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leader and security agent. The applicable interest rate on the commercial loan is 6m Euribor interest rate
plus a margin of 60 basis points.
The Cargo loan facility (outstanding balance € .84 million, as at 1 December 007) was obtained for the
financing of the construction of the cargo terminal buildings and was extended by Bayerische Hypo Und
Vereinsbank. The applicable interest rate is the Euribor 6m plus a margin of 10 basis points.
The Company has the right to voluntarily prepay all or part of the commercial loan in amounts of at least
or integral multiple of € 5.11.919. In addition, the Company has the same prepayment right for all or
part of the cargo loan in amounts of at least or integral multiple of € 1.000.000. However, in the event
of the prepayment of the commercial or cargo loan, EIB may require pro-rata prepayment of the EIB loan
tranches.
Collaterals & restrictions derived from loan agreements
The EIB, Commercial & Cargo loans have been approved as designated debt and have been secured on a
pari passu basis that is, in the event of resolution or bankruptcy, the Company will repay firstly the EIB,
commercial & cargo loans and then will proceed with the repayment of other Company’s obligations.
The Company has assigned as collateral to the EIB and the consortium of banks all sums of monies deposited
in the name of the Company in its banking accounts (current, time deposits & repos accounts) in the form
of pledge agreements.
If any payments of Secured Liabilities (all present & future obligations & liabilities to the EIB, Hypovereinsbank
and Commercial Lender under and in connection with the loan Agreements) have not been made by
the Airport Company on their respective due dates or within any applicable grace period and remain
outstanding, the Security Agent shall irrevocably be entitled to give instructions to each bank to remit any
amount standing to the credit of the account to the Proceed Account at any time prior to the decision of
EIB & Commercial Lender to accelerate the loan.
The Security agent (upon the Commercial Lender or the EIB’s decision to exercise its right to accelerate the
Commercial Loan/ Cargo Loan or the EIB loan) shall be entitle to enforce the relevant Pledge Agreement
by giving instructions to the bank to remit all amount standing to the credit of the account to it in order
to repay the companies’ liabilities in the following manner and order:
• First all the interest and fees under the EIB, Commercial & Cargo Loan Agreements that remain due
and unpaid
• Secondly, all the principal amount of EIB, Commercial & Cargo Loan Agreements , and
• Any other liability that remains due & unpaid.
Furthermore, the Company has assigned as collateral to the EIB and the consortium of banks:
• all its present and future revenues and accounts receivable, that is, all its payment claims against (a)
the airlines regarding the airport charges, (b) the lessees of airport facilities, (c) the concessionaires
regarding the concession of aircraft activities, catering, fuelling etc, (d) the airport operators (e) other
claimants resulting from commercial activities.
• all its rights & claims under the insurance agreements.
• the usufruct granted under ADA (i.e. the exclusive right to use and occupy the assigned area (Site) for
the design, construction, completion, commissioning, maintenance, operation, management and /or
development of the airport).
In addition, the commercial loan agreement stipulates that an amount equal to the aggregate of the
principal repayment and the amount of interest payable by the Company at the following repayment date
should be maintained as security on the reserve account. The aforementioned account is included under
the balance sheet line “Other non-current assets” (refer to note 4.1).
The exposure of the Company’s Bank Loans to interest rate changes and the contractual re-pricing dates
(i.e. the Commercial and Cargo Loans) at the balance sheet dates are as follows;
5
plus a margin of 60 basis points.
The Cargo loan facility (outstanding balance € .84 million, as at 1 December 007) was obtained for the
financing of the construction of the cargo terminal buildings and was extended by Bayerische Hypo Und
Vereinsbank. The applicable interest rate is the Euribor 6m plus a margin of 10 basis points.
The Company has the right to voluntarily prepay all or part of the commercial loan in amounts of at least
or integral multiple of € 5.11.919. In addition, the Company has the same prepayment right for all or
part of the cargo loan in amounts of at least or integral multiple of € 1.000.000. However, in the event
of the prepayment of the commercial or cargo loan, EIB may require pro-rata prepayment of the EIB loan
tranches.
Collaterals & restrictions derived from loan agreements
The EIB, Commercial & Cargo loans have been approved as designated debt and have been secured on a
pari passu basis that is, in the event of resolution or bankruptcy, the Company will repay firstly the EIB,
commercial & cargo loans and then will proceed with the repayment of other Company’s obligations.
The Company has assigned as collateral to the EIB and the consortium of banks all sums of monies deposited
in the name of the Company in its banking accounts (current, time deposits & repos accounts) in the form
of pledge agreements.
If any payments of Secured Liabilities (all present & future obligations & liabilities to the EIB, Hypovereinsbank
and Commercial Lender under and in connection with the loan Agreements) have not been made by
the Airport Company on their respective due dates or within any applicable grace period and remain
outstanding, the Security Agent shall irrevocably be entitled to give instructions to each bank to remit any
amount standing to the credit of the account to the Proceed Account at any time prior to the decision of
EIB & Commercial Lender to accelerate the loan.
The Security agent (upon the Commercial Lender or the EIB’s decision to exercise its right to accelerate the
Commercial Loan/ Cargo Loan or the EIB loan) shall be entitle to enforce the relevant Pledge Agreement
by giving instructions to the bank to remit all amount standing to the credit of the account to it in order
to repay the companies’ liabilities in the following manner and order:
• First all the interest and fees under the EIB, Commercial & Cargo Loan Agreements that remain due
and unpaid
• Secondly, all the principal amount of EIB, Commercial & Cargo Loan Agreements , and
• Any other liability that remains due & unpaid.
Furthermore, the Company has assigned as collateral to the EIB and the consortium of banks:
• all its present and future revenues and accounts receivable, that is, all its payment claims against (a)
the airlines regarding the airport charges, (b) the lessees of airport facilities, (c) the concessionaires
regarding the concession of aircraft activities, catering, fuelling etc, (d) the airport operators (e) other
claimants resulting from commercial activities.
• all its rights & claims under the insurance agreements.
• the usufruct granted under ADA (i.e. the exclusive right to use and occupy the assigned area (Site) for
the design, construction, completion, commissioning, maintenance, operation, management and /or
development of the airport).
In addition, the commercial loan agreement stipulates that an amount equal to the aggregate of the
principal repayment and the amount of interest payable by the Company at the following repayment date
should be maintained as security on the reserve account. The aforementioned account is included under
the balance sheet line “Other non-current assets” (refer to note 4.1).
The exposure of the Company’s Bank Loans to interest rate changes and the contractual re-pricing dates
(i.e. the Commercial and Cargo Loans) at the balance sheet dates are as follows;
5
