Document:

Exhibit 10.16

   

  Execution Version

  Project Number 39652

   

  Dated as of April 12, 2018

   

  Loan Agreement

   

  between 

    

   

    

  CELSE – Centrais Elétricas de Sergipe S.A.

   

  and

   

  International Finance Corporation

   

  
     

    
      
 

  

  
   

  Table of Contents

   

  Page

   

  	Article I Definitions; Rules of Interpretation;
            Common Terms Agreement	2
	Section 1.01   Defined Terms	2
	Section 1.02   Rules of Interpretation	8
	Section 1.03   Business Day Adjustment	8
	Section 1.04   IFC Determination	8
	Section 1.05   Common Terms Agreement	8
	Article II Loan Availability and Disbursements	9
	Section 2.01   The IFC Loan	9
	Section 2.02   Use of Proceeds	9
	Section 2.03   The Principal Amount of IFC Loan	9
	Section 2.04   Disbursement Procedure	10
	Article III Payment and Repayment Terms	13
	Section 3.01   Repayment of the IFC Loan	13
	Section 3.02   Interest on the IFC Loan	13
	Section 3.03   Amount of Payments under the IFC Loan	14
	Section 3.04   Payment of the IFC Loan upon Acceleration
            or Prepayment	16
	Section 3.05   Unwinding Costs	18
	Section 3.06   Allocation of Prepayments	18
	Section 3.07   Allocation of Partial Payments	18
	Section 3.08   Default Interest Rate	18
	Section 3.09   Currency and Place of Payments	18
	Section 3.10   Suspension and Cancellation of IFC
            Commitment	19
	Section 3.11   Fees	19
	Article IV Conditions Precedent To Disbursement	19
	Section 4.01   Conditions Precedent to First Disbursement	19
	Section 4.02   Conditions Precedent to All Disbursements	20
	Section 4.03   Conditions for IFC Benefit	20
	Article V Common Terms	20
	Section 5.01   Representations and Warranties	20
	Section 5.02   Covenants	20
	Section 5.03   Events of Default	21
	Article VI Miscellaneous	21
	Section 6.01   Notices	21
	Section 6.02   Saving of Rights; Remedies and Waivers	21
	Section 6.03   English Language	22
	Section 6.04   Term of Agreement	22
	Section 6.05   No Third Party Beneficiaries	22
	Section 6.06   Disclosure of Information	22

   

  
    (i) 

    
      
 

  

   

  	Section 6.07   Indemnification; No
            Consequential Damages	23
	Section 6.08   Successors and Assigns	23
	Section 6.09   Amendments, Waivers and Consents	23
	Section 6.10   Applicable Law and Jurisdiction	23
	Section 6.11   Waiver of Jury Trial	25
	Section 6.12   Severability	25
	Section 6.13   Counterparts	26
	Section 6.14   Translation and Registration	26

   

  Schedules

   

  

  	Schedule I	--	Form of Disbursement Readiness Notice
	Schedule II	--	Form of Disbursement Limit Order Notice
	Schedule

            III   

          	--	Form of Confirmation
	Schedule IV	--	Form of Disbursement Receipt
	Schedule V	--	Form of Promissory Note
	 	 	 
	Annexes	 	 
	 	 	 
	Annex A	--	Methodology for Calculation of the Make Whole Amount

    

  
     

    
      

  

  
  LOAN AGREEMENT (the “Agreement”), dated April 12, 2018
      (the “Effective Date”), between:

   

  (1)       CELSE – CENTRAIS ELÉTRICAS DE SERGIPE S.A., a sociedade
        anȏnima organized under the laws of Brazil, with its principal place of business in the City of Barra dos Coqueiros, State of Sergipe, at Rodovia Cesar Franco SE 100, 49.140-000, and offices in the City of Aracaju, State of Sergipe, at Avenida
      Ministro Geraldo Barreto Sobral, 2100, salas 505/506, JFC Trade Center, 49.026-010, and in the City of São Paulo, State of São Paulo, at Avenida das Nações Unidas, 12.399, 92 A, Landmark, Tower C, 04578-000, enrolled with the CNPJ/MF National
      Corporate Taxpayers’ Registry of the Finance Ministry under No. 23.758.522/0001-52 (the “Borrower”); and

   

  (2)       INTERNATIONAL FINANCE CORPORATION, an international
      organization established by Articles of Agreement among its member countries including Brazil (“IFC”).

   

  RECITALS

   

  WHEREAS, the Borrower intends to develop, construct, finance,
      own, operate and maintain (a) a combined cycle thermal power plant (the “Plant”) comprised of three combustion turbine generators, three heat recovery steam generators and one steam turbine generator, with a total installed capacity of 1,516
      MW, in the City of Barra dos Coqueiros, Sergipe, Brazil, (b) a 33km transmission line delivering the power output generated from the Plant to the public grid at an existing 500KV substation operated by Companhia Hidrelétrica do São Francisco, (c) a
      gas pipeline delivering regasified LNG generated from a dedicated Floating Storage and Regasification Unit (the “FSRU”) that is owned by Golar Nanook UK Limited and will be operated by Golar Power Latam Serviços Marítimos Ltda. to the Plant
      (the “Gas Pipeline”) and (d) a suction anchor connecting the FSRU to the Gas Pipeline, in each case as more particularly described in the Transaction Documents (collectively, the “Project”);

   

  WHEREAS, in order to finance the Project Costs, the Borrower,
      IFC, IDB Invest (in its own capacity and as agent acting on behalf of IDB), the Fiduciary Agent (on behalf of the Senior Debenture Holders) and certain other parties have entered into the Common Terms Agreement, dated as of the date of this Agreement
      (the “Common Terms Agreement”), which sets out the general terms and conditions pertaining to the financing of the Project; and

   

  WHEREAS, IFC has agreed to lend, and the Borrower has agreed to
      borrow, a Reais-linked loan in an amount based on the Real equivalent of up to US$200,000,000 subject to the terms and conditions of (a) the Common Terms Agreement and (b) this Agreement, which sets out specific terms and conditions pertaining to
      such loan facility to be provided by IFC.

   

  
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  NOW, THEREFORE, in consideration of the premises and mutual
      agreements contained herein and in the Common Terms Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower and IFC agree as follows:

   

  ARTICLE I

      

      DEFINITIONS; RULES OF INTERPRETATION; COMMON TERMS AGREEMENT

   

  Section 1.01        Defined Terms. All capitalized terms
      used but not defined herein shall have the meanings ascribed thereto in the Common Terms Agreement and the following terms shall have the following meanings:

   

  “Acceleration Event” means (a) the IFC Loan becoming immediately
      due and payable in accordance with the terms of clause (b) of Section 6.02 (Remedies) of the Common Terms Agreement or (b) the occurrence of an Event of Default under clause (e) of Section 6.01 (Events of Default) of the Common Terms
      Agreement.

   

  “Adjusted Period” has the meaning assigned to that term in
      “Valuation Date” of this Section 1.01 (Defined Terms);

   

  “Agreement” has the meaning provided in the introductory paragraph
      hereof;

   

  “Availability Period” means the period commencing on the Effective
      Date and ending on the Senior Loan Commitment Termination Date;

   

  “Borrower” has the meaning provided in the introductory paragraph
      hereof;

   

  “BRL09” or “BRL PTAX” means, for any Valuation Date, the
      Real/Dollar offered rate for Dollars, expressed as the amount of Reais per one Dollar, for settlement in two (2) Local Business Days, reported by the Central Bank on its website (taxas e cotações) by approximately 1:00 p.m., São Paulo time (or
      as such reporting is modified from time to time by the Central Bank), on such Valuation Date;

   

  “Calculation Day” means each day that is a Local Business Day;

   

  “Common Terms Agreement” has the meaning provided in the recitals
      hereof;

   

  “Confirmation” means a confirmation provided by IFC to the Borrower
      substantially in the form of Schedule III (Form of Confirmation);

   

  “Disbursement Date” means, in respect of an IFC Disbursement, the
      date on which the proceeds of that IFC Disbursement are released to the Borrower, which shall be a Business Day prior to the Senior Loan Commitment Termination Date;

   

  “Disbursement Fixed Base Rate” means, with respect to an IFC
      Disbursement, a fixed rate representing IFC’s cost of providing Reais-linked funding, adjusted by the relevant variation of the IPCA.

   

  “Disbursement Limit Order Notice” means, with respect to an IFC
      Disbursement, a notice from the Borrower to IFC, substantially in the form of Schedule II (Form of Disbursement Limit Order Notice), in which the Borrower sets out the Highest Acceptable Disbursement Fixed Base Rate and the maximum and
      minimum acceptable Notional Real/Dollar Exchange Rates for that IFC Disbursement;

   

  
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  “Disbursement Readiness Notice” means a notice from IFC relating to
      an IFC Disbursement in substantially the form of Schedule I (Form of Disbursement Readiness Notice);

   

  “Dollar Equivalent” means:

   

  (a)       with respect to any scheduled payments of principal
      or interest of the IFC Loan, an amount in Dollars of such principal or interest calculated with reference to the Fixing Rate on the relevant Valuation Date; and

   

  (b)       with respect to the acceleration of the IFC Loan or
      the prepayment (whether mandatory or voluntary) of an IFC Disbursement, an amount in Dollars to be paid by the Borrower in connection with such acceleration or prepayment, calculated with reference to the Early Payment Fixing Rate on the relevant
      Valuation Date;

   

  “Early Payment Fixing Rate” means, in connection with the
      acceleration of the IFC Loan or the prepayment (whether mandatory or voluntary) of any IFC Disbursement, the exchange rate that will be used to convert the Reais amount due to be paid (or prepaid, as the case may be) into a Dollar Equivalent amount,
      which rate shall be the same rate indicated to IFC by the IFC Hedge Counterparty for purposes of calculating the amount payable by IFC in respect of terminating the currency swap or swaps entered into by IFC for purposes of funding or hedging the IFC
      Loan being accelerated or the IFC Disbursement being prepaid, as the case may be;

   

  “Early Repayment” has the meaning assigned to that term in Section

        3.04(a) (Payment of the IFC Loan upon Acceleration or Prepayment);

   

  “Early Repayment Date” means the date on which an Early Repayment
      will be made which, (i) in the case of a voluntary prepayment pursuant to Section 2.06 (a) (Voluntary and Mandatory Prepayments; Voluntary Prepayments) of the Common Terms Agreement, shall be the date designated by the Borrower in the
      relevant notice of prepayment, (ii) in the case of a mandatory prepayment pursuant to Section 2.06(b) (Voluntary and Mandatory Prepayments; Mandatory Prepayments) of the Common Terms Agreement, shall be the date determined in accordance with
      Section 2.06(b) (Voluntary and Mandatory Prepayments; Mandatory Prepayments) of the Common Terms Agreement and (iii) in the case of acceleration of the IFC Loan pursuant to Section 6.02 (Remedies) of the Common Terms Agreement, shall be
      the date of the declaration of such acceleration described in such Section;

   

  “Effective Date” has the meaning provided in the introductory
      paragraph hereof; “EMTA” means the Emerging Markets Traders Association;

   

  “Exchange Rate Divergence” means, with respect to BRL PTAX, and
      upon notice to the EMTA membership, that, in the reasonable and independent judgement, as notified to EMTA in accordance with the EMTA BRL Exchange Rate Divergence procedures in effect from time to time, of not less than seven (7) unaffiliated EMTA
      members that are recognized market makers active in the BRL/USD foreign exchange market (no less than four (4) of which shall be active participants in the onshore BRL/USD spot market), the BRL PTAX (following a split of the exchange rates in Brazil
      or otherwise) no longer reflects the then-prevailing BRL/USD spot rate for standard-size wholesale financial transactions involving the exchange of Reais for Dollars delivered outside of Brazil;

   

  
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  “Fee Letter” means the letter agreement dated April 12, 2018
      between IFC and the Borrower, providing for the payment of fees by the Borrower in connection with the IFC Loan;

   

  “First IFC Principal Repayment Date” means the IFC Interest Payment
      Date occurring on October 15, 2020;

   

  “Fixing Rate” means, with respect to any Valuation Date, BRL PTAX
      (BRL 09) on such Valuation Date; provided, however, that upon the occurrence of an Unscheduled Holiday, an Exchange Rate Divergence or a Price Source Disruption, the Fixing Rate in respect of the relevant Valuation Date shall be (a)
      the rate advised to IFC by the applicable IFC Hedge Counterparty, if any (and immediately notified to the Borrower), or (b) if no IFC Hedge has been entered into, or one or more IFC Hedges have been entered into but the applicable IFC Hedge
      Counterparty is unable to advise IFC of the applicable Fixing Rate, a commercially reasonable rate obtained by IFC (and immediately notified to the Borrower), in each case based on the then prevailing conditions in the market for non-deliverable
      Reais/Dollar swap transactions;

   

  “FSRU” has the meaning provided in the recitals hereof;

   

  “Gas Pipeline” has the meaning provided in the recitals hereof;

   

  “Highest Acceptable Disbursement Fixed Base Rate” means, with
      respect to an IFC Disbursement, the highest acceptable Disbursement Fixed Base Rate specified by the Borrower in the relevant Disbursement Limit Order Notice;

   

  “IFC” has the meaning provided in the introductory paragraph
      hereof;

   

  “IFC Commitment” has the meaning assigned to that term in clause

        (a) of Section 2.01 (The IFC Loan);

   

  “IFC Disbursement” means a disbursement of the IFC Loan on a
      Disbursement Date, pursuant to Section 2.04 (Disbursement Procedure);

   

  “IFC Disbursement Account” means an account designated as such to
      be established and maintained in accordance with the Accounts Agreement;

   

  “IFC Final Maturity Date” means the IFC Interest Payment Date
      occurring on April 15, 2032;

   

  “IFC Hedge” means a Real/Dollar IPCA-linked non-deliverable swap
      transaction entered into by IFC for the purposes of funding an IFC Disbursement;

   

  “IFC Hedge Counterparty” means a major international or local bank
      selected by IFC in its discretion with which IFC enters into an IFC Hedge;

   

  
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  “IFC Interest Payment Date” means April 15 and October 15 of each
      year, subject to adjustment in accordance with Section 1.03 (Business Day Adjustment), provided that, if the final Valuation Date in respect of an IFC Interest Period is adjusted for any reason, then the IFC Interest Payment
      Date scheduled to occur on the day following the last day of such Interest Period shall be two (2) Local and New York Business Days after the relevant Valuation Date; provided, further, that, for the avoidance of doubt, no future IFC
      Interest Payment Date shall be so adjusted solely as a result of a prior IFC Interest Payment Date being adjusted in accordance with the first proviso of this definition and such adjustment of a future IFC Interest Payment Date shall not limit the
      occurrence of any subsequent adjustment of other IFC Interest Payment Dates;

   

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

   

  “IFC Interest Rate” means, with respect to an IFC Disbursement, a
      rate per annum equal to the higher of (a) the sum of (x) the Disbursement Fixed Base Rate determined by IFC for such IFC Disbursement pursuant to clause (a) of Section 2.04 (Disbursement Procedure) and (y) the IFC Spread and
      (b) 9.412% adjusted by the relevant variation of the IPCA in respect of such IFC Disbursement, such rate being applied on the outstanding Notional Reais Principal Amount of each IFC Loan in order to calculate the interest payments in accordance with
      Section 3.03 (Amount of Payments under the IFC Loan);

   

  “IFC Interest Rate Setting Date” means, for each IFC Disbursement,
      the date on which the relevant IFC Interest Rate is set pursuant to clause (a) of Section 2.04 (Disbursement Procedure);

   

  “IFC Interest Rate Setting Period” means, with respect to a
      Disbursement Limit Order Notice delivered by the Borrower to IFC in connection with a proposed IFC Disbursement (which may only be delivered on a Local and Washington Business Day), the period beginning on (and including) the first Local and
      Washington Business Day on which IFC receives such Disbursement Limit Order Notice and ending on (and including) the earlier of:

   

  (a)       5:00 p.m. Washington D.C. time on the fifth (5th) Local and Washington Business Day immediately following the date of such receipt;

   

  (b)       the date on which IFC successfully determines the
      relevant IFC Interest Rate in accordance with clause (a) of Section 2.04 (Disbursement Procedure); and

   

  (c)       the date on which any revocation of such
      Disbursement Limit Order Notice becomes effective;

   

  “IFC Loan” means the Reais-linked loan specified in Section
        2.01 (The IFC Loan) or, as the context may require, the outstanding principal amount thereof;

   

  “IFC Payment Date” means the relevant payment date of principal,
      interest or any other amount payable to IFC as provided in this Agreement or in the Common Terms Agreement;

   

  
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  “IFC Principal Repayment Date” means the dates set forth in Section

        3.01(a) (Repayment of the IFC Loan), subject to adjustment in accordance with Section 1.03 (Business Day Adjustment), provided that if the final Valuation Date in respect of an IFC Principal Repayment Date is
      adjusted for any reason, then such IFC Principal Repayment Date shall be two (2) Local and New York Business Days after the relevant Valuation Date;

   

  “IFC Required Senior Debt Service Amount” means, with respect to
      any IFC Payment Date, the expected minimum amount of principal and/or interest, as applicable, scheduled to be payable on such IFC Payment Date, to be calculated by the Borrower using the method provided for in Section 3.03(a) (Amount of
        Payments under the IFC Loan), provided that, for purposes of the calculation of such amount for any IFC Payment Date:

   

  (a)       IPCAj shall be equal to sum of (i) the IPCA
      published on or immediately prior to the Valuation Date in respect of the immediately preceding IFC Payment Date plus (ii) 2.0%;

   

  (b)       the formula to be used for the calculation of the
      expected minimum amount of interest due in connection with the IFC Loan on the relevant IFC Payment Date shall be ; and

   

  (c)       if applicable, the formula to be used for the
      calculation of the expected minimum amount of principal due in connection with the IFC Loan on the relevant IFC Payment Date shall be 

   

  “IFC Spread” means 5.40% per annum;

   

  “Index Sponsor” means the Brazilian Institute of Geography and
      Statistics (Instituto Brasileiro de Geografia e Estatística – IB GE);

   

  “Initial IPCA” means, with respect to an IFC Disbursement, the IPCA
      published on or immediately prior to the IFC Interest Rate Setting Date;

   

  “IPCA” means the Extended National Consumer Price Index (Índice
        Nacional de Preços ao Consumidor Amplo – IPCA) calculated and published monthly by the Index Sponsor; provided that, if such index is not publicly available immediately preceding the relevant Valuation Date or, for any reason, no longer
      exists, then IPCA shall mean the index determined by IFC, acting in a commercially reasonable manner, and based on quotations advised to it by one or more swap counterparties with which IFC entered into Real/Dollar IPCA-linked non-deliverable swap
      transactions to fund IFC Disbursements (which determination shall be conclusive absent manifest error). The IPCA index is an index related to Brazilian inflation, calculated according to the methodology published by the Index Sponsor, as such
      methodology may be amended by the Index Sponsor from time to time;

   

  “LIBOR” means the interbank offered rates for deposits in Dollars
      by the ICE Benchmark Administration Limited (“ICE”) (or NYSE Euronext or any applicable successor entity) which appear on the relevant page of the Reuters Service (currently page LIBOR01) or, if not available, on the relevant pages of any
      other service (such as Bloomberg Financial Markets Service) that displays such rates; provided that if the ICE (or NYSE Euronext, or any applicable successor entity) for any reason ceases (whether permanently or temporarily) to publish
      interbank offered rates for deposits in the Dollars for the relevant IFC Interest Period, “LIBOR” shall be determined by IFC based on prevailing market practices then in effect;

   

  
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  “Local and New York Business Day” means a day that is both a Local
      Business Day and a New York Business Day;

   

  “Local and Washington Business Day” means a day that is both a
      Local Business Day and a Washington Business Day;

   

  “Local Business Day” means a day on which commercial banks and
      foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in São Paulo, SP, Brazil;

   

  “Make Whole Amount” means the amount, if any, payable by the
      Borrower in connection with a prepayment or acceleration of the IFC Loan, to be calculated in accordance with the relevant provisions of Annex A (Methodology for Calculation of the Make Whole Amount);

   

  “New York Business Day” means a day on which commercial banks
      settle payments and are open for general business in New York, NY, USA;

   

  “Notional Reais Principal Amount” means, with respect to an IFC
      Disbursement, the Reais equivalent amount of the Dollar amount being disbursed, as determined by IFC by applying the relevant Notional Real/Dollar Exchange Rate and specified in the relevant Confirmation;

   

  “Notional Real/Dollar Exchange Rate” means the notional Real/Dollar
      exchange rate to be applied to an IFC Disbursement as set forth in the Confirmation for such IFC Disbursement;

   

  “Plant” has the meaning provided in the recitals hereof;

   

  “Price Source Disruption” means that, with respect to any Valuation
      Date, the BRL PTAX (BRL 09) is not reported by the Central Bank on its website (taxas e cotações) on such Valuation Date;

   

  “Project” has the meaning provided in the recitals hereof;

   

  “Required Senior Debt Service Amount” has the meaning provided in
      the Accounts Agreement;

   

  “Scheduled Valuation Date” means, in respect of an IFC Payment
      Date, the date that is two (2) Local and New York Business Days before such IFC Payment Date, subject to adjustment in accordance with Section 1.03 (Business Day Adjustment);

   

  “Total Reais IFC Cap Amount” means, with respect to the IFC Loan,
      an amount in Reais, not to exceed seven hundred and sixty-five million Reais (BRL765,000,000);

   

  
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  “Unscheduled Holiday” means a Valuation Date that is not a Local
      Business Day and the market was not aware of such fact (by means of a public announcement or by reference to other publicly available information) until a time later than 9:00 a.m. local time in São Paulo, SP, two (2) Local Business Days prior to the
      Valuation Date;

   

  “Valuation Date” means a Scheduled Valuation Date, except:

   

  (a)       if such date is not a Local Business Day (other than due to the
      occurrence of an Unscheduled Holiday), the Valuation Date shall be changed to the first preceding Local and New York Business Day; and

   

  (b)       if such date would be a Valuation Date but for the occurrence of
      an Unscheduled Holiday, a Price Materiality Event or Price Source Disruption, the Valuation Date shall be such later date as shall be (x) advised to IFC by the applicable IFC Hedge Counterparty, if any, or (y) if no IFC Hedges have been entered into,
      determined by IFC in consultation with a major international or local bank selected by IFC in its discretion, in each case based on the then prevailing conditions in the market for non-deliverable Reais/Dollar swap transactions; provided, however,
      that if such Valuation Date shall not have occurred on or before the 30th consecutive day following the Scheduled Valuation Date (any such period being a “Adjusted
        Period”), then the first Local and New York Business Day following the Adjusted Period shall be deemed to be the Valuation Date (and if such day would be a Local Business Day but for the occurrence of an Unscheduled Holiday, such date shall
      nevertheless be deemed the Valuation Date);

   

  “Washington Business Day” means a day when IFC’s headquarters
      located in Washington, D.C., USA, are open to conduct operations; 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        Rules of Interpretation. The rules of
      interpretation set forth in Sections 1.02 (Interpretation), 1.05 (Financial Calculations) and 1.06 (Currency Conversion) of the Common Terms Agreement shall apply to this Agreement as if set forth herein.

   

  Section 1.03        Business Day Adjustment. Except as
      otherwise expressly provided herein, the provisions set forth in Section 1.03 (Business Day Adjustment) of the Common Terms Agreement shall apply to this Agreement as if set forth herein.

   

  Section 1.04      IFC Determination. The determination by IFC of any amount in accordance with this Agreement, including,
      without limitation the IFC Interest Rate, Make Whole Amount and any fees, shall be final and conclusive and bind the Borrower unless the determination involved manifest error.

   

  Section 1.05        Common Terms Agreement. The Common
      Terms Agreement and this Agreement shall be read and construed together as one agreement. All terms and conditions of the Common Terms Agreement, as amended from time to time, are deemed to be incorporated by reference into this Agreement and shall
      be applicable to the IFC Loan hereunder. If any provision of this Agreement conflicts with a provision of the Common Terms Agreement or of any other Financing Document, then the provisions of this Agreement will prevail as between the parties to this
      Agreement.

   

  
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  ARTICLE II

      

      LOAN AVAILABILITY AND DISBURSEMENTS

   

  Section 2.01        The IFC Loan. (a) Subject to the
      terms and conditions of this Agreement and the Common Terms Agreement, IFC agrees to lend, and the Borrower agrees to borrow from IFC, an amount based on the Real equivalent of up to US$200,000,000, such amount not to exceed the Total Reais IFC Cap
      Amount (the “IFC Commitment”), which shall be disbursed in Dollars in accordance with procedures described in Section 2.04 (Disbursement Procedures) and subject to the satisfaction of the conditions precedent to each such IFC Disbursement set
      forth herein and in the Common Terms Agreement. The IFC Loan shall be repaid in Dollar Equivalent amounts determined with reference to the IFC Loan amount outstanding in accordance with the provisions of Section 3.01 (Repayment of the IFC Loan).

   

  (b)         IFC shall be under no obligation to make any IFC Disbursement
      if, after giving effect to such IFC Disbursement, the aggregate of all amounts disbursed to the Borrower would be in excess of the IFC Commitment (as such amount may be reduced upon cancellation of the undisbursed portion of the IFC Loan by IFC or by
      the Borrower pursuant to Section 3.10 (Suspension and Cancellation of IFC Commitment)).

   

  Section 2.02       Use of Proceeds. The proceeds of the
      IFC Loan (a) shall be applied exclusively to pay or reimburse Project Costs and (b) shall not be used for expenditures in the territories of any country that is not a member of the World Bank or for goods produced in or services supplied from any
      such country.

   

  Section 2.03       The Principal Amount of IFC Loan. (a)
      For the avoidance of doubt, and for purposes of calculating the amount of any principal or interest payment due in relation to an IFC Disbursement, the outstanding principal amount from time to time of that IFC Disbursement shall be deemed to be the
      Notional Reais Principal Amount specified in the relevant Confirmation, as such amount may be reduced from time to time upon becoming payable in Dollar Equivalent amounts (whether as scheduled payments on any IFC Principal Repayment Date or upon
      prepayment or acceleration), and in the event any such Dollar Equivalent amount is not paid by the Borrower when due, such amount shall accrue interest in accordance with the provisions of Section 3.08 (Default Interest Rate).

   

  (b)         In respect of any IFC Disbursement, when a disruption in the
      Reais/Dollar exchange markets results in IFC being unable to determine the Dollar Equivalent of any amount in respect of principal or interest required to be paid under this Agreement, and the applicable IFC Hedge Counterparty is unable to advise IFC
      of the Real/Dollar rate applicable thereto, the due date for the relevant payment of principal or interest in respect of such IFC Disbursement shall be postponed, and upon IFC being able to determine the Dollar Equivalent in accordance with
      prevailing market practice or upon such Real/Dollar rate being advised to IFC by the applicable IFC Hedge Counterparty, IFC shall notify the Borrower of the Dollar Equivalent so determined or advised to IFC and the Borrower shall make the relevant
      payment of principal or interest two (2) Local and New York Business Days after the date of such notice; provided, however, that for purposes of determining amounts of interest to be paid on such date, there shall be no adjustment in
      the IFC Interest Period on which such payment is based.

   

  
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  (c)          Payment in full of the Dollar Equivalent of each Notional
      Reais Principal Amount (whether at scheduled maturity, upon prepayment or acceleration) shall be deemed to be repayment in full of the principal amount disbursed in respect of the relevant Disbursement.

   

  Section 2.04        Disbursement Procedure. (a) Subject
      to the terms and conditions of this Agreement and the Common Terms Agreement, the Borrower may request an IFC Disbursement, during the Availability Period, in accordance with the following procedures, which shall be followed for purposes of
      determining the Disbursement Fixed Base Rate and the Notional Real/Dollar Exchange Rate in respect of each IFC Disbursement:

   

  (i)           Disbursement Request. The Borrower shall
      first deliver to the Intercreditor Agent a Senior Loan Disbursement Request, appropriately completed and duly executed by the Borrower’s Authorized Representative, in the case of the first IFC Disbursement, at least twenty five (25) Business Days but
      no earlier than thirty (30) Business Days prior to the first estimated Disbursement Date, and, in the case of any subsequent IFC Disbursements, at least fifteen (15) Business Days (or such fewer number of Business Days as may be satisfactory to IFC)
      but no earlier than thirty (30) Business Days prior to each such subsequent estimated Disbursement Date, subject to the limitations to the number of Senior Loan Disbursements set forth in Section 2.03(c) (Senior Loan Disbursement Procedure) of
      the Common Terms Agreement;

   

  (ii)          Disbursement Readiness Notice. In the
      case of any IFC Disbursement, provided that IFC is satisfied that all conditions for that IFC Disbursement (A) have been satisfied no later than the date that is ten (10) Business Days prior to the estimated Disbursement Date in respect of such IFC
      Disbursement or (B) solely with respect to conditions that can only be satisfied on such Disbursement Date, will be satisfied substantially concurrently with such IFC Disbursement, IFC shall deliver to the Borrower a Disbursement Readiness Notice in
      the form of Schedule I (Form of Disbursement Readiness Notice) no later than the date that is eight (8) Local and Washington Business Days prior to the estimated Disbursement Date in respect of the relevant IFC Disbursement, which
      Disbursement Readiness Notice shall remain valid and effective for a period of twenty (20) Local and Washington Business Days from the date of such notice, unless withdrawn or cancelled by IFC during such period pursuant to clause (B) of the
      proviso in this clause (a) of this Section 2.04 (Disbursement Procedure);

   

  (iii)         Disbursement Limit Order Notice. Subject
      to the terms of this Section 2.04 (Disbursement Procedure), not later than the date that is five (5) Local and Washington Business Days prior to the estimated Disbursement Date in respect of the relevant IFC Disbursement, the Borrower
      shall deliver to IFC a Disbursement Limit Order Notice in the form of Schedule II (Form of Disbursement Limit Order Notice), setting out (x) the Highest Acceptable Disbursement Fixed Base Rate and (y) the maximum and minimum acceptable
      Notional Real/Dollar Exchange Rates for that IFC Disbursement;

   

  
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  (iv)        Determining Rate. Upon receipt of the
      Disbursement Limit Order Notice, and within the applicable IFC Interest Rate Setting Period, IFC shall use reasonable efforts to (x) determine the Disbursement Fixed Base Rate for that IFC Disbursement that does not exceed the Highest Acceptable
      Disbursement Fixed Base Rate and (y) the Notional Real/Dollar Exchange Rate that is consistent with the applicable range of the Notional Real/Dollar Exchange Rate, in each case as specified in such Disbursement Limit Order Notice; provided, however,
      that prior to the determination of a Disbursement Fixed Base Rate by IFC during the applicable IFC Interest Rate Setting Period a Disbursement Limit Order Notice may be revoked in writing by the Borrower;

   

  (v)         Acceptable Rate Determined. If, during the
      applicable IFC Interest Rate Setting Period, IFC is able to determine (x) a Disbursement Fixed Base Rate that does not exceed the Highest Acceptable Disbursement Fixed Base Rate and (y) a Notional Real/Dollar Exchange Rate that is consistent with the
      applicable range of the Notional Real/Dollar Exchange Rate, in each case as specified in the relevant Disbursement Limit Order Notice, IFC shall as soon as practicable provide the Borrower and the Intercreditor Agent, in writing, a Confirmation
      (substantially in the form of Schedule III (Form of Confirmation)) setting forth, among others, (x) the IFC Interest Rate determined by IFC, (y) the Notional Real/Dollar Exchange Rate, (z) the Notional Reais Principal Amount and (w)
      the amount and date of the requested IFC Disbursement; provided that, after such determination by IFC, the relevant Disbursement Limit Order Notice may no longer be revoked by the Borrower;

   

  (vi)       Date of Disbursement if Acceptable Rate
        Determined. Unless otherwise agreed by the Borrower and IFC, the date of the relevant IFC Disbursement shall be the date specified by the Borrower in the relevant Senior Loan Disbursement Request; provided that such Disbursement Date shall not
      be earlier than the third (3rd) Local and New York Business Day immediately following the relevant IFC Interest Rate Setting Date;

   

  (vii)       Amount of Disbursement. Unless otherwise
      agreed by IFC and the Borrower in writing, the amount of the IFC Disbursement will be the Dollar amount specified in the relevant Senior Loan Disbursement Request;

   

  (viii)       Acceptable Rate Not Determined: If, during
      the IFC Interest Rate Setting Period, IFC is not able to determine a Disbursement Fixed Base Rate that does not exceed the Highest Acceptable Disbursement Fixed Base Rate and/or a Notional Real/Dollar Exchange that is consistent with the applicable
      range of the Notional Real/Dollar Exchange Rate, in each case as specified in the relevant Disbursement Limit Order Notice, IFC shall as soon as practicable so inform the Borrower in writing and such Disbursement Limit Order Notice shall be deemed
      withdrawn and cancelled; in such event, the Borrower may, within twenty (20) Local and Washington Business Days following the date of the relevant Disbursement Readiness Notice, deliver to IFC one or more subsequent Disbursement Limit Order Notices,
      each specifying alternative Highest Acceptable Disbursement Fixed Base Rate and maximum and minimum Notional Real/Dollar Exchange Rates for that IFC Disbursement; provided that each such Disbursement Limit Order Notice shall be delivered to
      IFC only after the end of the immediately preceding IFC Interest Rate Setting Period;

   

  
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  provided, however, that:

   

  (A)       IFC’s commitment to make each IFC Disbursement is
      expressly conditional upon IFC successfully obtaining quotes for entering into one or more IFC Hedges with counterparties acceptable to IFC and with notional amounts, payment dates and maturities corresponding to those of that IFC Disbursement (to
      the extent such IFC Hedges are necessary for IFC to provide such IFC Disbursement to the Borrower under the conditions specified in the related Confirmation);

   

  (B)       IFC may at any time, by written notice to the
      Borrower, withdraw or cancel the Disbursement Readiness Notice if IFC becomes aware that any condition for that IFC Disbursement was not fulfilled, has ceased to be fulfilled or will not be fulfilled substantially concurrently with the relevant IFC
      Disbursement, whereupon any Disbursement Limit Order Notice received by IFC in connection with that IFC Disbursement shall be deemed as cancelled and cease to have any effect;

   

  (C)       when all conditions of IFC Disbursement have been
      fulfilled to the satisfaction of IFC following the withdrawal or cancellation of the Disbursement Readiness Notice, IFC shall send to the Borrower a new Disbursement Readiness Notice, whereupon and within twenty (20) Local and Washington Business
      Days following the date thereof, the Borrower may send a new Disbursement Limit Order Notice for the IFC Disbursement then being requested;

   

  (D)       notwithstanding anything herein, the Borrower may
      after making a Senior Loan Disbursement Request, but prior to receiving a Disbursement Readiness Notice or delivering a Disbursement Limit Order Notice, make a written request to IFC to provide an indicative Disbursement Fixed Base Rate for that IFC
      Disbursement, and IFC shall, as soon as practicable after that request, advise the Borrower of the then-current indicative rate; and

   

  (E)       if the Disbursement Fixed Base Rate for that IFC
      Disbursement could not be set in accordance with the provisions of this Section 2.04 (Disbursement Procedure) within the period of twenty (20) Local and Washington Business Days from the date of the Disbursement Readiness Notice, the related Senior
      Loan Disbursement Request shall be deemed as void and without effect and the Borrower must, to request an IFC Disbursement, send to IFC a new Senior Loan Disbursement Request.

   

  (b)        Each IFC Disbursement shall (i) be in a whole amount of not
      less than the Reais equivalent of four million Dollars (US$4,000,000.00) (subject to the IFC Commitment), (ii) be made in Dollars and (iii) be deposited at a bank in New York, New York, USA, for further credit to the IFC Disbursement Account in
      accordance with the Accounts Agreement.

   

  (c)         Within two (2) Local Business Days after the relevant date of
      an IFC Disbursement, the Borrower shall deliver to IFC a signed and notarized receipt for the amount of the relevant IFC Disbursement (substantially in the form of Schedule IV (Form of Disbursement Receipt)).

   

  
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  ARTICLE III

      

      PAYMENT AND REPAYMENT TERMS

   

  Section 3.01       Repayment of the IFC Loan. (a) Subject
      to Section 1.03 (Business Day Adjustment), the Borrower shall repay the IFC Loan on the following IFC Principal Repayment Dates by repaying each IFC Disbursement in accordance with the following percentages. All payments will be made
      in Dollar Equivalent, such Dollar Equivalent amount to be determined in accordance with Section 3.03 (Amount of Payments under the IFC Loan) with reference to the following percentages of the Notional Reais Principal Amount of the
      relevant IFC Disbursement:

   

  	IFC

              Principal Repayment Date	
          % of the Notional Reais 

          Principal

              

        
	October 15, 2020	0.5000%
	April 15, 2021	3.6500%
	October 15, 2021	1.9950%
	April 15, 2022	3.6125%
	October 15, 2022	0.8250%
	April 15, 2023	4.5500%
	October 15, 2023	3.1800%
	April 15, 2024	3.4500%
	October 15, 2024	2.9500%
	April 15, 2025	4.2000%
	October 15, 2025	4.0250%
	April 15, 2026	4.6000%
	October 15, 2026	4.7500%
	April 15, 2027	4.4650%
	October 15, 2027	5.7000%
	April 15, 2028	5.9500%
	October 15, 2028	5.8500%
	April 15, 2029	7.1750%
	October 15, 2029	5.8900%
	April 15, 2030	7.4250%
	October 15, 2030	3.8143%
	April 15, 2031	3.8143%
	October 15, 2031	3.8143%
	April 15, 2032	3.8146%
	TOTAL	100%

   

  (b)         Any principal amount of the IFC Loan repaid under this
      Agreement may not be re-borrowed.

   

  Section 3.02        Interest on the IFC Loan. (a) Subject
      to Section 3.08 (Default Interest Rate), the Borrower shall, on each IFC Interest Payment Date, pay interest on the outstanding principal amount of the IFC Loan for the period from the relevant Disbursement Date to the date such IFC
      Loan is paid in full, in respect of each IFC Interest Period immediately preceding such IFC Interest Payment Date, at the IFC Interest Rate. Interest shall accrue from day to day and be calculated as provided in Section 3.03 (Amount of
        Payments under the IFC Loan).

   

  
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  (b)         Interest on the IFC Loan shall be payable in Dollar Equivalent
      amounts on each IFC Interest Payment Date. For the avoidance of doubt, for the purposes of calculating the amount of any interest due in relation to an IFC Disbursement, the outstanding principal amount from time to time of that IFC Disbursement
      shall be the Notional Reais Principal Amount of such IFC Disbursement as provided in Section 2.03(a) (The Principal Amount of IFC Loan).

   

  Section 3.03      Amount of Payments under the IFC Loan.
      (a) Subject to Section 3.04 (Payment of the IFC Loan upon Acceleration or Prepayment) below, the amount payable in Dollars by the Borrower on each IFC Interest Payment Date and on each IFC Principal Repayment Date in connection with
      each IFC Disbursement shall be calculated according to the conditions mentioned below:

   

  

   

   

    

  Total interest amount due in connection with the IFC Loan on each IFC Interest Payment
        Date:

   

  

   

  Total principal amount due in connection with the IFC Loan on each IFC Principal
        Repayment Date:

   

  

   

  Where,

   

  z means the index relative to each IFC Disbursement;

   

  j means the relevant IFC Interest Period;

   

  Vj means

      the Valuation Date corresponding to the jth IFC Interest Period;

   

  SAj,z means

      the outstanding principal amount in Reais of IFC Disbursement z on the Valuation Date Vj;

   

   means the amount in Reais of interest accrued on SAj,z, on the Valuation Date Vj, for the jth IFC Interest Period,
    without computing the relevant IPCA adjustment;

   

  IAj,z means

      the amount in Reais of interest accrued on SAj,z, on the Valuation Date Vj, for the jth IFC Interest Period plus the relevant IPCA adjustment with respect to IA
        unadjusted | (j, z);

   

  IPj,z means

      the amount of the Notional Reais Principal Amount of the IFC Disbursement z to be repaid on the IFC Principal Repayment Date (if any) corresponding to the jth IFC
      Interest Period;

   

  
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  IPCAinitial,z means

      the relevant IPCA published on or immediately prior to the Disbursement Date of the IFC Disbursement z;

   

  IPCAj means

      the relevant IPCA published on or immediately prior to the Valuation Date Vj;

   

  DFRBz means

      the Disbursement Fixed Base Rate of the IFC Disbursement z;

   

  CS means the IFC Spread;

   

  ij,z means

      the number of Calculation Days in the jth IFC Interest Period in relation to the IFC Disbursement z;

   

  TIj means

      the total interest amount in Dollars to be paid by the Borrower on the IFC Interest Payment Date for the jth IFC Interest Period;

   

  n means the total number of IFC Disbursements that have occurred until the Valuation
      Date Vj;

   

  SRVj

        means the Fixing Rate on the Valuation Date Vj;

   

  TPj means

      the total principal amount in Dollars of IFC Loan to be paid by the Borrower on the IFC Principal Repayment Date (if any) corresponding to the jth IFC Interest Period;

   

  (b)       In connection with and prior to each IFC Interest Payment Date
      and each IFC Principal Repayment Date for any IFC Disbursement, IFC shall determine the amount of interest and/or principal amount payable on that date in accordance with the provisions hereof and promptly, but in any event at least two (2) Local and
      New York Business Days prior to the relevant IFC Payment Date, notify the Borrower of such amount(s). The determination by IFC, from time to time, of the amount of interest and/or principal so payable shall be final and conclusive and bind the
      Borrower (unless the Borrower shows to IFC’s satisfaction that the determination involves manifest error).

   

  (c)       In order to calculate (i) the Required Senior Debt Service
      Amount in respect of Senior Debt owed to IFC on any IFC Payment Date or (ii) the amount of principal and/or interest on the IFC Loan expected to be due and payable on any IFC Payment Date for purposes of determining the IFC DSRA Required Balance, the
      Borrower shall determine, on the date that is two (2) Business Days prior to the commencement of the IFC Interest Period ending on the day immediately before the relevant IFC Payment Date, the IFC Required Senior Debt Service Amount in respect of
      such IFC Payment Date. The Borrower shall promptly, but no later than two (2) Business Days following such determination, provide written notice to IFC, the Intercreditor Agent and the Collateral Agents of the relevant IFC Required Senior Debt
      Service Amount.

   

  
    15 

    
      
 

  

   

  Section 3.04        Payment of the IFC Loan upon Acceleration or
          Prepayment. (a) Subject to the terms and conditions of the Common Terms Agreement, this Section 3.04 (Payment of the IFC Loan upon Acceleration or Prepayment) and Section 3.05 (Unwinding Costs), if the
      Borrower is required to repay the IFC Loan or any portion thereof upon an Acceleration Event or makes any voluntary or mandatory prepayment of any IFC Disbursement under this Agreement, the Common Terms Agreement or any other Financing Document (each
      such prepayment or repayment, an “Early Repayment”), the amount of such Early Repayment shall be the Dollar Equivalent amount of the Notional Reais Principal Amount of IFC Loan (or such part thereof) to be repaid or prepaid, and the Borrower shall
      simultaneously with such repayment or prepayment pay the Dollar Equivalent of the interest accrued on the IFC Loan, the Make Whole Amount, the amount payable under Section 3.05 (Unwinding Costs) and all other amounts then due and
      payable under this Agreement, the Common Terms Agreement or any other Financing Document (including, without limitation, in the case of a voluntary prepayment, the Prepayment Fee), in each case, such Dollar Equivalent amount paid being calculated
      with reference to the Early Payment Fixing Rate advised to the Borrower by IFC; provided that, solely in the case of a mandatory prepayment pursuant to Section 2.06(b)(i), (ii) or (v) (Voluntary and Mandatory Prepayments; Mandatory Prepayments)
      of the Common Terms Agreement, the aggregate amount payable in connection with such Early Repayment shall not exceed the amount allocated to the IFC Loan in accordance with Section 2.06(b) (Voluntary and Mandatory Prepayments; Mandatory
        Prepayments) of the Common Terms Agreement.

   

  (b)         Notwithstanding the obligation of the Borrower to pay to IFC
      any other amount provided under this Agreement, the Common Terms Agreement or any other Financing Document, the amount of principal, accrued interest and the Make Whole Amount to be paid by the Borrower with respect to the IFC Loan pursuant to
      Sections 2.06 (Voluntary and Mandatory Prepayments) and Section 6.02 (Remedies) of the Common Terms Agreement shall be calculated according to the conditions mentioned below:

  

   

   

   

  Where,

   

  z means the index relative to each IFC Disbursement;

   

  PD means the relevant Valuation Date on which the amount due in connection with the
      prepayment or acceleration, as the case may be, of IFC Disbursement z is being calculated;

   

  TAPD,z means

      the amount, on the Valuation Date PD, of principal and interest in Reais adjusted by the relevant variation of IPCA payable by the Borrower with respect to the prepayment or acceleration, as the case may be, of IFC Disbursement z;

   

  
    16 

    
      
 

  

   

  Az means

      the amount, on the Valuation Date PD, of principal in Reais payable by the Borrower with respect to the prepayment or acceleration, as the case may be, of IFC Disbursement z, without computing the relevant IPCA adjustment;

   

  IPCAinitial,z means

      the relevant IPCA published on or immediately prior to the date on which IFC Disbursement z was made;

   

  IPCAPD means the relevant IPCA published on or immediately prior to the Valuation
      Date PD;

   

  DFBRz means

      the Disbursement Fixed Base Rate of the IFC Disbursement z;

   

  CS means the IFC Spread;

   

  iPD,z means

      the number of Calculation Days in relation to the IFC Disbursement z for the period (a) commencing on, and including, the Scheduled Valuation Date immediately preceding the last IFC Interest Payment Date prior to the date on which the acceleration or
      prepayment is taking place and (b) ending on, but excluding, the Valuation Date PD; provided that, if such prepayment or acceleration is taking place before the end of the first IFC Interest Period, such period shall commence on the date on
      which the first IFC Disbursement was made;

   

  FAPD,z means

      the amount, on the Valuation Date PD, of principal and interest in Dollar Equivalent payable by the Borrower with respect to the prepayment or acceleration, as the case may be, of IFC Disbursement z;

   

  SRPD,z means

      the Early Payment Fixing Rate applicable to the IFC Disbursement z on the Valuation Date PD;

   

  FADz means

      the amount, on the Valuation Date PD, of principal, interest and the Make Whole Amount in Dollar Equivalent payable by the Borrower with respect to the prepayment or acceleration, as the case may be, of IFC Disbursement z;

   

  RCz means

      the amount, on the Valuation Date PD, of the Make Whole Amount in Dollar Equivalent payable to IFC in connection with the prepayment or acceleration, as the case may be, of the IFC Disbursement z, as determined by IFC in accordance with the
      methodology set out in Annex A (Methodology for Calculation of the Make Whole Amount);

   

  n means the total number of IFC Disbursements being repaid or prepaid;

   

  TFAD means the amount, on the Valuation Date PD, of principal, interest and the Make
      Whole Amount in Dollar Equivalent payable by the Borrower with respect to the prepayment or acceleration, as the case may be, of all IFC Disbursements being repaid or prepaid.

   

  (c)       IFC shall determine the amount specified in clause (b)
      of this Section 3.04 (Payment of the IFC Loan upon Acceleration or Prepayment) and, as soon as practicable thereafter, notify the Borrower of the same. Such determination shall be final and conclusive and bind the Borrower (unless the
      Borrower shows to IFC’s satisfaction that such determination involves manifest error).

   

  
    17 

    
      
 

  

   

  Section 3.05        Unwinding Costs. If IFC incurs any
      loss, cost or expense that IFC determines is attributable to any of the events specified in Section 2.13(d) (Payment of Fees, Costs and Expenses) of the Common Terms Agreement, then the Borrower shall immediately pay to IFC the amount in
      Dollars that IFC from time to time notifies to the Borrower as being the aggregate amount of those costs, expenses and losses incurred. For the purposes of this Section 3.05 (Unwinding Costs), “costs, expenses and losses” shall include any
      reasonable premium, penalty or expense incurred to liquidate, obtain or modify third-party deposits, borrowings or IFC Hedges in order to make, maintain or fund all or any part of any IFC Disbursement or in connection with the prepayment of all or
      part of any IFC Disbursement or the modification of the repayment terms of any IFC Disbursement, and any costs and expenses associated with any delay in any IFC Disbursement due to the failure of the Borrower to make or maintain any required
      registration of the relevant terms and conditions of the IFC Loan with the Central Bank. For the avoidance of doubt “costs, expenses and losses” shall exclude the Make Whole Amount for purposes of this Section 3.05 (Unwinding Costs).

   

  Section 3.06      Allocation of Prepayments. Amounts of
      principal prepaid to IFC under Section 2.06 (Voluntary and Mandatory Prepayments) of the Common Terms Agreement shall be applied in accordance with Sections 2.06(d) (Voluntary and Mandatory Prepayments; Application of Voluntary Prepayments)
      or 2.06(e) (Voluntary and Mandatory Prepayments; Application of Mandatory Prepayments and Put Price), as the case may be, of the Common Terms Agreement.

   

  Section 3.07        Allocation of Partial Payments. If
      IFC at any time receives less than the full amount then due and payable to IFC in respect of the Senior Debt Obligations owed to it, IFC shall allocate and apply the amount received as directed by IFC in consultation with the Borrower.

   

  Section 3.08        Default Interest Rate. Without
      limiting the remedies available to IFC under this Agreement, the Common Terms Agreement, any other Financing Document or otherwise (and to the maximum extent permitted by Applicable Law), but without duplication with any amounts payable under Section
      2.09 (Late Charges) of the Common Terms Agreement, if the Borrower fails to pay any Senior Debt Obligation owed to IFC when due as specified in this Agreement, the Common Terms Agreement or any other Financing Document (whether at stated
      maturity or upon acceleration), the Borrower shall pay in respect of the Dollar Equivalent (in the case of principal or interest) or the Dollar amount (in the case of any other payments, including, without limitation, fees) of such unpaid amount
      interest at a rate per annum equal to the sum of six-month LIBOR determined on the first day of the relevant default period plus the IFC Spread plus two per cent (2%). Interest at such rate shall accrue and be payable in accordance
      with Section 2.09 (Late Charges) of the Common Terms Agreement.

   

  Section 3.09       Currency and Place of Payments. (a) The
      Borrower shall make payments of fees and any other amount due to IFC hereunder or under any Fee Letter, in Dollars, in same day funds, to Citibank N.A. 111 Wall Street, New York, New York, U.S.A., ABA # [***], for credit to IFC’s account number
      [***], or at such other bank or account in New York as IFC from time to time designates. Payments must be received in IFC’s designated account no later than 11:00 a.m. local time in New York, New York.

   

  (b)       The Borrower’s payment obligations under this Agreement or the
      Common Terms Agreement in respect of IFC shall be discharged only to the extent that (and as of the date when) Dollars are received in the account designated in clause (a) of this Section 3.09 (Currency and Place of Payments),
      notwithstanding the tender or payment (including by way of recovery under a judgment) of any amount in any currency other than Dollars.

   

  
    18 

    
      
 

  

   

  (c)         The Borrower shall indemnify IFC against any losses resulting
      from a payment being received or an order or judgment being given in respect of amounts payable in Dollars under this Agreement in any currency other than Dollars or any place other than the account specified in, or pursuant to, clauses (a)
      and (b) of this Section 3.09 (Currency and Place of Payments). The Borrower shall, as a separate obligation, pay such additional amount as is necessary to enable IFC to receive, after conversion to Dollars at a market rate and
      transfer to that account, the full amount due to IFC under this Agreement in Dollars and in the account specified in, or pursuant to, clause (a) of this Section 3.09 (Currency and Place of Payments).

   

  (d)         Notwithstanding the provisions of clauses (b) and (c)
      of this Section 3.09 (Currency and Place of Payments), IFC may require the Borrower to pay (or reimburse IFC) for any Taxes, fees, costs, expenses and other amounts payable under Sections 2.10 (Payments Free of Taxes) and 2.13
      (Payment of Fees, Costs and Expenses) of the Common Terns Agreement in connection with the IFC Loan, in accordance with Section 2.07(c) (Currency and Place of Payment) of the Common Terms Agreement.

   

  Section 3.10       Suspension and Cancellation of IFC Commitment.
      (a) IFC may, by written notice to the Borrower, cancel all or any portion of the undisbursed amount of the IFC Commitment or suspend the right of the Borrower to request IFC Disbursements as provided in Section 2.11 (Suspension and Cancellation of
        Senior Loan Commitments) of the Common Terms Agreement.

   

  (b)         The Borrower may request IFC to cancel all or any portion of
      the undisbursed amount of the IFC Commitment in accordance with Section 2.11 (Suspension and Cancellation of Senior Loan Commitments) of the Common Terms Agreement.

   

  (c)          Any undisbursed IFC Commitment shall be immediately cancelled
      at the end of the Availability Period.

   

  Section 3.11        Fees.

   

  (a)         Fee Letter. The Borrower shall pay to IFC the fees
      specified in the Fee Letter.

   

  (b)        Other Fees. The Borrower shall pay to IFC all such
      other fees as may be agreed between IFC and the Borrower after the Effective Date.

   

  ARTICLE IV

      

      CONDITIONS PRECEDENT TO DISBURSEMENT

   

  Section 4.01        Conditions Precedent to First Disbursement.
      The obligation of IFC to make the first IFC Disbursement is subject to the fulfillment, no later than a date that is ten (10) Business Days prior to the first Senior Loan Disbursement Date, in form and substance, and in a manner, satisfactory to IFC
      (or to their waiver in IFC’s sole discretion), of each of the conditions set forth in Section 4.03 (Conditions Precedent to the Initial Senior Loan Disbursements) of the Common Terms Agreement.

   

  
    19 

    
      
 

  

   

  Section 4.02        Conditions Precedent to All Disbursements.
      The obligation of IFC to make any IFC Disbursement, including the first IFC Disbursement, is subject to the fulfillment in form and substance, and in a manner, satisfactory to IFC, of the following conditions:

   

  (a)           the Closing Date having occurred;

   

  (b)         no later than a date that is ten (10) Business
      Days prior to the relevant Senior Loan Disbursement Date, each of the conditions set forth in Section 4.04 (Conditions Precedent to All Senior Loan Disbursements) of the Common Terms Agreement;

   

  (c)           IFC has received a Senior Loan Disbursement
      Request with respect to such Disbursement in accordance with Section 2.04 (Disbursement Procedure) evidencing the planned use of proceeds, which shall comply with Section 2.02 (Use of Proceeds); and

   

  (d)          in accordance with Section 2.04 (Disbursement

        Procedure), IFC shall have successfully obtained quotes for entering into one or more IFC Hedges with counterparties acceptable to IFC and with notional amounts, payment dates and maturities corresponding to those of that IFC Disbursement (to
      the extent such IFC Hedge is necessary for IFC to provide such IFC Disbursement to the Borrower under the conditions specified in the related Confirmation).

   

  Section 4.03        Conditions for IFC Benefit. The
      conditions in this Article IV (Conditions Precedent to Disbursement) are for the benefit of IFC and may be waived only by IFC in its sole discretion.

   

  ARTICLE V

      

      COMMON TERMS

   

  Section 5.01        Representations and Warranties. (a)
      The representations and warranties set out in Article III (Representations and Warranties) of the Common Terms Agreement are deemed to be made herein, mutatis  mutandis, for the benefit of IFC as if set out in full in this
      Agreement.

   

  (b)         The Borrower acknowledges that IFC enters into this Agreement
      and the other Financing Documents on the basis of, and in full reliance on, each of the representations and warranties referred to in Article III (Representations and Warranties) of the Common Terms Agreement.

   

  Section 5.02        Covenants. So long as any amount of
      the IFC Loan remains available for disbursement or any amount of the Senior Debt Obligations is outstanding under any of the Financing Documents, the covenants set out in Article V (Covenants) of the Common Terms Agreement shall apply herein,
      mutatis mutandis, for the benefit of IFC as if set out in full in this Agreement.

   

  
    20 

    
      
 

  

   

  Section 5.03        Events of Default. (a) The provisions
      of Article VI (Events of Default) of the Common Terms Agreement are incorporated into this Agreement by reference and shall apply herein, mutatis  mutandis, as if set out in full in this Agreement.

   

  (b)       If, following the occurrence of an Event of Default, as a result
      of the exercise of remedies by the Intercreditor Agent in connection with the Senior Debt owed to IFC in accordance with Section 6.02 (Remedies) of the Common Terms Agreement, (i) the Borrower is required to repay all or any part of the IFC
      Loan and/or pay any other amounts owed to IFC accrued under this Agreement or any other Financing Document or the Borrower or (ii) all or any part of the IFC Loan, together with accrued interest, and all other amounts accrued or outstanding under the
      Financing Documents become immediately due and payable, the Borrower shall immediately repay the Dollar Equivalent of the Notional Reais Principal Amount of the IFC Loan (or, as applicable, the relevant portion thereof) and pay all interest accrued
      on the IFC Loan, the Make Whole Amount and any other amounts then due and payable to IFC under this Agreement, the Common Terms Agreement or any other Financing Document, in accordance with Section 3.04 (Payment of the IFC Loan upon
        Acceleration or Prepayment).

   

  (c)         Notwithstanding any provision in this Agreement to the
      contrary, if any event described in clause (e) of Section 6.01 (Events of Default) of the Common Terms Agreement occurs in respect of the Borrower, the Borrower’s right to request, and any obligation of IFC to make, any IFC Disbursement shall
      automatically terminate, and the principal of the IFC Loan then outstanding, together with accrued interest thereon and all fees and other Senior Debt Obligations owed to IFC outstanding hereunder, under the Common Terms Agreement or under any other
      Financing Document that is owed to IFC, shall automatically become immediately due and payable, without any presentment, demand, protest or notice of any kind, all of which the Borrower hereby waives.

   

  ARTICLE VI

      

      MISCELLANEOUS

   

  Section 6.01        Notices. Any notice, request or other
      communication to be given or made under this Agreement shall be given in accordance with Section 8.01 (Notices) of the Common Terms Agreement.

   

  Section 6.02       Saving of Rights; Remedies and Waivers.
      (a) The rights and remedies of IFC in relation to any misrepresentation or breach of warranty by the Borrower shall not be prejudiced by any investigation by or on behalf of IFC into the Borrower’s affairs, by the execution or the performance of this
      Agreement, the Common Terms Agreement or any other Financing Document or by any other act or thing which may be done by or on behalf of IFC or any of the Senior Creditors in connection with this Agreement, the Common Terms Agreement or any other
      Financing Document and that might, apart from this Section 6.02 (Saving of Rights; Remedies and Waivers), prejudice such rights or remedies.

   

  (b)         No course of dealing or waiver by IFC with respect to any IFC
      Disbursement or any condition to an IFC Disbursement under this Agreement, the Common Terms Agreement or any other Financing Document shall affect or impair any right, power or remedy of IFC with respect to any other IFC Disbursement or condition to
      an IFC Disbursement, or be construed to be a waiver thereof; nor shall the action of IFC with respect to any IFC Disbursement or any condition of an IFC Disbursement affect or impair any right, power or remedy of IFC with respect to any other IFC
      Disbursement or condition of IFC Disbursement.

   

  
    21 

    
      
 

  

   

  (c)       Unless otherwise notified to the Borrower by IFC and without
      prejudice to the generality of clause (b) of this Section 6.02 (Saving of Rights; Remedies and Waivers), the right of IFC to require compliance with any condition under this Agreement, the Common Terms Agreement or any other
      Financing Document that may be waived by IFC with respect to any IFC Disbursement is expressly preserved for the purposes of any subsequent IFC Disbursement.

   

  (d)       No course of dealing and no failure or delay by IFC in
      exercising, in whole or in part, any power, remedy, discretion, authority or other right under this Agreement or any other Financing Document or any other agreement shall waive or impair, or be construed to be a waiver of, such or any other power,
      remedy, discretion, authority or right under this Agreement, the Common Terms Agreement or any other Financing Document, or in any manner preclude its additional or future exercise; nor shall the action of IFC with respect to any Default, or any
      acquiescence by it therein, affect or impair any right, power or remedy of IFC with respect to any other Default. The rights and remedies provided in this Agreement are cumulative and not exclusive of any remedies provided by Applicable Law.

   

  Section 6.03      English Language. (a) All documents to
      be provided or communications to be given or made under this Agreement, the Common Terms Agreement or any other Financing Document shall be in English language and shall observe the terms and conditions of Section 8.02 (English Language) of
      the Common Terms Agreement.

   

  (b)       To the extent that the original version of any document to be
      provided, or communication to be given or made, to IFC under this Agreement or any other Financing Document is in a language other than English, that document or communication shall, if requested by IFC, be accompanied by an English translation in
      accordance with the terms and conditions of Section 8.02 (English Language) of the Common Terms Agreement.

   

  Section 6.04       Term of Agreement. This Agreement shall
      continue in force until (a) all outstanding Senior Debt Obligations then due and payable to IFC have been paid and discharged in full and (b) IFC is under no obligation to make any further IFC Disbursements under this Agreement or under any other
      Financing Document.

   

  Section 6.05       No Third Party Beneficiaries. The
      agreement of IFC to make extensions of credit to the Borrower on the terms and conditions set out in this Agreement is solely for the benefit of the Borrower, and no other Person (including any Sponsor, Shareholder, Project Party, contractor,
      subcontractor, supplier, workman, carrier, warehouseman or materialman delivering labor, supplies, goods or services to or for the benefit of the Project) shall have any rights hereunder against IFC with respect to the IFC Loan, the proceeds thereof
      or otherwise.

   

  Section 6.06        Disclosure of Information. Any
      disclosure of information about this Agreement or any other Transaction Document, or the assets, business, operations or affairs of the Borrower shall observe the provisions of Section 8.06 (Confidential Information) of the Common Terms
      Agreement.

   

  
    22 

    
      
 

  

   

  Section 6.07        Indemnification; No Consequential Damages.
      The Borrower shall indemnify the Indemnified Persons named in Section 8.03 (Indemnity) of the Common Terms Agreement pursuant to the provisions thereof, which mutatis  mutandis apply in its entirety to this Agreement.

   

  Section 6.08       Successors and Assigns. (a) This
      Agreement binds and benefits the respective successors and assignees of the parties; provided, however, that the Borrower shall not assign or delegate any of its rights or obligations under this Agreement or any other Financing
      Document without the prior written consent of IFC. Any assignment or delegation in violation of this Section 6.08 (Successors and Assigns) shall be void.

   

  (b)         Subject to Section 8.04 (Successors and Assigns) of the
      Common Terms Agreement, IFC may, without the need of any notice to or consent from any party or any other action, assign, participate or otherwise allot to one or more Persons all or any portion of its rights and obligations under this Agreement, the
      Note and the other Financing Documents.

   

  Section 6.09        Amendments, Waivers and Consents. Any
      amendment to, modification of, supplement to, waiver of, or consent given under this Agreement shall not be effective unless (i) in writing and signed by the Borrower and IFC and (ii) in accordance with the terms of the Common Terms Agreement, and
      shall be binding on the parties hereto and their respective successors and permitted assigns. Any amendment to any provision of the Common Terms Agreement that has been made in accordance with the terms of such agreement shall be deemed to apply to
      this Agreement to the extent applicable.

   

  Section 6.10       Applicable Law and Jurisdiction. (a)
      This Agreement and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement and the transactions contemplated hereby, including the validity,
      interpretation, construction, breach, enforcement or termination hereof, shall be governed by, and construed in accordance with, the law of the State of New York.

   

  (b)         For the benefit of IFC, the Borrower hereby irrevocably
      submits to the nonexclusive jurisdiction of any court 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 or in the courts of its domicile but only
      with respect to actions brought against it, in any legal action, suit or proceeding arising out of or relating to this Agreement. By the execution and delivery of this Agreement the Borrower hereby irrevocably submits to the jurisdiction of any such
      court and hereby irrevocably waives the benefit of jurisdiction derived from present or future domicile or otherwise in any such Action; provided, however, that it is expressly understood and agreed by the parties hereto that the
      choice of the law to govern this Agreement, the selection of a forum for disputes or any other provision of this Agreement does not in any way constitute or may in any way be interpreted as a waiver by IFC of any of its privileges or immunities
      granted to it under its Articles of Agreement.

   

  
    23 

    
      
 

  

   

  (c)          Nothing in this Agreement shall affect the right of IFC to
      commence legal proceedings or otherwise sue the Borrower in Brazil, in any other appropriate 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 agrees irrevocably to designate and appoint
      Corporation Service Company, with offices at 1180 Avenue of the Americas, Suite 210, New York, NY 10036-8401, or such other Person that IFC approves in writing, as the Borrower’s authorized agent (the “Process Agent”) to receive on its behalf
      service of legal process in any Action that IFC may bring in respect of this Agreement or any other Financing Document to which the Borrower is a party in any court specified in Section 6.10(b) (Applicable Law and Jurisdiction) above.

   

  (e)         The Borrower shall, for so long as this Agreement is in
      effect, maintain a duly appointed and authorized agent in the State of New York acceptable to IFC to receive for and on its behalf service of summons, complaint or other legal process in any Action. IFC may bring in the State of New York in respect
      of this Agreement or any other Financing Document to which the Borrower is a party and shall keep IFC advised of the identity and location of such agent.

   

  (f)         The Borrower further irrevocably consents that, if for any
      reason the Borrower has no authorized agent for service of process in the State of New York, then service of process may be made out of the courts referred to in Section 6.10(b) (Applicable Law and Jurisdiction) by mailing copies
      thereof by registered U.S.A. mail to the Borrower at its address specified in Section 8.01 (Notices) of the Common Terms Agreement or in any other manner authorized by the laws of Brazil. IFC shall also send the Borrower by e-mail a copy of
      any such process.

   

  (g)         To the extent now or hereafter permitted under the laws of
      Brazil, service of process in the manner provided in this Section 6.10 (Applicable Law and Jurisdiction) in any Action shall be deemed personal service, accepted by the Borrower as such, and shall be valid and binding upon the
      Borrower for all the purposes of any such Action.

   

  (h)         The Borrower irrevocably waives to the fullest extent
      permitted by Applicable Law:

   

  (i)       any objection which it may have now or hereafter to
      the laying of the venue of any Action in any court referred to in this Section 6.10 (Applicable Law and Jurisdiction);

   

  (ii)       any claim that any such Action brought in any such
      court has been brought in an inconvenient forum; and

   

  (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

   

  (i)          To the extent that the Borrower may, in any Action brought in
      any of the courts referred to in clause (a) of this Section 6.10 (Applicable Law and Jurisdiction), a court of Brazil or elsewhere arising out of or in connection with this Agreement, the Note or any other Financing Document to
      which it is a party, be entitled to the benefit of any provision of law requiring IFC in such Action to post security for the Borrower’s costs or to post a bond or to take similar action, the Borrower hereby irrevocably waives such benefit to the
      fullest extent now or hereafter permitted under the Applicable Law of the jurisdiction in which such court is located.

   

  
    24 

    
      
 

  

   

  (j)       To the extent that the Borrower may be entitled in any
      jurisdiction to claim immunity for itself or its Property from any Action, 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 Property, 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.

   

  (k)       No claim shall be made by the Borrower against IFC or any of its
      Affiliates, directors, employees, attorneys or agents for any special, indirect, consequential or punitive damages (whether or not the claim for such damages is based on contract, tort or duty imposed by law), in connection with, arising out of or in
      any way related to the transactions contemplated by this Agreement or the other Transaction Documents or any act or omission or event occurring in connection with such documents. The Borrower hereby waives, releases and agrees not to sue upon any
      such claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor.

   

  (l)       The parties hereto have participated jointly in the negotiation
      and drafting of this Agreement and the other Financing Documents. If an ambiguity or question of intent or interpretation arises, this Agreement and the other Financing Documents shall be construed as if drafted jointly by the parties, and no
      presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of any Financing Document or the relative bargaining power of the parties.

   

  Section 6.11        Waiver of Jury Trial. (a) TO THE
      MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY IN ANY ACTION RELATING TO THIS AGREEMENT OR ANY OTHER FINANCING DOCUMENT TO WHICH THE BORROWER IS A
      PARTY OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, AND FOR ANY COUNTERCLAIM THEREON, BROUGHT BY OR AGAINST IFC IN ANY FORUM.

   

  (b)       THE BORROWER HEREBY ACKNOWLEDGES THAT IFC SHALL BE ENTITLED
      UNDER APPLICABLE LAW, INCLUDING THE PROVISIONS OF THE INTERNATIONAL ORGANIZATIONS IMMUNITIES ACT OF 1945 (22 U.S.C. §288) OF THE UNITED STATES AND THE REGULATIONS ISSUED THEREUNDER, TO IMMUNITY FROM A TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR
      RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, BROUGHT AGAINST IFC IN ANY COURT OF THE UNITED STATES OF AMERICA.

   

  Section 6.12       Severability. Any provision hereof
      which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof and without affecting the validity or
      enforceability of any provision in any other jurisdiction. Where terms of any Applicable Law resulting in such prohibition or unenforceability may be waived, they are waived by the parties hereto to the full extent permitted by law so that this
      Agreement may be deemed valid, binding and enforceable in accordance with its terms.

   

  
    25 

    
      
 

  

   

  Section 6.13        Counterparts. This Agreement may be
      executed in several counterparts, each of which is an original, and all of which together shall constitute one and the same agreement. Delivery of an executed counterpart to this Agreement by facsimile transmission or “.pdf” electronic format shall
      be as effective as delivery of a manually signed original.

   

  Section 6.14       Translation and Registration. The
      Borrower shall provide for the sworn translation of this Agreement into Portuguese and the registration of this Agreement and such sworn translation with the competent Authority in Brazil and shall provide IFC with an original version of this
      Agreement and its sworn translation into Portuguese duly registered within sixty-five (65) days after the Closing Date.

   

  [Signature Pages Follow]

   

  
    26 

    
      
 

  

   

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

   

  

  	 	CELSE – CENTRAIS ELETRICAS DE SERGIPE S.A.,
	 	as Borrower
	 	 	 
	 	By:	/s/ Eduardo Maranhão 
	 	Name:	Centrais Elétricas de Sergipe S/A-CELSE
	 	Title:	Eduardo Maranhão
	 	 	Diretor Presidente
	 	 	 
	 	By:	/s/ Ricardo Assef 
	 	Name:	Centrais Elétricas de Sergipe S/A-CELSE
	 	Title:	Ricardo Assef
	 	 	Diretor Financeiro
	 	 	 
	 	Witnesses:
	 	 	 
	 	By:	 /s/ Juliano Protto 
	 	Name:	Juliano Protto
	 	CPF:	015.41.335-78
	 	 	 
	 	By:	 /s/ Eduardo S A Nito 
	 	Name:	Eduardo Seiji Aguilera Neto
	 	CPF:	402.234.488-18
	 	 	3002 8182-8 SS/BA

    

  Signature Page to IFC Loan Agreement

   

  
     

    
      
 

  

   

  

  	 	INTERNATIONAL FINANCE CORPORATION
	 	 	 
	 	By:	/s/ Frederico Benite Filho 
	 	Name:	Frederico Benite Filho
	 	Title:	
          Principal Business Development Officer

          IFC – International Finance Corporation

        

   

  Signature Page to IFC Loan Agreement

   

  
     

    
      
 

  

   

   

  

  SCHEDULE I

  

  to

   Loan Agreement

   

  FORM OF DISBURSEMENT READINESS NOTICE

   

  [IFC Letterhead]

   

  CELSE – Centrais Elétricas de Sergipe S.A.

   

  [CELSE’s Address]

   

  Attn.:__________________________

   

  Facsimile:______________________

   

  Project No. [●]

   

  Disbursement Readiness Notice relating to

   

  Senior Loan Disbursement Request dated [●]

   

  Ladies and Gentlemen:

   

  1.       Reference is made to (i) the Loan Agreement dated as of April 12, 2018 (the “IFC Loan Agreement”), between CELSE – Centrais
    Elétricas de Sergipe S.A. (the “Borrower”) and International Finance Corporation (“IFC”) and (ii) the Senior Loan Disbursement Request No. [●] for an IFC Disbursement in an amount of [insert Dollar amount against which disbursements up
      to the Maximum Dollar Amount will be counted] sent on [●] sent on [●]. Capitalized terms used but not defined in this request have the meanings assigned to them in the IFC Loan Agreement.

   

  2.       The Borrower is hereby notified that it can deliver to IFC, within a period of twenty (20)) Local and Washington Business Days from the
    date of this notice, the Disbursement Limit Order Notice(s) in accordance with the terms of the IFC Loan Agreement.

   

  3.       This notice shall remain valid and effective for a period of twenty (20)) Local and Washington Business Days from the date hereof unless
    withdrawn or cancelled by IFC during such period.

   

  

  	 	Sincerely,
	 	 	 
	 	INTERNATIONAL FINANCE CORPORATION
	 	 	 
	 	By:	       
	 	 	 
	 	Authorized Representative

   

  
    Schedule I-1 

    
      
 

  

  
   

  SCHEDULE II

  

  to

   Loan Agreement

   

  FORM OF DISBURSEMENT LIMIT ORDER NOTICE

   

  [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

   

  Project No. [●]

   

  Senior Loan Disbursement Request No. [ ]*

   

  Ladies and Gentlemen:

   

  1.             Reference is made to (i) the Loan Agreement dated as of April 12, 2018 (the “IFC Loan Agreement”), between CELSE – Centrais
    Elétricas de Sergipe S.A. (the “Borrower”) and International Finance Corporation (“IFC”) and (ii) the Senior Loan Disbursement Request No. [●] for an IFC Disbursement in an amount of [insert Dollar amount against which disbursements up
      to the Maximum Dollar Amount will be counted] (the “Disbursement”) sent on [●]. Capitalized terms used but not defined in this request have the meanings assigned to them in the IFC Loan Agreement.

   

  2.             In accordance with clause (a)(iii) of Section 2.04 (Disbursement Procedure) of the IFC Loan Agreement, the
    Borrower hereby specifies that:

   

    (i)       the Notional Real/Dollar Exchange Rate for the Disbursement shall be between [●] and [●] Real/Dollar, and

   

    (ii)       Highest Acceptable Disbursement Fixed Base Rate shall be [●].

   

  3.             As provided in clause (a)(iv) of Section 2.04 (Disbursement Procedure) of the IFC Loan Agreement, the
    Borrower acknowledges and agrees that the determination by IFC of the IFC Interest Rate (i) may occur at any time during the IFC Interest Rate Setting Period, (ii) may not be the lowest rate available during the IFC Interest Rate Setting Period and
    (iii) shall be final and conclusive and shall bind the Borrower (unless the Borrower shows to IFC’s satisfaction that the determination involves manifest error).

   

  

  	 	Yours truly,
	 	 	 
	 	CELSE – CENTRAIS ELÉTRICAS DE SERGIPE S.A.
	 	 	 
	 	By:	       
	 	 	 
	 	 	Authorized Representative*

   

  

  
  
     

  

  
  

  *       Each to be numbered in series.

   

  
    Schedule II-1 

    
      
 

  

  
   

  	Copy to:	Director, [●]
	 	International Finance Corporation

   

  

  
  
     

  

  
  

  		*	As named in the Borrower’s Certificate of Incumbency and Authority. See Exhibit 5 (Form of Loan Party’s Certificate of Incumbency and Authority) to the Common Terms
            Agreement.

   

  
    Schedule III-2 

    
      
 

  

  
   

  SCHEDULE III

  

  to

   Loan Agreement

   

  FORM OF CONFIRMATION

   

  [DATE]

   

  PROJECT NO. [●]

   

  CONFIRMATION OF TERMS

   

  1.             Reference is made to (i) the Loan Agreement dated as of April 12, 2018 (the “IFC Loan Agreement”), between CELSE – Centrais
    Elétricas de Sergipe S.A. (the “Borrower”) and International Finance Corporation (“IFC”) and (ii) the Senior Loan Disbursement Request No. [●] sent on [●]. Capitalized terms used but not defined in this request have the meanings assigned
    to them in the IFC Loan Agreement.

   

  2.             This is a Confirmation pursuant to Section 2.04 (Disbursement Procedure) of the IFC Loan Agreement.

   

  

  	Amount of IFC Disbursement:	 	$__________
	Notional Reais Principal Amount:	 	R$_________
	Notional Real/Dollar Exchange Rate:	 	___________
	Initial IPCA:	 	___________
	Disbursement Date:	 	___________
	Disbursement Fixed Base Rate:	 	___________
	IFC Interest Rate for the IFC Disbursement:	 	___________
	Other:	 	___________

  

   

  

  	 	INTERNATIONAL FINANCE CORPORATION
	 	 	 
	 	By:	       
	 	 	 
	 	Authorized Representative

   

  

  	 Acknowledged and Agreed:	 
	 	 	 
	CELSE – Centrais Elétricas de Sergipe S.A.	 
	 	 	 
	By:	    	 
	 	 	 
	 	Authorized Representative*	 

   

  

  
  
     

  

  
  

  		*	As named in the Borrower’s Certificate of Incumbency and Authority. See Exhibit 5 (Form of Loan Party’s Certificate of Incumbency and Authority) to the Common Terms
            Agreement.

   

  
    Schedule III-1 

    
      
 

  

  
   

  SCHEDULE IV

  

  to

   Loan Agreement

   

  FORM OF DISBURSEMENT RECEIPT

   

  [Borrower’s Letterhead]

   

  International Finance Corporation

  

  2121 Pennsylvania Avenue, N.W.

  

  Washington, D.C. 20433

  

  United States of America

   

  Attention: Manager, Financial Operations Unit

   

  Project No. [●]

    Receipt No. [ ]

   

  Ladies and Gentlemen:

   

  We, CELSE – Centrais Elétricas de Sergipe S.A., hereby acknowledge receipt on the date hereof, of the sum of __________ (___) disbursed to us by
    International Finance Corporation (“IFC”) in connection with the disbursement under the IFC Loan, borrowed under the Common Terms Agreement and the Loan Agreement between the Borrower and IFC dated as of April 12, 2018 (the “IFC Loan
      Agreement”). Capitalized terms used but not defined in this request have the meanings assigned to them in the IFC Loan Agreement.

   

  

  	 	Yours truly,
	 	 
	 	CELSE – CENTRAIS ELÉTRICAS DE SERGIPE S.A.
	 	 	 
	 	By	       
	 	 	 
	 	Authorized Representative*

   

  

  
  
     

  

  
  

  		*	As named in the Borrower’s Certificate of Incumbency and Authority. See Exhibit 5 (Form of Loan Party’s Certificate of Incumbency and Authority) to the
            Common Terms Agreement.

   

  
    Schedule IV-1 

    
      
 

  

  
   

  ANNEX A

  

  to

   Loan Agreement

   

  METHODOLOGY FOR CALCULATION OF MAKE WHOLE AMOUNT

   

  This annex explains how the Make Whole Amount associated with a prepayment or acceleration of an IFC Disbursement will be calculated.

   

  The calculation of the Make Whole Amount in relation to any IFC Disbursement will be based on the termination value for IFC of a non-deliverable cross-currency swap
    (“Hedge Swap”) having the following structure:

   

  		(i)	IFC paying the Dollar Equivalent amount of the Reais Notional Amount (as defined below) adjusted by the relevant IPCA indexes and interest at the Disbursement Fixed Base Rate on the pay leg of the Hedge Swap;

   

  		(ii)	IFC receiving the Dollars Notional Amount (as defined below) and interest at 6-month LIBOR on the receive leg of the Hedge Swap; and

   

  		(iii)	The amortization of the Hedge Swap corresponding to the outstanding amortization of the IFC Disbursement that is being prepaid or accelerated.

   

  The total Make Whole Amount payable under the Agreement will be the sum of the individual Make Whole Amount calculated for each IFC Disbursement.

   

  Calculation Methodology

   

  The Make Whole Amount in respect of each IFC Disbursement is calculated as the greater of (a) Difference Amount and (b) zero, where the “Difference Amount” is the
    Dollar amount calculated with reference to the Early Repayment Date equal to the difference of (x) the present value of the pay leg of the Hedge Swap and (y) the Reais Notional Amount (adjusted by the relevant IPCA indexes). The present value of the
    pay leg of the Hedge Swap will be determined by IFC based on market conditions at the time of prepayment or acceleration of the IFC Disbursement3. The Dollar Equivalent
    amount will be determined using the Early Payment Fixing Rate on the relevant Valuation Date.

   

  For purposes of this Annex, the terms below have the following meaning:

   

  “Reais Notional Amount”: the portion of the Notional Reais Principal Amount being prepaid or accelerated.

   

  “Dollars Notional Amount”: the USD equivalent of Reais Notional Amount using the Notional Real/Dollar Exchange Rate set at the time of the IFC Disbursement.

   

  

  
  
     

  

  
  

  		1	Calculated in accordance with Reais/Dollar swap market conventions and ensuring IFC recovers any breakage cost on the receive leg of the Hedge Swap

   

  Annex A-1Exhibit 10.17

   

  Execution Version

   

  IDB Loan Number 4316C-OC-BR

  

  IIC Loan Number: 12048-01

   China Fund Loan Number: 4316-CH-BR

   

  

  Dated April 12, 2018

   

  Loan Agreement

   

  between

   

  CELSE – Centrais Elétricas de Sergipe S.A.,

    as Borrower

   

  Inter-American Investment Corporation,

    as Lender of the IDB Invest Loan

   

  Inter-American Investment Corporation, as Agent acting on behalf of the

        Inter-American Development Bank,

    as Lender of the IDB Loan

   

  and

   

  Inter-American Investment Corporation, as Agent acting on behalf of the

        Inter-American Development Bank, in its Capacity as Administrator of the

        China Co-Financing Fund for Latin America and the Caribbean,

    as Lender of the China Fund Loan

   

  
    1 

    
      
 

  

  
   

  Table of Contents

   

  Page

  

  	ARTICLE 1 Definitions; Rules of Interpretation; Common Terms Agreement	2
	Section 1.01	Defined Terms	2
	Section 1.02	Rules of Interpretation	6
	Section 1.03	Business Day Adjustment	6
	Section 1.04   	IDB Invest’s Determinations Final	6
	Section 1.05   	Common Terms Agreement	6
	ARTICLE 2 Loan Availability and Disbursements	6
	Section 2.01   	The Loans	6
	Section 2.02   	Use of Proceeds	7
	Section 2.03   	Disbursement Procedure	7
	ARTICLE 3 Payment and Repayment Terms	8
	Section 3.01   	Repayment	8
	Section 3.02   	Loan Interest	8
	Section 3.03   	Breakage Costs	11
	Section 3.04   	Payment of the IDB Loan upon Acceleration or Prepayment	11
	Section 3.05   	Allocation of Prepayments	13
	Section 3.06   	Allocation of Partial Payments	13
	Section 3.07   	Late Charges	13
	Section 3.08   	Currency and Place of Payment	13
	Section 3.09   	Suspension of Disbursements; Cancellation of Senior Loan Commitments	14
	Section 3.10   	Fees	14
	ARTICLE 4 Conditions Precedent to Disbursements	14
	Section 4.01   	Conditions Precedent to First Disbursement	14
	Section 4.02   	Conditions Precedent to All Disbursements	15
	Section 4.03   	Conditions for IDB Invest Benefit	15
	ARTICLE 5 Common Terms	15
	Section 5.01   	Representations and Warranties	15
	Section 5.02   	Covenants	15
	Section 5.03   	Events of Default	15
	ARTICLE 6 Miscellaneous	16
	Section 6.01   	Notices	16
	Section 6.02   	Savings of Rights; Remedies and Waivers	16
	Section 6.03   	English Language	16
	Section 6.04   	Term of Agreement	16
	Section 6.05   	No Third Party Beneficiaries	16
	Section 6.06   	Disclosure of Information	17
	Section 6.07   	Indemnification	17
	Section 6.08   	Successors and Assigns	17
	Section 6.09   	Amendments, Waivers and Consents	17
	Section 6.10   	Applicable Law and Jurisdiction	17
	Section 6.11   	Waiver of Jury Trial	19
	Section 6.12   	Severability	19
	Section 6.13   	Counterparts	19
	Section 6.14   	Translation and Registration	19
	Section 6.15   	Appointment of IDB Invest Facility Senior Lender Representative	20

   

  
    (i) 

    
      
 

  

  Schedules

   

  	Schedule 1	--           Loan Repayment Schedule

   

  	Schedule 2	--           Amount of Payments under the IDB Loan upon the occurrence of an IDB Loan Market Disruption Event

   

  
    (ii) 

    
      
 

  

   

  LOAN AGREEMENT (together with all Schedules and Exhibits hereto, the “Agreement”), dated April 12, 2018 (the “Effective Date”),
    among:

   

  (1)       CELSE – CENTRAIS ELÉTRICAS DE SERGIPE S.A., a sociedade anȏnima organized under the laws of Brazil, with its principal place of
    business in the City of Barra dos Coqueiros, State of Sergipe, at Rodovia Cesar Franco SE 100, 49.140-000, and offices in the City of Aracaju, State of Sergipe, at Avenida Ministro Geraldo Barreto Sobral, 2100, salas 505/506, JFC Trade Center,
    49.026-010, and in the City of São Paulo, State of São Paulo, at Avenida das Nações Unidas, 12.399, 92 A, Landmark, Tower C, 04578-000, enrolled with the CNPJ/MF National Corporate Taxpayers’ Registry of the Finance Ministry under no.
    23.758.522/0001-52 (the “Borrower”);

   

  (2)       INTER-AMERICAN INVESTMENT CORPORATION, an international organization established by the Agreement Establishing the Inter-American
    Investment Corporation among its member countries (“IDB Invest”), as lender of the IDB Invest Loan (as defined below);

   

  (3)       IDB Invest, as agent acting on behalf of the INTER-AMERICAN DEVELOPMENT BANK, an international organization established by the Agreement
    Establishing the Inter-American Development Bank among its member countries (“IDB”), as lender of the IDB Loan (as defined below); and

   

  (4)       IDB Invest, as agent acting on behalf of the IDB in IDB’s capacity as administrator of the CHINA CO-FINANCING FUND FOR LATIN AMERICA AND
    THE CARIBBEAN, a fund organized and existing pursuant to a Trust Fund Agreement between The People’s Bank of China and IDB, dated January 14, 2013 (“China Fund”), as the lender of the China Fund Loan (as defined below).

   

  RECITALS

   

  WHEREAS, the Borrower intends to develop, construct, finance, own, operate and maintain (a) a combined cycle thermal power plant (the “Plant”)

    comprised of three combustion turbine generators, three heat recovery steam generators and one steam turbine generator, with a total installed capacity of 1,516 MW, in the City of Barra dos Coqueiros, Sergipe, Brazil, (b) a 33km transmission line
    delivering the power output generated from the Plant to the public grid at an existing 500KV substation operated by Companhia Hidrelétrica do São Francisco, (c) a gas pipeline delivering regasified LNG generated from a dedicated Floating Storage and
    Regasification Unit (the “FSRU”) that is owned by Golar Nanook UK Limited, a company duly incorporated in the United Kingdom with its registered office at One America Square, 17 Croswall, London, UK and will be operated by Golar Power Latam
    Serviços Marítimos Ltda., a company duly incorporated in Brazil with its registered office at Ruas Dias Ferreira 190, sala 501, Leblon, Rio de Janeiro, RJ, Brazil to the Plant (the “Gas Pipeline”) and (d) a suction anchor connecting the FSRU to
    the Gas Pipeline, in each case as more particularly described in the Transaction Documents (collectively, the “Project”);

   

  WHEREAS, in order to finance the Project Costs, the Borrower, IDB Invest, in its own capacity and as agent acting on behalf of IDB, IFC,
    the Fiduciary Agent, the Intercreditor Agent and the SERV Policyholder Agent have entered into the Common Terms Agreement, dated as of the date of this Agreement (the “Common Terms Agreement”), which sets out the general terms and conditions
    pertaining to the financing of the Project; and

   

  WHEREAS, IDB Invest has agreed to lend, and the Borrower has agreed to borrow, loans subject to the terms and conditions of (a) the Common
    Terms Agreement and (b) this Agreement, which sets out specific terms and conditions pertaining to such loan facility to be provided by IDB Invest, in its own capacity and as agent acting on behalf of IDB.

   

  
    (iii) 

    
      
 

  

  
   

  NOW, THEREFORE, in consideration of the premises and mutual agreements contained herein and in the Common Terms Agreement and other good
    and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower and IDB Invest agree as follows:

   

  ARTICLE 1

    

    Definitions; Rules of Interpretation; Common Terms Agreement

   

  Section 1.01        Defined Terms. All capitalized
    terms used but not defined herein shall have the meanings ascribed thereto in the Common Terms Agreement and the following terms shall have the following meanings:

   

  “Acceleration Event” means (a) the IDB Loan becoming immediately due and payable in accordance with the terms of clause (b) of Section 6.02
    (Remedies) of the Common Terms Agreement or (b) the occurrence of an Event of Default under clause (e) of Section 6.01 (Events of Default) of the Common Terms Agreement.

   

  “Agreement” has the meaning provided in the introductory paragraph hereof.

   

  “Alternate Base Rate” means, for any IDB Invest Facility Interest Period with respect to a Disbursement of the IDB Invest Loan or the China
    Fund Loan, the rate of interest per annum that equals the cost to IDB Invest or China Fund, as the case may be, of making, funding or maintaining the IDB Invest Loan or the China Fund Loan, respectively, in each case determined on the Interest Rate
    Determination Date immediately preceding such IDB Invest Facility Interest Period.

   

  “Applicable IDB Invest Loan and China Fund Loan Spread” means, with respect to the IDB Invest Loan and the China Fund Loan, 5.40% per
    annum.

   

  “Applicable IDB Loan Spread” means, with respect to the IDB Loan, 5.40% per annum.

   

  “B3” means B3 S.A. – Brasil, Bolsa, Balcão.

   

  “Borrower” has the meaning provided in the introductory paragraph hereof.

   

  “Calculation Day” means, with respect to any IDB Invest Facility Interest Period, each day that is a Reset Date.

   

  “CDI Rate” means in respect of a Reset Date, the Brazil Interbank Deposit Rate Annualized, known as the average (Média) of the
    DI-OVER-Extra Grupo, expressed as a percentage per annum, based on a two hundred fifty-two (252) business days year, as published by B3 in its daily report available at B3’s website (http://www.b3.com.br) on the first Local Business Day following such
    Reset Date.

   

  “China Fund” has the meaning provided in the introductory paragraph hereof.

   

  “China Fund Loan” means the loan specified as such in clause (iii) of Section 2.01(a) (The Loans) or, as the context
    may require, the outstanding principal amount thereof.

   

  “China Fund Loan Commitment” has the meaning provided in clause (iii) of Section 2.01(a) (The Loans).

   

  “Common Terms Agreement” has the meaning provided in the recitals hereto.

   

  “Disbursement” means a disbursement of the IDB Invest Loan, the IDB Loan or the China Fund Loan on a Disbursement Date, pursuant to Section

      2.03 (Disbursement Procedure).

   

  
    2 

    
      
 

  

   

  “Disbursement Date” means, in respect of a Disbursement, the date on which the proceeds of that Disbursement are released to the Borrower,
    which shall be a Business Day prior to the Senior Loan Commitment Termination Date.

   

  “Early Repayment” has the meaning provided in Section 3.04(a) (Payment of the IDB Loan upon Acceleration or Prepayment).

   

  “Effective Date” has the meaning provided in the introductory paragraph hereof.

   

  “Fixed Base Rate” means, with respect to a Disbursement of the IDB Loan, a rate representing IDB’s cost of providing funding for that
    Disbursement through a swap transaction between IDB and a swap counterparty selected by IDB in its sole discretion, based on:

   

  (a)       the amortization schedule of that Disbursement; and

   

  (b)       IDB paying IPCA and receiving CDI Rate.

   

  “FSRU” has the meaning provided in the recitals hereof.

   

  “Gas Pipeline” has the meaning provided in the recitals hereof.

   

  “IDB” has the meaning provided in the introductory paragraph hereof.

   

  “IDB Invest” has the meaning provided in the introductory paragraph hereof; provided that any reference herein to IDB Invest: (a)
    with respect to the IDB Invest Loan, shall be deemed to mean IDB Invest in its capacity as Senior Lender of the IDB Invest Loan; (b) with respect to the IDB Loan, shall be deemed to mean IDB Invest in its separate capacity as agent of IDB; and (c) with
    respect to the China Fund Loan, shall be deemed to mean IDB Invest in its capacity as agent for IDB in IDB’s role as administrator of the China Fund.

   

  “IDB Invest Disbursement Account” means the account designated as such to be established and maintained in accordance with the Accounts
    Agreement.

   

  “IDB Invest Facility” has the meaning provided in Section 2.01(a) (The Loans) or, as the context requires, means the
    outstanding principal amount thereof.

   

  “IDB Invest Facility Commitment” has the meaning provided in Section 2.01(a) (The Loans).

   

  “IDB Invest Facility Costs” means any costs, expenses or losses incurred by IDB Invest, IDB or China Fund in connection with the IDB Invest
    Loan, the IDB Loan or China Fund Loan, with any determinations thereof being made by any of them, consisting of: (i) as provided in Section 3.03 (Breakage Costs), any breakage costs, termination costs and other unwinding costs, if
    positive, incurred by IDB Invest, IDB or China Fund, taking into account the principal repayment schedule of the relevant Senior Loan; (ii) in the case of the IDB Loan, hedge liquidation costs, including, without limitation, the costs incurred in
    connection with the liquidation of any CDI/IPCA-linked non- deliverable swap transactions entered into in connection with a Disbursement of the IDB Loan if for any reason, other than the revocation of the Senior Loan Disbursement Request permitted in
    accordance with Section 2.03(f) (Senior Loan Disbursement Procedure) of the Common Terms Agreement, the Borrower fails to borrow in accordance with a Senior Loan Disbursement Request; (iii) any loss, premium, penalty or expense that may be
    incurred in liquidating or employing deposits of, or borrowings from, third parties in order to fund or maintain all or any part of the IDB Invest Loan, the IDB Loan or the China Fund Loan; and (iv) any costs and expenses associated with any delay in
    any Disbursement due to the failure of the Borrower to make any required registration of the relevant terms and conditions of the relevant Senior Debt with the Central Bank.

   

  
    3 

    
      
 

  

   

  “IDB Invest Facility Interest Period” means, in respect of each Disbursement, each period beginning on the Interest Payment Date relating
    to such Disbursement and ending on the day immediately before the next Interest Payment Date relating to such Disbursement, except in the case of the first period applicable to the relevant 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 Interest Payment Date.

   

  “IDB Invest Fee Letter” means the letter agreement dated April 12, 2018, between IDB Invest and the Borrower, providing for the payment of
    fees by the Borrower in connection with the IDB Invest Loan, the IDB Loan and China Fund Loan.

   

  “IDB Invest Loan” means the loan specified as such in clause (i) of Section 2.01(a) (The Loans) or, as the context
    may require, the outstanding principal amount thereof.

   

  “IDB Invest Loan and China Fund Loan Interest Rate” means for each IDB Invest Facility Interest Period, (x) LIBOR on the Interest Rate
    Determination Date for that IDB Invest Facility Interest Period plus (y) the Applicable IDB Invest Loan and China Fund Loan Spread.

   

  “IDB Invest Loan and China Fund Loan Market Disruption Event” has the meaning provided in Section 3.02(b) (Loan Interest; Market
      Disruption with respect to IDB Invest Loan and China Fund Loan Interest).

   

  “IDB Invest Loan Commitment” has the meaning provided in clause (i) of Section 2.01(a) (The Loans).

   

  “IDB Invest Members” means the member countries of IDB Invest listed in Schedule 1 (Member Countries of IFC, IDB and IDB Invest) of
    the Common Terms Agreement.

   

  “IDB Loan” means the loan specified as such in clause (ii) in Section 2.01(a) (The Loans) or, as the context may
    require, the outstanding principal amount thereof.

   

  “IDB Loan CDI Rate Market Disruption Event” has the meaning provided in Section 3.02(e) (Loan Interest; Market Disruption with
      respect to IDB Loan Interest).

   

  “IDB Loan Commitment” has the meaning provided in clause (ii) of Section 2.01(a) (The Loans).

   

  “IDB Loan Interest Rate” means, in respect of a Disbursement of the IDB Loan, the rate per annum equal to the sum of (a) the Fixed
    Base Rate plus (b) the Applicable IDB Loan Spread, applied on the outstanding principal amount of such Disbursement in order to calculate the interest payments in accordance with Section 3.02(d) (Loan Interest; Amount of Payments under the
      IDB Loan).

   

  “IDB Loan Market Disruption Event” has the meaning provided in Section 3.02(e) (Loan Interest; Market Disruption with respect to
      IDB Loan Interest).

   

  “IDB Loan Payment Date” means the relevant payment date of principal, interest or any other amount payable to IDB as provided in this
    Agreement or in the Common Terms Agreement.

   

  “IDB Loan Required Senior Debt Service Amount” means, with respect to any IDB Loan Payment Date, the expected minimum amount of principal
    and/or interest, as applicable, scheduled to be payable on such IDB Loan Payment Date, to be calculated by the Borrower using the method provided for in Section 3.02(d) (Loan Interest; Amount of Payments under the IDB Loan); provided
    that, for purposes of the calculation of such amount for any IDB Loan Payment Date, IPCAj shall be equal to sum of (a) the IPCA published on or immediately prior to the Valuation Date in respect of the immediately preceding IDB Loan Payment Date plus
    (b) 2.0%.

   

  
    4 

    
      
 

  

   

  “IDB Members” means the member countries of IDB listed in Schedule 1 (Member Countries of IFC, IDB and IDB Invest) of the Common
    Terms Agreement.

   

  “Interest Rate Determination Date” means the second Business Day prior to the commencement of each IDB Invest Facility Interest Period for
    the IDB Invest Loan and China Fund Loan; provided that the Interest Rate Determination Date for the first IDB Invest Facility Interest Period following each Disbursement of the IDB Invest Loan or the China Fund Loan shall be the second Business
    Day prior to the relevant Disbursement Date.

   

  “Index Sponsor” means the Brazilian Institute of Geography and Statistics (Instituto Brasileiro de Geografia e Estatística – IBGE).

   

  “IPCA” means the Extended National Consumer Price Index (Índice Nacional de Preços ao Consumidor Amplo – IPCA) calculated and
    published monthly by the Index Sponsor; provided that, if such index is not publicly available immediately preceding the relevant Valuation Date or, for any reason, no longer exists, then IPCA shall mean the index determined by IDB Invest,
    acting in a commercially reasonable manner. The IPCA index is an index related to Brazilian inflation, calculated according to the methodology published by the Index Sponsor, as such methodology may be amended by the Index Sponsor from time to time.

   

  “LIBOR” means the London interbank offered rate administered by the ICE Benchmark Administration Limited (or any other pers on that takes
    over the administration of that rate) as of 11:00 a.m. London time for deposits in Dollars that appears on the relevant page of the pages Bloomberg Financial Markets Service or Reuters Service, as selected by IDB Invest, or, if not available, on the
    relevant pages of any other service selected by IDB Invest that displays such rate (each a “Screen Rate”); provided that (i) if the Screen Rate shall be less than zero, LIBOR shall be deemed zero for purposes of this Agreement, and (ii)
    if for any IDB Invest Facility Interest Period IDB Invest concludes that it cannot determine LIBOR by reference to any Screen Rate, then IDB Invest shall notify the Borrower and shall instead determine LIBOR:

   

  (a)       on the Interest Rate Determination Date by calculating the arithmetic mean of the offered rates advised to IDB Invest on or
    around 11:00 a.m. London time, for deposits in Dollars by at least three major banks active in Dollars in the London interbank market, selected by IDB Invest; provided that, if fewer than three quotations are received, IDB Invest may rely on the
    quotations so received if not less than two; or

   

  (b)       if fewer than two quotations are received from the banks in London in accordance with clause (a) above, on the first day of
    the relevant IDB Invest Facility Interest Period, by calculating the arithmetic mean of the offered rates advised to IDB Invest on or around 11:00 a.m. New York time, for loans in Dollars, by a major bank or banks in New York, New York, selected by IDB
    Invest.

   

  “Loan Repayment Date” has the meaning provided in Section 3.01(a) (Repayment).

   

  “Local Business Day” means a day on which commercial banks and foreign exchange markets settle payments and are open for general business
    (including dealings in foreign exchange and foreign currency deposits) in Brazil.

   

  “Plant” has the meaning provided in the recitals hereof.

   

  “Project” has the meaning provided in the recitals hereof.

   

  “Required Senior Debt Service Amount” has the meaning provided in the Accounts Agreement.

   

  
    5 

    
      
 

  

   

  “Reset Date” means, with respect to any IDB Invest Facility Interest Period, each day that is a

    Local Business Day.

   

  “Screen Rate” has the meaning provided in “LIBOR” of Section 1.01 (Defined Terms).

   

  “Valuation Date” means, in respect of an Interest Payment Date for the IDB Loan, the date that is five (5) Local Business Days before such
    Interest Payment Date, subject to adjustment in accordance with Section 1.03 (Business Day Adjustment), except if such date is not a Local Business Day, the Valuation Date shall be changed to the first preceding Local Business Day.

   

  Section 1.02         Rules of Interpretation. The
    rules of interpretation set forth in Sections 1.02 (Interpretation), 1.05 (Financial Calculations) and 1.06 (Currency Conversion) of the Common Terms Agreement shall apply to this Agreement as if set forth herein.

   

  Section 1.03         Business Day Adjustment.
    Except as otherwise expressly provided herein, the provisions set forth in Section 1.03 (Business Day Adjustment) of the Common Terms Agreement shall apply to this Agreement as if set forth herein.

   

  Section 1.04         IDB Invest’s Determinations Final.
    The determination by IDB Invest of any amount pursuant to this Agreement, including, without limitation the relevant IDB Invest Loan and China Fund Loan Interest Rate, the IDB Loan Interest Rate, the principal amount of the IDB Loan payable on each
    Loan Repayment Date, the IDB Invest Facility Costs and any fees, shall be final and conclusive and bind the Borrower unless the determination involved manifest error.

   

  Section 1.05         Common Terms Agreement. The
    Common Terms Agreement and this Agreement shall be read and construed together as one agreement. All terms and conditions of the Common Terms Agreement, as amended from time to time, are deemed to be incorporated by reference into this Agreement and
    shall be applicable to the IDB Invest Loan, IDB Loan and China Fund Loan hereunder. If any provision of this Agreement conflicts with a provision of the Common Terms Agreement or of any other Financing Document, then the provisions of this Agreement
    will prevail as between the parties to this Agreement.

   

  ARTICLE 2

    

    Loan Availability and Disbursements

   

  Section 2.01         The Loans.

   

  (a)           Subject to the terms and conditions of this Agreement and the Common Terms Agreement, IDB Invest agrees to lend to the Borrower, and
    the Borrower agrees to borrow from IDB Invest, loans, each in an aggregate principal amount of up to the relevant Senior Loan Commitment, consisting of:

   

  (i)          in IDB Invest’s own capacity, a loan (the “IDB Invest Loan”) in an aggregate principal amount of up to thirty-eight
    million Dollars (US$38,000,000) (the “IDB Invest Loan Commitment”);

   

  (ii)         in IDB Invest’s capacity as agent for IDB, a loan to be funded by IDB (the “IDB Loan”) in an aggregate principal
    amount of up to six hundred sixty-four million Reais (R$664,000,000) (the “IDB Loan Commitment”); and

   

  (iii)        in IDB Invest’s capacity as agent for IDB in IDB’s role as administrator of China Fund, a loan to be funded by China Fund
    (the “China Fund Loan”) in an aggregate principal amount of up to fifty million Dollars (US$50,000,000) (the “China Fund Loan Commitment”),

   

  
    6 

    
      
 

  

   

  where (i) the IDB Invest Loan, the IDB Loan and the China Fund Loan are referred to collectively as the “IDB Invest Facility” and (ii) the IDB Invest Loan
    Commitment, the IDB Loan Commitment and the China Fund Loan Commitment are referred to collectively as the “IDB Invest Facility Commitments”.

   

  (b)           The IDB Invest Loan, the IDB Loan and China Fund Loan shall rank pari passu with each other.

   

  Section 2.02         Use of Proceeds. The proceeds
    of the IDB Invest Loan, the IDB Loan and the China Fund Loan shall be applied exclusively to pay or reimburse Project Costs consisting of goods produced in, or services supplied from or originating in, territories of IDB Invest Members or IDB Members.

   

  Section 2.03         Disbursement Procedure.

   

  (a)           General Provisions. (i) Subject to the terms and conditions of this Agreement and the Common Terms Agreement (including the
    limitations to the number of disbursements of Senior Loans set forth in Section 2.03(c) (Senior Loan Disbursement Procedure) of the Common Terms Agreement and the minimum amounts in respect of Disbursements of Senior Loans set forth in Section
    2.03(d) (Senior Loan Disbursement Procedure) of the Common Terms Agreement), the Borrower may request Disbursements in accordance with Section 2.03 (Senior Loan Disbursement Procedure) and Section 2.04 (Pro Rata Disbursements) of
    the Common Terms Agreement by delivering to the Intercreditor Agent a Senior Loan Disbursement Request, appropriately completed and duly executed by the Borrower’s Authorized Representative, in the case of the first Disbursement of Senior Loans under
    the IDB Invest Facility, at least twenty five (25) Business Days (or such fewer number of Business Days as may be satisfactory to IDB Invest) but no more than thirty (30) Business Days prior to the first Disbursement Date of each IDB Invest Loan, IDB
    Loan and China Fund Loan, and, in the case of any subsequent Disbursements of Senior Loans under the IDB Invest Facility, at least fifteen (15) Business Days (or such fewer number of Business Days as may be satisfactory to IDB Invest) but no more than
    thirty (30) Business Days prior to each such subsequent Disbursement Date of each IDB Invest Loan, IDB Loan and China Fund Loan. Each Senior Loan Disbursement Request must be delivered prior to the Senior Loan Commitment Termination Date and, except as
    otherwise provided in Section 2.03(f) (Senior Loan Disbursement Procedure) of the Common Terms Agreement, once delivered, will be irrevocable.

   

  (ii)         Without prejudice to any obligation of IDB or the China Fund under the Financing Documents (including any obligation of IDB or the
    China Fund expressed to be undertaken on its behalf by IDB Invest as agent for IDB), IDB Invest is not obligated to make any Disbursement unless and until IDB and China Fund shall have made available, in immediately available funds, their proportionate
    share of such Disbursement.

   

  (b)           Disbursement of the IDB Invest Loan and China Fund Loan. Each Disbursement of the IDB Invest Loan and China Fund Loan shall
    be made in Dollars to and be deposited at a bank in New York, New York, USA, for further credit to the IDB Invest Disbursement Account in accordance with the Accounts Agreement.

   

  (c)           Disbursement of the IDB Loan. Each Disbursement of the IDB Loan shall be made in Reais to the IDB Invest Disbursement Account
    in accordance with the Accounts Agreement.

   

  
    7 

    
      
 

  

   

  ARTICLE 3

    

    Payment and Repayment Terms

   

  Section 3.01         Repayment. (a) Subject to
    Section 1.03 (Business Day Adjustment), the Borrower shall repay the IDB Invest Loan and China Fund Loan in Dollars and the IDB Loan in Reais on each Interest Payment Date set forth in Schedule 1 (Loan Repayment Schedule) hereto (each a
    “Loan Repayment Date”) in accordance with the percentages set forth therein, commencing on the First Repayment Date and ending on the Final Maturity Date, on which date the entire outstanding principal amount of the IDB Invest Loan, the IDB Loan and
    the China Fund Loan shall be due and payable.

   

  (b)           With respect to the IDB Loan, each payment will be made in Reais in an amount to be determined in accordance with Section 3.02(d)
    (Loan Interest; Amount of Payments under the IDB Loan) with reference to the percentages set forth in Schedule 1 (Loan Repayment Schedule) hereto.

   

  (c)           Principal amounts repaid or prepaid under the IDB Invest Facility may not be reborrowed.

   

  Section 3.02         Loan Interest.

   

  (a)           IDB Invest Loan and China Fund Loan Interest. (i) Subject to Section 2.09 (Late Charges) of the Common Terms Agreement
    and Section 3.07 (Late Charges) hereof, the Borrower shall pay interest on the outstanding principal amount of the IDB Invest Loan and China Fund Loan in accordance with this Section 3.02(a) (Loan Interest; IDB Invest Loan and
      China Fund Loan Interest).

   

  (ii)         Interest on each IDB Invest Loan and China Fund Loan shall accrue at the IDB Invest Loan and China Fund Loan Interest Rate from day
    to day during each IDB Invest Facility Interest Period from (and including) the first day of such IDB Invest Facility Interest Period to (but excluding) the last day of such IDB Invest Facility Interest Period, computed on the basis of the actual
    number of days elapsed in such IDB Invest Facility Interest Period in a year of 360 days and shall be payable in arrears on each Interest Payment Date.

   

  (iii)        On each Interest Rate Determination Date, IDB Invest shall determine the IDB Invest Loan and China Fund Loan Interest Rate applicable
    to the corresponding IDB Invest Facility Interest Period and shall promptly notify the Borrower of such rate.

   

  (b)           Market Disruption with respect to IDB Invest Loan and China Fund Loan Interest. If (i) IDB Invest determines (acting
    reasonably) that, by reason of circumstances affecting the London interbank eurodollar market, LIBOR cannot be determined pursuant to the definition thereof, or (ii) IDB Invest determines (acting reasonably) that LIBOR for any IDB Invest Facility
    Interest Period will not adequately reflect the cost of making, funding or maintaining the IDB Invest Loan or the China Fund Loan (each situation described in clause (i) or (ii) above, an “IDB Invest Loan and China Fund Loan Market
      Disruption Event”), then an Alternate Base Rate, as notified by IDB Invest to the Borrower, shall apply to the IDB Invest Loan or the China Fund Loan, as applicable, for such IDB Invest Facility Interest Period in place of LIBOR. Any Alternate
    Base Rate applied pursuant to this Section 3.02(b) (Loan Interest; Market Disruption with respect to IDB Invest Loan and China Fund Loan Interest) shall cease to be used in place of LIBOR for any IDB Invest Facility Interest Period that
    begins after IDB Invest notifies the Borrower that the IDB Invest Loan and China Fund Loan Market Disruption Event no longer exists. Notwithstanding the foregoing, IDB Invest may, upon the occurrence of an IDB Invest Loan and China Fund Loan Market
    Disruption Event, elect to use LIBOR, rather than the Alternate Base Rate, in calculating the interest rate for a Disbursement of the IDB Invest Loan and/or China Fund Loan.

   

  
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  (c)           IDB Loan Interest. (i) Subject to Section 2.09 (Late Charges) of the Common Terms Agreement and Section 3.07 (Late

      Charges) hereof, the Borrower shall, on each Interest Payment Date, pay interest on the outstanding principal amount of the IDB Loan for the period from the relevant Disbursement Date to the date on which the IDB Loan is paid in full, in respect
    of each IDB Invest Facility Interest Period immediately preceding such Interest Payment Date, at the IDB Loan Interest Rate.

   

  (ii)         Interest on the IDB Loan shall accrue from day to day and the amount of accrued interest on the IDB Loan shall be payable in Reais
    and be calculated as provided in Section 3.02(d) (Loan Interest; Amount of Payments under the IDB Loan).

   

  (d)           Amount of Payments under the IDB Loan. (i) Subject to Section 3.02(e) (Market Disruption with respect to IDB Loan
      Interest), the amount of interest payable in Reais by the Borrower on each Interest Payment Date and the total amount of principal payable in Reais by the Borrower on each Loan Repayment Date shall be calculated according to the conditions
    mentioned below:

   

   

   

  

  Total interest amount due in connection with the IDB Loan on each Interest Payment Date:

   

   

   

  Total principal amount due in connection with the IDB Loan on each Loan Repayment Date:

   

   

   

  Where,

   

  z means the relevant Disbursement of IDB Loan;

   

  j means the relevant IDB Invest Facility Interest Period of IDB Loan;

   

  Vj means the Valuation Date corresponding to the jth IDB Invest Facility
    Interest Period;

   

  SAj,z means the principal outstanding amount of Disbursement z on the Valuation
    Date Vj;

   

   means the amount in Reais of interest accrued on SAj,z, on the Valuation Date Vj, for the jth IDB Invest Facility Interest Period, without computing the relevant IPCA adjustment;

   

  IAj,z means the amount of interest accrued on SAj,z, on the Valuation Date Vj, for the jth IDB Invest Facility Interest Period adjusted by the variation of the IPCA;

   

  IPj,z means the amount of the Disbursement z to be repaid on the Loan Repayment Date (if any) corresponding to the jth IDB Invest Facility Interest Period;

   

  
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  CS means the Applicable IDB Loan Spread;

   

  FBRz means the Fixed Base Rate for the Disbursement z;

   

  IPCAinitial,z means the relevant IPCA index published on or immediately prior to
    the Disbursement Date of the Disbursement z;

   

  IPCAj means the relevant IPCA index published on or immediately prior to the Valuation Date of IDB Invest Facility Interest Period j;

   

  ij,z means the number of Local Business Days in the jth IDB Invest Facility
    Interest Period in relation to the Disbursement z;

   

  TIj means the total interest amount in Reais to be paid by the Borrower on the
    Interest Payment Date for jth IDB Invest Facility Interest Period; and

   

  n means the total number of Disbursements of IDB Loan that have occurred until the Interest Payment Date for jth IDB Invest Facility Interest Period.

   

  TPj means the total principal amount of IDB Loan to be paid by the Borrower on the Loan Repayment Date (if any) corresponding to the jth IDB Invest Facility Interest Period;

   

  (ii)         In connection with and prior to each Interest Payment Date for any Disbursement of the IDB Loan, IDB Invest shall determine the
    amount of interest and/or principal amount payable on that date in accordance with the provisions hereof and promptly, but in any event at least two (2) Business Days prior to such Interest Payment Date, notify the Borrower of such amount(s). The
    determination by IDB Invest, from time to time, of the amount of interest and/or principal so payable shall be final and conclusive and bind the Borrower (unless the Borrower shows to IDB Invest’s satisfaction that the determination involves manifest
    error).

   

  (iii)        In order to calculate (i) the Required Senior Debt Service Amount in respect of Senior Debt owed to IDB on any IDB Loan Payment Date
    or (ii) the amount of principal and/or interest on the IDB Loan expected to be due and payable on any IDB Loan Payment Date for purposes of determining the IDB Invest DSRA (Onshore) Required Balance, the Borrower shall determine, on the date that is
    five (5) Business Days prior the commencement of the IDB Invest Facility Interest Period ending on the day immediately before the relevant IDB Loan Payment Date, the IDB Loan Required Senior Debt Service Amount in respect of such IDB Loan Payment Date.
    The Borrower shall promptly, but no later than two (2) Business Days following such determination, provide written notice to IDB Invest, the Intercreditor Agent and the Collateral Agents of the relevant IDB Loan Required Senior Debt Service Amount.

   

  (e)           Market Disruption with respect to IDB Loan Interest. (i) If for any reason IDB is not able to enter into a swap
    transaction with a swap counterparty in respect of any Disbursement of the IDB Loan in order to determine the Fixed Base Rate (such situation, an “IDB Loan Market Disruption Event”), then a CDI Rate, as notified by IDB Invest to the
    Borrower, shall apply to the relevant Disbursement of the IDB Loan in place of the Fixed Base Rate. The amount of interest payable in connection with such Disbursement of the IDB Loan on each Interest Payment Date shall be calculated in accordance with
    the conditions described in Schedule 2 (Amount of Payments under the IDB Loan upon the occurrence of an IDB Loan Market Disruption Event) hereto; provided that, if, with respect to any IDB Invest Facility Interest Period for such
    Disbursement, (x) for any reason there is no CDI Rate published by B3 with respect to any Local Business Day within any such IDB Invest Facility Interest Period, (y) IDB Invest determines that the CDI Rate cannot be determined for each day of any such
    IDB Invest Facility Interest Period or (z) IDB Invest determines, acting reasonably, that the CDI Rate for any such IDB Invest Facility Interest Period will not adequately reflect the cost of making, funding or maintaining such Disbursement (each
    situation described in clauses (x), (y) or (z) above, an “IDB Loan CDI Rate Market Disruption Event”), then a new base rate determined by IDB Invest in its sole discretion (acting reasonably) shall replace the CDI Rate for such IDB Invest
    Facility Interest Period; it being understood and agreed that such new base rate may be determined by IDB Invest according to, without limitation, (1) the then prevailing market convention, (2) the last available CDI Rate or (3) the arithmetic mean of
    the offered rates for loans in Reais by one or more Brazilian prime banks selected by IDB in its sole discretion.

   

  
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  (ii)         Upon the occurrence of an IDB Loan CDI Rate Market Disruption Event, in connection with and prior to each Interest Payment Date for
    any Disbursement of the IDB Loan, IDB Invest shall determine the amount of interest payable on that date in accordance with the provisions hereof and promptly, but in any event at least two (2) Business Days prior to such Interest Payment Date, notify
    the Borrower of such amount.

   

  (iii)        Any CDI Rate applied pursuant to Section 3.02(e)(i) (Loan Interest; Market Disruption with respect to IDB Loan Interest)
    shall cease to be used in place of the Fixed Base Rate for any IDB Invest Facility Interest Period that begins after IDB Invest notifies the Borrower that the IDB Loan Market Disruption Event no longer exists.

   

  Section 3.03         Breakage Costs. The Borrower
    shall pay to IDB Invest, upon the request of IDB Invest or the Intercreditor Agent in accordance with Section 2.13(d) (Payment of Fees, Costs and Expenses) of the Common Terms Agreement, the amount of Costs (including IDB Invest Facility Costs)
    incurred by IDB Invest, IDB or China Fund, upon the occurrence of the circumstances described therein.

   

  Section 3.04         Payment of the IDB Loan upon
        Acceleration or Prepayment. (a) Subject to the terms and conditions of the Common Terms Agreement, Section 3.03 (Breakage Costs) and this Section 3.04 (Payment of the IDB Loan upon Acceleration or Prepayment),
    if the Borrower is required to repay the IDB Loan or any portion thereof upon an Acceleration Event or makes any voluntary or mandatory prepayment of any IDB Disbursement under this Agreement, the Common Terms Agreement or any other Financing Document
    (each such prepayment or repayment, an “Early Repayment”), the amount of such Early Repayment shall be the amount of the IDB Loan (or such part thereof) to be repaid or prepaid, and the Borrower shall simultaneously with such repayment or
    prepayment pay (i) the interest accrued on the IDB Loan, (ii) the amount payable under Section 3.03 (Breakage Costs) and (iii) all other amounts then due and payable under this Agreement, the Common Terms Agreement or any other Financing
    Document (including, without limitation, the Prepayment Fee), each in respect of that Early Repayment; provided that, solely in the case of a mandatory prepayment pursuant to Section 2.06(b)(i), (ii) or (v) (Voluntary and Mandatory
      Prepayment; Mandatory Prepayment) of the Common Terms Agreement, the aggregate amount payable in connection with such Early Repayment shall not exceed the amount allocated to the IDB Loan in accordance with Section 2.06(b) (Voluntary and
      Mandatory Prepayment; Mandatory Prepayment) of the Common Terms Agreement.

   

  (b)       Notwithstanding the obligation of the Borrower to pay to IDB Invest or IDB any other amount provided under this Agreement, the Common
    Terms Agreement or any other Financing Document, the amount of principal, accrued interest and Costs to be paid by the Borrower with respect to the IDB Loan pursuant to Section 2.06 (Voluntary and Mandatory Prepayments) and Section 6.02 (Remedies)
    of the Common Terms Agreement shall be calculated according to the conditions set forth below:

   

   

   

  
    11 

    
      
 

  

   

   

   

  Where,

   

  z means the index relative to each Disbursement of the IDB Loan;

   

  PD means the relevant Valuation Date on which the amount due in connection with the prepayment or acceleration, as the case may be, of Disbursement z is being
    calculated;

   

  TAPD,z means the amount, on the Valuation Date PD, of principal and interest in
    Reais adjusted by the relevant variation of IPCA payable by the Borrower with respect to the prepayment or acceleration, as the case may be, of Disbursement z;

   

  Az means the amount, on the Valuation Date PD, of principal in Reais payable by
    the Borrower with respect to the prepayment or acceleration, as the case may be, of Disbursement z, without computing the relevant IPCA adjustment;

   

  IPCAinitial,z means the relevant IPCA published on or immediately prior to the
    date on which Disbursement z was made;

   

  IPCAPD means the relevant IPCA published on or immediately prior to the
    Valuation Date PD;

   

  DFBRz means the Disbursement Fixed Base Rate of the IDB Disbursement z;

   

  CS means the Applicable IDB Loan Spread;

   

  iPD,z means the number of Calculation Days in relation to the Disbursement z for
    the period (a) commencing on, and including, the scheduled Valuation Date immediately preceding the last Interest Payment Date prior to the date on which the acceleration or prepayment is taking place and (b) ending on, but excluding, the Valuation
    Date PD; provided that, if such prepayment or acceleration is taking place before the end of the first IDB Invest Facility Interest Period, such period shall commence on the date on which the first Disbursement was made;

   

  FADz means the amount, on the Valuation Date PD, of principal, interest and
    Costs payable by the Borrower with respect to the prepayment or acceleration, as the case may be, of Disbursement z;

   

  RCz means the amount, on the Valuation Date PD, of the Costs pursuant to Section

      3.03 (Breakage Costs);

   

  n means the total number of Disbursements of the IDB Loan being repaid or prepaid;

   

  TFAD means the amount, on the Valuation Date PD, of principal, interest and the Costs payable by the Borrower with respect to the prepayment or acceleration,
    as the case may be, of all Disbursements of the IDB Loan being repaid or prepaid.

   

  IDB Invest shall determine the amount specified in this Section 3.04 (Payment of the IDB Loan upon Acceleration or Prepayment) and, as soon as
    practicable thereafter, notify the Borrower of the same. Such determination shall be final and conclusive and bind the Borrower (unless the Borrower shows to IDB Invest’s satisfaction that such determination involves manifest error).

   

  
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  Section 3.05         Allocation of Prepayments.
    Amounts of principal prepaid to IDB Invest under Section 2.06 (Voluntary and Mandatory Prepayments) of the Common Terms Agreement shall be applied in accordance with Sections 2.06(d) (Voluntary and Mandatory Prepayment; Application of
      Voluntary Prepayments) or 2.06(e) (Voluntary and Mandatory Prepayment; Application of Mandatory Prepayments and Put Price), as the case may be, of the Common Terms Agreement.

   

  Section 3.06         Allocation of Partial Payments.
    If IDB Invest at any time receives less than the full amount then due and payable to IDB Invest, IDB and China Fund in respect of the Senior Debt Obligations owed to such Persons, such amount shall be allocated by IDB Invest among the IDB Invest Senior
    Loan, the IDB Senior Loan and the China Fund Senior Loan as directed by IDB Invest in consultation with the Borrower.

   

  Section 3.07         Late Charges. Without
    limiting the remedies available to IDB Invest under this Agreement, the Common Terms Agreement, any other Financing Document or otherwise (and to the maximum extent permitted by Applicable Law), but without duplication with any amounts payable under
    Section 2.09 (Late Charges) of the Common Terms Agreement, if the Borrower fails to pay any Senior Debt Obligation when due to IDB Invest, IDB and/or China Fund as specified in this Agreement, the Common Terms Agreement or the relevant Financing
    Document (whether at stated maturity or upon acceleration), the Borrower shall pay interest on the unpaid amount (i) in the case of overdue principal or interest on the IDB Invest Loan or the China Fund Loan or any other amount owed to IDB Invest (in
    its capacity as Senior Lender) or China Fund, at a rate equal to the sum of two percent (2.0%) per annum plus the applicable IDB Invest Loan and China Fund Loan Interest Rate and (ii) in the case of overdue principal or interest on the
    IDB Loan or any other amount owed to IDB, at a rate equal to the sum of two percent (2.0%) per annum plus the applicable IDB Loan Interest Rate. Interest at such rates shall accrue and be payable in accordance with Section 2.09 (Late
    Charges) of the Common Terms Agreement.

   

  Section 3.08         Currency and Place of Payment.

   

  (a)           Currency and Place of Payment of IDB Invest Loan and China Fund Loan. (i) Payments of all Senior Debt Obligations due to IDB
    Invest and China Fund shall be made in Dollars, in immediately available funds, to IDB Invest at JPMORGAN CHASE BANK in New York, New York, U.S.A., Account No: [***], ABA: [***], SWIFT: [***], Ref. OPR# [***] or to such other account as IDB Invest may
    instruct in writing, or at such other bank or banks, in such place or places, as IDB Invest may designate, by no later than 11:00 a.m. New York City time. IDB Invest may deem any payment received after that time to have been made on the next Business
    Day.

   

  (ii)       The Borrower’s payment obligations under this Agreement, the Common Terms Agreement and the other Financing Documents owed to IDB
    Invest and China Fund shall be discharged only to the extent that (and as of the date when) Dollars are received in the account designated in clause (i) above, notwithstanding the tender or payment (including by way of recovery under a
    judgment) of any amount in any currency other than Dollars. Accordingly, the Borrower shall pay such additional amount as is necessary to enable IDB Invest to receive, after conversion to Dollars, and transfer to the account designated in clause
      (i) above, the full amount due to IDB Invest and China Fund under

    this Agreement.

   

  (iii)       Notwithstanding clauses (i) and (ii) above, IDB Invest may require the Borrower to pay (or to reimburse IDB Invest)
    for (x) any Taxes or other amounts payable under Section 2.10 (Payments Free of Taxes) of the Common Terms Agreement and (y) any fees payable under Section 3.10 (Fees) hereof or Costs payable under Section 3.3 (Breakage Costs)
    hereof and Section 2.13 (Payment of Fees, Costs and Expenses) of the Common Terms Agreement, in each case in accordance with Section 2.07(c) (Currency and Place of Payment) of the Common Terms Agreement.

   

  
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  (b)           Currency and Place of Payment of IDB Loan. (i) Payments of all Senior Debt Obligations due to IDB shall be made in Reais, in
    immediately available funds, to IDB at Citibank S.A. São Paulo, Brazil for account of Banco Interamericano de Des-Bid, SWIFT: [***], Agência No. [***], CNPJ: [***]; Account No. [***] Ref LNIDOPR#: [***], or to such other account as IDB Invest
    may instruct in writing, or at such other bank or banks, in such place or places, as IDB Invest may designate, by no later than 11:00 a.m. São Paulo time. IDB Invest may deem any payment received after that time to have been made on the next Business
    Day.

   

  (ii)         The Borrower’s payment obligations under this Agreement or the Common Terms Agreement owed to IDB shall be discharged only to the
    extent that (and as of the date when) Reais are received in the account designated in clause (i) above, notwithstanding the tender or payment (including by way of recovery under a judgment) of any amount in any currency other than Reais.
    Accordingly, the Borrower shall pay such additional amount as is necessary to enable IDB Invest to receive, after conversion to Reais, and transfer to the account designated in clause (i) above, the full amount due to IDB under this Agreement.

   

  (iii)        Notwithstanding clauses (i) and (ii) above, IDB Invest may require the Borrower to pay (or to reimburse IDB Invest) in any currency
    for (x) any Taxes or other amounts payable under Section 2.10 (Payments Free of Taxes) of the Common Terms Agreement and (y) any fees payable under Section 3.10 (Fees) hereof or Costs payable under Section 3.03 (Breakage Costs)
    hereof and Section 2.13 (Payment of Fees, Costs and Expenses) of the Common Terms Agreement, in each case in accordance with Section 2.07(c) (Currency and Place of Payment) of the Common Terms Agreement.

   

  Section 3.09         Suspension of Disbursements;
        Cancellation of Senior Loan Commitments. (a) IDB Invest may, by written notice to the Borrower, cancel all or any portion of the undisbursed amount of the IDB Invest Loan Commitment, the IDB Loan Commitment and the China Fund Loan
    Commitment or suspend the right of the Borrower to request Disbursements of such loans as provided in Section 2.11 (Suspension and Cancellation of Senior Loan Commitments) of the Common Terms Agreement.

   

  (b)           The Borrower may request IDB Invest to cancel all or any portion of the undisbursed amount of the IDB Invest Loan Commitment, the IDB
    Loan Commitment and China Fund Loan Commitment in accordance with Section 2.11(d) (Suspension and Cancellation of Senior Loan Commitments) of the Common Terms Agreement.

   

  (c)           Any IDB Invest Facility Commitment shall be immediately cancelled on the Senior Loan Commitment Termination Date.

   

  Section 3.10         Fees. The Borrower shall pay
    to IDB Invest (a) all fees included in the IDB Invest Fee Letter and (b) such other fees as may be agreed between IDB Invest and the Borrower after the Effective Date.

   

  ARTICLE 4

    

    Conditions Precedent to Disbursements

   

  Section 4.01         Conditions Precedent to First
        Disbursement. The obligation of IDB Invest to make the first Disbursement of Senior Loans under the IDB Invest Facility is subject to the fulfillment, no later than a date that is ten (10) Business Days prior to the first Senior Loan
    Disbursement Date, in form and substance, and in a manner, satisfactory to IDB Invest (or to their waiver in IDB Invest’s sole discretion), of each of the conditions set forth in Section 4.03 (Conditions Precedent to the Initial Senior Loan
      Disbursements) of the Common Terms Agreement.

   

  
    14 

    
      
 

  

   

  Section 4.02         Conditions Precedent to All
        Disbursements. The obligation of IDB Invest to make any Disbursement of any Senior Loans under the IDB Invest Facility, including the first Disbursement thereof, is subject to the Closing Date having occurred and the fulfillment, no later
    than a date that is ten (10) Business Days prior to the relevant Senior Loan Disbursement Date, in form and substance, and in a manner, satisfactory to IDB Invest (or to their waiver in IDB Invest’s sole discretion), of each of the conditions set forth
    in Section 4.04 (Conditions Precedent to All Senior Loan Disbursements) of the Common Terms Agreement.

   

  Section 4.03         Conditions for IDB Invest Benefit.
    The conditions in this Article 4 (Condition Precedent to Disbursements) are for the benefit of IDB Invest, IDB and China Fund and may be waived only by IDB Invest in its sole discretion.

   

  ARTICLE 5

    

    Common Terms

   

  Section 5.01         Representations and Warranties.
    (a) The representations and warranties set out in Article III (Representations and Warranties) of the Common Terms Agreement are deemed to be made herein, mutatis mutandis, for the benefit of IDB Invest, IDB and China Fund as if
    set out in full in this Agreement.

   

  (b)           The Borrower acknowledges that IDB Invest enters into this Agreement and the other Financing Documents on the basis of, and in full
    reliance on, each of the representations and warranties referred to in Article III (Representations and Warranties) of the Common Terms Agreement.

   

  Section 5.02          Covenants. Until (a) the IDB
    Invest Loan, the IDB Loan and the China Fund Loan and all accrued interest thereon are paid in full and all other Senior Debt Obligations then due and payable to IDB Invest, IDB and China Fund are paid in full and (b) no amount of the IDB Invest Loan
    Commitment, the IDB Loan Commitment and/or the China Fund Loan Commitment remains available for disbursement hereunder or under any of the Financing Documents, the covenants set out in Article V (Covenants) of the Common Terms Agreement shall apply
    herein, mutatis mutandis, for the benefit of IDB Invest, IDB and China Fund as if set out in full in this Agreement.

   

  Section 5.03         Events of Default. (a) The
    provisions of Article VI (Events of Default) of the Common Terms Agreement are incorporated into this Agreement by reference and shall apply herein, mutatis mutandis, as if set out in full in this Agreement.

   

  (b)           Notwithstanding any provision in this Agreement to the contrary, if any event described in clause (e) of Section 6.01 (Events of
      Default) of the Common Terms Agreement occurs in respect of the Borrower, the Borrower’s right to request, and any obligation of IDB Invest to make, any Disbursement shall automatically terminate, and the principal of the IDB Invest Loan, the IDB
    Loan and the China Fund Loan then outstanding, together with accrued interest thereon and all fees and other Senior Debt Obligations outstanding hereunder, under the Common Terms Agreement or the other Financing Documents that is owed to IDB Invest,
    IDB and/or China Fund, shall automatically become immediately due and payable, without any presentment, demand, protest or notice of any kind, all of which the Borrower hereby waives.

   

  
    15 

    
      
 

  

   

  ARTICLE 6

    

    Miscellaneous

   

  Section 6.01         Notices. Any notice, request
    or other communication to be given or made under this Agreement shall be given in accordance with Section 8.01 (Notices) of the Common Terms Agreement.

   

  Section 6.02         Savings of Rights; Remedies and
        Waivers. (a) The rights and remedies of IDB Invest in relation to any misrepresentation or breach of warranty by the Borrower shall not be prejudiced by any investigation by or on behalf of IDB Invest into the Borrower’s affairs, by the
    execution or the performance of this Agreement, the Common Terms Agreement or any other Financing Document or by any other act or thing that may be done by or on behalf of IDB Invest or any of the Senior Creditors in connection with this Agreement, the
    Common Terms Agreement or any other Financing Document which might, apart from this Section 6.02(a) (Savings of Rights; Remedies and Waivers), prejudice such rights or remedies.

   

  (b)           No course of dealing and no failure or delay by IDB Invest in exercising, in whole or in part, any power, remedy, discretion,
    authority or other right under this Agreement or any other Financing Document shall waive or impair, or be construed to be a waiver of or an acquiescence in, such or any other power, remedy, discretion, authority or right under this Agreement, the
    Common Terms Agreement or any other Financing Document, or in any manner preclude its additional or future exercise; nor shall the action of IDB Invest with respect to any Default, or any acquiescence by it therein, affect or impair any right, power or
    remedy of IDB Invest with respect to any other Default. The rights and remedies provided in this Agreement are cumulative and not exclusive of any remedies provided by Applicable Law.

   

  Section 6.03         English Language. (a) All
    documents to be provided or communications to be given or made under this Agreement, the Common Terms Agreement or any other Financing Document shall be in English language and shall observe the terms and conditions of Section 8.02 (English Language)
    of the Common Terms Agreement.

   

  (b)           To the extent that the original version of any document to be provided, or communication to be given or made, to IDB Invest under this
    Agreement or any other Financing Document is in a language other than English, that document or communication shall, if requested by IDB Invest, be accompanied by an English translation in accordance with the terms and conditions of Section 8.02 (English

      Language) of the Common Terms Agreement.

   

  Section 6.04         Term of Agreement. This
    Agreement shall continue in force until (i) all outstanding Senior Debt Obligations then due and payable to IDB Invest, IDB and/or China Fund have been paid and dis charged in full and (ii) IDB Invest, IDB and China Fund are under no obligation to make
    any further Disbursement under this Agreement or any other Financing Document.

   

  Section 6.05         No Third Party Beneficiaries.
    The agreement of IDB Invest to make the IDB Invest Loan, the IDB Loan and the China Fund Loan to the Borrower on the terms and conditions set forth in this Agreement and the other Financing Documents is solely for the Borrower’s benefit, and no other
    Person (including any Sponsor, Shareholder, Project Party, contractor, subcontractor, supplier, workman, carrier, warehouseman or materialmen delivering labor, supplies, goods or services to or for the benefit of the Project) shall have any rights
    hereunder against IDB Invest, IDB or China Fund with respect to any of the IDB Invest Loan, IDB Loan and/or the China Fund Loan, the proceeds thereof or otherwise.

   

  
    16 

    
      
 

  

   

  Section 6.06         Disclosure of Information.
    Any disclosure of information about this Agreement or any other Transaction Document, or the assets, business, operations or affairs of the Borrower shall observe the provisions of Section 8.06 (Confidential Information) of the Common Terms
    Agreement.

   

  Section 6.07         Indemnification. The Borrower
    shall indemnify the Indemnified Persons named in Section 8.03 (Indemnity) of the Common Terms Agreement pursuant to the provisions thereof, which mutatis mutandis apply in its entirety to this Agreement.

   

  Section 6.08         Successors and Assigns. (a)
    This Agreement binds and benefits the respective successors and assignees of the parties hereto; provided, however, that the Borrower shall not assign or delegate any of its rights or obligations under this Agreement or any other
    Financing Document without IDB Invest’s prior written consent. Any assignment or delegation in violation of this subsection shall be void.

   

  (b)           Subject to Section 8.04 (Successors and Assigns) of the Common Terms Agreement, IDB Invest may, without the need of any notice
    to or consent from any party or any other action, assign, participate or otherwise allot to one or more Persons all or any portion of its rights and obligations under this Agreement, the Notes and the other Financing Documents.

   

  Section 6.09         Amendments, Waivers and Consents.
    Any amendment to, modification of, supplement to, waiver of or consent given under this Agreement shall not be effective unless (i) in writing and signed by the Borrower and IDB Invest and (ii) in accordance with the terms of the Common Terms
    Agreement, and shall be binding on the parties hereto and their respective successors and permitted assigns. Any amendment to any provision of the Common Terms Agreement that has been made in accordance with the terms of such agreement shall be deemed
    to apply to this Agreement to the extent applicable.

   

  Section 6.10         Applicable Law and Jurisdiction.
    (a) This Agreement and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement and the transactions contemplated hereby, including the validity,
    interpretation, construction, breach, enforcement or termination hereof, shall be governed by, and construed in accordance with, the law of the State of New York.

   

  (b)           For the benefit of IDB Invest, IDB and China Fund, the Borrower hereby irrevocably submits to the non-exclusive jurisdiction of any
    court 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 or in the courts of its domicile but only with respect to actions brought against it, in
    any legal action, suit or proceeding arising out of or relating to this Agreement. By the execution and delivery of this Agreement the Borrower hereby irrevocably submits to the jurisdiction of any such court and hereby irrevocably waives the benefit
    of jurisdiction derived from present or future domicile or otherwise in any such Action; provided, however, that it is expressly understood and agreed by the parties hereto that the choice of the law to govern this Agreement, the
    selection of a forum for disputes or any other provision of this Agreement does not in any way constitute or may in any way be interpreted as a waiver by any of IDB Invest, IDB or China Fund of any of its privileges or immunities granted to it under
    the Agreement Establishing the Inter-American Investment Corporation, the Agreement Establishing the Inter-American Development Bank or any Applicable Law.

   

  (c)           Nothing in this Agreement shall affect the right of IDB Invest, IDB or China Fund to commence legal proceedings or otherwise sue the
    Borrower in Brazil or in any other appropriate jurisdiction or to serve process, pleadings and other legal papers upon the Borrower in any manner authorized by the laws of any such jurisdiction.

   

  
    17 

    
      
 

  

   

  (d)           The Borrower agrees irrevocably to designate and appoint Corporation Service Company, with offices at 1180 Avenue of the Americas,
    Suite 210, New York, NY 10036-8401, or such other Pers on that IDB Invest approves in writing, as the Borrower’s authorized agent to receive on its behalf service of legal process in any Action that IDB Invest may bring in respect of this Agreement or
    any other Financing Document to which the Borrower is a party in any court specified in Section 6.10(b) (Applicable Law and Jurisdiction) above.

   

  (e)           The Borrower shall, for so long as this Agreement is in effect, maintain a duly appointed and authorized agent in the State of New
    York acceptable to IDB Invest to receive for and on its behalf service of summons, complaint or other legal process in any Action IDB Invest may bring in the State of New York in respect of this Agreement or any other Financing Document to which the
    Borrower is a party and shall keep IDB Invest advised of the identity and location of such agent.

   

  (f)            The Borrower further irrevocably consents that, if for any reason the Borrower has no authorized agent for service of process in the
    State of New York, then service of process may be made out of the courts referred to in Section 6.10(b) (Applicable Law and Jurisdiction) by mailing copies thereof by registered U.S.A. mail to the Borrower at its address specified in
    Section 8.01 (Notices) of the Common Terms Agreement or in any other manner authorized by the laws of Brazil. IDB Invest shall also send the Borrower by e-mail a copy of any such process.

   

  (g)           To the extent now or hereafter permitted under the laws of Brazil, service of process in the manner provided in this Section 6.10
    (Applicable Law and Jurisdiction) in any action shall be deemed personal service, accepted by the Borrower as such, and shall be valid and binding upon the Borrower for all the purposes of any such action.

   

  (h)           The Borrower irrevocably waives, to the fullest extent permitted by Applicable Law:

   

  (i)          any objection that it may now or hereafter have to the laying of venue of any Action brought in any court referred to in this
    Section 6.10 (Applicable Law and Jurisdiction);

   

  (ii)         any claim that any such Action brought in any such court has been brought in an inconvenient forum; and

   

  (iii)        its right of removal of any matter commenced by IDB Invest in the courts of the State of New York to any federal court of the
    United States of America.

   

  (i)            To the extent that the Borrower may, in any Action brought in any of the courts referred to in Section 6.10(b) (Applicable
      Law and Jurisdiction), a court of Brazil or elsewhere arising out of or in connection with this Agreement, the Notes or any other Financing Document to which it is a party, be entitled to the benefit of any provision of law requiring IDB Invest
    in such Action to post security for the Borrower’s costs or to post a bond or to take similar action, the Borrower hereby irrevocably waives such benefit to the fullest extent now or hereafter permitted under the Applicable Law of the jurisdiction in
    which such court is located.

   

  (j)            To the extent that the Borrower may be entitled in any jurisdiction to claim immunity for itself or its Property from any Action,
    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 Property, 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.

   

  
    18 

    
      
 

  

   

  (k)           No claim shall be made by the Borrower against any of IDB Invest, IDB or China Fund or any of its respective Affiliates, directors,
    employees, attorneys or agents for any special, indirect, consequential or punitive damages (whether or not the claim for such damages is based on contract, tort or duty imposed by law), in connection with, arising out of or in any way related to the
    transactions contemplated by this Agreement or the other Transaction Documents or any act or omission or event occurring in connection with such documents. The Borrower hereby waives, releases and agrees not to sue upon any such claim for any such
    damages, whether or not accrued and whether or not known or suspected to exist in its favor.

   

  (l)            The parties have participated jointly in the negotiation and drafting of this Agreement and the other Financing Documents. If an
    ambiguity or question of intent or interpretation arises, this Agreement and the other Financing Documents shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or dis favoring any party by
    virtue of the authorship of any provisions of any Financing Document or the relative bargaining power of the parties.

   

  Section 6.11         Waiver of Jury Trial. (a) TO
    THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY IN ANY ACTION RELATING TO THIS AGREEMENT OR ANY OTHER FINANCING DOCUMENT TO WHICH THE BORROWER IS A
    PARTY OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, AND FOR ANY COUNTERCLAIM THEREON, BROUGHT BY OR AGAINST IDB INVEST OR IDB IN ANY FORUM.

   

  (b)           THE BORROWER HEREBY ACKNOWLEDGES THAT IDB INVEST AND IDB SHALL BE ENTITLED UNDER APPLICABLE LAW, INCLUDING THE INTERNATIONAL
    ORGANIZATIONS IMMUNITIES ACT OF 1945 (22 U.S.C. §288) OF THE UNITED STATES AND THE REGULATIONS ISSUED THEREUNDER, TO IMMUNITY FROM A TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT OR THE
    TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, BROUGHT AGAINST IDB INVEST OR IDB IN ANY COURT OF THE UNITED

    STATES OF AMERICA.

   

  Section 6.12         Severability. Any provision
    hereof that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof and without affecting the validity
    or enforceability of such provision in any other jurisdiction. Where terms of any Applicable Law resulting in such prohibition or unenforceability may be waived, they are waived by the parties hereto to the full extent permitted by law so that this
    Agreement may be deemed valid, binding and enforceable in accordance with its terms.

   

  Section 6.13         Counterparts. This Agreement
    may be executed in several counterparts, each of which is an original, and all of which together shall constitute one and the same agreement. Delivery of an executed counterpart to this Agreement by fac simile transmission or “.pdf” electronic format
    shall be as effective as delivery of a manually signed original.

   

  Section 6.14         Translation and Registration.
    The Borrower shall provide for the sworn translation of this Agreement into Portuguese and the registration of this Agreement and such sworn translation with the competent Authority in Brazil and shall provide IDB Invest with an original version of
    this Agreement and its sworn translation into Portuguese duly registered within sixty-five (65) days after the Closing Date.

   

  
    19 

    
      
 

  

   

  Section 6.15         Appointment of IDB Invest Facility
        Senior Lender Representative. Each of IDB Invest, IDB and China Fund hereby appoint IDB Invest to act as the IDB Invest Facility Senior Lender Representative in respect of the IDB Invest Facility and to perform such role and function as
    described in the Transaction Documents.

   

  (Signature pages follow)

   

  
    20 

    
      
 

  

   

  IN WITNESS WHEREOF, the parties, acting through their duly Authorized Representatives, have caused this Agreement to be signed in their
    respective names, on the date first above written.

   

  

  	 	CELSE — CENTRAIS ELÉTRICAS DE SERGIPE S.A.,
	 	as Borrower
	 	 	 
	 	By:	/s/ Eduardo Maranhão 
	 	Name:	Eduardo Maranhão
	 	Title:	Diretor Presidente
	 	 	 
	 	By:	/s/ Ricardo Assef 
	 	Name:	Ricardo Assef
	 	Title:	Diretor Financeiro
	 	 	 
	 	Witnesses:
	 	 	 
	 	By:	/s/ Juciano Brotto 
	 	Name:	Juciano Brotto
	 	CPF:	015.461.995-78
	 	 	 
	 	By:	/s/ Eduardo Seiji Aguilera Neto 
	 	Name:	Eduardo Seiji Aguilera Neto
	 	CPF:	35028182-8 SSP/SP
	 	 	402.234.488-18

   

  

  Signature Page to IDB Invest Loan Agreement

   

  
    21 

    
      
 

  

   

  

  	 	INTER-AMERICAN INVESTMENT CORPORATION,
	 	as Lender of the IDB Invest Loan
	 	 	 
	 	By:	/s/ Hugo Flórez Timorán 
	 	Name:	Hugo Flórez Timorán
	 	Title:	Representante do BID no Brasil

   

  Signature Page to IDB Invest Loan Agreement

   

  
    22 

    
      
 

  

   

  

  	 	INTER-AMERICAN INVESTMENT CORPORATION,
	 	as agent acting on behalf of the
	 	INTER-AMERICAN DEVELOPMENT BANK,
	 	as lender of the IDB Loan
	 	 	 
	 	By:	/s/ Hugo Flórez Timorán 
	 	Name:	Hugo Flórez Timorán
	 	Title:	Representante do BID no Brasil

   

  Signature Page to IDB Invest Loan Agreement

   

  
    23 

    
      
 

  

   

  

  	 	INTER-AMERICAN INVESTMENT CORPORATION,
	 	as agent acting on behalf of the
	 	INTER-AMERICAN DEVELOPMENT BANK,
	 	
          in its capacity as administrator of the CHINA CO-FINANCING FUND FOR LATIN AMERICA AND THE CARIBBEAN 

            

          as lender of the China Fund Loan

        
	 	 	 
	 	By:	/s/ Hugo Flórez Timorán 
	 	Name:	Hugo Flórez Timorán
	 	Title:	Representante do BID no Brasil

   

  Signature Page to IDB Invest Loan Agreement

   

  
    24 

    
      
 

  

  
   

  Schedule 1

    to

    Loan Agreement

   

  LOAN REPAYMENT SCHEDULE

   

  	Principal Repayment Date	% of the Notional Reais Principal

              Amount Due
	October 15, 2020	0.5000%
	April 15, 2021	3.6500%
	October 15, 2021	1.9950%
	April 15, 2022	3.6125%
	October 15, 2022	0.8250%
	April 15, 2023	4.5500%
	October 15, 2023	3.1800%
	April 15, 2024	3.4500%
	October 15, 2024	2.9500%
	April 15, 2025	4.2000%
	October 15, 2025	4.0250%
	April 15, 2026	4.6000%
	October 15, 2026	4.7500%
	April 15, 2027	4.4650%
	October 15, 2027	5.7000%
	April 15, 2028	5.9500%
	October 15, 2028	5.8500%
	April 15, 2029	7.1750%
	October 15, 2029	5.8900%
	April 15, 2030	7.4250%
	October 15, 2030	3.8143%
	April 15, 2031	3.8143%
	October 15, 2031	3.8143%
	April 15, 2032	3.8146%
	TOTAL	100%

   

  
    Schedule 1-1 

    
      
 

  

  
   

  Schedule 2

    to

    Loan Agreement

   

  AMOUNT OF PAYMENTS UNDER THE IDB LOAN

   

  UPON THE OCCURRENCE OF AN IDB LOAN MARKET DISRUPTION EVENT

   

  Upon the occurrence of an IDB Loan Market Disruption Event, the amount of interest payable in connection with a Disbursement of the IDB Loan on each Interest Payment
    Date shall be calculated according to the following:

   

   

   

  Total interest amount due on each Interest Payment Date:

   

   

   

  Where,

   

  SAj,z means the outstanding amount in Reais for jth IDB Invest Facility Interest Period of Disbursement “z”;

   

  j means the relevant IDB Invest Facility Interest Period;

   

  i means the relevant Calculation Day;

   

  nCDj,z means the number of Calculation Days in the jth Reference Period in relation to the Disbursement “z”;

   

  CDI means, on the relevant Reset Date, the CDI Rate published on the fifth (5th) Reset Date prior to such Reset Date;

   

  CDIi means the CDI Rate for the ith Reset Date;

   

  DIi means the CDI Rate daily factor relative to the date “i”;

   

  IAj,z means the interest amount in Reais on each IDB Loan Interest Payment Date
    for period “j” in respect of a SAj,z;

   

  TIj means the total interest amount in Reais to be paid by the Borrower on each
    IDB Loan Interest Payment Date for period “j”;

   

  
    Schedule 2-1 

    
      
 

  

   

  n means the total number of Disbursements that have occurred until the time of the payments due under the Loan;

   

  Sz means the applicable spread daily factor for Disbursement “z” of the Loan.

   

   

  Schedule 2-2

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