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LOAN Nul.lBER 3417 GEO しOAN ACREEMENT (Ordinary Operat ons) (lmprOVing Oomestic Resource Mob‖ izat on forlnclusive Crov"h Pr09ram― Subp,o9ram 3) GEORCIA and ASIAN DEVELOPMENT BANK DATED I "16 GE0 48044 LOAN AGREEMENT (Ordinary Oper.tions) L6AN AGREEMENT 0","0 [ SenttmE< 2016 beiween GEoRGTA ("Borrowea) and ASIAN DEVELOPMENT BANK ('ADB). WHEREAS (A) ADB has received from lhe Eorower a developmenl policy letler dated ('Policy setling forlh cerlain objectives. policies and ections, described Letter'), 6 July 2016 in Schedule 1 to the Special Operalion Loan Agreement (eferred to in Recital (C) below), designed to develop the Borower's financialsector ('Program') (B) lhe Program comprises lhe third subprogram of a programmalic approach, as described in paragraph 1 ol SchedLrle 1 io the Special Operations Loan Agreemenl ('Programmatic Approach'), and lhe Borrower has applied to ADB lor (D a Ioan fr;m ADB's ordinary capital resources: and (ii) e loan from ADB s Special Funds resources In each case for the purposes ol lhe Ptogram; (C) by an agreemenl of even date herewilh between lhe Borrower and AOB ('special bperalions Loan Agreemenl'), ADB has agreed to lend lo ihe Eorrower from eOB'i Speciat iunds resources an amounl in various curencies equivalent to lhirlyjive million eight hundred eighteen thousand Special Drawing Rights (SDR35,818'000) for purposes of the Program; and lhe (D) ADB has agreed to make a loan to the Borower from ADB'S ord nary capilal resources upon the terms and conditions set forth herein; NOW THEREFORE lhe parlies herelo agree as follows ARTICLE I Loan Regulatlons; Delinltlons All lhe provrsions of the Ordrnary Operatrons Loan Section 1 01. Loans Made from ADB'S O'd'nary Caprtal to LIBOR'Based Aoplicable Reoulatons Loan i"iorr"".. ourli 1 Julv 2oo1 ("Loan Regulalions'). are hereby made applcable to tn's subject' forth herein' ngieement wittt the sjme force and elfecl as It lhey $/ere fully set however, to the lollowing modifications: (a) Section 2.01(49) is deleted and the following is substituted therefor: ADB 49. The lerm'Program' means the program for whlch Loan has agreed to make the Loan, as described in lhe Agree;ent and as the description thereof may be amended fr;m time to time by agreemenl between ADB and the Borrower 2 (b) The term'Projecl" wherever il appears rn lhe Loan Regulalions shall (c) Section 2.01(51) is deleled and the following is subslituled therelor be substrtuted by the term "Program'. 51. The lerm'Program Executing Agency'means lhe entity or entities responsible for the carrying out of lhe Progr6m as specified in lhe Loan Agreemenl. (d) The te.m 'Project Executing Agency" wherever it appears in lhe Loan Regulations shallbe substiluted by the term'Program Execuling Agency'. (e) Section 3.03 is deleted and the following is substituted lheretor Commltment Charge: Credit. (a) The Borrower shall pay a commitment charge on the unwilhdrawn amounl ot the Loan at lhe rale and on lhe terms specilled in lhe Loan Agreemenl (b) ADB shall provide lo the Borrower a credil al the rate specrfied in lhe Loan Agreement, whrch credl shall remain fixed for the term of the Loan ADB shall apply the credit against the interesl payable by lhe Borrower (0 Seclion 3.06 is deleted and the followng is subsiluled therefori Rebate. (a) Following any announcemenl by ADB lhat the Fixed Spread applicable to new Loans shall be reduced, ADB shall provide a Rebate to any Borrower with an outstanding Loan on which a higher Fired Spread is applacable. The amount of the Rebate shall be determined by mulliplying (i) lhe difference belween the Fixed Spread applicable to lhe outstanding Loan and the Fixed Spread lhal will be applied to new Loans (expressed as a percentage per annum), by (ii) the p ncipal amount of the oulstanding Loan on which the Borrower shall pay interest lor all rnterest periods commencing on and after the elfective date of lhe lower Fixed Spread that wrllbe applied lo new Loans (b) Following any announcement by ADB lhat its Funding Cost Margin caloulalions wth respecl 10 any Loan Currency (or Approved Currency) in any Semestel resulled in ADB achieving savings. ADB shall provide a Rebate to the Borrower. The amount of the Rebaie shall be detemrned by multiplying (i) the Funding Cost Margin (expressed as a percentage per annum) by (ii) lhe principal amounl of the Loan on which the Eorrower shall pay interest for the lnterest Period commencing immediately afler lhe Semester for which the Funding Cost Margin was calculated. ADB shall apply the amount of lhe Rebate against the interest payable by the 3 Bonower for the lnterest Period commencing immediately after lhe Semester for which the Funding Cosl Margin was calculated (9) Section 3 07 is deleted and ihe following is substrtuled therefor Surcharge. ia) Following any announcemenl by ADa lhal the Fixed Spread apphcable to new Loans shall be increased, any Borowet wilh an outstanding Loan on which a lower Fixed Spread is applicable shall pay AOB a Surcharge. The amounl of the Surcharge shall be determined by multiplying (i) the difference between the Fixed Spread that will be applied lo new Loans and the Fixed Spread applicable 1o the oulstanding Loan (exprcssed as a percentage per annum), by (ii) the principal amount ol the oulslanding Loan on which the Borrower shall pay interest for all interesl periods commencing on and after the etfeclive date of the higher Fixed Spread that lvill be applied to new Loans. (b) Following any announcemenl by ADB that its Funding Cost lllargin calculations wilh respecl to any Loan Currency (or Approved Cuffency) in any Semester resu led in ADB incu(ing addLtional cosls lhe Borrower sha I pay ADB a Surcharge The amount of lhe Surcharge shal be delermined by multiplyrng (i) the Funding Cost lvlargh (expressed as a percentage per annum) by (ii) lhe principal amount of the Loan on which the Borrower shall pay interest for the lnleresl Pedod commencing immedialely after the Semester for which lhe Funding Cosi Margin was calculaled. ADB shall add lhe amount of lhe Surcharge to the interest payable by the Eonower for lhe lnlerest Period commencing immedieteLy after the Semesler for which the Funding Cost Margin was calculaled. Wherever used in this Loan Agreement, the sevelal Secl on 1 02 terms defined in the Loan Regulalions and in the Special Operations Loan Agreemenl have lhe respective meanings thelein set forlh unless modified he.ein or lhe conlext olherwise requires. ARTICLE II The Loan Seclon 2 01 (a) ADB agrees to lend lo the Borrower from ADB'S odinary capilal resources an amouni ol f iy million Dollars ($50,000,000) as such amount may be converted from time to time lhrough a Currency Conversion in accordance wilh the provisions of Seclion 2 06 oflhis Loan Agreement. 4 (b) The Loan has a principal repayment period of 12 years, and a grace period as defined in paragraph (c) ol this Section. (c) The lenn "g.ace period" as used in paragraph (b) of this Seclion means the period prior to the firsl Principal Payment oate in accordance wilh the amorlization schedule set forth in Schedule 1 to this Loan Agreemenl. The Borrower shall pay to ADB rnterest on the pr ncipal Secton 2 02 amount of ihe Loan withdrawn and outslandlng lrom tirne lo time at a rate for each lnte.esl Period equallo the sum of: (a) LIBOR;and (b) 0.600/0 as determined by Section 3 02 of the Loan Regulalions less a credit of 0.107o as provided by Sectlon 3.03 ot the Loan Regulations. The Borower shall pay a commitmenl charge of 0.15% Secton 2 03 per annum. Such charge shall accrue on the full amounl of lhe Loan (less amounls wilhdrawn from lime lo time), commencing 60 days after ihe dale oflhis Loan Agreemenl. lnteresi and other charges on the Loan shal be payable Sect on 2 04 semiannually on 1 February and 'l August in each year. Secton 2 05 The Borrower shall repay lhe principa amount of the Loan withdrawn from the Loan Account in accordance with lhe provisions ol Schedule 1 to this Loan Agreemenl. (a) The Borower may al any time requesl any of Seciion 2 06. the following Conversions of the terms ol the Loan in order to Iaciiilate prudenl debt managemenl: (i) a chenge of the Loan Cunency of all or any porton of the principal amount of the Loan, whether withdrawn and outstanding or unwthdrawn. to an Approved Curency; (ii) a change of lhe inleresl rate basis applicable to al or any portion of the principal amount of ihe Loan wilhdrawn and outstanding ftom a Floating Rate to a Fixed Rate, or vice versa; and (iiD the setting of limits on the Floating Rate applicable to all or any portion of the principal amounl of the Loan withdrawn and outstanding by the establishmenl ot an lnterest Rate Cap oI lnteresl Rale Collar on said Floating Rate (b) Any conversion requested pursuant to paragraph (a) oI this Seclion that is accept; Ly AOB ahall be considered a'Conversion", as defined in Section 2 01(6) ol v ol itre Loan nigutations, and shall be effected in accodance with the provisions of Arlicle Conversion Guidelines and the Regulalions the Loan 5 ARTICLE III Use ot Proceeds of the Loan Section 3.01. The Eonower shatl cause the proceeds of the Loan to be applied to the financing of expenditures tor the ProgEm in accordance wtth the provisions of this Loan Agreement. 3.02. Section The proceeds of the Loan sha be withdrawn in accordance wiih the provjsions of Schedule 2 to this Loan Agreemenl, as such Schedute may be amended from time to lime by agreement between the Borower and ADB Section 3 03 The Loan Closing Date for lhe purposes of Sectron I 02 of the Loan Regulatiohs shall be 3l December 2016 or such olher date as may from time to lime be agreed between the Bonower and A0B. ARTICLE IV Particular Covenants ia) Seclon 4 01 The Borrower shall cause the Program to be carried oul with due diligence and efficiency and in conformity wilh sound applicable technical, financial, business and development practices (b) ln lhe carrying oul of the Plogram. the Borrower shall perlorm. or cause to be pertormed, allobligations set forlh rn Schedule 4 lo lhe Specral Operatrons Loan Agreemenl. Secton 4 02 The Borrower shall make available, promptly as needed and on terms and conditions acceptable to ADB, the funds, facalilies. services land and other resources, as required, in addilion to the proceeds of the Loan, for the carrying oul ol lhe Program and for the operation and mainienance oflhe Program facilities. Sect on 4 04 Ｓ ｔ 祠 ｉ Secton 4 03 The 8o(ower shall ensure that the aclivilies ol depanmenls and agencies with respect to the carrying oul ofthe Program are conducled coordinaled in accordance with sound adminislrative po[ces and procedLrres As part of the reports and informalion refe(ed to in Section 7.04 ofthe Loan Regulalions, the Eoraower shallfurnish, or cause to be furnished to ADB all such reports and information as A0B shall reasonably requesl concerning lhe imDlementation of the Program, incllding lhe accomplishment of the targets and carry ng out of lhe actions set out in the Policy Letter 6 ARTICLE V E tacdvencaa Secton 5 01 The tollowing is specified as an addrtrcnal condilion to the effectiveness of lhis Loan Agreement lor lhe purposes of Sectlon 10 01(0 of the Loan Regulations: the Special Operations Loan Agreement shall have been duly execuled and delivered on behalf ol the Borrower and all conditions precedent to ils effectiveness (other lhan a condition requiring the effectiveness ofthis Loan Agreemenl) shall have been lulfllled The lollowing is specified as an additional matler, for Seclion 5 02 pueoses 10.02(d) of the Loan Regulalions, lo be included in Ihe opinion or Seclion of the opinions lo be fumished to ADB: that the Special Operations Loan Ag@ement has been duly authorized by or ralilied by, and executed and delivered on behalf of, the Borrower and is legally binding upon the Borrower in accodance with its lerms A date 90 days after the date of this Loan Agreement rs Sect on 5 03 specilled for the etfectiveness of the Loan Agreement for the purposes of Section 10.04 of the Loan Regulations. ARTICLE VI Miscellaneous The Minister ol Finance of the Borrower is designaied Seclon 6 01 as representative of the Borower lor the purposes of Section 12.02 of the Loan Regulalions' The following addresses are specified lor the purposes Secloo 6 02 Regulatons of the Loan ot Section 12 0'1 For the Borower Ministry of Finance '16 V. Gorgasali Street, 0114 Tbilisi, Georgia Facsimile Number: 199532) 2262 423 7 For ADB Asian Oevelopment Eank 6 ADB Avenue Mendaluyong City 1550 Metro Manila Philippines Facsimile Numbers: (632) 636-2444 1632) 636-2424 lN WITNESS WHEREOF the parties hereto acting lhrough their representalives ihereunlo duly auihorized, have caused this Loan Agreemenl to be signed in their respeclive names as oI lhe day and year first above written and to be deliveed at the principaloffice ofADB. ASIAN DEVELOPMENT BANK YESIM ELHAN‐ KAYALAR Country D"ecto「 Ceorg a Res dent M ssion 8 SCHEDULE l Amortizatlon Schedu〕 e unlp70Ving Domestic Resource mobuizatiOn fOrinclusive Crowth Pro9ram― Subpro9ran 3) 1. The following table sets torth lhe Principal Payment Dates of the Loan and ihe percentage of the total principal amount ol the Loan payabte on each Principal Payment Date (lnslallmenl Share). lf the proceeds ofthe Loan shallhave been futty withdrawn as of the first Principal Paymenl Daie, the principal amounl ol the Loan repayabte by the Borrower on each Principal Payment Date shall be determined by ADB by multiplyingr (a) the total pfincipat amounl of the Loan wiihdrawn and outstanding as ol the llrst Principat Payment Datei by (b) the Installment Share for each Pnncipal Payment Dale, such repayrnent amount to be adiusted, as necessary, lo deducl any amounts relerred to in paragraph 4 of this Schedute, to which a Currency Conversion applres. Date Paγ ment Due Instalment Share l (Expressed as a%) l Februalγ 2020 l August 2020 l Februalγ 2021 l AuOI量 2021 l Feb‐ary 2022 1166667 4166667 4166667 4166667 4166 フ l Aυ 9uSt 2026 41 667 41 667 1166667 4166667 4166667 4166667 4166667 4166667 4166667 l FebNa0 2027 116666フ l August 202フ 4166667 l FebNary 2028 116666フ l August 2028 4166667 l Febmary 2029 416666′ l Au9u● 2022 l February 2023 lA」 9ust 2023 l February 2024 l August 2024 l Febnlary 2025 l Au9ust 2025 l February 2026 l August 2029 4166667 l Febmaり 2030 ● 166 l Au9ust 2030 l Feba ry 2031 l Au9ust 2031 4166667 4166667 4166659 Total 100000000 7 9 SChedule l 2. lf the proceeds of lhe Loan shall not have been fully withdrawn as ol lhe lirst Principal Payment Date, the principal amounl ot the Loan repayable by lhe Borrower on each Pdncipal Payment Dale shall be determined as iollows: (a) To the exlenl that any proceeds oI the Loan shall have been withdrawn as of lhe filst Pfincipal Payment Date, the gorrower shall repay the amount withdrawn and outslanding as of such dale in accordance wilh paragreph 1 of this SchedLrle (b) Any withdlawal made after the first Prancipal Paymenl Date shall be repaid on each Principal Payment Date falling after the date of such wilhdrawal in amounts delermined by ADB by multiplying the afiount of each such withdrawal by a fraction, the numerator of which shall be the original lnstallment Share specified in lhe table in parag.aph 1 of this Schedule for said Principal Paymenl Date (the Original lnstallment Share) and the denominalor of which shall be lhe sum of all rernaining Original lnsiallment Shares for Principal Payment Oates falling on or alter such dale. such repayment amounls lo be adiusied as necessery to deducl any amounts reJerred to in paragraph 4 ol thls Schedule, to which a Currency Convetsion applies 3 Withdrawals made wilhin two calendar monlhs prior to any Pnncrpal Paymenl Date shall, for lhe purposes solely of calculating lhe principal amounts payabLe on any Principal Payment Date, be treated as withdrawn and outstanding on the second Principal Payment Dale following the date of withdrawal and shall be repayab{e on each Principal Payment Date commencing wrlh the second Principal Payment Date tollowng ihe dale of wilhdrawal. 4 Notwithstanding the provisions of paragraphs 1 and 2 of this Schedule upon a Cufiency Conversion of all or any portion of the withdrawn principal amounl ol the Loan to an Approved Currency, lhe amount so converted rn said Approved Currency thai shall be repayable on any Principal Paymeni Oate occuning during lhe Conversion Perlod, shall be determined by AOB by mulliplying such amouni in ils currency of denomination immediately prior to said Conversion by either: (i) the exchange rate lhat reflects the amounts of princlpal in said Approved Currency payable by AD8 under the Currency Hedge Transacllon relaling lo said Conversion; or (iD if AOB so determrnes in accordance with ihe Conversion Guidelines. the exchange rate component ol the Screen Rale 5 lf the principal amount of the Loan wthdrawn and oulslanding from time to time shall be denominated in more than one Loan Currency lhe provisions of lhrs Schedule shall apply separately to the amount denomrnated in each Loan Currency, so as to produce a separate amorlization schedule for each such amount. SCHEDULE 2 Withdrawal of Loan Proceeds 1 Except as ADB may otherwse agree, the Loan proceeds shall be wlhdrawn trom the Loan Account in accordance with the Loan Disbursement Handbook (ercluding lhe requirement thal the Borrower submit a certificate to ADB confirming compliance with the formula sel oul in Seclion 1 1 . 14) and the followino provisions of this S chedu le. 2. An application for withdrawal from the Loan Account shall be submitled to ADB by the Borrower and shall be in a form satisfactory to AD8. 3. (a) Prior to submitlrng the firsl application to ADB lor wilhdrawal from lhe Loan Account, the Borrower shall nominale a sub-account ol the State Treasury FX accounl (Deposit Account) at the NBG into which all withdrawals lrom the Loan Accounl shal be deposited. The Deposit Accounl shall be established, managed and ljquidated in accordance with terms and condilions satisfactory to AOB. (b) Separate accounts and records in respect ol the Deposil Account shall be maintained in accordance with accounling principles acceptable lo ADB. Upon ADB'S request. the Borrower shall have the linancral statements for the Deposit Accounl aud 1ed by independent aud{ors, whose qualifications, erperience and lerms ol relerence are acceptable to ADB. in accordance with international standards for auditrng or lhe naipnal equivalent acceplable to ADB. Promplly affer their preparation but 1n any evenl nol later than 6 months after the date of ADB'S request, copies of such audiled ,lnancial stalemenls and the opinion of the auditoB on the linancial stalemenls, in the English language, shall be furnished to ADB. 4. No Loan proceeds shall te wilhdrawn to finance any ilem specified in 5. The Borrower may withdraw lhe Loan upon ef{ectveness ot this Loan Atlachment I to Schedule 3 ofthe Special Operalions Loan Agreemenl. Agreement.