„საქართველოს ენერგეტიკისა და ჰიდროტექნიკის სამეცნიერო კვლევითი ინსტიტუტი“ დაფინანსებისათვის საქართველოსა და UniCredit Bank Austria AG შორის 2017 წლის 7 აპრილს ხელმოწერილი საკრედიტო ხელშეკრულება"

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Execution Copy EUR 7,000,000 EXPORT CREDIT AGREEMENT no. 234.800 dated 4 April 2017 between GEORGIA acting by and through the Ministry of Finance of Georgia as Borrower and UNICREDIT BANK AUSTRIA AG as Lender in relation to tlre financing of the project "Gcorgian Research Institute for Energy and Hy<lrotcchnics', 20 I 704 04_Ceorgia_VACE_E U R_7 rnn_Export_Cred il_Agreement_Execur ion Copy Final lr \t llxecution Copy CONTENTS AGREEMICNT I. Definitionsarrdlnterpretations 4 2. Credit Facility 7 3. lnterest 8 4. Fees and Expenses 5. Repayntent 6. Payments 1. Conditionsprecedent 8. Events of Default 9. Representatiorrs arrd Undertakings 10. Coverning l,aw arrd Arbitr.aliorr I l. Cenelal 12. Entry Into Force 9 lt t2 l5 l6 l8 22 23 26 ANNEXES ANNEX I PARTIES ANNEX 2 PROJECT ANNEX 3 CREDIT FACILITY ANNEX 4 PAYMENT PROCEDURE ANNEX 5 FORM OF CONFIRMATION THAT THE PURCHASE AGREEMENT IS IN FUI-L FORCE AND EFFECT ANNEX 6 27 28 FORM OFACCEPTANCE OF APPOINTMENT ACENT 29 3r 34 OF PROCESS 35 SIGNING PAGE 3't 20 I 70404_Georgia_VACE_EUR_7rnn_Exporr_Credir_Agrecment_Execur ion Copy Frnal 2 !i tl \. Execution Copy This EXpoRr- cREDr'r'ACREEMEN', (the "Agreemenr,') bctweerr darccr 4 Aprir 20i7 is nrade cEORGIA, acting by and through the Ministry of Finance referred to as the ,.Borrorver.,) of Georgia (hereinatier and 2 UNICREDIT BANK AUSTRIA AG, a bank dury incorporated under trre raws of Austria, r.r'ith its registered office at Schottengasse 6-g, r0l0 vienna, ALrstria and registered at the Handelsgericht wien under nurnber FN r507 l4p (hereinafter ref-erred to as thc "Lender"). WHEREAS A VACE Systemtechnik GmbH has concluded with the Georgian Technical University Tbilisi the purchase agreement no 228-2015 dated lst i procurelnent, transport, and derivery ofeducationar and other teaching and recturing ai<js, as weils with a total Project value of EUR 7,000,000. B - 3Oth September 20 l6 for the and research equiprnent, machi,es as, instailation and training for staff Unicredit Bank Austria AG has agreed subject to the terrrs and conditions set forth thereirr' to provide tlre necessary financing fbr above. a purchasc agrcenrent referred to in A C D oeKB (as defined below) has expressed its availability to issue an oeKB Guarantee (as defined berow) insuring the Lender against sovereign risk deriving frorn the fina.cing of trris Agreement. subject r.o the terms and conditiors thereunder. 20 I 70404_Georgia_VACE-EUlt-7nrn_Expon_Crcdrt_Agrccntcnr-Exccullon Cop), [jrnal 3 i l!/ Execution Copy lT lS AGREED as foilorvs I. DEFINITIONSANDINTERPRETATIONS l.l Definitions ln tlris Agreernellt alld tlre Annexcs hereto the tbllowing expressions shall have the tbllowing rneanings: "Annex" r].un, un annex to trris Agrcenrent the to be incorporated into this Agreetlent and fornt terms olwhicrr anrrex srra, be deerrred a part thereof "Availability period" rreans the period specified Borrowings ntay be drawn against the Credit Facility. "Borrorving" means an arnount drawn down Facility. . in Annex 3 during which by the Borrower against trre cr.edit /l--- ".. "Business Day,, r,eans a day (orher tfr(,(SungAf or Saturday) on which (a) banks arc generally open for business in vienna unLT6iriri of EUR, a Target Day. -payment "Closing Date" r,eans the date defined in and, (b) in reration to any date for Section 7 hereof. "Credit Facility" trlealls Ihe ar]rount specified in Annex 3 against which rhe Borror,r,er rnay drau,Borrowings during the Availability period "Disbursement Document" r,eans each of the documen(s listed in Annex 4. "Euro" or "EUR" or "€" nreans the single currency of those merrrber states of the European Union that adopt the Euro as their legislation of the Europea, comrnu,ity rerating Union. currency in accordance rvitrr to European Economic and Morretary "Extcrnal lndebtedness,, rneans any indebtedness guarantees for ntoney borrowed) which IS: (i) for money borrowed (including denominated, payabre or optionary payabre Ceorgian lari; and/or (ii) owed lo a perso'r resident or rravirg its head business outside Georgia. "Event of Default" lneans any event or circumstance ofllce or principar pracc or specified as such in Sectio. g.l. "Facility Account" nreans the account opened in t6e accordance with the provisions of Section 2.3. otherwise than in the name of the Borrower in 20r70404-ceorgia-vACE-EUR-7nrn-Erport-Credir-Agreenlcnt Execurior copy r;rDar 4 : I ^ Execution Copy "Interest Pal,mcnt Datcs" nreans 3lst March,3Oth June,3Oth Septernber and 3lst Decenrber irl eacl.t year, provided that if any such date shall not be a Busirress Day, leferences to such date slrallbe to the irnrrrediatcly preceding Business Day. "Loan" tlreans the aggl'egate principal amourll of the Bon'owings advancecl under the Credit Facility and for the time being ourstanding "Mandatory Repaymenr Dates" rrreans the dates in each year specified in Annex 3, provided that if any such date shall not be a Business Day, references to such date shall be to the irnrnediately preceding Business Day. "oeKB" rneans oesterreichische Kontrollbank Aktiengesellschaft, Am FIof 4, A_ I 0l I Vienrra, Austria, being the Austrian export credit agency and acting for and on behalf of the Republic of Austria. "OcKB Guarantee" nteans a guarantee with the number 234.800 issuecl by OcKB in respect of the Credit Facility for and on behalf of the Republic of ALrstria in accordance with the Export Pr.ortrotion Act l98l as amended. "Party" tneans a party to this Agr.eement. "Payment Procedure" tneans the procedure for the payrnent of Borrowings specified in Annex 4. "Project" means the project specified in Annex 2. "Project Buyer" means the project buyer defined in Annex 2. "Project Exporter" nreans the Austrian exporter defined as project exporter in Annex 2. "Purchase Agreement" means the agreement relating lo the project enterecl nto between the Project Exporter and the project Buyer and specified in Annex 2. "Sanctions" nreans any trade, economic or financial sanctions laws, regulations, embargoes or restrictive rleasures adrninisteled, enacted or enforced by (i) the Urrited Nations, (ii) the Uuited States of Anlerica, (iii) the European Union, (iv) r5e Republic of Austria or (v) the respective governmental institutions and agencies ol any of the tbregoittg, including without limitation, the Office of Foreign Assets Control ol rhe US Department of rreasury ("OFAC"), the United States Department of State and the United States Department of Comlllerce. "Section" rneans a section of this Agreement. "Security" rreans any rnortgage, charge, pledge, lien, hypothecation, encumbrance, title retention or other security interest of any kind whatsoever and howsoever arisipg. "Target Day" meatrs a day on which the T'rans-European Autourated Real-Tirne Cross 20 l7tl404-ccorgrn-VACli_EUR 7mn_Exporr_Credrt_Agrccnrenr_Exccrrron copy Final -5 \ Execution Copy Settlernent Express Transfer (TARGET) Systern is open. "UniCredit Group" nreans U,icredit S.p.A ard rhose corpanies or enrities, (a) in directr-v or indirectry 25 yo or rnore of lhe shares (or which Unic'edit S.p.A hords rights or (b) which are conrroled by r.j riCredit :1'J,f,":,?:l.Jl:; l:: ]:1,",.]:lll* " ;,,, :" : ; ;;,. ; t:: ::i"H:,,'J j 1 fl ,::'j::'*::: : Y"i: : :J { lffi jffi : ("our Worldwide presence,,).ln this and rnanagement of suc, cornpany c 12 e power to direct the policies or enrity whether by contract or otrrer.wise. Constructions a) Unress a co'trary indication (i) the ,,Lender',, appears, any ref-erence in the ,.Borrower,,, the ,,project Exporter,,, .,project "oeKB" sha, be conslrued so as permitted assigns and permitted (ii) "asscts" includes present (iii) a "the Agreement", "purchase agreernent or instrurnent restated; transferees; future, actual or contingent; (whether incurred as principar firm, cornpany, corporatio., or any association, trust or not having separate legar extencred or or repaynrent or rnoney, whether a "person" incrudes any person, state or agency ofa state agreenrenI or Agreenrent or other as amended, novated, ,uppl.,r."nr.o, (iv) "indebtedness" incrudes any obrigation (v) and rights or Agreernent", or any other- to this Agreernent, purchase as surety) tbr rrre payment or prcsent or governrne^t, or partnership (whether personarity) or two or rnore (vi) a "reguration" or "raw" incrudes request or. guideline (whether Buyer,, or to incrude its successors in titre, and futLrre properties, reverues cvery descr.iptiorr; rnstrurnent is a reference this Agreenlent to: of the foregoing; any reguratio,, rure, otficial directive. or not having t^e force ,, ;_;,,;;,;; or supranationar body, agency, department or. regulatory, self_regulatory or other authority or organisation; governn)ental' intergovernrnentar (vii) a provision ol law or regulation anrended or re-enactecl; b) a tinre of day is a reference c) Section and Annex headings d) and ; a referetlce to that provision rs as to Vienna tinre. Unress a contrary indication are fbr ease of reference only. appears, a term used in any other docunrent or in 20r70404-Oeorgia-VACE-EUrt-7mn-Export crcdir-Agrce r)rcnr-Execurron copy Finar6 I I Execution Copy any rlotice given utlder or in connection with this Agreernent has tlre sar,e lneaning in that docurnent or notice as in this Agreentenl. e) Words impolting the sirrgtrlar number shall be construed so as to include the plural arrd vice versa. f) A Default is "continuing" if it has not been waived OeKB overridc 1.3 a) Notu,ithstarding anything to the corrtrary, nothing in this Agreernent oblige the Lender to act (or onrit to act) in a nranner that is irrcorrsistent requirement of OeKB under or in connection with the OeKB shall with any Cuarantee ancl, in particu lar: o the Lender shall be authorised to take ail sucrr actions as it may necessary lo ensure that all requilemenls of oeKB urrder or ir.r creem connection rvith the OeKB Cuarantce are cornplied with, and (ii) the Lcnder shall not be obriged to do anything if, in its opinion, to do so could result irr a breaclr ol' any requirenrents of oeKB under connection with the oeKB Guarantee or alfect the validity or in of the oeKB Guarantee. (b) The Borrower agree and acknowledge tha( the oeKB Guarantee is an'angenlent between oeKB and the Lender and the Borrower a separate shall not have any right ol'recou'se against tlre Lender in respect of or arising by reason payment made by oeKB to the Lender pursuant to any oeKB c) Nothing in this Section 1.3 shallaffect the obligations of the Borrower. 2. CREDIT FACILITY 2t The Facility a) of any Grarantee. Subject to the ternrs of this Agreement, the Lender rnakes available to the Borrower an EUR credit facility in an aggregate principal arnornt specitied as the "Credit Facility" in Annex 3 hereof. b) The Lende. hereby agrees to make the credit Facility available to the Borrower during the Availability period on the terr,s arrd conditions set fortrr in this Agreernent, provided that a Borrowing may onry be made under the credit Facility in accordancc with the payment procedure specified in Annex 4. c) The credit Facility granted lrereunder is extended under and pursuant provisions of the rules and regulations for to the export prontotion prornulgated by the 20 I 70404_(icorgia_VA('E_EUR_7rnl_Exporr_Crcdrl_Agrcenrenr_Exccution Copy FrnirI ? Execution Copy Republic of Austria. The Bon'ower hereby takes note that the finarrcing is supported by public aid funds with a concessionality level (according to OECDregulations) of 35.45 % (thirty five point forty five per cent) (as indication at t6e date of this Agreernent) 22 Purposc (a) The Borrower shall apply all anrounts borrowed by it under the credit Facility towards financing of the Pro.iect by rnakirrg payments directly to tlre project Exporter under the Purclrase Agreenretrt (b) Taxes and other pLrblic charges orved by the Borrorver urrder this Agreerrent shall not be financed frorn the l,oan. (c) Taxes, customs duties and other public charges owed by the pro-lect Buyer under the Purchase Agreement, shall not be financed from the Loan. (d) The Lender is not bound to monitor or verify the application of arry arnount borrowed pursuant to this Agreernent. 23 Facility Account The Lcnder shall open a Euro facility account in the narne of the Borrower', designated "Facility Account". Each Borrowing made hereunder shall be debited to the Facility Accottnt, in accordarrce with this Agreenrent, value the date of payrrerrt of suclr Borrowing. Repayrlents and prepayrnents shall be applied to tlre Facility Account accord ingly. 24 Independcncc of Agrecment and Purchasc Agrecment The Agreernent and the Purchase Agreernent are separate and independent agreements. No failure of the Project Exporter to fulfil its obligations under the Purclrase Agreen.rent shall affect the obligations of'the Borrower towards the Lender, nor shall the Lender be liable for any failure ofthe Project Expolter and/or any other party to the Purchase Agreernent. ) INTBREST il Interest on the Facility Account TIre Borrowel will pay interest on the lnterest Paynrent Dates al. a fixed rate as specified irr Anuex 3, calculated orr the Loan. )Z Computation and Date for Payment of lnterest Interest dr.re in accordance with Section 3.1 shall accrue from day to day, shall be 20170404_Georgia_VACE_EUR_7mrr_Exporl_Credrr_AgrccrneDt_Executiorr Copv Final ll I \ Execution Copy cornputed on the basis of trre actuar nurnber of days erapsed and a year o1.360 days, arrd, except as provided irr Section 6.2. sirail be paid quarterry,,., urr.rr. Borrorver to the [_ender.on the Interest payrnent by the Dates. Default Intercst JJ lf the Bort'ower fails to pay when due any arrount payable by it under this Agreenrent, it shall paf interest on such overdue arnount fronr date of actuar payrnent at the rate the date of such fairure up to rhe specified in Annex 3. Delaurt interest Sectio,3.i shail be cornputed on trre basis of the year of360 days and sha, be due 4 FEBS AND EXPENSES 41 Commitment Fee a) and pa1'abre on the Interest payment The Borrower shail pay to trre Lender.for refurrdable comnritment fee at the rale ttre date day of the Avairabirity period a non_ specified in Annex 3. The cornmitnrent fee due in accordance by the Lender: (i) and a Dates. the period frorn and incruding of this Agreernert to and incruding the rast b) as per this actuar number of days erapsed with Section 4.r a) shalr be carcurated on the und'awn barance of the Credit Facirity on the date of trris Agreement and on each successive Interest payrnent Dates during the Availability period (the ,.Calculation Date,,); and (ii) on the basis ofthe actual number arrd sha'be paid in arrears by the Payment Date irnmediately following 42 ofdays erapsed and a yea'of360 Borrower to the Lender on the days lrterest the Calculation Date. Management Fce within 30 (thirry) calendar days fr.orr the date of this Agreernent, the Bor.rower shall pay to the Lender the non_refundable managernent fee specified in Annex 3 calcLrlated on the anrourrt ol'the Credit Facility. 43 OeKB Guarantee premrum a) OeKB Guarantee premium payablc up_front within 30 (thirty) care,dardays fi-om the date of this Agreernent, the Borrower sha, pay to the Lender (for the account of oeKB) an upfront part of the oeKB Guarantee premiuln in the antount specified in Annex 3. 20 I 70404_Georgra_VAC[_t:UR_7rnn_Expon_Credit_ASreenlenl_Exccution Copy I:inal 9 I Execution Copy b) OeKB Guarantee premium payable as margin Starting with the fir'st Interest payrnent Date foilowing Borrower shalr pay to the Lender'(for the account of trre crosing Date, the oeKB) the rernaining part of the oeKB Guarartee prerniurn payabre as a nrargin at the rate as carculated by oeKB and specified ir.r Arrnex r Sucir part or-the oeKB cuarantee prenriunr shall bc due and payabre q.arterry i, arrears on each rnterest paynrert c) Date. The final anrount of the oeKB Guararrtee prerniurn payabre up-frorrt and trre oeKB cuarantee prernium payabre as margrn as weil as the payr.ert schedure of the oeKB Guarantee prerniunr payabre as rnargin wi, be deterrnined by oeKB upon issuance of the oeKB cuarantee. The Lender shail promptry rrotiry tlre Bolrower of such flnal anrourrs and the payrnent scheclule accordingly arrd such notif'jcation shall becotne an inlegral parr of this Agreernept with Section I I.5. d) ip accordarrce If the final amount of the oeKB Guarantee premium payabre up-front deterrni,ed a,d notified as referred to in paragraph (c) above amounI specified in Annex 3, the Borrower shail promptry the Lerrder indernnify the Lender for the amount of such 44 exceecrs the on first dernand by surplus. Increased OeKB costs In the evert of any amendmenr of this Agreement (incruding without rimitation any clra,ge in the aggregate principal amount covered by the oeKB Guarantee or any extensio. of any of the Mandatory Repayrnent Dates), alnount of its charges in'respect of the oeKB Guarantee prerniurn to thc Lcnder. The Lender shall promptly oeKB may re-carcurate the and rrray charge an additional notily the Borrower of any such lncrease in the clrarges in respect of tlre OeKB Guararrtcc and thc Borrower.shall within l0 Business Days of first demand by the Lender indernnify the Lender for the amount of any such additional premiunr. 45 Handling fee of OeKB Witlrin 30 (thirry) calendar days fi.on rhe date of this pay to the Lender (for the account of OeKB) an'rount specified irr Anrrex 3. 46 Agreernent, the Borrower shall the non-refundable handlirrg fbe in the Cost and Expenses a) The Borrower shall prornptly on denrarrd pay the Lender the anrount of all costs and expenses (including but not rirnited to regar fees a,d traver expenses) reasonably incurred by the Lender rn cornectron preparation and execution of rhis Agreernerrt (sub,ject b) with trre negotiatior, to the cap of EUIt 5.000). The Borrower shall, within l0 (ten) Business Days of demand, pay to the 20170404-Georgra-vACE-Er.irt-7mrr-[!xport-Crcdir-Agreenrenr-ExecutioncopyFinar r0 Execution Copy Lender the arnount of ail costs ard expenses (incruding but not rinrited to legar f'ees, translations and travel expenses) incurrcc,l by the Lender i, cornectio, with the errforcer,ent of- or the preservatiorr of ar), rights c) u.der this Agreerrent. All taxes, duties, expenses or otSer charges levied on the Lender in relation to this Agreenrert ard the t'a,sactio,s contenrplatcd hereunder, shall be fbr the account of the Bo.rower and shall be payable by the Borrower.to d) the Lender If the Borrower requests an arrendment, waiver or consent in relation Agreenrent, the Borrower shalr, within l0 (ten) Business reirnburse the Lender for the arnount of ail costs and to this Days of denrand, cxpenses (incruding but not limited to regar fees and traver expenses) reasonabry i.curred by the Lender in respondirrg to, evaluating, negotiating or cornprying with trrat request or feq u I rement. 5 REPAYMENT 5t Mandatory Repayment Tlte Loan which is outstanding at lhc end of the Availability period the Bo'r'owcr on the Mandatory Repayrnent Dates as specified Borrower nray not reborrow any part of the credit Facirity which 52 slrall be repaid by in Annex 3. The is repaid or.prepaid. Voluntary Prepayment a) The Borrower rnay prepay trre whole or any part (if part, in the arnount set fortlr in Annex 3 or integral murtipres thereof) of the Loan upon giving at reast 30 (thirty) calendar days prior written notice (such notice to be irrevocable) of the proposed prepayment date ro the Lender subject to the approvar ofoeKB and subject to payments of any break costs (as may be charged by ocKB to the Lender in the discretion of OeKB) incurred by the Lenrjer. b) Any such prepaynrenr shall, it made during the Avairabirity period, reduce the arl.unt of the C'edit Facility by arr amourt equal to srch prepayr,ent. refe'ences to the credit lracility in this Agreernent shalltherealter Any be deemed to be references to the amount specified in Annex 3 as so reduced. Any such prepayment shail, if nrade after the expiry of the Avairabirity period, be applied to satisfy the ne,rt following repayment instarments due thereafter. c) Tlre Borrower rnay not reborrow any part of the credit Facility which is prepaid. 20 I 70404_Ceorgra_VAC[_EUR_7nrn Exporr-Credtt_Agreenlent-Fxecrrtion Copy Frlral I I il ( Ir,xecution Copy 6. 6t PAYMENTS Notice of Payment . 62 Method of Payment a) Euro is the currency of accou,t a.d payment tbr Borrower under this Agreenrent, provided however any sum due fronr the that each payrnent in respect of costs, experses or taxes shail be macre in the currency expc,ses o' taxes are incurred. Any amount currency other than euro shall be paid in that other b) irr which the costs, expressed to be payabre irr a currency. on each date on which the Borrower is required to nrake a payment under this Agreernent, tlre Borrower slrall rnake the same arnount available to tlre Lender (unless a contrary indication appears in this Agreernent) for varue on the due date at the time and in sucrr funds specified by the Lender as being custorlary at the tinre for settlement of transactions in the rerevant currercy in the prace of payment. c) Any payment which is due to be made on a day that is not a Business Day shall be nrade on the preceding Business Day. d) All payments by the Borrower to the Lender urrder this Agreemenl shall rnade to suclr account in the principal tinancial cerrtre be of'the country of that c,rrency (or, in reration to euro, in Vienna) as the Lcnder-specifies. 63 Paymenls free o[ Withholding Taxes and other Chargcs 20170404_Gcorgia_VACE_tiUIt_7rnn_Exporr_Crcdir_Agrcclrcnr_Exccution Copy l.inal l2 i. t I Execution Copy All paynients to be nrade by the Borrorver rrnder this Agreernent set-off or coutlterclaim and fi'ee arrd clear ol and rvithoqt shall be nracle without deduction for or.orr accor.r'rt ol, any present or fttture taxes, dutics, deductions, withholdirrgs or.other charges of required by law to rnake such deduction lf so reqtrired b1' law, the su.r due fi'onr the Borrower in respect of such paylllent shall be increased to the extent necessary to ensure lhat alter rnaking of suc5 dedtrction ol taxes, duties. deductions, withholdings whatsoever nature ol ceorgia unless the Borrower is t'eceives on the due date for such paynrent a net or other charges the Lender sunl equal to tlre surn which it would have received had no such deduction of taxes, duties, deductions, witlrholdings or other charges been required to be made. The Borrower shall prorrptly deliver to the Lender any |eceipts, certificates or other ploof evidencing payable in respect of any deduction or withholding 6.4. the arnounts (if arry) paid or as aforesaid. Increased Costs a) If the result of (x) any charrge in, or the introduction of, any raw, regLrratio, or regulatory requirement; or (y) any change in the irrlerpretation thereof or cornpriarrce by the Lender with any crirection, or application request or requirenrent (whetlrer or not having the fo'ce of raw) of any centrar regulatory or other authority (including, in each case, bank, nronetary, without lirnitation, those rerating to capitar adequacy, IiqLridity, reserve assets and (i) speciar deposits) is to: ircrease the cost to, or impose an additionar cost on, trre Lender in making o' keeping its commitment avairabre or maintaining or tundirrg the Loan; andloc (ii) reduce the amount payable or the eff'ectrve return to the Lender under tlris Agreement; andlor (iii) reduce the Lender's rate of retu.r on its overail capitar by reason of a change in the nranner in which it is required to ailocate capital r.esources to its obligations under this Agreernent; and/or (iv) require the Lender to rnake a payrnent or forgo a retunr on, or calculated by reference to, any amourt received or receivabre by it under trris Agleement, then the Lender shall notify thc Borrower in writing of the occurrencc of a,y of such cost, reducr.ion, payment or forgone'eturrr arrd thc Borrower.shall pay to the Lender on denrand a,y such cost, reduction, paynrent or forgone rer.urn already incurred or suffered by the Lender. b) Any certificate of the Lender as to such cost, reduction, payment or forgone return shall, in the absence of manifest error, be conclusive evide,ce and binding on the Borrower. 20170404-ceorgia-VACll-t:.LJIt-7mn-Exporl-credit_Agreernctrl_Exccutlon copy r;inar r3 Execution Copy c) For tlre purpose of this Section 6.4 tlre Lender Ina1, spread costs and/or losses arlrong rts assets and on such basis as they corrsider appropnate. 6.5 i;1 good faith allocate or liabilrties (or any class thereof) Appropriation of payments a) All payrnents received by the Lender from tlre Borrower hereurrder the Lender varies the order of application) be applied will (Lrnless by the Lender towards payment o1'amoltnts due hereLrnder in the following order, ancl the Bor.rower hereby collsents to the application of such paynrents in such order (and to any variation thereof by, the Lender): (i) arlout.lts due under Section 4.2 (Management Fee); (ii) arnounts due under Section 4.5 (Handlingfee of OeKB); (iii) arnounts dLre under Section 4 3 (oeKB gltorantee premiunt); (iu) antounts due under Section 4.1 (Comntittnent l_-ee); (v) arnounts due under Section 4.6 (Cost anri Expenses); (vi) anlounts due under Section 3.3 (Defautt Interest); (vii) amounts overdue under Section 3.1 (lnlerest on the Facility Account), (viii) amounts overdue under Sectio.r 5.r (Mandatory Repaymenr). (ix) arrourts due under Section 3.1 (lnterest on the l-aciliry Ac.count); (x) amouuts due uuder Section 5.1 (Mandatory Repaymenl); (xi) amounts due under Section 5.2 (Voluntary prepayment); (xii) any other anrounts due (ifany). b) The I-ender shall plornptly inforrn tlrc Borrower of the application ol'paynrents nrade. Any i,structions to the contrary given by the Borrower shall be d isregarded. c) The Borrower hereby acknowledges that OeKB has under the OeKB Guarantee reserved towards the Lender the right to vary the appropriation of paynrents as set out above. In strch case the Lender shall immediately inform the Borrower in writing and the Borrower shall accept the appropriation of OeKB and hereby undertakes to l'epay the Loan and any otlrer anrounts outstanding urrder. tlris Agreement as then notified (including a detailed calculation) by the Le,der to the Borrower. 66 ser-off 20170104_Ccorgra_VACI:_EUl{_7rnn_lJxport_Credil_Agrccnterll_ExccutronCopyl.rnal l4 ti ), Execution Copy The Lender rnay set off any rnatured obligatiorr clue frorn the Borrower Lrnder this the Lender to tlre Borrower, regardless of the place of paynrent, booking branch or currency of either obligation. If Agreetrrerrt against atry nratured obligation orved by the obligatiorls are in different currencies, lhc Lender may convert either obligation at a tllarket rate ofexchange in its usual course ofbusiness for tlre purpose ofthe set-off. 1. CONDITIONSPRECEDENT a) This Credit Facility shall becorne available to the Borrower orr t'e date ("closing Date") on which the Lender confirms to the Borrower received in a form and substance satisfactory to it (or irr trrat it has respect of any sucrr docunlent or eviderrce, has waived receipt (hereof) the following docurrents and evidences: (i) a copy of the purchase Agceernent; (ii) a ceftificale executed by a dury authorised officer of the project Exporter at a date not more than fourteen days prior to the Crosing Date substantiaily in the forr, of A,nex 5 confirrning that the purchase Agreentent in the forrn submittcd to thc Lcnder is in tull lbrce and ell'ect (subject to the effectiveness of tlris Agreement orrly); (iii) a legal opinion from the Ministry ol JLrstice of Georgia substantially in the forrn agreed between trre parties prior the date of this Agreement, together with certified copies of any consents or authorisations refer.ed to in such opinion; (iv) a copy of the authorisation issued by the Governrn'ent of ceorgia authorising the Ministry of Finance to sign this Agreement (v) the copies of the photo-identifications and specirnen signatures of person authorised to sign this Agreement and to sign notices the to be given to the Lender. hereunder on behalf of the Borrower; (vi) a copy of the ratification decree of this Agreement by the parliarnent of Georgia; (vii) confil'mation by the process agent substantially in thc lbrm ol'Annex 6 of its acceptance ofthe process agency, (viii) payrnent of the ntanagement fee according to Section 4.2; (xi) payment of allcosts and expeuses (if any) payable pursuanr to Section 4.6 a); (x) the OeKB Guarantee, 20170404-ceorgia-vACE-EUR_7rnn_Expon_crcdrl_Agrccrrcnr_Execurr'n Copy Final r5 ,l Execution Copy (*i) payrrerr of trre up-rr.ont part or'the ocKB cuaranlee prernitrr, to Secrion 4.3 a); (xii) payrnent of the handling fee of oeKB according to Scctiorr (xiii) a refi.arcing agreement betrvee, the Lender and Fac i I ity; accord i ng 4.5; oeKB fbr the credit (xiv) a side agreernent betweerr the Lender.and the project Exporter; (xv) such other docunrent, evidence or autrrorisation which the Lender it has notified the Borrower accordingly) in connection with the ently into and per.fornra,ce of the transactions cortemprated by this Agrecr,e^t or fbr the validitv and considers to be necessary or desirabre (if enforccabi lity of this Agrecrncnt; (xvi) such docurrcnrs as the Lender rnay rcqrrre as proof of cornpriance by it with the provisions of the Austrian Banking Act rerating to rno.ey laundering and custorner iclentification; (xvii) such other documents as the Lender may reasonabry may lequire on the issuance of the OeKB Guarantee. (b) require or as oeKrl Upon satisfaction of ail the aforernentioned conditiorrs, the Lender sharl fbr-thwith notify the Borrower to that effect. rf such co,ditiorrs shail not have been satisfied within 60 (sixty) carendar days after the date of this Agreenrent (or within any other Ionger period as the Lender may agree), without pre-lucrice to the Borrower's obligations under Sections 4.2 and4.5, obliged to disburse any Borrowing hereunder. (c) the Lender shall not be ol the above rnentioncd crocuments and noticcs shail be in I:ngrisrr or ce'nran. If not irr Engrish or Gernan a certified transratio, Each in Engrisrr or Gel'man shall be attached to said document. 8 trVENTS OF DEFAULT 8I Events of Default Each of the following events srrail constitute an Event (a) of Default: The Borrower does not pay on the due date any amourt payabre pursuant to trris Agreenrent at trre place and in the currency in which it is payabre fhilure ro pay is caused by adnrinistrative or tcchnicar error; and unress its paynrent is nrade within l0 (ten) Business Days ol'its dLre dalel (b) The Borrorver does not cornply with arry provision of this Agreerlept (other 20170404 Gcorgia_VACE_Et_rll._7nrn_lixporr Crcdit_Agrecnrent_Exccurron Copy, Final l6 I Execution Copy than those referr.ed to in Sectjon g.l (a) above; (.) Any representation or statement rnade or deenred to be rnade by the Borrower in this Agreement or any other docurnent derivered by or on beharf Borrower u,der o'in connection with this Agreernenl is lncorrect or nrisleading in anl,nraterial rcspect wherr rnade rnade; (d) of rhe or proves to have been (i) Any External lrrdebtedness of the Borrorver is not paid or deerned to be when dLre withirr arry originally appricabre grace per iod or is decrared to be or ottrerwise becornes due and payable prior to its specified rnaturrty as a result of an event of default (however described) or (ii) any cornnritrnent for any E,xternal the Borrowe'is cancelled or suspe,ded by a respective creditor as a'esurt of an event of defaurt (however described) lndebted.ess of of tlre Borrower or (iii) any creditor of the Borrower beco.res entitled to declare any Exterrral Indebtedrress of rhe Borrower due a'd payable prior to its specified rnaturity as a resurt of an event of default (however descri bed); (") any Iicences, consents, registrations or approvals (gover,rnental or otherwise) required for the varidity, e^forceabirity or regality of this Agreenrent Loa, or the pe'fo.nance thereof is withdrawn or ceases for any reaso, full force and effect; (f) or the to be in A rrroratoriLrrr is declared on the payrnent of any Extcrrral Irrdebtedness Borrower or the Borrower is unabre to pay its Externar Indebtedness due or cornmerlces negotiations with any or rnore of its forcign of the as they fail creditors with a view to the general readjustrnent or r.escheduling of its External lndebtedness; (e) The Borrower ceases to be a rnember in good standing or becomes ineligible to use the l'esources of the International Monetary Fund. (h) It is or becornes unlawful for the Borrower to perform any of its obligations under this Agreement. o The Borrower 'epudiates this Agreement or evidences an intention to repudiate tltis Agreernent. 0) OeKB Guarantee and/or the reflnancing agreement with oeKB for the Credit Facility ceases to be in full force and effect; (k) The National Bank (or any other competent authority) of ceorgia fails duly perfornr any act or diligence as are necessary to enable the Borrower to to satisfy in euro the obligations of the Bo'rorver under this Agreernerrt; (l) Any event or series of events occur(s) which has, or in the reasonable opinion of the Lender could be expected to have, a material adverse effect to the ability of tlre Borrowel to fulfil its obligations under this Agreement, 20 170404-ccorgia-vACE EUR_7nrn_Exporr_Credir_Agrccmcnt_Execurion Copy Final l? Execution Copy provided hou,evel that no Event of Default under Section 8 I (b), (c), (d), (e) and (l) above will occur if such default is capable ol'remedy and is rernecliecl within 30 (thirty) Business Days of the earlier of (i) the Lender giving rvritten notice to the Borrower or (ii) the Borrower beconring arvare of suclr default. 8 2 Action upon Events of l)efault (a) lf an E,vcnt of Detault has occurred and at any tirnc theleatier shall then be continuing any or all of the following actions rnay be taken by the Lerrder: (i) the Lender nray by written notice to the Borrower declare the principal of and accrued interest in respect ofthe Loan and all othel amounts payable to the Lender hereurrder to be forthwith due and payable, whereuporr tlre same shall becorne l'orthwith due and payable; ancl/or (ii) the Lender may by written notice to the Borrower declarc thc credit Facility telrninated, whereupon the Lender's obligation to rrrake and continue the Loan hereunder shall terminate inrmediately. (b) The Borrower hereby agrees to indemnify the Lender orr dernand against all losses, reasonable expenses and liabilities which tlre Lender rrray sustairr as a consequence of any de[ault (including but not limiled io any interest paid by tlre Lender to lenders of funds borlowed by it to maintain any arnounts in default). A certificate by a duly authorised officer of the Lender setting fbrth the arloult of such losses, reasonable expenses and liabilities and the basis of calculation thereof, when forwarded to the Borrower, shall (save for rnanifest en-or) be conclusive evidence of the arnount of such losses, expeuses and liabilities, provided that such certificate shall be supported by documerrts to give evidence ofsLrch losses, expenses and liabilities and such certificates shall be supported by appropriated docurnents. (c) The Borrower shall, as sooll as it becornes aware of the sarne. give written notice to the Lender of: o any Event ol"Default; or () any condition, cvent or act rvlrich with thc giviug of notice or lapse ol' tirne or both or tlre fulfilment of any condition could lead to or constitute an Event of Default. 9 REPRESENTATIONS AND UNDERTAKINGS 9r Reprcsentations The Bolrowet'tnakes as at the date of this Agreement tlre tbllowing representations: 20170404_Ceorgra_VACE_EUR Tnrn_Export_Crcdr(_ngrccnrcnt_ExectrtronCopyFinal I8 Execution Copy (a) the Borrower has the power to enter heretrnder and to execute, deriver necessary action to authorise the authorise the execurio,, derivery into this Agreement ard to and perfornr this Agreement borrow and has taken a, terrs and conditiors of this Agreenrent and to and perfornrance of this Agreerrrert; (b) ail au(ho'isatro'rs, ricenses, colrserts, registrations or approvars (governrnentar the Borrowcr in connectron with the executron, derivery, perfbrrnance, r,aridity or en[orceabirity of this Agr.eenrerrt or otrrerwise) necessarl, on the part of have been obtainecr or effected (c) arrd are in fu, for-ce and eff.ect; this Ag.eenrerlt constitures a regar. valid and binding obrigation of the Borrower. enfor.ceable rn accordarrce with its terms; (d) the execution, derivery and performance provision of any existing raw or of this Agreenrent wi, not viorate any reguration appricabre to the Borrower of any other agreement, contract or undertaking which is binding upon itor its assets, (e) the Borrower is not in default with YvrrIUrr the ""'b to trrtr Dorl'ower Borr 'v which ts a party or any paynrent of its External In.ebtedness and no Event of Derault has occurred expected to result from the rnaking (f) or is continuing or rnight reasonabry be of any Borrowirrg; The choice of Austrian raw as the governing law of trris Agreenrent arrd arry judgment obtained in Austria in reratron to this Agreement wi, be recognised and enforced in Georgia. (g) The paynlerrt obligations of the Bo.rower under rhis Agreernent rank at least part passu with tlre clairns of all its otherunsecured and unsuborclirratecl credito.s, except for obrigations mandatoriry (h) Under the raw of ceorgia it is ,ot necessary recorded or enrored with any court that this Agreernent be fired, or other autrrority in Georgia or that any stanrp, registration or simirar tax be paid tlre transactions conternplated by this (i) on or in reration to this Agreement t'e Borrower's execution of this Agreement constitutes, constitute' private and commerciar acts conrmercial purposes. the Borrower is a member in good standing in the financiar condition of trre Borrower In 'espect and and eligibrc to use the resources clt has been no material aclverse change since the date or the rMF. country Report No. il/g7 for (ieorgia prepared by published orr 2l Aprir20lr, which report and the Borrower,s of its obrrgations hereunder wi, done and performed for private tlre lrrterrrational Monetary Frrrd and tlrere (k) or Agreement. exercise of its rights and perrbrmance 0) preferred by the appricabre raw. Internatiorrar Monetary rru.d and is accepted by the Borrower. of trris Agreement and in respect of its obrigations and rights under 20r70404-Georgia-VACE-EUIt-7rnn-Exporr-credil-Agrccnrent_rixecurionCopyFinar rg Execution Copy this Agrccrncnt, thc Borr ou,el is actirrg 110t as a'agent or tfustee o as principar a,d [or its own or irr an-v otrrer capacity on beharf Neither the Borrorver nor the project Security on the wlrole or any part of Agreernent. account arrd of any other party. Buyer has created or agreed to the goods supplied pursuanr create any to the purchase (m) to tlre best of its knorvledge and Buyer. or any of its afllliates or o on its behalf have offered. given, payntent or improper advantage connection with this Agreentent; (n) 'l-he Loart will not be used, lcnt, cont.ibLrted or orherrvise Irallller or for any prlrpose that is prohibited vioration of Sanctions by trre Borrower by Sanctions or would result in a or arry or- its agencics (or arry or- otficers, enrployees or agcnts acting on their (o) Neitrrer the Borrower their behalf), 'or any of its agerrcies (nor any of their officers, emproyees or agents acting on their designated target of, or is otherwise beharf), so far as it is aware, is enforce its respective rights under this Lender is ricenced, quarified or entitred enforcernent of the Agreernent. The representations set out above shall to carry on business in Georgia. The on business or subject the execution, derivery, pertbrmance or survive lhe execution olthis Agreernent shall be deerned repeated on each date of 92 or trre of the Agreement, tlrat the need to be resident, domicired, carrying to taxation in Georgia by reason onry of Date. to enable the Lender to Agreernerrt, or (ii) by reason execution, delivery, perfornrance ancl enforcement 'ot cur.rentry a a subject of, Sanctions; (p) It is not necessary urrder the law of ceorgia (i) in order Lender does made available in any and Borrowi,g and on each rnterest payrnent U ndertakings The Borrower rrereby covenants and undertakes (a) The Borrower sha, (and shall ensure that (i) with and to the Lender as foilows: the project Buyer will): (x) rnaintain records adequate to identify the goocrs and servioes financed by the Loan, (y) disclose trre use thereof in the project and (z) record the progress ofthe project, including the cost thereol (ii) allow the Lcnder's and/or oeKB's representatives the undertaking of the pro-iect Buyer, the goods pursuant to the purchase Agreemenl and 20 r 704 04-ccorgia-vAC E-E Ult-7rnrr- Exporr-cred to inspect the pro.ject, and services supplicd a.y rerevanl records and ir-Agreerncnr_Excc u tro, Copy Firra r 20 Execution Copy docurnents; (iii) furnish to the Lender ail such irrfor-mation as the Lender co,cerning the experrditure of the Loan, the pro.iect servtces supplied pursuatrt to the purchase Agr.eement. (b) The payrne,t obligations of trre Borrower under this Agreernent sharl rank at least pari passiz wilh ail other outstanding unsecured Exterrral lrrdebtedness of the Borrower except for mandatorily preferred by the applicable larv. (c) The Borrower shall not (and shail ensure that the project or perr,it to subsisr any Security over any of the goods Purchase Agreernent other than any rien a.isirg (d) shail request and the goods and and unsubordinated obrigatiorrs that arc Buyer wilr not) create suppried pursuant to the by operation of raw. From the date of this Agreement and so rong as any parl of the Loan sha, rernain outsta,di,g, the Borrower shail not create or agree to cr.eate any Security on the whole or any part of its assets to secure an1, External I,debtedness or to secure a guarantee ofany Externar Indebtedness, unress the Loan shall be secured equary and rateabry therewith satisfaction. (e) The Borrower shalr not (arrd shail ensure that trre project vary, llovate, sLrpplernent, supersede, warve, suspend to trre Lender,s Buyer wiil not) arnerrd, the operation of, repudiate or terrninate any rernl 0f any of the purchase Agreernent without wntten collsent of'the Lender and OeK (f) The Borrower sha, comply in arr respects with arl requests by trre Lender derived f'or, requirernents of oeKB imposed on the Borrower u'der or by reason of the OeKB Cuarantee. (g) The Borrower shall etlsure that,either it nor any of its ernployees or agents acting on its behalf will offer, give, officers, directors, insist on, receive or solicit any iilegal payrnent or irnproper advantage to influence person irr connection with the Agreernent. (h) the pr.ior trre action of any The Borrower shal I not (and shall ensure that neither any of its agencies nor any of its and any of its agencies' officers, enrployees or agents acting on its or their be5all) use, lerrd, contribute or otherwise nrake available any part of the Loans in any marrner or for arry pulpose that is prohibited by Sanctions or would result irr Sarrctious by the Borrower or any of its agencies (or any agents acting on a violation of of their offrcers, ernproyees their 20170404_Georgia_VACE_EUR_?nrn_Export_Credit_Agreenrcnt_Execution behall;. Copy Final 2l lr Execution Copy IO t0l GO\/EIINING LAW AND ARBITRATION Govcrning Larv This Agreerrent shail be governed by the law of the Repubric of l0 2 Austria. Arbitration (a) Any dispute, colltroversy ol clairtt arising out of or irr conrrectiorr with rhis Agreenlent including any question which nray arise in connection with the of creation, existence, validity, effect, termination, inter.pretation, perforrnance or breach of, or the legal relationships established by, tl.ris Agreernent (includi,g claims for set-off or counterclairn) (a "Dispute") shall be referred to, and finally setlled by, arbitration under the Rules of Arbitration and Conciliation lrrternational Arbitral Centre of the Austrian Federal Econonric of the Chamber Austria in Vie,rra (Vienrra Rules). as in force at the date at whiclr proceedings are referred to arbitration. (the ,,Rules,,). (b) There shall be thlee arbitrators appointed in accordance with the Rules; the tle seat of the arbitration shall be vierrna, Austria; the language olthe arbitratiop shall be English. (c) Any decision of the arbitral tribirnal shall be final and binding and the parties of this Agreement hereby irrevocabry waive any rights to any forrn of appeal, revrew or recourse to any state or other judicial authority in so far as such waiver nray validly be rnade. (d) I ln any arbitral proceeding, the certificate of the Lender as to any amount due to the Lender shall be prima facie evidence of such amount. 0.3 Process agent (a) without prejudice to any other mode of service allowe<j Lrnder any r.elevant law, the Borrower herewitlr irrevocably appoints the Embassy of Georgia in Republic of Austria as its agent for selvice of process in relation to any proceedings as nrentioned in Section 10.2 above. The Borrower agr.ees that a failure by the process agent to notily (he Borr owcr of the process will not invalidate the proceedings concerned and that it will appoirrt pronrptly anotlrer process agent ifthe current process agent can no longer perforrn its duties. (b) The Borrower shall provide the Lender with an acceptance of such appointnrent in a forrn as set up in Annex 6. 10.4 Immunity (a) To the firllest extenl perrnitted by the laws o['Georgia, the Borrowcr lrcreby ir|cvocably and unconditionally waives generally all immunity it or its assets or 20 I ?0404_Gcorgra_VACE_EUR_7rur_Exporr_Credrt_n qreenrcnl_Execution Copy Final 22 Execution Copy revellttes tra)/ otherw'se have in any jurisdiction, including iurmunity in respect ol (i) the giving of any relief by rvay of injLrnction or orcier lbr specific perfornrance or for the recovery ofassets or assets or revenues; and (ii) tftc issue of any process against its assets or revenues for the enfbrcernent of a.judgernelt or arbitratiorl award or, in au action ad renr, for the arrest, detention or sale of any of its assets or revenues. (b) Notrvithstanding the foregoing the Borlower does not waive any suclr irrrnurrily in respect of (i) its property of diplomatic or consular rnission of Ceorgia, (ii) property of a rnilitary character and under the cotrtrol of a military authority or defence agency, (iii) property located in Georgia and dedicated to a public or goverlllnelltal use, (iv) property of the Nalional Bank of Ceorgia whether or not held in a Georgian or a notr-Ceorgian bank or any other financial institution, and (v) any other property located in Georgia having suclr irnrnunity lionr enforcetneut in accordance with the mandatory provisions of legislation of Georgia. ll II GENERAL .l Notices (a) Any cornmunication in connecl.ion with this Agrecment must be in writing in the English language and may be given by post, fax or any electronic comnrun icatiorr. For the purpose of th is Agr eernent, an electron ic comrnunicatiorr will be treated as being in writing. (b) Tlre contact details for all notices in connection with this Agreernent are as set tbrth in Anncx l. Any Party rna1, changc its contact dctails by giving tive Bttsiness Days'notice to the other Parry. Where a Party nominates a particular departrnent or officer to receive a notice, a notice will not be effective if it tails to specify that department or officer. (c) Except as provided below, any notice in connection with this Agreernept will be deerned to be given as follows: o ifposted, five days after being deposited in the post, postage prepaid, in a correctly addressed envelope with a copy delivered by fax or by e-rnail; (ii) if by fax, when received in legible forrn; and (iii) if by e-rnail or any other electrouic conrntunication, orr receipt. Any conrrnurrication received on a non-\.\,orkirrg day or after business lrouls in the place of receipt will only be deemed to be given on the next working day in that place. 20170404_Georgia_VACE_EUR_7mn_Export_Credit_Agreenrcnl_Exeuution Copy Final 23 Execution Copy I I .2 Waivers, Remedies Cumutative No failure or delay on lhe part of privirege hereu,der a,d no course slrall operate as a *ai'cr thereof; po\ver or. privilege hereu,der exercise of any other right, the Lendcr in exercisi or- dearing between th. nor s'all an,, si,glc I any right, power or B ,.",:;':,:;:::jj:TilT: ",. precludc any other or further exerclse thereof or the power or privirege. The rights expressly provided are cumulative the Lender would otherwise have. shall entitle the flerl'elvsr to any sante circutlrstances or constitute further action in reration to such and rerrredies herein and not exclusive of any rigrrts No notice to or demand on the or remedies which Borrower in any case other or further notice or. delnand in respect of the a waiver of the righrs of the Lender of arry other or circurnstances rvitrrout notrce or denrand. I 1.3 Partial Invalidiry If, at any tinre' any provision of this Agreement is or becomes iregar, invarid or any law of any juriscriction, neither the regarity, validity or e,fbrceabiriry of the renraining pr-ovisions nor the regarity. varidity or enfbrceabirity orsucrr provisron under.thc raw of any other jurisdictiJrr wi, in any unenforceabre i' ary respccl uncrer be affected or irnpaired and the parties thereto wiil use thcir the irtvalid provisio, so as to rerrder expressed therein. n.4 way best errdeavours to revisc it enforceabre in accordance with the intention Assignment (a) The Borrower may not witrrout transfer the whole or any part this Agreerrent. (b) the prior written consent of the The Lender r,ay assign or transfer full or in part to: (i) Lender assig. or of its rights and obligations under or irr respect of any of its rights and obrigations hereunder in OeKB; (ii) the Republic olAusrria; andlor. (iii) any nrenrber of UniCredit Croup without the prior consent of the Borrower. (c) The Lender may assign or transfer any of its full or in part to any other assignee lvitrr provided however that: (i) such consent not to be unreasonabry given if ,o repry has been received witrrin 30 (thi,,y) carendar days 20 1 7040.1_Ccorgra rights and obligations hereunder in the prior .onr.n, of the [Jorrower, withherd and deemed to rrave been by the Lender fi.om trre Borrower. of service of a request for co,sent, _VACE LtJII_7ntn_Expofl_Credrt_Agrucntc[l-l]xecutron and Copy Frnal 24 \ Execution Copy (ii) sttch conselrt is rrot lequired if an Event of Default Default has occurred and is continuing. I 1.5 or a potential Event of Amendmcnts to the Agreement This Agreenlent rnay not be rrodified or arnended other than by wr.itten instrurnents, provided that any such nlodification or amerrdrnerrt shall enter inlo force when duly signed by the parties and ratified by tire parliarrent of Georgia. II 6 Confidentialiry, (a) Sub.iect to Section il.6 (b) berow. ail inforrnation rerating ro this Agreernert, whether in written or oral forrn, shall be co,fidential unless it has r.eached the public dornain. Each party (the "First party") undertakes that it wiil not, without the prior written consent of the other party, discrose any inforrnation to any person: (i) except to directors, enrployees, agents andlor adviser-s such confidentiar of the First party or a,y affiriate or any agency of the First party, to whonr, in the First party disclosure of sucrr inforrnation is necessary the opinion of to enable the First Party to cornply with its obligations under this Agreernerrt; (ii) except to compry with any requrrcrnent of Iaw or request of any goverlrnental or regulatory agency or rn connection witlr any litigation, arbitration or other court proceedlng: or (iii) exccpt to directors, employees, agents and/or advisers of the First party any affiriate or any agency of the First party, to whonr, or in the opiniorr of tlrc First party disclosure of sucrr information is necessary First Party to cornply with any internal approval regulations to errabre the fronr tinre to tinre. (b) The Lender rnay discrose any irrformation rerating to this (i) OeKB; (ii) the Republic of Austria; Agreerrert to: (iii) the Project Exporrer; (iv) any rnember of UniCredit Group; and (v) a prospective assignee or transferee or to any other person or conrpary wlto tnay propose entering into contractual relations with the Lender in relation to this Agreenrent 20170404_Georgia_VACE_EUR_7nrn_Export Crcdrt_Agreetnent_ExccutiorrCopyFirr;rl 25 I t! f' Execution Crpy and shall proctlre that such persons tleat colrfidcntial to tlre extent set out in (a) above (c) the inforrnation disclosed as Eacrr Party herewith agrees that trre otrrer party may disclose, especiaily for adve,liselnetlt purposes, the fbllowing infornration pertaining to this Agreerre,t: (i) narle of otlrer party: (ii) date of this Agr.eenrent; (iii) atnount, currency and type of the Facility; (iv) purpose of the Facility; (v) terrns of repayment; (vi) any other inforrnation agreed between the parties. Sucrr discrosure may take prace in form of so-cared ,,tombstones.., pubric announcemerrts and advertisenrents in newspapers, electronic rnedia 12. internar pubrications and/or ENTRY INTO FORCE This Agreement shall enter into force whcn tlre Parliament of Ceorgia duly signed by tlre parties and r.atified by 20170404- Ccorgia_VALit: EUR_7nrn Erport_Credrt_Aerucrncnl_Exccut jpn Copl, Frnal 2(r E,xecution Copy ANNEX I PARTIES The Borrou,er: Nalne: Ceorgia, acting by and through its Ministry Departntent Public Debt and External Financing Address: l6 V.Gorgasali street, Tbilisi, Ceorgia Te I eph on e: +995 322261450 Fax: +995 322262423 E-rnail publicdebt@rnof.ge Nartre: UNICREDIT BANK AUSI'RIA AG Address: Schottengasse 6-8 of Finance l-hc Lcndcr l0l0 Vienna, Austria Departlnent: 8243 Structured Trade and Exporl Finance Telephone: + 43 50505 _ 56914 Fax: + 43 50505 _ 503 r 8 E-nrail theresia. weyrr iers@unicred itgroup.at Attn. Mrs. Theresia Weyrniers 20 I 70404_CeorSia_VACE_EU R (STEF) Trrn_Export_Crcd il_Agrecrnctrt_Execurron Copy Final 27 ,{ Execution Crpy ANn*EX 2 PROJECT The Proiect: "Georgian Rcsearch Irrstitute for Errergy and llyclrotechnics" with a lotal Pro.icct value of EUR 7,000,000. Proiect Bxporter: VACE Systerntechnik GmbH Wahringerstr. 34 4030 Linz A ustria Proiect Buver: Georgiarr -l-echnical University - Tbilisi Kostava Str. 77 0175 Tbilisi Ceorgia Purchase Agreement: Cor.rtract no.228-2015 dated lst / 3Oth Septernber 2016 between the Project Exporter artd the Project Buyer for the procurement, transport, and delivery of educational and resealch equiprnent, tnachines and other teaching and lecturing aids, as well as, installation and training for staff. 20170404_cc'orgia_vncE-EUR_7nrrr_Fixporr-Credir_Agrccnenr_Execuriun Copv [jinat 2g I Execution Copy ANNIIX 3 CREDIT FACILITY I Credit Facility (Secriorr 2.1) An anrount not exceeding EUR 7,000,000 (Euro 2 Availabiliry period (Secrion 2. t b)) The period fiorn and including the Closing inclLrding the day falling lhc carlier (i) (ii) Date (as defined in Section 7) to arrd of: 30 rnontlrs after the Closing Date; and 3 l Decernber 20l g or any later date as the Lender may specify 3 seven rnillion). from time to time. Interest (Section 3. l) 0 (zero) per cent per annutn \ Default Interest (Section 3.3) The Lender's refinancirrg costs based on the interest rate as reasonabry deterrrrined by the Lender at lhat time (and if such inte'cst rare is below ze'o. the interest rate will be deen.red to be zero) plus a rnargir.r of 2 %o (two percent) p.a. 5 Commitment Fee (Section 4.1) 0.50 % (zero point tifry) per cent per. 6 annum. Management Fee (Section 4.2) 0'50 % (zero point fifty) per cent flat of the totar amount of trre credit 20 r70404-Gcorgia-vACE Facirity. EL-rl(-7Drn-Exporr-Credir-Agrecnre.l-[xccurinrr copy rrrnar 2g I \ Execution Copy l OeKB Guarantee premium pal,able up_front (Section 4.3 a)) EUR 21,875 (as an indication at the dare of rhis Agreernenr). The flnal anlount will be deterrnirrecl by oeKB upon issuance 8 of rhe oeKB Guararrtce. OeKB Guarantee premium payable as margin (Section 4 3 b)) 1.00% (one per cent) per annunr (as an indicatiorr at thc date of this Agreement) The final rate will be deternrined by oeKB upo, issuarrce of the oeKB GLrarantec. Accordir:g to the oeKB Guarantee, the oeKB Guar.antee premiurr is supported by the Austrian Federar Ministry of Finance by payabre as rnargin a deveroprnent_poricy rnotivated reduction of 40 %o arnounting to EUR 530,g33.33 (as an indication at the date of this Agreernent). 9 Handling Fee of OeKB (Section 4.5) EUR 1.440 l0 Mandatory Repayment Dates (Section 5.1) ln 26 (twenty six) equar consecutive serni-a.nuar rcpayment instarnrents. The first sttclr repayment instalment to be due on the date wlrich (i) 54 rnonths after the date of the final delivery; and (ii) 84 months after the Closing Date; and is the earlier ofi (iii) 30 June 2024. I I. Voluntary Prepayment Amount (Section 5.2) EUR s00,000 20r70404-ccorgia-vAC[- Irt.rR-7nrn-Iixporr-crcdrr-Agreen)er]r_E\ec.rron ciopy rrinar J0 Execution Copy ANNEX 4 PAYMENT PROCEDURE No Borrowing is pernritted unless: (a) the amount ol'the proposed Borrowing is less than or equal to the aggregate arnount of the Credit Facility ntinus (i) the aggregate amou'rt of any outstanding Loan .nder the Facirity; and (ii) in to ary proposecr Borrowing, rhe aggregate amourt of any 'elation Borrowing that is due ro be nrade on or.berore the date of the proposed Borrowing. (b) the date of the p'oposed Borrowing falls to be made on a Busi,ess Day within the Availability Period; (c) tlre Lerrder is satisfied that the oeKB Guarantee and the oeKB refinancing agreement apply in respect of the proposed Borrowing and all present and future interest relating thereto; (d) no Event olDethLrlt is continuing or would result tionr the proposed Borrowirrg; and (e) the representations made by the Borrower under Sectiorr 9. I are rrue in all material respects. 2 The Borrowet'ltcrewith authorises the Lender irrevocably to disburse any Borrowing directly to the Project Exporter up to thc totar rnaxirnunr or BUR 7,000,000 presentation by the Project Exporter to the Lender of the following against clocurnents (eaclr of them in form and substance satisfactory to the Lender) (the ..Disbursement Documents"): (a) Advance Paynrent, being 25% of the total amount of the purchase Agreement i.e. EUR 1,750,000: (i) I (one) original and 2 (two) photocopies of the valid export licerrse issued by relevant authorities of the Project Expofter and/or nranylhctLrrer,s country or a statement issued by the project Exporter certifying trrat no export license is required; (ii) I (one) originar and r (one) dupricarc copy of the Acrvance paynrenr cuarantee issued by thc project L-xporter's Barrk in favour of the pro.ject Buyer co'ering 25 %o (twenty five percent) of the rotar anrotrrl of rhc Purchase Agreernent, i.c- EUR 1,750,000, specinren of whicrr is specified 20 r 70404-Georgia-vACE-tUR-7mn-Exporl-credit-Agrccnlcrt-Execution Copy Frnar J r I ! Execution Copy in Appendix 5 of the pLrrchase Agreetnent, valid up Project; to the end of the (iii) 3 (three) originals of Project Exporter 's rnanually signecl invoice indicating the antount to be paid, (b) Pavlnent for Contract Equiprnent beingT5ok of the total anrount of the pLrrclrase Agreement i.e. EUR 5,250,000, to be paid pro rata (i) comrnercial upon each shiprnerrt: r (one) photocopy of cMR truck bi, andror Bi, of Lading; or in case o' air derivery r (one) originar and r (one) copy of Airway Bil, or irr case of local delivery I (one) copy of delivery note, or in case of storage of tlre Contract Eqtripment itl a warehouse I (one) original notifying the project Buyer; of warelrouse receipt (ii) 3 (three) originals of Project Exporter's manually signed comrnercial invoice indicating the arnount to be paid; (iii) I (orre) originar and 2 (two) dupricare copies of detaired packing indicating the shipping weight. nur.nbc. and the date risr of the corresporrcling tnvotce; (iv) I (one) copy of fax or eruail advising the project Buyer ot'the irnmediately after it is rnade; delivery (v) Fo'the rast srripment, l (one) originar arrd r (one) dupricate copy Warranty Bond isstred by the project Exporter's of trre bank in favour of the Project Buyer covering 5 Yo (five percent) of the price for t6e Contract Equipnrent i.e. EUR 350,000, specimen of wrrich is specified in Appendix 6 0f the purchase Agreement, varid up to the expiration of trre warranty Period for the Contract Equipment. ) Each of the Disbursernent Docurnents shall be in English orGerrnan. If not in English or certnan (and if so required by the Lender) a certified German shall be attached to said docLrrnent 4 Each anloLtnl disbursed under the Facilitl, shall be transferred by the Lcncler (o such account as the Project Expor.ter rnay by notice lo 5 translation i, English or Partial deliveries and partial disbursements are the Lerrdcr direct allowed. The Lender shall promptly notify the Borrower of each Borrowirrg which has been effected by sending a written notification to the Borrower, setting out the exact amount and the value date of the effected Borrowrng. l After a Borrowing has been effected to the Project relevant docurnents to the Bor.rower by separate 8 Exporter, the Lender slrall rernit the courier_ser.vice. The Lender: (a) deals in docurnerrts onry and wiil not be concerned witrr the regarity of a clairn 20170404- (ieorgia-\/ACE-EtJn-Trrrrr-Exporr-Crcdrt--Agrecmerr [rxecurron c.opy Firar -i2 \ Execution Copy or any Disbtlrselllellt Docutrterrt ot'othcl docurncnI any avairabre sct-ofl, cor-rntercrairn or any other. or LrntJerlying transaction or defence of any person; (b) ,ay rely on trre sufficiency, accuracy or genrineness of any crairn Disbursement Docurrent or other docunrent (or, or of a.y in arry such case, sigrature the,eon) derivered to it and which appear.s on its race to be in order and is not obliged to enqrire into the capacity of, or any rimitation person srgnrng any crainr, Disbursernert Docurnerrt (c) of powcrs ot, any or docurrrent; and is not obliged to carlJ out any investigation or seek arry confirrnation fiorr any otlrer person before rnaking a Disbursernent under this 9 The Lerrder assu,es no riabirity or responsibirity for genuineness, falsificatiorr or legal effect of any Agreernent. the forrn, sufficiency, accuracy, Disbursemerrt Document(s), or for the general and/or particular conditions sripulated in the Disbursement Documerrt(s) or supe'inrposed thereon; nor does it assume any riability or responsibirity fbr the description, quantity, weight, quarity, condition, packing, derivery, varue or existence of the goods or services represented by any Disbursement Docunrent(s), or for the good faith or acts and/or omissions, sorvency, perforrnance consignors, the carriers, the forwarders, the consignees any olher person whonrsoever. 20 I 70404-Georgia-vACE- E U R-7nrn-Expo or. standing of the or the insur.ers ofthe goods, or rt-Crerr i r-Agreen:en r-Execu t ion Copy Firrar 3 3 I Execution Copy ANNEX 5 FORM OF CONFIRMATION THAT THE PTJRCHASE FULL FOITCE AND EFFECT AGREEMENT IS IN [Let terhead of P roj ec t Export e r) To UniCredit Bank Austria AC Dept.8243 Attn. Mrs. Theresia Weyrniers Schottengasse 6-8 l0l0 Vierrna, Austria .... . .....lplace and date) Ref' EUR 7,000,000 Export credit Agreemenl no. 234.800 dated 4 April 20t7 between Georgia acting by and through the Ministry of Finance as Borrower and Unicredit Bank Austria AC, as Lender (tlre ..Export Credit Agreement,,). Dear Sirs, we hereby confirtn to you tlrat the Purchase Agreement Septenrber 2016 between VACE systemtechnik has conre into force on no.22g-2015 dated Ist i 30th GmbH and the Georgian Techrrical University Best regards [Project Exporter) 20 r 704 04-(icorgra- VAC u-t:, rt-7rrn- rixporr-crcd ir-Agrccrncn t-Exce ul ion Copy [:rna r 34 Execution Copy ANn-EX 6 FORM OI- ACCIIPI'ANCE OF APPOINI'MENT OF PROCESS AGENT [Letter hcad of Em bassy) To UuiCredit Bank Austria AG Dept.8243 Attn. Mrs Theresia Weyrniers Schottengasse 6-8 l0l0 Vienna, Austria Acceptance of Appointmcnt of process Agcnt .. ........[plnce ond date) Dear Sirs ReL EUR 7,000,000 Export Credit Agreement no.234.800 dated 4 April 2017 berween Georgia acting by and through the Ministry of Finance as Borrower and UniCredit Bank Austria AG, as Lender (the ..Export Credit Agreement"). l ' I ref'er to Section 10.3 (Process agent) and ro Section 7 (a) (vii) (Conditictns Precedent) of the Export Credit Agreenrent. Unless otherwise defined therein, ter.rns detlned in tlre Export Credit Agreenrent have llre same meaning acceptance. 2' in tlris letter of I hereby accept the appointment of the Embassy of Georgia in Republic of Austria as the authorised process agent for Georgia for service of process in relation to ary proceedirlgs before the cotnpetent arbitral tribunal in connectiorr with the Export Credit Agreenrent. 3. My address for trotices is: Anrbassador of Georgia in the Republic of Austria t....1 tl t.... ....1 Should there be any change of nry address I shall notify you in writing without delay. 20r70404-ceorgia-VACE-EUR-7n:rr-Exporr-credir-Apreerrenr_Execution copy Finar 3-5 I Execution Copy 4 It is understood that this acceptance of appointrnent shall neitlrer subject nre to the lurisdiction of arry Court in the Republic of Austria, nor u,ill it constrtLrte any waiver of the diplomatic itllnlutrities and privileges enjoyed by rne as the Arnbassador in terrns of the V ienna convention on Diprornatic Rerations for.Georgia of r g Aprir .l 96 r . Best regards Arrbassador of Georgia in the Republic of Austria 20170404-Ceorgia-vACE-EUR-7rnn-Exporr-Crcdit-Agrccnrcnr-Execurron copy r--,ar J6 t; I Execution Copy S]GNING PACE lN WITNESS WHEREOF the parties hereto above in two of or.iginals in the Englislr have executed this Agreenrenl language. the date written GEORGIA acting by and thr-ough the Ministry of Finarrce ISea l:] ') i ,n i 1,.1 I(.*,, s., l.lr, i,., I' Min,sf.. ' i F'n,i,..j ti Lc /i/ l/. 1:1 UNICRBDIT BANK AUSTRIA AG Adele Motal Managing Director L1 Lt .l-C Director 1[ 20170404_Ceorgir_VACE EUR 7nrn.-E,rport_Crcdit_Agrecrnetrt_Exccutron Copy F-inal 37 !it! I