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Ft N" 82 045 S€rapis N'2010-0571 GEORGIA East-West Highway-B Finance Contract Georgia European lnvestment Bank Tb'li.i, a6 Noy€mb.r 20t3 vitnlu:",?&rcycmUer ZOt g ttl ,al THIS COIIIRACT IS DE BETIYEEN: G€o.gia, acting lhrough lls Miniatry ol Ftnenc6, 16, Gorgasali str€ot, Ttiti6i, Ott4, Gorgia, (lhe 'Borrow.r') rgpr€sentEd by (lh. 'B.nk" or'ElB') ol th€ second part oL. \ WHEREAS: {1) Tho Bonor$r hss atated that d i. und€rtakrng. thmugh the Ministry o, Reoionet D.evelopmont and tntrasrructuro (h€ .piomor./): 6nd lh-e Ro;tu o"ij.m*i ? ii.i MinlsIry of Ro€ional Dovetopmont snd tnfEstructure (th6 .Ftn.t Bcn.fi;;;., ;;roii'o; upgtEding snd lmorcvmg the most W6stlm part ol tm east.West triot wav irom iesi.-n, lo Ad,ara regDn.Ior s totat tergth of Ebour jO3 kms, 6s more paa,c-uUai Oc*riUcA in-tre r*hnc€t ct€scnptan (the 'T.chnlc.t D..crlpiton') set out in Schedute Aithe.plDjccf) (2) Th€.totel cost of th€ ProFcl, as $lirnated by ths Bank, ls EUR S92.1,{O.OOO (fivs hundred end nnety-two mittlon, one hundrod and fourty lhousand €uros) and the dorrowe, has stal€d thal it intends to financ€ lhe proFcl as fo ows: Sourca (3) Anount( EURI Own fund3 2214 Credil Ev8ihblc frorn th. Bsnk 200 00 Loen frgm Aaian Dq/ebpmont gank 200 00 Japan lntEftationel CooFratDn &eflcy r50 00 NIF 20 00 TOTAL 592 14 ln odor to fulfill th6 financing pt€n 60l out in Recitat (2), tho Borrcwer h€3 reqoeBled hom the Eank a qedit rn En ahounl of EUR2OO,OOO,OOO ttiri trnar'"o.,frion lh€ Eofiowsr trom tho Eonk s o/m nelourcss and pur3uqnt to lhe ENp ErSaei,nUC rEOi "rr*jlnJlii"ioi - 31/1213 F&itity (hs. .ndrt.) (4) The Bank hEs already provijed to th. Botr (onc hundrcd and savanty m tion aurG) u (lho 'T.rnchc A Cont..cf). Tho Ban* d.c cnnsiler furthar llqucats fiom thc Borowe m lon euro!)forthc financing ofth. proFcl, dug cou6e; provdad lhet the cnlire amount 50% (l"'fry per cent) of th6 total c6t ot th€ project set out in Recitel (2) (s) By a letler daled 22 Gober 20t3, th€ BonDw€r intomGd the Bank lhat bas€d on the n, the qodi under tho Trancho A Contracl e8t6d flom the lon 6uros). The o, its functions ,"-;[ Eided ro sive effscl ro ti" pmvkting to ir thG rcmaining cr€dd ,n an anount A EUR 3O,Om,OOO (thrdv; un(hr lh. presenl Fhance Contract (the.Conf.cf) I \ DL ",3tffT: ii;;m-6i t.l t.a (6) An +plicatbn to th6 N.ighboufiood tnvelunent FaciRy (h6r6afler ,t{tF,) he6 be€n msd6 lor a grsnt ,or lhr Prq*l in tha amounl of tot6t Et,R 2O.OOO.OOO (twontv mil,on 6uml ; invollment! Fu(h.r, lhe Bank. rom6 hor intornetionet nnance iniritutions anJ rie Commission (a) hev6 entertd inlo th6 .Coop€ration within th€ fr;m;; -; i; N68hbo-u ood tnvcsun.nt Facjtity lrrn o.k agr€ernent. in torce as of Zi 20d (th€ '?{lF Fnm.uort AerEnl.nf) and (b) have Gntent nio an Oe*tei imy'cmert agrccrnont.datcd 13 Noyember 2012 66fling out the t6rms end conditrons of coop€ration w hin the ftEmauo.k ol the NtF lor lhe FJrposss of mpternentation ol thcn resoeciire lrnencing agrc.m.ris concluded with lhc Boroscr (the.tmpt.m.ht Uon Agrt.me;t, an; iogether wjth.th.-NlF Fram*o* ,€r€€mont, End any otFer ret€vent a9re6;6nb. th6 Oocumanhllon). Further, the CoirnBlion has cntirrd Into a finan;g ag,eenent *itt mak6 a non-reimbur6ablo grant nty million €uro.) tor purfJo6€ ot .ili t Fln.nclng Agrtam.nt') whici and th. Benks funds on a psripa6su basis as ot 11 MEy 2012 (7) snd lhe Bank signod e F€m€work Agro€ment qovemino (heroaftar referr€d to sB $e "Fr.m.{o?k lg.rcment.) (B) (e) aft, ot6ct throughout th€ tilotift€ o his Contlad TIE Bonovcr cDntlrnrcd to the Bsnt thrt thc poed t6lb within the scDpe ot th€ Fremewo* Agrcefient The Ministry of Fincnce ot G€orgia i! duty authoriE€d to 6i9n this Contract for and ol the Eorrower parliam.nt and tne Councit (10) on behatf of the European tllc Bank earnst toss€. incun€d by i under to 201 3 in &cordence with il3 own rute6 and th6 said Dcc|son (h6 'EC GU|,.nt th6 elorementioiod o6cbk n (11) In cDunliaa outaite the Eu.oDaen L,nrm t,ste.r ,n .') G€orgi€ b an GhgDto cou"rt;;de; Ail; ii ; fh€ Slaluto of the Bank p.ovijo3 thst lha Bank shall €n6uro that its funds er€ us€d as €ti,1ally as pGsibh in the inter€sk ot th€ Eurcpeafl Unbn; a"d, accordi"gt, ih€ i;; - and conditbns ot thc B6nrs h€n op6rations must bs conrisrent (12) *tr rerevant E[r fitcs infomBttm pt6y3 an oslential role in lhg rcduction of rnctudiog human rights vbtatlons, li.ked to th6 p{ojods n blish€d iB Transparenc, ,rottcy, the puDose of whi; is to 6nhance tho accountabitity ol Uto EtB 6roup riards its itit"nirU"rs'eni in" EU orir"n. t ii 9en6ral, by giving access to the inlomEtron hat wi enable ihem ro ,no""t"nJ-it" govemance, dralogy, policigs, aativitE and graciireg .D \ NOW THEREFORE lt b hcr€by er.sd as fdkrE: IHTERPRETATION ATO OEFI}I]TIOIIS (a) lnL.pr.tatldt (i) Relorencr8 in this Cont-act to ftti:bs, Recitrlr, Scisdutos and Ann€x6 sr6 sav€ ( epliciuy stirobred oth€lwls€, reterEnc6 r€3Fctvdy to ani*! of. 6nd recitab, ldlcdut€g end ennoxes b lht! conlrel- (ii) Rei0ranc6 ln this Conlrecl to s t,rovisbn ol law is s referenc6 to thst provision 6a amendod or ftren6cted, (iii) RefererEs in lhir Cdrlfecl to any other 4r€errEnt or instrument is a reiercnc€ to ihat other a6aeem6nt or instruflront 6 smsod€d, norel6d, supplemented, a(endod or r€6tated (b) Mntuon ln lhb Cont8cl: 'Accapttnoc oaaalllna' for s notbo means. (a) 16h00 Luxembouio tira on lhe d.y ot ddivery, [r€ nolice is delivor€d by 1/tmo Luxernbouro tillrs on a Bu6in6a De!4 o. (b) 11h00 LuxombourO tilr1e on ihe next folo$ring d6y which b a Bugina$ Dsy, if th6 notic€ is &live{Ed Effer 141O0 Lux6mbourg tihe on sny sudl day or ls ctelivorsd on a day whrcil 16 not a Buliness D6y 'AccaPlad Tnnchr' maaais e Trench€ in req€ct ol a Disburs€ment Offor which ha3 boen duly acc€fled by th€ Boron€r in ac@drnce wih it. term3 on or b€loG the Okbu6arn6nt Acaeftancs Oedln€ 'Budnaa! O.y' nean! E dsy (olher than s S€tu(by or Sunday) on s,hich thc Bsnk and commercial banl$ are opan ior gamrd bulincaa in Luxcmbour! 'ChangloHlw Evanl' has the n|6a.tilg giv€n to it in Anide 4 O?A(3) 'Cont..cf has the meaning giwn to it rn Recitsl (5). 'C.!dlf ha3lh. meaning given to it n Artble I 01_ 'OaLttnarn ldarnntty' moans en in(bmnity celculaled on th6 amount of dtsburEemenl deErl6d or ouap.nd€d at lhe pcrc.nbge rata (d hohor th€n zrro) by which - lh6 lnt6r6t Rate th8t sould h3ve b6n Epplkabl6 to such amount had it been dGbulsed lo lhe Borloiler on tha Sdledut€d Ctbborselllel I he excoedS - k! EURIBOR (on€ month rdE) 0 125% (12 5 b-i3 p<ints), unte$s thb vatue is tess thsn zoro, in which casa i will b€ 3€t at zelo. Such in(hmnily rhatt ecduo ftom th6 Schcduld DisbuBc.nent Data lo th6 ecfual dilbuEem€nt datc 0., .! lh€ c6. may bo, u.ttl tho date ., c€nao aton of th€ Aaaspted Trand!6 in &.odanco with lhis Contract 'Dbbur..mant Acc.drnc.'meen! s copy of the Disbursement Ofler duly countorsign6d by th6 'DLbu.t mait Acclptano. Dordth' m6sn6 t,l€ datc snd tim6 ol expiry of a DbbulEerhorit Off6r .s Bpacifed therein 'Dlbur..m.nt Ofi.r' rEens E tetbl subot ntiatv in $E lrnn set out in Sch.dul6 C l o \ ,ll 'Dlanrptl,on Evanf m€ans otther or both of: (a) 6 .nsbrial_ dis^pton to thc€ psfn€flt d communbetons systerns or to those finanqat markals whrch al., in each css6, Iequkd lo op.rat6 in order br paymGnts to be made n coon6ctbn with thb Cqrtr&ti or (b) th€ oacuronaa of eny othsr 6l6nt f,hirt Esuts n a dbruptoo (of s techniett or ayltemsr.Lt€d notur!) to lhe tllsury or psyments operEtons ot oither the Bank or the B;n;, provlnting that parv (i) flom Fdonning itr payment obkFtions under thb Contled; o{ (l) lrom cdnmunicating with othcr ps.tios. end whldr dbruption (in dther such case as p€r (a) or (b) &v€) is not c.used by. and b bcvond lhe contrd of, lh€ perty who6e oFratirns are dbruptad. 'Environrncnf moen6lhc foltoring, in io far as they 6ffecl humon heBt$ and soclalwe +oing: (a) launa and f,ora; (b) aoil, waier, air, clirrl'tc snd th6 tendlclpci and (c) culturalh€rirgo end tho built 6nviDnm6nt. 3nd indd€6, w$lout tmibtbn, oc.ltpEtihel and cornmuniiy heahh End salaty matleB and working condiljon! 'Enylronrtlantal Approval' means any p€rmit, ticence, authori!5tion, cons€nt or othea apprcvel roquired by EnviaonmenEl Law 'Envircnm.nt l Cl.lm' m.ans eny cleim, procecdlng, fomsl notic! or invBtigation by any p€r$n in €sp€cl ot any Enyironment l Lew "Envlrorm.ntrl Lr*' m6ana EU law to tho ox.tgnt adoptad by the h\is ol Georgia or standads and princlpl€a as specfied by th€ aank b€roE tho dgt€ of thta conlEct and G;rgian netionat leu6 6nd 6gulalion6 as wlt 6 apptEabto intamatiocrt irEaties ol whici a pnncipeiobjective B th6 plg!€avatlon, prct-{on ot inprolomBnt oI th6 Environan€ot 'EIJRIBORi has th6 meening given to it in Sc_hodulc B 'ElJR'or'auro' rrens th6 ta{fut drrency o,| I acc Funcl adopt or hav6 adoptod it es th€r cur€ncy in on Europ€an Un|on and ths Treaty on th€ tr6atles an Union v/hich na ol th6 Tr€aty h€k succesding 'Fllr.l Av.ll.blllty D.t ' mo6ns 6 yooE fiom contlEct signature 'Fltad Rrta' means an annual interest rele (htermh€d by he gsnk rn accorclane wih the applicabb pnnciplaB frorn tlme to tmo taid do n by tlE goveming bodies of the Bsnk for bans mads al a fixod .ale ol lnterest, d€nominated in th€ c!ffenci of th6 Tranche and beaing equivalent l6rms fo.lhe rBpsymenl ol capilal and the paymenl of interest. 'Flrad Rria Trancha'rnesns a TEnche on which Fixod Rate 13 aPlied 'Flo.llng R.tc' means a fix€d-spread tloating interest ral€, that b to say an annuat interest tat€ d6t6minad by the Bsnt lor c€ch suca€ssive Floattng Rste R6ferencs period 6qual lo the Relevanl lnterbank Rale plu3 or minus the Sproad 'Floaung Rrto Raia,lnca Pariod' mesns o6ci perbd from one payrneni Dat6 to tho neE releyant Payment Date; the 6rst Fto6ting Rate Re{eEnce period shall commenco on the date of di6bursemont ol tho Tranche "Florting R.ta Tr.nche' means a Trancl]e oo which Ftoating Rale is applied 'lnd.innlli.bla PlDp.!,rmnt Eytnt' means a p.epayme event under Anid6 4.03A L 'Lon' m6ans the eggtBgEle enDunt ol TrenclEs dsbuEed from tifitc to tim6 by lh€ Bank und€r lhis Contrdd 'Itartal Ohrlpdon Evanf m6sn6 in r6t tirn to a sp<jfia Aaaepted Tran6he: (a) thorE d€, h llB reaionsblo opinton of ttl€ B5nk, excsptionel circumstancss adyerl€ly .flocting th€ Benk's Elrs to iE Bourcss o{ funding (b) in thc op'nion of lh€ rcm lts oElnary .aur.a3 d fundho b tund 6uci Trlnd1e in the rctovant dlurity ond/or in lebion lo hc reimbuE6nEni e: (c) in lrbton b Tanche in lr.p.ct ot u/htch hbrest is peyabte et Fbating Rsb: (A) thc cod to_the Bsnk ol obt ining fun& trcm nr sourc$ offunding, .! dotennincd by tha Bank, fo. a padtd €quel to tha FbEting Rste Rafe.rnca poriod of a Tranche (i.e. in thc nroncy markd) wculd ba in arc6! of thG appticibtc Retevant tntorbEnk Rate, (B) the E€nk dcterminc! that adequnto and tair rEans (b not exBl br Escrdainino lhe apdb.bL Rclcv.nt tnt66ank Rrt! ior thg r.tcvant or.ncy of such Tranchc d i B not po$ibb to d.t rminc th. RGhrant tntarb€nk Rata in acEordanc€ with tha dgfinition contEnGd in Sch.dut. B ' ai. al Adv.lt. Chrned rEens, in rlhtk r lo th€ gonqB€r any evenl or dleng€ of conditDn aftdi1g lhe Bo.ro*br, whlch, in $e opinion ot the Bank (e) rnetorially impeiE th€ abitity ot thr gorflrw.r to p.dorm its ouigation3 undcr this Conk&ti (b) maldially impetr6 th6 financjal conditbn o. pro€poclr oa th6 Bo.ro*Er. rhrlty Ort ' malna thc taat rcpayrnant dst6 of e Trandle ap€crfi€d pursuant to Anich 4 olA(bxiv) 'Paymaa* Dal,a' mean3: 20 Januery and 20 July oach year until the Maturity Oet6, 6{tv€ thal, n ces€ any 6uch dato 6 nol a R€lovant Bu6in63 Day, it meanE: (e) for a Fixed R.te TranaiE th6 fotbriro Rcleyant Bu6incss Oey, without .diultnent to th6 inicrlsi du6 undr Arttb 3 01; end (b) lor 0 Flo€tirE Ret6 T€nch6, tha n6tt dey, it any, ot thst catondar month thal i6 e Ret€vant Euaira8s Day or, tailing th5t. th€ neerat proasding dey that 16 a Rot€vant Bu3h63s Day. n all cea€s wh coreaponding adj$trn.nt lo lh€ int6rr due uncbl Artlcb 3.01. 'PlU' means tho projecl implementation unl dolcdbed in Anbb 6 j i . 'P[paymant Ahounf m6ns lha arnount ot s Tranch€ tc b€ Pr€Paid by the Bonc,wer in acaoranc. with Article 4 02A 'Ptttllymant Daia' meenr th6 dslo, which !h6lt b6 6 payment Dste. on which the Bo.row€r prqola! to eficcl prrpEymont of a Prapaymant Anounl 'P..p.ym.nt hd.mnlv mesn! in rE6fEcl ot eny principst amount to tE pr€psid d cancefl€d, lh€ arEunl communicat€d by EtB to lhe Eorower es lhs pr€sent vetu€ (es A ths prepsymeni Hs) ol th€ €xces!, il Eny, oll (e) lhe inteyest that ryoutd occ{ua thor€atilr on the prapaymonl funount over the oariod from tne PEp€yrnent Deb to thG Maftr.ity O.te, I it vrelo mt ptepod; ovd (b) th€ inlerat thEt would so acarue o/er lhst F.iod, if it were cabutated at tl€ Red€ploymont Rato, l6s 0 1 5% (ffte€n basis points) Th€ !ai, p.E 6nl vatlj. lttsl ba catclhad al . diaaoont rsta aquat io 0E RedaDloymeil Rat., appli€d a! of eaci relcvdlt Paynlcnt Dete rD .r 'Prrpaymont Notlc!' m€snt E wrtbn rblE! fiom the Bsnk to th€ Bonow€r rn ac@rdEnce with Anicle4.02C 'Prrprymant Raqu6t' msan6 a written rEq(Est lrom the Bonower to lh6 Bank to pr€psy all or pert of th6 L@n, ln ec.ordanco with Micl€ 4 O2A 'P.ol.cf hss tlrc moanng liwn tro it in R€otrt (1) 'Rd.ploym.nt Rrt 'means the Fix€d RatE in eff€ct on lh6 day of the indsmnity catcutatjon for fi.x€d-rale loans donomlnat€d h th6 6ams curency and whrch 6hall have the sem6 tema for lh€ p6ym€nt d lntere8t and the sam€ rcFEym€nt profito to tho Maturity Oat€ as $€ T6ncho n re$act ol which a pft,fEym€nt i6 propos€d oa r6que3l6d to be mad€ For thos€ caa€3 wher€ th€ p€drd E Ehonor tlEn 48 dloothg (or 36 IIEnths ln tE ab6onc6 ol e r€peymont ot pdncipet during th5l p€r*rd) the most ctosoty conBpondng money ma ol tato equiveisnt wi b€ dset, itra is ne Relevanl_lnlorbonk Rate minur 0.125% (12.5 b€sis poinB) lor periods ol up to 12 (twelve) months. For p€rbds falling betw€en 12 .nd 35/48 flpnths es the cas€ may be th6 bij ioint on lhe swap rat€r e3 FJblbhed by lnterEaEibtin Roubrs lor th€ r6bbd currency anO obcinea ry th6 Bank et lh6 tim. of c&rbtbn vrill +ply 'Ralcvant Bualnaaa Oay' means: 6 day on whEh lh6 Trans-European Automsted Reat-lirhe Gro$ Seltlemenl ExFress Transror p€yment rFtem which utilbes a single shared pla(onn and which was launched on 19 Novcmber 2007 (TARGET2) b op€n for the g€fllemont of pay.nontE n EUR 'R.lcvrnt lnL.hrnk RrtC means: EURIBOR 'Schadulad Dlabura€mant O r' meam lhe dae on which a Trsnche ts schedulod to bs disbuBed in accodanc€ wilh Arlide I .02C 'S.curiy means any mortgag€, pledg€, ti€n, chdge. essEnmenl, hypothecation or other s€curily interesl s€curing sny obligstioo of any person or any other egr€€menl or erEngemenl having a simrl3l 6tl6cl 'Spr!ad' m6.n6 th6 fc(od spr6Ed to the RotovEnt tntobank Rate (b€ing either ptus or |hinus) d6lomined by tho Bank and notificd to the Bo.rower in lh. r€bvsnt DsburBement Ofier 'T.chnlcll DdcrlBlon' has th. moaning giv6n to it in Recitat (1) 'Tllncha' me6ns each dbbuE€anent made or to be made und€r this Controct N \ rD L. ARIICLE I Crrdtt and Oltbl.rrrn ntr l.0l Amoont ol CEdlt By lhil Conlr.ct ih€ B€nk 66tablioh6 in tavour ot the Bonow9r, and the Borowor sctspt3, the cGdil in an amount oa Et R 30,000,000 (thtdy miflbn euros) lor th6 finencing of th€ proj.ct (he 'crtdlf). 1.O2 Dl.bur..niitorfr.duD 102A Tllnch- The Bank 6hall disburs6 the OEdit in up to 3 (thrE) TrsnclE Th. amount o, eacn Tr8nahe, it not being th6 und.awn balanc€ of th€ Cltdh, lhalt be in o minimum emounl of EUR 6,000.000 (aix million euros), Fovk €d lhal lhe fi.Et llEn6h6 mey b€ a mininun amunl ol EUR 3,OO0,OOO (thr€€ million ouro!) 1028 DlabuDamott OlL. Upon request by tho Borcwcr, p,ovid€d thst no.A/ent mantion€d in Artictc 1.SB hr. @rrud and b conlinuing, the Bsnk 3hell ..nd to th€ Bqrourr s DisburE€mcnt Oflcl br ihc dbbursement of e T.ench6 Th6lat€.1tin fd rei, by th. BonorGl of a Elburllment Offer i! 'l 0 (len) days b€iorr lhe Finat Avaaabitity Dat! IIE Ollbulldnont 04ter sha 3p.ciry: (a) lh€ amount ol tho T6ncio; (b) the Schodul€d DilblJrBement Dat , whi:h lhatt ba a Rctcvant BU3n.s! D.y, f! in€ et Last 10 (lcn) d.y! Ef,.r the dalo ot th6 DlsbuB.rn nl Ofier and on or b€fo.c lhc FinEl Aveibbifiity Det , (c) tho intsrelt roto bae! oa tho Tlanctlc, being: (i) a Fixed Rate Tranchoi or (ii) s Ft€ling Rdte TrEnch6 .ll purBudrt lo the l€bvdlt provisiono ot Anjcb 3 01 i (d) lhe inter€€t paym6nt p€fudicity lor th6 TrBncie, in accordancc with lhc provilion! of Articte 3 01; (6) lhe firEt PaFcdt Oate foa Uie Tlsnch€i (f) he term3 lor rlF€ynEnt oa p.incipet io. tho Trancir, in ecordanc. wfi th. povisbns oa Anid6 4 0t i (o) the lirst End tagt TeFyrnent dEta! ol principottof tho Tlrnchoi (h) br a Fix€d Rete Tranche, lho FcGd Ral€ and tor a Floating Rste TEncho th. Sprasd, .pplicablo unliltho Melurity Dste; and (r) fro Obburs€rnont A..aptanca Daadtine 102C DbbuEGn.ntAcc.dtnca Tho Eonower mey accapt a Oisbulsoment Ollbr by ct€tivarlno a Dlsbul66ment Aca€pbnc. to thg Bank no lator th4l the Disbullsncfl A.c.pl!.tcs Doedtin. The Di6buE€rn6nt Acc.ptence 6ha] be Eccornpaniod: (a) by th€ IBAN cod6 (or app.opriet6 format in tin6 with loclt banking practice) end SWFT BIC of the bank ac.urnt to wh|ci disbu.sement ot th€ Trancli should bG m6d6 in accordance wilh Arl|cle 1 02D: and lD .L, I ,tl (b) rh6 ty ol this ll e Diburs€m€nl Ofier i rn ecaDrdance wth rts lefins on or b€foE the Ohbursemont Eveir$. ro the Borrower in th€ tcrm3 end conditioN of this Contract s-ordancs ;[1ig*""ff"if.fif*tf#,1: The Eoncrwet shall b€ deemed lo hel,6 rofus€d any Disburlemonl Offer which ha! nol D€on duly 6cc6pted n ecaordance with it! tcrms d) or beforg the orsbursernint tcceptancc Dedline. 102D DlabuE.mcntAccount DiabuE€mqtt ghall t e nr6d6 to the eccount of the gotlotycr !6t up at tha Trarsury ServEe oI tho Mln6try of Finonc€ oftho BolIEMllr lho purpoCes of dbbuE€m6nt! unAcrdis Contact as the Bo.rower or th€ plornoto/Fin5t B€noficiary sha nolify in wflting lo th. BenI not tatar ^r than 15 (fifreen) dayg before the Sch€dutad Disbulsement tiale (with iBAN code or with trtG eGount shallb€ arparate lrorh any d nol st bl€ct to eny enforcement, 1.03 Cll.r.ncvordlrbunm.nt e staius of which shE[ be nlaintarned throughoul nt holeaffer th€'OlabuE m.nl Accounf). Tho Bank shattdisburso oach T6ncno in EUR. 1.0.1 Condldon. of dl.bu,tm.nr 104A Fl[tTEncho ipl by ths Bu6in6ss ca. (a) rower in Engtilh tanguec on the v8lidity, onfo.casbility 6nd in lorm end Eubgtance to tho leyant docum€nb eviclencing lhc Bonowe/s in a.codanc€ w,h rh. apprbabr€ *"'T'HfrJ:::TtSiH:1*"i#'1"# rr.mewDrfi AgE€manl E vatE, binding and edorc6able arld thal no evq1ts or cironhstancss have occu[Ed wtifr coltO, in tho r6eBonable opiAoo a ire Oenf edvers€ty aflEt th€ t€g€t, vald, UMing end ontorcoebto naturs ot tho F;mewoft Ag.€6rlenl; (b) ovidence in the EnglBh tsnguag€-o, $. powcrs ol th6 Ministor of FinEnce of Georg6 to 3€n lhrs contracl on bGhelfofthe Bo .i (c) confirmation lhst all rl€cess5ry @n!€.1$, auihod6aton!, dghts ol wsv, lcences or epp.ovals or€ovsmm€ntalor pr6trc bodies or authoott€s roqui;eo ln conn6ao;wth lh6 conrrd and tha proj€ct hevo ba€n @ceiv€d and lhet tho Fi,rat B€nofcEry 6hal, to th€ Betbfadbn of the Bank, hav6 b€en llven the n€ceErsry auttority anU pow6a to opeote lh6 prcject; DL ,tl ,!l (d) conlinnati, that no orchan06 conEot consonls are no@aaary to paflnit the Borowq lo o di&urs6d Tranches (ee ilI',il'#*?r,S#.;! (e) 6vi#nca thd th. DilbulBdrEot Ac.ount has b€en €6iaui6h€d 1.0,r8 AlT..nch.a Th€ dbtu.lsnoot ol c€ch Tr.rEll€ undcr Adi:b 1 02, induding the first, b conditionat upon (a) dory lo il. on or b€for€ the dat6 fElling DBbu6emeni Dat6 for the prcpo6€d (i) . certifcale lrom the Bdr*s in lh€ fcrm of Schedute O: (iD €yldencc d€rmll3tratino hst, lolowing draxdown of th€ ratav6nt Trlncio, the aolEgate arrcunt of Bto Loa,l wil not excaod tho aggraoats expandituE incunBd or contlchrefiy cDmmrttad by tho Borce/er in rGpeai of uE prolccl up to 0te dst€ ol th6 rebvant Dbhr!€.n€nt 0 6r (iii) ovidoncr ot th€ eLdhority ot the Frson or p6r6on3 eutho.ised to sign Dbbu6sment A.E6pten s end th. authonticated sp€cirn6n sEnature ol suall Fn on or P€Gons; and (v) a copy of 6ny other outhodlatbn ot olhor doq,Jm€r . ophion or assursnc€ s,hich th€ &nk has notifiod the Bonorrl ir n€c6sEry or d$irabto in connectbn with the onty into and pa'lormanc. of. sd $e transactbns contomMed by, th6 Con!.act or the yatidry 6nd .nfo.co€bitity of the Contract (b) thet on ttE Schcduled DsbuBernent tlato tor the propos€d rranch.: (i) th6 roprB€ntatiofts and wslrEn er which ale rep€sbd pursu6nt to Anid€ 6 t0 ar6 corroct in 6ll r6p€glr; and (ii) no ev€nl or qrcumstanco which con3litutes or would with he pa$age of tmo or giving ol notb€ under this Contract conltitute (aa) an €lont of defrutt undor AIlide 1 0 01 , or (bb) a prspayrnent ewfit urd6r Anbb 4 03. h€! occuarEd and is contitung snEmodiot, or unwaivGd or would reault trcan tho p.opoaed Tranche. (c) U|o Eank b6ing !€tisfi€d thel th€ EC GuaEntge is valid, bindno end .nforcesbte and tha cg! have o.aJfiEd which coutd, rn th; rea.onablo ooinion of lhe th6 togst, vetid. binding 6nd Bnforc€sbto natud of ih6 EC dght to m6*e E dcnEnd Goroundor I (XC Dbburrfir.nt condtttollr rrt.tad to Tnnch.. inmctng cairtn Lot dcrmcnl! or avidcnca: oL 10 ,tl (a) fo. th€ TrEnchcr llnanclng LotE I and 2 b€tw€€n $mtr.dte end cript€fl rotating lo n6/ @n6lruclbn: (i) (l) th6 final vcrlbn ol th. EnviEnm.nbl lmpact Ais6rrnGnt (ElA) rcport tho Enyil9nmontal Permit (induding the Etavant Ecologiral permil oa tlabitsts lorm) and CoiEtrudbn Pdlnil ilsu€d by th6 r€tavant euthoriti€r in G.orgla; (iii) lheEnvironmenlalMansg€mc. Ptens(EMP);end (u) the Land AaquBitbn ond Re!.tt6rn€nl Plan (LARP); (b) tu Lot 3 Gboloti-Kobulet (ClEbri riyer), ehling lo road upgrading elong th6.en1e al{pment, sutrnia6iro by the ftoryroto. of a s{re€ning dcument staling whethor a futt EIA ie requircd or not Should a lull EL{ rcl be lequind. such sq!€ning d6unEnt tog€tior with en EMP and lhe Constnrclih Permil b sutrrcjont forth6 Bank Should a full EIA be requirod, th€ cooditioos n (e) $ove are atplicablo, end ihe documrnt! detait€d thorBin ero to bo BUbmitted to (lhe latidEc{on o0 thc Bsnk; (c) (D for Lot! 1 ond 2, a Road Sat6ty Audit Repo( (ii) lor Lot 3, 6 Road Safety lnspoclirn Report n bolrr ca3€! n ac.oftbnce wnh th6 pdncipl€6 of Drsctive 200€U9€|/EC ol 19 No'rember 2000 on Road SaLty ilanagprn6nt 6nd (d) hat the d6ign i. completed fDr th. r€l€vant Lot, to tlE selblaction ol the B6nk 1 04D Sacond TEncha The dbbuE€rnent of the .€aond Tr8nd€ b coflditxrnel opon roc€ipt by lhe B€nk in fom and 6ub6bnce setifuo.y lo il, on d b€fors tie dale leHing 7 (saven) B'lsin€se Oaya blore the Sch€duLd Disbursemsnl br BUch TErcll€, of a/irancs lhat the Prqnoler andd Final 8€oefchry hes hired, to llE 3etbhcibo olthe Ban( an intemelbn€lly €xperi€ncod consuhant to pin th6 PIU lo edvi!. Bpecjfcally on tha inpbrn€ntaton ol thG @mponents ol th€ Project finencod by the Bank he 1.05 D.ibfi!.nt ol dl.bu[.m.nt 1 054 Orounda loa data'trra Upon lhe written Gqueal ol th€ Eorower, th6 Bank shall aloler tha disbursomont oI any Acaoptsd Trencfio in s/fiolo o. rn p€rt to a drtc Bpecifi€d by $o Bonoxer b€ing a dats fding not latar lhan 6 (six) months lrom its schedut6d DkDulEomont D9t6 and not taler than 60 days pdor to the filgt Epaym6nt dat€ of tho T6noh€ lndicabd in ths DisbuG€ment Ofi6r ln such caae, the Bo[ow6r 3hall psy thc Oofarnont tndemntty cstculetod on h6 emount of dlahrcoment dofor.d Any r6quo3t fd drl.nncnt shal havr .fiad h r..p6d ol a TrEnchc mty it 7 (r6ven) Busincls Day3 b.lbE itt S#uLd DilbEamenl oata i is msda al tosst lf ior an Accapted Tranafio any of th9 co.1dibn6 rdenrd to in ffticlo 1_04 6 not tumlod as st lhe sp€cified dale and et lh€ Schdutod DbDuramant Dat€, dtsbuE6monl wil be d.t nEd to a dalo aorcad b€twc€n thc Bank and lh€ Borow€r falting not .ertier than 7 (ssven) Business Oayr lollowing th€ fumhont ol ell coodttbnt of disbuE€nEnt (without prejudice to ths right of th. Benk to susp€nd .nd,/of cancal the undisburpad portion ot the Cr€dit in whote o. |n parl puBuanl to A^iclc 1068) ln sudl ca3€, [r€ gonower shal psy th€ DetBment tn(bhnity cabuletod on th€ amoJnl of disburBarrEnt &bfi.d 1.058 Canc.llrUon ot a dt.brntGnant d.lbE d by 6 (.lx) monih Th€ Bsnk may, by nolrc€ in writing b the Eqrow€r, .ancst a disburs€rnent which hss b€€n d€lenBd under Article 1.05A by ntor6 thrt 6 (aix) months in eggregate_ The cancglLd emount shell r€nBin available lor dbbrrEefl€flt und A,ticb 1.02 a.L 11 l,ot Canc.ll.tldi rnd au.oanalon 1.0€A Bonow./. rlght to c.nc.t Tho Bonow- may st any ti,nF by no aa h uitjng lo ulo Bank cancst, in whote or in pen and with tnm€dbte afh4 tn€ lndisbul.od .tbn c the CrEdlt Hou6v6r, tho no$co ahall hEve no €ffsc{ in_rarpocl-. an Aaaapt€d TErche which he s SdEdutod Dtaburlament Dat€ ta ing wilhin 7 (!6ren) BEinoss Dey3 o, the d.t d tho notb. 1 068 Bmk'a .ieht to .Epand rnd c.ncal Th6 Eank may, by Dtica in writng to thc Boarffa. susp6nd ancuor c€ncat th6 undiatur!6d podirr ol tho CEdit in whob or h pat st any timo ald with immedleta r,t6ct (i) upon th. occun€nco of En 6wnl d orcumstanco montbned in Articb 4 O3A or .tO 01 or an cvanl or cirqlmstanco whbh tould wfi tha pasasgo of timc or giving of noli:6 under this Co. rs.l corBlitula 6n .vcd und€. Artid6 4 O3A or an defautt under cvc ; Anicb t0 01i or (ii) il e M6t6nd Ad!/6rsc Chsnge occurs Any suspnBion 6hall continuo urffl thc Benk 6nds lha sGp€nsion or cenc€ls lh€ rurponded emounl 1 06C lnd.mnlty lor au.p.nalon and c.ncattadon ot. Tr.mha r 06c(1) susPENstoN lf tho Bank auspends sn Accsptad Trarche, whather upon an tnd€rfinifiabto prepafDonl Event or an 6/ent nEntioned in Anide 10.01 or upon he occur6nc6 of a MatodatAdve6o Change, lhe Bofio$rer 3hall pay to tho Bant th6 Oof6fi|6d tnddnnrty catcubt.d on th€ amount of di6bura€fiont 8uspdldad I (bC(2) CANCELLAION lf pul6u6nt to futicto I .OGA, th6 Bonolv6r csncots: (a) e Fix6d Rete Trenche whbh B Anirh 4 028; 'l Aa.€pted Tlanche, it shs hd€mnify the Bsnk under (b) a Flo€tino Rab A..6pt€d TEncho or any pst ot th! Credit othcr than 6n A@6pted TrEncho, no indernnity ia psyabto It lhe &nt csnc6l6: (i) nanche upon an lndomnillabto prep€ym€nt c3rrcoB I AdvcGo Chango o. puEuant to Artic.b f the Bank Bank ttlo ptrpaylnenl lndomnrtf or ('D an Acc.pt€d Trsnche upon an ev6r mefllioned in Articte tOO.t, th€ Bonower shal ind.rnniry the B€nk uftbr Aiiil6 1 O 03 S5t€ in tlEs6 ce6€r, no indoftnity b payabte upon cslcalatbn of a T€rche by the Bsnk Th€ ind.mnity sh6ll be c€tculBted on tha bsis that tl6 csme €d emouni i6 de€md lo h€ve bccn diabuEcd lnd rcp6ii on th6 Sch6dul€d DisbuEom6nt Dale o( to th6 exdi lhat the diabu66mant oI lhe TrandlG is cunon y dclcrcd or ruspcndcd: o" ft. cancdlstion no{bc 1.07 C.nc.llatl,on rfr.r .xpld ol tft. Crrdlt E, L. 12 a"i" a rf," l.0E !fu[ra dlI unaLr Aiuda I i.O6 rhafl b. payEbta h EUR. Th6y 6hal bc Davabtc wfiin iacdd of Ut6 Banks drnrnd o. i,ithtn any lo;gs p6rbd 4B!!9!E 2 Th. Lo.n 201 Amount ot th. Lorn Th6 shell comp.is6 the aggrqst. snount of TrdnctrG dbbursod by ths Benk undor th€ -Loan Cr6dit, El conllm.d by the Benk pulluent lo Articte 2 03 Cumncv ot rrprvmant int lat ana, othar ciarrat lnterest repayrrEnb End other chaaE6s payablo |n resp€d ot osch TrarEh€ shall be made bv lhe Eonw€r in lh. cufisnc, in whi* th€ T6nche iB disburE€d fury aaher poyment 6tralt ba ma(b rn the cu.rencf spocrfied by tho B€nk havino .eoard to the cun6nq of tho oxpandfure b be lgimbur!€d by mean! of 0lat'pEyment 2.03 Connrlrl.tlon by tll. B.nk Wfih 10 (ten) deya 6fler disbu.s€mant ol eech T.ancha, th6 B€nk ihall dotivcr to tho EorosEr th6 amodisatbn table r€l6nEd to h ArtEto a.01, it epproprlrte. snowino ifri di.Durscrn€nt dalo, olrdtcy, tho amount dilbuEd, the repayriEd t.nn6 and 0* ;bd;i; of and ,or thst TEnch€. AEMLE 3 lnta?t.t 3.01 R.t ot lnt .n: 3 01A FL.d R.t T..nchn Tho Eono*cr 5ha[ pey inlorest on the outstandino b6lance of oach Fixed Rato Fcred thr 0 which tn aroala on Trancho at tha 0n th6 lin{ cic u,as lnE di6burlemenl wat rnado to lh6 firEt payrnont Oate is 30 (bF oa lgss lhen th€ D€vmont ol lntolrst accrued dunng .u.t1 pdtod shal b6 lo6tpon€d ro rhei6brrh; p.fi;ni;a'd, lntcrcsl shatt tr. cabulstd on th. balb ot Anii:ta S Ol(a) at en annuat rate Ralc. that b th€ Fir6d 3.0t8 Flodng Rrt Tr.nch6 ol 6ech Ftosting Rat6 TrEnchr et tho robvEnt payrn€nt Dstea, as 6uch p6ym6nt Oete fo owing th6 date oI disbuBement to tho tinr t ol intorest e6ru.d during sudl p€rbd lhaI \ E.L 13 Thc Ba* shall notify th6 Ftoatjng R6t6 to th€ BonolrEr sithin 10 (ten) commano?mcni ot aach Ftoaling Ral6 Rofcrcnc€ perbd dsvs fotbwino rh. mont ol any Ftoatng Rale TErch6 tak6 Dtac6 RelevEnt jntcrtank Rate 6ppticsbt6 to th6 firlI thouoh tho ddrursdlrenl had ba6n m€do on th€ hlaraal 3hell b cehil€H n l€spacl ol cech FtoatiE Rats Rsiar€nco p€nod on lh€ Arti.r.5.01(b). 3.02 bass ot lntatrl on ov.rdu. .umr Wlhout preiudbe to Anicb l0 ard by way ot.rc€ptbn to M,cle 3.01, intor..t rhCt ac<ru€ on any ovodue sun peyeble under tho l€.rns of thb Cont rt lrom the due date to the dete o, byant lnt€rbnk R.t€ ptus 2% (2OO bs3B Doint3) th6 demend o{ th€ Bank. For th€ pur!,oss oi €tabon to thb Articte 3.02, tho rotevant penods Bucc€ssiv€ p€rioda of one rbnih commsncing on Hor r6vcr, hterel on sny ovadue aum undaa s Fixad Ratc Trandle shalt b€ cJraEod al lhe annual lat. that 13 th€ .ufi of the rat6 d.ttc6 ln Micte 3.OlA plus 0.25% (25 ba.;;iniJ that annual rato ercads. tcr any gren €tovant p€riod, rate specjli€i in $. paragreph. 3.03 t; d;;;; ; ad(.t Ol.ruptlon Ey.nl lime b€tw€6n the dot6 of roccipt by the srJ.rl T6n.ilo and the &16 taling n{o Data, 6 Meftet OBrupton Evoit ocdrn, het @.rE nlo e_flet_ tn 3udl cas€. the (a) thc raie ol intallrt eppticabte to audr Ae€pted TranctE untit the Maturity Oet6, 6halt b€ rate per annum) whi$ is Behk lor lhe funding of the ,tbn n.rhod,**.Jrnfli#fl":Tj ;"j"ffi? Thc Borowlr !h.ll have th€ right to.6fus€ rn f,,fltirE ai*r.".rrri if,, ooaollno gfEclicd n th€ notficalbn and shall Dear charOes "ilincurred as a msuh*if,in thereol if any, not .ff6ct th. dilbu-rscri€"r ;G" -i.",i"a]i; uEcment underAdich 1.02S. not , thc pa.tic. aor!! Ulat tto Oislursemcnt anJm crodit F. condilions ther€ot 3hsll be tuty binding tor bo{h padis tithiS"ffi,d*i (b) tho SpjEad or Fn6d Rats praixsly rEtfEd by the Bsnk in tlle DisbuEoment Olter sha b€ no bnger applicsHo. ^n \ a.L 14 ARTICLE ' RaoaYmant 4.01 l{ollnrloprvmant R.payrn.nt by lEtalh.ot (.) Th€ Eonows shell repey each T.anch6 by instatment! on tha paymcnl Dara! sp€cificd in tha ElovEnt Dtbur3oment Offer h eccordanc! with th6 t€rnis ot th. .d6rti!€d;n bblG dolivsfed pu.ruant to Anhle 2 03 (b) Eac}| amodilaton tablc shall b6 drawn up on the bagb that: (l) in the cala of . Fix€d Rato TrJ|che, lEFym€nt ahafl bo mde annualy or sernl dlnually by qud instalncnt! o, pnnciEl or cDndrant instakn€nts ot pdnc+at and interBt (i) in tho cala ol5 Ftoating Rste T6nche, r€paymont shafi b€ made by equalannuat or softi{nnual inotalmonb of pdncipat; (iii) tho tilsl rDp3yment dato of.ech Tran<ie shstt be a Peyment Date ts ing not earllcr theri 60 dsys from th€ Sd€dul6d DEbuE€m6nt Dat€ and not tatcr than th6 firsl Psyrn€nt Date irrEdielaty lollowing tl€ toh (t nth) annivcrsery ol tha SdEd/Ld O6bursement Oet ofthe Trendletend (iv) the hlt rupeyment datc of eech Tranchs Bhall bc a payment Date t ing not e€dier than 4 (touo ye6ls and not tater than 30 (thirty) yearB from lho Schedrled Dbb{rrsoment Oale 1,O2 VolunEY orlpaymant 4 024 Pnpayrnait option Subjd b Anich 4.028, 4 02C and 4.04, ttE gorower may propay elt o. part ot any Tranche, tooothar with ec.lued intoreBt and hd€mnitiB if any, upon giving s Prspaymcnt Notice with Et l€38t t (on6) monlh'! pfur notb sp€cifying th€ PrQayment Arnount and thc pr.payrfi6nt Dalc Sub,ad lo Anilc { 02C tha fnrp€yrh€. t{o0c€ shatt ba tindhg end inrvocsbt€ 4.028 Pirr[ym.dlndahnlt, 4 028(1) F|XEo RATE TRANCHE lf the Borr)wer prEpey! e Fir6d Rete Trenci6, the Bonowor sha pay to tha B6nk on the Prepaymont Detg thc PrEp6ynent lndqnnity. 4.028(2) FLOAnNG RATE TMNCHE Th. Bonower may pr€p.y s Ftoatjng Ratr T.anch6 withoul hdemnity on eny rclovsflt payrncnt [H. 4.02C PEt[ym.ntmechanlca Upon pB!€ntrtion by th6 gdro e, to th€ Benk of e prepaymont Request, the Bsnk shell issuo e Pr.p€yment Notka to t t. Bonow€r, not tet6r than ,5 (f t€an) days prior to thc pr.paynent tlat. Th. PrepoynEnt Nola sttell Bp*ity tho prrpeyrEnt Arlount, the Erud inbllli dre th€r&n, the Prcpayriaot lnd6rnnrty peyebL und€r Anije 4.028 or, 6 th6 cra6 mly b6. lhll no ind€mnity ls du6, tha m6thod ol apdirbn of the prEpsymant Amunt and ttp td:eptonco D€adlim. lf th€ Boro*ar ac.eptr th€ Prep€yment No co no ht6r thsn by lh€ Accepbnce Oedthe, rt shall oflect the Hlpaymett. tn any othar caaa, tho Bollow]gr maynot 6fi€ct ihs prapaynEnt o,L 15 Thc Bdrollr $6ll &co.np6ny ti. FF.rrcnt by thc poyrrEnt of ac.rucd inisrost end iftbmnily, a.ny, du. orl th P.e.yncnt Anlount 4.0! Cdnouhoav oraoavmrn 4 034 Giounda fo. ]lrtDaylltnt 4.034(1) PROJECT COST REOUCTION ll lh6 tobl ccl ol th6 Project shoutd be r.(tucsd frorn the figurE .t t6d in Recitet (2) to s t6v€t at whi:i tho emdrnt c, the crldit und.r hiB Contrd and fltTre'Eie A Conbacl SO% (my p€r c€nl) th6 Aoflowef, (a) ol the LoEn. Th. by th. Benk, suc ei;;. d &mand. 4 03A(2) PAR' PASSU TO AI.IOTHER TERM LOAN I th6 Borow€. vofuntedty prEpaF a p€d or th6 whds ot sny olh6r toan originaly gEnt€d to il td . l6rm d mor. lh.n 5 (ltv.) yE r! (a 'Trrn Lo.n,,) oth€rwi!6 lhsn out of th.'p6cr.d! ot e logl having a lcm al hell equ3l to thc un.4ircd tenh of lho T6rm L@n prepad, th. Bsnk m6y, by notae to th. Bo.rorrrr, car1cd tt6 C.Gdit end demard pr€peym€nt of the L@n, in 3ucfr paogorlicn a! lha prlp6ij enrqrnt of thc Tarm Loan b€ars to tha egor6gale drlstardng Emount ol Ell T6rm Losn! Tho Bank 6hall addl'ar itr notice to th€ Bonow€r wihin 3,o (thrty) days of reaoi, of noljco undorAnicl6 8.02(cxtD For thc Birpo.a! of thb A.tich, 'lo.n' inctudss eny tBn. L,ood or other fdm ot finrlciat hd.bt€dn€.s o. Eny obhatirt fo. thc p.ynE or rEpsynEot ot dcbt 4 O3A(3) C|ANGE OF LAW Th. Bonower lhatt prdnptty inlom tie B.nk iI a Chsng€-of-Law Ev6nl has o€cur€d or b if the B.rrk ha! rEssonable c€u!6 to believe thel e Chsnga-ofbout to occur, lhe Benk may raquGt that th6 Bono 6l con6ult teke pbc. wnhin 30 (thirty) days from the deto of lho Benk,s _ raqua{. lf, aff.. lh6 Lps. of 30 (lhiry) (laF frorn th6 datc ot luch request tor consutiation th€ Bank is ot thr opinion thrt thc effBdr ot h. CfiengE-ol-L# satirladifi, the 8d1t msy by rctica to thc Bdrorrer, c.n€. Crudit erld dem8nd pr.paynEnt o, thc Lo.n. to€Gthd with amounb 6ccru6d or ollllttndng undcr lhb contlld The Bofioirer shelt!fl€d psynenl ol the amount d€mandod on th€ date sp€clllsd by tho Benk, ruch date b€ing a dat talling not l€.s th n 30 (thirty) dsys lrom th6 det€ of ths demind. For the purpo!€3 of thi! Artide .Chang6ol-L6w Eyenl. me41s th€ enactfiEnl, promutgstion. orocutior or ratiti:stjn of or any chang€ [1 or emendmonl lo sny lsw. rulc or Egulalo; (or in tho applbation or officiat inbplEtatirl ol any ta\x, rute or regutston) thst oaurrs-Efiar th6 det6 of lib Conlraat and witch, in the odni,l ol the Bonk, rrouL mElonolty impair the Bonowr/a ability to p€iiorm ii! oblioetbns under thi! C.onEEcl or the Bolrur,/6r,s: th€ promo6rs or thc Final Bonoficiary'! obttgation6 retatod to th€ prqoct. /iU \ 16 4 034(4) TUECTAL|TY [: (a) it becDrn ! unt. fut in arry EU iurildidon or in G€orgia for $e B€nk to psrform any of ils obligElion! a! co{e.nptEted in thia ContEat or to fund or maintain the Loan; or (b) h rEhtion to th. EC Guerarto€: (i) ir no iongEr vstid or in ful torce ard efbct; 't (li) lho condfidls for covsr 0lsrsundor are not fultith; or (iii) it b not cfuiyc &cord.ncr wih ib tarm! or E el!€rt by the gorcw€r to be 'n in6fuiva in Eaaoirancc wth i! taama, th. Bzlt 6hell prornptt notify the Eonorsr end the Benk lnay (x) imm€diatov suspond or crncai tha undisbuEad podioi ol nh€ Crcdit .nd/or (y) d€msnd prepsymont of tha Loen on the dste lndicat€d by tho Bank ln its noiic€ to th€ Bonower. 4.038 PrlFymantnachanL. Arry surn Grnandrd by tho Bank F[6uant to Anil€ 4.01Ar to0ath6r with sny inl€rrst or other dnounl6 accru€d d outatrn<ling under thb Contrad indudtng, wtthoul timitiation, any indomniiy due undor Arlich 4 03C, shall bg peid on th€ itdicated by th. Benk which date shdt lall not l€rs than 30 (thirv) dEy! llom ho dst. ol the BsnkS nott€ of domand end shrl bc eppliod In accordanc€ with Adhl€ 5.05. &t 4.03C P?rp.yn.nllndamnlly ln th€ c€sa oa an lndrnnlfebl€ Pr€paylnanl Evani, th. indernnity, it any, shal b€ dstemin€d in acaodanca with Arlicl€ 4 mB. ll, morca 16r, purauant to any prcvbon ol futicle 4 03A tho Boarow€r prEpays E Tranchc on a det6 olher than e rsbvent lrayment Oats, th6 BofiotrEr sh6l rdomnily lhe B€nt in such amqrnt as lh6 Benr ttu! cedfy b r€quiEd to cdnpens€to it ior leceipt o, fun& otherwb€ than on a relevBnt Payment Date. 4.0,r Ganolrl A prepaid amount may nol bo re-tDfiow€d This Anrle 4 shatt not prejudice A,tict6 l O ARTICI.E I EIIEEE 5,01 Oav counl cdtytnton . frorfi tho Eono*er under this Contracl and calculal6d in rarFct ol a hactbn ol s yad, shell b€ delomined on th€ fokwing rEaFctive convontbB: Arry fibunl du€ by way of inlgrcd, rd€.nnity or t (E) in respEl o, inlolr t and indemnitbr duo under E F[6d Rate Trsnche, a yc6r ot 360 (lhrur hundrcd and sixty) day! and 6 month of 30 (thirty) (,Ey.; (b) r€f,€d of nl.r6t and indemnilbo due und€r a Ftosling Rete Tranch6, a y€sr of 'n 360 (thl€€ hundr€d zd sixq) days end h6 numbe. ot dsys 6hF€dl (c) in re3Fct cr lb6!, 6 year of 380 (thrBo huidrsd and sixg) atays and lho number ot ctayE etsp6€d. L \ 17 Tlm. .nd olaca ol o.vmant unlaas oth€Nir€ apocified, all Sums unde. or in retation lo this Contdct other than 5um8 of inl6r63_t indornnly End pdnciral .ra poy.bt6 wilhin t5 (ffie6n) dsys of tho Bonowe/s r;ipl d the Bsnk'! domand Eadr 6l,m Fyeblc by lhe Eono$er undd thb Contract shall bo paid to iho rrspcctive ac.ount noti66d by the Esnk to th€ Borlrrr The Be* stEll indi.ai6 tho ec.ouni nol tese han 15 (filt6n) dayr b.lcrs $e dJ€ dale tor th€ ftEt p€ynEnt by the Bo.rower ancl shall notrfy anv charEo ol scEount rDl l€3s than 15 (fiilon) d.ys bdne tho det of th6 fir6t payrn€r[ to whic; ll|€ changB sppli€a. This p€{ird ot nolrc. do€ not apply in th€ c5!€ ot peym€nt undcr Artict6 10. The Bonowsr Bhall rndi€le in e*h paynont made heEundsr th6 contract number ('Fl nr") found on th6 coy6r page of this Cont ad A sum du. ftom th6 Eorotxer she bo dem.d psid when tho B€nk r6csiv€s it 503 Ser.of, The Bank m€y s€t .,fi any rnatur€d obligstbn due frorn the BonDwGr und€r this Contract (lo th€ enent bensficially owned by th6 gank) {ein6l eny obtigatbn (whclh6r o. nol meturedlowed by th€ B€nk lo the Boflower l€g€rdl6! of the plecs of paym$t, booking brEnctr or cun6ncy of eiths oblt etion lf lh€ obltgations sru in dfisEnt cuaencb6. lh6 Benk may convert €ift€r obligElion et E mE el l.t6 ol exchengo in its usual couEe oI bwin€3s lor the purpoae of th6 s6l-ofl. lf eithar obligelion is unliquidatod or unascsrtained, tho BsnX msy 6et oft in an arEunt eslimatGd by il in good failh to b€ lho amount ol lhst obtigation 5.04 Oi!.upilon lo Paytlrm Syd.ma lf eilher lh6 Bsnk d€temines (in It! di!.rolbn) thai a Diguption Ev€nt has ocdJnEd or lhe &nk i! notified by lh€ Bonoxer that e Obrupti,l Event hes occunsd (a) the Bank may, and shattil requeated to do so by the Bqrcs/6r, consul ffth the Boft*er with B yi(,w to agre€in€ with th6 Boro^/er sudt chgngos to lh€ oFration or Edmini6tration of the Contret as tho Bank may deem necss:try in Ue circumstances, (b) th€ Bank shsll nol b€ oblig€d to consull with the Bonow€r rn rEtation to anv chanoEs mentioned in paragraph (a) if. in its opinbn. it js nol practic€bi€ io do'so in ihe circumstEnca! and, in any avdit, lhall herE no obli{retioo lo a€rcc to auch changes; End (c) th6 Eank Bh€ll not be tiable lor dly dameg€s, cost6 or b6rg6 whel!€ver arbing as e l68ull ol a Oioruption Evont or lor t*hg or mt takjrE any action puEuanl dor in connection w h thi! A,tiab 5.o{. 5.05 Aopllcaton ol aurnr rralvad (e) Pedal paymcnt. ll th€ Bank r€crivB a paymont that i! iButrrcjent to dbcharga a[ th6 amounts then due End peyeblG by thc Bo.rower undd thb Contract, the Bsnk shal apply that paymerfl in or toiYards peyrhcnt of: (i) iir4 in o. tswads pafr.nt prc l.te o, any unpsid t66a, costs, Ind€.nniti6 srld (i) epenl.s dre undsr thia Contsct; !.ao.tdly. in o. to{Erds payfia of any acqucd lntalclt dJc trul unF,ei, und6r thia Coitract (iD lhirdty, in or towads paymont o{ eny princlpdldu6 but unpsld under tiis ContBct: and (iv) fou hly, in or tov.rds prynDnt ol dly other sum due b(jt unpsid under thi. Conlr.ct. 0: L. 16 (b) Ail@lion of tums r.ffi b TrEnchd (i) ln c6!€.f - a Trande thst iE at tri-t to a ropeyrn€nt rnent Araount Bha b€ applied fro rsla lo to6 pplild (ii) lo ty. (iii) ln cala ot 6c6ipt of sunE \irtich c€nnot b6 ir.ntifi.d E. Eflpticsble to 6 lpcclic Trandlc, and on s'hrdt thal! i! no ryEarn€nt b6tw6n tha B€nk 6nd lhc Bo;@war on thair appli€t o.l, th6 Bnk mEy rppty Urlr b.hrraan TrEnc_tEa et it! dilqrtion (c) Surnr rr.aiv6d ftDrn th€ BonDsr shsl onty disc.har!6 rt! plymont dligatio it nccivrd in @rdrncc wilh tho trrms o,lh! Conlrect_ ABIICIE 6 Borowar unddlrllnoa and itptrantaflont The undortakingr in thb futble 6 remain ln force lrorn lhe dete d this Cmhact br so tooo as any sr1ount is outltr.ding under this cdltred or th. credit is in iorce. 6.01 A PRiecI un*d*ings lJ.. ol Lo.n rnd rvallabllltv ol oahar fund. The Borowor 6hell, arnount! bonv*.d Paornotlr and thc Frnal Benefic,iarv u!. etl ccution of thc EtB fundGd corhpono;b ot tha by PDjrat (6s s.t out in I The Eororxgr shal ensulo that it haa evrhbto to it th€ othor funda tistad in Rodat (2) and thet 6uch funcla aro 6)@nd€d, b the .{6nt tuqutl€d, on ths financjng ol tho p.ojocl 6.02 Cornolatlon ol ProtEt 6h with a Tho Borowsr sh.llend Projoc{ h sc.ordanca lhe appoval ot the B€nk, 603 and fie Ftnst B€n€ficiary carry out tha mey be moditiod froh l€ b imc with finat dete iijacifi€d tholgin t hc!gle!4liorldflghd ff th€ blal cosl oa the Prcieci erce€d! tha eatinalgd fEure s€t oot in Rcitst (2), the Bonorer shall obtain th6 financs to tund tho axc€*r cost withoui recoursr to he Bank to .n"Ut the Proj€ct to bc complsted in &.Drdan s with he Technic5t Oeicnolion"oThe "" olanr funding the exc€.s cost Bhettbe coomunicstod b th€ B€nk without d6tay.' Li O,L 19 6.04 Prccultmanl l'gc.doll Th6 Bqroi,rr und6nsk6s to Fjrchsaa and shsll en6ur€ that lhe promotor and lho Flnel gen€nclary furchaB€ equipmenl, racul! sarvrco! snd ord€r works for lho EIB and NIF luncl€d componentr ol lho Prq*t by og€n lnt€rnelhmj l6nd€r or oth6r accoDtabto Dr6ul;;i procadurc coEplying, to the Benk's ssttt aljon. wrth rtE pollcy .a doscrif:eO in 'irs OufOe io Procurerrcnt in fbrcs al the date oa thb Contlecl 6.05 Th6 8orcwcl shEtt dtd shell 6n6un th.t tio promoter and the Ftnat Baneftiary, in l9btlon to ttE EIB funcbd compnents of the Proiodl (a) .lntan.nc.: maintain rcp6ir, oyrrhsul and rcnew all propG.ty fonhing pari of tha Proicct as r6qiirld to keep rt in good wo*jng odci (b) Prolacl aaa.E: unle66 th6 Bank shatl hav6 giv6n iB prior corlsonl in writing, rolatn litb to and f,olaolslon ol a[ or 6ub6tant6ly a th€ asseb clrnprlsing 0l€ Et8 fundod aDmponcnb o, tie Proj€t or, ea eFDlopllate, replac€ and lEn6r, alrch ass€ts and mainiein tho EIB fundod comporaoE d the pror€c{ in subitrantialy continuous oD€€flon in ec@danca wtlh it6 odgtnet pull!a9; provid€d tlat th€ B€nk rnay withhotd its conaont only wh€r. th6 propoe€d *tbn would plrjudico th6 Bank,s htcra.b as tendar to the Bo.rowor or would rendor th€ proioct inetigibte br financing by the Benk unde t3 StaM6 or und6r Adlcb 309 of th. TrseD on ths Functbning ot th. EurqEan Union: (c) lnaul.flc. insure or rEks adoquob provision for he insuEncr of a wo.k! ond profrrly foming part of tha EIB tundad cornponents ol th6 proiecl in eccordenc! with th6 mosl comFlhenlivc rdcvanl irdudry paEctico; (d) Rlght .nd Pa.filt - mainGin in tqE6 att rightB ot wEy d u.a end s pefm(B, ticsnso3 appowb or authorbations nacrGe.y ior tho executbn snd oporeton of th€ projod end (€) Envl@nmant: (i) impLmont end oporete tha prqEl in complience u/ith Environmontal Lew; (ii) obl,ain and msinlein r.qubil! Envircnrnental ApprovEl! for th6 project and (iii) comply with any 6uctr Eryironmonlst Appro't/als. O EU law orGcuia and o{Erat thc piqcl in eccordano wiih lh6 rclcl,ant siand6r6 ot ELj.lar lo thG 6(cnt imptafl€ntcd by thr taw6 ot c.oeia or lp6cficd by the Bsnk pdor lo lhc d.lc ol thl! C,ont8d B GeMnl un&dakrys 606 CohpllarEa whh lawr The Borowaa ahall ensuro that tho prDmotaa and lhe Final g€n€ficjsry comolv in all rs3D*i3 with ell leE End rEgulatirns to whi$ ficy .lE or th6 ploi*l ,s suti€ct. 6.07 gooL and racorda Tho BoroBEr shEll aoaure that the plo.nobr d|d th6 Final B.noffciary h6 k6pt and wilt continue lo k€.p prop€r book6 end lraoGtt ot .caoun! in tvhich fu and co;€ct snt.ies shal b€ mde of dlfinencial trEnssctbns and lhe s$€tr e3 w€ttas expenOnures in conneOion witrr ttri PFjecl, in Eccordsnce with cAAp s! in sfl.ct from tinl€ to tm;. o,L \ 2A 6.0E 6.09 kllltanatEa tcdyfdThc BonDtg .h6ll lnrulr thal tho pro('Et r end h6 Ftnst B€oefEiery cary out .nd dispo.e oyar sfici}nt fundi to carry cut tha rE ry routhe ltd p€riodrc rBinionsnca aclMi€g ebng tha ro.d !.cthr6 co.npriiE ped! of tr6 Projod Lrnd lcqultluon md i-alfaarianl Th6 Borowcr lhell gnsuro that tha Promotcr and th6 Finst Sonoliciary ,nptoments lsnd acqubilion and any rE.tilem€nl ol he PlDjcd h Ecao.danca wih n a El8 finsncsd ao.nponenb pbn to be agr€cd with the Brnk (ttE'L Rf) whbh LARP b to thc !.t 6.10 Ganaral Raomantrtto and Wrr'lnx.r Th6 Eofiower l€pr€Bent6 and wafianb to tha Eenk lhat (a) it has tho po\f,lr io execute, ddMq and p€rform & obtEatiom under lhb Cootr&l: (b) this Contlacl constilulcs l€gally velid, binding and onforcsabte ouigationi; 'tB (c) the ex-ulon a.ld dolivery of, tlrc p.dorrEncs of it! 6tig6tons under and complienca with tho provb'ona ol thb Contraat & not end nil ml: (i) contrswnc or coiflrit wth aty .ppti>abb law, dalsto. rul€ or reguhflon, of any judgern.nt, dccr6€ or pcrnh to whhh it ie subj.dl (ii) contrava.to or conlli:t with lny lgrBament or oth.r in.trunEnt binding upon it which might .66onaHy br oeacbd b haw a mdcrbt adveE€ .flact on ib qbility to pcrfom itE ourgelirnr un(hr this Cont..di (d) there has bc€n no Materbl Advsrra CharB€ sincs 4 Odotor 2Oj 1; (6) no evert o. qrcunttBrE which cohstitutr. an eflcnt ol d.(aLrn und6r Aribtc jO 01 has oaauned and l' continuing unlansdEd or unwaived; 0 no litigaiion, rrbilrEtion, adminbtr.tive pDcsedhg6 or inv€slgetion is curont or to it6 knowledg. b thEalened or p€ndirE bolbB any court, slbitlet body or aooncy whlch har rBsult€d or il Edvorr€ly d6t min.d ts r.eaonebly lk.ty to ro6u[ in a Malerlat Advolsa Change, nor iB th€r€ $rb€isting sosin3t It or sny olL rt! autBidia.t€s any qnsatbll€d itdgemonl or af,ard; (g) lhe Prdnolor and $e Finat Ben€ficjry has, lo lhe oxtrnt !,os3ible. n linc with th. implernontation adtodut€ of tho Proje{, obtained e! nec6sary comeot!, authodsstbna, licancG or appEvab ol goi/emmeotrt or public bodia3 o. Buthodties in connocllon with th€ Prorad and h ordor t lanfufiy compt w h ils obftCgtons in conneation tholrl|ith, and the PlolEt end all 6uch @naants, aulhoriaalions, licencas or spr,rovols ars in fuli fo.cs and otoct and admi66ibt6 h €vidoh6: (h) ib payrrnt ot EetioG t,l(br thb Ccntred rank not t€ls than peri psssu in righl of payrhcrn with ell othGr pleE6nt snd futur€ uns&1.6d snd u.rsubordheted obh;tbh6 uftbr 6rry o( t dabt illtru cobi (r) il and the PFmotor end Find B€rl€ficidy ic in complhncs wilh Anide 6.05(e) End to the be3t ol its rnowt6do6 and b€lef (heving made duo and carefut enouirvl m Envionmsnt.l CLlm he3 b€on comrn n d or b lhEalonad sgainst il; 0 il b in cornpli€ncr with all undr.iakhCa und.r thb rrctbn 6; end (k) fie FrenEwort A€l.sn€nt is vetu, binding and ctrbrcebb and that no ev€nb or cirurmstancaa hrvo @dJnrd which could, in tho rcalonabb optnirn of th6 Bsnk, edvers6ly eflect tho t€gC, vatil, bndino end eniorc.€Dlo naturs ol tho FrEmawork Agrement. o. L. 21 Th6 Epres€r el,on3 and warEnter t€t oul sbove shafl EUNiva tha €xecstion ol thta Cont act and sro (h€rl€d r.p6sbd on e*h SchoduLd DisbuBament Date and oD eacl neymeni Datc, 6.11 Prolact lmohrnanirdon unit ln ord€r to coordinato, manag€, mooltor and ovsluat6 ell asp€clr of proj€ct implsmonlstion, including th6 prcurement of g@ds, wo*r and sorvices lor the proi€c{ the B;ro*!r sheli procurB that tho Prorhoter and/o. the Ftnst Benefici€ry at e[ tines irurino oxecu on ot th6 Proj€il operEt E poj€ct implsn€ntrtkrn unit ('ptu') with E&qu5ts resrirca.nd suiiEbty qoalifed peEo.rnol, und6 brng of rEf.rlnc. acceptabl€ to the Bsnk The plu wi be 6ul,port€d by the Eu_.sie TEnsport Comdor lnve3in€nl C€nt.( (ETCIC) in the mal.g€rnont of fte fnanctel elFcr. of tn6 PEFGI 6.12 lnlcortlv Colnlnltn.nl The Bonower 6hall end shall onsuE th6t eech oI the promotor and th6 Finat Banollcisry warEnts and undertekB that il hs8 not commited, and no pe6on to il6 pres€nt knowledg€ w haa comrhlltd, any ot the fotlowing act! and that tt not commit, and no p€lson, with it6 coarsont or prior kDowledg€, will conynh 3ny auci acl, that ls to 3sy: (E) lhe ofcring eMng, rccaivirE d lotrciting oa 6ny hpropar adventa0c lo nflu.fto thG aclifi o, a f.Gon holding a prJblb offc. d lunctbn or s dirccto. or anploycG of a publE euthonty or publE €ntcDri!€ or e dirBctor or oiioat o{ 6 pubtic int inEtonal olganitalion in @nn€clton wilh 6ny prccurcme. pro@ss or in lhe oxecutbn ol anv conlEct in connodion wilh th€r etemart ol tho projccl doscrib€d ln tho Tcchnic;t Deacription; or (b) any et whdl impropedy intluon st or sims improp€rty to influence the procuroment prDc€s! or lhe implernenlatbn ol tll€ Proiect to the d€trimont ot the plbmoter end the Final B.r.fEi.ry. ircluding cdlusbn bdw€€n Endererr Fo( thb purpose, he knwl€dg! of eny ofrEsr mentiond in Artict€ 12 01 end .ech senior officar o{ th€ Prormtrr snd th€ Final B€nsfE6ry rhal b6 deemed to be he knowl€dge of the Bo{rows Th€ Borrow€r undertrkcs to inlorm tho Benk and hve3tigeto il 3hould b6como sverc ot ary fact or intormation augg€stive of the commbsion ol eny 6uch acl and to adopt the necsssary rearess measiies i The Bonow€r shall and 6hall ensulE thst tha Prcrflotor ond tho Final BenGticjary wil inatitote, maintain.and comply with intemd procdure. and controb in co.nptiance witn apptUtC natiroal laws and bo6t prac1b6, for tho gurld!€ d eBuring lhal no trens*tion is LnUreO inlo with, or for th6 bon€fit of, any of tho indMduat6 or instituiionr nam6d on updated tists of s.nctlonod peEona plomutoatd by th€ Unitd Natior6 S€qrrity Councitor iie coomltecB purEuanl Socunly Councit R.Botutions 1267 (j999), t373 (2OOt) (HypERLtNK lo "htb:/,vww.unorgnonosm"ww.un.oruftarlodEm)and/orbytheCouiilofihgEuFjlruant to ils Common Po3itbns 2o01/931/CFSP .nd 2OOT4OZCFSP .nd th€ir rotatod or 6ucc$so; rwolrrio.E andd impl€mentng -ls in aonn€c1ion wih Mon€y Lsundering or Flnencing ol Tgrrorisn rmtterr L 22 rtl ARTICLE 7 sacurltv The underlektng! in thb Artrcle 7 rernain in iorco frDm the date of lits Contract for 60 ton0 as any amoudt rs outstBndrng under thl3 Conlract oa th€ Credit 13 in forco 7.01 P.r, Picru r.nklno Thc Borowor ihqll ofiaure thst is payrh€nt obl*ratons under this Contracl rank, snd wll rank, not 165 than pE, pessu rn rEht of payrnont wnh a other pEsGnt and futuro um€curcd and unsubordinat€d obl(ratiro! un(br any of the Eo[owEr,s RotevEnt Exemat Oebt tn6trumGnts ln padaular, il th6 B€nk rnakes . demand under Artict€ 10 01 or if an event or potentist .vcnl ol dGfault under any um€cured End unsubo.dinat€d Rolsvsnt Ext6m6t Debt lnstrum.nt oflh6 Borowar or of any ot its agencies has ocqrrr€d and is continuing, th6 Bonowor shell nol make (or euthorize) any payment in rBp€ct of any other such RGtcvant Ext6mat Ocbt lnstrumonl (whelhd regularly lcHuled or oth€ltis€) wnhout simuhsneousty paylng, or sefiing .sid. in a d$ignaled acount br paFrent on tho n€Il Peymonl Detr e sum equel to, thc !5me propo.tbn of the debl outstanding undq thr3 Contred as th€ poportion thst lhc paymcnt under 6uch Relevanl Etternal D€bl lnstrurEnt b€ars to tl.€ totial dcbt drtstanding und.r thet Rolordnl Exlernal Mt Insbument For thB purpose, any paymGnt ol a Retevant Extomat Drbt lnslru.nenl that b med6 oul ot th. pr*ad! of Sle i$3u. ol Enothcr instrurhcnt. to which subtentielly the 3am6 p€rsons as hold ctaim! under th6 RalGvant Extemal Dcbt lnslrumenl have subscrib€d, shall b6 dbregardod ln $is Contract, 'Ext mal Dabt lnalrunrnf maans (a) an instrument, ncludirE any lDcapl or 6t8t6rFnt of acaoud, evid€ncing or constiluling an obligalion to r6pay a loan, d€porit, advanco or simihr extension of cr€dfi (lnctudhg wiurout limitat on any extensbn oI crcdit under a raltnancing or r66choduling agrcemonD, (b) an obligalbn ovidonc€d by e bond, dob€nture or 6inibr wrincn .viatancc ol inclebtedrE3!, or (c) a guaranlee ol an obllation Eruing und6r an Exl€mal Dobt Instrumont Lom anothor l6nde( proyidcd in 6adr @o tl|.l lllci dtigalir ts: (i) govcmcd by a sy€ien ol hw othd tlEn the hw of thc BonowEi or {ii) payabl€ in a curenc, oth€r than lh6 cungncy ot tho Boro^,€r,s country "Er.npt Ertamal Dabt ln trumontt' maan! Ertemal Dabt lnslruments up to e maximum aggr€gBte armunt nol .xcording EUR 30,000,000 s spacifDd ss sud by w.ifirn notice tmm the Borowcr lo th. Bant "Ralavant ExLmal Dabt lortJirmanf meens Extemal Debl lnltrum€nts oth€r than Exempl E,xlemal Debt lnBfumentB ll any Exl.mal Dcbt ln.trumcnt notifird by th. Borower lo thc Bank for approvat pulsuant to th. provEions of thi! Article 7.01 to quetify e3 an Exempt Exlernal Oeot tnatrum€nt is denominated in a cuftuc, oth€r lhan EUR, tho Bank msy d6t6mno the EUR equhEl€nt of slxh._noJlfied Enomd Dobt lnstum6nt by rrfrErr€ to the prevattrng late ol atciange rpccfied by the Europan Contrd B€nk in Frankfuat as of or aDund the dato of 6uci writtan nolice \ Q. t, t.l ,4, 7.O2 Addltlonrl .acudtv the 8o.no'"1 crent.or anangs ro b€ 9!yl9 podomanc€ of any Ext6.nEl Debt httrum€nt tho-Bonowor s-hall, il co r€quired by the p€rfo. rmEnca of ib obligEtions under this pdonty 7.03 8snk, Con lecur y ior rh6 r€3p6cl th€reol s*urity for tho nt prefeienca oi Clruaaa bY lnclualon lem fnancial creditor a finsnclng cro66 delault claus€ etf,lot a pan of lhrs Contract, lh€ Borrower Bhslt the Bank, ex€cule an €reearEnt to amefld lhl! Contract so Es lo prorijo lor an equivatent provbbn in tavour ot lh6 ae;k ARTICLE 8 tnionn flon .nd Vbit! E.01 ln onnallon concamlno 0ra Prlllccl Th6 Borof,€r shall or 3hell ensur€ thet iho PEmotor snd/or tho Ftnal ganoffclary. (a) dcliv.r to thG Brnk: (l) th6 info.mrtoi h conionl and h form, end at tho tim6, sp€citi€d ln Sdt6dut6 A.2 (ii) or obelviaa a! a0E€d ,rc.n tinc to tme by lh6 parri6. to this Contract; and dhcr ddrme.lt corr.rning lhe finEncing. procurdncnt, 6nd anvimnmentd maflel! ol or for th€ proi€c1 es th€ irc within a .!€s,o66bb lim., provldod shmy6 that if such tn onnetion or dEum€nt i6 not d.tiwr€d to thg Benk on tim€, and the gonow€a t€ lme s€t by tho Bank tn writing lho B.nk ma consur.nror **.""*";?JTi:1*"h11"i?Jl: such Flaons with all a$igtenca necs*!€ry lor ha purpola; (b) Bubmit: (i) lor ths +prcvd ol he Bank withot]t detey any metorht .fiango to tha EtB and NIF lunded coripon€nts ol th€ PEji*l End (D for infomEticn to th€ Bsnk wilhout delay 6ny mel6.ial chenge to the non-ElB andor NtF tunded components of tho p(lict ebo takiflg into accounl tho drsdo€urG lhe(b to the Bank |n connection with th6 prc{€r, Dio. to th6 sil:nmo of thb Contract, rn r63p€cl ot, nl€. atia the pnco, ctssrgn. ptans, timetsbb; to-ths oeendluE proolznm€ or linendng Can ftr th€ proiart (c) promplv infom th6 Benk of (i) any *tion or p.otolt lnni€tod or any obrectEn reB6d by any lhrd p.dy or any genuin€ cornptaht receivad by th6 Borowor or any EnvirDnmentat Cbi; that i; to its knoyvhdg€ cornmoncod, pending or throstonod againsl il with relsrd to environmental or other maltErs atLdiig the p.oioct (ii) any lact or c\/rr knoxn to the Borrowq, whicrl mEy substantbly projudic€ or efl€cl th. cond(bns of eEution s oF.leth o, EE projecl; .0. L 24 ttJ rrl (iii) any non-co.nptbnc. by n wih any epplic€btc Envirc hentat Lew. 6nd (iv) any 6u6pen6lon, revoc€tim o. modlfication of any Environmentat Approvat, and a€t oui th6 6dirn to bo bt6n with r6p6c1 to ruch man6E; (d) proyid€ to th6 Bsnt, il so ItS.Elt€d (i) a ce.tfcala ot iB in9ur.l6 showing fufiLrEnt of th6 roquirehenta ot ArtEto 6.OS(c)i 0i) annuelly, e lilr of poli:i6s in lorc€ coverirE the insurod proFrty firrfling psri of th€ Projacl, log€ther with confm.tion of psyment ot th€ curEnt pr6mium!. 8.O2 lnloltnatlon concamlno th. Boirowf, The goroyr€r shall or, e3 rdevant, 3hsll €n3uae Elal the paomotor and/or tho Finst B€nofciery 3h.llr (a) dalilcr lo the 66nk ftDm tirE to tinc, lLEh furtll€r i olrnation on its geo6rd financEt 8itu6fion aa tha Bank may lBasonebty roqutrc; (b) on8ure that its E.Eounting recods lutly r6i€cl the op€rstion6 retating to th6 finencing, €x€cution snd op€ralion of lhe Rojocl; snd (c) infonn the B6nk {nmcdiatlly ofi (i) any t*i *ftich obtlFs n !o p.epey sny fmenctat tndobtedneis or any EU fr/ndhE, ncbding any funding p.ovir€d under th€ EU Financjng Aglleile tor thiE Pl()jed, lr 3i0n€d; (ii) any cycnt or decbion thsl conrtitul€s or mey lcrutt in ths oventa dclcribed in Anbb 4.034; (llD any lntontio. o.t its part to r€lnqui.h o n€rship o( sny ,nat€rial compon€nl of th€ Proiet; (iv) any hcl or 6vonl thEt b raaonabty likcly to prrvont he sublllntal lulfilmont ot 6ny oblit atbn of tha Eonow!. undcr lhb Conbacl; (v) any 6v6nt lirtod in Anicb 10.01 having occured or b6ing lhr€slened or antbipet€d; or (vi) 6ny liligalirn, gtihalih or ldminiafstivG proalcdings o. inylstiFlron whEh ir cllrrcnl o. pendin€ whi$ mi9ht d 6dvcrsoty dGterminrd r63u[ in E Maloibl Adv€lle Chang€_ 8.03 Vl.lt bY th. B.nk Tho Bonover sh6ll 6nd shail cnsuro that thc ftornotor and the Finat Benoficrary sllow panons dGaEnEtod byfhe Bsnk who mly be @np6nbd by l€prls.nl,stivcs of lhc Eropeln iloud of fudibl!, the Europeon Cofimbsioo, thr Europ€an AntifrEud Otrc€ (O[AF), 6s vr6lt a! ohe. p€Gona doaignated by oihor EU ngtiMixt! or bodi6 whan so requiled by thc Etevant mandatory provision3 ot EU ta , tD vbil the aia5, rn6talatrbns and vrorts aompaiaing O]e PloFcl and to conduct suci chedG Es thoy may wish, End rhal provde th€m, or insrrd [ret thoy al€ provid€d, with 6ll n*oss€ry sriatan r ior this purposo Th6 Eorower ackrE ledgcs and shalt onsure thet the prornoler snd tt16 Final B€netroarv acl(norbdg€ ttEt th€ Eank rnsy be obtiJ€d tD divutg€ $rdr inbmetbn ehting lo the Bonowe'r and lhe Poi:cl tc eny coflpelent EU inltilutpn or body in sccordance with the relevant mandstory provisions ol EU hw Ot. \ 25 ,al ,ll ARIICLE 9 Chrro- and arrna9 0'l T.r-. dull- md lLThc BorowGr shall pay all bxas. ddia!, taar 6d oth€r impolition! ot whEtaoovrl n6lure, incloding atanD duty and r.gbtIellon fcr!, 6ri.hg out of the or6qrtion or implomonhlbn oi lhE Conlract oa sny r€l6tod docurncnt and in fi€ crcEtion, prdcction, r€giatalion or onlorcamont of any sacurity ior tha Lorn to th. 6rt6l1t appticabte. Th6 Bonou/€r rhall p€y all princlFEl, lntorert, hdonnitios and oth€r enounE duo und€r thts Contr.cl gro.3 without cLd@tion ol sny n.tiomt or to..t ihpcitions wnshoevoi provid€d lhat, il tha Bonors i! oblig€d to mata .ny n.E.h d€duction, it wil grola up th€ pafn;t to tho Bank !o thet .tt . daduclion, tia net ,nount Ecsivod by fi€ Bank i3 6qutvatani to tr€ sum du6 9.02 Olhar chaE.. The Borow€a she[ bear all ar15l!!r a.ld oean6aa, incbding prot€atbfttt, benkino or erdrange charg€i incur€d jn connectlon wih th6 FEporetion. ex6qnion. nhpbrnentetion-and taminalbn ol thb Contr&t oa any lrlald docunront, any anrendiiont, supplcmenl or weiver in reap€ct o, thia ContrEct or sny rglatod (kEum6nt, end in lh6 smonctmcol, creslion, rnanag€monl and r€albelion of eny E€qJrity for lho Loan ARTCLE'IO EY.nb o, d.lLutt 10.01 Rloht lo d.mrnd ro.ym.nt Th6 Bonowor ahafl lrpey aI or pqrt ot tha Loen lo.rhf,tth, t€dtar with acaru6d int€.Bat and al other 6cErr6d o. outstandng enrounts undar thi! Conlract, upon Mittan demand b€tng msde by tha Bank in e@odanc€ wnh ths lolbfing plovl6ton6 10 oiA lnh.dlrt damand Tha 86nk may rnak6 Bucn dernand immadiataty: (a) if lh. Bonofler farls on UlG dua delc to r.pay eny part ot thc Loa'], to Ey intorrst (b) haGon or to makc any othGr psynl.rf to ihc B6nk a3 provilcd in thls Coiira;t. unl€.s (i) lts larlure to p6y b csusd by En .dfiuniatr.tivc or tarinicsl enor cr a DisruDtio.l Evonl 6nd (ii) payme$t is ,hsd! within 3 Busineas Day! of |b duG dsto: il eny intormatlh or ctoqrm€it given tc the Bank by or on b€hatf ol th3 Eonower, th€ Promotor endor the Fnal Boieficisry, or any repres€ntetjon or statemont mad; or d€emed to be made by th€ Bo.rDwar, th€ pornoter and/or the Fnat Benefciarv in .pfii>tion ol thrs Contract or in conn€dkrn with the negotistion or perlormancs ofihis Conk&l is or prov€s to hsve b€€n inco , inco.ndet; or mist€ding in 6ny materiet r€3p6c1, (c) ,. lollovring sny d€fault, lho Eono*!. is requir€d or b capabto of bohg roquired or wi , ficllolvlng expiry of any apptEabte contractuetgrac€ frerbd, bo r6qured-o. b€ cspst€ oi boing roquired to pEpay, dischargo, closo out or terminate ahood ot moturity a;y other loan or dobt oblioaton ari6ing od ol any linaEjat tfthsaclion; or any commitrn;nt for any olher lo€n clr debt ouigation arilino oul ol any finqnciat t.ansetion is cancelted or 3uapended: \ \ OL 26 (d) rt lh€ Eonof,er is unsbte to pay its d6bt5 e3 th6y fa due, or susp€nds it3 deHs, makes or, without prior witt€n notico to the Batk, s€eks lo mak6 a;hpo6ilion with ils creditorsi (a) il tho Bonowlr defau[s in tho pcrlormEnca d ray obtrgEtbn rn l€spcct ot any othcr toan or.ntod by th€ BsnX or finsncjat inatrumGnt ontoEd hb widr the B€nt: (D it th€ Eonwrer dsfEult3 tn he p€rbrmglco ot sny obtigatbn n l€spoct of anv oth€. tosn q fnanciC indrument grsnbd by th6 fur* or th€ EU (inctLrding. n le, a/,b, und.r th. EU Finrrcing AglEcrnolll) of lo th6 B.nt d gly o0ror obtEaiih to be tutfiLd in connrdbn with the rccetpl ol any fundr by thg Bo.r*rr ftqn $e Eur(f6an unbn; (c) wltnn ,4 (burta€n) da!,si (h) il e M8t€rial AdverB€ Chsng€ eun, s! cDmpeod wih th6 BonowEr,s condifl,l st the d.le ol thb Contract; (i) O il it iB or b€.Dmo! unbrylul lor tha Boncrwer lo p€donh Eny cf its ouigEtion! und6r this Contrad or othd Banaactional (bcumonb or thii Conlract b not eiTect-ivo in accodanco wrth it! t6ms or b ellegEd by thc Bono,r/cr !c b€ in€f6ciive in sc@rdance with ih tdms: i, any obligation a&euh€d by thc Bo.rgrer s. statGd in th€ Fr.rnowoft Aer.€,nent c!.se! to be fuffitted .3 ng.ds any loen rEd€ io any borow€r in the E;nox!/s t nitory frcn tho r6our6 of th. Bent, or tho Euiop€en Unbn, o. (k) ,lhe Borolrer def.uls in thc p.rlom'lca of any of G oblioEtion. und€r dly toan or orEnt doo.menlatbn pBvirad in conEdjon widl tlc pl(j€tX by any oficr |nltrirbi, or, I appli:*b, th6 NtF grEnl or lho moni€a Evaitabto under suah kEns or grent al! not Fil oul or nead to be llpad by t E Bo.tornr. 10 018 O.r nd dLr notlc. to ra.idy Tho Bar* rnay atlo rn6ko guch dcrland: (e) ir. h6 Borow€r fait3 lo c.rnpty wih eny obt€etbn under this ContEct no{ boing sn oblilation rn€ntbned i,r Articl€ .t0.0iA; or (b) , any tad and il not B€nk a6 te the Proj€cl, lo.m or tho p.oicct stEt€d in the R6citot6 metonolly altols tna alolriion oithor preJudic6 the intorrld of fto a(tucrsa, affads the impiementalion or opara on of unl6$ the nonomdbrEa or circlftstano gMng ri!6 to the non-compliencr is capeble of l.nl.dy and b remediqj sithin a rElo.lSb pain of ftn€ sprifi€d in a nofEa s€.Ed by tte 8.nk (tl lhc 8onfrcrOlh.r nohta.r l.w ArtiL l0 0'1 shall not rudli, sny dri riit d thc Ber* d Lru to r€quie E lpEyrnant ol th. Loan. lO,Gl ld.ar ty l0 03A Fk d Rata Tr.nchaa ln c€66 o, dornand undo. AItbte 10 O1 n r$p€c1 ot any Fxed Rate Tranch6. the Borou,.r 6hall pey to tho Eani ths arnount dcmendod tooelh.r with tho pr€paymont tndomntly on any amount of pnnclpat du6 to b€ p€psid such pr+eynont tnd€mnity 6hall acarue ,rc; the du; data tor paymenl 6p6cjfid h tho Bank,a notba ol domend and b€ i5lcuhtd on ttre bacir mat ploparnont lr effected on fta dsta !o rp€c$,ad \ '). L 27 10 038 Flortlng Rll Tr.nch.. ln ceae of demand under Artict€ j0.01 in rarpd of eny Ftoating Raie Tranche, tha Eororor shall pay to th6 8a* thc amount demsndd tooother with a su; €quatto the pllr.d valua d 0.15% (fitacn basis poinE) p€r snnum c€tqrHsd end eccrung on tie anrount ot pnncirol duo to bo pEpaid ln the aarne manner as inle E t woutd hava hiren calculst€d and woutd heva acaru€d, if thot amormt hd runained outlisnding aaaording to the o.ional arnodiaation schadule ol the Tranchs. untlth€ i,taturiy Dd.. The value shall be cebuteted st e dircount rst .quat to th6 Red€pbfrEnt Rste €fpticd a3 of 6adr r.bvant Paymonl Date t0 03C G.nd.l tunounb due by the Bo.rou6r fn Buent lo thi. An cJc .tO 03 sha b€ payabt€ on thc det6 oa prof'ayment sFcifed in th€ Bant's demrnd lo.Oa Non-Wdv.r No fEilur6 or delay or shgle or pa(iel exercE€ by the Bank in exercbing any o, it! right! or rcmedi6s und€r lhis Conlracl shall bc aDnltruGd s yaiver ol suci ,igtrt o, relncO-y. fm rightc end remedies provir€d in this Contrsct ar€ cumulaw€ and not sxctuaive of any dghts or rem6di.6 provid€d by law s AEIgLr fi Lrw and tudrdtc,uon t1.0t @@!!!_!!! Thi. Contract aod any non-cont actual obtEetona dbing oul of or in connociion wllh it !ha[ bo gqvemd by th6 hwr ol Engtend. 11.02 Jurtadlctlon (s) Th€ Coun of Juslice a, tho Eulopcen Union (tho .Eqr') has oxdusivo junadit ion to sottle €ny dispub (E ,,DitDut .) ariong oul of or in conneclion wllh thh Conttact (includin€ a dispute regodho tho axllongo, vrlidity or terminEtion of this Conlrel or h€ @nloquencta ol its nulity) o. any non€ntraalual oDligqlion arigng ol/t ol or in coineclion with t ia ConH (b) Th€ padi6 agre€ thet lhe ECJ ia tha m@l appropiale and conv6ni€il court to totilo Dhputes between th6rn and, ac.odfrgty, thei they wi not ergue to the contsry (c) Tlro_qorq^lr heGby t €ivar 6ny imftrnity lro.n or nght to otrj&t to th€ tunadi:tbn of t16 ECJ. A tinrl &cj6ioo ol trl€ EqJ rhel be cDrEtusiv€, tindh6 anct 6ntorEeabla on the paniea withoul r66Eiclion or llsotvgtirn II .0i! Ao.nt o, S.rylc. Entelay d GeoEle to the Unitd Kingdcm as its agont of ng larvEc on its bah6ll of dly writ, notir, dder, /udgqnent li.oa Evld.o ot.um. du. ln eny l€gal aclbn arising out of this Confrct th6 conifical€ ol the Bank as ro any qmount or reto due to tho Eank under this ContEcl shel in the ebs€.tco ol manilsEt eror be prima tacta ovltLnce ol ruch grnounl or aab, \J5 I o.L 28 1t.05 Contact (Rtohb otThtd p.nl..t Ad leeg None ol lh6 terms of hb Contr&t sro rntond€d to be €nlorceabl€ by any thid party and the provisions of the Contracts (Rights ot Thnd parties) Act j 999 are €rc_luded and shalt appty ;t ARTICLE 12 Flnalclaua12.O1 Nodc- to allhar oart!, Noti:6s rnd otllr cdflmunicatbns Oii/qn Conlr.d ahlll ba m.(b to tha dllla or addlaa o. fa..iniL number a! . Fny Elvirr.ty ncaiific6 to tlc othcr an ffline: rty b t,|i! uit afrcr AtLntbn: Opi B For the Bank 8&1 00 boubve.d lGnrad A.bnaulr L -2050 Lux.mtDUrE Far: +352 4379 67495 Aff.nlbn: Ertern l Ralatihs D.pedrn€nt Mitdry o, Fiunc. of Oollb t6, GoE€roI dro6t 0114 Tbilili Goor0h FE : +*532-262123 12,02 Fonn ol notlc. Any rclka or olh€r communl5tbn given undor thh ConFact mu6l ba in $iting Nolir! .nd olhor communbatbos, tor f,niich fuGd penods ere laij down in this Confacl or which thdna€tv.! fx penods binding dl Lrre addE+reo, mEy b€ madc by hand drtivery, r€giGitared lottr. or facaimito. Such nolica! .nd communication! lha bo do€med to have be€; r6caiv6d by lhc othcr p6rty on the d/rlc of detiyary in rolElioi to a handd6tiv6r6d or rogbtorod l6tbr or on rcc€ipt ol tEnlmission in r6lat rn to 6 tscailnite. ni=lioni may be md6 by hand detivery, r.gi3t6rod tetter or agrE€d by the pedb8 by writton {rBem€nt, by emait o. other ffihout oftectng tho vdidrv of any notir dclrvcrEd by f*rimib .c.ordiltE to tho parseraph3 abovo, a copy ot osch notca detrverd }mls shal atso bo senl by tetter O the rjlovani IErly on lhe n6X fottowing Busin€s3 Osy sl th6 lalosl by Notteg isslred by lhe Bonouer pursu by the Benk. b6 delivered to the Bank person or poBons eulhoris€d to &gn su(h authenlicsH spocim€n sigmturo ot sudt p€Eon or peFons e.t 29 where required euthodty o{ the rower and tho 12.03 Ef,.ctly.nn! o, thtr Contr.ct Thb CootEct i! condilicnEt upon end.hslt tecDme cfiecliw onty fotkwinq the Benk.! acccplEnco oflho Gvbonce requrcd by rc16 j.&A(6) of this Contr.ci. Thls Contsct ahsll not become atiscth/o untit the Bent sonda to the Bonow€r a l€tt€r conlirming its €Gaptancs of the sbovE m€ntion€d evidencr and plDvijing tho date tial this Contled becomos offoctivs (th€ "ah. ol Elt cdv.nrs.), and suah bn6.-shell b€ concluBivo €vidence that thi. conta ha6 b.cDm6 aibctive Forth€ evouancc o, clcubl, und slEh tima sa auch l.tler h6 ban is5u.d by th6 Bank, neithar the Bonowlr, rcr the Bank shelt hEv. eny cbilhs sgsinrt c6d1 othcr or hev6 Eny liEbitity whatsoevGr und6r or in connectbn wittl thir Contract l2.lx R.clirl.. Sch.duln and Annexurr. The R€cilel3 and iotkwing Schedulos lom pert ot th|6 Contracl. Schedule A Tednical D6.sipli6 and R€DortirE Schedule B D.finition of EURIBOR Sch.dulc C Fom ol DisbuEam6nt OiTc./Acarptsnc6 Sch€dulo O Fo.m ol Csrlifaato frcm th6 Bonower Th€ foliowing Ann.r b attahcd h.reto: Authorbalion ol a0natory lN WITNESS WHEREOF lhe psnb,s h€Elo haw ceueod thb Contrad to b€ €x€qrted in 3 (thr6e) otiginals in tho Englbh lsngu.ge snd hsv6 r6FEctivlly ctui€d Mr Ganh Grisbrook, togsl couns€t, end Ivlr Davii Lezhava, Depuiy Minbter ot Financs c, Georgis, to in(iat €ach pege ol this aonrsd on rheir b6hall Al Ibilisi. his 2( Novernb.r 20 1 3 AtVilnils this November 2013 Sg66d fq end on b€hstt of Sign€d for and on b€haf of euVbeeex rlrvesryr:fuy 30 ,ll Sch.dul. A Prclrcl SoGfficaUon aid R.oo.tlrro APPEiIOICES l.l. TEcHucaLoEscRtPTtox PurDoar, Locatlon The E6l-WG3t Highway (load numb.r S-1 .ccording to Gcorgian chlsific€tion con lpolding to roada E60 & E70 in lha Eulopcan nalwork) ia thc mEin arlary for long distanc. roed kaflla in tha Black Sea podr and Tuftoy, aim! el upgr#ng 6nd improving y. ftorn ZeslEponi lo thc Tudash BordGr st Seqi work! b.lno caniad out on tha clstam d lhc conidor balwacn Tbilisi end tha Rrkoti Tunnd Most of th€ East-Wort Highvray will hnce h6yc lou hne! and E dclign lpead of t20 kn/h to acaonrnodatc lhc l€Eo votumoa ol bEiic including hro poI.rntag.a of heavy g6od vohEl€s - ob6orl/ed. - O.acrlp6on Tho propa is arCc ol thre6 rnain 6€ctbn! wtth (tiflErent typ€s of inte.ventpns, which w be lundd und€l psrallol fnoncing as follo/6: . . . S6mtldie-GrirolGti-Kobuleti(Choloki riv6r) - 68 km - to bc finence{ by thc Bank und.r this prorect rvith 2 lol! of totrlt ngr condruc{ion of a motolwey 2)e (52 krn) snd one lot consisling of upCrEding ol s 12 rgad atonC lhe ssni6 6tignmcnt (16 krh)i ZcslEponi-Kutlillsamtrcdia - 64 km - fn6nc.d by JICA; and Kobul€ri (Choloki rivu)-Betuml up to 5't km - finen€d by ADa Th. main charadGr6tis of th€ cxirting cofiiror (to. a totatot 185 km) r. €s b[o*!. L.ngth {kln) S€clion JICA S6ctloo EI8 S€ctEn ADB 67 71 47 t)!8criptioh About % widc 2+no interurtan andTTIinE urbanEtirniTffiist (about 200,000j€opl€) MEin corijor: 2{ane inle,ulban dens€ly poputated MematB tod. 21eno inloMban thrclgh Sanaki & Poh (91 km) Mostly 2.len6 ulban going thruJgh t'a ,n.+, ciries ot AdFE reg6; o.L 31 ,tl n* Th6 main characteristlca of thB aoniior - with cofipsrablo a€clions as ln ths crsting road conidor but for a lotal of up to tE3 km - ere as lotbf,s.. Length O-crldlon Add€d lo the a$ting rc5d are. S€ction JICA Soclron EIB Soction ADB u - KutaBibypas - 2X2 highwey tor a lhid of lh6 aoction, inctuding psrt of Kutaisi ' 68 Up to 51 bypa83 Wde 2-la!o ht9rurban 6)er€65yay tor th€ r6st ol tfi6 tonqth Added lo thc exid'ng road i5 a ne* 2X2 highway for % ot th€ ali€nmonl, wh e he rost is boinq oartbllv reconstNctd Addod to lhe exietng rod are the Aq6l! Ggbn byDe6s6r E3 wiro 2, len6 interurEn (S% ol rcod lemth) Th6 t€clion being fmenc.d by th€ Bank S.mtedia-Grigotcti-Kobuleti(Chotoki ,v.r) -68 krF undor thi! prcj€ct compd!.s 2 lols (Lots 1 end 2) of totatt ncw co.lstruc{on of . motoruay ae t om Samtrodia to Gnigolet (52 km) end onc tot 3 coBisting ot upgrading of a 1x2 load abng the s€ma digdnont frofi Grildoti lo Choh( Rn/€r (16 km)l Tho Banl(a compon€nt of th6 projoct EDmprisos, Ule deSign supoMsion and \ /orks of a Lots 1,2,3 aa wEll 63 associ8t€d tour f€chnical fusi6tances CfAr)t (i) design geparation 6! we a8 tendor doqrnonb for the works and BupoMabn contrEcts, 00 en independent .od 6afety audil on lho deaEn, (iii) an idomationalty e,Padenced consultant to asli6t th€ plu dunng $e imdom€nLtlon of lho B.nk'6 cornpononl of tho proiod and (iv) a spaciatilad consofiEnt b assist tho PIU dunng lho pnasoa ot p.oaxBrpnt ot a sctivitbs, aslbdng lerlder evatuabonE otc. for lhe B€nk'r component ot tha proFci Tho Financing ol th6s6 TAa 6houtd be a btend ol tho toan boing provided a! v/€ll as Orant ttbugh NIF- C.l.nd.1 CoBlructbn wo.ks slrrted &dl 2011 b.nx€ n 8€tumi and lGbutoti dl the No.tham E cthn of lhe l(obul€li bypass on thc 'n ADg finarEsd !€cli)n Wdk3 .rs.rp€cd to bo cqnpt€lod by 2015 lor both ADB and JICA t€qjon3 For tho gB ..clbn il is expecicd thst works wilt be clmpdEd by 2017 o,L. 32 4.2. L The PROJECT INFOR ATIO]{ TO BE SENT TO THE BANK AND TETHOD OF TRA}ISTISSION i bfie B.nk undorthe rGponsititity ot Entity Minislry ol Regbnel Trll€ Function / Depenmgnt Oepdv Aanman DcvelooMa,,n R*s Dewnncd 12 Kazbeot awnie. OiffifriE-diGE Address - +991322376603 PhonB +99a,322376603 Email rcaddepnakl@yah@.csn The ebov+mor bnod conH p€rson(.) b (sr.) tho r€sponsbts contsct(a) tor the lirE b€ino I h€ Eo[Dwor 3hel illbnh U|e EIB ifln€ddaty ln caa€ of eny dE.Ee 2. lnformetir on soerfo sutiect! Thc Bonower shs! detivo. to the Bsll the toltoyJing infomalbn et tha tEtost by the doadltn€ indic€ted bolow ficnt / lnrorll. Environ mental Condrt ons Bebrc the atrd ol o For the Lots I and 2 botvvo6n Ssmr€dra ana, cri{pteti retalino to con$uction of Lob I n6w @nalructbn lh€ condilirn precd€nt lo fu dEDuntofi€nl and2and3tstha relatod to tho conEtructjon ot the!€ lol! r€quiE! the pronrolcr lo submit: . . . . ca$ may b6 An Environmcntal lmpsd Airei}lm6nt (EtA) I€pod and Non tcchnical Summery (NTS) to the aati3'dbn o, th€ gank.. The Env Conrtructjoi Faftit issuad by the rel€vant ia includino rDL\rant Ecoto0tc6l poEnit o to $e l.euirom€nt in EU of F;rm A or B). Th6 Environrnantat Menqement ptEna (Etip) The Land Ac{rrisitron and R6otthm6l plsn (t-ARp) o For Lot 3 Grigoteti-Kobut€ti (Chold(i dv!o, sfii:h lltete3 to roed montioned to. Ssntllda crEDbtiwit abo epply hee Desion and Saletv Condilons o nrs \ Beforu the sbrt ol th6 lor Lols .l snd 2 6! vyatj as Road ssfaty ConStruclion of Lots I I 3, in accodancc with pnnciptes of lh€ end 2 and 3 as tho EC dn dive c3se mey be for relevant Lot tq lh€ !€tistsction ol the Bank A.L 33 3 lnlormation on th. omiGi:t'. imntem.niEtim Tho Eorowe. sh6ll dclivcr b the Benk th. tollo,ving infornEtbn on projccl proorcss during implamontrtion Et th6 l6t J ry th6 deadtinc ind'c€t.d bclo'i. Documant / inlonnatlon O.rdlin. ..DOdlnO Pn ocl Progrc$ Repod - A b.ief uNota on the tdl/l/ixt c''s(,iptbn, tuot2012 erylaining lhe reasorrs for srbrricart ct rrtras vs. - UNata on lho date d fumplelbt d e,lcjl ot ttrc Lastr ,€,,pd lE,esdls fq g)o6r'2015 main pmi,Efs @mr€aenls, 'xCahiv eny .otsible deley: - UCal6 on lhe cosl ol lhe ptuiad, cxder'ing /eesors ,b, aay possibre cosl ,lrcrEEses vs i,r,-aLt budgcled cost: - A desctiplbn ol eny n4d iss/Ua with inFgcl on lho - UN6lo oa pt61.nor,, n? p,.,rdues (outsid6 EU); - Udale on thc p,qacl's cbfiad d v6,agc .nd - Any signif,cenl issuo ,16l hss o@udd and 6ny skJnifr,anl nsk thal fioy ofld tho p'ojed's o9o'I,tlon; - Aty legol aclon @n@ming fne ptoject that hey b @gong zt lnfonnation on thc cnd o, wo*s End frBt vsar ot ooeratbn Thc Bono, er shall delvor to the 86nt th€ tolowinC hfofiration on proj€cl comptetion and initiot opoEtion at lhe latest by th6 doadlin€ indicotod botow Documant / intonnation Prcjoct Completon ReporL OEto o, d.llY€ry to tho B.nk inctu{rino: W hil 1 year eftet ss prc*r1c8nplotiorl 19, - Tha final @4 d lhe pftied, explaining Eosorrs /o. ary Erc,ssibro cosl i4cr9ases vs. irit€l budgeted @st - TL Nmbot ol new irtts dEetd by the $tie<tl: b.[1 iobs dunng implenonlatbn end Frnenerl l,ewpos crBaled; - Anv rgel actit l @nccmhq llre praied thrl ney b ono<itb. a,L u Sch.dul. B Ddntto.r ot zuRIBOR A. EURIBOR 'EURIBOR' meen3: (a) in r€spel of a r€l€vent pGrird o, les! lhan ons month, th6 Sq€€n Rale (aE defin6d b€tow) for e l6lm ot on6 mo0thi (b) in r!.pct of a r€lcvlnt pdird of onc or nbrc nbntlE br whbh 6 Scrc.n Retc b Evsit blc, the rpCb$b Scrr.n Rrt for. bm fur th. cdrBporxring nl'mb€r of months; 6nd (c) in r6pel ol6 rclovant pariod d mol€ han ono month for which a Scre6n Rate is not avaitabb, iho rato le3ulhg lrorn a linerr anterDotation by lEforence to two Sseen Rate3, ono ot whiah is applicablo tor a porcd noxt rhorter End th! othar br s pe )d noxt tonoer than tha lcngth ot uo relcvant p€aird. (th6 podod for f,htci tl€ rEte b taken or fom which tho reta6 sr€ inteDotat€d being th6 'R.prf,.nt tlYa Parlof) For th€ BrpG6 c, p€r€Ephs (b) end (c) alove, 'av.buc' nEsns .cetcthted end pubtieh€d' und€f the E€giB of the EURTBOR EgF and EUR|EOR ACt (( suc.s$or to thet funclion ot the EURIBOR EBF and EURIBOR ACI a <rstcnnln d by the Eank) ior given maturitirs 'ly 'scttan Rd.' m.an! t 1a rate cf interc.l fd dcDoaits in EUR tor thc rolevant poriod 6 pubtighed 6t t t h00, Bruss€la tim€, or at 6 lsiar lirr acccptablo lo the B6nk on the day (th6 .R6al Oai.') which hlh 2 (two) Ral6vlnt Budne$ Osys pft,. b tha tillt day ol lha r€bvant poriod, on RoutorB p6Cc EURIBOR 01 or ita auccc!.or p6C. a, hilir€ which. by lny other fic€Ii! of pubtrcstion cno..n b. thi! purpo.. by ilE Eank lf 3uch ScIeen Rste b rEt ro publish€d, tho Eank 6halt rcquort the princtpat eurD,zorla oficas ol four mair bErks in tha aurczoie, sat€ctod by thc Bank, to quoto tho rale €t whidt EUR dsposit8 in o aompaGble anount are onercd by cch of h6m a5 at apgoximatoty llhoo. &ues6ts time, on tho Rot€t Dato to ptimo banl6 in tha auro-zon€ intErbsnk ma*et for s p€dod 6quel to th6 Ropacaontative P€rlod ll at l6ed 2 (two) quotr[ona aftr provtd€d, the 6to for that Rolai DEt€ witl ba th. arlthmetlc moan ol lh6 quotatloB. I t6s€r than 2 (two) quotEtirn! are Ployi:l€d 6 r6qu$ted, h6 €te to. that Res6l Oato will b€ lhe Brilhrn€tic :near of thr ret s quoled by msFr bsnts in he eurczorE. ldected by thc Bsnk. at 4p.oximeisly 11h00, Brul8ob tinl€, on tho day whiJl h s 2 (two) Rct€il'ant Busin;s! OeF aiter lh6 R66€l Dsle, for lo6n! in EUR in a Enpsabt€ amunt to t€ading European Benks for e p€rird qual lo the Reprcsontativ! Pcdd ll th6 ratc rcsulting ftom lhr abovc i! b€low zaro, EURIBOR wi bc deornod to bo zero 6hall be tho rito (oxpr€5s€d e6 a p€rc€ntiago o b€ th€ alincluivg co6t to Uto B€nk lor th6 B. trra th€o applbiDte inr€maily gonard€d Benk tlon rnothod realonsbty ct€tormin€d by th. Bsnk O.nanl For thc purpo€e€ ot thc foEgohg dclinitbn!: (a) All porcentagoa r€outting frcrn any calqjlatbns rofered to in h6 Schedute rvill b€ roundod, if nEcass€ry, to tha nsaEst ono hundE+thousandth ot a p€rconiage point, wrb halves baing round6d up_ (b) (c) N\ Thr B€nk shell inlo.m the Eono{,!( without dotsy of th€ q(rctstbor recsived by the Bsnk It ary of lhc rorGgohg provbiorE bGcdna incoGirtrnt with prcyisions dopt.d undd thc ecgb ot EURIBOR EAF snd EURTBOR ACt in r6p.ct ot EURTBOR (or ani succcaror ro rher tundbn of thc ct EUR|SOR EBF rnd EURTBOR ACt ss d.tcmincd byihc BE;il, D; Benk mey by noti6 to tho 80lr0li!r..n.nd thc pEMsirr to bring it into hn;whh rl/t ]';thci prcMaon3 .1 t 35 Sch.dul. C C,l Form ol D|.hut .ntcna OlldtAccqbnc. (Ardcte. 1,OE ad 1.O2C) To: GoEra FrDal|: EuropGli lnvElrftol Bdlk Datc: Sobi&{: Dllbur!.nlGot Ofrer/Aac.pi.n6 for tttc Financa Contrect bctwcen Europcsn lnvestrnenl Eank and Georgta dated (lhe'Fln.nc. Contrrcl") Fl number 82 (X5 Serapis numbcr 2010-0571 Dear Sirs, We .eter to tho Financs Conhact Tcrm! dclkEd in the Finsrca Contrsct haye ths !€me meaning rfien us6d in this letter. Foloflino your .{uaii to. E DEburlcidrl Oier ftom lhe Eank, in aa@rdsrce with ArtrcJo I .q2B ot ttE Flndic! cont Ect we hel€by offo. lo r|ako Eveibbts to you th6 fo owing T.anche. (s) Amount b bo disbuEod (b) Sdadulrd Oilbu6cmenl D6tci (c) lntargli rata ba6b: (d) lnlc.a paymcnl p.rirdictty: (e) Payrhenl fut6i (0 Tcm! for rlpayElent of principat: (g) Tha fr3t end tad principet Ep€ym€nt d.lod (h) The Fix.d Rdc or SFEad, applrcebtc untitthc Maturity Dat6 T! maka ths Trancho Evarhblo 6ubi€d to lho tolrrB aDd conditjons of th6 Fin€nc€ Confsct, tho Benk.mu3l r€6ivo e Oisbur6orn€it AaaaptBnas in $6 form ol a copy of this DisbuE€moni OlTer dut algnod on your b6hetf, to he lc lowtng tax number no htgr than ha Ll Di6b tm€ on tdatel il he3 nol bo;n P'€vbu'ly BuPplied) tr (i) lhe rndrrtbn of the b6nt acao(/llt (with l&qN code in cala ol d6bullcmd1l! in EUR o. the approprialo ionnEt for tho lltavanl cunHcy) whGrc diabuE.mcnt o. the Trsnd|o thould b€ medci and (ii) evid€nc. of lh€ suthority of the p€rton or porsons euthods€d to 3ign it on b€hatf of tie BorFwer and the Bpeciien BignsluE ol audt p€rEon oa perlong lf not @rptcd by t"lc sDo/e 3tqi6d lidl€. th€ otBr contEh6d in thls d.cum6nt ahsll b. d€.rDGd to har6 baeo l.ft.Bad End sh6lt autofiaticafly tap!.. rD. L 36 tal ..1 ll you do @ept ulo lnndE .3 d6crt d ln itb Oirbu.la.nont Oller, a[ lh. rltEted torns end conditlona of thr Financ. Contr*t sttalt sfpty. Yo!6 tbfthtuly, EUROPEAN INVESTUENT BANK Wo horoby acept ha above DisbuE m.trlt Oficr For€nd behall ol Georgia 0ate: ')). L 37 ,tl Schodulo D Form ot Certific€E from Eorov/er (Micte 1 (XB) To: European lnvcahfi€nt 8€nk Flon- GeoEia Drl. Subjcct: Financa FI number 82 045 C,onfu batw€ci Eurcpcen Inlrrtndll B€nk and G€o€ie dabd (tho'Flnancr Contact') ScEpb numb.r 20tG0571 D6or Slll, Telms dofined in the FllEnc€ Conbsct h.v. th€ 6amo mo€nlng wfien usod ln thiB t6tter. r! h.Eby crrtiry to you !! icllowE: (e) no €vant d$crib.d in Anide zl 03A h.s occursd .nd b condnuhg un6medt.d; (b) no a.curity of Ur6 tyF prohbld undcrAdrdc 7-(}2 hB t6n c.ed.d or i! in.id.nc6: (c) th.ra ha8 bc€n no materbt chng€ to eny asp€ct of the Roi€.ior in reir,act ot wiirt wa For th. purposa! of A,tich t (N o{ ttE Findlcs ContrEct elD obllg€d to Eport undar &iEia 8 0t , aqye as previqdy cohmunhrted by U3; (d) wE hevc aufficiml funds arsihbb to.n!Ur! thc timct completion and impbm.ntetion of thc Prciacl in @dlnca with Scnddc A. I i (€) no 6vdil oa ciroJmltanot wt*$ corEliMc or lNould s,lth th6 oa56ao€ of me or oivind ot noti:s und€r th€ Ftnonca CooiEct con.litute En ovont of dotautt -und6r Anicle io.Oi ha3 ocoJned End b coitinuing unrarnodlcd or unwaiv€d; (f) no lfiOalion, elbilretion adntnirtrrtivr pro.eeding! or hvlstigetbn is curllnt or to our knotrkdgc is th6ltcn.d or pcnding b.aoG any cdrrt, ..bitrel body cr aglncy *fiEh ha3 raauled or il adva6a*y dotBrnincd i! rorlonably likcly to rc.uh in 6 tiat.riet Advcr!. Chango, nor b ther6 lutabting aCaind us or any ol our subsdiarie! any unsetistied judgenent or EwErdi (9) th. r€pr€sentetion3 and w.mntio. to bc made or l€p.atod by us undsr Artcto 6 10 al€ tru6 in all resp€cb; and (h) no Mrted€l Adw6€ Changg h€! ocaun€d, 69 compsEd with our conditon at flc dala oa tha Finance contftEt Yorrs lailhtully For aM on behatt ot Gao.Eb oata' oL t.1 , al ANNEX I Authorl$tlon of si0nelory n,L p f\0. \