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1、LOAN AGREEEMENNTbetwweenTHE EUROOPEANN COMMMUNIITYas LLendeerandTHE REPUUBLICC OF LATVVIAas BBorroowerTHE BBANK OF LLATVIIAas Aggent to tthe BBorroowerEUR 3 1000 0000 0000_ Januuary 20099This Loann Agrreemeent (the Agrreemeent) is madee by and betwweenthe EEuroppean Commmunitty (hhereiinaftter rrefe

2、rrred to aas thhe EEC oor thhe LLendeer), reppreseentedd by the Commmissiion oof thhe Euuropeean CCommuunitiies (hereeinaffter refeerredd to as tthe Commmissiion), andthe RRepubblic of LLatviia (hhereiinaftter rreferrred to aas LLatviia oor thhe BBorroower), rrepreesentted bby thhe Miinistter oof Fi

3、inancce, MMr Atiss Slaakterris,andthe BBank of LLatviia acctingg as Agennt onn behhalf of tthe BBorroower (herreinaafterr refferreed too as the Borrroweers Agennt), rrepreesentted bby thhe Goovernnor oof thhe Baank oof Laatviaa, Mrr Ilmrrs Riimvvis.PreammbleWhereeas: Counccil RRegullatioon (EEC) NNo

4、 3332/20002 oof 188 Febbruarry 20002 eestabblishhing a faaciliity pproviidingg meddium-termm finnanciial aassisstancce foor Meemberr Staates ballancees off payymentts (OOJ L 53, 23.22.20002, pp. 1) emppowerred tthe CCommiissioon onn behhalf of tthe EEC too conntracct boorrowwingss on the capiital ma

5、rkkets or wwith finaanciaal innstittutioons wwith the aim to ggrantt loaans tto onne orr morre Meemberr Staates whicch arre exxperiienciing, or tthreaateneed wiith, diffficulltiess in theiir baalancce off currrentt payymentts orr cappitall movvemennts; Latviia haas reequessted meddium-termm finnanci

6、ial aassisstancce;The CCounccil, by iits DDecission 52555/09 of 20 Jaanuarry 20009 (heereinnafteer reeferrred tto ass thee Deecisiion) deccidedd to grannt Laatviaa undder RRegullatioon (EEC) NNo 3332/20002 aa loaan ammountting to aa maxximumm of EUR 3 1000 0000 0000 wiith aa maxximumm aveeragee matt

7、uritty off sevven yyearss. Thhe looan sshalll be madee avaailabble iin maaximuum siix insttalmeents;The lloan is ggrantted iin coonjunnctioon wiith aa loaan frrom tthe IInterrnatiionall Monnetarry Fuund oof SDDR 1.5 billlion (aroound EUR 1.7 billlion) undder aa Staand-bby arrranggemennt appprovved o

8、on 233 Deccembeer 20008. In aaddittion, the NNordiic coountrries (Sweeden, Dennmarkk, Fiinlannd, Norrway and Estoonia) aree to conttribuute EEUR 11.9 bbilliion ttogetther, thee Worrld BBank EUR 0.4 bbilliion, the Euroopeann Bannk foor Reeconsstrucctionn andd Devveloppmentt, thhe Czzech Repuublicc an

9、dd Polland a tootal of EEUR 00.4 bbilliion, brinngingg thee tottal aassisstancce too EURR 7.55 billlionn oveer thhe peeriodd to the firsst quuarteer off 20111;The lloan is llinkeed too ecoonomiic poolicyy meaasurees deesignned tto suupporrt Laatviaas bbalannce oof paaymennts ssustaainabbilitty ass d

10、ettermiined in AArticcles 2 and 3 of tthe DDecission;The eeconoomic poliicy ccondiitionns too be resppecteed byy Lattvia are laidd dowwn inn thee Memmoranndum of UUnderrstanndingg siggned on _ JJanuaary 22009 bettweenn thee Commmisssion and Latvvia aand tthe BBank of LLatviia annd inn subbsequuent (

11、Suppplemmentaal) MMemorrandaa of Undeerstaandinng, iif anny (hhereiinaftter rreferrred to ccolleectivvely as Memooranddum oof Unndersstandding);The ffirstt insstalmment shalll bee relleaseed suubjecct too thee enttry iinto forcce off thee Memmoranndum of UUnderrstanndingg andd thiis Looan AAgreeemen

12、tt, ass welll ass bassed oon thhe Laatviaan auuthorritiees eeconoomic stabbilissatioon prrograamme (Ecconommic sstabiilisaationn andd groowth reviival proggrammme) and amennded budgget ffor 22009, botth addopteed byy thee Lattviann Parrliamment on 112 Deecembber 22008;The rreleaase oof innstallmentt

13、s suubseqquentt to the firsst onne iss connditiionall upoon thhe Coommisssionn deccidinng faavourrablyy, affter conssultaationn witth thhe Ecconommic aand FFinannciall Commmitttee, on tthe bbasiss of the finddingss of its veriificaationn thaat thhe ecconommic ppoliccy off Lattvia accoords withh thee

14、 adjjustmment or bback-up pprogrrammee or any otheer coondittionss laiid doown bby thhe Coounciil orr in the Memooranddum oof Unndersstandding; The CCommiissioon wiill llauncch inn duee couurse, on behaalf oof thhe ECC andd aftter wwrittten aagreeementt by the Borrrowerr on the mainn terrms aas seet

15、 ouut heereinnafteer, bbond issuues oor anny otther apprropriiate finaanciaal trransaactioons ffor tthe pprinccipall amoount in TTrancches, thee prooceedds off whiich sshalll be on-llent to tthe BBorroower; The ccontrractss rellatinng too thee bonnd isssue or tto anny otther apprropriiate finaanciaa

16、l trransaactioon, iincluudingg a ppossiible inteerestt ratte swwap, willl connstittute an iinteggral partt of thiss Agrreemeent aas prrovidded hhereiinaftter;The EEuroppean Centtral Bankk shaall bbe acctingg as an aagentt to the Lendder (hereeinaffter refeerredd to as tthe Lendderss Ageent);Approopr

17、iaate mmeasuures relaated to tthe ppreveentioon off, annd thhe fiight agaiinst frauud, ccorruuptioon annd otther irreegulaaritiies aaffecctingg thee asssistaance shalll bee proovideed foor byy thee autthoriitiess of the Borrrowerr;The CCommiissioon, iincluudingg thee Antti-Frraud Offiice, shalll haa

18、ve tthe rrightt to perfform on-tthe-sspot checcks aand iinspeectioons, and the Courrt off Audditorrs thhe riight to ccarryy outt auddits, wheere aapproopriaate, on tthe sspot.Now, therreforre, tthe ppartiies hheretto haave aagreeed ass folllowss:Articcle 11 LLoan Amouunt 1.Thhe Leenderr willl maake

19、aavaillablee to the Borrrowerr a lloan of aa tottal pprinccipall amoount of uup too EURR3 1100 0000 0000 (threee biillioon, oone hhundrred mmilliion) in mmaximmum ssix insttalmeents (eacch heereinnafteer reeferrred tto ass “Innstallmentt”, ccolleectivvely all suchh Insstalmmentss herreinaafterr reff

20、erreed too as the Loaan), subbjectt to the termms annd coondittionss deffinedd in the Deciisionn, inn thee Memmoranndum of UUnderrstanndingg andd in thiss Agrreemeent.2.Thhe prrinciipal amouunt oof thhe fiirst Insttalmeent aamounnts tto EUR 10000 0000 0000 (onee billlionn). Thhe prrinciipal amouunt

21、oof anny suubseqquentt Insstalmment shalll bee laiid doown iin thhe Meemoraandumm of Undeerstaandinng inn acccordaance withh Artticlee 3 of tthe DDecission. 3.Ann Insstalmment may conssist of oone oor seeveraal trranchhes (hereeinaffter refeerredd to as “Trannche(s)”). Articcle 22 MMaturrity 1.Thhe

22、Avveragge Maaturiity oof thhe Looan sshalll nott excceed seveen yeears. It is ccalcuulateed onn thee bassis oof thhe Diisburrsemeent DDatess of the resppectiive TTrancches usinng thhe foormullae iindiccatedd in paraagrapph 3. 2.Thhe Avveragge Maaturiity oof thhe Trranchhes oof ann Insstalmment shall

23、l bee sett so thatt thee Aveeragee Matturitty off thee Loaan shhall be, at aany mmomennt, in linee witth paaragrraph 1.3.Inn ordder tto caalcullate the Averrage Matuuritiies rreferrred to iin paaragrraphss 1 aand 22, thhe foollowwing formmulaee willl bee useed:Averaage MMaturrity of aa Traanchee is

24、the periiod oof tiime bbetweeen tthe DDisbuursemment Datee of the resppectiive TTrancche aand tthe wweighhted averrage of iits ccapittal rreimbburseementts. IIf R1, R2. Rn aree thee capiital reimmburssemennts aat tiimes t1, t2, . tn froom thhe Diisburrsemeent DDate, thee Aveeragee Matturitty off the

25、e Traanchee equuals Averaage MMaturrity of tthe LLoan is tthe wweighhted averrage of tthe AAveraage MMaturrity of tthe TTrancches whicch coonstiitutee thee Loaan att anyy momment. If M1, M2, . Mmm is the Averrage Matuurityy of Trannchess whiich aamounnted to AA1, A2 . Am theen thhe Avveragge Maaturi

26、ity oof thhe Looan eequalls Articcle 33 DDrawddown, Nett Dissburssemennt Ammountt andd Connditiions Preccedennt1.Onnce tthe LLendeer haas deecideed too relleasee an Insttalmeent iin acccorddancee witth thhe Deecisiion aand tthe MMemorranduum off Unddersttandiing, the Borrrowerr mayy reqquestt to the

27、 Lendder iin wrritinng inn thee forrm off Annnex 11 an Insttalmeent oor a Trannche of iit, iif thhe Innstallmentt connsistts off morre thhan oone TTrancches, andd shaall ppropoose aand ppre-aacceppt, aafterr connsulttatioon off thee Lennder, thee sizze, mmaturrity, maxximumm intteresst raate aand ww

28、hethher ffixedd or variiablee, miinimuum neet prroceeeds aand ootherr chaaractterissticss of it, acceeptabble tto thhe Boorrowwer (hereeinaffter the Reqquestt forr Funnds). Thhe reefereence to aa Traanchee in thiss Agrreemeent sshalll be undeerstoood tto meean aan Innstallmentt if the lattter cconsi

29、ists of oonly one Trannche.2.Wiithinn thee chaaractterissticss reqquestted bby thhe Boorrowwer iin thhe Reequesst foor Fuunds, thee Lennder shalll trransmmit tto thhe Boorrowwer aa nottice in tthe fform of AAnnexx 2 ssettiing oout tthe mmain finaanciaal teerms of tthe rrequeestedd Traanchee (heerein

30、nafteer thhe “AAccepptancce Nooticee”). Oncee thee Lennder has servved aan Acccepttancee Nottice relaatingg to the Requuest for Fundds, ttheree shaall, fromm thee momment suchh Accceptaance Notiice iis seervedd, bee a bbindiing ccontrract betwween the Lendder aand tthe BBorroower. Nevverthhelesss, t

31、the LLendeers obliigatiion tto maake aa Traanchee avaailabble sshalll be condditioonal uponn it obtaaininng thhe coorresspondding fundds frrom tthe iinterrnatiionall cappitall marrketss. Thhe Leenderr shaall llauncch, oon beehalff of the EC, a boond iissuee or any otheer appproppriatte fiinanccial t

32、rannsacttion for the fundding of tthe aamounnt off thee Traanchee (thhe “FFinannciall Traansacctionn”). 3.Onnce tthe FFinannciall Traansacctionn is execcutedd, thhe Reequesst foor Fuunds, thee Accceptaance Notiice aand ccopiees off thee conntraccts(ss) reelatiing tto eaach FFinannciall Traansacction

33、n (heereinnafteer reeferrred tto ass thee “Boorrowwing Conttractts”), shaall consstituute aa finnancee conntracct (hhereiinaftter rreferrred to aas thhe “FFinannce CContrract”) beetweeen thhe Leenderr andd thee Borrroweer annd foorm aan inntegrral ppart of tthis Agreeemennt. 4.Thhe neet prroceeeds o

34、of thhe Trranchhe shhall be eequall to the procceedss of the Finaanciaal Trransaactioon leess tthe aaggreegatee amoount of tthe ccommiissioons aand ccostss rellatedd to suchh Finnanciial TTranssactiion aand tto thhe prreparratioon annd exxecuttion of tthe FFinannciall Traansacctionn. Inn addditioon,

35、 ccostss refferreed too in Artiicle 7, pparaggraphh 6, shalll allso bbe deeductted ffrom the net procceedss, reesultting to tthe aamounnt too be disbburseed too thee Borrroweer (hhereiinaftter rreferrred to aas thhe NNet DDisbuursemment Amouunt).5.Thhe Neet Diisburrsemeent AAmounnt off thee Traanche

36、e shaall bbe trransfferreed byy thee Lennders Aggent on tthe ddate whenn recceiveed (tthe Disbburseementt Datte) to tthe eeuro accoount of tthe BBorroowers Aggent in TTARGEET2, TARGGET2 partiicipaantss SWIIFT-BBIC: LACBBLV2XX, TARRGET22 acccountt hollder SWIFFT-BIIC: LLACBLLV2X, Reff.: EC BBalannce

37、oof Paaymennts AAssisstancce too Lattvia, orr to suchh othher eeuro-accoount as tthe BBorroowers Aggent shalll addvisee in writting to tthe LLendeers Agennt wiith aa coppy adddresssed to tthe BBorroower at tthe llatesst twwo Workking Dayss priior tto thhe Diisburrsemeent DDate.6.Thhe Leenderrs oobli

38、ggatioon too traansfeer thhe Neet Diisburrsemeent AAmounnt too thee Borrroweer wiith rrespeect tto thhe fiirst Trannche of tthe ffirstt Insstalmment shalll bee subbjectt to:(1)the Lendder hhavinng reeceivved aa leggal oopiniion ssatissfacttory to tthe LLendeer giiven by tthe MMinisster of JJustiice

39、oof thhe Boorrowwer, in tthe fform set out in Anneex 3.Succh leegal opinnion shalll bee datted nnot llaterr thaan thhe daate oof thhe Reequesst foor Fuunds.Thhe Boorrowwer uunderrtakees too infform the Lendder iimmeddiateely iif, bbetweeen tthe ddate of tthe llegall opiinionn andd thee Dissburssemen

40、nt Daate, any evennt occcurss thaat woould rendder iincorrrectt anyy staatemeent mmade in tthe llegall opiinionn;(2)the Lendder hhavinng reeceivved ffrom the Miniisterr of Finaance of tthe BBorroower an oofficcial docuumentt inddicatting the perssons authhorissed tto siign tthe RRequeests for Fundds

41、 annd thhus vvaliddly ccommiit thhe Boorrowwer iin thhe Fiinancce Coontraacts and conttainiing tthe sspeciimen signnaturres oof thhese perssons;(3)the Lendder oon thhe onne haand aand aa bannk orr a ssyndiicatee of bankks onn thee othher hhand haviing ssigneed thhe Boorrowwing Conttractts annd thhe

42、Leenderrs AAgentt havving receeivedd on the Disbburseementt Datte thhe neet prroceeeds oof thhe Fiinanccial Trannsacttion fromm saiid baank oor syyndiccate of bbankss;(4)no mmaterrial adveerse channge hhavinng occcurrred ssuch as wwouldd, inn thee opiinionn of the Lendder, afteer coonsulltatiion wwi

43、th the Borrrowerr, bee likkely to pprejuudicee matteriaally the abillity of tthe BBorroower to ffulfiil itts paaymennt obbligaationns unnder thiss Agrreemeent, i.e. to servvice the Trannche to bbe fuundedd andd to repaay thhe TTrancche.7.Thhe Leenderrs oobliggatioon too traansfeer thhe Neet Diisburr

44、semeent AAmounnt off anyy subbsequuent Trannche to tthe BBorroower shalll bee subbjectt to:(1)the Borrrowerr unddertaakingg to infoorm tthe LLendeer immmediiatelly iff anyy eveent ooccurrs thhat wwouldd rennder incoorrecct anny sttatemment madee in the legaal oppinioon reeceivved bby thhe Leenderr u

45、ndder pparaggraphh 6(11) off thiis Arrticlle;(2)the Lendder oon thhe onne haand aand aa bannk orr a ssyndiicatee of bankks onn thee othher hhand haviing ssigneed thhe Boorrowwing Conttractts annd thhe Leenderrs AAgentt havving receeivedd on the Disbburseementt Datte thhe neet prroceeeds oof thhe Fii

46、nanccial Trannsacttion fromm saiid baank oor syyndiccate of bbankss;(3)no mmaterrial adveerse channge hhavinng occcurrred ssuch as wwouldd, inn thee opiinionn of the Lendder, afteer coonsulltatiion wwith the Borrrowerr, bee likkely to pprejuudicee matteriaally the abillity of tthe BBorroower to fful

47、fiil itts paaymennt obbligaationns unnder thiss Agrreemeent, i.e. to servvice the Trannche to bbe fuundedd andd to repaay thhe Trranchhe. 8.Thhe diisburrsemeent oof a Trannche shalll unnder no ccircuumstaancess commmit any of tthe ppartiies tto prroceeed wiith tthe llendiing aand bborroowingg of any

48、 furtther Trannche. Thhe Boorrowwer sshalll reqquestt anyy furrtherr Traanchee froom thhe Leenderr in accoordannce wwith thiss Artticlee. Thhe Leenderr willl thhen llauncch thhe prroceddure set out in tthis Artiicle. 9.Thhe Boorrowwerss rigght tto reequesst anny Trranchhe unnder thiss Agrreemeent ee

49、xpirres oon 200Jannuaryy 20112.Articcle 44 UUnderrtakiings1.Eaach TTrancche oof thhe Looan sshalll connstittute an uunseccuredd, diirectt, unncondditioonal and geneeral obliigatiion oof thhe Boorrowwer aand wwill rankk at leasst paari ppassuu witth alll otther pressent and futuure uunseccuredd loaan

50、s aand oobliggatioons oof thhe Boorrowwer aarisiing ffrom its pressent or ffuturre exxternnal iindebbtednness as ddefinned iin Arrticlle 8, parragraaph 11(f).2.Thhe Boorrowwer uunderrtakees, uuntill succh tiime aas alll prrinciipal undeer thhis LLoan Agreeemennt haas beeen ffullyy reiimburrsed and a

51、ll inteerestt andd addditioonal amouunts, if any, undder tthis Loann Agrreemeent hhave beenn fullly ppaid, witth thhe exxcepttion of tthosee enccumbrrancees ennumerratedd undder pparaggraphh4 oof thhis AArticcle, not to ssecurre byy morrtgagge, ppledgge orr anyy othher eencummbrannce uupon its own a

52、sseets oor reevenuues aany ppreseent oor fuuturee extternaal inndebttedneess aand aany gguaraanteee or indeemnitty giiven in rrespeect tthereeof, unleess tthe LLoan at tthe ssame timee shaares parii passsu aand ppro rrata in ssuch secuurityy. 3.Thhe Boorrowwer uunderrtakees noot too askk forr thee r

53、esscheddulinng off thee Loaan orr anyy debbt reelieff witth reespecct too thee Loaan annd reecognnisess thaat thhe Leenderr shaall hhave the idennticaal leegal capaacityy, immmuniitiess andd priivileeges as aaccorrded to iinterrnatiionall finnanciial iinstiitutiions. Thee Borrroweer fuurtheer unnder

54、ttakess thaat, eexceppt foor thhe enncumbbrancces pproviided undeer paaragrraph 4 off thiis Arrticlle, nno prrioriity oover the Lendder wwill be ggivenn to any otheer crredittor.4.Thhe Boorrowwer rrespeectinng itts unnderttakinng unnder paraagrapph 2 may alloow exxclussivelly foor thhe foollowwing e

55、ncuumbraancess:(1)Encuumbraancess upoon anny prroperrty iincurrred to ssecurre thhe puurchaase ppricee of suchh proopertty annd anny reenewaal orr exttensiion oof suuch eencummbrannce wwhichh is limiited to tthe oorigiinal proppertyy covveredd theerebyy andd whiich ssecurres aany rrenewwal oor exxte

56、nssion of tthe oorigiinal secuured finaancinng; aand(2)Encuumbraancess on commmerciial ggoodss ariisingg in the courrse oof orrdinaary ccommeerciaal baankinng trransaactioons (and expiiringg at the lateest wwithiin onne yeear tthereeafteer) tto fiinancce thhe immportt or expoort oof suuch ggoodss in

57、tto orr froom thhe coountrry off thee Borrroweer; aand(3)Encuumbraancess seccurinng orr proovidiing ffor tthe ppaymeent oof exxternnal iindebbtednness incuurredd excclusiivelyy in ordeer too proovidee finnanciing ffor aa welll deefineed innvesttmentt proojectt, prrovidded tthat the proppertiies tto

58、whhich any suchh enccumbrrancees appply are proppertiies wwhichh aree thee subbjectt of suchh proojectt finnanciing, or wwhichh aree revvenuees orr claaims whicch arrise fromm thee proojectt; annd(4)Any otheer enncumbbrancces iin exxisteence on tthe ddate of tthe ssigniing oof thhis AAgreeementt, pr

59、rovidded tthat suchh enccumbrrancees reemainn connfineed too thee proopertties pressentlly afffectted tthereeby aand ppropeertiees whhich becoome aaffeccted by ssuch encuumbraancess undder ccontrractss in effeect oon thhe daate oof thhe siigninng off thiis Aggreemment and provvidedd furrtherr thaat

60、suuch eencummbrannces secuure oor prrovidde foor thhe paaymennt off onlly thhose obliigatiions so ssecurred oor prrovidded ffor oon thhe daate hhereoof orr anyy reffinanncingg of suchh oblligattionss; annd(5)All otheer sttatuttory encuumbraancess andd priivileeges whicch opperatte soolelyy by virttu