„საქართველოსა და SOCIETE GENERALE-ს შორის გაფორმებული „ზოგადი პირობების შეთანხმება“
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ინიციირებული ვარიანტი
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სხდომაზე განსახილველი პროექტი
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🏛️ კომიტეტები
- საფინანსო-საბიუჯეტო კომიტეტი წამყვანი კომიტეტი
- თავდაცვისა და უშიშროების კომიტეტი კომიტეტი რომლის დასკვნაც სავალდებულოა
- საგარეო ურთიერთობათა კომიტეტი კომიტეტი რომლის დასკვნაც სავალდებულოა
- ევროპასთან ინტეგრაციის კომიტეტი კომიტეტი რომლის დასკვნაც სავალდებულოა
📅 დამატებითი ინფორმაცია
ბიუროზე განხილვის თარიღი 2015-12-16
ბიუროს ნომერი 363
📜 ტექსტი
საქართველოს პარლამენტის ბიუროს გადაწყვეტილება ნორმატიული აქტის პროექტის განხილვის პროცედურის დაწყების შესახებ
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IPANSLAJr(
o, rnleh.lroDrfaoreeft e.ls ol Georgi.
b0(XljffiSCd,o er6rJ8o
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By: *,('Jr6 br(Ij6o
UJdr6oBCEmb Bobrdro)r ao6olro6o
ggcir8raob.,cio $rA$)60 o6A55o'br6o6o
SOCIETE GENERALE
By: Eric Allain des Beauvais
Ex.eort Finance Defence, Security & Satelliles
rAr50o
SOCIETEGENERALE
By: Edc Allain des Beauvais
Exporl Finance O6fence, Security & Satellites
84
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fRANSLA oT
COFACE LrJE)rqoOo br,boL 3f,rAolo6o A
COFACE LrJ6!@oOo brtoL Jrrgo()l-io6o B.
JlaS6sogo'roJb@Oo)6,o A (or Joa!i!G.€d.\. j6rd)6odn B
SOCIETE GENERATE
8y: Eric Allain des Seauvais
Export Finance Oefence, Secu.ity & Satellites
85
S?
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შეთანხმება
COMiTON IERiiIS AGREEMET,IT
Among
GEORGIA
0
actng through its Ministry of Financo
Acljng in its capacity as Borrower
Arrangod by
SOCIETE GEI{ERALE
Ac1ing in its capacity.s Mandated Lead Ananger
with '
socErE qFNEMLE
Actlng ln it6 capaclty as Agenl
And
SOCIETE GEIIER^LE
Actlng in ils capacity as Origina, COFACE Lender A Odginal COFACE Lender B, Onbhal
Comme.clal Lerder A and Oririnal CommerEial Lend€r B
I Oecemb€r 2015
DEPARDIEU BROCAS
AVOCATS
2!Oaa0at-6
SOMMAIRE
1.
2.
3.
4.
5-
6.
7.
8.
L
10.
11.
12.
13.
14.
't5.
16.
17.
18.
19.
20.
21.
NOflCES.......
24.
28.
GOVERNINO tAW-,-......,......
30.
31'
2
ANNEXES
SCHEDULE 1,
scBEouLE 2.
SCHEDUTE 3,
FORM OT CONFIDENTIAUTY
SCHEOULE4, CONIACTDETAILS
UNDER'Ah'I\G ,
67
THIS AGREEMENT is dated 8 December20t5 and made
BETWEENi
()
GEORGIA" actlng through lt6 Ministry ofFinance (the Borrower);
(2\
SoCIETE GENERALE, a French soci6l6 arcnyne whose registered
office is al 29 boulevard
Haussmann, 75009 Perjs, France, registered with lhe commercial
and companies regislry of
Paris under number 552 120 222 RCS paris, acting as Mandated
Lead arranger,igent,
Original oOFACE Lende. A, Originat COFACE Lende, B, Orlglnal Commercia]
Lend-er a
and Original Co.nmercial Lender B.
WHEREAS
A.
The Purchase Contract A
The Ministry of Defence of Georgia (the purchase Contract A
Buyer) has entered inlo a
slslems company sAS, whose
registered office is al 1-S avenue Camot, 91300 Massy, France,
regist;.ed w h lhe
commercial and cornpa.ies regjslry of Evry under number
41038:467RCS Evry
(the serrer A) for lhe suppry of equipm€nt €nd
associated services (the purchase contract
purchase coniracl daled 15 June 2015 wilh Thales-p€ylheon
A).
The total purchase prjce of the equipment to be detjvered
and services to be performed bylhe
Seler A under the purchase Contracl A amounls to EUR s2,6S0,000 (the
Tot;l purchase
ContBct A p.lc€).
Pursuanl to the purchase Conlract A, an advance payment
equal lo 15% ol the Total
Buyer as a conditjon of
effectiveness of the purchase Contraci A which wi be pajd by
Ufilisali;n of the Commerctat
Purchase Conlract A price is payable by the purchase ContraclA
FacilityA.
B,
Tho Purchase Contr.ct B
The Ministry of Defence of Georgia (the purchaso Contract B Buyer)
has enlored into a
purchase oontract dated j0 July 2O1S wilh MBDA France,
whose registered office is at 1
avenue R6aumur, 92350 Le plessis_Robinson, France, registered
with lhe commerciet and
companjes regist y of Nanlerre under number 37S 168 470 RCS
Nantere (the Seller B) for
lhe supply of equipment and associated services (the purchaso Contraa
B).
Th€ totalpurchase price of lhe equipmentto be delivered and
services to be performed bylhe
Seller B under the purchase Contract B amounls to EUR 24.987,750 (the
pur.hasc
Contract B P.ice).
Pursuant to the Purchase Contract B, an advanco payment
Totat
equal to 15olo of the Tolal
I prico is payable bylhe purchase Contract B guysr upon effectiveiess of
the Comm-erciat Facility Agreement B which wilt be paid by U gation
of lhe Commetciet
Purchase Contract
Facjlity B.
2o011aoar_6
4
c.
The Facility Agreements
(i)
ln order to finance the payment oI the Total purchase Contract A price in accordanco
with the Purchase Contract A, the folowing facilities will be made availabte to the
Borroweri
(x)
a COFACE expon credil tacitity in a maximum amount of EUR 47,835,326.78
(lhe COFACE FacllityA) pursuant to a COFACE export credit facility
agreement entered inlo belween, inlel alia,lhe Bodower, the Agent and Ihe
COFACE Lenders A (as such term as defined below) dated as of the date
hereof (the COFACE Faclllty Agreomont A), lhe prooeeds ofwhich are to be
applied to Iinance th€ payment of a porljon ot the Total purchase Contract A
Pnc€ equallo 85 "/o of Ihe amount of the Total purchase Confad A price and
lhe COFACE premiuln. Such Foceeds will be made availabte by the
COFACE Lenders A (as such term is defined below) direcuy to the Se er A or
the Agent;
(y)
(r)
a commercial credit facility in a maximum amount of EUR 8,296,041.31 (the
Commercial FacilityA) pursuant lo a commercial credit facility agreement
enterBd inlo between, ,aler a/,a, the Bonow€r, the Agent and the Commercial
Lenders A (as such lerm is defined be,ow) dated as of the date hereof (ths
Commerclal Facility Agreement A), the proceeds of which are to be applied
to finance inter alia the payment of th6 advance paymenl equal lo 15% of lhe
Total Purchase ContractA Price and risk mitigant costs.
ln order lo tinance the payment of lhe Tolal Purchase Contract
I price in accodance
wilh the Purchase Conkacl B, the following facilitjes will be made avajlable to the
Boro$erl
(x)
a COFACE export credit tacility in a ma.ximum amount of EUR 22,753,064.47
(the COFACE Facllity B) pursuanl to a COFACE export credit lacitity
agreemenl entered into between, intet alia,lhe Boffower, lhe Agenl and lhe
COFACE Lenders (as such term is defined below) daied as of lhe date
hereof (the COFACE Facility Agreonsnt B), the proceeds of which are to be
applied to financo lhe paymenl of a portion of the Tolal purchase Contract B
Price equal lo 85 % of th€ amount of the Total purchase Conl.acl B price and
I
the COFACE premium. Such proce€ds will b€ madc ovailabte by thc
COFACE Lenders B (as such lem js detined below) directy to the S€ or B or
lhe Agent;
ly)
a commercial credjt facjtity in a maximum amounl of EUR 3,937,403.39 (the
Commercial Facility B) pursuanl lo a commercjal cred[ facilily agreement
enlered into tletween, ,rlel ara, Ihe gonower, the Agenl and the Commercial
Lenders B (as such t€rm is defined below) dated as of the
date hereof (tho
Commerclal Faclllty Agreement g), the proceeds of whjch are
to be applied
to llnance inter alia the payment of the advance payment equal
io
of lhe
Tolal Purchase Contracl B price afld .jsk mitigant costs.
'S%
Buslness Day means for the purposes oll
(a)
lb)
determinihg EURIBOR, a day (olher than a Saturday or Sunday)
on which banks are
generallyoF,en for generdlbusiness in paris, and whjch
is also a TARGET Day,
participatinq in a Utiljsalion of a Facility and repaying
of principa, and paying of
jnterest, lale interest and fees
under a Facility, any day (other lhan a SaiurCay or
Sunday) on which banks are open for general business in parjs
and which is atso a
TARGET Day; and
(c)
any other matter, a day (olher than a Saturday or Sunday)
on wfiich banks are open
for general business in paris, France and Tbilisi, Georgia.
Buyer shall mean lho l\Ijnlstry of Defence of Georgia as purchase
Purchase Contract B Buyer, as such terms are delined in
Contract A Buyer and
lhe preamble hereto.
COFACE means the Conpagnie Frangaise d,Assurance pour
le Commerce Exl\rieur, a
Frerch soc,ia6 anonyme whose registered office is roc€ted
at t, ptace costes et aettonte,
92270 Bois-Colombes, France and which is registered
wilh the Regishe au Commerce et Oes
Societds of Nantere under numbe. s52 069 791 and any
COFACE Faciliiy A shall have the meanjng given Io it
ofits suclssors
";;.i;;;".
in the preambte herelo.
COFACE Facllity B shalt have the meaning given to it in
the preembto herelo.
COFACE Facility Agreement A shall have the meaning given
to it in the preambte herelo
coFAcE Facirity Agreement B sha,r have the meaning given
ro it in lhe preambre hereto.
COFACE lBuiance poticies means collectjvety Iho
COFACE lnsurance policy A and the
-,
COFACE lnsurance potjoy B, and individua yany ofthe
COFACE lnsurar"" poli;L":
COFACE lnsurance policy A means lhe export credlt Insuranc€ policy
in favour o, the COFACE Lendeis A, in terms satisfaclory
covedng 95 per cenl. of lhe commercialand politicalnsk in
granted by COFACE
to the Origin"t-COfACi LenOe, e,
respecl of the COfeCi iacif,ty n,
executed by coFACE, the Agent and the originar coFAcE
to tho COFACE Facjtity Agreement A.
Lender A ano ddivered pursuant
COFACE lnsurance policy B means the export credil insurance poJicy
granled by COFACE
in tavour of the COFACE Lenders B, in tems
satisfactory to the Orjgjnat COFACE Lender B,
crverin0 95 per conl. of the comm€rcistEn.j politicat isk in
respect oi th. COFACE Facitity B,
executed by COFACE, the Agent and the Originat COFACE Lender
B and detivered pursuant
to lhe COFACE Facility Agreernenl L
COFACE Lends.s A meansl
(a)
(b)
tho Orlginal COFACELender Aj and
any bank, financial institulion, lrust, fund or olhor enllty which has become a party as
a Lendor in conneotion with lhe COFACE Facitily A in accordance with Clause 17
(Changes to the Lenders),
which in each case has not c€esed io be a Lender in accordance wilh the teams of this
Agreerhenl.
I
COFACE Lende6 B means:
(a)
(b)
the Original COFACE Lender B; and
any bank, financial institution, trusl, fund or olher entity which has become a Parly as
a Lender in connection with the COFACE Facility B in accordance with Clause 17
(Changes to the Lenders),
which in each case has nol ceasod to be a Lender in accordance with lhe terms ol lhis
Agreement.
Commgrc,al Facility A shall have Ihe meaning given to il in the preamble herelo.
Commercial Facilily B shall have lhe meaning given lo il in the preamble hereto.
Commerclal Faclllty Agreomqnt A shall have the meaning given lo it in the preamble herelo.
Commercial Facility Agro€ment B shall have the meaning given lo ii in Ihe preamble hereto.
Commerclal Lendors A means
(a)
(b)
the Original Commercial Lender A; and
any bank, flnancial inslilution, lrust, fund or olher entily which has bocome a Parly as
a Lender in conneclion with the Cornmercial Facilily A in accordance with Clause 17
(Changes to the Lende6),
which in each cese has not ceased lo be a Lender in accordance with the ierms of this
Agreement.
Commercial Land€E
I means
(a)
lhe Original Commercial Lender B; and
(b)
any bank, financial institulion, trusl, fund or other enlity which has become a Party as
a Lender in connection with Ihe Commercial Facility 8 an accordance with Clause 17
(Chang€s to lhe Lenders).
which in each case has not c€ased to be a Lender in acco.dance with th€ terms of this
Agreement.
Confldentlal lnfo.matlon means all information relaung to lhe relevanl Transaclion
DooJmenls or th€ rslovant F€cilily of which a Fillance Pady bocomes a,vare in its cgpacity 89,
or for the purpose of becoming, a Finance Party or which is received by a Finance Party in
relation lo. or for lho purpose of becoming a Fananca Party under, the Flnanoe Documents or
the rolevant Facilityfrom eilher:
(a)
lhe Borrower, or anyofils adviseas;or
(b)
another Finance Party, if tho in orfiation was obtairEd by that Financ€ Patly direc0y
-rts
advise6,
or indirecuy from the Bonower or any of
in whatever form, and includes information given orally and any document,
eleclronic file or
any orher wey of represenring or recording infonnarion which conrains
or is derived or cooie.t
from such information but excludes information lhat:
(j)
is or becomes pubric inlomation other rhan as a direcl o, indirecl
bythat Finance party of Clause 27 (Confidentiatity): or
(ii)
resu[ of eny breach
is idenlified in writing al the time of deliveryas non_conlldenlial
by the Borrower or any
of its advisers;or
(jir) is known by rhat Finance party before Ihe dere the information rs discrosed to it in
accordance wjth paragraphs (a) or (b) or is lawfully obtained
by that Finance party
afler thal dale. from a source whjch is, as far as that Fjnance parly
is aware,
unconnected with the Borrower and which, in either case,
as far as that Finance pa.1y
is aware, has not been obtained in breach of, and js nol otherwise
obtigation of conlidential jly.
subjecl lo, any
Confidentiality Undertaking rneans a conridentiality unde.laking substantia
y in the form as
sel out in Schedule 3 (Form of Confidentialjty Underlaking) or in any
other form agreed
belween the Borrower and the relevanl Lendet,
CTA Default means a CTA Evenl of Defaull or any event or circumslance
specified in Clause
grace
period,
of a
the glving of nolice,
lhe making of any determination under lhe Finance Documenls
or any combi;tio; of eny of
lhe foregoing)be a CTA Event ofDefault.
16 (CTA Events of Detault) whjch woutd (wilh lhe expiry
CTA Event of Default means any event or circumslance
Events of OeFau[).
specjfied as such in Clause 16 (CTA
Disruptlon Evont means either or bolh oi
(a)
a material disruptjon to those payment or communications syslems or lo lhose
financial markets whlch are. in each case, required to operate
(b)
in order for pafnents to
be made jn conneclion wilh a Faciljty (or otheMise in order for the
transactions
contefiplated by the Finance Documenis lo be canjed oul) which
dlsruplion is not
caused by, and is beyond the.conlroiof, anyoflhe parties;
ot
the occurence of any other event which resulls in a disruplion (o,
a technical or
syslems-related nature) to the lreasury or paymenls operalions
of a party preventng
that or any other Party:
(i)
(ii)
from peformlng its payment obligalions under lhe Financo
Documenb; or
from communicating with other parties in accladance wilh
Finance Oocumenls,
the l€nns of ths
and $+rich (in either such csse) is not caused by, and is
beyond the control ol the
Parly whose operallons are disrupted.
Effectlve Date shafl have the meantng given lo it ln Ctause
30 (Efiectivo Dato).
EO,lllA means the European Overnight lndex
Average for deposils in Euro as c?lcrrlated on a
daily basis under the supervision of the European
Nerwo* oI cenrar gank ani, as ai rh"
Slgning Oate, broadcast on or around 7.00 pm
on the same TAAee-f OaV on page iONrC
tle-Reuters Monitor Mon€y Rates Service, provided
"f
dlways that if lhat rate ts less lhan zero,
EONIA sh6[ be deemed to bo zero.
10
Euro or EUR means lhe lalvft/l currency ofthe European Union.
EURIBOR means, in relalion to any Loan:
(a)
the applicable Screen Rate for a period equal ln length to the lnteresl Period of thal
Loan: or
(b)
(c)
(if no Scroen Rale is availablo for the lnlerosl Period of lhat Loan) lhe lnterpobted
Screen Rate for that Loan:or
rtl
(i)
(ii)
no Screen Rate is available for the lnterest Period ofthat Loan;and
it is not possiblg to calqrlate an Interpolated Screen Rat€ for that Loan,
the Reference Bank Rate,
as of, in lhe case of paragraphs (a) lo (c) above, 11:00 a.m. (Brussels time)on the Quolation
Day for Euro and for a period equal in length lotho lnterosl Period oflhat Loan and, if thal rate
is less than zero. EURIBOR shall be deemed to be zero.
Facilities means collectively the COFACE Facility A the COFACE Facjlity 8' the Commercial
Facility A and the Commercial Facility B and individually any ofthe Facililies.
Facillly Agrcemenls means colloctiv€ly the COFACE Facility Agreement A, the COFACE
Facility Agreemenl B, tho Commercial Facility Agreement A and tho Commercial Facillty
Agreement B and indivjdually any ofthe Facility Agreomenl.
Facility Default shall have, with respect to any Facility, lh€ meaning assigned to such t€rm in
each Facility Agreement.
Facillty Event of D€fault shall have, wilh resp€cl to any Facility, the moaning assigned
to
such term in each Facility Agreement.
Facllity Office means:
(a)
in respect of a Lender, the office or offices notilled by lhat Londer lo lhe Agent in
ffiting on or trefore the date it becomes a Lender (or, following thal date, by nol less
will
than five gusiness Da)6' wrilten notice) as the offic€ or offices lhrough which il
perform ils obligations under the rolevant Facility Agroement; or
(b)
in respectof anyother Finance Party, the oflice in thojurisdicton in
for tax purposes.
it is resident
"thich
FATCA meansl
(a)
O)
''
sections 1471 to 1474 of the US lnternal Revonuo Code of 1986 and rny a$sociatad
regulations;
any treaty, law or regutation of any other jurisdiction' or relatlng to an
which (in
intergovemmental agreement belween lhe US and any othor iurisdictjon'
refened to in
eithei case) facilitates the implemenlation of any law or regolation
paragraph (a) above; and
11
(c)
any agreemen! pursuanl lo lhe implementalion ofany
trealy, lewor regulalion refencd
to in paragraphs (a) or (b) above v/ilh the US tnternat RevenLre
iervice, ttre US
government or any govemmentalor taxation authority jn
any otherjurisdiction.
FATCA Application Date means:
(a)
in relalion to a ,,withhotdable payment'dsscribed in seclion
lnternal Revenue Code of 1986 (l/Lhich relates to paymenls
olher pa),rflents fiom sources within the US), 1 Ju,y20t4;
(b)
1473[|XAX0 of the US
of interesl and certain
in retarion to a .wjthhotdabte payment, descrjbed
in section .t473(.t)(A)(ii) of the US
lnternal Revenue Code of 19g6 (which retates to ,,gross proc""d"l
disposition of property of a type thal can produce interest
1 January 201t; ot
(c)
lro; rne
from sources within the us1,
jn relation to a "passthru
palment" described in section 1471(dX7) of the
US lnternal
Revenue Code of i986 not faling within paragrapls
Ll.nu"ry
(O)
fa) or
iolt,
aOove,
or, in each case, such other dale from which such pa,rneni
deduction or withholdjng required by FATCA as
date of this Agreement.
may becomo subject lo a
a resutt of any change t" iefCn'"fi",
*"
FATCA Deduction means a deduclion or wflhholding
Document required by FATCA.
FATCA Exempt party means a party that is entjfled
FATCA Deduction.
from a payment under a Finance
to rcceiv€ pafnents f.ee from any
Finance Documenl meansl
(a)
(b)
this Agreement;
the Facitity Agreements and .etaled cediticates
or requests sot forlh in the Facitity
Agreemenls.
and any other dooument d€signated as a .Fhance
SonolvEr
Flnance Party means Ihe Mandated Lead Arrdnger,
Doqlment, joinfly by lhe Agent and the
the Agent or a Lender.
French Authorities means:
(a)
lhe oireclion Gdndrale du Tr6sor of the French
Minjstry of Economyand Finance, any
successors thorelo, and
(b) any tegislafive, administralive or
commission, board, bur"., o,.
oin".?1n"J,",fl:I[.il":. ;Ll?;",f ir"il"Jl
"n, of hhe
and any governmentat authorities
Repubtic
or rrance
;.;;;; j;;;i.;;r",
and responsibrity for the provision, management
or regurarion or rhe-terms, conJntns
and isslranc€ of export credits in or for the
Republic o, ,_r".'i"",'"i,rg,
rr,,
such entities to whom authority rn rgspect
ot exlensron or
financing.manerc have been detegaled
"aaini"r,rrio', "i "ro"n
inctuding CoFACE an;
Activites lnstitutionnellos.
,#
r;il;;;;;:".
12
Governmental Authority means any agency, authorily, central bank, court, departmenl,
governmcnl, legjslature, minlslcr, nr:n:siry, officlal or public person (whether autonomous or
not and wheiher or nol localor regional) of, or of the government of, any slate or suprrnatlonal
organisation.
lnter$t Paynent Date has, in respect of each Facilily Agreement, the meaning assigned 10
such term in such FacilityAgreement.
lnterast Psriod has, in respect of each Facility Agre€m€nt, tho meaning assign€d to such
lerm in such Facility Agreement
lnteeolat€d Scroen Rale means, in relation to EURIBOR for any Loan, the rate which rcsulls
'rom interpoiating on a lineaa basis between:
(a)
lhe applicable Screen Rate for the iongest period (for which lhat Screen Rale is
available)which is less than ihe lnterest Period of that Loan; and
(b)
lhe applicable Screen Rale for the shortest period (for lvhich that Screen Rate is
avarlable) which exceeds the lnleresl Period oflhat Loan,
each as of 11:OO a.m- on the Quotation Day for the cunency of that Loan-
Lender means
(a)
(b)
the Original Lender: and
any bank, financial instrlution, trusi, fund or other enlity whlch has become a Party as
a Lender in accordance with Clause'17 (Changes to lhe Lenders),
which rn each case has nol ceased to be a Lender in accordance wilh the terms of this
Agreement.
Loan means a loan made or to be made under any Facility or lhe principal amolnt
outslanding for ths lime boing of that loan.
Majority Lendel. means in connection with any Facllity, a Lender or Lenders whose
parlicrpalion (drawn and undrawn) aggregale more lhar. 661/to/o of the relevant Tolal
Commilmenls (or, if such Total Commitrnents have been reduced to zero, aggregaled more
lhm 66t/% oftho TohlCornmitmont( imntodialoly ilor l0 tf,trodttdiott).
Mandated L6ad &tangsr shatl have the meaning given to il in lhe preamble hereto.
Itargin means lhe margin relatino to each Facility, as des.rihed in lhe relevenl Facilily
Agreemenl.
Materlal AdveBo Effsct means a matedal adv€6e otrect oni
(a)
lhe politica,, commerciat, llnancial and egonomic condjtions in the tenitory of the
Borrower, including its balance of payments and the Bonow€r's Public Extemal
lndebtedness;or
(b)
the abiliiy of the Bonower to pertorm or comply with any oI its obligatjons under any
Finance Document; or
13
(c)
the validjly, legality or enforceabiltly ol any Transaclion Documenl
rc edics ofany Financc parly Ihercunder.
fi the righls or
Original COFACE Lende.A shallhave Ihe meaning given lo il in the preambte herelo
OriginalCOFACE Londer B shall have Ihe meaning given to it in the preamble herelo.
Original Commerctat Lender A shalt have lhe meaning given lo it in lhe preamble herclo.
Oiginal Commercial Lender B shall have the meaning given lo it in lhe preambte herelo.
Original Londer shall mean SOCIETE GENEMLE in its capacity as, co ectivety,
COFACE Lender A, Origjnat COFACE Lender B, Orjginal Commercjat Lender
Originat
A and O ginat
Commercial Lender B and individuallyin anyofsuch capacilies.
Parly means a party lo lhis Agreemenl.
Person shall have lhe rneaning given to it in Clause 13.13.
Purchase Contract A sha,l have the meaning given lo it in the preamble
hereto.
Purchase Contract B shall have lhe meantng given to it In the preamble
herelo.
Purchase Contiacts means collectively the purchaso Conhact A
and the purchase Contract
8, and individuallyany oflhe purchase Conlracts.
Qualifying Lender has the meaning given Io that term in Clause I
lndemnities).
ffax Gross-Up and
Quoiation Day means in respect of each Facility, in relation to any period for wfiich an
inleresl rate is lo be determined, lwo TARGET Days before lhe firsl day of lhat period
untess
market praclice differs in lhe European inlerbank market for Euro, in which case
lhe euolation
Day will be delemined, as epplicable by the Agent in accordance wjth markel practice
in the
European interbank ma*et for Euro (and it quotations would normally be
Oiven by teadrng
banks in lh6 EuroF,€Atrl
erbank maaket for Euro on moro. Ulan ono day, the Ouotation Oay
will be the,asl of those days).
i
Rsforence Bank Rate means the arithmellc mean ol the rates (rounded
upwards to three
decimal places) as supplied to lhe Agent at ils request by the Reference
Banks as the rale er
whlch lhe relevant Reference Bank could bonow funds in the Europeah
inlorbank markel in
euro and for the releyant pedod, rvere it to do 5o by asking
ror and lhen accepting interbank
offers for deposits in reasonable markel size in euro and for thal pe.iod.
Refaronce Eanls mcans tho princjpal officr in paris of Dculsche Bank
or garclays (ln each
case) or such other tirst class bank as may be appointed by the Agent
in consultation wrttt
thg Borrower.
Relat.d Fund in relati,.n
tb a fund (the Arst Fuhd), means a fund whici is managed or
advised by the same inv.strnent ftanager or investment adviser as
tho First Fund or, i, it is
maneged by a diffeaenl investment manager or inveslmenl advjs6r,
a fund whose investment
hanager or investment advis€r js an Affiliat€ of lhe investmenl manager
or invostment adviser
ofthe First Fund,
Representatlva means eny delegate, agent, manager, adminishator,
trustee or custodlan.
nominee, aflorney,
14
Risk Mitigant lnstrument A means a comprehensive risk miligant instrument covering the
risk denved from the Commercial Facility A extended by the Rrsk Mitigant Provider on teros
and condjtions satisfactory Io Commercial Lenderc A.
Risk Mitigant tnslrument I means a comprehensive risk mitigant instrument covering the
risks derived from the Commercial Facility B extended by the Risk Miligant Provider on terms
and conditions satisfactoryto Commercial Lenders B.
Risk Mitigant lnstruments means colleclively the Risk Mitigant lnstrument A and the Risk
Mltigant lnslrument g, and individually any ofthe Risk Mitigant Instruments.
Risk Mitigant P,ovld€r means a risk mitiganl provider covering lhe Iisks derived from lhe
Commercjal Facilily A orthe Commercial Facility I pursuant to the Risk Mitiganl lnstrumenls.
Sanctioned Country shall have the meaning given to it in Clause 13 13.
Sanctloned Person shall have the meaning given to it in Clause 13.13.
Sanctions means any economic or finencial sanclions, trade embargoes or similar measures
enacled. adminislered or enforced by any of Ihe following (or by any agency of any of the
fo,lowing):
(a)
lhe uniled Nations;
(b)
the United Stales ofAmerica;
(c)
the European Union or any paesent or future member state th€reof; or
(d)
any other retevant now sanctions authority having iurisdiction in the European Union
or the Uniled States of America.
Scrssn Ral. means in relation to EURIBOR the eoro interbank ofrered aate adminislered by
lhe European Monoy Markets lnstitute (or any olher p€r6on lvhich takes over the
administration of thal rate) for the relevant period displayed on page EURIBORoI of the
Thomson Reutors screen (or any roplac€msnt Thomson ReuteE page which displays that
rale).
Security means a mortgage, charge, pledge, lien or other security interest securing any
obligation of any person or any other agreement or arrangemenl having a similar effecl
s€llors means collectively the Seller A and lh€ Seller B and individuallyany oflhe SellersS€llor A shall have the meaning given to lt in the preamble hercto.
Seller B shall have the merning given to it in the preamble hereto.
Signing Oate means the date of this Agreement.
TARGET2 means the Trans-Europoan Aotomated Realtime Gross Settlement Exprcss
launched on
Transfer payment system which utilisos a single shared platform and which was
19 November2OOT,
15
TARGET Day means a day on which TARGET2 is open for the
sefllemenl of payments in
Tax means any tax, lery, ifilpost, duly or other charge or withholding of a
(including any penalty or interest payable in conneclion with
sjmjlar nalure
any failure k pay or any detay in
palng any oflhe seme) imposed bya Governmenlal Authorily.
Total Conmltmentg shall have, in respecl of each Facilily Agreement, Ihe meaning
assrgned
to such lerm in such Faciljty Agreement.
TIansaction Oocuments means:
(a)
the Finance Dodhenls;
(b)
the PurchEse Contracls;
(c)
lhe CoFACE Insurance policies;
(d)
the Risk Mitigant tnstruments.
Transfer Agreement means an agreement substantjally in he form
(Form of Transfer Agreernenl) or any other form agreed
assignee.
set oul jn Schedule 2
between lhe relevant assignor and
T.ansfer Date means, in relation lo an assignment or a tansfer,lhe
laler of:
(a)
(b)
Agreement; and
the proposed Transfer Date specified in the relevanl Transfer
lhe date on whjch the Agent execotes lhe relevant TransferAgieemenl.
Unpaid Sum means any 6um due and pafabls but unpaid by the Bonow8r
Documenls,
under the Finance
Utilisatlon moans a Loan.
Utillsatlon Dat6 means the date of a Utitisation, being the date on which the
to be made.
1.2
retevanl Loan ts
Constructlon
(a)
Unless a @ntrary indic€tjon appears, a reference in this Agreeme
and in each
Facilily Agreement to:
(i)
(ii)
any Finance party, lho Bofiower or a y other persdn 6hall bE construed
so as
lo lndude lb successors in tille, permifled assigns and permiflod
transforoes;
a document in agreed form is a document whjch is prevlously
agreed in !;[hg
by or on beha[ of the Bonower and th€ Agent oi, tf not
so alieeo, is ;n un
form specified by the Agent;
(iiD a Fihanc€ Document or a Transaction Document or Eny oth6r agreement or
instrumenl is a refer€nc€ to that Finance Oocument
or TonSaotioi
or oth€r agreement or insbument as ameniled, novated, Oocument
replac€d,
supplemonled, extended or roslated (in each c€se, an
amendmentor waivea);
16
(ivl
a person incluoes any individual, fiI|,lr, company, corporation, governrnenl,
state or agency of a state or any association, irust, ioini venture, consortium,
parlnership or other entily (whelheror nol having separale legal personality);
(v)
a regulation includes any regulation, rule, official dkective, request or guideline
([irether or not having tho torce oI law) of any govemmenlal,
inle.govemmental or supranational body, agency, department or of any
regulatory, self-regulatory or other authority or organisaton;
(vi) a provision oflaw is a reference lo lhat provision as amended o. re-enacted:
(vil) lhesingular shall include the pluraland vice versa;and
(viii) a lime of day is a reference to Paris tme.
1.3
(b)
Section. Clause and Schedulo headings are foreaso of rcference only.
(c)
Unless a contrary indicaUon appears, a term used in any olher Finance Document or
in any notice given under or in connection wth any Finance Document has lhe same
meaning in that FirEnce Documenl or notc€ as in this Agreement.
(d)
The term EonoB€r shall be construed as Georgia as a legal entity whatever lhe
minisfy, agency or governmenlal body il is acting lhrough (includi.g as Buyer under
the Purciase Conlracts).
(e)
A CTA Default or a CTA Event of Default is continuing if ii has not been remedied or
(f)
A Facilily Default or a Facility Event of Delault is continuing ff it has not been remedied
acknowladoomont
Tho Eonow€r acknowledges and @nfirms:
(a)
receipl ofa copy ofeach of the Finance Documents then in effecl;
(b)
lhat no Finance Party is responsible to it for:
(i)
lh8 execution (other than by lhal Financo Party), genuineness' t'dlidity'
erforceability or suficiency of any Finance Ooqlment or the Purchase
Contracts;
(ii)
(iiD
Documenl or lhe
the collectability of amounts pa)€blo under any Financ€
Arrchase Contacls; ol
made in connection
the accuracy of any statemenls (whelher wrilten or oral)
any pcrcon olhor
with any finance Document or thc Purchasc Contmctg by
than that Finance Party.
2.
THE FACILITIES
sel forth in each Facillty Agreement' as
Pursuant lo and subject to the terms and condilions
the relevant Lenders
,o the terms and conditions of this Agreement'
r"J
"rqJ,t, to the gonower c€rtain lerm loan faciliti€s' each in an sggregate
"rri-i*a."t" "r"ilrb]"
"[""
amounl equallo the relevant Total Commitrnenls'
17
PURPOSE
the Borower shall apply all aftounts borrowed by it under each Facility jn accordance wilh
lhe lerms ofthe Facility Agreement puBuant to which lhe relevant Faciljtt is
made availabte to
lhe Bono\4€r.
CONDITIONS OF UTILISATION
The obiigation of the Lende.s to make the firsl Utilisation under each Facility
lo receipl by the Agent:
(i)
shall be subject
of the documents and other evidence listed in Schedu,e 1 (Common Conditions
Precedenl) in form and substance satjsfactory to lhe Agenl; end
(ii)
of the documents and other evidence listed as conditions precedent in
lhe Facitity
Agreement retating lo lhe Facility under Mich an Utilisation is to be made
VOLUNTARY PREPAYMENT ANO CANCELLATION
Volt nla prepavment
5.1
The Borrower may, if it gjves the Agent nol less lhan 25 Business
Days, (or such shorler
period as lhe Majorily L€nders under lhe relevant
Facilities may agree; prioi no ce, prepay
or any parl of any Loans (but, if in part, being a ,in,rr.
!:_991e
EUR 5,000,000)
subjeclo the condjtion that the prepayment date;s not witnin rne "ro-rn,
Period ot the relevant Faciljly.
o,
avaitaoirity
lf the Bo'ow€r is wiling lo prepay lhe Loans made
avairabre under the coFAcE Facir y A
andlor the comme.ciar Facirity A, vorunrary prepayments
of such Loans shal be made at rhe
option o, lhe Borower
(i)
(ii)
on a pro raia basis across the COFACE FacitityA
and the Comm€rcial Facility A, or
h the forrowing order of priority: by prepaymenr of
Ihe Loan made avairabre under rhe
commerciar Facirily A first and rhen by prepayment
ofth6 Loans made avairabre uncrsr
th€ COFACE Facjlny A.
lf the Eorrower is willing lo prepay the Loans
made available under the COFACE Faciljty
B
and/or rh€ commerciar Facirrry B, vorunrary
propayments of such Loans
shal
be
made
ar
Ihe
oplion of the Bofiol/vEr:
(i)
(i,
on a pro lata basis across the COFACE
Facitity g and the Commercjal Faciljiy
i_lhe folowilg oroer of priorily: by prepayment
Uommercial Facrlty B ffst and lhen
the coFACE Facrlrry
B
B, or
or the Loan made avaitable Jnder
lhe
bv P'Epdyment
oreoa
" -'_''w" e'
of the Loans made available und€r
18
5.2
Rioht otcancellation and reDavment in relation lo a sinole Lender
(a)
ll afterlhe end of the Availability Peraod ol any Facility:
(i)
any sum payable lo any Lender by ihe Borower is reqoired to be increased
under paragEph (c) of Clause 8.2 (Tax gross_up); or
(ii)
any Lender claims indemnitication from the Eorower under Clause 8.3 (Tax
indemnily) or Clause 9.1 (lnc-reased cosls),
the Borower may, whilst the circumstance giving rise to the requirement for that
insease or indemnirication continues, give the Agent notice (if such circumstiances
relale lo a Lender) of cancellation ot lhe commitrnent of that Lender an the Total
Commilmer s under such Facilities and its inlention to procure the repaymenl ot that
Lendeis participation in the relevant Ulilisaljons.
(a)
On receipl of a nolice refened to ln paragaaph (a) in relation to a Lender, lhe
commilment of that Lender in the Total Commitmentrs under the relevant Facilities
shall immediately be r€duced to zero.
(b)
has
On the last day of each relevanl lnterest Period which ends after the Eorrower
given notice under paragraph (a) in relation to a Lender (or, if eadier, the dale
specified by lhe Borower in that notice), the Borower shall repay lhal Lender's
participation in that Uli,isation togelher with all interest and other amounts accrued
under the Finance Documents.
6.
MANDATORY PREPAYMENT - SAI.ICTIONS
lflhe Bofiowe. is or becomes a Sanclioned Person:
(a)
(b)
any Lender may prompdy notify the Agenl upon t'ecoming aware of lhat evenl;
if lhe relevant Londea so specifies in its notice or any subsequent notice' lhe
be
commitment of thal Lender in he Total Commitments ol any Facility will
immodiatslY cancelled; and
(c)
notico' the Bonower
if lhe relovant Lender so specifies in ils notic€ or any subsgquenl
lhe Eorower on ihe
shall repay thal Lende/s paflicipation in the utilisatbns made lo
the
Agent has ootified
aller
lasl day ofthe lnterest Period for each Ulilsalion occuniDg
the date specifled by the Lender in ihe nolice deltuered to
ths Bonower or, if oarlier,
grace period permitted
lho Aoent (being no earlier than the last day of any applicable
shall be
by lawl anO the commitment of that Lende' in the Total Commilmenls
cancelled in lhe amount of ihg padicjpat'ons repaid'
7.
FEES
7.1
CoFACE Facililv A
7,1.1 Commitrnent teo
(a)
oI each-COFACE Lender A) a
The Eorrower shalt pay to the Agenl (for the account
Available Commitment rehtlng to
fee computed at the rate ot O-45yo per annum on the
tes paid to tho Agent
he COFACE Facility A' ln all circumstances' any commitmonl
paid and is nol refundable
(tor tne account of eactr COFACE Lender A) is definitively
(except in case of manifest enor)'
19
(b)
The commilmenl fee eccrlles on a daily basjs from the
Effective Date on the daily
undrawn and uncanccljcd Total Commitments of the COFACE
Facility A unlil lhe end
ol the Availabitjty period of lhe COFACE Facility A (on the acluat
elapsed, including lhe first and exclLlding the last days o, the period
days), and the accrued commitmenlfee is payable:
(i)
number of days
and a year of 360
on tho last day of each successivs p€riod of 6ix months from the Effective
Oale and for the first time, on the earlier of (x) the first lnter€st payment
Date
and (y) lhe date falling six months after the Effective Date,
then
(ii) on each tnteresl paymenl Date of the COFACE FacilityA, then
(iii) on Ihe tast dayofthe Avaitabitily period o,lhe COFACE FacitityA, and
(iv) at the lime a cance ation is efeclive (the commilment fee b€jng catculated on
the cancelled amount of the Totat Commitrnents of the
that time).
COFACE Facitity A at
7.1.2 ArrangE nent foe
The Borower shall pay the Agent (for lhe account of
lhe Mandated Lead Arrange4 an
0.95% oflhe Totat Commitmenls of
the COFACE FacilityA). Such ar.angement fee shali be;aid
on tho Effective D;.
afiangement fee that amounts to EUR 454,435.60 (being
ln all circumslanc€s, any arrangement fee paid to th6
Agent (for the account of the Mandaled
Lead A,anger) is definitrvejy paid and is not refundabre (except
7.2
in case ofmanifest error).
GOFACE Facfiitv B
7.2.i Commitmont fee
(a)
The Borrower sha pay to the Agent (for the account of
each COFACE Lender B) a
fee coftpuled at lhe rate of 0.45% per annum on the
Available Commilment retalk['fo
ihe COFACE Facitity B. tn a[ circumsiances, any commitmenl
fee paid to the Ag;nt
(for Ihe accouot of each COFACE Lender B)
is dellnitively paid and is not ,etunaiOie
(ercept in case of manifest error).
(b)
The commilment fee accRres on a daily basis from
the Effective Dale on the daily
und.awn and uncencelled Total Commlhenb
of th6 COFACE Facitjty unlil the ;r1;
of the Availabitity period of lhe COFACE Facitity
A
I
elapsed, including the tirst ond excluding the tast
fon tt" ,"turr nr;";;i-d"y,
days o[ [rc periorj and
days), and the accrued commilrnenl fee is payabte:
(i)
(ii)
(iii)
"
yoaoGo
on tle last day of each successive period o, six
months from lhe Efrective
Date and for the firsl time, on the earlier of (x_)
the first lnterest eayne-nt-iaJ
and (y) the date falling six monlhs afler
lhe Effective Date. then
on each tnterest pa)rnent Date ofthe COFACE
on lhe tast day ofthe Availabitity period
Facility B, then
ofthe COFACE Faciljty B, and
(iv) al lhe time a cancellation is effectiv€ (lhe coftmilrnent
the cancc ed amount of the Total
rhat
flme).
fee being calculatod on
Cc)mmiirnents of the coFAcE Facility
I at
20
7.2,2 Arrangement {ee
The Borower shall pay lhe Agenl (for the accounl of the Mandated Lead ArranOer) an
arangement fee thal amounts to EUR 216,154.11 (being 0.950/0 of the Tolal Commitments of
lhe COFACE Facilily B). Such arrangementlee shallbe paid on lhe Effectiv€ Dale.
ln all circumstanc€s, any anangement fee paid to the Agent (Ior lhe accounl of the Mandated
Lead Arange4 is definitively paid and ls nol.efundable (except in case of manlfest eror).
7.3
Commerclal Facllltv A
7.3.1 Commitmenl foe
(a)
The Eorower shall pay to the Agent (for the accounl of each Commercial Lender A) a
fee computed al the rale of 0.88o/o per annum on the Available Commitrnenl relating lo
the Commercial Facility A. ln all circumslancos, any commilment fee paid lo th€ Agenl
(for lhe accounl of each Commercial Lender A) is definitively paid and is nol
refundable (excepl in case ofmanrfest error).
(b)
The cgmmitment fee accrues on a daily basis from lhe Effective Date on the daily
undrawn and uncanceiled Total Comrnitmonls of the Comm€rcial Facility A until the
end of the Availability Period of the Commerclal Facility A (on the actual number of
days elapsed, including the fllsl and excluding the last days of lhe pe od and a year
of 360 dals), and lhe accrued commilmenl foo is payable on the date falling six
months after the Signing Date.
7.3.2 Arrangement fe€
The Borrower shall pay the Agent (for the account of the Mandaled Lead Arranged an
arangemont foe lhat amounls lo EUR 120,292.60 (being 1.45% of the Total Commitments of
the Commercial Facility A). Such arrangement fee shall be paid on the Effeclive Oate.
ln all cjrcumslances, any ai-angement fee paid to the Agenl (for the account of the Mandated
Lead Arranger) is definilively paid and is not refundablo (except in case of manifesteror).
7.4
Commorcial Facilitv B
7.4.,l Commitmcnt f.c
(a)
The Borrower shall pay to the Agenl (for lhe account of each Commercial Lender B) a
tee computed 6t the rate of 0.88% per annum on lhe Avajlable Commitment rGlallng to
Ihe Comm€rcial Facility 8. ln all circumstances, any commjtrnent fee paid to tho Agent
(for the account of each Commercial Lendor B) is definilively paid and is not
refundable (except in case ofmanifesl enor).
(b)
The commilment fee a@rues on a daily basis from the EffecUve Date on lhe daity
undEwn and uncancelled Total Commitmenls of the Commercial Facility B until the
end of lhe Availability Period of the Commercial Facility B {on the actual number of
days elapsed, including the first and excludjng lhe lasl days of lhe period and a year
ot 360 days), and the accrued cornrnjtment fee is payable on lhe dato falling six
months after the Signing Oate.
21
7.4.2 Arrangement fee
The Eorrower shall pay the Agent (for the account of the Mandated Lead Arrange4 an
arangement fee lhat amounls lo EUR 57,092.35 (belng 1.45% of the Total Commitments of
the Commercial Facility 8). Such arrangementfee shall be paid on lhe Effective Date.
ln all circlmstances, any anangemeni fee paid lo the Agent (for the account oI the Mandaled
Lead Ananqer) is definitively paid and is not refundable (excepl in csso of manifest errc0.
TAX GROSS UP ANO INOEMNITIES
8.1
Definitions
ln lhis Agreement:
Protected Pady means a Finance Party which is or will be subjecl to any liability or aequired
to make any payment for or on account of Tax in relalion lo a slm received or receivable (or
any sum deemed for lhe purposes ol Tax to be received or receivable) under a Finance
Document
Qualifylng Lend6r means a Lenderwhich:
(i)
tufils the condilions imposed by Georgian law ln order for e payment under the
Finance Documents not to be subject to (or as lhg case may be, to be exempl from)
any Tax Deduction;or
(ii)
is a Treaty Lender.
Ta:( Cradit means a credit against, reliefor remission for, orrcpayment of, any Tax.
Tar Deductlon means a deduction or withholdlng for or on account of Tax iom a payrnent
under a Finance Document otherthan a FATCA Deducilon.
Tar Payment means eilher the iocrease in a payment made by lhe Eorro!!€r to a Finance
Party under Clause 8.2 ffax gross-up) or a paymenl under Clause 8-3 (Tar indomnity).
Troaly Londer means a Londerwhich:
(i)
is treated as a resident of a lrealy State for the Flrposes ot the Treaty;
(ii)
does not cany on buslness ln Georgia lhrough a permanenl establishment with whlch
that Lender's particlpation ln a Loan is effectively4onnected;
(iii) is acting from a Faollity Ofiioe siluated in its iurlsdrctlon of incorporaiion; and
(lv) fulfils any olher conditions which mlst be tufilled under the Treaty by resid€nb of the
Treaty State for such-rosidenis lo obtain exemption from Tax imposed on interesl by
Georgia, subject to the cofipletion of any necessaly procedural formalitiGsTroaty State means a judsdiction having a double taxation agreement with Georgia (the
Treaty), w+lich makes provision for full exempiion from Tax imposed by Geoagia on interesi
payments.
22
Unless a contrary indicalion appears, in ihis Cla!se 8, a reference Io determines or
delermined means a determinalion made in lhe absolute discrelion of the person making the
delermination.
Tax orcss.uo
4.2
(a)
The Eonower shall make all payments to be made by it without any Tax Deduclion,
unless a Tax Deduction is required by law.
{b)
The Borrowe. shall promptly upon becoming aware that it must make a Tax Deduction
(or lhat the.e as any change in lhe rate or lhe basis of a Tax Deduction) notify the
Agent accordingly. Simila y, a Lender sha,l notify the Ag€nt on be\coming so aware in
respect of a paymenl pa,€ble lo that Lender. lf the Agent receives such notjfication
from a Lender it shall nolify the Borrower.
(c)
Subject to the provisions of Clause 17.2.(e), if a Tax Deduction is required by law
applicabJe in Georgia (or arising from any law or regulalion €nacted by Georgia or
from any interhational tax ireaty entered into by Georgia) to be made by lhe Borrower,
the amounl of lhe payment due from the Borlower shall be lncreased to an amount
which (after making any Tax Deduction) leaves an amount oqual lo the payment
which would have been due if no Tax Deduction had been requjred.
(d)
A pa)"nent shall nol be increased Lrnder Flalagraph (c) above by reason of a Tax
Deduction on ac@unt of Tax imposed by Georgia, if on the dale on which the
Pa)T nent lalls due:
-
tO
the pafnenl could have been made to the relovant Lender without a Tax
Deduction if iho Lender had been a Qualifying Lender, but on that date that
Lender is nol or has ceased to be a Qualifying Lender otherthan as a result of
any change after the dale it became a Lender under this Agreement and the
relevant Facility Agreement in (or in lhe inlerpretation, administration, o.
applic€tion o0 any law or double laxation agreemenl, or any published
practice or published concession orany aelevant taxing authority;or
(ii)
lhe relevant Lender is a Trealy Lender and the Bonower is able io
'
I "
demonstrale lhal lhe payment could havg been made lo the Lender wilhoul
lhe Tax Deduclion had lhat Lendo. complied with its obligations under
paragraph (g) below.
(e)
lf the Borowsr rs requirod to make a Tar Deduction, tho Borrower shall make that Tax
Oeduction and any paynenl required in connectlon with that Tax Deduction within th€
time allowed and in the mioimum amount required by law
(f)
Within 30 days of making either a Tax Huction or any payment required rn
connection wjlh lhat Tax Deduction, the Bonower making that Tax Oeduclion shall
deliver to the Agent fot the Finance Party entilled lo the paymenl evidence reasonably
satisfactory to lhat Finance Party hat the Tax Oeduction has been made or (as
applicabie) anyappropriate payment paid tothe aelevant taxing authori(y-
(9)
A Treaty Lender and the Eorrower vlhich makes a paymenl to which lhat Treaty
Lender is entitled shall co_operate in completing any proceduaal formalitios necessary
for the Borrower to obtain authorisation to make lhat payment without a Tax
Deduclion.
23
Tax indemnitv
(a)
Subject to lhe provlsions of Clause 17.2.(e), lhe Borrower shall promptly upon
demand by the Agent pay to a Prolecled Party an amount equal to the loss, liability or
cost vl,hich lhat Protected Parly determines will be or has been (dkecily or indirectly)
suffered for or on account of Tax applicable in Georgia (or arising from any law or
regulalion enacted by Georgia or from any intemational tax lreaty enlered into by
Geoagia) by thal Prolecled Party in respect of a Finance Document.
(b)
Paragraph (a) shal, not apply:
(i)
with respect to anyTax assessed on a Finance Party:
(A)
under the law of the iurisdiction jn which that Finance Parly is
incorporated or, if different, the jurisdiction in which lhat Finance Parly
is trealed as residentfor Iax purposes; or
(B)
under lhe law of lhe jurisdiction in which thal Financo Parlys Facility
Office is located in respecl of amounls received or receivable in thal
lurisdiclion,
if thal Tax is imposed on or c€lculaled by reference (o the net income r€ceived
or receivable (but nol any sum deefied to be received or aeceivable) by that
Finance Party; or
(ii)
(iii)
(c)
wilh respect to a FATCA Deduclion required to be made by a Part\4 or
to the extenl a loss, liability or cosl is @mpensal€d for by an incroased
pay,nent under Clause 8.2 (Tax gross-up).
A Protecled Party makjng, or intending to make a claim und6r paragraph (a) sha[
promptly notify th€ Agenl of the event which wl,l give, or has gtvon, rise to the ctaim,
following w+rich the Agenl shall nol,fy th€ Borot,ier.
(d)
8.4
A Protected Party shall, on receiving a paytnenl from the Eonower under lhis Clause
8.3 (Tax indEFyrity), ,o!:ry the Agent.
Tax Credlt
lf ihe Sonower makes a Tax Paynent and lhe relevant Financ€ Party dotermines thati
(a)
(b)
a Tax Credlt ls attrlbutable elther to an lncr6a96d psyne,rt of wtrich [rBt Tax payrrrcrL
forms part, lo that Tax Payment or 1o a Tax Deducljon in consequenco of whjch thal
Tax Payrnent was required;and
thar Finance Party has obtained utitised and .etained that Tax Credit,
lhe Finance Party shall pay an amount to Ihe Eonower which that Fanance parly determines
will leave it (after that paymeht) in the same after-Tax position as it ltroutd h6ve been in had
the Tax Payment nol be€ri requirbd to bo made by th6 BdrtoU/er.
Nolhing herein contained shalt anierfere w]th the right of each Finance paaty (and therr
respeclive Afflliates) to anange Iheir lax affairs in whatever manner it lhinks fil and each
Finance Party shall have full discreton as lo whether to daim any Tax Credit. No Financc
Parly shall be obliged to disclose any information to Ihe Borrower or any other pafiy regard ng
ils lax afahs and compulations.
24
8.5
Lenderstatusconfirmation
(a)
Each Lendcr vr'hich becomes a Party lo this Agreement and to the relevant Facility
Agreement after the dale of lhis Agreement shall indicate, in the Transfer Agreement
which it exocutes on becoming a Parly, and for tho benefil of the Agent and wilhoul
liabilityto the Borrower, which of thelollowing categories it falls in:
(i)
(ii)
(ii0
(b)
not a Qualifying Lender;
a Oualifying Lender (olher than a Treaty Lende.); or
a Treaty Lender.
lfa new Lenderfails to indicate its slatus in accordance wilh this Clause 8.5lhen such
new Lende. shall be lreated for tho purposes of this Agreement (iflcluding by the
Eorrower) as if il is nol a Oualifying Lender unlil such lime as il notifies the Agent
which category applies (and lhe Agenl, upon receipt of such notification, shall inform
the Eorrower). For the avoidanc€ of doubl, a Transfer Agreement shall not be
invalidaisd by any failure of a Lenderlo comply with this Claus€ 8.5.
8.6
Stamglaxos
The Borrower shall pay and, promptiy upon demand and provision of supporling
documenlatjon, indemnify the Agenl againsl any cost, loss or liability incurred in relation lo all
stamp duty, registaalion and other similar Taxes applicable in Georgia (or arising from any law
or regulation enacled by Georcia or from any intemational tax treaty entered into by Georgia)
pafable in respect ol any Finance Document
8.7
VAT
(a)
All amounts set oul or exorcssed jn a Finance Document to be payable by any Party
to a Finance Party which (in whole or in pari) constilute the consideration for a supply
or supplies tor VAT purposes shall be deemed to be exclusive of any VAT which is
paragraph (b), if
chargeable on such supply or slrpplies, and accordirgly, subject to
Finance
Party
lo any Pady
VAT is or becomes chargeable on any supply mad€ by any
under a Finance Document, that Party shall pay to the Finance Party (in addltion to
and at the same time as payrng any olher consideration for such supply) an amouni
prompty provide an
equal to the amounl of such VAT (and such Finance Party shall
aDDrop ale VAT invoice {o such Par{v)
(b)
It VAT is or becomes chargeable on any supply rnade by any Financa Pady (the
Suppllor) to any oth€r Finance Pady (the Rcclplent) under a Flnance Document, and
any Party other than lhe Recipient (the Rol3vant Party) is required by lhe lems of
any Finance Oocument to pay an amount equal to the consideration for ihat supply to
the Supplier (rather than being required to reimburse or indemnity the Recipienl n
respoct of lhat consideralio n ):
{i)
(whers the Supplier rs lhe p€rson required lo account lo the relevant tax
authority for the VAT) the Relevant Party must also pay to th€ Supplier (at the
same time as paying lhat amount) an additional amount equal to the amounl of
the VAT. The Reclpient must (where lhis paragraph (i) applies) promptly pay to
the Relevant Parly an amount equal to any credil or repayment the Recipient
receives from the relevanl lax authorily whrch the Recipient reasonably
determlnes relates to the VAT chargeabl€ on that supply;
25
(i)
(where lhe Recipienl ls the person required to account to lhe relevant lax
aulhorily for ihe VAT) the Relevant Pariy fiusl prompUy, following demand from
lhe Recipient, pay to the Recipienl an amount equal to the VAT chargeable on
lhal supply but only to the extent lhat the Recipienl reasonably delermines lhal
it is not enlilled to credit or repayneot from lhe relevant tax althoity in rcspect
of that VAT;
The Parties acknoldedge lhat the prcvisions of this paragraph {b) shall nol apply to
the Borrower as Relevant Party if the VAT is not due in respect of a law or regulalion
applicable in Georgia (or arising from any law or regulation enacled by Georgia or
from any lnternalional tax treaty enlered inlo by Georgia).
(c)
(d)
Where a Finance Document requires any P6rty to reimbuNe or indemnify a Finance
Party for any cost or expense, that Party shall reimburse or lndemnify (as the case
may be) such Finance Pady for lhe full amounl of su6h cost of expense, includ ng
such part lhereof as represents VAT, save to lhe exlent that such Finance Parly
rcasonably determines thal il is enliUed lo credil or repayment in respecl of such VAI
from lhe relevanl lax authority.
ln relation to any supply made by a Finance Party lo any Parly under a Finance
Documeni, lf reasonably requested by such Finance Pafty, lhat Party must prornptly
provide such Finance Party wjth details of that Party's VAT regislration and such other
informalion as is reasonably req{resled in connection with such Flnance party's VAT
reporting requirements in retation to such supply.
8.8
FATCA informallon
(a)
Subject to paragraph (c) below, each Finance party shalj, within ten gusiness Days of
a reasonable request by anolher Finance Parly:
(i)
confirm to thal olher Finance partywhelher it is a FATCA Exempt party or not
a FATCA Exempt Parly;
(ii)
supply lo thal olher Finance Parly such forms, doclmentation and olher
jnrormation relating to its stalus under FATCA as
parly
lhat olher Fjnance
rcasonably requests for the purposes of that other Finance partys compliance
with FATCA; and
(iii) supply lo lhal olh", Einarrce Parly such fonrre, d6cuil0nt {i6i aid 0th0t
informalion relaling to iis status as that other Finance party reasonabty
requesls for lhe purposes of that other Finance partfs compliance wlh any
other law, regulation, or exchange of informalion regime.
(b)
It a Finance Party confirms to another Flnance Party pursuanl to paragraph (a)(i)
above thal it is a FATCA Exempt Pady and it subsequenlly becomes aware Ihat it is
not or has ceased to be a FATCA Exempt Party, that Finance party shall nolify that
other Finance Paaty aeasonabty prompily.
(c)
Paragraph (a) above shall not oblige any Finance Pa(y to do anything, and parag€ph
(axiii) above shall not obllge any other Finance Party to do anything, which wouid or
might in its reasonable opinion constitute a brcach of:
(i)
any lawor reoulation;
26
(ii)
any fiduciary duly; or
(iii)
any duty of conridentiality.
(d)
lf a Finance Party fails lo confim whelher or not it is a FATCA Exempt Party or to
supply forms, documenlation or other information requested in accordance with
paragraph (a)(i) or (axii) above (including, for the avoidaoce of doubt, where
pa,avaph (cl above applies), then such Finance Party shall b€ feated for lhe
puposes of the Finance Documents (and payments under them) as if il is not a
FATCA Exempt Party until such time as the Finance Pady in queslion provides lhe
requested confirmalion, forms, documenlation or other infomation.
(e)
The Origjnal Lender and each New Lender under Clause 17 (Changes lo he Lenders)
shall:
(D
on the date ofthis Agreement (rvith regard to the Original Lender only);
(iD
on lhe relevant Transfer Date (with regard to the relevant New Lender only);
or
(iiD
on lhe dale of a requesl from the Agent,
supply to the Agent:
(f)
(A)
a withholding certificate on Form W{, Form W-9 or any other relevant form
certifying its stalus as a FATCA Exempt Party; or
(B)
any withholding staloment or other documenl, authorisalion or waiver as lhg
Agent may require to certify or establish ils status as a FATCA Exempt Parly.
lf any withholding c€rlitlcate, withholding statement, documenl aulhotisalion or waiver
provided to the Agenl by a Lender pursuant to paragraph (o) above as or becomes
malerially inaocurala or inoomplete, lhat Lendor shall promptly updato it and provide
such updated withholding cedmcate, 'rithholding statoment, documenl, authorisalion
or waiver to the Agent unless it is unlaMul for lhe Lender lo do so (in \i+lich case lhe
Lender shall promptly notify the Agent).
(s)
The Agenl may rsly on sny wilhholding cerlificotc, wjlhholding statement, documonl,
aulhorisation or waiver it receives from a Lender pursuart to paragraph (e) or (0
above withoul further veriricalion. The Agenl shall not be liable for any action laken by
il under or ln coflnection with paragraph (e) or (0 above.
(h)
8.9
lf a Lendor subsequenlly becomes aware thal it has ceasod to be a FATCA Exempt
Party, that Lender shall immediately notify the Agent and the Agent shall notify the
olher Finan@ Parties.
FATCA Deduclion
(a)
Each Finance Party may make any FATCA Deduction il is roquired lo make by
FATCA, and any payment required in connectjon wth lhat FATCA Deductron, and no
Finance Party shall be required to increase any payment in respect of which it rnakos
such a FATCA Deduction or otherwise compensate the recipient of the patr_nent for
lhat FATCA Oeduction
27
(b)
E..h F narce Parly shell pronrplly, Upon becoming av,/are Ihai it must make a FATCA
Dcduction (or that there is any change in the ratc or thc basis of such FATCA
DedLrction), notify lhe Finance Parly to whom il is making the palanent and, in
addition, shallnotify lhe Agentand lhe Agenl shallnolifythe other Finance Parties.
rllcREAsED cosTs
lncreased costs
9.1
Subject to Clause 9.3 (Exceplions) Ihe Borower shall, promptly upon demand by the
Agent, pay for tho accounl of a Finance Parly the amount of any lncreased Cosls
incurred by lhat Finance Pa(y or any of ils Affiliates as a result of (i) the introductron
ofor any change in (or in the inteaprelalion, administralion or applicslion of)any law or
regulation applicable in Georgia (or arising from any law or regulation enacted by
Georgia or trom Georgia's jojning to any internatiohal treaty) or (ii) compliance rrith
any law or @gulation applicable in Georgia (or arising from any law or regulation
enacted by Georgia or from Georgia's joining to any international treaty) made alter
tho date of lhis Agreomenl.
ln lhis Agreement lncreased Costs means:
(i)
a reduction in the aale of retum from lhe relevanl Faciljty or on a Finance
Partys (or its Afiiliale's) overallcapitalj
(ii)
an additional or incaeased cosl: or
(iiD a reduclion ofanyamount du6 and payable under any Financa Docufient.
which is incured oa suffered by a Flnance Party or any of jts Affiliates lo the extent
thal it is attributable lo that Finance Party having enlered into this Agreemenl and the
relovant Facility Agreement orfundlng or porfoming its obligations under any Finance
Do(ilment.
9.2
lncreased cost clalmG
(a)
A Finance Party intending to make 6 claim pursuant to Clause 9.1 (lncreased costs)
shall notify the Ag€nl of lhe event giving riso to Ihe claim, following which lhe Agent
sha,l promptly notify lhe Borrower.
(b)
Each Finance Party shall, as soon as practjcable afler a demand by the Agent.
provide a cenificate confirming the amount of its lncreased Costs.
9.3
Exceotions
Clause 9.1 (lncreasod costs) does not apply Io lhe extent any lncreased Cost ls:
(a)
attributable to a Tax Deduction required by law lo be made by lhe Borower;
(b)
compensaled for by Clause I 3 (Iax indemnity) (oa worrld have been compensated tor
under Clause 8.3 (Tax andemnily) bul was not so comp€nsat€d solely bocause any of
the exclusions in paragraph (b) ofClause 8.3 (Tax indemnity) apptied);
28
(c)
allributable to a FATCA OeClciion required to be maCe by a Party;
(d)
altributable to the wilful breach by the relevant Finance Party or its Affiliates of any law
orr€gulallon.
10.
OTHER INDEMNITIES
10.1 Currencvindomnitv
(a)
Euro is the curency of account and payment tor any sum due from the Borower
undea any Flnance Documenl (except for any payment in respect of cosls, expenses
or Taxes which shall be made in the curency in which the cosls, expenses or Taxes
are incurred). lf any sum due from the Eorower under lhe Finance Documenls
(a Sum), or any order, judgmenl or award given or made in relalion lo a Sum, has lo
be converted from the currency (lhe Flrst Cur.ency) in which that Sum is payable into
anoiher currency (the S€cond Curoncy) for the purpose or:
(i)
making or filing a claim or proof against the Borower; or
(ii)
obtaining or enforcing an order, judgment or award in relation to any litigalion
or arbitration proceedings,
lhe Eorrower shall as an independent obligation, promptly upon demand, indemnify
each Finance Parly to whom that Sum is due against any cosl, loss or liability arjsing
out of or as a resull of lhe conversion induding any djscrepancy between (A) th6 rale
of exchange used to convert lhat Sum from the First Curr€ncy into the Second
Cutency add (B) lhe rate or rales of exchange available to that person al lhe time of
its receipt of that Sum.
(b)
The Bonower waives any right il may have in anyjurisdiction to pay any amount under
tha Financ€ Documents in a curancy or currency unit other than that in which it is
expressed lo be payable.
'10.2 9!!sd!!!s4d!!ee
(a) The Bonorver shall promp0y upon demand, indemnify each Finaflce Party againsl
any cosl, loss or liabilily incured by it as a resull ofl
(D
lhe occurrence ofany Facility Defaull;
(ii)
a failure by the Bonorts to pay any amount du6 undea a Finance Docrrmenl
on ils due date, lncluding lyithoui limitation, any cost, Ioss or liabilily arisino as
a result of Clalse 20 (SharingAmong the Financ€ Padies);
(iti)
funding, or maklng arrangements to fLrnd, its participation in a Utilisauon bul
not made by reason ot the operation of any one or more of the provisions of
this Agreemenl or the relevant Facillty Agreement (olher lhan by reason o,
default or negligence by thal Finance Party alone);
(iv)
a Uiilisation (or part of a Ulilisation) not being prepaid in accordance with a
notice of prepayment given by lhe Borrower.
29
The Borrower shall prompliy irldemnify each Financc P.rly, each Affiliale of a Frnance
Pany a.d each of{lcer or cnrployee of a Finance Party or its Affiliate, against any cost,
loss or liability incurred by that Finance Party or its Affillate (or officer or employee of
that Finance Party or Afriliate) in connoction wilh or arising out of any Facility or the
use of lhe proceeds under any Facilily (including but not limited to those incuned in
(b)
@nnection with any litlgation, arblkalion or adminisfalive proceedings or regulatory
enquiry concerning the Facility), unless such loss or liability is caused by lhe gross
negligence or wlful misconduct ol lhat Finance Party or its Affiliate (or employee or
officer of that Finance Party orAffiliate).
10.3 Ecs4!.1!vlslle-4ss!!
The Borrcwer shall promplly indemnify the Agont againsl any cost, loss or liability incuned by
the Agenl (acling reasonably) as a resull ol
(a)
(b)
investigating anyevenl which it reasonably believes is a Facility Default; or
acting or relying on any nolice, request or instruclion which it reasonably beiieves to
be genuine, @rrect and appropriately authorised.
MITIGATION BY THE LENDERS
1'1.
1'l.l Mitioatlon
(a) Each Finance Party shall, in consullation with the Borrowe( take all reasonable steps
to mitigate any circumslances whlch arjse and Mrich wouid rcsull in any amouni
becoming payable underor pursuant to, or cancelled pursuant to Clause 8 (Tax Gross
lJp and lndemnities), Clause
I
(lncreased Costs) or clause 6.1 (lllegalily) of each
Facility Agreenenl including (but not limited to) transferring ats rights and obligalions
underlhe Finance Documents to another Affillate or Facility Omce.
(b)
Paragraph (a) above does not in any way limit lhe oblillafidns of the Eonower under
the Einane Documents.
1'1.2 Limitatlon of llabllitv
(a)
The Borower shall promptly indomnify each Finance Parly for all costs and expenses
roagonably incurrcd by lhat Finanoe Porly as a roGult of 6leps taken by it under
Clause 1 1.1 (Mitigalion).
(b)
A Finance Party is not oblig€d lo take any sleps under Clause 1'1.1 (Miligation) if, in
tho opinion of th3t flnanco Psdy (soling roa8onably), to do so mighl bc prcjudicial lo
it.
12. COSTS AiID EXPENSES
12.'l Tramactlonexponses
The Bonower shall promptly upon demand pay to each Finance Party the amount of allor/l-ot
pocket cosls and expenses (including legal fees) reasonably incurred by any of lhem in
connection wilh lh6 negoliation preparation, prifiling, execution and perfection of:
(a)
2@410at 6
this Agreement, any Facilily Agreemenl and any other documents referred lo in this
Agreement or in any Facilily Agre€monl; and
30
(b)
any other Finance Documcnls executed afler the dale of this Agreemeni, if any.
Any such c,aims lor cosls and expenses incured by a Finance Parly pursuanl to paragraph
(b) of this Clause '12.1 Oransaciion expenses) shall be acaornpanied by reasonable
supporting documentation and evir€nce in respect thereof.
The amounl of costs and expenses io be borne by the Bonower plrsuant to paragraph (a)
above shall nol exceed EUR 130,000.
12.2 Amendment costs
lf the Bonow€r is requiring an amondment, waiver or consenl, tho Bonower shall, promplly
upon demand, reimburse lhe Agenl for the amount ot all out-of-pocket costs and expenses
(including legal fees) reasonably incuared by the Finance Partjes in responding to, evaluating,
negolialjng or complying with any requesls for an amendment, a waiver ora consent.
Any such claims for cosls and expenses incuned by a Finance Party pl./rsuant to lhis Clause
12.2 (Amendment costs) shall be accompani6d by reasonable supporling documentation and
evidence in resp€ct thereof.
12.3 Enforcefienl and oreservation costs
The Borrower shall, promptly upon demand, pay Io each Finance Parly the amount of all duly
justified out{f-pocket costs and expenses (including legal fees) incured by it in conneclion
with the enforcement of or lhe p.eservation of any righls under any Finance Doqtment and
any proceedings inslitut€d by or agaanst the Finance Parljes as a consequence of enforcing
lhes€ righls.
REPRESENTATIONS
13.'l Gen6lal
The gorowea makes lhe representations and waranties set oul in this Clause 13 to each
Financ€ P6rty foa itselr.
13.2 Powor and.utho tv
(a)
lt has Ihe power and aulhority to enter into, perform and doliver, and has tak€n all
nccossaay sutioll lo authorlse ils enlry lnto, pedormancc and dellvery ol, the
Transaclion Oocuments lo which il is a party and the transaclions contemplaled by
hose Transaction Documenls.
(b)
No limil on its powers will b€ exceeded as a resull of tho borrowing contemplated by
lhe Transaction Oocuments lo,,vhich il is a parly.
13.3 Elllllls-elllscllelc
The obligations expressed to be assumed by rn each Transaa{ion Doclmeni Io which il is a
parly are legal, valid, binding and enforceable obligaiions.
Each Finance Document is in propor legalform.
31
13.4 Non-conflict with other oblioations
The entry inlo and pertormance by it of. and lhe transactions contemplaled by, lhe
Transaclion Documents do not and will not conflicl with:
(a)
any law or regulalion app,icable to it;
(b)
any agreement or inslrumenl bindrng upon il or any of ils assels orconslilLrle a defaull
or lermination evenl (however described) under any such agreemenl or inslr!ment.
r3.5 !{elCiry3lC-sdllslililig]!-egdslce
(a)
All Aulhodsations requlred:
(i)
to enable it laMully to enter into, €xercise its rights and crmply with ils
obligations in the Transaclion Documents to which il is a partf and
(D
lo make the Finance Documenls lo which rt is a party admissible in evidence in
Georgia,
have be€n oblained or effected and are in full foace and effecl.
(b)
There is no conslitulional provision, regulation, law, ordinanoe, decree, kealy or
similar enactmenl and no conlractual or olher obligation binding on the Eorrower that
is or will be conlravened by reason of the execution, lhe delivery or the perfonnance
of the Finance Documents or any of the olher documents contemplated thereby or
binding on the Bonower lhat will be contcvened by the execution, the delivery or the
performanc€ of the Purchaso Contracts.
13.6 E9r9is-E-cr9!3!99
All requisile consents, approvals o. aulhorisations, inclLrding foreign exchange approvals,
required to effecl free acquisilion and lransfer offoreign cuffencies necessary lo disclar$ (a)
the payment obligalions of the Eorrcwer under lhe Finance Documents and the other
documonls contemplaled thereby in the manner and at tho place provided therein, (b) the
payment obljgations of the Euyer under the Purchase Contaacts ln lhe mannor and at the
place provided lhercin, have been validly obtained and will bo kept current and jn fullforco
and efiect.
13.7 9gvqEEs-lilg-elllgllseEe$
(a)
The choice of govoming law of the Fnance Documents will be recognised and
enforced in Georgia.
(b)
Tho bonowings under tho Facility Agreemenls are considered lnder the laws of
Georgia as a private and commercial acl subjecl to civil and commercial law and the
choice of lhe exclusive jurisdiclion of the arbilral couft of the lnlernalional Chamber of
Commerce of Paris as provided ln this Agreemenl is valid and binding on the
Eorrower and will be recognized and enforced in Georgia. Tho Bonower has validly
waived its right of immunity ofjurisdiction.
32
No immunily (whelher on lhe grounds of sovereignty or olherwise) from atlachmenl
(whether in ald of executon, beiore judgmenl or otherwise) of the assels of lhe
Boffower or from execution of judgment wilh respcct to such assets benellts to the
Bonow€r under lhe laws of Georgia excepl as provided under article 21 oftha Law of
Georg,a on Enforcemerl Proceed,ngE
(c)
Any judgment or arbitration award oblained in relalion to a Finance Document wjll be
re@gnised and enforceable in Geo.g:a.
,3.8 lqdqEsl!
No CTA Event of Default and, on the date of this Agreement, no CTA Detautt is conlinuing or
is reasonably likely to result from the makhg of any Utilisation or the enlry lnto, the
p€rformance ol or any l€nsaction culemplat€d by, any Transaction Document (excluding
lhe COFACE lnsurance Policies).
i3.s !l!!s4i9!-:-!9-o9lc!9r!-cq
There is no liligation, pending orlhreatened, against lhe Bonower in re,aljon to any Bonow'er's
Public External lndebtedness which could matorially and adve6ely affecl lhe abilily of thB
Borrower to perform its obligations under this Agreementand lhe Facilily Agrcemenls.
No moralorium has been, or may, in lhe reasonably foreseeable fulure, be, declared in
respect ot the Bo(ower's Public Externallndebtedness.
'1310 Tax6s and d€ductions
No wilhholding or other Tax is aequired to be effected or paid in Georgia or under the laws of
Georgia, either:
(a)
on or by virtue of lhe Feparation, exeoution, dellvery oa per,ormance of the Finance
Oocumenls or anyolher document, agreement or act conlemplaled hereby orthereby;
(b)
on or wilh respect to any paymenl to be mad€ pursuant to the Finance Documenls or
any olher document, agreement or acl contemplated hereby or thereb!4 or
(c)
ln connection with the enfo{camenl ol lhe Finance Documents or any other'doclment,
agro€menl or act conlemplaH hereby or theroby'
13.1{ e3!LP!gg..lBsq!li!s
The Bonower's obligatrons and liabilitles under this Agreement and the Facility Agreements
payment wlth
and all the transactions contemplated lhereby rank at least pari passu in right of
all oth€rBorrower's Public Exlernal lndebtedness.
'13.12 AntLbdborv. anti-corruptlon and antl'monov laundedno
Nelther the Borrower nor anyofits subsidianes or agencles, lhoir respective direclors' oflhers'
oflicials or representatives, or, to the best knowledge of tho Eorower, any agent or employeo
of il has ongaged in any activity or conduct which would violate any applic€blo anli-b'ibery'
anli-conuption or anti_money laundering laws or regulations in any applicable iurisdiction and
pr€vont
lhe Eorrower has instituted and maintains pollcies and prccedures designated lo
violalion of such laws, r€ulalions and tules.
33
13.13 9e!!!9!9
None of the Borrower, any of its agencies or controlled companies, thek respective directors,
ofllcers, omcials or rcpresenlatives, or, to the best kno\r/edge of lhe Eorower, any agent or
employee of it or any of lts agencies or controlled companies is an andividual or enlity
(Person), that is, or is owned or conlrolled direclly or indhectly by PeBons lhat are: (i) lhe
subject or targel of any Sanclions or is otherwise a subjecl of Sanctions (a Sanctioned
Person) or (ii) localed, organized or resident (other than the diplomatic or consular
representations) in a country or tenitory that is, or whose government is, the subject of
Sanctions boadly prohibiling dealings with such govemmenl, country, or tenitory (a
Sanctioned Country).
'1314 EIE!9e!s4j.E-!3!cs
ll is nol necessary, under lhe laws ofGeorgia, in order to enable a Finance Parlylo enforce ils
rights under a Finance Document or by reason ofthe execulion of any Finance oocument that
such Finance Party should be liconsed or otharwise enlilled to carry on business in Georgia.
No Finance Party will be deemed to be domiciled or carry on business in Georgia by reason
only ollhe execution or enforcement of any Finance Document.
13.15 U!9!!3!!9!.31.-U.9!.dery-Eu.!!l
The Bonower fulfils lh€ obligations, binding on the Bonower from a legal perspective, as
memberoflhe lntermtional Monetary Fund (or lhe successonr ihereto).
13.16 lnformatlon
All of the informatron provided by the Bofiower to ahy Finance party under lhis Agreement
and each of the Facilily Agreements is true and complete.
13,17 Times wheo representations arc made
{"1
All lhe representations and warranties in this Cleuse 13 are made bylhe Bonower on
the Effeclive Dale but ss of lhc Signing Dalo except in r66p€ct of the represenlations
set forth in Clauses '13.3 and '13.5 wtrich are made on lh€ Effective Oate as of the
E fective Date.
(b)
Unless a representation and wananty is expressed to be given at a specific date, all
lhe representatrons and wafianties in this Cla{rse 13 are deemed lo be made by the
Borower (excepl for thg represenlalions and waranties in Clause 13..10 (Iaxes and
deductions)) on the dete of each Utitisalion Date and on the firsl day of each lnleresl
Period.
14.
II.I FORMATION UNDERTAKINGS
The undedakings in this Ciaus€ 14 remajn in force Irom tho Effective Oate for so long as any
amounl is outstandjng under the Finance Documents or anyTotal Commitments are in force.
34
14-1 lnformatlon:misccllaneous
The Bono!\rer shall supply to the Agenli
(a)
p.ompt y upon becoming aware of them, the dotails ot any titigation, arbitration or
administrative proceedings relating lo the Fimnce Documents; and
(b)
promplly, such further iiformation as any FiMnce Party or COFACE (through the
Agent) may reasonably r€quesi.
14.2 "Know vour custom6/'checks
(a)
The Borower shall promplly upon Ihe request of lhe Agenl (for itsolf or on behalf of
any Lender (including any prospective new Lender)) supply, or procure the supply ol
such documenlation and other evidence as is reasonably requesled by lhe Agent (for
itself or on behalf of any Lender (ncluding any prospective new Lende4) in order for
the Agent, such Lender or any prospective new Lender to carry out and be satisfied it
has complied with all necessary 'know your cuslomer' or other similar checks in
relalion to the Bonower under all applicable laws and regulations pursuant to the
transaclions contemplaled in lhe Finance Oocuments.
(b)
Each Lender shall promptly upon the request of the Agent supply, or procur€ lhe
supply of, such documentation and olher evidence as is rcasonably requesled by the
Agent (for ilself) in order for the Agent lo ca.ry oul and be salisfied at has complied
wilh all necessary'know your customea or other similar checks under all appllcable
laws and regulations pu.suant to the transaclions contemplated in the Finance
Documents.
15.
GEI'/ERAL UNDERTAI(INGS
The underlakjngs in this Clause 15 remain in force trom the Effeclive Oale for so long as any
emount is outslanding underlhe Finance Documenls or any Total Commilmenl is in Iorce.
15.1 Atrlhorisations
The Bonower shall prompuy oblain, comply with and do ail thet is necessary to mainlain in fu
force aDd effeclally Authoris€tjon required under any lawor rclulatlon ot Georgla lo:
(a)
enable it to perform lls obllgations under the Finance Documenls;
(b)
ensure lhe legalily, validity, entorceability or admissibility in evidence of any Finance
Docurnent
15.2 Compllance with laws
The Borower shall comply in all respecls with the conslitution ot G6orgia, all laws and
regulalions lo which il may be subject.
35
15.3 Pari passu rankino
The Borrower shall ensure that at all times any unsecured and unsubordinalcd claims of a
Finance Pany against it under lhe F,nance Documents rank al least pari passu with the claims
ofallolher creditols under the Bonower's Public Extemal lndebledness.
l5.zl Sanctlons
(a)
The Bonower will not, directly or indirectly, use the pmceeds of any Loan, or lend,
conl bute or otherwise make available such proceeds lo any subsidiary, joinl venlure
oarlner, entity or other Person, (i) to flnd any activities or business of or wilh any
Person, or in any counky or terrilory, lhat, at the time of such funding, is a Sanclioned
Person or Sanclioned Corntry, or (ii) in any other manner that would resull in a
violalion of Sanctions by any Finance Pady (including any person participat ng in the
loan hereunder, whelher as undeMriter, advisor, inveslor, or otherwise).
(b)
The Borrower shall procure lhat (i) no person that is a Sanctioned Person will have
any Iegal or beneflcial lnterest in any funds repaid or remitted by the Borrower to any
Finance Party in connection wjth any Facility, and (ii) it shall not use any revenue or
benefil derived tiom any acljvity or dealing with a Sanctioned Person for the purpose
ofdischarging amounls owing to any Finance Party ln respect of any Facility
(c)
The Borower shall implement and maifitain appropriate safeguards designed to
prevent any action that would be conhary to lhe Clauses 15.4 (a) and '15.4 (b) above
(d)
The Borrower shall supply to the Agent details of any claim, action, suil, proceedings
or investigation wilh respect to Sanctions against lt.
,l
s.s Eg!ejqE!.9!e!sc
It due to foreign exchange c,onlrols in Georgia or restriclions in relation lo tho transfer of
foreign cunency from Georgia lo outside of Georgia, lhg Bonower is prevenled from making
any pay{nents due under the Finance Documents, the Borrower shall (wilhout prejudice to the
applicatlon of Clause 16) take all such steps as may be avallable to it lo enable lt to make the
paymenls duc in EUR, wjth all co6t6 incurred by the Borower in lhis.espect Io b€ borne by
the Bonower.
16.
CTA EVENTS OF OEFAULT
Each of the events or circumstances sel oul in this Clauso 16 is a CTA Evenl of Defaull (save
for Claus€ 16.11 (Acceleration)).
16.1 !19!:EgyE9!!
The Bonower does not pay on lhe due date any amount pa!€ble puEuant to 6 Finance
Documenl al lhe place at and in the currency in which it b expressed to be payable unloss:
(a)
lts lailure to pay is caused by:
(i) administrativeortechnical error;or
(ii) a Disruption Evenl;and
(b)
payment is made wilhin three Business Days of its due dale.
36
,6.2 Other oblioations
(a)
The Eorrower does not comply wrth any provision of lhe Finance Doclments other
than those referred to in Clause 16.1 (Non-payment).
(b)
No CTA Event of Default under paragraph (a) wiil occur if the failure to comply is
capable ofremedy and is remedied wilhin 10 days of the earlierof(i) the Agent giving
nolice to lh€ Borrowor and (ii) the Borrower becoming awaae ofthefaalure to comply (it
being specified that any failure lo comply with any provision on Sanclions cannot be
remedied).
'16,3 Mlsrepresontalion
Any representalion or slatement made or deomed to be made by the Eorrower in lho Finance
Documenls or any oth€r document delivered by or on behalf of the Borrowor under or in
connectron with any Finance Document is or proves lo have been incorect or misleading in
any malenal respecl when made oa deemed to be made and, if capable of remedy (it being
specified that any misrepresentatron on Sanclions cannot be remedied), is not remedied within
10 days of (i) the Agent giving notice to lhe Eonower and (ii) the Borower becoming aware of
such misrepresentation.
16.4 !!!e!4c!eEc-e!Ci!vallClq
(a)
lt is or becomes unlaMul for lhe Borrower to perform any ot its obligations under the
Finance Documents.
(b)
Any obligatjon or obligations of the Eonower under any Fjnance Documenl are not or
cease to be legal. valid, biflding or enforcoable.
(c)
Any Finance oocum€nls ceases lo be in fullforce and effect.
i6.5 UgrAlgdg!!
A moratorium is called, declared or agreed in respect oI lhe paymenl of inleresl or rsPayment
of principal on any gorrowe/g Public Extemal indebledness.
,6,0 crgE-&f.u!
Ary Borrower's Public Extemal lndebtedness (whelier at maturity ot as a result of
acc€leration) is not paij when due and payabla.
Any credilor o, lho Borrcw€r becomes entiUod to declare any Eorrowefs Public External
Indebtedness (otherlhan r,ndd the Finance Documenls) due and payable prior to ils specified
maturity as a result ofan evonl ot defaull (howso€v€r described).
Any credilor of the Bonower declares any Bor.olve/s RJblic Extemal lndebtedness due and
pafabie praor to its specifisd maturily or cancels ita commiunent under any Boarowe/s Public
Edernal lndebtedness.
16.7 !!{llElIelll'eogrepgglcgeq
Any Aulhorisalion or any olhel act necessary under lhe ,aws of Georgia to enable the
Bonower lo perform its obligatrons under the Finance Documents (r any bansaclion
conlemplaled lhereby, is wilhdrawn or fiodirled or shall otherwse cease to be in full force and
otfecl or not been obtained, or the Borower repudiates a Finance Document or evjdonces an
intenlion to repudiate a Flnan@ Document.
37
16.8 Mat€rlal Adverse Effect
At any time, any evenl or circumstance occurs which has or is likely to have a Malerial
Adve6e Effect.
16.9 Foreion exchanoe restriclions - other events
(a)
(b)
Any foreign exchange law or aeguiation is enacted or introduced in Georgia which has
or would reasonably be expecled to have, in the opinion of the Lenders, the effect of
prohibiling, restrictjng or delaying any payment thal the Borrower is required to make
pursuanl io the lerms oflhe Finance Documents.
Any decision or any event occurs in Georgla or in any olher @untry through which
payments are made, Yvhich imp€des or which could impedo payrnent by the Bonower
of lhe sums due underth6 Financs documents.
16.10 lnternational Monetarv Fund
The Borrower ceases lo be a memberofthe lntemalional Monetary Fund.
16.11 Acceleration
On and at any time aller lhe occufience of a CTA Event of Default which is continuing the
Agenl may lake any aclion described in the relevant acceleralion provisions of each Facility
Agreement.
't7.
CHANGES TO,T}IE LENDERS
17.1 Assionments and transfers bvthe Londers
Subjecl to this Clauso 17, a Lender (the Existing Lendor) may:
(a)
(b)
assign any ofits righls in whole or in part;or
lransfer anyof ils rohts (including such as relate lo that Lender's padicipation in each
Loan) and obllgatlohs ln whole or n part,
under any Frnance Document to another bank or tinancial lnstitulion or to a trusi, fund or any
insurance or reinsurance c'ompanres or other entity which is regulady engaged in or
established lor the puapose of makrng, purchasing or investing in loans, .socuritles or other
financlal assets and which has the slalus of FATCA Exempt Parly on the relevant Transfer
Daio (the Ne\v LendEr).
Any assignment or lransf€r made by a COFACE Lender A shall be made subject lo lhe terms
of the COFACE lnsurance Policy A and any assignment or hansfer madb by a COFACE
Lender B shall be made subjecl lo the lerms ofthe COFACE lnsurance Pollcy B.
17.2 C9!!i!!9.!!il-e9sls!@$-q!a!E&r
(a)
The consent ofthe Finance Parties is hersbyglven to a lransfer by an Existing Lender
lo a New Lender of a Lender's rlghls and obligations and to an assignmenl by an
Exisling Lehder to a New Lender of a Lende/s.ights.
38
(b)
The consent of the Borrolver js requked for a kansfer of a Lende/s righls and
obljgations or an assignment of a Lender's rights (such consent not 1o be
unreasonably withheld), unless lhe transfer or lhe assignment is:
(i)
to another Lender, to an Affiliate of a Lender or to any other enlity refered to
in Clause 17.7 (Security ove. Lenders' Righls) ; or
(ii)
to any of the following banks or to their Afllliates: BNP Paribas, BPIFRANCE,
Credil Aoricolo CorpoEte and lnvestment 8ank, Natixis, Cr6dil lndustdel et
Commercial, Deutsche Bank, Commerzbank. Unicredit Bank or Banco
Santander, or
(iii)
to COFACE, or
(iv)
to any entity ,f lhe transfer or assignment is made while a CTA Event of
Default oa a Facility Evenl of Defaull has occurred and is conlinuing, or
(v)
to anyentily if the lransfer or assignmenl is made while the Borrower suffers a
Tax Deduction which is not to be grossed-up by the Borrower pursuant to
Clause 8.2 C[ax gross-up), or
(vi)
to any entity if the transfer or assignment is made while any Finance Party
suffers a loss, liability or cost on account of a Tax which is not lo be
indemnified by the Borrower pursuant to Clause 8.3 (Tax indemnity) (other
than a Tax referred to in Clalse 8.3 (b)), or on account of a stamp duty which
as not to be indemnified by the Bonower pursuant lo Clause 8.6 (Stamp
taxes), or
(vii)
to any entily if the transfer or assignmenl is made whilo any Finance Party
suffers an lnseased Cost (other than those refened io in Clause 9.3) which is
not to be indemnified by the Borower pursuant lo Claus€ 9.1 (lncreasod
costs).
When the express consent of the BorrovL€r is required, the Agenl, upon requesl of lhe
Exisling Lender, shall notify in wrlting the Borrower lhe details of ihe polential New
Lender. No later than '14 calendar days followjng receipt of this notmcalion, the
Borrower shall consent or retuse (such clnsent not to be unreasonably withheld or
delayed) to lhe L€nsfer or assignmenl. ln case of refusal, lhe Borower shall provide
the Existing Lender with lhe reasonable jusUfication of such refusal.
ln absence of response from the Borrower wilhin 14 calendar days, the Borower will
be deemed to have givon ils consent to the New Lender.
(c)
Any assignment or transfer made by a COFACE Lender A or a COFACE Lender B is
subjecl to lhe Agent confirrning lhat the approval of COFACE to lhe intended transfer
has been obtained or is not required-
(d)
A lransfer or an assignment will only be effective if the procedlre set oul in Clause
17 5 (Procedurelor transier and assignnent) is complied with.
(e)
(i)
a Lender assigns ortransfers any of its rights or obligations under the Finance
Documents or changes its Facillty Ofiice; and
39
(ii)
as a resull of circumsla,rces cxisting al the date lhe assignmenl, tansfer or'
change occurs, lhe Bofiower M/ould be obliged to make a payment to lhe Nerv
Lender or Lender acting through its new Facilily Oftice under Clause
Gross Up and lndemnjties)and Clause I (lncreased Costs),
I (Tax
lhen the New Lender or Lender acling through ils new Faciljty Office is only entilled to
receive paynent under those Clauses lo ihe same extenl as the Exisling Lender or
Lender acting lhrough ils previor]s Faciiily Office would have been ff the assignment,
lransfer or change had not occuned.
(f)
Each New Lender, by execuling lh€ relevanl Transfer Agreement, confirms, for lhe
avoidance of doubl, that the Agenl has authority to exeoJte on ils behalf any
amendment or waiver that has been approved by or on behalf of the requisile Lender
or Lenders in accordance with lhis Agreement and the Facitily Agreements on or prior
lo the date on which lhe lransfer or assignment becomes effective in accordance with
lhis Agreement and that it is bound by thal decision to the same extent as the Exisling
Lenderwould have been had it remained a Lender.
17.3 Assionment or transfar fee
Unless lhe Agent otheMise agrees, lho New Lender shall, on lhe date upon whjch an
assignment or lransfer lakes efect, pay to lhe Agenl (for ils own account) a fee of EUR 3,OOO.
,7.4 Limitation of aesponsibililv of Existino Londels
(a)
Unjess expressly agreed lo lhe conlrary, an Existing Lender makes no repaesenlalion
orwarranlyand assumes no r€sponsibility lo a New Lenderfor:
(i)
the legaliq, validity, effectiveness, adequacy or enforceability of the
Ttahsaction Documents or anyolher documents;
(ii)
(iii)
the financial condition ofthe Borowe(
lh6 performance and obseNanco by the Borrower of its obligalions under the
Transaclion Documents or any other documents; or
(iv)
the acqJracy of cny stotements (wholher wrilt€n or oral) mod6 ln o n
conneclion with any Transaction Documenl or a n y olher document,
and any represenlations or wafianties implled bylaw are exclude{(b)
Each New Lender conlirms lo lho Existing Lender and the other Finance Parties thal
it:
(i)
has made (and shall continue to make) its own independent investigation and
assessment of lhe financial condiiion and aflaks of the Borower and its
related entities in connection wilh ils participation in lhis Agreement and lhe
relevant Facility Agreement and has nol relied exclusively on any information
provided to it by lhe Existing Lender or any olher Finance Party in connection
with any Taansaction Document;and
(ii)
wjll continue to make its own independent appraisal ot the creditworthiness of
lhe Borower and ils related entilies whilst any amount is or may be
outsiandjng under the Finance Documents or any Tolal Commilmenls is in
force.
40
(c)
Nothing in any Finance Oocumenl obliges an Existing Lender lo:
(i)
(ii)
accepl a relransfer or re-assignmenl from a New Lender of any of lhe rights
and obligalions assigned or taansforred under this Clause 17; or
support any losses directly or indir€ctly inqrned by thB New Lender by r€ason
of the non-performance by lhe Bonower of its obligalions under lhe
Transaclion DocrJmenis or olherw|se.
17.5 Procedure for transfer and assionment
(a)
Subject to the conditions set out in Clause 17.2 (Conditions of assignment or lransfer)
a lransler or assignment is effected in accordance with paragraph (c) or (d) below
when the Agent execuies an olherwise duly completed Transfer Agaeemenl delivered
to il by the Existing Lender and the New Lender. The Agenl shall, subject to
paragraph (b), as soon as rcasonably practicable after rocoipt by it of a duly
completed Transfer Agreemenl appearing on rts faa€ to comply wilh the lerms of this
Agaeemenl and delivered in accordance with the terms of this Agreemenl, exedrte
that Transfer Agreement.
I
Any transfer or assignment mad€ by any COFACE Lender A o. COFACE Lender
shall be subject lo an amendment of the relevant COFACE lnsurance Policy so lhal
the Now Lender becomes an insured party undel such COFACE lnsurance Policy.
(b)
The Agent shallonly be obloed to execut€ a Transfer Agreement delivered to it by the
Existing Londer and lhe New Lender once it is satisfied il has complied with all
nec.essary'know your customei or similar checks under all applicable laws and
regulations in relation lo lhe lGnsfer to such New Lender.
(c)
On ths Transfer Dale, in relation to the kansfer by an Existing Lender to a New
Lender in a Transfe. Agreemenl of any or all of the Exisling Lender's rights and
obligations under lhe Finance Documenls:
(i)
the Nsw Lender will become a Lender under this Agreem6nt and the relevant
Facility Agreement and will be bound by the terms of this Agreement and the
relevant Facility Agreement;
(ii)
such rights and obligations of th€ Existjng Lender unde, those Finance
Docrments will be transfened to, and acquked and assumed by, the New
Lender which wil] acquire separate riglits afld obligations under the Finance
Oocumcnts idcntical to tho Existing Lendcr's rights qnd obligelions undor th€
Finance Documenls immediatoly prior lo the Transfer Date;
(iii)
such rights and obligations of lhe Existing Lender under those Finance
Documenls will cease to be the Existing Lendefs aights and obligallons and
lhe Existing Lender will have no dghls and will b€ Glessed from any further
obligations in relatjon th€reto und*lhe Finance Oocuments;
(iv)
the Agent, the Mandated Lead Arranger, the New L€nder and other Lende6
must have the same nghts and obligations under the Finance Documents
b€tween themselves as lhey would have had tho N€w Lender been an
Original Lender with tho rights and obiigations to '^hlch it is entitled and
subject 1o lhe resull of the transfer and to that extent th€ Agent, the ft,{andated
Lead Aranger and the Existing Lender must each be released from furlher
obligations to each other undor tho Finance Documonts; and
4',l
(")
if all of the Existing Lender's ights and obligations under lhe Finrncc
Documenls are lransferred to lhe New Lender, the Exisling Lender will cease
lo be a Lender under this Agreement and the relevant Facility Agreement.
(d)
On lhe Transfer Dale, in relation to an assignment by an Existing Lender to a New
Lender in a Transfer Agreement ofanyor all of the Exbling Lende/s ghts under tho
Finance Documents:
(i)
lhe Existing Lender will assign to the New Lender the Exisling Lender's righls
expressed to be lhe subjecl ot th€ assignmenl in the T6nsfer Agreemenl (and
any coaresponding n:ghls confened on it bylhe Finance Documents);and
(iD
lhe New Lender will become a Lender under this Agreenenl and the reJevant
Facility Ageement and will be bound by the terms oflhis Agreemenl and lhe
aelevant Facility Agreement.
(e)
The Agent is irrevocably aulhorised by each Finance Party and the Borrower to
oxecule a lransfer Agre€ment for and on their behalf.
17.6 Copv ofTransf€r Aoreoment to the Borrower
The Agenl shall, as soon as reasonably practicable aller it has execuled a Transfer
Agreement, send to the Borrower a nolification of lransfer along wilh a copy of lhat Transfer
Agreemenl.
'17.7 Socurltv ovsr Lendera' dohts
ln addition to the other rights provided lo Lenders under lhis Clause 17, each Lender may
without consulling wilh or oblaining consent from lhe Bonower but subiect to the lerms of lhe
relevanl COFACE lnsurance Policy with respect lo lhe COFACE Lenders A and ihe COFACE
Lenders B, at any time assign, charge, pledge or otherwise create Security in or over (whether
by way of collateral or otherwise) all or any of its rights under any Finance Document to secure
obllgatjons of that Londer including, wilhout limilationi
(a)
any essignment, charge, pledge or other Securily to secure Obligalions to a federal
re9erve Or 9enlral bank (including, for the avoidance of doubt, ihe European Central
bank) or equivalent body or to any reflnancing vehicle (such 6s Societ6 de Cr6dil
Foncier, Soci6t6 de Frnancement Local, its Affiliates or olher equivalent insUtutions)
includino, without limitalion, any assignment of rights lo a special purpose vehicle
where Securily over securities issued by such special puDose vehlcle is to be created
in favour of a federal reserve or central bank {inctuding, for the avoidance of doubl,
lhe European Cenhal Eank);and
(b)
in the case of any Lender which is a fund, any assignmenl, charge, pledge or other
Securily granled to any holders (or trusleo or represenlatlves of holders) of obtigations
owed, or socl.riiies issued, by that L€nder as security fot those obtiqations or
securilies,
except thal nO such assignment, charg€, pledgE or Security shalli
(i)
rclease a Lender from any of its obligations under lhe Flnanc€ Documenls or
substitute lhe ben€rlciary of lhe relevant assignmelll, charce, pledge or other
Securily for lhe Lender as a party to any of the Finance Oocumentsi or
42
(iD
require any paymenls to be made by the Eofiower other than or in excess ol
or granl lo any person any more exlensive nghls, lhan lhose required to be
made or granted lo the relevant Lendcr under lhe Finance Documents.
The provisions of Clauses 17.1 (Assignments and t ansfers by lhe Lenders), 17.2 (Conditions
of assignmgnt or transfer), J7.3 (Assignmenl or transfer feB), 17.5 (Proceduro for hansfer and
assignment) and 17.6 (Copy of Transfer Agreement to lhe Borrower) and the provisions sel
out in Clause 27.1 (Confidential lnformation) shall not apply to the assignment, charge, pledge
or security made or granted pursuant lo Clause 17.7 (Security over Lenders'righls) or to any
assignment or lransfer of rights under lhe Finance Documents or of the securities issued by
the special purposo vehicle, made by a ledetal reservo or central bank (including, for the
avoidance of doubl, lhe European Cenfal Bank) to a third party in connection wilh the
entorcement of Seclrity crealed puBuant to this Clauso 17.7 (Security over Lenders' rights).
Upon the enforcement of any assignment, charge, pledge or Secufity created pursuant to
Clause 17.7 (Securily over Lend€rs' righis) in each case subiect lo a nolification lo lhe Agent,
lhe beneficiary of such enforcemenl oI assignment, charge oa Security (the Beneficiary) shall
be deemed to become a Pady as Lender and a pa(y Io the relevant Facilily Agreement as
Lender in respecl of the Lendels rights oniy The Age nl, the Benelicjary a nd lhe Lenders shall
acquire the same rights and assume lhe same obligBlions under Clause 20 (Sharing among
the Fjnance Parties) between lhemselves as they would have acquired and assumed had the
Beneficiary been an Original Lender-
Any Lender may disclose such Confidential lnlormalion as that Lendea shall consider
appropriate to a ledoral reserve or central bank (including, for ths avoidance of doubt, lhe
European Cenlral Bank) lo (or through) whom it creates Securily pursuant to this Clause 17,
and any federal reserue or cenlral bank (including, for the avoidance of doubt, the European
Central Bank) may disclose such Confidential lnformation to a third party to whom it assigns or
transfers (or may polenlially assign or transfer) righls under lhe Finance Documenls or the
securities issued by lhe special purr,ose vehicle in conneclion with lhe enforcement of such
Security.
18.
ROLE OF THE AGENT
18.1 Appointment ot lhe Aoent
(a)
Each COFACE Lender A appoints the Agent to act as its agent under and in
conneclron wilh the coFAcE Faciljty Agreem€nl A, this Agreement lhe coFAcE
lnsurance Policy A and any other Finance Dodrmenl relating lo lhe COFACE
Facility A.
(b)
Each COFACE Lender B appoints the Agent to act as its agent under and in
conhection with the COFACE Facility Agreemenl B, this Agreement, the COFACE
lnsuranca Policy B and any other Finance Documont relating to the COFACE
Facility B.
(c)
Each Commercial Lender A appoints the Agent to act as its agent under aM in
connection with the Commercial Facilily Agreemenl A, lhis Agreernent and any other
Finance Document relating lo the Commerclal FaolilyA.
43
(d)
Each Commercial Lender
I appoints lhe Agent 10 act as its agent under and in
conneclion with the Commercial Facility Agreemenl B, lhis Agreemenl and any olher
Finance Document relating to the Commcrcial Facility B.
(e)
The Lenders authorise the Agent to exercise ihe rights, powe6, authorities and
discretions specifically given lo lhe Agent under or in connection wilh the relevant
Finance Documents logether with any other incidenlal dghls, powers, aulhorities and
discrelions.
(0
Each Finance Party (other than the Agent) ir.evocably aulhoris€s the Agent to:
(i)
perfom lhe dulies and to exercise lhe rights, powerc and discretions that are
speciflcally given to it under the Finance Documents, together with any other
incidenlal rights, powers and discrelions;
(ii)
execuleeach Fjnan@ Documenl expressed to be executed by lhe Agent; and
(iiD make and receive pafrents exprcssed to be made by it under this Agreement
and each Facility Agreement.
(S)
Each COFACE Lender A and each COFACE Lender B irevocabiy authorizes the
Agentto:
(i)
(iD
(h)
communicate \r{ith COFACE in connection wjth the Finance Documents, the
COFACE lnsurance Policies ard the PurchasB Confacts and to act generally
on its behalf in relalion to COFACE and lhe COFACE lnsurance Policies; and
act on ils behalf in relation to any claim, and lo receive any payment, under
lhe COFACE lnsurance Policies.
Each COFACE LenderA and 6ach COFACE Lender B ir.evocably appoinls lhe Agenl
to be its atlorney for the purposes of taking any action under lhe relevanl COFACE
lnsurance Policy in accordance with lhe terms thereof.
,8,2 No Iiduclarv dutl..
(a)
(b)
Nothing in this Agreemenl constitules the Agent or the Mandaled Lead Arranger as a
trustee or fiduciary of anyolher person.
The Agent shall nol be bound to account to any Lende. Ior any sum or the proflt
element ofany sum received by it for lts own account.
18.3 Duties. .iohis and di.cretions
(a)
The Agent's dulies under the Finance Doclmenls are solely mechanical and
adminislrative in nature except where a Finance Document specifically provjdes
olheMise, lhe Agent is not obliged to review or check the adequacy, accuracy or
complot€ness of any document il forwards to anolher Party.
(b)
The Agent shall prornptly forwand to a Parly the original or a copy of any documenl
whlch ls delivered to ihe Agent lo the exlent thal such document is delivered for that
Party by any other Party.
44
(c)
lf the Agent js ay/are of the non'paymenl of any principal, inlerest, commitment fee or
other fee payable to a Finance Parly under this Agreement ii shail promptly noUfy the
other Finance Parties.
(d)
Tho Agent mayrelyon:
(0
any representaljon, nolice or document believed by it io be genuine, coroct
and appropriately authorised; and
(ii)
(e)
any statemenl made by a djrector, authorised slgnatory or employee of any
frorson regarding any matters which may reasonably be assumed to be withjn
his knowledge or within his power lo verify.
The Agenl may assume (unless it has received nolice to the contrary in ils capacily as
agent for the Lenderc) lhat:
(i)
no Facility Default has occuned (unless it has actual knowledge of a CTA
Default a.ising und$ Clause '16.1 (Non-payment));
(ii)
any right, po,,v€r, authorjty or discretion vested in any Parly or ihe relevant
Majority Lenders has not been exercised; and
(iii)
any nolice or request made by the Borrower is made on behalf of and lvith the
consent and knoLliedge ofthe Bonower.
18.4@
(a)
Each of the COFACE Lenderc A and COFACE Lenders B aulhorises the Agenl 1o
follow any inslructions of COFACE aod/or the French Authorities in accordance wjth
the terms and condilions of the COFACE lnsurance Policies and acknowledges that
any Lender's failure to conform to such instructions or to Ihe terms and condilions of
the relevanl COFACE lnsurance Policies may result in lapse of coverage thor€under.
(b)
Each of the COFACE Lenders A and COFACE Lenders
agrees that neilher the
Aoent nor any oi its ofricers, directors, agents or omployoes shall b€ liable for any
action t6ken or omitted by it or lhem, under instructjons from COFACE.andlor the
French Aulhorities which it is or they are obliged to follow lnder each COFACE
I
lnsurance Po icy or in connection therewith.
(c)
Each of the COFACE Lenders A and COFACE Lenders B agrees that, to the extent
permitted by COFACE, any communrcalion between any COFACE Lende.s A and
COFACE Lenders B and COFACE in connection with lhe COFACE lnsurance Policies
or any Finance Document shall be con ducled by and ihrough the Agent.
(d)
Notwithstanding anlhing to the conlrary in ihis Agreement nolhing in this Agreement
o. any Facility Agreement shall oblige the Agent, tho Mandated Lead Aranger, any
COFACE Lender A or COFACE Lender B to act (or omft to acl) in a manner that is
inconsistent with the terms of the COFACE lnsurance Policies and, in particular:
the Agent shall be althorised to take all such aclions as it may deem
necessary to ensuro lhat the terms of each COFACE lnsurance Policy are
complied with; and
45
lhe Agent shall not be obliged to do anlthing if, in iis opinion, to do so could
result rn a ble:ch of any lerm ofany COFACE lnsurance Policy
(e)
Subjecl to clause 11.1 (COFACE ovenide) of the COFACE Facilily Agreement A and
lo clause 11.1 (COFACE override) of the COFACE Facility Agreement B and to lhe
provisions ot clauses 18.4 (a) to 18.4 (d) above which shall prevail:
the Agent shall (i) exercise any righ{, power, authorily or discrelion vesled in it
{i)
as Agenl in accordance wilh any instructions given to it by the Maiority
Lenders under the relevant Facility (or, ifso instrucled by the Majority Lenders
under the relevant Facility, rehain from exercising any right, power. authority
or discretion vested in il as Agenl) and (ii) nol be liable lor any act (or
omission) if il acls (or refrains from taking any aclion) in accordance with an
inslruclion of the Majority Lenders under the relevant Facility;
(iD
unless a conkary indicalion appears in a Fiaance oocumenl, any inslruclions
given by the Majority Lenders under the relevant Facility will bo binding on all
lhe Finance Parties under such Facility;
(iiD the Agent may refrain from acling in accordance wilh the instruclions of the
Majorlly Lenders under the relevant Facility (or, if appropriate, lhe Lenders
undor th€ rolevant Faoility) until it has received such security as it may requke
for any cosl, loss or liability (together with any associated VAT) which it may
incur in complying with lhe instruclions;
(iv)
in the absence of instructions from the Majority Lenders under the relevant
Facility, (or, if appropriale, lhe Lenders under the relevant Facilily) the Agent
may acl (or retrain Ircm lakrng action) as it considers lo be in the besl inlerest
of the Lenders undor the relevant Facility;
(v)
any term of lho Finance Oocuments may be aftended or waived only with the
consenl of the Majority Lenders under the relevant Facilly and the Bonower
and any such amendment or waiver will be binding on all Parlies, exc€pt {or
the tollowlng amendments and waivers which shall require lhe consent of all
Lenders under tho rulavad Facility:
-
the definition of'Majority Lenders' in Clause 1 1 (Definiuons) (which
shall require the consent ofallLenders)i
-
an exlension to the dale of paynent of any amounl under the Flnance
Documenls (other than in relation to Clause 6 (Mandatory Prepaymont
- Sanclions) of lhis Agreement or clause 6 (Mandatory Prepaymont) of
each Facllity Agreement)i
.
-
a red.rclion ln Ihe Margin or a reduclion ir the a'roL^lof any payrnont
ofprincipal, interesl, fees o. commission payable;
a change in cunency of pa)T nent of any amount under lhe relevant
Finance Documents;
-
an incr€ase in or an exlension of lhs relevant Total Commitments;
a changa to the Borrowe. (which shall requrre the consent of all
Lenders):
46
a release of or a,nendment to the relevanl COFACE lnsurance
tlollcies (which shall requirc tlrc consenl ofall COFACE Lenders A or,
ns Ihe case may be, all COFACE Lendcrs B);
any provision which expressly requkes lh6 @nsenl of all the Lenders
onder the relevant Facilily;
Clause 17 (Changes to the Lenders) or this Clause 18.4 (which shall
requhe lhe consent of all Lenders).
18.5 B9cp9!Elql!g-!949sc!-e&!&4
Neither Ihe Agent nor lhe Mandated Lead Ananger (it being specifi€d thatwhen tho Agent is a
Lender, this Clause '18.5 applies only to the .ights and obligations of ihe Agent under the
Finance Documents and nol to lhe righls and obligaiions of thal Lender under lhe Finance
Documents)l
(a)
are responsible for the adequacy, accuracy and/or completeness of any information
(w+rether oral or writlen) supplied by it, the Bor.ower or any olher person given in or in
connection with any Financ€ Document or lhe transactjons contemplated in the
Financ€ Documents;or
(b)
are responsible for lhe legality, validjty, effectiveness, adequacy or enforceabiljty of
any Finance Document or any olher agreement, anangomenl or document entered
inlo, made or exeqrted in anticipalion ofor in connectjon with any Financ€ Documont.
18.6 Exclusion of liabilitv
(a)
The Agent will not be liable (includrng, without limitaiion, {or negligence or any other
calegory of Iiabrlily lrhatsoeve4 for any action taken by it under or in conneclion with
any Finance Document, unless directly caused by its gross negligsnco or wi,ful
misconducl,
(b)
The Agent will not be liable for any delay (or any relaled consequences) in crediting
an account with an amounl required under the Finance Documents to be paid by the
Agenl if the Agenl has taker ull rEuessary slops as suon as rcasorElrly pruuticablc lu
comply with the regulations or opcraling procadures ot any recognised clcaaing or
setllement system used by the Agenlfor that purpose.
(c)
Nothing in this Agro€monl or any Facilily Agreement 6hall ob ige lhe Agent to cary
oul any "know your customer" or other checks in telation to any person on behalf ot
any Lender and each Lender con,irms lo the Agent thal it is solely responsible for any
such checks t is requked lo carry out and that it may not rely on any statemenl in
rclation to sr.rch checks made by the Agent or th€ Mandated Lead Arranger.
18.7 ls4gsd]lC.eq.ollllellelss!
Each Lender shall (in proportion to ils share of the relevant Total Commitmenls or, if the
relevant Toial Commitments are then zero, 1o its sharo of the relevant Total Commitments
lmmediately prior to lheir roduction to zero) r.demnify the Agent, wlthrn three Business Days
ofdemand, against any cosl, loss or liabilily (rncluding, without limitation, for negligence orany
other category of liability whalsoeve, i,rcurred by the Ag€nt (otherwise than by reason of the
Agents gross negligence or wilful mlsconduct).
47
18.8 Resiqnalion ofthe Aqent
(a)
Subject to the COFACE lnsurance Polrcies, the Agenl may resign by giving 30 days
notice to COFACE, the Lenders and lhe Borrower providd lhat no such resignalion
shall be effeclivs until a successor for the Agent is appoinied in accordance with lhis
ClaLrse. The relevant l\rajority Lenders (after consullalion wilh the Borrowe4 may
appoint a successor Agent with, in connection with the COFACE Facility A and the
COFACE Facilily B. the approvalof COFACE.
(b)
lf lhe relevant Majoaity Lenders have nol appointed a successor Agenl ln accordance
wilh paragraph (a) wilhin 20 days afler notice of res'rgnation was glven, lhe reliring
Agent (after consultaiion wilh lhe Borower) may appoint a successor Agent with, in
conneclion with the COFACE Facility A and the COFACE Facility B, ihe approval of
COFACE.
(c)
The retiring Agenl shall, at ils own cost, make available to the successor Agent such
documenls and records and provide such assislance as lhe successor Ageni may
reasonably request for the purposes of performing its flnctions es Agent under the
Finance Documents.
(d)
The Agent's resignation notice shall only take effect upon lhe appointment of a
successor.
(e)
Upon lhe appointment of a successor, the reliring Agent shall be discharged from any
furlher obligation in respect of lhe Finance Documenls but shall remain entilled to lhe
benefit of this Clause 18. Any successo. and 6aoh of the oher Parlies shall havo the
same rights and obligations amongsl themselves as they would have had if such
successor had been an oiginal Parly.
(f)
The Agenl shall resign in accordance with paragraph (a) above if on or after the date
which is lhree (3) monlhs before the ea iest FATCA Application oato relating to any
payrnent lo the Agent underthe Finance Documents, either
(D
the Agent fails lo respond to a request under Clause I8 (FATCA info.malion)
and a Lender reasonably believes thal the Agent will nol be (or wll have
ccascd lo bc) a FATCA Exempl Party on or after thal FATCA Application
Date;
(ii)
the infomation supplied by lhe Agent pursuant to Clause 8.8 (FATCA
information) indicates that lhe Agent wlll noi be (or will hav6 ceased lo be) a
FA'lCA Exempl Party on or aller lhal FATCAApplcat.on Dale; or
(iii)
the Agent notifies the Borrower and the Lenders thal the Agenl will nol be (or
will have c€ased to be) a FATCA Exempt Party on or afler lhat FATCA
Applicstion Date;
(iv)
and (in each case) a Lender reasonably believes lhat a Party will be required
Io make a FATCA Deduction lhal would not be requred if lhe Agont were a
FATCA Exempl Party, and thal Lender, by notice to the Agent. requires it to
resign.
4A
18.e Bgle!i9!supriq-!-be-te[€!9r9
The Agenl may treat lhe pcrson sho!,r'n in rts records as Lender al the opening of business (in
the place of the Agent's principal office as notitied to the Finance Partjes from time to time) as
lhe Lender acting through its Facility Office:
(,)
entiUed to or liable for any paFnent due under any Finance Document on lhat day;
and
(ii)
entjlled to receive and ac1 upon any notice, request, documenl or communication or
make any decision or delerminalion under any Finance DooJment made or delivered
on that day,
unless il has received not less lhan five Business Days' prior notice f.om thal Lender to the
conkary in accordance with the terms ot this Agreemonl.
18.10 ersqi!ep!E!E!.UlE-Le!.d9re
Without affecling the responsibility of lhe Bonower for informalion supplied by it or on its
behalf in connection with any FjMnce oocumenl each Lender confims to lhe Agent and the
Mandated Lead Ananger that it has been, and will conlinue lo be, solely responsible for
making its own independent appraisal and investigation of all sks arising under or in
connection wilh any relevanl Finance Document-
18.11 As9!E_Ec!sggEg!!!!.c
Any amount payabl€ lo tho Agonl lnder Clauso 10.3 (lndemnity to the Agent), Clause 12
(Costs and expenses) and Clause 18.7 (Lenders' indemnity to the Agont) shall include the
cost of utilising the Agenl's managemenl lime or other resources and will be calculaled on the
basis of such reasonable daily or hourly rales as the Agent may notify to lhe Eor.ower and the
Lenders, and is in addition toanyfee paid or payable to the Agenl underOause 7 (Fees).
,8.t2@
lfany Parly owes an amounl to lhe Agent under lhe Finance Documents the Agenl may, after
giviru notlce to that Party, deduct an amount nol exceedlng thai amount trom any pryment to
thal Party !,L+rich the Agent would otheMise be obliged lo make under the Financa Doclments
and apply the amount deduc.ted in or lowards satisfaclion of lhe amount o$/ed. For the
pu.poses of the Finance Documents thal Party shall bo regarded as havlng recelved any
amounl so deducted.
19.
CONOUCT OF BUSINESS BYTHE FINANCE PARTIES
No provision of ihis Agreementwill:
(a)
inlerfere with the righl of any Finance Party to anange its affairs (tax or olherwise) ln
whalever manner it thii*s fit;
(b)
oblige any Finance Party to investigale cr claim any credit, reliefr remission or
repayment available to it or the extent, order and mannerof any claim; or
49
(c)
20.
oblige any Finance Pady to disclose any information relaling lo ils affaks (tax or
olhc^visc) or any compulalions in rcspcct ofTax.
SHARING AMONG THE FINANCE PARTIES
20.1 Pavments to Finance Parties
lf a Finance Pady (a Recoverlng Finance Party) receives or recovers any amount from lhe
Borrowor olhea than in accordance with Clause 21 (Payrnenl Mechanics) (a Recovercd
Amounl) and applies that amo!nl lo a paymenl due under the Finance Documents then:
(a)
lhe Recovering Finance Pa,ty shall, wilhin three Business Days, nolify details of the
aeceipt or recovery, lo lhe Agenl;
(b)
lhe Agent shalldetermrne whether lhe receipl or recovery is in excess of the amount
the Recovering Finance Parly would heve been paid had the recoipt or recovery been
received or made by lhe Agenl and distributed in accordance wilh Clause 21
(Payment [.{echanics), without taking account ofany Tax which would be imposed on
the Agent in relation to lhe.eceipt, recovery ordislribulion; and
(c)
lhe Recove.ing Finance Parly shall, within ihree Eusiness Days of demand by the
Agenl, pay 1o the Agent an amounl (lh6 Sharing Payment) equal lo such rec€ipt or
recovery less any amounl which the Agent delermines may be retained by lhe
Recovering Financo Party as its share ofany paymenl to be made, in accordance with
Clause 21.5 (Padial payments).
20.2 Redistribution ol pavments
The Agent shall lreat the Sharing Payment as if it had becn paid by the Eorower and
distribute it between lhe Finance Parties (other than the Recovering Finance Parly) (lhe
Shadng Finance Parties) in accordance with Clause 21.5 (Partial paymenls) towdrds the
obligalions of lhe Eorower to Ihe Sharirg Financ6 Parties, if any
20.3 8lgserils-EL!llsgelrgsJsbg
On a distribution by the Agent under Clause 20.2 (Redislribution of paymonts) of a paymenl
received by a Recovering Finance Parly from lhe Bonover, as between the Bonower and lhe
Re@vering Finance Pady, an amount of lhe Recoyered Amount equal to lhe Sharing
Paymefit will be lreated as nol having been paid by the Borower
20.4 8e@!.s[Eqs!48!!e4
lf eny parl of lhe Sharing Payment received or recovercd by a Recovedng Finance Party
becomes repayable and is repaid by lhat Recovoring Finance Party, then:
(a)
each Sharing Finance Party shall, upon request of the Agenl, pay to lhe Agent for the
accounl of lhat Recovering F nance Pa.ty an amounl equal io lhe appropriate part of
its share of the Sharing Paymenl (togother li,ith an amount as is necessary to
reimburse that Re@vering Finance Party for its proportion of any Interest on the
Sharing Paymenl which thal Recovering Finance Parly is requirod lo pay) {the
Redist.ibuted Amount); and
50
(b)
as betwcan lhe Bonower and each relevant Sharing Fin3nce Pa.ty, ah amounl equal
to the relevant Redistrjbuled Amouni will be treated as not having been paid by the
Borrowcr.
21.
PAYMENT MECHAI.IICS
21.1 Payments to ths Aoent
(a)
On each dale on which the Boarower or a Lender is required to make a patmeni under
a Finance oocumenl, lhe Eorower or Lender shEll make the same avaitable io the
Agent of tho relevanl Facility (unless a cont ary indicalion appears in a Finance
Document) for value on the due date al the time and in such funds specified by the
Agent as being customary ai the time for settlement of lransactjons in the relevant
cu(ency ln the place of payment (such time being, as of ths Signing Da(e, no laler
lhan 11:00 am Paris Time)
(b)
Payment shall be mede lo such account in the principal linancialcenter of the counlry
of thal currencywith such bank as the Agenl specmes
(c)
All amounts due by tho Borrower to lhe Finance Parties shall b€ paid on a pari passu
basis and in case ofpartal payments, on a pro rata basis across the Facililies.
21.2 Distributions bv the Aoent
Each paymenl received by lhe Agent under lhe Finance Documents for anolher Party shall,
subject to Clause 21.3 (Distflbutions to the Borower) and Clause 21.4 (Clawback) be rnade
available by the Agenl as soon as praclicable afler receipl lo the Party entitled to receive
payment in acco.danoe wilh lhis Agreement and any Facility Agreement (in the c€se of a
Lender, for the accounl of its Facjllty Office), to such account as hat Party may notify to thg
Agent by not less than live Business Days' nolice with a bank in the principal financia, center
ofthe country of lhat currency.
21.3 Pjg!!!e!el9l!gg9Ee!&r
The Agenl may (wllh the consent of ihe Borrow€r or in accordanco with Cl€use 22 (Sefof0)
apply any am0unt rcceived by it for lhe 80rr0uar in or lowerds peyment (0n the date end in
the currency and funds of receipl) of any amount due from the Eonower under lhe Finance
Documents or in or towards purchase of any amounl ofany cunency to be so applied
2l:4 Clawback
(a)
Where a sum is to b€ paid lo the Agent under the Financ€ oocuments for another
Party, the Agent is not obliged to pay that sum to that other Pafty (or to enler anto or
perform any related exchange cont'acl) untjl il has been able to establish to its
satisfaclion thal it has aclually received lhat sum.
(b)
lf the Agent pays an amounl lo another Party and rt proves to be lhe case that the
Agent had not actually received that amount, then lhe Pa(y to whom that amounl (or
the proceeds of any related exchange cont act) was paid by the Ag€nt shall on
demand refund lhe sam€ to lhe Agent togsther with inlerest on thal amount from the
date of paymenl to the dale of receipt by the Agenl, calculaled by lhe Agent to reflect
its cost of funds.
51
21.s PadEl-payDgdg
(a)
lf thc Agent r€cejves a paymcnl for application againsl amounis due in respecl of any
Finance Documenls lhat is insufficient lo discharoe all ihe amounls then due and
payable by the Bonower under lhose Finance Documents, the Agenl shall apply lhat
paymenl towards lhe obligations of the Bonower under lhose Finance Documenls in
the Iollowing order:
(i)
(ii)
firslly, in or lo',lards payment pro rala ofany unpaid fees, costs and expenses
of the Agenl under lhose Finance Documents;
secondly, ln or Iowards patrnent pm rata of any accired interest, tee or
commission due but unpaid under those Finance Documents;
(aiD thirdly, in or towards payrnent of th€ indemnity due in rcspect of the inlerest
make-up arangemenls rcfered lo in clause 7.7 (Costs incurred by and
indemnity to the COFACE Lenders A and/or lhe French Authoritres) of lhe
COFACE Facility Agre€ment A or in clause 7.7 (Costs incurred by and
indemnity to lhe COFACE Lenders B and/or the French Authorities) of the
COFACE Facility Agreement B and Break Costs;
(iv) fourthly, in or towards payment pro rata of any principal due bul unpaid under
thoso Finance Documenis; and
(v)
flfthly, io or towards paynent pro rate of any other sum due but unpaid under
the Finance Doorments
The Agent shall, it so directed by COFACE with respect to paymenls duo under the
COFACE Facility A or the COFACE Facility B or the relevant Malo.ity Lenders, vary
the ordel set out above.
(b)
Paragraph (a)will oven'ide any appropdalion made by the 8or.ower.
2{.6 Set-off bv the Borrowor
All payrnenls to be made by lhe Borrour'er under the Finance oocuments shall be calculated
and be made without (and free and clear of any deduction for) sel{tt or courferclaim.
21.7 Business Dav3
(a)
Any pafnent wilch is due to be made on a day thal is not a Busin6s Day shall be
made on lhe next Eusiness Day.
(b)
During any extensloh of the du€ det€ for payment of any principal or Unpaid Sum
under this Agaeement or any Facility Agreemeot inlerest is payable on the principal or
unpaid Sum at the rale payable on th6 origlnal due date.
21.8 9ls!sp!!9!-!qlaq94-glg!cE!-e!q
It either the Agent dst€rmlnes (in its discretjon) that a Disruption Ev€nt has occurred or the
Agent is notified by th€ Bonower lhat a Disruption Event has occunedi
(a)
the Agent may, and shall if requested to do so by the Borrower, consull wiih the
Borrower wih a vlew to agreeing wilh the Bonower such changgs tO lhe operation or
adminiskation of the Facilitles as the Agent may deem necessary in the
cir rmstances;
(b)
thc genl shall not be obligeC Io consult with the Borrowcr in relalion to any chrngcs
meniioned in paragraph (a) if, in ils opinion, it is not practicable to do so in the
circumstances and, rn any event, shall have no obligatlon to agree to such changes;
(c)
lhe Agent ftay consull with the Fnance Parties in reiation to any changes mefltroned
in paragraph (a) but shall not be obliged to do so if, in ils opinion, il is not practicable
lo doso in the ckcumslances;
(d)
any such changes agreed upon by lhe Agenl and the Bonower shall (whether or not it
is finally determined that a Disruption Evenl has occuned) be binding upon the Partjes
as an amendmenl to (or, as the case may be, waiver of).
22.
SET.OFF
A Finance Pady may set off any matured obligalion due from the Borower under tho Finance
Documenls (lo the extent beneficially owned by that Finance Party) against any malured
obligalion owed by that Finance Party to lhe Bonower, regardless of the place of pafnent,
booking branch or currency of eilher obligation. lf lhe obligalions aro in different currencies,
the Frnance Parly may convert either obligatlon at a maftet rate of €xchange in ils usual
courso of business for lhe purpose of the set-off. Following the exercise of a right of set-off
under this Agreement, the relevant Finance Party shall notify the Bo.rowor.
23.
NOTICES
23,1 Communlcations in w.itlno
Any communication lo be made under or in connection with this Agre€ment shall be mad6 in
writing and, unless otherwise stated, may be made by fax or r€gisterod letler with confirmed
receipl or international courier or delivered by hand to the relevant party.
23.2 Addresses
The address and fax number (and tho dgpartment or omcer, if any, for whose attenlion llle
communication it to bo mado) of 6ach Party fgr any communiertion or documont to b6 modo
or deiivered under oa in connectron with this Agre€ment is:
(a)
(b)
(c)
in lhe case or lh6 Eorrovr'er, ihal idenlified with ils name in SctEdule 4;
in tho casa of each Lender, that notlfled ln w.lling to lhe Agent on o. prior to the date
on which it becornes a Party; and
in lhe case of the Agenl, lhat identified wjlh its name in Schedule 4,
or any subsljlute addaess, fax number oa department or ofllcer as th€ Party may notify lo lhe
Agenl (or the Agenl may notify to the oiher Parlies, if a change is mad€ by the Agenl) by not
Iess than frve Business Days'notice.
23.3 P9[y9q
(a)
Any communication or documenl made or delivered by one p€rson to another under
or in connection wjth thls Agreemsnl willonly be effeclive:
(i)
ifbyway of iax, when received in legible form;or
(::)
if by wiy of rcC;.l.reC leller or hand Colivcry. !'/hen ii has been lelt at the
relevanl address or frve Business Days afler being def'osited in the post
poslage prepaid in an envelope addressed 10 it at lhal address,
and, if a parlicular deparlment or officer is specified as parl of ils address details
provided under Clause 23.2 (Addresses), ifaddressed lo thal deparlment or officer.
(b)
Any communication or document to be made or delivered to the Agent will be eflective
onlywhen €clually received by the Agent and lhen only ifit ls expressly marked forlhe
attentjon of the department or offlcer identfled with the Agent's signalure below (or
anysubstitule department or ofllcer as lhe Agent shallspecifyfor this purpose).
(c)
23.4
All notices from or to the Eonower shall be sent lhrough lhe Agenl.
Noiification ofaddress and far number
Promplly upon receipt of nolificalion of an address or fax nurnber or chango ofaddress or fax
number pursuant to Clause 23.2 (Addresses) or changing its own address or Iax number, lhe
Agent shallnotify lhe olher Parties.
23.5 Electroniccommunicalion
(a)
Any communicalion lo be made between (1) lha Agent and a Lender or (2) the
Eonower and a Finance Parly i.tnder or in connection wilh his Agreement cannot be
made by electronic mail or olher e,ectronic means, unless lhe Agenl, the Bonower,
the aelevanl Lender and any other relevant Flnance Pariy otherwisei
(i)
(ii)
agree in writing that, unloss and until nolified to the conhary, this is to be an
accepted form of communicalion;
nofiy each other in Miting of their eleclronic mail address and/or any other
iiformation requ red to enable the sending and rec€lpl of information by that
means; and
(iii)
notify each other of any chang€ lo lheir address or any other such rnformataon
supplied by lhem.
(b)
Any eleclronic communrcation made between (1) the Agent and a Lender or (2) Ihe
Boro\i€r and a Finance Partywill be efiective only when ac'lually recefued in readable
form and in lh€ case of any elechonic communicalion ftade by 6 Lendcr or thc
Eonower io lhe Agent only f lt is addressed in such a manner as the Agent shall
spocirylor this purpose.
23.6 Enolish lanouaos
(a)
Any notice given under or in connection with this Agreemonl must b€ in English.
(b)
Allother documefls provided underor in connection with lhis Agreemenl mLrst be:
(i)
ln English; or
54
(ii)
24.
if not in English, and if so required by the n3cnl, accompanied by a ceriified
English kanslation and, in this case, lhe English kanslalion wjll prevail unless
the document is a constilutional, slatulory or olher official documenl.
CALCULATIONS ANO CERTIFICATES
24,'l Accounts
ln any litigation or arbilration proceedings arising oul of or in connection with a Finance
Document, the entries fiade in the accounts maintained by a Finance Party are prima facio
evidence oflhe matters to which they aelate.
24.2
Gertificates and determinatlons
fury certificalion or determination by a Fanance Party of a rate or amount under any Finance
Document is, in the absence of manifest error, conclusive evidence of the matlers lo which it
relates.
24.3
Oav count convontlon
Any interesl, commission or lee accJuing under a Finance Documenl will accrue from day lo
day and is calculated on the basis of lhe actual numb€r of days elapsed and a year of 360
days.
25_
PARTIAL INVALIOITY
ll at any time, any provision o, th€ Finance Oocuments is or hcomes illegal, invalid oa
unenforceable an any respect under any law of any IUnsdiclion, neither the legality, validity or
enforceability of the remaining provisions nor the legality, validity or enforc€abilily of such
provision under ihe law of any otheriurisdiclion will in any way be affected or impaired.
26.
REMEDIES AI{D WAVERS
No failure lo exercise, nor any delay in exsrcising, on the pari of any FirEnce pady, any right
or remedy under the Flnance Documents shall operate as a waiver, nor shall any single or
partral exercbo of any right or remedy pGvenl eny fudher or oth6r ex€rcise or lhe ex€rcise of
any other 4lhl or remedy. The rights and aemedies provided in thi8 Finance Documenls ar6
cumulative and not exclusive ofany dghts or rqmedies providod by l?W.
27.
CONFIOENTIALlrY
27.1 Confidentlallnforrnation
Each Fjnance Party agrees to keep all Conijdential tnformation confidential and not to
disctose
it to anyon€, save to lhe extent permitted by C)a$e 27.2 (Disclosure of Confidential
lnformation), and to ensu.e that all Conlldential lnfomation is protected with secudty
measures and a d69ree of care that would apply lo its own confidenlial informalion.
55
27.2 DisclosureotContidentiallnformation
Sublecito applicable law, any Finance Partymay disclose:
(a)
to any of its Affiliaies, lo COFACE and to the Risk Miligant Provide. and any of its or
lheir officers, direclors, employees, professionat advisers, auditors, padners, agehts,
raling agencies and Represenlal'ves such Confidential lnformal on as thal Frnance
Pady shall consider appropriate if any person lo whom lhe Confidential lnformalion is
lo be given pursuant to this paragraph (a) is informed in wriling of lts confidential
nafure and Ihat some or all of such Confidential lnlornalion may be price-sensitive
information except that lheae shali be no such requirement lo so rnform if the recipient
is subject to professional obligations to maintain the confidentiality of the information
or Is olheMise bound by requirements of confidenlialily in relation to the Confidenlial
lnformalion;
(b)
to any person:
(i)
to (or through) whom it assrgns or tEnsfers (or rnay potentrally assign or
transfer) all or any of its righls and/or obligations under one or more Finance
Documents and or which succeeds (or which may pol€ntially succeed) it as
Agent and, in each case, lo any of that person's Affiliates, Relaled Funds,
Represerlalivesand profess,onal advisers:
(ii)
with (or through) lvhom ii enters into (or may polentially enter into), wfiether
directly or indirectly, any sub-participation in relalion to, or any other
transaclion under which paymenls are lo be made or may be made by
reference lo, one or more Finance Documenls and/or the Borrower and lo any
of lhat person's Afflliates, Representalives, Releted Funds and professional
advisers:
(ii0
appointed by any Finance Party or by a person to whom paragraph (b)(i) or
(bxii) app ies lo receive communicalrons, nolices, iriformation or documents
deliverod oursuantto the Finance Documents on its behalf;
(iv) who invests in or olherwise finances (or may polentially invest in or olheNise
finance), d rectly or indiaectly, any lransaclion refered io in paragraph (bxi) or
(bxii);
(v)
to whom information is required or requesled lo b€ dlsclosed by any cou.l of
compelent jurisdiclion or any governmental, banking, taxalion or other
regulalory authority or slmilar body, the rules of any relevanl slock exchange
oaPursuant lo any app.'icable law or regulatjon;
(vi) to whom or for whoso benefil lhat Finance Parly charges, assigns, pledges or
otheMise creates Security (or may do so) pursuant to Clalse 17 7 (Security
.ovea L€nders' righls);
(vii) to whom informalion is aequired to be disclosed in connection wiih, and for lhe
purposes of, any litjgation, atitratlon, adminisfative or olher invesugalions'
proceedings or dispules;
(viii) who is a Pariy. o
(ix) with lhe consent of tho Borow€r;
56
in each case, such Confideniial lnformalion as lhat Finance Party shall consider
appropriale if:
(A)
in relalion to paragraphs (bxi), (bxii) and (b)(iii), th€ peEon lo whom lhe
Confidential lnformation is to be given has entered into a Confidentiality
Undertaking except lhal lhere shall be no requirement for a Conlldentiality
Undertakjng if the recipient is a professional adviser and is subject to
professional obligalions to maintarn the confidentiality of the Confldenlial
lnformation;
(8)
in relalion to paragraph (b)(iv) alrove, the person to whom the Conlidenlial
lnformation as lo be given has entered into a Confidentiality Undertaking or is
olherwise bound by rcquirements of confidentiality in relalion to lhe
Confidential lnformalion they receive and is informed that some or all of such
Confidential lnformation may be price-sensilive information;
(c)
in relatron to paragraphs (bxv), (bxvi) and (b)(vii). the person lo whom tho
Confidential lnfo.mation is lo be given is informed of its coofidential nature and
that some or all of such Confrdential lrformalion may be price-sensilive
information excopl that there shall be no roquiremont to so inform if, in the
opinion of that Finaflce Party, it is not practicable so io do in lhe
circumstances;and
(c)
lo any person appoinled by that Finance Party or by a person to whom paragraph
(b)(i)or (bxii) applies to provide adminisvalion or settlement services in respect of ons
or more of the Finance Documents inclvding without limilation, in relation to thB
t ading of participations in respect of lhe Finance Documenls, such Conlidential
Information as may be required to be disclosed to enable such service p.ovider lo
provide any ofthe services referred to jn this paragraph (c).
The Agent may disclose to the Sellers all of such confidential lnformalion that ths Agent shall
clnsider appropriate to inform the Sellers on lhe availabllaty of the Facllitiss or on thg
condilions of Utilisation o, tlE Facilities.
27.3 E!!r9_asr99E9d
This Clause 27 (Confidentiality) conslilules the enlire agreement between the Parties jn
relation to the obligatLons of the Flnance Parties under the Finance Documenls regarding
Confidential lnformation and suporsedes any previous agrosmenl whether expr€ss orimpligd,
regBrding Confidential lnf ormation.
27.4 Contlnulnqoblioations
The obligaljons in lhs Clause 27 (Conlldentiality) are continuing and, in Darlicular. shall
suruive and remain bind ng on each Finance Pady for a period of 24 months from the earlier
(a)
the dale on which all amounts payable by lhe Borrower under or in connection
with
the Finance Documonts have been paid in fuJt and all Total Commilrnents
hav€ b€on
canc€lled or othe^vise c€ase to b€ availableiand
(b)
lhe date on which such Finance party otherwise ceasos lo be a Fjnance parly.
57
24.
GOVERNING LAW
This Agreement is governed by French law-
29-
JURISOTCTION. ARBITRATION
)
(b)
(a
The Borro!!€r hereby waives any right ol im m unity of jurisdiclio n.
Any dispute, difference, claim or conkoversy arising ou1 of or in connection wiih this
Agreement and any other Finance Oocument providing ,or setllement of dispules by
arbilklion, including any question regarding its existence, validiiy, interpretalion,
breach or termination (a DisPute), shall be refened to and finally resolved by
arbihalion under the Rules of Arbitration of the lnternational Chamber of Commerce
as amended by ihis Clause 29 (for the purposes of this Subclause' lhe Rules).
lf at any poinl during lhe course of a pending arbitration proceeding (Existing
Dlspute), the Exisling Dispule raises issues related to or in connection wilh any oth6r
dispule arising eilher !nder this Agreement and/or any Facilly Agreement and/or any
olher Finance Document providing for setUement of disputes by arbilration (Related
Dispute), the Arbilral Tribunal shall, on lhe application of any pa,1y and taking inlo
accounl the stago of lhe arbitration and olher relevanl circumstiances, have the
authority lo consolidate lhe Existing Dispute and lhe Related Dispute so that they are
heard logether before a single ArbitralTribunal.
(c)
The Rules arc incorporated by reference into this Clause and capitalised terms used
in lhis Clause which are not olherwise deuned in lhis Agreement, have the meaning
given to thern in the Rules.
(d)
The number of erbilrators shall be three Each arb,tralor shall have no connection wjth
the Dispute, shall have no connection with any parly thereto and shall be experienced
in inlernalional finance transaclions Each party lo the oispule shall nominale an
-
appointed arbilrators shall, in lurn, iointly nomlnale lhe
arbitrator. The party
of
lhe
arbitral
lribunal (the Arbitral Trlbunal). lf a Dispule shall involvo
Chairman
more than two padies, the panies therelo shall attempt to aljgn themselves in two
sides (i.e. cla manl and respondent) each of which shall appoinl an arbriralor as if
there $€re only two pa.tles to such oispute- lf such alignmenl and appointment shall
nol have ofl,]lrrrcd within iwenly (20) calendar days atter ihe iniliatino party serves the
request for arbtration or if a Chairman has nol been appointod within thirty (30)
calendar days of the selectlon ot the second arbitrator, the lnternational Courl of
Arbltratlon o1 0re lnternational Chamber of Commercs sfiall appoinl tho thr66
aabitrators or the Chairman, as lhe case may be.
(e)
The Borrower and each Finance Party expressly agaees and consents lo Ihis
procedure for nominating and appoinung lhe Arbitrel Tribunal.
(f)
The seal, or legal place otarbitration, shall be Pa.is. Th€ language used in the arbilral
proceedings shall be English
(S)
Fees of the arb tralion (includlng each Party's
-"t") "n",, o" borne in ac@rdance
prepaGtion' altomeys' fees and similar
with lhe declslon of the Arb tral Tribunal Each
Padyshal|bearitsowncostsdirecl|yrelat]ngtothephysicalorganizationandthe
(e'g travel' hotel' rental of premises)'
hold;ng of ihe arbitration proceeding in Paris
58
(h)
The decision oi he /.rbitral Tri5ur:l sh.rll bc final, binding and enforccable upon the
Parti€s and judgment upon any award rendered by the Arbitral Tribunal may be
entered in anycourl having jurisdiclion thereof.
(0
ln the evenl thal the failLrr€ of a Party to comply with th6 decision of ths Arbital
Trlbunalrequires any other Party to apply to any court for enforcement of such award,
the non<lmplying Party shall be liable to the olher for all costs of such proceedings,
lncluding reasonable altorneys' fe€s.
o
No povision ot this Clauss 29 shall limit the rights of lhe Finance Padies to seek or
oblain any provisioMl or ancillary remedtes from any court of competent jurisdiclion
before, aaer, during or in lhe absence of any arb itration proceedings-
(k)
The Borrower elects lhe Embassy ot Georgia in France as its address for sorvice in
Pafts, at which address all procedurai instrumenls will be validly notified and served.
o
The Borrower hereby agrees that, should any Finance Party take any proceedings
anywhere (whetherforan inlunction, specific pedoman@, damages or otheMise), no
immunity (ntether on lhe grounds of sovgreignty or otherwise) from allachment
(whether in aid of execulion, before judgment or otherwise) of its assets or from
execulion of judgmenl shall be appljcable or claimed by it or on behalf of lt or wiih
respectlo those assets, except with respect to:
(,)
prcsenl or fulure 'premises of lhe mission' including any bank accouts as
dellned in lhe Vienna Convention on Diplomatic Relations signed in 1961,
"consular premises" includlng any bank accounts as defined in lhe Vienna
Convenlion on Consular Relations signed in 1963 or any moveable or
immoveable property, assets, or bank accounts otherwise otmed, used or
possessed by a djplomat or consular misslon of Georgia or aay agency or
inslrumentality thoroot;
(iD
propeny of a mi,itary characler or under the confol of a military auihority or
defence agenclj
(i,i)
property located in Georgia and dedicated to a public, Oovernmental or
culluraluse (as opposed to a commercialus€I or
(iv)
for the avoldance of doubl, iA) p.op€rty of the National Bank of Georgia,
whelher or not held in a Georgian or a non€eorg€n bank or any oher
financial instituton, or (B) property locatod in ceorgia of any typ6 coyerd by
Article 2r ot the Law o, Georgia on Enforc€ment Proceedlngs.
30.
EFFECTIVE DATE
The Parties agree that lhe rjghls and obiigabons of the parties under the Finance Documents
shall come into force and effect (save for those provided for under this Clause) on lhe date
of
receipt by lhe Agent of the fotlowing docurnenls (th€ Elf6ctivs Oato):
(a)
a copy certifled as a true copy oi lhe Resolution of the parhament of Georgia of
ralification of lhe Agreement and each Facility Agreement;
s9
(f)
a signed lcgrl cpinion by a duly rcpresenlative of the l\,4inistry of Juslicc of Georgla, in
the torm set forth in Schedule 5, (i) on the dle ralifcation of thc Agreement and each
Faciiity Agreement by lhe Parliament of Georgia, (ii) on the legality, validily and
enforceability of lhe Finance Documenis from a Georgian law perspective and (iii) on
lhe capacily and authorisations of lhe l\,linistry of Finance of Georgia to enler inlo lhe
Finance Documenls;
(c)
a signed legal opinion by an exlernal Georgian law firm acceptable lo the Lenders'
Georgian law counsel to the Lenders, on the due ralificatioR of lhe Agreement end
each Facility Agreement by the Parllameni of Georgia and confirming thal all
aulhorisalions to enter into the Finance Documenls have been dulyobtained.
The date of receipt of the last document refefied lo in paragraphs (a), (b) and (c) above by the
Agent shall be lhe Effeclive Oale. The Agent will notify the Borrower in wriling of lhe
occunence of lhe Effective Date.
lf the Effective Date has not occurred by 30 December 2015, each Pady shall have the right lo
notify to the olher Party the iermination of all Finance Documenls.
31.
COMPLETE AGREEMENT
The Finance Documents conlain lhe complete agreemenl between the Parties on lhe matters
lo which ihey are related and supersede all prior commiirnents, agreemenls and
understandings, whelhea wrillen ororal, on lhose matteE.
THIS AGREEiTENT has been entered into on lhe date stated at the beginning of this
Agreement and made in seven originals.
-
60
SIGTIATORIES
THE BORROWER
GEORGIA
By: Nodar Khaduri
Minisler ot Finance of
6
THE MAiIDATEO LEAD ARRANGER
SOCIETE GEflEMLE
By: E ic Allain des Eeauvais
Export Finance Defence, Sgqrrity & Satellites
THE AGE:
8y: Eric Allain des Beauvais
Export Finance D€fence, Ssority & Satoltites
LEI{DER A AND THE CO TIiERCIIL LE'{OER B
SOCIETE GE'{ERALE
By: E.ic Allah des Seauvais
Export Finance H€nce, Securlty & Satdtites
61
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101
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-|
დანართი
SCHEOULE 1. COIVMON CONDITIONS PRECEDENT
CONDITIONS PRECEOENT TO INITIAL UTILISATION TO BE SATISFIED ON THE SIGNING OATE
Autho.i3ations
1.
The Agenl shall have received original or certified copies of a11 authorisations of the Eorrower
appoving the execution and delivery of the Finance Documents to which il is a pady and
authorising jls signalory to execute for its account lhe Finance Documents, including inter alia:
(i)
a copy cerlified as a true copy by a duly representalive of the Ministry of Finance of
Georgia of lhe Decree of the Government of Georgia aulhorizing the execulion oI the
Agreement and each Facility Agreemenl and aulhorizing ihe Ministry of Financc of
Georgia 1o s)gn the Agreement and each Facility Agreement;
(i0
a crpy cerlilled as a lrue copy by a duly represenlative of lhe Ministry of Finance of
Georgia of lhe opinions delivered by the N4inistry of Finance, Ministry of Justice,
Ministry of Economy and Sustainable Development of Georgia, Minislry of Forergn
Affairs, the Nalional Eank of Georgia on lhe Finance Documents in the framework of
the proposal by tho Minislry of Finance lo the Government of Georgia to sign the
Finance Documenls;
(iiD a copy certified as a true copy by a duly represenlative of the Minislry of Finance ot
Georgia ot the oecree of the Governmenl of Georgia authorizing the execution of the
Purchase Conlracts.
Logal oplnions
The Agenl shall have received origina s of the following legal opinions, each of them to be n
form, scope and subslance saiisfactory to the Original Lender, and addressed to the Lenders
(i)
a signed legal opinion by an external French law firm acceplablo to lhe Lenders,
Frc|ch bw couniol to lho Lendsr6, on the laoality, velidily and enforc€sbjlity of the
Finance Documenls from a French law pelspeolive;
(ii)
.
a signed legal opinlon by an externat ceotghn law flrm acceptable to lhe Lenders,
Georqian law counsel lo lhe Lenders, on (i) lhe lega,ity, validity and enlorceability of
lhe Frnance Documenls and the capacity, consents and aulhorisationg of thg Mjnistry
of Finance of Georgia to validly enter into ihe Finance Documents from a Georgian
law percpective (6ubjecl to their ralificalion by the Paiiament of Georgta) and (ii) lhe
capac ly, consenls and authorisatons of the Ministry of Defence of G€org a lo validly
enter into the Purohase Contracts.
3.
Purchaso Contracts
The Agent has received:
(i)
a cenfed true copy by lhe Buyer and lhe Seller of lhe extracts of oach purchase
Contract relating lo the payment terrlls logetherwith any amendmenl lif any);
r00: t4047_t
62
(ii)
a letler signed by a duly authorized represenlative ofeach Soller conlirming thal (a) it
has obtained the export tic€nse authorising such Selter to export lhe equipment
pursuanl to the relevant Purchase Contracl and (b) it has obtained a signed end user
cerlificale from tho Buyer (olher than in respect of the purchase Contract B whjch
shall be delivered as a condition precedent lo th€ first Utilisation of the COFACE
FacilityB or the Commercial Facility B);
(iiD a cerlificate of a duly authorized representative of the Buyer certiFying that the
Purchase Contracts will come into force and effect upon payment of lhe respective
advance paymenls provided for under each purchase Conlract and js not susponded,
interupted, cancelled or terminated or under anyjudicialor arbitration paoceedings.
4.
Finance Oocumenls
All Finance Documents have been duly signed and are in full force and effect.
5.
FATCA Exempt Party
The Borrower has delivered to the Agent a withholding certirlcate on Form W{ certifying its
status as a FATCA Exempt Party in form, s@pe and substance satisfactory lo the Original
Lender.
6.
Fees, costs and expenses
Evidence salisfactory to the Agenl that a,l fees, costs and expenses due to the Finance
Parties have be€n paid or wjll be paid to lhe Agent bylhe Bonower-
7,
Know your customgE
Confirmation by the Finance Parties to th€ Agent lhat lhey have completed all relevanl ?now
youf customef' checks.
63
დანართი
SCHEDULE 2, FORM OF TRANSFER AGREEMENT
lfhe Exisling Lender and lhe New Lendet shauld checkcarefully belore enleing ihlo the
Trcnsfer
Agreement whether the lransfer la be made as a trcnster of rights only or is a translar of righls and
obtigalions, This farn ol Transfot Agrsemont will need to be adapted in the caso of a t.ansfor af ighls
only, to remove provisians relaling to the lransfer ol obligatbns.l
[.] as Agent (the Agent), Georgia as Bonower
From:
[the Existing Lender] (the Exjsting Lender) and llhe New Lender]
Dated:
I.l
(the New Lender)
lal Facility Agreement [a] dated ltl(the Facility Agrooment)
1.
Reference is made to lhe Facility Aqreemenl. This is a Transfer Agreement. This agreement
(the Agreement) shall take effecl as a Transfer Agreement for lhe purpose of the Facility
AOreement. Terms defined in the Facility Agreement have the same meaning in lhis
Agreemenl unless given a diflerent meaning in this Agreement.
We re{er to Clause 17.5 (Procedure for hansfe. and assignment) of the Common Tems
Agreemenl:
(a)
lassigning to the New Lender any or all of lls righls referred to in the Schedule
accordancE with Clause 17.5 (Procedure for tansf€rand assignm€nt);l or
(b)
participation in ihe
ltransfening lo the New Lender all or pad of lhe Exisiing Lender's
Total Commitmenl, rights and obligations refered to in the Schedule in accordance
with Clause 17.5 (ProcedLrre for kansfer and assignmont) of ths Common Terms
in
Agreemont.l
The proposerl Transfca Dat€ is [a].
4.
On lhe Transfer Date, lhe New Lender becomes party to lhe relevant Finance Documenls as a
Lender.
5.
The Faciity Offac€ and address, fax number and attenlion details for notlces 0f the New
Lender for the purposes of Clause 23 2 (Addr6sses) ol th6 Common Terms Agreement are sel
out an the Schedule (attachsd hereio).
6.
The New Lender expressly acknowedges the limitations on lhe Existing Lende/s obligallons
set oul ,n paragraph (c) of Clause 17 4 (Limitation of responsib lity of Existing Lenders) of the
Common Terms Agre6m6nl.
7.
Th€ New Lender conlirms.lor the benefit of the Ag€nt and wilhoul liabililyto the Borrcwer, that
it is:
(a)
(b)
[a Qualifying Lender other than a Treaty L€nderJ
[a Treaty LenderJ
64
(c)
8,
lnol a Oualifying Lender,]r
This Agrccmeot acts as notice lo thc Agent (on behalt oF cach Financo Party) and, upon
delivery in accordance with Clause 17.6 (Copy ot Transfer Agreement to the Bor.ower) of the
Common Terms Agreement, to the Eorower ofthe assignment refened to in this Agreement.
The New Lender will ensure that a copy of this Transfer Agreemenl is served on the Borower
by caud balliff.
g.
This Agreemenl iE governed by French law.
10.
This Agreement has been entered into oo the date staied at lhe beginning of thls Agreement.
Oerele as applk Dl€. Edr tl€w Lmde. is Bqul.ed t, connrm rhidl ol tEs€ tfv.o
2002l1oaf_6
rl{or€. n fals aitin.
65
THE SCHEDULE
Commitment/rights and obligations to bo transferred by assignment, rclease and acccssion
[in setl relevant delail sl
[Facilily otrice address, hx nunbet dnd attentbn delails lor natices and
Portion ofExlsting Lende/s existing Total Commitment to bo
accounl details for paynenlsl
lransferedr
EUR [a]
Prlncipalamouni of Exisllng Lendeis parliclpalion in the Loan lo be lransfaned EUR
{'l
OR
Rights s$igned:
Principalamount of Existing Lende/s rights
assigned
[Exisling Lendel
[New Lendet]
By:
By:
EUR [a]
This Agreement is accepted as a Tmnsfer Agreement for lhe purposes of the Facility Agreement by
the Agonl and the Transfer Oate is confirmed as [.].
Signature of this Agfeoment by the Ag€nt constitules confirmalion by the Aggnt of receipt ol notice of
the assignmeni refe.ted to in lhis Agreement, $fiich notic€ the Agent rcceives on behaf oi each
Flnanm Party.
The Agenl
By:
66
დანართი
SCHEDULE 3. FORM OF CONFIDENTIALITY UNDERTAKING
lLellehead of Polential New Lendcrl
To:
{insert name of Existiflg Lenderj
Re:
ThB Common Terms Ag.eemenl dated 8 December 2015 and entered into with ceorgia
as Boffower (the Agreement)
Date:
Amounl:
Agenl:
Dear Sirs
We are considering acquirjng an interest in the [.] Faciljty Agreement wfiich, subject to the
Agreemenl, may be by way of novation, assignmenl. the ente ng into, whether directly or indirectly, of
a subfarticipation orany olher bansaction under which pafmenls are to be made or may be made by
reference to one or moro Finance Documents and/or lhe Bonower or by wEy of invesling in oa
olherwise financing, directly or indirectly, any such novalion, assignment, sub-pa cipalion or olher
transaction (the Acqulsitlon). ln consideration of you agreeing to make avallable to us certiain
informalion, by our signaiure of this letter we agree as follows (acknowledged and agreed by you by
your signature of a copy of this lelter):
1.
CONFIDENTIAI.Iry UNDERIAKING
We undertiako (a) lo keep all Confidential lnformation confidenlial and nol to disclos€ it lo
anyone, save lo lhe extenl permitted by paragraph 2 below and to ensuro thal all Confidentlal
lnformation ls protecled with security measures and a degreo ol care lhat would apply to our
own confidenlhl information and (b) until the Acquisition is completed to use the Conrid€ntial
lnfonnaton only for the Permitted Purpose.
PERMITTED OISCLOSURT
You agree that we maydisclose:
2.1 to any of our Afrlliates and any of our or their otflce6, directors, employeesi
professional advisers and auditors such Confldential lnformalion as we shallconsider
approp,iale if any person to whom the Confidential lnformation is to be given pu6uanl
io thls paragraph 2.1 is intormed in writing of fts confidential nature and lhat some or
all of such Confrdential Information may be price-s€nsitiw information, excopt that
ther6 shall be no such requiroment to so inform if tho recipient is subiect io
professional obligations to malntaln the confldenliality of lhe information or ls
othelwise bound by requirements of confidentialty in rslalion to the Confidential
lnformalion;
67
2.2
(a)
subjecl lo lhe requirements ol lhc Agreement, lo any pelson:
lo (or through) v/hom vre assiEn or transfer (or may potenllally assign or transfer) all or
any of our rights and/or obligations which we may acquire under lhe Agreement such
confidentlal lnformation as we shall consider appropriato if the person to whom the
paragraph
Confldential lnformation is to be given pursuant to this sutsparagraph (a) of
2.2 has delivered a letter to us in equivalenl form to this letter;
(b)
wilh (or through) whom we enter into (or may potentially enter inlo) any subpartioipation in relation to, or any other transaclion under which payments are lo be
made or may be made by reference to lhe Agreemont or lhe Bonower such
Conlidential lnfo.malion as we shall consider appropriate if lhe person lo whom lhe
Confidential lnformation is lo be given pursuanl to lhis sutspa.agraph (b) of paragcph
2.2 has delivered a letler lo us in equivaleni form to this letter;
(c)
lo whom information is required or requested lo be disclosed by any governmental'
banking, taralion or olher regulatory authorily or similar body, the rules of any relevant
6lock exchange or pursuant to any appliceble law or regulation such Confidenlial
lnfornalion as we shall consider appropriale; and
2.3
notwithstanding pataqaphs 2.1 a d 2-2- above, Contldenlial lnformation lo such
persons to whom, and on the same terms as, a Finance Pady is pemitted lo disclose
Conidsntiat lnformation under the Agreement, as i, such permissions were set oul in
full in this Ietter and as if referenc€s in those p€rmissions to Finance Party were
refereaces lo us.
NOTiFICATION OF DISCLOSURE
We agree (to tho extent permitted by law and r€gulation) to inform youj
3
1
of lhe circumstances of any disclosure of Coifrdential lnformatjon made pursuant to
sub-paragraph (c) of paragraph 2.2 above excepl wherg $uch disclosure is made to
any of the persons referred to in that paragraph du ng tho ordinary course of its
supervisory or regulatory funclion; and
32
upon becoming aware that Conlidential Info.mation has besn djsclosed rn breach of
this letter.
4.
RETURN OF COPIES
lf we do not enter into the Acquisition and trcu so request in w'iting, we shall reiurn all
Confidenlial lnformation supp|ed by you to us and deskoy or permanenlly €rase (to the exlenl
technically practlcable) all copies of Confidential Infoftation made by us and use our
reasonable ondeavours to ensure that anyone to whom we have supplled any Confidential
lnformation deslroys or permanently erases (to the extent technically practicable) such
Conlidenlial lnformation and any copies made by thern, rn each case save to the extent that
we or lhe recipi€nts are required lo retain any such Confidential lnformation by any applicable
Iaw, rule or regulation or by any competenl judicial, governmental, sup€rvisory or regulatory
body or in accordance with inlernal policy, or where the Confidential lnformalion has been
disclosed under sub-paragraph (c) of paragraph 2.2 above.
68
5.
CONTJNUING OBLIGATIONS
The obligations in thjs lelter are continuing and, in particular, shatt survive and remain bindinO
on us until {a) if we acquire an interest in the [.] Facjuty Agreoment by way of novation, the
date on which we acquire such an interesl; (b) if wB enter into the Acquisition other than by
way of novation, lhe dale falling [twenty-four] months afler termjnalion of lhal Acquisition; or
(c) in any other case {h.,/enty-fourl months after the date ofthis lette..
NO REPRESENTATIoN; CONSEOUENCES OF BREACH. ETC.
We acknowledge and agree lhat:
6.1
neither you, nor any of your or their respective officeE, employees or advisers (each a
'Relevant Person") (i) make any representation or wananty, express or implied, as lo,
or assume any aesponsibility for, lhe accuracy, reliabilily or compleleness ofanyofthe
Confidential lnformation or any other information supplied by you or the assumptions
on ! hich jt is based or (ji) shall be under any obligation to update or cofiect any
jnaccuracy in the Confidential lnformation or any other jnformation supplied by you or
be othorwise liable to us or anyother person in respect ofthe Confldential lnformation
or any such information;and
6.2
you may be irreparably h€amed by the breach of lhe terms of lhis lelter and damages
may not be an adequale remedj4 each Relevant Person may be granted an injunction
oa specific performance lor any threatened or actual breach of the provisions of this
letter by us.
7.
ENTIRE AGREEMENTi NO WAIVER; AMENDMENTS, ETC.
7.1 Thjs lelter mnslrtutes lhe entire agreement betvr€en us in relation lo our obligations
regarding Confidential lnlormalion and supersedes any previous agreement, whether
express or impl:ed, regarding Contident al Information.
7_2
No failure or delay rn exercising any right or rernedy under this letler will operate as a
waiver Ihereof nor will any single or panial exerclse ot any right or rem€dy precludo
any fudher exercise thereof or the exercise of any other ght or remedy under thls
letter.
7.3
8.
The lerms of this letler and our obligatrons under this leller may on y be amended or
modlfied by writlen agreemenl betwsen {rs.
INSIDE INFORMATION
We acknowiedg€ that some or all of the Confidental lnformalion is or may be prics_s€nsilive
jnformalion and that lhe use of such information may be regulaled or prohibited by applicablo
legislation lnduding securities law relatjng lo rnsider dealing and market abuse and wq
undertake not to use any Confidenlial lnformation for any unlawful purpose.
NATURE OF UNDERTAKINGS
The undertakings given by us under this letter are given to you and are also given for the
benefit of the Borrolver.
69
10.
GOVERNING LAW AND JURISOICTION
10.1 This lelter (lncluding lhe agreement conslituled by your acknowledgement of its lerms)
(the Letter) and any nontontractual obligations arising out of or in connection wilh it
(including any nontonlractual obligations arising oul of lhe negotiation of the
transaclion contemplated by thls Le(er) are governed byFrench law
10.2 The Paris Commercial Court has exclusive iurasdiction to setlle any dispute arising out
of or in connection with this Letter (including a dispute re,ating to any non_contraclual
obligation arising oul ofor in connection with either lhis Letlea or the negoliation of the
transaclion contemplaled by lhis Letteo.
11.
OEFINITIONS
ln this letler (rnclud ng the acknowledgement set out below) terms defined in lhe Agreemenl
shall, unless the conterl olherwise requires, have the same meaning and:
Cohlidontial lnformation means all inlormation relating to lhe Borrower, the Finance
Documenls, fthe/al Facilly and/or the Acquisilion which is provided to us in relation to lhe
Finance Documents or [the/a] Facility by you or any of your afliliates or advisers, in whalever
form, and includes lnformalion given orally and any document, elechonic file or any other way
of represenling or recording informalion vrhich conlains or is derived or copied from such
information but excludes informalion that:
(a)
is or becomes public informalion other lhan as a direct or indirect result of any br€ach
by us ot this letler; or
(b)
is identitled in \^/riting at the time of delivery as nofl<onlldential by you or your
advisers; ot
(c)
is known by us before the dale the information is disclosed to us by you or any of your
affiliates or adviseas or is lawfully obtained by us after that date, and which, in either
case. as far as we are aware, has not been oblained in breach of, and is not otherlvise
subject to, any obligation otconfidentiality-
Permltt6d Purposo means considering and evaluating wh€lher to entff into lhe Acquisition
Please acknewjedge yoqr agreemenl io lhe above by signing and rctuming th€ enclosed copy.
Yours faithfully
For and on behall of
JPolential New L€nderl
We acknowledge and agree to lhe abovel
For and on behalf ot
[E isling Lenderl
70
დანართი
SCHEDULE 4. CONTACT OSAILS
FOR THE BORROWER
THE MINISTRY OF FINANCE OF GEORGIA
Address:
16, V- Gorgasalj Street
Tbilisi, Georgia
+995 322262423
Fax:
Phone:
+995 32 2262423
99p.Y:
Public Debt and External Financing Oepartment
Address:
16, V. GorgasaliStreet
Tbilisi, Georgia
Forthe Aoent and the Lende6
Th6 Agent (for itselfand for the account of the Lenders)
For administration/ooerations mattols
SOCIETE GENERALE
Address:
Societe G6n6aale
189, rue d'Aube.villiers
75986 paris Cedex 18
Ftance
Name ofOflicer: Vincenl Przegralek / Baptisle Laurent
Fax:
Phone:
Email:
Deparrmenr: OpEFyF[.,STR/DMT6
+33 1 46 S2 45 98
+33 1 58 98 01
+331 4213 77 56
8l
par{per,cafimt6@sgcjb.coh
For othar mattar!
SOCIETE GENEMLE
Address:
Soci6t6 Gdn6ral6
I 89, rue d Aubervillie6
75886 paris Cedex 18
France
Name of
Officer Olivier cueguen,/ Mathieu Cheva ier
Phonei
Email:
Departmentr OpER/FlN,/SMO/EXT
+33 1 42 14 U 11 I +331 58987898
oljvier.gueguen@sgcib.com / mathieu.chevallier@sgcib.com
71
SCHEDULE 5. FORM OF LEGAL OPINTON BY THE MINISTRY OF JUSTICE OF GEORGIA
Toi
Socidt6 Ganerale
29 boulevard Haussmann
75009 Parls, France
The Ministry ol Justice of Georgia refers to (D the Common Terms Agreement signed on ['i 2015
between Georcia, acting through ils Miflistry of Finance in ils capacily as Borrorver (hereinafter
referred lo as the Bonower) and Soci6l6 G6n6rale in its capacity as l\'{andaled Lead Arranger, Agent,
ginal
Original COFACE Lender A, Original COFACE Lender B, Original Commercial Lender A and O
Commercial Lender B (hereinafter refened to as the Common Toms Agrqement). (ii) the COFACE
Credit Facility Agreerent srgned on [,] 2015 betv/een Georgia, acting through its Minislry of Finance in
its capacrty as Borower and Sociele G6n6rale in ils capacity as Mandaled Lead Arranger, Agent and
Original COFACE Lender A (herelnafter referred to as the COFACE Facllity Agreemont A), (iii) the
CoFACE Credit Facility Agreernenl signed on ['] 2015 between Georgia, acting lhrough its Ministry of
Finance in iis capacity as Borrower and Soci6t6 G6n6rale in its capacity as Mandated Lead Arranger,
Agenl and Original COFACE Lender B (hereinafler .eferrcd lo as the COFACE Facllity Agreement
B), (iv) the Commercia Credil Facility Agreemenl signed on ['] 2015 belweeo Georgia, acting lhrough
its Ministry of Finance in its capacity as Bonower and Soci6t6 Gdnerale in ils capacily as Mandated
Lead Arranger, Agent and Original Commerclal LenderA (hereinafter refened to as the Comme.cial
Facillty Agreement A) and (v) lhe Commercial Credit Facility Agreement signed on ['] 2015 between
ceorgia, acting lhrough ils Ministry of Finance in ils capaoiy as Borower and Soci6t6 G€n6rale in its
capacity as Mandated Lead Aranger, Agent and Original Commerclal Lender B (hereinaller referred
Facility
to as th€ Comftetclat Facility AgrsBm6nt B) (the Common Tems Agreement, the COFACE
A
and
lhe
Agreemenl
Agreement A, lhe COFACE Facilily Agreement B, ihe Commerclal Facility
Commercial Facility Agreement B being hereinafter refened to, colloclively, as the Finance
0ocuments).
The opinion is given in accordance wjth Clause 30 (b) of the Common Terms Agreemenl and
Section 3 (i)ofSchedule 1 of each Facjlity Agrsement.
herein, lhe meaning given lo ihem
Capitalized terms in this opin on have, except as otheMise defined
in the Common Terns Agreement.
of (or a copy of lhe
To giv€ th6 6pinion. lh€ Mrnisky of Justice of Georoia has examined the original
that it considers necessary for
orlginal of) each Finance Document and all other relevanl doqlmdnts
the puapose hercof, includinO lhe following:
(a)
(b)
(c)
the Constltution of Georgia;
Minislry of Economv
the opinions de ivered by lhe Mioistry of Finance' Ministry of Justice'
Afiairs' the Nalional Bank of
and Sustainable Oevelopment of Georgla Minisky of Foreign
lhe framework of lhe 'proposal by the Ministry of
Georgia on the Flnance Documenls
'n
Financ€ to the Governmentof GeorOia to sign ths Financo Documenlsi
2015 authorizing lhe execution of
the Decree of the Government of Georgia No {'l dated ['l
Finance of
Agreement and of each Facility Agreomenl by the Ministry of
the Common Terms
Georgla;and
(d)
the Resolution No. l.l daled ['] 2015 of the Parliament of Georgia
on ratificetion of the
Common Terms Agreemenl and each Facilily Agreemenl'
72
Having considered the above documents and regarding the laLrs of Georgia, the lf inistry of Juslice ol
Georgia confirms that:
1)
Georgia, acting through its Mrnlstry of Finance has lhe power and suthority to enter into
deliver each of the Finance Documents as Eorrower and to perform its obligations and
exercise its rights thereunder, in conformity with the laws and regulatjons in force in Georgia'
2)
'
Finance Documents on behalf of the
[Name], [fiteJ is duly aulhorised lo sign each of the
Borrower in conformity with the laws and regulations in force in Georgia' Therefore the
power'
Finance Documenls have been signed by a person duly authorized and having
deliver
the
execule
and
authority and the legal right, for and on behalf of the Borower to
and
Finance Documents.
3)
Each of lhe executed Finance Documents has been duly ralified by the Parliamenl of
4)
Each of the Finance Documents constitules legal, valid and binding obligations of the
Borrower enforceable in accordance with their lems and provisions undel the laws and
Georgia, in conformily with the laws and regulations in force in Georgia'
regulalions of Georgia.
5)
in G€orgia is
No further authorisalion, consent or approval by any rcgulalory offlcial or body
of the
delivery
required by the laws and regulations of Georgia as to lhe oxecution and
performance of
Finance Documents, the borrowing under such Finance Documents of the
the provisions ofsuch Finance Documents.
This opinion letler is fumished to you and is solely for lhe benefit of Societ6 Generale
in conneclion
withtheFinanceDocuments.Thisopinionletterisnollobetransmittedtoanyolherperson'andmay
any public
not be relied upon by any other person or for any other purpose or quoted or refered to in
of
document or filed wth anyone, except with our Prior wrilten consent; provided' however' that copies
by any
this opinion letter may be furnished lo, but may nol be relied upon, (a) to the extent required
or
applioable law or regulation or the rules of any applicable stock exchange to any regulatory
govemmenlal authonty having jurjscliction over youi (b) to any pe'son that be@mes a Lender in
accordance wilh the lerms of the Finance Documenls; (c) any poienlial assignee, tansferee sub_
(e)
partioipant, insurer or olher provider ol credjt prolection of any Lender; (d) to any of your afiiliatesi
(0lo your professional
to any of your affiliates' direclorc, employees' otficers, pmfessional advisers;
proceedjng in respecl of a
advise6 or auditors; or 19) in connection with any actual or polentiai coud
to in this opin'on' Our
referenced
dispute or claim to which you are a patty under lhe lransaclion
glven on the basis lhat (r)
concent to di6clo6ur6 to thB p€rsons referred lo in lhe foregoing prgviso is
op'nion has been given
such dlsclosure ls made solely to enable such persons lo be infofincd th3t 3n
oplnion letler, (rr)
and to be made aware of its lerms bul not for the purpose of reljance by lhem on this
persons
not
further disclose
shall
we do not assum€ any duty or liability to such persons and (iii) s'rch
lelter'
this opinion leltor. No person may assign its rights' { any, under this opinion
Made in Tbilision I.l2015
The Ministry ofJtlslice of Georgia
lNamel, [ritie]