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Section 6.01. Dividends

Except as expressly provided herein, the Borrower shall not declare or pay any dividend, or make any distribution on its share capital, or purchase, redeem or otherwise acquire any shares of capital of the Borrower or any option over the same until the latter of the Project Completion Date and the date on which IFC receives full payment of the first instalment of the principal amount of the IFC Loan unless each of the following conditions is satisfied: (1) no Event of Default or Potential Event of Default has occurred and is continuing; and (2) following payment of such dividend or making such distribution of share capital, purchase, redemption or acquisition of shares of the Borrower, the Debt Service Coverage Ratio shall be not less than 1.3 and the Current Ratio shall be not less than 1.5.

Notwithstanding the foregoing, for as long as IFC remains a shareholder in the Borrower the Borrower may make payment of dividends or make any distribution of its share capital if at the end of the Financial Year the Borrower has net profits which, in accordance with the law of the Russian Federation, could be distributed to its shareholders.

Section 6.05. Liens

The Borrower shall not create or permit to exist any Lien on any property, revenues or other assets, present or future, of the Borrower, except: (1) until December 2002, the security created in favour of Sberbank to secure the obligations of the Borrower under the Sberbank Loan; and (2) any tax or other non-consensual Lien arising by operation of law or other statutory Lien arising in the ordinary course of business, provided that such Lien is discharged within 30 days after the date it is created, or the validity or amount of such Lien or the sum secured by such Lien is being contested diligently and in good faith and by proper proceedings, adequate reserves have been set aside for the payment of such sum within 30 days after final adjudication, and such Liens do not have a material adverse effect on the Project or the ability of the Group to perform.

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