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1、LOAN AGGREEMEENTbetweeenTHE EUUROPEAAN COMMMUNITTYas LennderandTHE REEPUBLIIC OF LATVIIAas BorrrowerrTHE BANNK OF LATVIIAas Agennt to the BBorrowwerEUR 3 100 0000 0000_ Januaary 20009This Looan Aggreemeent (tthe AAgreemment) is mmade bby andd betwweenthe Eurropeann Commmunityy (herreinaffter rreferr
2、red too as tthe EEC orr the Lendder), reprresentted byy the Commiissionn of tthe Euuropeaan Commmunitties (hereiinafteer refferredd to aas thee Commmissiion), andthe Reppublicc of Laatvia (hereeinaftter reeferreed to as LLatviaa or the Borroower), reppresennted bby thee Miniister of Fiinancee, Mr At
3、is Slaktteris,andthe Bannk of Latviia actting aas Ageent onn behaalf off the Borroower (hereiinafteer refferredd to aas thee Borrrowerrs Aggent), reppresennted bby thee Goveernor of thhe Bannk of Latviia, Mrr Ilmrss Rimviss.PreamblleWhereass: (1) Councill Reguulatioon (ECC) No 332/22002 oof 18 Febru
4、uary 22002 eestabllishinng a ffaciliity prrovidiing meedium-term finanncial assisstancee for Membeer Staates balannces oof payymentss (OJ L 53, 23.22.20022, p. 1) emmpowerred thhe Commmissiion onn behaalf off the EC too conttract borroowingss on tthe caapitall markkets oor witth finnanciaal insstitu
5、ttions with the aaim too grannt loaans too one or moore Meember Statees whiich arre expperienncing, or tthreattened with, diffficultties iin theeir baalancee of ccurrennt payymentss or ccapitaal movvementts; (2) Latvia has rrequessted mediuum-terrm finnanciaal asssistannce;(3) The Couuncil, by iits
6、Deecisioon 5255/09 off 20 Jannuary 2009 (herreinaffter rreferrred too as tthe DDecisiion) decidded too grannt Lattvia uunder Regullationn (EC) No 3332/20002 a loan amounnting to a maximmum off EUR 3 1000 000 000 wwith aa maxiimum aaveragge matturityy of sseven yearss. Thee loann shalll be made avail
7、lable in maaximumm six instaalmentts;(4) The loaan is grantted inn conjjunctiion wiith a loan from the IInternnationnal Moonetarry Funnd of SDR 11.5 billiion (aaroundd EUR 1.7 billiion) uunder a Staand-byy arraangemeent appproveed on 23 Deecembeer 20008. Inn addiition, the Noordic counttries (Swedde
8、n, DDenmarrk, Fiinlandd, Norwway annd Esttonia) are to coontribbute EEUR 1.9 billlion togetther, the WWorld Bank EUR 00.4 biillionn, thee Euroopean Bank for Reeconsttructiion annd Devvelopmment, the CCzech Repubblic aand Pooland a tottal off EUR 0.4 bbillioon, brringinng thee totaal asssistannce too
9、 EUR 7.5 bbillioon oveer thee periiod too the firstt quarrter oof 20111;(5) The loaan is linkeed to econoomic ppolicyy meassures desiggned tto suppport Latviias bbalancce of paymeents ssustaiinabillity aas detterminned inn Artiicles 2 and 3 of thhe Deccisionn;(6) The ecoonomicc poliicy coonditiions
10、tto be respeected by Laatvia are llaid ddown iin thee Memooranduum of Underrstandding ssignedd on _ Jaanuaryy 2009 betwween tthe Coommisssion aand Laatvia and tthe Baank off Latvvia annd in subseequentt (Suppplemeental) Memoorandaa of UUndersstandiing, iif anyy (herreinaffter rreferrred too colllect
11、ivvely aas Meemoranndum oof Undderstaandingg);(7) The firrst innstalmment sshall be reeleaseed subbject to thhe enttry innto foorce oof thee Memooranduum of Underrstandding aand thhis Looan Aggreemeent, aas welll as basedd on tthe Laatviann authhoritiies eeconommic sttabiliisatioon proogrammme (EEco
12、nommic sttabiliisatioon andd growwth reevivall proggrammee) annd ameended budgeet forr 20099, botth adoopted by thhe Lattvian Parliiamentt on 112 Deccemberr 20088;(8) The rellease of innstalmments subseequentt to tthe fiirst oone iss condditionnal uppon thhe Commmissiion deecidinng favvourabbly, aaf
13、ter consuultatiion wiith thhe Ecoonomicc and Finanncial Commiittee, on tthe baasis oof thee finddings of itts verrificaation that the eeconommic poolicy of Laatvia accorrds wiith thhe adjjustmeent orr backk-up pprograamme oor anyy otheer connditioons laaid doown byy the Counccil orr in tthe Meemoran
14、ndum oof Undderstaandingg; (9) The Commmissiion wiill laaunch in duue couurse, on beehalf of thhe EC and aafter writtten aggreemeent byy the Borroower oon thee mainn termms as set oout heereinaafter, bondd issuues orr any otherr apprropriaate fiinanciial trransacctionss for the pprinciipal aamountt
15、in TTranchhes, tthe prroceedds of whichh shalll be on-leent too the Borroower; (10) The conntractts rellatingg to tthe boond isssue oor to any oother approopriatte finnanciaal traansacttion, incluuding a posssiblee inteerest rate swap, willl consstitutte an integgral ppart oof thiis Agrreemennt as p
16、roviided hhereinnafterr;(11) The Eurropeann Centtral BBank sshall be accting ass an aagent to thhe Lennder (hereiinafteer refferredd to aas thee Lennderss Agennt);(12) Approprriate measuures rrelateed to the pprevenntion of, aand thhe figght aggainstt frauud, coorrupttion aand otther iirreguularitti
17、es aaffectting tthe asssistaance sshall be prrovideed forr by tthe auuthoriities of thhe Borrrowerr;(13) The Commmissiion, iincludding tthe Annti-Frraud OOfficee, shaall haave thhe rigght too perfform oon-thee-spott checcks annd insspectiions, and tthe Coourt oof Audditorss the rightt to ccarry out
18、aauditss, wheere appproprriate, on tthe sppot.Now, thherefoore, tthe paartiess hereeto haave aggreed as foollowss:Articlee 1 Loan Amounnt 1.The Lendeer willl makke avaailablle to the BBorrowwer a loan of a totall prinncipall amouunt off up tto EURR3 1000 0000 000 (threee billlion, one hundrred miill
19、ionn) in maximmum siix instaalmentts (eaach heereinaafter referrred tto as “Insttalmennt”, ccollecctivelly alll suchh Insttalmennts heereinaafter referrred tto as the Loan), subbject to thhe terrms annd connditioons deefinedd in tthe Deecisioon, inn the Memorrandumm of UUndersstandiing annd in this
20、Agreeement.2.The princcipal amounnt of the ffirst Instaalmentt amouunts tto EUR 1000 0000 0000 (one billiion). Thee prinncipall amouunt off any subseequentt Insttalmennt shaall bee laidd downn in tthe Meemoranndum oof Undderstaandingg in aaccorddance with Articcle 3 of thhe Deccisionn. 3.An IInstall
21、ment may cconsisst of one oor sevveral trancches (hereiinafteer refferredd to aas “Trranchee(s)”). Articlee 2 Maturrity 1.The Averaage Maaturitty of the LLoan sshall not eexceedd seveen yeaars. IIt is calcuulatedd on tthe baasis oof thee Disbbursemment DDates of thhe resspectiive Trranchees usiing t
22、hhe forrmulaee indiicatedd in pparagrraph 33. 2.The Averaage Maaturitty of the TTranchhes off an IInstallment shalll be sset soo thatt the Averaage Maaturitty of the LLoan sshall be, aat anyy momeent, in lline wwith pparagrraph 11.3.In oorder to caalculaate thhe Aveerage Maturritiess refeerred to in
23、n paraagraphhs 1 aand 2, the folloowing formuulae wwill bbe useed:Averagee Matuurity of a Trancche iss the periood of time betweeen thhe Dissburseement Date of thhe resspectiive Trranchee and the wweightted avveragee of iits caapitall reimmburseementss. If R1, R2. Rn are the capittal reeimburrsemenn
24、ts att timees t1, t2, . tn fromm the Disbuursemeent Daate, tthe Avveragee Matuurity of thhe Traanche equalls Averagee Matuurity of thhe Loaan is the wweightted avveragee of tthe Avveragee Matuurity of thhe Traanchess whicch connstituute thhe Loaan at any mmomentt. If M1, M2, . Mm is tthe Avveragee M
25、atuurity of Trranchees whiich ammounteed to A1, A2 . Am thenn the Averaage Maaturitty of the LLoan eequalss Articlee 3 Drawddown, Net DDisburrsemennt Amoount aand Coonditiions PPreceddent1.Oncee the Lendeer hass deciided tto rellease an Innstalmment iin acccordannce wiith thhe Deccisionn and the MMe
26、moraandum of Unndersttandinng, thhe Borrrowerr may requeest too the Lendeer in writiing inn the form of Annnex 11 an IInstallment or a Trancche off it, if thhe Insstalmeent coonsistts of more than one TTranchhes, aand shhall pproposse andd pre-acceppt, affter cconsulltatioon of the LLenderr, thee si
27、zee, matturityy, maxximum interrest rrate aand whhetherr fixeed or variaable, minimmum neet prooceedss and otherr charracterristiccs of it, aaccepttable to thhe Borrrowerr (herreinaffter tthe RRequesst forr Fundds). The rrefereence tto a TTranchhe in this Agreeement shalll be uundersstood to meean a
28、nn Insttalmennt if the llatterr conssists of onnly onne Traanche.2.Withhin thhe chaaracteeristiics reequestted byy the Borroower iin thee Requuest ffor Fuunds, the LLenderr shalll traansmitt to tthe Boorroweer a nnoticee in tthe foorm off Anneex 2 ssettinng outt the main finanncial termss of tthe re
29、equestted Trranchee (herreinaffter tthe “AAccepttance Noticce”). Once the LLenderr has serveed an Accepptancee Notiice reelatinng to the RRequesst forr Fundds, thhere sshall, fromm the momennt succh Accceptannce Nootice is seerved, be aa bindding ccontraact beetweenn the Lendeer andd the Borroower.
30、Neverrtheleess, tthe Leenders oblligatiion too makee a Trranchee avaiilablee shalll be condiitionaal upoon it obtaiining the ccorresspondiing fuunds ffrom tthe innternaationaal cappital markeets. TThe Leender shalll launnch, oon behhalf oof thee EC, a bonnd isssue orr any otherr apprropriaate fiinan
31、ciial trransacction for tthe fuundingg of tthe ammount of thhe Traanche (the “Finaanciall Trannsactiion”). 3.Oncee the Finanncial Transsactioon is execuuted, the RRequesst forr Fundds, thhe Accceptannce Nootice and ccopiess of tthe coontraccts(s) relaating to eaach Fiinanciial Trransacction (hereein
32、aftter reeferreed to as thhe “Boorrowiing Coontraccts”), shalll coonstittute aa finaance ccontraact (hhereinnafterr refeerred to ass the “Finaance CContraact”) betweeen thhe Lennder aand thhe Borrrowerr and form an inntegraal parrt of this Agreeement. 4.The net pproceeeds off the Trancche shhall bbe
33、 equual too the proceeeds oof thee Finaanciall Trannsactiion leess thhe agggregatte amoount oof thee commmissioons annd cossts reelatedd to ssuch FFinanccial TTransaactionn and to thhe preeparattion aand exxecutiion off the Finanncial Transsactioon. Inn addiition, costts refferredd to iin Artticle 7
34、, paaragraaph 6, shalll alsso be deduccted ffrom tthe neet prooceedss, ressultinng to the aamountt to bbe dissburseed to the BBorrowwer (hhereinnafterr refeerred to ass the Net Disbuursemeent Ammount).5.The Net DDisburrsemennt Amoount oof thee Trannche sshall be trransfeerred by thhe Lennderss Agenn
35、t on the ddate wwhen rreceivved (tthe DDisburrsemennt Datte) tto thee euroo accoount oof thee Borrrowers Ageent inn TARGGET2, TARGEET2 particcipantts SWWIFT-BBIC: LLACBLVV2X, TARGGET2 aaccounnt hollder SSWIFT-BIC: LACBLLV2X, Ref.: EC Baalancee of PPaymennts Asssistaance tto Lattvia, or to suuch otth
36、er eeuro-aaccounnt as the BBorrowwers Agentt shalll advvise iin wriiting to thhe Lennderss Agennt witth a ccopy aaddresssed tto thee Borrrower at thhe lattest ttwo Workiing Daays prrior tto thee Disbbursemment DDate.6.The Lendeers oobligaation to trransfeer thee Net Disbuursemeent Ammount to thhe Bo
37、rrrowerr withh resppect tto thee firsst Traanche of thhe firrst Innstalmment sshall be suubjectt to:(1)thhe Lennder hhavingg receeived a leggal oppinionn satiisfacttory tto thee Lendder giiven bby thee Miniister of Juusticee of tthe Boorroweer, inn the form set oout inn Annnex 3.Such legall opinnion
38、 sshall be daated nnot laater tthan tthe daate off the Requeest foor Funnds.The Borroower uunderttakes to innform the LLenderr immeediateely iff, bettween the ddate oof thee legaal opiinion and tthe Diisburssementt Datee, anyy evennt occcurs tthat wwould rendeer inccorrecct anyy stattementt madee in
39、 tthe leegal oopinioon;(2)thhe Lennder hhavingg receeived from the MMinistter off Finaance oof thee Borrrower an offficiaal doccumentt indiicatinng thee perssons aauthorrised to siign thhe Reqquestss for Fundss and thus validdly coommit the BBorrowwer inn the Finannce Coontraccts annd conntainiing t
40、hhe speecimenn signnaturees of thesee perssons;(3)thhe Lennder oon thee one hand and aa bankk or aa synddicatee of bbanks on thhe othher haand haaving signeed thee Borrrowingg Conttractss and the LLenderrs Aggent hhavingg receeived on thhe Dissburseement Date the nnet prroceedds of the FFinanccial T
41、Transaactionn fromm saidd bankk or ssyndiccate oof bannks;(4)noo mateerial adverrse chhange havinng occcurredd suchh as wwould, in tthe oppinionn of tthe Leender, afteer connsultaation with the BBorrowwer, bbe likkely tto preejudicce matteriallly thhe abiility of thhe Borrrowerr to ffulfill its paym
42、eent obbligattions underr thiss Agreeementt, i.ee. to serviice thhe Traanche to bee fundded annd to repayy the Trannche.7.The Lendeers oobligaation to trransfeer thee Net Disbuursemeent Ammount of anny subbsequeent Trranchee to tthe Boorroweer shaall bee subjject tto:(1)thhe Borrrowerr undeertakiing
43、 too infoorm thhe Lennder iimmediiatelyy if aany evvent ooccurss thatt woulld rennder iincorrrect aany sttatemeent maade inn the legall opinnion rreceivved byy the Lendeer undder paaragraaph 6(1) off thiss Artiicle;(2)thhe Lennder oon thee one hand and aa bankk or aa synddicatee of bbanks on thhe ot
44、hher haand haaving signeed thee Borrrowingg Conttractss and the LLenderrs Aggent hhavingg receeived on thhe Dissburseement Date the nnet prroceedds of the FFinanccial TTransaactionn fromm saidd bankk or ssyndiccate oof bannks;(3)noo mateerial adverrse chhange havinng occcurredd suchh as wwould, in t
45、the oppinionn of tthe Leender, afteer connsultaation with the BBorrowwer, bbe likkely tto preejudicce matteriallly thhe abiility of thhe Borrrowerr to ffulfill its paymeent obbligattions underr thiss Agreeementt, i.ee. to serviice thhe Traanche to bee fundded annd to repayy the Trancche. 8.The disbu
46、ursemeent off a Trranchee shalll undder noo circcumstaances commiit anyy of tthe paartiess to pproceeed witth thee lendding aand boorrowiing off any furthher Trranchee. Thhe Borrrowerr shalll reqquest any ffurtheer Traanche from the LLenderr in aaccorddance with this Articcle. TThe Leender will then
47、 launcch thee procceduree set out iin thiis Artticle. 9.The Borroowerss righht to requeest anny Traanche underr thiss Agreeementt expiires oon 20Januaary 20012.Articlee 4 Underrtakinngs1.Eachh Trannche oof thee Loann shalll connstituute ann unseecuredd, dirrect, unconnditioonal aand geenerall obliigatioon of the BBorrowwer annd willl rannk at leastt parii passsu witth alll otheer pr