence); provided, however, that (1) if the scheduled annual meeting date differs
from such anniversary date by more than 30 days, notice by such stockholder, to be timely, must be
so delivered or received not earlier than the close of business on the 120th day and not later than
the close of business on the later of the 90th day prior to the date of such annual meeting or, if
less than 100 days’ prior notice or public disclosure of the scheduled meeting date is given or
made, the 10th day following the earlier of the day on which the notice of such meeting was mailed
to stockholders of the corporation or the day on which such public disclosure was made; and (2) if
the number of directors to be elected to the Board of Directors at such annual meeting is increased
and there is no prior notice or public disclosure by the corporation naming all of the nominees for
director or specifying the size of the increased Board of Directors at least 100 days prior to such
anniversary date, a stockholder’s notice required by this Section 18 shall also be considered
timely, but only with respect to nominees for any new positions created by such increase, if it
shall be delivered to the principal executive offices of the corporation not later than the close
of business on the 10th day following the earlier of the day on which the notice of such meeting
was mailed to stockholders of the corporation or the day on which such public disclosure was made.
To be timely with respect to a special meeting, such stockholder’s notice must be delivered to, or
mailed and received at, the principal executive offices of the corporation not earlier than the
close of business on the 120th day and not later than the close of business on the 90th day prior
to the scheduled special meeting date; provided, however, that if less than 100 days’ prior notice
or public disclosure of the scheduled meeting date is given or made, notice by such stockholder, to
be timely, must be so delivered or received not later than the close of business on the 10th day
following the earlier of the day on which the notice of such meeting was mailed to stockholders of
the corporation or the day on which such public disclosure was made. In no event shall any
adjournment, postponement or deferral of an annual meeting or special meeting or the announcement
thereof commence a new time period for the giving of a stockholder’s notice as described above.

     Any such stockholder’s notice to the Secretary of the corporation shall set forth (i) as to
each person whom such stockholder proposes to nominate for election or re-election as a director of
the corporation, (A) the name, age, business address and residence address of such person, (B) the
principal occupation or employment of such person, (C) any other information relating to such
person that would be required to be disclosed in solicitations of proxies for election of directors
of the corporation in a contested election, or would otherwise be required, in each case pursuant
to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder (including,
without limitation, the written consent of such person to having such person’s name placed in
nomination at the meeting and to serve as a director of the corporation if elected), and (D) a
description of all direct and indirect compensation and other material monetary agreements,
arrangements and understandings during the past three years, and any other material relationships,
between or among such stockholder giving the notice and the beneficial owner, if any, on whose
behalf the nomination is made, and their respective affiliates and associates, or others acting in
concert therewith, on the one hand, and each proposed nominee, and his or her respective affiliates
and associates, or others acting in concert therewith, on the other hand, including, without
limitation, all information that would be required to be disclosed pursuant to
Rule 404 promulgated under Regulation S-K if such stockholder and such beneficial owner, or
any affiliate or associate thereof or person acting in concert therewith, were the “registrant” for
purposes of such rule and the nominee were a director or executive officer of such registrant; and

10

 

(ii) as to such stockholder giving the notice, the beneficial owner, if any, on whose behalf the
nomination is made and the proposed nominee, (A) the name and address of such stockholder, as they
appear on the corporation’s books, and of such beneficial owner, if any, and the name and address
of any other stockholders known by such stockholder to be supporting such nomination, (B) (1) the
class or series and number of shares of capital stock of the corporation which are, directly or
indirectly, owned beneficially and of record by any of such stockholder, such beneficial owner or
such nominee, (2) any Derivative Instrument directly or indirectly owned beneficially by any of
such stockholder, such beneficial owner or such nominee and any other direct or indirect
opportunity to profit or share in any profit derived from any increase or decrease in the value of
shares of capital stock of the corporation, (3) any proxy, contract, arrangement, understanding or
relationship the effect or intent of which is to increase or decrease the voting power of such
stockholder, beneficial owner or nominee with respect to any shares of any security of the
corporation, (4) any pledge by such stockholder, beneficial owner or nominee of any security of the
corporation or any short interest of such stockholder, beneficial owner or nominee in any security
of the corporation, (5) any rights to dividends on the shares of capital stock of the corporation
owned beneficially by such stockholder and by such beneficial owner that are separated or separable
from the underlying shares of capital stock of the Corporation, (6) any proportionate interest in
shares of capital stock of the corporation or Derivative Instruments held, directly or indirectly,
by a general or limited partnership in which such stockholder, beneficial owner or nominee is a
general partner or, directly or indirectly, beneficially owns an interest in a general partner and
(6) any performance-related fees (other than an asset-based fee) that such stockholder, beneficial
owner or nominee is entitled to based on any increase or decrease in the value of shares of capital
stock of the corporation or Derivative Instruments, if any, as of the date of such notice,
including, without limitation, any such interests held by members of such stockholder’s, beneficial
owner’s or nominee’s immediate family sharing the same household (which information shall be
supplemented by such stockholder, beneficial owner, if any, and nominee not later than 10 days
after the record date for the meeting to disclose such ownership as of the record date), and (C)
any other information relating to such stockholder, beneficial owner, if any, and nominee that
would be required to be disclosed in solicitations of proxies for election of directors of the
corporation in a contested election, or would otherwise be required, in each case pursuant to
Section 14 of the Exchange Act and the rules and regulations promulgated thereunder. Any such
stockholder’s notice to the Secretary of the corporation shall also include or be accompanied by,
with respect to each nominee for election or reelection to the Board of Directors, a completed and
signed questionnaire, representation and agreement required by this Section 18. The corporation may
require any proposed nominee to furnish such other information as may reasonably be required by the
corporation to determine the eligibility of such proposed nominee to serve as an independent
director of the corporation or that could be material to a reasonable stockholder’s understanding
of the independence, or lack thereof, of such nominee.

     A stockholder providing notice of any nomination proposed to be made at a meeting shall
further update and supplement such notice, if necessary, so that the information provided or
required to be provided in such notice pursuant to this Section 18 shall be true and correct as of
the record date for the meeting and as of the date that is ten business days prior to the meeting
or any adjournment or postponement thereof, and such update and supplement shall be delivered to,
or mailed and received at, the principal executive offices of the corporation not later than five
business days after the record date for the meeting (in the case of the update and supplement

11

 

required to be made as of the record date), and not later than eight business days prior to the
date for the meeting or if practicable (or, if not practicable, on the first practicable date prior
to) any adjournment or postponement thereof (in the case of the update and supplement required to
be made as of ten business days prior to the meeting or any adjournment or postponement thereof).
In addition, a stockholder providing notice of any nomination proposed to be made at a meeting
shall update and supplement such notice, and deliver such update and supplement to the principal
executive offices of the corporation, promptly following the occurrence of any event that
materially changes the information provided or required to be provided in such notice pursuant to
this Section 18.

     To be eligible to be a nominee for election or reelection as a director of the corporation, a
person must deliver (in accordance with the time periods prescribed for delivery of notice under
this Section 18) to the Secretary at the principal executive offices of the corporation a written
questionnaire with respect to the background and qualification of such person and the background of
any other person or entity on whose behalf the nomination is being made (which questionnaire shall
be in the form provided by the Secretary upon written request) and a written representation and
agreement (in the form provided by the Secretary upon written request) that such person (A) is not
and will not become a party to (1) any agreement, arrangement or understanding with, and has not
given any commitment or assurance to, any person or entity as to how such person, if elected as a
director of the corporation, will act or vote on any issue or question (a “Voting Commitment”) that
has not been disclosed to the corporation or (2) any Voting Commitment that could limit or
interfere with such person’s ability to comply, if elected as a director of the corporation, with
such person’s fiduciary duties under applicable law, (B) is not and will not become a party to any
agreement, arrangement or understanding with any person or entity other than the corporation with
respect to any direct or indirect compensation, reimbursement or indemnification in connection with
service or action as a director that has not been disclosed therein, and (C) in such person’s
individual capacity and on behalf of any person or entity on whose behalf the nomination is being
made, would be in compliance, if elected as a director of the corporation, and will comply with all
applicable publicly disclosed corporate governance, conflict of interest, confidentiality and stock
ownership and trading policies and guidelines of the corporation.

     The Chairman of the Board, the Lead Director if he is not presiding or, if neither the
Chairman nor the Lead Director is presiding, the presiding officer of the meeting of stockholders
of the corporation shall determine whether the requirements of this Section 18 have been met with
respect to any nomination or intended nomination. If the Chairman of the Board, the Lead Director
or the presiding officer determines that any nomination was not made in accordance with the
requirements of this Section 18, he shall so declare at the meeting and the defective nomination
shall be disregarded. In addition to the foregoing provisions of this Section 18, a stockholder of
the corporation shall also comply with all applicable requirements of the Exchange Act and the
rules and regulations thereunder with respect to the matters set forth in this Section 18. Nothing
in this Section 18 shall be deemed to affect any rights of stockholders to request inclusion of
proposals in the corporation’s proxy statement pursuant to Rule 14a-11 under the Exchange Act.

12

 

ARTICLE IV.

NOTICES

     Section 1. Notice to Directors and Stockholders. Whenever, under the provisions of
the statutes or of the Certificate of Incorporation or of these Bylaws, notice is required to be
given to any director or stockholder, it shall not be construed to mean personal notice, but such
notice may be given in writing, by mail, addressed to such director or stockholder, at his address
as it appears on the records of the corporation, with postage thereon prepaid, and such notice
shall be deemed to be given at the time when the same shall be deposited in the United States mail.
An affidavit of the Secretary or an Assistant Secretary or of the transfer agent of the
corporation that the notice has been given shall in the absence of fraud, be prima facie evidence
of the facts stated therein. Notice to directors may also be given by telephone, electronic mail,
facsimile or telegram (with confirmation of receipt). Notice to any stockholder shall be effective
if given by a form of electronic transmission consented to by the stockholder to whom the notice is
given in accordance with Section 232 of the General Corporation Law of the State of Delaware. To
the extent required by the General Corporation Law of the State of Delaware, any such consent by a
stockholder to notice by electronic transmission shall be deemed revoked if (a) the Corporation is
unable to deliver by electronic transmission two consecutive notices given by the Corporation in
accordance with such consent and (b) such inability becomes known to the Secretary or an Assistant
Secretary of the Corporation or to the transfer agent, or other person responsible for the giving
of notice; provided, however, the inadvertent failure to treat such inability as a revocation shall
not invalidate any meeting or other action.

     Section 2. Waiver. Whenever any notice is required to be given under the provisions
of the statutes or of the Certificate of Incorporation or of these Bylaws, a waiver thereof in
writing, signed by the person or persons entitled to said notice, whether before or after the time
stated therein, shall be deemed equivalent thereto. The written waiver need not specify the
business to be transacted at, nor the purpose of, any regular or special meeting of the
stockholders, directors, or members of a committee of directors. Attendance of a person at a
meeting shall constitute a waiver of notice of such meeting, except when the person attends a
meeting for the express purpose of objecting at the beginning of the meeting, to the transaction of
any business because the meeting is not lawfully called or convened. Attendance at the meeting is
not a waiver of any right to object to the consideration of matters required by the General
Corporation Law of the State of Delaware to be included in the notice of the meeting but not so
included, if such objection is expressly made at the meeting.

ARTICLE V.

OFFICERS

     Section 1. Enumeration. The officers of the corporation shall be chosen by the Board
of Directors and shall include a President, a Secretary, a Treasurer or Chief Financial Officer and
such other officers with such other titles as the Board of Directors shall determine. The Board of
Directors may also choose one or more Vice Presidents, Assistant Secretaries and Assistant
Treasurers. Any number of offices may be held by the same person, unless the Certificate of
Incorporation or these Bylaws otherwise provide.

13

 

     Section 2. Appointment of Other Agents. The Board of Directors may appoint such other
officers and agents as it shall deem necessary, who shall hold their offices for such terms and
shall exercise such powers and perform such duties as shall be determined from time to time by the
Board of Directors.

     Section 3. Compensation. The salaries of all officers of the corporation shall be
fixed by the Board of Directors or a committee thereof or by the President or any Vice President of
the corporation pursuant to authority that may be delegated to the President or any Vice President
by the Board of Directors. The salaries of agents of the corporation shall, unless fixed by the
Board of Directors, be fixed by the President or any Vice President of the corporation.

     Section 4. Tenure. The officers of the corporation shall hold office until their
successors are chosen and qualified or until their earlier resignation, death or removal. Any
officer elected or appointed by the Board of Directors may be removed at any time by the
affirmative vote of a majority of the directors of the Board of Directors. If the Board of
Directors has empowered the Chief Executive Officer to appoint any Vice Presidents of the
Corporation, then such Vice Presidents may be removed by the Chief Executive Officer. Any vacancy
occurring in any office of the corporation shall be filled by the Board of Directors.

     Section 5. President. The President shall be the Chief Executive Officer of the
corporation unless such title is assigned to another officer of the corporation by the Board of
Directors; in the absence of a Chairman of the Board and the Lead Director, if any, the President
shall preside as the chairman of meetings of the stockholders and the Board of Directors; and the
President shall have general and active management of the business of the corporation and shall see
that all orders and resolutions of the Board of Directors are carried into effect. The President
or any Vice President shall execute bonds, mortgages and other contracts requiring a seal, under
the seal of the corporation, except where required or permitted by law to be otherwise signed and
executed and except where the signing and execution thereof shall be expressly delegated by the
Board of Directors to some other officer or agent of the corporation.

     Section 6. Vice President. In the absence of the President or in the event of the
President’s inability or refusal to act, the Vice President, if any (or in the event there be more
than one Vice President, the Vice Presidents in the order designated by the Board of Directors, or
in the absence of any designation, then in the order of their election) shall perform the duties of
the President, and when so acting shall have all the powers of and be subject to all the
restrictions upon the President. The Vice President shall perform such other duties and have such
other powers as the Board of Directors may from time to time prescribe.

     Section 7. Secretary. The Secretary shall attend all meetings of the Board of
Directors and all meetings of the stockholders and record all the proceedings of the meetings of
the corporation and of the Board of Directors in a book to be kept for that purpose and shall
perform like duties for the standing committees when required. The Secretary shall give, or cause
to be given, notice of all meetings of the stockholders and special meetings of the Board of
Directors, and shall perform such other duties as may be prescribed by the Board of Directors or
President, under whose supervision the Secretary shall be subject. The Secretary shall have
custody of the corporate seal of the corporation and the Secretary, or an Assistant Secretary,
shall have authority to affix the same to any instrument requiring it and when so affixed, it may
be

14

 

attested by the Secretary’s signature or by the signature of such Assistant Secretary. The
Board of Directors may give general authority to any other officer to affix the seal of the
corporation and to attest the affixing by such officer’s signature.

     Section 8. Assistant Secretary. The Assistant Secretary, or if there be more than
one, the Assistant Secretaries in the order determined by the Board of Directors (or if there be no
such determination, then in the order of their election) shall, in the absence of the Secretary or
in the event of the Secretary’s inability or refusal to act, perform the duties and exercise the
powers of the Secretary and shall perform such other duties and have such other powers as the Board
of Directors may from time to time prescribe.

     Section 9. Treasurer. The Treasurer shall have the custody of the corporate funds and
securities and shall keep full and accurate accounts of receipts and disbursements in books
belonging to the corporation and shall deposit all moneys and other valuable effects in the name
and to the credit of the corporation in such depositories as may be designated by the Board of
Directors. The Treasurer shall disburse the funds of the corporation as may be ordered by the
Board of Directors, President or Chief Executive Officer, taking proper vouchers for such
disbursements, and shall render to the President, Chief Executive Officer and the Board of
Directors, at its regular meetings, or when the Board of Directors so requires, an account of all
such transactions as Treasurer and of the financial condition of the corporation. If required by
the Board of Directors, the Treasurer shall give the corporation a bond (which shall be renewed
every six years) in such sum and with such surety or sureties as shall be satisfactory to the Board
of Directors for the faithful performance of the duties of the Treasurer’s office and for the
restoration to the corporation, in case of the Treasurer’s death, resignation, retirement or
removal from office, of all books, papers, vouchers, money and other property of whatever kind in
the possession or under the control of the Treasurer that belongs to the corporation.

     Section 10. Assistant Treasurer. The Assistant Treasurer, or if there be more than
one, the Assistant Treasurers in the order determined by the Board of Directors (or if there be no
such determination, then in the order of their election) shall, in the absence of the Treasurer or
in the event of the Treasurer’s inability or refusal to act, perform the duties and exercise the
powers of the Treasurer and shall perform such other duties and have such other powers as the Board
of Directors may from time to time prescribe.

ARTICLE VI.

CAPITAL STOCK

     Section 1. Certificates. The certificates for shares of the capital stock of the
corporation shall be in such form as may be approved by the Board of Directors or may be
uncertificated shares. In the case of certificated shares, the Corporation shall deliver
certificates representing shares to which stockholders are entitled. Certificates shall be signed
by, or in the name of the corporation by, (a) the Chairman of the Board, the President or a Vice
President, and (b) the Treasurer or an Assistant Treasurer, or the Secretary or an Assistant
Secretary. Certificates may be issued for partly paid shares and in such case upon the face or
back of the certificates issued to represent any such partly paid shares, the total amount of the
consideration to be paid therefor and the amount paid thereon shall be specified.

15

 

     Section 2. Class or Series. If the corporation shall be authorized to issue more than
one class of stock or more than one series of any class, the powers, designations, preferences and
relative, participating, optional or other special rights of each class of stock or series thereof
and the qualifications, limitations or restrictions of such preferences and/or rights shall be set
forth in full or summarized on the face or back of the certificate which the corporation shall
issue to represent such class or series of stock, provided that, except as otherwise provided in
Section 202 of the General Corporation Law of the State of Delaware, in lieu of the foregoing
requirements, there may be set forth on the face or back of the certificate which the corporation
shall issue to represent such class or series of stock, a statement that the corporation will
furnish without charge to each stockholder who so requests the powers, designations, preferences
and relative, participating, optional or other special rights of each class of stock or series
thereof and the qualifications, limitations or restrictions of such preferences and/or rights.
Within a reasonable time after the issuance or transfer of uncertificated stock, the corporation
shall send to the registered owner thereof a written notice containing the information required to
be set forth or stated on certificates pursuant to Sections 151, 156, 202(a) or 218(a) of the
Delaware Corporation Law or a statement that the corporation will furnish without charge, to each
stockholder who so requests, the powers, designations, preferences and relative participating,
optional or other special rights of each class of stock or series thereof and the qualifications,
limitations or restrictions of such preferences and/or rights.

     Section 3. Signature. Any of or all of the signatures on a certificate may be
facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile
signature has been placed upon a certificate shall have ceased to be such officer, transfer agent
or registrar before such certificate is issued, it may be issued by the corporation with the same
effect as if such person were such officer, transfer agent or registrar at the date of issue.

     Section 4. Lost Certificates. The Board of Directors may direct a new certificate or
certificates, or uncertificated shares, to be issued in place of any certificate or certificates
theretofore issued by the corporation alleged to have been lost, stolen or destroyed, upon the
making of an affidavit of that fact by the person claiming the certificate of stock to be lost,
stolen or destroyed. When authorizing such issue of a new certificate or certificates, or
uncertificated shares, the Board of Directors may, in its discretion and as a condition precedent
to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or
certificates, or such owner’s legal representative, to advertise the same in such manner as it
shall require and/or to give the corporation a bond in such sum as it may direct as indemnity
against any claim that may be made against the corporation with respect to the certificate alleged
to have been lost, stolen or destroyed.

     Section 5. Transfer of Stock. Upon surrender to the corporation or the transfer agent
of the corporation of a certificate for shares duly endorsed or accompanied by proper evidence of
succession, assignation or authority to transfer, it shall be the duty of the corporation to issue
a new certificate to the person entitled thereto, cancel the old certificate and record the
transaction upon its books. Upon receipt of proper transfer instructions from the registered owner
of uncertificated shares such uncertificated shares shall be canceled and issuance of new
equivalent uncertificated shares or certificated shares shall be made to the person entitled
thereto and the transaction shall be recorded upon the books of the corporation.

16

 

     Section 6. Record Date. In order that the corporation may determine the stockholders
entitled to notice of or to vote at any meeting of stockholder or any adjournment thereof, or
entitled to receive payment of any dividend or other distribution or allotment of any rights, or
entitled to exercise any rights in respect of any change, conversion or exchange of stock or for
the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date,
which shall not be more than 60 nor less than 10 days before the date of such meeting, nor more
than 60 days prior to any other action. A determination of stockholders of record entitled to
notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting;
provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.

     Section 7. Registered Stockholders. The corporation shall be entitled to recognize
the exclusive right of a person registered on its books as the owner of shares to receive
dividends, and to vote as such owner, and to hold liable for calls and assessments a person
registered on its books as the owner of shares, and shall not be bound to recognize any equitable
or other claim to or interest in such share or shares on the part of any other person, whether or
not it shall have express or other notice thereof, except as otherwise provided by the laws of
Delaware.

ARTICLE VII.

GENERAL PROVISIONS

     Section 1. Dividends. Dividends upon the capital stock of the corporation, subject to
the applicable provisions, if any, of the Certificate of Incorporation, may be declared by the
Board of Directors at any regular or special meeting, pursuant to law. Dividends may be paid in
cash, in property or in shares of capital stock, subject to the provisions of the Certificate of
Incorporation. Before payment of any dividend, there may be set aside out of any funds of the
corporation available for dividends such sum or sums as the Board of Directors from time to time,
in their absolute discretion, think proper as a reserve or reserves to meet contingencies, or for
equalizing dividends, or for repairing or maintaining any property of the corporation, or for such
other purposes as the Board of Directors shall think conducive to the interest of the corporation,
and the Board of Directors may modify or abolish any such reserve in the manner in which it was
created.

     Section 2. Checks. All checks or demands for money and notes of the corporation shall
be signed by such officer or officers or such other person or persons as the Board of Directors may
from time to time designate.

     Section 3. Fiscal Year. The fiscal year of the corporation shall be fixed by
resolution of the Board of Directors.

     Section 4. Seal. The Board of Directors may adopt a corporate seal having inscribed
thereon the name of the corporation, the year of its organization and the words “Corporate Seal,
Delaware”. The seal may be used by causing it or a facsimile thereof to be impressed or affixed or
reproduced or otherwise.

17

 

ARTICLE VIII.

INDEMNIFICATION

     Section 1. Scope. The corporation shall, to the fullest extent permitted by Section
145 of the General Corporation Law of the State of Delaware, as that Section may be amended from
time to time (but, in the case of any such amendment, only to the extent that such amendment
permits the corporation to provide broader indemnification rights than such law permitted the
corporation to provide prior to such amendment), indemnify any director, officer, employee or agent
of the corporation, against expenses (including attorneys’ fees), judgments, fines, amounts paid in
settlement and/or other matters referred to in or covered by that Section, by reason of the fact
that such person is or was a director, officer, employee or agent of the corporation, or is or was
serving at the request of the corporation as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, including employee benefit
plans.

     Section 2. Advancing Expenses. Expenses (including attorneys’ fees) incurred by a
present or former director or officer of the corporation in defending a civil, criminal,
administrative or investigative action, suit or proceeding by reason of the fact that such person
is or was a director, officer, employee or agent of the corporation (or is or was serving at the
request of the corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, including employee benefit plans) shall be
paid by the corporation in advance of the final disposition of such action, suit or proceeding upon
receipt of an undertaking by or on behalf of such director or officer to repay such amount if it
shall ultimately be determined by final judicial decision from which there is no appeal that such
person is not entitled to be indemnified by the corporation as authorized by relevant provisions of
the General Corporation Law of the State of Delaware; provided, however, the corporation shall not
be required to advance such expenses to a director (i) who commences any action, suit or proceeding
as a plaintiff unless such advance is specifically approved by a majority of the Board of
Directors, or (ii) who is a party to an action, suit or proceeding brought by the corporation and
approved by a majority of the Board of Directors which alleges willful misappropriation of
corporate assets by such director, disclosure of confidential information in violation of such
director’s fiduciary or contractual obligations to the corporation, or any other willful and
deliberate breach in bad faith of such director’s duty to the corporation or its stockholders.

     Section 3. Liability Offset. The corporation’s obligation to provide indemnification
under this Article VIII shall be offset to the extent the indemnified party is indemnified by any
other source including, but not limited to, any applicable insurance coverage under a policy
maintained by the corporation, the indemnified party or any other person.

     Section 4. Continuing Obligation. The provisions of this Article VIII shall be deemed
to be a contract between the corporation and each director of the corporation who serves in such
capacity at any time while this bylaw is in effect, and any repeal or modification thereof shall
not affect any rights or obligations then existing with respect to any state of facts then or
theretofore existing or any action, suit or proceeding theretofore or thereafter brought based in
whole or in part upon any such state of facts.

18

 

     Section 5. Nonexclusive. The indemnification and advancement of expenses provided for
in this Article VIII shall (i) not be deemed exclusive of any other rights to which those
indemnified may be entitled under any bylaw, agreement or vote of stockholders or disinterested
directors or otherwise, both as to action in their official capacities and as to action in another
capacity while holding such office, (ii) continue as to a person who has ceased to be a director
and (iii) inure to the benefit of the heirs, executors and administrators of such a person.

     Section 6. Other Persons. In addition to the indemnification rights of directors,
officers, employees, or agents of the corporation, the Board of Directors in its discretion shall
have the power on behalf of the corporation to indemnify any other person made a party to any
action, suit or proceeding who the corporation may indemnify under Section 145 of the General
Corporation Law of the State of Delaware.

     Section 7. Definitions. The phrases and terms set forth in this Article VIII shall be
given the same meaning as the identical terms and phrases are given in Section 145 of the General
Corporation Law of the State of Delaware, as that Section may be amended and supplemented from time
to time.

     Section 8. Savings Clause. If any provision of this Article VIII is determined by a
court having jurisdiction over the matter to require the corporation to do or refrain from doing
any act that is in violation of applicable law, the court shall be empowered to modify or reform
such provision so that, as modified or reformed, such provision provides the maximum of
indemnification permitted by law and such provision, as so modified or reformed, and the balance of
this Article VIII shall be applied in accordance with their terms. Without limiting the generality
of the foregoing, if any portion of this Article VIII shall be invalidated on any ground, the
corporation shall nevertheless indemnify a director, officer, employee or agent of the corporation
to the full extent permitted by an applicable portion of this Article VIII that shall not have been
invalidated and to the full extent permitted by law with respect to that portion that has been
invalidated.

ARTICLE IX.

AMENDMENTS

     Except as otherwise provided in the Certificate of Incorporation, these Bylaws may be altered,
amended or repealed, or new Bylaws may be adopted, by the holders of at least two-thirds (2/3) of
the voting power of all of the then-outstanding shares of capital stock of this corporation
entitled to vote generally in the election of directors, voting together as a single class, or by
the Board of Directors, when such power is conferred upon the Board of Directors by the Certificate
of Incorporation, at any regular meeting of the stockholders or of the Board of Directors or at any
special meeting of the stockholders or of the Board of Directors if notice of such alteration,
amendment, repeal or adoption of new Bylaws be contained in the notice of such special meeting. If
the power to adopt, amend or repeal Bylaws is conferred upon the Board of Directors by the
Certificate of Incorporation, it shall not divest or limit the power of the stockholders to adopt,
amend or repeal Bylaws as set forth in the Certificate of Incorporation.

19Exhibit 4.8

Exhibit 4.8

EXECUTION COPY

INVESTMENT NUMBER 29759

GTLP Loan Agreement

between

BANCO DE GALICIA Y BUENOS AIRES S.A.

and

INTERNATIONAL FINANCE CORPORATION

Dated September 8, 2010

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	Article/	 	 	 	 	 
	Section	 	Item	 	Page No.	 
	 
	 	 	 	 	 	 
	ARTICLE I
	 	 	 	 	6	 
	 
	 	 	 	 	 	 
	Definitions and Interpretation
	 	 	6	 
	 
	 	 	 	 	 	 
	Section 1.01.
	 	General Definitions	 	 	6	 
	Section 1.02.
	 	Financial Calculations	 	 	18	 
	Section 1.03.
	 	Interpretation	 	 	18	 
	Section 1.04.
	 	Business Day Adjustment	 	 	19	 
	 
	 	 	 	 	 	 
	ARTICLE II
	 	 	 	 	19	 
	 
	 	 	 	 	 	 
	The GTLP Facility
	 	 	19	 
	 
	 	 	 	 	 	 
	Section 2.01.
	 	Amount and Purpose	 	 	19	 
	Section 2.02.
	 	Disbursement Procedure	 	 	19	 
	Section 2.03.
	 	Interest	 	 	20	 
	Section 2.04.
	 	Default Rate Interest	 	 	22	 
	Section 2.05.
	 	Repayment	 	 	23	 
	Section 2.06.
	 	Prepayment	 	 	23	 
	Section 2.07.
	 	Fees	 	 	24	 
	Section 2.08.
	 	Currency and Place of Payment	 	 	24	 
	Section 2.09.
	 	Allocation of Partial Payments	 	 	25	 
	Section 2.10.
	 	Increased Costs	 	 	25	 
	Section 2.11.
	 	Unwinding Costs	 	 	25	 
	Section 2.12.
	 	Taxes	 	 	25	 
	Section 2.13.
	 	Illegality of Participation	 	 	25	 
	Section 2.14.
	 	Expenses	 	 	26	 
	 
	 	 	 	 	 	 
	ARTICLE III
	 	 	 	 	26	 
	 
	 	 	 	 	 	 
	Representations and Warranties
	 	 	26	 
	 
	 	 	 	 	 	 
	Section 3.01.
	 	Representations and Warranties	 	 	26	 
	Section 3.02.
	 	IFC Reliance	 	 	28	 
	 
	 	 	 	 	 	 
	ARTICLE IV
	 	 	 	 	28	 
	 
	 	 	 	 	 	 
	Conditions of Disbursement
	 	 	28	 
	 
	 	 	 	 	 	 
	Section 4.01.
	 	Conditions of First Disbursement	 	 	28	 
	Section 4.02.
	 	Conditions of All Disbursements	 	 	29	 
	Section 4.03.
	 	Conditions for IFC Benefit	 	 	31	 

 

-ii-

 

	 	 	 	 	 	 	 
	Article/	 	 	 	 	 
	Section	 	Item	 	Page No.	 
	 
	 	 	 	 	 	 
	ARTICLE V
	 	 	 	 	31	 
	 
	 	 	 	 	 	 
	Particular Covenants
	 	 	31	 
	 
	 	 	 	 	 	 
	Section 5.01.
	 	Affirmative Covenants	 	 	31	 
	Section 5.02.
	 	Negative Covenants	 	 	34	 
	Section 5.03.
	 	Financial Covenants	 	 	35	 
	Section 5.04.
	 	Reporting Requirements	 	 	36	 
	Section 5.05.
	 	Insurance	 	 	38	 
	Section 5.06.
	 	General Requirements Relating to Sub-loans	 	 	39	 
	 
	 	 	 	 	 	 
	ARTICLE VI
	 	 	 	 	40	 
	 
	 	 	 	 	 	 
	Events of Default
	 	 	40	 
	 
	 	 	 	 	 	 
	Section 6.01.
	 	Acceleration after Default	 	 	40	 
	Section 6.02.
	 	Events of Default	 	 	40	 
	Section 6.03.
	 	Bankruptcy	 	 	42	 
	 
	 	 	 	 	 	 
	ARTICLE VII
	 	 	 	 	42	 
	 
	 	 	 	 	 	 
	Miscellaneous
	 	 	42	 
	 
	 	 	 	 	 	 
	Section 7.01.
	 	Saving of Rights	 	 	42	 
	Section 7.02.
	 	Notices	 	 	42	 
	Section 7.03.
	 	English Language	 	 	43	 
	Section 7.04.
	 	Applicable Law and Jurisdiction	 	 	43	 
	Section 7.05.
	 	Disclosure of Information	 	 	45	 
	Section 7.06.
	 	Successors and Assignees	 	 	45	 
	Section 7.07.
	 	Amendments, Waivers and Consents	 	 	45	 
	Section 7.08.
	 	Counterparts	 	 	45	 

 

-iii-

 

	 	 	 	 	 	 	 
	Article/	 	 	 	 	 
	Section	 	Item	 	Page No.	 
	 
	 	 	 	 	 	 
	ANNEX A
	 	 	 	 	47	 
	INSURANCE REQUIREMENTS
	 	 	47	 
	 
	 	 	 	 	 	 
	ANNEX B
	 	 	 	 	48	 
	EXCLUSION LIST
	 	 	48	 
	 
	 	 	 	 	 	 
	ANNEX C
	 	 	 	 	49	 
	SANCTIONABLE PRACTICES
	 	 	49	 
	 
	 	 	 	 	 	 
	ANNEX D
	 	 	 	 	52	 
	IFC TRANCHE ELIGIBLE SUB-LOANS CRITERIA
	 	 	52	 
	 
	 	 	 	 	 	 
	ANNEX E
	 	 	 	 	53	 
	ESCASANY, AYERZA AND BRAUN FAMILY MEMBERS
	 	 	53	 
	 
	 	 	 	 	 	 
	SCHEDULE 1
	 	 	 	 	54	 
	FORM OF CERTIFICATE OF INCUMBENCY AND AUTHORITY
	 	 	54	 
	 
	 	 	 	 	 	 
	SCHEDULE 2
	 	 	 	 	56	 
	FORM OF REQUEST FOR DISBURSEMENT (LOAN)
	 	 	56	 
	 
	 	 	 	 	 	 
	SCHEDULE 3
	 	 	 	 	58	 
	FORM OF LOAN DISBURSEMENT RECEIPT
	 	 	58	 
	 
	 	 	 	 	 	 
	SCHEDULE 4
	 	 	 	 	59	 
	FORM OF SERVICE OF PROCESS LETTER
	 	 	59	 
	 
	 	 	 	 	 	 
	SCHEDULE 5
	 	 	 	 	60	 
	FORM OF PROMISSORY NOTE
	 	 	60	 
	 
	 	 	 	 	 	 
	SCHEDULE 6
	 	 	 	 	61	 
	FORM OF LETTER TO BORROWER’S AUDITORS
	 	 	61	 
	 
	 	 	 	 	 	 
	SCHEDULE 7
	 	 	 	 	62	 
	FORM OF INVESTMENT REPORT
	 	 	62	 

 

-iv-

 

	 	 	 	 	 	 	 
	Article/	 	 	 	 	 
	Section	 	Item	 	Page No.	 
	 
	 	 	 	 	 	 
	SCHEDULE 8
	 	 	 	 	63	 
	FORM OF ELIGIBLE SUB-LOANS STATUS REPORT.
	 	 	63	 
	 
	 	 	 	 	 	 
	SCHEDULE 9
	 	 	 	 	64	 
	INFORMATION TO BE INCLUDED IN ANNUAL REVIEW OF OPERATIONS
	 	 	64	 
	 
	 	 	 	 	 	 
	SCHEDULE 10
	 	 	 	 	65	 
	FORM OF PORTFOLIO REPORT
	 	 	65	 
	 
	 	 	 	 	 	 
	SCHEDULE 11
	 	 	 	 	67	 
	FORM OF S&E PERFORMANCE REPORT
	 	 	67	 
	 
	 	 	 	 	 	 
	SCHEDULE 12
	 	 	 	 	72	 
	SEMS PLAN
	 	 	 	 	72	 

 

-v-

 

LOAN AGREEMENT

AGREEMENT, dated September 8, 2010, between BANCO DE GALICIA Y BUENOS AIRES S.A., a financial
institution organized and existing under the laws of the Republic of Argentina (the “Borrower”),
and INTERNATIONAL FINANCE CORPORATION, an international organization established by Articles of
Agreement among its member countries including the Republic of Argentina (“IFC”) acting also as
Executing Entity for Trust Fund Nbr. TF071560.

ARTICLE I

Definitions and Interpretation

Section 1.01. Definitions. Wherever used in this Agreement, the following terms have
the meanings opposite them:

“Accounting Standards” means International Financial Reporting Standards (IFRS) promulgated by
the International Accounting Standards Board (“IASB”) (which include standards and interpretations
approved by the IASB and International Accounting Standards issued under previous constitutions),
together with its pronouncements thereon from time to time, and applied on a consistent basis or
the banking accounting standards of the Country;

“Adjusted Interest Rate Gap” means for any time period listed in the first column of the
following chart (each, a “Time Period”), the result obtained by multiplying; (i) the Interest Rate
Gap for such Time Period; by (ii) the weighting factor listed opposite such Time Period in the
second column of the following chart:

	 	 	 	 	 
	Time Period	 	Weighting Factor	 
	0 to and including 180 days
	 	 	1.0	%
	Greater than 180 days to and including 365 days
	 	 	3.5	%
	Greater than 1 year to and including 3 years
	 	 	8.0	%
	Greater than 3 years to and including 5 years
	 	 	13.0	%
	Greater than 5 years to and including 10 years
	 	 	18.0	%
	Greater than 10 years
	 	 	20.0	%

“Affiliate” means with respect to any Person, any other Person directly or indirectly
controlling, controlled by or under common control with, such Person (where “control” means the
power to direct the management or policies of a Person, directly or indirectly, provided that the
direct or indirect ownership of twenty per cent (20%) or more of the voting share capital of a
Person is deemed to constitute control of such Person, and “controlling” and “controlled” have
corresponding meanings);

 

- 6 -

 

“Aggregate Foreign Exchange Open Position” means the aggregate of all Foreign Exchange Open
Positions of the Borrower;

“Aggregate Foreign Exchange Risk Ratio” means the result obtained by dividing: (i) the
Aggregate Foreign Exchange Open Position; by (ii) Total Capital;

“Aggregate Interest Rate Risk Ratio” means the result obtained by dividing: (i) the aggregate
of all Adjusted Interest Rate Gaps in all Time Periods; by (ii) Total Capital; it being understood
that positive and negative Adjusted Interest Rate Gaps should be netted in such calculation;

“Aggregate Large Exposures Ratio” means the result obtained by dividing: (i) the aggregate of
all Large Exposures; by (ii) Total Capital;

“Aggregate Negative Maturity Gap Ratio” means for Foreign Currencies and local currencies, the
result obtained by dividing: (i) the aggregate of each Currency Maturity Gap which is a negative
number; by (ii) Total Capital;

“Amended and Restated IFC Long-Term Loan Agreement” means the amended and restated long-term
loan agreement dated as of April 27, 2004, executed and delivered, by and between the Borrower and
IFC;

“Amended and Restated IFC Subordinated Loan Agreement” means the amended and restated
subordinated loan agreement dated as of April 27, 2004, executed and delivered, by and between the
Borrower and IFC;

“AML/CFT Officer” means a senior officer of the Borrower whose duties include oversight or
supervision of the implementation and operation of, and compliance with, the Borrower’s anti-money
laundering and combating the financing of terrorism (AML/CFT) policies, procedures and controls;

“Applicable S&E Law” means all applicable statutes, laws, ordinances, rules and regulations of
the Country, including but not limited to any license, permit or other governmental Authorization
imposing liability or setting standards of conduct concerning any environmental, social, labor,
health and safety or security risks of the type contemplated by the Performance Standards;

“Argentine Central Bank” means the Banco Central de la República Argentina;

“Auditors” means Price Waterhouse & Co. or such other firm that the Borrower appoints from
time to time as its auditors pursuant to Section 5.01(c) (Affirmative Covenants);

“Authority” means any national, supranational, regional or local government or governmental,
administrative, fiscal, judicial, or government-owned body, department, commission, authority,
tribunal, agency or entity, or central bank (or any Person, whether or not government owned and
howsoever constituted or called, that exercises the functions of a central bank);

“Authorization” means any consent, registration, filing, agreement, notarization, certificate,
license, approval, permit, authority or exemption from, by or with any Authority, whether given by
express action or deemed given by failure to act within any specified time period and all
corporate, creditors’ and shareholders’ approvals or consents;

 

- 7 -

 

“Authorized Representative” means any natural person who is duly authorized by the Borrower to
act on its behalf for the purposes specified in, and whose name and a specimen of whose
signature appear on, the Certificate of Incumbency and Authority most recently delivered by the
Borrower to IFC;

“Banking Regulations” means the laws and regulations applicable to banking and financial
institutions in the Country, including any rules, regulations and/or directives issued by the
central bank or any Person exercising the functions of a central bank or that otherwise has
authority to regulate the banking sector in the Country;

“Business Day” means a day when banks are open for business in New York, New York or, solely
for the purpose of determining the applicable Interest Rate other than pursuant to Section 2.03 (f)
(ii) (Interest), London, England;

“CAO” means Compliance Advisor Ombudsman, the independent accountability mechanism for IFC
that impartially responds to environmental and social concerns of affected communities and aims to
enhance outcomes;

“Capital Stock” with respect to any Person, any and all shares, interests, rights to purchase,
warrants, options, participations or other equivalents or interests in (however designated) equity
of such Person, including any preferred stock, but excluding any debt securities convertible into
such equity;

“Category A Activity” means any activity of an Eligible Sub-borrower which is likely to have
significant adverse environmental impacts that are sensitive, diverse or unprecedented;

“Category A Client” has the meaning set forth in Section 5.01 (m) (Affirmative Covenants);

“Certificate of Incumbency and Authority” means a certificate provided to IFC by the Borrower
in the form of Schedule 1;

“Change of Control” any of the following: (i) any Person, other than one (1) or more of the
Escasany, Ayerza and Braun Family Members, (A) Controls or (B) owns, jointly or severally, directly
or indirectly, any of the Capital Stock or any of the Voting Stock of EBA Holding S.A., (ii) the
failure of EBA Holding S.A. to (A) Control and (B) own Voting Stock which (except for those matters
for which class “A” shares of Grupo Galicia have the right to only one (1) vote) has the right to
at least fifty-nine point forty-two percent (59.42%) of the total votes at shareholders meetings of
Grupo Galicia, provided that such percentage may be reduced (without constituting a “Change of
Control”) to a percentage of Voting Stock which (except for those matters for which class “A”
shares of Grupo Galicia have the right to only one (1) vote) has the right to cast a majority of
the votes at shareholders meetings of Grupo Galicia in the event that Grupo Galicia issues equity
securities by reason of any transaction not prohibited under the terms of this Agreement or any
Transaction Document (including, without limitation, the issuance of equity by the Borrower),
and/or (iii) the failure of Grupo Galicia to (A) Control the Borrower and (B) to own at least
ninety-three percent (93%) of the Capital Stock and Voting Stock of the Borrower; provided that
such percentage may be reduced (without constituting a “Change of Control”) to sixty-five percent
(65%) of the Capital Stock and Voting Stock of the Borrower in the event that the Borrower issues
equity securities by reason of any transaction not prohibited under the terms of this Agreement or
any of the Transaction Documents (including, without limitation, the issuance of equity by the
Borrower);

 

- 8 -

 

“Charter” means, with respect to the Borrower, the estatutos;

“Coercive Practice” has the meaning assigned to it in Annex C;

“Collection Account” has the meaning ascribed to the term defined and referred to in Spanish
as “Cuenta de Cobro” in the Security Documents;

“Collusive Practice” has the meaning assigned to it in Annex C;

“Consolidated” or “Consolidated Basis” means with respect to any financial statements to be
provided, or any financial calculation to be made, under or for the purposes of this Agreement the
method referred to in Section 1.02 (c) (Financial Calculations); and the entities whose accounts
are to be consolidated with the accounts of the Borrower are all the Subsidiaries of the Borrower;

“Control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person, whether through the ownership of Voting Stock,
by contract or otherwise, and the verb “Control” and the terms “Controlling” and “Controlled” have
the meanings correlative to the foregoing; provided that any controller (veedor) appointed by the
Central Bank to oversee the operations of the Borrower shall not be construed as “Controlling” the
direction of the management and/or policies of the Borrower;

“Corrupt Practice” has the meaning assigned to it in Annex C;

“Country” means the Republic of Argentina;

“Currency Maturity Gap” means for assets and liabilities denominated in the same currency, the
difference between: (i) the aggregate of all on- and off-balance sheet assets maturing within
ninety (90) days; and (ii) the aggregate of all on- and off-balance sheet liabilities maturing
within ninety (90) days;

“Directly Export Oriented SME” means any SME with direct exports in the agribusiness sector;

“Disbursement” means any disbursement of the GTLP Facility;

“Dollars” and “$” means the lawful currency of the United States of America;

“Economic Group” means, with respect to any Person, all Persons that are Affiliates, Related
Parties or Linked Parties of such Person;

“Economic Group Exposure Ratio” means, the result obtained by dividing: (i) the Exposure of
the Borrower to any Person or Economic Group; by (ii) Total Capital;

 

- 9 -

 

“Eligible Sub-borrower” means any SME which: (i) is at least majority privately owned, i.e.,
with participation in its voting and non-voting capital by public sector entities not exceeding
forty-nine per cent (49%); (ii) has annual sales of less than sixty million Dollars ($60,000,000)
equivalent; (iii) is not a Related Party or an Affiliate of the Borrower; (iv) conducts its
business and operations primarily in the Country; (v) in case of primary agricultural farmers, it
owns land; (vi) is either a Directly Export Oriented SME or an Indirectly Export Oriented SME;
(vii) complies with the environmental requirements of the Country; and (viii) is not primarily
engaged in any of the activities on the Exclusion List;

“Eligible Sub-loan” means any loan which is made by the Borrower to an Eligible Sub-borrower
which meets all of the following criteria: (i) is denominated in Dollars; (ii) has a principal
amount not exceeding two million Dollars ($2,000,000) equivalent; (iii) is evidenced by an
agreement containing such provisions as would enable the Borrower to comply with the requirements
set out in this Agreement; (iv) is secured through a first-ranking mortgage (hipoteca) over real
estate property and/or, in the case of loans granted for the acquisition of agricultural machinery
equipment, first-ranking chattel mortgage (prenda con registro) over acquired equipment, for the
sole and exclusive benefit of the Borrower, or any other collateral structure acceptable to IFC in
its sole discretion; (v) proceeds thereof are not applied towards financing activities listed in
the Exclusion List; (vi) its grace period, amortization schedule, interest, interest payment dates
and final maturity provisions match those set forth in this Agreement in order to comply with all
relevant Security Documents, provided that, with respect to IFC Tranche Eligible Sub-loans, the
grace period thereof will be larger than that of the last IFC Tranche Eligible Sub-loans, as grace
periods will need to match the grace period of the IFC Tranche, and will decrease accordingly
depending on the timing of disbursements of the respective Eligible Sub-loans; and (vii) is
approved in full compliance with the Borrower’s internal credit underwriting policies and
standards;

“Eligible Sub-loan Documents” means all and each of the agreements and/or documents and/or
instruments (including, without limitation, promissory notes, pagarés, or any other kind of similar
instruments) evidencing, relating to, and/or in connection with, all and each of the Eligible
Sub-loans and the associated collateral securing the obligations of the respective Eligible
Sub-borrowers in connection therewith;

“Eligible Sub-loan Program” means a program for the origination and/or acquisition of certain
discrete amounts of Eligible Sub-loans, to IFC’s satisfaction, with respect to which a Disbursement
under the GTLP Facility is requested by the Borrower;

“Eligible Sub-loans Status Report” means, for all of the Eligible Sub-loans pledged by the
Borrower to IFC pursuant to the Security Documents, a report provided to IFC by the Borrower in the
form attached hereto as Schedule 8;

“Equity to Assets Ratio” means the result obtained by dividing: (i) Shareholders’ Equity; by
(ii) Total Assets;

“Escasany, Ayerza and Braun Family Members” means any members of the Escasany, Ayerza and
Braun families who are holders of Class “A” Shares of EBA Holding S.A., or their heirs, descendants
and spouses who receive shares as a result of dissolution of marriage, which holders of Class “A”
Shares and the Fundación Banco de Galicia y Buenos Aires S.A. are (to the extent applicable)
identified in the shareholders’ meeting minutes, Number 1 of EBA Holding S.A. dated October 12,
1999, and registered before the Registro Público de Comercio under number 18,036, Libro VIII, Tomo
de Sociedades por Acciones, Número Correlativo IGJ 1670663, the names of which are identified in
Annex E;

 

- 10 -

 

“Event of Default” means any one of the events specified in Section 6.02 (Events of Default);

“Exclusion List” means the list of prohibited activities set forth in Annex B;

“Exposure” means with respect to any Person or Economic Group, the aggregate of all on-balance
sheet assets (including equity) and off-balance sheet commitments and contingencies of the Borrower
to such Person or Economic Group, less any related cash collateral; provided, however, that any
on-balance sheet assets (including equity), or off-balance sheet commitments or contingencies to
the Argentine Central Bank denominated in Pesos shall not be included in the calculation of the
Exposure of the Borrower to such Person or Economic Group;

“Facility Currency” means Dollars;

“Financial Year” means the accounting year of the Borrower commencing each year on January 1
and ending on the following December 31, or such other period as the Borrower, with IFC’s consent,
from time to time designates as its accounting year;

“Fixed Assets Plus Equity Investments Ratio” means the result obtained by dividing: (i) the
aggregate of net fixed assets and equity investments, less (A) equity investments in unconsolidated
banking and financial subsidiary companies, and (B) equity investments in other banks and financial
institutions; by (ii) Total Capital;

“Foreign Currency” means any currency other than Pesos;

“Foreign Currency Maturity Gap Ratio” means for each Foreign Currency representing more than
five per cent (5%) of the Borrower’s assets, the result obtained by dividing: (i) the Currency
Maturity Gap; by (ii) Total Capital;

“Foreign Exchange Open Position” means with respect to any Foreign Currency, the absolute
difference between assets and liabilities in that Foreign Currency, after giving effect to all
Qualifying Off-Balance Sheet Hedges;

“Fraudulent Practice” has the meaning assigned to it in Annex C;

“Grupo Galicia” means Grupo Financiero Galicia S.A., a corporation organized and validly
existing under the laws of the Country;

“GTLP Facility” means the facility specified in Section 2.01 (a) (Amount and Purpose) or, as
the context requires, its principal amount from time to time outstanding;

“IFC Exposure” means with respect to any Person or Economic Group, the aggregate of all
on-balance sheet assets (including equity) and off-balance sheet commitments and contingencies of
the IFC to such Person or Economic Group, less any related cash collateral; provided, however, that
any on-balance sheet assets (including equity), or off-balance sheet commitments or contingencies
to the Argentine Central Bank denominated in Pesos shall not be included in the calculation of the
IFC Exposure to such Person or Economic Group;

 

- 11 -

 

“IFC Tranche” has the meaning ascribed thereto in Section 2.01(a)(i) (Amount and Purpose);

“IFC Tranche Eligible Sub-loans” has the meaning ascribed thereto in Section 2.01(b)(1)
(Amount and Purpose);

“IFC Tranche Interest Rate” means for any Interest Period, the rate at which interest is
payable on the IFC Tranche during that Interest Period, determined in accordance with Section 2.03
(Interest);

“Increased Costs” means the amount certified in an Increased Costs Certificate to be the net
incremental costs of, or reduction in return to, IFC, or any Participant in connection with the
making or maintaining of the GTLP Facility or its Participation that result from:

	 	(i)	 	any change in any applicable law or regulation or directive
(whether or not having force of law) or in its interpretation or application by
any Authority charged with its administration; or

	 	(ii)	 	compliance with any request from, or requirement of, any
central bank or other monetary or other Authority;

which, in either case, after the date of this Agreement: (A) imposes, modifies or makes applicable
any reserve, special deposit or similar requirements against assets held by, or deposits with or
for the account of, or loans made by, IFC or that Participant; (B) imposes a cost on IFC as a
result of IFC having made the GTLP Facility or on that Participant as a result of that participant
having acquired its Participation reduces the rate of return on the overall capital of IFC or that
Participant that it would have achieved, had IFC not made the GTLP Facility or that Participant not
acquired its Participation, (C) changes the basis of taxation on payments received by IFC in
respect of the GTLP Facility or by that Participant with respect to its Participation (otherwise
than by a change in taxation of the overall net income of IFC or that Participant imposed by the
jurisdiction of its incorporation or in which it books its Participation or in any political
subdivision of any such jurisdiction); or (D) imposes on IFC or on that Participant any other
condition regarding the making or maintaining of the GTLP Facility or that Participant’s
Participation in the GTLP Facility; but excluding any incremental costs of making or maintaining a
Participation that are a direct result of that participant having its principal office in the
Country or having or maintaining a permanent office or establishment in the Country, if and to the
extent that permanent office or establishment acquires that Participation;

“Increased Costs Certificate” means a certificate provided from time to time by IFC (based on
a certificate to IFC from any Participant) certifying: (i) the circumstances giving rise to the
Increased Costs; (ii) that the costs of IFC or, as the case may be, that Participant have increased
or the rate of return of either of them has been reduced; (iii) that, IFC or, as the case may be,
that Participant has, in its opinion, exercised reasonable efforts to minimize or eliminate the
relevant increase or reduction, and (iv) the amount of Increased Costs;

“Indirectly Export Oriented SME” means any SME operating in agribusiness indirectly export
oriented sectors, being the following considered “indirectly” export oriented sectors: (i) primary
agricultural and cattle raising, (ii) agricultural service and input providers, and (ii)
acquisition of agricultural machinery equipment;

 

- 12 -

 

“Interest Determination Date” means, except as otherwise provided in Section 2.03(f)(ii)
(Interest), the second Business Day before the beginning of each Interest Period;

“Interest Payment Date” means June 15 and December 15 in each year;

“Interest Period” means each period of six (6) months beginning on an Interest Payment Date
and ending on the day immediately before the next following Interest Payment Date, except in the
case of the first period applicable to each Disbursement when it means the period beginning on the
date on which that Disbursement is made and ending on the day immediately before the next following
Interest Payment Date;

“Interest Rate” means, indistinctively, the IFC Tranche Interest Rate and the Parallel Tranche
Interest Rate;

“Interest Rate Gap” means for any Time Period, the difference between: (i) on- and off-balance
sheet assets repricing or maturing in such Time Period, and (ii) on- and off-balance sheet
liabilities maturing or repricing in such Time Period;

“Interest Rate Risk Ratio” means for each Time Period, the result obtained by dividing: (i)
the Adjusted Interest Rate Gap for such Time Period; by (ii) Total Capital;

“Investment Report” a report in the form attached hereto as Schedule 7;

“Large Exposure” means with respect to any Person or Economic Group, the Exposure of the
Borrower to such Person or Economic Group which is in excess of ten per cent (10%) of Total
Capital;

“Liability” or “Liabilities” means with respect to any Person, the aggregate of all
obligations (actual or contingent) of such Person to pay or repay money;

“LIBOR” means the British Bankers’ Association (“BBA”) interbank offered rates for deposits in
the Facility Currency which appear on the relevant page of the Reuters Service (currently Reuters
Screen LIBOR01) or, if not available, on the relevant pages of any other service (such as Bloomberg
Financial Markets Service) that displays such BBA rates; provided that if BBA for any reason ceases
(whether permanently or temporarily) to publish interbank offered rates for deposits in the
Facility Currency, “LIBOR” shall mean the rate determined pursuant to Section 2.03 (f) (Interest);

“Lien” means any mortgage, pledge, charge, assignment, hypothecation, security interest, title
retention, preferential right, trust arrangement, right of set-off, counterclaim or banker’s lien,
privilege or priority of any kind having the effect of security, any designation of loss payees or
beneficiaries or any similar arrangement under or with respect to any insurance policy or any
preference of one creditor over another arising by operation of law;

“Linked Party” means with respect to any Person (“Person A”), each of the following: (i) each
other Person who has received a loan or other extension of credit from the Borrower and has
provided proceeds of any loan or extension of credit or assets purchased with the proceeds of any
loan or extension of credit to Person A in a transaction that is not an arm’s length arrangement;
or (ii)each other Person who has received a loan or other extension of credit from the Borrower and
has a financial interest in a common enterprise with Person A, where a common enterprise is deemed
to exist when the expected source of repayment is the same for their respective loans or extensions
of credit and neither Person A nor the other Person has another source of income from which the
loan and such Person’s other financial obligations may be fully repaid; and it is understood that
an employer will be treated as the source of repayment for credit to an employee of such employer
under this clause (ii) so that any employee shall be considered a Linked Party of its employer if
such employer has received a loan or other extension of credit from the Borrower;

 

- 13 -

 

“Long-term Debt” means that part of the Liabilities of the Borrower whose final maturity falls
due more than one year after the date it is incurred (including the current maturities thereof);

“Market Disruption Event” means that, before the close of business in London on the Interest
Determination Date for the relevant Interest Period, the cost to IFC or Participants whose
Participations in the GTLP Facility represent in the aggregate thirty per cent (30%) or more of the
outstanding principal amount of the GTLP Facility (as notified to IFC by such Participants) of
funding the GTLP Facility or such Participations (as applicable) would be in excess of LIBOR;

“Material Adverse Effect” means a material adverse effect on: (i) the Borrower, its assets or
properties; (ii) the Borrower’s business prospects or financial condition; (iii) the implementation
of, or the carrying on of, the Borrower’s business or operations; or (iv) the ability of the
Borrower to comply
with its obligations under this Agreement or under any other Transaction Document to which the
Borrower is a party;

“Net Fixed Assets” means with respect to the Borrower, (i) property and equipment, (ii) sundry
goods, (iii) expenses in organization and research, and (iv) goodwill; net of depreciation,
accumulated amortizations, and provisions;

“Note” has the meaning ascribed thereto in Section 2.02 (c) (Disbursement Procedure);

“Obstructive Practice” has the meaning assigned to it in Annex C;

“Open Credit Exposures Ratio” means the result obtained by dividing: (i) Problem Exposures
less total provisions; by (ii) Total Capital;

“Parallel Tranche” has the meaning ascribed thereto in Section 2.01(a)(ii) (Amount and
Purpose);

“Parallel Tranche Eligible Sub-loans” has the meaning ascribed thereto in Section 2.01(b)(2)
(Amount and Purpose);

“Parallel Tranche Interest Rate” means for any Interest Period, the rate at which interest is
payable on the Parallel Tranche during that Interest Period, determined in accordance with Section
2.03 (Interest);

“Participant” means any Person who acquires a Participation in the GTLP Facility;

“Participation” means a participating interest in the GTLP Facility, or as the context
requires, in any Disbursement;

 

- 14 -

 

“Performance Standards” means IFC’s Performance Standards on Social & Environmental
Sustainability, dated April 30, 2006, copies of which are available publicly on the IFC website at
http://www.ifc.org/ifcext/enviro.nsf/Content/EnvSocStandards;

“Person” means any natural person, corporation, company, partnership, firm, voluntary
association, joint venture, trust, unincorporated organization, Authority or any other entity
whether acting in an individual, fiduciary or other capacity;

“Pesos” and “AR$” means the lawful currency of the Country;

“Potential Event of Default” means any event or circumstance which would, with notice, lapse
of time, the making of a determination or any combination thereof, become an Event of Default;

“Problem Exposures” means the aggregate of: (i) Exposures where any portion of such Exposures
are, on non-accrual status, ninety (90) days or more in arrears, or for which there is otherwise
doubt that payments will be made in full; (ii) Exposures where any portion of such Exposures have
been restructured within the past twelve (12) months; (iii) assets received in lieu of payment
(including, but not limited to, real estate and equity shares); and (iv) claims on other Persons
that are unreconciled, unsettled or otherwise unresolved for ninety (90) days or longer;

“Qualifying Off-Balance Sheet Hedges” means hedging instruments with regulated banks rated
investment grade on the national scale by any of Standard & Poor’s, Moody’s Investors Service or
Fitch Ratings, Ltd.;

“Related Party” means with respect to any Person, each of the following: (i) each member of
such Person’s board of directors, supervisory board or equivalent body; (ii) each member of such
Person’s senior management; (iii) each Person holding, directly or indirectly, more than five per
cent (5%) of the voting or non-voting share capital of such Person; (iv) each of the parents,
children and siblings of the Persons falling under clauses (i) through (iii) above; (v) each of the
spouses of the Persons falling under clauses (i) through (iv) above; and (vi) each of the
Affiliates and Linked Parties of the Persons falling under clauses (i) through (v) above;

“Related Party Exposure Ratio” means the result obtained by dividing: (i) the Exposure of the
Borrower to all Related Parties, Affiliates and Linked Parties of the Borrower, less any Exposure
of the Borrower to any wholly owned operating Subsidiary of the Borrower involved in leasing,
factoring, consumer finance, mortgage finance, or merchant/investment banking; by (ii) Total
Capital;

“Relevant Financing Operations” means the on-lending operations of the Borrower financed by
the GTLP Facility; 

“Relevant Spread” means, collectively, the Relevant Spread for the IFC Tranche and the
Relevant Spread for the Parallel Tranche;

“Relevant Spread for the IFC Tranche” means 4.25% per annum;

“Relevant Spread for the Parallel Tranche” means 4.00% per annum;

“Restructured IFC Loan Agreements” means, collectively, (i) the Amended and Restated IFC
Long-Term Loan Agreement, and (ii) the Amended and Restated IFC Subordinated Loan Agreement;

 

- 15 -

 

“Restructured IFC Loans” means, collectively, all and each of the restructured loans from IFC
to the Borrower provided for in the Restructured IFC Loan Agreements;

“Risk Weighted Assets” means, with respect to the Borrower, the amount computed in accordance
with the Argentine Central Bank regulations prevailing as of the date of this Agreement;

“Risk Weighted Capital Adequacy Ratio” means the result obtained by dividing: (i) Total
Capital; by (ii) Risk Weighted Assets;

“Sanctionable Practice” means any Corrupt Practice, Fraudulent Practice, Coercive Practice,
Collusive Practice, or Obstructive Practice, as those terms are defined herein and interpreted in
accordance with the Anti-Corruption Guidelines attached to this Agreement as Annex C;

“Security” the security created by or pursuant to the Security Documents to secure all amounts
owing by the Borrower to IFC under this Agreement and the Transaction Documents;

“Security Documents” the documents providing for the Security, consisting of (i) a
first-ranking credit pledge (prenda de créditos) over all and each of the IFC Tranche Eligible
Sub-loans to secure the Borrower’s obligations with respect to the IFC Tranche; (i) a first-ranking
credit pledge (prenda de créditos) over all and each of the Parallel Tranche Eligible Sub-loans to
secure the
Borrower’s obligations with respect to the Parallel Tranche, in both cases including, without
limitation, all and each of the respective Eligible Sub-loan Documents, for the sole and exclusive
benefit of IFC, provided that the GTLP Facility will be structured to be a self-liquidating
transaction, whereby the financing terms of the respective Tranche of the GTLP Facility and the
financing terms of the IFC Tranche Eligible Sub-loans or the Parallel Tranche Eligible Sub-loans,
as the case may be, will match in a way so that all proceeds out of Eligible Sub-loans’ repayment
will be directly passed through to an IFC account for purposes of further payments to IFC of
amounts owed under the GTLP Facility; and (iii) all and any other document, instrument and/or
agreement relating to, and/or in connection with, any of the foregoing (including, without
limitation, documents providing for the administration and management of the pledged Eligible
Sub-loans);

“Security-to-Loan Ratio” means, on any relevant date of calculation, the result obtained by
dividing (A) the sum of (i) the aggregate principal amount outstanding owed as of such date by the
Eligible Sub-borrowers under the Eligible Sub-loans in respect of which the Security has been
created and fully perfected as of such date plus (ii) the aggregate amount of all cash deposited
and credited into the Collection Account as of such date; by (B) the aggregate principal amount
outstanding owed by the Borrower to IFC under this Agreement as of such date;

“SEMS Officer” means a senior officer of the Borrower to be responsible for administration and
oversight of the S&E Management System, initially appointed in accordance with Section 4.01 (j)
(Conditions of First Disbursement);

“SEMS Plan” means the plan set forth in Schedule 12, setting forth in reasonable detail the
specific measures, modifications and enhancements to be implemented by the Borrower in respect of
the S&E Management System;

 

- 16 -

 

“Significant Subsidiary” any Subsidiary of the Borrower in which the Borrower’s and its other
Subsidiaries’ proportionate share of the total assets (after intercompany eliminations) of the
Subsidiary exceeds five per cent (5%) of the total assets of the Borrower and its Subsidiaries
consolidated as of the end of the most recently completed Fiscal Year; provided that such
percentage shall be eleven per cent (11%) in the case of Subsidiaries not organized under the laws
of the Country;

“SME” means small and medium-sized enterprises, incorporated in the Country and active in the
agribusiness sector;

"S&E Management System” means the social and environmental management system of the Borrower,
as implemented and/or in effect from time to time, that enables the Borrower to identify, assess
and manage the social and environmental risks in respect of the Relevant Financing Operations in
accordance with the S&E Requirements;

“S&E Performance Report” means a written report prepared by the Borrower, substantially in the
form of Schedule 11, evaluating the social and environmental performance of Eligible Sub-borrowers
for the previous fiscal year, describing in reasonable detail (i) implementation and operation of
the S&E Management System and (ii) the environmental and social performance of the Eligible
Sub-borrowers;

“S&E Requirements” means the social and environmental obligations to be undertaken by the
Eligible Sub-borrowers to ensure compliance with: (i) the Exclusion List; (ii) Applicable S&E
Laws; (iii) the Performance Standards, and (iv) any other requirements established by the S&E
Management System;

“Shareholders Equity” means total equity as calculated under the Accounting Standards;

“Shell Bank” means a bank incorporated in a jurisdiction in which it has no physical presence
and which is not an Affiliate of a regulated (i) bank or (ii) financial group;

“Single Currency Foreign Exchange Risk Ratio” means for each Foreign Currency, the result
obtained by dividing: (i) the Foreign Exchange Open Position; by (ii) Total Capital;

“Subsidiary” means, with respect to any Person, any entity over 50% of whose capital is owned,
directly or indirectly, by that Person; or for which that Person may nominate or appoint a majority
of the members of the board of directors or persons performing similar functions; or which is
otherwise effectively controlled by that Person;

“Taxes” means any present or future taxes, withholding obligations, duties and other charges
of whatever nature levied by any Authority;

“Time Period” has the meaning set forth in the definition of Adjusted Interest Rate Gap;

“Total Assets” means total assets, as calculated under the Accounting Standards;

“Total Capital” means the Borrower’s “Responsabilidad Patrimonial Computable” as defined by
the Argentine Central Bank regulations prevailing as of the date of this Agreement;

 

- 17 -

 

“Tranche” means, indistinctively, the IFC Tranche or the Parallel Tranche;

“Transaction Documents” means (i) this Agreement; (ii) the Security Documents; and (iii) all
and any agreement, documents and/or instruments relating to, and/or in connection with, the above
referred documents and agreements;

“Voting Stock” means with respect to a Subsidiary or an Affiliate, any stock of the class or
classes having general voting power under ordinary circumstances to elect at least a majority of
the board of directors, managers or trustees of such Person; provided that for the purposes hereof,
stock which carries only the right to vote conditionally on the happening of an event shall not be
considered Voting Stock, whether or not such event shall have happened; and

“World Bank” means the International Bank for Reconstruction and Development, an international
organization established by Articles of Agreement among its member countries.

Section 1.02. Financial Calculations. (a) All financial calculations to be made
under, or for the purposes of, this Agreement and any other Transaction Document shall be made in
accordance with the Accounting Standards and, except as otherwise required to conform to any
provision of this Agreement, shall be calculated from the then most recently issued quarterly
financial statements which the Borrower is obligated to furnish to IFC under Section 5.04 (a)
(Reporting Requirements).

(b) Where quarterly financial statements from the last quarter of a Financial Year are used
for the purpose of making certain financial calculations then, at IFC’s option, those calculations
may instead be made from the audited financial statements for such Financial Year.

(c) If a financial calculation is to be made under or for the purposes of this Agreement or
any other Transaction Document on a Consolidated Basis, that calculation shall be made by reference
to the sum of all amounts of similar nature reported in the relevant financial statements of each
of the entities whose accounts are to be consolidated with the accounts of the Borrower plus or
minus the consolidation adjustments customarily applied to avoid double counting of transactions
among any of those entities, including the Borrower.

Section 1.03. Interpretation. In this Agreement, unless the context otherwise
requires:

(a) headings are for convenience only and do not affect the interpretation of this Agreement;

(b) a reference to an Annex, Article, party, Schedule or Section is a reference to that
Article or Section of, or that Annex, party or Schedule to, this Agreement;

(c) words importing the singular include the plural and vice versa;

(d) a reference to a document includes an amendment or supplement to, or replacement or
novation of, that document but disregarding any amendment, supplement, replacement or novation made
in breach of this Agreement;

(e) a reference to a party to any document includes that party’s successors and permitted
assigns.

 

- 18 -

 

Section 1.04. Business Day Adjustment. (a) When an Interest Payment Date is not a
Business Day, then such Interest Payment Date shall be automatically changed to the next Business
Day in that calendar month (if there is one) or the preceding Business Day (if there is not).

(b) When the day on or by which a payment (other than a payment of principal or interest) is
due to be made is not a Business Day, that payment shall be made on or by the next Business Day in
that calendar month (if there is one) or the preceding Business Day (if there is not).

ARTICLE II

The GTLP Facility

Section 2.01. Amount and Purpose. (a) Subject to the provisions of this Agreement,
IFC agrees to establish a line of credit (the “GTLP Facility”) in favor of the Borrower, made of up
to two (2) facility tranches, as follows: (i) a tranche to be applied exclusively towards
origination of a pool of Dollar-denominated long-term loans to Eligible Sub-borrowers in an amount
of up to twenty million Dollars ($20,000,000.00) (the “IFC Tranche”); and (ii) a tranche to be
applied exclusively towards origination of a pool of Dollar-denominated short-term and medium-term
loans to Eligible Sub-borrowers in an amount of up to twenty million Dollars ($20,000,000.00) (the
“Parallel Tranche”).

(b) The purpose of the GTLP Facility is to provide the Borrower with a credit line to be used
exclusively to originate (1) with funds out of the IFC Tranche, a pool of Eligible Sub-loans with
a sustainability component aimed at (y) reducing the environmental impact of agribusiness
practices
through waste-recycling and (z) improving the efficiency of limited resources use, as detailed in
Annex D (collectively, the “IFC Tranche Eligible Sub-loans”); and (2) with funds out of the
Parallel Tranche, a pool of Eligible Sub-loans to finance capital expenditure programs, expansion
capacity, or any combination thereof (collectively, the “Parallel Tranche Eligible Sub-loans”),
all of the foregoing under any relevant Eligible Sub-loan Program; provided that, (i) except as
provided in (ii) below, the maximum aggregate exposure per Eligible Sub-borrower (taking into
account, for avoidance of any doubt, IFC Tranche Eligible Sub-loans and Parallel Tranche Eligible
Sub-loans) shall never exceed two million Dollars ($2,000,000), (ii) at any time from time to
time, no more than three (3) Eligible Sub-borrowers will be allowed to hold both, an IFC Tranche
Eligible Sub-loan and a Parallel Tranche Eligible Sub-loan for a maximum aggregate amount, per
Eligible Sub-borrower, not exceeding four million Dollars ($4,000,000), and (iii) at least fifty
per cent (50%) of the aggregate amount of the Eligible Sub-loans shall be represented by Eligible
Sub-loans granted to Eligible Sub-borrowers with annual sales below twenty-five million Dollars
($25,000,000).

Section 2.02. Disbursement Procedure. (a) The Borrower may request Disbursements
under each Tranche by delivering to IFC, at least ten (10) Business Days prior to the proposed date
of Disbursement, a Disbursement request substantially in the form of Schedule 2. Each
Disbursement shall be made by IFC at a bank in New York, New York for further credit to the
Borrower’s account at a bank in the Country, or any other place acceptable to IFC, all as specified
by the Borrower in the relevant Disbursement request. Each Disbursement (other than the last one)
shall be made in an amount of not less than five million Dollars ($5,000,000), provided, however,
that the first Disbursement may be made in an amount of less than five million Dollars ($5,000,000)
but shall, in any such case, be made in an amount equal to, or greater than, two million Dollars
($2,000,000).

 

- 19 -

 

(b) The Borrower shall deliver to IFC a receipt, substantially in the form of Schedule 3,
within five (5) Business Days following each Disbursement, together with an Investment Report, in a
form reasonably satisfactory to IFC, for each Eligible Sub-loan Program for which the funds
requested to be disbursed will be used.

(c) Each Disbursement shall be evidenced by a non-endorsable promissory note (pagaré), payable
on demand, for the aggregate principal amount of such Disbursement (each such promissory note, a
“Note”), which shall be issued and delivered by the Borrower, in the form attached hereto as of
Schedule 5, to secure its payment obligations hereunder.

(d) The issuance of any of the Notes provided for hereunder is not intended to, and shall
hence not, constitute a novation of any of the Borrower’s obligations hereunder or under any of the
other Transaction Documents, as the case may be.

(e) IFC may, by notice to the Borrower, suspend the right of the Borrower to Disbursements or
cancel the undisbursed portion of each Tranche in whole or in part: (i) if the first Disbursement
has not been made by (y) March 8, 2011, for Disbursements under the IFC Tranche; or (z) November 8,
2010, for Disbursements under the Parallel Tranche; (ii) if any Event of Default has occurred and
is continuing or if the Event of Default specified in Section 6.02(d) (Events of Default) is, in
the reasonable opinion of IFC, imminent; (iii) if any event or condition has occurred which has or
can reasonably be expected to have a Material Adverse Effect; or (iv) on or after (y) March 8,
2012, for Disbursements under the IFC Tranche; or (z) March 8, 2011, for Disbursements under the
Parallel Tranche. Upon any cancellation, the Borrower shall, subject to subsection (e) of this
Section 2.02, pay to IFC all fees and other amounts accrued (whether or not then due and payable)
under this Agreement up to the date of that cancellation.

(f) The Borrower may, by notice to IFC, irrevocably request IFC to cancel the undisbursed
portion of the GTLP Facility on the date specified in that notice (which shall be a date not
earlier than 30 days after the date of that notice) provided that, subject to subsection (g) of
this Section 2.02, IFC has received all fees and other amounts accrued (whether or not then due and
payable) under this Agreement up to such specified date.

(g) In the case of partial cancellation of the GTLP Facility pursuant to subsection (e) or (f)
of this Section 2.02, interest on the amount then outstanding of the GTLP Facility remains payable
as provided in Section 2.03 (Interest).

(h) Any portion of the GTLP Facility that is cancelled under this Section 2.02 may not be
reinstated or disbursed.

Section 2.03. Interest. (a) Subject to the provisions of Section 2.04 (Default Rate
Interest), the Borrower shall pay interest on each Tranche of the GTLP Facility in accordance with
this Section 2.03.

(b) During each Interest Period, each Tranche of the GTLP Facility (or, with respect to the
first Interest Period for each Disbursement, the amount of that Disbursement) shall bear interest
at the applicable Interest Rate for that Interest Period.

 

- 20 -

 

(c) Interest on each Tranche of the GTLP Facility shall accrue from day to day, be prorated on
the basis of a 360-day year for the actual number of days in the relevant Interest Period and be
payable in arrears on the Interest Payment Date immediately following the end of that Interest
Period; provided that with respect to any Disbursement made less than 15 days before an Interest
Payment Date, interest on that Disbursement shall be payable commencing on the second Interest
Payment Date following the date of that Disbursement.

(d) The IFC Tranche Interest Rate for any Interest Period shall be the rate which is the sum
of:

	 	(i)	 	the Relevant Spread for the IFC Tranche; and

	 
	 	(ii)	 	LIBOR on the Interest Determination Date for that Interest
Period for six (6) months (or, in the case of the first Interest Period for any
Disbursement, for 1 month, 2 months, 3 months or 6 months, whichever period is
closest to the duration of the relevant Interest Period (or, if two periods are
equally close, the longer one)) rounded upward to the nearest three decimal
places.

(e) The Parallel Tranche Interest Rate for any Interest Period shall be the rate which is the
sum of:

	 	(i)	 	the Relevant Spread for the Parallel Tranche; and

	 
	 	(ii)	 	LIBOR on the Interest Determination Date for that Interest
Period for six (6) months (or, in the case of the first Interest Period for any
Disbursement, for 1 month, 2 months, 3 months or 6 months, whichever period is
closest to the duration of the relevant Interest Period (or, if two periods are
equally close, the longer one)) rounded upward to the nearest three decimal
places.

(f) If, for any Interest Period, IFC cannot determine LIBOR by reference to the Reuters
Service or any other service that displays BBA rates, IFC shall notify the Borrower and shall
instead determine LIBOR:

	 	(i)	 	on the second Business Day before the beginning of the relevant
Interest Period by calculating the arithmetic mean (rounded upward to the
nearest three decimal places) of the offered rates advised to IFC on or around
11:00 a.m., London time, for deposits in the Facility Currency and otherwise in
accordance with Sections 2.03 (d) (ii) or (e) (ii), by any 4 major banks active
in the Facility Currency in the London interbank market, selected by IFC;
provided that if less than four quotations are received, IFC may rely on the
quotations so received if not less than 2; or

	 	(ii)	 	if less than 2 quotations are received from the banks in London
in accordance with subsection (i) above, on the first day of the relevant
Interest Period, by calculating the arithmetic mean (rounded upward to the
nearest three decimal places) of the offered rates advised to IFC on or around
11:00 a.m., New York time, for loans in the Facility Currency and otherwise in
accordance with Sections 2.03 (d) (ii) or (e) (ii), by a major bank or banks in
New York, New York selected by IFC.

 

- 21 -

 

(g) Subject to any alternative basis agreed as contemplated by Section 2.03(h) below, if a
Market Disruption Event occurs in relation to all or any part of the GTLP Facility for any Interest
Period, IFC shall promptly notify the Borrower of such event and the relevant Interest Rate for the
relevant portion of the GTLP Facility for that Interest Period shall be the rate which is the sum
of:

	 	(i)	 	the Relevant Spread; and

	 
	 	(ii)	 	either (A) the rate which expresses as a
percentage rate per annum the cost to IFC (or the relevant Participant,
as notified to IFC as soon as practicable and in any event not later
than the close of business on the first day of the relevant Interest
Period) of funding the GTLP Facility or its Participation (as
applicable) from whatever source it may reasonably select or (B) at the
option of IFC (or any such Participant, as applicable), LIBOR for the
relevant period as determined in accordance with Sections 2.03(d)(ii)
or (e)(ii) above;

(h) (i) If a Market Disruption Event occurs in relation to the GTLP Facility and IFC or the
Borrower so requires, within 5 Business Days of the notification by IFC pursuant to Section 2.03(g)
above, IFC and the Borrower shall enter into good faith negotiations (for a period of not more than
30 days) with a view to agreeing a substitute basis for determining the rate of interest applicable
to the GTLP Facility.

	 	(ii)	 	Any alternative basis agreed pursuant to sub-paragraph (i)
above shall take effect in accordance with its terms and be binding on each
party hereto.

	 
	 	(iii)	 	If agreement cannot be reached, the Borrower may prepay the
relevant portion of the GTLP Facility in accordance with Section 2.06 (a) but
without any prepayment premium.

(i) On each Interest Determination Date for any Interest Period, IFC shall determine the
Interest Rate applicable to that Interest Period and promptly notify the Borrower of that rate.

(j) The determination by IFC, from time to time, of the applicable Interest Rate shall be
final and conclusive and bind the Borrower (unless the Borrower shows to IFC’s satisfaction that
the determination involves manifest error).

Section 2.04. Default Rate Interest. (a) Without limiting the remedies available to
IFC under this Agreement or otherwise (and to the maximum extent permitted by applicable law), if
the Borrower fails to make any payment of principal or interest (including interest payable
pursuant to this Section) or any other payment provided for in Section 2.07 (Fees) when due as
specified in this Agreement (whether at stated maturity or upon acceleration), the Borrower shall
pay interest on the amount of that payment due and unpaid at the rate which shall be the sum of two
per cent (2%) per annum and the Interest Rate in effect from time to time.

(b) Interest at the rate referred to in Section 2.04 (a) shall accrue from the date on which
payment of the relevant overdue amount became due until the date of actual payment of that amount
(as well after as before judgment), and shall be payable on demand or, if not demanded, on each
Interest Payment Date falling after any such overdue amount became due.

 

- 22 -

 

Section 2.05. Repayment. (a) Subject to Section 1.04 (Business Day Adjustment), the
Borrower shall repay the IFC Tranche in eight (8) equal, consecutive semi-annual installments on
the following Interest Payment Dates and in the following amounts:

	 	 	 	 	 
	Interest Payment Date	 	Principal Amount Due	 
	 
	 	 	 	 
	December 15, 2011
	 	$	2,500,000.00	 
	June 15, 2012
	 	$	2,500,000.00	 
	December 15, 2012
	 	$	2,500,000.00	 
	June 15, 2013
	 	$	2,500,000.00	 
	December 15, 2013
	 	$	2,500,000.00	 
	June 15, 2014
	 	$	2,500,000.00	 
	December 15, 2014
	 	$	2,500,000.00	 
	June 15, 2015
	 	$	2,500,000.00	 

(b) Subject to Section 1.04 (Business Day Adjustment), the Borrower shall repay the Parallel
Tranche in six (6) equal, consecutive semi-annual installments on the following Interest Payment
Dates and in the following amounts:

	 	 	 	 	 
	Interest Payment Date	 	Principal Amount Due	 
	 
	 	 	 	 
	December 15, 2010
	 	$	3,333,333.33	 
	June 15, 2011
	 	$	3,333,333.33	 
	December 15, 2011
	 	$	3,333,333.33	 
	June 15, 2012
	 	$	3,333,333.33	 
	December 15, 2012
	 	$	3,333,333.33	 
	June 15, 2013
	 	$	3,333,333.35	 

(c) Upon each Disbursement, the amount disbursed shall be allocated for repayment on each of
the respective dates for repayment of principal set out in the respective table in Sections 2.05
(a) and (b) in amounts which are pro rata to the amounts of the respective
installments shown
opposite those dates in that table (with IFC adjusting those allocations as necessary so as to
achieve whole numbers in each case).

(d) Any principal amount of the GTLP Facility repaid under this Agreement may not be
re-borrowed.

Section 2.06. Prepayment. (a) Without prejudice to Section 2.10 (Increased Costs),
the Borrower may prepay on any Interest Payment Date all or any part of any Tranche of the GTLP
Facility, on not less than thirty (30) days’ prior notice to IFC, but only if, simultaneously with
the prepayment, the Borrower pays all accrued interest on the amount of the Tranche to be prepaid,
together with all amounts payable under Section 2.11 (Unwinding Costs) and a prepayment premium
equal to two per cent (2%) of the amount to be prepaid for each full year from the date of
prepayment to the final maturity of the Tranche being prepaid (for any period less than one (1)
year, the premium shall be pro-rated on the basis of a 360-day year for the actual number of days
in such period). Any partial prepayment shall: (i) be in an amount of not less than $5,000,000; and
(ii) be applied to the remaining repayment installments of the respective Tranche in inverse order
of maturity.

 

- 23 -

 

(b) Upon delivery of a notice in accordance with Section 2.06 (a), the Borrower shall make the
prepayment in accordance with the terms of that notice.

(c) To the extent that any amounts prepaid by any Eligible Sub-borrower are not reused by the
Borrower to make Eligible Sub-loans to Eligible Sub-borrowers under the IFC Tranche and/or the
Parallel Tranche, as the case may be, within a period of twelve (12) months from the relevant date
or dates of prepayment, the Borrower shall apply those amounts to the prepayment of the IFC Tranche
or the Parallel Tranche, respectively and as the case may be, subject to then applicable Banking
Regulations, except that there shall be no minimum amount, no prepayment premium, or advanced
notice period for that prepayment.

(d) Any principal amount of any Tranche of the GTLP Facility prepaid under this Section may
not be re-borrowed.

Section 2.07. Fees. (a) The Borrower shall pay to IFC: (i) a commitment fee at the
rate of one half of one per cent (1/2%) per annum on that part of each Tranche of the GTLP Facility
that from time to time has not been disbursed or canceled, beginning to accrue on the date of this
Agreement, pro rated on the basis of a 360-day year for the actual number of days
elapsed and payable, in arrears, on each Interest Payment Date, the first such payment to be due on
December 15, 2010; (ii) a front-end fee of one per cent (1%) of the amount of each Tranche of the
GTLP Facility, to be paid on the earlier of (A) the date which is 30 days after the date of this
Agreement and (B) the date immediately preceding the date of the first Disbursement; and (iii) a
portfolio monitoring fee of ten thousand Dollars ($10,000) per annum, payable upon receipt of a
statement from IFC.

(b) If the Borrower and IFC agree to amend or waive any provision of any Transaction Document
and/or to restructure all or part of the GTLP Facility, the Borrower and IFC shall negotiate in
good faith an appropriate amount to compensate IFC for the additional work of IFC staff required in
connection with such restructuring.

Section 2.08. Currency and Place of Payment. (a) The Borrower shall pay all amounts
due to IFC under this Agreement in the Facility Currency, in same day funds, to the account of IFC
at Citibank, N.A., 111 Wall Street,
New York, New York, U.S.A., ABA#021000089, for credit to IFC’s account number 36085579 unless
a different account has been designated from time to time by IFC.

(b) The payment obligations of the Borrower under this Agreement shall be discharged or
satisfied only to the extent that (and as of the date when) IFC actually receives funds in the
Facility Currency in the account referred to in subsection (a) above, notwithstanding the tender or
payment (including by way of recovery under a judgment) of any amount in any currency other than
the Facility Currency.

(c) Accordingly, the Borrower shall, as a separate obligation, or by way of indemnity, as the
case may be, pay such additional amount as is necessary to enable IFC to receive, after conversion
to the Facility Currency at a market rate and transfer to that account, the full amount due to IFC
under this Agreement in the Facility Currency and in the account referred to in subsection (a)
above.

(d) Notwithstanding the provisions of Section 2.08 (a) and Section 2.08 (b), IFC may require
the Borrower to pay (or reimburse IFC) for any Taxes, fees, costs, expenses and other amounts
payable under Section 2.12 (a) (Taxes) and Section 2.14 (Expenses) in the currency in which they
are payable, if other than the Facility Currency.

 

- 24 -

 

Section 2.09. Allocation of Partial Payments. If IFC at any time receives less than
the full amount then due and payable under this Agreement, IFC may allocate and apply the amount
received as IFC in its sole discretion determines, notwithstanding any instruction of the Borrower
to the contrary.

Section 2.10. Increased Costs. On each Interest Payment Date, the Borrower shall
pay, in addition to interest, the amount which IFC from time to time notifies to the Borrower in an
Increased Costs Certificate as being the aggregate Increased Costs accrued and unpaid prior to that
Interest Payment Date.

Section 2.11. Unwinding Costs. (a) If IFC or any Participant incurs any cost,
expense or loss as a result of the Borrower: (i) failing to borrow in accordance with a request for
Disbursement made pursuant to Section 2.02 (Disbursement Procedure); (ii) failing to prepay in
accordance with a notice of prepayment; (iii) prepaying all or any portion of the GTLP Facility on
a date other than an Interest Payment Date; or (iv) after acceleration of the GTLP Facility, paying
all or a portion of any Tranche of the GTLP Facility on a date other than an Interest Payment Date;
then the Borrower shall immediately pay to IFC the amount that IFC from time to time notifies to
the Borrower as being the amount of those costs, expenses and losses incurred.

(b) For the purposes of this Section, “costs, expenses or losses” include any premium, penalty
or expense incurred to liquidate or obtain third party deposits, borrowings, hedges or swaps in
order to make, maintain, fund or hedge all or any part of any Disbursement or prepayment of the
GTLP Facility, or any payment of all or part of the GTLP Facility upon acceleration.

Section 2.12. Taxes. (a) The Borrower shall pay or cause to be paid all Taxes (other
than Taxes, if any, payable on the overall income of IFC) on or in connection with the payment of
all amounts due under this Agreement, and make all payments under this Agreement without deducting
any present or future taxes whatsoever by whomsoever levied or imposed in connection with the
payment of any amount under this Agreement; provided that, if the Borrower is prevented from making
payments without deduction, the Borrower shall, in each case, pay to IFC an increased amount such
that, after deduction, IFC receives the full amount it would have received had that payment been
made without deduction.

(b) Subsection (a) does not apply to Taxes which directly result from a Participant having its
principal office in the Country or maintaining a permanent office or establishment in the Country,
if and to the extent that such permanent office or establishment acquires the relevant
Participation.

Section 2.13. Illegality of Participation. If IFC has sold a Participation and after
the date of this Agreement, any change made in any applicable law or regulation or official
directive (or its interpretation or application by any Authority charged with its administration)
(herein the “Relevant Change”) makes it unlawful for the Participant acquiring that Participation
to continue to maintain or to fund that Participation:

(a) the Borrower shall, upon request by IFC (but subject to any applicable Authorization
having been obtained), on the earlier of (x) the next Interest Payment Date and (y) the date that
IFC advises the Borrower is the latest day permitted by the Relevant Change, prepay in full that
part of the GTLP Facility that IFC advises corresponds to that Participation;

 

- 25 -

 

(b) concurrently with the prepayment of the part of the GTLP Facility corresponding to the
Participation affected by the Relevant Change, the Borrower shall pay all accrued interest,
Increased Costs (if any) on that part of the GTLP Facility (and, if that prepayment is not made on
an Interest Payment Date, any amount payable in respect of the prepayment under Section 2.11
(Unwinding Costs)); and

(c) the Borrower agrees to take all reasonable steps to obtain, as quickly as possible after
receipt of IFC’s request for prepayment, the Authorization referred to in Section 2.13 (a) if any
such Authorization is then required.

Section 2.14. Expenses. (a) The Borrower shall pay, or reimburse IFC for any amount
paid by IFC on account of, all taxes (including stamp taxes), duties, fees or other charges payable
on or in connection with the execution, issue, delivery, registration or notarization of the
Transaction Documents and any other documents related to them.

(b) The Borrower shall pay to IFC or as IFC may direct, the fees and expenses of IFC’s
counsel, accountants and consultants incurred in connection with: (i) the preparation, review,
execution, translation and, where appropriate, registration of the Transaction Documents and any
other documents related to them; (ii) the preparation, administration and implementation by IFC of
the investment provided for in this Agreement or otherwise in connection with any amendment,
supplement or modification to, or waiver under, any Transaction Document; (iii) the giving of any
legal opinions required by IFC under this Agreement and any other Transaction Document; (iv) the
occurrence of any Event of Default or Potential Event of Default; and (v) the release of the
Security following repayment in full of the GTLP Facility.

(c) The Borrower shall pay to IFC, or as IFC may direct, the costs and expenses incurred by
IFC in relation to efforts to enforce or protect its rights under this Agreement or any Transaction
Document, or the exercise of its rights or powers consequent upon or arising out of the occurrence
of any Event of Default or Potential Event of Default, including legal and other professional
consultants’ fees on a full indemnity basis.

ARTICLE III

Representations and Warranties

Section 3.01. Representations and Warranties. The Borrower represents and warrants
that:

(a) Organization and Authority. It is a financial institution duly incorporated and
validly existing under the laws of the Country and has the corporate power to own its assets,
conduct its business as presently conducted and to enter into, and comply with its obligations
under, this Agreement and the Transaction Documents to which it is a party or will be a party;

(b) Validity. Each Transaction Document to which the Borrower is a party has been, or
will be, duly authorized and executed by the Borrower and constitutes or will when executed,
constitute a valid and legally binding obligation of the Borrower enforceable in accordance with
its terms;

 

- 26 -

 

(c) No Conflict. Neither the making of this Agreement or any Transaction Document to
which the Borrower is a party nor (when all the Authorizations referred to in Section 4.01(c)
(Conditions of Disbursement) have been obtained) the compliance with its terms will conflict with
or result in a breach of any of the terms, conditions or provisions of, or constitute a default or
require any consent under, any indenture, mortgage, agreement or other instrument or arrangement to
which it is a party or by which it is bound, or violate any of the terms or provisions of its
Charter or any Authorization, judgment, decree or order or any statute, rule or regulation
applicable to it;

(d) Status of Authorizations. All Authorizations (other than Authorizations that are
of a routine nature and are obtained in the ordinary course of business) needed by the Borrower to
conduct its business and execute, and comply with its obligations under, this Agreement and each of
the other Transaction Documents to which it is a party or under which the Borrower is in any manner
obligated have been obtained and are in full force and effect, and the Borrower has not received
any notice of proceedings relating to the revocation, cancellation, expropriation or modification
of any such Authorizations;

(e) No Amendments to Charter. The Borrower’s Charter has not been amended since June
26, 2006;

(f) No Immunity. Neither the Borrower nor any of its property enjoys any right of
immunity from set-off, suit or execution with respect to its assets or its obligations under this
Agreement or any other Transaction Document;

(g) Financial Condition. Since June 30, 2010: (i) it has not suffered any change that
has a Material Adverse Effect or incurred any substantial loss or liability; and (ii) has not
undertaken or agreed to undertake any substantial obligation;

(h) Financial Statements. The financial statements of the Borrower for the period
ending on June 30, 2010 have been prepared in accordance with the Accounting Standards, and give a
true and fair view of its financial condition as of the date as of which they were prepared and the
results of the Borrower’s operations during the period then ended;

(i) Compliance with Law. To the best of its knowledge and belief after due inquiry,
the Borrower is not in violation of any statute or regulation of any Authority;

(j) Environmental Matters. (i) to the best of the Borrower’s knowledge and belief,
after due inquiry, there are no material social or environmental risks or issues in respect of the
Relevant Financing Operations other than those identified by the S&E Management System; (ii) the
Borrower has not received nor is aware of: (A) any existing or threatened complaint, order,
directive, claim, citation or notice from any Authority; or (B) any material written communication
from any Person concerning the failure by any Eligible Sub-borrower to undertake its operations and
activities in accordance with the S&E Requirements;

(k) Litigation. To the best of its knowledge and belief after due inquiry, it is not
in violation of any statute or regulation of any Authority, and is not engaged in nor threatened by
any litigation, arbitration or administrative proceedings, the outcome of which could reasonably be
expected to have a Material Adverse Effect, is not subject to any criminal investigations or
proceedings, or any freezing of assets by a government authority with regard to money laundering or
financing of terrorism; and no judgment or order has been issued which has or may be reasonably be
expected to have a Material Adverse Effect;

 

- 27 -

 

(l) Title to Assets and Liens. It has good and marketable title to all of the assets
purported to be owned by it and possesses a valid leasehold interest in all assets which it
purports to lease, in all cases free and clear of all Liens, and no contracts or arrangements,
conditional or unconditional, exist for the creation by the Borrower of any Lien, except for the
Security and Liens permitted pursuant to Section 5.02 (c) (Negative Covenants);

(m) Taxes. All tax returns and reports of the Borrower required by law to be filed
have been duly filed and all Taxes, obligations, fees and other governmental charges upon the
Borrower, or its properties, or its income or assets, which are due and payable or to be withheld,
have been paid, or withheld, other than those presently payable without penalty or interest;

(n) Sanctionable Practices. Neither the Borrower nor any Affiliates, nor any Person
acting on its or their behalf, has committed or engaged in, with respect to its banking license or
any transaction contemplated by this Agreement, any Sanctionable Practice;

(o) UN Security Council Resolutions. The Borrower has neither entered into any
transaction nor engaged in any activity prohibited by any resolution of the United Nations Security
Council under Chapter VII of the United Nations Charter; and

(p) No Material Omissions. None of the representations and warranties in this Section
3.01 omits any matter the omission of which makes any of such representations and warranties
misleading in any material respect.

Section 3.02. IFC Reliance. The Borrower acknowledges that it makes the
representations and warranties in Section 3.01 (Representations and Warranties) with the intention
of inducing IFC to enter into this Agreement and that IFC enters into this Agreement on the basis
of, and in full reliance on, each of such representations and warranties.

ARTICLE IV

Conditions of Disbursement

Section 4.01. Conditions of First Disbursement. IFC is not obligated to make the
first Disbursement unless and until the following conditions have been met:

(a) Charter. The Borrower’s Charter is in form and substance satisfactory to IFC;

(b) Execution of Documents. All Transaction Documents, each in form and substance
satisfactory to IFC, have been entered into by all parties to them and have become (or, as the case
may be, remain) fully effective and unconditional in accordance with their respective terms (except
for the Notes, each of which shall become fully effective and unconditional on the date of the
respective Disbursement) and IFC has received a copy of those agreements to which is not a party;

 

- 28 -

 

(c) Authorizations. The Borrower has obtained, and provided to IFC copies of, all
Authorizations that may become necessary for: (i) the GTLP Facility; (ii) the business of the
Borrower as it is presently carried on and is contemplated to be carried on; (iii) the execution
of, and performance by the Borrower of its obligations under, this Agreement and the other
Transaction Documents; and (iv) the remittance to IFC in Dollars of all monies payable with respect
to this Agreement and the Transaction Documents; and all those Authorizations are in full force and
effect;

(d) Auditor’s Certification. IFC has received a certification from the Auditors
confirming that, as at a date not earlier than 60 days prior to the date of first Disbursement, the
Borrower is in compliance with the provisions of Section 5.01 (b) (Affirmative Covenants) and
containing a brief description of the systems and records in place;

(e) Legal Opinions. IFC has received a legal opinion in form and substance
satisfactory to it, from IFC’s counsel in the Country and covering such other matters relating to
the transactions contemplated by this Agreement as IFC may reasonably request;

(f) Insurance. IFC has received copies of all insurance policies required to be
obtained pursuant to Section 5.05 (Insurance) and Annex A and a certification of the Borrower’s
insurers or insurance agents confirming that such policies are in full force and effect and all
premiums then due and payable under those policies have been paid;

(g) Fees. IFC has received the fees which Section 2.07 (Fees) requires to be paid
before the date of the first Disbursement and all other amounts then due under this Agreement
including but not limited to, reimbursement of all invoiced fees and expenses of IFC’s counsel, if
IFC so requires;

(h) Certificate of Incumbency; Authorization of Auditors. IFC has received from the
Borrower (i) a Certificate of Incumbency and Authority; and (ii) a copy of the authorization to the
Auditors referred to in Section 5.01(c) (Affirmative Covenants);

(i) Appointment of Agent. The Borrower has delivered to IFC evidence, substantially
in the form of Schedule 4, of appointment of an agent for service of process pursuant to Section
7.04 (Applicable Law and Jurisdiction); and

(j) Environmental Matters. (i) the Borrower has delivered to IFC the SEMS Plan; and
(ii) the Borrower has designated in writing an SEMS Officer reasonably acceptable to IFC.

Section 4.02. Conditions of All Disbursements. IFC is not obligated to make any
Disbursement, including the first Disbursement, unless and until the following conditions have been
met:

(a) No Default. No Event of Default and no Potential Event of Default has occurred
and is continuing;

(b) Use of Proceeds. The proceeds of that Disbursement: (i) are, at the date of the
relevant request, needed by the Borrower for the purpose of originating Eligible Sub-loans under
the Eligible Sub-loan Program described in the relevant Investment Report, or will be needed for
that purpose within 3 months of that date; and (ii) are not in reimbursement of, or to be used for,
any purpose other than on-lending to an Eligible Sub-borrower for the financing of an Eligible
Sub-loans;

 

- 29 -

 

(c) No Material Adverse Effect. Since the date of this Agreement nothing has occurred
which has or can reasonably be expected to have a Material Adverse Effect;

(d) Representations and Warranties. The representations and warranties made in
Article III are true and correct in all material respects on and as of the date of that
Disbursement with the same effect as if those representations and warranties had been made on and
as of the date of that Disbursement (but in the case of Section 3.01 (c) (Representations and
Warranties), without the words in parentheses);

(e) No Violations. After giving effect to that Disbursement, the Borrower would not
be in violation of: (i) its Charter; (ii) any provision contained in any document to which the
Borrower is a party (including this Agreement) or by which the Borrower is bound; or (iii) any law,
rule, regulation, Authorization or agreement or other document binding on the Borrower directly or
indirectly limiting or otherwise restricting the Borrower’s borrowing power or authority or its
ability to borrow;

(f) Financial Ratios. Without limiting the generality of Section 4.02 (g), after
taking into account the amount of that Disbursement and any other Liabilities incurred by the
Borrower after the date of the latest financial statements of the Borrower delivered to IFC
pursuant to Section 5.04 (a) (Reporting Requirements), the Borrower would be in compliance with
each of the financial covenants set out in Section 5.03 (Financial Covenants), provided that, with
respect to any Disbursement requested to be made prior to the date when the first financial
statements to be delivered to IFC pursuant to Section 5.04 (a) (Reporting Requirements) would be
due, the calculation of the financial ratios shall be made on the basis of such information as IFC
may reasonably request, verified, if IFC so requires, by the Auditors;

(g) Borrower’s Certifications. IFC has received the request for disbursement
referred to in Section 2.02 (Disbursement Procedure) and the Borrower’s certifications set out in
paragraph 3 of Schedule 2 are true and accurate;

(h) Other Evidence. IFC has received such evidence as IFC may reasonably request of
the proposed utilization of the proceeds of that Disbursement or the utilization of the proceeds
of any prior Disbursement; and

(i) Security. The Security attached to, and/or in connection with, all and each of
the Eligible Sub-loans granted and disbursed by the Borrower with proceeds out of all and each of
the previous Disbursements hereunder has been duly created and continues to be perfected as a
first-ranking security interest in all assets and rights subject to the relevant Security
Documents (except for the first Disbursement, with respect of which the condition set forth in
this subsection (i) shall not apply);

(j) Investment Report. The Borrower has delivered to IFC an Investment Report, in form
and substance reasonably satisfactory to IFC, for the proposed Eligible Sub-loan Program for which
the relevant Disbursement is being requested; and

(k) Legal Opinions. IFC has received, to its satisfaction, any further legal
opinions it may require in connection with that disbursement.

 

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Section 4.03. Conditions for IFC Benefit. The conditions in Section 4.01 and Section
4.02 are for the benefit of IFC and may be waived only by IFC in its sole discretion.

ARTICLE V

Particular Covenants

Section 5.01. Affirmative Covenants. Unless IFC otherwise agrees, the Borrower
shall:

(a) Corporate Existence; Conduct of Business; Compliance with Laws; Taxes. (i)
Maintain its corporate existence and comply with its Charter, (ii) conduct its business with due
diligence and efficiency, in accordance with sound banking, financial and business practices, (iii)
conduct is business in compliance, in all material respects, with all applicable requirements of
law, (iv) maintain all rights, licenses, permits, privileges, titles to property, franchises and
the like, and keep property in good working conditions; and (v) file by the date due all returns,
reports and filings in respect of Taxes required to be filed by it and pay, when due, all Taxes due
and payable by it;

(b) Accounting and Financial Management. Maintain an accounting and control system,
management information system and books of account and other records, which together adequately
give a fair and true view of the financial condition of the Borrower and the results of its
operations in conformity with the Accounting Standards;

(c) Auditors. Maintain internationally recognized independent auditors acceptable to
IFC as auditors of the Borrower and authorize them, in the form of Schedule 6, to communicate
directly with IFC;

(d) Access. Upon IFC’s request, permit representatives of IFC and CAO to visit and
inspect any of the premises where the business of the Borrower is conducted and to have access to
its books of account and records and to its employees and agents;

(e) Authorizations. Obtain, renew and maintain in force and comply with all
Authorizations which are necessary for the carrying out of the Borrower’s business and operations
generally, including, without limitation, for the making of Sub-loans, and the compliance by the
Borrower with all its obligations under this Agreement and any other Transaction Document; and
comply with all the conditions and restrictions contained in, or imposed on the Borrower by, those
Authorizations;

(f) Affiliated Transactions. Ensure that all transactions with Affiliates, Related
Parties and Linked Parties are on terms and conditions no more favorable than those extended to
similarly situated non-related persons;

(g) Shell Banks. At all times institute, maintain and comply with appropriate
internal procedures and controls to ensure that: (i) any financial institution with which the
Company conducts business or enters into any transaction, or through which the Company transmits
any funds, does not have correspondent banking relationships with any Shell Bank; and (ii) the
Borrower does not conduct business or enter into any transaction with, or transmit any funds
through a Shell Bank;

 

- 31 -

 

(h) Money Laundering; Financing of Terrorist Activity. At all times institute,
maintain and comply with appropriate internal procedures and controls for anti-money laundering
and combating the financing of terrorism (AML/CFT) consistent with the business and customer
profile of the Borrower, in compliance with national laws and regulations, and in furtherance of
applicable international AML/CFT best practices; including but not limited to: (i) a
board-approved policy on AML/CFT; (ii) appointment of an AML/CFT Officer; (iii) customer due
diligence, including identification and monitoring of high risk customers such as politically
exposed persons; (iv) monitoring of customer activity for suspicious transactions; (v)
establishing and monitoring correspondent accounts, where applicable; (vi) record keeping; (vii)
identification and internal reporting of, suspicious transactions; (viii) reporting of suspicious
transactions to authorities, where required; (ix) AML/CFT training for staff; and (x) internal
and/or external auditing of AML/CFT-related policies, procedures and controls;

(i) UN Security Council Resolutions. At all times institute, maintain and comply
with internal procedures and controls consistent with its business and customer profile for the
purpose of ensuring that the Borrower will not enter into any transaction (i) with, or for the
benefit of, any of the persons or entities named on lists promulgated by, or (ii) related to any
activity prohibited by, the United Nations Security Council or its committees pursuant to any
resolution under Chapter VII of the United Nations Charter; 

(j) SEMS Plan. Undertake and implement the SEMS Plan in accordance with the
requirements and schedule specified therein;

(k) S&E Management System. Use all reasonable efforts to ensure the continuing
operation of the S&E Management System to identify, assess and manage the social and environmental
performance of the Relevant Financing Operations in compliance with the S&E Requirements; and in
the event any successor or replacement SEMS Officer is appointed, ensure that such SEMS Officer
shall be reasonably acceptable to IFC;

(l) Category A Activities. If the Borrower becomes aware that a proposed Eligible
Sub-borrower conducts or intends to conduct projects classified as a Category A Activity by the
Borrower or, to the Borrower’s knowledge, by IFC (a “Category A Client”), (i) promptly notify IFC
in writing, upon becoming aware of such activity or intent; and (ii) provide IFC with information
concerning such matter as IFC may reasonably request;

(m) Category A Clients. If an existing Eligible Sub-borrower becomes a Category A
Client, ensure that the S&E Management System has sufficient capacity, in IFC’s reasonable view,
including quality of staffing and expertise, to review the environmental and social performance of
such Category A Client on an ongoing basis, as contemplated by this Agreement;

(n) Amendment of the S&E Management System. Without limiting any other right, remedy
or claim of IFC hereunder, if the Borrower becomes aware of any change in the scope of the Relevant
Financing Operations, advise and consult with IFC regarding any material social or environmental
risk posed by such development and, if requested by IFC, amend the S&E Management System to
identify, assess and manage such risks;

(o) S&E Requirements. If the Borrower becomes aware that any Eligible Sub-borrower
has undertaken projects in a manner that is not in accordance with the S&E Requirements, promptly:
(i) agree with the relevant Eligible Sub-borrower, or require the relevant Eligible Sub-borrower to
undertake, as appropriate or necessary in the Borrower’s reasonable judgment, corrective measures
to remedy such inconsistency or breach; and (ii) if the relevant Eligible Sub-borrower does not
implement corrective measures as provided in (i), use reasonable efforts to dispose of the
Borrower’s investment in such Eligible Sub-borrower on commercially reasonable terms, taking into
account liquidity, market constraints and fiduciary responsibilities;

 

- 32 -

 

(p) S&E Information. Obtain, review and investigate information available in the
public domain regarding any incidents, adverse impact on local communities or the environment or
adverse environmental or social performance associated with any proposed projects and shall only
provide Sub-loans to proposed projects if: (i) any such incident, adverse impact or adverse
performance has been resolved in accordance with the S&E Requirements; or (ii) if the relevant
Eligible Sub-borrower has a mitigation, remediation or corrective action plan including, as
necessary, an implementation schedule and budget, which has been agreed to with the Borrower and
which, upon implementation, will enable the relevant Eligible Sub-borrower to carry out the
proposed project in accordance with the S&E Requirements;

(q) Security. (i) No later than three (3) months as from the date in which each
Disbursement is made, ensure that the Security related to, and/or in connection with, all and each
of the Eligible Sub-loans granted and disbursed by the Borrower with proceeds out of such
Disbursement has been duly created and continues to be perfected as first priority security
interests in all assets and rights subject to the Security Documents, to which extent, the Borrower
shall execute and deliver all such agreements and/or documents and/or instruments necessary for
such purpose, to IFC’s satisfaction; and (ii) maintain, at all times, a Security-to-Loan Ratio
equal to, or greater than, 1; provided that, the Borrower shall be allowed to maintain, only during
a period not exceeding 90 days since the date of any Disbursement, a Security-to-Loan Ratio lower
than 1;

(r) On-Lending. Cause and ensure that, at all times from time to time: (i) all and any
funds arising out from all and any Disbursements of the GTLP Facility be and remain applied,
entirely and exclusively, towards the origination and/or acquisition of Eligible Sub-loans; (ii) at
least fifty per cent (50%) of the aggregate amount of Eligible Sub-loans originated and/or acquired
from time to time be represented by Eligible Sub-loans granted to SME with annual sales below
twenty-five million Dollars ($25,000,000) equivalent; (iii) no more than three (3) Eligible
Sub-borrowers are lent both IFC Tranche Eligible Sub-loans and Parallel Tranche Eligible Sub-loans;
and (iv) each Eligible Sub-borrower continues to meet the eligibility criteria to qualify as such,
and notify IFC if any Eligible Sub-borrower ceases to qualify as such;

(s) Prepayment of Eligible Sub-loans. To the extent that any amounts prepaid by any
Eligible Sub-borrower are not reused by the Borrower to make Sub-loans to Eligible Sub-borrowers
within a period of twelve (12) months from the relevant date of prepayment, immediately make a
proportional prepayment of the relevant Tranche of the GTLP Facility in accordance with the
provisions of Section 2.07 (Prepayment), except that there shall be no minimum amount or advance
notice period for that prepayment; and

(t) Restructured IFC Loan Agreements. For so long as all or any of the Restructured
IFC Loan Agreements is valid and enforceable, comply with all and each of the covenants and
undertakings set forth in such Restructured IFC Loan Agreements.

 

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Section 5.02. Negative Covenants. Unless IFC otherwise agrees, the Borrower shall
not:

(a) Dividends. Declare or pay any dividend or make any distribution on its share
capital other than in strict accordance with the Banking Regulations to date;

(b) Liabilities. Incur, create, assume or permit to exist any Liability that is
secured or ranks prior or senior to the GTLP Facility;

(c) Permitted Liens. Create or permit to exist any Lien on any property, revenues or
other assets, present or future, of the Borrower, except for: (i) the Security; (ii) any tax or
other Lien arising by operation of law while the obligation underlying that Lien is not yet due, or
if due, is being contested in good faith by appropriate proceedings and so long as the Borrower has
set aside adequate reserves sufficient to promptly pay in full any amounts that the Borrower may be
ordered to pay on final determination of any such proceedings; (iii) Liens which the Borrower is
required to constitute with or in favor of any Authority pursuant to the Banking Regulations and
other statutory preferences which are generally applicable to deposit-taking institutions; (iv)
other Liens constituted or otherwise arising in the ordinary course of banking business provided
that they fall within the limits permitted by the Banking Regulations; and (v) any Lien created
under a repurchase agreement involving the sale and repurchase of securities entered in the
ordinary course of business and on the basis of arm’s-length arrangements;

(d) Arm’s Length Transactions. Enter into any transaction except in the ordinary
course of business on ordinary commercial terms and on the basis of arm’s-length arrangements;

(e) Profit Sharing Arrangements. Enter into or establish any partnership,
profit-sharing or royalty agreement or other similar arrangement whereby the Borrower’s income or
profits are, or might be, shared with any other Person; or enter into any management contract or
similar arrangement whereby its business or operations are managed by any other Person;

(f) Subsidiaries. Form or have any Subsidiary, other than in strict accordance with
the Banking Regulations to date;

(g) Fundamental Changes. Change: (i) its Charter in any manner which would be
inconsistent with the provisions of this Agreement or any other Transaction Document; (ii) its
Financial Year; or (iii) the nature or scope of its present or contemplated business or operations;

(h) Merger, Consolidation or Reorganization. Undertake or permit any merger,
spin-off, consolidation or reorganization; or sell, transfer, lease or otherwise dispose of all or
a substantial part of its assets, other than in strict accordance with the Banking Regulations to
date;

(i) Prepayment of Long-term Debt. Prepay (whether voluntarily or involuntarily) or
repurchase any Long-term Debt (other than the GTLP Facility, the Restructured IFC Loans or any
other Liabilities restructured before December 31, 2004, or bonds issued by the Borrower) unless
the Borrower gives IFC at least 30 days’ advance notice of its intention to make the proposed
prepayment;

(j) Use of Proceeds. Use the proceeds of any Disbursement in the territories of any
country that is not a member of the World Bank or for reimbursements of expenditures in those
territories or for goods produced in or services supplied from any such country;

 

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(k) Amendment of the S&E Management System. Amend, waive the application of, or
otherwise materially restrict the scope or effect of, the S&E Management System (including the SEMS
Plan and the S&E Requirements);

(l) Exclusion List. In respect of Relevant Financing Operations, provide Eligible
Sub-loans to Eligible Sub-borrowers engaged in any of the activities on the Exclusion List;

(m) Sanctionable Practices. Engage in (nor authorize or permit any Affiliate, any
Eligible Sub-borrower or any other Person acting on its or their behalf to engage in) with respect
to its banking license or any transaction contemplated by this Agreement, any Sanctionable
Practices. The Borrower further covenants that should IFC notify the Borrower of its concerns that
there has been a violation of the provisions of this Section or of Section 3.01 (n) of this
Agreement, it shall cooperate in good faith with IFC and its representatives in determining whether
such a violation has occurred, and shall respond promptly and in reasonable detail to any notice
from IFC, and shall furnish documentary support for such response upon IFC’s request;

(n) Shell Banks. Conduct business or enter into any transaction with, or transmit any
funds through, a Shell Bank;

(o) Restructured IFC Loan Agreements. For so long as all or any of the Restructured
IFC Loan Agreements is valid and enforceable, fail to comply with all and each of the covenants and
undertakings set forth in such Restructured IFC Loan Agreements; or

(p) Change of Control. Engage in any transaction that would lead to a Change of
Control.

Section 5.03. Financial Covenants. The Borrower shall prudently manage its financial
position in accordance with sound banking and financial practices, applicable laws and the
Argentine Central Bank prudential standards. To the extent that the Banking Regulations and/or the
covenants and undertakings set forth in the Restructured IFC Loan Agreements, as the case may be,
impose financial requirements or ratios that are more stringent than the ones set out in paragraphs
(a) through (m) of this Section 5.03, the Borrower shall observe and comply with those more
stringent requirements or ratios. Notwithstanding the above, unless IFC otherwise agrees, the
Borrower shall at all times maintain, and abstain from any action which may result in the breach
of, the financial parameters provided below: 

	 	(a)	 	a Risk Weighted Capital Adequacy Ratio of not less than 11%;

	 
	 	(b)	 	an Equity to Assets Ratio of not less than 5%;

	 
	 	(c)	 	an Economic Group Exposure Ratio of not more than 15%; provided that the
Economic Group Exposure Ratio shall not exceed 25% in case of preferred guarantees but
excluding in this calculation amounts held in correspondent accounts in investment
grade banks (rated A+ or higher) and any amount held to repay any installment of the
Borrower’s external debt;

	 
	 	(d)	 	an Aggregate Large Exposures Ratio of not more than 400%;

	 
	 	(e)	 	a Related Party Exposure Ratio of not more than 20%;

 

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	 	(f)	 	an Open Credit Exposures Ratio of not more than 25%;

	 
	 	(g)	 	a Fixed Assets Plus Equity Investments Ratio of not more than, (i) as from the
date of the signing hereof and until the date of the second anniversary of this
Agreement, 75%, but (ii) as from the date of the second anniversary of this Agreement,
50%;

	 
	 	(h)	 	an Aggregate Foreign Exchange Risk Ratio of not more than 25%; provided that,
on an exceptional basis, IFC hereby grants the Borrower the option to hold such
Aggregate Foreign Exchange Risk Ratio of not more than 25% for all foreign currency
positions, whether long or short, excluding, if any, the Dollar long position, but if
and when the Dollar long position is included, in no event the Aggregate Foreign
Exchange Risk Ratio shall exceed an equivalent to 40% of the Total Capital;

	 
	 	(i)	 	a Single Currency Foreign Exchange Risk Ratio of not more than 10%; provided
that, on an exceptional basis, IFC hereby grants the Borrower the option to hold such
Single Currency Foreign Exchange Risk Ratio of not more than 10% for each foreign
currency position, whether long or short, excluding (a) any Dollar long position, which
in no event shall exceed an equivalent to 40% of the Total Capital; and (b) any Dollar
short position, which in no event shall exceed an equivalent to 15% of the Total
Capital;

	 
	 	(j)	 	an Interest Rate Risk Ratio of not less than -10% and not more than 10%;

	 
	 	(k)	 	an Aggregate Interest Rate Risk Ratio of not less than -20% and not more than
20%;

	 
	 	(l)	 	a Foreign Currency Maturity Gap Ratio of not less than (i.e. more negative
than) -150%; and

	 
	 	(m)	 	an Aggregate Negative Maturity Gap Ratio of not less than (i.e. more negative
than) -300%.

Section 5.04. Reporting Requirements. Unless IFC otherwise agrees, the Borrower
shall:

(a) Quarterly Financial Statements and Reports. As soon as available but in any
event within sixty (60) days after the end of each quarter of each Financial Year, deliver to IFC
a copy of the Borrower’s financial statements for such quarter prepared on an unconsolidated
basis and on a Consolidated Basis in accordance with the Accounting Standards, certified by the
Borrower’s chief financial officer, together with: (i) a report on any factors that have or could
reasonably be expected to have a Material Adverse Effect; and (ii) a report (in the form
pre-agreed by IFC), signed by the Borrower’s chief financial officer, concerning compliance with
the negative covenants contained in Sections 5.02 (a), (b), (c), (d) and (j) (Negative Covenants)
and the financial covenants contained in Section 5.03 (Financial Covenants) including a clear
description of the methodology used in the respective calculations.

 

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(b) Annual Financial Statements and Reports. As soon as available but in any event
within one hundred twenty (120) days after the end of each Financial Year, provide to IFC a copy
of: (i) its complete and annual statements for such Financial Year prepared on an unconsolidated
basis
and on a Consolidated Basis in accordance with the Accounting Standards, together with its
Auditors’ audit report thereon, all in form satisfactory to IFC; (ii) a management letter and any
other communication from its Auditors commenting, inter alia, on the adequacy of
the Borrower’s financial control procedures, policies and controls for accounting systems and
management information systems; (iii) a report (in the form pre-agreed by IFC), signed by the
Borrower’s chief financial officer and reviewed by its Auditors, concerning compliance with the
negative covenants contained in Sections 5.02 (a), (b), (c), (d) and (j) (Negative Covenants) and
the financial covenants contained in Section 5.03 (Financial Covenants) including a clear
description of the methodology used in the respective calculations; (iv) a report, signed by the
Borrower’s chief financial officer, in the form of, and addressing the topics listed in, Schedule
9, based on the audited financial statements of the Borrower for the relevant Financial Year; (v) a
report, in the form of Schedule 10, signed by the Borrower’s chief financial officer concerning the
Borrower’s portfolio; (vi) a certification (in a form pre-agreed by IFC) signed by the Borrower’s
chief financial officer, certifying (A) compliance of the Eligible Sub-borrowers with the
eligibility criteria set forth in Section 5.06 (General Requirements Relating to Sub-loans) and (B)
that all transactions between the Borrower and each of its Affiliates, Related Parties and Linked
Parties, if any, during that Financial Year, were on the basis of arm’s-length arrangements and
providing a list of each such transaction.

(c) Management Letters. Deliver to IFC, promptly following receipt, a copy of any
management letter or other communication sent by the Auditors (or any other accountants retained by
the Borrower) to the Borrower or its management in relation to the Borrower’s financial, accounting
and other systems, management or accounts, if not provided pursuant to Section 5.04 (b) (ii);

(d) S&E Performance Report. Within ninety (90) days after the end of each Financial
Year, deliver to IFC the S&E Performance Report;

(e) Notice of Accidents, Etc. Within three (3) days after becoming aware of the
occurrence, notify IFC of any social, labor, health and safety, security or environmental incident,
accident or circumstance with respect to any Eligible Sub-borrower or in relation to any projects
having, or which could reasonably be expected to have, any Material Adverse Effect or a material
adverse impact on the implementation or operation of the projects in compliance with the S&E
Requirements, specifying in each case the nature of the incident, accident, or circumstance and the
impact or effect arising or likely to arise therefrom, and the measures being taken, or plans to be
taken, to address them and prevent any future similar event; and keep IFC informed of the on-going
implementation of those measures;

(f) Shareholder Matters. As soon as available, deliver to IFC copies of (i) all
notices, reports and other communications of the Borrower to its shareholders, and (ii) the minutes
of all the shareholders’ meetings;

(g) Litigation, Etc. Promptly upon becoming aware of (i) any litigation, arbitration,
administrative or regulatory investigations or proceedings before any Authority or arbitral body
which has or may reasonably be expected to have a Material Adverse Effect; (ii) any criminal
investigations or proceedings against the Borrower; or (iii) any freezing of assets by a government
authority involving the Borrower, its employees or board members with regard to money laundering or
financing of terrorism, notify IFC by facsimile of that event specifying the nature of the action,
litigation, arbitration, investigation or proceedings and the steps the Borrower is taking or
proposes to take with respect thereto;

 

- 37 -

 

(h) Default. Within ten (10) calendar days of the occurrence of an Event of Default
or Potential Event of Default, notify IFC by facsimile specifying the nature of that Event of
Default or Potential Event of Default and any steps the Borrower is taking to remedy it;

(i) Regulatory Reviews. Upon IFC’s reasonable request, and to the extent permitted by
the Argentine Central Bank, provide IFC with copies of any documents prepared in connection with
any material reviews conducted by the Argentine Central Bank or any other Authority;

(j) Eligible Sub-borrower Communications. As soon as possible but no later than ten
(10) days after receipt of any communications from any Eligible Sub-borrower pursuant to Section
5.06 (c) (iv) (General Requirements Relating to Sub-loans), provide a copy of that communication to
IFC together with the measures that the Borrower, or as the case may be, the Eligible Sub-borrower
proposes to take to secure the implementation of appropriate remedial measures satisfactory to IFC;

(k) AML/CFT Reporting Requirements. On an annual basis, provide to IFC at least one of
the following: (i) a report by the AML/CFT Officer on the implementation of, and compliance with,
the Borrower’s AML/CFT policies, procedures and controls; (ii) an internal or external auditor’s
assessment on the adequacy of the Borrower’s policies, procedures and controls for AML/CFT; or
(iii) a report by the AML/CFT regulator of the Borrower concerning the Borrower’s compliance with
local AML/CFT laws and regulations;

(l) Eligible Sub-loans Status Report. On June 30 and December 31 of each year, provide
to IFC the Eligible Sub-loan Status Report, as of the immediately preceding Interest Payment Date;
and

(m) Other Information. Promptly provide to IFC such information about the Borrower,
its assets and the Project that IFC requests from time to time on behalf of any Participant for
such Participants to satisfy requirements under applicable law and regulations, including those
concerning anti-money laundering and combating the financing of terrorism (AML/CFT).

Section 5.05. Insurance.

(a) Insurance Requirements and Borrower’s Undertakings. Unless IFC otherwise agrees,
the Borrower shall: (i) insure and keep insured, with financially sound and reputable insurers, all
assets and business against all insurable losses to include the insurances specified in Annex A and
any insurance required by law; (ii) punctually pay any premium, commission and any other amounts
necessary for effecting and maintaining in force each insurance policy; (iii) promptly notify the
relevant insurer of any material claim by the Borrower under a policy written by that insurer and
diligently pursue that claim; (iv) not do or omit to do, or permit to be done or not done, anything
which might prejudice the Borrower’s right to claim or recover under any insurance policy; (v) not
vary, rescind, terminate, cancel or cause a material change to any insurance policy; and (vi)
establish insurance requirements, and implement and maintain procedures to monitor such
requirements with respect to Sub-loans.

 

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(b) Policy Provisions. Unless IFC otherwise agrees, each insurance policy required to
be obtained pursuant to this Section 5.05 shall be on terms and conditions acceptable to IFC, and
shall contain provisions to the effect that no policy can expire nor can it be canceled or
suspended by the Borrower or the insurer for any reason (including failure to renew the policy or
to pay the premium or any other amount) unless IFC and, in the case of expiration or if
cancellation or suspension is initiated by the insurer, the Borrower receive at least forty-five
(45) days’ notice (or such lesser period as IFC may agree with respect to cancellation, suspension
or termination in the event of war and kindred peril) prior to the effective date of termination,
cancellation or suspension.

(c) Reporting Requirements. Unless IFC otherwise agrees, the Borrower shall provide
to IFC the following: (i) as soon as possible but, in any event, before the first Disbursement, a
copy of the Borrower’s procedures referred to in paragraph (a) (vi) of this Section 5.05, and from
time to time, if IFC so requests, information on insurances relating to Sub-loans; (ii) as soon as
possible but, in any event, before the first Disbursement, a policy statement from its insurance
agent or broker describing the insurance arrangements made by the Borrower to protect its assets
and operations and the terms and conditions of coverage under those arrangements (as to extent,
amount and exclusions); and (iii) on an annual basis promptly following renewal of each insurance
policy, a copy of each required insurance policy; and (iv) from time to time, any other insurance
related information as IFC requests.

Section 5.06. General Requirements Relating to Sub-loans. (a) The Borrower shall
apply prudent banking criteria in the evaluation and assessment of Eligible Sub-loans and Eligible
Sub-borrowers and determination of the terms and conditions of, including security for, Eligible
Sub-loans.

(b) Sub-loan Forms. Each Sub-loan shall be made upon such terms and conditions as
shall, at a minimum, cover all financial expenses incurred by the Borrower in connection with the
making, implementation and enforcement of that Sub-loan, and be evidenced by an agreement or
agreements conferring upon the Borrower valid and enforceable rights and imposing upon the relevant
Eligible Sub-borrower valid and enforceable obligations, all as necessary and appropriate to
protect the interests of the Borrower.

(c) Sub-loan Terms and Conditions. The Borrower shall make all appropriate
arrangements to ensure that each Sub-loan is made in such form and upon such terms and conditions
as to require each Eligible Sub-borrower to: (i) carry out the relevant project and conduct its
business with due diligence and efficiency and in accordance with sound financial and business
practices including, without limitation, making and maintaining in effect insurance arrangements as
set out in the Borrower’s procedures referred to in Section 5.05(a)(vi) (Insurance); (ii) at all
times comply with, and/or (as the case may be) fulfill all the requirements and conditions for the
qualification of Eligible Sub-borrowers and Eligible Sub-loans; (iii) design, construct, operate
and maintain and monitor all of its sites, plant, equipment and facilities included in the relevant
project in accordance with the S&E Requirements; (iv) as soon as possible, but no later than ten
(10) days after its occurrence, notify the Borrower of any incident, accident or circumstance
occurring on any site, plant, equipment or facility included in the relevant project or in any
manner associated with its implementation and/or operation having or which could reasonably be
expected to have a material adverse impact on the implementation or operation of the relevant
project in compliance with the S&E Requirements, or an adverse effect on the environment, health or
safety, including without limitation, explosions, spills or workplace accidents which result in
death, serious or multiple injury or major pollution,

 

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specifying, in each case, the nature of the incident, accident or circumstance and the impact or effect arising or likely to arise therefrom,
and the measures to be taken, or plans to be taken, to address them and prevent any future similar
event; and keep the Borrower informed of the on-going implementation of those measures; (v) in each
year submit to the Borrower a report on that Eligible Sub-borrower’s
performance in connection with the S&E Requirements containing the necessary information to
support the Borrower’s S&E Performance Report to be delivered to IFC pursuant to Section 5.04 (d)
(Reporting Requirements); (vi) permit representatives of IFC, the CAO and/or the Borrower to visit
any sites, plants, equipment or facilities included in the relevant project and any premises where
the business of the Eligible Sub-borrower associated with that project is conducted and to have
access to that Eligible Sub-borrower’s books of account and records and to its employees and
agents; (vii) provide such information as the Borrower or IFC may from time to time reasonably
require with respect to the operations and financial condition of that Eligible Sub-borrower and
the relevant project; and (viii) ensure that the proceeds of the relevant Sub-loan are not used in
reimbursement of, or used for, expenditures in the territories of any country which is not a member
of the World Bank or for goods produced or services supplied from such territories.

(d) Eligible Sub-loans Administration. The Eligible Sub-loans shall be administered by
the Borrower, in strict accordance with the provisions of the relevant Security Documents, provided
that, if an Event of Default occurs, such administration by the Borrower may become, at the sole
discretion of IFC, terminated, in which case IFC may further administer the Eligible Sub-loans or
delegate such administration in any reputable entity.

ARTICLE VI

Events of Default

Section 6.01. Acceleration after Default. If any Event of Default occurs and is
continuing, IFC may, by notice to the Borrower, require the Borrower to repay the GTLP Facility
immediately. On receipt of any such notice, the Borrower shall immediately repay the GTLP Facility
and pay all accrued interest on it, the prepayment premium specified in Section 2.06 (Prepayment)
and any other amounts payable under this Agreement. The Borrower waives any right that it might
have to further notice, presentment, demand or protest with respect to that demand for immediate
payment.

Section 6.02. Events of Default. It shall be an Event of Default if:

(a) Failure to Pay Principal or Interest. The Borrower fails to pay when due any
principal of or interest on the GTLP Facility and such failure continues for five (5) days;

(b) Failure to Comply with Obligations. The Borrower or any party to a Transaction
Document fails to comply with any of its obligations under this Agreement or any other Transaction
Document or any other agreement between the Borrower and IFC, including the Restructured IFC Loan
Agreements (other than for the payment of principal of, or interest on, the GTLP Facility) and such
failure continues for a period of thirty (30) days after the date on which IFC notifies the
Borrower of such failure;

(c) Misrepresentation. Any representation or warranty made in Article III or in
connection with the execution of, or any request (including a request for Disbursement) under, this
Agreement or any other Transaction Document is found to be incorrect in any material respect, for a
period of thirty (30) days counting as from IFC’s notification to the Borrower of such failure, and
such failure has a Material Adverse Effect on the repayment of the GTLP Facility;

 

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(d) Expropriation; Nationalization, Etc. Any Authority condemns, nationalizes,
seizes, expropriates or otherwise assumes custody or control of all or any substantial part of the
business, operations, property or other assets of the Borrower or of its share capital, or takes
any action for the dissolution of the Borrower or any action that would prevent the Borrower or its
officers from carrying on all or a substantial part of its business or operations;

(e) Bankruptcy Proceedings. (i) A court finds the Borrower bankrupt or insolvent, or
approves as properly filed a petition seeking reorganization, arrangement, adjustment or
composition of or in respect of the Borrower under any applicable law, or appoints a receiver,
liquidator, trustee, sequestrator (or similar official) of the Borrower or of any substantial part
of its property or other assets, or orders the winding up or liquidation of its affairs; (ii) the
Borrower itself institutes proceedings to be adjudicated bankrupt or insolvent, or consents to the
institution of bankruptcy or insolvency proceedings against it, or files a petition or answer or
consent seeking reorganization or relief under any applicable law, or consents to the filing of any
such petition or to the appointment of a receiver, liquidator, trustee, sequestrator (or other
similar official) of the Borrower or of any substantial part of its property, or makes a general
assignment for the benefit of creditors, or admits in writing its inability to pay its debts
generally as they become due; (iii) the Argentine Central Bank (x) initiates a proceeding under
Section 34 of the Argentine Financial Entities Act 21,526 requesting the Borrower or any
Significant Subsidiary to submit a regularization plan or (y) orders a temporary, total or partial
suspension of the activities of the Borrower pursuant to Section 49 of the Argentine Central Bank’s
charter; (iv) an attachment, sequestration, distress or execution (or analogous process) is levied
or enforced upon or issued against the whole or any material part of the undertaking or assets or
property of the Borrower; or (v) any other event occurs which under any applicable law and/or
Banking Regulations would have an effect similar to any of those events listed above in this
subsection;

(f) Cross-Default. The Borrower fails to make any payment in respect of any of its
Liabilities (other than the GTLP Facility) or to perform any of its obligations under any agreement
pursuant to which there is outstanding any Liability, and any such failure continues for more than
any applicable period of grace or any such Liability becomes prematurely due and payable or is
placed on demand;

(g) Failure to Maintain Authorizations. Any Authorization necessary for the Borrower
to comply with its obligations under this Agreement or any other Transaction Document, or to carry
on its business or operations, is not obtained when required or is rescinded, terminated, lapses or
otherwise ceases to be in full force and effect, and is not restored or reinstated within 30 days
of notice by IFC to the Borrower;

(h) Revocation, Etc. This Agreement or any other Transaction Document or any of their
respective provisions for any reason (or in the case of any Security Document, ceases to provide
the security intended) is repudiated or its validity or enforceability at any time is challenged by
any Person unless such repudiation or challenge is withdrawn within thirty (30) days of IFC’s
notice to the Borrower, except that no such notice shall be required or, as the case may be, the
notice period shall terminate if and when that repudiation or challenge becomes effective; or

(h) Change of Control. A Change of Control occurs.

 

- 41 -

 

Section 6.03. Bankruptcy. If the Borrower is liquidated or declared bankrupt, the
GTLP Facility, all interest accrued on it and any other amounts payable under this Agreement will
become immediately due and payable without any presentment, demand, protest or notice of any kind,
all of which the Borrower waives.

ARTICLE VII

Miscellaneous

Section 7.01. Saving of Rights. (a) The rights and remedies of IFC in relation to any
misrepresentation or breach of warranty on the part of the Borrower shall not be prejudiced by any
investigation by or on behalf of IFC into the affairs of the Borrower, by the execution or the
performance of this Agreement or by any other act or thing by or on behalf of IFC in connection
with this Agreement and which might, apart from this Section, prejudice such rights or remedies.

(b) No course of dealing and no failure or delay by IFC in exercising any power, remedy,
discretion, authority or other right under this Agreement or any other agreement shall impair, or
be construed to be a waiver of or an acquiescence in, that or any other power, remedy, discretion,
authority or right under this Agreement, or in any manner preclude its additional or future
exercise.

Section 7.02. Notices. Any notice, request or other communication to be given or
made under this Agreement shall be in writing. Subject to Section 5.04 (h) and (i) (Reporting
Requirements) and Section 7.04 (Applicable Law and Jurisdiction) any such communication shall be
deemed to have been duly given or made when it is delivered by hand, airmail, established courier
service, facsimile to the party’s address specified below or at such has from time to time,
designated by notice to the other party hereto, and shall be effective upon receipt.

For the Borrower:

BANCO DE GALICIA Y BUENOS AIRES S.A.

Tte. Gral. Juan Domingo Perón 407

(C1038AAI) Buenos Aires

República Argentina

Facsimile: (54-11) 3329-6429

Attention: Carlos López

For IFC:

International Finance Corporation

2121 Pennsylvania Avenue, N.W.

Washington, D.C. 20433

United States of America

Facsimile: (1-202) 947-4300

Attention: Director, Global Financial Markets

With a copy (in the case of communications relating to payments) sent to the
attention of the Senior Manager, Financial Operations Unit, at:

Facsimile: (1-202) 974-4371.

 

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Section 7.03. English Language. All documents to be provided or communications to be
given or made under this Agreement shall be in English and where the original version of any such
document is not in English, shall be accompanied
by an English translation certified by an authorized representative to be a true and correct
translation of the original. IFC may, if it so requires, obtain an English translation of any
document or communication received in any other language at the cost and expense of the Borrower;
and in either case IFC may deem any such translation to be the governing version.

Section 7.04. Applicable Law and Jurisdiction. (a) This Agreement shall be governed
by and construed in accordance with the laws of the State of New York, United States of America.

(b) For the exclusive benefit of IFC, the Borrower irrevocably agrees that any legal action,
suit or proceeding arising out of or relating to this Agreement may be brought in the courts of the
United States of America located in the Southern District of New York or in the courts of the State
of New York located in the Borough of Manhattan. By the execution of this Agreement, the Borrower
irrevocably submits to the jurisdiction of any such court in any such action, suit or proceeding.
Final judgment against the Borrower in any such action, suit or proceeding shall be conclusive and
may be enforced in any other jurisdiction, including the Country, by suit on the judgment, a
certified or exemplified copy of which shall be conclusive evidence of the judgment, or in any
other manner provided by law.

(c) Nothing in this Agreement shall affect the right of IFC to commence legal proceedings or
otherwise sue the Borrower in the Country or any other appropriate jurisdiction, or concurrently in
more than one jurisdiction, or to serve process, pleadings and other legal papers upon the Borrower
in any manner authorized by the laws of any such jurisdiction.

(d) The Borrower hereby irrevocably designates, appoints and empowers CT Corporation System,
with offices currently located at 111 Eighth Avenue, 13th Floor, New York, New York
100111, as its authorized agent solely to receive for and on its behalf service of any summons,
complaint or other legal process in any action, suit or proceeding IFC may bring in the State of
New York in respect of this Agreement.

(e) As long as this Agreement remains in force, the Borrower shall maintain a duly appointed
and authorized agent to receive for and on its behalf service of any summons, complaint or other
legal process in any action, suit or proceeding IFC may bring in New York, New York, United States
of America, with respect to this Agreement. The Borrower shall keep IFC advised of the identity
and location of such agent.

(f) The Borrower also irrevocably consents, if for any reason its authorized agent for service
of process of summons, complaint and other legal process in any action, suit or proceeding is not
present in New York, New York, to the service of such papers being made out of the courts of the
United States of America located in the Southern District of New York and the courts of the State
of New York located in the Borough of Manhattan by mailing copies of the papers by registered
United States air mail, postage prepaid, to the Borrower, at its address specified pursuant to
Section 7.02 (Notices). In such a case, IFC shall also send by facsimile, or have sent by
facsimile, a copy of the papers to the Borrower.

 

- 43 -

 

(g) Service in the manner provided in Sections 7.04 (d), (e) and (f) in any action, suit or
proceeding will be deemed personal service, will be accepted by the Borrower as such and will be
valid and binding upon the Borrower for all purposes of any such action, suit or proceeding.

(h) The Borrower irrevocably waives to the fullest extent permitted by applicable law:

	 	(i)	 	any objection which it may have now or in the future to the
laying of the venue of any action, suit or proceeding in any court referred to
in this Section;

	 
	 	(ii)	 	any claim that any such action, suit or proceeding has been
brought in an inconvenient forum;

	 
	 	(iii)	 	its right of removal of any matter commenced by IFC in the
courts of the State of New York to any court of the United States of
America; and

	 
	 	(iv)	 	any and all rights to demand a trial by jury in any such
action, suit or proceeding brought against such party by IFC.

(i) To the extent that the Borrower may be entitled in any jurisdiction to claim for itself or
its assets immunity in respect of its obligations under this Agreement or any other Transaction
Document to which it is a party, from any suit, execution, attachment (whether provisional or
final, in aid of execution, before judgment or otherwise) or other legal process or to the extent
that in any jurisdiction that immunity (whether or not claimed) may be attributed to it or its
assets, the Borrower irrevocably agrees not to claim and irrevocably waives such immunity to the
fullest extent permitted now or in the future by the laws of such jurisdiction.

(j) The Borrower hereby acknowledges that IFC shall be entitled under applicable law,
including the provisions of the International Organizations Immunities Act, to immunity from a
trial by jury in any action, suit or proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby brought against IFC in any court of the United States of America.
The Borrower hereby waives any and all rights to demand a trial by jury in any action, suit or
proceeding arising out of or relating to this Agreement or the transactions contemplated by this
Agreement, brought against IFC in any forum in which IFC is not entitled to immunity from a trial
by jury.

(k) To the extent that the Borrower may, in any action, suit or proceeding brought in any of
the courts referred to in Section 7.04 (b) or a court of the Country or elsewhere arising out of or
in connection with this Agreement or any other Transaction Document to which the Borrower is a
party, be entitled to the benefit of any provision of law requiring IFC in such action, suit or
proceeding to post security for the costs of the Borrower, or to post a bond or to take similar
action, the Borrower hereby irrevocably waives such benefit, in each case to the fullest extent now
or in the future permitted under the laws of the Country or, as the case may be, the jurisdiction
in which such court is located.

 

- 44 -

 

Section 7.05. Disclosure of Information. IFC may, notwithstanding the terms of any
other agreement between the Borrower and IFC, disclose any documents, records or information about
the project or the Borrower to (i) its outside counsel, auditors and rating agencies, (ii) any
Person who intends to purchase a Participation, and (iii) any other Person as IFC may deem
appropriate in connection with the administration of the GTLP Facility, including for the purpose
of exercising any power, remedy, right, authority, or discretion relevant to any Transaction
Document, or in connection with any proposed sale, transfer, assignment or other disposition of
IFC’s rights as contemplated by Section 7.06.

Section 7.06. Successors and Assignees. This Agreement binds and benefits the
respective successors and assignees of the parties.
However, the Borrower may not assign or delegate any of its rights or obligations under this
Agreement without the prior written consent of IFC.

Section 7.07. Amendments, Waivers and Consents. Any amendment or waiver of, or any
consent given under, any provision of this Agreement shall be in writing and, in the case of an
amendment, signed by the parties.

Section 7.08. Counterparts. This Agreement may be executed in several counterparts,
each of which is an original, but all of which together constitute one and the same agreement.

(signature page follows)

 

- 45 -

 

IN WITNESS WHEREOF, the parties hereto, acting through their duly authorized representatives,
have caused this Agreement to be signed in their respective names and to be delivered, as of the
date first above written.

	 	 	 	 	 	 	 
	 	 	BANCO DE GALICIA Y BUENOS AIRES S.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	INTERNATIONAL FINANCE CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	and acting also as Executing Entity for Trust Fund Nbr. TF071560	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

 

- 46 -

 

ANNEX A

Page 1 of 1

INSURANCE REQUIREMENTS

(See Section 4.01(f) and Section 5.05(a)(i) of the Loan Agreement)

General Provisions

The insurances required to be arranged by the Borrower are those customarily expected of a prudent
financial institution, including but not limited to the following:

	 	a)	 	Fire and perils, or All Risks on assets;

	 
	 	b)	 	General Liability;

	 
	 	c)	 	Financial Institution Bond (Bankers’ Blanket Bond) including Computer Crime
and Electronic Fraud; and

	 
	 	d)	 	All insurances required by local legislation.

Special Provisions

	 	a)	 	Establish insurance requirements, and implement and maintain procedures to monitor
such requirements with respect to Sub-loans; and

	 
	 	b)	 	Deliver to IFC a description of the insurance requirements and the procedures instituted
by the Borrower to monitor insurances on all Sub-loans.

 

- 47 -

 

ANNEX B

Page 1 of 1

EXCLUSION LIST

(See Section 5.02(i) of the Loan Agreement)

	•	 	Production or trade in any product or activity deemed illegal under host country
laws or regulations or international conventions and agreements, or subject to
international bans, such as pharmaceuticals, pesticides/herbicides, ozone depleting
substances, PCB’s, wildlife or products regulated under CITES.

	 
	•	 	Production or trade in weapons and munitions1.

	 
	•	 	Production or trade in alcoholic beverages (excluding beer and wine)1

	 
	•	 	Production or trade in tobacco 1.

	 
	•	 	Gambling, casinos and equivalent enterprises 1.

	 
	•	 	Production or trade in radioactive materials. This does not apply to the purchase of
medical equipment, quality control (measurement) equipment and any equipment where IFC
considers the radioactive source to be trivial and/or adequately shielded.

	 
	•	 	Production or trade in unbonded asbestos fibers. This does not apply to purchase and
use of bonded asbestos cement sheeting where the asbestos content is less than 20%.

	 
	•	 	Drift net fishing in the marine environment using nets in excess of 2.5 km. in
length.

	 
	•	 	Production or activities involving harmful or exploitative forms of forced
labor2/harmful child labor3.

	 
	•	 	Commercial logging operations for use in primary tropical moist forest.

	 
	•	 	Production or trade in wood or other forestry products other than from sustainably
managed forests.

 

	 	 	 
	1	 	This does not apply to project sponsors who are not
substantially involved in these activities. “Not substantially involved”
means that the activity concerned is ancillary to a project sponsor’s
primary operations.

	 
	2	 	Forced labor means all work or service, not voluntarily
performed, that is extracted from an individual under threat of force or
penalty.

	 
	3	 	Harmful child labor means the employment of children
that is economically exploitive, or is likely to be hazardous to, or to
interfere with, the child’s education, or to be harmful to the child’s health,
or physical, mental, spiritual, moral, or social development.

 

- 48 -

 

ANNEX C

Page 1 of 3

SANCTIONABLE PRACTICES

(See Section 1.01 of the Loan Agreement)

ANTI-CORRUPTION GUIDELINES FOR IFC TRANSACTIONS

The purpose of these Guidelines is to clarify the meaning of the terms “Corrupt Practices”,
“Fraudulent Practices”, “Coercive Practices”, “Collusive Practices” and “Obstructive Practices” in
the context of IFC operations.

1. Corrupt Practices

A “Corrupt Practice” is the offering, giving, receiving or soliciting, directly or indirectly, of
anything of value to influence improperly the actions of another party.

Interpretation

A. Corrupt practices are understood as kickbacks and bribery. The conduct in question must
involve the use of improper means (such as bribery) to violate or derogate a duty owed by the
recipient in order for the payor to obtain an undue advantage or to avoid an obligation. Antitrust,
securities and other violations of law that are not of this nature are excluded from the definition
of corrupt practices.

B. It is acknowledged that foreign investment agreements, concessions and other types of
contracts commonly require investors to make contributions for bona fide social development
purposes or to provide funding for infrastructure unrelated to the project. Similarly, investors
are often required or expected to make contributions to bona fide local charities. These practices
are not viewed as Corrupt Practices for purposes of these definitions, so long as they are
permitted under local law and fully disclosed in the payor’s books and records. Similarly, an
investor will not be held liable for corrupt or fraudulent practices committed by entities that
administer bona fide social development funds or charitable contributions.

C. In the context of conduct between private parties, the offering, giving, receiving or
soliciting of corporate hospitality and gifts that are customary by internationally-accepted
industry standards shall not constitute corrupt practices unless the action violates applicable
law.

D. Payment by private sector persons of the reasonable travel and entertainment expenses of
public officials that are consistent with existing practice under relevant law and international
conventions will not be viewed as Corrupt Practices.

 

- 49 -

 

ANNEX C

Page 2 of 3

E. The World Bank Group does not condone facilitation payments. For the purposes of
implementation, the interpretation of “Corrupt Practices” relating to facilitation payments will
take into account relevant law and international conventions pertaining to corruption.

2. Fraudulent Practices

A “Fraudulent Practice” is any action or omission, including misrepresentation, that knowingly or
recklessly misleads, or attempts to mislead, a party to obtain a financial or other benefit or to
avoid an obligation.

Interpretation

A. An action, omission, or misrepresentation will be regarded as made recklessly if it is made
with reckless indifference as to whether it is true or false. Mere inaccuracy in such information,
committed through simple negligence, is not enough to constitute a “Fraudulent Practice” for
purposes of this Agreement.

B. Fraudulent Practices are intended to cover actions or omissions that are directed to or
against a World Bank Group entity. It also covers Fraudulent Practices directed to or against a
World Bank Group member country in connection with the award or implementation of a government
contract or concession in a project financed by the World Bank Group. Frauds on other third parties
are not condoned but are not specifically sanctioned in IFC, MIGA, or PRG operations. Similarly,
other illegal behavior is not condoned, but will not be considered as a Fraudulent Practice for
purposes of this Agreement.

3. Coercive Practices

A “Coercive Practice” is impairing or harming, or threatening to impair or harm, directly or
indirectly, any party or the property of the party to influence improperly the actions of a party.

Interpretation

A. Coercive Practices are actions undertaken for the purpose of bid rigging or in connection
with public procurement or government contracting or in furtherance of a Corrupt Practice or a
Fraudulent Practice.

B. Coercive Practices are threatened or actual illegal actions such as personal injury or
abduction, damage to property, or injury to legally recognizable interests, in order to obtain an
undue advantage or to avoid an obligation. It is not intended to cover hard bargaining, the
exercise of legal or contractual remedies or litigation.

 

- 50 -

 

ANNEX C

Page 3 of 3

4. Collusive Practices

A “Collusive Practice” is an arrangement between two or more parties designed to achieve an
improper purpose, including to influence improperly the actions of another party.

Interpretation

Collusive Practices are actions undertaken for the purpose of bid rigging or in connection
with public procurement or government contracting or in furtherance of a Corrupt Practice or a
Fraudulent Practice.

5. Obstructive Practices

An “Obstructive Practice” is (i) deliberately destroying, falsifying, altering or concealing of
evidence material to the investigation or making of false statements to investigators, in order to
materially impede a World Bank Group investigation into allegations of a corrupt, fraudulent,
coercive or collusive practice, and/or threatening, harassing or intimidating any party to prevent
it from disclosing its knowledge of matters relevant to the investigation or from pursuing the
investigation, or (ii) acts intended to materially impede the exercise of IFC’s access to
contractually required information in connection with a World Bank Group investigation into
allegations of a corrupt, fraudulent, coercive or collusive practice.

Interpretation

Any action legally or otherwise properly taken by a party to maintain or preserve its
regulatory, legal or constitutional rights such as the attorney-client privilege, regardless of
whether such action had the effect of impeding an investigation, does not constitute an Obstructive
Practice.

General Interpretation

A person should not be liable for actions taken by unrelated third parties unless the first
party participated in the prohibited act in question.

 

- 51 -

 

ANNEX D

Page 1 of 1

IFC TRANCHE ELIGIBLE SUB-LOANS CRITERIA

The IFC Tranche Eligible Sub-loans are intended to have a sustainability component, as follows:

- Energy Efficiency: Any project that reduces the consumption of energy used per
unit of energy generated or delivered, or per unit of productive use. Examples, among
others, include: energy efficient lighting, air conditioning and refrigeration, energy
efficient boilers, heat pumps and heat recovery devices, high efficiency electrical
motors and drivers, compressed air systems, sensors and automatic controls for energy
consumption, metering devices, fuel switching to cleaner fuels, etc.

- Cleaner Production: projects that minimize waste and emissions out of
industrial processes and maximize product output through best use of materials and energy
to avoid waste, waste water generation, and gaseous emissions, and also waste heat and
noise. Examples of initiatives under this field include: facilities upgrades, energy
management systems, water conservation systems, efficient lighting or heating,
fuel-switching, waste reuse and recycling technologies.

- Renewable Energy: projects that generate electricity or heat from renewable
energy sources (energy obtained from sources that are natural, rapidly replenished, and
essentially inexhaustible) such as: wind, water, solar, geothermal or biomass. This
includes switching a production process to a cleaner energy source. Examples of
initiatives under this field include: small hydro projects, wind turbines, biogas
generators for landfill, solar panels, and fuel-switching.

IFC Tranche Eligible Sub-loans shall be aimed at (i) reducing the environmental impact of their
agribusiness practices through the recycling of waste, and (ii) improving the efficiency in the
use of limited resources, like water and energy. In this regard, the new project/equipment being
financed under the IFC Tranche should have at least a fifteen per cent (15%) reduction in the
amount of water or energy used or waste recycled.

 

- 52 -

 

ANNEX E

Page 1 of 1

ESCASANY, AYERZA AND BRAUN FAMILY MEMBERS

	 	 	 
	Shareholder	 	Date of Birth
	 
	 	 
	Eduardo José Escasany

	 	June 30, 1950
	Abel Ayerza

	 	May 27, 1939
	Federico Braun

	 	February 4, 1948
	María Ofelia Escasany

	 	September 14, 1948
	Marta Braun

	 	January 30, 1937
	Santiago Braun

	 	September 16, 1942
	Mónica Estela Zartmann

	 	December 12, 1943
	María Braun

	 	September 17, 1946
	Miguel Braun

	 	November 30, 1973
	Susana Braun de Santillan

	 	September 22, 1944
	Inés Braun Ledesma

	 	December 5, 1976
	Pablo Braun Ledesma

	 	January 8, 1976
	Oscar Braun Malenchini

	 	December 28, 1961
	Sonia Braun Malenchini

	 	November 4, 1963
	Mercedes Guerrero de Authier

	 	August 31, 1961
	Isabel Guerrero de Romero

	 	December 19, 1962
	Francisca Guerrero de Aduriz

	 	April 29, 1965
	Adela María Ayerza de Gutiérrez

	 	October 19, 1936
	Josefina María Ayerza

	 	June 24, 1933
	María Teresa Ayerza

	 	February 2, 1935
	Silvestre Vila Moret

	 	April 26, 1971
	Fundación Banco de Galicia y Buenos Aires S.A.

	 	N/A

 

- 53 -

 

SCHEDULE 1

Page 1 of 2

FORM OF CERTIFICATE OF INCUMBENCY AND AUTHORITY

(See Section 1.01 and Section 4.01(h) of the Loan Agreement)

[Borrower’s Letterhead]

[Date]

International Finance Corporation

2121 Pennsylvania Avenue, N.W.

Washington, D.C. 20433

United States of America

Attention: Director, Global Financial Markets Department

Ladies and Gentlemen:

Investment No. 29759

Certificate of Incumbency and Authority

With reference to the Loan Agreement between us, dated September 8, 2010 (the “Loan
Agreement”), I, the undersigned [Chairman/Director] of Banco de Galicia y Buenos Aires S.A. (the
“Borrower”) duly authorized to do so, hereby certify that the following are the names, offices and
true specimen signatures of the persons [each] [any two] of whom are, and will continue to be
(until you receive authorized written notice from the Borrower that they, or any of them, no longer
continue to be), authorized:

(a) to sign on behalf of the Borrower the request for the disbursement of funds provided for
in Section 2.02 of the Loan Agreement and such other certificates, requests and documents required
or permitted to be made thereunder on behalf of the Borrower; and

(b) to take, in the name of the Borrower, any other action required or permitted to be taken,
done, signed or executed under the Loan Agreement or any other agreement to which IFC and the
Borrower may be parties.

	 	 	 	 	 
	*Name	 	Office	 	Specimen Signature
	 
	 	 	 	 
	 

	 	 
	 	 
	 
	 	 	 	 
	 

	 	 
	 	 
	 
	 	 	 	 
	 

	 	 
	 	 

 

	 	 	 
	*	 	As many, or as few, names may be included as the
Borrower shall desire.

 

- 54 -

 

SCHEDULE 1

Page 2 of 2

You may assume that any such person continues to be so authorized until you receive authorized
written notice from the Borrower that they, or any of them, is no longer so authorized.

	 	 	 	 	 
	 	Yours truly,

BANCO DE GALICIA Y BUENOS AIRES S.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	[Chairman/Director] 	 
	 

 

- 55 -

 

SCHEDULE 2

Page 1 of 2

FORM OF REQUEST FOR DISBURSEMENT (LOAN)

(See Section 2.02 (a) and Section 4.02 (g) of the Loan Agreement)

[Borrower’s Letterhead]

[Date]

International Finance Corporation

2121 Pennsylvania Avenue, N.W.

Washington, D.C. 20433

United States of America

Attention: Director, Global Financial Markets Department

Ladies and Gentlemen:

Investment No. 29759

Request for Loan Disbursement No. [______]*

1. Please refer to the Loan Agreement (the “Loan Agreement”) dated September 8, 2010, between Banco
de Galicia y Buenos Aires S.A. (the “Borrower”) and International Finance Corporation (“IFC”). All
terms defined in the Loan Agreement shall bear the same meanings herein.

2. The Borrower hereby requests the disbursement on                     , _____ (or as soon as practicable
thereafter) of the amount of                      (                    ) under the GTLP Facility (the
“Disbursement”) in accordance with the provisions of Section 2.02 (a) of the Loan Agreement. You
are requested to pay such amount to the account in [New York] of [name of Borrower] [name of
correspondent Bank], Account No.                      at [name and address of Bank] [for further credit to
the Borrower’s Account No.                      at [name and address of Bank] in [city and country].

3. For the purpose of Section 4.02 (g) of the Loan Agreement, the Borrower certifies as follows:

(a) No Event of Default and no Potential Event of Default has occurred and is continuing;

(b) The proceeds of that Disbursement: (i) are, at the date of this request, needed by the
Borrower for the purpose of originating Eligible Sub-loans under the Eligible Sub-loan Program
described in the Investment Report attached hereto, or will be needed for that purpose within three
(3) months of such date; and (ii) are not in reimbursement of, or to be used for, any purpose other
than on-lending to an Eligible Sub-borrower for the financing of an Eligible Sub-loan;

 

	 	 	 
	*	 	Each to be numbered in series.

 

- 56 -

 

SCHEDULE 2

Page 2 of 2

(c) since the date of this Agreement nothing has occurred which has or can reasonably be
expected to have a Material Adverse Effect;

(d) the representations and warranties made in Article III (Representations and Warranties) of
the Loan Agreement are true on and as of the date of this request and will be true as of the date
of Disbursement with the same effect as if those representations and warranties had been made on
and as of each such date (but in the case of Section 3.01 (c) (Representations and Warranties),
without the words in parentheses);

(e) after giving effect to that Disbursement, the Borrower would not be in violation of: (i)
its Charter; (ii) any provision contained in any document to which the Borrower is a party
(including this Agreement) or by which the Borrower is bound; or (iii) any law, rule, regulation,
Authorization or agreement or other document binding on the Borrower directly or indirectly
limiting or otherwise restricting the Borrower’s borrowing power or authority or its ability to
borrow;

(f) After taking into account the amount of that Disbursement and any other Liabilities
incurred by the Borrower after the date of the latest financial statements of the Borrower
delivered to IFC pursuant to Section 5.04 (a) (Reporting Requirements) of the Loan Agreement, the
Borrower would be in compliance with each of the financial covenants set out in Section 5.03
(Financial Covenants) of the Loan Agreement; and

The above certifications are effective as of the date of this request for Disbursement and
shall continue to be effective as of the date of the Disbursement. If any of these certifications
is no longer valid as of or prior to the date of the requested Disbursement, the Borrower will
immediately notify IFC and will repay the amount disbursed upon demand by IFC if Disbursement is
made prior to the receipt of such notice.

	 	 	 	 	 
	 	Yours faithfully,

BANCO DE GALICIA Y BUENOS AIRES S.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	[Authorized Representative]** 	 

			
	Copy to:	 	Director, Department of Financial Operations

International Finance Corporation

 

	 	 	 
	**	 	As named in the Borrower’s Certificate of Incumbency and Authority (see Schedule 1).

 

- 57 -

 

SCHEDULE 3

Page 1 of 1

FORM OF LOAN DISBURSEMENT RECEIPT

(See Section 2.02(b) of the Loan Agreement)

[Borrower’s Letterhead]

International Finance Corporation

2121 Pennsylvania Avenue, N.W.

Washington, D.C. 20433

United States of America

Attention: Director, Department of Financial Operations

Ladies and Gentlemen:

Investment No. 29759

Disbursement Receipt No. [_____]* (Loan)

We, Banco de Galicia y Buenos Aires S.A., hereby acknowledge receipt on the date hereof, of
the sum of                      (_____) disbursed to us by International Finance Corporation (“IFC”) under
the GTLP Facility of                      (_____) provided for in the Loan Agreement dated September 8, 2010
between our company and IFC.**

	 	 	 	 	 
	 	Yours truly,

BANCO DE GALICIA Y BUENOS AIRES S.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	[Authorized Representative]*** 	 

 

	 	 	 
	*	 	To correspond with number of the Disbursement
request. See Schedule 2.

	 
	**	 	Please note that in some jurisdictions one
has to be able to prove amounts disbursed.

	 
	***	 	As named in the Borrower’s Certificate of
Incumbency and Authority (see Schedule 1).

 

- 58 -

 

SCHEDULE 4

Page 1 of 1

FORM OF SERVICE OF PROCESS LETTER

(See Section 4.01(i) of the Loan Agreement)

[Letterhead of Agent for Service of Process]

[Date]

International Finance Corporation

2121 Pennsylvania Avenue, N.W.

Washington, D.C. 20433

Attention: Director, Global Financial Markets Department

Investment No. 29759

[Argentina]: [Borrower]

Ladies and Gentlemen:

Reference is made to (i) Section 7.04 of the Loan Agreement dated September 8, 2010 (the “Loan
Agreement”) between Banco de Galicia y Buenos Aires S.A. (the “Borrower”) and International Finance
Corporation (“IFC”). Unless otherwise defined herein, capitalized terms used herein shall have the
meaning specified in the Loan Agreement.

Pursuant to Section 7.04 (d) of the Loan Agreement, the Borrower has irrevocably designated
and appointed the undersigned, CT Corporation System with offices currently located at 111 Eighth
Avenue, 13th Floor, New York, New York 100111, United States of America, as its
authorized agent to receive for and on its behalf service of process in any legal action or
proceeding with respect to the Loan Agreement in the courts of the United States of America for the
Southern District of New York or in the courts if the State of New York located in the Borough of
Manhattan.

The undersigned hereby informs you that it has irrevocably accepted that appointment as
process agent as set forth in [each of] Section 7.04 (d) of the Loan Agreement, from                      until
                     and agrees with you that the undersigned (i) shall inform IFC promptly in writing of
any change of its address in New York, (ii) shall perform its obligations as such process agent in
accordance with the relevant provisions of Section 7.04 of the Loan Agreement, and (iii) shall
forward promptly to the Borrower any legal process received by the undersigned in its capacity as
process agent.

As process agent, the undersigned and its successor or successors agree to discharge the
above-mentioned obligations and will not refuse fulfillment of such obligations as provided under
Section 7.04 (d) of the Loan Agreement.

	 	 	 	 	 
	 	Very truly yours,

CT CORPORATION SYSTEM

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

cc: [Borrower]

 

- 59 -

 

SCHEDULE 5

Page 1 of 1

FORM OF PROMISSORY NOTE

(See Section 2.02(c) of the Loan Agreement)

“PAGARÉ

“U$S •

Buenos Aires, • de • de •

Por igual valor recibido en préstamo, pagaremos incondicionalmente a la vista a International
Finance Corporation, sin protesto, NO A LA ORDEN, la cantidad de Dólares Estadounidenses • millones
(U$S •).

El monto adeudado bajo el presente Pagaré devengará (i) un interés compensatorio del • % (• por
ciento) anual hasta la fecha del efectivo pago.; y (ii) En caso de falta de pago a la fecha de su
presentación al cobro, un interés punitorio del 2% (dos por ciento) anual desde la fecha de su
presentación al cobro hasta la fecha del efectivo pago.

Todos los pagos a efectuar en virtud de este Pagaré serán efectuados indefectiblemente en Dólares
Estadounidenses. El suscriptor renuncia en forma incondicional e irrevocable a invocar la teoría de
la imprevisión y onerosidad sobreviniente (Artículo 1198, párrafo segundo, del Código Civil de la
República Argentina).

Todos los montos adeudados en virtud del presente Pagaré serán pagados libres de, y sin deducciones
por, impuestos, tasas, gastos, derechos, y/o retenciones, presente o futuros, de cualquier
naturaleza o tipo, sean éstos de jurisdicción nacional o provincial de la Argentina, o impuestos
cobrados por cualquier autoridad impositiva de la Argentina. En caso de ser aplicable algún
impuesto, tasa, cargo, gasto, derecho y/o retención de la índole mencionada, éste será pagado
exclusivamente por el suscriptor.

En nuestro carácter de suscriptores, hacemos constar expresamente que ampliamos el plazo de
presentación para el pago de este Pagaré hasta siete (7) años a contar desde la fecha.

Lugar de pago: 2121 Pennsylvania Av. N.W., Washington DC 20433, Estados Unidos de América.

BANCO DE GALICIA Y BUENOS AIRES S.A.

	 	 	 	 	 

	Por:
	 	 	 	 
	 

	 	 

Nombre:
	 	 
	 

	 	Cargo:                     ”	 	 

[NOTARY PUBLIC CERTIFICATION SIGNATURES & SIGNATORIES’ CAPACITY]

 

- 60 -

 

SCHEDULE 6

Page 1 of 1

FORM OF LETTER TO BORROWER’S AUDITORS

(See Section 4.01(h) and Section 5.01(c) of the Loan Agreement)

[Borrower’s Letterhead]

[Date]

[NAME OF AUDITORS]

[ADDRESS]

Investment No. 29759

Argentina: Banco de Galicia y Buenos Aires S.A.

Ladies and Gentlemen:

We hereby authorize and request you to give to International Finance Corporation (“IFC”) of
2121 Pennsylvania Avenue, N.W., Washington, D.C. 20433, United States of America (“IFC”), all such
information as IFC may reasonably request with regard to (i) the financial statements of the
undersigned company, both audited and unaudited, and (ii) any management letter and other
communications from you to our company or its management, all of which we have agreed to supply
under the terms of a Loan Agreement between the undersigned company and IFC dated September 8, 2010
(the “Loan Agreement”). For your information, we enclose a copy of the Loan Agreement.

For our records, please ensure that you send us (i) a copy of all written communications you
receive from IFC immediately upon receipt thereof, and (ii) a copy of all communications made by
you to IFC immediately upon issuance thereof.

	 	 	 	 	 
	 	Yours truly,

BANCO DE GALICIA Y BUENOS AIRES S.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	[Authorized Representative]* 	 

Enclosure

			
	cc:	 	Director, Global Financial Markets Department

International Finance Corporation

2121 Pennsylvania Avenue, N.W.

Washington, D.C. 20433

United States of America

 

	 	 	 
	*	 	As named in the Borrower’s Certificate of Incumbency and Authority (see Schedule 1).

 

- 61 -

 

SCHEDULE 7

Page 1 of 1

FORM OF INVESTMENT REPORT

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Eligible	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Sub-	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Company	 	 	Loan	 	 	Interest	 	 	 	 	 	 	 	 	 	 	BCRA	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Description of Use	 
	 	 	Name	 	 	Amount	 	 	Rate*	 	 	Maturity	 	 	Industry	 	 	Ratings	 	 	Assets**	 	 	Sales**	 	 	Collateral***	 	 	of Proceeds	 
	Sub-borrower 1
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sub-borrower 2
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sub-borrower 3
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sub-borrower 4
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 
	*	 	Specify if Floating or Fixed.

	 
	**	 	USD equivalent as of latest date available (within 3 months prior to disbursement request date).

	 
	***	 	Detailed description of the collateral, including latest valuation, latest valuation date, and
valuation method used.

 

- 62 -

 

SCHEDULE 8

Page 1 of 1

FORM OF ELIGIBLE SUB-LOANS STATUS REPORT

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Initial	 	 	Principal	 	 	Scheduled	 	 	Scheduled	 	 	 	 	 	 	Principal	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Eligible Sub-	 	 	Amount prior to	 	 	Principal	 	 	Principal	 	 	Principal	 	 	Amount as of	 	 	Interest	 	 	Interest	 	 	Interest	 	 	 	 	 	 	 	 	 	 	BCRA	 	 	 	 	 	 	 	 	 	 	Description of	 	 	 	 
	 	 	loan Amount	 	 	Payment Date	 	 	Due	 	 	Paid	 	 	Prepayment	 	 	Payment Date	 	 	Due	 	 	Paid	 	 	Rate*	 	 	Maturity	 	 	Industry	 	 	Rating	 	 	Assets**	 	 	Sales**	 	 	Use of Proceeds	 	 	Collateral ***	 
	Sub-borrower/borrower of pledged loan 1
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sub-borrower/borrower of pledged loan 2
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sub-borrower/borrower of pledged loan 3
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sub-borrower/borrower of pledged loan 4
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 
	*	 	Specify if fixed or floating

	 
	**	 	USD equivalent as of latest date available (within 3 months prior to disbursement request date)

	 
	***	 	Detailed description of the collateral, including latest valuation, latest valuation date, and
valuation method used.

 

- 63 -

 

SCHEDULE 9

Page 1 of 1

INFORMATION TO BE INCLUDED IN ANNUAL REVIEW OF OPERATIONS

(See Section 5.04 (b) (iv) of the Loan Agreement)

[The content of this Schedule should be reviewed with the Investment Officer to determine any

revisions appropriate for a particular transaction]

	(1)	 	Sponsors and Shareholdings. Information on significant changes in share ownership of
Borrower, the reasons for such changes, and the identity of major new shareholders.

	(2)	 	Country Conditions and Government Policy. Report on any material changes in local
conditions, including government policy changes, that directly affect the Borrower (e.g.
changes in government economic strategy, taxation, foreign exchange availability, price
controls, and other areas of regulations.)

	(3)	 	Management and Technology. Information on significant changes in (i) the Borrower’s
senior management or organizational structure, and (ii) technology used by the Borrower,
including technical assistance arrangements.

	(4)	 	Corporate Strategy. Description of any changes to the Borrower’s corporate or
operational strategy, including changes in products, degree of integration, and business
emphasis.

	(5)	 	Markets. Brief analysis of changes in Borrower’s market conditions (both domestic and
export), with emphasis on changes in market share and degree of competition.

	(6)	 	Operating Performance. Discussion of major factors affecting the year’s financial
results (sales by value and volume, operating and financial costs, profit margins, capacity
utilization, capital expenditure, etc.).

	(7)	 	Financial Condition. Key financial ratios for previous year, compared with ratios
covenanted in the Loan Agreement.

	(8)	 	AML/CFT. At least one of the following: (i) a report by the AML/CFT Officer on the
implementation of, and compliance with, the Borrower’s AML/CFT policies, procedures and
controls; (ii) an internal or external auditor’s assessment on the adequacy of the
Borrower’s policies, procedures and controls for AML/CFT; or (iii) a report by the AML/CFT
regulator of the Borrower concerning the Borrower’s compliance with local AML/CFT laws and
regulations;

 

- 64 -

 

SCHEDULE 10

Page 1 of 2

FORM OF PORTFOLIO REPORT

(See Section 5.04 (b) of the Loan Agreement)

Bank Name:

Date of Financial Year Ending (dd/mm/yy)

Exchange Rate (Local Currency/US$)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Portfolio >90 days	 	 	 	 
	 	 	Portfolio	 	 	overdue	 	 	Annual Disbursements	 
	 	 	 	 	 	 	Outstanding	 	 	 	 	 	 	Outstanding	 	 	 	 	 	 	Total Disbursed	 
	Loan Type	 	Number	 	 	Balance (US$)	 	 	Number	 	 	Balance (US$)	 	 	Number	 	 	FY ____ (US$)	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Consumer
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Housing Loans
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other Consumer
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Commercial Loans
(MSME & Corporate)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	<US$1,000
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	<US$5,000
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	<US$10,000
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	<US$100,000
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	<US$1 million
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	<US$2 million
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	>US$2 million
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Portfolio
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

Comments:

 

- 65 -

 

SCHEDULE 10

Page 2 of 2

Guidelines for Completing this Table

	•	 	Provide data as of the final day of the financial institution’s financial year unless
otherwise specified.

	•	 	Provide data in Dollars, using the exchange rate (Pesos/ $) at the end of the financial
institution’s financial year if applicable.

	•	 	It is important that the table be filled in exactly as it is presented above, using the
pre-established loan size categories as IFC will be aggregating data across clients and
requires this for comparability.

	•	 	Loans should be put into loan type categories based on the size of the loan at origination.

	•	 	For overdue loans please report total loan amounts outstanding for which payments have not
been made (and not just the overdue portion).

	•	 	Do not include penalties and fees in the outstanding balances.

	•	 	Loans to individuals for business purposes should be included in commercial loans, not
consumer loans.

	•	 	Disbursements should include all loans disbursed over the course of the year. Where loans
are disbursed in tranches over two financial year periods, please include the full
disbursement amount in the year of the first disbursement.

	•	 	Please provide comments on any unusual aspects of the date in this table, or aberrations
from these guidelines.

 

- 66 -

 

SCHEDULE 11

Page 1 of 5

FORM OF S&E PERFORMANCE REPORT

(See Section 5.04 (d) of the Loan Agreement)

Please provide responses to the questions below. Please include additional sheets or attachments as
required to provide details on questions that have been answered Yes.

	 	 	 	 	 	 	 

	Name of Organization
	 	 	 	 	 	 
	Completed by (name):
	 	 	 	 	 	 
	Position in organisation:

	 	 	 	Date:	 	 
	Reporting period

	 	From:
	 	 	 	To:

Report Covering Period:

	 	 	 

	From:
	 	To:

For the reporting period, please provide the following information about your portfolio where
applicable:

(a) FI Business Lines

	 	 	 	 	 	 	 
	 	 	 	 	Total exposure	 	 
	 	 	 	 	outstanding for most	 	Average loan or
	 	 	 	 	recent FY year end	 	transaction size
	Product line	 	Description	 	(in US$)	 	(in US$)
	Retail banking/Consumer loans

	 	Loans or other financial products for individuals (includes retail housing finance and vehicle leasing)	 	 	 	 
	Long term:
	 	 	 	 	 	 
	Transactions with tenor greater
than 12 months
	 	 	 	 	 	 
	SME

	 	Any lending, leasing or other financial assistance to any corporate or legal entity other than an
individual, with individual transactions less than US $1 million	 	 	 	 
	Project finance/Large Corporate finance

	 	Any lending, leasing or other financial assistance to any corporate or legal entity other than an
individual, with individual transactions larger than US $1 million	 	 	 	 
	Trade finance
	 	 	 	 	 	 
	Short term (ST):
	 	 	 	 	 	 
	Transaction with tenor less than 12 months
	 	 	 	 	 	 
	ST Corporate finance
	 	 	 	 	 	 
	ST Trade finance
	 	 	 	 	 	 
	Other
	 	 	 	 	 	 
	Microfinance
	 	 	 	 	 	 
	Other (if applicable)

	 	Please describe	 	 	 	 

(b) Exposure by Industry Sectors

 

- 67 -

 

If there is any exposure in the area of SME or large corporate/project finance (your corporate
portfolio), please provide an indicative % of portfolio that these sectors represent of the total
corporate portfolio.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Outstanding	 	 	 	 
	 	 	 	 	 	 	exposure (in	 	 	% of corporate	 
	S. No	 	 	Industrial Sector	 	US$)	 	 	portfolio	 
	 	 	 	 	Animal Production
	 	 	 	 	 	 	 	 
	 	 	 	 	Apparel
	 	 	 	 	 	 	 	 
	 	 	 	 	Chemicals
	 	 	 	 	 	 	 	 
	 	 	 	 	Collective Investment Vehicles
	 	 	 	 	 	 	 	 
	 	 	 	 	Common Carriers
	 	 	 	 	 	 	 	 
	 	 	 	 	Construction and Real Estate
	 	 	 	 	 	 	 	 
	 	 	 	 	Consumer Goods
	 	 	 	 	 	 	 	 
	 	 	 	 	Crop Production
	 	 	 	 	 	 	 	 
	 	 	 	 	Electrical Equipment, Appliances and Components
	 	 	 	 	 	 	 	 
	 	 	 	 	Fabric Mills
	 	 	 	 	 	 	 	 
	 	 	 	 	Fabricated Metal Product Manufacturing
	 	 	 	 	 	 	 	 
	 	 	 	 	Finance & Insurance
	 	 	 	 	 	 	 	 
	 	 	 	 	Finishing (Dyeing, Printing, Finishing, etc.)
	 	 	 	 	 	 	 	 
	 	 	 	 	Fishing
	 	 	 	 	 	 	 	 
	 	 	 	 	Food & Beverages
	 	 	 	 	 	 	 	 
	 	 	 	 	Forestry
	 	 	 	 	 	 	 	 
	 	 	 	 	Furniture and Related Products
	 	 	 	 	 	 	 	 
	 	 	 	 	Integrated Textile Operation (Spinning, Weaving/Knitting,
but no Garment )
	 	 	 	 	 	 	 	 
	 	 	 	 	Internet Projects
	 	 	 	 	 	 	 	 
	 	 	 	 	Leather and Allied Products
	 	 	 	 	 	 	 	 
	 	 	 	 	Machinery and Other Industrial
	 	 	 	 	 	 	 	 
	 	 	 	 	Nonmetallic Mineral Product Manufacturing
	 	 	 	 	 	 	 	 
	 	 	 	 	Oil, Gas and Mining
	 	 	 	 	 	 	 	 
	 	 	 	 	Plastics & Rubber
	 	 	 	 	 	 	 	 
	 	 	 	 	Primary Metals
	 	 	 	 	 	 	 	 
	 	 	 	 	Printing & Publishing
	 	 	 	 	 	 	 	 
	 	 	 	 	Pulp & Paper
	 	 	 	 	 	 	 	 
	 	 	 	 	Spinning (Yarn, Including Integrated with Fiber Production)
	 	 	 	 	 	 	 	 
	 	 	 	 	Telecommunications
	 	 	 	 	 	 	 	 
	 	 	 	 	Textiles — Others
	 	 	 	 	 	 	 	 
	 	 	 	 	Transport Service
	 	 	 	 	 	 	 	 
	 	 	 	 	Transportation Equipment
	 	 	 	 	 	 	 	 
	 	 	 	 	Utilities
	 	 	 	 	 	 	 	 
	 	 	 	 	Warehousing & Storage
	 	 	 	 	 	 	 	 
	 	 	 	 	Wholesale and Retail Trade covering any of the following.
Gasoline stations, dry cleaners, printing, large auto and
truck fleets, photographic film processing and any
operations involving the use of any chemical of biological
wastes or materials
	 	 	 	 	 	 	 	 
	 	 	 	 	Wood Products
	 	 	 	 	 	 	 	 
	 	 	 	 	Total
	 	 	 	 	 	 	 	 

 

- 68 -

 

If engaged in long term SME or large corporate/project finance, please provide information as
requested of all loan assets meeting the following conditions:

	•	 	Longer than twelve (12) months tenor

	•	 	Larger than US $1 million outstanding exposure

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Type of loan	 	 	 	 	 	 	Value of	 	 	 	 	 	 	Any environmental and social	 
	Company/	 	(large corporate/	 	 	Tenor of loan	 	 	exposure	 	 	Industry	 	 	risks and measures taken to	 
	Project name	 	SME/trade finance)	 	 	(months)	 	 	(US$ mn)	 	 	Sector4	 	 	mitigate the risks	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	 	 
	4	 	Please use any standard classification or the sectors listed in the earlier table

 

- 69 -

 

Section 1.2 Social & Environmental Management System (SEMS)

	 	 	 	 	 
	Policies & Processes

	 	Yes/No	 	 
	Has your organization developed
and implemented an SEMS?

	 	 	 	If yes, please attach a copy of the SEMS to this report.
	If there is an SEMS already in
place, have there been any updates
to the SEMS or policy and
procedures adopted by your
organization during the reporting
period?

	 	 	 	If yes, please provide a copy of the updates including
dates and reasons for the same.
	Has senior management signed off
on the updated policy/procedure?

	 	 	 	If yes, please provide the date and internal
communication indicating the same.
	Please give details of any
transactions rejected on
environmental, health, safety or
social grounds.
	 	 	 	 
	Please state any difficulties
and/or constraints related to the
implementation of the social and
environmental procedures.
	 	 	 	 
	Please describe how you ensure
that your clients and their
projects are operated in
compliance with the National laws
and regulations and the
Performance Standards.
	 	 	 	 
	Please provide two sample internal
S&E review reports conducted for
projects considered last year.
(Only applicable if the
Performance Standards is an S&E
Requirement)
	 	 	 	 
	Please give details of any
material social and environmental
issues associated with borrowers
during the reporting period in
particular.
	 	 	 	 
	Capacity

	 	Yes/No	 	 
	Please provide the name and
contact information of the
Environmental Officer or
Coordinator who has the overall
responsibility for the
implementation of SEMS.

	 	 	 	Please describe the training or learning activities the
Environmental Officer or Coordinator attended during
year.
	Please provide current staffing of
other core SEMS persons in the
organization involved with SEMS
implementation.

	 	 	 	Please describe the training provided to the SEMS
persons and other team members during year.
	What was the budget allocated to
the SEMS and its implementation
during the year?

	 	 	 	Please provide budget details including staff costs and
training as well as any actual costs.
	Monitoring

	 	Yes/No	 	 
	Do you receive any non-financial
reporting from industrial projects
that you finance?

	 	 	 	If yes, please describe and provide supporting
documents including any social and environmental
considerations if applicable.
	Do you check for ongoing
compliance of your projects with
national regulation and any other
requirements such as the
Performance Standards?

	 	 	 	If yes, please describe the process including any
social and environmental considerations if applicable.
	Please describe how you monitor
the client and project social and
environmental performance. Please
provide the following information:

	 	 	 	Please describe and provide supporting documents and
please provide information on the number of projects
where a field visit was conducted by staff to review
aspects including social and environmental issues.
	•    Number of projects
n portfolio
classified as category A or B 

	 	 	 	 
	•    Number providing 

annual reports

	 	 	 	 
	•    Number of projects
where a field
visit was conducted by a bank
staff to review aspects including
and social and environmental
issues

	 	 	 	 
	Please provide details of any
accidents/ litigation/complaints/regulatory
notices and
fines:
	 	 	 	 
	•    Any incidents of
non-compliance
with the S&E Requirements

	 	 	 	 
	•    Covenants/conditionalities
imposed by the Bank as a result of
any non-compliance

	 	 	 	 
	Reporting

	 	Yes/No	 	 
	Is there an internal process to
report on social and environmental
issues to Senior management?

	 	 	 	If yes, please explain the process, reporting format
and frequency and actions taken if any.
	Do you prepare any social and
environmental reports:

	 	 	 	If yes, please provide copies of these reports.
	•    For other MLAs

	 	 	 	 
	•    Other stakeholders

	 	 	 	 
	•    S&E reporting in the Annual Report

	 	 	 	 
	•    Sustainability reports

	 	 	 	 

 

- 70 -

 

Activities on IFC Exclusion List

	 	 	 	 	 

	If any, please indicate the dollar percentage of loans or
investments out of your total outstanding exposure
provided to clients who are substantially involved in IFC
excluded activities.
	 	 	—	%
	If the percentage is not zero, please explain these
exposures and any steps having been taken to reduce such
exposure.
	 	 	 	 

Sustainable finance

Have you made any investments in projects that have social and environmental
benefits such as investing in management systems, energy efficiency, renewable
energy, cleaner production, pollution management, supply chain greening, corporate
social responsibility, community development etc? Please list these in the format
provided below:

	 	 	 	 	 
	 	 	 	 	Value financed by the company	 	 	Type of social and environmental	 
	Project Name	 	 	(US$ million)	 	 	benefit5	 

 

	 	 	 
	5	 	Examples are cleaner production, energy
efficiency, renewable energy, carbon finance, management system improvement,
sustainable supply chain, corporate social responsibility etc.

 

- 71 -

 

SCHEDULE 12

Page 1 of 1

SEMS PLAN

(See Section 5.01 (j) of the Loan Agreement)

	 	 	 	 	 
	Type of Action	 	Suggested Action	 	Timeframe
	Enhancing the SEMS per the Applicable Requirements	 	The Borrower shall revise its S&E Management System to:

•    Incorporate the latest version of the IFC Exclusion List for screening Relevant Financing Operations; and

	 	Within 3 months of Commitment
	 	•    Include screening projects against applicable IFC Performance Standards. The IFC Performance Standards are available on
http://www.ifc.org/ifcext/enviro.nsf/Content/EnvSocStandards

	 	 
	 	 	 
	 	 
	Staff training
	 	The Borrower shall ensure that all staff responsible for implementation of the S&E Management System is trained to be able to ensure its effective implementation.

	 	At all times

 

- 72 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00191-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00191-of-00352.parquet"}]]