IFC's Loan Agreement

212 Pages·2015·15.15 MB·English

Case 1:15-cv-00612-JDB Document 10-5 Filed 07/01/15 Page 1 of 106

Declaration of Karim Suratgar
Exhibit 1
(Part 1)
Case 1:15-cv-00612-JDB Document 10-5 Filed 07/01/15 Page 2 of 106
t:XI·:CUTION V£1tSION
PltO.II>CT NUMBER 2S797
LOAN AGREEMENT
bt'tween
COASTAL GlJ.IARAT POWER LlMITF.D
and
INn:RNATIONAL FINANCE CORPORATION
Da!td April24. 2008
oc1 a.uu•
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TABLE OP CONTENTS
ARTICLE I Del.initions and lntelpretotion
Section I .0 I. Definitions ....................................................................................... I
Sc:ction 1.02. lntcrprctntion ................................................................................... S
Section 1.03. Busine$$ Day Adjuslrnelll ................................................................ 5
St:cliun 1.04. Common l'cnns Scbc:duJc ............................................................. _.6
ARTICLE fl The. Project, Project Cost lind finallCiol Plan 6
Section 2.01. The Projcct ................................................................................. ,. ... 6
Section 2.02. 1'1'0jcct Cos-t tand Fim'UM:ittl l,ltm ....................................................... 6
ARTICL.E 111 The LoU11 6
Section 3.01. The Loon; Tranche.s ......................................................................... 6
SecUoo 3.02. Disburse.nu!nt J>roe.edure ................................................... _ .............. '"/
Sectlon 3.03. f1uerc.s1. .................................... ,. ...................................................... 8
SecliOn 3.04. Chongc in rntercst Pcl'iod .................................................... 9
M ..........
Section J.OS. Dcfnult Rn1e Jnlcrest ...................................................................... IO
Section 3.06. Rep~yment ........................................................................... -......., I0
Secciun 3JJ7. Prcpaymaot .............................- ....... - .................................. ,_,,,. ..... 10
Section 3.08. Fees ............................................................................, . .................. 12
Section 3.09. C"rrcncy and Place of Poyments ................................................... 13
Section 3.10. Allocation ofPmtial Pt"lymcnts ...................................................... t.l
Stclion 3.11. lnc1'cnscd CoslS .............................................................................. 13
Section 3.12. Un\vindins Cost~ ........................................................................... 14
Soction 3.13. Suspension or Come<ll«lion by II'C ............................................... 14
Section 3.14. Reallocation to Unit 5 Troncbe ...................................................... 15
ARTICLE [V Rcprcscnllltioru Md WarTl!ntics 15
Scclion 4.J I. Represcnuuions nnd Wuo·mntles .................................................... 13
Seedo n 4.\)2. LFC Roliunc:o .............................................................................. ,_IS
AR11CLE V Conditions of Disbursement 15
Section 5,')1. Conditions of First· Disbutscment ............................................... ,. 15
Section 5.')2. Conditions of All Disbur:o:mcnts ................................................. 15
Section 5.ol3, Pro Rntu Oisbur,;omcnts Between the li'C l.oon, ADB
Tronche I Lo~n nnd Ill'~'C t.. l.Oiln .......................................................................... 16
S~ction 5.Q4, Conditions for IJ'C l.lcnelit.. ...... , .................................................. l6
ARTICLE VI Particular Covonunts l6
ARTICLE VII J;vcnts of Dcf•ult
16
Section 7.0 I. livc:nts of Dc.fnult ........................................................................... 16
Section 7.02. Rights; Upen J)cfiwlt ...................................................................... l6
ARTICLE VJ II Mi•cellancous 16
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Secllon 8.0 1, Miscclloncous l)ro,rlsions .........................................................
-~···-16
Seerion 8.02 Applicnble L"w ond Jurisdiction .., ,,,,,,,,_,,., , ................- 17
Section 8.0), Termination of Agreement ............................................................ 19
Annex A ReJlllymenl Schedules for I:..Ch 1'nuM:hc
Schedule I Common 1'enns Schedule
Sehedulc2 Fonn ofO isburscmco1 RcqU<$1
Schedule3 fonn of Loon Disbwsemen1 Receipt
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l·r'HIS S'l AYLP PAPER FORMS AN INTEQRAL PART Of/ TJ-IE IFC LOAN
.AGJU':J\MiiNT DATP.O ...2Jjii1.Je&ll,, a.DO&,
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E 712082
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~THIS LOi\J'~
STAMP PAPER FORMS AN INTEGRAL PART Of' THE !l'C
~ AGREEMBN'f OA'ff.iL) ~k9L. '
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LOi\N AGREEMENT
LOAN AOREITh1ENT, da!ed April 24, 200S (!his ··Agreement"), between
COASTAL GUJARA T POWER LIMITED, n company or~anized and existing
under the lows of tho Republic. of lndin (the '"llorrowcr'"}: and
INTI1RNATI0NAL FINANCil CORl'ORA1 '10N. an international or83JriMtiart
CSlablishtd by Arliclcs of Agreement amoug its member countries inc:luding Jndin
("IFC""}.
RECITALS
11tal3ormwcr is undcrtuklng the dc.w~Jor)rnent, aonstnaction. ownership. opC110tiCtll
tlnd tnninttiii.IIICC or the l'rOjcCI (os delincd in Section I or tho Common forms
Schedule);
The Borrower has requcstod IFC to provide the ioat)< described In this Agreement
to flnanct l'rojcct Costs (as defined in tht: Common Term~ Schedule); and
IF C is "illI n~ to pwvide those lonl\S UJlOn the terms and conditions sci rorth in
this Agreement.
ARTICLEl
Definitions ond lntcqtret•tlon
Section 1.0 I. p,OuiJjom'. Capitalizod tctms u:~ed htrein ltuvc tlte
mc:anings S~l IOI'lh In 1he Comnton Terms SoheduiL•.. In addition. whcrcv~r ustd
in this t\&recm<::nt, the following t~rn\s ho\'e the meanings opposite them:
"Amortbat:ion Schcrdule~' with rus.pot:t to any Disbursemen' for any Tranche, D
schedule COJTO,ponditl& to the rCI>liYtn<nl Schedulo
of the respcotivc Tranche us SCI out in Section 3.00
(/IUp(I)IIIIUill);
"'CAO" Compliance Advisor Ombudsman, the indcpcn~ent
{ICCOtuuability mechanism for lfC that impartially
respond$ It) cnviromm:ntol nnd socinl conc.cms of
nJfcctcd communities nnd nims to enhnnce
outcomes;
(i) to respond to complaints by pcrwnll: whO
have been or or< likoly to be directly
ull'ected by the sooiBI or envir.mmcnlal
rrc
intj)ltCLS of PI'Ojects: and
(li) to ovcrsi.."C auditS or IFC's sooial uud
enviroruncm.ol pcrform.'Ulcc, (Xuiitularly in
relation to sensitive projects. and :o ensure
1'1\ I• )~101 (I
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compliw1ce with IFC' s S<lcial llnd
enviro.nmenrul policies, guidelines,
procedures and systems;
''Comnu.m Tcnns SQh!;slw t11 this Agreement, 1\S the srune may be
Schedul<" or "CTS" updated or revised from limt: to time in lhe numnC!r
expressly set forth ~1erein;
''Country" India;
"lncrcnsed Costs" the amount certilied in lUI Increased Casts
Ccnilicnlo to be d..: ru:l lncrcmc:ntlll oosrs of. or
reduction In rctum lo, IFC in connection with the
m.akint or mnintaining of the Loon th.Bt result fiom;
(i} ony chanse in nny applicabb law or
rt:~ulation or directive (whcthl!'r or n<u
hnving the force of lnw) or in its
lniCI'pretn.tion or appllcntion by any
Authority charged wiU> iiS adminhtrntion; or
(ii) compliance with any rcqucs1 from, e~r
requirement of, any oemrnl bank: or other
monctory or other Authority;
which, in either case, :tfier ~1c date: of this
Agrcemenl:
(A) imposes. modifies or mnkes
apl>licnbl• any reserve, spcoinl
deposi• (II' "'intilur rcquil'l!l'nCnts
ngainst assets hold by, or deposit5
with or for lhc account of, or loans
mode by, lf.C:
(0) imposes a cost on IFC os a rcs11h or
IP C hnving m11de the L.onn or
reduces the nuc of return on the
overall copital of iFC tho< It would
have achieved, ilJld IF C nN rnade the
Loan;
(C) ChOilSCS lhC basis Of rtl.XO!ian on
poymcnts received by IFC in rcspoct
or
the Loan (otherwise ~lOll by n
change in taxation of the O\•erall net
ince,.ne of JFC in1posed by tl\e.
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