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tD 1885 FRAMEWORK LOAN AGREEMENT between COUNCIT OF EUROPE DEVELOPMENT BANK and GEORGIA Rehobilitotion oJ Public schools in Tbilisiond hcreosing Energy Elficiency TABLE OF CONTENTS 1, INTERPRETATION " 1.1 Definitions .......... " ' 1.2 construction . ....... Headings ..... 1I 1.4 Rounding... -.. ..."" "' " 2. CONDlTloNs..... 3. 4_ FTNANCIAL coNDlrloNs.... ...... ... " " ""' ' 4.7 Loan Amount... ...." "-' 4.2 DisbursementAmount' 4.3 DisbursementProcedure 4.4 Disbursement Period " 4.5 Disbursement Conditions"" "" "' 11 11 11 11 4.7 Eariy Reimbursement ' 4.8 lnterestDetermination 4.9 Default lnterest Rate" ' 410 Market Dlsruptron Event"" " """ " " 12 12 14 4.11 PaYments....... 74 5, PROJECT IMPLEME NTATION,., " ,",,,..,"-.,' 5.1 DutYofCare....." "' ' 5.2 AllocationPeriod...."" 5.3 Project Costs. . . ."" ' 5.4 Project Specific Undertakin8s " " " 5.6 Environment . ..... ... -' 5.7 Human Rights.,, " 5.9 Visibility........"' 6. MONlTORlNG.... ... 6.1 RePortin8......""" 6.2 Visits...... .................. " " ' 6.4 Projectlnformation 6.5 Borrowerlntormation.. 14 14 ' 74 15 15 15 15 16 11 l7 11 18 18 .18 18 19 ',, 19 19 7.3 Prepayment to Thrrd Parties "" "" 8, REPRESENTATIONS ANO WARRANTIES ..,.., ' S. THIRD PARTIES 11. A5S1GNMENr...... ....... .. 12, GOVERNINGLAW...,,,,'' 15. TAXEs AND EXPENSES, 16 17. DtSCHAR6E............ TNTRY INTO FORCE APPENDIX 1 APPENDTX 2............ APPENDIX 3 19 20 20 20 21 21 21 21 22 72 72 24 30 31 33 /,,,, 3 organisation with its headquarters at EANK' international COUNCIt OF EUROPE OEVEIOPMENT one hand' (hereinarter' the "cEg" or the "Bank")' on the 55' Avenue il;";;;:;;;;;'.itrance) and "Borrower" and of Finance of Geor8ia {hereinafter' the GEORGIA represented by the MinistrY iit-, "p*i""" "na "ach a "ParV')' on the other hand' together with the ii" WHEREAS submitted bY Geor8ia on 23 February Admi;istrative Councrlon 17 March 2016' lA) Having regard to the loan apphcation (B) to the General Agreement Having r€8ard to the Thircl Protocol of EuroPe dated 6 March 1959' lC) Having regard to the CEB'S Loan iioz izoir) 2016' approved by the CEB's on Privileges and lmmunities ol the Council Regulations' a5 adopted by the CE8's Administrative (rt"'"in"rt"r, the "toan Regulations")' and Proiect Financin8 Poli'Y' as adopted lD) Having regard to the CEB'5 Loan (E) Policy' as adopted Havin8 regard to the CEB'5 Environmental (F) '' ' Guidelines' Having re8ard to the CEB'5 Procurement zorl (hereinafter' the "Procurement Guidelines")' a"r".l, *"?frti"" {2013)(herein'fter' the l-oan Council Resolution by the CEB'5 Administrative PolicY")' 'so2 n"rotJtiorirSro (Zoro) {hereinafter' the'Environmental by the cEB's Administrative Council Policy") a5 adopted bY the cE8's Administrative council in i"pt"i,uJ, 17 the CEB and,the Kingdom of Spain dated between Agreement Account Trust the Havint regard to the "Spanish Social Sociat cohesion Account-(hereinafter' ,,scA Ag'eement,,), september 2oo9 establishing ;;;';:;; ,scA"), time to time, (hereinafter, the (C) cohesion Account,, or ";;.;;;i.;; Reconstruction and the CEB and the-turopean Bank for between Agreement Fundin8 to the Having reBard terms iip n"glonut Fund' dated 18 october 2015 settins out the Development, as Fund *""","loi ii" (hereinafter' the "EsP O, ;h;E5P Regional FLrnd to the Proiect .oninirion fin.n.,., of a and conditions the "E5P tunding Agreement")' Grant"), as amended from tlme to time' {heieinafter' (H) HERIEY AGREE A5 FOTLOWS: 4 \ 1. INTERPRETATION 1.1 Oefinitions the meaning indicated The following terms shall have framework loan "Agreemene means this below' extept as the context requires otherwise: atreement' including its appendices' Borrower ,Alloaation,, means the commitment of a Tranche by the to the component parts of the Project eligible Lrnder the Loa n "Allocation Petiod" hasthe meaninB specili€d t,|nder Sub'clause5 2' "8usiness Da/'meansi .' . 2 {the Trans European Automated any day on which TARGET ln relation to payments in turo' :,::;;il"i;x;ress rransrer sYstem) is operatins; Real'time and co.1:1:,:, 0,n,, "." open for business in UsD, any daY on which {i) m.de (TIans be to payments to ln relation i"' o1 46p1163;-and-lrr) the TARGET 2 svste'n (entre II tit""' financial in the orincipal " 't"i'tt' Express Transfer sYstem) it operatinE' European Automated R*l-tiln" .closing Date,' ;;;s;h;;nt Appendix t hereto means the date specified under from which no further disbursements may be requested by the Eorrower' "Completion Report" has the meaninB specified under Sub'clause ,,currancy', means, for the purposes of the ABreement' 6 1' turo or ljso' of daYs between two Ior determining th€ number convention the means "Dav count convention,, Disbursement Notice specified in the relevant t """#"ii"v' 'n dates and the v"tr ,,Debr rnst.ument,, means (i) any roan or o":i':l:.::.j,;:^::"1:#1l"":i;ilr'l lillllx'""#;i::Ji:T"":l '.";:i:::l'i::"#":i"i,il::ii,::',"#Jil;"ilil#;;r:l"l':".:.1:J"iX,,:l'""J,01":"J':ii#.:.1 l"i.'n".,i",.,,*.""u. rii,r " 1ia,o;;;;;""ll,i#l:;ljlllllJ.1:::Iliffiil;;;l;i,ni"u,"an",,or or (iv) an instrument evlr indebtednes5; another. ,,Delault tntercit Rate' has the meaning spe'ilied under Sub'clause 4 9' ,,Disbu6ement Date,, means the date on which a Tranche is scheduled to be disbursed pursuant to the applicable Disbursement Notice. "Oisbursement Noti.e" has the meaning specified under 5ub-clause 4 3 ,,Disbursement Request''has the meaning specified under Sub'clause (b)' 4'3 (a)' ,,EerlYR€imbursementconfirmation,,hasthemeaningspecifiedunderSub-clause47 'Early Reimbursement Costs" "Early Reimbursement Date" has the meaning specified under Sub clau5e 4'7' has the meaning specified under sub-clau5e 4'7' (vs "Early Reimbursement Notice" has the meaning specified under Sub clause 4 7' "Effective Date" means the date oI entry into force of the Agreement resulting frorn Clause 17 "ElJ" means the EuroPean Union. "EU Procurement Direatives" has the meaning specified under sub_clause 5 5' "EURIBoR,,meansthepercenta8elalepelonnu,rquotedonthepaSetURlBoRolofiheThomsonReuters 11 a m' screen (or on a successor pa8e which replaces the Thomson Reuters' paSe EURIBORoI) at or about by the Brussels time on the lnterest Determination Date as the Euro interbank offered rate administrated rate) for the Elropean Money Market lnstitute (or any other entity which takes over the administration of that same period as the relevant lnterest Period. lf the relevant lnterest period is not the same as a period quoted bY Thomson Reuters, the applicable EURIEOR shatlbeth€percentagerateperon/lumresultintfromatinearinterpolationbyreferencetotwo(2)EUR|BoR rateslorEurotermdeposits,oneofwhichisapplicableforaperiodofwholemonthsnextshorterandtheother for a perlod ofwhole monihs next longer than the len8th ofthe relevant lnterest Period' ,Euro,, and the si8n ,,EUR,, means the lawful currency of the Memb€r states of the EtJ which from time to time adoptita5theilcurrencYinaccordancewiththerelevantprovisionsoftheTreatyoftheEUandtheTreatYonthe Funationing of the EU or their succeeding treaties' "EuroPeanconventiononHurnanRights,,meanstheconventionforthePlotectionofHumanRightsand Fundamental Freedoms dated 4 November 19S0, CETS n' 5, as amended from time to time' "Europeansodalchatte/meanstheEuropeansocialch'rterdated3May1995'CETSne163'asamendedfrom time to time. "ESP"means the tastern Europe EnergY Efficiency and Environment Partnership' an initiative the luly 2009 which brints authorities proposed in the context ot its Presidency of the European Union commencint Union represented by the together the EU Eastern partnership countries (as Recipient Countries), the European international financial institution5 (lFls) Euiopean Commission (Eu) and bilateral donors (as contributors), and the swedish activeinthere8ion(aslmplementintAEencies)tocoordinateandacceleratetheimplementationofenertY efficiency and environmental projects, re;tin' in a si'nificant energy savings, reduction and other greenhouse 8as (GHG) emissions of carbon dioride (CO2) ,,Final Eeneficiaries,, are specified under Appendix t hereto as the Sroup benefittinS from the social effe(ts of the Proiect. ,,Fired lnterest Rate,, meaos the interest rate peronnum specified in the applicable Disbursement Notice,,FloatinS lnterest Rate,, means the interest .€le pet onnum determined by adding or subtracting the spread specified in the applicable Disbursement Notice to or from, as the ca5e may be, the Reference Rate' For the avoidance of doubt, when the determination of the Floatint lntere5t Rate results in a ne8ative interest rate (due to a quoted negative Reference Rate, to the operation of a Spread that ls subtracted from the Reference Rate or to any other circumstances), the interest to be paid by the Borrower for the lnterest Period shall be deemed to be zero. "lnterest Determination Date" mean5, for the purposes of determination of a Floatint lnterest Rate, the day falling two (2) Busines! Days prior to the first day of the lnterest Period, unless otherwise specified in the relevant D;sbursement Notice. /*6 . .,lnterest PaYment Dates,, means the dates for the paYment of interest corresponding to the relevant lnterest Period specified in the applicable Disbursement Notice. ,,tnterest Period" means the period commencing on an lnterest Payment Date and ending on the day immediately prior to the following lnterest Payment Date, provided that the first lnterest Period applicable to each Tranche shall commence on the Disbursement Date and end on the day immediately prior to the next lnterest Payment Date. "Loan" means the loan tranted to the Eorrower by the CEB by means of the ASreement' "roan Amount" means the amount sDecitled under sub_clause 4.1 "Ma*et Dlsruption Evenf has the meaning 5pecitied under sub'clause a'10' ,,Matedal Adva.se chang€" means any event which, in cEB's reasonable opinion, (i) materially impairs the Borrowe/s ability to perform its financial obligations under the Atreement; or (ii) adve.sely affects any SecuritY provided by the Borrower to secure the due performance of the Borrowe/s financial oblitations under the Agreement. .,Maturity Date" means the last Principal Repayment Date for each Tranche specified in the applicable Oisbursement Notice. ,.Modifled Followint Business Oay Conventlon" means a convention wherebY if a specified date would fall on a Day uflless that day day which is not a Business Day, such date would be the first following day that is a Business Day. fa s in the next calendar month, in which case that date would be the first preceding day that is a Business ,,principal Repayment Date(s),, means the date(slfor the repaYment(5) of principal under each Tranche specifled rn the applaable Drsbursement Notr(e. ,,principal Repayment period" means with respect oI each Tranche the period runnint from its Disbursement Date to its Maturity Date. "Prog.ess Repott" has the meaning specified under 5ub'alause 6'1 (a)' "Prohibited Practi.es" has the meaning specified under sub_clause 5'8' "proje.y means the eligible investment schemes set fonh under Appendixl to be partially financed with the loan approved by the CE8's Administrative Councilwith ref. tD 1866. ,,proiect lmplementint Entity,, (hereinafter, the "PtE") means the letal entity that, by deleEation of the 80rrower, is in charge ofthe implementation ofthe Project. 'Project lmplementing Unit" thereanafter, the "PlU") means the team appointed by the Plt in charBe of the day to-day management of the Project. "Projected State ol Progress ot Works" means the ratio of eligible expenditures, for allthe con'rponent parts of the project, to total eligible cost of the Project, where elitible expenditures include already_incurred expenditures as wellasthose that are expected to be incurred for a determined period of time not exceedin8one (1)year from the date ofthe last Progress Report. "Referenae Rite" means EURIBOR for a Floating lnterest Rate Tranche denominated in Euro. "Sacurity' mean5 any atreement or arraneement areating a preferential rank, a preferential riBht of paymeot, a collateral or guarantee ofany nature whatsoeverwhich might confer enhanced rights upon third parties. Av, 1 ,,spanishsocialcohesionAccound,meansanaccountestablishedatthecEBbYtheK.ngdomofSpainforthe a special pr?pose ot s,,pponing the social cohetion objectives pursued by the CEB in its Member States' with focus on its tarBet countries, bY providing technical assistance grants' Tranche, the fixed-spread to the Reference Rate "spread,,means, in connection with a FloatinE lnterest Rate (being either ptus or minus) .pecified in basis points in the applicable Disbursement Notice ,,state ot progress ot works" means the ratio of alreadY-incurred eligible expenditures, for all the component parts ofthe Proiect, to totaleliSible cost oI the Proiect. 5.anahe" means an amount disbursed or to be disbursed under the [oan' "U.S. Dollar". "Dollar", "U.S.S", "$" and "USD" e.ch means the lawful currency of the United States of America' ,,uso-Ll8oR" means the rate for deposits in u.s. oollars determined by the British Bankers Assoaiation every percentage rate per annum working day in London at 11 a.m and pubtished on Reuters page USDIIBOR the quoteion Reuters' pa8e USOLIBOR (or on a successor pa8e which replaces Reute15' pate USDLIBOR) at or about ll.45a.m.LondontimeonthelnterestDeterminationDateastheUsDinterbankofferedrateadministeredby lc€BenchmarkAdministrationLimited(oranyotherentitywhichtakesovertheadministrationofthatrate)for the Same period as the relevant lnterest Period' quoted by Reuters, the applicable USD-L|8OR shall be tf the relevant tnterest period is not the same as a period to two (2) USO_LIBOR rates for the percentaBe |.ate p"r annum resultinS from a tinear interpolation by reference usotermae-posits,oneofwhichisapplicableforaperiodofwholemonthsnextshorterandtheotherfora perlod of whole months next lonter than the length of the relevant Interest Period' 1.2 Construction Unless the context otherwise requires. references to: a) this Agreement shall be construed as references to this A8reement as supplemented' amended or restated from time to time; b) ,,clauses,,, ,,5ub-clauses" and "Recitals" shall be construed as references to clauses, sub'clauses and recitals respectively ofthis Atreement; and c) words importing the singular shall include the plural and vice-versa' 1.3 Headints HeadinBs in this Agreement have no legal si8nificance and do not affect its int€rpretation' 1.4 Roundint For the purposes of any calculations referred to in thiS Agreement: (a) all percentates resulting from such calculations other than those determined through the use of interpolation will be rounded, if necessary, to the nearest one hundred'thousandth of a percentate point (e.g., g.876541yo lot.09876541) being rounded down to 9 87654% (or '0987654) and 9.876545% (or .09876545) being rounded up to 9.87655% (or .0987655)); {b) all percentages determined through the use of linear interpolation by reference to two (2) relevant Reference Rates will be rounded, if necessary, in accordance with the method set forth in subsection (a) above, but to the same degree of accuracy as the two (2) rates used to make the determination (". (except that such percenta8es will not be rounded to a lower degree ofaccuracy than thousandth of a percenta8e point (0 001%)); and the nearest one (c) all currency amounts used in or resulting from the above calculations will be rounded' otherwisespecifiedintherelevantCurrencydefinition'tothenearesttwodecimalplacesinthe rounded down to 67 and '675 relevant curiency (with .OO5 being rounded upwards (e t, 674 beinB unless beint rounded uP to .68) 2. coNolTloNs The[oanisSrantedundertheEeneralconditionsofthei-oanRe8ulationsandunderthespecialconditionsofthe Agreement. 3. PURPOSE The CEB 8rant5 the Loan to the Borrower, who accepts it, solely for the desc.ibed under ApPendix t hereto. purpose of financin8 the Project as ihe CEB's approvalwould constitute an event in Any change to the way the Loan is applied that has not received suspension or th; terms of Articte 3.3 (h) of the Loan Retulations and may tive rise to the early reimbur5ement. cancellationoftheLoanunderthetermso-fAnicles3,3|Eorlyreifibulsementoldisbursedloons),3,5(SuspenJion iv ti"ion* ol unairirued loons) and 3 6l1oncetlotion by the Bonk of undisbursed loonsl of the Loan Regulations' 4, nl{ANclALcoNDllloNs 4.1 loan Amount The Loan Amount is: fourteen million Euros ruR 14 000 000 lf a Tranche is disbursed in a Currency other than the one in which the toan Amount is denominated' the on the basis of the exchange rate calculation of the undisbursed balance under the Loan shall be computed the relevant Disbursement qrot"a Uy furoparn Central Bank on the Business Dav preceding the issuance of tl" Notice. 4,2 Disbu6ement Amount The Loan shallbe disbursed in a minimum oftwo (2)Tranches' of Works and/or the The amount of each Tranche shall be determined according to the State of ProSress per cent {50%) of the fifty pr;jected State of protress of works. The amount of the first Tranche shall not exceed Loan Amount. 4,1 Disbu6ementPrGedure The disblrsehent of each Tranche is determined through the following procedure: (a) Disbursement Requesl prior to each disbursement, the Eorrower shatl submit to the CEB a disbursement request substantially in the form set out !nder Appendir 3 hereto (hereinafter, a "oisburseinent Requeit"). 6. A Disbursement Request shall specifYthe proposed: (i) (ii) Currencv(ies) and amount(s) for the Tranche; Disburgement Date; such Oisbursement Date shall be a gusiness Oay falling at least five (S) Business Days bul not later than twenty (20) Business Days after the date of the Oisbursement Request; (iii) into account that the Principal Repayment Date(5), including the Maturity Date' takinS (20) years including Principal RepaYment Period for each Tranche shall not exceed twenty years; a trace period not Breaterthan five (5) (iv) maximum Fixed lnterest Rate or maximum Spread to the Reference Ratei (v) lnterest Period and lnterest PaYment Dates; (vi) Day Count Convention and Business Days; and (vii) Borrowe/s account for payments' Each Disbursement Request delivered to the CEB shall be irrevocable, unless otherwise agreed in writing by the cE8. {b) Disbursement Notice DiSbursement Request requkements set out lf the cEB receives a Disbursement Reque5t that complies with the Conditions as defined in sub'clause 4 5 i"U-.f-* a.X")"U"re, and if all other relevant Oisbursement Borrower a fulfilled by the Borrower' the cEB shall deliver io the .,Diibursement tiii"n".*, conditions) below have been Appendix 3 hereto (hereinafter, a o,'**,"* notice sUbstantially in the form set out underleast two (2) Business Days before the proposed Disbursement Notice shalL be delivered at *.,i.";f ".f, Disbursement Date. A Disbursement Notice 5hall specify: (i) Currency{ies) and amount(s) for the Tranchei (i0 Disbursement Date; (iii) Principal Repayment Period and Principal Repayment Date(s)' includinB the Maturity Date; (iv) Fixed lnterest Rate or Spread to the Reference Rate; (v) lnterest Period and lnterest Payment Date5; {vi) Day Couht Convention and Business DaYs; and (vii) Borrowe/s and CE8's a'counts for paYments' Borrower has not proposed a lf the Borrower has submitted to the CEB a Disbursement Request in which the to agree in advance to the one Eixpd tnterest Rate or a FloatinS lnterest Rate, the Borrower shall be deemed subsequently specified by the CEB in the Disbursement Notice Request shall constitute an krevocable A Disbursement Notice matching the elements included in a Disbursement and on the part of the cEB to and unconditional commitment on the part of the Borrower to borrow trom the cEB in the Disbursement Notice. disburse to the Borrower the Tranche under the terms and conditions Specified (20) Business Days Notwithstandint the above, if the CEB has not delivered a Disbursement Notice within twentY following the receipt of a Disbursemenl Request, the relevant Disbursement Request shall be deemed as cancelled. 610 4.4 Disbu6em.nt Period Unless otherwise agreed in writing by the CE8, the Eorrower shall not be entitled to: (a) the issue of a Disbursement Request for the first Tranche beyond twelve (12) months after the Effective Date; (b) the issue of any further Disbursement Request beyond eighteen (18) months after the la5t disbursement;or (c) the is5ue of any further Disbursement Request beYond the ClosinS Date specified under Appendix 1 hereto. 4.5 DisbuEementConditlons (a) Conditions precedent to the Disbursement Request for the flrst Tranche: (i) Letal opinion in tnElish issued bY the Ministry of lustice confirming to the CEB" ratisfaction' has been dulY su;stantially in the form set oui under Append'x 2 hereto' that the Agreement is valid' executed by authorised representatives of the Borrower and that the A8reement binding and enforceable in accordance with its terms in the Borrowe/s iurisdiction' (ii) Evidence in English (e.g., Statute, Bylaws, Eoard Resolution' Power of Attorney' etc ) to the and the satisfaction of the person(s) authorised to execute the Agreement CEB's specimen Disbursement Requests on behalf of the Borrower' together with the authenticated of the siEnature{s) of such person(s)' (iii) AnY other condition specified under Appendix 1 ("Specific Cond't'ons")' (b) Conditions precedent to any further Disbursement Request: (i) ln the event there has been a change regarding the person(s) authorised to execlte provide CEB with Disbursement Requests on behalf of the Eorrower' the Borrower shail Disbursement updated evidence of the person(s) authorised to execute the correspondinB of the specimen Requests on behalf of the Borrower, totether with the authenticated siSnature(s) of such Person(s)' (ii) Progress Report confirming to the CE8's satisfaction the Allocation of at least ninety percent (90%)ofthe P revious Tra nche ' 4.6 RepaYment principal of each Tran'he due on that Principal On any Principal RepaYment Date, the Borrower shall repay the Notice Repayment Date in accordance with the terms set fo(h in the applicable Disbursement 4,7 Ea y Reimbu6ement (a) Mechanics prior to tf in any event specified in this Agreement referrint to this 5ub-clause the Borrower outht to reimburse maturity all or part of a Tranche, the Borrower shall give at least a one (1) month prior written notice to the cEB (hereinafter, the ,,Early Reimbursement l{oti.e"} specifYinE the amounts to be reimbursed, the date on which the ieimbursement will take place (hereinafter, the "Early Reimburiement Date") and, upon prior consultation with the cEB, the maximum Early Reimbursement costs. The Early Reimbursement oate shall fall on an Interest Payment Date, unlessotherwise agreed in writing bythe CE8. 11 UponreceiptoftheEarlyReimbursementNotice,thecEBshallsendawrittennoticetotheBorrowel prior to the (hereinafter, the ,,Early Reimbursement confirmation"), not later than five (5) Business Days ReimbulsementDate,indicatinsthea.cruedinterestduethereonandtheEarlYReimbursementcostsin accordance with Sub_clause 4.7 {b). Notice shall An Early Reimbursement confirmation matchin8 the elements included in an Early Reimbursement relevant the part reimburse of the Borrower to constit;te an evocable and unconditional commiiment on the i amountstothecEBunderthetermsandconditionsspecifiedintheEarlyReimbursementconfirmation, lftheBorrowerpartiallyreimbursesaTranche,thereimbursedamountshallbeappliedprorotoloeach shall accordingly outstanding principal repayment. ln such an event, the Early Reimbursement Confirmation include an adiusted repaYment schedule which shallbe binding on the Borrower' (b) Early Reimbursement Cortt TheEarlYReimbursementcostsresultinsfromearlyreimbursementinaccordancewilhsub.clause4,T(a)shallbe detelminedbythecEBonthebasisofthecoststoitofredeployingtheamoUnttobereimbursedfromtheEarly anY underlylng hedging Reimbursement oate to the Maturity Date, including any related costs, such as unwindinS between the original arrantements. The costs of redeployment will be established on the basis of the difference of ma*et conditions on the the redeployment rate, which shall be determined by the cEB on the basis rate ;d date ofthe Early Reimbursement Notice 4.8 lnterestDetermination TheEorrowelshallpayinterestontheprincipa|ofeachTranchefromtimetotimeoutstandintdurinSeach lnterest period at the Fired lntere5t Rate/Floating lnterest Rate specified in the applicable Disbursement Notice' lntelestshal|(i)accruefromandincludingthefkstdayofthelnterestPeriodtobutexcludinEtheIa5tdaYof5uch in the applicable lnterest Period; and (ii) be due and paYable on the lnterest Payment Dates specifled specified in the Disbursement Notice. lnterest shall be calculated on the basis of the Day Count Convention relevant Di5bursement Notice. Determinat on oate the ln the case of Floating tnterest Rate Tranches, the ct8 shall deiermine on each lnterest agreement and promptly give inierest rate applicabie during the relevant lnterest Period in accordance with the final, conclusive and binding upon the notice thereof to the Borrower. Each determination by the CEg shall be Borrowerunl€ssshownbytheBorrowerlothesatisfactionofthecEBthatanysuchdeterminationhasinvolved manifest error. 4.9 oerault lnterest Rate ln the event that the Borrower faits to pay, in full or in part, any amount under the ABreement' and shall notwithstanding any other recourse available to the cEB under the ASreement or otherwise, the Borrower payment by the CEB at pay interest on such unpaid amounts from the due date until the date of receipt of such .?te (for in EUR), or as the case amounts due unpaid per dnnum equal to the one-month EuRtBoR ihu tnter"rt plus two hlndred and may be, one month UsD_LIBOR(for unpaid amounts due in USD) quoted on the due date fifty basis points (250 bps) (hereinafter, the "Oefeult lnterest Rate"). The applicable Default lnterest Rate shall be updated every thirty (30) calendar days 4.10 Market Disruptlon Event The CEB shall promptly, upon becominS aware of it, notify to the Sorrower that a lvlarket Disruption Event has occured. For the purpotes of the Agreement, "Market Disruption Evenf' refers to the following circunstances: (Q-, t2 (a) The Reuters pa8e referred to under the EURIEOR/USD-I-IBOR details or is not accessible does not indicate the required shall be the Under such a Market Disruption Event, the applicable EURIBOR/USD'Ll8oR rates at mean ofthe be the arithmetic to percentage rate per onnum deletmined by the CEB Loan the to comparable which loins in Euro/U.s Dollar5, in an amount identical or near€st to the relative lnteresi amount in question and for a period identical or nearest comp'rable (3) leading banks in the by three Period, are offered on the lnterest Determination Date quotations are provided, the least two (2) EU/London interbank market selected by the cE8, lf at shall be the arithmetic mean ap;licable EURIBoR/USD-tlBOR for that lnterest oetermination Date of all quotations Provided shall be the lf onlY one (1) or no quotation is provided' the applicable EURISOR/USD-LIBOR mean of the rates at percentage rate per onnum determined by the CEB to be the arithmetic comparable to the Loan which loins in Euro/U.S Dollars, in an amount identical or nearest to the relative lnterest amount in question and for a period identical or nearest comparable be8inninB of the relevant lnterest Period Period. are offered on the second Business DaY after the by the cEB' by major banks in the EU/London interbank market sele'ted (b) The C€8 determines that it is not possible to determine the applicable accordance with paragraph (a) above' Reference Rate in lnterest Rate shall be replaced by Under such a Market Disruption [vent, the applicable Floating per onnum the cost to the CEB of funding the Loan the rate that erpresses as a percentage rate from whatever source th€ CEB maV reasonablY select' (c) the Disbursement oate the CEB At any time between the delivery oI a Disbursement Noti'e and circumstances of an economic' reasonably determines that there are exceptional and unexpected CEB's access to its sources of financial, political or other elternal nature adversely affecting the fundinS. Under such a Market Disruption Event' the CEB shall scheduled disbursement' ln the case of the Market Disruption Events set forth under items (i) be entitled to cancel at no cost the (a) and (b) above: into negotiations for a lf the Borrower so requires, the Parties, acting in good faith' 5hall enter on an alternative to the period of not more than thirty (30) calendar daYs in order to atree the Bor'ower may proceed with applicable EURIBOR/USD-I"IBOR' l' no agreement is reached' provided under Sub-clause ea;ly reimbursement on the next tnterest Payment Date in the terms 4.7 . (ii) The CEB shall have the right, acting in tood faith and in consultation with the Borrower to the extentreasonablYpracticable,tochan8ethedurationofanysubsequentlnterestPeriodtothirtY an (30) calendar days or less bY sending to the Borrower a notice thereof AnY such chan8€ to lnterest Period shall take effect on the date specified by the CEB in such notice anY further tf the CEB determines that the relevant Market Disruption [vent no lonBer exists, then, subject to to any Market Disruption Event occurrinE or existing, the FloatinS lnterest Rate and/or lnterest Period applicable in accordance being calculated relevant Tranche shall revert, from the first day of the following Interest Period to with the Floating Interest Rate and lnterest Period specified in the relevant Disbursement Notice. (r 13 4.1; Payments to the Atreement are pavable in the currencY of each Tranche All the amounts due by the Borrower under this made be shall notice. lny payment under ihis Agreement cEB,s account indicated in the applicabte oi-sblrsern'ent paid austn"r, oay ionuention. Any paYment shall be deemed on a Business Day subje.t to tne rrroairieo iiitiwing when the cE8 has received the amount on it! account. The Borrower or the bank instructed by the Borrower, as the ca5e maY be, shall send a written payment notice to this Agreement' ii" art i*.t or"ft) Business Days before payment of anv amounts due under " 5. PROJECTIMPLEMENTATION The Borrower shallimplement the Project in accordance with the Agreement The Bo ower, through the MinistrY of Education and Science' desiEnates selected the Educ'tional and Scientific ptt ff'u Ao"o*"t' tt'rou8h the MinistrY of Education and lnfrastructure Development lgency tfsrDAias iie the Project Plu appropriately staffed and equipped throughout science, shall ensure that the nte Oeslgnates;e implementation Period ln anY event, the Eorrower remains solely liable to with its obli8ations under the Agreement' 'omply 5 would undertakings set forth herebY under Clause Failure to comply with the Project lmplementation pvent in the terms of Article of tt'e toan Aegulations' an constitute, irrespective ot any otf'et apptica-ttelroufion for to (') tn" relevant contract expenditure declared ineligible gi* 3.3 (h) of the l-oan Regulations and ln"y whoie in 'it"t"irnU'o"ln"nt' or cancellation of the Loan' atlocation under the Project; and/or (ii) ttl eaaf'reimburse^ent "tpen3ion oJ o1 d''bu'sed /oons) 3 5 (suspe,lsion by the Bonk (iJiy or in part, under the terms ot nnicles r': i"rtl *a 3.6lconcellotion by the Eonk ol undisbu\ed loons)of the Loan Regulations' t i,rirrt"a 5.1 DutY ot Care (including' but not and shall exercrse.all lYlicallY uted means The Eorrower shalt apply all care and diligence' of the means) requred for rhe proper implementation timited to, le.al, financial, mana*eriat un'J ri.inn.r Project. 5,2 Allocation Period The Borrower shall allocate each rranche to the projeat within twelve (12) months after the relevant Disbursement Date (the "Allocation Petiod")' Projector i5 only PartiallY allocated to it within the tf a Tranche disbursed by the cEB is not a ocated to the amounts to the CEB in accordance with Suballocation Period, the Borrower shall r;imburse the unallocated clause 4.7. 5.3 Proied Cotts per cent (70%) of the total eli8ible costs of the The franches disbursed under the Loan shali not erceed seventy pr;ject. tfthe Tranches disbursed under the Loan exceed the above 70% (by reduction ofthe totaleligible costs or with sub'clause 4'7 oth;rwise), the Eorrower shall reimburse the surptus to the CEB in accordance Shouldthetotaleli8iblecost'oftheProjectincreaSeorberevisedforwhateverreason,theBorrowershallensure available without recourse to the CEB' that the additionaliinancial resources for the completion of the Project are without delay' The ptans to finance the increased costs shall be communicat€d to the CEB (- t4 Project SPecifi c UndenakinBs 5.4 The Borrower shall ensure that: (a) all the land, real property rights and permits required for the implementation of the Project are timelY available; (b) are permanently insured and all assets and plants under the Proiect with international best practices; and (c) any other requirement specified 5.5 in Appendix 1 ("specific conditions") maintained in accordance hereto is complied with' Procurement Procurement ol suppties, works and Guidelines. services to be financed under the Proiect shall complY with the Pro'urement works and seNices through shall be required to obtain supplies' Eorrower the which above as The thresholds una"t the relevant €u Procurement Directives' a;th;'in"l procedures international procurement (orEU)' "ppftutf" orrici;r lournar or the European rrnion J"a p'u"'n"ai" i* ffi:l:;;;';il;ii'" For the Purposes of the Agreement: of the.European Parliament and of the refers to (i) Directive 2oo4/17/Ec ohectives" Procurement water' "EU pro.ur".an, procedures oJ entities operatinB in the coordinat,,ig'a'nu zooa, Uarcn 31 council of Parliament (") o''""''" zoool18/Fc ol the turopean public works enersY, transport and p*t"' *'1;";;;?;;;';nJ/o'. of tooto'n"tion of pro(eduret' for rhe award ZOoq 3f of Council the .nd of "" contracts' as amended from time to time' contracts, public sl'jpply tont'"t"-Jn'O'"0'n '"rvice (and any update thereof) the Procu'ement Guidelines) under i5 defined (as term such receipt' The Procurement Plan ti"r' o" -ornnted to the cEB for approval upon toi procurement the indicating will carry out for each contract' 'etnoa' of the scope of review that cEB ,^" Borrower ti" vtt. liti t"""ti ;;;;;;ii ;i;; The Borrower shall adopt reagonable that potentiar candidates or ,"rd","r;";;';; orocedure financed by tt ,..orr.., oi " havinB their aflairs administered s.6 iii'io- o,ltreisp it tney u'rangement with creditors' have suspended "n matte*' or are in anY analoBor'15 situation those by the cotr_rt-sli"'e unt"t"O into business activities, are the subject ol "uti"git".. retevant policies and procedures' to ensure or award ;;;'rJ"o rro, the participation in a procurement up' are gnnt are bankrupt or bein8 wound measures' in accordance with its p'it""aing"ont"'ning itr,i"r- p,ocedure provided for in nationalleBislation or regulations Environment in the Environmental in conformitY with the requirements eet forth the Project require an Environmental lmpact Policy. ln particular, should any in#'trn"nt "t'"rn" 'nder the CEB'5 prior Envkonmental Pollcy' the Borrower shall require Assessment (ElA) in accordance with the Loan to such a scheme appror"t t"toru propoting the Allocation of the The Borrower shall implement the Proiect 5.7 Human Rightj of the Proiect will not Sive rise to a violalion of The Borrower shall ensure that the implementation (ii)the European Socialcharter' European convention on Human Rithts;or \" 6. (i) the 15 5,8 lntegrity The Borrower undertakes that: (a) procedures and controls' in line with ir will institute and thereafter complY with internal policies' p!rpose of preventinB the Borrower applicable legislation and international best practices' for the for moneY laundering or terrorism financinS; in particular' from becoming an instrument reSsrdingterro;ismfinancin8,itwillensurethatnotran5actionisenteredwith'orforihebenefit persons promulgated by of, any oi tt e indiulduals or ;stitutions named on the lists of sanctioned Council Resolutions the united Nations Security Council or its committees pursuant to Security as updated from time to 1267 (1999), 1373 (2001) (available at http:/www'un-or&/terrorism)' time,and/orbythecouncitoftheEUpursuanttoitscommonPositions2ool/931/csFPand 2oO2/402/CsFPandtheirrelatedorsuccessorresolutionsand/orimplementingacts; (b) payment to persons or entities or for it will not use the proceeds of the Loan or the E5P Grant for prohibited bY a decision of the lJnited Nations any import of 8oods, if such payment or import is Nat'ons (as peGons or Seiurity Council taken under Chapter vll of the Charter of the Uniled by such prohibitions are not be eligible entitie;, or suppliers offerint goods and 5ervi'es' covered the E5P Grant; and for the award of contracts ti;anced with proceeds ofthe toan or (c) prior knowledte' willcommit' in connection it will not commit, and no person, with its consent or under the Project a with the implementation of the Proieci or the execution of any contra't a Misuse of the Resources or a Corrupt, Fraudulent, Coerc've, Collusive' or Ob5tructive Practice' Theft {hereinafter, jointly referred to as the "Prohibited Practices") For the purpose5 of this Agreement: (i) directly A "Corrupt Practice" means the offerinB, 8ivin8, receivint' or solicitinE' partY' indirectly, (ii) '' or anything of value to influence lmproperlY the actions of another a misrepresentaiion' that A "F,audulent Practice" means any act or omission, includinS party to obtain a financial or kno*ingly o, ,ecklessly misleads, or attempts to mislead' a other benerit, or to avoid an oblitation' (iii) impair or harm' A "Coercive Practice" means impairing or harming, or threaienin8 to partY to influence improperlY the directly or indirectlY, any party or the property of the actions of a PartY. (iv) desiSned to A "Collusive Practiae" is an arrangement between two or more Parties the actions of another achieve an improper purpose, including influencinB improperly party. (v) either A "Miruse of the Resources" means improper use of the resources, committed intentionally or through reckless disreBard' (ui) An "Obst.uctive PEctice" means (a) destroyinS, falsifyinS, alterint or concealing (b) evidence material to a Bank investigation, which impedes the Bank's investiSation; making false statements to investiEators in order to materially impede a Bank investigation into allegations of a Prohibited Practice; (c) failinB to comply with requests of (d) to provide information, documents or records in connection with a Bank investigationi threatening, harassint or intimidatint any party to prevent it from disclosinB its knowledte of matters relevant to a Bank investiEation or from pursuing the investigation; or (e) materially impedinS the exercise ol the Bank's contractual rights of audit o' inspection or access to information; and ,\. 16 (vii) A "Theft" means the mi5appropriation of propeny belonsinB to another party' The Borrower undeftakes to inform CEB if it should become aware of any fact or information suBgestive of the commission of any such Prohibited Practice. For this purpose, the knowledge of any member of the Plu shall be deemed the knowled8e ofthe Borrower' The Borrower undertakes: (i) to take timely such action as the CEB may reason.bly request to investiSate and/or terminate anY alleged or suspected Prohibited Practice; (ii) to info.m the C[8 of the measures taken to seek dama8es from the persons responsible for any lo5s resultint frorn any such Prohibited Practice; and {iii) to facilitate any investigation that the CEB may make concernint any such act' The oirector of ESIDA and the Representative of EsloA shall be responsible for contacts with the cEB for the purposes of this 5ub_clause. 5.9 Vlsibillty Proiect The Borrower, through the Ministry of Education and science, shallinform the Final Beneficiaries that the notices in relevant is partly financed by the cE8 through appropriate means of communication such as dedicated ln any Prolect relevant Sites/facilities websites, press releases, brochurcs or the exhibit of bitlboards/plates on name and lo8o. case, information given to the Final Beneficiaries shalldisplay in an appropriate way the cEB's 6. MONITORING 5.1 Reportint {a) Progress RePorts ,,PIogress Report,,) (i) on a The Eorrower, throuSh the PlE, shall send to the cEB a proSress report (hereinafter, a quarterly basis, untilthe fullAllocation ofthe disbursed Tranches;and (ii)priortoevery Disbursement Request. Appendit 4 hereto provides a template specifyinS the minimum information required by the cEB, including narrative progress report and monitorin8 tables addressing: (i) proiect costs and expenditures ; (ii) the progress of the Project's financinS and pro.urement plans;(iii) Calendar of works and progress of works in terms of physical advancement ; {iv)Technicai indicators Alternative formats containing the same information may also be used. {b) completion Report Upon completion of the Project, the Borrower, through the PlE, shall 5ubmit a completion r€port {hereinafter, a "Completion Repo.t") including an appraisal of the Project's technical, economic, social and environmental impacts. Appendix 4 hereto provides a template specifyinB the minimum information required by the CEB, including the narrative pro8ress report and the monitoring repons. G 17 Visits 6.2 Science' undenakes to favourably receive any The Borrower, through the Ministry of Education and to relevant Proieci sites/contractors' r"n,ari"J,"an"n",l*aluation visits, includinB by facililatinS access parties third carried oui by the CEB's staff members or desiSnated 6.3 Audit annual basis, an audit opinion on the special Account The Borrower undertakes to provide to the cEB, on an by auditor' Such external auditor shall have been contracted ,r"r["a o, "","i"r""tional independent external Borrower the lunded with the proceeds of the Loan' the Borrower through the PIE' lf the audit costs are with cEB's procurement Guidelines. uniertates *rat it w.rt_tcontract Such auditor in complianae its undertakints under the Agreement' the Borrower' undertakes Should the Borrower, fail to comply with any of the cEB;s staff membe15 or designated third partie5' which to favourably receive any on'site auoit, carrl; out by shallbe at the Borrowe/s expense' 6.4 Proiectlnlormation records conceming the Proiect' which shall be in conformity The Borrower, through the PlE, shall keep accounting record point time, the Project'sstate of proSress, and which shall with internationalatanda|.as, sto*ing, at any and sedices partially financed with the Loan' uri op"r"tion, ,ua" unu identify the assets ; the cEB in a timely manner any information or document The Borrower, through the PlE, shall deliver to issues)of (inctuding in particular environmentaland procurement concerning the financing or tfre imptemeniaiion the Project as lhe CtB may reasonablY require on any event that maY have a material adverse impact The Borrower shall inform the cEB immediately of to: implementation ofthe Proiect, including but not limited (i) the raised by anv third partY or anY genuine litigation that is commenced or complaint rece';; by the Borrower or any material or environmental or other matters threatened aBa'n5t it with re8ard to procurement any action or protest initiated or any obiection af,ectinB the Proiect; and (ii) law' rule or regulation any enactment of or any amendment to any or official interpretation of any law' IUle or retulation)' (or in the applic'tion an the implementation of the Project would constitute Any event that maY have a material adverse impact on and may tive rise to the earlY reimbursement' u,r;nr'n ,f," term; oI Article 3.3 (h) of the Loan Regulations of Articles 3 3 lEo y reirnbutsement ol disbused loonsl' suspension or cancellation of the Loan under the term]s by the Bonk of undisbursed /oo's) of the 3.5lsuspension by the Bonk ol undisbursed loo'ns) and 3'6 lconce'lotion Loan Regulations 5.5 Eorrowerlnformation chanBe. Any Material Adverse Chan8e The Borrower shall inform the CEB immediately of any Material Adverse (h) of the Loan ReSulations and may Sive rise to the early would constitut€ an event in the terms of Article 3.3 3.3lEorly reimbwsement af reimbursement, sr.rspension or cancellation of the Loan under the terms of Articles 3'6 lcon'etlotion by the Eonk ol disbursed loons), 3.5 liuspension by the Bonk ol undisbused /oons) and undisbursed loonsl of lhe Loan Retulations. 6 Cross Default is requked or is capable of being required or The fact that, following any default in relation thereto, the Borrower period, be required or be capable of being required to witl, following expiry of anY applicable contractual Erace with a Debt pr"pay,,"pafol'i"rainate ahead of maturity any Debt lnstrument or any commitmenl in connection constitute an event in (he terms of Article 3'3 (h) of the Loan instrument li cancelled or suspended, would ReSulationsandmaygiverisetothesuspension,cancellationorearlyreimbursementottheLoanundertheterms oiini.f, f.f 1ro.ty."- bursement of disbursed loonsl,3 5lstspension by the Eonk ol undisbursed loons) and 3'6 loan Regulations' lconcellotion bythe Bank ol undisbursed loons)ofthe 7. PARTpASSU FailuretocomplywiththeprovasaonssetforthherebyunderClauseTwouldconstitt'teaneventinthetermsof of l.ti.i" :-ft,t of in" uo"n R;Sulations and may tive rise to the early rcimbursement' suspension or cancellation by the Eonk ol tiu io* ,na", tt t".ms oiArticles 3.3 (Eoriyieimbursement ol disbursed loons). 1 5 lsuspension " loons) of the Loan ReBulations' u;disbu$ed loons) and 3 6lconcellotion by the Bonk ol undisbursed ,,7 Ranking AEreement rank' and will rank' not less than The Borrower shall ensure that its payment oblitations under this unsubordinated obli8ations under pori porsl in rigfrt of payment with all other pres-ent and fr-rture r'rnsecured and its Debt lnstruments. 7,2 SecuritY Debt lnstrument' the Sorrower shall timelY Should a Security be granted for the performance of any Borrowe/s provide to the cEB, within the deadline set inform the crg of its intentions and shall, if so required by the cEB, forthincEB,5notice,identicalorequ.valentsecuritylortheperforman(eofitsfinancialoblisation5underthi5 ABreement. This provision shall not applY to a Security: payment of the purchase price for the purpos€ of financin8 the purchase of such property; (a) created on property at the time of Purchase solelY as SecuritY for the or for the paYment of debt incurred (b) securing a Debt lnstrument maturing not more than one {1) year after the date on which it i5 oritinally incurred; or (c) previouslY approved by the CEB 7.t Prepayment to Third Parties shouldtheBorrowerprepayinwholeorinpart,voluntarilYolotherwise,anvDebtlnstrument,theBorrowershall so inform the Ct8. Insuchanevent,anduponcEB,srequest,theBorrower5hallreimbursetothecEBtheamountsdisbursedunder to the corresponding the [oan in accordance with Sub-clau5e 4.7 in such proportion as the prepaid amount bears facilities which remain Debt lnstrument. The aforementioned does not concern prepaYments to r€volvinS credit open for drawint on the same terms after5uch prepayment For the purposesofthe Agreement, "PrepaYment" means a repayment in advance of maturitY' G; 19 8. REPRESENTATIONS AND WARRANTIES The Borrower represents and warrants that: (a) its competent bodies have authorised il to enter the authorisation therefor, in u-t-'iuni" 'ittt and other texts aPPlicable to it: into the Agreement and have given the siSnatory(ies) tt'" laws' decrees' regulations' articles of association (b) the execution and delivery of' the performance provisions of this Agreement do noti (i) (ii) of its obligations under and compliance with the law' statute' rule or regulation' or any contravene or conflict with any applicable judgement' decree or permittowhich it is subjett; or other Debt lnstrument binding upon it contravene or confli't with any agreement rise to a MaterialAdverse Change; which might reasonably be expected to Sive a default under anV other agreement or Debt (c) no event or circumstance is outstanding that constitutes might reasonably be *ttitf it uinoinc o;ii-"t"to *t'"t' its as5ets are subiect' which lnstrument, ChanBe; expected to Eive rise to a MaterialAdverse ld) no SecuritY has been granted to a third partY in breach of Sub-'lause7 2; or proceedints of or before any court' arbitral tribunal (to the have chanse to i" asencv which i*: l: :-Y:::'l:l^*"rse it; and atainst 'ret't '"u'onaiiv und beliei) been staned or thre'tened i'"rt oi i,r Lno*r"'ag" Policy' the Environmental Policy and the (f) it has received a copY of the Loan Regulations' the Loan ' procurement Guidelines and has taken not€ thereof' (e) no litiSation, arbitration or administrative ;""'i"i t'" gignature of each Disbursement are deemed repeated on the date of The above representations and warranties *aranties must' for the entire Loan period' be aU-ove- ie p resentatio ns and Request. AnY change in ret"tion to ttte noiiii"o unv rrpponinB documents provided to the cEB immediately' "na in any misleadint is or proves to har/e been-incorrect or lf any of the above representatons and warranties may give rise to and Re8ulations l': fnf the Loan i"''t (forly ';;;;;;;t;nt respe(t, thit vvould conun"" "f "foulci" "n "'"nt 'n'*J of the l-oan under the term5 of articles 3'3 the susoension, cancellation and 3 6 (concellotion by the "' ),""'', 1.5 (5u:;e;;,ion ti ti" aont oJ *abbulred,oons) ol disbursed ,oons reimbusement Eonk of undisbutsed loons)ofthe 9. Loan Regulations' THIRO PARTIES Loan' to its relations with third relating' within the scope of the use of the resultinB from the ABre€ment' fulfillinS, eithe;;taiiy or partialtY' the obtitations The Borrower may not raise any fact p"iii, i" ori",,o'*oia third partie5 and the costs' which might arise between the Borrower and in purticular all legal or court costs' shall be at tv 1," iig'a;" io'"nf.r.i-t. The CEB may not be involved in disputes whatever thek nature, in.rr.."a the expense of the Borrower' 10. "no t{oN-wAlvER ln no case, including delay or partial exercise' shall right Eranted to it bY the A8reement' it be presumed that either of the Parties has tacitlY waived any G20 11. ASSIGNMENT The Borrower maY not assign or transfer any of its written consent of the CEB. The CEB maY assign alt or part of its riShts and under the Agreement. 12. rights or obligations under the Agreement without the benefits or trantfer all or part of its rithts' benefits and prior obligations GOVERNING TAW of the CEB as specified in the provisions of Article 1' paragraph 3' of The A8reement shatl be Eoverned by the rule5 of Atreement on Privileges and lmmunities of the council the Third Protocolldated o rvfarch fssgtti iie Generat by trench law' irroo" taut"o , s"p*.ber 1949) and, secondarily' if necessary' 13. DISPUTES Disputes between the parties to the Atreement Chapter 4 ofthe Loan Regulations' The Parties aBree not to take advantage ot shall be subiect to arbitration under the conditions laid down in jurisdictionalor other io obiect to the enforcement ot an award handed down any privilege' immunity orlegislation before any ii'' orde-r authority, whether dom",ti. o' int"tnttio*i' 4 the Loan Regulations' ,nJul. tft" aonaitiont t"id down in chapter of rate the CEB'5 certificate as to any-amount due or interest ln any legal action arising from this Agreement' amount such of the absence oI manifest erro(' be pimo focie evidence aorra'"0_'"" rnie, ,n" ogre"ement shall, in or interest rate. 14. NOTICES the Borrower shall or made under this Agreement to,the CEB or Any notice or other communication to be Eiven mail or U""n duly given or made when it is delivered bv reSistered be in writin8 and shall be deemed to n"-'l specified below: i".ri.if" tv-on" p".tv to the other ParVs address or fax number For the Botrower: Ministry ot tinance of Georgia 16 GorgasaliStreet Tbilisi0114 Georgia Attention: Public Debt and External Financing Department Fax: +99532 2262423 For the CEB: Councilof Europe Oevelopment Bank 55 Avenue Kl6ber 75116 Paris Ftance 21 Attention: Dkector,ProjecisDepartment +33 147 55 37 52 Fax: ASreement shall be in English or French or' if All notices or other communications to be given or made under the thereof' when so required Lngrug", tltall be accompanied-by an Entlish or French certified translation i^ u""if,"l. bY the c€8. withoutaffectinSthevalidityofanYnoticedeliveredbYfacsimileaccordinstothepara8raphsabove,acopyof relevant Partv on the following noti." deliired by facsimite shall also be sent by re8istered letter to the "ulf, Business DaY at the latest. provision of this Atreement shall, where required by the cEB, be Notices issued by the Borrower pursuant ro any of the authoritY of the person or persons authorised to Oetiverea to tfre'CgS together with satisfactory evidence specimen sitnature of such person or persons' sign such notice on behilf ofthe Borrower and the authenticated 15. TAXES ANO EXPEI{SES duties' fees and other impositions of whatsoever The Eorrower shall pay, to the enent applicable, all taxes' of the execution' re8istration or implementation of nature, includinB stamp duty and registration fees, arisint out perfection' registration or enforcement of any the A8reement or any related clocument as well as of the 'reation' Security required under the Agreement' (including leBal, professional, banking or exchange costs) The Borrower shall bear all charges and expenses perfection' implementation and termination of this incurred in connection with (i) the preparation, erecution' waiver in respect of thi5 Agreement or l-"rated document; (ii) any amendment' supplement or ngr;"r1nt ol. perfection' manatement and enforcement of any "nv any related document; and (iii) the preparation, execution' Security required under the Loan. Notwithstandingtheabove,Arti.le4,T(costolorbitrotion)oftheLoanRetulationsshallapplYretardinSthecosts of the arbitration set forth under clause 13 16. OISCHARGE Loan as well as payment of all interests and other expenses After repaYment of all outstandin8 principal under the the panicular tho5e amounts under Sub_'laLlse 4'9 and claute 15' resulting from the Agreement, inctuOiniin out in towards the CEB' with the.,exception of those set Borrower shall be fully released from its obligations place later than four of the Project' which shall not take clause 6 above for the pu,po,", or a po'sitte ""'aluation Loan tt e tepayment of all outstandint principal under the (C)V"ars foffo*ing 11. EI{TRY IiITO FORCE the Borrower and comPletion of into force of this Agreement, procedures of the Borrower necessary for the entrv 'I hp Asreement shall become effective upon signature by the CEB and r"cnr",*u "iiln,irnur once CEB is notified thereof by the Borrower' 1Z (2) oriSinals in Engtish' each Agreement to be €xecuted in two pase or this Asreement specified below to initial each ..u'"a t 'ijnaiories "na "," Parties' behaf. One (1) original is kept by each of the lN WITNESS THEREOF the Parties have caused the ;; ;;;;il;;"il;;,d, on their ii" Tbilisi, on 18 october 2016 For the Borrower Nodar Khaduri Minister of Finance 6-c-a Tbilisi, on 18 october 2016 For the cEB Vitomk Miles RaEUz PrinciPle Country ManaBer 23 APPENDIX 1 Projed DescriPtion Mlnistry of Finance EUR 14 000 000 Approval bY the Administrativc Council 17 March 2016 Protection oI the Environment ouj"a* ot ttt" projeqt i5 comprehensive rhi .---ain rehabilitation of public schools in Tbilisi and introduction of enerBy ef{lciency in the education sector infrastructure. The enerSy efficiency solutions in this in oroiect could be replicated in other tchool buildrngs foctls prolect wtll The Tbrlisi and throughout the country' on approximatelY 25 general education institutions ' FinalBenellciaries Ao;roiir;t"ly-- prbl" schools will receive of the structural comprehensive rehabilitation_retrofittinB elficiency elements of the buildints and necessary energy improvements. EUR 22 000 000 lndicative rinancing Plan oI TLe ptqect ts *t-at"d t"{ost EUR 22 million which: - EUR 14 million cEB loan; the loan would cover costt related to the comprehensive rehabilitation-retrofitting of the structural elements of selected buildings' - EUR 5 rnillion EsP Srant (TA/IG): the grant would cover necessary energy efficiency investments and related technical assistance' - EUR 2 million (estimated tocalcontribution) includes staff cost, building permits and operational cost of proiect implementation' the energy support efficiency investments and retated technical traditional while the CEB loan would finance the brick and mortar rehabilitation, as well as certain needed' energy efficiencY investments if/when ESP qrant funds would finance exclusivelv echnkal lssistance (Tl) sCA Grant cohesion Account Funds lrom the c€B's Spanish Social it"Jn.fr"l., the "SCA Gant"l will be Sranted lor the ii*n.ine of the technical assistance ltechnical survevs and init;lenergy audits), in line wrth the SC-A Agreement' 24 Gra"t,,ill to a total maximum of EUR "*unt 150 000, as approved bY the CEB and the Kingdom ol Spain. The TAwill be contracted bythe cEB' . lnvestment Grant Ior eneEY efliciency investmentr in selected schools in Tbilisi: -scA Minimum tUR 5,800,000 . Technical Assistance Grant for training, awareness raisin8 and knowledge transfer on ener8y efficiency issues provided to the personnel of ESIOA (the Education and scientiflc lnfrastructure Oevelopment AgencY), school caretakers, teachers, directors of schools, schoolchildren, Ministry of Education and Science: Maximum EL.lR 200,000 Schedule of works 2016-202r 30 June 2021 l . tligibility Criteria fi;P.i".t..rill b" i,rplemented in line with cEB's Loan Policy and its Handbook for the Preparation and lmplementation of Proiectt whereby: The CEB finances projects that contribute to protecting and improving the environment, and thus to improvinB living conditions. ln parallel to its specific action in this the sector, the CEB also systematically takes into account environmental aspects oI all the projects that it appraises, regardless ol the sector concerned' The CEB can finance projects concemed with: i. reduction and treatment of solid and liquid waste; clean'up and protection of 5u.Iace and underground water; decontamination of soils and aquifersj protedion against noise; produdion of renewable enertY; energy saving measures (excludinB energy production/distribution); reduction oI air Pollution; viii. protection and development of ix. biodiversitY; cleaner tlan5port means and networks' projects As retards the productton of renewable energy, line with the eliribie for C€B financing must be strictly in and requirements defined by CE8 during splcifications appraisal. lnvestments related to prolection of a CEB ,nd"nuk"n by private entities as beneficiaries ot by ;a; shatl be restricted to M5ME5, as defined the environment t\ 25 Handbook Ior the lnvestments undertaken by private enterprises lie"iion ot inrr'ast,rct,re for the treatment of solid and produced by the liquid waste and wastewater that is not ente rprises thems€lves are eliEible' Lastly, these projects must concern at local or reBional level- populations defined for CEB financing include: The costs eliSible studies (technical' suNeys The cost well as the cost economic or commercial, ensineerinE) as ofthe proiect These costs should of L or oiiecrrnicatsupe.ision ;ot ex.eed 5% of the total cost ot the proiect' unless justified; a The cost of acquiring land directly linked to ii project, at its Purchase Price, unless it has been donated or tranted; Preparation of the land; iii. iv. Construction/renovation/modernizaiion or ourchase of buildings directly linked to a proiect; tf'" install;tion of basic lnfrattructure such as ."*"."g", *"t", supply, Bas supply, electricity and I. i"t".oirrnla.tiont n"tworks, waste disposal and waste _- water treatment, roads, etc ; ,,. and tn" purchase of materials, equipment well software' as maclinery, inctuOlng lT equipment and of staff; training as ttre retiteO costs tinted to the ;ti Technical assistance as defined under chapter 8 of the Handbook (wages/salaries and benefits such as pension payments)' CEB loans cannot cover statf costs iii"r- r'ur","a as inaial"l ctt"rg", o, t,tes and non-cash elements such J"or"ai"tion.'srO cosls may however be considered project manaSement or eliqible when they relate to i"a'taia"l for project preparation and "arirtana","quired implementation. Non-deductible and non-refundable can be considered as eligible costs' VAT'related costs lailored and cost The technical suNeys will provide a accordance with i aiu" .ppro..t to' each buildint in on the structural ln some .ases, depending or .oJition, may be unfeasibre to rehabrlitate onethe ', deBraded school buildings; .'o,"'-o.nnr,.l,t maY be a more ronstruction ol a new building those circumstances economically viable option under *;;;;;1,il rreoendinq on the specilic conditions o{ ,"1 each school' the - -^-,. .^t-t6A r^ rhp .omorehensive *, *i,! ll{ell}gg!19!l9l!919l /-i 26 rehabilitation-retrofittint of the structural elements ot selected buildings (foundations, roofint, floorinE, w?lls to meet requirements of seismic stability, safety norms and standards). Energy efticiency renovation will include an adapted combination of the followinB measures: lnsulation of the envelope (root floor, walls); lnsulation of pipes; lmprovement of the existing heatlnt systems, including introduction oI energy efficient natural 8as boilers, as well as the.mostalic valves and timer, as appropriale; lntroduction of solar collectors, il applicable, for sports areas/pools, for example; lnstallation of double Slazed windows and doors, and/or replacement (full or partial) of damaged double Blazed windows and doors; Reduction of the thermal bridges; Modernization of the existing lithtin8 system specilic condiiions ADDITIONAL CONDITIONS FOR DISBURSEMENT A5 PER CTAUSE 4,5 Eased on the conclusions of the technical missions CEB will also include a set of technacal conditions as a condition precedent to the first disbursement as to: a The standards to which all works will be carried out (school condition and layout, energy efliciency, and seismic safety) to be proposed by the Borrower and to be atreed with cEB; and B. A procurement plan for the delivery of the projed. c. A dedicated Plu is to be desiSnated within ESIDA for the implementation ofthis p.oject. D. The organisational structure and individual professional proflles of the PIU are to be presented to the CEB for aPProval E. An independent enBineer must be appointed bY the Borrower to supervise all construction works under this project. F. The complete baseline data for lhe technical indicators to be submitted by the Eorrower to c€s. G. A detailed cost plan for the project, including a breakdown of the categories of expenditure required in the carrying out of works to the initial selected sthools (e.8.. desitn, construction' presented to supervision, equipment, etc.), to be /. 17 CEB for aPProval H. A relocation plan for the selected schools lo be developed and submitted to CEB for approvalon an annual basis, and dependint on the works programme. l. A system for monitoring school temperatures to be proposed by the MES which is in compliance with lhe agreed standards lor schools to be rehabilitated. J. CEB may review lhe desiEns prior to the launch ol tenderrelated activity to ensure compliance with ihe agreed technical standards ADDITIONAI- PROJECT SPECIFIC REQUIREMENTS AS PER CTAUSE ',4 approPriate measures in The Eorrower will implement line with international Eood practice ensuring the protection of the health and safety of workers on proiect sites and other persons potentially affected bY the project works. Speciflc attention shall be paid to ensure ihe safe handling, 5torage, transportation and final durint disposal of hazardous materials, notablY asbestos, will Borrower The demolition and reconstruction works' ensure that these requkements are adequately reflected in the relevant project tender documentation and works processes to contracts and will put in place appropriate monitor and contrcl the implementation of the requirements bY the Contractor5. SocialimPact ffi-P;i"ctt r".ial '.pact is expected to be hiShly positive. The comprehensive rehabilitation. would bring manv benefrts luch as minimum infrastructure ."ouirsments for learning, improved qualitY of life and comfon level for schoolchildren and teachers' lt will schools to decreate infrastructural vulnerability of Tbilisi pupils and of seismic activity and improve saf€ty teacheri. The project will also help reduce operational the and maintenance costs, and by extension, improve it sustain.bility oI the selected/reconstructed schools; a8ainst consumption will contribute to reducint energy the baseline in tarBet school buildinS5 by more than 40% The oroiect will improve eneGy efficiency of public infrastructure as well as the capacitv of local stakeholders throuthout io p,o.ot" and replicate similar proiect ieoreia. tr will reduce Ereenhouse gas (GHG) emission' enertY savings, thus improvinS .on,a-tr," qualitv of life for ir,iuin.uiritv or pruri. schools and the raise awareness ilhoolchildren and teachers' lt will also ,o (u 28 ;-th" b"*ftrt of energY efficiency improvements buildings Reduced enerty consumptign in the refurbished the control will allow school managers/directors to better heating levels of classrooms wilhout losinB the comfort level for schoolchildren, whiah will in turn encourate better monitoring of enerBy costs by the mana8ers and provide incentives for further savinSs. Additional added value from CEB will aiso ensue through of its operational requirements such as the establishment as as well out standards to which all works will be carried its technical support and tailored financial and technical the im of the (i) 2s APPENDIX Z Form of Legal opinion Official Seal of Ministry of lustice Georgia Number / Date To: Coun(il of Europe Development Eank 55, avenue Kl6ber F'75116 Paris Attnr ProiectsDePartment Cc: otfiae oI the General Counsel Copy: To Mlnistry of Finance of Georgia LegalOPinion *;:,l,1;rt"l"il o"b' lTJil;il# ; ;; ;il "i i""'s'" ""-"'i""-,'-"jl';.^ ."1'^'T.-i"::11':1":',X'::l] " As a response to the letter of Ministrv of ::.ffi ::::T'[ Finance of GeorBia Ne--J- 30' 2013 or Goveriment orGeorsia Ne38e dated December ffi:::'J:"il;r;;.;;;;";;;;i'i *'*'"" this (" ") rha toanaBreement l6An Aoreement (" opinion on^ the r"' ffi[:;ff:: o"ic;"iri"-p'''a"' 6"o"e" uno ----ii]t'""'r ' r^li r*^"1,^*;'^'^5 "il" ff *'"1:ffi.""."i;:"'il-liii";;';a;"".**""1."::l.i-i"111:",.:-:'i::::::,":"',fi; the Xffi.l;:HH;:;"J;.',i.ir';;ilffi; tegisiation or ceorgia' t"tinistry orrustice or GeorBia ceftiries LeBat followinS: the Law of Geortia on "State Debt" the draft institutions: has been agreed with the followinS Sovernmental 20-); dated ir,ru"" oeorgia (letter ,. "r 20-); (letter N9-dated ii. Ministry of Foreign Affai15 oI6eor8ia 20-); dated iii. Ministry of Finance oI Georgia (letter Neof Geortia (letter N9-dated iv. Ministry of Economy and Sustainable Development of the Loan Agreement v. NationalBank of 6eorgia (letter N9-dated --' 1. ln accordance with the requirements of Ne- "*i"" --- --' 20-); (if required)' vi. Any other relevant Sovernmental organization- 20-); the Minister of executed and delivered on behall :t.:*l9lt,:l l-aw of Geortia in accordance with the provisions of: a)the 20- on--"Approvalof the sisninB of 'ep'"s"nt"ti*-oiieorgia Gl-o-'si" t{'.- a""o on "state Debt"i b) Decree of cou"'nrn"nii 2. The Loan Agreement has been duty Finance ofGeorgia as la*t,t between Georsia and as Minister of uv ir'" r'ainisiw ot ri-nce of Georsia ;";;;;,ln;i'--") "on --' appointing -ptit*-vi"itt"t ."; and c)the order of tr'" "rc"orgia 20-' ofoeorgi"" t'ls- dated r_-in""," - the Loan AgrY ,,RatificationI:irt'" " ":::::"'r"::,: f Loan of the n: dated _ .J 20_ on Geortia 3.lnaccoroancewrrrru--*" - on "stale Debt" 3. ln accordance with the Law of *-*- .i"n . -^r Georgia and ") concluded between -----,- Georgia which is certified bY the Resolutior' Agreement (" n|"" " has b€en drawn up in full Georgla certifies that the Loan ABreement Consequently Ministry of lustice of for the effectiveness of the 5aid [oan Georgra' tir-e|." t'" no irnp"Oiln"ntt ot legrslation the wlth compliance undertaken bv the state of Georgia' legat' vatro aMi""tin'i"t t Agreement and therefore it rs "oli8ation ii^a'* Oeputy Minister of .lustice 30 APPENDIX 3 Attention: Director, Proiects Department Councilof Europe Development Bank 55, avenue Kleber 75116 Paris, France Fax:+33 (0) 147 55 37 52 [.] - [.] Loan Tranche with refe.ence the tramework Loan Agreement dated [.] (hereinafter, the "ASreedent") between the council of "Borower"), lEORROWERl Europe Development Bank (hereinafter, the CEBl and lBORROWER)(hereinatter, the proceed with the (a) to Agreement, of the hereby requests the CtB, in accordance with Subclause 4.3 disbursement of a Tranche under the specafic terms and condition5 set out below Terms defined in the Agreement shall have the same meaning herein, unless otherwise specified' currency/Amount Disbursement Date Principal Repayment Period Principal Repayment Date(s) {.1 .1 .l years Iincluding a grace Pglglljl yeard .l Mat!rity Date I.l lnterest Rate Fixed l.)pet onnum Floating Reference Rate: {l.l-month EURIBOR/UsD LI9OR pet onnum J.l basis points per annum Spread lnterest Period lntere5t Pavment 0ate5 Day Count Convention Business Day ihe l^t"r"st p"yme"t,r,rlll t"l* pl"* on [o] every year and for the first time on [.] tu,tod'f i"d rolto*ing ertiness Day convention a.ny aay on *hicn fancET 2 {Trans-European Auiomated Real'tim Gross Settlement Express Transfer system) i5 operating Borrowe/5 account Eeneficiavs Name t.l Beneficiary's Eank Name City SWIFT IEAN Referenae Correspondent Bank (if applicable) Name City SWIFT IBAN I.l, on [. ]. For the Borrower IINSERT NAME(S)/TIILE(5)] \ G31 OtSAUnSet ttnr lOttCE (TEMPLATE) [.] - [.] Loan Tranche ('] with reference the Framework Loan Agreement dated ln response to Your loan Disbursement Request dated co'ncilof rurope Development Bank lhereinafter' the cEB) and Iol (hereinafter, the "agreement.l uetweei tne with subBorrower' in accordance tt "aotto*"r;1, ttt" cEB herebY notifies to the " ofthe disbursement ofthe releva nt Tra nche ' clause 4.31b)ofthe Atreement, the terms and conditions i;Ho*;;il;;;",".i"i, TermsdefinedintheAtreementshallhavetheSamemeaninBherein,unle55otherwisespecified. t.l Disbursement Date I years lincludint a tra rrcipa I Re payment Period erirrcipal Repayment Date(s) -ri Date Maturity lnteresl Rate t ce perroo or l.l yedIsJ I Fixed l.lper onnufi Floating Reference Ratei LlBORper onnum [.] basis points Spread lnterest Period Interest PaYment Dates Day Count Convention Business DaY Borrowe/s account [[.]-month EURIBUH u5u .r-l Iqami ,nnrellvl in arrearS forthe ffieveryyearand first time on [.] n,^aifir.l Fdllowinp Business DaY Conventlon ;y dt offrct TARGET, (Ttans'European Automated Realtime ar^.. <ohr6ma^r Frnrp(sTransfer svstem) is operating 8eneficiary's Name l.l Beneficiary's Sank Name Corre5pondent Bank Name t.l [.] t.l t.l I.l t.l (ifapplicable) City 1.1 CitY SWIFT IBAN Reference t.l BAN t.l co ,ilIi .P" o"u"loPry4lg$ SWIFT CEB's account BeneficiarY's Name Beneficiary's SWIFT Beneficiary's Bank CEFPFRPP CitY Deutsche Bank Frankfurt (GermanY) SWIFT DEUTDEFF BAN oeaa sooz ooro osza z:aa oo Na me Paris, on [.] For the cEB ITNSERT NAME(S)iTlTtE(s)l 6 32 APPENDIX 4 LD 1885 (2015) -Narratlve PIotr€ts/Cornpletion Repolt TABLE OF CONTENT Appendix Appendix Appendix Appendix Appendix Appendix Appendix Appendix Appendix I Narrative RePort Table I Costs Table 2A Procurement Plan Table 28 List of Awarded Contracts Table 3A Funds Received Table 3B Special Account Statement E5P Table 3C Special Account Statement cEB Table 4 Calendar of Works Table 5 Technical lndicators page page page paSe page 34 36 37 38 page page page page 40 41 42 43 39 (u Appendix Narrative Progress/completion Report 5ummary of Project Statut €nimated tligible Proie€t cost: Prciect obiadivet: "Reconstlu(tron ri" i"in ouj"ctire of the project LD 1885 (2015) lncreasing Energy Approved CEB Loan Amount: EUR 14 000 000 Aetrabititation of Public Schools in Tbilisi and in Tbilisi comprehensive rehabilitation of public schools sector and intioduction of energy efJiciency in the education eiiiciency solutions in this project could be air.r,l.r"rr". -'" "*,gy b'itdingt in Tbilisi and throughout the CEB linancin8 Max 70 % oftotal c;untry. The project willfocus on approximately institutions. EUR 22 000 000 ;;j;;';; r* i"ou.."O ,n"l. ,.ttoot 25 Beneral education elitible costs % ctB Loan Disbursed as of ldotel Averate disbu6ement % Per Year: CEB Loon Oit!t,t5e/,,,ent Hittory ( Ar toc hed U pd ot ed D t tbut s e ne nl nJ omotion ) Current % Other planned finanaing sources: EsP Grant: EUR 6 000 0(x) LocalContributioni €t R 2 000 000 lperlod) MEUR EsP Grunt oisbwsament History (Attoched l)pdoted Disbusement nlotmotton) Current (p€riod) MEUR Projected(Period) MEUR SCA - Teahnical Assistance: EUR 1s0 0d) Eftective Date: Closing date: Year5 Under lmPlementation' summa.v of Proied Statul: ii" .rrtu, ot i.pt"mentation to date rs 's follows per component: {a) Proiect Activities: . . . pha5es and in particular the reportinB period overall Protress during the project ptanned/tipecteo progress for the fotlowing reporting period problem Problem, if anY and ways to solve the (b) Procurement activities . . Status and Plan for Prccurement problems Problems, if anY and ways to solve the .Resultsonbids:lnformat'ononprocuredworks'services'equipment'includingidentity nationalitY of suPPlier "t. and . Contracts etecution (c) Proiect Cost and Financint: . . . . Summary of Disbursem€nt Flow of Funds by FinancinS Source Updated Summary of Erpenditures occurred and paid future expendituret and totalcost (dl Arhievements: . . . Results achieved Deviations Problems encountered (e ) lmp.ct ofthe P.oiect lto be provided.t thecompletion) . . . Technical, economic imPacts socialand environmental impacts ProjectsustainabilitY (f) vlsibility medio/newspopet orticles: list oJ otticlet soutce' dotes' ond leuttic cnnouncements, consttuclion site bodtds' CEB ond/ot pogeh of otticles thot mention CEB ond/ot othet podne6; lronslotion ol otticles thot mentbn other pdrtne5 lrom quolitotive pe5pective) Project speaific lssues slaff issuet Action Plan to solve issues e b t., 35 , r it E I P a d a r: I l!! iri ta' -! ii 3 E I E 5 -i6 Ei l: P{: gs gn i€ J iE e;E.9 5 !E I! ! ir 'o : = !5 E !; ri 9iE i, i: I ,E g * rA! I:: E I e E I rt6i E cp .9t : !: t! E o ia :;; NE: E' I ! B: ;i ! I! I ! I ! 4,.,; l;s :98 t a3 o !: gt !: : 5t tr'i :E: "'! =l I 6 5: 'l 8 !E I ii a ;> i9h :n rld l.i il, ! Z 3 i3 !i t lp I I !: 3a d E- i ;? ,t !! 'I I i! ! i l" li i! I !l i: ii { ! al I :i,l itta 3 I ! ! a 5 ! 5 a I { 3: I ! :ti i; i lr r !: I tiit !i ia: a ! li ! .E 5 5 : I ! s E! ,, ts ri t!: i 3i: .; ! !! i i!: i E; a It T t f ! 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AMENDMENT No. I TO THE TRAMEWORK LOAN AGREEMENT betweetr GEORGIA and COUNCIL OF EUROPE DEVELOPMENT BANK in respect of Rehrbilitstior ofPublic Schools in Tbilisi and Increasing (CEB: LD 1885 (2016)) Ener5/ EIlicietrcy J:" qs\ to the ftamework loan This amendment sgrtsment No. t (lhe "Amenrlmtnf') I8 October 2016 O.*i""d"r the "Frrmework Lostr Agreenent").dated the Council oi "**tt.ii -burope iL*"""-CJoigi" O"*inaier "Georgia" or "Borrower") and of for the "Rehabilitation a loan of respect "CEB") in E*i t,r," b"""-f*rn*'rulrru -Public (the LD 1885 (2016) *d In"r"u.ing Energv EIficiencv" (CEB: iJ""il'i" as :il;;l. i, ent"red ioto betwein Geo'igia and th; cEB' jointlv referred to the "Party,'' "Porftcs" and each individually as a WIIEREAS pusuant to which lo male available to the Borro*er a loan in an aggegate ,ft. igg h* "gt*d 14 000 000 (fouteen million Euos) in accordance v'rith "p,iiun i"A under the condiiions provided in the Fr&nework Loan ,f," Agreement ra) - The Pa ies entered into the Framework Loan ' ,t"r"i"i t*r" AgIeement; rR) t"' A modificatioD of the Project lmplementing Entiiy ;il;;;; ("PIE) and Project Appendix I u"iii;piuil as will as othei modifications into the existins in nni"re 2 hereinafter)' arc needed i;Tffifi;;t-f Loan Agreement; and iramework (C]ThePaniesnowwishtoamendtheexistingFrameworkLoa[Agreementin ' accordance with the terms ofthis Amendment' NOW TIIEREFORE the Pa(ies hereby sgree as follows: Articl€ I DefiritioIl3 Agreemert shall have the same meaning wheu Terms defined in the Framework t,oan unless otherwise specified herein' ,rJi1tl. e.*at.nt, ol:;;[:,* effect from and including the date of.entry into l'oan Agrecment is modified and amended force of this Amendment, the l'mmework under so that the rights and obligatioDs of the .Pades Ag'""t"nt shall be go'vcmed by' and construed in accordance Loan Agr€emont' u,itt , tt t"ttt of O" oaended Framework 2.1. The Parties hereto a$ee that with il;""#;;il;reunder Iti"H;;;til; " Framework l'oan Agreement regading 2.2. The second paragraph of Clause 5 of the p.i..iirpi"rn"ti,",r"-" is deleted in its entirety and replaced as follows: Development and "The Borrower, through the Ministry of Regional Development Fund of lnfrastructtte oi C*.giu, deiignates the Municipal or p'6ri' Law (hereinaffer' "{Dr')'-or anv legal The Bonower' Jr"L"".,it. ,r,! pOectimplementing Entitv (hereinafter' "PIE")' il;;;;i& iltii "t ./J Qlq Inflastluctwe thrcugh lhe Ministry of Regional DeYelopment and :l9::18',:":l'' "PlU') (hereinafter' trr" irg aesigna-tes a Project implementation Unit period " "i*Eirr"i tr"o'et'"ut the Project implementation fi;#il'ffi;*i"q"lpp"a 2.3 Th€ last s€ntence of SuLclause 5 8 of the Framework iniegrity is deteted in its entirety and rsPlaced as follows: Loan Agreement regarding "The Executive Dircctor of MDF and the representslive -of MDFdEll be r".po iUi. fot .-tu"t" with the CEB for the purpose of this Sub-clause"' ir Sub-clauses 5'9 and 6 2 of 2.4 The term "the Ministry ofEducation and Science" regading visibilitv and visits' respectivelv',shall be ot Educatloo anq and replaced wirh the terms "MDF and the Ministry il Fil;;tk ;;;;emJ Jeleted Science." 2,5lnsgctiolrIlofthetableinAppendixlregarding"E5PGrant,"thesecond p".gtupt i, A"td"a in its entircty and replaced as follows: "Iechnical Assishnco Cnant for training, awarcness mising€rd kpwl€dge.fansfer orr of MDF and ttre Ministv of *#iHi-q, J,* p'rovided o iire personnelteuchet"' directors of sctpols' ilrl*lon -d Scienie, sciool caiarers' Maximum EI-IR 200p00 " schoolchil&en: 2.6InsectionlllofthetsbleinAppendixlregarding..EligibleCosts'',subparaglsph itof the Iirst Pangraph is deleted and replaced as follows: or commercial' "i. The cost of the surveys or studies (technical' economic ald detailed design of the * tr," "o't of tttt'oitut supervision 'the total cost of the project' unless ""gin".riri ^-*" costs should not exceed 5% of p.ii""t'ini* justified;" 2.7 In section III ofthe table in Appendix (i) I regarding "Specific Conditionsl' Subparagraph (C) is deleted and replaced as "C. A dedicated PIU is to k designated follows: within MDF for the implementation of "' this -'- Proi€ct." as follows: Subpuagraph (H) is deleted and replaced id relocation plsn-to b€ developed "H. An apEoved tist of selected schools and and submitted to the cEB for apFo]€l on an n [," r,airirt v Jiirar"",i"n and Science u*J U""it t"a a"p"nairg on the wo*s progamme " (iii) Subparagpph (l) is deleted and replaced as follows: proposed by the Minislry "t. A svstem monitoring school temperatures' to be sdr."if"";;J'i;i"i"., *f;i"r, t in compliance with the agreed standards for "r schools to be rehabilitated." -a,r 0S9 (iY) Subparagraph (K) is added and reads as follows: PIE will be "K. All the design for s€lected schools that will be procured by the prior no ,"ni"r,r"J -a upprorei by the Ministry of Education and science with objectior from the CEB." GENERAL PROVISIONS 3. 3.1 date of This Am€ndment shall become effective afler its signature and on the has ,i"-*tin"n notification by the Bonowcl to the CEB that the former pleserlt the tintt"O itt intemal legal Focedure for the entry into force of Amerdment. 3.2 all other terms of the Except as provided for in Article 1 of this Am€ndmont, shall remain unchanged and all references to the ag*ement 'F'"-;;;;-k -Agr"".*, contained thercin shall be de€med to be iramework Loan Agrcemenl as amended by this nrrri*"tf ft- ;; *[*r"". a the Amendment. 3.3 Framework All terms used in this Amendment which have been defined in the except.as i"* ,ilt..."n, shall have the meaning ascribed lo them therein' thls provided for otherwise in this Amendment for the puposes ot expressiy Amendmert onlY. their duly authorized IN WITNESS WHEREOF, each Party, acting thoughoriginals in the English in 2 ltwo'1 *i"r.ti*ii""ftl l"r" eiecuted this Amendment (ii) original for the CEB' all originals one and irie;., ii) ;t; -lginal for ceorgia, having equal force for all legal puposes' For the Council ofEuroPe DevelopEent Brnk: For Georgia! Yebra Alonso Vice-Govemor o*". c-vl,ylntr DatettS/1y/40/g 4