BUYER CREDIT INSURANCE

POLICY NO. CC/………………………./17

COMMITMENT TO REPAYMENT

Mr………………………………………………………in the name and on behalf of …………………………………………………………according to power of attorney no. …………………..of ……………………granted by the notary of ……………………………………… Mr …………………………………………… declares:

  1. That………………………………………………………………………………… and…………………………………………………………have entered the following export transaction (hereinafter “the export transaction):……………………………………………………………………………………………………………………………… .
  1. That……….……………………………………………………………………..have granted a credit (hereinafter “the credit”) under the modality of “Buyer Credit” to ………………………………………………….for the purpose of financing …………..% of the price of the export transaction. Such payment shall be made with charge to the credit by …………………………………….to………………………………………………………………….,following instructions from …………………………………………………………………in the manner and according to the conditions established in the credit agreement signed by ………………………………………………………and ………………………………………………………………….. .
  1. It is hereby acknowledged that Compañía Española de Seguros de Crédito a la Exportación, S.A., Cia. de Seguros y Reaseguros, S.M.E. (hereinafter “CESCE”), have insured ……………………………………………………….by means of the Buyer Credit Policy no. ………………………………………………..against the risk of default on the credit by …………………………….pursuant to the conditions established in the referred insurance policy which it is hereby stated to know.
  1. That pursuant to the foregoing, the obligations detailed underneath are irrevocably assumed by ………………………………………………………….., expressly declaring that

FIRST. They undertake to inform in a truthful and sufficient manner on the environmental and social impact of the export transaction and to fully comply with the obligations deriving from the Export Contract, the legislation of the country of destination that may be applicable, as well as with any legal rules in force in Spain and, in particular, with those oncorruption of a public official or authority in the context of international economic activities provided for in the Spanish Penal Code.

SECOND. They undertake to use the funds received with charge to the credit for the sole and exclusive purpose of performing the services they are obliged to under the contract governing the export transaction.

THIRD. They undertake to submit to the control and oversight of the supervising or audit entity CESCE may appoint to verify compliance with the obligations corresponding to the export transaction and to the utilization of the funds received with charge to the credit.

Forthese purposes, ………………………………………………………………………:

a)expressly and irrevocably authorize the Bank Insured to require the Supervisory Body to provide the periodic reports that may have been stipulated, including such faculty in the contract they may sign with the Supervisory Body or notifying it of such empowerment.

b)undertake to allow the person or persons designated by the supervisory or audit entity or by CESCE free access to its offices, installations or works, putting at their disposal the entire documentation and data relative to the export operation and the credit, as well as the accounting books and records.

FOURTH. They recognize and accept CESCE’s right to order the suspension of drawdowns from the credit, both in the circumstances provided for in the general or particular conditions of the Buyer Credit Insurance Policy no. ………………………………………. and in the case that CESCE has reasonable grounds indicating that ………………………………………………..have substantially altered the purpose for which the funds received should be used, as referred in the SECOND paragraph.

FIFTH. They undertake to repay CESCE the amount of the provisional or final indemnities CESCE may have paid to ………………………………………………..pursuant to the Buyer Credit Insurance Policy no. ……………………………………………………., always provided they have failed to perform any of the obligations assumed under items FIRST, SECOND and THIRD of this document.

Payment to CESCE shall be made effective by ………………………………………………………………..within thirty (30) days of the date they are so required, without any other requisite than the submission by CESCE of the receipt signed by ……………………………………………………, acknowledging receipt of the indemnities.

SIXTH. This COMMITMENT TO REPAYMENT shall remain in force as from the issue of coverage CESCE granted the Insured according to the Buyer Credit POLICY no……………………….. and possible Endorsements of extension that CESCE and …………………………………………………………………may agree; to be cancelled only upon CESCE’s written declaration exonerating them from the obligations established in the Commitment upon the payment of the last instalment of the credit, or once …………………………………………………….have satisfied all of the obligations assumed with the previous declarations.

In ………………….., on …………………………………..of………… .

…………………………………………………………………….

Company name, authorized signature and company seal