EUROPEAN INVESTMENT BANK                                      FI N° 21.427
SLOVENIA – ENVIRONMENT SECTOR
FRAMEWORK LOAN

1.01   The Guarantor declares that it is well acquainted with the
       terms, conditions and clauses of the Finance Contract, a 
       true copy of which as signed by the parties, is delivered 
       to the Guarantor by the Bank.

2.01   The Guarantor, as primary obligor and not merely as 
       surety, guarantees entirely the full and punctual 
       performance of all the monetary obligations of the 
       Borrower to the Bank under the Finance Contract, 
       including all payments of interest without any 
       limitation, commissions, incidental charges and other 
       expenses and all the sums being due by the Borrower to 
       the Bank under any provision of the Finance Contract, 
       when the guarantee is enforced.
2.02   If the Guarantor should hereafter grant to any third 
       party security for the performance of any of its 
       external debt obligations or any preference or priority 
       in respect thereof, the Guarantor shall so inform the 
       Bank and shall, if so required by the Bank, provide to 
       the Bank equivalent security for the performance of its 
       obligations hereunder or grant to the Bank equivalent 
       preference or priority. The Guarantor represents that no 
       such security, preference or priority presently exists.
       Nothing in this Article 2.02 shall apply to any vendor’s 
       lien or to any charge, which secures only the purchase 
       price of any land or goods.
2.03   The Guarantor undertakes to furnish information on 
       legislation or regulatory framework affecting the 
       Borrower which may have an impact on the implementation 
       of the Project.

3.01   Demand may be made under this Agreement as soon as the 
       Borrower has not performed all or part of the obligations 
       guaranteed pursuant to Article 2.01 of this Agreement.
3.02   The Guarantor hereby waives irrevocably any objection or 
       exception in law to the total or partial enforcement of 
       this guarantee. It undertakes to perform its obligations 
       upon request in writing or by telegram by the Bank 
       whenever demand is made and to pay the sums due without 
       any limitation, retention or condition, without the Bank 
       having to furnish any special evidence in support of its 
       request other than the reason for the demand under this 
       guarantee. In particular, the Bank is not bound to prove
       that it has taken any action against the Borrower; it is 
       not obliged, prior to the enforcement of this guarantee, 
       to realise securities or to enforce any other security 
       that the Borrower or a third party may have constituted.
3.03   The payment by the Guarantor shall fall due on the 
       fifteenth day following that on which demand is made.
3.04   In the event of the Bank making demand, the Guarantor 
       shall have the right to discharge immediately, under the 
       conditions set out in the Finance Contract, all the 
       monetary obligations of the Borrower under the Finance 
       Contract which are still outstanding at the time of such 
       discharge.

4.01   When the Guarantor has made a payment to the Bank, it is 
       subrogated, to the extent of such payment, to the rights 
       and actions relating to the said payment that the Bank has 
       against the Borrower; this right of subrogation shall not 
       be invoked to the detriment of the Bank.

5.01   The Bank shall inform the Guarantor of any fact or event 
       of which it becomes aware which is likely to jeopardise 
       the payment or repayment by the Borrower of the sums 
       hereby guaranteed. Provided however that the Bank is not 
       bound to seek any such information and shall incur no 
       liability by reason of this provision.
5.02   The Guarantor shall inform the Bank forthwith of any fact 
       or event likely to jeopardise the performance of its 
       obligations under this Agreement.
5.03   The Guarantor shall inform the Bank of any security given 
       to a third party for the purpose of Article 2.02.
5.04   The Guarantor shall notify the Bank of the completion of 
       the procedures necessary in the Republic of Slovenia to 
       the entry into force of the Guarantee Agreement.

6.01   The Bank shall inform the Guarantor of changes, which do 
       not increase the obligations of the Guarantor, made to 
       the Finance Contract by the Bank for the purpose of 
       improving or strengthening the position of the Bank 
       towards the Borrower.
       The Bank shall have the right to grant to the Borrower 
       extensions of time of up to three months in respect of 
       each repayment of principal or payment of interest and 
       any other incidental expenses as it sees fit, without 
       being bound to submit its decision to the Guarantor.
       Any modifications in the Finance Contract other than 
       those referred to in the above paragraphs of this 
       Article 6 shall be submitted for approval to the 
       Guarantor. The latter may refuse its approval only if 
       the proposed modifications are likely to be prejudicial 
       to it in its capacity as Guarantor.

7.01   Taxes or fiscal charges, legal costs and other expenses 
       incurred in the execution or implementation of this 
       Guarantee Agreement shall be borne by the Guarantor. The 
       Guarantor shall make payments hereunder without 
       withholding or deduction on account of tax or fiscal 
       charges.

8.01   Applicable Law
       The legal relations between the parties to this Agreement, 
       its formation and validity shall be governed by the laws 
       of the Grand Duchy of Luxembourg.
8.02   Performance
       The place of performance of this Agreement is the head 
       office of the Bank.
8.03   Jurisdiction
       The parties hereto submit to the exclusive jurisdiction of 
       the Court of Justice of the European Communities and all 
       disputes concerning the Guarantee Agreement shall be 
       submitted to such court.
       The decision of the Court of Justice of the European 
       Communities shall be conclusive and shall be accepted as 
       such by the parties without restriction or reservation.
8.04    Waiver
       The parties hereto agree that this Guarantee Agreement is 
       of a commercial nature and hereby undertake to waive any 
       immunities, which they may now or hereafter enjoy in any 
       country from the jurisdiction of the Court of Justice of 
       the European Communities.
8.05   Evidence of Sums due
       In any legal action arising out of this Guarantee 
       Agreement the certificate of the Bank as to any amount due 
       to the Bank under this Guarantee Agreement shall be prima 
       facie evidence of such amount.
8.06   Entry into force
       This Agreement shall enter into force upon the completion 
       of the procedures necessary to this effect in the Republic 
       of Slovenia and the notification thereof in accordance  
       Paragraph 5.04 of this Agreement.

9.01   Notices
       Notices and other communications given hereunder shall 
       be sent to the respective address set out below except 
       that notices to the Guarantor relating to litigation 
       whether pending or threatened shall be sent to the 
       address mentioned under 2) below where the Guarantor 
       elects domicile:
	
 
– for the Guarantor:    1) Ministry of Finance
                           Zupanciceva, 3
                           1502 Ljubljana
                           Slovenia
                        2) Embassy of the  
                           Republic of Slovenia
                           179, Avenue Louise
                           B – 1050 Bruxelles
 
– for the Bank:         100 Boulevard Konrad Adenauer
                        L-2950 Luxembourg-Kirchberg.
 

       Each party may, by notice to the other, change its addresses 
       as set out above, provided that the address in 2) above may 
       only be changed to another address within the European 
       Community.
9.02   Form of Notice
       Notices and other communications, for which fixed periods are 
       laid down in this Contract or which themselves fix periods 
       binding on the addressee, shall be served by hand delivery, 
       registered letter, telegram, telex, confirmed fax or any other 
       means of transmission which affords evidence of receipt by the 
       addressee. The date of registration or, as the case may be, 
       the stated date of receipt of transmission shall be conclusive 
       for the determination of a period.
9.03   Recitals, Schedule and Annexes
       The Recitals forms part of this Guarantee Agreement.
       The following Annexes are attached hereto:
       Annex I – Authorisation by the Parliament of the
                 Republic of Slovenia

EVROPSKA INVESTICIJSKA BANKA                                  FI N° 21.427
SLOVENIJA – OKVIRNO POSOJILO
ZA PODROČJE OKOLJA

1.01   Garant izjavlja, da je dobro seznanjen s pogoji in 
       določili finančne pogodbe, katere verodostojen izvod, tak 
       kot sta ga pogodbenici podpisali, je banka dostavila 
       garantu.

2.01   Garant kot prvi zavezanec in ne le kot porok ob 
       uveljavljanju garancije v celoti jamči za popolno in 
       pravočasno izpolnjevanje vseh denarnih obveznosti 
       posojilojemalca do banke po finančni pogodbi skupaj z 
       vsemi plačili obresti brez vsakršnih omejitev, provizij, 
       nepredvidenih stroškov in drugih izdatkov ter vseh 
       zneskov, ki jih posojilojemalec dolguje banki na podlagi 
       določb finančne pogodbe.
2.02   Če bi garant pozneje kaki tretji strani odobril jamstvo za 
       izpolnitev kakšnih njenih obveznosti v zvezi z zunanjim 
       dolgom ali s tem povezano ugodnejšo ali prednostno 
       obravnavo, bo o tem obvestil banko in bo, če bo banka tako 
       zahtevala, banki dal enakovredno jamstvo za izpolnjevanje 
       svojih obveznosti po tej pogodbi ali ji odobril ugodnejšo 
       ali prednostno obravnavo, ki bo enakovredna. Garant 
       izjavlja, da trenutno ne obstaja nobeno tako jamstvo ali 
       ugodnejša ali prednostna obravnava.
       Člen 2.02 se ne nanaša na zavarovanje katerih koli 
       prodajalčevih terjatev ali katerih koli obremenitev, s 
       katerimi se zavaruje zgolj nabavna cena zemljišča ali 
       blaga.
2.03   Garant se obvezuje, da bo priskrbel informacije o 
       zakonodaji oziroma pravnem okviru, ki zadevajo 
       posojilojemalca in bi lahko vplivale na izvedbo projekta.

3.01   Zahtevek na podlagi te pogodbe je mogoče dati, kakor hitro 
       posojilojemalec ne izpolni vseh obveznosti ali dela 
       obveznosti, za katere velja garancija v skladu s členom 
       2.01 te pogodbe.
3.02   Garant se nepreklicno odreka vsakršnemu ugovoru ali 
       zakonskim izjemam v zvezi s popolnim ali delnim 
       uveljavljanjem te garancije. Obvezuje se, da bo na pisno 
       ali telegramsko zahtevo banke izpolnjeval svoje obveznosti 
       ob vsakem zahtevku in plačeval zapadle zneske brez 
       vsakršnih omejitev, zadrževanj ali pogojev, ne da bi bilo 
       banki treba priskrbeti kaka druga posebna dokazila v 
       podporo njenemu zahtevku razen razloga za zahtevek, ki 
       izhaja iz te garancije. Še posebej banka ni dolžna 
       dokazovati, da je sprožila kak postopek proti 
       posojilojemalcu; pred uveljavljanjem te garancije ni 
       dolžna unovčiti vrednostnih papirjev ali uveljavljati 
       kakega drugega jamstva, ki ga je morebiti zagotovil 
       posojilojemalec ali kaka tretja stran.
3.03   Garantovo plačilo zapade petnajsti dan po datumu zahtevka.
3.04   Če banka poda zahtevek, ima garant pravico pod pogoji, ki 
       so navedeni v finančni pogodbi, takoj poravnati vse 
       denarne obveznosti posojilojemalca po finančni pogodbi, ki 
       so ob taki poravnavi še neplačane.

4.01   Ko garant izvrši plačilo banki, v obsegu takega plačila 
       prevzame nase pravice in terjatve, ki jih ima banka do 
       posojilojemalca v zvezi s tem plačilom; na pravico do 
       subrogacije se ni mogoče sklicevati v škodo banke.

5.01   Banka obvesti garanta o vsakem dejstvu ali dogodku, s 
       katerim bo seznanjena in ki bi lahko ogrozil 
       posojilojemalčevo plačilo ali odplačilo zneskov, za katere 
       velja garancija po tej pogodbi. Banka pa ni dolžna iskati 
       takih podatkov in na podlagi te določbe ne nosi nobene 
       odgovornosti.
5.02   Garant takoj obvesti banko o vsakem dejstvu ali dogodku, 
       ki bi lahko ogrozil izpolnjevanje njegovih obveznosti po 
       tej pogodbi.
5.03   Garant obvesti banko o vsakem jamstvu, ki ga da kaki 
       tretji strani z namenom, ki je naveden v členu 2.02.
5.04   Garant uradno obvesti banko o dokončanju postopkov, ki so 
       v Republiki Sloveniji potrebni za začetek veljavnosti 
       garancijske pogodbe.

6.01   Banka obvesti garanta o spremembah, ki ne povečujejo 
       obveznosti garanta in jih banka opravi v finančni pogodbi 
       zaradi izboljšanja ali okrepitve položaja banke v odnosu do 
       posojilojemalca.
       Banka ima pravico, da posojilojemalcu na njej ustrezen način 
       odobri do trimesečno podaljšanje roka za vsako odplačilo 
       glavnice ali plačilo obresti in drugih spremljajočih stroškov, 
       ne da bi bila dolžna tako svojo odločitev predložiti garantu.
       Razen sprememb iz predhodnih odstavkov tega  6. člena je treba 
       vse druge spremembe v finančni pogodbi predložiti v odobritev    
       garantu. Ta lahko svojo odobritev odreče samo, če bi 
       predlagane spremembe škodljivo vplivale nanj kot garanta.

7.01   Davki ali druge dajatve, sodni stroški in drugi stroški, 
       ki nastanejo pri sklepanju ali izvajanju te garancijske 
       pogodbe, bremenijo garanta. Garant bo plačila po tej 
       pogodbi opravljal brez vsakršnega odbitka ali zmanjšanja 
       zaradi davkov ali drugih dajatev.

8.01   Veljavno pravo
       Pravna razmerja med pogodbenicama, oblikovanje in
        veljavnost te pogodbe ureja zakonodaja Velikega 
       vojvodstva Luksemburg.
8.02   Kraj izpolnitve pogodbe
Kraj izpolnitve te pogodbe je sedež banke.
8.03   Sodna pristojnost
       Ker je za pogodbenici sodno pristojno izključno Sodišče 
       Evropskih skupnosti, se vsi spori v zvezi z garancijsko 
       pogodbo predložijo temu sodišču.
       Odločba Sodišča Evropskih skupnosti je dokončna in jo 
       bosta kot tako pogodbenici sprejeli brez vsakršnih 
       omejitev ali pridržkov.
8.04   Odrekanje pravicam
       Pogodbenici soglašata, da je ta garancijska pogodba 
       komercialne narave, in se obvezujeta, da se bosta 
       odpovedali vsem morebitnim imunitetam, ki jih zdaj uživata 
       ali bi jih lahko uživali v prihodnje v kateri koli državi 
       v zvezi s sodno pristojnostjo Sodišča Evropskih skupnosti.
8.05   Dokazila o dolgovanih zneskih
       V katerem koli pravnem sporu v zvezi s to garancijsko        
       pogodbo je potrdilo banke o kakem znesku, dolgovanem banki 
       po tej garancijski pogodbi, dokaz prima facie o takem 
       znesku.
8.06   Začetek veljavnosti
       Ta pogodba začne veljati, ko so končani postopki, ki so v 
       zvezi s tem potrebni v Republiki Sloveniji, in po uradnem        
       obvestilu o tem v skladu s členom 5.04 te pogodbe.

9.01   Obvestila
       Obvestila in druga sporočila po tej pogodbi se pošljejo na 
       ustrezen naslov, ki je naveden v nadaljevanju, izjema pa 
       so obvestila za garanta v zvezi s sodnimi spori, ki so 
       bodisi v teku ali grozijo, saj se pošljejo na naslov,        
       naveden v spodnji točki 2), ki si ga je garant izbral za 
       svoj domicil:

 
– za garanta:           1) Ministrstvo za finance
                           Župančičeva 3
                           1502 Ljubljana
                           Slovenija
                       2)  Veleposlaništvo
                           Republike Slovenije
                           179, Avenue Louise
                           B-1050 Bruselj
 
– za banko:            100 Boulevard Konrad Adenauer
                       L-2950 Luxembourg-Kirchberg.
 

       Vsaka pogodbenica lahko z obvestilom drugi pogodbenici 
       spremeni svoj zgornji naslov, vendar pa je mogoče naslov pod 
       točko 2) zamenjati samo z naslovom v okviru Evropske 
       skupnosti.
9.02   Oblika obvestil
       Obvestila in druga sporočila, za katera so po tej pogodbi ali 
       v njih samih predvideni fiksni roki, ki so za naslovljenca 
       obvezujoči, je treba vročiti osebno ali poslati s priporočenim 
       pismom, telegramom, teleksom, potrjenim telefaksom ali kakim        
       drugim sredstvom obveščanja, s katerim je mogoče dokazati, da 
       je naslovljenec prejel obvestilo. Datum priporočenega 
       sporočila oziroma navedeni datum prejema oddanega sporočila bo 
       odločilen pri določanju takega roka.
9.03   Uvodne navedbe, dodatki in priloge
       Uvodne navedbe so sestavni deli te garancijske pogodbe.
       Pogodbi so priložene naslednje priloge:
       Priloga I – Pooblastilo Državnega zbora Republike
                   Slovenije