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providing that financing. At a minimum,               ‫وﻛﺤﺪ أدﻧﻰ ﺳﻮف ﯾﺒﺤﺚ اﻟﻤﻘﺮﺿﻮن ﻋﻦ ﻧﺼﻮص ﻋﻘﺪﯾﺔ‬
lenders will seek provisions in the contract          ‫ﺗﻀﻤﻦ اﻧﺘﻘﺎل ﺣﻘﻮق اﻟﻤﺴﺘﺜﻤﺮ إﻟﯿﮭﻢ ﻓﻲ ﺣﺎﻟﺔ إﺧﻔﺎق‬
that guarantee a transfer of an investor’s            .‫اﻟﻤﺴﺘﺜﻤﺮ ﻓﻲ ﺗﻨﻔﯿﺬ اﻟﺘﺰاﻣﺎﺗﮫ وﺑﻤﻮاﻓﻘﮫ اﻟﮭﯿﺌﺔ ﻣﺎﻧﺤﺔ اﻻﺟﺎزة‬
rights to the lenders in the event the investor       ‫اﻗﺮار ﻧﺼﻮص ﻋﻘﺪﯾﺔ ﻣﻦ ھﺬا اﻟﻨﻮع ﺳﯿﺨﻀﻊ ﻟﻤﻮاﻓﻘﺔ اﻟﮭﯿﺌﺔ‬
fails to meet its commitments, and the
Commission granting the license will                                                           .‫ﻣﺎﻧﺤﺔ اﻻﺟﺎزة‬
approve such provisions.

Note: It is generally not permissible to allow        ‫ ﻻ ﯾﺠﻮز ﻋﻤﻮﻣﺎً اﻟﺴﻤﺎح ﺑﺎﺳﺘﺨﺪام ﻋﻘﺪ اﻹﺳﺘﺜﻤﺎر‬:‫ﻣﻼﺣﻈﺔ‬
the use of investment contracts as collateral                         . ‫ﻛﻜﻔﺎﻟﺔ إﻻ ﻓﻲ ﺣﺎﻟﺔ ﻣﻮاﻓﻘﺔ اﻟﮭﯿﺌﺔ اﻟﻤﻌﻨﯿﺔ‬
except when authorized by the NIC or PIC.

• Lenders typically request a collateral                ‫ﻋﺎدة ﻣﺎ ﯾﻄﻠﺐ اﻟﻤﻘﺮض ﺗﻨﺎزل اﻟﻤﻘﺘﺮض ﻋﻦ‬       •
    assignment of all of the borrower’s                 ‫ﻛﺎﻣﻞ ﻣﻮﺟﻮداﺗﮫ اﻟﻀﺎﻣﻨﺔ اﻟﺨﺎﺻﺔ ﺑﺎﻟﻤﺸﺮوع‬
    assets, as well as all rights and interests       ‫ﻛﺬﻟﻚ ﻛﻞ اﻟﺤﻘﻮق واﻟﻔﻮاﺋﺪ اﻟﻨﺎﺷﺌﺔ ﺑﻤﻮﺟﺐ اﻟﻌﻘﺪ‬
    under contracts or licenses or other                 ‫ وﺗﺸﻤﻞ‬.‫أو أي إﺟﺎزات أو اﻟﻤﻮاﻓﻘﺎت أﺧﺮى‬
    approvals. Examples of assigned rights
    include:                                                               :‫إﺣﺎﻻت اﻟﺤﻘﻮق ﻣﺎ ﯾﻠﻲ‬
    o Investment Agreements;
    o Operating, Investment and Other                              ‫إﺗﻔﺎﻗﺎت اﻹﺳﺘﺜﻤﺎر‬  •
         Licenses and Permits; and                       ‫إﺟﺎزات اﻟﺘﺸﻐﯿﻞ واﻹﺳﺘﺜﻤﺎر‬    •
    o Land Rights.                                    ‫واﻹﺟﺎزات واﻟﺘﺼﺎرﯾﺢ اﻷﺧﺮى‬
                                                                                     •
                                                                     .‫ﺣﻘﻮق اﻷرض‬

• Lenders then request that the Second                ‫• ﺛ ّﻢ ﯾﻄﻠﺐ اﻟﻤﻘﺮﺿﻮن ﻣﻦ اﻟﻄﺮف اﻟﺜﺎﻧﻲ أن ﯾﺪﺧﻞ‬
    Party enter into a consent agreement              ‫ﻓﻲ إﺗﻔﺎق ﻗﺒﻮل ﯾﻮاﻓﻖ ﻓﯿﮫ اﻟﻄﺮف اﻷول ﻋﻠﻰ‬
    under which the First Party agrees to              .‫ وﺗﻮﻓﯿﺮ ﺣﻤﺎﯾﺎت أﺧﺮى ﻟﻠﻤﻘﺮﺿﯿﻦ‬،‫إﺣﺎﻟﺔ اﻟﻜﻔﺎﻟﺔ‬
    such collateral assignment and which
    provides other protections for lenders.

• Lender consent agreements may include:                        :‫إﺗﻔﺎﻗﺎت ﻣﻮاﻓﻘﺔ اﻟﻤﻘﺮض ﯾﻤﻜﻦ أن ﺗﺸﻤﻞ‬   •
                                                       ‫• "ﺣﻘﻮق اﻟﺘﺪﺧﻞ" اﻟﺘﻲ ﺗﮭﯿﺊ ﻟﻠﻤﻘﺮض ﺣﻖ‬
o “Step-in Rights” providing the lender               ‫اﻟﺴﯿﻄﺮة ﻋﻠﻰ اﻟﻤﺸﺮوع أو إﺣﺎﻟﺘﮫ ﻓﻲ ﺣﺎﻟﺔ‬

the right to take over or transfer the                                          .‫ﺗﻌﺜﺮ اﻟﺸﺮﻛﺔ‬

Project in the event of default by the

company;                                              ‫"ﺣﻘﻮق إﺑﺮاء اﻟﻤﻘﺮض" اﻟﺘﻲ ﺗﻮﻓﺮ ﻟﻠﻤﻘﺮض‬
                                                        ‫ ﻟﻤﻌﺎﻟﺠﺔ أي ﺗﻌﺜﺮ‬،‫ وﻟﯿﺲ اﻹﻟﺘﺰام‬،‫اﻟﻔﺮﺻﺔ‬
o “Lender Cure Rights” providing the                       ‫ﻣﻦ ﺟﺎﻧﺐ اﻟﺸﺮﻛﺔ ﺑﻤﻘﺘﻀﻰ اي إﺗﻔﺎﻗﺎت‬     •
                                                             .‫وﻗّﻌﺖ ﺑﯿﻦ اﻟﺸﺮﻛﺔ واﻟﺪوﻟﺔ اﻟﻤﻀﯿﻔﺔ‬
lender the opportunity, but not

obligating it, to cure any default by

the company under any agreements

entered into between the company

and the host country; and                             ‫• "ﺗﺄﻛﯿﺪات وإﯾﻀﺎﺣﺎت أﺧﺮى" ﻣﻦ ﺣﻜﻮﻣﺔ‬
                                                      ‫اﻟﻌﺮاق ﻟﺼﺎﻟﺢ اﻟﻤﻘﺮﺿﯿﻦ ﺑﺎﻟﻨﺴﺒﺔ ﻟﺸﺮوط‬
o “Other  Confirmations    and
                                                                            .‫اﻹﺗﻔﺎق اﻷﺳﺎﺳﻲ‬
Clarifications” by the Government of

Iraq for the benefit of the lender,

with respect to terms of the

underlying agreement.

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