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🏛️ კომიტეტები
- საფინანსო-საბიუჯეტო კომიტეტი წამყვანი კომიტეტი
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- ევროპასთან ინტეგრაციის კომიტეტი კომიტეტი რომლის დასკვნაც სავალდებულოა
- რეგიონული პოლიტიკისა და თვითმმართველობის კომიტეტი კომიტეტი რომლის დასკვნაც სავალდებულოა
- დარგობრივი ეკონომიკისა და ეკონომიკური პოლიტიკის კომიტეტი კომიტეტი რომლის დასკვნაც სავალდებულოა
📅 დამატებითი ინფორმაცია
ბიუროზე განხილვის თარიღი 2015-11-24
ბიუროს ნომერი 349
📜 ტექსტი
საქართველოს პარლამენტის ბიუროს გადაწყვეტილება ნორმატიული აქტის პროექტის განხილვის პროცედურის დაწყების შესახებ
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uSE OF LOAN AND AvAILA81L:TY OF OTHER FUNDS
6 06
̲
̲ 25
―
6 01
B
24
24
24
ARIlcL=5
̲
… …… …………… ̲… …… … …
…… ̲
5o4 DAY COuNT cO■ vENT10N ̲̲
…
… …… ̲… ……
5o2 TIME AND PLACE OF PAYMENT
… … …
5 00 NO SET̲oFF BY THE BORROwER
ARTIcLE 6
̲ 23
…
27
̲
28
̲
̲ 28
23
…………………………… ……… ……………
………
……… … 29
…
̲ 30
PA″ PASSυ RANKINC
̲ ̲
ART,CLE 8
30
3̀
ARTIcLE 9
…
ARTlcLE lo ̲
……… … 33
…
34
4
3
10 01A IMMEDIATE DEMAN0
10 03
^
0
3
T0.O1B DEMANo AFIER NolcEro REM;DY
1NDEIV NiTY
―
̲
36
]O.O3A FJx€o RATE TRAxcHEs
'10.038 SLoAnNc
RATE TRANCHES
36
36
10 03C GttERAt
40o4
NON‐ WA,VER
ARTiCLE ll
36
…̲
1101
COVERNlNC LAVtf
1102
ARBITRAT10N
,403
PLACE OF PERFORMANCE
1104
EVIDENCE OF SuMS OuE
…
37
̲
―…
…
37
37
37
37
′
̀′
1̀OS
THlRD PARTY RICHTs
11 06
ENTlRE ACREEMに NT
,7
‑
11.07 tNvALtDlTY.............
3e
̲
…― ―
11 08
cHANGES To PARTIeS
11 09
11 lo
AMENOmENTs…
…………………
cou"TERPARTS ̲
11'l
FURT「 lER ASsuRANCtl̲
38
…̲ ̲
…
………………
ARTicL=12
̲…
… … ̲̲¨
120'
NoTIcEs To E:THER PARTY̲̲
̲̲38
38
38
―
¨
―‑
39
……
イ2o2
FORM OF NOT:cE…
12o3
EFFECTIvErleSS oF THis coNTRACT
………
12 04
RECITALS.scHEouLES AND ANNEX
SCHEDULE A … … ……
̲̲
―
――
―
̲…
39
̲
…… 40
̲
40
…
SCrlEDUに EB… …
SCHEDOLE c
′′
…… … …
̲
46
4′
THIS CONTRACT IS bIAOE
BETWEEN:
i'the'Borrowe,
:l:.:ili'1{d:["i:rTi"";]',#[i?,rl
by Mr Nodar (nacjuil
)
;;1_:'J;,.Fflff:;1""
of lhe first part,
lJ'."'"Y-3".,t1'iJI,f;J,*T#^xLl:l:, nhe.aanft-)
ilfi :::Y';5:::il"i;;;il;;:'#;:,ffi :
of the second parl.
′ t
,1‐
,
:
5 //
〆
tVHEREAS:
°
辮濶
°
lli!1,総
∬悩聯質
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歌 )1,品 習躙『1里 盤t詣 精 ii糧 鴛TMl臨 界 f笙
躍
1』
Source
Amount (EUR m)
Cに 01 frOm lne Bank
:]]lζ :乳
』
:iξ fii∫ lli〕
100
UR
ぜ
:11:∫ ::Tさ
Ne19h00urhOOd lnvestment Facity
「
̀「
::Fin Panneis Technical As●
TOTAL
stance Trust
'72
475
325
^
0
200
、
uni辞 礎驚慎
善
il籠
稚1曇難1題』器理赳 ・
│∫
(ア )
′
″
ル″
^
0
う,,た
,u'
j""-l:l9lo:-1,** rnve^srmenr I dc,nry f NtF.) nas been _ao. ror a c-.1r to.
*,,ET*,,"":1":,".
rote(r Ir an
amolni rotaltin. EUR 4.i5O.000 (tour i,r,trc.. ,",,"n
irnO*Jrn,: rrry
;,lh
,;
i:ri
;;;,:;;;;,'i::i;""0
0",.*,
;ff'"'::,"::T',* ?: ::::':o;1-1'-a"ry"
Cornmissron have,
together w n otnF .iil
ilerndlonar
r,nanLe
,iil,"oii*"ooo
insrilurrons. enrered rnro rhe ,co{6eralion
*thi"
ir."
i*rn"*",rInvesrmenr Fac,,ry" iramee/ork a,ransement.
",
in iorce as
zi o.""_0". idii!.,1." "*,r
Framework a.ranqement.) rhe B",i* and
"r
the
;:L 1i""","",",.0
wrL enler rio an agreement seflrng oul
the terms and conort.ons ol co operauon @rthrn th.
",
{or
rhe NrF
rhe p.::po_ses or
l."I:y_,.I
"i thp Borrower (the ..NtF Agreemenl". arO iogetner ,,rr:h ,te
corcuded w,th
Nit_ F.rnewort
Arrengemenl and, appllcable, lhe fhance
agreemenl concluded between
.'
,
the
," .",
Bank or lhe
Furopeal Corm,ssron
'
E;&;; i;;;;.;;;
,_o;il;;;";;;:#r;I;:J";0,."._"","
D*r.;;;;;-.i"
(9) An.applicalion lo h€ Eastern partners_ Technlcat Assrstance Trusr
Fund |.EPTATF-),or a
in rhe sLm of EUR 3.zso.ooo r,i,". .l-r." "*"",r,,iil.ll
,,,
l::T::;::::.]?T:,9:nr
'' o 'Isd 'Io euros) ror rhe pro*cl was approved by rhe E'TATF conkrburors.coamr[ee*o
un 24
Granr.). Tii rprarr C,a^r *,,i oe-i""il;;;;"";;'p"^
.z,o:_f5
|:l'i
- lpjATFsuDervisron
Hroecl
rmpiemeniation
,greernent contemptated in the .technac;t Desclplon
""
o xsLalr ro rhe rerrs or an EprArF G;r as.eem*r
i"eiiiir
i.""i
ag,;;;"*:;*,*
*
rhe Bank o1 beharot
and the Borrower the.N'tF
lhe EPTATF and \,eorg€.
(10) Ttel,4Lnrsrer of.Finance-ot ceo.ga rs duly authorised Io sign ihis
'rie
borrower A copy ot lhis due authorisation is atiached !o
(11) The srature of rhe Eank provides lhat the Bank shal
ralionatty as possibte in ,rhe interesls of lhe Europe*
Conlract for and on behali of
this Contract as Annex I hereto.
ensure rhal ds funds are rsed as
U"i""-r":
.onditons.oi lhe Bank.s {oan operarons musr be consisrenl *,rn
""""rii"g,i",f,ii"rr"
i.i"""iii p"t"", of ""0
h"
turooean lln6n
(T2) ln:ccordance with Decision No.466/2ot4i EU on grantrng
an Ell guarantee to lhe Bank
eLla,nrr tosses under financ,ng ope.at,ons srrpporting ;in""rrn,"ni
oro,o"i. ou,i,,t" ,."
,-"1
{the
and
rne
agreement
entered
r.lo
beh;en
rhe iJrop.,,n
i:':!:i:represented by ..oecision.r
unon
lhe European Commissron and lhe Eank imptement.nq <uch dc(,sron, rn
'r""u""d
lhe evenl ol non-payment.lhe European Union, bV u grrr"nr"",
;ryi".s, ."i
Dv ine Bank and due to the Bank ,n ,etarlon lo lhe
"Jr"r. ope;aircns entered rnto
Bank,s frnancrnq
v.'.lh rrfer arcs the Borrower (ihe -EU Guarantee,l As
ol rne a-are
C"".."
3r F,rgrbie Counlry (as defined betow)
;i,i; ;;;,";i
(13) pursuant lo and subject to the terms of loan agreements dated 19
February 2015 belween the Asian DevetopmeniBank
.
Decernber 2013 and 5
t,eOa;i anj the ;lrro*el-(frereaiter
reierred lo.as lhe'ADB Loan Agreements,) the ADb
agr;d lo p-rid; a tai ror tne
purposes of frnancing the pioject (the.AOB Loan"i.
li4) 3y entering into thls Conlact lhe Borrower acknovLledges thal lhe Bank is bound io compiy
wilh each apptrcable Sanciion List and thai it cannof rn"erefore.
or rndrectty, to or for the benefil of a Sancljoned person.
maf.eiunAs .r_i"Of". Ono.rfy
(15) The Bank consioels that access lo rnformation piays an essenliai role in
the redLrction of
environmenlal and socia' risks, including human rghts vioLalions, trnked
io i\e p;olects rt
finances and has therefore established its Transpaiency poricv
it,e puipo"e ot-rJn,crr ts ro
enhance Ihe accountabitity oi the EIB Group towarOs ts-siaketrotders ana the;tizens
oI lhe
European Union in general.
(16) The processing of p€rsonald?ta sha be canied out by the Bank jn accordance wrlh applrcabte
Europeen.Union legistation on the prctection ol indivjduals w h.egard to ihe
orocesstng of
personal data by the EC ifislitulrons ard bodies and on lhe fiee
mov;ment of such daia.
′
7″
′│:
‐
[
NOW THEREFORE"is hereby agreed as FO"。
ws:
INTERPRETATloN AND DEF!NITloNS
(a)interpretation
in this cOntract
°
騰購F税 緞 lttξ y織 澱 轟織 譜 Ltti」 aV鼎 &誕 哨驚
mF:=な
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(b)DefinitiOns
ln th,s cOntract
・Acceptance Deadline・
C)1彙
tor a nOtice meansi
he day OFd¨ Ю
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・ ADB Loan Agreements・
1織 │:よ:]::∬ ∬
│
hasthe mean n9 9iven tO l n Reclal(13)
♀[:i譜 :キ
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::‖ kξ
l:き
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Change‐ of Lawに vent・ has the meaning given tO itin Article 4 03A(3)
・Contracr has he mean市
9 9Vento l h RedtJ(7)
・Credit・ has the meaning 9 ven t。
`
ltin Arlicle l ol
Decision・ has ihe meaning 9 ven 10 1in RecRal(12)
1案用
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σ
°
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訛器 拙 辟;跳 認 滉
:用 蹴 t朧
酪
s『
靡 i:‖ :;iment Acceptance・
means a copy of lhe Disbursement
Disbursement Acceptance Deadline,,means
as specified therein
Offer duty countersiqned by ihe
lhe c,ele and lime of expiry of n DEbursement Ofier
8/
th a● ud dsou「 senen d 8 T,anchèmade by he
出品
:urSement Date'means he dat On Ⅲ
bm̲¨ h%h ue C
::粘 :I[][:=:∬
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II::│:il:ISund針
li∫
1°
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l:ξ
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F戯:J
Onrnent'means the fO,10winO.in sO Far as they aFFecl hunan heath and social wel be,n9:
(a)
iauna and lora:
│‖
:llir尾 11:』
『:i:li‖
[lil]百 :ìand
and includes 、
v thout lmitatiOn occupat Onal and cOmmunity health and sOfety
・ Env rOninental and SOcial standards nneansi
(8,
EnvirOnmental ta、 vs end SOcial taws applcable tO the prOlect。
%… 哺鰤
¨
謂
器
謂
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:又 、
1:鯖 菅
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nent
記
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m.pЮ C∝ ●
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ce。「
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ve■ 9mon by
,・
:::│:羊 :│:呂 1:i:r:指il Enイ
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]r:ち l]n::hi塁 │:1'詰
│:・ :lli;ξ l」 I.:P::
鑑 ?鶴『電器 翻躙 階椰
EPTATF・ has the meaning oiven t。
・ EPTATF G「
l in Recital(9)
ant'has the mean ng g ven t0 1in Recla(9)
EPTATF Grant Agreement・ hasthe neaning s ven t。
l n Rectal(9)
Eu cuarantee・ has the meening given io itin Recital(12)
フ
'
9,′
'EUR|BOR"
-EUR'
has the m€aning given io rt in
and -euro" r.ean
Schedute B.
ihe iawfut curren
auopr or have acopreo ii ,"
l,emoer Sleles o'
"e Furooean unror wr.cr.
r,.,",,
,."I"11'ne
e-.ooe"n u"o. j.i-rn;;;"ji,""""1?i;:i:J:;!":,-fl,H:itl'J:,J".:n,{:,j,:Hi;
"r.run.,
.Event
of Defautt,,means any ofthe circum
"t"n"""' uu"ntt or occurrences specitied in A(ide 1 o o 1 .
,n" or,.
u ,er rarer o€re asreed be*"." ,n"
o, fffe ,veless ohnv
f':. ".r.:lhalrhell-eDdre
aoplv Io each Tranche being o,.uui;"a_ ''" 'n *rlrng provided
fu
Gui,raniee cont,nLes .o
"",,,"111:.n-,1:::
'Financing of Terrorism.
means lhe orot.
or. corlecton oi iuncs by
,ncrrcctly wirh rhe inrenri";
anv merrs. drec:,y
o' rn rhe knowledse rhar rhey a,c ro he ,tsed or
ru,r or rrparr. ,n oroer
rn
o
-F
inat Avaitabitity Date- means
counc,r Framework
iffiil'.illlJ'::"
cail;i:l#;;""4:::9
Deci;;;6;;;J;;X?HT."":,lj: *""i;#llf,.,i,i,;jde. , ro o e1 .1," Eu
Fired Rate" means an annuat nterest.
determneij bv rhe Bank ,n dccordance
rop,,able p.nc,prps rr;;;il;;:'".:i:
*.,n ,hp
rhe sovemrq bod'es ol tr-e
or . f,\ed rare of rnleresr, d"";;,;;i;;;"-"::v
Bark rorioans naoe
or rhe rlanche and bea,rnq eqL,varenr rF,ms
ior rre rep5y6p61 oi
",i;i,;""nj il.1;il;l"J',ll:[?
"Fixed Rate Tranche" means
'Floatrng Rate" means
a Tranche on which Fixed Rate is
apptied.
a ftxed-soread floar
rale, lhat rs to sav an innua, '. eresr ra,c
Le'pJrrrned by rhe Bank fo,
--" rr"""..,,119-'lieresl
'--w! r'e tloanng Raie RefP.er(e oe.iod eoL,rt ro he Fet.\a.t
n'e oank Rdre pju\ he Spre"r.n
floating Rate Reference period,mea'ls eacht
eflod from one pdvmenl Ddte lo lhe rertretevanl
Frvment Date. lhe firsl Ftoatrnq
Rale Refererrce perod shart comr.er.e
..te
or
J
rarcle.
on lhe odte oi d,st,u.sernent
'Floating Rate
Tranche, means a Tranche on which
a Ftoating Rale is applied
"Framework Agre€rnent"
has the meaning gven rn Recilat(1).
'Guide to Procurement.
means lhe Gudc lo-procurement pubt:shed
on lhe Bani,s weosrte rhal
rnrorms lhe promoters of prolects
linanced m
,he affalsemen,s ,o bc
mrcF io, p,ocu,ins
wo.ks:ffi;#;;;J,.::i:fl,[ii['J,:i""":*r "
ILO mcans lhe Inlernahonar Labour
Orga.r,saton
'llo standards' ,neals anv treatv convpnton,or
co^venant ot rhe llo srgned Jnd ratfrcc
olle.wJse appl.cacte and Dind nq
by or
on GeoroE and the-Core Labour Standaro;
(as oet.ed x. .,re tLO
ljccrarat'on on Funoa.r,enlar pnncrptes
''LIBOR" has the meaning given
'Loan rneans lhe aggregale
r,ontract.
'Nlandate" has
an; Rrghls at Work).
(
to rn Schedule B
amounl of Tranc hes disbursed from
lime to lJme by the Bank Lrnder this
the meaning given lo it in Recrtat(7).
'luarket Disruption Eveni.
fieans any or lhe fofiowing crcumslances:
f2, ,here are, ,n lhe :easonable ooinnn
ll-e Bark's access ro ris sources
the BanL, evenls or c.cumstances d.lvorcety
drlecr,ng
^I
of fundrng:
rbr rn lhe optnron of the Bank iunds e.e not avartaole kom its ordnary
sources ol {und.nq r^ orocr
lo ddequalety tund a Tranche in the ratevanllufre*V
360r", ,". ,f" ,."f
,
relalion lo lhe reimbursement profite
of such T.anche:
"i"^,;:;"ilrr*,*
1cl ii relaiion Io a Tranche in respect ofwbch interest,s or woutd be payabte
al Floaling Rate:
/Al lne cost ro lhe Bank oi obrarnrn. funds kom s sources of iund.ng,
Ban( ror a period equar ro lhe"Ftoarhg Rare Refer""." p"r,"-J,"i as deter.r red by t1e
,]J""ii"""i" ,
rhe money marker)woutd be in excess-of
he applcabi; R"[;;;ii"t#;H;, ., " ^
(B) the.Bank detelmrnes thal adequate and fajr means do not
exist for ascertarnrng lhe
3pplicabte Re,evant Inrerban< Rate folhe rerevanr
cr;cy;;;u:;;,d-;;;;
,r ,s
poss'bie ro
determrne the aophcabte Retevanl tnterba;{ ia]e
definrlron contarned rn Sche.hte B
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e Romdg。
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駆 器Ppaに he am″ ずぃ
gttons unda he R…
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"rσ
mater aly impatrs the rinancial cOnditiOn Or prOspects Of the BOr「
Ower Orthe P,OmOter Or
∬ 蠍惧緋 :鵬 tぃ囀 Щ蛇
鞭ぼ量 献 F胤 脚 駆
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品atsuCh pl〕 も 』:1船
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nah9 8nd
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・New York cOnventiOn'has the meaning 9,ven tO itin Reclai(1)
・N!F‐ has the meanin9 given in Recital(3)
NIF Agreement・ hasthe mean n9 9,venin Ro■
・N:F DocunentatiOn・
al(8)
hasthe nean n9 9iven n Rectal(8)
OiVen in Recibl(8)
Jぎ
:識認 :結Ъ:鞘R殿
薄
nll謄 霜
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h醍 午
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認I塁:11↑鶏譜:跛 器he amoun d a■ a he。 ¨re"o"me 8α Ю
wOぃ
品::::Ⅷ計
wg
,eM:‖ 讐
』
鑑器 t胤露a Pa"en Daq On wh he Bσ Ю
:『
Prepayment Event・ means any Ofthe events descr bed in Aricle 4 00A
●
ノ
.Prepayment
lndemnhy' means in :espect of any principat amounl lo be prepaid or canceled, lhe
zmounl communcated by Ihe Bank to the Borrower as the present vatue
{;s of the prepayment
Date)of lhe excess, ifany. of:
(a) the inlerest that woutd accftre iherealter ofl lhe prepaymenl Amouot over lhe period from the
Prepaymenl Oate io the Malurit!, Date, if it v,/ere not prepaid; over
(b) lhe interest that woutd so accrue over that peraod, if ii were catcutaled al lhe Redeploymeni
Rate, less 0.15% (fifteen basis points).
The said present value shall b€ calculated at a discount rale equal lo the Redeplcymenl
applied as of each relevant Paymenl Date.
"Prepayment Notice' means a written notice ffom the Bank to
Artrcle 4.02C.
lhe Borrower rn accordance vr'ith
"Prepayment Request' means a writlen request from the Boarower
of lhe Loan, an accordance with Articte 4.02A.
''Prohibited Conduct'means any Financing ofTerrorism, Money
Raie,
to the Bank to prepay all or p?
Laundering or prohibiied practce
'Prohibited Practice" means any:
(a) Coercive Practice: meaning the impairing or harming, or threelening to impair or harn
directly or indirectly. any p6rty or the properly of e pa(y to influence impr;perty lhe aclions of a
party;
(b) Collusive Practice: meaning an arrangement belw€en two or more pa es desrqn€d io
achaeve an improper purpose, including to influence imprope y the actions of another partyi
(c) Corrupt Praclice: meaning lhe offering, giving, receiviog or soliciting, directy or indrrec|y, oi
anylhing of value by a party to influence improperly the actions of anolher party;
(o) Fraudulent Practice: meaning any act or omissaon, includtng a mrs.epresenlalion. lhal
knowingly or recklessly misleads, or altempts to mislead, a parly in order to oblain a financiat
or olher benefit or to avoid an obligation; o.
(e) Obstructive Practice: meanang in retation to an invesligation inlo a Coercive. Cotjusive.
Corrupt or Frauduleni Practic€ in connection with this Loan or the prciect:
O
deiiberately destroying, falsifying. aliering or conceating of evdence materal to the
jnvesligalioni and/or threatening, harassing o. inlimidating any parly to prevent it irom
disclosing its knowjedge of matters relevant to the invesligation o. from pu.surng the
investigaiion. or
(ii) acts inlending lo materially impede the exercise of the contracluat righls of aud:i or
access lo information.
"Project" has the meaning given lo it in Recital (4)
''Project Agreement has lhe meaning given to it in Recitat (4).
"Promoter" has ihe oeaning glven to it in
Recital(4).
'Redeployment Rate' means lhe Fixed Rate in etfect on the day of lhe indemnLty catcutahon ior
lxed rale loans denomnated in lhe same cunency and which shall have the same terms lor ihe
payment of interesl and lhe same repayment profile to the Maturity 0a1e as the Tranche in resprct ol
which a prepaymenl is progosed or requested to be made. For those cases where the peeod is
sho er lhan 48 monlhs the most closely conesponding money r:rarket rate equivalenl witt be used.
thal is lhe Relevanl lnierbank Rale minus 0.125% (12 5 basis pornts){or periods of up to 12 (twelye)
months For periods ialling belween 12 and 48 rnonths the bid pornl on the swap rates as publshed
by Reule6 for the re:aled currency and obseryed by lhe Bank at the tme of catculation will apply
"Relevant Business Day' means:
(a) for EUR, a day on which the Trans-European Aulomaled Real-time Gross Setllemenl Express
Transler payment system which ulilises a single shared platform and which was iaunched on
19 November 2007 (TARGET2) is open for ihe selllemenl oi payments in EURi and
(b) lor LiSD, a day on which banks are open for gene.al business rn New York City.
′′
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'Reievant Interbank Rate" means:
(a) EURIBOR for a Tranche denominated in EUR: and
lb) LIBOR for a Tranche Cenorninated ,n USD.
''Sanctioned Person" means anyindvidualor
enlity tisted in one or more Sanctton L,sts
''Sanction Lists' means
(a) any economic, finaocial and rade restriclive measures and arms embarooes issued bv the
FJ,opean lJnror, pJrsuant to Chapter 2 of T,fle V of lte Treaty on Europe; Llron a. wct .as
Article 215 o{ the Treaty on lhe Functioning of the European Linion inctuding bul noi limited lo
official -eU
hllpj/ec.europa.eu/external_relations/cfsp/sanclionsJconsol-list en htm
lhose as
made available on
lhe
weos(es
and
htlpJ/eeas.europa.eu/cfsp/sancliontdocgmeasures_en p<lf, ai amended and supptemented
from lime lo time or on any srjccessor page; or,
(b) any economic. ilnancial and lrade resliclive measures and arms embargoes issued by the
ilnlled Nalions Security Councit pursuant to Articte 41 of the UN Charl; including but noi
lim ed
to lhose as
made avaitable
olncrat
websrle
htlpl/w1,vw un org/Doc!/sc./committees/lNTRo.htm, as amended and supptemented iiom lime
to time or on any successor pag€.
on the
UN
'Scheduled Dbbursement Date'means ihe dale on which a Tranche is scheduted lo be disbursed
rn accordance wilh Adicle 1 028.
"Security" means any mo(gage, pledge, lien, charge, assgnmenl, hypothecalion, or other securly
,nterest securing any obliqation oi any person or any other agreemenl or arrangement having a
'Social Law" means eachl
{a) aw rule or regulation applicable in ceorgia relatang to Social Matlersi
(b) ILO Standard; and
(c) Uniled Nalions Veaty, convention or covenant on human righis signed and ratfied by or
olherwBe app:icable and btndtng on Georgta.
'Social Matters" me;rs arl, or anyol, lhe foltowng:
1a) labour and empioyment conditions,
(b) occupalional health and safety;
(c) prolecllon anci empowerment oi rights and interests of indigenous peoptes, eihnE minorites
and vulnerable groups;
{d) cultural herltage (langible and intangible);
(e) public health, safety and secLrriiy;
(f) lnvolunlary physical .eseltlement and/or economic disdacemen! and loss of liveiihood oi
persons: and
(g) public padicipalion and stakeholder engagemenl
"Spread' means the fixed soread to lhe Relevanl lnterbank Rate (being eilher plus or minls)
determiied by the Bank and notified to the Borower in the relevant Disbursement Offer.
'Tai ineans any tax, levy. imposr, duty or other charge or withholdrng of a similar nature (including
any penally or rnieresl payable in connection with any failure to pay or any delay n payrnq any of the
"Technical Doscriplion' has the meaning given to it in Recital (4).
'Tranche' means each disbuGemenl made or lo be mede und$ this Conlract ln case no
oisbursemenl Accepience has been received, Tranche shall mean a irenche as olfered under
A.iicle 1 028.
'USD" means the la,viulcunency ofthe United Slales ofAmerica.
,i,: i
13
'j
{i
I
ARTICLE 1
Credit and Disbursements
1.0'1 Amount ot Credtt
By thas Contract lhe Bank estab,ishes in favour of the Bonower,
and lhe Borrower accepts, a
the.,equlvarent of EUR 100,000,000 10ne r,unoreo *r[on eu,Js1 ior *,e
:^"^d:l
o! the pfolect he.Crodit.t
'rnancing
l-ii.:T:l]fl
1.02 DisbUrsementEroceduro
I 02A Tranches
The,Eank shalt disburse lhe Credrt rn up lo filteen.franches
The amount of each Tranche. ii
not berng lhe undrawn batence of the Credit. shal be in a minimum
EUR 5,000.000 (five miltion euros).
amount the equratent of
The Bank shall nol send the Borrower more than one Disbursemenl
Ofrer per catendar rnonth
There shall not be more than one disbursemenl o{ a Tranche
oer calendar month under ihis
Finance Contract_
1 028 Disbursement Offe.
Upon requesi by the Bor.ower, provided thal no event rnentioned rn Arlrcte 1
068 has occurred
and is continuing, the Bank sha send to the Bonower a Disbursemenl Ofier for rtre
disbursemenl oi a Tranche. The latest time for receipt by the Borrower of a DtrOrr""r"nt
Offer is 10 (ten)days before the Finai Avaitability Oate Th;DisbursernentOn."n"rr.i".,rv
(a) the currency, amount and EUR equvalent of lhe Tranche:
(b) the Scheduled Disbursemeni Date, which shalt be a Retevanl Busi,ress Day. fallng al
least 10 (en) dals alter the date of the Disbursement Ol{er and on or belore lhe F;oal
Availabiliiy Datei
(c) the rnteresl rale basis oi theTranche. being:
(i) a Fixed Rate Tranche; or
(ii) a Floating Rate Tranche,
in each case, pursuanl to the.elevani provisions otArticle 3 01:
(d) the inleresl payment periodicity for tlle Tranche. in accordance with the
Micle 3.01:
(e) lhe filst Payment Date for lhe Tranche:
(f) lhe terms for repayment oI principal for the Tranche, in accordance with ihe provisioris
of Article 4 01:
9
lhe first and last repayment dates ol principalfor lhe Tranche;
h
tor a Fixed Rate Tranche, the Fired Rate and for a Ftoaling Rate Tranche ihe Spread.
applicabie untl the Matuflty Dale; and
(i)
the Disbursement Acceplance Deadline
' f
̀´
14
´
^
1 02C Disbursement Acceplance
The Borrower may accept a Oisbursement Ofler by detivering e D sbursement Acceptance to
the Bank no later lhan the Disbursemenl Acceptance beadline. The Disbursernent
Acceptance shall be accompanied:
(a) by lhe IBAN code (or approprieie format processabte by lhe Bank) and SWIFT BtC of
lhe bank account lo whEh disbursemeni of lhe Tranche shoutd be made in accordance
wilh A(icle 1 02Dj and
{b) by.evidence of the authority of the person or persons authorised to sign the
Drsbursernent Acceptance and lhe specimen signature ol such person or persons or a
declaratton by lhe Bonower that no change has occured in retation lo the aulhorily of
lhe person or peGons authorised lo sign Disbursement Acceolances under thrs
Coniract.
lf a Disbursemeni Offer is duly accepted by the Borower in accordance wilh ,ts terms on o.
before the Disbursement Acceptance Deadtine, the Bank shal make the Accepted Tranche
available to the Eorrower rn accordance with the retevant Disbursement Offer and subject io
the lerms and conditions of this Contract
The Borrower shall tre deemed to have refused any Disbursement Offs whlch has not been
duly accepted in accordance wiilt its terms on or before lhe Oasbursement Acceptance
Deadline
1.02D Disbursement Account
Disbursement shall be made lo the accounl of the Bo.rower sel up at the Tre3sury Service of
lhe i,4inlstry of Finance of the Borower for the purposes of disbursemenls under this Conlr"cl
as lhe Borrower or the Prornoter shall nolify in wrjting lo lhe Bank not tater than j5 (filteen)
days before the Scheduled Oisbursement Date (wiih IBAN code or with ihe appropnate iormat
in line with local banking praclice). Such acrounl shall be separale from any oiher accounls,
audiled rndependently and separately and not subjecl to any enlorcement, a[achmenl or any
sjm lar proceedings and the status oi which shall be maintained throughout the rmptemental on
of lhe Project (srJch account hereafter the 'Disbursemeni Account')
Only one accounl may be specified for each Tranche.
l-03 Currencv of disbursement
The Bank shalldisborse each Tranche in EUR or IJSD.
For lhe calculation of lhe sums available to be disbursed in currencies other than EUR, and 10
determine lheir equivalent in EUR, lhe Bank shall appty the rate pubiished by the European
Central Bank in Frankfurt, available on or shorllv before submrssion of the Disbursement Offer
as the Bank shall decide.
1.04 Conditions of disbursenent
1.04A First Tranche
The disbursemenl of the first Tranche under Article 1.02 is cond(ional upon receipt by the
Bank in ,orm and subslance satisfactory lo il, on or before lhe date ialling 7 {seven) Business
Days before lhe Scheduled Oisbursernent Date, oi lhe foilowing documenls or evrdence
(a) a legal opLnion issued by the ,inislry of Justice of the Borrower in Engllsh language on
the due executio. of this Contacl by lhe Borower and lhe vahdriy. enlorceability and
binding nature thereof. Such oprnon shall be supported by the relevani documenls
evidencing lhe Bo(ower's aulhorty to enler inlo the Contracl as wel as evdence of due
ratification of Ihis Conkact in accordance wilh the applicable laws of Georgra and a
contirmatrcn lhat the Framework Agreement is valid, binding and eniorceable and lhal
no events or circumslances have occured which could, in the reasonable opinon of the
8ank, adversely aftecl lhe legal, valid. binding and enforceable nalure of ihe Frarnework
Agreement;
(b) a legal oprnron issued by lhe general counsel of the Promoler satisfaclo.y to ihe Bank
confi.ming ihat the Project Agreemenl has been duly aulhonsed. executed and dehvered
for and on behali of lhe Promoter and conslilules a valid and leqally b ndrng obligalion o{
lhe Promoler. enforceable Ln accordance wlth ils lermsi
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(c)
evidence ihat rhe ProJect Agreemen! has been duty aulhorised and lhat ihe pe.sons
signing the Prqecl Agreement on trehati of lhe promoter are duty authorised t; do s;
iogether with the specimen stgnature oI each such person or perso;s;
ev;dence 14 t1e Erg.ish language of the pollers of.he futinrster o{ Frnance of Ceorgra to
s'qn lhis conlracl on behail
he Boror@r.
o
(e)
conlirmalion that a[ necessary consents. aulhonsalions. nqhls of way iicences or
approvals of governmenlal o. pLlrhc bodres or aulhor res required rn conrcctjol r1rt4
this Contract and the P.ojecl have been received and thal rhe promoter to ihe
sat,siacr'on of the Bank. has been g en lhe necessary aurno ty and powers lo operaic
the Projecl,
confrmalion lhal no exchange conlrol consents are necessary to permit the Borrower to
receive disbursements as provided rn this Conkacl. to repay the dsbursed Tranches
and io pay inlerest and a1l olher amounts due hereunder, rnctuding the openrng and
maintenance of accounts to which ihe Borrcwer drects the Bank lo diaburse ths C;diti
(s)
evidence of peyment of the app€isalfee in iult pursuant lo Articte 1.09i
(h)
evdence that the PIU has been des$naied. is lu y cperationat under the control of ihe
Promoter and has suilable experienced staff and approoriate terms of reierence:
(,)
a procuremenl plan which includes a proposal for procurement procedu.es to be
applied, a proposal for a project implantation supe.vislon conlracl, a choice of standa.d
documents and a time schedule ior the programi
0)
evdence that lhe Disbu6ement Account has been esl€blished:
(k)
evidence that the ADB Loan Agreements and lhe EPTATF Grant Aqreemenl have been
duly executed and delivered and all conditions precedent lo their effectveness have
oeen fulfilled or waived, thal the ADB Loan has become unccniitional and that the
Borrower has ihe right to recejve funds thereunder;
evidence lhat an on-lending agreement has been conctuded between the Borrolver.
|VRDI anC lhe Promoler relaiing lo the on-lending of the Loan from the Boaovler 10 the
(m) evidence thai ih€ P.omoter has retained an impiementation supervisor pursuant io the
terms of a poect implemenlation sup€rvison contracl lo be procured Ln accordance
with lhe procurement plan delivered under Article 104A(i) and in form and subsiance
acceptable to the Bankj
evidence lhal the Borower has a right:
(i) to receive dareclly; cr
(ii) to drecl payment- against receipt of a duty issued invorce, to the p:oiect
amplemenlalion supervisor of ;
a sufficient portion of lhe EPTATF Grant to pay amounts due immediatety upon signing
lhe projecl implementation supeNision ccntracl;
(。 )
for components set oul in Paragraphs A, C and D of Schedule A1 to the Technicai
Oescription for which any competent authority requfes an environmenlal impact
assessment ('ElA"), copies oi the non,technicat summary, the environmenlal impact
sludy, ihe evrdence ol lhe public consultation and a copy of the retevant part of the final
development permil demonstrating the incorpoGtion oi the EtA, rts mitigalio. measures
and the public consultationi
(p)
a proieci implemenlalion plan for the Projecl inctuding a financing plan, a scope oi
investmenl in the sewerag€ system, a pr@urement plan, a time schedule and an
environmenlal and social maaagement olan;
(q)
a land acquisition and/o.land access plani
(r)
a la.iff policy Coc'Jment from the Promorer;
(s)
a sewage sludge treatmenl and disposal stralegy; and
(r)
evidence of lhe appoinlment ofthe Borrower's agentofservice.
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1 04B AI Tranches
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(b)
that on the D sbursement Date fOrthe p「
O)
Oposed Tr.nchel
the represenlatЮ ns ano warranles which are repealed pursuant tO Arlcle 6 07
are cOrrectin a‖
respects:and
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(c) the Bao( beng satisfied by tre Scheiuled Disburserxenr Dale for ihe proposed Tranche
thati
(i)
alliacts and information contained in the Recilais continue to be true. correcl and
apptrcabte in ail material respects;
(ii) lhe EU Guaranlee is vatid, tinding and enforceable and lhal no evenrs or
Circumslances have occurred which could, rn the optnion of the Ba.k. adversety
aifect the tegat, vatid, brnd,ng and enforceabte nalure oi the EU Guaranlee. rrs
applicabitityto anyTranche or the gank,s right to make a demand thereunder:
(iri) Georgia contjnues to be an Etigible Country;
(iv) the Framework Ag.eemeot is vatid, bindang and eniorceabte an.l ihal no events or
circumstances have occurred which could, in the opinion of ihe Bank, adverse y
affecl the i€al, vatid. binding and enforceabte nature oi the Framelrork
Agreement; and
(v) il has all internal approvats 10 disburse a Loan under this Contract.
1 04CConditions
Precedent to Subsequent Tranches
The disbuEemenl of the lollowing specific disbursements are subject lo receipl by ihe Bank in
form and subslance satisfactory to it, on or before the date falting 7 (seven) Busjness Days
before the Scheduled Disbursement Date for the retevant Tranche, of the folowing docume.is
(a) Ior any disbuasemenl of a Tranche berng used to {inance components sel out in
Paragraph B of Schedule A1 to lhe fechnic€l Descrtpton ev,dence lhat the NtF
DocumenlalDn has been duly executed and detivered and a[ condrtions precedeni to
their effectiveness have been fulfilted or waivedi
(b) for the first disbursement of a loan to finance any pall of the component set out in
Paragraph B of Schedule A1 to lhe Technicat Descriplon for whrch any competenl
aulhority requires an EIA: copies ot the non-lechnicat summary, the environmentat
impact sludy, ihe evidence of the public consultalion and a copy of the retevant parl of
lhe final developmenl pe.mit Cernonstrating the incorporaiion of ihe EtA. its miligalion
meesures and lhe public consultation; and
1-05 Deferment ot disbursement
l.05A Grounds ror defe.ment
Upoo the wrilten request of lhe Borower. the Bank shalt deler the disbursement of any
Accepted T.anche in whole or in part lo a dale specifed by the Borower betng a daie fallins
not later than 6 (six) months from its Scheduled Disbursemeni D6le and nol later ihan 60 days
prior to lhe frst repayment date of the Tranche indicated in lhe Disbursemeni Offer in such
case, the Borrower shall pay the Defermenl Indemniiy calc'Jlated on the amouni of
disbursemenl deierred.
Any request tor defermenl shall have effeci in respect of a Tranche only f il is made ai leasl 7
(seven) Business Days beiore its Scheduled Disbursement Dale.
lf for an Accepted Tranche any condition refered to in Adrcle 1 04 is not lulfilled as at the
specified date and at the Scheduled Disbursement Date (cr the date etpecicd ior
disbursement in case o{ a previous deferment), disbursemenl will be deferred to a dale agreed
between lhe Bank and the Borrowe. falling nol eadier than 7 (seven) Eusiness Days followng
the fulfilment of all conditions ol disbursement (wilhout prejudice to lhe right of the Bank to
suspend and/or cancel lhe undisbursed portion of the Credit in whole oa rn part pursuant itr
A.lrcle 1.068) ln such case, ihe Borrow€r shall pay the Deferment lnCemnrly calculaled on
lhe amount ol disbursemenl deiered.
1.05B Cancellation of a disbursement delerred by 6 (six) months
The Bank may, by notice in wriling to lhe Borrower, cancel a dLsbursement which has been
delerred under Article 1.05A by more than 6 (six) months in aggregale The cancelled amounl
shall.emain available for disbursement under Article 1.02.
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i.C6 Cancellation and suspension
'l 00A Bo.row€r's righi to cancel
The Borrower may al any lime by notice rn writing to the Bank cancet. in whote or in pa( and
wilh immedEte effect, lhe undisbursed portion of lhe Credil. However, the noiice sha I have no
etiect in respecl ol en Accepled Tranche which has a Scheduted Djsbursement Oate ia ing
within 7 (seven)Busaness Days oi the date ofthe notice.
'l 068 Bank's right to susp€nd
and cancet
(a) The Bank may, by notice in v./r(ing io lhe Bonower, suspend and/or Gncej the
und sbursed poriion ot the Credil in whole or rn palt at any lime and wilh imriediate
effecl:
(i)
upon lhe occurience of a Prepayment Evenl cr an Event of Default or an eveni or
circumslance which would wjlh the passage of tme or qrv ng oi notico un.jer ihis
Contract constitute a Prepayment Event or an Evenl of Deiautti or
(ii)
f Georgia is no longer an Eligible Country for operairons under lhe Mandate or i{
projects in Georgia cease to be eligibte to benelit irom the EU Guaranree
(b) The Bank may also suspend the portion of the Cr€dit wilh immediate efiecl if a Market
Distuplion Event occurs.
(c) Any suspension shall conlinue until lhe Bank ends lhe suspension or cancels the
suspended amount
1.06C lndemnity for suspension and cancetlation ofa Tranche
StlSPENS10N
1.06C (1)
lf lhe Bank suspends an Accepted Tranche, whether uoon a Prep6yment Event or an Evenl of
Defaull, the Bonower shall pay to the Bank the Deferment Indemnitv calcutated on the amount
of disbursemenl suspended.
CANCELLAT10N
1.06C(2)
lf pursuant to A icle 106A, ihe Bonowe. cancels:
(a) a Fixed Rate Tranche which is an Accepted Tranche, it shal! indem. fy the Bank under
Article 4_028;or
{b) a Floating Rale Tranche which is an Accepted Tranche or any part of the Credii other
than an Accepted Tranche, no indemnily is payabte.
lf lhe Bank can.rls
(i)
a Fixed Rate Tranche which is an Accepted Tranche upon a Prepaymen! Event or
pursuant lo Artde 1058, the Borower shall pay lo lhe Bank the Prepayment
tndemnity;or
(ii) an Accepted Tranche upon an Event of Defaull, lhe Bonower shall indemnily ihe
Bark Lrnder Article 10.03.
S6ve in these cases, no indemnly is payable upon cancellation oJ a Traoche by lhe Bank
The indemnity shall be calculated as if the cancelled amount had beeo drsbursed and repard
on the Scheduled Oisbursemenl Date or, lo lhe exleni that the disburse,henl of the Tranche is
currently deferred or suspended, on the date ofthe cancellalion nohce.
1.07 Cancellation after exoirv o{ the Credit
Al any time efler lhe Final Avaiiabiliiy Date the Bank may, by notice 10 the Boffower and
without liability arising on ihe part of either party, cancel such amount of the Credit in respect
ofv/hich no Disbu6emenl Acceptance has been made in accordance lvith Arlicte 1 O2C
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1.08 Aopraisalfe€
An aDpra,sal fee ,n respecl of
lhe app.a6el conducled by the Bank ir ret3lton
lo tn,s Co.tricr
s oue and payabte. The amounr nt rr.
eo,,o*",..ty p"v ;.;;
i"*B:,i."?.ff,i,
Borrower hereby aulhorEes rhe B2nt
so retain out he
,".
il;"::ii,:#ffi:iil"f
ro
;;;;;;p";;;;i;""i;
-'1*
o
[:i1"nT"""":,ti
rranche, ;n amount
'irsr
"qri,"r"nr
paymenrortheappiaiJj;;:i;iil.""jl$::1,1jil[.,gji:j:il":ffil:eB,rslr,anche
n
The rmount due lo rhe Bank unoer rh,s
ArtEte 1 OB shal be payabte rn
Euros and shal be paid
ro lhe accourlt ,ndicated by lhe
Bank to rne t orrowe.
1.09 Sums due under Article.l
Sums due under A(rctes I 05 and 1 OG
15 (tiiteen) days ot the B..r*r"r,. ,"*tl,"ll.b: etlable in EL'R rhey shdilbe oayabla wrl' n
or lhe Eank's demanc or w'lh r dnv lo'rge' per.od
specrred in lhe Bank's
'pl
demanrt
ARTICLE 2
The Loan
2.01 Amount of Loan
The,Loan shar' comprise rhe aggregdre
arounl of rranches drsbursed by rhe ga1{ L.der lne
Lreo't as.ontlmeo Dy the Bank pursua.r ro A4icte
2 03
2-02 Currencv of reoavment. inter"st and
othercharoes
lnleresl repaytnenls and olher charocs p€yabte
in respect of each Tranche sha I be made by
the Borrowe. rn lhe cLrrency rn whrctirhe Tiancne
rs dr;bursed
-'
Any olher payrreni sha be made in th
currency of th;
expendiru;,";;;;i",.sil"^1"'trJxl",fljr"$:Hl, hdv,ne relad ro rhe
2.03 Confi.mation bv the Bank
Wrlhrn l0 {ten) days afler drsbursement
of each Tranche. the Bank shall detiver ro lhe
5orower rhe anorrisalion tabte referred :o ,1 A,1,.;;ij.-,,
;;;;r;;: ":;;", ,""
Drsourse.nert 5are, cure.rcy. the amounr d.sbu.sed
,n"
,*ry.n"^i","',"_i ,^a ,r""
rale
oi and tor thal Tranche
";",".i
ARTICLE 3
lnter6t
3.01 Rate of interesr
3.01A Fixed Rate Tranches
The Bo.rower shalr 9ay rnreresl on ihe
outstanding barance oI each Fixed Rale Tranche al the
llxed. Rate quadefly, semi.annua v or anrua.ly ,n
arrears on the retevrn, purn."-ni fr"."a ,a
speorred ln Ihe Djsbursement Ofler. commenctng
on_lne frrst suctr ea.Tmenr O;eio,o,r"S rne
Drsbursemenl Date of lhe Tranche. tf "e per;od
fronr ,,,"-O,rU",J"."",-'j"" lo" ,." ,,*,
Paymenl Date is 30 days or less then lh-e pay.,nent
ot ,nrerest accrL,ej ouring .'r""h pinoo ar,nlr
be pos(ooned lo fie to owng payTent Late
lnterest sha be catcutaled on the basis of Adct€
5 01(a).
3.018 Floating Rate Tranches
The_Bo(owe. shalt pay Interesl on l.re oulstancing
balance ol each F,oalrnq Rate Tranche al
semrai-nua y_or *irrrrv,"
i,li'1","',J"i
uares, as specn*dt*liedy,
In lhe oisbursemext Ofle. conrencing on
lt-e""
irsr
such pa\ment Jare
followrng lhe Disbursemeni Dare of lhe Tranche.
rr ri," p"iijii*'rn"'oirir^"il""i ,o" a
the firsl Pa),rnent Date rs 30 davs or ress_then the paymeni"i
i"t"r"iii""rr"i'orrr"g *.n
I^:,j,":ll13j:
*.""
'i"r_",
oe.|od sl.att be postponed to ihe iottolving payment
The €ank sh€ll not fy the Ftoating Rale.to
O;t;.
gorower
the
wilhrn 10 (ten) ctays {o
commencement ol each Floating Rale qeierence period
.'i
owing ihe
,o .i,.
li pursuant to A.ticles 105 and 1.0e Cisbursemenl of any Floating Rate Tranche takes place
afler the Scheduled Disbursement Date the Rejevant tnierbank Rate appticable to the tirsl
Floaling Rate Reference Period shallapply as though the disbursement had been made on thc
Scheduled Disbursemenl Oate.
lnte.est shall be calculated in respect of each Floatinq Rate Reference period on the basis ol
Ancle 501(b). li the Floeting Rate for any Ftoaling Rate Reference penod is betow zero,
wll be sei at zero.
1
3.02 lnterest on overdue sums
Without prejudice to Article 10 and by wey ot excepUon lo Arlicte 3 01, f the Bo.rower faits io
pay any amount payable by it unde. the conkact on its due date. inleresl sha accrue on any
overdu€ amount payable under the ierms of ihis Conkact liom the due date lo lhe date ol
actualpaymenl at an annualrale equalto:
(a) ior overdue sums related lo Floating Rate Tranches, the appticable Ftoalrng Rale plus
2% (200 basis poinis);
(b) for overdue sums.elated to Fixed P€te Tranches. the higher oi:
(i) the applicable Fixed Raie plus 2olo (200 basis points); and
(ii) the Relevant lnterbank Raie plus 2% (200 basis points); and
(c) for overdue sums other ihan unde. (a) or (b) above, lhe Relevanl lnterbank Rale plus
2% (200 basis points),
and shall be oayable in accordance wth the demand of the Bank. Fd ihe purpose of
determining the Relevanl lnierbank Rale in relalion to this Article 3 02, lhe relevani periods
within the meaning ol Schedule B shall be successtve periods of one month commencrng on
lhe due date.
lf the overdue sum is in a curency other lhan the currency of the Loan, the following rate per
annrrm shall appiy, namely the relevant ifiierbank rate that is generally relained by the Bank for
transactions in thal curency plus 2% (200 basis poinls), calculated in accorCance wrlh lhe
markel practice for such rate.
3.03 lvlark€t Disruption Event
I at any time from lhe receipt by the Benk of a Disburcement Acceptance in resp€cl of a
Tranche and the date lalling two calendar days prior lo lhe Scheduled Disbursemenl Dale. a
Market OisrLrpiion Evenioccurs, lhe Bank may notify lo lhe Eorower lhal lhis clause has come
into effecl. ln such case lhe following rules shall apply:
(a) the rale of interest apphcable tc such Accepted Tranche unlil the Maturity Dele sh3ll be
lhe rate (expressed as a percentage rale per annum) which is determined by lhe B6nk
lo be the all-inclusive cosl lo the Bank Ior the funding of lhe relevant Tranche based
upon the lhen applicable intemally generaled Bank reference rale or an alternalrve rate
determinalion method reasoflably delermined by lhe Bank. The Borrower sha I have the
ight to refuse in ,.,riting such disbursement within ihe deadline specrfred in the
notificaiion and shall bear charges ancurred as a result, rf any. in which case lhe Bank
shall not effect lhe disbursement and lhe corresponding Credit shall rernarn available lor
disbursemenl under Article 1-028. lf the Borrower does nol refuse the disbursemenl rn
tirne, the panres agree thal ihe disbursemenl and the cond tions thereof shall be Jully
binding for bolh parlies; and
(b) the Spread or Fixed Rele previously notfied by lhe Bank n the Drsbursemeni Of{e. shall
no longer be applicable.
ARTICLE 4
Repavment
:1.01 Normal repavment
d 01 Repayment by instalments
(a) The Borrower shall repay each Tranche by inslalments oo the Paymenl Dates specified
in the relevant Disbu6ement Ofier in accordance wilh lhe terms o{ lhe amortisalion
table delivered pu.suanl lo Anide
.:.)
2.03.
..
'//
sl
(5) Each amodisalion table shati be drawn up on the basis that:
(r) in the case of a Fb(ed Rate Tranche, repayment sha be made annua(y, semF
annually or quarte y by equal inslalments of principa or constanl inslalmenls of
principal and interesti
(ir) in lhe case oi a Floating Rate T.anche. repayr,rent shalt be made by equal
annual, semi-annual o. quartedy mslalmenls of principal:
(iiD the first repaynent cjate of e€ch Tranche shal be a pa],rnenl Dale ,.a ing not
earlier than 60 days from lhe Scheduled Disbursemenl Oate and noi tater ihan
the first Paymenl Date immediately fottowing the sp.venlh annrversary oi the
Scheduled Disbursement Date of ihe Tranche: and
(iv) the lasl repeyment date of each Tranche shatt be a Payment Date fatling not
earlie. than 4 (fouo years anC not laler than tweniy five years from the Scheduled
Disbursement Dale.
4-02 VoluntarvDropavmant
4.02A Prepaymeht option
Sublect lo Articles 4.028, 4.02C and 4.04. the Borrower may prepay allor pan of anyT.anche,
logelher wilh accrued interest and indemnities if any, upon giving a Prepayment Request wilh
at leasl 1 ione) monih's prior notice specifyiflg:
(a) lhe Preparnent Amount:
(b) the Prepa),rnent Date:
(c) f applicable, the choice of applcation method ol the Prepa),rnent amount in line wilh
A(icle 5 05C(i); and
(d) lhe conkact number ('Fl No.") menlioned on the cover page of lhrs Conlracl
Subiect to Article 4.02C the Prepayment Request shall t€ bindrng and ifievocable
4 028 Prepayment indemnity
FIXED RATE TRANCHE
4 02Bi1)
lf the Borrower prepays a Fixed Rate T.anche, lhe Borower shall pay io lhe Bank on the
Prepayment Date Ihe Prepayneol lndemnity in respect of the Fixed Rale Tranche which is
berng prepaid.
FLOATINC RATE TRANCHE
4 02AQ\
The Borrower may prepay a Floaling Rate Tranche without indemniry on any relevanl Paynrenl
Date.
4.02C Prepayment mechanics
Upon presenlalioi by the Bofiower lo the Bank of a Prepaymenl ReqLresl, the Bank shall issue
a Prepayment Notice to the Borower, oot l2ter than 15 (filteen) days prior lo the Prepayment
Daie. The Prepayment Nolice shall specjry ihe Prepayment Amounl, lhe accrued rnleresl due
thereon, the Prepaymenl hdemnity payable under Article 4-028 or. as the cese may be, thet
no indemnity is due, the method of apolication oi lhe Prepaymeni Amounl and the Acceptance
Deadline.
lf lhe Borrower eccepts the Prepayrnenl Notrce no laler than by lhe Acceptance Deadl ne. it
shall effect the prepayment. ln any other case, the 8o{rourer may nol effect the prepayment.
The Borrower shatl accompany the prepayment by the payment of accrued interest and
indemnity, if any, due on ihe Prepayrnenl Amount, as specified ln the Prepayment Notice.
︱′ ι
't,
4
0l Comoulsorv Dreoavment
4.C3APrepayment Events
1 03A(1)
PRC」 ECT COST REDuCT10N
lf the tolal cosl of the Project falls betow the figure stated in Recrtat
{s) so thal the amount of
tne Credit exceeds 50% (fifty pel cerl) of sucttotiar cost. tne Bank may iorth*,tn. Cy
ro
the Borrox/er, cancet the undisbursed portion of the Credil and/or dem;nd pr"p"yni.ni
"orCe
oi it,"
Lo6n up to lhe arnount by which the Credit exceeds 50% (fifty pel cenr)of r;e iot;l cost of lhe
Project. The Borower shalt effecl paymenl of the amount d;aided on the date speciied by
lhe Bank. such date berng a dete faling nol tess than 30 (thirly) days lrom lhe ;ale of the
demand
4 03A(2)
PAR′ PASSυ TO NON‐ EIB FINANCING
lf the Boffower voluntarly prepays {for the avotdance of doubt. prepaymenl shalt inctude a
repu.chase or cancellalron where appticable) a part or the whole of a;y Non-ElB Frnancing
(a) such prepaymenl is not made within a revotving credit facitrty (save for ihe cancelation
of the revclving credit iacility); or
(b) such prepalanenl is not made oui of the oroceeds of a loan or oth€r ndebtedness
having a term al leasl equal to the unexpired term oI the Non-EtB Financing prepai.t;
ihe Bank may, by nolice to the Bonower, cancet the undisbursed porl on oi the Credil and
demand prepayment oi lhe Loan. The proportion of lhe Loan thet rhe Bank may require to be
prepaid shall 5e the same as lhe prof,o ion that lhe prepaid amounl oi the Non-EtB Frnancina
bears lo the aggregate ouistandrng amouot ol al,Non,ElB Financrng.
'Ihe Borrower shall effect payment
oi the amount demanded on the dale specrfied by the
Bank. such date being a datefalling not less lhan 30 (lhiry) days fiom ihe date oI lhe demand.
Fcr the purposes ol this Article. 'Non-ElB Financing'inctudes any toan, (save tor the Loan
and eny other direcl loans from the Bank lo the Borowe4, credii bond or other form of
financral indebtedness or any obl,galion for the payment or repayment of money oriqinalty
granled to the Bonower for a lerm oimore than 3 (three) years.
4 03A(3)
CHANGE OF LAVV
The Eonower shall promplly iniorm the Bank if a Change,of-Law Evenl has occuried or js
Ikely lo occur. 1n such case, or if the Bank has reasonable cause io betieve lhat a Change,ofLaw Event has occured or is aboul lo occur, lhe Bank may request that the Borrov,/er consult
wiih d. Such consuliation shall take place withrn 30 ilhirly) days from the dale of lhe Ban['s
requesl. lf, after the lapse of 30 (thirty) days irom the date oI such requesl for consutraton lhe
B?nk is of the opinion that the effects of the Change of-La$/ Event cannol be mrligated to its
sattsJaction, lhe Bank may by nolice lo the Borower. c€ncel the undisbuEed podion of the
Credil and demand prepayneni of the Loan, loqether with accrued tnterest and alt oiher
arnounls accrued or outsland ng under ths Conhacl
The Boncwer shall efiect payment of lhe amount demanded on the date specilied by the
Bank, such date being a dale falling not less than 30 (thj(y) days ftom the date oi lnc demand
For the purposes cf this Arttcle "Change-of-Law Event'means lhe enactmeri, prcmutgalton,
execulron or ratification of or any change in or amendment to any law, rule or regutation (or tn
the applicalion or official interpretation oi any law, rute or regulation) ihal occu.s after the d6le
of lh6 Contracl and which. in the ooanion of the Ban(, woutd maleria{ly impair the Bono\/er's
abrlily lo perforrn ris obligations under this Conlract or lhe Bcrroweis or lhe promotefs ab liiy
lo pelo.-n ts oohgar'ons retaled lo lt-e ProJecL
23″
:
103A(4)
lf:
,r, '].1:::T". untawfur in any appt|cabte turisdichon ror the
Bank lo perform cnv or (s
oDlrgatons as contemorateo rn rhrs Contrad
",
or ro I*J
"..;;i;,;,;;;;;.';"t
(b) lhe Framewo.k Agreemeflt is or is tikety to be
(i) repudialed byceorgia or roi binding on ceo€ia in
any respecti
(r) not €ffective in accordance with rts lerms or is aleged
(tri)
,netfective rn acco.d3nce lvilh rls terms,
by the Borrower to be
or
t!
::"-"^:l1t. ceases
lnar :ny o!!ig r9n assumed by ceorgra under rhe F,amework
agreement
ro be fulfrled as regards any ro". ,""0" ,o
anv, oo,,o,,i", i.',a"
territory of Georgra from the resources ot lte B;nk
or
lhe EU
(c) in relation to the EU Guarantee:
(i) jt is no tonger valid or rn fult lorce and effect:
(ii) the conditions fo. cover lhereunder are not futfilted;
(iiD it is not eifective in accordance wth its terms or is atieged
to be rneffeclvc n
accordance wiih ils terms:
(iv) the Credit ceases to benef,l from the EIJ Guarantee. or
(v) projects rn Georgia cease to be etig;bte to benefit from the EU Guarantee.
lhe Bank nray by nolice lo the Borrower, rmmediatety (i)
suspefld o. cancet the uDdisbursed
port,onof.theCreddand/or(ii)demandp;epaymentoirtret-oan,"g;,n"i*ii,;.,;;1";;;*,
ano a, orher amounts accrued or oulstandinq unde,
rt ," Conrracr o,n ite oai;
Bank 'n trs notice Io the Borrower
403A(5)
;,i";i;d ;; i."
CHANGES TO THE BANK S AuTHOR,TY TO LEND
糧1睫 鵠よξ
鵠瞥l塁 %横
電
器鷺乱t:i思 {h」 £i訳 :cI胤 指
1計
s iender
403A(c)
PRO」 ECT AGREEMENT
l'lhe Promoter faits to comply wjth any of s obt,gatro.s
under the prolec: Aereemeil o- anv
Idct stated rn tne rec{ats to lhe protect Agreere;r
.rrerl"rrv ,iieri ,.]i".r'n"ot,#;:rd"
nrarerar respecl. and f the aleralo; eirh; mare,i"ilt
rh";;;;i"i." oi"r#'s"nr"':;
lender to rhe
fii;t;;
ihJ.il;;"i;;;-oi",.io"
Bonower or mareraly adversety affecr;
".
o, ,nu
Protect or any such obtgaticns is iol or ceases
to be r"g"[y r"t,o ."J bi"ai;g.;h;;", rnoy.
upo-n the maiter not^being remedpd wilhrn
a reasonaDle per.od of nme ;v, norrce lo rhe
6or.ower. ca ncel rne Credd or demand prepaym enl
ol tne drsiur seO Trancrres
4 038 Prepayment mechanics
Any sum demanded by the Bank pursuant to Artrcle
4.03A, rogether wrlh anv rnleresl or other
amounls accrued oi oulstanding under th,s Conrra.r ,"Aroing,;,inor:i..;I;;
;;;,"d"rnr,y
due under plrl,oe 4 osC and An,cre 4.04 shatr be pe,o
on lh; d;i;:"o"ri"i
.,
notice of demanci.
iv ri"'ar",
,,.
4 03C Prepayment indemnity
ln Ihe case of a prepayment Evenr, the indemniry, if
any, sha[ oe derermileri rn accordance
with A icle 4.028.
ク
24
″´
/.
4.04 General
A repaid or prepaad amouni may noi be rebofio\r€d. This Articte 4 shati noi pretudice Arlicte
10.
lf the Borower prepals a Tranche on a dale other than a relevant payment Date lhe
aorrower shall indehnify the Bank in such amount as the gank shall certfy is required to
compensale il for receipt of funds otherwlse lhai on a relevant palrnenl Date
ARTICLE 5
pavments
5.01 Dav count convantion
Any amounl due by way of inlerest, indemnity or fee from the Borrower under th s Conlracl,
and calculaled in respect of a fractDn of a year, shall be determinec rn accordance wilh the
following conventions:
(a)
n respecl of rnleresl and indemnilies due under a Frxed Rate Tranche, a year of 360
(three hundred and sixty) days and a month of 30 (thirty) days;
(b) in respect of inlerest and indemnities due under a Floating Rate Tranche, a ye6r of 360
(three hundred and sixty)days and the numberol days elapsedi
(c) in resp€ct of lees, a year ot 360 (lhree hundred and sixty) da],s anc lhe number of days
elapsed.
5.02 Time and olace of pavment
unless oiherwise specilied
lhls Contract or in the Banks demand, all sums other than sums
of interest, indemnily and 'nprincipal are payable within 15 {fitteen) days of ihe Eorrower's
receipt ot the Bank's demand.
Each sum payable by lhe Borrower under this Contract shall be peid to Ihe re evant account
notilied by the Bank to llle Borrower. The Bank shall nolify the account nol ess ihan 15
{fifleen) days before the due date for the ii6l paymenl by lhe Borrovler and shall noliiy any
change of account not less than 15 (fifteen) days before the date of the lirst payr.ent io whrch
ihe change applies This pe.iod of notice do€s nol apply in the case of paymenl under Arlicle
10.
The Borrower shall indicate in each paymenl made hereunder the coniract number t"Fl No. )
found on the cover page of lhis Contract.
A sum due from the Bonower shallbe deemed paicj when lhe Eank receves it.
Any disbursemenls by and payments to the Eank under this Contract shall be rnade using
account(s) acceptable lo ihe Bank.
5.03 No setrtf bv the Borower
Ail paFents lo be made by the Bonower underihis Conlract shallbe catculated and be made
withoul (and iree and clear of any deduction ior) setofl or counterclaim.
5.04 Disruotion to Pavment Svst€ms
lf either lhe Bank delermrnes (in its discretion) that a Dsrupllon Event has occurred or the
Bank is nolified by the Borrower thal a Disruplion Evenl has occurred:
(a) lhe Bank may, and shall if requested io do so by lhe Borrower, consull wilh the
Borrower with a view lo agreeing with the Borrower such changes to lhe operalion or
administralion of lhe Contracl as the Bank may deem necessary in lhe circumslances,
(b) the Eank shall not be obliged to consult with the Boffower in relation to any changes
menlioned rn paragraph (a) if. an its opinion, it is not p.aclicable to do so in the
circumslances and. in any event, shall have no obligation to agree to such changes, and
(c) the Bank shall not be liable for any damages, cosls or losses whalsoever erisr'rg Bs a
result of a orsruption Eveni or for iaking o. not laking any aclron purs,rani lo or in
5
^
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ク Z
声た
connection with lhis Article 5 04.
505 Apolication of sums received
(e) General
Sums received hofi the Borrower sha onty discharge its payment obligalons if received
in accordance with the terms of this Contract
(b) Partialpeyments
ll the Bank receives a payment that is insufllcient to discharge aI the amolrnts then due
and payable by the Bonower underthis Contract, the Bank shati appty lhat payment:
(i)
fiGt, rn or iowards payment pro rata of any unpaid iees, cosls, indemnitres and
expenses due under this contract:
(ii) secondly, in or towards payment of any accrued interest due but unpaid under
thls Conlracti
(iii) thirdiy, in or towards peyment of any pdncipat due but unpaid under ihis Coniraci:
and
(iv) fourthly, in or towards payrnent of any other sum due but unpajd under thrs
Contracl.
(c) Atlocalion ofsums related io Tranches
(i) ln case of:
(A) a partialvotuntary prepaymenr ol a Tranche rhat is subjecl to a repalmenr
in several inslalmenls, Ihe Prepayment Amounl shall be applied pro rata 1o
each oulslanding insialmenl or, al lhe request of the Borrower, an inveise
o.der oi malurity.
(B) a parlial compulsory prepayment ol a Tranche that is subject to a
.epayrnent in several rnstalments, the Prepayment Aoount shall be applied
in reduction oflhe oulstanding instalmenls in invers€ order of matu.ity.
(rD Sum s received by ihe Eank following a demand under Article O 1 and pplaed
1
O
a
to a Tranche, shall reduce the ouistanding instalmenls in inverse oder cf
maturily The Bank m ay apply su ms received belween Tranches at its C scretion.
0ii) ln case of receipt of sums which cannot be identified as applicable to a specific
Tranche, and on which lhere is no agreement between the Bank and the
Boroy/er on their application, the Eank may apply these belween Tranches ai ils
discretion
■
′
^
0
2
ARTICLE 6
Borrower undertakinqs and representations
The underlakings in this Anicje 6 remain in force fmm the date
amounl is outstanding under th s Contract or lhe Credjt js in force
of this Conkact for so long as any
A Projecl undenakings
6.01 Use of Loan and avaitabititv ofotherfunds
The Borrower shall use all amounts borrowed by it under lhe Credrt for
project.
the execulton oi lhe
The Borrower shal ensure that it has avaibbte lo it the other funds tisted in
Recilat (5) and ltut
'
such funds are expended, to Ihe exieni requared. on the financing ofthe pro;eii
6.02 Comoletion of Proiecr
The Borrower shatl, and shall procure ihat ihe promoter shati. carry out the prolecl rn
accordance with the Technicat Description as may be oodified from t;me io lime with the
approval of the Bank, and comptete il by the finatdate spe,cfied lherein.
6.03 lncreased cosr of proiect
lf lhe loial cost of the Project exceeds the estimated tigure set oul in Reciiat (5), the Borrower
shall obtain, or shatl prccure thal the promoter oblaiis. the rinance to fund lhe excess cosr
wilhout recourse to ihe Bank, so as lo enable lhe pOed to be completed in accordance wth
lhe Technical Description The ptens for lunding the eicess cost shait be communrceted Io
ihe
Bank in writing and without detay.
6.04 Procurementorocedure
The Borower ljndertakes !o, and Io procure lhat lhe promoter underlakes to purchase
equipmenl, secure seNices and order works for the proiect by open rnternation;l tender,
where.equired, or olher acceptable procurement procedure comptying, to the Banks
salisraction, with its poticy as described in its Guide to procurement in ioice-at lhe date oi this
Contract.
6.05 Continuino Proieci undertakincs
The Bonower shall:
(a) Maintenance: marn,€in, repar, overhaut and renew a property forming part ot the
Project as required to keep it in good working ordea
(b) Proj€ct assets: untess the Sank has given ils prior consent in wriling, retaLn iille io and
possession of all or substantjally all the assets comprising the Bank ,unded
componenls
of the Prqect or, as appropriale, replace and .enew such assels and mainlain lhe tsank
funded componenls of the Project in substanlially conlinuous operation ln accordance
wth rts orignat purpose: provided that the Bank maywilhhold its consenr ontl, where the
proposed aclion woutd preiudice lhe Bank,s interesls as lender to lhe Borowir
or worjtd
render the Project ineligrb{e for financing by the Bank under ils Siatule or under Arlicle
309 of theTreaty on the Fuocloning oi Ihe European Unioni
(c) lnsurance: insure or make adequale provision fo, lhe insurance oi all works and
property forming part of the Eank funded aomponeots of the projecl rn
accordence wilh
the most comprehensive relevan! indusiry praciice;
(d) Raghts and Permits: maintain rn iorce all righis of way or use and a permits iEenses,
approvals or Authorisatlons necessary for the execution and operation of the project,
′i′
27 l.
Environment and Social Standards:
(e)
(i)
imolement and operate lhe Project in comcliEnce wilh Environmenial ano Social
Standardsi and
(ii) obtain. mainlain and comply wilh requisite Environmentat or Social Approvals ior
lhe Project.
EU law: execute end operate lhe Projecl in accordance wilh the relevant slandards of
EU law to lhe extent imdemented by lhe laws of ceorgie or specifted by ihe Eank pr'or
to the date ofthis Contract;
Ownership of tho Promoter: ihe Bo.rov/er shall continue to o!!n 100 pel cerl of the
issued share caprlalor olher inreresls in lhe Promoler dufinq lhe implemenlalion of the
Project unless otherwise agreed behveen the Borrower and the Bank in wrilingi
Tariff Policyr nolify lhe Bank (or ensure that the Bank is notified) in wriling of any
changes requested bythe Promoter or approved to the Promoter's lariff policy document
provded to lhe Sank under lhis Cootracl
o
Financial Viability ol the Promoter: ensure lhe Iinancial viability of lhe Promoter,
including (withoul limilalion) thal it has sufllcienl liquidily- lo pedorm its obligations in
connection wilh the Project as and when such obligalions become due;
(i)
Ope.ation and Maintenance P,an: Drocure that the Operalion and Maintenance Plan rs
provided to lhe Bank ln a marner acceplable 10 the Bank and pnor lo lhe
commencemenl of lhe operaiion phasei
lntegrity:
Take, wilhin a reasonable timeframe, appropriale measures in resp€cl of any membe.
of ils managemenl bodies who has been convicled by a final and rrrevocable court
ruling of a Criminal Olience perpetraled in the course of the exercise of his/her
professional dutaes, in order lo ensure thal such member is excluded flom any
Bonower's activily in relaiion !o the Loan or:he Project
B. Genercl undetlakings
6.06 9.9Eplb!9.9rs!!.!lsu!
The Borrower shallcomply in all respects wilh alllaws and regulations to whrch it or the Project
Ls subject
6.07 Genelal ReDresentations and Waranties
The Borrower iepresenls and waranls 1o the Eank thal:
(a) it has the power lo execute. deliver and perform its obligations under lhis Conkact:
i5)
this Conliact conslitutes ils legally valid binding and enforceable obligairoxsl
ic)
the execution and delivery of lhe performance oi its obligations under and compliance
wlh the provisions ofihis Contraci do not and will not:
(r)
conkavene or conflict wath any appticable law, stair.rte, rule or regulation, oi ,ny
judgment, decree or pe.mit to which it is subject;
(ii) coniravene or conflict wilh eny agreement or olhei inslrumenl binding upon ii
which might reasonably be expected 10 have a malerial adverse effetl on is
abilityto perfoftn its obligatons i.rnderlhrs Conlract: and
(iii) contravene or conflici wlh any provision of the Promoler's conslitiltonai
dociJments
8︶
lhere has been no llaterial Adverce Change srnce 10 July 2013
e
no event or circumstance which constitutes an Event of DefaL,ll has occlrred and is
continuing unremedied or un\,,/aived;
(i)
no litisation. arbilraiion, adminisrative proceedings or inveslrgaiion is curreni c. lo its
: ̀
・
″
̀方
′
´︐
︐
^0
knowledge is threatened or pending before any cou.t, arbrtral body or agercy wh ch h;s
resulted or il adverseiy deiermrned is reasoiably iikely lc iesuli ,n a Llalerial Adverse
Change, nor is there subsisling againsl ri or any of rls subsrdranes any unsalrsfred
judgmenlor award;
¨
﹃一一一●
(g) lhe Promoter has. ic the exteil possibre, in tine wilh the impementation
at necessary conserls. eurhor.sarro!-; .rcences schedute ol the
o. aoTovats or
ll:_,.Ya 9?li'""0pubtic
governmental
or
bodies or authoritLes in conn*f,on *,rirf," prorn.,-iiO tn
orCer
lo ta*u,y comply wilh its o'igations in
tnui"*iii,
such consents, althorisations, lc€nces or
"onn.".on
approvals 6.e in
admissibte in evidence:
tr,J-pr",.i, *,,
""iIorce and etiect and
",,
fult
(h) its payrnenl obtigations under lhls Conrract rank not iess ihan pa, passu rn
nght oi
payment wilh all orher present and tutu.e
unsecured
,n.rOoia,irr"J oltigrrio,"
!nder any o[ its debt insttumenk
"nO
(i)
it is in comptjanc€ with Arlicle 6.C5(e) anC to the
best of s knowtedge and betief (havlnq
made due and carefut enqury) no Environmentat Cr"i. t"i
tnreatened agarnst it:
(l)
U""ii."..""""0
,l is in comptjance with alt undedakings under lhis seclion 6 and
",
o
to the besi ot (s
knowtedge,and betref (havrng nrade duJand carefuf
e^""o".."rri o,
Lratm nas been crmmenced cr,s lnrealened agarnsl""qriiyl
"o
rli
s* a
(k) the Framewo.k Agreement is vakj, binding and enforceabte and that no events or
cfcLrmstances have occurred which could, in the reasonable
opinion oI lhe tsank.
adversety aflecr the tegat. vatrd, bindrnE and enforc€ble
Agreement;
(l)
""LrJ
oitrr. rir."*o"
lhe P.oject falls within the score of the Framework AEe€menti and
(m) lo the besl of its knowiedge, no :unds tnvested in the protect by the Borrower ere of rltcrt
origin, including products ot money taundeflng or trnfeO to tire inanc,nc
oi ie,,ofls_
The Eorrowe. shall prompUy inform rhe Bant ri;l any t,me ,r Oecomes a*ire
oi tne itlctt
origin ol any such fucds.
The .epresentations and waranlies set oul above shall survive
the execulion oI lhis Contract
and are deemed repeated on each Scheduled Disbursement Dale and on
each iayment Dare
6.08 lnt€qritvCommitfteni
(a) Prohibited Conduci
(i) The Bonower shati not engage rn (and shal nol autholse or permrt any affiliale or
any other pe6on acting on rts behalf lo engage rn) anv prohibrted 'Conduct in
connectaon lytth lhe projecl, any tendenng procedure for lhe prolecl. o. afv
lransacrion Conlemptated by the Contacl.
(iD The Bonow€r underlakes to iake such action as the Bank shal reasonabty
requesl to mvestigate or terminate any alleged or suspecied occurrence o, any
Prohibited Conduct in conneclion wth ihe proiect.
(iii) The Bonov/er unde akes io ensure that contracts frnanced by thr. Loan inctude
lhe necessary provisions to enable lhe Borrower lo invesiiqaie or lerminale any
alleged or suspected occurrence of any prchibtled Conducl;n conneclion with the
pro,ect.
(b) Sanctions
The Borrower snal not:
(i) enter inlo a business retationship with any Sanctroned persont or
(ii) make any funds availabte to or for ih€ benelil of. direclty or irdirecty. anv
Sanitloned Person.
(c) BorrowefsManagement
The Bonower underlakes to take wlhin a reasonable timeirame appropriale
n respecl of any member of iis management bodies who:
measures
(i) becomes a Sanctioned Person or
(ii) is lhe subject of a final and irevocabte courl ruling in connection with prohibiled
Conduct perpehated in the course of the exercise;f their professronal duiies.
h order lo ensure that such .nember ts susp€nded, d sm,ssed or rn any case e"cluded
Irom any Eorrowers aclivrly tn relalon lo the Loan and lo the Froject
7',ノ
29t
:''/!
ARTICLE 7
Securitv
The undedakings in this Arlicte 7 remain in torce f.orn lhe date of this Contract tor so toig as any
amo'rnl is outslanding under this Contraci or the Credii rs rn lorce
7.01 Pari Passu rahkino
The Borrower shall ensure that ds paymenl obligations under lhis Conlract rank, and w rank
not less than pari passu in .ight of payment wilh a[ other presenl and tuiure Unsecured and
unsubordinated obligalions under any oi the Borroweas Retevant Externat Debl tnslrumenls.
ln parlicular, iI lhe Bank makes a demand under Arlicte 10.01 or lf an event or potentiat evenl
of default under any unsecu.ed and unsubordinated Retevani Exte.nat Oebt tnsk!ment oI the
Borrower or of any ol its agencies has occuned and is contiouing. the Borrolver shalt not make
(or authorise) any payment in respect of any olher such Retevant Externat Debl tnsttumenr
(whether regulariy scheduled or otherwjse) wiihout simuttaneousty pay ng, or scil ng aside in a
designated accounl lor pa)4nent on the next payment Date a sum equal to, the same
proportion of the debt outstanding unCer this Contract as the proDortron thal the payment
under such Relevanl E)(ternal oebt lnsirument bears to the lotal debl oulstanding under lhat
Relevant External Debt lnskument. For this purpose, any paymenl of a Retevanl Externat Debt
inslrument lhat is made out of lhe proceeds o, the issue of anolher instiumcnl. to which
subslanlially lhe same persons as hold ctaims under Ihe Relevart Exlernal Debl lnskumenl
have subscribed, shall be disregerded
n lhis Conkact,
-E:ternal Debt lnstrument' means
(a)
an instrument, including any receipt or stalement of account, evidencing or consttulng
an obligation to repay a loan, deposil. advance o. similar extension of credit (including
withot/t limitatLon any exlension of credil undea a refinancing or reschedutLnE
agreement);
(b)
an obiigation evidenced by a bond, debenture or similar wntten evrdence of
a guaranlee of an obligation arising under an Exlernal Debl InstrLrment fiom anolhcr
le'rder provrded rn each case lhal such obliganon rs
(i)
lii)
governed by a system oiiaw other lhan the law oi lhe Borrower: or
payable in a cur€ncy olher lhan ihe clrrency o, the Borrowefs counlry
'Exempt Ertemal Oebl lnstrumenls' means External Debl lnstrrrments up lo a maxmum
aggregate amount nol exceeding EUR 30,000,000 as specitied as such by wrilen noltce from
lhe Borrower to lhe Bank.
"Relevant External Debt lnstrument'means Exlernal Debl lnstrurnenls other ihan Exempl
External Debl lnstruments.
lf any Elternal Debt lnstrument rotified by the Borrower lo the Bank for approvat pu.soant to
the provisions of this Anicb 7.0i to qual!tu as an Exempt Externat Debt tnstrumeni is
denomrnated in a curency other ihan EUR, the Bank may delerm ne the EUR equivaleni of
such noliied Externai Oebt Insirument by reference to the prevailng rale oi exchange
specrfied by the European Central Bank in Frankfurt as of or around the date of such writien
nolice
7.02 Additional securitv
ShouC ihe Bonower granl or arange to be granted to a third party any secrJrity tor rhe
periormance of any Extefial Debt Instrumenl or any preference or p.iority in aespecl ihereof,
lhe Borrower shall, if so requred by the Bank, provide lo the Bank equrvatent security ior ltre
perlormance of rls obligations under this Contract or grant 1o the Bank equlvatent preference or
prority
t),' , t-. .
30 ti
'i..1
7.03 Clauses bv inctusion
It lhe Borrower concludes wilh any other medium or long term fjnanciat cred lor a Iinanc,o!
aqreement that includes a loss-ofjatmg clause, and/or a cross defautt clause andlot a pati
passu clause lhat is sEacter lhan the equivaleni provision(s) of lhrs Contract, the Borrower sha
so inlorm the Bank and shall, at the request of the Bank. execute an agreernent to amend lhls
Contract so as io provide for an equivalent provision in iavour oi the Bank
ARTICLE 8
lnforrnation and Visits
8,01 lnformation concernino the Proiect
The Borrower shall:
(a) deliver to the Bank:
(i) the iflformation in conlenl end rn form. and al the limes. specLf€d ln Schedule A 2
or clheMise as agreed irom time to time bylhe parties lo lhis Conlracli end
(ii) any such information or iurther document concerning lhe financing, procuremenl,
implemenlation, operalion and envronmenlal malters ol or lor lhe Project as lhe
Bank may reasonably require withm a reasonable tirne,
provlded always thal if such information or document is not delivered to lhe Bank on
time, and the Bonower does not rectify lhe omission within a reasonable time sel by the
Bank in writing, the Bank may remedy the deficiency, lo lhe exlent feasible. by
employinq its own slaff or a consullanl o. any other lhird oarty, al the Borrower's
expense and the Borower shall provide such persons wth all assislance necessary for
lhe purpose;
(b) submil Ior lhe approval of the Bank wilhout delay any material change lo the Project.
also taking inlo account lhe disclosures made lo lhe Bank in conneclion with lhe Project
pno. to the signing of this Contracl, in respect of. inte, alia,lhe price, design, plans.
timetable orto lhe expenditure programme orfinancing plan for lhe Projeci;
(c) immediately inform the Bank in wnting of when lhis Conlraci has been Culy rallfled by
ihe Parliament of Georgia in accordarrce wilh lhe laws ol Geo.gia:
(d) inform the Bank of any fact or event known lo il which, n lhe Borlower's reasonable
opinion, might materially prejudice or affect the conditions of execution or operation of
the Protect;
(e) promptly,nform the Bank of:
(i) any action or protest initiated or any obiection Iaised by any third party or any
genuine complaint received by the Borrower or any Envnonmental or Sooal Claim
that is to its knowledge commenced, pending or lhlealened against il wih regard
to environmental or olher matiers affecting the Projectt and
(ri) any facl or evenl kirown io the Borolver. which may substantially prejudice oI
aifecl the condiiions of executio. or of,eration of the Prolecl;
(iir) a genuine allegation, complaint or information wrth regard 10 Criminal Oifences
related lo the Projeci:
(iv) any non-compliance by il with any applicable Environmenial Law; and
(v) any suspension. revocation ff modficetion of any Environmenlal or Socral
Approval,
and set out lhe aclion lo be taken with respectlo such matiers
(f)
provide lo the Bank, rf so requested:
(i) a certificate of rls insLrrers showing fulfilment ol lhe requirements of Arllcle
6.C5(c):
(ii) annually, a lisi ol policies in force covering the insured properly forming pari of lhe
Project, togeiher wilh confirmation of pa)4_nenl of the current premiums.
,., :
11 j'
Jl
3.02 lniormation concerninq the Eorrow€r
The Eorrower shal, and sha[ procure that ihe promoter sha :
(a) deliver 10 the Eank irom tme {o tjme, such further rnfonnalion on ils Senera f nanc ai
siluation as the Bank may reasonabty require;
(b) ensure that its accounting records fu y .ellect the operaiions relating to lhe finaflcing,
execulion and operation of the Project
(c) delver 10 lhe Bank annuatty. audited linaocial statements of the promoter prepared in
accordance wilh IFRS or generataccounting slandards used in Georgiai
(d) deliver lo lhe Bank annualty from time to time, such iurther informaiion on its or the
Promoter's general flnancial situatlon as the Bank may reasonably requ re;
(e) info.m the Bank immedjetety oi:
(i) any aterial alteration lo lhe statules or sharehotding structure of rhe promoterl
(ii) any iact which obliges it lo prepayany tinanciat indebledness or any EU tun.lingj
(iir) any event or decjsion that consiiil.,tes or may rcsul in a prepayment Eveni]
(iv) any rniention on its part 10 gr6nt any security over any ol ils assets in favour ot a
m
lhird padyi
︐
any iniention on its pall lo relinquish o\,lnership of any matercl part oi the Projecli
>
︲
any lact or evenl thal is €asonably Iikeiy to preveni the substantiat iullLlmcnl ol
any obligaljon of the Borrowe. under th;s Conlract or lhe Promoter under the
Project Agreemenli
(vii) any Evenl of Defaull having occurred or being threaiened or an|cipaledi
(viii) any facl or event which results in any oi its representaiives or agents or me..ber
oflhe Promole/s menagemenl bodies being a Sanctioned Personi
iix) to ihe extenl permitted by lau any material tiligaiion, arbilration. admrn6iraiNe
proceedings or rnvesligation caried out by a court. admrnrstration or simrlar publlc
aulhorily, which. to ihe besl of its knowiedge and betief, is cuffenl, imrninent or
pending against any of ihe Borower's represenlatNes or agenls oi
of the
'nember
Promoter's managemenl bodles rn connection wilh Caimrnal Offences
relaled lo
the Loan or the Project:
(x) any measure taken by the Borrower pursuant to Arlicle 603 (irlcgr,
commilment) of lhis Contract (including measures taken lo seek damages irom
the persons responsible ior any loss rcsulting irom any act of the nelure
described in Article 6.08); or
(xi) any litigation, arbrtralion or adminiskalive proceedings or inveslrgation u/hEh rs
currenl, threatened o. pending and which mghl adversely delerminec resull in ?
Materal Adverse Change
¨ 一
.
^
∠
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一
一
″一
8.03 Visits. Riohts of Access anc tnvest;aation
(a) The.Borrower shalt. and shalt procure that lhe promoter shau. a o,,v persons desrgnated
by the Bank, as welt as pesons desigrajed by compercniia i,i.lit,rtio"i-i^"rror9
(wdhout limitation) the Coud of Auditora of the European
C.",.* i"", tt._ f*rp*.
Commission afid lhe European Anli-Fraud Olfice to:
(i)
visir the siles, instelatrons and works comprsrng lhe prorecr and ro
checks as they may wsh tor pur;oses
finaocing of Ihe prolect,
"onnjcted
conducr such
witi ttrrs Conriad ano tne
(ii) interview representatives of the Bonower and the p.omoler and not obstruct
contects wdh anyoiher person involved rn or afiecied by ihe proiect: and
(iii) review the books and records rn retation to the execution of lhe prorect and !o be
abte to take copies of.etated documents to the extent permrtted by the taw.
(b) The_Borrower shall, and shal procure that the promoler sh6lt, iacrtitate inveslrgatons bv
lhe Bank and by other competent European Union instilutions or bodies tn c"onnecr,on
with.any alleged or suspected occurrence of a prohibiled Conducl and shzl prov d_. lhe
Bank, or ensure that lhe Bank is provided, u/ilh alt necessary assjstance for the
purposes described in ihis Articte.
(c) The Eorrower sllall, and shal procure that the promoler shall, acknowledge ihat lhe
Bank may be obliged to communicaie informalion relating to the Borrow;r and lhe
Project to any competent tnstilulion or bocjy of the Europea-n Union nctuding lhe Cou
o, Auddors of the European Communites, tle European Commissron and tni european
AnliFraud Office as arc necessary for the performance of iheir task tn accordance wllr
the laws of the European Communites and atso in accordance with lhe relevant
mandelory provisions of European Union law.
8-04 Lancuaoe
Documents (other than conslitutional doqrnrenls, statutory and olher oftictal doclmenls.
hlernal Eorrower regulation). evidence, nolices and commu;ications provided or made by the
Borowe. pursuant to this Contract sh. be provided rn the Engtrsh tanguage Where
documenls are not provided in the English tanguage, lhe Boror,ier shzl siriuttaneousty
provide a certifred lranstation thereof into the Engtish tanguaqe.
ARTICLE 9
Charoes and exoenses
9.01 Taxes. duties and fecs
The Borrower shatl pay all Taxes, duties. fees and oiher rmpositrons of whatsoever oaruro,
rncluding slamp duly and regiskation fees, ansing oU of the executon or mptementation of
this Conlract or any related document and in lhe creaton. ped€clion, regislration or
enforcemeni oi any security for the Loan to the exienl appticable
The Eorrower shatt pay all pincipal, inlerest, ndemnities and othe. amounis due under ihis
Contract gross wilhoul deduction cl any naiionat or tocat impositons vr'hatsoever; provided
that, ii the Bo(ower is obliged lo make any such deductbn, il wil gross rrp lhe paymcinl to the
Bark so lhat afier deduction. the net amounl received by the ga-nk ts equrvateni to tne sum
9.02 Other charqes
The Borrow€r shall bear all charges and expenses, inctudrng professlonat, banking or
exchange charges incured in conneclion with the preparalion, eiec{ltron, lmplemenlalion,
enforcement and lerminalion of this Conkact or any relaied document, any amendment,
supplemeol or waiver in r€sF€ct of lhis Contract or any retaied dccume;t, and in the
amendment. crealion. managemeni, enforcenenl and realisalton oi any securitytor the Loan
l
33
み〃
; ].''' .
9.03 lncreased costs. indemnitv and set-off
(a) The Boflower shatl pay io the Bank eny sums or expenses incurred or suffered by the
Bank as a consequence of lhe introduciion of or anychange in (or rn lhe tnlerpielatron,
administralion or appticetion of) any taw of regutaiion or-comjtiance with any taw or
regulation made after the Cate of s€nature of thls Contracl, in accordancc with or as a
result ofwhich:
(i)
lhe Eank is obtigeC to incur additionat cosls in order lo fund or pedorm ris
obligations under this Conkact;or
(ii) any amount o/ed to the Eank undff this Conkact or lhe finanoat rncome
resulting from the granting oI the Credit or the Loan by the Bank Io the Borrower
is reduced or etiminated.
(b) Wrthout prejudice to any other rights of the Bank under this Contract or under any
applicablo law, the Borower shal indemnify and hotd the Bank harmless from and
agarnsl any loss incuned as a resull of any payment or padial discharge that takes
place in a manner Other lhan as expressly set oui in lhis Cont.aci.
(c)
The Bank may sel off any matured obiigetion due from the Borro\/er under lhis Conlract
(lo lhe exlent beneficially owned by lhe Bank) against any obiigatron owed by the Bank
to the Bonower regardiess of lhe place oI payment, booking branch or currency oi e lher
obligalion. li lhe obligaiions are rn diflerent cuflencies, rhe Eank may converi ei(her
obligation ai a merket rate of exchange in ils usual cou.se oi business for lhe ourpose of
the sei-off li either obligation is uniquidaled or unascertarned. lhe Bank m.y set off in
an amount esiimated by rt rn Eood iaith to be the amount of that obtigalion.
ARTICLE 1O
Events of Defautt
'10.0'l Rioht to demand repavment
The Bonower shall repay all or part of lhe Loan ias requested by ihe Eank) fonhwrh, iogeiher
with accrued inlerest and all other accrued or oulstanding amounls under this Contrecl. upon
written demand being rnade by the Bank in accordance wilh thefollowng provisions
10.01A Immediate demand
The Bank may nake such demand immediatety:
(a) if the Eo.rower does not pay on lhe due date any amounl payable pursuant to thrs
Contract at the place and in the cunency in which it is expressed lo be payable, un ess.
(i)
rls failure lo pay is caused by an administralive or lechnical error or a Disruption
Eventi and
(ii) payment is made within 3 Eusiness Days of its Cue dale;
(b) if any informahon or document given to lhe Bank by or on behalf of lhe Borrower or any
aepresenlalion, warranly or statement made or deemed to be rnade by the Borrower in
or puasuant to lhis Conkaci is or proves io have been incorect. incomrlete or
misleading in any material respect;
(c) if, following any delaull cf lhe Borrower or the Promoler in relatLon to any loan. or ary
obligatron arising out ofany financial transaction, olher ihan the Loan:
(i)
the Borrower or the Prcmoler, as the case may be rs required or is capable ol
being required or will, iollowing exprrv af any apptEabLe contiaciuat grace period,
be requfed or be capable cf being required lo grepay discharge, ciose oul or
termrnaie ahead ol malurity such other loan or ob|gatton or
(1)
any financial comm ment for such oiher loan or obligation is cancalled or
suspended;
/ル
と
ン
ル
(0)
i[ the Borrower or tie proiroler ,s unabte lo pay s
deDts as lhey fajt oue o- slspenos
ils deb's. or rnakes or seeks to make a composilion
*tn ,B ar"d,io,a.
(e)
any-corpcrate acbon, tegal proceedings or olher p,ocei,-re
or slep rs taLer ,r relat or
rc, tre slrspension of oayments. a irloralonum ot ary rnoetteores,
O,ssoi,ton
ao_mn'srraton or reorganisaton (by way ol voturiary
a,ranqehent, scheme ol
a'rangemert o. otherwise) 3r an order s maoe o. al ef.e(I,!e o_rrr,o1
o pr"""O i,
lhe winding up ot the promoler cr if the promoter takes
steps rowards lroi["till
.edlclion in its capital rs declared nsolvent or ceases or resoives
to cease" to cerry on
the whole orany substantai part oi its business oractrvilies:
f_an- enclmbrancer takes possesston ol, o. a recetver tqudalor
admrnrslraior,
aomr slriitve recetver or simrtar oiftce. :s apDointed, wtether by a coL,t o,
co.,pete-i
lurlsorcton or Dy any compelent adntniskative authorry o- oy a.ry perso^ af o. over,
any p"rt ot the business or assets oi the promoler o, iny pr6perfy iorrning p"rt
oi rh;
に
,
Projecti
^V
Eorrower defaults ir i1e pelormance of any obttgat,oi n ,esoect ot a1y
olher ,oan
o._the
trnanoar rnslrumel granled by the Bank or lhe EU or ro $e Eark oi
ani othe.
obLigation to be iullilleci ln connection wrlh tlle rccepl of any funds
by the tsorrowlr trom
the European Union,
f any diskess, execuiion, sequestraiton or olher process s levied cr eniorced irpon the
property ol the Bonower or ary property tonrrng oart o. lne p.otecl
a']o F not
discharged or stayed wlh,n .t4 (fou.reen) oays,
0
rf a Materal Adverse Change occurs, as co,npared wh lhe BoIlower
s co.or,on i,t lhe
dale of this Contract,
0
if rt is or becomes unlaMul for the Bcrrower to perform any of iis obtigaiions under this
Contract or this Contract rs not eflective in accordance wilh'iis terms o; rs aleged by th;
Eorower io be inelfeclive in accordance wiih its termsl
(k,
il any obligation assumed by the Bcrrower as slated Ln the Framework Agreement
ceases to be fulfilled as regards any loao made to any borrower in the B;r.ower,s
tenilory lrom the resources of the Bank, or ihe European LJnion;
0)
if the Promoter defaults in the pe.formance of any ot its obtigaiions under the proleci
Agreemeol,
(m)
f the Eorrower defaulis in the perfcrmance ol any of its obtigatDns under ihe ADB LoEn
Documentalion. the NIF Docuhentation or the EpTAfF G.anl Agreementt or
if lhe condit,ons for cover under the EU Guarantee are not futfiled cr I lhe EU
Guarantee ceases to be v6lid, eifective oreniorceable tn accoadance wth tts ierms.
一
〇
3
″″
´ル
′メ
10.018 Demand after noticeto remedy
The Bank may also nrake such demand:
(a)
rhe Borower fa s lo comrrv wth. any obligal,on
obtigatron mentroned in Arlrde iO.o1A: cr
und€r thrs Co.lkact not De,ng ar
(b) if any fact retaled lo the Bor.ower or the pro/ecr slale<t
rn the Recitats maleraly atters
and.is not materialy resrored aft, ,f lhe aleratio.
;;;;pr;;,";:
l;;,;;;.:.:1. lh"
Bank as render lo rhe
Borrower or adver;,
the project,
unless lhe non,corrpliance or circumstance givrng
ffi;.J"il: 5"f..fre"o;*
wirhin a ,easonabre
;,ioi
a;;,;'# #;i#;;Lffi,;;H:., ",*
"
rise lo lhe non_comptlance rs capabte oi
"it,_l
.p.",r,"i",""
""";i;:: ""JL
o, *"
10.02 Other riohts at lew
Articie 10.01 shal nol resl.ict anv other right
Loan
of the Bank at taw to requiie prepaymenl of the
10.03 lndemnitv
10.03A Fixed Rate Tranches
ln case of demand under Anicte 10_01 rn resp€ct
o, any Fr)(d Rale Tranche. the Borrower
shall pey
the Bank lhe amount dema-nded togetf,", *,if, rtle p*p"Vr""i;;;;;l;
_to
* *y
d,:.,o be prepard sr:or ere-payment
,h"
:T:,ill:f_t11.1?1
udte
paymenl sp€Enred in lhe Bank s notice of
demand and be catculaled on ihe basts """
'or
lhat
rnoer*r,i;il;;;;; r;
prepaymem is ef{ected on lhe Cale so specified.
10 038 Ftoating Rate Tranches
ln case of demand under Anide 10.01 in respect
of any Ftoatmg Rale Tranche ihe Borrower
shall^pay_to the Bank the amount demanded rogetr,"r'
*it ir.""qrj
;;;,il ;il;;;";i,""ipi,""p", *"
iolr," ir"i""i*tu"
0 j s% irrneen basis points) per arrum carcutar;d
"
"r
lo be prepaid in the same manner as inierest woutd
""d tuve ien caLcLrtalea una.woufC nrue
accrued, if that amount had remainec outstandrng accoro,no
ro-ile c-r,o,iai r."'on,sa *
scrredule of t're lranche, unli[he Malur y Date.
The value shatl be cetculated at a discount .ate equat
lo the Redepioymeni Rate apotied as of
each relevanl Payment Oate.
10.03C General
Amounls due by jhe Borrcwer pursuant to this Arilcte 10.03
orepayment specifieo in the Bank s demand
shatl be payabte on ihe date of
10.04 Non-Waivet
No failure o. detay of-single or padial
exercEe by lhe Bank in exercrsrng any of its nghts or
remedles under this Conlract sha| be construed
as *"tu", oi
frl"
rights €nd remedies provided in lhis Conkaci are
"
"u"n
remedies provrded by law.
/
4
r,6iii iur"jy
cr.rt"tir";; nol;r;i;;; oi-"ni r,ghi.
",
∞
〃
ARTICLE 11
Law and iurisdiction. misceltaneous.
11.01 Governino Law
This Contract and any nonrontraclual obligations arising out ofor rn conneclion wilh itshallbe
governeC by Enoish law.
11.02 Arbitration
Any dispute, disagreement. controversy or ctaim (together referred to as a .Dispute") arisrng rn
connection with lhe existence, validity, inierpretalion, imptementation or terminaiion oi lhis
Contracl shall. io the extent possible, be seltted amicably by agreemenl between lhe Benk and
the Bonouer lhrough consultalions and negotiations. lf a Dispute cannot be amicabty sent€d
by the Bank and lhe Borrower within 60 (sixty) days of lhe notittcaiion of the Dispule by either
Pady, lhe Dispuie shall be settled by final and bindinq arbjtration in accordance with ihe Uniled
Nalions Commission on lnternational Trade Law (UNCITRAL) Arbilraticn Rutes in eliec! ai the
iate of lhis Conlract, u,fiich rules are deemed lo te incorporated by reterence rnto lhrs A cle.
The number of arbitrators shall be 3 {three). The language of the arb[ral procedure shall be
English. The arbilration proceedings shallIake place in London
Unless olherwrse agreed, all submissions shall be made and all heafings sha I be compeled
within six months oI the constitution of the arbilral lribunal (lhe 'Court of Arbitration'). The
Court of Arbilralion shali render its decision wilhin 60 (sixty) days followinq lhe del,very ci lhe
frnal submissons
Any final award o{ lhe Courl of Arbitration shall be binding from the day rt rs made. and lhe
Partres hereby waive any dghl ot appeal on tlle law and/or the meris to any courl
Notwilhstanding lhe UNCITRAL Arbitration Rules, the Court of Arbkaton shall nol Iake or
provide and lhe Borrower shall nol seek trom any judicial authonty, any lnterinr measures or
pre-award relief against the Bank.
The Borrower shallabide by end carry oul any such award in its teritorywithoul delay.
in case of failure by the Bonower to comply with ils oblagaiion !n the preceding paragraph
within 3 (three) rnonlhs from the dale of lhe award, then, lo lhe exienl thal the Bor.ower iiay n
any lurisdiction claim for [self or ils assels immunily from su]t, enforcemenl, allachnrent or
olhe. legal process, the Borrower hereby nrevocably agrees
lo ciarm and hereby
^ol of such jurisdiction
irrevocably waives such immunity to lhe full extent perm led by the laws
1 1
.03 eEge_9!-pedgr4e!!g
Unless otherwise specifically agreed by the Bank in writing. ihe place of per;ormance irnder
lh s Conkact shallbe the seat ofthe Bank.
1'1.04 Evidence of sums due
Ln any legal action arasing out of this Coniracl lhe ceriificale of the Bank as to any arnoi.rnl or
rale due to the Bank under this Conlracl shall, n lhe absence oi manilest errcr, be prim." f3cie
evidence of Such amounl or rate.
1'1.05 Third partv riohts
A person who ts not a party has no nght under the CoiAacts (Righls of Third Parlies) Ac1 1999
io enforce or to enjoy lhe benefrt of any term oi ihis Conkacr.
37 ,-
11.06 Entire Aqreement
(a) This Contract:
ii) represenls the enlire unde.standing end conslltules the enlire agreement
beiween the Panies in relation io s subiect rnatteri and
{ii)
supersedes any and all previous drscussions, coraespondence, represeniations
(of whatever nalure) and agreerienis 5etween ihe Parties with respecl iherelo
notwilhstanding the ex,stence of any Drovision of any such grior agreemenl ihai
any rights or paovisions of such prior agreement shall su.vive its termlnation
(b) Each Party hereby acknowiedges lhai it has nol relied upon any slaternent or
representation made by any Party other than those conlained hereln ln agreeing to enler
inlo lhis Conlracl.
i 1.07 hraliliu
lf at any time any telm of this contract is oi becomes illegal' invalid or unenforceable in any
respcct, oa thls bonlr""i i" o, becomes ineffective in any respeci under the laws of any
juri;diction, such illegality, invalidity, unenlo.ceability or inefiecliveness shall not a{iecl
(a) the legality, validry or eniorceability in thal jurisdiction o, any olher term of lhrs conl'act
or the-effectiveness in any other respeci ofthis Contract ln thaliurisd ction: or
(b)
legality, validily or enforceabiity in other iurisdictions of that or?ny olher lerm 't ihrs
'' the
Conrlcl or the eflectiveness ofthis Conl'aci under lhe laws of stjch olher luflsdiclions'
I 1.08 9t4g9s..l!9_Panies
The Eorrower may nol assbn or transfer any ol its rights or obligalions under this c'ntracl
wilhout the priorMitten consent oi lhe Bank
all or part oi ils rights and benefiis cr transfer (by w6y of nc'/alon
The Bank may assign
-otherwise)
ali or part of its righls. Senefrls and obliqations trr'ler lhis
or
sub-participati;n
Contract wilh ilve Business Oavs prior noiice to the Bonower.
1 1
.0s Aagllbe!ls
Any amendment to this Conlract shall be made in wriling and shall be signed by the
padies
11.10 gg!!E!ee4g
This Contracl may be execuled in any number cf counterparts, allofwhich taken logethe' shail
constituleoneandthesameinstrumentEachcounlerpartisanoliginaL.buiallcounte.pafls
shall toqelher conslitute one and the same inslrument
1 1.11
Further assurance
take
of time
A Parly shall, upon the request of the other Paily and withan a reasonable
proieci
2il the
10
requrred
which
are
docun,enls or insrumenls
ony
period
"nyunder lhis Contract
""tio" Pariy's
"rd'"r""rl"
interests
requesling
̀''
4 ,
¬
一 ﹁ ¨一
ARTICLE I2
Ellalctauses
12.01 Notices to either partv
\oltces and olher communlcattons oeFn under
th,s Conkact acdresseo :o e,lher party
lo th,s
Conlract sha be ioade to lhe aOdri-ss r
aao,"."oirioi,"iri-"',-.'L.:":ffi;,ffI;illliijil.,,T;!il"'i1?X;r]r,osuchorher
For lhe Eank
Aflention: Ops B
9&10O boulevard Konrad Adenauer
L -2950 Luxembourg
Fat: +352 4379 67495
For the Boncwer
合
非 1計
p動 C° tt md Exle tt Π
輌
"
Ministry of Firance of ceorgra
16, Gorgasaliskeel
0114 Tbilrsi
Georgia
Fax. +99532-2262423
'12.02 Form ot notice
Any nolice or other comhunication giveh underlhis
Contracl mlsi be in writing
Nolces dnd otier communicattons, ior which fixed periods
whlch themsetves irx penods binding on the adcr;ssee. are tard down in lhis Cont.act or
_"v
rrol 0r".".-o"o",,rury.
reg_rstered leller or.racsrm,le. Such nor,ces
and commun,ca".riii'ri:U"i"""ii
""
. lr*
by the other pady on rhe dale of delivery in l."l"lion
:-"-"1,1*:,1:.d
lo u-r,-"-n"a,,tiitrn,"o o.
regrslered telter or on receipt offansrnisson in retar,on
ro I t
Olher notices and communicalions may be made by
facsrmrle or by emaiior other eleclro1.c communlcatlon
"ri.r"
hand detrvery, regtslered telter or
Wrthout aftectrng lhe vatd y oi any notrce detivered
by facsr.nrte accororng lo tne pardgraohs
above. a copy ot each nolice detivered by racsim,r"
,r,rrr
uo iu"i tv
pa y on the next followjng Business Day it the tatest.
"rro
il,ilr'iJ,ll"r",r":
Notces rssued by lhe Bonower pursuant lo any provision
of lhis Conkact shalt, where rcqured
by lhe Bank be det,vered to the Bank together-!.rith
*rcfr"t"ry
person or persons aulhor*ed to srg;
such notice
aLthentcaled specrmen sEnature oi stich person
fn"
",
"r;C"".u "f'If,,l
"ri"n*,iy, rrr"
u.if,"rr-"iir,"
fi"i.*"i'"no
or persons.
4.
"′
12.03 Efrectiveness of this Contract
This Conkaci. rs conditional upon and shal become efledive only following ihe Bank s
acceplance of the evidence eslabtishing that ihis Contracl has been duty r;tfecj by ihe
Georgian Parllamenl
This Contract shall not become eifeciNe until the Bank sends the Borrower a tette. confkming
ils acceplance of the above mentioned evidence and providing th€ date lhat lhrs Contraci
becomes effeciive (the'Oate of Effectiveness"). and such teteisha be conctusive evidence
lhal this Contraci has become etieciive.
For the avoidance of doubt, until such lime as such teter has been issu€d by lhe Bank, neither
ihe Borrower nor ihe Bank shatt have any ctaims againsl each other or have any tiabit:ty
whatsoever under or in connection wiih this Contract.
12.04 Recitals. Schedules and Annex
The Recitals and following Schedules form part ofthis Conlract:
Schedule A
Prolect Spec n∝ On and Reportng
Schedule B
Dernl10n of EURlBOR and LIBOR
Schedule C
Fo『 msfor
Schedute 0
CettincaCs tO be provided by the BOrrOwer
Bo「 ro ryer
The following Annex ;s attached hereto
Authorisalion of signatory
lN UTNESS WHEREOF lhe perli€s hereto have caused lhrs Co lracl to be executed in fout
originals rn the English lenguage and have caused Mr Garlh Grisbrook, legalcounsel. and Mr
David Lezhava Deputy Minisler oi Finance, lo initial each paqe ci ihis Contract on lheir behalf.
Al Tbrllsi.
rhis /t
Ocbber 2015
Signed ior and on beha F OF
SiOned for and on beha F of
GEORCtA
EUROPEANINVESTMENT BANK
/
L6szi6 Baranyay
Minis16 ol F nance
40
Schedule A
Proiec! Soecificdion and Reportino
A,,1, TECHNICALDESCRIPTION
Purpose, Location
The Kula si waslewater proiect financed by the EIB aims ai improving westewaier co eciion and
lrealment in Kutaisi, Georgia. This Kutaisi sanitalion project ts a part of ihe Water Secior
Rehabilitalion Programme consisting in a series of investrnents that aim at improving water suppty in
Kutaisi, lJreki and Zugdidi, and wastewaler cottection and treatment in Kularsi, poti and u.ekt.
Georgia (co-fifl anced by ADB).
Description
The Kutaisi prolecl consisls of the rehabilitation and exlension of the existing waslewaler co ection
syslem , and lhe construction of e new waslewale. treatmenl plant in Kulaisi The projecl includes the
following ilems:
A
Rehabiliiation andJor conslructrcn of lhe saniiary sewer syslem:
.
".
"
350 km of core sewer nelwork
540 km of house connections and secondary nelwork,
30 pumping stalions and,
10 km of pressure pipes.
Or any other lengthtquantiiies to those specified in this paragraph A agreed behveen the
Parties fiom lime lo time
B
\ryWIP Kulaisi with the design capacity of approx. 2OO,OOO PE, ihe process is dimensioned
for full biological treatment including nulrienls removat. Studge keatment is designed to
produce anaerobicaliy slabilized dewelered sludge. The wasiewaler tieatrnenl line consists
of coa.se lrealment, primary sedimentation, baologicat activated stridge stage and final
sedimenlation. The sludge tealmenl line consists of thickening. digestion and dewaieringi
the prociuced biogas will be used to produce heet and eleckicity The U/WTP component will
include operalion and administrative buildings, storage capacities roads etc The WWTP
component includes derholition of the existing Vy'WTP.
C.
O
VehEles and equipmentfor ope€iion and mainlenaoce.
Services: lechnacal assistance, supervision, project implementaton supporl.
The scope of the project may be modified alter the designs are compleled and lhe chan_oes are
subjecl lo lhe Bank's agreement.
Calenda.
The projecl willbe implemenled from 2016 to 2020.
′
ル ι
A2
PR00ECT INFORMAT10N TO BL sENT To THE BANK AND MttTHOD OF
TRANSMISSiON
D Spa:OL ΩF nf。「maJOD:Oes Ona10n Orthe person respOns b e
The lnfo「 matOn below has to be sentto the Bank underthe respOnsiblty of
JechnicalCon1acr
lco.pany
Uniied Waler Supply Company oi
Un ed Water Supply Company
of Geo
│
ntact pe「 son
KiZIKURASHVILI N ko oz
DZIMlSTARISHVIL!ucha
l
I C°
l
Tlい
│
Funclion / Oepartment
Drrector
Head of Depadmeni for
lnvestmer,t一Projecis
frnanciai and techni.al
I Phone
Emarl
76b` /azha Pshavela ave Tbllsi
76b Vazha Pshavela ave Tbi‖
0186
O,36
+0953291 9060
+9953291
I n krzkurashvih@warer gov.ge
U.Dzrmisia.rshv i{Awatcr oov ce
si
The above-mentioned conlacl peGons are the respoflsible contacts ior the time being.
The Borrower shall inform the Benk immedaalely in case ol anychanqe.
lnformation on soecific subiects
The Eorrowe. shall deliver to the Bank the following inlormation at ihe latest by ihe Ceadline
indicateC below.
information
' Document′
Operatror and maintenance plan
l
Deadline
When available. Dut pror io
Ihe
commencemenl of lhe ooeralion phaSe
I Updaies of the tariff policy documenl
2
When relevanl. logether w[h the nexl Pio]ecl
″′
′
0
lnformatron on the oroiect s imolemeniaiion
The Eorrower shall deliver to lhe Bank the foltowing iniormation on p,ojeci pfogress during
implementalion at the tatesl by the deacitine indicateC betow.
Document / iniormaiion
Deadl,pe
reporting
Projeci Progress Repon
A brtef uNale on he fechncat Desctipion, exptainig the
reasons far significant changes vs iritial scope,
Up.lale on lhe date af complel)on af each oI the main Voject s
components, explaining reasons for any possible delay;
Update an lhe cosl ol the project, exptaining reasons for any
possib/e cosl ya,al;ors ys . initial budgeted cos!:
A descriplioh of any najor issue with impact on the envhonnqnt:
Updaie on prccurehent pracedures;
Update on lhe prcjec!'s demand or usage and comments;
Any sgnifbanl issue ll,al has occufted and any s:'gnificant dsk
lhat may affect the project's oryrction:
Any legal aclton concerning the project that may be on-going
Financial stalement af the UWSCG fot the repoding petiod
―
t-..1
,h'
いけ malon On he end d
「ks and nst wa OfOpe● 10n
The BO″ 。鴨 r shtt dd■ er b tti謄
Operat On atthe latest by the deat
為 吉 :ξ 勒
い。 rraton On p Oled cOm口 dbn
andぃ d
̲̲襲型型虹二J
Document / informarion
:Dateofdetivery
Prolect Completion Report, inctuding
l
ス ヽη
‐′
Des¨ め
ρ
び能
l肥
ra″
"が
attge a 艦 宙λ 犠
κi
'Ca″
「 T:lSF°
===臨
cゎ
s194■
cl・
e
轟 続 t課猟 窓麓胤′
"… d` compo71 ,
9 CaS° nsけ a″
∽
●
脱鳳 せな 翻 留 勧わ
¨dd‐
。
需Z辮場。
庶愧″
望」
‰響 ::″ 鱚
iに
tt σ
any用 ¨
腱enyrrOnae"sO瘤
傷
籠譜ρ
pOssjlゎ
rlng
r lsSye wlll f7Dac・ 0″
Updale an p.ocuremeni prccedures:
Updale on the ojecl,s demand ot usage and
comments;
Any signilicant issue that has occurred and any
sillnittcant risk that nay
affect lhe No|-act's aperatbn;
Aη ン′
ega′ acrOn cOnce′ 月lng rle prO.eoゎ
a′
″a/b̲・ Oη ̲90● 9
スρυρdare on lhe Fol10w7ng lゎ ρ″¨
"lrdlcatOrs
Orrtputs
Capacily of sewage teatnent plent constructed o, rehabiltated
(pE)
Lenqth at sewet an(t/ar \torm water oipes butlt
or upgrcded (km)
Domeslc Lonoecttons lo san ation seNices crcated
ar rehabtltaed
Outcomes
ρtt ac∝ss o"ο ℃
υ
蝋蓬
識ιS'ρ ageび ρ ¨
「,誕 :瞥
ο
υ
se
浣[機
:復 鶴雛[ti:卿 耀
eκ e″
Opuゎ
rylCes
dsj
=ζ
Audded Fnanciat statenent of lhe UWSCC
│
′
イン 1
44
′
ノ
‐
″
‐
hiormalion reouired 3 vears alter the pro€ct
Comoielion Repori
The Borrower shalt deliver to lhe Bank
ihe fotk
repori ai the larest by Ihe deadtine indicated
bibYff
rnfonhalion 3 yeats sfler lhe projecl complelion
Docrlment / informat;on
to the Bank
ih.ee years ptus repori
Updale on lhe Monitoring lndicators iisled in the
Lantuage of repons
li) . L
36 monlhs afier the
tabie above.
F71o″ 5"
Schedule g
Definitions of EURIBOR and LTBOR
A.
EURIBOR
"EURIBOR" L,reans:
(a)
(b)
(c)
in respect oJ a retevant period of tess than cie month, the Screen Rate
{as Cefined beto\r)
ior a ierm of one monlhi
in respect of a relevant penod of one o. more months for whrch a Screen
Rale is ava table,
the app icable Screen Rate for a term for the corresponCing number ot monttri: ana
in respeci of a retevant period of more lhan one month for whrch a Screen Rale is not
avaiable, the rate resulting from a linear inlerpolation by relerence lo lwo Screen Rales, one
of whrch is applicable for a pe.iod nexi shorter and the ;ther for a period next tonger than the
length of the relevant period.
(lhe pe.iod for which the rate is taken or from which tlrc .ales are interpolated being lhe
"Representative Period').
For lhe purposes of paragraphs (b) and (c) above, -availabte" means the rates, ,or gven matunlies,
lhar are carculaled and pLb{ished Dy Gtobat Rale Set Systems Lld (GRSS, or sucn otne, s..vr"e
providei_seiected-by lhe Eu.opean Money Markets tnstatute (EtuMl),
under the sponsorshrp of EMMt
and-EURIBOR ACl, or any successor to lhat function of EMM| and EUR|BOR Abl as Ceierm ned by
the 3ank.
'Screen Rate' means the rale of inleresl for deposits in EUR for the relevanl penod as pubtished al
l lh00 Erussels time. or el a tater trme acceptable to the Bank
on lhe day (lhe.Reset date.) lvhich
'€Lls 2 itwo) Relevant Bueness Days pror ro the first day ol the retevarit perod. on Reuiers page
EURIBOR 01 or,ts successor page or. faitrng which. by any other means oi pubticatioo chosen for
ihis purpose by lhe Eank
lf such Screen Rate is oot so published. the Bank shali requesl the principal euro-zone offices of fcui
major banks in lhe euro-zone, setected by ihe Bank, to quote the rale at which EUR deposils rn a
comparable amount are ofiered by each of them as al approximalety 11h00, Brussets iime, on the
Reset Dale to prime banks in the euro-zone interbank markel ior a period equat lo ihe
Representalive Period. lf at least 2 (two) quotaticns are providei, lhe rate jor that Reset dale will be
the arilhmetic rnean of ihe quolations.
lf fewer lhan 2 (two) qLroiations are provided as requested. the rate for lhar Reset Dale lvitL be ihe
arithrnelic mean oi the rates quoted by major banks in ihe eu.o,zone s€lected by lhe Bank, ai
approximalely '11h00 Brussets lime. on the day wh ch fafls 2 (two) Relevant Business Days after the
Resei Dale, fcr loans in EUR in a cornparable amounl lo teading auropean Banks for a per od equat
to lhe Representative Period.
it the rale resulling i,rcm the above is beiow zero, EURIBOR wilt be deemed to be zero
lf no rale rs available as provided above, EURjBOR shall be the rale (expressed as a percentage
rale pe, arrum) which is delermaned by the Bank lo be ihe a -inclusve cosl to the Bank for the
lunding of lhe relevant Tranche based upon the then appticable internat y generated Bank rcierence
Iale or an allernative rate delerminailon method reasonably determrned by lhe Bank.
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4E 1.
B-
LiBOR USD
'LlBOR" means. in resDect ot LJSO:
(a)
in respect of a retevant period of iess than one month, the Screen Rate for a term
month:
(b)
(c)
ci one
in respecl of aretevant pe od of one or mo.e monihs for which a Screen Rate is
avariable,
the applicable Screen Rate for a tenn for the corresponling numler
of monthst and
in ,espect oi a relevant period of more lhan one month fq urhrch a Screen Rale ls not
available, the rate resulting from a linear interpolation by reterence to lwo Screen Rates,
one
ofwhich-is applicabte for a period neit shortei and tne,itner tor a penoa next tng"itnrn rf,.
length of the relevant period.
(lhe period for which the rale is laken or from which the rates are interpotaled
'Representative Period')
being ihe
For lhe Durposes-of paragraphs (b) and (c) above, 'avaitable' means "catculated and pubtished,,
under lhe aegls of the ICE Benchmark Administration Lifiiled (or any successor to thar iunction of
the ICE Benchmark Administralion Limited as determined by ihe Bankifor given maiurities
'Screen Rale' means lhe rate of tnterest for deposits in USD for the rctevanl pe.iod as set by ihe
ICE Benchmark Administration Limited (or any successor io that function oI the tCE Benchmark
Adminlslralion Limiied as determined by ihe Bank) and released lly financiat nev,,s 3.ovrders ai
11h00, London time, or at a late. time acceplabte to lhe Bank on the day (lhe .Reset Date.) lvhrch
falls 2 (iwo) London Business Oays prior to rhe firsl day of the retevant period
lf such Screen Rale is not so released by any linanciat news provider acceptabte to Ihe Bank the
Bank shall request the p.incipat Lon&)n offices of 4 (four) maior banks in the London interbenk
market selecled by the Bank lo quote lhe rate at which USD deposits in a comparabte amount are
ojfered by each oI them at approximatety 11hOO. London time, on lhe Reset Date. io prime oenKs rn
lhe London inlerbank market lor a period equat to the Represenlative pe od lf ai ea;l 2 (twc) such
quolations are provded, the rate witt be the arilhmelic mean ofthe quotaiions provided
lf fewer than 2 (lwo) quotatons are provided as requested. the Bank sha requesl lhe princioal New
York City otfices of 4 (four) ma,ol tanks in the New york City interbank market, sciecled by lhe
Bank, to quole the rale at which USD deposits in a comparable amount are offered by each oI ihem
al approximately 11h00, New York City time, on the day falting 2 (iwo) Nelv york ELrslness Davs ailer
lhe Reset Dale, lo pnme banks tn the Europeafi markel for a penod equal to lhe Representalive
Peflod. lf at least 2 (two) such quotatrcns are provided, the rate wi be ihe anlhmetic flean ci Ihe
quotations provided
lf the rale resulting from the above is betow zero, LIBOR wll be deemed to be zero
lf no rale is availabl€ as provided above, LIBOR shall be the rate (expressed as a perce.lage.ale
pe.annum) which is Cetermaned by the Bank to be the a -inctusive cosi to the Bank for lhe I!nCing of
the relevanl Tranche based upon the then applicable internalty generated Bank reference raie or an
alternal've rate determination method reasonabty delermined by the Bank
C.
GENERAL
For lhe purposes of the ioregoing definitrons:
(a)
'London Business Day' means a day on which banks are open foi norma bLtsiness rn
London and "New York Business Day" means a day on which banks ar€ ocen icr lormal
business rn New York
(b)
All percentages resulting from any catculations relerred Io in this Schedute will be rounded. if
necessary, lo lhe nearesl one hundred{housandlh of a percentege poinl with ha vcs be nq
rounded up
(c)
(d)
The Bank shall inform lhe Borrowerwilhout detayof the quotalions received by the Bank
lf any of the foregoing provGaons becomes inconsistent wth provrsions adoplei under the
aegis of EMlvll and EURIBOR ACI (or any successor to thet Iunciion ci EMIJt anc EURIBOR
ACI as delermined by lhe Eank) or of the ICE Benchma* Adriniskatron LirniieC (or any
successor io lhat lunction of the ICE Benchmark Administration Limjted as d€termined by the
Bank) in respecl of LI8OR, lhe Bank may by notice to lhe Borrower amend the provision to
bring il
l,re wh such other provisions.
'nto
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I
ScheCute C
Fo.ms lor Bonow..
Georgia
European lnvestment Benk
Da:e
Subjecl
Drsbursement Offer/Acceptance fo. the Finance Contract
bet?Jeen Georgia and the
European lnvesrment Bank dated t s ociober 201 5 (ihe .F;nance
coniraJt;)
--
Fl numb€i 84 677.
Seracis number 2014,0323
Dear Sirs.
l,'Je refer lo the Finance Contract. Terms defined in
the Finance Conlracl have the same meanr.g
when used in this lelter.
Following your request for a DisbuGemeni Offer from the
Bank, in accordance with A(icte
" i 02B oi
the Finance Contract, we hereby offer to make avaiUUre ro y.u
rn" rJL"ii",f
Amount and currency to be disburced and its EUR equivatent:
ia)
(b) Scheduled Disbursement Dale:
(c) lnterest rate basis:
(d) lnlerest payment periodicity:
(e) Payment Dates:
(f) Terms for repaynent of prtncipat
(g) The firsl and tast pnncipat repayment dates:
(h) The Fixed Rale or Spread, appticabte untit the Maturily Date.
T;;#;
*
To make lhe Tranche avaitable subiec o the ierms and conditions
of the Finance Contract. the Bank
a Disbursemenl Acceptance in the forh of a copy of this Disbr.rrsemeni bffer duty
lIlji"l*
srgneo on your behatf, lo the folowng fax number
ursoursementAcceplance Deadlne oi
The Disbursement Acceptance must be accompanied
(i)
I
[limel LuxemUourg t,me onftare;
] no taler ihan the
lif it has not been p.eviously
supf,lied) by
-
the indaalion oi the bank ac.runt (wth IBAN code in case of drsbuGemenls in EUR
or the
appropriate lormat for the relevanl currency) where dasbursement of Ihe Tranche
should be
made; and
(r)
evrdence of lhe autho ty of the person or persons authonsed to
slqn ,t on behati ot lhe
Borrower and lhe specimen signaiure of such person or persons
li not accepred by lhe above stated time, the offer conrained in this ciocument
have been refused and shall automatically lapse.
shafl be deemeo ro
lf you Co accept the Tranche as desc.ibed in this Disbu.semeni Offer, a the relaied lerms and
condilions ofthe Finance Conkact shallapply.
Yours faithfuliy,
EUROPEAN INVESTMENT BANK
48 /r
,#-
lve hereby accepithe above Disburseineni Ofrer:
For aid on behali ot
Georgia
Dale
49 /,-
c{
一● ■ 一 d
cERTrFrcarES To BE pRovrDED
_
European lnvestment
To.
By rra
Bank
a.n"or,"
,
"o**o*a*
Georgra
Oatei
SubJect:
3.(fi,:?,::[:3ffi#i
:1":i1:mii:T*lB:*X:,i':!,3:,5[?1T,
Fl number 84.677
*. *"
seraprs num ber 20 1 4-0323
Dear Sjrs,
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鼈FeCha"e has Occuttd as compaed面 h hettumOn a hedae d he
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FOr and On behalf。
ィGeorgia
Date:
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