„რეკონტრუქციის საკრედიტო ბანკსა (KFW, მაინის ფრანფურტი) და საქართველოს, რომელიც წარმოდგენილია საქართველოს ფინანსთა სამინისტროთი (მსესხებელი), შორის 45,000,000 ევროზე სასესხო ხელშეკრულება (ბათუმში კომუნალური ინფრასტრუქტურის დაწესებულებათა რეაბილიტაცია (II ფაზა)).

I'JdJ,{l[3ilqnU JJ,4 q Jat60lll, bIXdn U aJqJFU0t0[qilbl 6n6aI0[xqI tiloIu J6nildoIu aJ6bIq3llu JdnDilqx6il, qIFUtblll, AflUtbtl rojSo N ztJ 22 qX,;nSlndro 2008 g. ,,1633o5t916tr jgoob Lo3<4nqogo lo5,;bu (KFW 8oo5oU g16r53gtr14go) p.> Lrj,>16o3nqot, rrroBnqo6 $rt43op635oqoo tr;1,>t6o3nqt'r'L go5.:5too boSoSoLgt6r'roo (SLnLbglnqo), tsr,rt6oL 45,000,000 g316er$n tot6bbo b3 q ?3;161q 3do (lootr8?o ;r'r3tr5oqtrt6o o5g16oLgt63 jgS16ot qsgnL6}trqnlooo t6goloqogogor (ll gotr)) Itj.6or3Xqe,L J63toq35go LsgoS.rSLo-l-rcloXpX$o 3r'r8o$X$o 3 - 6 oXlX63rqo l0 - 13 or2JXr63.rqo 2009$. 6L r63gom5lqo JoqogoSot, o3oo0&x6o32qolo'lrc qs AqoqAooJ6o t?'Caocr63loL JoAoOC$o 1rs6,nryr Sooxlsaool.ror.) JoAo0C6o q.r.6en6o3o gerSo8o3ols 9 XpScr8o3lao JoRo$oJoL .'trao$C$o ,tohOOOaA.\ daAFar pJrar6 r{84'4rdrR"@ tsjrr6or36qrcL Jrr6qs365gob do216r'r sp6n5t: bsjrr4or36qrnL J.rdrqrSnS$oL dmAoOSOgLtn Rr 865J3o0d?o RroVUt,rl' ;r5ro5J<4ogj$oL ArEboRSr Lsj,>16or33qoL J;16qr365$oL or.:AAXRr'lAT6C Rr8oo) drd6.)d0

l,J{,J6m3AR0b ts0GJftmJ iIIINISTER OF FINANCE OFGEORGIA A050lrOd,0 Jn63Cq'o B.Un-Jr'r0AoCf"o First Vice Prime Nl inister /9 - q#$,$,_zn,g - qoSsr4oo: l. 3ffi".t0*rr62q3},s o56q,otr2r4 36rt6 Jsr6opqo,rao,0s6?6o 2. gr4r'rU [g6oqoL rUqo (N0U2]t] ;frli:,!:L'.;Bgf 4. oL $3r6oq3dorr U,r3o5oL66t'rL $SrioqoU rLqo b f66oqoL rUqo (N242J03, 5. 6. )rl;f :1r.",99;r1i{i2ri o 66 L J2}qo,;o b 3o rsr6oao L [3r6oq,orr .: r.rq o (N05- 4,1 ;t ( .lono*l'ntlll!.:t n It cotlaslti st^\1, Tbitl; iit to.^.F. ,'. r,-i, 3te ^Y) ,/+7 7. orAooaAs6o,ACqo JsqoJ tr,:otr0ob 36r6ooU g36oq,ob sbqo (N2-2630t2, 16. 12200E$"); t. 9. 10. ll. ,trsosoJsso$,$orr i:;l*Jltffi tE#,9lii:iru*B'i,1*3on'>,iorr 1sJsr6o36qoL-96g166ggo.;olll Rr EU.rR-alql6fECEoL 0o16g52q,or666gqo qr6o3!1q.o ;oaoLr,b [nr6oqoU .:Lqo (Nyol-yri_ r l j4, rO.ii:]iOeni ' ?go,:5t0gloU tstr6g0go. Lsjr6o6q,o-b Jr6g$oqgSgoL 2fl)8 fiqob tE q63B]6oL N859 6o5.yu662q6ds 60q',:2160

I L.\dJ6o)33R(lL .)6C%OPC5(50 UrjoAorgcq':lr .;ufqoA3fotr ,,L.rb3q0$ogro 3.rqoL 33lr,sb3o*' Lrj,r6or3Xqrolr 3.:6o6oL 33-2 SXbqotr tlSLsd,rSolrsq, 6.r5ogo6o63boL.ror3oL [sr68ro5oqgX6or ,,6X;r'r6l66X j6ooL lr.:3t6Xqo6ro bo6,jlr.l (KFW, 0,:o6o11 3r6,:6331t65o) q,l L,:i,rr6or33qo l r6o33qo6 $.lr63orqgX6oqos lrtjst6or3XqoL So6s6Lors L.r0o6olr56rooro (SlrXtrb3bXqo), tsr'rr6oL 45,000,000 6t6o83 L,rLXlrbc'r bXq333t6Xqlb.rlr (bor133o 3rn0X6.:qX6o ofur6.:lr6t6Xj5Xt6oL qJ$XLXdXqXbdol,) r6g.rboqo5s6o,r (ll g$o))". J. Sobgoq L;,:.;,:ts3oqo N l/,109 22.12.2008

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-l- Loan Aqragment a"r"a /1.0. zme bellveen Kfw' Franklurt am Main, ('Krw) and .Geo.gla repr€ssnt€d by tho Mlnlslry o, Flnance ('Borrower') br EUR 4s,m0,000. - Rehabllilatlon o, Municipal lntrastructure Facilltles in Eatumi Phase ll (BMZ 2006 6s 802) Conlent Preamble Loan Dlsbursement Fees lnterest .3P,!.mblc Thg baseg ,or lhis Agreement aro the Agre€menl dal€d 24.07.2OO7 between the Government ol the Federal Refublic ol GerrEny and he Go,/emmenl ol Georgia on Financlal Cooperddon lFCl 20O62t/)7 (cA 0 arld the agreem€nt stilt to be conctuded between the Ciovemment ol the Fsderal Hepublh ol Germarry and ihe Govemm€nt of Georgla on Flnancial Coop€ralion 2008-2009 (GA [) ('Goveflrment Agreements.)- KM will tinance the Lo6n grant€d In accordance with the @ndltons ol thls Agre€menl lrom its own tunds as well as from bw-interest budget lunds povided by the Federal Bepublic o, G€nnany to, projects lhal meet development-polic-y sbndards tor etigible proJects. The terms and condilions ol the Loan comply h,ith lhe OECD requlrements lor recogniton Es Offlcial Development Assistance (ODA). 1. Loan EUR 45,000,m0. The Borrow€r shall chann8l EUB 35.OOO.OOO.- of the Loan to ths Sell-coverning City Balumi ('Project:Executing Agenq/) and EUR 1O.OOO.OOO.- of rhe Loan to the Goyernment of lh€ Autonomous Bepublic of Adjara, .epresented by lhe MinGtry of Flnance and Economy, ln accordance yeith he conditions sel torth in Articte 1.4. The Borrower will ensufe that lire Proied-Executing Agency and the Government ol the Autonomous Bepublic of Adjara wl use the Loan exclusivety to finance the rehabililaliofl and extEnslon ol waler supply and tvastewaler systems and construction o, a wastewater trealment plant h Batumi ("ptoject part i.) and to linancs lhe rehabilitation and extension of wastewaler systems in the coastal villages of the Khqlvachaun Municipatity ('proiect pad ll.), and primarity to pay the forbign exchangs costs. The project Aeciting Agency, the covernment ot lhe Autonomous Republlc of Adjara, represented by the Ministry of Finance and Economy, Khetuachaud Municipality and Kfw shalt determine the details ot the Proiect Parl I and Project pad ll (together ths ,prolecf) as well as the goods and seMces to be financed trom the Loan by a separale agreement, whibh is known to the Bonower and to which the Borrower hereby agrees. l3 Taxes and other public charges lo be bome by the Bonower and import duties shall lrom the o,r, -4- 1.4 Channe ing ol the Loan to the Prciect-Execudng Agency and to the Govemment ol the Autonomous Republic ol AdiaG. fho fiovter shafl channet ElltlgElqgg,]qq].: ot lho Loan lo the Proiect-ExEcuting Agency and EUR iO.OOO.OOO.- of the Loan to the Governmeot ol lhe Autonomous Republic of Adjara. represented by the Minislry o, Financs and Econorny, unde, ssparalg loan agrcemenls at ths terms and conditions set lo.th in Articles 4.1 and 5 t h6reol. The channefling ol ihe Loan shall neither constitute any liability o, the Prorect-Executing Agerrcy nor ol the Government of lhe Autonomous Bepubllc of Adiara Io KfW lor payment obllgations under this Aoreemeni. Dlsbursomont Requesl lot disbuEernent. As soon as all conditions precedenl to disbursement pt[suanl to Clause 2.4 are tulfilted, KtW wilt dlsbuGe lhe Loan in accordance wiih Separute AgtEentent. tn a sdpaiate aoreem'bnl; the ,proiect-Executlng Agency (PEA), lhe covemment of thE Auionomous Repubtic of Ad,ara, Khelvachaud Municipality and Kfw witt detine th6 dlsbirsgment 'proceciule. ln particuiar'lhe evidence lo bb fumished by he pEA proving that the requesled loan amoilnts are used for the purpose slipulated in lhis AgreemEnt.i Deadline lor rcqueslng disbu$emert Kfw has the iight to refuss requests for disbursemenl after 3'l .'12.20'12. 2.4 Conditions pr&eden? lo disbu$dment. Kll , must elfeci disbursements under this Agreement only it a) fho Borower has provided evidence saflslactory to K'w thal it fras met all requirements under its consliiutonal and other laws tor the valid assumpllon ol all ol its obligations under this Agreement; b) lhe specimeo signafures meniloned in Clause 12-, lqepresedEtlon ol the Borowali have b@n subhitted to KM; c) the Guarantee lrom Ihe Federal Republic of Germany mentioned in Clause 7 is in force and effecl withoul any restiction; the Borrower has paid the Management Fee stated in Clauss 3.2; .5o) no events ol delault have occufled and no exllaordinary circumstaoces have arisen lhat preclude or seriously jeopardise lhe rmplemenialion, Ihe operation, or lhe purpose ol lhe Proiecl, or lhe pertormance of the payment obligalions assumed by the Borrower under lhis Agreement Prior lo disbursement lrom the Loan KM,, has the ighl to such lurlher documenls and evidence as il reasonably deems necessary. 2.s Waivet ol disbuBqneflr SiJbject tq lhe fullilmenl ol its obligalions under Clause 10 lhe Bonowel may ryalve the disbursemenl ol undlsbursed loan amounts with the consent ot KfW aqainst payment ol a compensation pursuant lo Cleuse 2.6. This shall, howEv6r, nol apply in the Eivsnt ot a termination by lhe Bo ower pursuant to Conpensatk/j,.lf ths Bonolf,e; waiv€s disbursement ol a loan amount, or il a loan' Kfw lor any losses, expsnsgs or cosls [ncored by KIW as a resuh ot lhe waiver o, disbursement of lh€ loan arnounl in queslion'. This shall, howevei, nol apply in the event of a larminatlon by the Borli)wel pursuant to Arlicle4.l second sentence. 3. Fees Commitmenl lee. lhe Bonower will pay a non-refundable commiiment fee o10.25"/" p.a. on undisbursed loan amounts. Ths commitrnent re€ will be computed for ths period beginning with lhe elapse ot a threenEnth period following lhe signing of this Agreement and lasling until the Loan has been lully disbursed. lt is due lor payment semi-annually and in anears on June 30lh and December 30th ol each year (each a ' cdctldbn h o lo!or!: !l. €rc€ar (li y'y) ol (l) 0t. Inlullt br ! Loln lrffirnr, wnt Xtw wou6 lrav6 b€6n 6ntt 6d to ctatm ulu t! *!d c, 01. l.t.r.d P6lE apdrtE h. h. L..r arErr hd [l. Edlorer not d!p(l!6d im !E ds!u.!.o..rt ot Ul€ tar .rbun, ot!? c) ni. ldbrd *ri.i (rw .[/E ,Edt6 R r.inrs!.g 0E E p3dn. LEr .rE n utrd ths cld ot ti. lflcll Pe,bd, 6rEits!. b d!.t LM .durl taldas hb .rrdddaldl trr6 s/- -6,,Paym.nt Dot."). lt is lirst due tor payment on June 3orh, 2OO9 but no earlier than Dale lollowing Payment the day the on which ihis Agreement enters into lo.ce and eflecl pursuant to Clause 13.10. 32 Managemenl lee. Subiect only lo the Borrowe/s terminaiion right pursuant to Article 4.1 second sentence, lhq Bonow€r will pay KfW a non-rerundable one.time, tump_ sum management lee equalling , 0 % llal of the principal amount ol the total Loan staled in Clause t.l (EUH 45.000.000), at the talest upon etapse o, a three-month period aller lhis Agreement ls signed by Ktw or upon elapse ol a one-month period afler thls Agreemenl hkes eflect (dependjng on which is the tater date) but in any case prior to lhe lkst disbursemeht lrom the Loan. 4. lntcrrd 4.1 lntercst (fixed inlerest rale set upon entering into force ol the Loan.) The Borrower shall pay to Kfw a fixed interest rats on the Loan, which wifl be notifled by Kfl / to lhe Borlowor within h,vo Banhag Days atter notificalion by ths Borrcwer to Kfw o, the ett€ictlveness ot this l_oan Agreement. The Borower rhay with lmmediate ellect terminat€ the Loan Agreement wilhoul having Io pay manageinent fee if the interest rat6 excoeds 2.25 "/. p.a. Tie Borrower,s ndlification ol termlnatioo must be communlcated td KfW iri written Iorm by facsl;ile within twenty lou. hou6 afler receipl ol lhe notilication by KIw to the Borrower of the lixed interest rate on the Loan, provided that the day lollowing ths notjfication by KlW to the Borrower ot lhe lixed inlerest rate on the Loan is a banking day, It the following day ls not a banking day, the gorrowe/s notilicatjon ol termination musl be communicat€d to Kfw in written ,orm by facsimile by 5 p.m. CET on tho day ol the notiflcatlon by Kfw to the Borrower or lhe fixed interesl rate on ths Loan. 4.2 Calculatbn ol intetnt and inlerest payment dates. The interest on a disburs€d ,oan arnount will be charged lrom the date (exclusively) on which the respective amount is paid out ol he loan account kept by KfW for the Bonower until loan the date (inclusively) on which the respective repayments are credited to KfW.s account staled in Clause 6.3. The interesl will be calculated in accordance with Clause 6.1 (Calculatbn). lnterest is to be paid in arears on lh8 payment Oales (as delined in Clausa 3. t). 'EL s*" 5. Fepayment and P,epayment 5.1 Repaymenl Schedule. The Borrower will repay the Loan as lollows: '| June 30, 2 December 30, 3 June 30, 4 December 30, 5 June 30, 6 December 30, 7 June 30, I December 30, I June 30, 10 December 30, tl June 30, 12 December 30, 13 June 30; 14 December 30, 15 16 December 30, 17 June 30, 18 December 30, 19 June 30, 20 December 30, 21 June 30, 22 Oecember 30, 23 June 30, December 30, 25 June 30, 26 December 30, 27 June 30, 28 December 30, 29 June 30. 30 December 30, 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 lzOzO 2021 2021 2022 2022 2023 2023 2024 2024 2025 2025 2026 2026 2027 2027 2028 2028 1500.000,00 EUR 1500.000,00 EUH L500.000,00 EUR 1.500.000,00 EUR 1 500 000,00 EUFI 1.500.000,00 EUH 1.500.000,00 EUR 1.500.000,00 EUB 1.500.000,00 EUH 1.500.000,00 EUR 1.500.000,00 EU FI 1.500.000.@ EUH ,.500.000,00 EUR t.soo.ooo,oo I eun 'l 500 000,00 EUH 1.500.000,00 EUR 1.500.000,00 EUF 1.500 000,00 EUR 'I . 500.000,00 EUR 1.500.000,00 EUR L500.000,00 EUF 1.500.000.00 EUR 1.500.000,00 EUFI 1,500.000,00 EUB 1.500.000,00 EUH 1.500.000,00 EUF 1.500.000,00 EUR 1.500.000,00 EUR 1500.000,00 EUR 1.500.000,00 E UFI Undisbursed loan anou.,ls Undisbursed toan amounts wifl be credited against the repayment instalments proportionafly puGuant to lhe Flepaymenl Schedule untess Kfw. at ils own discrelion, determines another ollsening altemative in individual cases. Dlsbu6efients allet the stad ol rcpaynent. ll loan amounts are dlsbursed after 53 repaymsnl has slarled, the Bepaym€nt Scheduls as listed in Clause 5.,,. will remain long unaftected as as the respeclive repayment instalment due in accordance with the Bepaymenl Schedule is less lhan the outstanding loan amount. lf the repayment instalment du6 tor payment exceeds the outstanding loan amount. K'w will deducl the amount equal to the diflerence ,rom lhe repaymenl instalmenl due, divide il by the rernai.der ol the repaymenl lnslalments still outstanding, and add thi6 sum to each outstanding repayment instalment. KIW reserves the dght lo postpone laking disbu6gmeits ttat ere rnade wilhin 45 days prlor fo he respective payment Dale inlo considerdtlon tor the detemlnation ol tho ot tstanding loan amounl.until the next bul on€ Payment Dats. al Righl to prcpayment. On any payment Date the Loan in full or in pa.t in advance ot maturity but Borrower may repay the al least in thi amount of olle repayrpnt iostalment pursuaht lo Claus€ 5.1. L the Borrower makes such a prepayment it must pay a prepayment compensation dursuant to Clause 5.4 e). b) Notice. A piepaymant ol a toao amount pursuant to Ctaus€ 5.4 a) is subiect to notilicaflon ol the prepayment by the Bonower to lhe 1sth banking day in'Frankturt am Maln prior to the KtW no laler than on intended prepaymer date, Such notice is tnevocable; it must specify the prepayment is to be made and the amounr Borro,ver to pay to KfW he stated amounl c) date on whtch the lhereof and obtigates the on the stated date. MaMalory prepayment The Bonower musl immedlalely upon its requost any and alt loah amounts reimburc€ to KIW, as the Elorrower is unable to prove lo have been used lor the agre€d pueose. I -9- d) Afiounls due. The Borrower \/rll also pay the ,o owing amounls together with the prepaymenl: aa) any prepaymenl compensalion pUrsuanl io Clause 5 4 e) due as a result of the prepayment; and bb) all inlerest accnred on the prepaid loan amount up untit the dale ol the prepayment. e) Oltselting. Clause 52 llJndisbutsed taan amounts) will apply mulalis mutandis to Ihe otfseting ol prepaymenls- 5.5 ,. Revised Repayment Scheitute. ln the event that Ctauser5.3 lDisbutseri,enr. anet the sta,t ot repayfienl or Ctause S.4 lpepayme?D appties, Kfw will send tha Borlow€r a revis€d Repayrnent Schedule that will becomg an integ.al part ot this Agreement and will .eplacs fl8 Repaymgnt Schddules valld until such time. 6. : Calculatlons and paymlnl! ln cercral 6.1 Calculation. lnteresl, th€ commitnenl tee, delaull interest pursuant to C,aus€ 6.5, lumFtsum compensaflbn lor ovedue arnounts pursuant lo Clause 6,6, compensalion pursuant to Cladse 2.6 and prepayment compensation puEuant to Clause 5.i e) wil all b€ calqJlated on ho basis of a 36ojay year with 3o_day monf|s. 6 2 - Due date. lt a payhent to be madE in coanection witfi this Agreement falls due on a dale that is not a Banking Day, thg Borrower must make such payment on the lollowing Banking Day. It he lollorring B€nking Day hfis within the next catendar monh, such payment must b€ made on the preceding Bankng Day. cabub[on ts .! rbrbw!: ha ercBs (r arry) or {r) h. hr.{Ed b. a Loe, ounr, rhrch x|w roiJrd hsv. becn €d ro craim u6fl h. t}.l ol !D tri.cd Portod Eglt tor th. Lm ar,oun ha.t ln6 B..rc{.r mt Ep.td th. ba, a@rt in advarE. ot nEtuny, @!, (t0 6r t{ b. hr.Ec *hi, Krw cq,ad r.cdE pFrrnonl or a. 6gEed b tne to€/r Ag.ss,nen! FBth tlsl r-or cran rrrurt fid !. rtEufid h rl. .!ity6t fit lnbrErFirtlp€i .ab cuft! th! *,rrr*o O, *-. a/,' - to. 6.3 Account numbeL lime ol crcditing. The Borrower will be released from its payment obllgations in conneclion with Ihis Agreement i, and as soon as ihe respeclive arnounts have been crediled to Ktw at its free disposal withoul any deductions in Euros and nol later lhan 10:00 a.m. lo Kov's account number 31.96386908 hetd with Kfw, Franklu.l am Main (bank sort code 5OO 204 OO, BtC KFW|OEFF. with additional rete.ence 'Ret. YYYYMMDO') or lo any other account as notiried by Klw. 64 Cowterclaims ol the Bonowet. fhe Borrower is nol enti €d to assert any rights of retention or sel-ol, or comparable rights against payment obtigations unde. this Agaeoment unless such rlghts are recognised by declaratory iudgme nl (rcchtskdftig leslgesielll o. hava not been contested by KMr. 6.5 66 Lump-sufi compensatbr. For overdue amounts (wlth th€ exception repayment instalments and prepaymenls as menlioned in bf such Clause 6.5 on Delautt inlerest) KIN may, without prior reminder, request lumpsum compensation of g% p.a. above the Base Rale applicable on he respeclive due dafe lor the perlod beginning on he due dale and ending on the date ol payment of such overdue dmounts. The lumpsum compensatjon musl be paid immedialely upon KM,s firct request 67 Oflsetting. KNt has the right to ofhet payments received againsl payments due under this Agreement or under other roan agreemenrs he Elorrower Guaranlee from th6 Federal Repub,lc o, Germany KfW will have payment ctaims under this Republic of cermany pior to the first concruded between Kfli/ and Agreement guardnteed by the FedeEI disbursemcnr A'i -fia. 81 Negatlv! Pledgc and Pai P.ssu Prolir, assett ThO Bo,rowe nay nol and hhe Eb.rower shall ensure thal neither th6 Projec{-Ex€culing Agency nor the Govemment ol th. Aulonomous Fepublic of Adiard pledge, rnortgage, crgats other charges or se the proiecl assets belor6 repayment in tull ol the Loan without the prlor consent ol KM/. 82 Pai pasu. To fi€ extent p€rmined by law, th€ Bo.rower underlakes to pertorm lhe obligalions undff this Agieemenl pad passu with all its other existing o. tuture unsecu.ed end nol subordinated payrnenl obligations. 9. Costs and Publlc Charges 92 Cosb. The gorowsr will bear all costs and expenses accruing in connection with the disbursernont of the Loan, in particular remittance and Iransle. costs (including convelsion le€s), as well as all costs and expenses accruing in connecllon with lhs mainteianco or enforcement ol this Agreementand ot all other documents relaled lo this Agreemenl as well as all dghts resulting from this Agreem€nt. 9.3 Taxes and othet charyes. The Ebrrower will bear all iares and other public charges accruing oubide thg Federal Republic of Germany in corinection with tho conclusion and execution ol lhis Agreemenl. lf Kfw advances such laxes or charges, the Bonower will transfer them wilhout delay upon request to KlW,s account as specified in Clause 6.3. '10. 1 0. Speclal ObllgEtlone 1 PDieci inplementation and special inlomation, The Bolrower will itself ensure and will ensure that the Project-Executing Agency will a) prepare, operate andmaintain lhe Project in conlormity wilh 9rl,' -12fie projecl conception agreed upon behveen the Prolect-E(ecuting Agency and Ktw; b) assign thE preparation and supervision of conslruclion of lhe Proiecl to indepondent. qualilied engineering consullants, and the implementation ol lhs Pro,ect to qualifed lirms; c) award the contrdcb tor lhe goods and services to be llnanced hom the Loan upon prior inlemalional cornpolilfus bidding; d) ensure the tull fnancing ot the Project and fumish to KIW upori its request eyidencg provlng that thp costs not paid ,rom lhis L@n are cbvered; €) will keep books and records or commission- a third party lo do so thal unequivocally show all cosis ot goods and se.vtces required tor lhe Prorect and clearly ldenlify ttre goods and seryices financed trom this Loan; f): enablo the represenlatives ol Kfw at al any time to inspect such books and records and any and all other documentation rErevqrrr relevant rv to the urE nrrprsrrrclratrqr imptementation and operation ol the Proiecl, and io visit the Project and all the instalta ons s) fumish lo Kfw any and all soch intormation and records on the Project and its further progress as KIW may requesl; h) ol its own accord and wilhout delay aa) ,onvard to KfW any queries received by lhe Borrower trom the OECD or its members under the so-called 'Agreemonl tor Untied ODA Credits Traruparency' lollowing the award ol the contracts lor the supplies and services to be linanced lrom the Loan and will coordinale lhe reply lo any such queries wlh Kfw, and bb) notity Kfw ol any and all circumstances thal exclude or seriously ieopardise the implem€ntation, the operation o. the purpose of the Prciecl. 102 Separate Agrcement lhe Project-Executing Agency, the Government ol the Autonomous Republic of Adjara, Khelvachauri Municipality and KtW wil determine the delails of Clause I O.l by a separale agreement. - 13 - 10.3 Assistance ol lhe Bortower: The Borroiryer shall assisl lhe Pro,ect-Ereculing Agency engineering and linancial practices in lhe implementalion ol and in the psrfomance ol lhe Project'Executing Agency's and lhe in cglfomity wilh sound he Project Adiara's obllgallons under this Govemmenl ol lhe Aulonomous Republlc ot g.ant the Project-Ereclting Agency and the agre€ment and, In pariicular. of Adiara arry and all permissions Govemrnent ol lhe Autonomous Bepublic tor lhe implerneohtion oI ths Projocl necessary 10,4 Co@iance. Tle Bonower will ensure lhat the persons whom it entrusls with lhe contract tor the preparation and lmplsmentation ol the Prolect' the award of any requesting.the loan amounls do not supplies and seryices lo be financ€d, and wilh the promise ot unlawlul payments dsmand, accepl, maks. grant, promiss or accept or other advanlages in connection wlth thess lasks' 10.5 10.6 Separale loao agteen:r,ng (chanaelltng ot lhd Loan) The separdte loan agreemenls regulation on.lhe linahcinq ol VAT by lhe Geordian sidg Prior lo the firsl disbucement lrom lhb speci,fied in lrticte t a h'ereol shatl contaih a payments to be borne Loan. the Borrower shall send Kfw a certified translation of these Thess loan agreemEnls are subiect to prior approval by Kfw' 11. Events o, Dsrault 1,l1 Events ol detaull. KfW may terminate the Loan in whole or in a) loan agreements' parl rf he Borrower lails to perlorm its obligations lo KM lo make paymenls when due, b) c) obligations under this Agreernent or under separdle lo this Agreemenl have been breached or agreements pertaining in Article '13 8 or any lhis Agreement or lh€ ADilratiofl Chuss mentiooed or ceases parls lhereol ceases to have a binding etlect upon lhe Borlower lo be enfolceable against the Borrower -14- 11.2 in Legal cdtsequences ol an evenl ol delault ll any ol ths events specified perlod by d€termhed Clause 11.1 has occurr€d and has not been resolved within a pans Kfll/ hat musl be at least 30 days, KfW may lerminals this Agreemenl or any o, it with he consequence that a) its obligadons unde, this Agreemenl terminaie, and b) KM may demaod lullor partial repayment o, lhs outstanding loan amounl tog€ther with tho lntsrost accrued and any and all other amounts due under thls AE.eemenl, wlth Clauses 6.5 (Deldult inter60 and 6.6 (Lunp-sum , .t1 3 con9ensaliont applying to accelerated amounts mutatis mutandis. Compensatioo lot damages. ln he event that lhis Agreement is lerminaled in ftil or ln pen the Borrower will pay lhe compensalion in accordance wilh Clause 2.6 andor Firepayh€nt compensaljon in accordance with Clause 5.4 e). 2. 12.2 Addresses. Notices o. stalements in conneclion with this Agreement must be in writing. They must be sent as odginals or - with lhs exception ol requests lor dlsbursemenl - via lacsimile. Any and all nolices ol stalemenb hade in connection \,vith lhis Agreemenl must be sent to th6 followlng addresses: v" '1 -15Kfw lor KM. L llla 5 Postfach ll ll.l1 60046 Frankturt am Main Germany Far: +49 69 743 I -2944 lo. lhe [ror.ower: 13. Mlnlstry ot Finance (MOR '16. Gorgasall str. 0'l l4 Tbilisi, Geo.gia Fax.: +995 !2 45 74 42 Genelal Provlslons 13.1 means a day. olher than a Saturday or Sunday, on which commercial banks FranHud am Maln are open lor general business. in va;ibity of fle remalning provisions hereof. The parlies lo lhis'Aqreement tryill replace any invalid provislon by a legally valld one which comes as close as possible lo lhe sdit and pulposs ol the invalid provision. The parlies will lill any gap in the provisions with a legally valid Ptovision whlch comes as cloie as possible to the sdrit and purpose ol lhis Agleement. t3.4 Witten lom. Nrendmenb and supplements to lhis Agreement musl be in writing to be effeclive. Arry waiver ol this requirernonl ol wrltten torm must bE declared by the parties in writng. r35 Assignnent. The Bonow€r may nol asslgn or tEnsrer, piedg€ or riortgage any claims lrdm lhis Agreemsnt. r3.6 Ap k t3.7 Limitalon petiod: All claims of Kfl , under liis Agreement expire aflet live years from e law. Thls Agreement ls govemed by Geman larY. the end ot ihe year in which any such claim has accrued and in which KfW has become aware ol th€ circumstances constiluting such claim or could have become e, _16_ Arbilralion. All disputes a.ising out of or In connection with the pGsent Agreemenl shall be settled exclusively and linally by an arbitration tribunat. ln this regard, the following will aPPtY: a) The arbitEtlon tribunal will consist of one or thr6e arbitrators who appointed and will acl in accordance with the Aditration Rules lniemational Chamber of Commerco (lCC) applicabts f.om time b) The aIbitratioo procedings will be conducted in Frankfurt will be ol the to time. am Main The proceedings will be held in the English language. QI 17 - Agrcemenl is executed in two originals in ihe English language t3. tl . 2408 Tbillsi, l(. 11 2se6 Minislry of Finance of Georgia

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