Conformed Copy - L4107 - Export Development Project - Guarantee Agreement

Page 1 CONFORMED COPY LOAN NUMBERS 4107 - 0 UA 4107 - 1 UA Guarantee Agreement (Export Development Project) between UKRAINE and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Dated May 15, 1997 LOAN NUMBERS 4107 - 0 UA 4107 - 1 UA GUARANTEE AGREEMENT AGREEMENT, dated May 15, 1997, between UKRAINE (the Guarantor) and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (the Bank). WHEREAS (A) the Guarantor and State Export-Import Bank of Ukraine (the Borrower), having been satisfied as to the feasibility and priority of the Project described in Schedule 2 to the Loan Agreement, have requested the Bank to assist in the financing of the Project; and (B) by the Loan Agreement of even date herewith between the Bank and the Borrower, the Bank has agreed to extend to the Borrower a loan in two portions, each in such amount and having such currency composition as described in the Loan Agreement, namely a portion in an amount equal to sixty million Dollars ($60,000,000) and a portion in an amount equal to fifteen million Deutsche Marks (DEM 15,000,000), all on the terms and conditions set forth in the Loan Agreement, but only on condition that the Guarantor agree to guarantee the obligations of the Borrower in respect of such loan as provided in this Agreement; and WHEREAS the Guarantor, in consideration of the Bank