EFTA01366825.pdf

Amendment #4 Page 396 of 868 Iliekks! (tet an For the SHPPs, the Group considers these rates appropriate since toted on a legal assessment of the prevaing Nyasaland management's assessment of ANEEL Parmesan Res:aim granting a license to operate as an independent power generater. the Group will be indemnif ed forte residual value of the assets upon terrninabon of these licenses rl not renewed Management constricts the rerewal of operatrg licenses probable. As the regulatory agency issues new irformatcn or decisions, the osrent depreciation rates for such assets ray be clanged 8. Borrowings The Group's smal hiceoelectnc and wind energy generatrg far:Sties me owned and operated in separate legal entites for which the costs et development and construction have been Merced by borrowings with Brazilian development banks through project entity specific debt secured by the proect ernmy assets with no recourse to Ow Parent The outstanding balances under these financing arrangements at March 31. 2015 and December 31. 2014 are summarized as follows tricnal. leis Docarnber 31. 7014 Current Noncurrent Current Noncurrent eyes nee eon wet Wein Pri.siNI los nuts.. Sammy PSt#d fetid hnipa BNOE$ tsp . from 1.92% to 2,18% pa. 2,646 60.658 63,304 789,849 2,625 60,625 63,250 805,114 ENDES (Sub bans) TAP 17 1,525 1,542 5051 14 1,527 1,541 5.419 BNB 808% pa 23 5.897 5.920 89311 — 5897 5897 90.738 Borrowing subtotal 2,686 68.080 70 766 884211 2,839 68.049 70.038 901,271 (.) Debt issuance costs — (617) (617) (8,070) — (817j (617) (6225) Total 2.686 67.483 70,149 876.141 2,839 67.432 70.071 893,048 BNDES Agreements—The Group's verd energy generation projects have been financed through the Brazilian National Development Bank (Banco Nacional de Desermalomento Econ.:m*2e Sooa'-BNOES) in the total amour* of RS 893.457 Borrowings accrue interest at variable rates bawd cn the Longterm fairest Rate (Taxa de Junos deLongo Ptazo—TJLP) as dfered by BLADES plus a credt spread ranging from 192% for subsociary entries of Salvador and 2 18% for subsdary entries of Bahia. For the period ended March 31.2015 and December 31, 2014, TA_PW3S 5 5% Principal and interest are payable monthly from May 2013, with final maturity in 2029 We project are also financed by sunloans with BLADES, which have an oustandirg principal amours of 846.593 The sub-bans tear variable interest at LAP rate and mature in 2019 and 2029 for Bahia and Salvador respectively Borrowings under the BLADES finanorg agreements are secured by a pledge of the stares of all subsidiaries of Banta and Salvador, sub:Mentor)/ all the operating assets of Vie operating subsioanes, and rignts to recewabies and cash correctionson the five sales of actrcity wider tie suterclaner PPM Addhonatty, these agreements require Mai the subseanes maintain funds in restricted deposit accounts as collateral and guarantee for the rated borrowings. These agreements certain customary representations. covenants art warranties of the borrower inducing imitators on bosons& admen. guarantees, erwironrrental matters. and project maintenance standards. Adatoraly, the agreements require the martenance of a minimum debt service coverage ratio, as defined in the agreements. of 1 31 At March 31. 2015 the Group was in compliance with all related covenarts under tie inelmcbal finance-0 agreements BNB Agreements—The Group's small hyttoelecinc energy generation projects have been (named through the Bank of the Northeast of Braze (Banco do Nordeste do &a61-1361B) for a total amount of R5120,096 Borrowings wider the agreements are subject to fixed rate netts! of 9 5% per annuli (which can to reduced to 8.08% due to a 15% timely payment bonus), wth principal and interest payable rronthly with fret maturity in 2026 F-76 http://cfdocs.btogo.com:27638/cf/drv7/pub/edgar/2015/07/20/0001193125-15-256461/d78... 7/20/2015 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058353 CONFIDENTIAL SONY GM_00204537 EFTA01366825