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EXECUHoN COPY (Opcra10n Numbcr 47166) LOAN ACREEpIENT σЪil鮨 :B●s Pr可 ":) besccll CEORCIA 祠 EUROPEAヽ BANK FOR RECONSTRUCTIoN AND DEν ℃LOPMENT Daled ll May 2016 TABLE OF CONTENTs 訳 η ♀ ッI髯 懇iV聯鮒ll叩Ⅷ盤Ⅷぽ Section l o3 …… 1ntcrprctatiOn … ……… … ARTICLE ‐PRJNCIPAL TERMS oF THE LOAN… 漱 8ry普 轟 鮮 猟 tr離 品 =i肱 Scction 2 03 Drawdowη s… …… ………… … ARTICLE III̲EXECU■ oN OF THE PROJECl 2 … …… … … … ………… … 4 5 IIIIIII11■ : … … … ̲5 ………… …… … … ………… 6 … …… … … … … … …… 6 Seclon 3 01 other AFrlrnlanvc PrOJect COVenants… ARTICLE IV‐ SuSPENSIOヽ :ACCELERAT10N… ScctiOn 4 01 suspcnsiOn ̲ ¨ ScctiOn 4 02 Accelcration OFMaturi呼 ……… ̲ … …… …… ……… ………7 ̲ 7 ………̲ ̲ ̲ … … ̲ 8 ARTlCLE V̲EFFECTIVENESS… … …… …… … …… ………… …………………… …8 … … ……8 ScctiOn 5 02 Lcga1 0piniOns … … … … … … 8 … Scction 5 03 TcrlninatiOn for Failurc 10 Rccome ErFcctivc ̲ …… 9 SectiOn 5 01 COnditiOns PrecedenttO EfFcctivencss… ARTICI E VI‐ MIScEIン LANEOuS Section 6 01 Noticcs … … … … … ……… …… … … … …… SCHEDULE l̲DESCRIPT10N OF THE PRO」 ECT … ………… SCHEDULE 2‐ CATECORIES AND DRAWつ owNS …… ……… … 9 … … …… …… … …9 …… … …… 1 LOAN ACREEMENT EUROPEAN BANK FOR RECONSTRUCTloN AND DEVELOPMENT .'B¨ k・ ) ｃ 鋼ｈ ｔ ＜ ACREEMENT dalcd H Mり 2016 bcmccn cEORCIA(the ・ Bo「owcr・ ) PR"EAMBLE WHER"EAST the Bank has bccn eslablished to provide financing for specific proj€cts lo fostcr the transition towrrds open rErket-orie;ted economiesLd ,o prornota'pri*," and entrcprcncurial initiatjvc io thc Ccnrral and Eascro Euro6an countries co,rimincd to qnd.applying thc principlcs of nuhiparty democracy, plutalism and marker aconomics; WHEREAS, $e Bonower intends ro implement the project as described in Schcdulc I which is dcsigned lo assisr in thc pu.rchasc of ncw low-floor comprcsscd natural eas buses imEoving public llanspon Eliability. safety atrd c(ficicncy in ibilisi: WHEREAS,lie Projccl willbc caried our by rhc Tbilisi Transpon Company Lrd (lhe 'Project Entity'), a limited liabilir) company organised and cxiiting undir the laws ol GcorSia aDd- wholly o",ned by Tbilisi Murdcipotity Ciry Halt (rh; "City.), wifi lhc assinancc of thc Bo[owrr 6nd thc Ciry. in accordancc wilh thi tcr-s of ti,c project lmptementauon agrccrEht to bc entered into bclween the Bank and thc projecl Entity on rhc dalc hcreof (th. "Project lmplementaiion Agrccmcnr,,): WHEREAS, the City will provide assistancc wilh thc execution ofthe project pursuant lo $c lcrms of a projcct suppon agrccm.nt (lhc ,'pmjccl Suppon egrcc;eni,,; to b" cntcred into bctwten lhe Bank 8nd thc City on rhc date hercof: WHIREAS, the Borrowcr has rcquencd assistance from the Bank in fihancing pan of lhe Project; WHEREAS, rhe BsnI (i) has agreed ro make ovoilable funds on a granl basis ro ossisr rn rmplemcnting rhc Projccl subjcct ro 6c tcrms and conditions to bc scl fonl in agf:emcnl wifi rhc Eastem Euo-pe Energy Efficicncy and Enviroamenr pannershrp ( E)1,-), rn thc amounl ofEUR 7,000,000 (the "Crant,,) and (ii) subject to rhe terms and conoruons to bc set lorth in an rgrcement (the 'Oranl Agreemenf): WHEXXAS, the Blnl k i! tlrc proccss of arranging technicd coopcrotion granl basis to assist io implemcnting tbe project; firnds on a and WHERf,AS, the Banl hat agrecd on lhc hasis of, i ter olio. the foregoing ro male a loan to the Bolrower in rhc amounl of EUR 27,000,000, suU.;""t ri' tf,J t r_. *a conditioos set forlh or rcfe.red to in 0lis Agr.emenr, rhe projecr Suppon Ageemcnl ahd urc lroJccl lmptementation Agrccmcnt (.eh of lhc projcct Suppon Agrecmenl and rhe Pmjcct lmplcmcnrarion Agrc.mcnl bcing s "projccr ngreemeni,l. NOW, THEREFORE, the panies }rreby agrce as follo\*s: ARTICLE t - STA|{DARD TERMS AND CoNDtTtONS; DEFINtTtONS 硼 S.atlot 1.01. h.orpc.,b. olsfa.d.rd Tcirl rrd Cordhi,ort AI of lhc povisirns of $c B&t's Strrdad Tcrmt rnd Conditiq$ d.Ed 0 I Docrmbcr 2012 are tlerlby incorporsr.d into aod made rpplicrbl€ lo this AgIlrrrlc with thc samc forcc and cffcct as iflhcy *rrc fully su fonh hercin, subj.ct, ho!Ev.r, !o de lbllowing modificaaions (such provisions as so modified are hercinafier callcd thc "Standad Terms and Conditions")i (a) Ttr dcfiafioo of'Euo', "EUR' or 'e in Scction 2.02 of rhc Stgrdad Tctms rnd Coodnioar rh.[ for purpo*s ofttL Agr!.!r!!, b. eodifiod to r.rd dr follo*s: "'Euro', "EUR" or'e ● mc.a thc hwfttl cutrDcy of rhc m.mb.. std.s of thc EuroFan Union thar adopt tha singla curcDcy in accordarrce \rid the legislation of the EuroFon Union 0 relaling lo economic and monctar), union.' (b) Thc dcfiniliol of "Prohibir.d Pr&ticc" in S.crion 2.02 ofd* Stindrrd Tcrms [nd Conditior sholl fu prupotB of lhfu Agtlctrlctg b. rnodificd to rcad .s follows: ・ '.Prohibitcd Practicc・ fic.Ia ay Coaruri Practicc, Fr.udulent Prrctica, Co6civa Practice. Collusivc Pmctice or Thefi." (c) Ttc dctinirion of "TARCF.T Day" in Scction 2.02 of thc SbDdatd Ten rs ad Condirions shall, for purposes of lhis Agrcemerlt, be modified ro rc.d as ,ollowsl ・・TARCET D"・ means .lry day on $fiich (he Trans-EuIolrrn Autonstld Rcd-tirnc Grors Scttlcm€nt Express Transfcr syslcm ir tc aatlemcDt of paylEnts in Euro.' open for (d)ThC fOllo‑8 dC6n■ on ttL fO,purpOscs of hs Agrccmcnt,bc added ln Scclon 2 02 oF lr Standard Tcntr and COnditions: ''・ mcars thc rnisappopriation of pmFrty bclongi.g to TheR・ another p̲On・・ ● (e)腱 h of餞 PIoj SuF7pOrt AFInent and thc Pmlect lmplelnen● tlm Agttmcntヽ 贖 by.̲1■ ed as a P●jc Agrccmcnt For thc purposcs of ttc Sun嗣 T‑38 CO :● ons Sectb口 102. Dennl● Ons WLrevcr― d in ttis ArCment(inclⅢ 品 g thc Prcarnble and Schedutt unleSS ble コ6 dcnncd in thc Standa・ d Tenns and Condi6oぃ「avc he nη ´ vc̲lngs 81Ven to thcm thecln and the おllomng tnlls halc tt folbttn8 m― n3S have lbe rcspecttv℃ へヽ w(″ 、も、 IllCanlllgs givcn tO ulcn thettin,the teロ Ｊ 覇 響 etcd Othenise or the cOntcxt硼 ェ●nsc rcqulrcs ulc tcnns dcrlned ln tt P― "Borrower's Aulhorised Representative" maans thc Ministd of Finaocc of the Borowcr or such othcr persoo as th. Ministcr of Financc may dssignate in writing. "Bus Route Reslructuring. nEans a defining a new bus routc nctwork EId f* collccrion (AFC) sysrch fo, rhc ait;; ll,.y"{ -study rmprove bus services in $€ Ciry. Tle study shali tr lmPlemenled in lwo phas€s, the first phase !o defina ne\r ous-syscm and the second phax to preparc bus roules and AFC for lcnder. 'Corporalc Development Progmmme" means a corporale dcvclopmenl programmc by to be prepared .tnlcmalional consulunB and trhplcrhcnled by the Projecr Entity in rclarion rr.r Lhc projeci and finarrei by a oonor or donors. which prograrnme shall assist the projecl Entrty.to suppofl insritutioDal d.velopmenl in the form of opcaatronat rmprovamcnts and financial improvancnts to yThtili? of rtre bus operarions. ilctudihs f]I slgflng ol rhe Public S€rvice Conrracr herueen and lhe Projecr Elrrity. "Fiscal Year" means lhc^ Bomowcr's fiscal ycar cornrncncing I January ofeach year. "runds Transler Agreement" "Ccnder Advisor, Services Programme,, rhe Citi on "Green CiN Acrion Plan" means the plan to be prepared b,v the C:ty no later than the second armiversary ofrhe signing ofthis A$eement with the support of the Bark a.Dd implemenled by the City, which plan afliculates th€ City's and olher relevant stakcholden' environmcntal vision for the City and ass,sts rhe City to add&ss thc priority enviroffncntal challenges atrd achieve the vision. The coDtents of the grcen city action plan may be amended irith the prior witten consent of the Bank. ・ Public Servicc Contract・ "Subsidiary Loan Agreem.nt" mcans the agreenrnt to be entoed into, in form and substance satisfactory !o the Banl betwccn the Project Edity attd thc City, \,riich agrccmcnt may include tcrms to regulate the rElalionship b€tw€en the Prcjcct Entity and rh€ City rcgarding thc provisioD of public transportation services by buscs owaed by thc Project Entity (and, in palticular, the fomula for service payments from the Citv ro rhe Project Endty and thc quantitv and qualiq of s€rvices to bc providcd by the hojcct Entity), to be bascd oa thc principlc of pcrfomunc. lirked accountabilitv, such agreemcd to bG in folm and substance acceptable to lhc Bank. mears the sukidiary loan agrcement, io form and substanc€ satisfactory to lhe Bank, lo be entered irto bctween thc City and lhc Bonower, reprcsenred by the Ministry of Finarce, pursuant to Section 3.01(a), as such loan agrcemcnt may be amendld from time 1o time. "S..akeholder Padicipation Proglanme" means a programmc to be pr€pared by intemational consultarts and implemenred by the Project Entity in relalion to thc Projccr and financcd by a donor or donors. which programmc shall assist the Project Entit-y to enhance public o\rneNhip by sno0waging the use of public transporl, increasing public participation in thc provision of public taDs!,on services and mising public awarcncss orl issues related to projecl implementation. S.ctionl.03, Irterpr.trtio! In this A$acmeD! a rcfereoc€ lo a sp€ci{ied Afticle, Section or Schedule shall, except wherc stated othqwisc in this Agr.€rnetrt, bc coustrued as a referencc to that sp.cificd tuticle or Sedioo of, or Schedulc to, this Ag.eement. ARTICLE:1‐ PRINcIPAL TERMS oF THE LOAN Sec● ol1 2 01 A■ ollnt and Currenw Ettti袖 翼嵩出犠ぶ 」 驚嵩』 喘誌 器rCOnd面 ? 叡ronh∝ SectiOn 2.02. o:Ler Fhanc181 Tems ofthe LoBIl (a)■にMinimu n DrawdOwn Amounts回 lbe EUR 50,0∞ 0)■ ■Minimm Prcpayment AmolntshJibc EUR S,400,o∞ ●) ヽ c Minimuln Cancc‖ 8tiOn Amount蝸 口lbc EUR S,400,lpll (d)Thc interest Paymcnt D■ es sh鷹 :bc 16」 uly and 16 Janu呼 OFcach year °焦 臨瑞a艦 itts〕 棚 ::満 二 脱 脚獄 i襴 'い 器蹴 r富 嚇彙 1掛I 11静 I考d山 魅 :Loanir椰 Rcpayment)● the ttS Loan Repaycnt Date r 鴨 °f市 SAttcnt h° CCWm慟 臨 ①heBo¨ 鴨rtts m 灘 畿職:翻 Loan Rcpayment Dale tta‖ bc al10c: Sevenl Loan Rc"ymcnt Dates whicI the Bank adJusting thc alnoun● sO al nulnbers in ェh cascD、 c Bankヾ 口 such al:。 catiOns 1 い ¨ 田。 磁■ 臓hc 3aは 鳥y鳳 鳳錦蹴嘉 ∫ 獄識 轟:肥蹴孵 し)The ralc Ofthc cOmlnitmcnt Char8C Shali bc o s%per dllnuln SectiOn 2.03. DnwdOwn3 総p鳳 i譜 諄 思 詰 :躙 T鑑 羅骰棚 i惚 鳳1」 讐鳥 霊:亀 避 to be rnade) in respect of the reasonable cost of goods, works and services required for lhe Projecr and (2) lhe Fronr{nd Commission. (b) The Bormwcr hercby authorirs the Bank ro draw down from thc Available Amouot an ahount rqual to thc Fro -end Commission and to pay itsclf the Front-end Commission on behalf of the Bonowcr. ARTICLE III - EXECUTION OF THE PROJECT Section 3.01. Othcr AmrD.tivc Projlct Covctrutr In addition to the gcnelal undrrrakings sct forth iD Articlcs IV and v of $c Standa.d Tcrms and Cotrditioos, the Bonourcr shall, udess the Bank otherwise agrecs il writing: (a) trratc availablc to thc City, pu$uant to sub6idiary loan agre€ment in form and subsancc satisfactory to thc Banlq the procceds of the Loan oD terns and conditions acccplable to the Bank; O) exercise ils rights und6 thc Subsidiary Loalt Ageement in such manner as to protcct the interests ofthe BortowE. and the Banl, to comply with rhe provisions ofthis Ag.ecment and to accomptish the purposes for wbich thc Loan is rnade; (c) rot assign, alrtcnd, abmgsE or waivc any provision of the Subsidiary Loan AgreeDenq (d) take dl Dec€ssary stcl,s to ensure that the Projcct Entity performs all of its obligarions under rhe Projcct lmplarrent tion Agrcdncnl to which it is a party, including without limitatioD its obligstioos r€lating to: (l) dcsignation and oper,atiol ofa project reah as FovidEd for in Secrion 2.02 of thc Projcd lrylemcalatioa Agccmcnr; (2) procurcment of goods, wo*s and serviccs from thc projeat as providcd for in Sccliotr 2.03 ofthc Projcct lmglementation Agrcment; (3) environmental aod social matters as provided for in Section 2.04 of ihe Project lmplemeDtalion Agr€emcnl; (4) chployEr.d and usc of coDsultstrb to arsist ill thc implemertation of the Projccr as proviM ffi in Scction 2.05 ofthc project Implemcntarion Agrcemenr; (5) approval of the Corporate Developncnt programme, Srakeholder Panicipation Pmgnmmc and Gcnds Advisory Scrvicca programmc as provided for in Scction 2.06 of ths Projcct Implementation Agreemcn! (6) prcparation and zubmission of rcports on matt€f,s relating to the project and tl-tc Projcct Estity's op€rarions as provided for in Section 2.07 of th;projecr lmplcmctrtation AgrecmeDt; -to 』 二∬ 11ド 呈 記11鸞IIjIIli[lii:穏計 lt糧 I蠍 1:l野 ncllt; TIご 淵∫ 蹴 器 辮 襦庶 鰭i蕗豊赫 事 l獅 冊 ∫ r.c 路efTR3議 響轟』 ￨ぉ 」 岬LF瑚 鳳乱 鵠躍肥‖ 紺 ぉ 淵群1臨競lF3認 路服駕」 総Ч 段ll:‖ 』 瞥 TClurl鴨 n° 鵠 :驚 認 賞識 翼 器 碗 お市n鷺 :l認 呪 臨 留 躍 槻 ハぼ O takc,or causc tO bc takcn,」 l addmぉ nd acdOn neccssary fOr ihc compttぉ n OF componcnt(b)。 FPart A oFthc PrOJcct ARTICLE tv - SUSPENSION; ACCELEMTTON Slcaior 4.01. S$pendon ,"**"OHHtIl"t"f (a) spccitr€d for puposes of Secrioo 7.01(a)(xvii) of the Srandard rlrc heislativc and rcgulatory fram€work applicahle Io the pubiic liinsport secror terdhry of thc Bonowci shatt tn ." thc ;:"#"t;U:ixmffi ffi ;,,*"Hllii'"illffi f;*1',",ff l'"'; (b) thc Suturcs ofthc projccr Eltiry she fiUB;;'**;ffi*$"ff rl;:,;lH,.*":nijfr{;#r1i;$ ,itrJffi ffiftffiJ [*ffi : i"T,"Jt1l:: [i#l"y.H_l#:tiff (d) 6e Prcjed Enriry shall have failed r, *y oi u" nij"o i.pi'"ffi ffi ffi"*mf ,ilrri[;: J.rJr,:jSA,Hl,,:', * (c) no1, ,*'ithout the prior \rrittetr consedt of lhe Btnk" transfer thc o\*'Dcrship of thc Project Entity. in wholc or in pat! to I psrty olher thau tic City; oi (0 any of lhc svcnts describcd in Scction 7.0t (.) (i) to (x) ofthc Standard Terms and Conditions has occurrcd \ ith rcspoct lo ttlc Gtant Aglr€'rcnt, ulatis mutantk. Scctior 4.02. Accslcrrtlor of Msturity Thc following is specificd for PurPoses of Section 7.06 (f) of the Standard Tcrms and Conditions: any oflhe eve[ts sp€cified under Section 4 01 shall have occured and co inued withoul remedy for thirty (30) days aftcr noticc thereof shall have Lleen Siven by the Bank to the Borrower. ARTICIJ V. ETTECTIVENESS Section 5.01. Cotr.litiou Prccrdcrt to EfestivQ.rs Thc followiog arc spocificd for purposcs ofSection 9.02(c) ofthe Standard Tcrms ald Conditions as addiiioBl corditions to tc effcctivrncst oflhis Agrccment and cach hoject Agrcement; (a) thc Subsidiary lran Agreancol, in form ard subsr&ce salisi'actory to the Banle has been executsd and deliYercd and 8tl colditions Fecedcnt to its effectiv€ness or lo tbe right of the City to Eake &switlgs thctenldet' exc€pt only thc effectivcness ofthis Agrecmcn! bsvc bccn ftlfillcd; (b) cach Projcct Agtlemcd h8s b€cd cxccutcd aDd dcliv.red, and the execulion ald aefre.y of esch Projecl ASlltrlcllt havc bccn duty authodsed fi ratificd by all neccssary govcmmcntal actions; (c) the Bank has received c.crtified copics oflhc Ststutes ofthe Project Entity; (d) the Gr.nt hls becn apprcved; (c) rhc project team rcfened to in Scction 2.02 of thc Project Implemcntation ,iriro*oi has b€cn dcsiF&ted with 8dcquatc rcsoutccs and suitably qualified peisonncl undcr tcrms ofrcfcrcDce acce1able to the Bank; 8nd (0 lhc appointmcnt of a rePrescnlativc of thc Prcjcct Entity's senior managcmcnt ;rh thc responsibilitv for ccondination of eavironmental, health and safety matten across the Project Entity. S€ction 5.02. lrgrl OPiEioDt (a) For purposes of Scction 9 03(a) of fir Stadard Terms and Conditions, the opi"ion tf,"rf L given on bchalf of the Bonowcr by the Ministry of Justice and the following arc spccified as addirional maflr ,rs to bc ioclu& in the opinion or opinions ro bc fumished to th€ Bant. (l). thc Subsidiary Loao Agrterncnt has becn duly aurhoriscd or rutified by. and dcriveEd on bch.lf of, $" dor-*.. ,"1 .^-".;il.-:T-l:::_"j : a.varid and lecarrv binding obris"'ion or;; ;;;il#H1fl:"1ffj;m (b)_..For purposcs of S€crion 9.03(c) oprnron or opinions of counset shgll h;u!e coun;t oi;;;;i""Triil' i:llll:I, of rhc Sbndard Terms snd Conditions, thc t*;;.;';:^:l bc E E'ven siven on o" trehalfof thc Projcct :Yjl",i"": Entitv bv the in. (c) For purpos€s of Scction 9.01(c) of the slandard Teims and Conditions. rhe . 3',ili|i}:'il:tr*ffffi';:"[fj,::".on *rra,ortr,e titv'; in"i,a.a i"n,r* opi^io" ;; ;ffi; ;;,iH,fl:f ffiH:]; pecifi ed as. additional'utrcrs !o bc (l) the Subsidiary Loan AgEcrncnt has been rluly aurhorised or ratified by, qnd cxccuted and dctivcrcd oo bchalf of orc ciry ,."", binding obtigarion ofrhc City, cnforccablc in ""d d;;i;;;.;tij.it]liri,, .- ac*ra"i*-*iiiio i.*i. S.ctior 5.03- Terinio.tion for F.ilur. Tle date lEo days afier $c datc of Section 9.04 0f rhe Srand"d r"rrlls to B.coE. Eflc.tive c",*i;#:"r-, "rd is specificd for puposes of ARTIcLE VI̲MISCELLANEOUS SectiOn 6 01 stan淵 'T蝋 NOtlces :rTcttiaCS磨 mcdぉ 「 purpo略 げ secl10n Ю 劇 For the BOrrolvcr CcOrgia Ministy Or Financc 16,Gorgasan Street 01 1 4 Tbilisi Ccorgia AtcntionI Fax: Public Debt and Extcmal Financing Dcparlment .995‐ 32‐ 2262‐ 423 ざ me For thc Bank: European Baok for Rcconsbuctiotr aDd DevclopElcst One Exchangc Squarc LoDdon EC2A 2JN United Kingdom Attention: OpentionAdmitdstrationDclor$Ent Fax; +rl4-20-733E-6100 島 彊1錨 農脚鮮徹I C.EORCIA ⁚ ｅ 疏 ︲ ｉ Ｔ ζ′ Minister ofFintrnce EUROPEAN BANK FOR RECONSTRUCT10N AND DEVELOPMENT Ｃ ｍ に ｔ ａｉ Ｎ Ｔ SCHEDULE l‐ DESCMPT10N oF THE PROJECT 鳳糀 出戦蹴綸躙ι 惣器 饂 、 :器黒 品摘 gas(CNG)buscS forlhc city 亀 憮拙 庶蹴肥l蹴樫 蹴蹴1躙 ittmmttmms.emf Part A: Capital ttPendltЩ s anvettent cOmponcn、 al Procurclncnt Ofnew 12 mctcrlow noor cNG buscs b)Consmtbn Of a nOdem:滉 nnanced n"n the mlnicip81 bu Pな B: ) pOt・ ° CNG■ enhg capa枷 ,声 T∝ hnical c∞ pmt10n(cOnsullancy As● ″ o腱 3nmcnts) a) Oender Advisoryシ ロices hぃ 瞼 me り P Corponte Dcvc10pmcnt Pro̲e and stakchOldcr PaltldPadon C) Cttn city Action Pla■ O 3 Bus Rome Resmtu"ng ■ e kjectヽ expectcd tO be cttPに tedけ H May 2019 SCHEDULE 2‐ CATECORIES AND DRAW00WNS l The tablc anched tO this schcdule sets fOrth thc Catc80ries,thc amoun1 0f thc geぼ α ぃ0 nmェ 引h 辮 」°鋤 , "耐 i駐 ̀糊 亀dcや 讃 留貯嘗脂糖督¶硼跳淵e虻 闘叢1亀 ふ』 Categ。 hc pcrccn● 嵩鼎職響潔 }臨鴨鸞器ヽ 甜 蹂訛響格 f盤 :爵 prlortothedatcoFtheLcanAgroementbutaner15,anuarv 2016 i躍 Att:tchmcnt tO schcdule 2 Carrgorl {nounr ofthe Lo!lr Aloc.rrt ir ttc Lolr Clrrrnc] il) Coods, works rnd $Nte! lbr .oNponcnl (e) ofp.d A of 'l) ::cnl-etrdCommisrion 267,o.ooo 270,000 Pd.cxtrg. of ;rc.nr!t:r.r$ k be rlllx cc(. UD ro l0O ofco.racr v.tuc t** I -: