Príloha č by leader6

VIEWS: 6 PAGES: 46

									                                             Príloha č. 2




KÓPIA FINANČNEJ ZMLUVY A ZMLUVA O PREVODE, PREVZATÍ
                    A DOPLNENÍ
           EUROPEAN        INVESTMENT         BANK



                                               FI N° 20.175


SLOVAK REPUBLIC – SLOVAKIAN RAILWAYS MODERNISATION PROJECT


                       FINANCE CONTRACT




                           between the




                  EUROPEAN INVESTMENT BANK




                              and




              ZELEZNICE SLOVENSKEJ REPUBLIKY (ZSR)




                                                     Bratislava, 23 July 1999
THIS CONTRACT IS MADE BETWEEN :



European Investment Bank having its Head Office at
100 boulevard Konrad Adenauer, Luxembourg-Kirchberg, Grand
Duchy of Luxembourg, represented by Mr. Wolfgang Roth,
Vice-President,




                                          hereinafter called :     the "Bank"




of the first part, and



Zeleznice Slovenskej Republiky (ZSR), a legal entity established by
Act 258/1993 of the National Council of the Slovak Republic,
established at Bratislava and represented by Mr. Andrej Egyed, Director
General by virtue of a decision of the Governing Board dated
   th
14 July 1999,

                                          hereinafter called :     the "Borrower"




of the second part.
WHEREAS :


1.   The Council of the European Union has decided to continue its plan of action for European
     Community assistance to the Slovak Republic in support of its efforts to bring about political
     and economic reforms.

                                                                                                        th
2.   The Board of Governors of the Bank has taken note of this decision and authorised on 9
     June 1997 the granting of further loans for investment projects in the Slovak Republic.

3.   A Framework Agreement concerning this financial cooperation (hereinafter referred to as the
     ”Framework Agreement”) was signed by the Bank and the Slovak Republic on 18 July 1997
     and applies to this Finance Contract.

4.   The Borrower proposes to undertake a project (hereinafter referred to as the ”Project”)
     comprising the following investments:

     -     Speed improvements on the 31 km section of double electrified track from Zilna to Cadca
           plus realignment and electrification of the 20 km, single track section Cadca to Zwardon on
           the Polish border. Both sections are on Corridor VI from Bratislava to Poland.
     -     The purchase of 35 lightweight passenger railcars.
     -     The modernisation of the telecommunications network by the purchase of modern
           software and the installation of new copper and optic fibre cable plus digital equipment.
     -     The purchase of 462 freight wagons and the refurbishment of 1361 freight wagons.

      as more particularly described in the technical description set out in Schedule A hereto
     (hereinafter referred to as ”Technical Description”).

5.   The total cost of the Project, as estimated by the Bank, is EUR 425,8 million (four hundred and
     twenty-five million eight hundred thousand euro) and is to be financed as to EUR 225,8 million
     (two hundred and twenty-five million eight hundred thousand euro) by the Borrower’s own
     resources.

6.   In order to complete the financing required, the Borrower has requested from the Bank a loan
     in an amount of EUR 200 000 000 (two hundred million euro).

7.   By Article 3 of the Framework Agreement, the Slovak Republic agreed that interest and all
     other payments due to the Bank and arising out of activities envisaged in the Framework
     Agreement, as well as the assets and revenues of the Bank connected with such activities,
     shall be exempt from tax.

8.   By Article 4 of the Framework Agreement, the Slovak Republic agreed that throughout the life
     of any financial operation concluded pursuant to the Framework Agreement, it shall :

     (a)        ensure : (i) that the beneficiaries may convert into any fully convertible currency, at
                the prevailing market exchange rate on the due date, the amounts in the national
                currency of the Slovak Republic necessary for the timely payment of all sums due to
                the Bank in respect of loans and guarantees in connection with any project ; and (ii)
                that such amounts shall be freely, immediately and effectively transferable ; and

     (b)        ensure : (i) that the Bank may convert into any fully convertible currency, at such
                prevailing market exchange rate, the amounts in the national currency of the Slovak
                Republic received by the Bank by way of payments arising in respect of loans and
                guarantees or any other activity and that the Bank may freely, immediately and
                effectively transfer the amounts so converted ; or, at the Bank’s option, (ii) that it may
                freely dispose of such amounts within the territory of the Slovak Republic in
                accordance with the general laws and regulations of the Slovak Republic.
9.    The Slovak Republic has confirmed in writing that the Project is submitted to the Bank with its
      agreement and has agreed to execute a guarantee agreement for an amount of up to
      EUR 120 000 000 (one hundred and twenty million euro) (hereinafter referred to as the
      ”Guarantee Agreement”) in respect of the Borrower’s financial obligations hereunder.

10.   The Bank, being satisfied that the present operation comes within the scope of its functions
      and conforms to the aims of the Framework Agreement and having regard to the matters cited
      above, has decided to give effect to the Borrower's request by granting to the Borrower a
      Credit in an amount of EUR 200 000 000 (two hundred million euro) to be disbursed in
      tranches.

11.   The ”euro” is the common currency of the member states of the European Union participating
      in the third stage of the European economic and monetary union (”EMU”). Council Regulation
      (EC) N° 1103/97 of 17 June 1997 and Council Regulation (EC) N° 974/98 of 3 May 1998
      implemented certain matters relating to the introduction of the euro.

12.   Mr. Andrej Egyed is duly authorised in the terms set out in Annex I to execute this Contract on
      behalf of the Borrower.

13.   References herein to ”Articles”, ”Recitals”, ”Paragraphs”, ”Sub-paragraphs”, ”Indents”,
      ”Schedules” and ”Annexes” are references respectively to articles, recitals, paragraphs,
      sub-paragraphs, indents, schedules and annexes of this Contract.


      NOW THEREFORE it is hereby agreed as follows :
                                         ARTICLE 1
                                        Disbursement

1.01   Amount of Credit

        By this Contract the Bank establishes in favour of the Borrower, and the Borrower accepts,
        a credit (hereinafter referred to as the "Credit") in an amount of EUR 200 000 000 (two
        hundred million euro), to be used exclusively for financing part of the costs of the Project.


1.02   Disbursement Procedures


        A.    The Credit shall be available for drawing by the Borrower in up to five tranches
              (hereinafter referred to as "Tranches" and each as a "Tranche"). Each Tranche
              shall be in an amount which is at least equivalent to ten million euro (save for the last
              Tranche) and to no more than the equivalent of eighty million euro, except that the
              first Tranche (hereinafter the ”First Tranche”) may be in an amount of up to EUR 120
              000 000 (one hundred and twenty million euro) and of which the Borrower is
              expected to request disbursement not later than 15 December 1999.


        B.    Disbursement of each Tranche shall be made upon written request (hereinafter
              referred to as a "Request") from the Borrower, subject to the conditions of Paragraph
              1.04. Each Request shall:

              (a) specify the amount requested for disbursement under the Tranche;

              (b) specify the applicable interest rate, if any, previously indicated by the Bank to
                  the Borrower without commitment;

              (c) specify the preferred date for disbursement, it being understood that the Bank
                  may disburse the Tranche up to four calendar months from the date of the
                  Request; and


              (d) be accompanied (except with regard to the first Tranche) by the relevant
                  evidence required under Sub-paragraph 1.04C.


              No Request may be made later than 15 December 2001. Subject to the proviso of
              Sub-paragraph 1.02C, each Request is irrevocable.


        C.    Between five and fifteen days before the date of disbursement of the First Tranche or
              between ten and fifteen days before the date of disbursement of any subsequent
              Tranche the Bank shall, if the Request conforms to Sub-paragraph 1.02B, and to the
              extent that the evidence supplied under Sub-paragraph 1.02B Indent (d) is
              acceptable to the Bank, deliver to the Borrower a notice (hereinafter referred to as
              the "Disbursement Notice") which shall:

                       (a) confirm the amount of the Tranche specified in the Request;

                       (b) specify the interest rate applicable to the Tranche pursuant to Paragraph
                           3.01; and

                       (c) specify the date of disbursement of the Tranche.
        Provided that, if one or more of the elements specified in the Disbursement Notice does not
        conform to the corresponding element in the Request, the Borrower may, within three
        Luxembourg business days following receipt of the Disbursement Notice, revoke the
        Request by notice to the Bank and thereupon the Request and the Disbursement Notice
        shall be of no effect.

        D.    Disbursement shall be made to such bank account in the name of the Borrower as
              the Borrower shall notify to the Bank not less than eight days before the date of
              disbursement.

1.03   Currency of Disbursement

        Subject to availability, the Bank shall disburse each Tranche in euro.


1.04   Conditions of Disbursement


        A.    The disbursement of the first Tranche pursuant to Paragraph 1.02 shall be subject to
              the fulfilment of the following conditions to the satisfaction of the Bank, namely that
              before the date of the Request:

              (a) the Bank shall have received a favourable legal opinion in the English language,
                  in the form heretofore agreed, issued by an external legal advisor to the
                  Borrower, inter alia stating that this Contract, as well as its execution, and each
                  of the provisions thereby are in full force and effect and are valid, binding and
                  enforceable in the Slovak Republic, in accordance with their respective terms;

              (b) all necessary exchange control consents (if any) shall have been secured to
                  permit the Borrower to receive disbursements hereunder and to repay the Loan
                  (as defined in Paragraph 2.01) and to pay interest and all other amounts due
                  hereunder; such consents must extend to the opening and maintenance of the
                  accounts to which the Borrower directs the Bank to disburse the Credit;

              (c) all action necessary, if any, shall have been taken to obtain exemption from
                  taxation for all payments of principal, interest and other sums due hereunder
                  and to permit the payment of all such sums gross without deduction of tax at
                  source;

              (d)   the Bank shall have received evidence of the authority of the person or persons
                    authorised to sign Requests and the authenticated specimen signature of such
                    person or persons;

              (e)    the Bank shall have received an original of the Guarantee Agreement, in form and
                     substance satisfactory to the Bank for an amount equal to the amount of principal of
                     the First Tranche, increased by interest and all other charges;

              (f)   the Bank shall have received a favourable legal opinion in the English language,
                    in the form heretofore agreed, issued by the Minister of Justice of the Slovak
                    Republic, inter alia stating that the Guarantee Agreement, as well as its
                    execution, and each of the provisions thereby are in full force and effect and are
                    valid, binding and enforceable in the Slovak Republic, in accordance with their
                    respective terms;
     If a Request for the disbursement of the first Tranche is made before receipt by the
     Bank of evidence satisfactory to it, that such conditions have been fulfilled, such
     Request shall be deemed to have been received by the Bank on the date the
     conditions shall have been completed.

B.   Disbursement of a second Tranche (disbursement of which may not be requested
     before 1 January 2000) shall be subject to the finalisation to the satisfaction of the
     Bank,

     i)      of the Restructuring Action Plan, as defined in Article 6.10 hereof, and

     ii)     the Contract Plan as defined in Article 6.11 hereof to be available to the
             Borrower.

     Furthermore disbursement of each Tranche subsequent to the first shall be subject to
     the Bank’s receipt:

                  a) on or before the date of the relevant request, of the evidence
                     referred to in sub-paragraph 1.04C hereafter, and of the Bank being
                     satisfied at all times that sufficient other funds continue to be
                     available to the Borrower to ensure the timely completion and
                     implementation of the Project in accordance with the Technical
                     Description, and

                  b) of an original of a Guarantee Agreement in form and substance
                     acceptable to the Bank for an amount equal to the amount of
                     principal of the Tranche requested to be disbursed, increased by
                     interest and all other charges.


C.   Within ninety days of the disbursement of any Tranche, the Borrower shall furnish to
     the Bank evidence satisfactory to the Bank to the effect that the Borrower has
     incurred expenditure on the items to be financed by the Bank in accordance with the
     Technical Description (net of taxes and duties payable in Slovakia) for an aggregate
     amount equal to all previous Tranches.

     The disbursement of the last Tranche shall be subject to the further condition that all
     previously disbursed Tranches shall have been expended on the Project or
     satisfactory evidence that they will have to be expended within sixty days.


D.   For the calculation of the euro equivalent of sums expended, the Bank shall apply the
     exchange rate applicable on the thirtieth day before the date of the Request.


E.   If any part of the evidence furnished by the Borrower is not satisfactory to the Bank,
     the Bank may either act in accordance with the last paragraph of Sub-paragraph
     1.04A or it may disburse proportionately less than the amount requested.
1.05   Annulment of Credit

        If the cost of the Project should fall short of the figure stated in the Recitals, the Bank may,
        by notice to the Borrower, annul the undisbursed Credit in proportion to the shortfall. The
        Borrower may at any time, by notice to the Bank, in whole or in part annul any undisbursed
        portion of the Credit, provided that, if the Borrower annuls any Tranche which has been
        the subject of a Disbursement Notice and has not been revoked pursuant to Sub-paragraph
        1.02C, it shall pay a commission calculated on the amount annulled at a flat rate equal to
        half the annual rate of interest applicable to such Tranche.

        The Bank may, at any time after 15 April 2002, by notice to the Borrower, annul any part of
        the Credit in respect of which no disbursement has been made.


1.06   Cancellation and Suspension of Credit

        The Bank may, by notice to the Borrower, cancel in whole or in part the undisbursed portion
        of the Credit at any time and with immediate effect:

              (a) following the occurrence of any event mentioned in Sub-paragraphs 10.01A or
                  B; or

              (b) if exceptional circumstances shall arise which adversely affect the Bank’s
                  access to national or relevant international capital markets.

        Alternatively, if an event described under Indents (a) or (b) above has occurred and, in the
        opinion of the Bank, is temporary, the Bank may by notice to the Borrower suspend, in
        whole or in part, the undisbursed portion of the Credit. In such case, the suspension shall
        continue until the Bank notifies the Borrower that it is again in a position to issue a
        Disbursement Notice in respect of such portion. Suspension shall not imply any extension
        of the annulment date pursuant to Paragraph 1.05.

        However, the Bank shall not be entitled to cancel or suspend, on grounds of Indent (b) of
        this Paragraph, any Tranche which has been the subject of a Disbursement Notice.

        The undisbursed portion of the Credit shall be considered as cancelled if the Bank demands
        repayment under Article 10.

        If the undisbursed Credit is cancelled pursuant to Indent (a) above, the Borrower shall pay a
        commission on the cancelled amount of any undisbursed Tranche which has been the
        subject of a Disbursement Notice at an annual rate of 0.75%, calculated from the date of
        the relevant Disbursement Notice to the date of cancellation.


1.07   Currency of Commissions

        Commissions due from the Borrower to the Bank under this Article 1 shall be calculated and
        payable in euro.
                                           ARTICLE 2
                                            The Loan

2.01   Amount of the Loan

        The loan (hereinafter referred to as the "Loan") shall comprise the aggregate of the
        amounts disbursed by the Bank in euro, as notified by the Bank upon the occasion of the
        disbursement of each Tranche.

2.02   Currency of Repayments

        Each repayment under Article 4 or, as the case may be, Article 10 shall be effected in euro.

2.03   Currency of Interest and Other Charges

        Interest and other charges payable under Articles 3, 4 and 10 shall be calculated and be
        payable in euro.

        Any other payment shall be made in the currency specified by the Bank having regard to
        the currency of the expenditure to be reimbursed by means of that payment.


2.04   Notification by the Bank

        After disbursement of each Tranche, the Bank shall deliver to the Borrower a summary
        statement showing the amount, disbursement date, repayment schedule and interest rate of
        and for that Tranche.



                                           ARTICLE 3
                                            Interest


3.01   Rate of Interest


        The outstanding balance of any Tranche shall bear interest at the rate specified in the
        Disbursement Notice relative thereto, which rate shall be the interest rate applicable at the
        date of issue of the Disbursement Notice to loans denominated in euro and granted by the
        Bank to its borrowers on the same repayment terms and on the same terms for the
        payment of interest as the Tranche in question.

        Interest shall be payable half-yearly in arrears on the dates specified in Paragraph 5.03.


3.02   Interest on Overdue Sums

        Without prejudice to Article 10 and in lieu of interest calculation in Paragraph 3.01, interest
        shall accrue on any overdue sum under the terms of this Contract from the due date to the
        actual date of payment at an annual rate calculated as follows:

               (a) for an amount due under any Tranche, at a rate equal to the sum of:

                   (i)    2.5% (two point five percent); and
                   (ii)   the relevant rate specified pursuant to Paragraph 3.01; and

              (b) for any other amount, at a rate equal to the sum of:

                   (i)    2.5% (two point five percent); and

                   (ii)   the rate of interest charged by the Bank on the due date for loans made in
                          the currency in question for a term of fifteen years.

        Such interest is payable in the same currency as the overdue sum on which it accrues.




                                          ARTICLE 4
                                          Repayment

4.01   Normal Repayment

        The Borrower shall repay the Loan in accordance with the amortisation table set out in
        Schedule B.

4.02   Voluntary Prepayment


        A.    The Borrower may prepay all or part of a Tranche, upon giving written notice
              (hereinafter a "Prepayment Notice") specifying the amount (the "Prepayment
              Amount") to be prepaid and the proposed date of prepayment (the "Prepayment
              Date"), which shall be a date specified in Paragraph 5.03 (each a "Payment Date").
              The Prepayment Notice shall be delivered to the Bank at least one month prior to the
              Prepayment Date. Prepayment shall be subject to the payment by the Borrower of
              the compensation, if any, due to the Bank in accordance with the provisions of
              Sub-paragraphs B and C below.

        B.    The amount of compensation shall be the amount of the shortfall in interest incurred
              by the Bank in respect of each half-year ending on successive Payment Dates falling
              after the Prepayment Date calculated in the manner stated in the following
              subparagraph and discounted in accordance with the provisions of Sub-paragraph
              4.02C.


              The amount of the shortfall shall be calculated as the amount by which:

              (x) the interest that would have been payable during that half-year in respect of the
                  Tranche, or the part of the Tranche, to be prepaid


              exceeds

              (y) the interest which would have been so payable during that half-year if calculated
                  at the Reference Rate; for which purpose the "Reference Rate" means the
                  annual rate of interest (reduced by fifteen basis points) which the Bank
                  determines on the date falling one month prior to the Prepayment Date to be the
                  standard rate for a loan quoted by the Bank from its own resources to its
                  borrowers, denominated in euro, having the same financial characteristics as
                  the Tranche to be prepaid, in particular the same periodicity for the payment of
                  interest, the same remaining life to maturity and the same type of repayment
                  profile.
               The interest rate which the Bank, following the procedures laid down by the board of
               directors of the Bank, quotes for a loan, is in accordance with the statute of the Bank,
               determined on the basis of conditions prevailing on the capital market.


        C.     Each amount so calculated shall be discounted to the Prepayment Date by applying
               a discount rate equal to the rate determined pursuant to Indent (y) of Sub-paragraph
               4.02B.


        D.     The Bank shall give notice to the Borrower of the amount of the compensation due
               or, as the case may be, of the absence of compensation. If by 5 pm Luxembourg
               time on the date of notification which notification shall not be done later than 12.00,
               the Borrower fails to confirm in writing its intention to effect prepayment on the terms
               notified by the Bank, the Prepayment Notice shall be of no effect. Save as aforesaid,
               the Borrower shall be obliged to effect payment in accordance with the Prepayment
               Notice, together with accrued interest on the Prepayment Amount as well as any
               amount due under this Paragraph 4.02.

4.03   Compulsory Prepayment


        A.     If the Borrower voluntarily prepays a part or the whole of any other loan originally
               contracted for a term of more than five years, the Bank may demand prepayment of
               such proportion of the amount of the Loan then outstanding as the prepaid sum
               bears to the aggregate outstanding amount of all such loans.


               The Bank shall address its demand to the Borrower within four weeks of receipt of
               the relevant notice under Sub-paragraph 8.02(A)(a). Any sum demanded by the
               Bank shall be paid, together with accrued interest, and a compensation, if any,
               calculated in accordance with Sub-paragraphs 4.02B and C. The Borrower shall
               effect payment of the amount demanded on the date indicated by the Bank, which
               date shall not precede the date of prepayment of such other loan.

               Prepayment of a loan by means of a new loan having a term at least as long as the
               unexpired term of the loan prepaid shall not be considered to be a prepayment.

        B.     If the total cost of the Project should fall significantly short of the figure stated in the
               Recitals, the Bank may in proportion to the shortfall demand prepayment of the Loan,
               together with accrued interest and compensation, if any, calculated in accordance
               with Sub-paragraphs 4.02 B and C. The prepayment shall be made on the date
               indicated by the Bank, which date shall not fall prior to five days from the date of the
               demand.


4.04   General Provisions regarding Prepayment under Article 4

        In case of partial prepayment, each amount prepaid shall be applied in pro-rata reduction of
        each outstanding instalment.

        This Article 4 shall not prejudice Article 10.
                                           ARTICLE 5
                                           Payments

5.01   Place of Payment

        Each sum payable by the Borrower under this Contract shall be paid to the respective
        account notified by the Bank to the Borrower. The Bank shall indicate the account not less
        than fifteen days before the due date for the first payment by the Borrower and shall notify
        any change of account not less than fifteen days before the date of the first payment to
        which the change applies.

        This period of notice does not apply in the case of payment under Article 10.

5.02   Calculation of Payments relating to a Fraction of a Year

        Any amount due by way of interest, commission or otherwise from the Borrower under this
        Contract, and calculated in respect of any fraction of a year, shall be calculated on the basis
        of a year of three hundred and sixty days and a month of thirty days.

5.03   Dates of Payment

        Sums due semi-annually under this Contract are payable to the Bank on 15 March and
        15 September in each year (Payment date).

        Any payment due on a day which is not a Business Day shall be payable on the next
        succeeding day which is a Business Day. ”Business Day” means a day on which credit or
        transfer instructions in euros are processed through the euro settlement system entitled
        Trans-European Automated Real-Time Gross Express Transfer System (”TARGET”).

        Other sums due hereunder are payable within seven working days of receipt by the
        Borrower of the demand made by the Bank.

        A sum due from the Borrower shall be deemed paid when it is received by the Bank.




                                         ARTICLE 6
                                   Particular Undertakings


6.01   Use of Loan and other Funds

        The Borrower shall use the proceeds of the Loan and the other funds mentioned in the
        financing plan described in the Recitals exclusively for the execution of the Project.


6.02   Completion of the Project

        The Borrower shall carry out the Project in accordance with, and shall complete it by the
        date specified in, the Technical Description.
6.03   Increased Cost of the Project

                                                                                      th
        If the cost of the Project exceeds the estimated figure set out in the 5 Recital, the
        Borrower shall obtain the finance to fund the excess cost without recourse to the Bank, so
        as to enable the completion of the Project in accordance with the Technical Description.
        The plans for funding the excess cost shall be from the Borrower’s own resources or, with
        the Bank’s approval from other sources.

6.04   Tendering Procedure

        The Borrower undertakes to purchase goods, procure services and order works for the
        Project, so far as appropriate and to the satisfaction of the Bank, by international tender
        open to nationals of all countries. The Borrower shall have the main tender documents
        translated into English to allow their revision by the Bank.



6.05   Insurance

        So long as the Loan is outstanding, the Borrower shall appropriately insure all works and
        property forming part of the Project in accordance with normal practice for similar works of
        public interest.


6.06   Maintenance

        So long as the Loan is outstanding, the Borrower shall ensure that all property forming part
        of the Project is maintained, repaired, overhauled and renewed as required to keep it in
        good working order.



6.07    Visits

        A.       The Borrower acknowledges that the Bank may be obliged to divulge such
                 documents relating to the Borrower and the Project to the Court of Auditors of the
                 European Communities (hereinafter ”the Court of Auditors”) as are necessary for the
                 performance of the Court of Auditor’s task in accordance with European Union law.

        B.       The Borrower shall permit persons designated by the Bank, who may be
                 accompanied by representatives of the Court of Auditors, to visit the sites,
                 installations and works comprising the Project and to conduct such checks as they
                 may wish. For this purpose the Borrower shall provide them, or ensure that they are
                 provided, with all necessary assistance. Upon the occasion of such a visit the
                 representatives of the Court of Auditors may request the Borrower to provide
                 documents falling within the scope of Indent A of this Sub-paragraph.


6.08   Operation of the Project

       So long as the Loan is outstanding, the Borrower shall, unless the Bank shall have
       consented otherwise in writing, retain title to and possession of the assets which comprise
       the Project or, as appropriate, replace and renew such assets so as to maintain the Project in
       substantially continuous operation in accordance with its original purpose .
       The Bank may withhold its consent only where the proposed action would prejudice the
       Bank’s interests as lender to the Borrower or would render the Project ineligible for financing
       by the Bank.


6.09    Environmental Covenants

        So long as the Loan is outstanding, the Borrower shall:

        (a)    carry out its activities in conformity with the environmental laws applicable to it and
               with European Union standards related to environmental protection, as they may be
               amended or modified, and secure and maintain all necessary governmental
               authorisations applicable thereto;

        (b)    carry out all maintenance and rehabilitation works as well as policies mitigating
               environmental impact which may be necessary for the Project in conformity with
               good utility practice and the standards referred to in Indent (a) of this Paragraph; and

        (c)    ensure that no materials or substances which could have adverse effects on the
               environment, such as halons, PCB or asbestos are used in the carrying out of the
               Project.


        6.10   Restructuring Action Plan

        The Borrower shall finalise by 31 December 1999 a Restructuring Action Plan, as agreed
        upon by itself, the Guarantor and the Bank, based initially on existing consultancy studies,
        the existing 1999 Business Plan for the Borrower and the existing Strategic Plan for the
        Borrower for the period starting in the year 2000 and ending with the year 2007, both plans
        to be progressively revised to conform with the physical and financial targets as set out in
        Article 6.12 hereof and the agreed findings of the proposed additional studies to be carried
        out. To this effect the Borrower shall appoint a qualified consultant under terms of
        reference approved by the Bank to assist in finalizing the Restructuring Action Plan by 31
        December 1999 on a basis acceptable to the Borrower, the Guarantor and the Bank. In
        this framework, the Borrower shall have carried out a study relating to passenger tariff
        policy operations (in particular in order to assess price elasticity of demand for passenger
        services or the potential for profitability improvement through price differentiation and
        customer segmentation).


        6.11   Contract Plan

        The Restructuring Action Plan shall form the basis for negotiating a multi-annual (5 year)
        Contract Plan with the Guarantor. The Contract Plan, to be updated annually, shall refine
        the current system into a coherent system for the determination and monitoring of the
        respective responsibilities of the Borrower and the Government of the Slovak Republic
        relating to operational and financial objectives, employment reduction implementation and
        financing, public service obligation financial support level, and possible capital contributions
        to the investment plan of the Borrower.

        The precise level of financial support from the Guarantor required for the year 2000 will be
        determined within the agreed Restructuring Action Plan, along with estimated amounts for
        the remaining period of the plan (2000-2007). The first Contract Plan shall be wholly
        consistent with the Restructuring Action Plan and shall allow the Borrower to meet all its
        obligations under this Finance Contract. The second, and all subsequent, Contract Plan(s)
        shall not jeopardize the Borrower’s ability to meet its financial obligations under this
        Finance Contract.
6.12   Special Undertakings

A. Working Ratio

The Borrower shall achieve by the year 2003 and maintain as long as the loan is outstanding,
a working ratio of less than 100%.

For the purposes of this sub-paragraph a working ratio shall mean the ratio of current
operating costs excluding depreciation to current operating revenue excluding subsidies.

The precise formula for the annual measurement of such ratio, in both Slovakian and
International Accounting Standards, shall be defined in the Restructuring Action Plan.

 B. Labour Productivity

 The Borrower shall bring Labour Productivity to a level of at least 400 000 traffic
 unit/employee/year by year 2003 and maintain it at this level as long as part of the Loan is
 outstanding.

 For the purpose of this Sub-paragraph B Labour Productivity shall be measured as number
 of employees of the Borrower per traffic unit per year, where traffic unit means 1
 passenger-km or (for freight) one-ton km.          The precise formula for the annual
 measurement of such ratio shall be defined in the Restructuring Action Plan.

 C. Reduction in Network Length

 The Guarantor shall designate the 32 individual branch lines making high losses as
 Regional Lines (defined in Schedule C) to be closed or transformed prior to the completion
 of the Restructuring Plan and the Borrower shall produce a transformation proposal for
 each section as part of the Restructuring Action Plan. Transformation may involve
 line-closure, transfer to local authority, privatisation, or other appropriate measure for loss
 elimination or reduction. The Borrower shall implement the transformation proposals in
 consultation with local authorities and shall evaluate alternative transportation options. The
 time schedule for implementation in each case shall not extend beyond the year 2002.

 D. Station Closures

 In addition to any station closures resulting from the 32 branch line transformation closures
 referred to above, the 69 freight station (Low Volume Tariff points) listed in Schedule D
 have been identified. The Restructuring Action Plan shall contain an evaluation of the
 transformation options in each case, including closure. A detailed implementation proposal
 relating to each case, and agreed with the Guarantor and other concerned parties, shall be
 presented to the Bank for its approval before the end of the year 2000. The time-schedule
 for implementation in each case should not extend beyond the year 2002.

 E. Rationalisation of traction coaches and wagon stocks.

 The Borrower shall eliminate all classes of motive rolling stock resulting in excessive
 running costs and track wear. A detailed programme for elimination/disposal shall form
 part of the Restructuring Action Plan. The Borrower undertakes to privatise a defined
 proportion of freight wagons. In order to facilitate this action, and in view of its conformity
 with the Restructuring Action Plan the Guarantor has agreed to remove all legal obstacles
 to asset-disposal by the Borrower by the end of 1999.
       F. Passenger Services Loss Reduction

       The Borrower shall achieve a level of cost-recovery in its passenger services of at least
       30% by the year 2002 and of at least 50% by the year 2004,. The balance between
       cost-reduction versus tariff increases as a means to achieving these targets shall be agreed
       between the Borrower and the Guarantor within the context of the first Contract Plan, and
       the Restructuring Action Plan. The precise formula for defining this ratio annually, both in
       terms of Slovakian and International Accounting Standards shall be defined in the
       Restructuring Action Plan. The Borrower and the Guarantor shall implement as a
       minimum, a future passenger tariff increase of at least 30% by 31 May 2000 at the latest.


6.13   Financial undertakings

       A.    So long as the Loan is outstanding, the Borrower shall ensure that the ratio of Debt to Equity
                                                       st
             shall be no greater than 55 to 45 until 31 December 2001, and no greater than 50 to 50
             thereafter.

             For the purposes of this Sub-paragraph:

                     (a)       the term ”Debt” means any indebtedness of the Borrower maturing
                               by its terms more than one year after the date on which it is
                               originally incurred or extended, but excluding Subordinated Debt;

                      (b)      the term "Subordinated Debt" means Debt incurred by the Borrower
                               from its shareholders on terms and conditions which make the
                               payment of principal and interest available only after payment in full
                               of all amounts falling due in connection with other Debt and which
                               contain no security interests and no acceleration of rights due to
                               default prior to the maturity of such other Debt; and

                     (c)       the term ”Equity” means the sum of the total unimpaired paid-up
                               capital, retained earnings and reserves of the Borrower not allocated
                               to cover specific liabilities.

       B.    Starting from January 1st 2000 and so long as the Loan is outstanding, the Borrower
             shall maintain a ratio of Current Assets to Current Liabilities of not less than 1 to 1.

             For the purposes of this Sub-paragraph:

                      (a)     the term ”Current Assets” means cash and all assets which could in
                              the ordinary course of business be converted into cash within twelve
                              months; and

                     (b)      the term ”Current Liabilities” means all liabilities which will become
                              due and payable or could under circumstances then existing be
                              called for payment within twelve months.

       C.    The ratios included in this Paragraph 6.13 will be calculated in accordance with
             International Accounting Standards and based on the Borrower’s consolidated
             financial statements.
6.14   Change of Legal Structure

        Upon the transformation of its legal nature into another form, the Borrower shall agree with
        the Bank to implement all contractual modifications necessary to issue to the Bank a
        protection at least equivalent to that one accorded under this Finance Contract.



                                            ARTICLE 7
                                             Security


7.01   Guarantee

        The obligations of the Bank hereunder are conditional upon the prior execution and delivery
        to the Bank of a Guarantee Agreement with terms and conditions acceptable to the Bank
        issued by the Slovak Republic.


7.02    Equivalent Security

        If the Borrower grants to a third party any security over any of its assets for the performance
        of any of the Borrower's debt obligations guaranteed by the Guarantor, or any preference or
        priority in respect thereof, it shall, if so required by the Bank, provide equivalent security to
        the Bank for the performance of its obligations under this Contract or grant the Bank
        equivalent preference or priority.


                                           ARTICLE 8
                                           Information


8.01    Information concerning the Project

        The Borrower shall:

        (a)    deliver to the Bank in the English language or with English translation:

                (i)    by 30 September 1999 and subsequently every six months until the Project is
                       completed, a progress report on the implementation of the Project ;

               (ii)    six months after the completion of the Project, a Project Completion Report;
                       and

               (iii)   from time to time, any such further document or information concerning the
                       financing, implementation and operation of the Project as the Bank may
                       reasonably require ;

        (b)    submit for the approval of the Bank without delay any material change to the general
               plans, timetable or expenditure programme for the Project, in relation to the
               disclosures made to the Bank prior to the signing of this Contract ; and

        (c)    generally inform the Bank of any fact or event known to the Borrower which might
               substantially prejudice or materially affect the conditions of execution or operation of
               the Project.
8.02   Information concerning the Borrower

        A.    The Borrower shall inform the Bank:

              (a)      immediately of any decision made by it for any reason, or of any fact which
                       obliges it or any demand made to it, to prepay any loan originally granted for
                       a term exceeding five years;

               (b)     immediately of any intention on its part to create any security interest over
                       any of its assets in favour of a third party guaranteed by the Guarantor;


               (c)     generally of any fact or event of such importance that it might prevent the
                       fulfilment of any obligation of the Borrower under this Contract or
                       substantially affect the conditions of execution or operation of the Project.

        B.     Furthermore the Borrower shall submit to the Bank without delay, upon their being
               presented to its governing bodies annual and six-monthly financial audited
               statements prepared according to international accounting standards, together with a
               certificate supplied by its auditors on the compliance with the ratios specified in
               Article 6.12(A) and 6.12(F) and 6.13.

        C.     The Borrower shall inform the Bank of any intention by the Guarantor known to it, or
               any decision to change its legal form.




                                      ARTICLE 9
                                  Charges and Expenses


9.01    Taxes, Duties and Fees

        The Borrower shall pay all taxes, duties, fees and other impositions of whatsoever nature,
        including stamp duty and registration fees, arising out of the execution or implementation of
        this Contract or any related document and in the creation of any security for the Loan.

        The Borrower shall pay all principal, interest, commission and other amounts due under this
        Contract gross without deduction of any national or local impositions whatsoever; provided
        that, if the Borrower is obliged by law to make any deduction, it will gross up the payment to
        the Bank so that after deduction, the net amount received by the Bank is equivalent to the
        sum due.


9.02    Other Charges

        The Borrower shall bear any professional, banking, transfer or exchange costs incurred by
        the Bank in the execution or implementation of this Contract or any related document and in
        the creation of any security for the Loan.
                                  ARTICLE 10
                        Prepayment upon an Event of Default


10.01   Right to demand Repayment

        The Borrower shall repay the Loan or any part thereof forthwith upon demand being made
        therefor by the Bank :

        A.    immediately :

              (a)   if any information or document given to the Bank by or on behalf of the
                    Borrower in connection with the negotiation of this Contract or during its
                    lifetime proves to have been incorrect in any material particular;

              (b)   if the Borrower fails on due date to repay any part of the Loan, to pay interest
                    thereon or to make any other payment to the Bank as herein provided;

              (c)   if, following any default in relation thereto, the Borrower is required to prepay
                    or discharge ahead of maturity to any lender or other entity any loan or
                    obligation arising out of any financial transaction in an amount greater than
                    EUR 5 000 000;

              (d)   if the Borrower petitions for its bankruptcy, declares to stop paying generally,
                    seeks a moratorium on payment, is the subject of a petition for bankruptcy by a
                    third party (unless it is obvious that such petition is purely vexatious or
                    frivolous), is declared bankrupt or makes a composition with its creditors
                    without being declared bankrupt;

              (e)   if the Borrower is dissolved or voluntarily liquidated, or ceases or resolves to
                    cease to carry on the whole or any substantial part of its business or activities;

              (f)   if an encumbrancer takes possession of, or a receiver, liquidator or
                    administrator is appointed over, any material part of the business or assets of
                    the Borrower and if any distress, execution, sequestration or other process is
                    levied or enforced upon the property of the Borrower and is not discharged or
                    stayed within thirty days unless the Bank believes beyond any doubt that the
                    reason for such action is the Borrower’s inability to pay;

              (g)   if the Borrower's statute or any laws of the Slovak Republic pertaining to the
                    operations of the Borrower shall have been amended, suspended, abrogated,
                    repealed or waived so as to affect materially and adversely the ability of the
                    Borrower to perform its payment obligations under this Finance Contract;

              (h)   if the Borrower takes steps towards a substantial reduction in its net worth and,
                    generally, if any event occurs which is likely to jeopardise the servicing of the
                    Loan or adversely affect any security therefor; or

              (i)    if the Borrower or the Guarantor defaults in the performance of any material
                     obligation in respect of any loan granted by the Bank from the resources of
                     the Bank or of the European Union; or

              (j)   if the Guarantor fails to fulfil any non-financial obligation under the Guarantee
                    Agreement.
        B.    upon expiry of a reasonable period of time specified in a notice served by the Bank
              on the Borrower, without the matter being remedied to the satisfaction of the Bank:

              (a)    if the Borrower fails to comply with any obligation under this Contract other
                     than one mentioned in Sub-paragraph 10.01A indent (b) ; or

              (b)    if any material fact stated in the Recitals substantially alters or proves to be
                     erroneous and if the alteration or error either prejudices the interests of the
                     Bank as lender to the Borrower or adversely affects the implementation or
                     operation of the Project.


10.02   Other Rights at Law

        Paragraph 10.01 shall not restrict any other right of the Bank at law to demand repayment
        of the Loan.


10.03 Damages

        In case of demand for prepayment under Paragraph 10.01, the Borrower shall pay to the
        Bank a sum calculated as at the date of demand, as the greater of:

              (a) an amount calculated according to the provisions of Sub-paragraphs 4.02B and
                  C as applied to the sum which has become due and payable, and with effect
                  from the due date specified in the Bank’s notice of demand; and

              (b) an amount calculated at an annual rate of 0.25 % from the date of the demand
                  to the respective date on which each instalment of the sum demanded would
                  have been repayable but for the making of the demand.


10.04   Non-Waiver

        No failure or delay by the Bank in exercising any of its rights under this Article 10 shall be
        construed as a waiver of such right.


10.05   Application of Sums Received

        Sums received following a demand under this Article 10 shall be applied first in payment of
        damages, commission and interest in that order and secondly in reduction of outstanding
        instalments in inverse order of maturity.
                                       ARTICLE 11
                                    Law and Jurisdiction


11.01   Law

        This Contract and its formation, construction and validity shall be governed by the laws of
        the Grand-Duchy of Luxembourg. The place of performance of this Contract is the head
        office of the Bank.


11.02   Jurisdiction

        All disputes concerning this Contract shall be submitted to the Court of Justice of the
        European Communities (hereinafter referred to as the ”Court”).

        The parties to this Contract hereby waive any immunity from or right to object to the juris-
        diction of the Court.

        A decision of the Court given pursuant to this Paragraph 11.02 shall be conclusive and
        binding on the parties without restriction or reservation.


11.03   Evidence of Sums due

        In any legal action arising out of this Contract the certificate of the Bank as to any amount
        due to the Bank under this Contract shall be prima facie evidence of such amount.




                                         ARTICLE 12
                                        Final Clauses


12.01   Notices

        Notices and other communications given hereunder by one party to this Contract to the
        other shall be sent to its respective address set out under 1) below, or to such other
        address as it shall have previously notified to the former in writing as its new address for
        such purpose, except that notices to the Borrower relating to litigation, whether pending or
        threatened, shall be sent to the address set out under 2) below, where the Borrower elects
        domicile:

           -   for the Bank :                  100, boulevard Konrad Adenauer
                                               L-2950 Luxembourg
                                               Fax : 00 352 - 43 77 04

           -   for the Borrower :       1)     Klemensova 8
                                               813 61 Bratislava
                                               Slovakia


                                        2)     Slovak Mission to the European Communities
                                               118, avenue Brugmann
                                               B-1060 Brussels
12.02        Form of Notice

             Notices and other communications, for which fixed periods are laid down in this Contract or
             which themselves fix periods binding on the addressee, shall be served by hand delivery,
             registered letter, telegram, telex or any other means of transmission which affords evidence
             of receipt by the addressee. The date of registration or, as the case may be, the stated date
             of receipt of transmission shall be conclusive for the determination of a period.


12.03        Recitals, Schedules and Annexes

             The Recitals and following Schedules form part of this Contract :

                   Schedule A          Technical Description
                   Schedule B          Amortisation Table
                   Schedule C          List of 32 Regional Branch Lines
                   Schedule D          List of 69 Low Volume Tariff Points

             The following Annex is attached hereto :

                   Annex I             Authority of Signatory of the Borrower


IN WITNESS WHEREOF the parties hereto have caused this Contract to be executed in four (4)
originals in the English language, each page having been initialled by Mr. Robert Wagener, Chief
Counsel           on          behalf        of        the           Bank          and        by
on behalf of the Borrower.



    Signed for and on behalf of                                     Signed for and on behalf of
EUROPEAN INVESTMENT BANK                                         Zeleznice Slovenskej Republiky




                  W. Roth                                                    A. Egyed



        rd
This 23 day of July 1999 at Bratislava
                                                                          SCHEDULE A
                                  TECHNICAL DESCRIPTION
        SLOVAK REPUBLIC – SLOVAKIAN RAILWAYS MODERNISATION PROJECT

The project comprises the implementation of the following works:-

Zilina-Cadca-Zwardon                                                       Completion date December 2002
        The upgrading of the 31km section of double track, electrified line from Zilina to Cadca to
        permit speeds of 160km/hour and axle loads of 22.5 tonnes.
        The upgrading of the 21km single track section from Cadca to Zwardon to permit speeds of
        100km/hour and axle loads of 22.5 tonnes plus the installation of 3 kV overhead
        electrification plus modern signalling and communication systems.
        Alteration works at Cadca station to improve freight handling and the station facilities as well
        as the construction of an underpass and suppression of a level crossing.
The purchase of 35 lightweight passenger railcars (electric)             Final delivery date December 2005
        The purchase of 35 new electric lightweight passenger railcars with the ability to operate
        using 3Kv Dc and 25 kV AC supplies. They will replace about 40 existing units and will have
        approximately 60 seats and 100 standing places.
The modernisation of the telecommunications network                    Completion date December 2002
        The installation of digital based systems connected by optical fibre or copper cables including
        IRIS, a ticketing system, SAP, an accounting system, and CAIS, a data transmission and
        management information system.
        The investments include the installation of optic fibre or copper cables on the ”backbone” of
        the network as well as the most important subsidiary lines. At the same time new digital
        equipment, digital telephone switchboards, digital transmission and connecting equipment
        etc will be installed. Over 1100 workstations and 40 data transmission nodes plus more than
        3000km of cable will be installed.
The purchase or modernisation of freight and passenger units                  Final completion date June 1999

        The current investment programme includes:
               -   the refurbishment of 1341 freight wagons
               -   the refurbishment of 20 ”Habis” freight wagons
               -   the purchase of 462 freight wagons
               -   the purchase of 10 sleeping car units for wide gauge use
               -   the refurbishing of 1 railcar
               -   the modernisation of 7 locomotives



        Overall completion date : December 2005
                                                                 SCHEDULE B

                              Amortisation Table

SLOVAK REPUBLIC – SLOVAKIAN RAILWAYS MODERNISATION PROJECT


                Due date of                        Amounts to be repaid
                instalment                         expressed as percentage of
                                                   the loan as defined in
                                                   Paragraph 4.01
           1.   15 September     2004                                5%
           2.   15 March         2005                                5%
           3.   15 September     2005                                5%
           4.   15 March         2006                                5%
           5.   15 September     2006                                5%
           6.   15 March         2007                                5%
           7.   15 September     2007                                5%
           8.   15 March         2008                                5%
           9.   15 September     2008                                5%
          10.   15 March         2009                                5%
          11.   15 September     2009                                5%
          12.   15 March         2010                                5%
          13.   15 September     2010                                5%
          14.   15 March         2011                                5%
          15.   15 September     2011                                5%
          16.   15 March         2012                                5%
          17.   15 September     2012                                5%
          18.   15 March         2013                                5%
          19.   15 September     2013                                5%
          20.   15 March         2014                                5%
                                                            ---------------------
                                                                   100%
          EUROPEAN         INVESTMENT                BANK
                                                              FI N° 20.175

                                     DRAFT
                      Subject to approval and modifications
                               by EIB management
                      changes to the draft 27 June 2003 are
                                   marked-up


  SLOVAK REPUBLIC - SLOVAKIAN RAILWAYS MODERNISATION
                        PROJECT



         ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT



                              between



                        SLOVAK REPUBLIC

                                and


                    EUROPEAN INVESTMENT BANK

                                and


                 ZELEZNICE SLOVENSKEJ REPUBLIKY


                                and

                   ZELEZNICNA SPOLOCNOST, a.s.




                                                     Bratislava,
2003
                                                     Luxembourg,             2003
THIS AGREEMENT IS MADE BETWEEN:


Slovak Republic, acting through the Ministry of
Finance, having its Head Office at Štefanovičova 5,
817 82 Bratislava
represented by Ivan Miklos, deputy prime minister
and minister of finance SR



                         hereinafter referred to as:   ”Slovakia”


of the first part


European Investment Bank having its Head Office at
100 Boulevard Konrad Adenauer,
Luxembourg-Kirchberg, Grand-Duchy of
Luxembourg, represented by,



                         hereinafter referred to as:   the ”Bank"

of the second part,


Zeleznice Slovenskej republiky, having its office at
Klemensova 8, 813 61 Bratislava
represented by Roman Veselka, general director




                         hereinafter referred to as:   "ZSR”


of the third part, and


Zeleznicna spolocnost, a.s., having its office at
Klemensova 8, 813 61 Bratislava
represented by Pavol Kuzma, managing Board
Chairman and Director General and Vladimír Luptak,
managing Board Vice Chairman




                         hereinafter referred to as:   ”ZS”



of the fourth part and
WHEREAS:

1.   The Bank and ZSR entered into a finance contract dated 23 July 1999 as amended by letters
     dated 6 March 2000, 8 December 2000 and 22 December 2000 (hereinafter called the
     ”Finance Contract”) by which the Bank provided a credit in an amount of EUR 200 million to
     ZSR to be used for the Slovakian Railways Modernisation Project, which was fully disbursed in
     three Tranches.

2.   Slovakia provided security for the Borrower’s financial obligations pursuant to the Finance
     Contract by entering into following guarantee agreements with the Bank:

     (a) for the first tranche, in an amount of EUR 120 million, guarantee agreement between
     Slovakia and the Bank dated 23 July 1999 as amended by letters dated 6 March 2000, 8
     December 2000 and 22 December 2000 (hereinafter called ”Guarantee A”);

     (b) for the second tranche, in an amount of EUR 20 million, guarantee agreement between
     Slovakia and the Bank dated 7/11 April 2000 as amended by letters dated 8 December 2000
     and 22 December 2000 (hereinafter called ”Guarantee B”); and

     (c) for the third tranche, in an amount of EUR 60 million, guarantee agreement between
     Slovakia and the Bank dated 22 December 2000/17 January 2001 (hereinafter called
     ”Guarantee C”).

     Guarantee A, Guarantee B and Guarantee C together will hereinafter be referred to as the
     ”Guarantees”.

3.   By Act 259/2001 and by Act 260/2001 both of 14 June 2001, a legal framework to separate the
     responsibilities for railway infrastructure and operations was introduced in Slovakia.
     Accordingly, Act 259 established ZS as a wholly owned state company in which Slovakia
     currently holds 100% of the share capital. By Act 259/2001 and Act 260/2001 certain assets
     and liabilities were transferred from ZSR to ZS.

4.   The Project financed under the Finance Contract includes a component related to the
     purchase and modernisation of freight and passenger units. Following the changes in the law
     and the separation of responsibilities in the railway sector, ZSR, ZS and Slovakia asked the
     Bank to transfer the rights and obligations of ZSR under the Finance Contract to ZS with
     respect to the principal amount of EUR 45 million which financed said components, which
     principal amount, notwithstanding anything to the contrary, shall hereinafter be considered as
     financed out of the third tranche disbursed by the Bank on 16 March 2001 and to amend
     especially Guarantee C to reflect the fact that ZSR and ZS are, to be considered borrowers of
     the Bank under the Finance Contract.

5.   The Bank, having considered the changes introduced by the new legislation, has decided to
     give effect to the above request.

6.   Execution of this agreement by ZSR has been authorised by its Governing Board (Annex I
     hereto).

7.   Execution of this agreement by ZS has been authorised by its Board of Directors (Annex II
     hereto).

8.   Execution of this agreement by Slovakia has been authorised by the Government of the
     Slovak Republic (Annex III hereto).


     NOW, THEREFORE it is hereby agreed as follows:
                                    ARTICLE 1
                               The Finance Contract


 ZS declares that it is well acquainted with the terms, conditions and clauses of the Finance
 Contract, a true copy of which it has received.


                                     ARTICLE 2
                                    Effective Date


This agreement shall acquire full force on the date (hereinafter called the ”Confirmation
Date”), on which the Bank shall have notified ZSR, ZS and Slovakia that it has received the
legal opinions referred to in Article 6 hereof in substantially the form attached hereto as
Annex IV and V.


                                  ARTICLE 3
                           Assignment and Assumption


  All rights and obligations of ZSR under the Finance Contract with respect to:

 (a) a principal amount of EUR 45 million taken from the third tranche disbursed by the Bank
     on 16 March 2001 and

 (b) the Project related obligations regarding the purchase and modernisation of freight and
     passenger units

 shall be deemed to have been assigned and transferred by ZSR to ZS and ZS hereby
 formally agrees to fully acquire and assume such rights and obligations upon itself.

 Accordingly, all references in the Finance Contract to ZSR with respect to the obligations
 transferred above shall be construed as references to ZS as well and ZS declares that it
 shall be bound by the terms of the Finance Contract in respect thereof as if it had been an
 original party thereto.


                                    ARTICLE 4
                            Extension of the Guarantees

Slovakia hereby agrees to the above assignment, assumption and to the below amendments
to the Guarantees, specified in Article 5 and confirms that the Guarantees are valid, existing
and legally binding in relation to ZS’ obligations as well as ZSR’s (for the respective amounts)
and that the Bank is entitled to call under any of the Guarantees in case ZSR should fail to
fulfil any of its financial obligation pursuant to the Finance Contract, and under Guarantee C
in case ZS should fail to fulfil any of its financial obligations pursuant to the same Finance
Contract.
                                   ARTICLE 5
                               Special Undertaking

A. Paragraphs 7.05 of Guarantee A and B shall be deleted and replaced by the following:

”7.05   Special Undertakings

A. ZSR Working Ratio

ZSR shall achieve by 31 December 2003 and maintain as long as the Loan is outstanding, a
ZSR Working Ratio (as defined below) of no more than 100%.

For the purposes of this Sub-paragraph A:

 ”ZSR Working Ratio” shall mean the ratio of total annual operational expenses of ZSR,
excluding depreciation and debt related expenditures, to total annual revenues from billed
services and operational subsidies of ZSR.

B. ZSR Labour Productivity

ZSR shall by 31 December 2003 bring ZSR Labour Productivity (as defined below) to a level
of at least 2800 train-km/employee and continue to work on a further improvement of the
Labour Productivity as long as the Loan is outstanding.

For the purpose of this Sub-paragraph B:

”ZSR Labour Productivity” shall mean the ratio of Train-km per Employee;

”Train-km” shall mean the aggregate of kilometres driven by passenger and freight trains on
the network of ZSR per calendar year; and

”Employee” shall mean all members of the workforce in direct employment of the
infrastructure departments of ZSR.”

B. Paragraph 6.12 of the Finance Contract and Paragraph 7.05 of the Guarantee C shall be
deleted and replaced by the following:

”6.12/7.05     Special Undertakings

A. ZSR Working Ratio

ZSR shall achieve by 31 December 2003 and maintain as long as the Loan is outstanding, a
ZSR Working Ratio (as defined below) of no more than 100%.

For the purposes of this Sub-paragraph A:

 ”ZSR Working Ratio” shall mean the ratio of total annual operational expenses of ZSR,
excluding depreciation and debt related expenditures, to total annual revenues from billed
services and operational subsidies of ZSR.

B. ZSR Labour Productivity

ZSR shall by 31 December 2003 bring ZSR Labour Productivity (as defined below) to a level
of at least 2800 train-km/employee and continue to work on a further improvement of the
Labour Productivity as long as the Loan is outstanding.

For the purpose of this Sub-paragraph B:
      ”ZSR Labour Productivity” shall mean the ratio of Train-km per Employee;

     ”Train-km” shall mean the aggregate of kilometres driven by passenger and freight trains on
     the network of ZSR per calendar year; and

     ”Employee” shall mean all members of the workforce in direct employment of the
     infrastructure department of ZSR.”

     C. ZS Working Ratio

     ZS shall achieve by 31 December 2003 and maintain as long as the Loan is outstanding, a
     ZS Working Ratio (as defined below) of no more than 100%.

     For the purposes of this Sub-paragraph C:

      ”ZS Working Ratio” shall mean the ratio of total annual operational expenses of ZS,
     excluding depreciation and debt related expenditures, to total annual revenues from billed
     services and operational subsidies of ZS.

     D. ZS Labour Productivity

     ZS shall by 31 December 2004 bring ZS Labour Productivity (as defined below) to a level of
     at least 700 000 traffic units/employee/year and by 31 December 2006 to a level of at least
     780 000 traffic units/employee/year and maintain such ZS Labour Productivity as long as the
     Loan is outstanding.

     For the purpose of this Sub-paragraph D:

      ”ZS Labour Productivity” shall mean the ratio of Traffic Units per Employee per year;

     ”Traffic Unit” shall mean one Passenger-km or one Tonne-km;

     ”Passenger-kms” means the product of the multiplication of passengers transported and the
     distance they were transported;

     ”Tonne-kms” shall mean the product of the multiplication of tonnes of freight transported and
     the distance over which they were transported; and

     ”Employee” shall mean all members of the workforce in direct employment of ZS.”

     E. ZS Cost Recovery Level

     ZS shall by the 31 December 2003 achieve a Cost Recovery Level in its passenger services
     of at least 30% and by 31 December 2006 a Cost Recovery Level of at least 35% and
     maintain such Cost Recovery Level as long as the Loan is outstanding.

     ”Cost Recovery Level” shall mean the ratio of total annual revenues from billed services to
     total annual operational expenses, excluding depreciation and debt related expenditures.”



C.   Paragraph 6.13 of the Finance Contract shall be deleted and replaced by the following:
”6.13   Financial Undertakings


        A. Financial Undertakings of ZSR

                So long as the Loan is outstanding, ZSR shall ensure that the ratio of Debt to Equity
        shall be no greater than 72 to 28.

        For the purposes of this Sub-paragraph:

        a) the term ”Debt” shall mean any financial indebtedness of ZSR maturing by its terms more
           than one year after the date on which it is originally incurred or extended, but excluding
           Subordinated Debt;

        b) the term ”Subordinated Debt” shall mean Debt incurred by ZSR (i) from its shareholders
           on terms and conditions which make the payment of principal and interest available only
           after payment in full of all amounts falling due in connection with other Debt and which
           contain no security interest and no acceleration of rights due to default prior to the
           maturity of such other Debt, or (ii) as required by mandatory provisions of Slovak law;
           and

        c) the term ”Equity” shall mean the sum of the total unimpaired paid-up capital, retained
           earnings and reserves of ZSR not allocated to cover specific liabilities, plus receivables
           from the State for previously unpaid economically justified costs, which the Ministry of
           Finance has recognised, and for which it has agreed upon a payment schedule.

        B. Financial Undertakings of ZS

                So long as the Loan is outstanding, ZS shall ensure that the ratio of Debt to Equity
        shall be no greater than 55 to 45.

        For the purposes of this Sub-paragraph:

        a) the term ”Debt” shall mean any financial indebtedness of ZS maturing by its terms more
           than one year after the date on which it is originally incurred or extended, but excluding
           Subordinated Debt;

        b) the term ”Subordinated Debt” shall mean Debt incurred by ZS (i) from its shareholders on
           terms and conditions which make the payment of principal and interest available only
           after payment in full of all amounts falling due in connection with other Debt and which
           contain no security interest and no acceleration of rights due to default prior to the
           maturity of such other Debt;or (ii) as required by mandatory provisions of Slovak law; and

        c) the term ”Equity” shall mean the sum of the total unimpaired paid-up capital, retained
           earnings and reserves of ZS not allocated to cover specific liabilities.

        C. The ratios included in this Paragraph shall be calculated in accordance with International
        Accounting Standards and based on ZSR’s or ZS’ consolidated financial statements
        respectively.”
                                            ARTICLE 6
                                          Legal Opinions

6.01   Promptly after the execution of this agreement the Bank shall be provided with an external
       legal opinion issued by a lawyer admitted to practice law in the Slovak Republic, substantially
       in the form attached hereto as Annex IV providing that , under the laws of Slovakia:

       (a)     ZSR and ZS are duly organised and validly existing as legal entities;

       (b)     this agreement has been duly executed and delivered on behalf of ZSR and ZS by
               Roman Veselka, general director of ZSR and Pavol Kuzma, managing Board
               Chairman and director gener al of ZS; Vladimir Luptak, managing Board Vice
               Chairman ;

       (c)     this agreement is in full force and effect and the obligations of ZSR and ZS,
               respectively, hereunder are valid and binding upon each of them and enforceable in
               accordance with their terms;

       (d)     consequently, nothing contravenes or limits the right of the Bank to request prompt
               and full performance of ZSR’s or ZS’ obligations, as the case may be, under the
               Finance Contract and this agreement;

       (e)     the choice of the law of the Grand Duchy of Luxembourg as the law governing this
               agreement is valid and enforceable in connection with any claim or dispute between
               ZSR and/or ZS, as the case may be, and the Bank; and

       (f)     the Court of Justice of the European Communities shall have jurisdiction in
               connection with any claim or dispute in relation to this agreement and any judgement
               thereof shall be fully enforceable in Slovakia in accordance with its terms.


6.02   Promptly after the execution of this agreement the state secretary of the Ministry of Justice of
       the Slovak Republic shall issue a legal opinion, substantially in the form attached hereto as
       Annex V providing that, under the laws of Slovakia:

       (a)     this agreement has been duly executed and delivered on behalf of Slovakia by </>;

       (b)     all requirements, if any, necessary for the effectiveness of this agreement under
               Slovakian law have been fulfilled so that the obligations of Slovakia hereunder are
               valid and binding upon it and enforceable in accordance with their terms;

       (c)     consequently, nothing contravenes or limits the right of the Bank to request prompt
               and full performance of Slovakia’s obligations under the Guarantees and this
               agreement;

       (d)     the choice of the law of the Grand Duchy of Luxembourg as the law governing the
               Guarantees and this agreement is valid and enforceable in connection with any claim
               or dispute between Slovakia and the Bank; and

       (e)     the Court of Justice of the European Communities shall have jurisdiction in
               connection with any claim or dispute in relation to the Guarantees and this
               agreement and any judgement thereof shall be fully enforceable in Slovakia in
               accordance with its terms.
                                           ARTICLE 7
                                 Legal Regime of the Agreement

7.01   Applicable Law

       This agreement and its formation, construction and validity shall be governed by the law of
       the Grand Duchy of Luxembourg.



7.02   Jurisdiction

       The parties hereto submit to the exclusive jurisdiction of the Court of Justice of the European
       Communities (hereinafter called the ”Court”) and all disputes concerning this agreement shall
       be submitted to such Court.

       The parties to this contract hereby waive any immunity from or right to object to the
       jurisdiction of the Court.

       The decision of the Court shall be conclusive and shall be accepted as such by the parties
       without restriction or reservation.

                                            ARTICLE 8
                                           Final Clauses

8.01   Notices

       Notices and other communications given hereunder shall be sent to the respective
       addresses set out below, except that notices relating to litigation whether pending or
       threatened shall be sent to the address mentioned under 2) below where ZSR, ZS and
       Slovakia elect domicile:

        -        for Slovakia:                          1) Ministry of Finance
                                                            Stefanovicova 5,
                                                            817 82 Bratislava


        -               for the Bank:                          100 Boulevard Konrad Adenauer
                                                         L-2950 Luxembourg-Kirchberg
                                                         Grand-Duchy of Luxembourg

            -         for ZSR:                          1) Zeleznice Slovenskej republiky
                                                           Klemensova 8,
                                                           813 61 Bratislava

                                                         2) Embassy of the Slovak Republic
                                                         </>

        -          for ZS:                              1) Zeleznicna spolocnost, a.s.
                                                           Klemensova 8,
                                                           813 61 Bratislava
                                                         2) Embassy of the Slovak Republic
                                                         </>
          Each party may, by notice to the other, change its addresses as set out above, provided that
          the addresses in 2) above may only be changed to another address within the European
          Union.


8.02      Form of Notice

          Notices and other communications, for which fixed periods are laid down in this Agreement
          or which themselves fix periods binding on the addressee, shall be served by hand delivery,
          registered letter, telegram, telex, confirmed fax or any other means of transmission which
          affords evidence of receipt by the addressee. The date of registration or, as the case may
          be, the stated date of receipt of transmission shall be conclusive for the determination of a
          period.


8.03      Recitals and Annexes

          The Recitals and Annexes form part of this Agreement.

          The following Annexes are attached hereto:

          Annex I            - Decision of the Governing Boardof ZSR

          Annex II           - Decision of the Board of Directors of ZS

          Annex III          - Authorisation by the Government of the Slovak Republic.

          Annex IV           - Form of Legal Opinion to be provided by ZSR and ZS

          Annex V            - Form of Legal Opinion to be provided by the Slovak Republic

IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed in five
originals in the English language.

Each page hereof, except this page, has been initialled on behalf of Slovakia by Ivan Miklos, deputy
prime minister and minister of finance SR, on behalf of the Bank by </>, on behalf of ZSR by Jaroslav
Mikla, financial director and on behalf of ZS by Lubomir Huska, financial director.




              Signed for and on behalf of                         Signed for and on behalf of
                 SLOVAK REPUBLIC                                EUROPEAN INVESTMENT BANK

 this         day of        200[] at Bratislava

                                                         this      day of       200[] at Luxembourg
       Signed for and on behalf of                                 Signed for and on behalf of
. ZELEZNICE SLOVENSKEJ REPUBLIKY                                ZELEZNICNA SPOLOCNOST, a.s.

       this        day of          200[] at
                     Bratislava                         this        day of        200[] at Bratislava
       EURÓPSKA INVESTIČNÁ BANKA

                          NÁVRH
              podriadený schváleniu a úpravám
                        vedenia EIB




SLOVENSKÁ REPUBLIKA - PROJEKT MODERNIZÁCIE SLOVENSKÝCH
                        ŽELEZNÍC




        ZMLUVA O PREVODE, PREVZATÍ A DOPLNENÍ

                           medzi


                SLOVENSKOU REPUBLIKOU

                             a

            EURÓPSKOU INVESTIČNOU BANKOU

                             a

           ŽELEZNICAMI SLOVENSKEJ REPUBLIKY

                             a

            ŽELEZNIČNOU SPOLOČNOSŤOU, a.s.




                                     Bratislava,         2003
                                     Luxembourg,         2003
TÁTO DOHODA JE VYHOTOVENÁ MEDZI:

Slovenskou republikou
zastúpenou Ministerstvom financií
so sídlom na Štefanovičova 5, 817 82 Bratislava, Slovenská republika
zastúpeným Ivanom Miklošom, podpredsedom vlády a ministrom financií SR

                                 ďalej v texte nazývanej :       ”Slovensko”


ako prvou zmluvnou stranou;


Európskou investičnou bankou
so sídlom na 100 Boulevard Konrad Adenauer,
Luxembourg-Kirchberg,
Luxemburské veľkovojvodstvo,
zastúpenou


                                 ďalej v texte nazývanej :   ”Banka”


ako druhou zmluvnou stranou;



Železnicami Slovenskej republiky
so sídlom Klemensova 8, 813 61 Bratislava, Slovenská republika
zastúpenými Ing. Romanom Veselkom, generálnym riaditeľom ŽSR


                                 ďalej v texte nazývanej :   ”ŽSR”

ako treťou zmluvnou stranou; a



Železničnou spoločnosťou, a.s.
so sídlom Klemensova 8, 813 61 Bratislava, Slovenská republika
zastúpenou Ing. Pavlom Kužmom, predsedom predstavenstva a generálnym riaditeľom ŽS
           a Ing. Vladimírom Ľuptákom, podpredsedom predstavenstva


                                 ďalej v texte nazývanej :   ”ŽS”


ako štvrtou zmluvnou stranou
NAKOĽKO :

1. Banka a ŽSR dňa 23. júla 1999 uzavreli finančný kontrakt v znení úprav v súlade s listami zo dňa
   6. marca 2000, 8. decembra 2000 a 22. decembra 2000 (ďalej v texte uvádzaný iba ako ”Finančný
   kontrakt”), prostredníctvom ktorého Banka poskytla úver vo výške 200 miliónov EUR v prospech
   ŽSR pre účely Projektu modernizácie slovenských železníc, ktorý bol úplne vyplatený v troch
   Tranžiach.

2. Slovensko v súlade s Finančným kontraktom poskytlo záruku za finančné záväzky Dlžníka
   prostredníctvom uzatvorenia nasledovných zmlúv o záruke s Bankou :
   a) pre prvú tranžu vo výške 120 miliónov EUR zmluva o záruke medzi Slovenskom a Bankou zo
      dňa 23. júla 1999 v znení úprav zaslaných listom zo dňa 6. marca 2000, 8. decembra 2000 a
      22. decembra 2000 (ďalej nazývaná ”Záruka A”);
   b) pre druhú tranžu vo výške 20 miliónov EUR zmluva o záruke medzi Slovenskom a Bankou zo
      dňa 7./11. apríla 2000 v znení úprav zaslaných listami zo dňa 8. decembra 2000 a 22.
      decembra 2000 (ďalej nazývaná ”Záruka B”); a
   c) pre tretiu tranžu vo výške 60 miliónov EUR zmluva o záruke medzi Slovenskom a Bankou zo
      dňa 22. decembra 2000 / 17. januára 2001 (ďalej nazývaná ”Záruka C”).

   Záruka A, Záruka B a Záruka C sa v ďalšom texte budú spoločne označovať výrazom ”Záruky”.

   3. Zákonom č. 259/2001 a 260/2001 oboma zo dňa 14. júna 2001 bol na Slovensku vytvorený
      právny rámec na oddelenie činnosti železničnej infraštruktúry a prevádzky. Následne Zákon č.
      259/2001 zriadil ŽS ako štátom úplne vlastnenú spoločnosť, v ktorej je Slovensko 100%
      vlastníkom akciového kapitálu. Zákonom č. 259/2001 a zákonom č. 260/2001 boli prevedené
      určité aktíva a záväzky zo ŽSR na ŽS.

   4. Projekt financovaný z prostriedkov Finančného kontraktu zahŕňa časti týkajúce sa nákupu a
      modernizácie vozňov nákladnej a osobnej dopravy. V nadväznosti na zmeny v legislatíve a
      rozdelenie činností a kompetencií v rámci železničného sektora, ŽSR, ŽS a Slovensko
      požiadali Banku o prevod práv a záväzkov ŽSR plynúcich z Finančného kontraktu a
      vzťahujúcich sa na istinu vo výške 45 miliónov EUR, ktorá financovala spomínané
      komponenty pre ŽS, kde suma istiny bez ohľadu na nič protichodné bude považovaná za
      financovanú z tretej tranže uvoľnenej Bankou dňa 16. marca 2001, a požiadali o zmenu najmä
      Záruky C, ktorá má zohľadňovať skutočnosť, že ŽSR a ŽS sa stanú dlžníkmi Banky v rámci
      Finančného kontraktu.

   5. Po zvážení zmien zavedených novou legislatívou sa Banka rozhodla vyhovieť predloženej
      požiadavke.

   6. Podpísanie tejto zmluvy zo strany ŽSR bolo schválené Správnou radou ŽSR (Príloha I).

   7. Podpísanie tejto zmluvy zo strany ŽS bolo schválené Predstavenstvom ŽS (Príloha II).

   8. Podpísanie tejto zmluvy zo strany Slovenska bolo schválené Vládou SR (Príloha III).
TÝMTO VYJADRUJEME SÚHLAS s nasledovným :


                                           ČLÁNOK 1
                                        Finančný kontrakt


ŽS vyhlasuje, že je náležite oboznámená s parametrami, podmienkami a ustanoveniami Finančného
kontraktu a obdržala jeho vernú kópiu.


                                          ČLÁNOK 2
                                         Dátum platnosti

Táto zmluva nadobudne účinnosť dňom (ďalej v texte iba ”Deň potvrdenia”), kedy Banka oznámi
ŽSR, ŽS a Slovensku, že obdržala právne posudky, o ktorých hovorí Článok 6 tejto zmluvy
v podstate vo forme priloženej k tejto zmluve ako Príloha IV a V.


                                           ČLÁNOK 3
                                        Prevod a prevzatie

Všetky práva a záväzky ŽSR vyplývajúce z Finančného kontraktu a týkajúce sa:

       (a) Sumy istiny vo výške 45 miliónov EUR prevzatých z tretej tranže uvoľnenej Bankou dňa
          16. marca 2001 a

       (b) Záväzky súvisiace s Projektom ohľadne nákupu a modernizácie vozňov pre nákladnú a
          osobnú dopravu

budú považované za postúpené a prevedené zo ŽSR na ŽS, a ŽS týmto vyjadruje súhlas s úplným
prijatím a prevzatím týchto práv a záväzkov na seba.

Obdobne, všetky odkazy obsiahnuté vo Finančnom kontrakte na ŽSR s ohľadom na záväzky vyššie
prevedené budú Dňom účinnosti zamenené ako odkazy na ŽS a ŽS vyhlasuje, že podmienky
vyplývajúce z Finančného kontraktu sú pre ňu záväzné, ako keby bola pôvodnou zmluvnou stranou.


                                          ČLÁNOK 4
                                        Rozšírenie Záruk

Slovensko týmto súhlasí s vyššie uvedeným prevodom, prevzatím a nižšie uvedenými dodatkami
Záruk uvedenými v článku 5 a potvrdzuje, že Záruky, sú platné, trvajúce a právne záväzné vo vzťahu
k záväzkom ŽS ako aj ŽSR (v nadväznosti na príslušné sumy) a že Banka je oprávnená nárokovať si
ktorúkoľvek zo Záruk v prípade, že ŽSR si nebudú plniť ktorýkoľvek zo svojich finančných
záväzkov zakotvených vo Finančnom kontrakte a Záruku C v prípade, že ŽS si nebude plniť
ktorýkoľvek zo svojich finančných záväzkov zakotvených v rovnakom Finančnom kontrakte.
                                        ČLÁNOK 5
                                     Mimoriadny záväzok

A. Odseky 7.05 Záruk A a B budú vymazané a nahradené nasledovným:


7.05   Mimoriadne záväzky

A. Pomer práce ŽSR

ŽSR sú povinné dosiahnuť tento ukazovateľ v termíne do 31. decembra 2003 a udržať jeho hodnotu
až do uhradenia Úveru, pričom pracovný pomer ŽSR (ako je nižšie definovaný) nebude presahovať
hodnotu 100%.

Pre účely tohto Pod-odseku A :

”Pracovný pomer ŽSR” je pomer celkových ročných prevádzkových nákladov ŽSR bez odpisov
a výdavkov spojených s dlhmi celkovým ročným tržbám za faktúrované služby a prevádzkové
dotácie ŽSR.

B. Produktivita práce ŽSR

ŽSR sú povinné v termíne do 31. decembra 2003 dosiahnuť Produktivitu práce (ako je nižšie
definovaná) na úrovni minimálne 2800 vlako-km/zamestnanca a pokračovať na ďalšom zlepšení
Produktivity práce až do uhradenia Úveru.

Pre účely tohto Pod-odseku B :

”Produktivita práce ŽSR” je pomer Vlako-km na Zamestnanca.

”Vlako-km” znamená celkový počet kilometrov prejazdených osobnými a nákladnými vlakmi na
dopravnej ceste ŽSR za kalendárny rok; a

”Zamestnanec” znamená všetkých členov pracovnej sily priamo zamestnaných v infraštruktúrnych
odboroch ŽSR.

B. Odsek 6.12 Finančného kontraktu a odsek 7.05 Záruky C bude vymazaný a nahradený
nasledovným:

6.12/7.05      Mimoriadne záväzky

A. Pomer práce ŽSR

ŽSR sú povinné dosiahnuť tento ukazovateľ v termíne do 31. decembra 2003 a udržať jeho hodnotu
až do uhradenia Úveru, pričom pracovný pomer ŽSR (ako je nižšie definovaný) nebude presahovať
hodnotu 100%.

Pre účely tohto Pod-odseku A :
”Pracovný pomer ŽSR” je pomer celkových ročných prevádzkových nákladov ŽSR bez odpisov
a výdavkov spojených s dlhmi k celkovým ročným tržbám za fakturované služby a prevádzkové
dotácie ŽSR.

B. Produktivita práce ŽSR

ŽSR sú povinné v termíne do 31. decembra 2003 dosiahnuť Produktivitu práce (ako je nižšie
definovaná) na úrovni minimálne 2800 vlako-km/zamestnanca a pokračovať na ďalšom zlepšení
Produktivity práce až do uhradenia Úveru.

Pre účely tohto Pod-odseku B :

”Produktivita práce ŽSR” je pomer Vlako-km na Zamestnanca.

”Vlako-km” znamená celkový počet kilometrov prejazdených osobnými a nákladnými vlakmi na
dopravnej ceste ŽSR za kalendárny rok; a

”Zamestnanec” znamená všetkých členov pracovnej sily priamo zamestnaných v infraštruktúrnych
odboroch ŽSR.


C. Pomer práce ŽS

ŽS je povinná dosiahnuť Pracovný pomer ŽS (ako je nižšie definovaný) v termíne do 31. decembra
2003 a udržať túto hodnotu až do uhradenia Úveru, vo výške nie viac ako 100%.

Pre účely tohoto Pod-odseku C :

”Pracovný pomer ŽS” znamená pomer celkových ročných prevádzkových nákladov ŽS okrem
odpisov a výdavkov spojených s dlhmi k celkovým ročným tržbám za faktúrované služby a
prevádzkové dotácie ŽS.

D. Produktivita práce ŽS

ŽS je povinná v termíne do 31. decembra 2004 dosiahnuť Produktivitu práce (ako je nižšie
definovaná) na úrovni minimálne 700 000 prepravených jednotiek / zamestnanca / rok a v termíne do
31. decembra 2006 na úrovni minimálne 780 000 prepravených jednotiek / zamestnanca / rok a
udržať túto hodnotu Produktivity práce ŽS až do uhradenia Úveru.

Pre účely tohoto Pod-odseku D :

”Produktivita práce ŽS” znamená pomer Prepravených jednotiek na Zamestnanca na rok;

”Prepravená jednotka” znamená jeden Osobo-km alebo jeden Tono-km;

”Osobo-km” znamená súčin počtu prepravených cestujúcich a vzdialenosti, ktorú precestovali;

”Tono-km” znamená súčin počtu ton prepraveného nákladu a vzdialenosti, na ktorú bol prepravený; a
”Zamestnanec” znamená všetkých členov pracovnej sily priamo zamestnaných v ŽS.

E. Úroveň pokrytia nákladov ŽS

ŽS je povinná v termíne do 31. decembra 2003 dosiahnuť Úroveň pokrytia nákladov za služby
osobnej dopravy vo výške minimálne 30% a v termíne do 31. decembra 2006 dosiahnuť Úroveň
pokrytia nákladov vo výške minimálne 35% a udržať túto Návratnosť nákladov až do uhradenia
Úveru.

” Úroveň pokrytia nákladov” znamená pomer celkových ročných tržieb za fakturované služby
k celkovým ročným prevádzkovým nákladom, bez odpisov a nákladov spojených s dlhmi.

C. Odsek 6.13 Finančného kontraktu bude vymazaný a nahradený nasledovným:

6.13   Finančné záväzky

A.     Finančné záväzky ŽSR

       Až do uhradenia Úveru by mali ŽSR zabezpečiť, aby podiel celkových Dlhov k Vlastnému
       imaniu nepresahoval pomer 72 k 28.

       Pre účely tohto Pod-odseku:

       a) Pojem ”Dlh” znamená akúkoľvek finančnú zadlženosť ŽSR s dohodnutou splatnosťou
          viac ako rok po dátume vzniku alebo prolongácie, s výnimkou Podriadeného Dlhu;

       b) Pojem ”Podriadený Dlh” znamená Dlh, ktorý vznikol ŽSR voči jeho akcionárom za
          podmienok, že splátka istiny a úrokov bude uhradená len po plnom uhradení všetkých
          ostatných neuhradených záväzkov vyplývajúcich z iných Dlhov, a s ktorým nie je
          spojené žiadne záložné právo veriteľa a žiadne práva vyplývajúce z omeškania platby,
          pred dátumom splatnosti týchto iných Dlhov, a dlh podľa požiadaviek ustanovení
          slovenského práva; a

       c) Pojem ”Vlastné imanie” znamená súčet celkového neznehodnoteného splateného
          kapitálu, nerozdelených ziskov a rezerv ŽSR, ktoré nie sú určené na pokrytie
          špecifických záväzkov, vrátane pohľadávok voči Štátu za nezaplatené ekonomicky
          oprávnené náklady, ktoré boli uznané Ministerstvom financií a pre ktoré bol stanovený
          splátkový kalendár;

B.     Finančné záväzky ŽS

       Až do uhradenia Úveru ŽS zabezpečí, aby podiel celkových Dlhov k Vlastnému imaniu
       nepresahoval pomer 55 k 45.
       Pre účely tohto Pod-odseku:

       a)     Pojem ”Dlh” znamená akúkoľvek zadlženosť ŽS s dohodnutou splatnosťou viac ako
              rok po dátume vzniku alebo prolongácie, s výnimkou Podriadeného dlhu;
          b)      Pojem ”Podriadený dlh” znamená Dlh, ktorý vznikol ŽS voči jeho akcionárom za
                  podmienok, že platba istiny a úrokov bude uhradená len po plnom uhradení všetkých
                  ostatných neuhradených záväzkov vyplývajúcich z iných Dlhov, s ktorým nie je
                  spojené žiadne záložné právo veriteľa a žiadne práva vyplývajúce z omeškania
                  platby, pred dátumom splatnosti týchto iných Dlhov; a

          c)      Pojem ”Vlastné imanie” znamená súčet celkového neznehodnoteného splateného
                  kapitálu, nerozdelených ziskov a rezerv ŽS, ktoré nie sú určené na pokrytie
                  špecifických záväzkov.

C. Podiely zahrnuté do tohto Odseku budú vypočítané v súlade s Medzinárodnými štandardami pre
účtovníctvo a na základe konsolidovaných finančných výkazov ŽSR a ŽS.


                                             ČLÁNOK 6
                                           Právne posudky


6.01    Okamžite po podpise tejto zmluvy bude Banke doručený externý právny posudok vydaný
   právnikom, ktorý je odborne spôsobilý poskytovať právne služby v Slovenskej republike,
   v podstate vo forme priloženej k tejto zmluve ako Príloha IV, ktorý ustanoví, že v súlade so
   slovenským právom:

   (a) ŽSR a ŽS sú riadne zriadené a právoplatne existujúce právnické osoby;

       (b) je táto dohoda riadne podpísaná a doručená v mene ŽSR a ŽS zastúpených Ing. Romanom
          Veselkom, generálnym riaditeľom ŽSR a Ing. Pavlom Kužmom, predsedom predstavenstva
          a generálnym riaditeľom ŽS, Ing. Vladimírom Ľuptákom, podpredsedom predstavenstva ŽS;

       (c) táto dohoda je právoplatná a účinná a záväzky z nej plynúce pre ŽSR a ŽS sú platné a
          záväzné na každého z nich a právne vymáhateľné v súlade s jej podmienkami;

       (d) v dôsledku toho nič nie je v rozpore alebo neobmedzuje právo Banky požadovať urýchlený a
          plný výkon záväzkov ŽSR alebo ŽS v súlade s Finančným kontraktom a touto zmluvou;

       (e) je výber práva Luxemburského veľkovojvodstva, ako riadiaceho práva tejto zmluvy platné a
          vymáhateľné v súvislosti s akoukoľvek žalobou alebo sporom medzi ŽSR a/alebo ŽS, podľa
          prípadu a Bankou; a

       (f) Súdny dvor Európskych spoločenstiev je oprávnený konať v akejkoľvek žalobe alebo spore
          vo vzťahu k tejto zmluve a akýkoľvek rozsudok vynesený Súdnym dvorom je na Slovensku
          plne vymožiteľný v súlade s jej podmienkami.


6.02    Okamžite po podpise tejto zmluvy štátny tajomník, Ministerstva spravodlivosti Slovenskej
   republiky vystaví právny posudok vo forme priloženej k tejto zmluve ako Príloha V, ktorý
   ustanoví, že v súlade so slovenským právom:
  (a) bola táto zmluva riadne podpísaná a doručená v mene Slovenska zastúpeného ministerstvom
       financií SR;

  (b) všetky požiadavky, ak sa nejaké vyskytnú, nevyhnutné pre účinnosť tejto zmluvy v súlade so
       slovenským právom boli splnené, a teda záväzky Slovenska vyplývajúce z tejto zmluvy sú
       platné a záväzné a právne vymáhateľné v súlade s podmienkami;

  (c) v dôsledku toho nič nie je v rozpore alebo neobmedzuje právo Banky požadovať urýchlený a
       plný výkon záväzkov Slovenska v oblasti Záruk a v súlade s touto zmluvou;

  (d) je výber práva Luxemburského veľkovojvodstva, ako riadiaceho práva Záruk a tejto zmluvy
       platné a vymáhateľné v súvislosti s akoukoľvek žalobou alebo sporom medzi Slovenskom a
       Bankou; a

  (e) Súdny dvor Európskych spoločenstiev je oprávnený konať v akejkoľvek žalobe alebo spore vo
       vzťahu k Zárukám a k tejto zmluve a akýkoľvek rozsudok vynesený Súdnym dvorom je na
       Slovensku plne vymožiteľný v súlade s jej podmienkami.



                                           ČLÁNOK 7
                                       Právny režim Zmluvy

7.01     Použiteľné právo

Táto zmluva a jej forma, výklad a platnosť podliehajú právu Luxemburského veľkovojvodstva.


7.02     Jurisdikcia

Zmluvné strany sa podrobujú jurisdikcii Súdneho dvora Európskych spoločenstiev (ďalej nazývaný
”Súd”) a všetky spory týkajúce sa tejto zmluvy budú predložené tomuto Súdu.

Zmluvné strany tejto dohody sa zriekajú imunity alebo práva protestovať proti jurisdikcii Súdu.

Rozhodnutie Súdu je nezvratné a bude neobmedzene a bezvýhradne akceptované oboma zmluvnými
stranami.
                                         ČLÁNOK 8
                                     Záverečné ustanovenia

8.01    Oznámenia

Oznámenia a iná komunikácia v súlade s potrebami tejto zmluvy bude zaslaná na príslušné nižšie
uvedené adresy, okrem výziev týkajúcich sa súdnej žaloby nevyriešenej alebo hroziacej, ktoré majú
byť zasielané na adresy uvedené v bode 2) nižšie, kde si ŽSR, ŽS a Slovensko zvolia domicil:

- za Slovensko :                       1)      Ministerstvo financií SR
                                                    Štefanovičova 5
                                                    817 82 Bratislava
                                                    Slovenská republika


- za Banku :                                         100 Boulevard Konrad Adenauer
                                                     L-2950 Luxembourg - Kirchberg
                                                     Luxemburské veľkovojvodstvo

- za ŽSR :                                    1)     Železnice Slovenskej republiky
                                                     Klemensova 8
                                                     813 61 Bratislava
                                                     Slovenská republika

                                              2)      Veľvyslanectvo Slovenskej republiky /

- za ŽS :                                     1)     Železničná spoločnosť, a.s.
                                                     Klemensova 8
                                                     813 61 Bratislava
                                                     Slovenská republika

                                              2)      Veľvyslanectvo Slovenskej republiky
                                                     /


Každá zo zmluvných strán môže po zaslaní písomného oznámenia zmeniť vyššie uvedenú adresu,
pričom adresy uvádzané v bodoch 2) vyššie je možné zameniť za adresy v rámci Európskej únie.


8.02    Forma oznámenia

Oznámenia a iná komunikácia, pre ktorú sú stanovené pevné časové termíny v tejto Zmluve alebo
ktorá samotná stanovuje fixné termíny pre adresáta musí byť doručená osobne, doporučenou
zásielkou, telegramom, telexom, faxom s potvrdenkou doručenia alebo akýmkoľvek iným spôsobom,
ktorý umožňuje vystavenie potvrdenia o doručení adresátovi. Dátum podania zásielky alebo dátum
obdržania potvrdenia, podľa prípadu je záväzný pre stanovenie obdobia.
8.03     Úvodné ustanovenia a Prílohy

Úvodné ustanovenia a Prílohy tvoria súčasť tejto Zmluvy.

         K Zmluve sú pripojené nasledovné Prílohy :

         Príloha I             - Rozhodnutie Správnej rady ŽSR

         Príloha II            - Rozhodnutie Predstavenstva ŽS

         Príloha III           - Schválenie Vlády Slovenskej republiky

         Príloha IV            - Formát právneho posudku, ktorý poskytnú ŽSR a ŽS

         Príloha V             - Formát právneho posudku, ktorý poskytne Slovenská republika

         NA DÔKAZ ČOHO zmluvné strany vyhotovili túto Zmluvu v piatich origináloch
         v anglickom jazyku.

         Každá stránka tejto zmluvy, okrem tejto stránky, bola parafovaná v mene Slovenska
         Ivanom Miklošom, podpredsedom vlády a ministrom financií SR, BANKY /, ŽSR
         Jaroslavom Miklom, riaditeľom odboru financovania a ŽS Ľubomírom Húskom,
         riaditeľom odboru financovania.


               Podpísané za a v mene                             Podpísané za a v mene
              SLOVENSKEJ REPUBLIKY                          EURÓPSKEJ INVESTIČNEJ BANKY



dňa       200[ ]              v Bratislave            dňa       200[ ]             v Luxemburgu
              Podpísané za a v mene                              Podpísané za a v mene
      ŽELEZNÍC SLOVENSKEJ REPUBLIKY                         ŽELEZNIČNEJ SPOLOČNOSTI, a.s.



dňa        200[ ]              v Bratislave           dňa         200[ ]            v Bratislave

								
To top