.ll.

orOBIP 3ACTABH Lldi )lOrOBIP 3ACTABVl (H,II,oroBip") YKJlaneHI1H 2010 pOKY B MICl'i MUI\oJlalB, Vl<pal'Ha, Mille

10

'lepBHiI

PLf.DGE AGREEMENT This AGR:f.EMEN'f (the "Agl;eellleni") entered into on 10 June 2010 in Mykolayiv, UkrainG and between:

is

TOll<'\PtlCl'BOM auii1HJ1H Koxl 14307653).

fOP~lJ1WHlOIO OC0601O,

3upeecTpoaaHol'0 aJlpeC010:

Ta

iCHYIO'101O
tUO nJfOwa feHepaJIbHOrO 5IKI.JK

311
Mac

38I<OI-!O.n:8BClBOM

YKpa'iHH

C'3aCT;ilaonaaeubH),
3aBOnCbl<l'l B

M,

Mlcue3llaxon>KeHHiI 38 MHKonn'is, V!(pai'Ha,

n.

1,
Ha

54050,

oc06i

Horo

OP~N JOIN'!' STOC~ COMPANV "WADAN YARDS o KlJAN" (identification code 143(7653), a legal entity incorporated and existing under the law:; of Ukraine (the" Pledgor") and having its regisrered oflice at I Zavodska Ploshcha, city of Mykolaiv, 54050, Ukraine, represented by its General Director,
the Charter and the minutes of the

POMal-j<JYJ<3

MJ,\l(OJ1i1 TIaBJ10Bl1tJa, HarJiflllOBo"i

]lic

y
)1pJ.lcO((eaI-l
H

Ta npoToKony

N29/05/2010

Pa.lYI BAT Bin II TPUSHil2010 pOKy; TEl (pcfC"T11lmiI1HHH

"Sa.:llIH

Mr. Romanchuk Mykola Pavlovych, acting pursuant to Supervisory Board of

Okean" No. 910512010 dated
J

OJSC "Wadan Yards May 20 I 0; and

HOMeI'
Ta

(f>PA.LtOMFM HE 262555),
iCHyK)tlOIO 3a

IOPYI)J.WIHOIO

o(:nOo[n.

3apCCc-fpOB3HOIO

331<OHOn<JElCnOM

PecllyoJ1h\f1

Kinp

("3aCTaI30nCp/K3TeJlbH), UJO Mac Micue3HUXOlllKel-lHiI 3a anpecofO: l(iMOHOC 43A, JliMaCOJl Kinp, nC3095 B oc06i AH,npi51 Birarrii{oBwla KipMa'l~\' nKHM MeWKac 3a anpecoro:
ByJl. ,UsiHchKa,

FRAnOMNt\ (with regislerecl number HE 262555) (I legal entity incorponlted 1111d existing under the laws of Re{)ublic of Cyprus (the "Pledgee" J and havingib registered Ql'tice at Kimonos 43A, LimassoI, Cyprus, P.S. 3095 represented by AndrlY V. Kil'mach, residing at 19
Str" Apt. 49, Kyiv Ui,raine, pallsport No. CO 498579, issued by Dniprovskyi RU GU UMVS iT) Dvinska

19,

[{B. 49, M. KH'iB, YKpa'il-ia,

!rjl[!\c;T10p-r

cpilCO

N2498579, BHAaHMH 4 JJHCTOna.u8 rv MBC YKpai'HH B MicTi KYlcsi, aiA 03 TP8BH~ 20 10 pOKY.
3aC'raBOnep)f(WreJlb

2000

poKy

wo nit:: H8

llR>hrpo1>ChKltM PY ninCTalli i.rQBipeHOcTi

pa:>OM iUUVlBtililu1bC51

Ta 3aCTaBonaBeUb

l-m.uani

"CTOPOHI1", a OKpeMO - "CIO pOl-la " .

the city of Kyiv On November 4, 20-00, tIering on the basis of the Power of Attorney 1s:sued on 03 May 20 IO. The Pledgor and the Pledgee are bel~einalter referred to collectively as the "Patties". and indivjdually as a "Pa rty".

A.

OCKiIlbKI1

3ac-ra130.uep)K~\TeJlh lipHHHilR
Kpe.1J.l-ITOP<:l no

H<l

cdie Eci

IIp;ma

A.

RECt'l"Al-~ Whereas the Pledgee has assumed ali rights and

Ta 3060s'513CiHHiI

3a JJ:oroaopoM CTpowr30'j

BinHolneHwo no 3acnlflOJ'l,1'lIflU5I KpenlHHloi' Jlini'i N~4 'Bill. 08 CepIUI>1

3Mi~laMH ~l
'fa

2005
Hboro,

pOKY,

nO,"\fliH,lJlf;HIVIl'1

nOTIOllIIClIHilMl:1

l\0

ElHeCCH HM,f1

'fii.llTloB'inHHM

)lOnaTOBt1M~1

yr'O;10Ml'1_,

CY_KymJa CyMU Kpes'1lrry

{ABa
}IKoro 'lO-mpH)

3a

5l1<HM Jole nepe8Hwy

2 029 784,44
BlciMLteC}n'
l:'OpOI-lOIO

obligations of the Lender with respect to the Pledgor under Term Loan Faci,)ity Agreement l>,Jo, dated May 19, 2009, as subsequently amended by respective additional agreements for the total facility amount not exceeding 2 -029 784,44 (rv.'@ millions twenty nine

MtJlbMOHI1 nBUfJU51Tb neB'llTb LlOJlapl1

THCil',

CiMCOT

thousand

seven hundred

and

eighty

four) USD

and

forty

Cl UA fa COPOl( 'IOTHpM uellill C 3aCT8BOA3BClib ("KpeJ.lHTHHil ).(oronip");

JJ:Jln 3a6e:>lle'ICHWl
jlO

four l:ents to whidl

r\gl"ccment");

the Pledgor is a party (the "FaciJity

B.

rlCH\epHCil!-ln

3aCr3BOJ1.<1HCI,CM

Bcix

CYM, HRneW;"UIX

COilntH 3actaB(lJ,ep)l<IIT0J\lO

-m KpcmlTHlIM

JJ:orOBopOM, 3ac-ra~().naEleUb 110 ('OlnIUC>I lIa;JilTH Ii nepWO'leproBy 3aeJ<lUY I1pellMcJ 3atTafHl (:m 13l1::'lIl(llleIIWIM l.lbOrO TepMiHy HII)J{IlC) Ha yMosaX, mnHa<lGHl-LX y UbOMY

B. In order (0 secure repayment by the Pledgor ora!l of the amounts owing to the Pledgee pursuant to the Facility Agreement, the l'ledgor .agreeulo grant a llrst mnking ple{fgc over the Collateral (as fllrther 011 the terms and conditions set forth herein. NOW,nll~I{[FORE, the Parties hereto agree as follows:

AoroBopi. BVlXO,Il,}liU'l 3 UlE1A311,VI 1l0ro80PY illOM0l3I-1J111Ch npo TaKe:

CropoHH

Uboro

ARTJCLl:: 1
PIIDG((:~ GENERAL n:RMS 1.I t:lJl~!Wj!L,:ll!l~rill.!l;Il"",l~!Jl.,~I,$!,l)WI.~~.~.\~t. J1,lI $1 3a6e 3 n(;',t' I H 1 $I
Ta C13bC4aCHOJ'O B~lKOHaH H51 3aCTaBOD.alllICM

Hane)KHOrO 3a6c3f1eyeHIIX

J.I Pledgor's Grant of Pi.:dge. As security for proper and timely performance by the Pled/l,oT of
Secured Obligations as defined
10

306ol3'i13al-lb, 3aCTas)'

IH13HalleHHX

y nyHKri

1.4

Uboru

in Secfioll

.4 hereof,

AoroBopy.

3aC'l'<le01l3'Bttlh

UHM nepeJ;laE:3aCT<lHO;,ep)KaTCJlfO (3 Ha~"41n'llliHM

the Pledgorht:'fehy grants

the Pledgee a flrst-ranking

oepwOtJepr08y

11pioptl1'CTOM)

pkdge (th~ "P,ledge") over the ColJalcial.

("3aCT~waH) tIpe,Ui\'let 3acTaBH. 1.2

1lJ~~L3!!.I~;!'

Tlpe,rVvleTOM
3

3aCTanH
pyXOMllX

M<.lHHO l.(horo

3aCTaBotlaHU$I, mo CKl1ilfl3CTbC9l 3ac06il3, nq~e-Jril{ i1KHX Ha;J/lHO

}J,oroBopy.

tloro y

Ot'llClllHHX

1.2 The Collateral. The Collateral Sill'll! be the properly of ti,e f>lt~d'gor,const'iruting its movable fixcd
[1:->51:15,

):l.ONrlKy

.0.0

the list of which

is nll.ached

as Appeif-ldix

here\o.
norOJJ)!<yIOTbC51,

1.3

fuillTicITh' 11~~lJMe'TY 3ac'I~JH:!. CTOpOHI1

npe,nN'l'i::'ry3acTaiBI1
l'ta

(JlU BRpTitTb

~"'ry

YKJ]al'IC:Hl-l51

Uhoro

1.3 Yal1jc' (If CDJaateraL The parties .<!l&J"& that the value of (he CoJlutt~aJ as of tile ~~te (~I;'this Agreement

jI,oroBopy CIUlaJl3: 61 597 544,00 (wic-r.uec5IT 0.L\111-1 MiJlbHOH n'5TTcoTAeB'5IHOCTO CiM TI1C5T'1 n'5TTCOT COPOI(40TYIPI1) rpHBI'li piBBO. }],lUl yHHKHef-IH5T cyMl-lioiB, C'1'opoml QbOrO f-J.ol"Onopy np5lMO nor011>J<yJOTbC5I, WO TaKa BapTicTb B >!(().11.HoMy pa3i He 3MCIIUJY{: npaE 3aCTaBOAep>K3TeJUIHa OTpHM<:lHH>lnormo,," On;latl1\3a6e3Ile'leW1X 3050l~ '5133I-1b.

is 61 597 544,00 (sixty one million five hundred ninety seven thousand and five hundred forty fbur) Hryvnias. For the avoidance of doubt, lhe Parties heret0 expressly agree that such value shall not prejudice i1')any manner the rights of tbe Pledgee to receive payment of the Secured Oblig.ations in full.

1.4

~tl6c:metjcHi 3069B'1I3Z\!Hfli!..

1.4

SeClJ,I:ed Oblig.ations,.

l.4.l iteM ):(oroJ3ip Ta CTBOpCH3HI1M 3acTaBa 3a6e3ne1.JYKJ'1'b cnrtaTY '1'3 Bi'lKOHalHl$l 3aC'3Bo.uaBueM Bcix 3a6e3ne4eHI1X 3060B'5T33Hby Me,Kax CYMH, BH3Ha'leHoi' y OYHI\Ti 1.4.2 HH)J('le ("3a6e3ne'ieHHX 306oB'm3Hb"), a caMe: (a) Clcix f1Jla'1'i>J(IHlX 106oB'5133Hb 1-13CyMy, BH3H3LleHY Y OyHK'1'i 1.4.2 Uboro )JomBopy. 511<i B 6Y.L\b-5110-l\.j 'lac niAJI5Tr310Tb cnM'1'i, (: 3a6oprOBaHI1MH a60 Gym1 IIPH~lH51Ti 1-1 a ce6e 3ac'1'aBollaBueM 3a Kpe.L\l1THl-lMHl.1,orDBopaMI1, H8 KOPI1C'lb 3aCTaBOJlep>KaTeJl5l, iCHyKl'l HX Ta Mafl6YTHlx, y ToMy LIBcni, fje3 06Me>KeHH51, wono CrIJlaTI1 Bcix oqrounm, CYM, npOlleHTis In 6ynb-5TKHX KOMicitiHHX, 360piB, Si.4lHJKO.ll.yuaHhaoo il-llHHX
\1~\1\e,)l;;\", Ha.\\el\~WA); 1.\'0 CX\l\<J,.i'tl 3<V;;;'\\,\,l,f;)lla"",~N\ 3% Kp.e.l.\'tIiH\~M

1.4.1 This Agreement and the Pledge created hereby secure the payment and performance by the Pledgor of all of the Secured Obligations within the amount set fOrlh in Section 1.4.2 below (the "Secured Obligations"), wh ich constitute the following: (a) all payment obligiltions in the amountdt:!termined in Section 1.4.2 hereof at a,~y time dtlC, owing or incurred by the Pledgor under the.fl!lcility Agreement in favour of the Pledgee, whethel' present or future, including, without limitation, the payment of all principal, interest and any premia, fees, indemnities or olher payments due from the Pledg.or under {he Facility Ag,\'iv~.me.rA(wh-ethe.r at 'Stated m<"tu\'ity, as <J,. re'Sult of acceleration orotner\ivise)wHhin lhe limitsSetl'orthin Secti.ol1 1.4.2; and (b) reimbu1.'ht'il1Jn<:'i'1'l to 1he Pledg~ -of .a:ny and all Expenses inc'll1'red by theP;1oo~ 1i~1 ('l:'~1llilecti011\\,1i~Jh the fa~'ility Agw,'merrt and/or ~hl)-. Ag.ret'llrYant to wrln;i:"t.h 1hc

,D,oroBopoM a60 6yt\b-51KYlM 3 HUX (npH liaCTaJlui C1'p)OKy OnJlaT.H, B pe3yJlbTaTi cKop04eHH5I CTPOKYf1J1.a;relKY a60 iHtul,M '1f1HOM), Y Me)I<aX,B~13Ha'JeHHX y nyHKTi l.4.2; la (b) CyM Binwlwnyu3H H513aCTRnOAep>Ka;reJlfO 6y,O,b-51 KHX Ta Bcix BmvaT, nOHeceHHX 3aCTauo.nep>KClTeJlCM y m'>l3KY 3 Kpe,1I1THHM )JorouopOM 1;1,!:100 UI1M ):(orOBOptl:\1, Hil ni,iJ.WKOllYUClHH5I >lKI1JX3acTilso.nep)KaTeflb MQ)Ke M,"rTlI npano BinnoniAtlo Ito 'lI,HHOrO Yl<pa'iHCbKoro 1aKOHOllaBCTCl(1., B Me,Kax, JB113Ha'iCHlIx y nYHJ\Ti 1.4.2. 1.~.:2 C'ifOpOHI1nOJ"OAIKY10TbC5T 3 '1'I1M,WO MaKCHMaJlbHaCyMCI '3~16ejm:~lJ{\Jjil;X306ou'nalib CTaHOBHTb 3 000 000 (TpH MiJlbtIOHH).uOJlapiBCWA.
J .4.3 3a6e3ne'leHi 3060B'513aHH5I Ma'1'HMyTbTilKHH CTpOK,flKHi=1 BJ131'lU'IC1PHI-1 nJl$l HIH:: .13 KpCLlHTHoMy llorollOpi, T06'1'O 08 c:epnl~l! 201 I 'PoKy, ,ZXJHl yH111,HeHI-I51 CyMHisiS,uevl j!,OifOBi'P 3aCTaBH np0,llO(l)l<Y Man, Klp~1IJJ1'JJ'lY cmf)' ynpOnOJJ1K C'llpOKy .Ilir I(peAHTHoro ,D,OIOlJOpy, 1.l0 nOl3HorO Bl-IK0"litaHI~ll-Bcix 3a6e3ne'ICIHIX 3060s'liJalib ("nepio.u 3fl6e3ne'"lCHl-l'Vi
H ).

Pledgee
legislation

m8Y be entitled

LiI1;l(h:r

3"]JplrCJltblt l,\krafHixctJ

within the limits sel ftlr1h in Section t

1.4.2 The

Par.tieshercby

agree that

amounl of tile SeCllred Ob~llg.ations is (three million USD).

usn 3.,000,000.00

the maximum

i.4.3 The Secured Obligations shaH have slJch term as ;;d forth in ~he Facility Agreement, i.e.,OS August 2011. Forthe avoidance of doubt, this Pkdge Agl'{,'C'merlt shaJ.l
remain in fuJi force a,nd effect for {he 'eJntil't l1:'nrn oftht Facifity Agreement ;u\]ti~ aM of the .s~e-curedOhl~~";~lions have been satisfied in full (the "'S.eemr:ity Penod"i.

fC(,~Tpau.i.a. jI,.,1~1Ha11aHHHnOBHo"i eHJl11'TiIl'tI'l11,lifIOC"g',: 3aCTaBi Cl HKOCTi nepwo'leproBoro 3a6c1nc"tIC.lltlH, 3aCTaBO.Ilep>KaTeilb 3060B'5T3UIIHH 3apeccrpyB8TI1 UfO 3aC!';Mly 8 Aep>Kalll-ioMy peccrpi 06T5f)l(eHb pyXOMOf'O MaJ:'lHa (")l,epJI\aBHHH PecCTp OOTmKeHb") y ninnoBi,!l.HocTi 3 '1IlHHHM 3aI<OHOXla,BCTBO,MYKeaYHl1. 3aCTa.BGl.8,afleUb 'IiTI<O norOjJ)KYTbC~Tll1JJ,a'BaTliI 3aClfflBOnep}l(aTe.iJtKltRClo .uonoMory, HeoGxiJlHY 3aC''l'.(iM'lQrt~p.''''l!ITeflilO 11Jl1l iLlli.EleA ,ra,Ko'i peCClpaLli'i, y TOM)' 'I HCJli, JI'-'."~14ialt iwwo,;o, lKeCT.J1flci nOB'5,1',la1li 3 pecCTpaLlino BHTpanL

1.5

!."5 B,-q.g:}stration. In order 10 ~1,i~cCI'~md validity to the Pledge as a first-ranl~i~l~ seourity tlm Pk:dgee shall register this Pledge the State Register ot Encumbrances over Movable; tlroperty (tire "State Reg~iste(" (}f E4),euLnbrr.ane()~s")i'n :accon13nce wirr!" appllcClbk LHkJ~.inianle,g.L',lat;b1t. The P1ecl~0r expfC'$sly agrr'ees to provide ~be Pledgee with llln 1(l$slst:anct' 'c'<juested by tbe P~eclge.e for purp<n-."il'S of ;<;u<'iil, registratiol", includin.g., inter alia, bt<llring all expms-ciS related to such registrations. ARTrCLK2

CTATTj.l2 3AnEBHEIUHI., fAPAHTlI TA30OB')l3A!jll"'~

3ACTABOllABUa
2.1 1:H@~!lli!_---l:?!_~~~:!1U~~1~\~lj~j}J;l'J..11!#lli8., UHIVl

REPRESENT OBUGA 2.1

3aCTaB01l.aBellbHanac 3aCTallonep/KaT0Jl1o 3C1nCBHeHH5I Ta rapaliTi'i ra 306oB'~13YCTbC513a6e3fTeYJlTll, woG t13 .'{a'1'y YKJlaneHHll llborO ,D,oroBopy Ta BnpO!1l{)B>K Hcpiouy 3a6e3neLJeHH5IHH>KLleHaBeneHinOJlO>Keli;f1jl UYflH Bipf'IH"MH'1'a '1'O'IHHMI,; 2.1, I 3acl~tiao,na.BeUb KlPiYl!llWIHOIOoco6ol(\ CTBOPCHQ!<l Y <pOpM i BinKpanoifO ~'1.J(u;oHepHoroTOBapl1cn,il, >lKil a-l~\l~e>KH}lM 'lHHOM CTBOp'::'H"<'1:, 3apeccTpOBaHa 1'(1 iCHyf ilinlloBilll10 no

Repre.:;emations and WarrlllQ,ti.it1.of Ple-d.-g,or. Tl1e Pledgor hereby represents and warrants to the Pled~.ee as follows,and undertakes to ensure that as the elate hereof and during the Security Period the fbllowing provisions are true and correct;

or

:?, U

Tl,e Pledgor is a [cgal entity org:mi:z.ccJ

in the

form of a-n open joint stoel, company duly estabJis:bed, registered and validly existing under the laws of

3al<OHOL\.aBCTB3 YKpaYHI1; Bci npaBa fOPI1,UH4HO'i OC06H, 110Bl-IOBtUKel-IHJl,npaSa Ta npaBo3J1aTHICTb LIJlll ni)1nl1C3HHll Ta BBROH(\IBH51 u&oro.I~orOBOpy, Jl11J! O~)OpMJlelU'IJl Ta BI11J,a4i )10l<YMeHTIB,~,ul.aj-Il-l5I 5IKHX BHMa.I'J!U:T);,Cllal.tt Hboro 3a UHM ,E!,omBl!)poM. Ta .IDt$ll1epe.llacli B 3aCftisy npeLVvfe-rY3aCTaBH, 5l.K n~llt)J:t6~l.leR0 @'M )J.orOl30poM. 3aCTaBo,UaBeUb 3)1ailcHHBaci l-Ie06xinHi ni'i (y TOMy clHcni Bci KopnopanlBHi nii'), He06xI''1.Hi J.l.Jl5I oinnl1Cal-lH51Ta BHKOHaHWI Uboro )J,orol3oPY Ta UOKyMetniB. Wo MafOTb 6yTII Ha.uaHi HHM 3a UI-lM JJ:orOBopOM, a TaKO>]( LIJl51 nepe.llatIi B 3acTaBy npenMeTy 3acT3BI1;

Ukraine; The Pledgor has full corporate power, authority, right and legal capacity to execute and perform under this Agreement, to execute and issue the documents required to be delivered by It hereunder and to ~rant the Pledge of the Collateral provided for hereunder. The Pledgor has taken all nel.:lssary action (induding all corporate action) required to authorize the execution and performance of this Agreement and of the docull1ents required to be deliver;;u by it hereunder, as well as the Pledge of the Collateral;

1.!.2 3acTfLBOtJ.<1Beu.b Mac

2.1.2

2.1.3 UeH )J,oroBip 6yB oi.ur1l'lcaFlj.jj:\ lHme)J(Hl'lM ll11HOM yooBHosa>KeHHMl1 npe;J,cTaBHHKaMI'fJacTanOnal3u51 i, pa30M 3 yciMa iHwHMI1 nOKyMeHTaMI1, H~.ll.aHI-nI51KHX U\[MarafTbC51 BiLl I-IbOro 3a UHM )J,Or0BOpOM, CTaHOBHTb .rrj!1cHe Ta TaKe, LUO MaE: 3060B'513aJlbHY cll.ny, J060B'513aHH51 3nCTaBOll3BLl>L ~.uo MO)I(e 6YTH 3BepileHe .no BHKOHaHH51 LUOhO 3aC-iUBOJU1I3Wl y BiAnOBiJJ.HoCTi3 Horo yMoBaMH;
2.1.4 OKpiM HK Ul.OUOuie'i 3acTilBH, 3ncTaIl0/\<1IH'111.C CIllHfiM
3<J.K()HHl{M \H\<J.CHVlK()M ,<I ~~KJ\\Ql\H~M

2.1.3

This Agreement has been .execUted by duly authorized representatives of the Pledgor and, together with all other dlJculrnents required to be delivered by it hereunder, consfitutes the vglid and !.egally binding obligation of the Pledgor enforceable against the Pledgor in accordance with its lerms;

[lpeuMeTa 3ac c,<m~T<l.

2.1.4 Except for this Pledge, the Pledgor is the sole and exclus,\ve legal ow\,er ()f the C()li<J.v~ral and
ownS Ihe Collateral firN~ltnd clear of any and all liens. pledges, leases, preemption rights, right.s of purchase ,md first refusal and the Collateral is not sUhj~ct to any dispute, litig.mion, set-off or counrerclahn. Olhe;r than 1h~ r-egi:;trntions of this PleClb"l::, no oIher regil:-~ration or other (juthorization with Jresp:tct to all or ,any pmtof the Co lilutl"Tal is .ti%[uired to give e1f['ect to, creale and preserve the Pledge :'\s ~ first TanckiTlg security;

Bonouic npeJJ.MeToM 3acTaBH, lUO E: Binbl1Hi\! IIi I 6Yllb-51KHX (Jo'tloKeHb, JaCTaS, opeH,UH, nepeBmKHHX npaB, npaB KyniBni 'ra ncpena>Kl-Ioro npl'Ill:6aHHll, i npe.uMeT 3acTaBI1 He E: 06'E:KTOM 6y.ab-51Koro cnopy, cyJlOBoro npouecy, np,lI3a I-Ia 3a.niK alia 3yCTpi4Horo 0030By. OKpiM peccTpauil1 uiE:i' 3acTallii /lJl51 HanaHWI lIJH1HOCTi, cTBOpeHH51 Ta 3Uepe}KeHH51 3aCTaBJol m, nepwolleprOBoro 3a6e'ilrlelleHH51 He 1:HIMarl1E:TbC51nOnaHH5I )IWnHI1X iHwHX nOKyMeHTiB, 3,Uil1cr'leHl-lll iHUH1X pecCTpauii.j a60 O,It~!p}KaHHll iHWI1X AOJBoniB wono llpe/l:YteTa 3acT<\I11l a60 i$y.rrb-51KOY Horo ltaCTwm; npenMeT 3aCTaBl1 HaJle>KHYlM llfiHOM 06niKonyCTbc5I Ha 6alT3Jitci 3acTaBoll.aBlJJJ:,i 6yB n013Hic:itlo COjl<l'ILII~11i <160 ilillllo1M 'm~JO'M3<1I(0 HHO npI1Jl6a)ill~:1i!3aClflalmlJ.,a13 UCM;

2.1.5

2.1.5

The Collateral is properly accounted tOT on the Pledgor's balance sb~t:t and has lbeel' lfitlUy paid for or otherwise lawfully a'Cquired by the P'Jledgor:

2,1.0

$l,Ol<yMCHTl1, LilO 3tlc13inl1YloTb opaBO I3JwcHocri 3ac'l';:r130uaBU51 Ha npeLl.MeT 3aCTaUll, ( lI11Hl-lJolM11, 366oB''!I3YfO'IIo1MH Ta ,UIHCHl1MH, i f!Ollll 6YMI lliiicllOID 3at<.OflH.QJO niJJ.cTauOlo LIJl51OTpIHvtaHH51 3acTaBoU3lllt<:M Llboro Tl,pe.IJ.McTy3acTaBH;

2.1.6 The documents evidetlcing te1;re Pledgor's ownership right to the CollateraB tal'e vcalid, li>inding a!lld effective and have been a valia teg;zlI grolU'I'IO for 1.\C\'1; Pledgor to acquire such Coll{][eral;

:1.1.7
c'J'!30pimoi'

YKJla;IeHH51 Uboro
');) 1.lioJ."'J

JJ:OI"OBOpy Ta pecTpaui~
13 ~ep;>;(a13HoMY

3aO'1il~;II,

~DroBOPOM,

Pee:c'rpj

2.1.7 The execution of 1his Agft'cmel1t and regjslralion of the PJedgecrea!ev t~~Teby with l)H;, $l+Jlcf:
of Encumbrances is sullicient to establish in favor' of the l'ledgec a first-ranking Pledge over the Collateral;

O~Tjl!l~eHh (' Ll.ocTaTHiMl1 ,Uflll c1'BOpeHH5I I-ra 1<0pBCTb 3aCTaUol1ep)J(aTeJ151 nepLUO'leprOBo'i 3aCTaBl1 Ha llpe.QMeT 3ac-raBIl;

Reg.istcr

2.1.8

Yl<na.ueHH5I 3acTaBoAaBIJ,eM UborO t~orofloPY Ta llHKOHaHHil HfiM ello'I'x 060B'513KiB '\UHHM He cynepC'II1Tb nOJlQ)r,eHH~M yCT<mOB'lHX nOKyMeHTiB 3acTaBOnaBU51, 6YJ.lhill<OMy noroBopy Mi)l, 3acTaaoJ.laBlteiV! 1'a TpeTbOfO oc06oro, i oynb-1iKoMy 4Hl-il-IOMy 3aKOHO,llaBcTBY, HOPM3THBHHiV! flKTflM, HaRany cyny a60 iHUJOMy .u01<yMeHTy 6ynb-51Koro SH,Uy. 51KHt:i CTSOP[DE'. 3060B' 5l3aHH51 )lJI513acTa BOna13UJl;

2.1.8

The condusion

by the Pledgor

of this

Agn:ement and its performance hereunder docs not contravene the prOVisions of the Pledgor's constituent docUfllents, any fign:emt~nt between the Pledgor and a third pany, any applicable legislalic1t1, court order or other document of any nature whatsoever binding on the Pledgor; No litigation, investigation or proceeding of or before any arbitrator or governmental uuthOl"ity is pending or threatened by or against the Pledgor, or involving ,any of the Collateral. or relating (0 the transactions conternptuted hereby or by the facility Agreement. nor is the Pledgor aware of any claim or dispute in resrec! of any ot the foregoing;

2.1.9

He nepe6yBa I-ra p03rn51.lli i He iCHyC 3arp03H B1IHHKHCHH}1)I<O.1l.Horocy.uOBoro npouecy, p03cJli.nYBallH11 a60 cynOBoro rrpOSaJl)KeHH5f y 6ynb-51KOMY ap6iTpa)l(HoMy opnlHi a50 6ynb-51KOM)' opraHl .uep}](aBHo"i EJ1UnH3 601<y 3aCTaBo,uIIBUfl a50 lllOM I1hOtO, a60CTOCOBHO npen~llHY 3aCTaBll, a60 CTOCOlHIO onepacrif.l,nepe.n6a leHHX LlHM )J,orOBopOM a60 KPCItHTl-II1M .m;OI'OBOpOM,i 3aCTaBOJlflBlllD He Bi.lloMO npo 6YIlb5ll<l BHMor.l a60 cnopn CTOCOBHO 6Y.'l.b-'wro ]
L

2.1.9

GlllIle'j ~tl I-I a lJ e H a fO ;

1.. \ .\ (J

'3.'DC\'a'boJ'c'a,tCU,b

\Ie.

nO'j))'illyi

Hil"05m

Be. 01 pMM)'.'6o'O

1. \. \(J

'Ihe 'Pk<:lg,<$ ;,':, 1(,0\,

1T00H~

I\Ocf

\Y""':, \\ \"'C'C\'Je.<:lt\I\)'

Bin 6ynb-~KoY OCOGll nOBi,lloMneHfnl

<looiHlflutD'I Jilpe;r:eH31i'npo

notice Or other claim

imimyparty ithal it is., in breacf's

Te, LUGBi H nopywy YMOI3H 'Iii C He BHKOHyfOLIOfO <rl'0pOiHOI{) 360 iHWI1M 'lHHOM He nOTpHMyeTbC$lyMOB 6ynb-JlKoro3jcuo"lx 3060B'513aHb, LUO CTOCYfOThC5I npenMeTa 3actiflHi lfH l:lnJl~IBal'OTbHa HbOrO a60 MO)KYTb CTOCYBU'HfCIIf"I.penMeTa 3aCTUf;lH '11-1 I3I1JlMHyTH ua Hhoro; He iCHyC )/(OJlHI1XBiJlOMHX 3aCTaBo,nllBUl{)Ll.oroBopia, JlOJ\!lOBJleHOcTel-i, nOJlO)I<eHb, yMOB, npaB a60 6YL\b-SIKHximmlx o6<n'aB!-1H, 5IKi 6YJlb-51KMM LIHHOMMO)KyTb HeraTHiBHOBllJHHilYTI1 Ha OiPe,ll.MeT 3acTaBM a60 rrpaBa 3acTaBonaBu,SlHo ai;U-lOlJJeHHI<:J no H1;>Oroa60 Ha 3acTaBy, CTB-opeHy UHM Jlor08opoM Hil KOPI1CTb 3acTaBo/lep>KuTc.rr5l:

of or default under, or otherwise not in compJJance with the terms and conditions of any <lfirt.sobHlatioJ1S which relate Lo or affect or may relate to or affect the Collateral; 2.1.11 There are provisions, conditions, known to the Pledgor affect the Collateral or thereto Or the Pledge Pledgee: no agreements, alTangements, rights or any other circumstances that may in any way adversely rig.hts ofthe Pledgor with respect created hereby in favor of the

2.1.11

2.1.12

3acTaBonaBeUh He oroIlowyBaB ce6e 6aH I<pyTOM i He CTaB HennaTocnpoMO)KIHlM, i BiH I,re npI1HM<lB tKOJ-HIOr'O piweftH5I i He 3nil-icHJOBaB )KOJ[l!HX niM nn5I fioro nilmjnaui'i, caHaui'j ((~iHaHCoBoro 03nopoBncHHll),' npH3HaQeHl-Ili mO.!10 Hhoro 30BHimHhoro YflpaBniHwT a60 3niwCHCI-lH5I Clom peopraHi3uuir nOBTOpCHH51 . 3S!l'lCBHel~1~,Jr:1t..rapClHTiPl 3apT.<lBOnaBLUI. KQlI<He3 3afleBHeHb Ta rapaHTiH 3aCTaBonaBlJ)! , BM3HClLlel-lI1X y UI>OMY !-I.oroBopi, BB3)1(aCTbCll noC'ri?1Ho nOBToplOBaHllM ynponOB)K BChoro Oepiony 3a6e3neQCHHfI. 3acTaBoJ!.aBeUb 3aneBHilC Ta rapaHTyc, LUO Ha naTy ni,ll.nHCaHH5I Uboro .uoroBopy Ta Ha JlaTy 6ynb-5IKOrO nOBTOpeHH5I, 5IKnepe.l1.QlfLleHO B nOnepeJlHbOMY pe4eHHi, 3aneBHeHH51Ta rapaHTi'i, Ha)'laHi B nyHKTi 2.1, C BipHHMI1, nOBHf1MHTa T04HHMH, i lUO flllMy He SJ110Mi 6ynh-5IKi il-lWi (~aKnl a60 nHT31-1H5I, HeHanaHH5I il!(~OpMaui'i npo 51l<iP06~ITb a60 MO)Ke 3p06HTH 6Yilb';fI\e; i3 '3~meBHellb i 6YJlb-51KY,i3 rapaHTil-i, HaLI,aHHXy IlYHKri 2.1, TClKI1MH, IllO BOOn5lTb B oMaHY. 2.3 3aCTaBOnaBeUb BH3I-1aC Ta norOJ!.)KYE:TbC5I, mo 3aneBHeHH5ITala60 rapaHTii', HanaHi HI1M 3a W'IM !-I.oroBopoM, 6yJll-l Ta 3aflllLUafOTbC51 niL\CTaBOlo ,ll.Jl51 yr{JfaJ!cBiHI 3acTaOOnep)l(3TeJleMllboro !-I.OrOBOpy3 THM, IlJ,06, 5lKl..UO 6yn.b51Ke 3 T3KJ-1X 3aneBHel-lb Ta/a60 rapalrrit:1 , CTaHea60 BH~IBHTbC51 Henp3BMJlbH'IM, HeBipHHM, TaKHM, lUO BBO}3,1l rJ, B OMllllY. a60 HenOBHI1M, ue CT3HOBIHHMe iCTOTl-le nopYUJeH,IHl Horo 3060B'S133Hb nepen3aCTaeo.uep)l<aTeJleM3a UHM !-I.oroaopoM. 2.4 YrpHMaHl-I5lf'a. '~~e!pe,r{e:$-IJ1MI_u,",.TIP~JlJ~\L1CL. 3'll$llHt YnpOJlOB)l( BChoro TepMif-lY .uir ul>oCOnoroBopy 3acTaBOIlal.3fUb 3060B'5I3al-IHH, 33 BJlaCHHJ1 I<OWTi 3 BJlaCHOr iHiL(iarllBI1: (3) 3aXHCT. 3aXI-lIILUTH3acT\lI3Y S!I<nepulO'leprolly 3uCraay BiJ1Hcix B11Wlr, npeHcH3il-i, apeLUTin a60 6ynb-llKIIX 10pH!lWll'IHX '11'1 anMiHicTpaTllBlll1X npouecie, iliO BI1CYHYTi,po:mOLI3T! a60 '3arpO)l{YfOTb '3 60Ky 6YJJ.b-5IKOi' TpeTbOl OC05H, Ta Ja6e3neQyaaTH LfHHHicTb: (i) rIpe,ll.MeTy3aCTH3H1ra6Y1.l.b-SlKHX Ta Bcix CBOrXnpaB Ha Hboro; Ta (ii) 3acTaBH, CTBOpeHo'i3(1Ul1M !{oroBopOM. (b) .!!i<llQ!ITMflJIl.lI, HeBiJ.l-KJJa,ll.HO HanaBanl 3acTaBOnep)l<(lTemO 6YJ1b-SlI<y T~t BCIO iH<!JOpMauifOTa 6YAb-5IKi Ta Bci J10KyMeHHI, 5IKHX l:lHMaraTHMe3aCTaBOl.l.eptl<aTeIlh lUOJlOTIpenMeTy 3aCTfIBl-l, i L\03130Jl5I1'H 3acTaBoneplKaTenfO 3JJ,ificHfOIlaTI-InepeeipKI1 Ha Micui Ope.llMl<TY,3aCTaoHa60 6YJlb-5IKO'iHoro QaCTHHH,31'Ul<O>l< nepeBip$lTI~~C}O .Q.oI<YMeHTfluifO 1'a 3Bi1'Hicn, 3ac1'flBonuBu51Ta p06HTH I<oflfi 3 HI-lX. (c) Bl-lTPa'rn; I-f.ecTH 1'a CnJla ly03TH oci BHT)Jan1, HC06xi.D.l-li
L

2.1.12 The Pledgor hasnclther filed for bankruptcy nor become insolvent, nor taken a deciSion or other action to cause irself to be liquidated, llnancially rehabilitated, pUI under external manageme;nt or reorganized.

2.2

2.2

Repetition,J?LPledgor R.epre.selJtatioA tlnd Wax!:anties. Each of the representations and warranties of rhe Pledgor set l(m!l in this Agreement shall be deemed to be continually repeated throughout the Security Period. The Pledgor represents and warrants thai, as of the date hereof and the date of any repetition as provided in the preceding senteiKe, the representations and wananties in Section 2.1 are true, complete and correct, and it has no knowledge or nny aclditiOllfll facts or maIlers the omission of wbkh makes or would make any of the represt::Jltalions and warranties in Section 2. I misleading.

2.3

The Pledgor acknowledges and that the representations andJor warranties by it under this Agreement have been a basis for the Pledgee's entry into this Agreement such that if any of such rl~prc.scntatiolls and/or warranties is, becomes or proves 10 be incorrect, untrue, misleading or incomplete, this will constitule a material breach of its obligations to the Pledgee under this Agreement.

2.-:1
During tilt;' enlir~ term or' his own cost and its own initiative: (a) DeJcl]s~, Shall defend as a first-ranking; Pledge against all c~ailns, demands, attachments or any or administrative proceedings made, commenced or threatened by ally Third party and assure validHy of (~:I the CoUateral and any and all of its rights tht:I'ctO, <lm::l (ii) the Pledge created hereunder.

(0)

!nforn.w!.ion. Shalt promptly provide to the 1)leJgee any and all information and documentation requested by the Pledgee concerning the Coll!lteraJ to allow the Pledgee to inspect on site any and ill! of the Collateral and all books and records of the Pledgor and to make copies of such books and records. (c) ExQ_<e.D:J:t;:j" Shall bear ilnd pay any and all expense'S neccl'.'!'iary fol' the performance of its obligmiolls hereunder. The Pledgor shari pmrnptly reimburse the Pledgee, as soon as practicable for all liabilities, damages, costs and other expenses that the Pledgee may incur in connection with the enforcement of its rights hereunder or otherwise in connection with

y 30'513I<Y 3 lHJl<OHIlHH5IM Horo 3060B'5I3aI11,3a UHM .(or080pOM. 3aC1'aBOXlaBeUh 3060B' 5l3aH~1 H HeBiJJ,KJlClll.l 10 KOMfleHcyBaTH
3aCTaBO}.lep)WaiTenlO y Hai1KopOTLUHH npaKTll'lHO MOtKJI~1BMH CTpOKBci 3a60proBaHocTi, 3611TKI1,BHLtaTKlol Ta iI-lIui BHTpaTH, tHO MO>l<YTb 6y1'H nOHcceHi 3aCTaBOL\Cp)l<aT~'1eM y 3B"13Ky i3 3fti11cHeUW1M CBo'ix DpaB 3a U~IM!-I.OrOBOpOM a60 iHUJl-lMllHI-IOM

y 3B'~3KY 3 l\I1M JJ.orO.BOpOM, (d) YTplfMynaTIlCb Bill., i He ,!l,03BOJlilTI~ B'HlllCHHH OY~I,-$IK010 TpeThOl<) {)c06mo 6YJ.I.b-~Kl1X .nifl, Md MOll<YJ:b npH313ecT\~ Jl0 notipweHH~ Texl-li'IHOro a60 eKCnIlyaTauitilioro CTaHy llpe;rtMeTli 3aCTflBli ('111 6YLlb-ilKOi' Horo "laCTI1HU), .euo l1oro notlmo.IDKeJm~, pYHH)'Bam15T,3HHlUeHI-I$l a60 srpaTYl. (e) Y H CaoeqacPlo 1 J.J<lJIe)l{lUfM <IHt10M 3):( (y T.'l. l(,miTaJlbHHl1 i nOTot/HM}! peMOHT Ta Bei npoilliJl3k."I1'Hli, ai,ll,HOanlOfHlJJhHi i MOJ.I.epHi::Jauil:lHi p060nl) J1Jlil 3a6e3ne'leRH~ nocTiHHoro Harlenmo,o TeXIJj'll-(Qro i cKcflnyaTcluii:iHoro cTaHy Ope!(MeTa 3aqB13l1 (i 1<o>KHO'iHoro '1aCTl-lHI1), wO MaE: 6yTl-I He riPU.H1M '33 craH, ~kl1t! iCHyaaB Ha Ll,aTy HB6pal'"HI L1HHHOCTi(oKpiM 3BH'la'tlHoro :moty B npoueci BI-lI<opHcTaHH5I). (f) JlOIIIJ~~Ji!!L a6o__ ~a1'a J1~m~.eTg.~ .J;~EI."[!L He:nJli!1HO cnoBimaTt1 3.aCTatJOLlCp)KGlTeJl5\npo nOWKO.1\)l:\~'~IH51 aDO pyfhryBaHH5I DpenMeTa 3acTaJ31~ (a60 f:loro 'faCTHl'lli) nl BnpOrrOB)<nep;oJ(V 'Jacy, npHI1H'l!.Umr'O m:Ll:I 3aC1'aEo)]:ep)K<1TeJl5I, lliJlHOBnnl a60 '.3&,\~jJ:U'lTl1 npeJ1:Me:r 'S:acTaJ3~1ia60 6yl;l.b-'R.lty flDro 'laCTIury il'lWIiNl lMa~J'fo1lt p:'J3Jioii :aaproCTi. 5]KUW TaKa 3aMiHa a60 BiJlHOnneHHJ! np.eJJM~Ty3ac;ralnl a60 Horo <laCTHHH E: r1eMO)I{J1HBI1M~'l., TO '3aCT,3.s0Jl'3I'JCn,\b nOBVlHeH HaJlaTH iHwe 3a6e3ne<reHH5I, .lU0 3aLlOBOJ1,J,lHR.E: 3ac-! 3flo.uep>KaTen51. (g) CTpaxY1:l!)1'El!J..1!. 321 CBi'i~ BJlaCHMH paxytWI\ 3acTpaxyBanl npeLlMcT 3aClI:aBlIl 'i c'l)pa~oBiV\ 1<OMnaHiY 3 aillMiHHOID penyTaui C!o, 5IKClE'. iIlPHtll'lJlJJ~OID :lmCJ!i 3 aCTa BOJll'p)KaTeJl5l, Bin pll3i-tKy BTpanl a60 1l0WKOJJ)KeHH~ Ha CyMy nO~lHOi' 3aMillll OpellMeTy 3acTBBH, i yTpHMynaTHMe TClKI-]HCTpaXOBHH nOJlic nOBHiCTIQ 'rll}l}}MM 1'a nitkHY!:M anp0;:lDB)J( Bepiony 3a6e30e'leHHil. 3.a-eTaBOnep)[(al'eJlb nOBJ1HeH (iy'll1 3u3H3<leH11H 6cHe<jJiuiapoM 3a BCIMa <:TpaxOBHMI1 nOJlicaMH. 3aCTano)J.3uCUb 3060B'R.3aHHi~ HeraHHo l'licJ151 OTpltMaHWI tTpaXOBHx Ilonic!s HaJlaTH 3aCTIiIDo,UauU!o opl1rlHmm Bcix TaKI1X c,1paxofHlx non ici B Ta iHtuJ1X 'u01cyMenTi:B, mo n i}l'rSepLl>KY10Th cTpaxyBaHH51 OpenMery 3acTaBlJ!. 2.5 .!21Jll,HHILAQHY[[. 3aCT<lB<:lJH1l3CH'b'~1\()c~ue~1 FlTb, LU06 3acTaaOnep:>KaTt:Jlb H 6YJll,-51Kl1H 'lac lIJjpOJXOll)t( 3Bl1tJaHHoro p06o<loro 'Jacy 'fa H 0Y1l\b-51KHV,;iJll1jl!}\ 'lac, Ha ni;.lcTaBi H<lf.\:BHoro B p03ywfHi npoKfl nOBli,liDM.neJU~R., Mas J!OIBI1J1HTa BinbHBH )J.OCTyn no l1pe.nMery 3aCT<l.8i1, a Ta1W)J-( no 6yxrrunepCbK14X ff<Hl1r, \<opemmmeJ11,uiY 1:a 3BiTHOCTi '3acTMO.llal3U>lCTOCOBIJO i1p~ZlM,,':r'y 3l1,c:raBl-1. B 3aC1faBOll.ep)ItaTeJl1b 'm ooro inlJef.\C;r3BH1lfK1J1\~'O)Ky1Ib rll'~?~!<ip5ITH BHlUe31l3Ha'jeHe, 3HiiMRTI1 (IJOTOr;pa (IJij', POQ\!Hl WHrtIllCKH Ta (poToKonir 3 .B.I1l1J,e3a3H:B"le11Olf:O, 3aC1CaBOD,alleUb norOJl)l<YK'TbC51 Ha.llBB3TiJl3aClr:l'lllD:n.ep)KaTeI.TllD, 3a paxy:HO'K :~aCTaBonaBun, iHl](Y opraHi3auiHHO-KaHUClI51pChKY Ta lHWY .Il0noMory, lUO MO>Ke 06r:PYHTOBaHO BHMaraTI1Cb y 31l'R.3KY iJ BJU.LJ.C3ft.'lia<leHI-lM. 2.6 WJJbQ.l!~~.-lll2!l1it~4etit1l!. 3acTaBo!taneub nOSYlHeH BHKOpHcToByeaTI1 Dpe.aMeT 3aCTaBl1 y BinnoeirnlOCTi 3 Horo UinbOBI1M npWnia'lCHH$lM ,!l,J151CBOei' ni51JlbHoc-ri. 5YLlb-51Ki nOlIinweIHl51, LlonOBHeHHJI Ta MOJll'HpiKalliY no npe,nMeT)' 3aCTaBI1 no llI-Jlm i Bi}(noBiLlaTl-1 UiJlbOBoMy npll:3Ha<leHHIO i He nOBHHHi HCraTl1BHO BllJll1BaTI'T Ha 6e3ncKy BI1KOpHCTBHl1511160 eKCOJIyaTauir npenMeTy 3acTClBH (a60 6YlIb-f11W\' noro 'H'(JTl1HH) 'IH lia Horo eapTicTb.
2.7

this Agreement. (d) Neg.iltive {,Lnd.e11akingd. Shall refrain from, and shall prevent any third party ft'om committing, any act which may result In tile deterioration of tbe technical and operational state of the Collateral (or a.T1Y paJ1 lbel'\eoi). or in the l.atte:r being damaged, ruined, clestroyedor lost. (e) Maintenance. 'Shall timely and duly perform all acts (including air capital and current refurbishment, renovation, repair, maintenance, restoration and modernization works) in order to ensure at all times the good technical and operational state of the Collateral (and any part thereof), which shall not be worse than that which exists on the effective date (except for normal wear and tear in the pl'Ocess of operation). (D [)~!na~~ ..;;!J~ loss to CoJl;{!'Cl'aL Sll:a11 il11mediately notify PledgeI' j( the CDllatera\ (or an)' 'pat1 thel'eof) has been damaged OT c:k;;st{oyed :and withina peliodoftime acceptable to Pledgee, l'est.ore 01' .. pcp!aee t~le eollal'elat or all)' papt thereDf w:ifJ1 {)1)herpwpeJ'I'y of eqmlll value. If sucl1replacemeTTt D1' t'eswmt1t>fl DhlheColllateral ora pan ther:eof is impossible, then the PledJ:.br shaJI provide other security. satisfactol'y to P1etig:e:e. (~.) .l.rt.~'\'II~I.l.~. Shall, at its ,own eXI~~l$l,,\ linst:lTe the Cl)hh&tera'l w;nh a .!;ep.utable ;iml$tti".ance C-Mllpa1l')' acceptabre 4{) the P:led~'t~- ~iain5'lt risk of llolxs and damage to the full replacement value of ttle Collateral, and shall maintain such insurance in fuJl force and dfcl'1 throughout the Security Period. The Pledgee shall bt: specified as a beneficiary under all insurance policies, The Pledgor shall, immediately after obtaining the insurance polic1es, deliver to the Pledgee origi'nBls of all such insurance policies and other documents evidencing (he insurance of the Collateral. The PINlg,~lr shall ensure that the Pledgee at an limes sllaJJ bave full and fr~ acc~ss during normal business hours, aNd al dthel' .Fillle:; on rC1.l,>onable not1ce, to the Collateral, as w'(;J! as tD bouks, con-espondenceandrecnr<ls of the f'1edgor 1'eJate-d to ~llt~ Collateral, and and its r,,-'.p.rese:-n!.!alivesfl11Uy f:X:am ine the ~ame, tab~ pictures IlJ'l.eI1i;'O( t~:kt -extract'S qtl.(."lre~i'Olill .uld mack\.' photocY'J~:it~s Ulcc:reof. The PII'-cl,gor at~'(."t.~f.() j'~nd{;J 100 t,he PJedgl?iC' atlhe- i~ledg.(lj["$ COSj .and \"x:pen:-;r such clk':rica] alTft<3 oihe:r ascs:i~1:rtTI.<:'e ~.;; c1nay be reasonably requested wi~h. f'l.fg;ard thereto.

2.5

2.6 Q:~'iig!~f!!!ltP5t), The Pledgor shall tlse !lIe Collateral, in accordance with its designf1ted Use for operation of its business, Any improvements, additions or modifications to the CoUateral, shall be in accordance with the rej,pcctive desig.nated use and shall not negatively'atlect the safety of use or operation of any of the Collatcl'al or the value thereof.
2.7

.!lQllln.oMneHH.1l.. 3aCTal.lOtlaBCUb 3060B'ft3aHHH ,reBiJlK)Ju)J.Ho cnOBilUaTI1 3aCTaBo.'lep)\{<HCJlfO, i3 r03yMHo He06xiLlHOlD neTaJli3auilo: (i) npo 6Yl\b-JlKY 8TPaTy, 1Milly a60 6YLlb-51Ke nopyweHH51 '111 cnp06y a60 3arp03Y nopylJ1CHH5I

Notification. The Pledgor shall promptly notifY the Pledgee and ill reasonable detail of (n any loss, change or infringement or allY purport or danger of infringement of the Collateral, (ii) any non-consensual

CTOCOBHO f1pe.QMeTy 3aCTaB~I; (ii) npo 6y.ab-51"i i-IetOroaipHi a60 iHWi, LllO BHI'1I1KHIOTbB (wry ';,lI<OHy, O(lMeli(c,Hlf5I, 06T51lKeHH51 4;1 3aniKH, LUO HRKJJa)J,(1I0TI,C51 0360 MO)[<YTbbynl HRKJ1all.el-li Ha f1peJJ.MeT 3aCTaBJ.1;(iii) npo 6y.ab-51Ki cnopl-!, npeTeH3ir, n0301lH, B\<1MOff1 0360 CYJlOlli lIpouecl1 aGo rtoiotluil1HO MQ)KJ\HBi npoaalJ,)<eHIHlJ.U0,ll0oy'II,-m,Hx Ll[ICTllil npMMeTy 3aCT3Bf1 Ta/a60 6aHKpy-rc i !la, HennaTocnpoMo)KHocTi 4f1 J1iKBi,llaui'l 3ac1;'IBOWIllI(ll; (iv) OY.'lb5lKi npon0311ui'l, LllO CTOCYIOTbC51 npl-llli31l11l1 6Y,llb-51KOIO ocooOJo 6YAb-51KOi' l~aCTHHI1 a60 BCborO npe.llJvJeTy3aCTaBif: a60 (v) npo H3CTal1HH 6ynb-5IKo'i illlliO"!'noni"!', lUO BnJ1I1BaC Ha 6y.n,b51Ky4aCTl1HY a60 BeCb npeAMeT 3aCTaBH 0360 5lK" :1<\ i3l'!3H:lliel'1t!nM J\lO}l(eHeranlBHO BnIlHHynl 1[,1 f1pCil.MeT3aCT<lllH, LlH1W1cTh a60 MOl~0111BicTb npHi'vlycOBoro lHlKOHHHH51 3<1('1;'1)<,1, CTBOpetlOIUHM)lor0130pOM, a60 Ha npaBa qfl 3aC(lOil npaB0130rO 3aXI-lcry 3acTaBO;uep')l<aTeIl51 3a LiHM L!.orOElOpOM, y TOM)" 'Hlcni, OC'3 06Me)KeHH5I, npo 6ynb-51Ki "3Mil'j\'l aKTiB a60 05C:l'arlklll, lUono 51KtlX 3aCTa130AaI3UeMHa.aaHi 3aneBHCHH51B UhOMY ,lJ,oroBopi. Heral1HO l1icJl51 Ha.aaHH51T<lI<OrO nOBillOMJ1CHH5I 3aCT,lBonaeeUh 306oB'1l3aHHH, Bl-iI<J1lO IIW 3a BJ1aCHHI1 paxyHol( Ta KOWTlil,3;uillcHI1TI1 TaKi Ai'i, 3Ll.iHCHeHIi51 51KIIX,llHKJHO'IHOHa BJ1aCl-ifU1 p03Cyfl, MO)l(e BI1ManrTTI y UbOMY 3U'513KY 3UCia130;uep)KUTeJlb,30KpeMa, Ha.aaTI1 6y Ub-51Ke lloJ1aTI<Oee Ta/a60 iHme 3a\5e'>.neLleHH51, iliO 3anOB0J1bH~lT\IMe 3acTuso.aep)lia:reml,
l

or other statutory charge. encumbrances or set-off imposed or likely to be imposed on the Collateral, (iii) any disputes, claims, actions, demands or proceedings or any thrcatened proceedings rdating to Cloy of the Collateral and/or the Pledgor's bankruptcy, insolvency or liquidation, (iv) any proposals concerning acquisition by any person of all or any part of the Collateral, or (v) the occurrence of any other event affectin~l any of the Collateral or that could be expected to haw <\ll advel'sc cffect on the Collateral, the validity or enforccability of thl.' Pledge created hereby 01'011the rights 01' remc{};ies of the Pledgee hereunder, including, without lil1l ite,tion, any change in any facts orcilcUrill.Sl!II){:{)SI'etlreSf'111ed by the Plt:dgor in this Agreement, 1mmeClIately after SItch noti lication, the Pledgor shalt utits sole cost l.l1d expense, take such action as the Pledgee ma)' reque~.t 'In connection therewith in its sole discrt'tion, includillg, wilhoLit limitation, providing any additional andfor replacement security satisfactory to the

2,8 3aCTaBOU1'lneu,b 306013'n3almH iHc!lOPMYB:llTI1 al\t'Jlll opo Bci cBol' iUmHi KopnOpaTI-lBHi ,o,i'i, )~ TOMy LIHCJli, 6e3 06Me)l<eHH51. npo Bci 360'pH BHID,Oro Qpratly ynpamliHml 3aCTlllI0]JWBU51, LllO npOllOn51TbC51 a60 51KinJlaHYTbC51 npOt~ecn1, 3 ycix rH1Talth, LllO 6yJlH Bl1piWeHi a60 !10BHHHi6yTH Bl1piWeHi Ha TaKI1;'< ",60pax, 2.9
alOTh

The Pledgor is obi ig.ated to of all its malerical corponne u-:lions, including, without limitation, -of aiU meetings ,of Ill.:: h;'glv;,~simanagement body of the Pledgor held or intended to be held with all matters decided or to be decided at such meeting,

2.8 ke~~p the t~ledt;i'1:e

oTlnjMaH~j~lll1

, U,H;M 3acTaBoA~nenb 306on'513YTl.,cC51 Ta nOrDll)J(YTbC5I,mo BtlponOI3>KTTepio.uy 3a6e311c'leHH511'<16e, o-rpl1MaHH51 nonepellHboY nf1CbMo80'i 3fOlll"1 3aCTaBO;uer}l(aTCJl 51 , 3aCTaBOJlaecUI,: (a) He CTBOpI013aTflMe,He Ha6ysaTl1MC Ta He n03BOJlllTlIMe iCHyl3aHH5I, mli np51MO, Hi onocepeAKOBaHO, \1;i!J,b-51KOrO 06T51IKeHH5I (il60 6Y)),b-51KHX iHWHX npaB lm YMOBHHX 3060s'513aHb), 3aniKy WO,110 npe.uMeTy 3<1CTaBH '(11 6YJ:l.b-51KO'i Horo LfaCH1HH,i CBOe'taCHO 3AiHcHlOnaTHMe yci niY, 5ll<~ :MO,l<yH, 6yTH He06xi,llHHMH alSo lIKi BHMaraIOTbC51 3aCT(l80nep)Ktl1eJl~M J'W151 3axI1cTY npe,llMCTY 3acTaBH aoo ,IlJlll 3BiJlbHern'l51 ni)), 6)'1~1,llKoro TaKoro 06T51'}I(eHHn '1I13,tniKy a60 UJlH'I'XyCyHe"IH51:

2,9 Other Actions. RCl,lttiring <;:':Ql1sent of Pk$~' The Pledgor hereby covena11ts and agrees tl1at, for the duration of the Security .:Period and without Ihe prior written consent of the Pledg,ee, the Pledgor shall nol:
(a) directly or indirectly creat-e, incur or permit (0 exist any encumbrance (or any other rights or contingent liabililies). set-oft~ with 11(?speC~ to Collaleral or any pml thereof, and will proll'l!;}t!y take such action as may be l1eoesS<lry or requested by Pledgee deknd d,c Collateral 01'to discharge or di"pose of any such encumbrance or set-off';

(b) He np0,llaBaTI1MC, He sincTyna1'l[Me. He nepeLtaBan1Me Ta

iliWI1M llHHOM He uiA1.1Y'l(Y13flTI1Me Ta He npHDl1H51THMe )I<OJl.tHlX CBO'ixnpaB Ha npeJlMeT 3acTaOll \H-l6ym,~Jl<y noro 'H1C1')-lHy: (C) He 3,o,i HCHK)BflTIlMe 160 He ,o,03l30Jl5JTflMe 3AiwClleH1l51 6Y;Ub-51l<flXuij:1 (KOpHOpll.1'HliHJ.1X a60 iHUJHx), 511<ij,1O)I<YTb npfl3BecTH )),0 (i) 6YJ.lb-51KOi'pcopraHi3al(i'i 3aCTtf130,ll,aBWI, BkJlK)l{aK)LJ~l 3MiHy Horo KopnopaTHBHo'i (POpMI1, 06'c,nHarrH51, Si,llOKpeMIleHH51 a60l1cpem1'ly 3HallHoi" LlaCTHHH aKl'nlliB 3aCTaBOIJ,3BU5I, a60 (~1) He:ranlB,1-!llX 3Mil[ 1'lpaB Ta 'ltlCT1,1l 3acTaaOnUBU51 Ta 3ac-raBoACp)\"T'!':J);5I Ulono lIpenMeTy 3aCTilBl1 l1l1aapTocTi npe,ll,MeTY 3acTaB11;

(b)

sell, assign, transfer or cliherwise alienate or terminate any or all of its rights to the Co Il<l.t<::fll I or any part thereof;

(c) take or permit the faking any action (corporate or otherwise) that could result in any (i) reorgillli7atioll of the Pledgor, including a change of its corportlte form,

or

merger, spin off, or t1'ansfer !lUb:sHmtla\part of t.he Pled?or's <.issets,or (ii) adv.erse affect on th~ rights and inkr,'sb of thl:: Pledgor and the Pledgee in and to tht:
Collateral or the value thereof;

(d)

He 3aMiHIOBClTHMe, He peMoHrysaTHMc, ne npOBOl.lf1HIMC MOllepHi3auitO Ta He nOJlinlllYS3THMe npellMCT 3aCT,IlH1 0360 6Y)),b-51KY Hom l!aCTllllY, 5llilUO TaKHM peMOHT, MO.r.teplli'saui5l, nOJ1inllleHHn a60 3i1MiHa MO}l(YTb HeraTHflHO BflJlHHyTl1 Ha sapTicTb f1peilMeTy 3ClcTaBH;a60 (e) He p03nOL1HHaTHMC, He 3a6e3neQYBilTHMC Ta He

(d) replace, repair, l11Qdernize and il1lpmve the Collatera 1 or any paJ1 thereof. if such modernizalion, improvement or replacclnent may adversely affect the value of file CoJiaterctl:or

.l103BOJHIH1Me IIi I<Brn;auiro, rrpOBan;}!<eAJ-f1\ Ll(ono IHI3HflllAH HenJl3TOCnpOMO}l(Hoc1'i aDO OY.l1l>-51Ky peopraHi3auilo 3acTallonaBU5l.
2.1 0

insolvency Pledgor. 2.10 agrees

proceedings

or any

reorgllniz.ation

of the

~~:r1<9ai" .;mn~1:l!;t~lli"jS: UHM 3aCTaBO)l3BCU.b noro,U)l,yeTbC$1 Ta 3000B'J13YfTbClI cniBnpaLlloll3TH B I\oBl-liR Mipi i3 3aCTaB0.l1eplKa:reneM, lJ.to6 J.l<"lTl13aCTaSOJlep)l<aTemo 3MOry 3LliltcH}JTH CBO'! l'lpas<l i Cl<OpYlCTaTI1ClI 3acooaMH npaBoro 3axHcTy, nepeJl6aQeHl1.Ml--f l\HM AoroBopoM Tafa60 3aKOHOaaSCTBOM YKpal'ii'H.

Tile Pledgor hereby and is obligat:l':d to cooperate fully with the in order to enable the Pledgee to exercise its rights and remedies under this Agreement and/or under Ukrainian legislation.

3
~IGHTS 3.1 Ha AonaTol< IJ,O iHu.llIx noro npaB 3<1 UHM )J;orOBopOM, KpeJUo'\,HI1M )J;orOBopOM a60 '~a 3aI<OHOnl1SCTBOM Y Kpa"iHH, 3aCTallO.lCP)J(HTCJlb MaL llO}J.i~TI<OBi npanu, IltO B113Ha'1eHiy UbOMY rlyHKTi 3.1. 3.1. I P03rOJI01lIC1j:J:j"$!.3aCT3Bon.eplKaTeJJb MO)l(e p03Kpl1SaTH TpeTiM oco6aM iHtpOpMaui}(), ll.\O CTOCYCTbClIDpe.llMeTy 3acTasl1 Tn 3aCTaBO.llallUll, OTpl1MilHY 33 Kpen~1Tl'lV1MAoroBopoM a60 3a UHM AoroBopoM, B 06C1l3i, ll.\0 Heo6xillliHH )])151peaJIi3aui"i AHM CBO'\XnpaB 3a UI1MAorOBopoM, OKpiM IHtnaJU<iB, K0J111LIe np51MO 3a6opol-ieHO 6ylJ,b 5fKIfM'HIHHI1M 3aI<0110na8CTBOM. 3. I .2 rroBi.uoMJleIIH~ _...-J]:P0 BYin'!fIQK l..leBI1I(c(lHQHllJ! 306on513<1!!.~_HaCTaflHSl Bl11fam<y HeBI1I<oH8HfHI 306oo'$l:mHb nocBiJFlyeTbc51 I1lICbMOBflM n013i,"lOMJJeHHilM_ $11<,' H3.naeTbC51 3acTaBOllep}KaTCneM 3aCTaBo./J.313U10 (11i1.i1ani .. ''rlollitJ.oMJlemm npo lSllnanoK I .. leBHKOm1HI-I$1 306oa'513'llHb"). l!oB1LloMJteHHrl npo Blma.uoK HCBHKOH3HHlI 3060B'il3aHb nOllHHHO MiCTllTH TaKe (lIKLl(O il"lwe He BHMaraE.:ThC5f3aJ<OHOJ.l<lBCTBOM YKpai'HI1.): (J) 3a51By 3aCTaBOJ1.ep)!(ac!'eJlJI npo I3l-1rtaLloK HeBHKOHaHHil 3060B'1I3aHb Ta tioro Om-IC, (2) 3aranbHy CyMy nJlaTi)I(HHX 3060g'il3aHb, Ll(0 Cl>1a}()Th6yTl1 I3fll<OHaJ-li 3aCT3S0.llaSUeM y 51KOCTi n031i'1anhHI1Ka (3) OnHC rl peJ1.MeTa 3acTaBH, (4) BH3H3'leHH51 n03acy.uoBoro cnoco6y 3BepHel-lH51 CT51fHeIlWI, Bl16paHOro 3aCTaBOnepiKaTeJleM ,'JJI5I 3atJ.OBOJICHH51 3a6e3ne<leHHx 3060B'.s13aHb, Ta (5) BHMory 3ac-ral30Jlt.~P)l<att:Jl51 no 3aCTallo.uaSU51 npo yCyHeHH5f Bl1na.ul<y HeBHKoHm-H-IH 30608'5l',~aHb 'fa \1pO nepeJl3LIY 3aCTaBOJlep)[<aTeJllo DpeXUvleTa 3ac-rasl-l ynpoJloB)l( 30 ..nel-IHOro TepMiHy 3 Wllll peE:c-rpaui'\ iHq}OpMuui'j npo 3alJ,OSOJleHHH 3a6c3neLleHHX 306013'5133f-1b 3(\ paxyf-lOI< BapTOCTi npeJ./.MeTa 3aCTaSl-l 8 LJ,ep})(aBHoMy PeccTpi 06TlIll<eHb, 511<11\0 3aCT3[lOnep}K3TeJ1b 511< n03\14ClJlbHIlK He B\1npaSI1B TaKe UCBHI,OH31-IH51 306ofl'$l331"lh.
3.1.3

AN\) REMEDn.::S OF TU~ PLEDGEf~

3.1 &ights. In addition to its other rights nuder this Agreement, the Facility Agreement or under Ukrainian legislation, the Pledgee shall have such additional rights as are Se't [Ol1h in this Section 3.1. 3.1.1 Disc1o~Jlre. The Pledgee may disclose to third parti,~s information concerning the Collateral and the Pledgor obtained tlOder the Facility Agreement or this Agreement, to the extent reasonably necessary tor purposes of real ization of its rights hereunder, except where expressly prohibited by any applicable law. 3.1.2 Default Notice. The occurrence of an vellt of Default shall be evidenct,d by a written notice issued by the Pledgee to the Pledgor (the "Default Notice"), Default Notice shall include the following ~l.Inlc:ls otherwise required by Ukrainian legislation): (1) the Pledge~'s declaration of the OCClIll'ence of an Event of Default and des~ription thereof., (2} the total amount of the payment obligations to be satisOcd b5' the Pledg,e.e as the bOll'ower, (3) description of the Collateral, (/.1) dvterminat ion of the out of court procedure to satisfy the Secured Obligations chosen by the Pledgee, and (5) the Pkdgcc's demand to the Pledgor to remedy an Event or Default and the demand to the Pledgor to transfer the Coll(lteml into the possession of the Pledgee withLn a 30 dClys period from Iht: date of registration of information on satisfaction of the Seclired Obligalions from the value of Collateral in the Stale Rcg,iswr ot I~llcumbrallces, if the Pledgor as the borrower l~likdto remedy a defau It.

3aCT<laOnepl!t-reJJ.b Haoynac npal3a BHMaraUI !lJfl(OHaHHll 3aOe3neQetJJ.{x 3060B' }l3af-lh, tlt"3aJ1C)I<HO Bill 10 ro, lJ\1 !-Iac'fas CTpOI, "Ix BHl<Ol-l:lHH51, 3 GYJlldlKI1X rlpH<lIl1l. X\03BOJlelll1X Kpe,UI1TIIHM AorOBopOM, y TOMy LIHCJli, t)C3 06Me)l<eHHH, npl-l H<lcTaHHi 6Yll1>-lIKO'i3 T3KHX 06craB~lH: (a) iHwa, Hill< 3aCTanOAejJiK31'CJlh, oc06a Ha6yna npana CT51rHeHHSl Ha DpeAMeT 3acTasw: a60 (b) npOTl-1 3acTaBou3sull nopyweHo npOBall)KCHHH npo BlnAaHlr51 l-IenmIToCnpOMO}I<HOCTi, 6aHKpyTcTs3 a60 CXOll<e npOllaLl}l<eHHll, 060 3aCTaBo.n.aBW! orOJlOWeHO 6ar-n:pyToM; a60 (c) npHMH5fTOpirneHH.sl opo JTiKl:lin<luiKl 3acTaBOAaaU51,

306oB'lf3Uiib.

3.1.3 Rigl:lLJQ _ Demand . p~rlormance \:If Sectlre-Q Q1>l!2..'.!tions. The Pledgee hM the ri~ht to demand the flilfillment and performance of the Secured Obligations, regardless of whether such fulfillment or performance has become due, for any reasOn permitted under the Facility Agreement, including, without limitation. if ,my of the following occurs: (a) any person other than the Pledgee has acquired .1 right to foredo~e 011 the Collateral; or (b) an insolvency, bankruptcy or similar proceeJing has been iI,litiated against the Pledgor, or tbe Pledgor hi\!) been declared bankrupt; or (c) a liquidation dec.ision has of the Pledgor, been taken regarding the

i nml yHHKHCIifHI CYMHiBiB 6y.u1>-5fK3 3 j:;mU~3!13HU'leHHX nOJ.liii a60 Bci BOllIl :pa:';OM B~ma.LlKOM HeBI11<0~H11m51 306os'S13aHh. 3.1.4 0g!;U~L!1W!!!lL:Til~:lacQ~tLllpaBoBoro 3aXHCTY. Bci npasa

and tor the avoidance of doubt al1Y or all of the foreg.oing shall constitute an Event of Defi1ull, 3.1 A Rights andReJ.Redi.~s Cumulative. All

Ta 3ac0611 npaBOBoro 3aXl1CTY 3aCTaeOnep){<aTeJ1}1 3a UI1M LtOrOBOpOM cyKynHHMI1 i MO/KYTh6yTfl 3ni\\cueHi OKpeMOa60 01lH04aCHO Ha p03cyn 3ac-raBoaep/KaTeMl. HeBI1KOpl1CTaHHll a60 He3JliHcHeHHll 3aCTaBOaep/J(aTe.neM 6Y,Ub-5lKOrOnpaBa a60 3ac06y npa8080ro 3aXl1cT)' Ire BiJl.MOD01{) eiJJ.TaKoro npaea aoo 3aco6y npaBORoro la:xI1C'iY.

and remedies of the Pledgee under this Agreement are cumulative and exercisable singly or concurrently at the Pledgee's discretion. Non-exercise of or a failLlse to exercise a right or remedy by the Pledgee is not a waiver of that right or remedy.

3.2

~tm!~llJlU~IH~iill, Ha JJ.O,'l(lTOK ,ao iHlUtlX npal3 3aCTaBOLlep/K3TeJl51 3a UHM AoroBopoM, y peni HaCTaHHfI BHnaJJ.KY Heel1KOHaHH5I 306013'il3aHb 3acTaeOnep)((3Te:J\b Ha6ysa npaBo 3Bepl1YH1 CT.5lfHeHH51 Tala60 peani3yBaTl-1 BeCh npe,aMeT 3acTaBH a60 6YJJ.b-.5lKY Horo 'IaCTlJHy Ta 8/1mT}! Bcix Heo6xinHJ.Jx 3axon18 ,'Ul}l 3a6e3ne4eH 1-l513ac'rallOnepll<3TeJ1l0 nOSHoro 3aLlOBOlteHH51 3a6e3ne'Iemlx 3060B'513<1l'lb33 paxyHoK r1penMeTy 3ac-raBH rrepeBa)KHO nepe.1l BciMa itUlH1M11 KpeLJ.\1TopaMH, 6e3 3BepHelHlll no cy,ay (>lKWO TiJlblCl'1 TaKe 3ijepHeHH}l ilO cyny He BI1MaraTbCfl3al<OHOilaBcTBoMYl\pa'jH~I, a 3a iCHyBaHHHTal\o'i BIIMOFl-t Ti.lfbK!-1no TiE} MipH, no fll,ui' ue BHMaraThCil 33KOHo.uaBCTBoM YKpa'iHI1); i 3acT3BOnaJ'lt'l(b 3060B'1l3YCThCil nOBHicTl{) cniBl1pau1oB8Tl1 'ra Han3B3Hl 3aCTasoJJ.ep)KClTemO BCl{) Hc06xiAHy AonoMory i 3.1lit\cmoB3TI1 TaKi 3aX011l1, }lKHX MO)T<eBHMaranl 3aCTanonepil<aTcm, Mil Ha.uaHH5I 3aCTa80nep)KaTeJ1l{)MOil<JlH13oCTi 3.uit\CHHTJ1 TaKi .ui'i Ta 3.UtOBOJlhHHTH 3a6e3ne~reHi 3060B'5133HHfI. 3a 8H6opOM 3aclaao.uepiKaTcJ1ll, i y M<lKCHMa.Jlhl-liH Mipi, He 3a60pOHeHil:i 3aKOHO.uaBCTBOM YKpaiH~l, DpeltMc-r 3acTaBfl (a60 Horo <1<lCHll'ta, 8H3Ha4eHa 3acTaBo.uep)f(aTe.rreM) MOIK0 6YTfL npOn<lHI1I1 a60 i.l'IlUHM '1HHOMlJl1KOPHCT3HHH JJJJ}l JllltOBOIlCHHil 3a6e3riC4eHHX306oo'~3aHb, Ge3 30eprteHH}l ItO cy!ty (ue. O.llHClK, He rrOBHHHO TJlYMaqj:rrHCb llK n030aBJ1eHHH3aC'3BOllep)KaT0J151 npaBa :3BCpHeHH5l CT51rHeHHl!flu flpeJ.\MeT 3aCTaBIil y cy,'lClilOMy nopil.1lKyy BlmaJiKY Ta TOAi, K01111 3aCTaUOnep)KaTenbBI3,'rll<at: 3a .uolJ,inbHe). B Me)l<aX cnoc06ia n03aCYilOBoro 3Bepl1tH1I11 CTllrHCHHilHa DpeAMeT 3aCTarm, 3aCTaBOllep)l<aTCilbMa (tpaRO Hel BIlClCHHHpOlCy.( QOpaTH nop5InoK npO,"I(l>Ky lill iHilloro Bl1KopUCTaHHll TIpenMeTCI 3aCTaJ.H1 WIll 3<l110BOIlCII11}l 3a6e3ITe4CHI!X 3060B'513aHb cepelt HlKl1)( MOtKmrnl-lX8apiall'riB:
(a) nepeJ.\a'Ja3aCTaRonaBueM npaBii ll)lacHocTi Ha DpeilMeT 3aCTaBI1 3aCTallOilep)KilTemO )]JIll 3anOBOJlCHH}1 i 1l0raWeHH}l 3a6e3ne'leHHX 3060B'513aHb;

3.2

Foreclosure. In addition to the Pledgee's other rights under this Agreement, if an Event of Default has occurred. the Pledgee shall have the right to foreclose On andlor sell any or all of the Collateral and to take any and all necessary steps to ensure that the Pledgee receives the full satisfaction of the Secured Obligations at the account of the Collateral on a priority basis over all other creditors, Witilout judicial recourse (unless required under Ukrainian legislation, and then only to the extent so required), and the Pledgor shall fully cooperate and provide the Pledgee with at! I1CCes.Siilry assistance and take such action as t.he Pledgee l1:1ay request in orde.r 1'0 enable the Pledgee to take such steps and f'ceCi've such satisraClioh oUheSecurcCI Obligations. At the Pledgee's choice,arldto the (liaxifl1utn ex.telil {'lot prohibited by Ukrainian legislatioll,lhe CoLlateral (or such portion thereof as detertnirled oythe Plea gee) may be sold, or otherwise uscd to satisfy /FIt Secured Obligations, without recourse to court (however, rhe foregoing shall not be interpreted as preventing the Pledgee from applying, to COUL1 in oreler to foredos/,; on the Collateral ifand whe.11 it deems approprialcl. Wilhin extra-jUdicial procedures, the Pledgee shall have lhe right in its discretion to chose I'he procedure for ~alc or other utilization of the Collateral for the satislJction uf the Secured Obligations, from amongst the following options:

transfer of ownership right.s to the Collateral the Pledgor to the 'Pledgee in satifaction and dischnrgc of the Secured Obligations;

(a)

f!'Om

(b)

Ilpo.uax{ Dpe;tMeTa 3aCTaBl1 3aC'I'lIlOlli.:piKaTeJlCM TpeTil1 oco6i a60 <repe3Bim{ptlTI!fI ayKuioH; aGo norH,eloK, .1l03FlOJleHllH

(b) sale of the Collateral by the Pledgee to a third party purchaser or through public, sale; or (c) any other procedure k~islation. permitted under Uk:-:Jinian

(c) 6ynb-i1Io1H iHIJJHl:! 3aKOHOll.aBCTBOM YKpalflH.

3acTaBOnepiKJ'ICJlb 3060B'il3GlHHn nI1Cl,MOBO cnOSiCHITI1 3aCTaI30naBU}l npo nop51nOK pe(lJli3au,iY, 06paHI111 3acTaBo.ucp){(aTeJ1CM. B I13HalleHI1H 3ac ntIlOnCp"(aT<.'.:I<,;M nop5lnOK BHKOpHcTOByCThCil y MaKcHMa.JlbHii1Mipi, np51MOHe 3a60pOHeHl1H 3al<oHOnaBCTBOM YKpa'iHH.

The Pkllgee shall notify the Pledgor in writing about the enforcement procedure dlosen by the Pledgee. Such procedure sllall be implemented to the maximum extell! not expressly prohibited by Ukrainian I~gista{ion.

3.2.1

ll~~C)j~I:ilI~1,acTaB1L1acT~!Hl,~p)KaTJlfo.

3.2.1
(a) The Pledgee itsdf, or its assignee, shall have the right to accept ownership. posscssion and/or control of and/or sell, transfer or otherwise dispose of any or all of the Collateral at their then fair market value, as determined by the Pledgee suppoltcd by a valuation of an independcnt appraiser selected by the Pledgee (the "fail' M:;Jt'kel Value"). In the event the Pledgce or its assignee elects to accept ownership of the Collateral under this Agreement, the Pledgor agrees to promptly transfer or cause the transfer of the Collateral in lull to the Pkdgce. or its assignee and to take any and (111 actions necessary to formalize or effectuate the transfer

(a) 3aCTaBO.ll.ep)l(aTCJth OC06HCTO<160 [:Ioro ueciorrapitl MaE: npaBO npHHHfFrH y BJIaCHicTb, BOJloniHH5I 'Ia/a60 ni.n cllin KOHTpOJJb Tala50 OpOna'llI, nepeilaTH 'lH y iHill!ln cIloci6 p03f10PillllJHiCil BciM DpeLlMCToM 3aC'1'<tBII a60 Horo 4aCTHHoro 3a Horo niHcHol{) H(l T()H MOMCHTcnpaBe,UJfHBO}O PHHKOBOIO BapTicTIO, I3"DHa4elIoro 3acTaao.epil{aTC;rCM i nilJ.Tl:Jepa)eHo~o jYe3ynhTaTaM,1 ouiH 1<11 ~IC3a.JleiKHHM olIjH,{)I3a4CM, ilKOro o611pac 3aCTaBonep/KaTeJlb("Cfljli'lBeJlJHJiaU })lmk'ona BapTic'fh"). Y Bl1I1anl<y, }llnllO 3aCTaBO.1lepll"rreJIb 060 Moro ueciorl3pifi I31fpiIllHTb npl1lfll}lTH y BJiaCHiCTb TIpeLlMeT 3acrllBH 3a 1l~IM ,l],oroBopoM, 3aCTaBOnaBCub nOrOJriKycTbCfI HCllill K]laJ!lIO 3.rtii~cHlnH a50 3a6e3ne lUTl1 3LI.inCHeHHfI nepena<li llChOro
I

flpe.ll.MeTy 3aCTaBH 3aCTaBO,llep)Kan!J1l0 a60 floro ueciOHapilQ i 3)liHCHI1TH Bei nil, Heo6xiLtHi .llJHl oepopMJ1eHWI Ta 3nit!cHCHl-11l nepe.Lta'li npenMeTy 3acTaBH 3aCTtlBo.n:eplKaTemo a60 floro uecioHapilO, y ~'OMY 4Vlcni, 6e3 06Me)l<Cl\H5I, O(POPMHTI1 i tlan~nfl 6ynb-llKi .n:orOllOpH, .uOl<YMeWfI1 ai50 iHcTpyMellTli, mo ninTBep,!J)l{Y1011> 3ro.LlY 3aCTll.BOnaBU5J 1-1<1 3niHCl-leHHll 3acTaBoJJ,ep)'K3TeJ1eM TaKI1X npaB, 5l1<I1X,!:-Ia l3J1aCHv.li1P03CYA, MQ)J{e BI1MnraTH 3acTaBOnep)J{aTt:Jlb, onepIK3TH 6ynb-ll Ki l103110JlHTa CXSaJleH Hi! opraHy nep)KaBHOl nnanlf, y ToMy 'I HCJli, 6e3 06Me)J{eHH51, npaBOBCTal-loBJUOlQ'li AOI<yMewnl (51KU~O Bi.LlnoBi!1HHH npe.LlMeT 3ac'r<UHI niM5rrae 060a'5l3Kosii1 peecTPaui'O, a TaKO)!( oqlOPMI1TI1 i Ha,lJ,arl1 norosip a60 )lOKyMeltTH, lilO HaJ1aI{)Tb 3MOry 3nilkHeHH51 1'aKI1X npan 3aCTa130llCp)KaTeJleM i nepeJl34i npellM~ry 3aCTaBl1 HOMy a60 lioro uecioHapifO, Ta BHKOHltTH 6YLlI:du<i iHUii ni'i, 5lKHX MQ)Ke I:lHMClraTH3aCTa130,Llep)KaTen b HU BHKOHaHH51 1I0JI0)I(eHb [(horO f1yllKTy 3.2.1. (b) \-Ie 3aSnarO'll1 WKO,LlH npa13<lM 33I:Tal1011el}).lrtcMI, 31lii1cHloBaHwvl y Bi.llnosinHoCTi :l UHM TIYHI<TOM 3.2.1, y Iltma.llKY, 5lKlilO ,LlJ15l nepen6a<leHoY Ul1M nYHKTOM 3.2.\ nepena'Ii 3acT3aOnepJl<aTeJlI{) npe,l\MeTY 3:1nalHi Bin 3aCTaBO,LlepIlWTen51 BHMaraE:TbC51 OItepIKaHH51 6Y}:l:h-5lKOro CXBaneHH51 opraHy J\epJl<as ~lOr BJl<lllH, 311iHClfeHH51 3aCTa130nepiK3TeneM 110ro npas 3a tJJIM OyHKTOM 3.2.1 MO)KJlHBeTiJlbKH nicJl51 onep>l{aHH5l 3aCTllBOJlepilGtTeIleM TaKoro CXBa.neHl-l51 opraHY J\ep)KaBHoY llJtaJ1.H, U 3flTpHMf<f! Y Bl1KOpHCT3I-IHi 3aCTasOllepil(aTeJleM i1oro npllB 3a HUM llYHKTOM 3.2.1 BHacJ1in.oK Hep6xinHocTi Ollep}K,HIWI lH1M TaKara (;!<l3aneHI-J51opraHy .nep)KaRl-lOr nJlanH y )KOJllIOMY pt13i He BnJlVlBaTHMeHa MO)KJlHSiCTb BHKopHCTaHIl51HHM TaKoro np~Hla i He BBa)l(fiTHMeThC51 BinMOBOIO lli.LlHboro. 3.2.2 n[.?IIBaTt!Ql~.YIQl19lQ, (a) I3Y.Llh-51I<a 'IUCTHl1a 'Hi BeCh Opell.MeT 3acTClBH MOIKYTb 6yn nepenal-li a60 rrponal-li l.Jepe3 Si,UKprlTHt1 ayl<uiNl a60 18 npl1J3aTHOlQ yrO)lOI{) (llll HH1KOI{) Ta!<}lX ayKLlioHiu a.oo yrOll), 5JKinpOB0J111T\\Me 3aCTaBOnep)KlITeJlb a60 HorO npencTaBHI11< '1H TpeT51 C1"opOl-ia H<l BHMory 3aCTaBOnep'I(l:lTeml. 5lKlilO 3aCTa130)lcp)KaTCilb BHpilUllTb .\li51TYI Ha ntACTa13i np"lBanlO'i yro;:w, !lilt rvlOIKe caM lIpOBeCTlI neperOBOpl1 3 O.uHHM a60 t\iJII>KOM'l: rloTeHuii1W1Ml1 nOKynU5IMH a60 Ha6ys<I'laMH (""i:t6ymPl~ Tpenl CTOPOl-ta") i I3l!3HaliI1TH 3 1-11-11\111 uiHy llpl1.L\6aHltH ia illwi YMOlHI noroBopy KyniBfli-nponmJ<)' llpeJ\MeTy 3aCTUBH. 5y.uh-51KHII Tal<Hi1 J~oroBip KyniBJli-

of Collateral to the Pledgee or its assignee, including, without limitation, to execute and deliver any agreement, documents or instruments confirlTling the Ptedgor's agreement to the exercise of such rights by the Pledgee as the Pledgee may request in its sole discretion, to obtain any and all authorizations and governmental approvals, including withoul limitation, Title registration documents (if the respective Collateral is subject to mandatory registration), and execute and deliver any agreement or documents to enable the exercise of such rights by the Pledgee and the tnmsfer of the Collatera I to itself 01' to tts assignee, and to any other action as the PleJgec may dcmand in furtherdnce of this Section 3.2. J.

(b) Wilhoul prejudice to the exercise by Ihe Pledgee of its rights under this Section 3.2.1, if any trans!;:!" of the Collateral to the Pledgee as contemplated by Section. 3.2.1 requires that the Pledgee obtain any governmental approval for such transfer; the exercise by the Pledgee of its rights under this Section 3.2.! shall be subject to it havitlg obtained such governmental approval, and any delay in the exercise of the Pledgee's rights under this SeetiOl1 3.2.1 as a result of it having to obtain such govemmental approval $11al1 in no way affeet its ubility to, or otherwise be v.ie..ved as a waiver of its, exercise of such rights.

3.2,2 TraJ1~,,_I?Y Public $all:' GL ..JriV:llle JnUlsaction to Illk9 Panies, (a) Any or all of l:he Collateral may be transfcned or ~old in one or more public sales or private transactions to be conducted either by Pledg.ee or its representative or a third party at Pledgee's request. To the extent the Pledgee elects to proceed with a privuk transaction, it may itself negotiate with one or mort.: prospective buyers or rransferees (the "l'h.inl Party TWlIsfHce'), and may establish With such Third Party Transferee(:,;) a purchase rrice and other terms and conditions for purchase and sale agreehlent of the Collau%rul. Any such purchase and sale agreement (the "Collaleral Sale Agreement") shall be enH~red into by the Pledgee with l1pOllmKy C'):(oronip [lP0./l3)l\)' rlPCJlMeTY 311Cnmll") YKJlaJratTbcll 3aCTaBOllep>KaTeJleM Bill ii\1clIi 3aCTai30/laBU5l 3 such Third Party Transferee, shall not require any Ha6yaa<leM-T):ll;rhOlO CTOpOHOIO, He nOTpe6ye )KojHlOrO further authorization or conSClll on behalf the Pledgor, and shall constitute a legal basis ItW th~ Thi.rd AOllaTl<oaoro n03Bony 'lH 3rOnl1 iliA iMeHi .3acTaBOnanU51 i Party fransferee to receive and obtain the of CHlHOBHTh 3al<oHFlY nillcTl1BY WUI OTpl1MaHHll 1-!a6YBa1leMTpeTbolo CrOpOHO!{) npaBa l3J1aCHOCTiHa [JrC/.l.MeT 3acT,lllH, lilO ownersh ip in and to the Collnteral being sold or 6YAC npo.n:aHYlH a60 npHI16aHl.lli 3U T(lI<HM nOrOBOpOM. hansferred. The purchase price established in any such purchase and sale agreement wilh any Third Party BB3H34eHa y T3J<oMY .IIorOBopi Kyni\J.lli-ripOJ\3>1<Y 1 Ha6YS31jeMTransferee shall be bindil1~ on the Pledgor. In the event TpeThOIO CTOPOHOI{) UiH3 rrpHn6aHlUt 6yne 060f)'~13KOBOlQ AMI 3aCTallOAaBLl,1I.Y BHna.!l.KY, 1I1<lilO3aCTallOnep)K3Tem, BHpiw~ITh that the Pledgee proceeds "vith a sale or transf~r of tllC Collateral by one or more pUblic sales or privme 3nilicHHTH npOAalK a60 nepeua'Iy npenM~ 3aCT3BH 'lepe3 nillKpllTHl1 ayKuioH a60 3a npHB<lTHOfO yrOllOJO 11-1 1-1113KOI{) transaction<;, the Pledgor: (i) agrees that there shall be TaKHX ayKuioHiB a60 yron), 3aCT{lB0l1(1BCUh noro.J1iKYCTbCll: (i) no rcC]uiremenl: lhat the Pledgee seek recourse to or IUO He BHMaraTI1MeTbC51, lil06 3aCT<lBOflt:p)l(aTeJlb lrlCpT<lBC5l ;:10 involve any arbitral authority Or analogous palty 0f other governmental authority in order to supervist:, 6Y,~b-llKoro 3p6iTpml{HOrO oprar-lY no.ui6110ro opraHy <160 6YUb-51KOrO opraHy nep>l<aBHoI 13J1a,lJ,KLI H 'J3J1Y'JaB "ix JIJl51 participate in, or confirm the resull:s of any stich private 3::tiIkHel-l H51 HarflllJJ.Y, y4acTi a60 ni}lTiJI'Sl\IJ.)Kelll-l'5l P~3Y;1Jbl~Tjn sale, transfer or negotiation, and (ii) that it is cibJig,ated 10 promptly take any and :m.Jl~actions 10 Ta1l<oro nponmKy, nepena'ii a60 neperonnplB luonO 'lllklX;r<l Oi)

WO UlH .\060Il' >nliHMH HeBiJJJ~JT<iLlBO '3jJi11cH~lnl Bci ,ni'i, Heo6xillHi ,amI O<popMJler'IH5I Tala60 3JIii:it:Hef'lH~ nCpCJl.114i npe.nMeTy 3aCTaBl1 Ha6y884y- TpeTiii CropoHi, 3,nitlcH!\:HWI SII0-1X MOiKYTbBI1MaraTI1Ha BJlaCHHB p03Cy,a 3aCTaBO,l1:ep*\!11'CJlh, Horo uecioHapirt a60 TaKHi'l) 'l+a6YBa<I-TpenlC'ropoH3, Onep)I<aHl Bci iHwi n03BOfHi T<l CXBaJICllHHopraHy iJ,CP>KaL:HloY BJla)lH, BKJll-O'laIO<II'1, 6e3 05MetKCllH5I, ,llOKyW_'IITH npo peE:cTpauifo npaBa BnaCHOCTi (mnuo BinnOBiL\HI1H I1PC,aMeT 3aCTaBl1 ninmrra 060B'5f3KoBii1 peclpauii). a TflKOJ[< OepOpMHTH i Ha,uaTH JIoroBip a60 ,llOKyMeI;1TIl. u~O IIMalOTb MQ)KJll-1BiCTb '3jlilkHeHlul TliKI1X npaB. 3aCTaI30LI;cp<aTeneMi nepenaLli npeilMery 3aCTa.BH Ha6yBa<ly-TpCTill GropofIi, Ta OlIl<OHaTH 6y.nb-51Ki iHwi .uii, 5lKHX MQ)Ke Bl-lMaraTH 3UCTaBo.uep>KaTenb Ha BI1KOHaHH51 nOJJO}KeHbUbOro OyHKTy

formalize andior effectuate .the transfer of the Collateral to the Third Party Trnnsferee, as the Pledgee, its assignee or such Third Party Transferee may request in their sole discretion, to obtain any and all oth~r aurhorizations and govemmental approvals, includin~ without limitation, title registration documents (if the respective Collateral is subject to mandatory rcgistration), and execute and deliver any agreement or documents to enable the exercise of such rights by (he Pledgee and the transfer of the Collateral to such Third Palty Transferee, and to take any other action as the Pledgee may demand in fuliherance of this Section

3.2.2.

3.2.2.
(b) He 3ClBJJ.af04H WKO.llI-1 BHllle3C13Ha<lcHoMY Ta J.J.JUI )'1IHKHeHH5I cyMHiBis, y BI1na.uKY,5H<UlO 3aCTI1BO.llep~aTeJlba60 tioro llecioHapifi BHpiwHTb npO,llaTI1 OpeuMeT 3aCl1ll1l1 y lli/.lnoBi.uHoCTi 3 U;lM OyHKTOM J.2.2 Ha6yBa<ly-TpeTii1 CTOpOHi, lIpaBO BnacHocTi Ha Ope,llMCT 3aCTaSH neperr.ne no l-la6yBa4a-TpeTboi' C'ropOHI1 HU niJ:J,cTaBi;:J,oroBopy Dpona)];y Dpe.uMeTy 3acTaBH, i TUKHH ,lJ,oroBip Oponul)()' I1peilMeTy 3acTuBl1 (ninKpinneHI1H UHM ,QoroBopoM, Ta rIoBiXtOMneHIHIM npo !-!CBHI<OHClHH5I 3060B'~l3alib) 6y.ue Yl-lHHllM Ta 3c\t<()1~Hl1M J.!.OKyMeHToM npo nepelJ,(l'-ly- npu13u llJIaCHOCTi,UlO 3a(:Bii.l.'~y llCpClt 6YUb-5IKI-1M opraHoM .uep>l<aiului' nnan.M Ta/aDo imjJHMI-1 rpeTiMH OC06UMHnpaBo fll1tlcHOCTlHaoyB:vla"TpeTbo'i CTOpOlill Ha DpeAMeT 3acTasH, a rUKOil<, 3-170kli./IC i/llllo.~o, cnYI yc ni.ucTasolo ,aJl513.uiHcHeHH5I pecCTpaui"l npa8a IJJ](ICHOCTi Ta IlHAa<lj LIoKyMeH1'iB opo peccTpulliKl npaBu rwuCHocTi no BL'XHoweHHfO ,ll0 flpe2.l.MeTa3.aCTaBH1-IU iM'll Ha6ysu4a- TpeTboi' CTOpOHH a60 Horo uecioHapi51 (51KUlO DpeJIMeT 3aCl'tlllH rrinmlrac .nep>KaBHil1 pecCTpauiY); (c) He 3Mel-\wy1O<fl-1 npus 3acTaBonept1{GtreJl5l, 3J.liHCHfOBalII1X HHM Y BillnosiAHocTi 3 UtlM nyHKToM 3.2.2, y BI1na.uKY,51l\lIl0 M5I rrepe1l6a<leHo'illyHKTOM 3.2.2 IH,:pcJ:lu<liHa6yBacly-TpeTil-1 tTOpOHi Ope.uMeTy 3acTaBil !fin th1bYB8<la-Tpo.:TboYCTOpOl1l1 BHMaraE:TbC5I o.nep>l<aHH5I CXnaneHH5IopraHy 'ICp)KaBHO\ BJllli1H. Bl-1KOpI-lCTMIH5I 3acTaBOnep)lWTeneM Horo npaa 3a UHM nYHKTOM3.2.2 MO>I<Jll-lBe TiJlbK}( nicJ]$1oIlep>K8HH51 1-I36yBa'reMTpeTb010 CTOP0I-lOl{) TaKoro CXBaJleHH51oprar-IY .neptKaBHoi' BJ1aW-1, a 38TpHMKa y BHKopl-lcTaHfli 3aCTaBOJCp)KUTeJlCM Horo npaB 3a Ul-lM nyHKToM 3.2.:1, flHacnilloK Heo6xiD,HocTi Oftep>l<aHH5I l-Ia6yBa4eM- TpeTbol-O CropOHOl-OTaKoro CXBa..neHH5I opraHy neptK8BHO'i Bfla.UI-1 y )KOI..\I-lQMY pa3i ,]e Bnnl-ltJ3THMe Ha MOIKJHlBiCTb l.lJdKOpHCTaHl-I51 33CTa1301lep)K3TeneM TaKOro npaBa i He SBatK3THMCTbC5I ai)lMoBolO :sill Hl,O,O. He 06Me)]{ylD1.1l1 6Y.llb-lll{i lioro npilHa, l.\CraHOBfIel-li B UbOMY,UoroBopi a60 13CTaHOBJleHi3aKOHO.LHlBCTBOM YKpai'HII, '3aCTaBonep>KaTeJlbMO)l<e313eplfyni CT5Ir1lCHH5IHa 0pcilMeT 3aCTaBI1 '33 piWeHH5IM cyny LIl-! ap6irpan<Horo oprally Blnnoai,ill.lOi lopl-1cnJiJ<ui'i a60 3a iHwl1M 10pH;:tIl'HlllM np0BaJliKeUH5IM, 5IKe.lJ,0380JUIThCH 3al\OHO.!laRC'll~OM Y'Kpa'il-hL 3acTa80.uep>KaTeJlb Mo<e, 6e3 HanaHH>] 3i\Ci'flllO,llaBUl-O nOBi,'\OMJleHl-H1 a60 BI1Morl-1, 3LliikIIlOn<lTH f1Jl3Te>KiTa .ui'i, 5lJ<i BiH BBH>K,1'IJ{Me He06xi.uI-ll-lMH Jl)lll 3lixHCTY CBO'iX npllB H3 npetlMeT 3acTaBH, y TOMy 4HCJJi Cli;l ,ny, npl1Ll6am-lll, 3fliJlbHCHH51 3-ni.u 3acTaBH a60 OCK3p./:!<eHIlH 6Yllk5l1<0'i imJlo'i "3llCT3B1i, 06T5l)l<eHH51 C(11 33J1iKy, 5lKi iCHyIO"rh, nOo 3,HlBJlCHillK -rmri.,w.o nepe.uyBanl1 <111 MalOTb npiOpl1itlT ({,Hi 3a(..TaM10, i np"J :IJlii:fcHeHHi TaKO['O npaBel cflJ[<l'nrm !lci no \-leCl?lI i y 3H'Sl3KY3 (b) Without prejudice to the foregoing and for the avoidance of doubt, if lhe Pleogee or its assignee elects to sell the Collateral under this Section 322 to a Third Party 1't'ansferee, the right of ownership to the Collatcml shall be transferred to such Third Pa.rty Transferee on the basis of the Collateral Sale Agreement, and the Collateral Sale Agrcement (supported by this Agreement and the DefaulrNotice) shall serve as a valid and legal title tn:msfer document evidenci'lg the ThIrd Party Transferee's right of ownership to the Collateral before any governmental authority nndlor any other third parti<::s, and which shall also, inlc:'J' alio, serve as j basis to t:Yfc:ctuate the title registration and issuing the title registration documents with respeot 0 the Collateral in the name of Stich Third Party Transferee or its 3ssignee (if the Collateral is subject to the state registration). (c) Without prejudice to the exercise by the Pledgee of its rights under this Section 3.2.2, if any transler of the Collateral to any Third Party Transferee as contemplated by Section requires that tile Third Pal'ty Transferee obrain any governmental approval for such rransfer, the t:xercise by the Pledgee of its /jghts under this Section 3.2.2 shall be subject to the Third Party Transkree having obtained such governmental approval, unci any delay in the exercise of the Pled~ce'~ rights under this Section 3.2.2 as a result of Ihe 'l'hird Party Transferee having to obtain such governmental approval shall in no way an~ct the Pledg~c's ability \0, or otherwise be viewed as a waiver of iIS, exercise of such rights.

3.2,3

3.~.3 Without prejudice to any of jts right:: ,,'stablished herein or e$tnblished by Uk;rai~]ian legislation, the PI<!.cJgeemay elect to itmitute ll'gElI proceedings to levy against the Collateral under the order of a court or arbitral authority of appropriate j urisdictiull or under other legal process perm itted by Ukrainian legislation.
3.2.4 Without notice or demand upon the Pledgor, the may make such payments and do such acts as it may deem necessary to protect its rights in the Collateral, including paying, purchasing, disch~lrgll1lg or contesting any other Pledge, lien or set-off that is or is claimed to be prior to or superior to the Pledg-e, llncl in exercising such authority to pay all expenses Incurred in connection therewith.

32.4

UI1MBHTpaTM. 3.2.5 51I<UlO iHWMM ClmlOM rrp>lMO He ByIMaraThC~ 3al<OHOnaBCTBoMYKpa'IHM, 6YiJ,b-51l<e3BepI-lCHR51CTRrHer1fl:lI HO n~eJlMeT 3aCTaBH 3aCl'3130.uep,KOTeJJeM CIM t\oro ueclouapkM filonlluat 3a6e3llelfc.HI 306013' H3aHH$l 1'\jlbKH y Me,Kax J CyfvHl,OJiepJKaHo'i 3aCTaBOllepll<UTeJ1CM ("(f):nrr'iIlll "), '$ll<0I0 6Yll.e: (i) y BVlnal\KY npl1tiHlITTlI a60 p)Ka1'eJleM '11'1 !:loro ueciOHapiE:M y ai.unoJ3ill.110CTl 1 llYH1\l'OM3.2.1 lleJl.J1l1fH~ Pl-ll-ll<OtlaBapTicTh TaKoro npeIlMeTy 3acTaBll a60 Moro 'taCT1IT-lH tia l:ttlTy Horo npniil-HlTT5f; a60 (ii) y pa3i BHKOPHCHlHH5f3.aCTtl130nepl]lTc)ICM CTlo'ix npan H:l nepena4y npenMeTy 3aCTafHl y lliLJ.no13iJl.ll0CTi 3 1ll,IM ,UorOBopOM <llal<1wlHO cyMa y E:BPO, Cl}lep)KaHa 30CTaBO.Qe'j)l[{aTCJTeMCIM ueciOHapieM 1\ pe3yJlbTaTi pCa.hbaun nl'ei~MeTY 3aCTal:m a6b 6Ylllb-I1JWY iioro claCTHI-lH. rlHcbMoBe 1l0Bi.uoMJleT-lH>1 3aCT3BOll.ep)KaTeJl~ 3aCT380ll.3Blll0 npo CnpaBCJJJIlWy PaHI<Ol'lY BapTleTh (51KWO 3acTocoBylOTbC9I nOJlOlKeI-H'I51 3.2. j ), 6yne llOKt1..30Mprima facie <!)U((!l1'lHO'i BapTOGTi ilp':DMeTy 3aCT:lal1'UI i'x Binnosi1l.110i'H1CTIIHH.

3.2.5 Unless otherwise expl'essly required by Ukrainian legislation, any exercise of rights of foreclosure 011 the Collateral by the Pledgee or its assignee shall discharge the Secured only to the extent of the actual valueobtalhcd Pledgee (the Value") which shall be: (I) ill the caSe the Pledg:ee's or its assignee's acceptance or receipt the CoHateral under Section 3.2.1, the amount of the FiliI' Market Value of such Collateral or any part thereof as on the date of slich acceptance, or (ii) in the case of the Pledgee's exercise of its rights to transfer the Co Ilateral pursuant to th is Agreem,,:nt, tbe actuul amount in SUR received by the Pledgee or its as a result of the realization of the CoJ1ateraI or thereof. The Pledgee's written T10tice to the Pledgor in respect ot~ in the cas\: of Section 3.2.1, the fair Market Value, shall be prima facie evidcllce of the ACl1Jal Value or the CoJlateral or the respective pal1 thereof 3.3 No Liability. The Pledgee shall not incur any liability as a result of exercising its rights or remedies under this Agreement, regardless of whetllerit receives, accepts, is assigned or assigns, lakes !5osession or ownership of, or transfers or sells (or causes to be tnmsferred or sold) the Collateral. JA gig\)ts of Pledg.~jl1 l\elation.JQ...thLGillJateral. Notwithstanding anything to the contrary herein, for so long as any of the SecLlred Obligations remain outstanding, the Pledgee shall. in the exercise of its sole discretion, be entitled to assign its rights to the Collateral under this Agreement, but only to the extent that it has assigned its respective rights under the Filcility Agreement. 3.5 perform If the Pledgor fails l any agreement or t)bHgation cont,tillcd hen:in, the may, bUI shall not be obligated to, itself pcrf()fnl or caus,,' the performance of such agreement or obligation, and the expenses of the Pledgee il1C1l1Tt'c\in connection therewith shall be promptly rClmbmsed by the Pledgor upon demand of the Pledgee.

.>.J !2il!.CYTHicTb Bill.t1o'Bii:l,1!:!1l~.B9S.J:t. 3aCTBao.uepil<BTC)lb He Hece lI<ortHoi' BinnOBill.aJ1bHOCTI B pC3yJlbT8Ti 1rti.HcHeHl-I5ICEO'IX npas aoo BHKOP}\CT~;pn-I>1 :lucooie Ilpa13013oto 3axHcTj' :3" UHM }J;orOBopOM, He3aJ1e)KHo Bill TOro, CIH BiH ollep/KaB, nptlnWr8, Hu5yD Bill si.ucTynJTl::JlFfH HOMy 'IH Bi,D.cTyni'18, npH?i~\.51U y 8oJ1o.uiHH9ILIH BJlacl4icTb, llepe).l~l1l 360 npOU3B ('111 3a6e3ne'1I1B nepe.'l.8tlY 360 npona,K) npe.!iMeT 3aCT3BJ1.
Hf3Ha)l<~llOqH Ha 6Ynb-91I<i nOjl(),Kclll-l51 flpO rtpo'nlJICil{(]C B llbOMy )),oroBopi, BeCb 'lac, nOKH 3a6e3r1t)tJeHi 306oB'st3UI1Ii~ 3aJ1HWaIOTbCH HeCnJla LleHHM11, 3aCTUBO,lH::P}]Hl"feJlb, Ha cl1in BnacHHH p03cyn, MaE: npaso Bi.uC'rymrrn CIlO'1 npaa" !If! npe)J.MeT 3aCTaBI1 3a UHtvl Aor080pOM, Me J1HWeB Tif1 Mipi, B i1l<iH BiH ai.ll.CTynl18 CBO'i Bi.unoBi.ll.Hi npuaa 3a Kpe;:(~lTfI!lM )J.oroBopoM. 3.5 [lRg.1UL3..aaa12:91l&P]Kl.n .. ~.[J1L.-..BjL BHKClHllHttn. )lkl.l10 3aCT<lBOf(aB';:llb Ht: rrHl<OHY<::6YJ1.h-i1KOi XtOMOBJlel-lOCTi aoo 3060s'113aHH51, UlO MicT5H'bC}1 Y 1:11,UMy Aorc>Bopi, 3aCTaBO.ll.epll<uTeJ1bMOil(e, <'I.lIeHe 106oB'5rlaHHft, CUMflIlK01H1TlI a60 3u6e3ne"lttTl-l BflKOHUHWI T:HW'i .1l0MOBJIC1-I0CTi 2160 306oB'il3aHHil, i 3SCTSB01l.aBellb n01nlH~ll Ha BflMory 3aCTaB01l.ep)I,SreJ1$l CBO4aCHO KOMllCHcYTlaTH BHTpUTll 3acTajlOnep*aTeJlH, nOHecel-li HHM y 31\'5131<y 3 TaKlIM IlHI<OHal-ltH1M. 3.6 llill!I~~c!ia...Q2L~.I:lli.. !1.ll.. )],JHI YI'(J1HeHH51 cyMHisill, B pe3YJlbTati npoil.mJ<y, nepena'!i a60 iltworo Bilt'.Jyil<el1H5I npe1l.Mery 3acraIln l311aCJli.QoK '3BepHelJllil CT~lrHCHHll Iia npeJ1MCT 3aCTa13Y1'I'<1/a60 Horo peaJIi3au.ij' y oLlnollL'U!oCTi 3i CTanclo 3 Dp0mtH51~rbC51 3acT3Ba Ha Dpell.MeT 3aCTtt:!l11, nlO 6yn np\1 l.1bOMy rcpOIJ1.lllH(:l, ne"pCll.aHI1H a60 Bill.']Yl1\~H1J11y iHWI1H cnoci6, 5 3ac-mnolleplllTeJlb 'Ill Moro uedoHapifJ, Hs6ysall(i)-TpeT5I(-i) CTopoHa(-I1) a60 iHwHM(-i) noryneuh(-ni) "111 Ha6ys3LJ( -i) o.ueplKaTb npaBO BnacHocTi Im nfle.'~Mer 3acTaBI1, BiJlbHH~1 BiLl.6YLl.b-51KI1X 06T5lIKeHb, y TOMi 411CJli gin uid 3acTaBI1, a TaKOll< 6YiJ,b-51KI1XBHMor 3acTaBOna13u.51 T,,!a60 a60 fioro KpeLJ.MTopis. .9r~oK !!P.k11viycoEorQ'RI11<(jHiU:!.!i8. Y BI1rlU}]lty npl-/MH5f!T!1 piWCHH51 npo IlpHM"yc013{; mIKOl'"laHH5I 3aCT3BI1, mono 3tlCTan0.11eplK3Teml He iCHy lKO.uHHX06Me)l<el-lb y 'I<lci, OKpiM {)Y,l1ldlKI1X 060S'!l3KOBI1X CTpoKis n030I3HO'! .uaSHOCTi Bill110Di,D.HO.10 33KOHo.uaSC183 Yl<pa'iHH, 3 ypaxyBaHH51M

3.6 For the avoidance of doubt, any sale. transler or other alienation of the Collateral resulting from the foreclosure and/or realization of the Collateral pursuant to thiS Article 3, shall tenni'nate the Pledge over the Collateral \vhich h,Wl:: been so sold, tralilsfc~rred or alienated, tll1ld the

Pledgee or its assignee, the Tbird Party Transferee(s) or

olhe~' buyer(s) ownership in induding this Pledgor and/or or trallsferee(s), shalJ obtain the of and to the Collateral free of ~'IlY liens Pledge, as well as any daQll1s of tilt any of its creditors.

3.7 J;Jlforcement Period. In deciding to ell force tht: Pled~:e the Pledgee is 1101 subject to illly limits other than any mandatol)' statutes oflirnitalions periods under Ukrainian legislation. Subject to the foregoing, the Pledge..: may al its full discretion enforce the

BIHue3a3Ha'leHoro, 3aCTaBO.UCp>KaTenb MO>Ke, nOBHicTlO Ha cl3il-i p03Cy.u, np!1MycoBo BHKOHltl'}1 3acTasy HeraHl"IO niCJlll BHHHKHeHHllBHnaJlKY l-JeI3HjWl-laHH~ 306011'513aHb a60 B 6yLlblIKHH 4ac ni3Hiwe. 5y.nb-l1K3 3aTpl1MKa y npJ1MycoBOMy BHKoHaHHi 3aCTaBH He BBa)l<aCThCll Bi}:lMOBOlO 3acTa'Bo.'lep)KaTeJUl13i}:l npasa 3acTaBo.nep>K3Tenl1 Ha npHMycoBe 3aCTa1l11. COBe Blti<0HaHI:Hl --!L-.F . fl!JlI I1R_c rtoci6. o,Uep>l<aTe:rtb MaC npaDO, H<l caif:\ BHi5ip, o.uep>KtlTH 3anOBOneHHlI 3a6e31Ie'<1e1-1l1)\3000B'>l3a1-1b 3 npe'uMeTy 3aCTaIH1 y 6ynb->lKHH iHWl1H cnoci6, He 3a60pOHelll-tH 3aKOHO)\<aBCTBOM YKpai"HH, i MO}J{e 3nirlCHl1Tl1 Bci iHmi rrpaBa Ta CKOPHCT(\THCll BciMa iHWI1MI1 3ac06aMH npaBOBQrO 3aXHC1~y, LloCTynHHMH HOMy 3a 3aKOHO}:laBCTBOM YlepaYJ;IH, ,:!)111 IIpl1MyCOBOro llrtl<OHaHHll ukI 3acTaBH Ta/a6o- 3BepHeHH>l CTHHeliWl Hi.l npenMeT 3acTaBH. 3.9 HanxoJl>Keml5l. KptM BHna.uf(iB, KoMr 3Ul<OHOt!aBCTBOM YKpai'11H BVlMaraCThCH iHwe, HaJJ.:<o;liKemr$1 Bin npOLla>Ky llpeUMery 3aCTaBl-l crrepwy BH],OPHCTOllYH)TbC51 J1Jl51 Orlnan1 Bcix BI1TpaT, a nOT!M .!Ili$1 annant i1-lLUI1X 3a6e:me1.lel-IHX 306oB'n3aHb y TaKOMy nop5lJ:O{y, }II< BH3Ha1.JeJ-lO 3aCT.aBOnepJI(8TeJJeM. 3.10 3araJIhk!.i nplBa. He o6Meil<yWl.Jl-l 6Y}1I.,~lKiiHWi I1flZlBa Ta 3ac06H npalloBoro 3UXHc'l'y, LlOCTylir'li 3acTUBOnep)lfTcJlIO niJlnoBi/.l.HO 110 3aKOHOLla13CT8U YKpU"J'HI1 a60 irulIIlM 'lI-1HOM, 3acTaBOnep}\(-aTeJlb DeCb 'Iae ynpoLl08)J{ TIepiony 3uoe:'lne'leHH5I Mil' npUflo 3ni~-cJ-II-\THHa CBi11BH!OIlOlIHUHpO'3cy.n TaKi .uil: (a) Jli51THB 5lKOCTlTpe~rbo'i CTOPOI'11-I B 6ym,$IKOMy CYJ,lOflOMY a60 ap6iTpa)KHoMy npoueci B 6YJ.r.b-~HWMY cnopi, Il.lO CTOCYCTbCll npe.uMeTy 3aCTaBI1; (b) lleJlerYBaTI1 6y.uh-51Kif\ oc06i (6YAb-5l1\IIM oc06aM) Bci a60 6Y,Ub-llld npaBa Ta nOBllonaiKt~llll51 3acrLlBo,Uep>KaTeJl$1 33 UHM[(orOBopoM, }IKBiH MO}KeH!HliKanl 3a nOTpiol-re; "fa (c) Ha}\MaTH areliTin, MeHeml(cpiB, npauiBH!1l<iD, paJlllHKill Ta iHWl1X oci6 Ha r31<HX yMoBax, }II, 3aCTaIl0J1ep)i(3Tenh BHpillJl1Tb Ha cuii1 SJlacHl1ii P03CYJJ., }:lMI;:w.iilcltem-lji 6)'J:tb-$1I<UX npaB, n013HOSa)l(eHb a60 ,1\HCKpeuHhIl1X npall 3aeranOnep)MTCJll1 3a UHM [(oroBopOM; JCl yMOnJ.1, 1110 y Bitl1U)lKY f-lesliKoHaHH51 30608'$11al-lb BlI'\l~aTl1 WI 6YJJh-M<i Bllllle3a3Ha'leHi ni'i nOI(pI1B<JlOTbCll'~a pa'XyHOI( 3aCT'lJlO}{(jl,jU~. UlPAiBO. CT,\'fT514 'BYEThC51 Bi\:1PlU.IEHH.fl l-Oi>f!C

either immediately after the occurrence of an Event of Default or at any time thereafter. Any delayin enforcing lhe Pledge shall not be deemed a waiver of the right of the Pledgee to enforce the Pledge.

3.8 Q~rcement. The Pledgee may choose to obtain satisfaction {If the Secured Obligations [Tom the Collateral in any other manner not prohibited by Ukrainian legislation, and may exercise aU other rights and remedies available to it under Ukrainian legisiation to enforce Ihis Pled~.!l and/or foreclose on the Collateral.

J:'r(t~t;f(I~. Except as may otherwise be required under Ukrainian legislation, proceeds from the sale of the Collateral shall be applied first to the payment of all expenses, and then the repayment of the other Secured Obligations in.sucl1order as determined by the Pledgee.
3.9

3.1 0 9.~!1eral Rlghts. Without pr<:judice to any other rights or remedies available to thl: Pledgee Hncler Ukrainian legislation or othenvise, the Pledg;ee shall at all times during the Security Period have the hght in its absolute discretion to take the following actions: (a) act .usa t.hird party ill any judicial or arbitration proceecling in any dispute involving the Collateral; (b) delegate to any pers-on(s) all or any of tile Plcdg,'t~'S rights and powers under this Agreement us it sees tit; and (c) employ agents, managers, employees, advisers and others on such ternlS as the Pledgee in its sole discretion shall determ\.ne to exercise any of the Pledgee's rights, powers and discretions under this Agreement: provided that, in the case of an Event of Ocfatilt, the cost of any of the fOl'<,going be at the expense of the Pledgm. ARTICLE (;O"'ERN~NG LA 4 AJ'ION AND

,m

4.1 npano. wo 3ac[Oc~ .. ~.l;;!.l&a. npaBa Ta 306oB'H31l1lH$1 3a t(~IM )J,oroBopoM perYJ1l0lOThCll Ta TnyMLl'lllTbC$1 y Bi,UnOlliwwni 3 MaTepianbHHM llpa130M YKpai'HI1.

4.1 under this Agreement construed in accordance

Ukraine.

The rights and obligations shall be governed by and with the substantive laws of

4.2

Bei cnOP~1 a60 l1peTeH3L'r', Ul,O BI1i-lI1r<alOTb:~ Uboro }J,oroBOpy aoo y 3S'$13KY J

BMpiuJcl1JW Cll~~:ra_JQPHci;tH!<l!i)1.

tmM, Bl'lpiU1YIOTbC~ B\1KJ110tltlo ap6iTpa)l(HHM CyJlOM y Bi.nnoBi/.l.i-lOCTI3 PernaMeHToM JlOH.nOHCbKorO MI>KHap0,Ul-loro ap6iTpa>KHOrO cyny C'J1MAC"), pernaMeHT Ta npa8HJla llKoro BBa>KalOTbC}l BI,lHOlJel-HIMl-1 II uer:l nYllKT WJllIXOM nOCl-1naHHR H8 HHX. MicueM ap6iTpail(y (: J10f-l,aoJ-l (AHrJli>1),ltl ap6iTpa>KHIlH p03rn>1n l\c)len,C$1 aHrJ11~cb\{olO MOnOIO. Ap6iTpaiK 3nii1cHloETbC1l OAH~M ap6iTpoM, a opr31~oM, UlO Horo

nPkrlHC\(13c,6yne JIMAC.
4.2.1. BI1Tpanl lIa ap6iTpa>kHIIH p03rMrJl (He Bpaxollylo'I11 8Wfp::rr KO>KBO'!' cropoHl-I Ha ni.urOTO[lKy no npouecy, nepe'il;:], Ulmm'opO,UH rOpl1CraM 360 CXQiI<i BI1TpaTH) rroFlHHHi

4.2 Arbitration and .lu{isdictiOl~ All disputes or claims arising out of or in relation [0 th is Agreement shall be I'esolved exclusively by arbitration in accordance with the Rules or London COllrt of lnternational Arbitration (the "LelAH), which rules are decmed to be incorporated by rderence into this Section. The p.lace of arbitration shall be ],ondon, England and the l.angllage of the arbltration shall be English. There shal\ be one arbitrator and the <l()pointing aUlhority shall be the LCIA. 4.2.1. Fees of the arbitration preparation, travel, attorneys' shall be borne in accordance (excluding each pal1Y's and similar costs) with the clecisiOll of the

cnn3'1YB3THCb BiAnosiw~o no piWeHI-I51ap6iTpy. 4.2.2. PiweilH51 ap6iTPY E: OCTaTOqtfHM Ta 060n'513K01'H1M nml llH1WH3l-1H51 CTOpOtiaMH, a piweHHll, BHlfeceHe no apoitpa>I(HoMy Ilpouecy ap6iTpoM, MQ)Ke 6yTH 3sep1-leflei10 BI1KUf'fiili .. HrlllY 6YAbJlI<OMy cY.lli Bi.llnoBi,'lHo'i K>pHCiUUvuir. 5lKtUO HeSflKOHaHl-lll CTOP0l-lOlO piweHHlI ap6iTpa lllilMarae:si.o. ,Hmoi' CTOpOHH 311epl-leHHJl .uO cy.uy Wlll npYlrvlYCOl~oro BH1WHaJtWI TaKoro piWeHH51, TOlli He BI1J<OHylO'la CTopOHa Hete sI.u:noBi.uaIlbHiCTb nepe.u iHwolo CTOpOHOIO 321 Bci BHTpanl Ha Tal<KH CYIlOSHH npouec, BKJ1lOllaK>lIH BHnnaTy 06rpyHT08aHHX rOHopapis IOpI1CTaM. Cl'AT'1'5I .5

arbitrator. 4."'.:. The decision of the arbitrator shall be final, binuing and enforceable upon the partie-sand judgment upon any award rendered by thearhitratol' may be entered in any court having jurisdiction thereof. In the event that the failure of a party to com.ply Wtth the decision of the arbitrator requires any otherpal'l)' t-o apply to any cOUl1 for enforcement of SUC~)a'wata, the non-complying party shall be liable to the other tor all costs of such litigation. including rC~lsona.bie:a'1tomeys' fees. ARTiCLE 5

111lU} llOJiOJKE1U:HI
5.1 3MitH:t~ ..J1L~_tti"lli'rl.08a. 13y,c(b-51Ka 3MiH:l Gy;lIdll<Oro nOnO)l(eHHll Uboro ,[lorosopy 'IH '31'0,1UI f-1a BiIlXIIJleIlH51 ~acTaBo.ua8U51 2160 3aCT<\BOJlCp)l<aTeM ai.u 6y Ilb-51Kor 0 [iOnO>KeHH51 Uboro )J,orol30py 6y;lyTb Lliikl-1I1MH TL~j,KH Y TOMy fl1m3Z\I<Y, 5lKlllO BOIiK Oop~1ncl!i B n11CbMOBiM <jloprvli i nin.nl1c3Hi 3aCTaBo.uaBueM Ta 3aCTaBO.ll.ep'Kan.:neM. EYJJ,f,-flKa ei.uMOBa 41-13ro.ua 3aCTaao.uep>KaTCJI51 6YJJ,c .uificHolo Ti,ll/>lm y pa3i nl1CbMOBOro oepopMneHH51 B KOH1<pCTHOMyBlHlllfll<y ia Ll)l51 KOIiKpeTHI1XUIJlel1, IlJl5l 5lKHXBOHa HajJ.aCTbC51. 5.2 C1J}S:1\IlU. Uei1 )J:oroBip Ha6Hpat cIHH1-IOCTi 3 MOMeHTy Horo niJ1D1tcalHUI, I nl no lUITH l-lallaHH51 3acHlBOJ\ep1lwTeneM '3a<:raH01J.3Bueui flHCbMOBorO illl:f1epniKC flpO BHI<OI!<lHf-Ill ocraHI-dM Bcix 306013'513ClHb 3<1KpeJI.IHi-lIlM norOBopOM Ti\ IJ,HM .AoroBopOM 6yno BI1[(OH<lHO y rlOBHOMy 0{)cfl3i. 5.3 JloBinoMJlcHHlL 13Y1J.b-51Ke 1l0BilloMJleHHfl a60 iHwa Kopccnol'lneHll,I51, tUO M"IOTb oynl '3j,iC\cHeHi a60 Ha.1l,nHI3k1 UI-1M .AoroBopoM, nOlHiHBi Q(~opMnflTnC'jl nl1CbMoao. TaKe nOBi.uoMnelnm 2160 iHW<1 KopecnoHJlcHlli51 BB31l(UIOTbC5I HaJ1eiKflllM 4i1HOM Ha.naHI1MH aGo '.lJliHcHeHHMH, KOJHI 'ix Bpy'IeHO OC06HCTO, .uOCT3BJlCHO auiuflolllTOlO, Tem~KCOM a60 (IJaKCClMCTOpOHi, 51KiH i"x B11 Ma n1f1"bc 51 a60 .Il03BOi1itC'lhC51 I-13mI'm a60 3Jl.irtCHIITI1, H<l HApecy TaKO', CrOpOIII!_ 3:l3IHl lt:ll'j HH>KCle,a60 lIlI illtlJy a.upecy, 5iKy 'IilKa CTOPOil<'\ 3,nHH'lllTb y llosiJl.oMJJeJ-lHi CTopoHi, lilO 11(Ul.ac 360 3.ui MCI!IO(' TaKe nOBiIlOMJleHll5l, T8l<Y 3a5lSy a60 iHlUy l<opecnOHJJ,eHuho.
t

MlSCLLANEOUS
AI11endl11ents alla Waiver. No amendment provision of th is Agreement. 01' consent to any departure by the Pledgor or the Pledgee therefrom $h'Tll be eft~ctive unless the same shall be in writing and signed by the Pledgor and the Pledgee. Any waiver or consent of the Pledgee shall only be effective if in writing and in the specific instance and for the specific purpose for
5.1

which given_
5.2 This Agreement shall enter into i()rcc upon itsexecutioll, and shall J-emllin in effect until the d~t-e when the Pledgee confirms to the Pledgor ill writing thut all of its obligatiolls under the f:"ICility Agreement and this Agreement have been discharged in full. 5.3 Any notice or other communication to be given or made under this Agrcemenr shall be in writing. Such notice or other communication shall be deemed to have been duly given or made when it is delivered by hand, airmail or facsimile transmission to the Party to which it is required or permitted to be given or made at such Party's address specified below Or at such other address as such Party designates by notice to tile' Pal-ty giving or makillg such notice. application or other communication. 504 COU!11erparlSarld Language_ This Agreement has bee.n signed i'n two(2) original counlerparts,each in the t:llgl ish!lnd in the Ukrainian language, one counterparl for each of the thc Plecfgeeand Pledgor. If tilere is any inconsistency between the English and Ukrainian versions, the English language version shall prevail; provided, however, that in case of ambtguity in the English language version of the Agreement ,-eCOUI'SC may always be made to the Ukra.inlall language version in order to clarify, insofar as possible, any ambiguity In the f:~nglish language version of the Agreement. 5.5 {;urrencv Cblusc. In order to cover the Secured Obligations exprc::>sed in any currency other than the currency received or held by the Pledgee undel" this Agreemer1i, the pledgee may from time Lo time !Jl'rrcb1?Jsc any other cllilrency as the Pledgee considers or desirable at the then prevailing spot rate of eXChallge available to the and the Pledgor is to indemnil)' the Pledgee as a separate andindepencfent obligation against the full cost of such purchase. If the amount received by the Pledgee when the currency is converted

5_,1 nlW~j.JlUlilil!R1"~ ~lOBa. Ucti iloroBip nl,urlllcaHJHl y J(lWX (2'l 0pl1rlHaJ1bHI-1X npHMipHI1KaX, l\Q)KHlff.\ al-lfJlifh::bl.\ol{) Ta yKpa.i'HcbKOK> MOBOIO, no OilHOMY npHMipllHl<y itMl 3acTaBonep)J<aTeMI Ta 3acTaBo.uaBL\IL Y IlHllai(KY 6YllJrl\lW't HClJIJlnoBinHocTi Mill\ aHrniHcbKoK> Ta YKpai'Hcbl\olO BepcillMI1 ltboro )J,oroBopy, nepeRara Ha.uaE:TbClI aHrniikbl<il-1 13epcii'; a.ne 3a yMOB}l, 11(0 llpl-i 1-lep.IJ.H03HU'It-IOCTi a 11 rJl iilcf,KOI' nepci'i )J,oronopy 3aBIK.u1-i MO,I\ll1Cl3Bepl~YTHCli AO 110ro )'Kpai"HCI>Koi' nepcil AJljJ 3' 51 cyBa-tlH1I, 'm:l.cKi.jJbl(l.l tie MOil<nHllO, 6ynb-51KoY He0J1Ho3Ha4HocTi B aluiI"Jli:lkihiKi!:j BepciY }~oroBopy.

5.5 f3alJ~lJRru~L)aCTepe)el!Ha. .AMI OIlJ1aTI1 3a6e311e'leHI1X 3060B'1I3aHb, LUO BI.lpa>KeHi y 6YAb-51Kifl iHlllili B<UllOTi, HilK naJll(na, OJlep>Karta a60 yTpWvIYRafia 3aCTaBo.ucpil<aT-eneM 3a lJ,lfM )J,orOBopOM, 3aCTaBOJi-ep)l\aTCnb Mo,!<e '-lac :sill 'wcy KynynaTH 6y.nb-51KY iHwy BMIOT)', 5lKy 3aCTIUlOnep>Ka'rCJ1b BH3Hae He06xinHOlO a60 6a>T<alJOIO, 3a 06MiHHHM l(ypCOM "CfI{}T", iCHyfOLIHM Ha TOti llac "fa .uocT)lnHHM .FlJl51 3aCTal101\cpiKaTeml, a 3aCTaeonaseub, B 51KOCTi Oi\pCMOrO Ta He3a.nejl(HOrO 30606' 5l3aHH51, nOB~IHCH BiJlwKonYBaTH 3acTano.uep>KaTcfllO Rei B~ITpaTI-l, nOlI'513aHi '3 TaKOK> Kynienelo.

Y 13l1naJl,Ky, llKlllO cyMa, Onep)KaHa 3aCTUBOnep)K3TeJ1eM np1'l KOlJBepT3uiry Bi./l,noBinHocTi 3 UI1MnyHKToM 5,5, E:MeHtDOKl 3a cyMy, 3a60proBaHy 3acTaBo.naBueM 3(\ llHM )J.orOBopOM, 3aCTaBonaBeUb 3060B'513aHMH Herai1HO, aa HHMOry, Cl'lnaTIITII 3aCTaBOnep)\(aTCmO CyMy, 5lKO'iHe J-licTac

in accordance with this Section 5.5 is less than .the amount owed by the Pledgor under this Agreement, the Pledgor is to immediately, on demand. pay to the Pledgee an amount equal to the deficit. 5.6 Jurther PaYJn~nJ; The Pledgor shall payor cause to be paid, to the lililestextem permitted by Uk.rainian legislation, all present and future taxes, duties, fees and other charges of whatever nature, including ~ny valueadded taxes, now or at any time hereafter levied or imposed by any relevant governmental authority in connection with the execution and maintenance of this Agre-etnent or any payments to or remittances by the in the exercise or ertforcement of any of its rights under this Agreement. To the extent that the rledgc~ is sllbjeci to any deducrion, withhotding or p3ymenl or imposition of any kind with reSpc,'\.:l to "lllounts paid or I'emitted tInder this Agn;lement, any such amounts paid OJ" remitted by or onbeh:alf of the Pledgor shall be increzlsed to such amount as may be necess,lry to yield and remit to the the full amount it would have received had such. paytnelTts been made without deduction of any such withholdings, payments or other impositions. 5.7 i'~~~illj!!y. If any provision of this Agreement is held by a court or arbitration tribunal 01" competent jurisdiction to be invalid, unenforceable or violative of allY applicable law, it shall be deemed n.ull and void to the extent thel'eM without affecting. the balance of this Agreement or shall be interpreted to have minimum l~lgal cffcl'\. If the: invalid or unenforceable provision makes this Agreement inoperative, the Parties shall negotiate in good faith and shall agree on another provision(s) to substitute the invalid one, with the as close as possible to the original intentions of the Parties contemplated in this Agreement.

5.6 [lQ!aJl1>um cn.lH'na. 3aCTaBo/laBeUb cnJlallyE: a60 '36e30ll'lJyC CIl.ll81)', H Till Mipi, B 51Kil1 L1e AO'\BOJJeHO 31l1\OHO.1l.3SCTl30MYKpa'iHH, Bcix iCHy IO'IlIX Ta MHii6yTH ix non.HTldB, MHT3, 3poP1B Ta iHlllHx OOOB'5l3J<OBHXnJ18Te)I<is 6y.nb111<01'0xapaKTepy, 13 TOMy <l\1cJ1i Bcix nO)HITKiB Ha nOJUIHy BapTicTb, llKi HaKJ1aiXa'fOThCllsi,l(noBIJUnlM opn~HoM Jlep)I<l111Ho'i BJla.D.H 3apaJ a50 B 6y.nh-51l<m'-l ilmmi1 'IHC y :m'Jl3KY 3 yl1:.iHll'l;H1:151MTa niJJ.JPI-lMaHWfM LlifrcHocri Uboro Aorooopy, a60 oy1(b-m<HX n.naTe)KiB ,~60 nepeKa3ie, 'JJlii1cHeHllx 3aCT3BOIlep)J(aTeneM nJ1~ 3,nit1cueHH5l a60 npHMycolloro 1l'll1(OHaHJHI oynb-5lKllX Horo np<1s 3a UI1M L~oroBopoM. Y Tii1 lvIipi, .no 5lKO'I HCl 3aCTaBOJ.lep)l(aTeJl~ nouIl1pIOIOTbC}! 6ym,-51Ki h1npaXYBaaTUI, yTpI1MaJ-IH$\ a60 llJl<1Te)i 411 0llOJl3TKymfHwI OY.ltl>-llKOro BI1.ny CTOCOBHO 6ynb-~KH); CyM. CnJ1a<JeHlIX a60 nepeKa33HHX 33 UI1M,l],oroBopOM, 6ynb-llKi TaKi CYM\>i,cllJ1aClcl-li a60 nepeK'\3aHi 3aCTaBOjlaOueM a60 sin Horo iMeHi, nooHHHi 36iJlbmYBHTl1cn HaCTiJ1bT<I4, w06 3acTaBOnep)KaTeJll> Onep)KaS nosHy CyMy. llKY 6 nil-I OTpl1Mas, 5IK6H He 6yJlO He06xiJlHOC1'i DFlpaxYB3HH.il6Y.llb-51KHXTaKIiX yTpHMaHb, rUlaTe)KiB a60 iHWl-IX
CYM.

5.1 nOJ.ljJ1bHic~'b. )lKulo 6y.nb-}lKe l!OJlOiKeHtl5I Uboro ~toroMPY 11 Kmatn,C5I Cy.nOM auo ap6irpuJJ<HHM cym,,lM KOMJJe'lccHTHO'iIOPHcMocKUiYHeniticHYlM, i3l<l1M, 1110 He MQ)Ke 6ym npllMycoeo BI1KOHaHHM, 360 1'aKIfM, IIl0 nopywye BItMonl uym,-5IT<oro 331<:0HoJJ.ancTBa, TaKe noJ1mK('Hml SBa)lmThC5I HIKlIeMHI-iM, He BnJlll13a'fOlll1 Ha .niiicHiC1'b pCIfITH noHOIKClih Clboro )J.orOBOPY, 360 oyne T.fIYMaq~fTi-lC51511<1'31\(,\, IUO Mac lvIi}!iM3Jlhfli npaBoBi HaCJliAI<H. 51RLUO ):(oroBip lie MO)J(e Bl.fKoHyBaTl1Cb6e3 TaKora HeLlii1cHOT'OaGo TaKoro, (HO 110ro He MO)l(fla 3.1liilcHHTH, IlOJlO/KCItH5I, CTOpOHH ltoOpOCOHicHO Y3T'O!l.51Tb 3aMic1'b HeniCicfioro nOJJO)}(CHII5! iHWC (il-lwi) nOJTO/l<eHH5I,lUO MaTI1MC .rlilO, 5lK3, H3CKi.1If,KH ue MOJKJIIiBO. 6yne CXOll\OIO '3 opHriHaJlbHHMH HaMipaMH ('TOP i I-! , nepCJJ.Oa1.leHl1MI1 B UbOMY Aomaopi. 'Bjll1~llis:~l1~n!:!l!. 3aC1'fIBOAaBeTlb nOBI1l-ietl 3aXtllUrfni (:la )J.OllOMorolO pa,hHHKa, }Jlmi' 3UJlOBOJlbli51C3acTItHOnep}KaTCJln), OXOPOH51TH, BiJJ.wK0J10nyn<lTH TClHe nonYCKaTlI 110 Bi.llHOWeHIiIO AO 3a<.:nmoACp)l<an:.n}l, tioro aC!JiJtii1oB[lIIIIX oci6 fa BinnooiJ\I-II1X nOCtl)lOBHX oci6, ;ujpeKTopiB, YCI[l{;lllll\il3. CJ1y)K6oBLlin. ,uoBipeHl1x odo Ta are~lTiB 3aCTa13ouep>KaTeJ151 Ta 'ix BinnoBiAIlHX a(pi.nii1oBaHHx oci6 (KOlKI-ntf:, - "CTOPOHllO,l.l;ep5KyB3lf B!JlllilW.IlYBMum") 6YJlb-llKHX Ta acix l\OKYMel-lTa:n:bHoninT8epml<e~{HX 3000B' }I3aHb, BTpaT, 36trnds, illTpacjJis, nii1, CYJ.lOBI1XpiweHb, n030niB, rtpcTeft3iH, BH.llaTl<iB, IlHTpUTTa onnaT 6YJJ.b-51KOrOBI~.uy ru xaprtKTepy (8 1'OMy "I11C.ni, 6eJ 06MelKeHHll, OnnaT HI 06(PYH1'OBaH~IX rOHopapiB IOpIlIllr'jHOMy pallHHKy l<O>K !-lo'j CropoH H- 0nep)KY un Lla BiJ,\lITKonYBaHflR B 3B'513KY 3 npOtll:ill:t1HnM 6YJlb-5II(OrO pO~CJliJJ.YBaHH!1,<H(MiHicTpaTHJ"H-IWMM cnpaBaMl-l a60 Cy.nOBHM po:>rJUlJ:lOM,HC:laJle)KHO Bin Toro, <J116YJJ3 CropoHa-Onep)Kya3'1 BiA1J.1KOll.YBUHFl>l Bll3I1a<leHa, 5IKe'fopoTtfTrll Koro p03r)'H1J.lY), lll<i M(lJ!<y1b 6ynl HaKJ1alleH i, nOHeCt>Hi a60 8~ICYHyTi npOT1'l CTOPOHH-Ol1Cp)J(YBa4a BinwKonyllHHIIll (H3aJ1e)KHO Bin 1'oro, "IH np5lMO, 'nl onocepenKonaHO, CII1B pe3YJlhT(lTi 6Yllb-'lUI'O, i '1'U!(t)KlIC'3aJ1elKHOni.n 1'01'0, LJl1Ha oCHoal 6Yilb-5IKoro I:lYlHHoro lmmMnUBC1'Btl 'lH 110l10lKCHb, B TOM)' LIIlC.ni, OC3 06MClK Hl-I51 , ':l3IwHia Ta nOJ1Q)KeHb, 5lKi CT,'JCylO:fbC51 llil~HHX nanepia,

5.8

5.8 Jm;!mmll):. The Pledgor shall defend (with cOllnsel satisfactory to Pledgee), protect, indemnify and hold harmless the Pledgee. its affiliates, and each of the: r::,;pective officers. directors, participants, employees, altorru:ys and agents of the Pledgee and its affiliates (each a.n "hrdenwified JJf\fty") from zlTld against any and all docrllnented liabilities; obligatiOlls. losses, damages. penalties, actions. judgments, suits. claims, costs, eXpt'nses and disbursements of any kind or nature (including, without limitation, the disbursements and the reasonable fees of counsel for l:ach Indemnified Part)' in connection with any investigative, administrative or judicial proceeding. whether or not the Indemnified Party shall be designated a. party thercto), which may be imposed on, incurred by, or asserted against an Indemnified Party (whether direct, indirect 01consequential and whether based on any applicable laws or regulations, including, without limitation., securities, environmental and commaelal laws and regulations or based on contract or otherwise) in any manner relating to 01' arising out of this Agreement. the Pledge or the Collateral. including, without limitation, in CDnnectrOJl with the Pk:dgee's exercise of its rights and relnedies

uam,:'O:rnrWHboro 6y4b-.IllmM

npHponHoro

cepe~'lOB~IUla Uf;,oro

;ra

KOMepuji1.Hoi cnod'6),

hereunder, attendant shall resulting negHgence that the preceding violative shall permitted obligation, covered Indemnified payment, The repayment tertnination foregoing, (including, by not Indemnified

or any thereto; have Party from of such

act, any with the

event

or transaction however, that hereunder to matters misconduct Party. set To

related

or any

.llifJibl;\OCTi, .HCI KOmpaKTJ-lii1

OCHOSt lIM yiHWRM

aid

provided,

the

Pledgor to by or gross in the it is

LII'1HOM ni,.llJ-loc5ITl>C3l no 3acraBH

J:(oroBopy,

3'acTa1311

obligation respect willful

aoo
am,

npenMCTy

'l~1 BWHl1KMOTh npaBOBoro

3 Hl1X, B TOMy (HiC!1L 6e3 a60 6YAb-51Koro "114

caused or forth

OOMIi.'i[(CH}-I}I, B 3B'1l3KY i3 BHf<OpI1CTUHH!fM 3aCT3Bo,uep>KilTeneM 011011< npaB Ta 3ac06iB 3axHcTy, nO)liY LII1 yrOJH1, llKi Bi.llHOCflTbC!f ,uo Ul>oro )J.orOBopy

Indemnified to may

the extent

undel1aking sentence such by loss, this Party shall of of if of the this the

indemnify

cynj)oIlOJl)KYJOTb HOro; npOTe, 33 yM0811, w.o 3aCTaBOJ.\3BCUb He ManlMe Jl{O.uHI1X 3060B '5I3al1h 33 \.U1M J:(OroBOpOM nepen }/kOIO CTOPOHOI{)-OJ.\epll<ysaqCM JlKUlO BiJ.\llil<OJ.\YBaHH5I He.u6aJlicTh fll!'&M~iCHi HeHaJle>T<Hinii' 411 rpy6y O.uep)l<ytlaLI3 Bi.uWKonYBatIH5L 6y.ub4epC3

be unenforceable law or public legislation. penalty, shall cost be

because policy, Any or paid failing

of any applicable Uk.rainian damage, indemnity on this

Pledgor
extent Iiahility, expense to each prompt the the the

satisfy

undertaking

to the maximum

TaJ<Oi'C'roPOH14peLJeHHi, He MOJKe 6y;(bnOp5l.1(OK, i 5YAb~5IKe J!OBJIllHi

3060B'WHlH1-I5f CToCOnHO

tli)lLUKo/.lYB3HH>1, BI1KnaneHe 13nonepe.u~lboMy

OY1'H
5!1{(!

npHMycoBO 4HHI-re

BHKOJ-laHe LJepc'3 Te, tito B0110 nopywy( a60 n.ep)l(aBHl1ii nOBHHeH

demand, Section

and,
5.8
In incurs

3aKOHonaBCTBO n03BOJleHii1

be payable

to the Pledgee shall Obligations

on demand. survive and to

3aCTaBonaBeUb nOBlliH Mipi, $lKi 3ai'i

3anOBOJIf;,fHiTJ-t TaKe 306oB'513aHlnl 3aKoHOJ.\aBCTE!OM YKpal'HH. UHM BiJ.l.1l1 KOJJytlaH H51M,

provisions

Secured Agreement. Pledgee limitation,

3060B'$I3ClHH51, oTpaTa, nOKpHBaKJTbC5I

36HTI<H, WTpacp, BI1JJ,ilTKH a150 l'lwrpanl, BinwKoLlynClHH51

addition any fees

expenses

ClTJHl<IYBaTl1C5I KQ)I<Hin CTopoJ-li-Onep>Kytlatly BJ{MOrOIO, a He3uil"lCHeH.1111 BLlacHo il"m{)Tbc5I LlHHI-liCTb i n iCJHI Uboro :3ac:ral3OnepJl<aTeJlIO Ha BHMOI)/, allh Ta npHmlHeHH5I ll:li'~3lt1l'1alJjeHOrO, lltlcllyr

DOJlO>KeHWI IJ,bOrO l1yHKTy )loroBOpy.

nnaTi)K Hin.l1l1f'M: cmraTi 5.8

and other \egal and ()\\t"'Of~pocket .expenses) in connection with tbe

without or attol11ey's any preservation rights oranact Agreement, PledgiJic similar plus um(er ellfor:oeroent Agreement to actby eadl case of of the Pledgee's reslJlr to the ol'other

BHKOHaH H5I 3a6e3ne'IeHHx

this

as a direct the Pledgor any

or indirect

Ha

.aonaTOK no Hece

Or failure in

in breach orih.is

y BHna.uKy,

KOnl1 3acTa13onqnKaTenb f10cilyr,

the PJ.ell\gor charg.ed

\vilf pay such expenses

value-added

6Y,llb-51I(l BIIl}laTKH (y TOMy L111CITi,6e3 06Me)Kt:11l151, Ha cnnaTy an:BoKuTiB Ta iHWHX IOPlfUl'IIHl.\ BHllaTKI1) a !'aKO>\( illtui frtlHCCelli

on expenses

(and any slIch expenses

3B'513KY i3 36"pe>KeHH51M Til ~\!liHCHellwIM

shall be deemed

E.:xpenseshereunder).

6ynb-$!1(1-JXTlpaB 3acTaBonep>IW'1 em! 3a mlM J:(O 1'0HOpOM, rlpSlMO 1.JV! onoccpMKOBaHO 1l1l<lcnin!01<6y.ub-5IKHX .uiili '~'H 6e:mi:ll:rl1,!IOCTi UbQro CyMy ):(O.rOBOPY., .3a.c-rano,'l(<.!Bt)Ul.> TaKl1X 1314.,1\.K1:8 Ta, (i TaKi Iia '3acraBo,Ual3!UlI 8 nopyweJ-lHlI

C:rI.lla1f:HTb3aCTaBo,Uep)J(aTeITlO .$l.'I'l,j!(Ul'OI<, y KO>KHOMy llHlla,lll<Y, a60 tllwi noni6Hi nOnaTKH BBa>T<aTHMYTbC51 Bl1TpaTaMH

nO.llaTOK Ha ,IilOll.any BapTic-rh tIH\60PH BI1.naTKK

3a IlIlM .uoroBopoM).

5,9

l1Q[Q~Q.
J10

_"g

.uinQM.,Y. Hl>O-ro,

L(eii

)J.oroBip

(paJOM woro ynJi

yciMa

5.9
all and this bCl'eOf) betw~iJ otherwise

Entin: Agre1ment. Tb.is AgreemeJ1t lincluding

Exhibits attached the hereto entire re~ct '2Uld only prior with an(l beering integral of written partS Partie!], Of oraL constitutes :ayreement

llouaT.KaMJ1

\.1.t0 CTaHOBn5ITb nci nonepe.uHi

Hei!lin't'MHY Ta r1HcbMoBi UbOrO

'liUtl:rkH4Y) IlBJ15K C060'fO TIOBBy ).\OMOBfleHicTb 1'0. CI<.acoByt' i 3aMitJlGc IJ.llPO'BOtlY (KpiM IllinanKis,

Mi,K CTbpOillaMH

:the

supersedes Agn::cment

all

agreefllents,

Jlfl.MOllneHOCTi Ta yrO)l1i Mi>K CTOpOn<lMM UlOJ\O nptllMeTy rlJ00 iil'lme, %3 TinbKI1 Y Tiili Mipi,

the Parties

to the s:ubjel:t 1Ul<l1erof to the IOxfenl &s may

KOITI1 C:rOPOI-11i 'li"11<O .uOM0I111Jll1C51 npo 5lKyBOH14 tl0M{)BYlfIJ1C51). MQ)I{e -lrincTynHTH CBO'j

(er<cept

have lbeoll expr<::sslyag.t1\:lt'd to by!t,I!\!.:/DflAssii;g.n rnem. l'ig:hts The '~ledi'g;orj]Jay or deil~~'te consetat not .il!ri.5 i~lil any 131~l'd parties ;Pi.jedg;:~e. The MlY ('if its Agrecl11!"tlt

5.l0

:!2j,gp'Yd''l}Jl{~f)!H~. 3aCT<1So.uaBelJ:b He CBo'j B1J1l.noBinHi .n HCbMOBO'i npa13a '160 Obon\l3'Krjd 3a IJ,I1M )J,oroBopoM 3r:0iJ'JiI,1

5. 10
obligations without Pledgee

'(iYJlb-llKl llllnnoB!inHi

rlejl'C1'YS(mn

of its respcct,i'lie the prior

<laY' of its 3'Cspt:ctive to any of die

T'jYeTiM De06.a'1'.1 3acT3Bo)lep)l<.al'C~il51.

Tender ~!Plis Agl'CWlent wriHen this the may assign under with of

i1'l\in'e;PtJjl~lb'Oi'

":lacra BO)tep>lfaTeIT ..bMO>Ke RillcTy n Hlll.1 '0)' Jlb~51 Ki CBO'j .npaBa afiG 'JtbJleryBaTH cfwi' ~060B' 5I3KI1 3a U~lM nj,~roBopOM Tp~'l'iMOCO-oaM, '130:D.P10t'!<IC 3 B.iJlC~'YI]J1eHH5IMCBo'IX mp'ZLB'l'a .ueJlerYlJa1-IH5IM CBoi'x 050n'513l<iBS<l: 3aCTaBO.1l.aB UJL Kpe;nnHl1M )lorOIJOpOM, 6e3 3rOnH

allY of itl' r~~h(sor Ag.roLJ'l'\t',tlt to any 'I.."lisig,nment undiTr of the Facility

its obligations concurrently delegation without

its duties

the consent

of the Ptedgor.

$, IlcPopc
f(oroBopOM 'tiHaCilium< 'l'olo, 5lK

_.M~?lillQ.,
(or<piM

)I(olwa

CropOHa

He

Hece CDJ1trry) MO)J(e

51

5.11
a failure

force Maieure,
10 perfQrm to pay benefit

A Party shaH not be liabJe for

hereunder (other

BiAnoBln:aJ'lbHocri

13 11eBI1KOHaH8f1 cBoi'x 3060R'll1aHH5!

306013'513['\11<.33 UH'M

its obligations money) of of

than
10 Party ]Jave of or it

3J:\.ilici'IfOBaTl'l IlyHICry

an obligation OCCUITence of claiming taken fails shall day~ force all the

if the failure for.ce illlajeure,

was due

1-laCT3HI-I51 06CTClB1m ,IJo:pc Ma)l<Opy. (l'opm-fa DOHa B)J(HJla I3cix Bi1.\noBijllil1X 3060u'513aHI> 3axoJliB

an event

lhe

II1TMUf,fTl13acTocyBa HH51no 1-16 Uboro ;sartlroi'raHH5I safil.ll~Mj(11 360 }IaCT3t1H}O 06C1'aBIHI

';.1 I J1l1lUe nicn

t~)js Section is delayed in writing occurrence of such

5.1 J .shaH
in perJonna'l1ce

!lJl}/ pa3i

reasonable

prec<l1ltions a

to all-Old the event

<IlOPC "l,nKOpy,.

l"cree rnajeure. to perfonn gtve from the

If

Part!,;'

He~J1k:(lJI<l1m$l' Cl3o'lx

30'513KY 3

due moment wrinen

to the ,,Cvelift

or rol'C~ IDiil!h:tJre.
wjr(lljn thre-c or failure,

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ynp0.llOB>T< ;rpa.'Ox

(3)

JJ:Hill 3 MOMeHTY siw!Osi)ll-IHX

the other

Party.
of notice

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together with a statement of thl' facts upon whid,it bases its claim of force majeur,'. -("he Party so delayed Or failing to perform due to the event of force m~lellre shall rake all reasonable steps lo millimi~w the effectof the event of force majeure. OcculTence and tennioatibn of the event of force (1\ail~Ure shall be evidencedby<l document issued by tbe chamber of commerce and industry or other authorised body (person) of a country (Iocation),wlleretJM~e-vent of force majeure has occurred and/orterminated. IN WnNESS WHEREOF, the Parties hereto have caused this PledgJ:: Agreement to be duly executed and delivel'edasofthe date first above written.

TIl5.:fName:naH KipMaCI A. B./ OociI,UalT itLe: DOB ipeH Iij:jiAct Il1g

certificate ofrc~istraljtlil
y Nikolay~vskiy d",[}arllllent

of Ihe

vehicle ide[l~ificlttion number vdlide m~c068875 dlltc(!

of rC@,i5trluitm and examination work of UGAJ

AUL T LAGUNA. year of manufacture 2008, vehiel<l itkntiflcati!lllt lIumher 97 l4, certijieate of registratioll of the transport vehicle I3iZC <)7 10 Febnulry 2009. issueu by Nikolayevskiy depMllleilt of retristrrltic)tl lInd eXllminati,
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AUTOM061LJ::: RliN/\Ut:r L,\GUNA, year of rnllJlulllC!IlI'I; .'),.008,vehide VI~lBTl YDEJ9786590, ccnil1c,\tt: of regi,tmti{lIl Qf th~ lral1S~,lrt vehicle 10 February 2009, i~SllCd by NtI:'ulayevskiy department of registration and c.,amrrl<\tloa tlGAI UMVD
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AUTOMOBII:Ji VFIBTI YDF3')78(}5~<). ,'"H;ICI,\,HberOO 0 PCrtfCll'allllH Tjl:lHCllop'lflon;> cP(;,JlCWiI 10,02.2009 1lf.f;\mIO t,tUICO.,;jCncKflM OT;I,:ltl~1 penlcrpanl'I(HIIJO-:lI,'I:lMelwlI!OfIIlQ(r Blie 071
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YMGj.U AUTOMOfUtE RENAUn LAGUNA. year of manufacture ::Wtl&, vehicle YC)I;:.l;'n~6:11w, cCltilh:lllt: (If ~g[~tmlion of lhe tmnspon vchicle 10 Fcbwa1'y 1()1)9, issued hy Nik,>laycvskiy deparlment of registratio.n and UOAI LI!vIVD , ro:( Ill.trIyo'rt
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YMBJV AUTOMOB,II

I~E.NAULT LAGUNA, year 01' mmlllfacture :100&, vehicle idcnlrflCalio'l mmrbcr 7. cetlHkarc of rel>isrr~tion of lhe lrdllStJOn vehicle flEe 071880 (fIlled issued hy Nikolayevski>' department of r~wation and eXlllltina:tlOIl wlltk of

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YMl3JlI
AUTOMOBJLi' RENAUl.T LAGUN,\, yell!' of manufacture 200&, vchicle identirlcation llumber

Vf:'llJTJ YDI::::J970u591.

(:(1'lillcatc of rli:giSlnttioll IJf the lrailspm1 vcllicle BI3C OJJa17 oat<.::d is,lled by Nikolaye\'sl\iy dcpartmcnt of regis Inil ion and examination \\'o1'k of
10,1
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A'K\i,iOHI1.'PilE TOBAPHCTBO "BAJI,AH OKEAH"/OPEN JOI COMPANY WADAN YARDS OK

I1lE.:/Narne:naH
PoA

PO'MaHCIYK

M.D.lMr. !lHpeKTop/Gencral Director

TIoca.llalTit1c:l\:lIepaJIbHIfH