„საქართველოსა და ევროპის საინვესტიციო ბანკს შორის (საქართველო - აღმოსავლეთ-დასავლეთის ჩქაროსნული ავტომაგისტრალი - A)“ და „საქართველოსა და ევროპის საინვესტიციო ბანკს შორის (საქართველო - აღმოსავლეთ-დასავლეთის ჩქაროსნული ავტომაგისტრალი - B)“ ფინანსურ ხელშეკრულებაში №2 ცვლილების შეტანის შესახებ“ წერილ-შეთანხმება

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E tupuraBarra.r(c t,r6!.rE! turorrr. 16v!{nEnt Srit ..nq.,.d'oD..n(d,inv.'rts.@ni te( t.I,*h r.rh.tiqhr. ^. aBorrr. hvsri.irrr. brr. ..i(.dmp..F'l.lict&.tl BY COURRIER Ministry ol Finance of G6orgia '16, Gorgasalr St.eet 0114 Tbilisi Georgia Fot lhe atlention of: Exlernal Retations Department Luxembourg. 5 April 2018 Reference: E)(P 8E] - EI8 lll-11 fiAl na IrDD i r JU/OPS/CEENCA/EP/zbl201 8,703 GEORGIA East.Wost Hlghway.A (Serapis N. 2010 OSZ.t, Ft no. 81.29S) Frnance contract belween Georgia (the Borrower")afd Errropea investment Bank (lhe 'Bank") dirled 11 l\ray 20'12 as amended on t6 February 2015 (,,Finance Contract l") GEORGIA East-W6st Hlghway.B (S.iapis N'2010 057j, Ft no. 82.045) Finance conlract belween the Eorrowe. and the Bank daled 28 November 2013 as amended on 16 February 2015 ('Finance Contract 2,.and logether with Finance Contract 1 lhe 'Finance Contracts") Subiecti Amendment Letter N" 2 to the Finance Contracts Dear Sir. dear Madam We refer to lhe Finance Conlracls unless lho conlext otherwise requires or unless otherwise defrned in this amendment letter (the "Lettor), terms defrned in the Finance Conlracts and expressaons used ln lhe Frnance Contracts have the same meaning when used in thrs Leter 1. AMENDi'IENTS TO THE FINANCE CONTRACT As from the Effecliveness Date, lhe Finance Contracls shall be amended as set oul below. 1.1. the definition ot "Dstormant lndaftn1l}l- in lhe Finance Conlracls shall read as followsl '06ferment lndemnlty' n)eans an indemnity calculated on lhe amount of disbursemenl deferred or suspended al the percenlage rale (rf h€her lhan zero) by which ' the lnteresl Rale lhai would have been applicable lo such amounl had it been drsbursed lo the Borrower on lhe Scheduled Disbursemenl Dale exceeds - EURIBOR (one monlh rale) less 0.125olo (12-5 basis poinls). unless lhis value is less lhan zero. in which case it will be set at zero. Such indemnity shall accrue from lhe Scheduled Disbursement Date to lhe actual disbursement date or, as lhe case may be unlilthe date ofcancellatron oflhe Accepted Tranche in accordance wilh lhis Conlract. fllH 1.2. lhe definition of'Flnal Availabllity Dat€,. in the Finance Conlracts shalt read as loTtows: "Final Availabillty Oato" means 30 June 2020. '1.3, The followhg sentence shall be added al lhe end of Arlcte 3 018 (F/oaling Rale IraDches)of the Finance Conlraclsl "lf tho Floaling Rate for any Floating Rate Reference period is below zero. il wll be set at zero.,, '1.4. Sch€dule A (Pol€ct Specification and Reportlrg) to the Finance Contracts, pari A.t ( fECHNlCtl DESCR/PzON), last sentence in the part ,Calendar,, shall read as follows: _For the EIB section it is expected that works will be completed by 31 December 2020., 1.5. Schedule A (Prol'ect Specilication and Repori;rg) to the Finance Contracts, part A.2 (PROJECf INFORMATION TO BE SENT TO THE BANKAND METHODOF TRANSM/SS/ON), the fo owing part shall read as follows: -1 Disoatch of information: desionation ol the oerson responsibte The information below has lo be sent lo the Bank under the responsibrlity ot: Enlrty Minislry of Regional Development and iiftastructurc Contact Person Mr Nugzqr GasviaDi Trtle DeDuly Cl!?trman - Iechnicat Seirearyii MRDIR6 Roads Department ol Ggargta 12 Kazbegi Avenue 016A. Tbilisi. Georqia +995-322370508 208 +995-322370508 208 Funclion / Department Address Email The above-menlioned contacl person(s) is (are) the responsibte contact(s) for lhe time being The Borrower shall inform lhe EIB immedialely m case of any change. 1.6. Schedule B (Derinition of EURIEOR|to the Finance Contracts sha[ r€ad as fo ows. ,A EURIBOR 'EURIBOR'means: (a) in respect of a relevant period of less than one month, the Screen Rate (as defined below) for a term of one monill. (b) in respect of a relevanl period ol one or more monlhs for which a Screen Rate is available. lhe applicable Screen Rale for a term for the correspondrnq number ol ntonthsi and {c) in respecl of a relevant penod of more than one month for which a Screen Rale is nol available, the rate resulting from a lanear interpolalion by reference lo two Screen Rales, one ofwhich is applicable for a period next sho(er and lhe olherfora period nexl longer than Ihe lenglh ot lh€ relevant period, (lhe period for which the rate is taken or from which lhe rates are inlerpolated being lhe "RGpr€3.nlative P..iod"). For the purposes of paragraphs (b) and (c) above, 'avaalable means the rales. for guen maturities, that are calculated and published by Globai Rate Sel Syslems Lld (GRSS), or l such other service provider selected bythe European oney l\,larkels lnslilute (El\4Ml). under the sponsorship of EMMI and EURIBOR ACl, or any successor lo lhat function ot EMMI and EURIBOR ACI as deiernined by the Bank. "Scrggn Rato" means lhe rate of inlerest for deposils rn EUR for lhe relevanl period as published al 11h00, Brrrssels lime. or at a later lime acceptable io the Bank on the day (the "Resel Date')which falts 2 (lwo)Relevant Business Days prior to the first day oflhe relevanl penod, on Reuters pagc EURIBOR 01 or its successor page or, failing whrch, by any olher means of publicalion ci'osen for lhis purpose by lhe Bank. rrr lfsuchScreen Rale is not so published, the Bank shallrequest the principal euro-zone offices of lour major banks in lhe eurc-zone, selecled by lhe Bank, to quote lhe rate at which EtjR deposits in a comparable amount are offered by each oI lhem as al approximately '11h00, Brussels time, on the Reset Date lo prime banks in the euro-zone interbank markel lor a period egualtothe Representalive Period. ll at leasl2llwo) quolations are provided, the rale for that Resel Dale will be the arilhmeiic mean of lhe quolalions. lf fewer lhan 2 (lwo) quotations are provided as requested, the rate for that Reset Date will be the arilhmelic mean oflhe.ates quoted by major banks in ihe euro-zone, selected by the Bank, at approximalely 11h00. Brussels linre. on the day which falls 2 (lwo) Relevanl Business Days afler the Reset Dale, for loans in EUR in a conrparable amount lo leading Europoan Banks for a period equal lo the Represenlative Period lf no rate is avaalable as provided above. EURIEOR shall be lhe rate (expressed as a percenlage rale per annum) which is delennrned by the Bank lo be the all-rnclusrve cost lo lhe Bank for lhe fundlng of the relevant Tranche based upon the then applicable inlernally genetated Bank reference rale or an alternalive rale delernrination nlelhod reasonably determined by lhe Bank General B For lhe purposes of ihe foregoing definitions: (a) All peacentages resulling from any calculalions referreC lo in this Schedule will be rounded, if necessary, lo lhe nearest one thousandlh of a percentage point, wilh halves being rounded up (b) The Bank shall inforrn lhe Borrower withoLrl deiay of lhe quolations recerved by lhe Bank (c) lf any of lhe foregoing provisions becomes inconsrstent wilh provisions adopled under the aegis of EURISOR FBE and EURIBOR ACI in respecl ol EURIBOR (or any successorlo lhat funclion of lhe ol EURIBOR FBE and EURIBOR ACI as delermined by the Bank). the Bank may by notice to the Borrower amend lhe provision lo bring it into line with such other provisions." 2 REPRESENTATIONS The represenlations and warranties lhat are repealed under and pursuanl to Arlicle 6 10 (Gereral Represenlaltons ancl WaTanlies) of lhe Finance Conlracls are deenled repeated (by relerence lo the facls and circumslances then existing) by the Borrower (i) on lhe dale lhe Borrower counlersigns this Letter and (ii) on the Elfecliveness Date. 3. l'TISCELLANEOUS 3.1. Olher lhan in accordance wilh Artacle 1 lAmendments lo the Finance Contracls)ol lhis Letler, no provision of lhis Letter shall reslrict, waive, limit, or in any olher way amend any righls of the Parlies under the Finance Contracts. 3.2. This Letter is not (and shall not be deemed lo be) a consenl. agreemenl, amendnrent or waiver in respect of any terms, provrsions or conditions of lhe Finance Conkacls, excepl as expressly agreed hercin. The Bank reserves any olher right or remedy it may have now or subsequenlly. 3.3. The lerms and conditions in the Finance Conlracls are hereby confirmed and shall remain in full force and effecl and ihe lernrs ol this Leller shall be slnclly rnlerpreted anci conslrued wilhoul preiudice to the Bank's and lhe Borroweas righls and powers under the Finance Conkacls, includiog all of tne Bank's rights and renredies in respecl o{ any olher non'conrpiiance whrch lr) have nol been disclosed prior to ihe dale of lhis Letter to lhe 8ank, {ii) are conlinuing and have not been waived prior lo lhe date ofthis Leller by lhe Bank. or (iii)which arise on or afler lhe date of lhis Letler. t 3.4. The Bank issues this Lette. acting in reliance upon the information supplied to the Bank by the Borrower bylhe daie hereof in relation to such matlers being true, complete and accurate. lt sha be wilhoul prejudice lo any .jghts which the Bank may have at any time in retation to any olher circumstance or matler other lhan as specilically referred to in lhis Letter or in relation lo any such information not being true, complele and accurale, which rights shall rematn in Iullforce and etfect. 3.5. the Borrowershall, al lhe requesl ofthe Bank and at (s own expense, do a[ such acts and things necessary or desirable to g ve effect to lhe amendments etfected or lo be efJecled pursuanl lo this L€lter 3.6. Article 1 'f .05 (Contacts (Rights ol Third Padies) Act 1999), A(ticte 12.01 lNotices to eithet pa yl and Arlicle 12.02 lFotm ol notice) of lhe Finance Contracts shatl apply to lhrs Le er nrutatis mutandrs. 3.7. Any amendmenl lo this Letter shall be made in writing and shall be signed by lhe t)arljes hereto. 3.8. This Letter may be execuled tn any number of counlerparts, all of which iaken together shalt constilute one and lhe same instrument. Each counterparl is an onginal. bul all counterparls shall logelher constitute one and lhe same inshumenl 3.9. This Leller and al, matterc, wholher contraclual or non,contractual, arising oul o{ or in connection with il shall be governed by and conslrued in accordance with lhe laws of England. 3.10. The Court of Juslice oflhe European Union (lhe "ECJ") has exclusive jurisdiction Io settlo any dispute (a "Dl3p[rte") arising out ol or rn conneclion with this Letter (including a dispute .egardrng lhe existence, validity or lerfirnation of this Letler or lhe consequences of rts nulli(y) or any non, contractual obligalion arising oul ofor tn conneciion with lhis Letter The partles agree lhat the ECJ is the most appropnate and convenient courl lo seltle Disputes between them and, accordingly, that lhey will not argue lo lhe contrary. Ihe Borrower hereby waives any immunity from or right to obiect to lhejurisdiotion ollhe ECJ, Afinaldecision of the ECJ shallbe conctusive, brnding and enforceable on lhe parties wilhoul restriction or reservalion. 3.11. Please indicate your agreemenl lo the above by inilialling all the pages ol lhis Lelter, and signing and dating each of lhe fo!. originals of lhls Letler Please then arrange for lhe rehrrn of two duly signed originals to the Ban( by regisiered mail or couner iosetlter wilh copies ot lhe stgning authorilies of those persons signang on behalf of the Borrower and evrdence lhat this Letter has been duly ralified by the Pa4iament of Georgia, marked for the allention ol Mr. Miroslav Kapinaj. The amendments set out in this Letler shall become etfective only following the Bank s acceplance of lhe evidence establishing that this Letter has been duly ratified by ihe Georgian Padiamenl. This Letter shall not become effective unlil lhe Bank sends the Borrower a letter confirhing its acceptance of lhe above menlioned evidence and providino lhe date that thas Letter becomes effeclive (the "Effecllvoness Dat€'), and such letler shall be conclusive evadence lhat lhis Lelter has become effedive For lhe avoidance of doub, unlil such lime as such letler has been jssued by lhe Bank, neither ihe Borrower nor the Bank shall have any clarms againsl each other or have any ltability whatsoever under or in connection with this Leller. lf the Ef{ectiveness Dale has nol occurred pnor to the date 12 months aftea lhe date of this Leller. lhis Lelter shallterminale {unless such 12 month period is extended by written agreemenl between the Parties) and neilher the Bofiower nor the Baok shall have any claims againsl each other or have any liabilily whalsoever under or in conneclion wilh this Letter rul From such Effecriveness Date the references rn Ihe Finance conrracts ro "this contract, and simirar relerences sharr be read and consrrued as rererences ro the Finance conrrairs ls anrenoeo oy tre provrsrons of thr-s Lelter .However. any reterences in the Finance contracts anJ;ihis Leller to the "date or rnrs uonlrad'or sinrirar referen(:es shalr refer ro the date of execution of the F nance conrracts, i.e. 11 fi,4ay 2012 in respect of Finance Contract 1 and 28 Novenrber 2013 rn r;spe;t o;i;;ance Conlract 2. Yours failhful:y. EUROPEAN INVESTMENT BANK Agreed and accepled for and on behalf of the Borrower: GEORGIA Tifle: Date: Ma-,1 l"li I B c^1.:lfcrJze F,nance 2D!4 o+

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Ft N' 82.045 Serafis N' 2010-0571 GEORGIA East-West Highway-B Finance Contract Georgia European lnvestment Bank Tbllisi.?./6November 2013 Vilnius,r&NovBmber 2013 THIS CONTRACT lIt lrlADE BETWEEN: Georgia, acthg through its Ministry d Finance, 16, Gorgasali street, Tbilisi, 0114, Georgia, (the "Borrowar,,) reFesented by of the fist part, and The European lnveslmenl Bank having its seal €t 98-100 blvd Konrad Adenauer, Luxembourg, (the "B.nk" or'ElB") L-2950 Luxemboug, represented by of lhe second part. oL WHEREAS: (1) Tho Borrowor has staled that I E und€rtakrng, through the Ministry of Regionsl and hfrastructure (th6 "promote."i ad rft Roads Oeplrlmen cr Ure Pyqopm!1t .Flnal Mlnistry of Rogionat Development and lnfrastructur€ (the Beneficlaay") a pror€ct d upgrading and improving the rnost We6tem pan o{ lho E6t_West highway, irdn zes'tapgri to AdFa region. Jor a tord t€ngth of aboul 103 kms, as nrore particitari/ Oeicrteo in ttre tochnicat descnption (the "Techntcat oe&rbUonJ s€t ou n sahoduie Aiu,e .eropct1. l2l c estiYlated b)/ the Bank, E EUR 592,140,000 (fMo hundrod rd nnety-two million, one hundred and forrty lhousand euros) ad lhe dor.owe, has Th€ totd co61 d the proFct stated that I intends to linarce tho project as folows So(,tc6 Amourt (L EUR) OrYrr funds (3 ) (4) 2214 Gsdit avdlaug fran the Ba* 200.00 Lo{| lrcrn Asi Oovebp.nonl Bar* 200.00 Japan htomatiooal Coop€ratirt Ag€ncy 150.00 NIF 20.00 TOTAL 592.'t4 ln oader b tdflt th€ frnancing plan s€t orjt n Reotd (2), the Bqrowea has reqresled,rcrn th€ Eank a credii h at amount of EUR 2OO,OOOOOO (two hundrod m[ion ourosj in favor d lhe Borrower trom the Bank's ou,rl resouces and pursuant to lhe ENp EElSC,rr'RUS 1/ZO7 - 3'l/12113 Facility (the 'iland.te'). a The Bank has elready provrded b he Elorrower a crodt h amount d EUR 17O,OOO,O00 (one hundred a-nd seventy miltion euros) under a tinance cor ract srgned orl 1t May 20.12 (the'Tranche A Contract"). The Bant dedared in the Tranch€ A Con-tract s wi ing;ess t consider further requests frqn til€ Bofiowe. for ihe batanc€ d EUR 3O,OOO,OOb 0hirty mittion euros) fcn the financing of the projgct f such reqrest is submitted by lhe Borrowe, iit (5) due coursei provrded th€t the entie amofit d the gar* loal sha not, h aty case, exceod 5O/6 (ffty per cent) d tE totd cost c, the proj€ct set out in Reotd (2). By a letier dated 2- Octch€,. 20.13,lh€ Borrower informed th€ Bank that based dl Ulo protiminary rgsdts of tho d€tdted FnoFct design, tho qedt under th6 Tranche A Corftgct willrof be sutfici€nt tc Clrnd€te th6 prorect Th€ gorrower lh6r6fore reqrGted frqn ti6 Eank to grart s credit in tlle rernaining ano(rlt d EUR 3O,OOO,0OO (trrtv mrllion euros). T116 Bank consderng that the f,nancing of lhe ftolecl sll fat wdhn fte sioOe of,fs frnifio.,i and is consistenl with the objectives ol ih6 Mandale. and havhg regard to the slal€m€nts -Borrower,s and facts cited in theso Recilats, has deciied tc reqast by fivo effect bihe providiE lo d the remaining credt rn ar amountclf EUR 3o,oooooo (thirty lnrthon eurog) .Cont under tt\e presenl Frnance Cootract (th€ acf) .)L \ 2 (6) An application tc the Ne,ghbourhood tnv*tn€nt Faclty (heraafter .NlF.) hss b€€n mede fa a granr lo.-the proFct h lhe emount ot totat EUR 26,000,000 (rw"r,tv'.irr.i nvestments. Further, rhe Bank, so.n€ ourer nlernatonet t".ri"" i.!tiiui,Jn"-i,iJ't" cohmission (a) hav. 6nts.ed hto the "Cooporation *lr,in ifr. iirn iorr N€ighb^ourhood hvesrment Faciity frdnowork agieement, i, o A ii""irUsi Zoos (the "t{tF Fr.rrwork Agr..m.r .) and (bJ have entereO "" lrro- an agreemenl dat6d 13 Novomber 2012 settitg out ths term srO conOnixs Jcoopeiafirrr d rre NtF fa th€ FxrrDsai a y.llli .lmr rnancmg agre€meots conctuded ffh the Bonow€r (the amantafion t r. "r*i -J r. li iri"r"itit,o" ,.pr..-t"r--J-6,-"ir-iJ#*" lP ''!""**k Aq.oornrnt" .rO l^T:l!,-yq.p".Nf Framework Agreemonr. ar any ouei rerevani ag*,i""i", ii,. .irr uocumanttUon) Furthar. th6 Commissron has entered irto a financing agreem6nt ffth the Borrowq under which lhe commisson shal make a no*r."iroi n -*r_ioi_r conlributrcn the amount o{ EUR 2o.ooo.oo0 (twenty mhon r, ""lrc a rnancng_ lhe rnlpt€mentatrcn 0, th€ proFct (the "EU Flnanclng ",ro"r lSrecmjnti whictt [rovdes lq the (lse d th6 Comm6son,s (NtF) and Ure Bant,s furAs pari 9A$r, bass fne EU Frnancng Agreement carE hto fo.ce 6 d 11 llby 2012 oi 17) (8) On 21 June 2007. the Bonower and lhe Bent sgned a Framowork Agreement gov€rnng the Bank's activitres h Georgia (hereafter reterrio tc as r,e -rirrneio.i lir"ciioirl - ' -' which continues t be h frdt forcr and €ffect throwhout the titetine ot thts Contall. The Borower cootirnEd tc the Baft lhat tlrc prol€ct fais within th6 scope of the Franework Ag.eement. (e) Tie Mnistry d Finance of caorda b duly autho.bed b sign this Coibacl fq and dt b6hdf ol the Boarower (10) By DecisEn No. 1080/2011i EU ttE European parlia[€nt and th€ Council of the Euroogan unlon have decr(bd b granl a guarantee t th€ gank agairct bssss incurred w i undsr rcans eno ban guirantees gianted fro.n 2007 b 2013 11 accordenco with iS ornr ir*a am p.ocodur6s f6 p.oFcts car,€d out in cenajn courties outsic,e the European Union SieO ,, the sdd D€cjeon (the 'EC Gur,.nto."). Georga b an etigrOt€ coq,try undei ffii'iii .a the af orement,on€d Decision. ( 11) The Statuto d the Bank provires thal th6 gank sha ensure that iB funds ar€ us6d rationaly possible in ih6 htefesls d the European Union; a 6 tt te;." "nO, ""co,aingfla and conditions d the Bank,s loan operatiorc rust b6 consisteni wiltt rele""rrt (12) \ Ei p;L;;. EIB considers ihat acc6s t infonnatifi ptays an essentiat 1016 h th9 r6duclion d environmentat. and rlsks. hctudrng human rghts vDlatons. tinked o t" _sooat ,t rnances EtE has trErefore eslabt6hed fis TransF6rency potcy the "ii*t" o.npose cf;hdh;b enhahce the accountabitily of lh6 EIB croup towards its itakehotders ani tm gU en" , general, by giving accsss b th€ informetbn that wifl en€bt6 "it th6m o tr,o",ii"iJ-,r govomaDce, stralEy, policj$, activities and practireg cL M)W THEREFORE il b h6rgby agr€€d 6 foltows: INTERPRETATION AND OEFINITIONS (.) ht.rp..t Uon (i) Ref{enc6s in thb Contract tc Arlbles, R€citals, Schcdules and Ann6xgs ara, s€va , expticity stipuhted othe*is., r6f6r.i.es respectivety b arrires of. a; iJri"Sl and ann6xes b lhis Contrsct. ""r,"Ore" (ii) Rcf€ronces in this Contracl b e p.ovision of law b a refcGrce to that provision as emend6d o. r6-omcled. (iii) R.efsrerces m thts Contract lo any other agreement tr inslrument b a rof€rerce to $at orner agreement or nskumenl (b) O.tidfloo! 6 amended, novatad, supplemenlec,, ext6rded oa restated ln this Co.r&act "Acccptancc Daadtino. fd a nolice means (a) 18h00. Luxembourg tim€ on the dey of detivery, if the notice b dotiv€red by 14hOO Luxembourg lime oo e Business Day; cr (b) 11h00 Lurombourg time on th6 noxt folowing day which b a Bushess Day, I the notire b d€iiv6r_.d after 14h00 Luxembo{rg time on a-ny sr:ch day a b det;eJ;'; &i wrricrr s mt a Blsiness Day. 'Accrplad rraocha' means a Tranch€ in respect d a Disbosoment ofier which has b€ah dury acc€pted by ttE Borrower in accddarce wih its t€rnis o.r or b6foe rhe Disbusemeniecceptance Doadlin6. 'Bualnoa! Dry" means a day (other than a Satuday or Sunday) on which lh6 Bank and commercial banks are opefi f6 general business in Luxembourg "Changc-ot.Law Evont' has the meaning gven to I in Anrcb 4 O3A(3) "Cont.ct'has the meaning given b n h Recjtal (5) 'Crcdt' has lhe meaning dven to it in tuticte .1.01. Dofarrrnt lndaftnlly, rneans an indemnity calcdaled on lhe amounl d disbursemgnt defared of suspended at lhe percentage roto (if high€r then zero) by whichl - the lntoresl Rate thal wodd have been applicabte to such amount had it b€€n djsbrrsed b -'-_ th6 Borrower on lhe Scheduled Disbursement Date exceeds - EURIEOR (one month tess 0.125% (12.5 b.ns points), urtess this vatuq b l6s than zaro, h wtich cas6 I wll',te) b€ s6l at z610. Such ndemnrly shafl accrue frqn the Sch€duied Dsbursoment date or as the case rnay b6. unt the dste c, cancerrarion with lhis Contract "Dlaburr.mant Acc.ptanca, means a copy "Olabultamanl Accaptarca Ooadllne. me ofi6 a lDoc{tred lherein. 'OlabuE.m.nt Ottr. means 6 letd /l-,a [ \ Dale b the scluel disbursement ot t-he lc-dpied-'i i',iJii'il'ii'".0"""" of lhe Oisbursemenl Otrer duly countersrgn6d "n" by lhe the date and ti'r€ d e)s*y c' a Dbburs€ment subsiantialty in the fam s6l out h Schedut€ C..t. "Obruptlon Evant" m6ans eather or botl of: (a) a materlar drsa/prron b thos€ paymenr of communrcarrcns sy3renB or b thos€ frnancier rnatGls wnch ae. h e&h case. reqred to op€.at€ il dcl€f ld paym€fits to b6 m6de h connection with this Co. recl 6 (b) lhc occurenc6 o{ any olh€r evenl which resulls h a disruplion (of a techrical o. syst€rn!, rohted.n€tue) to the treasury a p,aymenls operatioB of ittner itre ti*,i *lh" e*o*o.. praventiE p{ty. that (i) frdn pertorming its paymenl obligalons under ih6 Cor racti c. (ii) from communicating wjth other p6rti6s, I and whach dsruption (h either guch caso p€r (a) or (b) above) b mt carsed by, 6nd ir beyood the contol of. tlle p{ty who36 opGratirs Ee dsrl[lted. 'Envhonmant' mcs.Is the folotving, i so f8 a3 they dfecl humaa hedth (a) fauna and ftcra; (b) soil wate{, sir, chate ad the landscapei and (c) cultural heritage and the built environment. fid socid well-being: and. includeg,.without limitation, occupalional and community heallh and s€fety m€tters and workjng condilions. .Envkonmarrtal Approvaf nloans &ly p€rmd, liceflce, authorisaliorr cqrseitl or olher reqtirod by Envaronmenlal Lan. +provd "EnvkoImantal Clalm" means Any claim, proceedhg, fornd notic6 q, investigation by persoo n resp€ct o{ -y Envronrnenlal Law Any 'Environmantal La!y' means EU taw b lhe exte{i a@tod by the hws ol Georsia of starda.dg and pnncples as specifi€d by th€ Bank befo.e ttp Oate cl rtris Contract and c;;r;ia; nanon.t wel as.ppticabto rnl6rnstonal rreates d which a principaiobiecrive B :J1-11d-j19yl:1.":.1 Ino p.6!6rvaton, protectan q improvernent d the Envirodnent 'EURIBOR' has the mear ng fJiven b I h Schedute B 'EUR' or-"a(ro'. means the lawfd currency d the Member States of tha European Union which rt6 ther cure{Ey ln accordance_with lhe reteva. provistons d th€ Treaty Tp:.-1_T]-",1d"pt"d cn Erropean Un'on a|(l lhe Trealy on the Funclioning oa lh€ Europan Union or thei succeeding t eaties 'Fln.l Avallsblllty Oata" mearc 6 yeas trom conlracl signalure. ''Fh.d R.t' meang an annual nlerest rde determhed by the applicebr. priicipres frorn tim€ b tiie raid down bv the goierning d ;;;il Bar* in accord€rEe wilh thr ooo". J|; lii r, ro",o made st a fixed rare hrerest. denominared i; rhe equivalenl tefiE fof lho repayrnenl of cafjtal and the payment d interesi. "Fixrd Rtta Trancha" means a Tranche oo which Fixed Rale b applied. ;-the' i;"JrJiia o"".ia 'Flo.tlne Rato" rn€sns e lixedsFoad lloatrE nterest rat6. lhat b to say annuat irlerEt rd6 deterrh.d by rhe Bank fq esch successi-vo Ftoatng R;r; R-e;;A-i#oi-"oJ=", 'l ,o,n" Relevant tnlerbank Rate plus or minus the Sp(sad 'Floatlng_ Rab Rttararta parlod' means e€ch perbd froan on6 paymont Dale lo the lExl rebva paymenr Dare; rhe fisr Ftoerino Rar€ a"rd.a". perioo sLri Jil#j"J"" a disbusement d the i,lL *" Trsnche 'Flo.ting Rlt Tr.nch.'mgans a Tranche or| which Floating 'lndomnlflabla prapaymant Eyant, mefis a prepaymeil oL Rate b applj6d. 6voi|t trlder Artile 4O3A "Loar', m€an. th€ aggregale amount of rranches crsbursed frorn time b time tly tho Bank undsr tlis conlract ark.t Dl.ruptlon Ev.nt, mea13 h retatiql b a sp€cific Acc€pted Tranche: (a) tltd6_ ie. n_the rea3slabl6 ophion d ti€ Bank, oxc€ptbnd cicuhsta.tc6! dvdsdy afi6ciirg tho Bank,g -cs$ b ts souces d funding (b) h tho opinion d tho gatk. fund6,€Jrot araiablo frqn n3 ordinary Bqrce3 d f$dirg fuM such TraodE in th€ rdevanl curency and/or l(, tho rehvatl to tho reimhnsenl€nl profao of such Tran;he: b matmty and/o. h r6talaon (c) in relation tc Tranche in rsE)€ct of vrhich inle.egl 6 payobte at Floating Relo (A) the cost to the Eank d obtaining fundg tro.n fu scruces d funding, 6 d6t6rmned by th6.Bank, f6 a p€rbd oqual b rhe Ftoari4g Rare a"rerc,ceielo? i'JiLcne fi.e. h tt|s rnonoy maket) rvotld bo h exc€ss t th6 +pficaue na"r*,] iit;rUanr< nate c (B) th€ Bank determines lhat ad€$rate and fd means do not exist fo. ascortaining tfE appticabte R€levar lnl€rbank Rate tor tho retoratt cwrency -iiict J s,rt nol possible b dotormne the Retevanl tnterbank Rate in accorOance e o, it S wtfr tfre defirition containod in Schadule B. ' atorl.l Adyal.a Chango, m€ang, in rdatDfi ic tt€ Bo.row6 dry ev€nt o. chang6 d coidflon aftecliE the Bonowe.. which, h th6 opinion d fhe Ba*. (a) d'rsriary ampais th€ aulty d rh6 Barow€r b psfo.m ts ob[gatiom uider rhb co'rret (b) matorially impairs ihe financial condilion or p.osp€ct3 d lh€ Borrow6 'ilatr{lty, Date" means th€ tast repaymenl date of a Tranch€ specified puGuanl 4 01A(bXiv). b Article 'Paymant D.t6'rheans: 20 Jenuary and m Juty each yea untit the Mat[rity Oalq sav6 that, h case any such clale b nol a R€tevatt gusiness Day, meats (a) fq a Fixsd Rate Tranche. the totowhg Reieva.lt Busine$ Day, without adjBtm€it b th€ interest due under Article 3 O1i and (b) fq a Froating Rate Tranche, rho next day, a any, or that carendar month thar b BusineBs Oay or fa ino rhat the nearet preceiing a Rdevant aay rnar S a ner"rr"iiLilJ"" o"V. aI casos wrh corresponding adpstmont lo ihe nr"i".iir" ,"0"i ert"iJifrl.,',." ; "PlU" mean3 the prcirct implemsnlation unit descrbed h Adicte 6_1j 'Prapaymant Amount" mgans lhe amounl of a Trarche tc bo prepai, ry 0is go,row€f h accrrdarcs wilh Artrcle 4_O2A ?.p'yrunt r,ato' mea* the datq which sha, be a paym€nt Date, o, which proposB to 6fted pr€paymenl cf a prepaym6nt Amount. 'Prapaymont lndgmnity" meang n r6sD€ct-d any prDcipal amounl lo bg p.epad th6 Bonower ff canc€llecl, -"p"v,"nr ff jiii# ::HjT:ted bv ErB to the Eo,ower as the Presenr ,"r," i*! Jiti (a) th€ hter€3t lhat wodd accru€ theraafler dl the ftepayn€nl funount ovg. ..- p€fiod -.- th€ r-. frarn th€ ft€paym€nt Oale t the Mehrity Date. I l w6e rrcl greDatd or*. (b) ths htor6st that wo! c, so accn e ovd lhat period if I wse calcdated i Rele, lu"3 0.15% (fiffeen basis points) Tho said Iresont value shall be c&,lated I apprieo as J eacrr a .t. ii[r;#;fi;; d the Rsd€ployment at a discount rate equal tc tho Rodoployment Rale, :PllPtlTglt l\btlco' mean3 a wr ten noticc frdn the Bank to ths Bofrower h accordanc. wflh Anide 4.02C. "PraPaymant Raqoaat' meam a writen r€qr,r€6t tiorfl tho Barower b the Eank b prepay eI oa pat d thc Loar n accorctaca wth Artlcb 4 O2A ?roract' h4 th€ moaning givcn tc it in Racitd (1). 'Rod.proymont Rat.'means rh€ Fixed Rare rn 6ffed o, rhe day of rh6 ,ndernnrty carcuration fo. fixedrale toans denohrnated in tE saio curency and whlch shall have the sarn6 teml, td the paym€nt d nterorr and rlre 3arne reoawrnt profte o m rr,1rt"iii' il"t" - 'i1,jJ."*r," i, rosp6ct c,.which a g"pay-ent o poposed or ragrested tc be made For thoso cases wher6 tha period iB shorter rhan 48 monttrs rd :6 monrhs m r* ;;;";;;#ii olil^iir", ouri"e that period) lh€ nb.r_croserv corrispondrng money "b"u";; marer rae equrvar'eni *ii Ll ,,'JJil'ir,.r . m xerovant hterbank Rare m,nus 0.j25% J12--s..t-as,s pomrc1 r,i-o"rJ"' ot ip'ii"ij ftvev") months For p€riods talnq b€tweeo 12 and 36/_48 monihs 6 ttE J.**,'nf ji-"".r"0 Uii p",", o.l the swe ratss as pubtsh€d bv tntercadret nert"rs ro m "ray ry tho Bank at the tim6 of catculation w t appty. "Rolovant Bualnala O.y. means. e &v dl whrch tho Traos-Europlan Autorielod Real-tirE Goss Settlgm6nt Expre*s Trarfer paymi iel6-"rieiff'"if " *h.h;;;;;;;;ff;L['#iiiE:?,;T:#l?"; jij,l""ffi iiHffi ,:]. Ealavant lht.rbank Rato" mcans: EURIBOR "Schedulad Dirburromant Oata. means ttlG daie q| which disbursed h acclrdance with Artrcte 1 O2C a Tranche b scheduled b be 'Socurlty". means any morlgage, pledge, lien, charge, assignment, hypothecation, or oth€a ntel:st secu.ng any obtigar,on ot any persq] or any tte. ag,#meni :::I!y ; havng a srmitar €ffec1 "r,"ng"n_r 'Spraad" means the fxed spread b ltl€ Relovaflt lnt6rbank Rate (borng either ptu3 or mlnus) dotermned by th6 Bank and notrfrcd t the Bonowor in ttle relevar osOu;"r;;ldI; "Tgchnlcal Oo.crlpIon,has th€ meaning given b rt n Reotat (0 'Trancha" m€ans ea(h disbursemant made c b be made under this Coiiiact t\\ /0. L. 7 ARIrcLE I Crodlt and Dbbutramant! l.0l Amosnt d Cl.dlr By thi6 Contrscl th€ Bsnk €stsblisies-n favour ol ttle Bofiower, and tle Bonower acc€ptq th€ shount c. EUR 30ooo.ooo (rh'dy m,rrc" rr,u e,op"rlL" [::'li.)a, ",i"j 1.02 DlabutcmcntDrocadtra ]. i['i,,,J#i'i 1.02A Tr.nch.! TIl€ Bank shall dEbirrse tho Credt ln u, to.3 (tkee) Trenches. Th€ amount of each Trd1ch6, rlor being the undrawn batsnce of lh€ creair, inatt 6e in a minimril.ilrnt? Eun o,OOO,OOO (six mr,ion euros), provrd.d that the fist lra"r. u. .inrru. iniJni run :,ooo,ooo (thro€ nillion euros). "'.y " I i 1.028 Oi.bur.omcntOtfor Won reqrest by 0le Bonower. provijed tr€l m evenl nr6nlpned n Mi:le 1.068 has ocqrred and 6 conrinuhs, the Bar* shal b r,e B.;; ;;;itril#""I ofl€. ,a the :7d disblrsemonl of e Tranctt€. The talest linE fcr rocepr uy t e"";i ;.'i;#ursement offer is 10 (ten) days betoe rhe Finat Aveilabiity oale. nL " ci"Uri*.lJ-Of"r'ffi"p"",rr (e) lhe anount d lh€ Tranchei (b) the Scheduled Disbursement wtich shal be a Rgtovdrt Busin€ss Day, falling d .D€te,t6at t0_ (€n) days afi6r tE dat€ of 0re oisborsement 6rnor arJ-Ji'*-Lr." m rin"r Avaaablity Oate (c) the hterest rate basis of the Tranche, being: (i) a Fixed Ra(e Tranchei or (ii) a Floating Rate Tranche a[ pursuant b the relevant p;visio^" of a.t[f" l.ifi,-,'-' " (d) 9€_ Ite-re-sl pafrent periodrcty fa. the Tranche, h accodance wrh the provBbns Article 3.01. d (e) lhe tist payment Date fo lhe Tranche. (0 I'o- terms for repayri€nt o{ principar fa the Tranche, ,,, accordance with lhe provigions of Anlcte 4 0i (S) 016 first and hst repsyn€nt dat6s d principatfor the Trancie; (h) fq a Frxed Rate Tranche. the Frxed Rste and fG a Ftoatng Rato Tranche the (i) applicabte untrt the Maturity Oate; and Spread, lhe Oisbursement Accef,taE€ Doadtine 1.02C DiabqraamaolAccoptanca The Borrow6, m5y accept a D6burs€monl Of,d by delivering a Oisbursomenl Acc€plarlc€ b th€ Bs* m tarer than the D6bursem6nt Accepr".l, o""oii"E. rf,-oJ,iJlr]i"n, sh6l bo accompanredl (e) by r|e IBAN cod€ (or soDroan€t€-rorr€t n tine with Jocal banking pr*ti:€) ^.""pt"o and SWFT BIC ol the bank account to whch dtsbursement A me fratcftii b€ m6dO h accor(hrrce wth Artcte 1.02D. ano 4).1, 8 (b) by evidence d ItE authority d the p€.soi or p€rsort3 arthorbod b 3i9n th€ Disbu6emenl AcceplrE€ dtd tho specjmen signature c sucn lersort or psrsons or a declaration by the Borrower lhat no change ha; ocqrrod i" thd authority d ,"6i."; Ceson or p€rsons authorBsd to aign OisbursshBnt ncceptirces unoer this !!r Contract Ofier b_duty ecepted by lha Bo..ower in accor(brce wilh jts t6rxi on or ll^?--O-i*r*:I:* oeroro no ulsbulsornent AcceplrEe oeadlino, the Bafi shafl nrak6 the Accepled TranchB -Oif] evait€bto b tllo Bonowe in accordeoce with th€ reteva[ Oi"Uri"i.-"r,t at1""t t tho l€fms ad coftrtirns o{ t& Cqlfad "no The Bonower ghall be de€med b have rsftEed any Oigbtrsem€nt Ofq which hs! not bedt quly acceptod in accordace with its lenrE cn q Uefae ftle bi" Oeadline. 102O DlabuEomanlAccouna ""-"nt e""pt "" DBtrrsem€ot sha[ bo made b ths eccortrt.oa the Bonowe. set up d lh€ Troa3ury S€rvico d ths Minislry of Finahco of lhe Bonower fcr th€ purposes A aisU,r,Se,nents thB Coilr.ct pro.noter/Finet the Bcrower or the B€.Eficiary shall ,bf,fy n Urg Bank not l€t6r thdl 15. (fifioen) day8 before ttE Scheduted Osbr.rsomont Oa" ]AAli *ith iwlt appropriats fdmat h line with locat bankng p,actre1. Suc*r acco.ni shdlG soparato frcrn any oltEr accoultg, audted independen y and sepaatdy and not entccernent, $m ar proc€edngs and the status d wnrcrr srrel [a mainierneo rnrougrrout rne hpEmentaton ot the ftoJecl (such accotnt hereafter tho .Olabucarhant Account,). ,;;r ;d" , gb,ocf;;;i 6 *ilng'; ll":jlrlLl TI t 1,03 Curcncv ol dlabu[omaht The Bank shall disbu'se €ach Tranche h EUR. 1.01 Condltion. ot dlrbu[om.nt 1 o,tA Fiirt Trancho The disbursoment of th€ first Tranche under Artcje j.O2 is conditionat upon rec€tpt by trt€ Bank in fqm erld substance salbfactory to gl q befqe th€ date lahg ilseveil Busin€ss ( d;;;;i'B * irio"r*" (a) e leg€l opinion issued by the Mntstry d Justice d tie Bor.owq n EngtBh languag€ ql Oays before UE Schodjed Oisburserne;t oare, d rhe folowtE tll€ due executiirn o{ this Cqrtract by the Bdrowd and the vatidty, Liorceiff! anO binding nature theroot Such opinrcn sha bo ln form End iubstance to tho -coptau€ Bank and shall be supportod by the rei€vatt Ooira*ts U* Bo,ro**a authority b enter inlo the Coilract as wel as evdence of Oue"riOen"ing ratmciffi ot this Coikact yth rhe apphcable taws Goorgia i u,"t u,e !.^1T:111"Trramewoi( Agreefn€nt 6 valid, bindlng and eoforce&le "o.,iilln"r"n and that no evglls or cicunstances have occrred whrch coJtd, ., the |,"jr-"b[ op"an c, lh€ Aenk, advorsely affecl lhe t69at, vatid, bindng and q,to."eaUo natr,J JU1€ t"raiework Agreenrent; d u " (b) evidenco n the Engtrsh tanguagod tho powers d the Minisler of Flnance cf ceorda 9lgn thi3 cootract m behdf d the Bo.row€, (c) confirmation that all nec6sB-y consonts, authorisatpns, nghtr of wav, licences t or approvats d govemm€fltal d pubtrc bod€s o, auttorrtes req;ed nlo.;icfioo with thig project Conrracr and tho t€vo be€n ,*"r"0 Jy o rn" satisrection d rh€ Bank. have beeo "nJ "r,"rr, dven rho nec"."",y b ope.ate tl|e ftoirct t"i n"-pl"iii,,i ;i#iiy-;;;;;ers OL (o t confrmation that nc exchang€ contrd corrsent3 ae n6ceas*y po.dt the Bonow€a b in rhb Conrract, o repay tir OisoJied Tranch6 (8 :pr:q:ry":T1"t"^*.p.oviJod rsrdreO D n A i:le 2-01) and b pay hte.6t and el olher dre he.e,rnde., inctuding lhe op€nhg and maintenanie of accoimts b wtich "rornt" tha g;ower *octs tho Bank to drsburse lh€ Crac,it. and (o) evueico that tlle Disbu.son€nt Accou has been *tabiishad 1.048 All Tr.nch.. Ths disbur3ement d eedt Tranchs under Atale 102, including th6 frst b conditaoial upon: (a) rec+t by the Bank h fqm and sLbslance iat3factory to rt, on o. bgloae the date falling 7 (36ven) Business tlay3 bef..e the Schedutecl Ois6ursement ha i.. the propo3e; Tranche, of the following docurnonts o evidence: (i) a cstificato frqn th6 Bo..ors in the fdm d Scheduto O; (ii) eviderce dsmo.Btrating lMt Ic,Iowing dawdown of the retevsni Tranche, th€ aggr0g6t6 amount c, th€ Loan wrl not exc€€d th6 ag0r6gEto 6xpendh]ae ircurod or contracfuaily comnitted by th€ Bo.rowo. h rGpectofihs proi*t |Il b th€ data d th€ rdevant Disbu3ement Offq (iii) ovftJerce d tho authority d the porson or persoats authorised to gign Disbursem6nt Acceptarc€ and the auth€ntEated specimen sronature A sl]ctr person oa persorE; and (iv) a capy of any other authorEetion d other documenl, opinon or asgu.anco whach the B6nk has notjfi€d th€ gonowe.6 n€cessary or d6siabl6 inlomecton witr the onw hto and porforrEnce of, and the tr;rEactiorB corternplated by, tho Contract or lhe validity ard efiforceabny d th€ Cdrtract (b) hat on the Schedrted Disbursement Oate fq the proposod Tranchej (i) the representaliorB and warranlBs which ae repeatod pursuant b Arlile te conect n All r6pects and 6.10 (ii) rc sve.{ o( ciqrltstancg yvlich cdtstiMes q would wdl the passagE cf the q givng d notbe under thb Contract con3trt e (aa) an evd{ d defart undsr Artije 1O.Ol, or (bb) a p.epey.nent event undor Adicte 4.03, has ocqrrod and b continuing wremedied a. unwaiv6d o. world Is3rrlt frqn tho proposed Trsnch6. (c) tho Bar* b€ing satisfied tlEt the EC G.Jarantes b vatid, bnding and eifofcsauq and that rp events o. circumstsnces have occ[red wtict ["go].rabi€ opinion d '_tr".r the 8ank, adversory afat the tegal, vatid, bindinr;;;i;d "orfa, "lf,! EC Goarante€ o( the B6nk 3 nght b nEke a demana itrer*.a.. - ---- - u" 1.04C Olabultamant condlliona r.Ltad lo Tr.llchaa fln.nclng cart ln Lota Th6 disburs€ment d eech Tranch€ rotatng to the financrng of a certah Lot (as n Desc.iprion) under Artbto 1.02. includng tie fist, conoiiion"ifiiir,o-i"iipiith6 Toch cal t" a"* i, l(,m and $.b6tarce satBfacro.v b (.on or betqe " 0n date fating i t""-r-"iiiu",n""" Oayg j;x;o;;;3. osburismenr Dare ra rh6 Fo;a;; i.a,iiiJl'l.rr," roro*ine flffi"ff uu, \ oL 10 (a) fq th€ Trarch$ financing Lota 1 and 2 b€ttv€6 Sant 6dia snd Grigol€ti retating b €w con6truclion (i) thc tinet v6.3ion of tla EnviromEntat trpact Asso36mont (ElA) r€po.q (ii) th6 Environm€ntat Pernil (ancluding th€ retovei Ecologiral pGrmit oa Habitat6 form) and Co6truction Permit issued by the rotevant authoritieg in Georgiel (iii) ttle Envrormeotal Managemonl Plan3 (EMP); and (iv) the Land Acquisition and Rosettl€rn€nt Plan (LARP)I (b) fc. Lot 3 Grigoloti-Kobdoti (Choloki river). retating b road upgrading etong the &rne alignment, submiBston by the fto.noter d a BcreenarE doaunent statitg wheth€r a fd EIA b required or not Should a fu[ EIA not be requirad, such scr6.ning docment togeth6r with an EMP and the Cohglruction Permit b sufficient fa the Bank. Should 6 full EIA be r€quned, lhe condiirons n (a) above ae applicabte, ard the docurnents d€tded iherein ae tc b€ sobrnitted b (the satisfaction of) the Eankl (c) (i) fo. Lots 1 and 2, a Road Saf€ty Audt Reporti (ii) f6 Lot 3, a Road Safety hrpoction Report n both cr9e9 in accordance wih the frinciples d Oiective 2008/96/EC d 19 Nov6nber 2008 m Road Safsty irlanagement; and (d) lhat th6 design B completed fq th6 r6bvar Lot t, th€ satlsfaction c, th. Bank. 1.04D Second Tranche Th6 disburscmont d tho secord Tranche is conditioMl Lpon receal by t|o Bank h fdm and Bubstance satsfacto.y m d befde th€ dat6 falling 7 (severt) Business Oays bofqa the Schgdrled Oisbursem6nt Date ld such Tranche, of evialenca that th€ Prormtd Erd/of Final B6n6fciary has lired, th€ salirfaclio.l ol the 8ark, an internation€lly exp€riefrc6d consultant to join the PIU advise specificaly on th6 inpl6montation d the cornponer g of thg Proj{rc1 financed by the Bank. t t ( t 1.05 Oetern€nt ol dirbu[6ment 1.05A Groundr td determent Won lhe written requost d t€ Bofiowe., the Eank shall defer thq dish.{semgnt of any Acc€pted Traicfie h whole d h pal tc a date spocified by the Bd.ower b6ing a date falirE rrcl later than 6 (six) monthE frorn rts Scheduled Disbursement Date and mt lator than m days prior tc the fist repaym€nt daie ol the Tranche hdcated n ho Disbursement Ofier. ln such cas6, tlE Bdrower shall tho Defe.rnor{ lndemdly calculated ol1 the amount of disbursemgnt d€tened Fy Any roquest fo defe(ment shall have efiect ir respect of a Tranch€ only , it b nd at least 7 (s€v€n) Bueiness Days b€fde its Schodrled Dsb[semeni Oate. f for a! Accepted Trande any of the conditions r€fe.red tc in Articte 1.04 ir rct tutfilod 6 d lh€ specified date and at the Schgduled Oisbusemenl Date, disburaement will b€ dofs.od b a dat6 agreed between the Bank and tfE Bqrower felling nct eaaliea than 7 (asven) Bu8ineas Day3 fofowing tle fullilment d all condition3 of disbursem€nt (rvi6out p.eiudice b th6 riJht d lhg Bank tc suspend and/or cancel th€ undisbursed portion of the Crodit in lvhole oa h pdl pusuant b Arlicle 1068) ln such case, the Borower shall pay the Def€rrn€nt lnd6mnity calculaled d! the amount of disbursemenl defered 1.058 Cancellatlon of a dlrbuEenent defered by 6 {.lx) month! The Bar* nray, by nottce n witing tc tho Borrowg. canc€l a clsbu3ernent which ha3 b€en dgfen€d und€; Artcb 1.05A ry lrllcre than 6 (six) months h aggregate The cancelod amount 6hall remain availablg fq disbursement under Article O,L 11 '1.02. ,.08 Cancollaton end auapcnalon 1.06A Borrowc.,. rlght b cancal t The Eofiower rmy et afly tme by notEe h yyitng l}E Bank cancgl. n whot€ or n p*t snd with mmediale eftect. the undishJrsed ponion of in" Cruoit. fro*"r"r, 'r,""1 noire srral treve rb 6flect h rospect ct ar Accered.Tr6n# *r,,"r, ii" iir,"irL jtiji,Io*nr oa" r"rri.,g 1.068 Brnk'. rlght b rurp.nd md canc.t Tt€. Bat nlal, by mti:€ h writilg p g|o Borower, slJspend ponioo d the Credit h whoie o. h prt (j) adlor cacei th6 ud3bu.scd , dry tirn6 .,a *nri _".Arii ju' upon the occunenc6 of sr event or circumstarc€ meotDn6d h Artble 4.03A or 10.01 oa dr 6venl or cirqnsta.rce wlich would wth th€ pes"rg. a tila o,lJng a, mtir€ undor thi6 Cootract corBtifulo a eveot under Artlcte 4.OiA o, * irlr,t doradt under Artile10.01i or "t (ii) I a lraterC Adver6e Change occurs. Arryosugponsion ghall contjnue until the gsnk 6nds lhe Eusponsion oa carrels thc sugpanded 1.06C lndamnlty rc rusplnalon and c.ncallation ar a Trancha 1.06C(1) SUSPENSTON lf the Bart( suspends a Accepted-T.erEhe, whether upon a lndemnifiable propayment Event oa an evont mentioned h futicte j0.0j or upon the occurreoce of a Material Ariveise Change, the Borower thal pay tc the Benk the o"te.n"nr l,o",riiy-"irriii## rc ounr a digburs€rn€nt susp6nded. "n 1.08C(2) CANCELLATION f pt/rsuanl b Arlhb 1.06A, lh6 B6row6r cacets. (a) a Fixed Rate Tranche which b ,| Acc€pled Tranche, n shall inde.nnify tho genk undor Anrcb 4.0281 (b) l FtoatrE Rate Accspted Trarhe or any pdt o{ Ule Credt other thdl a Acc€pted Tranche, rc hdormity b payabto. lf the Bark c{tcels: (i) a Fxgd Rete TranctE which b ar Acc€pted Trarrcho upon dr Indemnifiabte pr€paymOnt Evenl or upon llE occu €nce a, a Meterial A(fuerse Change o, pri"r"nt b Arti"l" 1.058. fle Bonowe. shafl pay to the Bank the erepaymcnt -tndemnity; or a ttE B€r* cancels {iD a. Accepted Tranche upon dr oveit mentionecl in Artrcle .lO.O1, tho Borrotv€r shall indemnify the Bd* under A.tcte j0.03. Savo h these cases, m indomnity b payable upon cancelation .,f a Trarche by ttle Bank. Tho indemrity shall b6 calcuated on tE basis tiat tie carc€{ed amount b d6€fit6d b have b€€n dishlrsed dd ropail ol] the Scheduled Disbuasement or, tc the 6xt6ni that tha disbursement of the Traiche b currenfly defeded or suspended, the dete of th6 he cancellataon notrce. 6 1.07 Crnccll.lion .ft.r.rDny of th. Cr.dlt Any tirno a ld ttle Final AvaiLabfity oatq tt|e Bank may by mtico to the Bororver *ld without lhulity arishg q| fio p{t ol eitler pdly, caEd s{rch amount oa t}l. Credt in r6sFct o, which nc Disbursemsnt AcreptdEo h6 be€h fi€de h accorddEe with Adicle 1.02C. At 12 Sums duc undor Anich 1 gums du6 under Anicbs .t 05 and 1.06 sh6ll.bc payebt. h EUR. Thay she t 6 within 15 (fifrccn) day6 c, thc Borrowois r.capt c, tr Bs.t,! damaid q *ittin enyflsyat nirg€( r,€.rcd sp€cifiod in thr Bank,s damend. ARTICLE2 Tho Loan Amount ot tlE Loan 2.02 2.03 Thatosn shall compns. th€ agg.g6t. amou.t d Trancies dsbursld by til. Bar* undar tha qra(ll, as cofinrEd by ttl. Benk pursusnl b A.tjdc 2.03 Cl'rcncy d r.oaymant hllaaat and our, charoar lntarasl, rap€yr|.ltts aid otxr cllarocs Davabt! rog€cl n d aac+l Trardl. shal ba ma& ry llto Bo.rowlr n tha curency in wticti me l;n<*re b di6bursed Any ofiar pay.nrnt shall ba nr.da h thc qrra.ry spaclfl.d b/ 0, Bs* havirg ragard D tr. .ur.ncy of th. oxp€ndtu. !, b. rcihburs.d tsy ;.j"" Jif,rii"-v-ri:i.Contlr.rEtlon by th. Bank Witt*l '10 (tfi) days afl.r disburs.mcnt d .adt Trand|o, th. Benk shal d.tiv.r b tl1. -irii"*.il Eorowor th! amortisation tabto refer.rt b n AnEb Ldr, ,r Ip-p.irp.,irii, m disblrs.mcnt dat.. cur.rrcy. ir! amount dsburs.d, th. rrpayrn nt t-#B;;;";;:;:,,"b d and fo. that Tranche ARTICLE 3 ;;; 3,01 Ratc oa lntoro.t 3.01A Fix.d Rat Tranoh.. on.rh. oulstancthg batanco d .adr Fxed Rat Trancho at the I::,ry::It1!ry,rnr.re3r rrx.o r(6l Sam-annuallv of Enuelly in anoas fi tho rcLva,{ paymenl Oetas as spactfigd h tr Oisbqsfitnt Ofc'co|tn ncing m uF frst sudr pay,;i,o; i;o;.,rg tt dat qr whbtl th€ dBblrscm.nt d fi. Tran *rc x€s mad.. tf ti p",ioO -tdisbuEdn.nt w€s mad. lo th. ftst. p€ym.nt Oatc b 30 daia , fo" iil"o"t . *fi* it.i t" p"y"..,t a ht.rGt accl(,.d during srdl p.rin shal b. postpoied t u" ]i,fo*rr9iaffii oetc. htarast shall ba calcutatod on lhs basis d Ariictc S.Oj (e) at dt annual rata ttEt B the Fixad Rat. 3.018 Floatlnq R.t. Tranch.. Tha _Bonowor shall pay intorast q| tho outslandhg bslanca of aadt Floatjng Ratc Tranchc d tE lloallrg Rato s.mi-annualty q annualy n arrears oo tr r.hva p;yrn nr oat.s, a speaitbd h tha Oisburscmant Offcr corhmancing m tho frsl slJafi psynrnt fiato tolfo*ia Urr dat. of disbws.m.nt d tho Tranoho I Ur peflod fiqn U|o dat. U hsOuis.;ent O Ud fist Payrnant Data b 30 days or hss tllon tha paymonl d ht.rest accrued during $rah pniod Bhalt b. postpa.Bd to the fotowing payment Date. \ /^l T3 The Ba* Bha[ lotify.fto Ftoating Rat€ the Bdrowa w hin 10 (t€n) days fotorvhg the comm€nc6msnl d oa(fi Ftoathg Rete Referdlc€ p€fiod t f-fursla1t b Artijos 1.OS id 1.06 dsbus€meit of any Fbatirg Ratr Trsnch6 td(os pagco 3t* the sch€dui6d o5bu3€ment Dae rho Ret€vart r,ir"J.,i "n"6'#r.-Iii" T-r," rra Floating Rste RsfarsEe p.rDd shalt appty 6 though the dsOuraemeni Schodrlgd OFbursement Dete hHH-ln on U. hterest shalt bs caoftted in resp€ct d each Ftoating Rate Reference p€raod on the baats d Ande 5.01(b). 3.02 ht ott ot oyaadua auna Wtbut projudc€ tc Artide 10 atd by wsy of oxceplioi b Artictg 3.01. ht{est lhall .ccru€ m any overdrq $rn payabt€ (,1der the lqnE ot this cootact fran the du6 dat€ tc the (blo d payrlerlt_.d 6n annuat rae 6quat tr the R6t6vsil ht6rbar* Rat6 pfus Zft pOO Oi* poirtsl did shall be payable h sccordoce with trl€ demand A tne 6anf. ici-itre-i?poee O determining the Relevdrt tntorbank Rare in rehtbn o trij nrrtelOi. irre ,d"fiierioo" withn the meaning d lschedute Bl shal be $rc6siv€ pero6 of on" ;tf, _rini"g on it€ due dat6 Howevea, nteresl on any ovgdJ€ sum t,lcl€r a Fl.xed Rate Tranche shEX be afEaed d Ule annual rsas that b the sun oa ttle rat€ dehed h Anicb 3.01A ptus o.r5% (25 u"i*i-inr"l ir thal annuat rate exceeds, fcr any liven r€tqvart penod, ihs raig ]f,J pli"*rrg pa,agraph. "p"",f.I" 3.03 arial Dl.ruotion Evaot Tranche. ir at any tme betwea fl6 dare ot recebt by rh€ I-l:lt"i p,1.o:9r lcc€pt€d A-c9eptl.E€ n respect of s{dr Trancho ,te and date f;hg trc :.all -9r. 1u'sbrrlslnelt Eugness Llays pflo. b the Schodulqd Disbu3erhent Oatq a ft,laket Obruptbn Ev6nt ocqrE, lhg Bank m€y notity b the Bofiow€r thal hb clsus€ h6 com€ irto effiA in srrcf, e, tte following rd6 shsll apgly: (a) the rate ot intorest 6pplbabl6 tc sudt Acc?ted Trancn6 untt dle Maturity Dete, shar bs qp qead ol fixed rate (6xp.essed I a porcentage rate p€r a;;,Jm)-';;:h b detorrflned by flo Bar* b be the all-inctusiv€ coct b fle Bank tar tle tunifnq a fE rel€vanl Trarch€ baa€d upon the then +pticablg nternaly g€ner€led gd|k r;fer€.Ee rate or an alt€rnativo rat€ determtnatjon nefrod reasonabty-det6rmined by tle Bank. The shall have he rghl b retL6e in wrilhg Oisb,rser"ni *itrln tne -Bonotvg deadino sp€cif€d n trlo notfrsibn ad sha/l bea chagg3 "r"t ilcurod a regrt thereof, if any, h which c6e th€ Bank shall mt 6fect tire disbu;36msnt and t€ c;;;s;nding Credit shall remdn avsitabte fc disbursement under Artrcle .l O2B. tt tre d6,rowliOoea not rsf6e tho disborsemeot h time, th€ partjes sg,ee hat ,E dbbusement and 0|e corditions UEreof shall be fliy binding for bob partias. 6 (b) the spfoad or Fixed Rate prevou6ty nouried by lh€ Bank n the Disbur6ement olffe, shall be m longer applic.bl6. L \ ARTICLE4 RrDavmcnt 1.O1 l{OfinalraoayrD.nt R.eatnrnt bt lnatalmcnta (a) The Bo.rotv6 6lr.[ r€pdy ss.h-Tra.Ehe by nstatm€nt3 oi th6 peymett Oate3 .Fr€cithd h th6 aelev6art Di6bu8em€nl Offa n accordance wih tE tenrlB of tlo s.noniselbo taua delivaed BJrgusnt b Mire 2.03. (b) E dl amortBstion tabte shsl be dra$m !p on the basb that: (i) n the case ca a Fx€d Rate Tranche, repayrn€it sh€ll be msde annually or geryiannually by equal instdments d principal or co(Ets.|t instalmenE of pr;cFal inte.e6t: and (ii) h ho c.s€ d a Ftosting Rste Tranche, repaynEnt Bhsll be rnad6 by €qual annuot oa semi-annual instalmenls of principal; (iiD lhe f.gt rep8yrnent date ot e€ci T.anche shall b6 a payrnent Dsts faiing mt e€rlier ihan m days frorn th6 Schedded Disbursemqnt Dat; and not latq th; tle frst PEyncnt Date immedjately followirE the 10' (teith) amiversa.y c, tlo Scheduled D6h.nsern€nt Date d he Trsnche and (iv) ths last repayrneot dste of 6sdt trarrche shalt be a psynrenl Date fa[ng mt e.rler thsn 4 (fo(r) yed6 snd not tstor thai 30 (t*ty) y6;T frqn the Sch€d,iod Disbwsorhenl Oalo_ 4.02 VoluntaryoraDryfi.lrt 4.024 Pr.patm.nt oeflon 9rbj6ct b Aniies 4 028, 4_02C and 4.O4 lhe Borower rn€y prepay sI o. part d sdy Tr6nch6, t€eth€r with sccru€d irterest and ndemnities I sny (pon gving i propayrnent Nobo with 8t lest 1 (one) month,6 Fior mlice spscfyng dE prep€ymenilrr,.int au uie *epaynont DstB Subjecl b Article 4.02C the prepaynEnt Notjce 6halt be binding and irevoc€bls. 4.028 Pr.p.tirnttnd.mnlty 4.028(1) F|XED RATE TRANCHE It tle Bo.row6r p.epays a Fixed Rate TrsictE, the Bo.,otve. shEll psy b th€ Bank on t|e Propayment Oate th6 Prepayment lndemniiy 4,028(2) FLOATNG RAIE TRANCHE The Borrow€r may prepay I Floating Raie Trsnche without indemnity oi any relsvar{ pgym€nt Oste. 4.02C Pr.patmantmachanlct Upon p.esentation by the 8o.row€r b the Bsnk of a Pr€psyrneit Requg3t tle Bgnk shall i$uo I Prepaynent Notire to the 8o.row€r, ml lat€r that 15 (frfteerl) dsys pdor b th€ ftqpayrne Oate. The R€peyment l.lotice shall specify tE Repayrnonl Amount. the sccrued htorost dre h€reon tle Prepayrnent hdemdty payabl-. (nder Article 4.028 o., 6 t|€ ca!. nEy bo, tral rlo iMerr ty b dus, the mothod of spptication of th€ ftepayrnent AnDunt and th6 Acc€ptaca Deadlin6. f the Bdrorver a.cepts the Prepayment Noli:€ rc later than by ltE Ac.epldEo Oeadine, it shall 6ff{t the prepayment. ln any olhef case, lhe Ebrrow€r n€y rEt e{fcd tle prepaymsnl. rt 15 acconpany the p.apayneol by th€ payment oa accru€d ht€rest and Jh9 Bonoler shall indemnity, i, any, (fue d) tlE prepaym€nt Amount. ,f.03 Comoulaowoaaoavmrnl 4.03A Grounds t6 p.cpa$nant 4.034(1) PROJECT COST REOUCTTON tf ttre.totd co6t d tlo project shoutd be r€dEed frqn trE filr6 stst d n R€citat (2) b e levet at which th6 amounl d th€ cradit und6r this Contract and thiTranche A ContiaA excs€d! 5Of (fi4ty per csit) d such cost the Ba* rnay h proportjoo to th6 redJctim fodh;h, notiro b b/ th€ Bonow€r, (a) cencelthe undisbused porton ol th6 Credit aM/or (b) demand p;epayment of the Loan The Bo.row6r shall 6ffsc1 paym.nt d the amornt dgmald; ne aat" by tlo Bank, such (bto being a dat. taling not t6ss than 30 (thny) days frc.n th6 dato d th6 fi ipi*i* dem6nd. 4,03A(2) PAR' PASSUTO ANOTHER TERM LOAN lf volntarty.p.elays e pan or the whote ca any orrs loan origina{y ,snlad b I td-tro.Borowq a tdm ot nbre lhan 5 (Uv6) ysas (s ,.farrn Lo.n J olh€ftv86 than od d- tho proc€6d3 d a loan having a term at l€ast e$lal b lh€ wExpied te.m d t|e T€rm Loan prepaid, tha Bar* nley, by notag tc th6 Borrow€r, cancot the Credt and demand prepaymetrt oa th; Loarf h grch proportion a8 th€ prepaid amount d lh6 Term Loan bear6 th€ aggregate outstaMing emount d all Term Loens. t Th€ Eank shatl address ib notico to the Bonower within 30 (tNdy) days d rec€ipt d notir6 under Article 8 02(c)(ii). For the prposes d thig Articlo, ,'loan,, includes any loan, bord oa oth€r fdm of fhanchl ndebtodn$s o. any obtigatioo fc. the paymeol or repayrnont d d€bt 4.03A(3) CHANGE OF LAW Tho Borowd shall paonpily itform the Bank if a Changerf-Law Eveot has occured d is likely t occ1L. ln suc}l case, d t thg Bank has realo.iaba cau30 b beasvo that a Ctta tg6.ofLaw Ev6nt has ocqrred or b about t' ocdr, the Bank dEy roqrost that tho Boarowe, consult with it. Such coisultatioo shall t*e ptece wtthin 30 (thirtyj dey6 frdn th€ dat6 of tte Bank,s reqrre6i. [- afr€r tl6 bps6 oa 30 (ffiy) days f.qn ttl€ dat6 oa arch req,r6t f6 con6rnation the Bank b of tho opinion that th6 €fi6cts o{ he Change-of-Law Event cirhot be mitiJated b its 16tirj9ctrqt, Ito Bar* rftay by notE6 b tho B6rower, carcst tho urdisb[ssd portion d tre Credil and dsmand frepayrn€nt d the Loan, togother wih accnod h,tere€t and all oh€r amounls acc^r€d oa outstanding und6r ths Contract. Th6 Boarowd shall effec1paym€r d the amount demandod m tho dale sp€cified by fl€ g8nk, such d8te b6ing a date fallirE mt t€ss the.1 30 (thirty) days frdn Ulo date d th6 demend. For the purpos€s d this Adile "Chan96-ot-Law Event' m€ans the 6nactrn6ot, promlllgation, 6xedJti).r o. ratificatirt d d any change h q amendment b any hw. nl€ a regdation (oa h the application or official hteerstation of any taw, rul€ q regulation) that ocors ;ttq th€ date of this Coot 6ct and which, in the oprnion d the 8ank. would materialy impair th6 Barowat s ability to p€aform s obligations (rldor this Contract q the Eonower's, th€ prornot6r,s d lfE Final Beneficiary's obligations rolated b the Proj€ct ,,.1 l 16 4.034(4) TLLEGALTTY fi: (e) I bocom* untawfut h anv.Eu jurisdc_tion o. n Geo.da d tha Aar* b porfd.n any t8 obtoatron6 ss cor{€r4,tsted n rhis Conuscl .r toi"J , rn"irii rji" r.o",l o. d (b) h rotatjoo b the EC Gusantse: (i) I b nc torEor vald 6 h fdl fc.ce and offect (i) th6 condtioru td covd th€reundgr *e not fulfiled: o, (iiD I b mt Effodire h gcco.(krce w h ls terrr qb saeg€d by rE hefloctive h occo.ddce wih iB terr!3. Bdrow€, b bo lh6 BEnk shal pronFfly rbtty th€ Bqrower and the Bonk msy (x) iyrnedst€ty Bl,6p6nd d cslcet the undisbused po.lbn d rhe crsdr ,xror 1y) Oem*,A I j:iry#ii? me loan on rne d6le hdcated by tha Bank h its notice b th6 Bofiower 4.038 Pr.p.ymutm.ch.ntc. Any sm d6rnand€d by lh€ Bsnk pursuant b Artide 4.034, tog€ther with any i]lerost q olher ayDunts accrued or oulstsdng under thls Contract ,nctud,ng, ;ithouiiirnriaifn, any rnoemrity due.unde. ArtiJe 403c 8h6[ ba pdd.on rhe dare 1€ aare sh€r ta not te*s rhan 30 Girty) days frsn rhe d.to oa rhe Bs*,4 ;;i"hol be sppliod in gccordslco with Artide 5 05 hdcarjt i;i'i'nii ;G;';;;;il 403C Prap.ymantlndcrnrity ln lhe cs6 d an tndemnifaabte prepgyment Evenl. the indemnity, i, any, shell be dot6rmh6d h accorddlce with Aiticle 4.02a. lt, nEeov6r. plrsuant to p.ovaion_of A id€ 4 O3A th6 Borros6l p36*r" trsrrl€ on a dar€ oth€r than_a retevant 'ly'plym6nt D8te. h; Bs* h such amounl s. th6 B.nk shajl certify B reqtjred tc compens€to I f.. ot*r*iL payrnont thgl on a r6bvan( tlala . Bo..;*;3;;i;;1,#ffi'h; i""+i ; iio" 4.0,4 Ganar.l A prepaid anount may mt bo re.bqrowed This Artjcle 4 shal mt p.sjudce Artije lO. ARTICLE 5 Pavm!nt! 5.01 Dav cosnt co.tvqrllon Any amounl due by way of ntere3t, indemnity or fee frarn the Bonowe. under this ad calq/etod respect c, a fr*tbn of y6a. sha uo derernil€o oo Coitr6ct, id*rrg h r€sp6clive convenlions: ; il (a) in iesp€ct d hlerBt ard indernnitios due under a Frxed Rat6 Tr.ndle. a ved of 360 (tlree hundred .nd sixty) days and I nbith of 30 (0ity) d6ys; (b) h re!9ecl ol herost and in(bmniti63 due undor I Ftogtilg Rate T.anch6, a yaar d 360 (th,ee hunded rd sixty) day6 and dE rumber o{ <bys eiapsed; (c) in r€spect d foes, a yer of 360 (tlreo hundred snd sixty) day8 {ld th6 numb€r of days elap36d. i\il \ o L. 11 5.O2 Tlne and olaca o, oavoant ur{e$ oth€rwb€ spodrre4 ar 3uns under q h.erato.l !c thig coobacr otha, tEn hl€.ort, ind€mnity and principal re osvabto wirh,n 15 (ffi;tda;; 3Un! O, -iir;Jr"""pr of the Bank's demsnd Ea:.lr 3.'JT payallo by tu Bdrower under thls Cootract sha bo pai, b thg re3p€ctivg accou iotified by th€ Bsnk b 01e Bo.rower_ The Bank shafl indica[ fE15 (fifto€n) daF befdo tlo tu6 date f.r rhe fist p€ymenr """*ni,Jt't try tn"n uy tne aonowet-iiJ'"i;ir change d accohl not lols tnn 15 rr'ff.eh) daF b;r" rJ O"t" a ir,Ji.gt ;ffii; "ny *r* trl6 ch€ng6 appties. Tttu peri, cf notlce do€s not apFry in i\6 cE6 of p"ffii *i"iArt al" 10. I. k9y* sha indic€te in €a.fi paynBnt made hersunde. tho cartaci numbsr (.Fl rr,) lound on lhe covar pago ol this Cor racl A 3[rn dtle ftqn the Barow€. shall tE d€€nEd pail when the 5.03 s.t ott Bank recdv6s it Th€ Bant nl.y s6t df any fi|€h.rod obigatDn due frqn tho Bo.row€t undgr thb Cotact (b ltE g-*d by th€ Bank) agahsr any oblsation or"o (*i|er,o.;;i *i"-Jr :I:1 I6r"E:I ot rh€ dace d psyment bookiE kanch or orr6rrcy <f l]1: ::"liP_*-ry""w€. rsg€rd€ss dB n dfferrrt c(r.encjes, ths gar* I rrEy coov€rt Biulor !ll!^9U;r,on. 9Urgitions oongaron a a market9Etat6 c, exch€nge h ilts usuat cou,ge d busineAs fq Ore purrroSe d te eet€fi. [.€ithor obtigation is unliquidai€d or unas"",r"i""O, ttle 93tinaled by t n good f-0l b bo the ahomt of tr|at oblgation. A";[""y;-#'i?*r.ornr 5.04 Dlarupllon b Payment Syat.lrl. tl"_ B:t derenrines {in its dscretion) that a Dbruption Ev€nt ha3 ocqrrod q tho IEe llyE notEo by tie 8o.row€r that a Dsruption Eveot has occurad. (a) th6 Bank may, and shafl I.gqGstEd to do so by the Borows, coogrrt fih th€ Barower wt9.:_np* ! ag-seng wih the Borou/er such ch€ngos tc ttE oo€ratih o. aornnBraton d r€ contacl 6 hg Bank rnay deem necessery in ttre circunstan@3; (b) tho Bank shell not b6 oblig€d b consdt with the Bonow€r in rebton b any changpg m€ntioned in parsgiaph (a) il h its oplnlon, i b mt pretcabb O Oo'o n tre cicqnstances and, h any even! shs hav6 rp ooligtion t agr6o b i,Jch "nO (c) tp Bar* Shall rpt tE liablg f(l any darnag€g. co6tg a lo6los wlEt3oarr€a"tir6""; ariliu ss 9 r6g{rt ot a Disruptbn Event or fa taking a mt takiu any actbo pLrsusnt da h comsction wih thb Artide 5.04. 5.05 ADpllcatlon ol luma racalyad (s) Partialpayments f Ule Bal* receivG a payment hal b nsufficient b dscharg€ aI fle amountE th€n due and payaue by th6 Boftower under this Contract, the Bank shal appty ttEt payment h or towads payment of (i) frst h or towrds payment pro rata of any unpaid tgss, costg, hd€mnitjos and exp€oses due under this Codract; (ii) secondy, h q towads paynEnt d any accru€d htergst due b(lt unpaid l.nder thig Contract (iii) thirdly, h q tow,rds p.yment d any p.incipat duo but unpaid undor thB Coit.ct and (iv) fourlhly, h d towrds [,aF6nt d any oth€r sun du6 bd unpaid under tis Collt-act \ [0.1. T8 (b) Allocation af sums .dated b Tranches (i) ln c€s€ of . a partial volrntary p.epayment cd s Trrlche Ul6t b stbFct b e repeymont in sevord in3t.lments, the prepeyment Amount shall bi 6ppled -r.; ;b b eadt outslandtng inslalment, - a pa.tial coEpulsory prepayment d a T.ancho t\at is subiact b a repaymont an sov6.d instalrnents, th6 prepayh.rlt AnDUnt shal 66 eppt6d in rodJcto ca the outstsnding nstakn€nts ir hvarse ord6r oa dEtrity: (ii) Sums rec€ivod by the Bank fotowing a demand undor Articte 10.0, and applied b a Trench€. shsl r€dJce *E ootstanding nsta[n6nt8 h inve.ae orOe, a-iiaLity. The Bank rrEy 4Dly sums received between Trarch$ al its dhcretion. (iii) ! cae of roceFt d sums which cannot be iiJentified I appticabte b a specific Tranche, and on whrch there b m agreement bet\reen Ure tie* dd the dower m lheir application, lhe Eank rnay apply thess b€two€n Trarches at it3 discroiDn. (c) Sums rec€rved frqn llle Borrower shall onty dscharg€ nr payn€nt obtrOatrcns I rec6av€d in accordance wth tho terms d thls Contract ARTICLE 6 Bqaowcr undadalinoa and r.trelantation! The undgrtakinga in this Arlicle 6 refilajn in t6ce frqn th6 dete of this Coibact fa so br|g any amounl b orrblanding und6r this Contract or the Credt A in fc.ce. 6.01 _ A Proja, mderl*ings U.. .{ Lo.n .nd .v.il.b tv of other funds The Bofiower 6hall, and shall ensure thal the pro.noter ard the Fnat gerEfict y 166 atl amount8 boarowed ry it under th6 Loat fs the executon d th6 Elg lurdod compon6;ts d the ftojoct (6 eet out in the Technicat Doscription). Tha Boarowsr shall ensur€ that it has avaitable b n the other furds lgled h Racitd (2) and tl€t such funds ro oxpencled, tc lhe extent aoquired, m lhe tinancing of the RoFct 6.02 ComDlcllon oa ,tobct Thg 8o.row€r shall and shall ens{re that the prornoter and the Final Beneficisry cary out ho Prorsl h &cordarce wih the Technrcal Descdptrcn as rlay bo rnodfEd fr.rn tirire U inl€ with the +provd d the gank, and cdrpbte f by ttE fhat date q€cified th6rein. 6.03 lrcraaaad colt o, Probct I ItE totd cost d Ule ftoiecl excoe(b the estinated ,igu-e i€t oul in R€citd (2), tho Borowc' 8hall obtah the finance to frhd lhe exc*s cosl without rscoqse b th6 Bank, so b ensbl6 a th€ Proj€iX b be cqrpleted in accordance with the T6clnical Descriptron. Tho plarE f6 funding the excess cosl shall be communicated b lhe Bank withoul dglay. $.. A,L 19 6.04 Procrrarhant orocadrr. 6.05 Th€ Boarotver und6nak6s to puchas€ and shal ensure trat tho Pforllote€d tho Fingt 86neficidy prrchase oquipmenl, secl,€ servlces and (rd6r wo.ks fd the EIB and Nliiurdod components of th€ Projecl by op€n international tender or oth€r 6cce9tau6 orocurement procedr6 complyhg, i, ihe Bal*'s sgtbfacton, wrth its potjcy 6 descr €d in its Guide tc Procwemonl h fqce d the dato c, this Contrsct Contlnulno ProLct undadaklnor ralatinoto the EIB fundad cornponanta cr lha prohct Th€ Bonowe. shsll d|d 3hall erEure lhst th€ ftonloter and the Final B€nefici*y. h rehioi b th6 EIB furded conponont3 ar lha ProFct: (a) ilalnlantnca: moinlain, repar, overhsut -d rslow all prop€rly lorning prf cf th€ Ptoject as .oqui6d to k6€p I in good working ord€i (b) ftoraci r$ata unless the Bank shall have gjven its prior consoni h wriljng, rotltr tiu6 t'r dd possossion d sll or substanli€lly a the esots comprblng tho EIB fuidod co.ipon6nt3 d lhe Proioct or. 6 approFriate. r€pl€ce rlld r6rEw such asels drd maintrin lh€ El8 fuded conpononts of the propct h subslsniiaiy continuous oDeraticn h accordance with its original purposo provrded th€t the Benk m;y withhotd its c!.|sent only wh€ae the propas6d actbo would prepdice tho Ba .s irt€(ests l€nd€. b the Bqrower o. would reMer th6 Roject jneligibjs fcr tinancing by lhe gank undsr it3 StStute or under Arlicle 309 of ltE Treaty on th6 Functioning d-th6 Europoat Union; I (c) lnauranco: insur€ oa make ad€quate provisrofi fq lhe insuranco of ai woak and prop€rty formhg pdt., t|e EtB funded comporlents of the Proircl h acco.drrco wilh the db6t colrpretEnsiva relevrtt irduslry p.actice: (d) Rlghtr and Peln tt: mainiain h faaco a[ rights ol way a use aM all poftits. license3, +p.ovds q arllFrisalioG r€c€ssdy f6 th6 exocutk t and op6(atio d lh€ ftolrct 9nd (e) Envlaonmcnt: (i) implomenl ard opersto th€ ftoject in compliance with Environmental Lau{ (ii) obtah and msintgin requigile Environm€nlst Approvats fd the ftoFct ard (iii) comply with any such Environmenlat Approvab. (D 8', Lw: exoclrto and operate th€ ProFct it accordarEe wilh tho r€lsvrtt !tad{d3 d Eu.bw tc th6 oxtent irrplementod by tho bws cf Georgia o. e€cifk d by th. B.nk p.ix tc tho dat6 ol lhis Coitracl B. Aotwal mdeftdings 6.06 Compllrnca with hw! Tho Boarow€f shall ensure that the Prqnoler and th6 Final 8ei€fica-y co.nply h all ro3p€cta with 8ll hw8 and rogulations lo which they ae o( the ProFct b subj€ct 5.07 Boolo rnd rocordt Th€ Bonowor shall ensure thal ihe ftofiot€a and th€ Final Boneficiary h6s k6pl rd will continue tc k€€p prop€a books ffld rec6(b of account, h whch fdl and coaroct 6,{rl,3 shai b6 madg of all financlal transsctrrB and th6 asssts 6 wei a oxp€nditut€3 h connodion Mh tho Projoct in Eccordance wih GMP 6 in eflect frc.n tim6 to tjme. \$.. \ 20 6.08 falnlananca ac0vldaa The Bo.row* shal on3ur6 lhat lhg prornoter end the_ Fhat Bonoficiary ccry oI End dlpoaa oy- 19@r'! fund3 b cery ort t\€ neca&sar_y rqnne and poriodic mehtansnc. acrivitba along lhe road s€ctions coanprEing parts d tne }tol€ct 6.09 Land acdulaltlon and ,caattqndlt Ttl. Sofiower shall onsu€ hai lhe ftornoter and the Fjnat B€ooficiary inptom6nt3 tsnd acquBition .nd any rssett6m6nt necossary for th€ exoculion of tho Efg cf ftorect h accdddrco with e ldld a;u dan b b' esrood ;th 0E Barx (the 'LARP), wh'ch LARP b b r,. dr,:1'SffT fin il;pinenfr fr [,f'Jm* 6.10 Th€ Bofiow€r ropros€its and waranlg t) the Bank that (a) I has ttr6 porrer tJ 6xedltg, d6liver ad psform s obligatirs under hh Coobact (b) this Contract coGtituls3 its lega y va d, binding and enforceablo obl0ations: (c) the €x6cution and ddivery of tfE p€rtormaEe oa tu obtgatrcrB under snd corrpfianc! with tho provtsiois ofihis Cmtscl do ml and w[ nol (i) coattrav6i€ (r canllct wih anv appftcade taw, statule. rda q' e r€gdalioq euucus\ q, any judgemenl. (bcr6e <, pe.m,t r *t,a, ,t i, soi"ci_-'-rY -v (ii) co.trevene q coflbt with any ag.eemert c other nslrunenl bindinq Lpon wtich mrght reasonably be e>ipeciea ro h"ru ,"f *,a-ail*c; '#&'a I i " abtlity to p€.form t3 ouigallons uncte, thrs Contracl, r U (d) th6r6 ha! beeo rD MelerhlAdverse Change srrEe 4 October 2011; (e) no evoot or circumst€nce which consltule3 an eve.tt cf d€faLlt under Articlo 10.01 hgs @drred arld 6 conlinujng uremedied or unwaived. (0 no litigation, arbitration, administrative proceedings or invogtEation b clrrq1l q tc it! knowtedge b threateo6d o pencring before any c;* ;dy-J-a;iih; h* r.sultod q il adveBoty detemned B reasonabty t*ety ",bl"i b ro3u[ n futeii"i nOr"rcc ',,lL,"o " 9plg": :, b rher6 subsisrins asansr I q J"i # a" ir["aiii"r'!li' luogemenl d award (9) th€ Prornote( and tho Finat Benefjciary has, fic tho enont po33iue, h tino sdlh th. of ur prolect'ootanea arr *""i""rv'_-rrJL, i:flT:ry11 T.1",!1: rcerrces or approvas d gov€rnfientet of pubtrc bodi4 d authorilEa ";;;U0"., n cornecton with the F,roj€ct end in o.d6r to laMuttu compty.with ils oUltsationi ;-co.r;i;ewiut and ule ftoject ard al such consints, authotsatiorq i.r",o.-"-#"-ii" I n r,f fcrce and effed ad admissiblo h evidence: (h) its paF€nt obligEtiorB ud€{ ttis Contrad rark not te$ than ptri pasgu h n t d psytn€nt wilh all othor pres€ot and fulure uGecur.d arO ursutiratraeO obt6itions under any of it3 (hbl h3kLm€nls: (i) it and ttle Promoler and Finat Beneficiary b rn comptEnco wth Anijo 6.05(o) and h tlrs b6sl of ns knowledge and betief (having made du€ and c*etd e'nqurry) m Enuronmental Ctaim hes been cofimerEeo cr 6 ryealened agatnst n (r) it b n complEnco with a[ undonakings under this section 6: and (k) Ul€ FranEwork Ag.eern€il b vatid, binding and enforceabie and that m ovelts a cicrrngtancB have occlrred wlich could, tn (he reasonaue opinion d the gark. advergdy Agreernent affed the tegal, valid, binding and enforcede naluo of tE Frencwork ml 21 The represenlatioog and waftantaes s€i out etove_shall survive and ae deeoed repeatd dl each Schedlreo Ursbursement lhe exsqJtbn of tH6 Cor ract Date And m €adt payment uat€ 5.11 Eogg!_Loetoment oh Unit ln order to coordnale, manage, lhonitor and evalate all aspGcts d projed |lrptomentalion, rncuding lhe qocu€inenr ., doods. wo.ks and servrcei procue that the Prcfiot€r anilor ttre. Frnat g*uri","ry dti-;o;?'Aorro** J a"n"fl he "l-til"-fr;g"'executon ;# ;;;i.;J;ilL and sutably *, ou supportod bv rhe Eurasia Trensoori """"pt"bi;;i;-8"-il rn".r,..li c_rJr. iiiO-6j,]n ,iL ,-,"g"."n, "u of th6 fnenc€l proFct.Coirdo, projocr ope.are a proiecr impremontar,on un,t (.ptJ"t qualfiod pe.6onnel, und€r t6.rhs_ot rere.erE" 6.12 aap€cts of tho lnt.odlcomnttm.nt The Boarowd shal ahd shall ensure thal eac}I of the prorhoter warsrt6 ard undertakes that t has not comnirte4 ,d;;;;i;;;*, a.d th6 Final g€nefici*y *a*"ag" has comnitred, any of the tolowiE acts ano rrat ir witt nor.cimiir,*"ii ilo*i"r"or\ p *ith it" -'coruent o. prior knowledge. wil cornmrl any slrch acl " U,af s O_say (a) the. off.ring, giving, receivng o..sohcrting or any improp.r advsireg. to anfluonc€ lho person action ., a hotdine, a_ pubhc oni, o. r,jn"tL-l-"-iJio, , l.!np,oy"" a pubric aurhor,ry or pubric enrerp.s€ o, or""rr'o, oiri-,a?-a]Jilrl nternationat organisation in conneclion wnh afiy procurement " pro"*" Ji""rti* a any cor{ract h corhectbo with those elements a me eroleci " riescniil. me recrrni:ai Doscriolio( , i# or (b) act whfh rnproperly mfluences oJ arms mprcrperty to influonco the p.ocur€mont :J'l process o.lh6 imprem€ntarron.o,he prorecr o ,re aerirmenr , ano ttre - '-'alf,-piJnrorer gonefElary. Fhal lnctudng colluson Oewi"." rer,O"rers " " ro. this prrrposs, *'u knowledge c, any ofJrcs m€nlioned in Article i2.01 and eaci senior oficea c, tl|€ prornoler and the'finat Benefictary str"lit'a-""i"o knowredge d lhe Borrower. The Borrower ,"d;,r"i;"-i;-;*;-iire t O" ff,. ea* irvesligate if it shoLld becorne awa.€ of any fet or itfornn srEg€sWe d ana tho commbsion of any such ac1 and io adopt the ;ec""".y .J"i" -* The Bonow6. shall a.d ghall ensure trlat the prornoler i"". and th6 Final B€noficisay wil ils!.tulo, meintain and co.rpty with int€rnat-procedures natond bws ard besr practces. fg u "*rrof"-i, nr,nor""na_ "ppfi""of" lte ,tiu,or"r. o s,t","d nto with, or fo. rhe ber€,[ ot any d rhe o,"n"rnng o,u a saicroned persons pro.ndgatod by rh€ Unrred ru.t,on" S"iri.,ii CoriJ,r? f, "irfr"i"IJifn f,"i-;i'";;;; n.riirion!',#"0-fii","0 pursuant i, Secwity Counc Resotutons 1267 ie73--(li;oii jxvpenlNx "o,'rrn"." trsgsi"h(pJlwww.un.oro^errofism,. www,lllgreMlllL amior Oy ure Couniil ite,uu Frrsuant b its common p-osrrions 2oo llioFEF o. -alooiiiozrdrih-"ri resolt lions ard/or imotementno acts rn connecton wrtfr l,fo6ey iaunJeril-j-oi rinancing ".""u""o. a Tefiorign mallers t\ \ rht 22 i '"iiri,iJ ARTICLE 7 Sac(rltv f .O1 Tha undgnakhos h fft Artbh 7 ram€n ln fcrce frqn ttle rhte of thia Contscl i6 !o lorE rry amount a out3tandrng undar th3 Co^kact o( the Credl ls h tdca Pqt Patst l,Enklnd The.Eorrowff shall ensure that iE payrnent obtigations undar ths Confact rar*, and wil rad( in nght ot paymonr wrrh ati other pr.s.nt and ursecrrrO and T!.F":_!!"I unsuoorohatad oblgalEns under any of the Bonowar,s R.levanl ExlarMl Debt hslaumenb. ln particular, I the Ba* rnakas a demand under Artict. iO.Oj a f en aveol q p- F"* futr. Dotantaj eva. of defadt under any ms.cur.d aM u^s,bord,nareo nepvant ernernat deti inirrr"nt ot u" Borower o. ol any of its agencjas has occlrrod and b continuing, Ure goar;;-3ha (or autho.2a). any parranl n r.poct oa any oths such Rereiant gxtrrnai-orot not ,rrd,e tmtnrnent (wneuEr r€ubrty schrdutcd q othrwise) without simuttan ously paying, 6 sating ssid. h s deatgnated paymenl on the ioxt paym.nt oat. a aqr"i'ro, r"o" propo.lion of-accounl lhe_debl outstandng undar ths Contract 6 tha proportpn "rr- fc m that it" p"yo"nt ,nOe, grrch Ralevant Extarnal lnstrumenl b.ars to tha t tel debt oobtandfo under that Retevant Erternat o6t tnstrument For this prrrpo"., p.Vrn"ni Enemat Debt ht proc* *v J"iii"ii lnskument that b mad€ out ot t|o of the iidue of anourer lnslumrot, o wtri:fr sdstsntiarry the s€nE perso.rs as hord craims undor thc Rotevani gxtrrJ drot tottnrtrent hava subgcrbad, shall ba d3regErdad. ln this Contract 'Extemal Dabt lnstrument. maalB (a) an instrument. including any rocrpt or statemant d account, avirerEino q corstiMi,ng an_obligation to repay e loan, deposrt, advance or smrtar.xtensbn of ;.dit (includin; without lmitation any .xtansion d cr.dt under a refimrcirE c resimarm! egraement), (b) an. obligataon evidenced by a bond debentura or samilar w ttan evirenca o, indeblodness, or (c) e gusrante. ot an obligation arising under a1 Exlernal Oebt lnskunent hqn anothaa landea; provijad n eadl c6e that such obtigaton is: (i) goven d by a syst rn o, hw other than th. bw o{ th. Bonowe.i a (ii) payabL h a cur..rry oth.r than tho c{fi.ncy ol UE Bonowelg couhtry. E.rtlpt Exlornal Dabt hrtrutenta,' rn€ans External Oebt lnsirumehtg l.r, b a .rE mJrn aggrcgata amount mt.xceldrE EUR 30000.000 sp€qf.d as srrctr Ly written mtco frqn iha Bonowar b the Ba*. 6 'Ralevant Extornal Dabt haLunent,' maans External Oobt lnshuments other than Exafipt Externd Debt lnstrunents. It any Ertarnal ht lnstrunEnl notifiad by tha Eorrowa. lo the ger* fq 4,frovsl ptrguaot !, the provisions of thb Adile 7.01 b quat y as an Exernpt Ext.rnal debt trBt udEnt b danoriMtrd in a curercy ottfi than EUR, tlE Eank nEy det.rrina lia EUR aq,livalBnt d guch,not ied Ert€rnal Oebt lngtrumanl by ref€rgnce tc the prevailirE rab of axchangr rpacifad by lho Euopaan C6ntral Bar ( h Frankfud as of or around lhe daie d sLEh Milten notica. u\ \ Q, t, 23 7.02 Additlonal .ecuritv grant.o. arrsrEe ro rE granred to a thrd any secufity for rhc :f9!1! !b ot any Extermt pefloflia.rca ht tnstrument or any pretorence orF€rry prility in respoci tEeof, rhe,Bo.row6f she[. I so r6qrred by rne aank. provrde ro rt. a"ni ar*;re;r'&iiy"io. thc perforrnanco of ns obtigalons under lhrs Conkacr or. grant to th€ Aani iqrir;i;^i;;;"*or ry."a p.kraly. 7.03 CLuaaa bry incluBlon wjth 6ny oth€r medium s tong le.m financiat cre<Itor a financing ! h ry.y1 concludes ncrudes. a loseot{erhg ctause andld i cr6s dofautt crause anUlor a pan :g-.^:.1I1 passu chl./seryl thet rs 6rat6r than ltE equivatent provision(s) of tfis coitract, lhs gono{d ihall t" B€n* and.3ha[, at the requesl of the Bank, execule an agrecri€nt O :) llo.. tf,O r-;onred $ as !o provEb fd an equtvalent provtsron !r lavc,r "a"nO cl lhe Bark. ARIICLE 8 lnformation and Visiis 8.01 lnromratbn concardno ill. Probct The Bo.rowe. shall or shall en$Jre that lhe prornoter and/o. lhe Final BerEfi:bryi (a) delver tc the Banki (i) tha informalirt in cor{enl aM rn form, and at ihe tim€s, spocjfied h Schodute A.2 d otheMEe aa agreed frc.n tine t tjme by tho Fdties b thb Contssct sd (ii) any 3uch hformstixt d further document coocerning ttlo financhg paocu€nEt implementalion, op€fati:n and envronmentel nEtis! d q fc. ltE' *oiscf ar ft Bank may reasonebly roqure wtlhn a reasorEble time, Fovidod always that if such information or document is nol deliverod to the Bank m time, and the Bo.rows does not reclify the omBsjon within a re€smable time set by the Bar* h writingl the Eank may reriedy lhe defbiency to the exlenl leasible, by employi;g s orvn 3lrff or; consullant or any other tt*d party, el lhe Eorrower's expense and ttte iloiowq shet rovide such perscns wilh all a3sislence nocossary td the purpos6, (b) eubmili (i) fa the approvat of the Eank w hout detay any matorial chahge b th6 EtB ard NtF funded compongntg d the ProFct, and (ii) fq inform€tin b lhe Bank wrthout detay any mater€l change b th€ non-ElB (c) and/or NIF funded cofipooenls oa the ftoFct atso takhg- nto accout ,€ disclosur8 rmd€ to the Sank m connecton w h ihe Rolrcl p.itX t thg 6rgning af this Cootact h respect c{, inter atra. t}re prbe, desrgn, phn!, t rEtat c t b-fE expeodill,e p.ograrrne or finsncing plan fc. the ftoirct proiFlly hfdrn the Bar* of (i) any aclbn or p.ot*t hrti€ted or any objectih rds€d by any ttjd p6,ty o genuine complaint received by the Borrower or any Environmental Claim tfut b ,y to is knowledge cormenced pending c. ttreatened EgeiEl environmental or other nEners affectrE the Project; t wih rogrd b (ii) any f*l oa evenl known to lhe Bonower, whrch nEy substantiaty preiudce oa affecl lhe cooditioog o{ execulon or operatim cf the ProFct /'i\ t 24 (iii) any non-compliance by it with any applicable Environmentat Lsw; and (v) sny suspcn3ron. revocatjm o. rnodfcadon of any Enviroflnootal ADo.oval and set out tlle acton tt be taten fiti resp€ct b such nl6tt6rs: (d) provijo b the Bank, if so .squesled (i) a ceftficate of ts hsu.ers showirE fultilrnent d Ul€ reqdrernonlg of Aniro AOs(c); (ii) annuafly, a lst c, polcjos h fdce coverirE the iBured prog€rty fo.riro oart ot U6 Proirc( log6ther wih co.rtmelion of payment of ll|e cuirgit piemiumsl ' lnrorfialloar concernlno ttr. Bo.row& Th6 Bonower shatt or, 6 relevanl. shalt ensLrre tnal the pronbter and/or t|e Final Bonofbisay thall; (a) dolivor lo the Bank frcrn time to time. such ,udh€r hformalion on iG gEngral tinancial situatron 6 th€ Bank rEy reasonauy require: (b) ens{,re that its accot lting reco.ds lu y reftect the oF,eratb.rs r6latirg b the financing, exocution and oporalion of the Project and (c) irorm the Bank i.nmediatety oll (D ahy f&l whch obnges it b prepay any fjnanciat indebte(hoss or any zu funding, including any funding provided under the EU Financing Ag.e€in6nt tq lhi-8 Project a signed; (ii) any evgot o. decbion that constitutes o. may res{n h th€ erentr d6scrbod h Artide 4.03A; (iii) any intention oi its parl lo relinquish ownership of any metCrlalcomponont ar lha Project (iv) any fact o( ov€nl tlEt b reasonabty tikeiy b p.everf Ule substar hl tutfiinert cf any oblagaiion of the Bo.rower under lhls Contractl (v) 6ny event lbted in Articte 10 01 having occured or beihg lhreateied or anticipated; or (vi) any litigation. arbilration or admnstratrve proceedhgs q nvgstbatbn wtich b current or p6nding which might f adversety deternxned r6srrt- in a Matoial Adverse Chango 8.03 Vlaltt h tho Bank Tho Bo.rower shait and shall ensure thal the prornoter and lhe Finat B6r€liqary allow oersorts dgsioneled byth6 Bank who .iay be accompanreo Oy representawes J Un ru.pi"" 6orrf of Auororg, European Commission lhe EuroF€an Anlifraud Oflh€ (OLAF), wol as olhea t€ 6 porsorE d$igated by oth€I EU iBtitutions o( bodes when .o ,!Ci"e br-ita ,"Lr"rrt mandatory p.ovisiorB of EU hw, rc visit the sites, nsralatioos and -u/o,is Projocl and tc condrct such cllec*s .rs they rnay wish. ard 5ha[ provide thir, in,iil.i U"t ln6y de p.ovtded. with atl nocessary assistance lor thrs purpose. lJiiriire t" . TT Bq,oI* acknowtedges and shal ensure thal th€ promoter and the Finel BOn6fidary acknorrledgsthat lhe Be.* fiay be oblged to drvutge such htormatidl reiatng tfr O ano lhe ProFct tc any conpetent EU institulron or body in accorGnce wilh U|9 relevant dow* mendatoay provisions ot EU hw. c[ u O,t 25 ARTICLE 9 !!g391393!g5ponrer 9.01 T.t... (tutL. ind l-. Th€ Eorrower shatt pry all tax6. duties lees and other impositions c{ whetsoover mtra. including stenp (futy end registratio.r tees, ansing out c, the execution 6 inplemsntation of this Conbsct o. any related document and n the creaiion, pertection, 'rigish;on a enforceriont c, any socrrity fc tll€ Loan to the extent appticabte. Th6 8o.aow€( shett pay all prirrcipat, ilterest. rndemnities and oltl€r amounb due undo. lhis Coitract gross vrithorrt deducton c, any natDnat d bca impo6itiorts wh6tlo6v€fl orovirld that, if the. Bororv€r b obliFd b make any such deducton. n wifi g,oss r+ ttre payment U tr Bank 3o that after deduction, the net amount r€ceived by the Baik b eqr.rivatini t mc eum dus. 9.02 Olh.r .firro.! TIl€ Bo.rower shatt b6r att charges and expenses, inctuding p.ofe$ionat, banking q exchango charges incurod in conneclion with the preparation, €xecutio[ imptementetion arld termhation d this Corfraci o. any rotsted document, any amendment, st ppl€mant oa wrtvor in re9€ct aa this coot 6ct o. any rdated documenl, and mana9qn6nt and reaftatbo ca any secdty fa tlE Loan. h the ancndm6nt, crsstirl ARTICLE 1O Evootr of d.tault 10.01 Riohl b dam.nd raoaymant Th6 Boarotyer shall r6pgy all d parl of the Loan forthwath, together wih acca€d irt6reat and ai -upon wdtten dernand being mgdo 9tlef {cr,ad o. oulstaMirg amounts under thb Contract. by the Ba.* n acco.derce wih the following provisions. 10.01A lm.r.dl.i. d.mand Th6 Bar* may make 3uch demand irh.nediately: (a) t tha Bqrowey fds qr tlle due date b repay any pan of tho Lo6n. to p€y hta'!!t tL.eoo o. t, make any other payment to the tian* as proviOeO in ttris C"rfr-it unl""" ll.I:. ::,,_*:. b pay 6 caus6d ry an ^adminlstrative o. rectu cat €lror d a Disruplion Evenl ano 0r) payrnent b nEde withn 3 Busrness Days d it3 due dato; (b) La-ll",1::r.y.: dg"uTejr grlen to rhe Bank by or m behdf of rhe Bo.rowq, rir€ promoter anc,/or the Flnal Bene,rcrary cr any repfesentatjon or stsl6m6il mada or deomed b be made by rhe Borrower, rh6 piomoter andlor h apdcalion of tis Contract or in conneclron wdh the negotEtion o. p",fo,r"nce A tnrs tu il; i;;;i;,y conhact b or p.ov6 tic have b€en jncorrecl ,"".pr"ii-o. ,"r""jiig respect li iiv ii""a (c) if, following any defadt, the Bo..ower 6 requrred or E capable d being r6qred o. wi , foltowng erprry c,f any apprrcabte corlraclra, Eac" ,"roo t" ,"q*ujo.-f,c-a-oJOf" a Deng required to prepay. discta.ge .roseoLior termnate ar,""j Jr"r"n-V-Jiiot", loan o. debt obtigaton afls,ng oll o( any rr,rancja,transact,on. o. any comirinnnt to any other loan or ctebt obtrgatror arrsng out ot anyrnancrat o. r;;;;';;;;"d auspended, EL 26 (d) , the Borrow€r b unsbte lo psy is ctebts as they fdt due, d su3p6rds its d6bts, a. md(es or, without prlo. wr,nen notce lo tE Bar*, seets b meke a ;ornposi0on tyith ita cr6dlo.3i (e) , th6 Borrower detautts h th€ performence d any obtE6tron h respoct o, any otEa losrl oranl€d by the Bar* or finenclat instrument enter6U nt6 witn tfre gi.*-: O , the Eorrower d€taJts in ihe perforhance of any obltgalDn lr| respect c, any oth€a logrl d fimncjal.anslrurnent granted by Ihe Bank d t[ EU includng, ,iAer giq unaer th. EU Frnancing Ag.€€rn€nt) oa b the Bank or any ohef outigar'on d* tdfired n coan6ction with the receFt c, any furds by the Borrow; frc.n tfe European Union; (S) , any dEtres€, exoculbn, soqroatraton a ottlgr proc€ltll &6c0y inflicti€ riot€ri{ darn€ge Lpon the prornoter's d ttle Frnal Ben€tbiery,3 atdity t fxifcrn As ibagatio,t imptement the prorrd B.bvbd or e.fdc€d rDoi piope,iy torn*6 pet-A m I, Proj€ct and b rpt dBcharged or stayed wrthn fiorrteent "ny &Vs; ' (h) a a Maloriat Advqs€ Change occurs. :B co.mared with the Borrow€t"! corrrton s( the date d ths Conhact (i) 0 i lf b or b6cornes unlawfut to. the Borrower to pertonn any o( is obligataong und6r this Conbact o other transaclionat documents or thrs Confact not efliilve n accordaro with ds terms 6 b slaged by the Borrower b he neffective in eccordanc6 with ls lqnB; , i any obligation assLmed by the Sofiower as stated in lhe Franowork Agre€m€nt ceas6s be tdllted regErds any loan mad6 to any bdrowel h the B;no,ve/s lerritory ftan the resouces of t€ Bank or the European dnron, a. t 6 (k) I lhe Bo.row€a d€fadtg h lh€ performance ot any ol [s obl€alions und$ any loan or grant documontation trovi:jed n connect@n w h the proieci i any olh6rq instiiulion, or, I applcabl€, the NIF g.anl or the rnonEs ava pEiJ out or rEed to b6 repaij by the Boflower. able ,nOLr s,in Oans grenl ge aDt 10.018 D.m.nd tft.r no or !o r.n|ody The Brr* nay dso rnake such demand: (a) I the Bo.rower faits lo c..npty-with any obligataon under this Contr.ct rbt being an obligation menlioned h Arljcte t0 OIA o. (b) if any f&l rerated ric the Eofrower oi the ftolect stated in the Recirds fi€t€rialy 9n€fs and.b not materially resiored and f the aneral,on erther prerudices the ht€resta of the Bank €s tender to ih6 Bofiower or adversely affects the fnpl;mentati; d op€ralrcn o, tho proFct, unless the non-compliance or cicumstance gvng r6e trl the nonrompliance E cspaue ol .emedy and ,s remedied wiihin a reasonabte ot time geofUO f"roi aar"O Oy 8ar* .,1 the Borrower. ; I_t"i, t* 10.02 Othc. rLat! .i hw Artido 10 01 shal not restict any other right o{ the Bank at taw to reqirhe pa€payment oa lhe 10.03 lnd.mn[v 10.03A FIx.d Rrtr Tranchos ln case ol de.nand uhder Artide 10.01 h resp€ct of any Fired Rate Tr8nch6. the Bonows 6hall psy tc the Eank the amounl c,emande( ahounr or princrDar due b b" date fc payrnent specfied n Iire bant s rnri oemand and be cdculiated al the basis ftrt p.opaym€nt B effected on or" .o * \ a.t p;;fi -s;iJ,"ffJifl#i"ff il"i;i]il*fHll,fl :fl "r""nl!i.' 27 10.038 Flo.thg R{. Tr.nch.. tn cg36 of demand uncter Artjcte 10 Ol h. respecl a{ any Ftoating Rete Traich6, tho Bdrower shal psy b the Bank rhe amounr demanded ios"th", *,ilh ; ;q;; ;i,io*,*",r 0.15% (t teen basis poinls) D€r annulrl calcutateo ano accflring "unioo tir-amJuit,a* piraip"f a," tc h€ p.egaid n the sare manner as hterest woutd have b!g; i*GiJ 'a.o *ouU rrave anortiratioo ilffifl I,'ff''.##!:,ffi .,l"il:Iffi :'ii:"nd"s e;;;; iol;-;;;iilr The vatre shall be calcdgted sl a .liscounl rae equat lo the Redoptoyment Rate appfi€d as d each .6bvdit paymenl Dale 10.03C c.m.rt Afiount3 due by the Bo.rowe. pursuant to thrs Arlcte 10 03 p.epaymont specrfEd in ttle Bank s demand shall be payabt€ ol| m da|e d t0.04 NorFwrlver llo fafure d delay s single o( paniat exerose by the Banx ir erercishg any nghts d ,orot rerhedies under this Contract shal be construed as a warver U sucfr A-oftf r€m€dy. The rights and rern€dies provid€d h this Conrract au any rights .oried€8 proviled b o "u.ui"r,re "no-no]-Jrcfr,jre? by taw ARTICLE I1 l,aw and iurladlc on tl.ol Goya.nlno hw This Coa ract_and any nonrontraclual obtigations arising out d a h comectioo wfi it shall be goverrEd by the hws d England. 11.02 Juri.dtc oi (a) The Coud d Justice d the European Union (the .ECJ,) has exctEive jurisdicltoo to s€tth any dispute (a'Osputo.) arsrng out of i^-iorr."ion?, thb Co.{rac1 (nctuding a dispute regtrdng the ex6te;ce, vatdity " o. termi,;i; i'mi" Co.tr_f th6 consequences d ls nulryl o. ,ron-_nrr"lt*r iiiiirioi,j"rg orr u o, i, comeclion wjth thb Cor r&1. "ny * (b) The parties agree that rhe EcJ b the rnost apf,rop.iate aid convedenr coun b Dbpoles beiween ihem and accordingly, rr,a f,-"ii,,,riii,t1igiit-rifl*rrry (c) Jlte_8^o.norv,ef hereby wsives the ECJ A Inat decEjon o{ I -any p{ties without re'trbtioo l'.03 Aoant ot Sarvlc. imhunity irc.n o. dght to oblrcl b tho ,'li*i,'*1" * "on"tusrve' '€tte llrjsdiqlion d binding and €ito'ce*le o, ttp o*rsia ro the (hited Kinsdom its lHmrf,H'il.iy":'11""#J'l'":' 1g service " on s behal'of any wnt trotii.e "' as€rx d or other l6gal process. otoet. Fag'emeni tl.oa Eyld.nca cr auln! duo ln any leoal acton arisng out of thrs conifact the. certrjcate d lhe Bank as i, aiy amounl oa rae dug to lhe Bank under _ ltis * Contracl shiari n the absence of rna'ifsst earoa r --*-q ba p.ilra feie evidenco oI such amoun_ \ /t) 2. '11.05 ffi.ctr lRiohts ot Tht.d p.nio.) Act i999 Non. c, tho terms o{ this Contract a6. nlended to b€ ehforceabl€ by eny ttrfd pafy ,td the provilirE oa the Conrracts (Rights of Thrd pertesj A.r j999 are ex"rlOeO'"nJ ihh ,irt appfy. ARTICLE '2 Flnal claures 12.01 tloib.. b.tther partv l,lotba! and otlEr cornmunications dven under this Contracl addsssad b 6ith6r paty lc lti3 a,, ot , Cont act shell bo nEdo b tlc addr*s or facsimite numter aset our-Oef,w] addcas or tacridte number a party prevrousty nolties to ttl6 ofheiln-writirgi 6 Fo. the Eank ",.r"t Attenlbn: Ops B 98-100 boulovard Kon ad Adenauer L '850 Luxembourg Fax +352 4379 57495 For lho Eoffower Attontio[ Exlernal Relalions Departm€nl Ministry of Fhance od Georlia 15, Gorgasali street 0114 Tbilisi G6orgia Fex: +99532-2262423 12.02 Eerm d potic. Arry nouc6 or other conynunication given under this Cmlract musl be h wrilhg Ylq"" a'd other communications. to( whlch fi.xed perods are tairl dos,n in thB C.ollllact q wtich thcms€tvos fx perbds bindrng lhe add;ssee, ;y U" rn"0"'iy"ii,"nO a"W"ry, r6girtercd leltoa or facsirilo. Such notices -onanc, communic€trons shall bqO""airO O fr"r" U""n recdv€d by fr6 oth€r prty on the dale of delivery n ,a"t;on ro a rrarfolJ"t o, ."$r""d btl$ or fi recopt c, traisrhission n relalon to a iacsmde Other iolic6s end communicalions nEy be made by hand delvery, relirtored Lfi6a oa facsriL a, to th€ exl€ol aoreed by the parlres by wrnlei agreern.nt. 6mall q olectrcrrc communrcatron - i otl6r Without affecthg the valdily oa any notice denvered by ,acsm e accordhg b tha pEaagradE above, a copy oa oach notce detversd uy tacsrnre snau aio ue ptty ql lhg next foilowng gusinoss Day a the Etest "rrt i"lrili r" r"tr,t t{otic€s isgued by lhe Bo(owef oursuant to any provisrofl d th,s Conkact ghall, whaao roqi 6d by fte B6d(, b6 delvored b the Bar ( rogerner'*t, p€rsoo ol persons authorbed lo sign srtctactcy-""#"-" j i" Irm,ny .l tf," such nott6 m U.if,af - ' A ne- ffiwca dld tho auther{icated specimen signature o{ su;h person o, puiaona. 29 12.03 Efrcodvarlca! o, this Co.rtract This Contrecl ls conditionat upon and shal becorn€ eftectve o^ty foflowing tho Benk,s eccopt6nc6 o{ the evdenc€ requfeo by An cto ,O4A(a) of thrs Contraci. Thb Contract shalt rDt becorfle effeclive Lrntit the Bank sends tc the Bofiow6a a bna, confirmiu its acceptance d lhe Sove mentroned evidence anc, providng ihe dato Urat this ftntract b€cfies effectie (the,Det. of Efl.ctivono.s,), and suih tet;;'shiit bg conausive evkl6nc0 tiEt this Contaact has beco.rE effective. For lhe evoidance cf doubt, until such tme as such tetter has been Bsuod by tho gark, neilhar the Eorrower. nor the Bank sha[ have :ry ctarms agarnst ead, oth€r ; heve any liaulaly wlEtgoever under or tn conneclion with lhis Contract l2.lx Racltala.Sch.dules.ndAnngxurss Tho Rocitels and following Schedules fo.m part cf this Conkact Schedde A Tsctnical Oescription and Reporting Scheddo B D.finition d EURIBOR Schedde C Fom of Oisbusemenl Offo(/Acc€ptarc€ Schedulo O Fom c, C€rlifiaata fran the Eorrcwer The folowirg Arnex b attached hereto: Annex I Authorisation of signatory N Wm{ESS WTCREOF the parties hereto have caused lhrs Conkact b be executed h 3 (tu€€) original8 h the English lenguage and have respectrvely caused Mr Garth Gnsbrook, l6gal coun8;|, an; Mr. David Lezhava, Doputy Minister of Finance d ceorgra. to rnrtral each pag6 of lhis 6onfaa on their b€half. At Tbilisi, this 26Novenber 2013 Al Vilnius. this November 2013 Signcd tor and on behalfof Sigfied for and on behaf of \n GEJRGIA 7T;;W (Lll) / 30 Schodula A 9qi!!.cation and R APPENOICES A.I. TECHNICALOESCRIPTION Arpoaa, Localion o Georean crassfr rion cor.e.podu b h.S*-1jirl-fl,!ffi,Jtfl;1,:"*ldns E lh€ ,'ain arterv fq kns dstdrco r*il umi it e"-gi", b.hg ;; by n]i."nJ, oiJ#'lil,11oi'':d" lh€ &&k soa po'rs and rd(ry, a wet a tong dbtance r"n" r P no, n",'o.r w"s"r".-p-Jir;;;;,.-ri""li;il;# "na f,"T9tr[r#HT,S$? Tho pro,€ct represents conlndtv b tne e-tlstng-works d# +:tr#'ff b€ng carned od q't the sat",n o, dr co.rido. b€t*€€n Tbilisi and lh6 R ot Tunr go,1 r*.e ou"ie"-;; J;d "il]fl g::"lff.i?i Hf'J:Sy:#i!yH: ""opercentages " ncluding high ot hoEvy good vencEs _ obsede.j D..crlpton Ihe proixt b made of tfree mah sectionsI with dfferent types of hlervontionr' wttch wi'li bo furdod under parailel financino 6s folows. Sqrlhed+G.igolet,.Xob,.iot,(Ctrotot , rverl - k/i - to be firarced by fte Bait urd€r project rv,th 2 tors of rorarv ne'^ construchon a . . . p ti! ii lfi'_" ,0, 1ii i,Il, -,,consisthg d upgrading oa a ti2 road ^orr*rl rhe sanre" ar,on_"nirrelli zorreoni-XutaisFsamtre<ra _el m _"tono rrnal"eo u,16o;;;; Kobdeti (Chotoki river)€atwi-_ r..p to 5.t im _ r;nrirceJ OlOe. ', "- " Tho mi*l ch*acieristics of the exisihg corrtjo. (fo. Abod % wide a totd c, j85 km) ao a foaow$ 2rfi;;'i;,mt and-y. {-:EE (about 200.000 oe.hlct Ma,n corridor: 2Jane inaeruiU jn?Ens-el, Nlenaltvo !od_ 2Jano nlotutban th; urban goiirg OL 31 Sera*l E the rnajor Thg. main Characteristjcs of tlle rEw coridor _ wirh comp6136;s a.aton. as in tlE exbtiE ro€d cqriror but f6 a lotd of up t 183 kn - 8e 6 fotows: Added ti, th€ Xulaisibypass rc6.d 6re: - 2(2 hghway fo. a thrrd of the seclion, rncluding pqt of Kutaigi bypass WiJe 2-lan6 nterurban fs lh6 re6t of lhe while lhe resl b bein Added tc the €xisdn lane nterurban (96% of road tenothl A?;lE@E;Ed Tq *9ton beng f,nanced by the Ben( Sa. rtredia-Gflgotetr-Kobuteti(Chotokr river) _6E krF trtder thi! Fojocr conpnses 2 rors (r ors 1 and 2 d rorar; rEw r'riior*"y fr.rn Ssntr6da b Grigor€r, (52 km) and one tot I ".-,iiirii#?iri l&'"r",8 zrz ; ,ps,;;^g ,n" sanr aliromont fra.n Grigolet to """sisi;6 Choto,( Rive, (16 tm), "ii Tha-8ank'a of lhe Froiect co.nprises lhe design, supervision and wdk6 Of al LOb 1,2.3 a. wsi-corf,onent as aosochted toi, Technicat assrstances 1Tis1. fO O""ii' J. *al tqder docum€nts ld llle works anc, suoervrsron contracts, (ii) an rndopondenl road lafary audil pi+."i i' _ ) an rnrernai,onaly expenerceo coosdtanr b F[ ?rung tr" f-,89::isnof( lhe Inpbm6ntation Eank 6 comDonent ollhe go,ert and (iv) a "Jn"i-iil" u'" Pll,./ duing the phases d procurement of al i.ririti". speciatis€d c;n"uianiO ag"iet i"no-", ,. rn Bar*'3 co.rpooeit d the project The Financng of d€se TAs ""!,ir,ng shoitd J "r"i,riiiil,i"l,. Jiri u."e provrdgd a w€i a grant though NtF " iflij L CaLnd.r Collltnrctr,.l wo.ts staned,n Apr 2olt b€hreen g6tum. and Kobdetr m tE tE Kobdeti bypass on the AOB financed secion vro.r, falbotr AOB and JICA sectrons Forthe EtBsecron b erpecrj rr,a *ort" 0,\ \ E,L 32 No.ttEan laclion d "" "f*i"O i f, -ffi# Uy ZOrS *iiOl'iiipf"tet ly a-2. PROJECT INFORMATION TO BE SENT TO THE BANK ANO IIIETHOO OF TRANSMISSION lr.nffi,o,,,ro, yllgA -q. !34!",40q9. oenai atro E&nntn_ Mr. hBkli Ulaniarv,i--- - - Tlb abovr-nrnttoned cofitact persor{s) 6 (are) lhe responsbJe contact(s) fo. Tho Borrower lhau hform trE EtB inhedraGty ;n case 6i any ctrange. -' he line bang. 2. hforriEtioo dt sogcific s{tiects Tho Eoarower 8ha delryer to the gank UE fdtowtng informaliofl at th6 hdicatBd bclow. btast by hg doadfrra - '- Doa ' EnvrronminEl-Ei,iirions Before ttE 3la( d o For thc Lots 1 and Z betwsen SamtredE and crigoletr relaling t coostruction of Lots I now comttnrction the cond[Dn precedent ro first dEburse;€nl and 2 and 3 as ths rabt€d b tha conslflJction ol the6e bts requires tlE pronEter b c€8e rray bc. 8!bmit . An Environmental lmpacl Asses$nent (ElA) reporl and Non . o tBcrrac€l Summary 0{TS) to the satstactior of the Bank ?ho Environmentat pernit and Construction permit issued by lhe rdgvant Authoriiias h Georgia including rdevant Ecolo(ic€i Parnit o. lhbitats fdrn (simitar to the requirement in EU of F;m A o. B). Th9 Envionheniat lranag€rnent pbns (Eitp) Thc Lqnd Acquisition and R.setflement phn (tARp) For Lo{ 3 GrigoletlKobuleti (Chotoki river) whch reblgs Io r€d lmradtE along the same afignmen: ilE prornotef nee& !o pri, to lhst disbursemenl on thjs l-ct a sc.eenng tocunenl s(bnnt where it8 slatss tr a fu! EtA is reqoired or nrt. [ rct reqriire,l ttre screenrni fuOlmgrt b 3uttrcient together with t:Mp anJ Consl.tction permit Scrgonhg rosultg in a need o{ a fult EIA then the .onditrons atbve rrcnlionad fq Samtredra Grigoleli wit also apply herg. . . i o Rcd Safety Audit report tor Lols 1 and 2 as weti as Road salgty hqsction Repod for Loi 3, in accorclance \{th princioles of lhe Road safoty nEnageme.rt EC oirect,/e Botore ttn start of Ure constructton of Lots 1 and2and3Btho case ftEy be. O.L \ 33 imptemeltation 1lnc _hlglEe&!-rolgloIEect's Eorrower 8hell deliver b the Bant tE folowing hformaton (h Daoioct implemontation at the latest by the deadtne Ylocated Debw. Orog'oss during A bid udde on lhe technicat des:iplion, explaini@ tlr€ rcas(ns td sgnlicad changss vs loitidstx]!€, Uddo otl tb clale d complet@n at s6rh d the nain fojds com@nenls axptrantnq reascns f<t dly @'ssiUe dday: U4sla @ the cost d tne soqx a^D-antng rcasons ld any poss,t a cctsl rrcr€ssos ys inilral hdger€d cos A d@],idiao d any fiBld rss,6 wili nN1 d1 lho UNale on pt@urcmant $&edl/.es (Msde EU). UNdo oti lll€ projects (temand q usaga and cotwnonls: Ary sigrilic3l/t iss.r6 fr,sl has ecuiod and any sigoili@l ttd< that may allsct th prola.ts opfdton; Arty logd diot, concerning ll9 projd that nay il *',*o,r b r,,?l#n on proj€r:t co.,prerbn snd rirrEr oporeton d lrt€"e,@r*i*&mP-d*"*if#*#,d-r bt6sr by lhe deadlne indicated beow Reporl, includi A bid do{,ridioo ot tha lech;ical chB.eteigics ot 0E p@jd @fipldd, ex anns tE reasons ld a1y s.gnificari change ' as ltp ctde d @npleton d each d the tE,1 pratects coinfDr€,ils, expleioing Gosons ld any @ssibta aatlv. d t.tu-.p,otq. e4taniig reasons tq any possibtl cost,rDretras ys inilial Adoeld cas: Tlla_nunbr d nsw J(Ds ciaa oy t* prota Mh t&s dn,tb tmpdt|.,ldioo aN petmanenl nos tct,s creded: Ad€6',idid,l d dny nE jd issuo vtiti irnaet @ the environnentu_NAd ot1 pt@urefient orocdurcs (ou:side EU): UdCe h ll:6 prol&ts demand or usage ard commenls, IElt! yd mdy *d tha p{ojLtls operalion, e.L u 1 ye* afior 8ch.dul. B D.rint on of EURTBOR A. EURIBOR 'EURIBOR' rn6ans: (a) h r.qpacl of a r.bvant psriod cf tess than one month, the Screen Rato (a3 d.fn d bdow) iaa a lqn of onr month; (b) h rssp€ct c, s rolovant porbd oa one or moro months fq which a Screen Rate B avalable, th6 .pplcabto scr6.rl Rare t6 a t.rm tq lho conesoonding numbo; d-m;i;; .;'(c) h r.Fact d a r.bvant p€riod oa mo.o.lhan ono month tor which a sd.an Rata a rct avatabr., frm a rinear inrerpolalion ry rof6ronce ro r,,D S.r"_ iit"i on. or hhich b !!-jry-.1".1,nn applcaDE rq a perjod next shortor and the other fcr a perird lrxt tong.r t|an th€ tonlth al tla r€lgvant period, (dl€ p€rin t(' which the rate b taken c. frorn which tho rales ae htrrpolat.d bairg tho Rapa.tantatlyo pe.iod") For th6 purp*"" d paragr+hs (b) and (c) abcve. "ava abre' means 'carcurat.d and pibrishad, gl-dg-te aeOs ot t'" EUR|BOR EBF and EURTBOR ACt 1o. ,ny O ttet ,6clioo d tha EURIBOR E8F ad EURIBOR AG as detsrmined U7 ,r," ei"lf fL"uc"."so. giu* ,"f,rt-i". 'Sct6en Rate rneans ihe rate oa hleresl td d6pos,t 11 EUR to. the relevant poriod Ss publishad d 11h00, Bru3s.ts timo. or d a tatsr tin.o accepta.t, ro the Bank on U|e Oayiihe na;f Oato) tvfich rdls 2 (two) Rotevant Busrness Oays Fror to tho trsr day o{ t le ,"lorait al Aet1rs i.noO, p6ga EURIBOR 01 or its successor pago or, fa ng wnrcfr. iy any ofm, n"'"n" ot polication d|ogsn td thi8 FJrpose by lhe Bank. f such Scraen Rato b rbt so published the Bank sha[ r6(p€st the prinopst atto-zona OrfirB d forr nraix barke in the euro_zono. setecled t, r\e eank, ro'quor. h a corrr'arsuo amount ae off6..d by,cach or thom as a lpplirr"iilv'lriiid eun or;louit" Bruss€b tihe, qt lh. Rg8er Oate ro prime banks ln rhe euro-zcne rnrerban<-nraii"i .quat b rfl! ;! r;? iIJt i;; ;;ril Rep..$nrawo perod. rf ar roasr 2 (two) quotarions are provroed, ine ,aiJro il-ai'noa oaro wir bs th. arilhmrtE mean of th6 quotatons I fa€.thdr 2 (two) quotatois a6 provid.d as requested, tho rat6 fa that Raset Data wil bg U|o oa lhe raros quor6d by rmir banis i,., rr," Tthlh .r9"!11h00. uy ,r. a"*, a ap,roxinate' Brussers .m6 on tho'day which t"l" z"uro,ion"lliiJ ft""iiirir"ii-A*i;s! oays att.r th. Ro!.t oatq fq loans in EUR in a compara6b tl;;;;g;;d."n-i'",*" p.,ioo r, eq.lal b tha Rap..sentative period "r"rrt lf th6 rgte resdting frcrn the above 6 boto.f zero, FUt " aOR w, i be d.emed lo be zero It rlo rsls b ay6ilsbt6 as providod above EURTBOR shalt bo lt € rate (.xpr6$ed as a parcentago rat p.r annum) whicr 6 lerermrnod by.lho Bant r" u" ,," fhding oa rle .devanr Trancho basod upon m" rr,Ln " i,"itir"i*t"t il ,r* r, m .ppi,""-uir' n-rJil,,i ir_r,"o ar* tat arr6 rat6 c an a tornative rale de lerm'nahon molhod reasonably deto.rd;d-by ur Bank. B. caneral For thc p[pos69 of the foregohg delinitions: (a) Al percenlagos rosuttlnq frffn any roreyred lo n this Schodulo will bo ro(rd6d, ir n c.ssary. to rhe n€arosr oni .catcutations hlnd-sd rr,ousanJt-l J pj."illl-s:";;,, wr,h h"lr* being round.d up Tht Bar* shalt inform the Bofiowor without dolay of tho quotations rec6iv€d by fh gsr{c It my d ths forogohq provrsions beco.nes inconsistanl provislong w1h aoopteo r,oer tr 8a{i8 of EURTBOR EBF and EURTBOR ACt. n rospoct of EURTBOR (0. any succ..!q b thst frhction of the d EURTBOR EBF and F detormincd byih' 88nlr), th€ Bar* nEy b/ norice to he rrovrsion to bnng il hto rn' wilh qdl;ttg provrsiofts. rhe Barower a..". ,.uI9gi-.ACl1 I 1b) (c) N\ OL. is Schedulo C C.l Fam d Asbursen ont O{tor/k a4'I]ca (Arttdca 1_O2B and IOZC) To Gaorgia Fro.Yr European hvestment Bank D9t.: Sajoct Dirbursemenj Ofer/AcceptaEe ftr lhe Fhance Coitracf botlr,sdt lnvagl.neot Esnk and ceorgia daied (the "Fih.hco Cont.ct) Fl number 82 045 Europeaar Serapls number 2010-!571 Dear Sirs \ b l!f* tr lhe Finance Contract Terms delired h the Finance Coikacl hav! th6 arflo mtgning rvhan used n this lefler. yo* requesr fo. a Disbursemeot Ofter from the Bank, in accqdaic€ wlh Artcb i{gyqS i.028 of th6 Finance Cootract $/e h.:reby offer b.jake avaiiabte t you thc folowirj iianare; (a) Amohl t be drsbursed (b) Schrdded Disbursemen( Date (c) hlorrlt rate basis: (d) lnlercsl paym€nt periodiciiyi (e) Paymont Dates (f) T€,ms fq repayrnenl of princ pal: (g) Thc f[sl and lasl principat repayment dates: (h) The Fx6d Rate or Spread, appticable un:l he Matufliy Oate. U" Tranche ava abte srbJect b the terms and .onditiohs d the FiEnco Coiflcf, Io tl. T1: Ua.ll( nr/8l receive a DrsbLrsement Accept nce h the I}m c, a copy d llk Olb9Iloand{ offrf duly signed on your behatt, to the lr owng fa number f_l-- -f"i", Il.,al fn" OlbuasenEnl Accepiaflce Deadt,ne of [:me' Lr,(embourg t. ne or ldai;]Th. Dilburrement Acceptar:e must be atror.panied 1,t I t"s nit beh prevlroCy bla (i) rupplicd) tlq hdicatron of the bank acccunr (relh |BAN code n case d dsbu.3enenlg h EUR or Ul€ 4propnale lonnat Ior the relevant qlrency) where disbursom6nl d U|q Tr dta shodd be madei aod (i) cvilGico ol the aulhofltt d the persm o. persons authonsed tD sign I q,l bohalt oa U€ Bofrower and ll.e speomen slgnature c{ suc- persor d per3ofrs f not accQted by the Sove slated lime, the offer contamed in th|s docLrnont 3h9I be b hav€ boa.l rerused and shafl automatcalty hpse o.L dbqrlod lf yqJ do &c€pt 0|e Tra,lche 6 describ€d i dJ6;;fr;;i;";;;A;"i:f#;l'" "isbursement ors' 6r t," rdat€d tqn'" -d Yo(,r te,&tuty, ELROPEAN INVESTMENT BANK \4/g hereby accept the above Disbursement Ofier Oate /lr L :7 Sch.dul. O @To Europe6n lnvestment Bank F.orn Gooqia Oate: g.bj€ct Finance Contract between Europjan lnveslrnent Fl rl,rlbar (the 'Flnanc6 Contr.ct") 82.045 Bank and Gcor(ig ffi Seraps number 2(10,0571 -Ded Siirs. TonrB dcfned in the Finance Conlract tbve lh safiE meaninq wtEn lJ36d h ltis Ltter. Fo. tha prEloses d Arlicte 1.04 d the Finance Cmtract !e hGreby ceflify to yol, a ,ofowC (a) aD evq[ descrb€d h Anicb 4.03A has occurr€d a.d b conlinuing utuqrlodod (b) m socurity of the type prohibited under Adicte 7.02 has been crea[ed q b h oxbtqEq (C) t Ere, h€s been no mater at change b an.. :srect of tre project or h relp€cl a, wtrch ra ro oDrged to -epo.t unde Mcle 8.01 sr,e 6 prev n,s.y corrflricalod by us; (O lnc havo suflcent tunds ar'a abtetoens,r tne tmet completbn and mplsmenlation c, lhe ProFcl n accordtrlie n ^ Schecu,i . (e) m ev€nt or circlmslance which constilr.-6s o. would with the passag6 o, tim or dvirE of rptic6 rinder the Frrarce contract ccirs.rtute an event d df;-i;d;rl;h; ,lO.O,l llrs occurred and b col,rllng unremedi..a or tmwaaved (0 rlo litigation, arbilration adminiskaljve p-rroedhgs o. mvestgatirr b qjlronl or - b our -;,;;:'; arMrd bodv or as€rEv wtkh rrar -L9"'1 i ;;;;;;;'; fii -i knowladge 6 threatene,l (. cendno h resrrieJ"; ""!1r";r";;,1*'?:,;.i:il;,"""n;I"j::?'J,i.?"f,'."j#[:"""J'1i"i#"ffi ,udgomgnt or award. (O) tha rgpresentations and warranties b b€ made or repeated by us undor lnt h all regects; and futjdg 6.iO E'c (h) m Mat.nar Advers. change has occurred, 6 cofipared w h our condtion thg Fhace Contract YoirB tgithfr. y, For 8nd on behalf ol Gerrora Delel .DL is d lho daa€ c, ANNEX I AuthoriBation of s gnatory $ DL

Ft N'61.299 S.rapl! N'2010{57r GEORGIA East-West Highway-A Finance Contract betwoen Georgia and the European lnvestment Bank Tbilisi, 11 lhy 2012 THIS CONTRACT IS MADE BETWEEN: Georgla. acting through its Ministry of Financ6, 16, Gorgasali str66t. Tbilisi. Oti4, Georgia, represented by Mr Dimitri Gvindadze, Minister of Financo of ceorgia (the "Boarowe/') of the first part, and The European lnv63lment B€nk hsving its sest at-96-100 blvd Konrad Adsnauer, Luxambourg, (th€ .,B.nk. or "EtB.) L-2950 Luxembourg, repressnted by MrWthet; Moherer. Mce President of the Eecond part. 1 WHEREAS: (1) The EonowEr has stated that it is D€v€ropm.nt ano'rni.a-"i.-u"i,-,e iir;" Ministry of Regionst Devetopmeni an, ";*lx:ii "Trilrj A::.y,3':g#I?"flJ ili{tfl*Hrr*{4i t#*1rj':*,r$i[:i*:]d:',,;f, .prolecf Schedule A (the ) (2) The total cost of the Proiect es estmated by the Bank. js EUR 592,r4o,ooo gY:lr"dJed and ninety-two mritron. on6 hundred and fou.ty lhousand tsonower has staled thal rt intonds to finance lhe prqea Source 69 1o11o*"i-- eurcs) . and the - --,-.r tunouht (it EUR) Own funds 22.14 CEdit availsbte from tho Bank 200.00 Loan fron Aaian Development Bank 200.00 Japan lntemational Cooperation Agency 1s0.00 NIF 20.00 TOTAL 592.14 (3) ln ord6r to futfi the finencing ptan s6t tneaanracrediiinanl;;;";"l.ii%d.ffi"Jfl (4"'f,"tJ'[:lT,H"#:f ,*t,"- (4) The Bank considering that the financing of the projoct fsls within the scoDe o, its functions, and having rsgard to rho stalernents ,no decidsd to give eflecuo rhe Borrow€r s immediar" n""r"ri",rJ't"'in""J nXfr", r,". iJeo" p"_Ji".! ," ,r credit in an amount of EUR 17O.OOO.O " tJ, fif ii ':*il.:",*I"H,,#:f tnis rinanco con;a iril.c;ffi""ii: Jj,ff iJ?.,j]::i rurthor rcque"ts from the Bonower ro,.-tr," u"r"n"" oi-iiri io,ijd6]d.iii,i"#rino" euros) for lhe financing of rhe proj6cr. if such requesi i" ,:nJ'iit** oue crurse; provided that tho entire amount.of lii" e"n* ro"n ih"rii,oi,-i"-i"i -", *i.iiJjiv , **, exce€d s0% (fifry por cent) of rhe rorat cosr of rt pr":"a i"t"ri i"- nl"itJiiii. (5) An application to the N.ighboufiood tnvestment "Facitity (hereater,NtF.) has been made for a grant ror the proiecr in rhe amounl of ror"r eUn2d,OOO-.6'd6 'uuo"f i,r",iVT,iiln for invastnents. Funher, the Bank. some olher rntematronat riil^,ii".i'i#li,il'l"a *," commBsion (a) have enrered inro *,e "cooperaiio-n -,,;-,i''ii i,:i,llH,#i tr," Neighbou.hood tnvestment Facrtirv trahevork i" f"1'* foreement, 2009 0he.,NtF Fr.rhowort Agr;omont,) and-(b) win enter into "" in-i.;"-trl.ir"ron agreement sstiing out the terms and conditpns of cooperation wift i" flr" ti#rn o* of the NIF for the purposes of tmDleme .,., r,n; J,l1i"*l'.:f :ffi "iJH,f"Tffil"il': r,:"r,j:1y,1!_rf Framowon(" Agreernent. ^Bo..*", and _any othor relevant egreemg,iis, the ,NlF Oocum.ntaflon'). Funher, th6 Commissron tlas entored or witionter'inl; a';;ancing agreement with the Borowor und€r which rhe Commissron reimbuBabto grant confibutjon in rhs amounr ot eUn ZO,OOOpOO "."for puryose of ftnancing th6 irnptemonlation of ue iio;'ea inty'riiff|oli"r.O ':,eii"'i-rran"rre iriJ -iil i, oiij"da*r*, rrr ffi:mli ;;it ;;i" ; t Agrr.m.nf) which provides for the use of the Commisston,s on a pari passu basis. /r l*ii1.an-o *i-e"nii r, no" , -u 'ff :+#H*l'#l"lajii,Hilt#}ili:#:{i"S#,r#.i,il#,ff (7) The Borrow€r confimed to the Berlk that lhe Projecl rramowork Agreement. :}rs falls wilhjn thg scop€ of tho (8) The Minister of Frnsnce of Georoie s duly authorised to sign this ConLact for and on tehalfoftho Borower (9) By-D€cision No IEU lhe.Er.rof,oan_ psriErnent and the Councit of the Euopean Union have 'OEO/2O decrded r to oral uviti.g".l""",""o*iil;""ilffi [J?:ff ;il]","*rli;lf I"":J:;#JT,,,ffJ own rulos and procedureg for proe :*f f,y;nn:l,,l,li#"fl#,HJl,fi:l:hlt"ff#lt,?,.tffn",""tf li.$j (10) The Statute of th6 Bank provides lhat ;1ip#i":s'fu f,ft #'""r,8:l:##r;li{"*fl #Hfiiffi E$Ei: (11) ErB. considers that access to infonnat.n plays environmental and 3ocial risks. includir -dial-;" fin"n*". t#L1;;::il;#lls"lT* an essentrar rore in the reducrion of rishts vorations rinked to the proiecrs it to enhan@ *,. u,il'a;"#E,[' ;[1ff#:?Jil"rrj[f",,J:f ""-,"t cflrzens in. g€nerat, by givrng ac.e6s. to tne. ntormarion- ^ t " /,.t' unoeratand ils govemanc€, slralegy, policies. "j:llf ii: rnii *ii cni#",i". "** "" ," aclvities and pracft;.- NOW THEREFORE it is hereby agreed as to ows: INTERPRETATION AND OEFINITIONS (.) lnt rpEt iion (i) Refer6nc€s in this ContEcl to &tblo3, Recilalg, Schodules and Annoxes are, savg jf explicltly stipulated otheMis€, re-feronces r$pec,tivoly to erticles of, and llcitals, schedules and annsxes to $b Contaad (ii) Rsferences in this Contract to a prcvlsion of law is a rsfer€nce to thEt provBion as amendgd or le-enacl€d. (iii) Rereaences in this Contracl to any other agE€rnsnt or inslrument is a aeforence to that oth€r agrcemeht or inglrumgnt as emended, novated, gupplomentod, oxtend6d or ro3tat6d. (b) Irefinltons ln this Contracl: 'Accaptanco Dardllna'for a notice lheans. (a) 16h00 LuxsmbouE tihs on the day of detivory, if the notica b detiveEd by 14h00 Luxernbou€ time on a Busino3a Oay; or (b) 1 1 h00 Lux€mbourg timo on tho next fo owing day which i8 a Buein€ss Oay. if the nolica b delivered €isr 14ho0 LuxembouE tim6 on any luch day or b dotiveEd on s day which is not a Business Day. "Accoptad Trancha" means a TrEnche in Espect ot a DisbuEem€nt Offer which has bcen duly acc€pted by tho Bono,ver in ac@rdance with ib lerms on or b6fol9 ths Disbursament Acc.ptancs Deadline. "Bu.lnea. D.},, means a day (othcr than a Saturday or Sunday) on which the Bank and commorcialbanks arc opon for g€nerEl business in Luxembourg. 'Ch.ng6-ol-Lrw Ev.nt' has the moaning given io it in Ar{cte 4.03A(3)_ 'Contr.cf has ihe moaning given to rt in Recital (4). "Crcdlf hE8 the meaning gjven to it in Article 1.01. 'Ooformont lndomnltta maans an indemnity celcutaH on thE amount ot disbuEernent d€iened or suspend€d atthe percentage rate (if higher than 2610) bywhich: - the lnteEst Rate that would have been appticable to such amounl had it b€6n disbuB€d to the Bono$/€r on thg Schedul€d Disbur8ement Date 6XOe,BdS - EURIBOR (one month rat6) le53 0.125% (12.5 basis points). Such indsmnity 3hall ac.rue from the Scheduled Oisbursement Oate to lhe sctuat disbursement dale or, as the ca8e may be, until the date ot canca ation of th6 A@apled Tranche in accordance with this Conlrecl. 'Dlaburromont Accoptadco' means a copy of the Disbu6ement Ofier duly countersigned by the Bongwsr. 'DlabuEamant Accaptrnca Elcadllne' means lhe date and tim6 of expiry of a DbbuEement Ofier as specFred therein. 4 'DlsbuEamoDt Offaa means a letter substantially in th6 fonh set out in Schedulg C..1. "Ol.ruptlon Evoni' means either or bolh of (a) 6 matgriardBruplion to those paymenr. or communicarions gy3toms or ro th*r financiar maft6t3 whtch are, in esch c€se, required to op€rate in o.u,iii", p"ime"L-fJue meo. in conneclion with this Contred; or (b) the occurrence ot any othor event which results in a disruption (o, a technacal or syst6ms_ ,.teted.nature) to tho treesuryor paymen* opera.on" airi*,e.ir,e preventing that party: drni oitrrl'e;rro*er, (i) from pertorming ib payrnent obtigations undor this Contract or (ii) from communiceting wi$ othor partje6, and which disruplion (in either such ca6o as por (a) or (b) ebove) is not causod by, and is beyond lhe control of, the psrty who6e operationg are OisrupieO. "Envlmnmant' means th6 following, tn so far as they affect human health b€ing: and sociat w6ll_ (a) fauna €nd flora: (b) soil, water, ah, ctimate and the landscapq; and (c) cultural heritage and the bujh environmenl, and. includss, without limilation, occupational and community health and safety working cohdition3. mattoB and 'Enylronmantal Approval' meaN any p€rmit, licence, authodsation, cong€nt or other appro\€l required by Envircnmenlat Law. "Envlrcr h.ntel Cl.lm'mesns any claim, proceeding, formal notica or invcstigtation peaaon in respect ot any Environmental Lew. by any 'Envlronm.nt l bl,v. means EU law to th6 sXent adoptod by the laws ot GeoEla or standede and principles as specified by tho Bank before the date ot this Conttacl and ueorgran nationst t€w6 and regulatjong as well ss applicabl€ intemalional tr6alio3 of which a principal objective is lh6 pleserualion, prctection or imprcvem€nt ofthe Envionment. 'EURIBOR has ths meaning given to it in Schedute B. 'Fin.l Av.ll.biltty O.te' means 6 years hom contract Ellnature. 'Flxod Rrto' means an annual interest rate determined by the B€nk in accodanca with the applicable principles from time to time laid down by tho goveming bodi.s of the Bank for loans mado at a fixed late ot intercst, denominated tn the iunency of tho TEnche and boaring equivabnt t6rms for the repaymsnt of capitiat and the psyment oi interest. 'Flrod Rrt! Traacho' means a Trancho on which Fix€d Rate is applied. 'Floatjng Rat ' mgans a fxed-spread floating inter*t rato, that ig lo s€y an annual int6lgst rate deterrnined by ths Bank lor each successive Ftoaling Rate Rel€ronce poriod 6aual to the Relovant lnterbank Rate plus or minus lhe Spread. 'Floaling R.to R€t rlnco Poriod' means e6ch period f.om one paymenl Date to the n6xt relevant Payment Date; the fir3t Floating Rate Reforonce pedod she commence on the date of disburssment ot th6 TEnche. "Flo.tlng Rst Trancho' means a Tranche on which Floeting Rate is appliod. 'lndamnifiabla Prapaymani Evant'means a prepeyment event under Adicle 4.03A 5 /r" /Z 'Lo.n'.means the aggregat€ amount of Tranches disbursed from undor this Contract. timg to timo by the Bank 'llartot Oi.rupton Evonf meen6 in retatbn to a specific Aoc4pted Tr6nch6: (a) there.ar6, in th€ reasonsble opinion of tho- gank, exceptionel circumstances adversely affecling th6 Bank,s access to its sources of funding; (b) in th€ opinion ofthe Bank, funds ere not available trom its ordingry sources ol funding to fund such Tmncho in the rotevent cunency snd/or tot. if,i ,"f*"ni rn"iiritv'lnolor in rolalion to lh6 reimbuB€mont profite of such Trdnchoi (c) in relation to Tranche in rosp€ci of rvhlch inteEst b payable at Floating Rate: (A)I::::lb-tI of obbining funds from irs source-s of funding, a8 deremned by penod equal to lhe Floatrng Ratg Re{€renc6 period m6 Eanx, tor a 9:lf o{ a Tranche (i.; in thg mon6y osrket) tvould be in exc63s the apptixOte neUvant intirta-nl nate; t ot (B) tho.Eank determineg that adequate,and fair means do not exist fo. asclrtaining lhe applicable Relevant lnteEank Rate for tho relevant cunency ot suctriranctte or tt is not possible to deternine th6 RetevSnl InteIbank Rate in accorOance wnn tne defnition cohtahed in Schedute B. 'ltl.t ilal Ady.rso Chango' m€ans, in .elation to the Bonower sny event or change of condition afocting the Borrower, which, in the opinion of th6 Bank: (a) melerially impairs th6 abitjty ol the Borower to p6rfom its obtigations under this Contract, o( (b) malerially impaic the linanciat condition or prospecb of the Bonower. "_tT:lty, 9"t., means the tast repaymenl date of a Tranche specrred puBuant to Articte 4.01&bXiv). 'Paym6nt D.te'means: 20 January and 20 Juty each year untilthe Maturity Oate, save that, in case any such date ra not a Retevanl Business Day, iimeans: (a) for a Fixod Rat6 Tranche, thg following Ret6vant Business Day, without adjustan6rn to the intorest due under Adicle 3.01; and (b) for a Floaring Rale Tranche, tho next day, if any, of that catondar month lhal is a Relevant Susiness Day or. faiting that, th€ nearest preceding day th6t is a Rehvant Eusinesg oay, in all cas6 with congsponding adluitment interest aue unoer Articlo 3.01. ti tri 'PlU' means the prcieci implementation unit desc.ibed in Arlide 6. 1 1 . 'Pi€p.yment Amounf megns the amount of a Tranche to be prspaid by the Borower in accordance whh Aible 4.02A 'Pllpaynonl DaL' moans the date, which shall b€ a peyment Dat6, on which ihe Bonower propos€8 to efrecl prepayment of a Prepayment Amount. "Prqpaymont lndomnlty' meang in respect of any pdncipal amount to b0 DroDaid or cancelled, the amount communicaled by EIB to the Bono,ror s6 lhe pres€nt vatu; (aB of the Prepayment Date) ofth6 exces3, if any, df: (a) the int6r6st lhat woutd accrue thoreafter on the prspayment Amount over the pedod from the PEpayrnent Date lo tho Maturity Oat€, if it w€r6;ot pr6paid; over (b) the inter€st that would so .bcrue over that period, if it were catcutated at the Redeployment Rat6. less 0.15% (frieen basis points). The said pre36nt veluo shall be calculated at a discount rato equal to th€ Redeployanent Rate, applied as ol oach rolovant Paymenl Oate. 'PrDprymanl Notlc.' me€ns a witten notE€ from the Borrowsr 3p€cifying, amonqst other things, the Prepayment Amount and the prepsyment Date in accordance *tfArti.re iOZe. 'Prorccf has lhe meaning giv6n to il in Recitat (1). "Redaploymant Rato' means lhe Fixed Rate in effect on th6 c,ay of the indemnit c€lculation for fixgd-rate loans denominated in the same clroncy and which shall have the s€m6 tsrms for the payment ot int6rest and the same repafnent prolile to tha Maturity Date as th6 Tranch€ .in rospect of which a prepayment i9 proposed or requested to b€ made. For those cases where the pedod i! rhorter than 48 months (or 36 lnonlhs in thc absenc! of a repayment of principal during that pdriod) the moBt ctosely coresponding mon6y market ratE squiv;lent will be usod, that is the Relevant lnterbank Rate minus 0.125% (12.5 basis points) for periods of up to 12 (tw6lvo) months. For pedods tafling betw€on ,2 and 36/48 monthg as the case ftay be, lhe bid point on the swsp rat6 as published by lnterc.pital in Routors for the rolateA curency and observed by the Bank at the lims of cslculation willapply. 'Rgl.v.nt Bu.ln€6. D.t', means: a dayrvhich is a TARGET2 DAy. "Relov.nt lnt rbank R.to" m6ans: EURIBOR. 'Sch.duled Dllbur'.lh.nt D.t!'means th6 dat6 on which a TBnche is sch6duled to be di6bursed in accodance with Articlo1.02C. 'Securly moans any mortgage, plodg6, liea, charge, assignment, hypothecation, or other s€curity interest seqJdng any obligation of any person or any other agreen€nt or srangemenl having a similar efiec1. 'Sprsad" means the fixed spread to the Relevant lnteoank Rat€ (being 6ither ptus or minus) determined by the Eank and notified to the gonowor an the .elevant Disbu.semenl Ofer 'Technlc.l D..c,iptlon" ha3 the merning Oiv6n lo it in Recital (1). 'Tl3ncha' m6ans each disbursemed mado or to b€ made undor this Contract. 7 , ./ /-.--- ARTICLE I Credlt.nd Obburs€m.ntt 1.01 Amount ot Crrdtt By lhis ContrEct the Bsnk establ6h$_in-far-our of th6 Bonower, and the Borrow6r accopts, the credit in an amount of EUR j7o,o_oo,ooo ton" r,unJr'"o erros) tor' project tho linancing of the (tho "Cr!dh"). "irlr-6"niyliiiron 1.02 DlabuEamontorocaduE '1.02A Tr.nch.. The Bank ghall disburso the Credit in- up to 17 T]-anches. The amount of each T..nche, it not b6ing the undrawn batance ot tho Credit, shall b€ in a -rinimiri a.ount of EUR 10,000,000 (ten milion oulos), provkJed lhjt m" nrsi r,"""f," rn"v'-Ue a minimt/m amount of EUR 3,000,000 (thrse mi ion eu1o3) 1.028 Ollbur..mtntOfi.r Upon request by the Borowor, pDvided that no lvent mentjoned in Artire 1.068 has occuned and i9 continuing, the gank 3h8ll s€nd to lh6 Borower a Oislur:ement Ofer lor th6 disbursement of a Tranche. The ht6st time for roceipt by tt"-Bor.*", of , Oisburssment Offer is 10 (ton) days be{ore the Finat Ayaitabitiiy O;te. ih;Di6bucement Off€r sha specify; (a) the amouni of lhe Tranche; (b) the Schoduled DisbuBom€nl Oate, which shal bg a Retevant Business Day, fafling at lesst 10 (ten) daF afier the date of the OisbuBameni Oier and o;or O*ore Final Availability Oate; thi (c) tha interest rat6 basis of lhe Tranch€, being: (i) a Fixed Rate Tr8nchej or (ii) a Floating Rate Tranche a[ pursuant to the relev;nt provisions of Articte 3.01; ' (d) th6 intorsst payment pedodicity for th6 Trenche, in ac@rdanc€ with lhe prcvisions of Anide 3.01: (o) the firsl Payment Date ror tho Trsrchs; (0 the terms for ropaynenl of principal for the Tranche, in accordanc€ with the provisions of Article 4.0,ti (S) the first and tast Epayment dat6 of pnncipal forthe Tranche; (h) for a Fixod Rate Tranche, the Fixed Rate and for a Ftoating Rete Tranche the Spread, apptrcable untit lhe Maturry Pate; and (i) the Disbursement Acceptance Dsadline. 1.02C DlabursamantAccrpLnca Th6 Sonower may accopt 9 Dbbur8emenl Offer by delivering a Oisbu6ement Accaptance to the Bank no later lhan tho obbuBerh€nt Accaptance Deadline. Tho Obburs€ment Accaptanc€ shall be accompanied: (a) qy-lhe l84N code (or appropriate format in tine with tocat banking practi@) and SWlFf BIC of tho bank account to which disbursement of the Tra;cils shouid b€ mad€ in 6ccordance wth AJticle'1.02Di and 8 (b) by evidence of tho Euthority lhe p€Eon or peBons authorjsod to 3i9n lhe _of oisbursem€nt Acceprance ano,ttre specimen a dectsration by the Bonowerrhar no change sidal;ii ;Jil;IH or p€nlons or h;";;;jil;fi#i" the authorly of rho pe.on or peraons aurhorised t oiiu-ri.i"ii,l#t^Ls unoer thio Contrsct. ";i" rl a Disbursemonr offer is dutu accopted by lh6 Borrower in ac@rdance with itr t6.ms on or r,ofor6 lhe Dbburs€ment Acc;hn; Deair,ne, rh" rranche avaitabto ro th6 Bonower in accordance w h rhe 8ubiecl ro the t6rms and condilions of lhis Conlraci. The Bonolvor shall be deemed to.have rofused any Disburcement Off6r which has nol b€en ;;;l ilffi:i: fi"iLpro .br;^id;;;;ii;#end ;go",,ffot* in accordance wirh hs r6rms o" ;,-b"fil-i; ililJmlnt acceprarrce 1.02D OisbursomrntAccount OisbuBement shall b6 made to the accounl d th€ gorao^,er set up at the Tresury SeNico of the Minisrry of Finance of lhe Bonower for the under this contrad as the Bonor /er or tho promoter/FinatB€""hiilry itiig to rhu a"nk nor ta.e. than 15 (fif,oon) dey" betore th€ scheduted "-n-rrr ""iiy 1*ii.ri raar.r o, with the apprcpriate fo.rn€t in lino with tocat bankin; p,*ri".i. "oa" separato from any other accounts:-::!i!g inlee"nouniry'"no """*"t "n"l io ;;not -oi-rni"nsubjecr any enforcement, afiachment or any simjlar proceealngi ano ""[a,ir-"-ryth-s U" maintained throughout tho imptomentaiion A rt" p,ii*t "Gir,a l*",irr"hereafie. "r,"rr 1"r"r, the 'Olabur!.mant Account). pr,p"il;i;;;;";;ts iii D6J;;;;;6;io !"ii * ,.03 Cu.lcncyofdlrbura.mant The Bank shall disbuB€ each TGnche in EUR. 1.0,t Condtuon.oldlsbuB.m.nt 1.04A Flrst Trancho The disbursemont ot the firsl Tranche under Articte ,l.02 is conditional upon rec€ipt by the Bank in form and substance serofacrory to it, o" oi u.ro. jiiJ'ilrl?"iring ,1u*"n1 Business Days before the Scheduted otiuursement Oaierr,u-fjioiin!"io"rrn.nt" or. evidence: (a) a lsgal opinion issued by tho Minislry of Jultice of the Borow6r rn English hnquage B"^;; on the due oxeculjon of this conrracl by lho and binding nature th6reof. Such opinion sh6 bo ii;1;i;d;yliir"ilr"luty t#l"a'Jri#"* "^d and.shal be "*"pt"Ol_" by rre ralevani aocumeis i["ii-n'l" tn" :"^ Eorrcw€rs autionty lo enter "rppor'r"a into tho C,ontEct as welt as evidenco of due otifr&ton of this !: q"! ;ic;,!,;;";;;;;'#to" Contracl in accordanc€ with the apphcabt" ta*s ihat.the Framewo* Agreemenr is vatid, binding ano enforce;8;';J,i"fi"'ljl""t or circumstanc€s have occurred which coutd, i; the ,"ason"oii opintn oi in-" g"nr. adveEety effect the t€at, vatid, bindrng and enforceabte ih.?.ari.* Agroemonl, ""frr"? (b) ovidenc€.in the Engligh tanguage of the porvers of the Minister o, Financa o, GooE6 to sjgn lhis cgntracl on b€half of the gonolysr; (c) confirmation_ thal all nocessary @n86nts, authonsalions, rights of way, licences or o, govemm€ntal or public bodies or authodties r8iuireJ in ;n"*ti"" *,tn -applvats this ContEct and the proj€ct have been recoived and that lh; F;;t Be;"t"i"r, to the satbfaclion of tho Bank, have been given tt "f,rrr, to operate the Project; " """.""",y "rtf,ority'"ij io*"rs I (d) confirmation that no exchange conr.oi consents are n€c.asary ro pe.mit rh6 Borrow.r lo recolve disbun€ment3 ss provided in lhrs Conlract, t'o rJpai Ue airUurgoO TGnchca (aB Btorsd to in Aiicle 2.01) and io pay intooii anO att'otier amounfs Oue hersunder,. including_ the opening enA mainte;ance accounis- to whtch tho Eoara,wer dtrecB th6 Benk to disbul36 the Credit; a (e) evilence of payrnent of the up_Iont fae in full pursuant to Articb .Og; end (0 evidence that ths Disbursemont Account has been establishod. 1 1.048 All Tr.nch.. Th€ disbursom€nt of each Tranche under Articlo i.02, inctudjng the firs! is condilionat upon: (a) leceipt by the Bank in form and gub.tanc€ salisfadory to ( on or boror6 lhe date fatling 7 (seven) 8usino33 DaF ffilE the Scheduba Disbursemont D.tc ,or the proposed Trancho, of the toltowing docum€nts or evuencs: (i) a c€rtificate from the Borower in the form of Scheduts D: (ii) evidence demonstrEling that, foltowing drawdolvn of the relevant Tlanche, the aggregale amount of lhe Loan will not exce€d the aggregete elqendituro incurEd or contractualty comm led by the Bonow6r in ieip,it of tni eqea up to tho dste of the.elevant Dilbursemgnt Ofior (iii) evidence of the suthority of tho person or peraong sulhoris€d to sign Oisbu6ement Acceptance and the authenticated specimgn signature of su;h person or porgons; and (iv) a copy ol any dther authois€tion or other docufisnl, opinion or elruEnce which the Bank has notifi€d ihe Borrower is neces8ary or dasirabte in connec{ioh with lho entry into and porformanc6 oi and the transaalions contemptated by. tho Contr.ci or the vatidity and onforceabitity ofth6 Contract. (b) that on tho Schoduled Disbursoment DEte for the pbposod Tranche: (i) the represontations and wa[anties whi:h ad repeated puBuant to Article 6.10 gre conBcl in all regpgcls; and (ii) no event or drcumstsnce which constitutes or would with ths pessagE of timo or gMng of notice underthis ContEd constitute: (aa) an svent of derault under Artide 10 01, or (bb) 6 prBpayrnent 6wnt underArticle 4.03, has occured and is contjnuing unremedied or unraived or would agault fiom the proposed Tranche. (c) the Bank being 8ati8fied that the EC Guaranteo is valid, binding and onforcoabte and thet no evenls or circurnctances h6ve occured which could, in the raasonable opinion of the Bank, adversoty affoct the legal, vetid, binding and enforceabto nature ofthe EC Guaranloo orth6 Esnk's right to make e demand thgrgunder. 1.04C Dlabu.lomont condldona rrlatad to Tlrnchog finrrcing csrtain Lota The di8burserhont of each Tranche elating to th6 financing of a c€rtain Lot (a3 in tho Technical Description) under Artble 1.02, including the first, b conditionet upon the receipl by ths Bank in form and substanca satisfactory to it, on or b€fore the datr h ing 7 (seven) Business Days before tle Schodulod DisbuEement Dsts for tho propGed TEn;ho: c{ th; folkrwing documents or ovklence: 10 (a) for the Tranches financing Lots 1 and 2 betwe€n Samtredia and crigot€tj relsting to new @nstruction: (i) the finalveBion ot th6 Environhental lmpacl AsEessm€nt (ElA) r6port; (ii) the Environrnental permit (including the rElevant Ecological permit or Habit5ts _ form) and Constructjon pormit i$sued by the relevant auihoailies in Goorgia; (iii) thE Environmentat M.nagement plans (EMp): and (iv) the Land Acquisition and R6€tfl€ment plan (LAflp); (b) tor Lot 3 Gdgotsti-Kobul€ti (Chotoki river), rehting to rosd upgrading atong th6 same . alignm€nt. submbsbn by the promotsr of a sqooning docurrent gtatintwhsther a full EIA is required or not._Should € EIA not be r6quil9d, suci scr€oning document tog€ther with an EMp and the Construclbn psrmit is 3ufficient lor th; 8ank. Should a tull EtA be required, the conditions in (a) 6bove are appticabb, .nd thq documents detait€d th€rein ars to be submitied to (he satisfadjon ofi tho Bank: for Lots 1 and 2, e Road Saf6ty Audit Report; fu (c) (i) (i0 for Lot 3, a Road Safety tnspeclion R.po.t; an both cases in accorchnce with the principtog of Direciive 20OE/96/EC of t9 Novembor 2008 on Road Safety Management; and (d) that the dosign is completed for th6 rctevant Lot, to th€ satjsf6ction of the B6nk. 1.04D Second Tanchs The disbursemont of the second TEnche is conditional upon r6csipt by tho Bank in fo.m and subsNarc6 3alisfadory to it, on or before the date talling 7 (Eev€n) Buginsss OayE betor€ tho Schoduled oisblrsemont Date for such TEnch€, ol evilencs that the plomoier and/or Final Bsneficaary has hired, to the satbraction of tho Bank, an intemationelty oxperionced consutlanl io join the PIU to sdvis€ specfically on the mplementation of lh; compongnE of lhe Prcioct financad by the Bank. 1.05 M.rmant ot dllbuEomaart 1.05A Grounda lor dairmont LJpon ihe written rcquBt of the Bonower, the Bank 6ha defer tho disburs€oeni of any Acceptqd Tranche in whol€ or in pad to 9 dats specilied by the BorIowBr being a de6 falling not lat6r than 6 (six) hontha frcm its Scheduled Diabursemsnt Dat6 and not tater than 60 days prior to tho frrst repayrnent d.te of the Tranch€ indixted in tho Disbursoment Nolice. ln such c€se, the Bolloy,er 3hall psy the Oeferment lndemniti calculaied on the amount of diabuEement delenB<, Any request ior defement shall have efiect in respoc,t of a Tranche onty if il b mede al leasl 7 (sevon) Business Days bofore its Schedul€d Obbursement Oate. lf for an Accepted Tranchg any of the conditions refsred to in Articl€ 1 .O4 is not fumlbd as at the 8pecified date and at tho Schgduled Disbursement Date, disbuBemsnt will be defen€d to a dete agre€d betwe€n the Eank and thB Borotrer falling not earljer than 7 (seven) Busin6$ Oay3 lollowing the fultilment of atl conditions ot disbursement (without prejudice to ths dght of thg Bsnk to guspond and/or cancel the undisburs€d portion of he Crodit in whole or in part pursuant to Article 1.068). ln such cas€, the Bonore. 6ha pay the Detorment lndemnity calcllated on th€ emouni of disbursement d€{ened. 1.058 C.ncoll.tion ol . disbuE.mont d.fr.I.d by 6 (slx) honth. The Bank may, by notic€ in writing to the Bono/er, cancel a di3buBoment which ha3 ben def€ned under Articlo ,.05A by more thsn 6 (six) months in aggrogate. The csncolled amount shall emain available fordisbursement und6r A.ticlo 1.02. 11 1.06 Crncellat on.nd su3oanaton 1.06A Boirowar,! ,lght to cancsl The Bono{er may al any tme by..notic€ in writing to th6 Bsnk csncst, in whote or in pErt and wilh immediat6 effeci. the undbbursedjDnio; t" C.Oit. fr*"Gr,itre notica stratt havs ro eff.ct in r$p€ct ot an Accepteo iranctre "t wntn tral S-Jr,"i'ili'ot"uuo.r"nt Dete fa ing within 7 (s€ven) Business bays of th" ia. J ttu-n-otiJl " '---''1.068 Bank'! rlght to .u.pend .nd canc.l by. ptice in writing to the Borower, susp€nd and/orcancstthe undisbuced Jlr:,9anl.Iayt ponon or th6 Cledrt in whole p€rt or in (i) at any time and with ihm€diele efur upon the occunence ofan 6vsnt or ci.cumgtance mentioned in Article 4.03A or jO.Ol or an event or circumsijencs which would with lhe pas!€go of time or giving of notice under this ContEcl conslitute an evcnt r.rnder Ariicb 4103A or an eivent A defautt under Ariicle 10.01; or (ii) if a MaterialAdveF€ Chango occurs. Any suspension shall continue until lhe Bank ends the suapension or cancgtg ths Buspended amount. 1.06C lnd.mnlty for lurpenalon and canc.lladon ofa Trancho 1.06C(1) SUSPENSTON I the Bank susponds an Accepted T6ncho, wholher upon 6n lndemnifiablg prepayment Evsnt or an event mentioned in Articb 1O.Ol or upon th€ occurrenco a a UaienateAverse Changa. the Bonorer sha pay to the Bank the Dgforment tnOemnity JcutEteO on the amount of dbbuEomgnt !u5p€n(bd. 1.06C(2) CANCELLATTON It pursuant to Articto 1.06A,lhe Borrower csnc€ls: (a) a Fixed Rate Tranche which i9 an Accepted Tranch6, it shafi indemnify the Bank undsrA.ti6te 4.028; (b) 9 Floating Rate Accspted Trancho or any pad of the CrEdit othor th6. an Accepted Trancho, no indemnity ls payable. lf the Bank cancels: (i) a Fixed Rale Trancho which is an Accepted Tranchs upon an lnd6mnmabb Prgrayment Event or upon the occun€nce ot a MaterialAdvgrsa Change oa f,uEuant to Articte 1.058, the Eonower sha pay to tho Bank the prepaymont l;demnity; or if th6 Bank cancels (ii) an Accepted Tranche upon an eveni nentioned in Adicle 1O.O,l, the Borotver gha indsmnify tho Bank und6. Mjcte 10.03. Saw jn lhsse cas6, no indemnity i8 payablo upon c.ncsllation ot a Tranche by th6 gank. The indomnity thall be calculated on the basis that tha canceflod amount b deemed to hav6 be6n digburs€d and rcpaid on the Scheduled O6buGem6nt Date or. to the extent that the disburs€mont of the Tranche is cunenly defened or suspencte.d, on the dets of the canc€llation nolice 12 ,l.07 Cancollation altcr oxoid of the credlt ,iT? :l!I the Finat Avaiabhty Date, the Benk msy by notice ro the Bonow€r lll -Ci,O,rsnd wrthout liabitity arising on th6 pert o{ either party, can&t such amouni of tti tn respect of which no DisburE€ment Acc€ptance hat been m.ae in ii; ll.ticrs 1.02C. """oraance 1.08 UD-tront le. ro ow'ng the Dat6 or Eflecriveress of this contract (as definsd in F"U:,!:1q:y3 Anrcle rZ.UJ betow), tho Borower shall pay or cause to be paid to the Bant an up+ront fee ,Upjfront In Yllll l: an_amount of EUR 50,000 (fifty thousand 6uros) (the Fo.l) The Borower authorbes and mstrucls the Bank that if the Upfront iee is not paid io the Bank within 1.5 Busrness Days folowing the Date of Efea,veness, tfren rf," fi.ifii"rlt,r" o6cr6ron olsbucle a TEnche in an smount equal to the Upfront Foe and pay such ellnount to its€tf on behalt of the Bono/ver. Such Tranche stra Ue a Ftoa nl nae i;;;;;;;r. and shall b6 de€med as a Tranche disbursed by the Bank for the pr.ripose" Jmtii i.rjr. For tho avoidance ot doubt, in such circumstancos ano tor me pJrposes a tf,i" e,t"f"i.oe only, the minimum Trancho sEe specified in Article 1.024 'anO tfre' conOit-ions of in Artict6.1o4 (orher than the condition sot our in Arricto 1.04A(a)) :i:iT:pll,"rl snax nor apply to"1i any such disburs€ment puEuant to this Micle 1.0g, and the next subsequent dEbuBement of a poposed Trancho shall be regardod as ttre "nrst irancne" for the puDos€s of Anich 1.04A. ln addition, and for the avoidance ofdoubt, if the Credit is canc6lled pursuant to Ariicte t.05 or 'l 06 or otherwl3e. at 6ny tm6 prior lo lhe peyment by th6 Bonowd to tm ean* A$e Up tront Fog, then the Up-front Fe€ ghall aemain due and tecom6 immedi€tev Davabte bv the Borrow€r out ot lhe Borowe/s o' n funds and wfthout the facitity to disbu;;;i;;cti-. * described in the preceding FaragEph. 1.09 Suma due und6r Ar cle1 Sums due under Adicles 1.05 and 1.06 sha b€ payabte in EUR. They sha be Davabto within 15 (tifreen) days of ths Eorowe/s recorpt of th. Bank,s demanc, or witnrn any t6nger period speciUed in th6 Bank's demand. ARTICLE 2 Th. Loan 2.01 Arnount of Lo.n Th6 Loan shall comprBe the agg.egate amount of Tranches disbursed by the Bank under lhe Credit. as confirmad by th€ Bank puBuant to Articlo 2 03. 2.O2 CurEncv ot rrpavmonl. lnlel.al and othar charoor lntorsst, repay.nents and other charges payable in Especl of each Trdnche shall be made by the Borrotver in the currBncy in which the Trancha is disbuas€d. A.y othsr paymont 6hall bo mado in tho cunency sp.cifed by the Bank having ,rgard to the curcncy of ths exponditur€ lo bs reimbuc€d by moano ot thst payment. 2.03 Conll,m.tlon bY iho B.nk t f hin 10 (ten) days aio; disburs€ment of oach Tranche, tho Bank shall dsflvor to tho Eonowor the amortiselion t6ble referred to in Articto 4.01, if oppmprialo. Bhowinq the disbuas6ment dato, clrmency, th6 amount di9buB6d, lhe ropayment t6rms €nd the ini6re3t rat6 ofand for thal Tranch6. 13 -Li -Tr.;ARTICLE 3 3.01 Rat. ot tntcrq.t 3.01A Fixod Rll. Trrnch.. The Eonower shsll pay interest on the outBlanding bslance the Fixod Rate semlennueltv or annualy in o, each Flxed Rato Tlancho at on-irr! i-ri"ni-p-"vrn.n, ,"t"" sp€cifsd in the Dieburs.meni offer com;cncing ""J"r" on t" n"i"r"i pti#i Dale folowing "" the dar6 on which th6 disbursemenr o,lhe Tran;n. *"i ,"'0". iiji,Jijlioi rrom the aete on which disbursement was made to the first p"vriri oat" i"'liii!y" l.r rqs tren ttre payment of interest accrued during such perio; sha p.apo""foU" the folowing Paymant [ Date. lnie.$t shall be c€lcutatBd on the basis of Article 5.01(a) at an annual Rate. ra,te t lat is thB Fixed 3.018 Floaflng Rato Trancho! The Borower shal pay inteest on the oubtending bahnc. 0f eech Froating Rate Trsnch€ at the_Fbaung Rate s6mi-annualty or annuaty i; J*iiiily"ment o"ros, as specified in the Djsbursement ofier comm_enlng on rirsi suJriilvr"-,it' o"r" totto*ing the dats of disbursoment oflhe Tranche tr the r,i, iir" a-"i" to first paymsnt Dat3 ls 30 davs or,toss rhen ftri"o p"vr"ni oj "-iliJtJrr"r"nt iniJ,'ii"Ui'"0 ou,ing period sha be postponed to ihe foltowing payme,it Oate. "r"t The Bank sha notify the Ftoetjng Rateio the Bonower withrn .tO (ton) days fo owing tho commcncemenl of each Ftoating Rate Rel6rence p6nod "i"."ui "itt" t" tu ll'i"'rT,'TH#8r"1"3i,::*:;I?'{ilffi |*,:f tiff}iS#ilr"r*}Xii,H Floating Rate Referoncq p6riod s the Scheduted DisbuBemeni Daie. tnteresl shalt be catculatsd in respecl of each Floating Rate of Mide 5.01(b). Reference peri, on the basis 3.02 llttarrat on oyerdue aum! wthout prcjudice to tuticr. 1 o and by way of exception to A,licre 3. 01 intorest shal , acc,ue on any overdue sum peyabl€ undea ths t6rms of this C,ontraa from ttre Oui Jafe to tre Oate paymenl of at an annuet rate equat to the Retevant i"turt"ni n iJ pfr-"]X 1ZOO 0""i" points) and €ha b6 payabte in *cordance witt tt O".inO J tt i'd"iii-f-o, tn" prrp*u of determining th6 Rotavant tnterbank R.to in retation " to lnis-Aniif i.6zl u," ,"terant 'pliio-iJif periods within tho meaning of lschedute e] sr,all ue onu _ontt, commencing "rices"ive on the due date. Holi/sver, inlercsl on any overdue sum undera Fixed Rat6 Tranche gh8ll be charg€d at the annuat r.te that is the sum of the rate defned in Articte S.Otn pfus O.i-9;-(.i uu"i. potnt"; if that annual rate excoeds, for any grven retevant p"rioO, t ."ie e pr.ceOing paraglaph. " "p*]i"O.ii-tt 3.03 ltl.rl(et Ol.rupflon Ev.nt p,-".:.f{:lccopred Tranche, if et aoy time betwe€n rhe daro of receipr by rhe E:"jI:l Eanx or a ursDurs€mgnl Acceptanco. in respoct of such Tianche and the date falling Busjness Days prior to the Sched_uted Drsbu.semenf O"G,-"-l,",i"i-Oiarption two Event occurs, tho Bank may notify to the E'nower that this crause has come ]no-erect_ tn suctr csse, th6 following rutes shat, apply: th€ rdte of rnterest appfi".Of" -i,iuo-i"i" ioir"n nc""pf* TrEnch6 unlit rhe Maturity Date. sha bo tr,u oi i"ilr"""uc percentage rate per annuh) which is dst€rmined bi "p*"0 ths Bsnk to G th;a iniusive cost "" to" .. the Eank for the funding of the retevant Tranch" uj""o ,po" t-f.r" fi""-#t'f,oe intematty 14 generatBd Benk r6forenc6 rale or an altemative r6te determinaiion method determin€d by rhe B.nk Tte Borrcw€r shal trava the iigtrr," l'ar"J'i" reasonably *ril"g'*+ ll*Ir:T-"", d;bu;;nt liig. rne Eorower does nol retusq lhe disbursement in tim6, ths parties agroo thal dlsburs€ment and the condjtions thereof sha b€ tuttv uinaing tor uoifr-paiieJ"'-- "-' the wrthin, th€ deadtine specfied rn lhe notifi;rion anO snatr beai ciaiges rnclnoo as a rBsutt thereof, if any, in which cas€ the Bank shall not effect the and the conesponding credir sha, romain avsitabte for disbu;e;;;i ;;;'e; in-i"-r" rr In-each ca6e the Sproad o. Fued Rate pr6viously notilied by tho gank in the Djsburg€ment Offer shall be no longer apphcsble ARTICLE 4 Rooavmont ,t.01 Normal rgpavmanl Repaymonl by lnatalmanta (a) The.9oltgwy sha ropay..each Tranche by instatments on the paymsnt Dates gpecified in the relevant Dbtiurgement Ol1ei in accordanco with th6 tems of the amortBation tabte dotiveEd pursuant to Altacte 2.03. (b) Each amortjsation table sha be drawn up on the basB that (i) an the case of a Fixed.Rate Tranche, repaymeit 8h.lt be made annu.lly or Bomi_annually by equal ingtalrnonts of prjncip€l or constant instalm6nts of p.incipal and inler66l; (ii) in the case of a Ftoaling Rate TGnche, ropayment sha bo mad6 by equat gnnual or s€mi-annual instalhents of principal; (iii) ih6 frst repgyment date oI es-ch Trenche shall bo a payment Oat6 faltng not eartier than 60 days f.orn the Schedutod Disbucement t ato and not laterlhan th6 first payient oate immediatety folor{ing tho lob (tenth) snniverssry of the Schoduted Oisburlsment Date of the Trancie; and (iv) th6 last repaynEnt ctete of each TEncho shall be a payment Date f. ing not oarlier then 4 (fouf) years and not hter Ulan 30 (tilirty) yeaB flDm- the Scheduled DisbuE€ment Date +02 Voluntaw omDtvm.nt 4.02A Prop.ymonl opflon Subjeci to Micles 4.028, 1.02C and 4.04: Borowel may prEpay a or part of any Tranche, logetherrrrith accru6d interest and Jh9 ind€rnnities it any, upon giving er"p"y.eni Notice with at teast 1 (one) month's prior notics spscfying the irepay;ent -;ount " 8nd ths Propayment Oste. Subject to Allicto 4.02C tho prepayment Notic€ shal bs bindina and irEvocable. 4.028 ' Prrp.ymont lnd.mnity 4.028(1) FIXED RATE TMNCHE I the Bono\rer prepays a Fix6d Rate Trsncho, the Bono,ver gh8ll pay lO the gank On the Prepayment tlste lhe Prepayment lndemnty. 4,028(2) FLOATING RATE TMNCHE _The Borower mey pr6p3y a Floating Rate Tranche wilhoul indemnity on any rstovant Payment Dale. 15 4.02C Prtt.ymcntmech.nics The Bsnk shall notifv th. B6m*er, later than iS (fifteen) deyr prior to tho prepeyrnonl oate, of tho pr€psy;ent Amount, of-not th6 acsued i"r#-iil; th;;;;; ii mu inoornnity payable undor Anicb 4.029 or, ss the case mev Ue, t,ar no,nd".nit r.-ii"-' N(x |aler than lhe Acc€ptance O€adline, the Borow6r lhall notify the.B€nk ;itner (a) that it confirms the p.epayment Notice on tho terms specifi€d by th6 Bank; or (b) that ii withdrarvs the prepayment Notice. lf lhe Boarower gives the confrmatbn under parBgraph (a) abov6, h shall oflacl the pr.paym€nt. lf the Bonow€r withdraws the p.epayrn;t Noti; or fails b;nfirm it in due timo, it may not prepayrnent. efioct the binding and inevocabte. Save aj aioresairl, the preGi.i-ni-tiori"" o" "r,rrr tul"y.or sha sccomfE_ny the pr€payment by tho payment of accruod int€.€3i and 11: rno6mn[y, t any, due on lhe prEpafhent Amount. 4.03 CorioulaorvpEoayrneht il.03A Grourd. for prsp.ymont 4.034(1) PROJECT COST REDUCTTON lf ih6 total cost ot the project should.be reduc€d from the figurg stated in Rocitat (2) to a tovet 6t which the amounl of the Credil ercseds So% tfftV pei cenij ois,]"t co"t, tt e B"nk may in proportion to the teduclion torthwith, by notico- 6 ffre Bonowoi, Gt cancof the undisburs€d portion of ihe Creditand/or (b) demanO prepayment ot tne L&n..in" g*or"r shallsffoct payment ofth6 amount demanded on ttri Oate ipecneO Uy tf:e Bank, such dat€ b6ing a date fa ing not t€ss than 30 (thirty) days from tns oaie offne O;maJ. 4.034(2) PAR' PASSUTO ANOTHER TERM LOAN j!:-B:-ry-grlgLylFlty-prepaj6 a pert or the whote of any olher toan orisinatry gr6nted ro ljlior a tgrm ot morc lhan 5 (fNe) years (a ,,T6rm Loan,,) otherwi66 than oui of ie procaedt ol a loen having a term at least oqual to ihe unexpired term of lhe Term Loan prepatO, tne Bank may, by nolice lo lh€ gorower, cancel the Credit and demand prepaynent ot tre Loan, in.such proportion a3 th6 prepqid amounl oI the Tem Loan Ueari tjitte aggr6gae outstanding amount of allTenn Loans. Tha Bank shalladdresg it! notice to the Borrowerwithin 30 (thirty) days of r6c4ipt ot notic€ und6r Articl6 E.02(cXii). For the puaposes of thb Add€, "loan,, includB any loan, bond or olhor fom ol financial indebtedn€$ or sny obligetion for the paymgnt or epayrnenl of dobt. 4.034(3) CHANGE OF LAW The Borow6r shal promp y infom the Bank if a Change-of-Law Event has o@u[€d or is likely to occur. ln such ca!e, or ifthe Bank has reasonaib cause to Uctitveltrat a Ctrange_ of-Law Event has o@urrcd or is ebout to occur, ho Bank may requegt lhat th6 gorrcwer consult with it. Such consuttation sha take ptace rvithin 30 (thiri,) d;ys from ihe oate dtre Bank's roquest. ll sfter lhe laple.of 30 (thirty) aays trom ttri da6 of such lrqu6st for consultation tho Bank is of the opinion that the eflec1s of lhe Chango-of-Law Eveni cannot be mitigated to it9 satisfaction, the Bank may by notice to th; Borrower, c€nc4t the undigburEed portion of the Cedit and demand prepayment of the Loan, together wiih accrued inter6st and all olher amounts ac$ued or outstanding under this Contrad. The_Bonower she oflec1 payment of lhe amount d€mandea on lhe dste spocified by the Bank, Blch date being a dato taling not less than 30 (thirty) deys from 60 datg oi the demand. 16 For lh6 purpose6 of thb Artjch .Chsnge-of_Law Evenf moans thE enectm6nt, prcmulgation, €xocution or ratific.tion ol or ant change in or amenc,me;ito iny taw, rule or regulation (or in tho applic€tion or ofiiciat into'rpretati-on of any f"r,,r, ,,.r1" oi forr"fOn1 tf,"t occurg afi6r th6 dato ofthb Contrad snd which, in ho opinion'ot thc BanX, rvoitO mat6rialty porrorm is obtieations urirerind dntaci i, ir," eorro*"r", lll"J:tl"^.gg1A:J::litity^to ne plomoler3 or lho Final Beneficiary,s obllgations prcj.cl. related to tho 4.03A(4) tILEGAL|W It (a) il bGcomes unlawful in any Eu.judsdicton or in Georgia for ths Bank to porbm any of its oblagatbn3 a6 contemplatod in this Contr8cl or to tund or maintein inJ Loan: or (b) in r6lation to the EC Gueranto€: (i) it i8 no longEr valid or in Iult forc€ and efecl: (ii) ths condtions for coverthe.€undor arg noifumlbd; or (iii) it is not efieclive in sccodgnce with its temg or i9 athged by th€ Etorou€r to bs ineffeclve in accodance tvilh it! t6rms the Bank shafi pomp y notify th€ Bonower and the Bank may (x) immediatety suspend or cancel th€ lndEbursod podion ot the Credi andor 1y; Oemahri popayment of the Loen on the dete indi:sted by the Benk in {s notico to tho Bonower. 4.038 Prlp.ym.r ft.chlnlc. Any gum dsmanded by th6 Bank pursuant to Article 4.03A, togothcr with any intEreat or other amountg accrued or ouklencling und6r this Contracl inciuJing, wittrout tiriilatbn, any indomnity dus under Altile 4.03C, 8ha[ bo paid on the drte rndi;ted bv ttre Aant sfiich date shEll fall not tess than 30 (thirty) dey! from the datg of the Bank,e ;olice of demand and 8hallb. applied in accodanca with Anicb S.O5 4.03C PEFym.ntlnd.fthhy d ln the caao an lndemnifiabls Prepeymgnt Event the indgmnfiy, if any, shall be det€rmin€d in sccordance wth Anich 4 O2B lf, Ioreovar, puBuant to any provision of A,tble 4.03A the Bonowor prcpays a T.anchs on a date other than a retevant payrent D8t6, the Bormwer shalt indeninifiiie eant in suctr amount as the Eank shall ceftiIy is required to compensste it for receipt;f funds othetwbe than on a relevant Payment Date 1.U G.n.r.l A propaid amount may nol be re-6onow6d. This AItiije 4 shalt not preiudice Mide 10. ARNCIE 6 paynantt s,01 DaY count convantion Any amount du6 by way of inteEst, indomnity or fee frcm lhe Borowsr undeathi8 Contrad, end calculaled in rgspect of a fraction of a year, 6hall be detgrminod on th€ following r6pect v€ convantions: (a) in rospact ot inteGst and indem.itis6 due unde. e Fix6d Rate Tranche. a yoar ot 360 (throc hundred ard sixty) d€ys and a month ol30 (thirty) deyr: (b) in ro8F,ect ol intersst and irdemnitiB due under a Floating Rat6 Tranche. a vear of 350 (three hundrsd and sixty) days snd the number of deyJobpBod; 17 (c) in resP€ci of feoB, a year of 360 (three hunded snd sixty) days and the numb6 o, daya slepscd. S.02 Tlma .nd pl.ce of o.rmant unress otherwi8e 3p€crr6d. EI sums under or in rEretion to thig contraa:t other than sumE 0f interest, jnd€mnity and princtpat srt payabt€ *ttt in r S-ti,iiienj OJi"?ine aonD\^,efg receipt of the gank,g demand. Each gum peyable by lhe Borrower under this Contract 6hell be paid to the rorpoctive account nolifisd by the Bank ro the Bonower The Eank shafl indicafln"'i"-rnt not t"", than 15 (frtteen) days befo. rhe due date for tt" ti"r p"v."ni ioliwsr ano sha notifv any ch6ng€ ot account not.lossrhan ts Liioil-ur1- i"t" ot,,. n,"t tttt"erilliv" payrnent to which th6 chango appties. This porbd ot nolic6'(bee nA aplry-in ttrc casc of payment under tuticte 1 0. tiii" A sum due ftom the Bo[o,ve. shall bo deemed paid wh.n the Bank 6,03 Set{tr Ec€ives it The Bank may lEt ofi any naturod obliga on duo f.om lh€ Borrower under this ContEct (to the extont.bonsficiafly owned by tho &;k) agaiqst oUrig"tio;'(*h;ih"i ir not matureOy orved by tho Bank to the Bonower regardleei of fte "nV irface-J paylnent, Uoo'iing brench or curenc, oJ eithor obljgaflon. tf the obtigations arc in differeni iul.renii"",-in" eanl convert eithor obligation at a msrkot rate of exchange in its ucual-uiJ oilusiness forthe purpos€ or the sot-ofi. It either obtigation-b lnthuidatsd or unasc€rtaineO, ihe Sank may s€t off in an amounl esrimated by it ii good fairh lo L tt ."y 5.(x " "rnorniJr,.ioiiii"ii-on. Di.nrotloh to p.vn.nt Sv.t.nr. ellhgr th:-Ba:k llEanx ls notrnod ggroTh6s (rn its discre,tion) that a Disruption Event has occured or the Dy the 8o.row8r that a Disruption Event has o@urred: (a) the Bank may, and she[ if requasted to do so by the Borower, consutt with the Bo.rowsr wilh a viBw to agreeing whh the Bonoweriucfr changes tlihe operataon or administration of the Contract as the Bank may Oeei nedsary tn the circumgtianc€s: (b) the Bank sha not be obliged to consult with th6 Bonower in relation to any change8 mentioned in paragGph (a) if, in its opinion, it is not praakxOle cjrcumstjances and, in any;vent, shalt have no oUfig.iioiio-{;-b and to do so in th€ such changos; (c) the Bank shall not be liable for any dalnagss, cost3 or lossog whats(iver ansing a6 a Esult ot a Disruption Evonl or for taking or nol taking any aaion pursuant fo or an connection fflh this Article S 04. 5.05 Aopllc.tlon ofrum. rrc.lvod (a) Partialpayments lf the Bank roceivss E psyment that is insuflicient to di6charge all the amounl8 lh6n due €nd payablo by the Borro\f,er under thb Contr66i, ttre- aini slal apply tf,at paymenl in or tor/vards payment of: (i) first, in or towar& payment pro rsta of gny unpgid ies8. co€ts, indemnili$ and . experuaa dua undq this Conlract; (ii) s€cordly, in or tolra.ds paym€nt of any Eccruod interBst duo but unpqld undei thb &r!€m.nt . 18 (b) (iii) thirdty, in or lowerds paymenl of any principal duo but unpaid Conlract and under this (iv) fourthty, tn or totvad3 psyment of sny other aum due but unpaid Contracl undgr this Allocation ot sulns related to Tranches (i) In caso of: - a p8(ial .volunt€ry prepayment oI a Tranche that jB gubi6c{ to a ropayment in s€vorst instalrhents, the prepaymeni - spptied pro rata to esch outstanding instialme;t,' arorii "r,"ri# a partiel computrory prBpaymenl of s Trancho thal ts subiect to , Epayment in s€v6rst instatmenb, tho prepayrn€;t applied in reduclion ot the outstanding maturity. m"r"i"i.ri-# i""tfi;;i; il ;;; ;llr; (ii) Sums Eceived by tho Bank following 6 demand under Articl6 lO.Ot ahd apptied to a Tranche, shau reduce th€ outstanding inst"l;;ni; i;;r;; o;;; oI malur*y. The Bank may appty sums,ecerid o"t**" rraiJ". iu drscrelion "i (ri') ln css€ of recoipt of sums which cahnot be identified as applic€blo to a specrE Tranchg. and on which there is no agre6menl Oetrveen tfre genl-;;;1; Bonorveron thek apptic€tion, the Bank;Ey appiy th;;;il";;;#;J:i it6 discrotion. ARTICLE 6 Th€ und€riakings in this Adicle 6 remain in forc6 from ths dato of this Contlact for so tong as any amount is ouBtanding under lhis Confad or ttre CreOit is in 6riel A. Ptoject undodakings 5.01 ul. of Lo.n.nd av.ll.bilitv ot dh.r fundr The Borower shsll, and shall ensure that the plorloter amo-unts borrowed by it under rhe Loan for rhe ur*rtion and the Final Bgnsficiarv use all or tr," iri iinai"i J.iii'r,i,rJit" the Proj€ct (eB set oul tn the Technic€l Oescnptbn). "r Ths Bonower sha onsure that it has avaitabie to it the other tunds tisted in Rec[6t (2) and that 6ucfi funds are expended. io th6 exent,equi.d. * ih";;;;;;;il;;;dii ", 6.02 Comol.tlon d prot.ct 6.03 The_Bonower shall and shall ensuE thal the promoter and the Final Bensficiary carw out th€ Projeci in accordance with the Technicat Ddrc,ipti"" a" m"v O. time rvirh the approvat of lho Bank, and cornpleto it oi in" ii"i ili"ip"l]#JTnJIi',1.,',, lnc.raaod coat of prolact rn'J'#;i-il?L," lf tho totai cost of the proiect exc€ods tl eo.,o*",.sr,air ;o;in i; i;;;;*,ffi ;:.*g5*Hts,P.ltJl [TE,r!?i ti a3 to €nable the ploject to be cohDleted ln pr""" ro, tu;i;; i;;';;;;*;'#:fi w h the-rechnicar D€scription rhe i.TSrdance ,mmunEated to the Bank without dehy. 19 6.04 Procultmant orlcodulo undertakos.ro purchase snd shafl on6ur. that the pIomoter I!:-??i]:ry|. and th6 Fjnat -f"i Esn6ficEry purch*e equiomont. s€cum services ana orOer ,ro-rfs ii" ?ii ""r"O nrf funded components of th6 plojed b; rffi ',ffiT',?###r,t:u#,$1""*:mi:ffi :;'?,l''ij,f, #::'.trssl; 6.0s p .,rrLtl#i!g-Plrirg-g&E!!g!_-t.U". t" th" EtB trrd"d ".,r,"""",r1" ., rh" The Borower shall ard ahall emure that I Pomoter End tho Final Benaficiary, in rolation to lhe EIB funded componens ottm ero;l}l (a) alntonancc: maintiEin, Epaia, oveftaut and rBnsw ell prcFrty fomins part ot lho Projsct as Equired to keep n jn good wori(ing oldor (b) Proract alaats: unless lhe B€nk shall hsvs given its pdor cong€r[ in wdtjno. rotain rlle ro and posseg3ion ot al or substaniialy aii rh" Jpi"l^s'ihl'i"iir;r"o"d coTqolenls of the project or, a8 appropriate, r€ptace ""r!t"and l."'n"* ircf, -ff[ror" ta maintain the EtB tunded componenb ot rne i.j"ci "-" in "no -ti-"t'rlil op6ration in sc@dance with its originat puposei p.ru"o "r;;nif,-fV 6ni ,"y withhotd its cons€nt only wher6 the prop;€d ,aio,i *ufO p,"ira'd inter6sb as tonde. to the Borower or w.ould rrn_ct6r tre eo;ea i.neiifiUfeG inincing by the Bank under its ii..Lxt the Europoan Union; sratule or under Arricl€ 309 or dro i;;t ;;'ii;'iri"ii"ii"g (c) rnaurrnct: insue or mak6 adequ.to provbion for the insuranc. 0f afl s/o*s prop€rty torming pan of tho EtB funded conponunrs ot u" ths most comprehensive rolsyanl Industry "r and *nr, ' praciice, i.;""iin-rdrl-iI (d) RiShb .nd pormlt!: maintain in force all rightg of w8y or use licenses, approvats or aulho sations n""""o[ ro,' tho Project; End t" and all pemils, "i,irri,i Ji#,11, (e) Envtrcnmlnt: (i) implement and operoto the project in comptaance with Environmgntat LatI (ii) obtain aM maintain requisite Environmental Approvab for the projgct;and (ii0 compty with any such Environmontrat Approvats. (f) E-U-!.W: exscute and operars rhe projecl in accodsnce with th€ rorevant of EU taw to tho exent impt€menrod by the taws prior to the dat6 of thi6 Contract. ", c;;;;;;;;;'i, " st ndsrds fr"'rr"* B. Genenl undedakings 6.06 Compllanco wlth lawa 6.07 The Boraower shall ehsurE thal the prontoter and th6 Ftnal genelicjsry comply ,,in all respocts wirh 8I raws and regutatione to whch ttrey are or rhe erofilr Bookr and raco.d! ii;;iJ',"" The Bonowsr shall onsurc that the promoter and ths F|nal B6n6,llciary has k6Dt and wll continue lo keep proper tr@k6 and records , oe made of a financiat rransaaionc ana thT 3ccount' in rvhich tull and conect g;kies shall .xpendituros in connecrion wlrr tre prolecr, in a ;;ffi-,#i"dffi::;"#:iil::rr€s 20 6.08 al ananco acuvlfi.3 I-he Eonowgr shall ensuro lhst the prohotor and ih6 Frn6l genGficiary carry out and dEpose over sufficient funds io carry out the nece3s.ry rodin€ and p;ri;iiijinie-n"n". aclivities along the ro€d s€ctions co;prising pads of th; projecf. 5.09 Land aqqulaidon and naatil.mani The Eorrower shall 6n3uro thal ths promotor and the Final Beneficiary implemqnts land acquisitbn snd any r9soi0o.ient nece3ssry for the oxecutio; J in" tiii n,i"*o compononts.of lhe project in €ccodenc€ with a tsnd acquisition and rB€flfimint p;nlo ' Oe agr6€d with the Benk (the 'LARP"), which LARP ,B to rha 3stEfactio; 6.10 Ji;;-8"il '- Gana..l Rcplllant tio.ra and Warr.nllar The Borowor repaesenb and warEnts to the Bank that: (a) it has the power to sxscute, deliver and p6rform ils obligations undsr this Contlactl (b) thb Contract constitutes its lsgally vatid, binding and 6nforceabts obtigations; (c) the execution and del,vsry of, the perlorDanco of its obhgalion3 under and compliancs wilh lhe provBions ot this Contract do not and will noti (i) contravone or @nffi, with eny epplicable law, stsfutc, rule or regula on, oreny judgement, docr€a or pemit to whrci il is subl.€ct; (ii) contrav6no or confiicl with any ag,lgmcnt or other lnstrumont bindino upon it tvhich might reasorEbly be expecled to havo a ftaterhl adverse efie Ln ns ability to p€dom its obtigations unde. this Cont ad: (d) there h99 been no Meteriat Advorss Change sance Soplemb€r 2Ol j; (e) no 6wnt or drcumstance which conltitut63 an 6vent ol defaul under Alticle 10.0.1 haa occunBd and is conlinuang unrrm6di€d or unwrived; (f) no litigation, arbitration, ad,niniatretivg proco€dings or invostigation iB curont oa to its knowledge is thre€tened or p€nding betoro any -court, erb,f; body;;;;;;;lch has Esultod or if advers€ly d6t6mined i6 reasonably likely to resu[ i; a itatenat AdversB Chenge, nor is th€lg subsisting against it & ani a its suOsULries'"ny unsatisfied judgement or Ewerdl (g) the Promotor and the Finat Eenoficiary ha8, to th6 oxtent possible, in line with the implementation schodut€ of the proj6c1, obtajned ali n"""s""ry authorisation3, licsnces or gpprcvals of governfiontat or pubtic UoOOs 5r autfroiities "on".nt", in connectbn with tho projeql and in oder to lawtu y comply with its obligat;ns in connection.therewjth, e-nd the paojsci and a[ such consgnta, iuthorisations] ficences or approvglg Ero in fu for6 and efu and admisgible in evid6hcs; (h) its payment obligations under this Contracl rank not less than pan rassu in riqht of payment with allottsr presgnt and futurE unsecured and unsubordi;ated oblio;tions underany of its debt instruments: (i) it and th6 Promoter and Final Beneficiary ls in comptianco with Articte 6_05(6) end to the b6st ot it3 knowlodgs end beliof (hsving msde due end careful enor.rirv) no Environmontat Claim hss be€n @mmenced or ia lhreaiened sgainEt it; 0) ii is in complianc€ with all undertakinge under thi6 s€clion 6: and (k) the Framework Agreoment iE vatid, binding and enforceabto .nd lhat no evgnts or circumstancBs have occufled which could, in lhe reasonable opinion o, th9 B;nk, advorsely affect the logal, vslid, binding and €nforceabte nature of the Fr€metvork Agrcoment. 21 representat,ons end warranl,es sef oU-above shell Pe suMv€ th6 execution ol th6 contect and ars Payment oate. 6.tl doemod rapoated on each Scr,"orrJ ou-orrl.*i"i O?;;:,;"*h Pbiect lmolalhontation lJnil coordrn€te, ftan.ge, mon(o_r and 6vEtuste aspects ot prolect 11-:10*.19 rmpbmeniation, includino th6 grccurdnent ot goodr, wo*s anO servi;i'iJr tie proiin, the. Borrowsr shslt procure th6r the promorer-anr;;,h; a[ il;]-a,oiJ;d;i"J';il". oq?rats a projecr impt€m6nr,ation unit, cptUi.wittr ::,,1:^.:r:_r]lg1 llesuitebry lroJictquarified aoequare nasources9rand pe,".nner, under tems of refe."n"i 6'pt"rr" to the Bank. The ptu wi be supporred Uy rne e*"sa rrans-po'rt il"t-j# ti#rl"n, financra,*il";iiffilj; Center (ETCtC) in rhc managemeni of rhe 6.12 lntaoritv Committtlant The Bonotrcr sha snd shall ensure that each of the promotsr and the Finat Beneficjsry warants and undertakes that it has not committcd, no peoon ii i" oil"nt any.of rhe ro owins acrs and"no thar ii ;i"; ;;;it.;;;""Ily:oglj?: ""ln.!ed, person, wtn ts consonl or prior knowledge, wlt commit sny such ac1, thet i" to ""V,(a) lhe offeing,-9iving, receiving or soticiting ot any imprcp€r advantaoe to influenco th6 eclion of a porson hotding a pubtic okrce orir"iton o, or a puDnc authoity or public sntelprise or s diroclor "or official of a,outtrc intemElionat orgsnisaiion in connecljon wnh any procurern;ni;.o; ii,"aiioi#jir"" .;;" ;, execution ot any clntracl in conneclion wrth - ftrose eemen6';-i;€; described rn the Tschnjcal Descriptpn; or any act whl5h impropgrly influences or ams rmpropedy to influence the prDcurement or rhe imptomentalion of the projeci to the detrim;na; ihe promolar and.process oe Finat Benefroary. including collusion betreon tendor€B tor,this purFDse, the kno /ledge of any oficer menlioned in Micb 1r.01 and each senor oflE€r 0f the promoter and the Flnal Benefichry shall be deemod to be the knowtodge of the Bonower. The Bonower undedakJs io i"fo- ii" 6"* snd investigat6 if it shoutd become awere of any t"a ol. infol.rn"iion ot the commission ofany luch act and to adopt thi n""."""ry ,"a,""" "rqouJt,iJ .eZluils.The Bonower shsll 6nd sha ensuro that the promoter and the Finsl Beneficiarv wi ihstitute,. haintain and comply with intemal prccodures i" Jro-#_rrim applicabte natronal tawg and best practrc€s. for the purpose"f" o] tirir""o ransad@n ts enlorsd ilto with, or for the benefrt of, any of the inOividuats "r*riloor inJitr.rtir:ns nam€t oJl updeted. tbtg of. sanct@ned peBons promutgEtod by the United Nations necumy uouncrl or n3 commitlees pursuant to securitv councit Re$hrri^6. rraT /roo. j 373_(iool) (H''ERLTNK ;; :X rhe Eu pucuant to ils common Fositioni]o6Gji6edF - snd !["-^9,1!g'l-9r z@Z41ZCFSP and thek related or succeasor rs6otutions and/olmprgrgi;;.-.61 in connec,tion with Monsy Laundedng or Financino ot Terodsm matteE pr"l; (b) *J -"t "h$,ffi ;diffi "ff1ffi1[85%!1::3] ARTICLE 7 Sscuritv The undertakings in thb Adjclo 7 remain in force flom the dst6 ol lhis Contrad ior so long as any amount iB outslanding underthis Coniracl orlhe Credit i8 in forcs. 22 7 .O1 P.., Pa$u r.nktno Ths Borrower shall on3uro lhat its payment obligatjong under thb Contract rank, gnd will rank, not.tgss than pa, passu.tn ditht ot paiment irr-oir,Ji p i.nt rutr," uns6curcd and unsubordinsted obligations undei any of the gorro;ri "no ilierant E temat Dobt lnshrments. ln particular, if the Bank mak€s a demand under Article 1O.O.l o. if an cvont or pol€nlial e.rent ot any unsecured and u*ubordinsted Aefwant -gXem.af Oett .d€fautt _undsr tmtrumonl of lh6 BorrowEr or of any.of its a96ncie3 has occuneO anJ ii continuing, tre Bono{€r sha not h.ke (or authorize) any pE m"nt ,n ,."p*r J oinir aucn nepvant Ertomat O€bt tnstrument (rvhother rrguhrli sch.oureo or oirrlrwGj"ni iirioii simunaneousty paying, or s€ttjng asido in a designated account tor. paymeni on r-tro neiiiayment oate a sum oqual to, the same proportion of the debt outetinding under ttris Conraa as the proportion that the paym6ni under such Rglevant Extem€l -Oebt lnstrument Ooarr to the toiat debt outstanding under lhal Releyant Extemat Oebt lnitrumont. ior'if,i" purp*., paynrqnt of a Retevant Extemat D€bt lnstrument that is made out o, thc procads of "ny the bsue of anothor instrument, ro f,hich substanrierty tre sarne peaoni ai r,io irli,"i iiriii the R6lovant Extemal Dobl ln3irum€nl have subs;rib€d, 6ha L€ disreg;;;. *t tn thig Contracl, 'Extamal Dobl lnatrunorf m€ans (a) an.instrument, including any recsipt or statement of account, evidoncing or constituting an.obligation to repay a loan, depo6il, advan@ or limitar extension of;Edit (includin; without limitation any ext6nsion ot credil under a refinancing or Eschedulinjagreement); - (b) an .obliration evidenc€d by a bond, dobenturo or smihr wrifien evadencs of indebtednesg or (c) a guarantee of an obligation arising under an Extemal Oebt lnBtrumgnt frorn anolher lendef provided in each c€!6 that such obligation b: (i) govemod by a sy6t6m of law other than tho lew of tho Bonower; or (ii) payabl€ in a cunency other than ihe curoncy of lhe Bonower,s country. ''Exempt Exiemal Oabt ln|trumanb. means Exlemal Oj6bl lnskuments u9 lo a maxmum aggrsgale amount not exc6edhg EUR 30,000,000 as specilied as guch by wriflen noiice flom th€ BonowEr to th6 Bank "Rabvant Extamal O.bi lnstrum6nf, means Erlomal Oebt lnstruments other than Exempt Ext€mal Debt tnstrumenls. lf any External Debt lnstrumont nojified by the Borower to the Bsnk for Epproval pursuant to the proisions of this Adicle 7.01 to qustfy a6 an Exempl Exernai d6t lngtrirment is denominatod in a curoncy oth6r than EUR, the Bank may determine th6 EUR ; such notified Extemal Debt tnstrument by re{orsnc€ to the prevaitino rate € "quiv;i;;i exchange specifisd by lhe European C€ntral Bank in FEnHurt es of or around the-date of sr:ctr wrfiEn notice. 7.02 Addltlon.l.ecurity Should ths Bonower grant or arange to be granted to e thid party any secudty for the F€fomanco of any Exlgrnal Debt lnslrumont or any preference'or p;iority in_ regpecl thereof, the Eonolyer sha , it ro required by the Ba;k, provide to the Bani< equivitent security for the porformance of its obtEations under this Contract or grant to the Bank equivalont preforence or prbrity. 23 7.03 Clauac! bv inclullon lf th6 Borower conctud6 wilh any olher medium or.long tem finencial qoditor a finanong a rossd_ratins ctaus€, and/o. ; cross defautt :9:-9.1?11]!il ll"lrd9s passu clauss that is stricier lhan tho equivalent provision(s) of this Contlaa, Bor u€r shall so.infofi the Bank and shall, at ihe rsqujet O tre tianf, - t" am€nd lhia Contract so as to provide for an equival6nt provison ;n favour of tneiani ;;;;nd6;; *n t; eid;:;';;;;; ARTICI..E E tniormdlon .nd Vl.lt 8.01 lnfomallon concornino lha prclact The Bonotyer shatlor sha enslrs that the promoior snd/orthe Finat B€n.llciary: (a) deliver to the Eank: (i) the information in content and in fom, and at the times, sp.cified in Scheduto 42. or othorwilo aE agreed trom tme to lims by tt" p"rt1o to inii coniraq; and (ii) sny such infomation or further docum€nt conc€mtng tho financjng. procurement, imptomentatbn. opora on and environmenrairnatters Joi-' for the prcject 6s tho B€nk may reasonsbty Gquire witt in ,""J_li" iri, " prcvided EtwaF that if such infomation or document b not detivorsd to the Bank on time, and the Borower do6s nol .6ctify the ornission wihin a resonaUL time wnung, the t ant( mey remody th€ deficiency, to the sxtent teasible, by 6mp6vinq its own 6laff or a.@n6unanl or any ofher third party, at ths Bonowe/s snar provrdo such persona wilh all assislance necsssary ior the purpo86; iib" i;;;; . e$r6;;6 ii; E;;*, (b) (i) for the apprcvat of the Bank Mhoul dolay any materiat change to the EIB and NIF tunded components ofthe proFct, and (ii) for information to the Bank without d6tay any material changr io the non_EtB and/or NtF funded components of the projald, also tating;rnto ,ni t" disclosures made to the Bank in pfolecr (c) connection with Ure oriorlo ffre. siJning ot this Contract, in respect ot inter atia, the pri,ca, O*ig;, ptan", timetabte or to the oxpsnditure prcgramme or finaniing plin ioi tt e-i-.iee; promptly inlom the Bank of: (i) any ac,tion or protesi initiaH or any obiecton raiged by any tiird psrty or any genuine comptaint received by the Bonowor orany enit.,i.enGiciJim tna ts ro ,ls xnowEdge @mmenced, pending or threatened against it wilh reqard to onvironmenlal or olher matiers aflecling tho proiecl; (iD any fact or evenl kncrwn io the Bonower, which may subglantrally Dreiudice or affecl the conditions of oxeculion or op€rEtion of tho projoct; (jii) any non-comptianco by it with any applirable Ehvaronmental Law: 8nd (V) any suspension, Evoc€tion or modifcation of any Environmental Apprcval, and sel out the aclion to be taken with reEpsct tosuch matters; -' -'- ' 24 (d) provlde to th6 Bsnk, if ro Equeeted: (i) a csnificaig of its imurerB sh( tuffilrnont of the rcquiEmont! ot Arlicl€ 6.os(c); 'wing (ii) annuetly, a tist ot pclioes in torce cov, thep.oiecr.bstuie;;;;ffi#;*"&ff Jli:ffi l"#lr.#." jffi 8.02 etlon concelnlno tha Borowor The Borow€r shall or. as r6l6vent, shall Beneficiary shalt: enaure that the plonol€r afiyo, tho (a) deliwr to the Bank ,aoln tms-to timg, such ,udher information on Final situation as the Bank may r€asonably Equire, its Oenerat linancjal m the operation3 ."ratins to the rinancins, o :HJ?,:1":#;?"'iH$1HF;jg? (c) inform tho Bank immediatety ot (i) .ny fact tvhich obtigos it to fiepay .ny,inancial indobtodnsss or any EU tunding, hctuding any funding prcvided'und;, rc eu ii"i*i"9-{r*ment tor this projecl, if signed; (ii) any event or decisioo thal constitut6s or may result in the events Micle 4.034 (iii) any intention on its part to relinqubh orvnerEhip th6 prcject; of sny m8terial componor ot (iv) .ny bct or ewnt thal is reasonabty likoty to prevent any objigEtion of the Bonower und6r thb-ConGa, ths substantht ,umtmont of - (v) .ny evont ti8t6d in Adicte .tO.Ol heving occuned or boing anticipated: or (''' dqcrib€d in thEatoned or ""''n'|"#Hf;'f Pilj' ;',;lii1ffiJJffi,X1fl,:"L'"HJ,r:lT Adv6rsr Change. fl]i*s E.03 Vi.tts bv th. B.nk The Borower 6hall and shal ensure tEt the pomoter and th6 Finel B€neficiary allow porsom designared by rhe Bank rvho mav ue accompaniJa ui .pi"J"Ltir"" Europoan coun or Auditors. u" er-p"# co,r_iisi"i, ii," e,j.gilifill,rr*a "r,," (oLAF),. es w6l as olher p€Eons oes[nateu oy ottrer tu lniir-tJffll []lee *t"n required by th€ rerevant menderory prov-ieons oigu r"r, r",iiiil-r," .G or* * inltattations wo*s, corprising rhe projecl end io conduct such "no ;-;'il;y;:i and shal ptovrde them, or ensurc that hey are provirred. 9iil:. Jry tor ttris purpos€. "tt "l"iglnce Th€ Borow6r acknowledg6 end sisll ensu.e thal the promoler and thg Finat ,rJuting Ben€ficiary acknowt€dgo thal the Bank mev be obtiged_.to ai*rg" iu";-inil ;"iioi to tre Borrower and rhe projocl to any competonr eu tn"ti,tion-o-i ooliin,lurai""" *t n" llh, ** *" retevent msndatory provisions ol EU hw. 25 ARNCLE 9 . Charnaa and qxoal[ai Tar6. dutilr and t a3 9.01 Elt taxes, drrties, fees and oth6r jmpositions o, whatsoover nature, I!:.PTI"]:n:,1*, rnouong.gtamp duty and rogistration fee€. arising oul of the 6xecullon or implomoniation ot rnrs uonkact or any retal6d documgnt and in the qeation, pedectjon, Gglslratbn or enforcoment ofany secudty for tho Losn to tho oxlent appjicable.' Thg Borrower sha pay Ell principal, interest, ind6rnnild end other amounb due under thas Contract gro6s withoul deduction of any nalionat or local impasitions whaiio"r"a, ptr,O"O rnat. I the tsorrow€r is obtiged to make any such deduction, il vyill gross l./p th6 paymenl to th6 AEnk so that afler d€duction, the nel amount recgiv€d by the Bank is equivile'nt to tno 6um due. Othar charqor 9.02 The Borower shall bear all ch8r96 and oxpong$, inctuding profecaional, banking or 6xchang6 charges incunsd in connection with tho propaElion,-ex€cxtion. imDlement;thn and lermination of ihis ContEcl or any related documenl, any amendmeni, supptement or waivgr in respecl of this Conlracl or any related document, ani in the gm€ndmeni, creation, hanagemgnt and realisalion of any s€curity for lh6 Loan. ARTICLE IO Evcnt ot d.t ult t0.01 Rlohl lo demend roD.vm.nt Th€ Bonow€r shall repay a or parl of the Loan forthwilh, together with scdued interost and all oth6r accrued or outstanding amounts,under this Contracl, upon witton demand being mado by lhe Bank in accordanca with the fo owing provisions. 10.01A lmm.dl.t d.mnd The Bsnk may make such demand immediatetla (a) if the Bonorver fails on th6 due dat6 to rspay any part of the Loan, to pay interest thereon or to mak6 any othor paymont to th6 Bank as prcvtdsd in this bontraa, unless (i) its failuro to pay is caused by an administrative or lechnical e[or or a Oigruption Eveni and (ii) payhent is made within 3 Business Days of its due date; (b) if any informatjon or docum€ni given to th6 Bank by or on behatf ot ths Bonowsr, the - Promoler and/or thg Final Bgneficiary, or any tEplEsentation or Btalem€nl made or doemed to be m9d9 by b6 Bonowsr, the prcriote. and/or the Final B€noficiary in application of thb Conlrad or in conn&llon with ihe n€gotiaton or oorformence of thb Contracl is or prcvos to heve been tnconBct inconrplete or miiteading in any material respect; (c) if, following any d€Iautt, th6 Borrowor is requirod or is capable of being requiEd or will, following expiry of any applbabte contractuat grace poriod, Oe r{uirdO or Oe capable ot b€ing required to prepay, dischaEe, close out or te.minate ahead of maturity any othsr loan or debl obligation arbing out of any financjal transsc,tion; or any commitanent for any other loan or debl obligation arising out of any ,inancial transaction is c€ncell€d or luspended; 26 (d) if t|e Bono../Er b unable to pay s debts as they fall dug. or suaponds its dgbt!, or makes or, without prior rrinen notice ro rh6 ga"( ;i;i;;;;!;mpositon wirh its creditors; (€) if th6 Bonower defeults in-the perflmance of any obligation in ro3p6ct tosn granted by th6 Bank or lrnancnr insrrumini"i,t of eny oth€r r"o*iiti,rtu,- ir.i-s.nt ; (0 if tho Bonorver d€taults in]lte qofolanT of_any obtigatlon in ,6sp,oct of any toan or rinenciar in3trurnent s;nred by u," e€"i ; iiltJ,tiiilf;ins, ;atoroth.r era, und€r rhe EU Financing Agreement).oi e ro rhe Sank ;; ;y-o ioi'iurigarion ro re tutfifled in connection with the .6coipr or anv funog ui hom rne Eurcpean Union; inl-,;#Er I (9) if any dist.ess, oxecution, g$i'[i*'l-lfft**;[*[ft,9**m;ffi[#,ffi it (h) if e MateriEl Adve.8€ Change eccurs, as compared with tho Bo.row6t s condition the dats of this Contract; (i) st if it b or becomeg unlawful for lhe Bono$/sr to perrom any of iB obligationg under ihk Contra.t or oth.r t an3€ctionat d@urhenE or tf,i" C",mr.Jiiot in ac@rdance tvith it3 brms or is aleg€d uy rf,u eor_*ui-io "n"air" in io inefiocliw acclrdence with at3 tormsl (i) if any obragation assumed by lhe gorower a9 sratgd in th6 Framo*o.k caas€s t0 be tum ed es regards any toan ma.te to any Uor.ro*eiii.in" Agrs6m6nt " eo.rowefs tenitory from the rBsources af the Bank, o. trg Europe;,i U^i.i:Li (k) ifth€ Bonower detaults in the.porformEnce of any of it8 obligations underany ban or granl documentetion provded in connection with-lhe erqeci Oy aii o-ttrer instituttn, or,. if apptiEbte, the NtF granl or.t 16 monies evaimf" ,,iJ"i 6ins or grant are not paid out or nesd to be lepajd by the Bono\r€r. 10.018 Oom.nd attor notico to r.mldy iiJ Th6 Bank may al3o hake guch d€mand: (e) if the gorower faib to comply-with any obligation undsr this Contract obti{Jation hentioned in Anicte 10.01/t ;r not being 6n (b) if 6ny f6ct related to the Bonowsr or the project stated in the Recitals materlrlly atteB and is not materbly.rqatored and ,lit" in"rai"" '"iff,"ii.e.iuOicer ttre -; tnte.ests of the Bank ae tqnder to the gorro*"i implomentation or operEtioo of the projecl "ilutt "ff"d" th" unless the non-complianco or circumstsncs giving rise to the nontomplianc€ is capable of remedy and is remedi€d rvithin a re.eonaOrjperio ot time sp*ir"l'il'I'niii"" oy the B€nk on the Bonower. ,""* 10.02 Oth.r rlqht a .w Anicte 10.01 6ha not re3trH any othe. right of the Bank at hw to r6quire pr6Fayment o, tho lo.lB lndolnnity 10.03A Flx.d Ret Tr.nch.3 ln caso of demand uoder Artide lO.Ol in respect of sny Fixed Rate Trancho, shal pay lo the Bank ths anount domanOeO togettrer wtttr tre piupu-V-"ii the Borower fnO"rn,ty on any amount of principat due to be prepaid. Sucrr prspaym.nt ind€,,iniii.-t fro. "fi ""ou" 27 lho du6 date for paymenl3o€cfied in thg Bsnk,s notEe ofdemand anc, b6 cstcutat€d on the ,0.038 Fto.ting R.te Tr.ncho! ln case of demand *nl:-r9!1 ,nd", rn respecl. o, any Ftoeting R.le Tranci6, the Borrower !ha, pay lo lhe Bank th€.an,ount to th" prosont vatu€ of 0.i5% (fito6n balis.poins)d€manded og&h.. *iti "qu"l on rte amount ot principat due ro b6 Drepard rn rh; p.,;;il8&;il,;;o..accrutng ".ir; ;"." ,;;;;;;;u;i-*iira ji#ffi r,"r" u*n acrodinsto 6*fJr"i#"T,gi#h"ffi,,1iy;"#;"Tli{riilil lB:?',::Hl ?"fl:,liH,at a oi"o'nt-""te-Jq-'ailiiir,i'ililiJp[ifi"m nab appried €6 t0.03C G.nor.t Amounts due by the Borow€r pursu€nt to this jO.O3 shall bo psyabto on the dato of propaym6nt sp€citied in thq Bank,s dgmand. Miclo 10.(X don-W.ly.. No fsiluro or delay or sinqto or Dartiat exerci66 by the Bank in exercising any of it8 rightE or Emedi€B under rhis contracl shal be fifi,Ir' ,"rn"or. ,n" righis and r.mediss provioed in this conhJ ars o, ,isn* or remedies providod by tsw. consrruj;;-;"* ;ilil ;.ilil;;il;:'r!t" "ny ARTICLE Law and lurladlcflon 'T 'l1.01 coy.mlno Law Thb contracl and any non{ont'cluar obligarions arising out of or in conn.crion with it shal be govemod by ths hws of England. 'l1.02 llurlidicfion A dispul6s concamino thi. Contract 8ha b6 submitted to the juri3diction of the Eurcpean court of Jwtics (lhe,court"), and the panios oru,e cour. The Bonower hereby waives any immunity from oi,ight to ol,;,io;tiJfuiction or tte Coud. A finat decision of the coun slatr'be *""rr":ir",'Li"o1"g parlaes without restriclion or resetuation "ij'i#Laore on he he;rril;ii;il: il;:idji 11,03 Ao.nt of S.rvico The Borrower hgreby appoints the Embassy of Georgis of service tor the Dumos€s of acc€pting ;r.. judg€ment or other legal proc€3s. ll.Orl Eyldanca olsuma dua ""- to the unitod Kingdom as B ag6nt ,t, uii,"i J-i,.y ,Xji no,,.", 0a",, rn any regar action arising our orthis contract the certfic€te of the Bank as ro any amount or rate due to the Bank under thiE Contracl shstt rn tre aOsence oJ iinif"li O" pnr" facie ovidence of such amount or rat6. ir.. 11.05 Contr.ctr (Rloht of Thlrd prrtiost Act 1999 I:Xi"lJ#"""",H"""i:i:#lllf,::, if'l.l?#,S Xf ffii::,"H,'jg :ip"i:ff Il: applv. 2A ARNCLE .I2 Fih.l cl.0aa. .t2.o1 Notlcoa to clthar partv IrFliii:81itr*ui?f'Tt#x"*.;'"iH,"1t'fg,""1oH* [ :s:, rE j; notifios other addess orfacsimrta number as a party previousty For the Bank to ttr;;;;;;;tiigl-.. Attenlion: Ops B 9&'100 boutevard Konrad Adanauer L -2950 Luxembouro Fax: +352 4379 E7495 For the Borower Att6ntion: Extomal RelationS Deoarlmont Mini3try of Finance d Geomh 16, corgasali str6et 0114 Tbilisi Gooryla Fa\ +99532-2202423 12.02 Form of no0c. Any notic€ or other communicetion given under thjs Contract mugt be in writing. Notices and other communic€tions,-for wh.h fixed conr.ot o,, which themsdv* fx p6riods binding on ttre aooressi, ,"v i"iv''i"no c"rir"ry, regist€r.d t€'er or fa*imi*. Such nol.es and _,nrrniori6n"ii"f to have -"'r,lil-o"rir"r"o o"gn reqyd by tho orher party on rh€ oare o oerivery in ieieiio-niof-Lleemed o, p";;;;;;;il;#;il'ili" i-"i" regiatered l6ner or on rocaipt of tansnbsron in rot"t,o, t6 i f"Li.ii". urner notrces and communic€tion8 may bs made by hand facsimile. - - "-" dolivgry, registered le(et or Wiihout afiecijng the yatidity of any notirE dolivered by ,acsimilo according to the parag€phs ebove, a copy of each. norjc€!€tive.ed by facri;ib sliait ;i6o-;.seni by tottsr to the retevant pany on ths next fo owing Busin""" OiV r"r""i Notices issued by the Bonower puBuaht to any provlsion "iir," of ttris Contraa shall, where required by tho Bank, be detivered ro the Bank iqgether rvitn s€i;-fai-;;;;ioence or the authority of the person or pe-ons aurhons€d to s,g-n sr"t not,c6 ;; bi;air ii-' r," eorro,*. and the authonticated sp€cimen signeture of suct ierson or peaons.-12.03 Eftectivenols of thi. Contr.ct -'- * - Ihb Contrast- js conditional upon and shall b€c.me efuivE only following the Bank.8 acc€ptancs ofthe evidonce requrred by Article 1.MA(a) ofthis Contraa_ This ContrEct shall not become 6ff6ctive until the Benk sendg to the Borower a loller conftrming itr acceptanco of ihe above mentoned evidence and proviiinsli" O"f" th"t thi" Contrarl b€comes eff6div6 (the .Oste of Efiectiven6s.,l, jnO ir&-ii1"|' u. ' conclusiye €vid€nce thet lhis Contraci hss becoano effective. "rr"rr For.the avoidance of doubt, untilsuch time a8 such letter h€B b€en issu6d by lhe Bank, neither.the Borower, nor the Bank shall have any claims againgt eactr ottrer 6r travo any liability whaboever und€r or in connection with this Cont-aa. 29 12.U Re'cit l.. Sch.dulos.nd Ann.xure. The Rocitats and foltowing Schedules fom pen of this Contusct: Schedulo A T€chnical O..crip,thn and R€porting Sch€dule B Oofinition of EURIBOR Sch€dulo C Fom of Oisburrement Otr€r/Accoptanc6 Schedule D Fom ot Certificale from the Bonoser The tollowing Annex b Efl,ached h6reto: Arnex I Authorisation of signatory l}{ WINESS WHEREOF ths Darties hereto hav6. #ruiJ:J $":::::,:i j"tx,:ffi c.used this Conlracl to be exoorted,n 3 (thrs!) :tffiils:i*:,Iiiy;Iffi1"fl,ffi TtffiHrTf.,J At Tbilisi, thls 11 May 2Ot2 Signed for and on behalf of Sagned tor and on b6haf of EUROPEAN INVESTMENT BANK BORROWER u mw, wt-\ [Mlhelm MotteEr Dimitd Gvindadze MlnEier ol Fhrn 30 . ot G.oryh Schedul. A proiact Spaclflc.lion and Rapoitino APPET{DICES A.I. TECHIICALDESCRIPTION Purpoa., Locaflon The. East-Wost Highway (road numb€r $1 according to Georgian cts33ification coresponding to .oad8 E60E E70 in the European netwo*) is the."inirr"ry roif,nt ai"t .-aO iii#" in e*rgl", boing used by traffc from Azotaijan and Armenh ro lhs Bt;:k *"rr bng io se;;ori;n-JiJi-"v,i" f,.rn Tbitlsl. T116 proioct aims ar upgrading ;nd improving uie me* weaern "" _dl*ll:i!ry1"-t.9."1d. pa(or lne Ee3l-weat h€hway. from Zesiaponito the Turtish Border projecl at Sa;pi. Th; repEs6nts coothuity to rha exi8ting r{ork3 boing carnod out on tho ea3tem of the conidor dtvcon tbirisi and th6 Rikoti Tunngt. Most of the East-W.gt Highway wilt hence hav6 four fanjs anja- jistgn sp€ed of 120 knvh to eccommodats the t.ro6 votumas of irafrrc _ inctudina t iSt ;"L;t;;i h*"y Sood vahiclga - ob!€rved. O6cripdon The prcject is mad€ of thr6€ main sections with difierent typos of int6rventions, which wifl be tund.d under palallel tinEncing as follows: Samtrsdia€rigoteti-Kobutetj(Cholok river) - 68 km _ to be financ€d by the Bank under this prcjed wnh tots ot totafly new construction of a motoNay ZZ .2 iSZ lmi anc one tot consisting of upgrading ot a 1Z ro6d atong th6 lame atignmeni(16 km); . . . Zesteponi-Kutaisi-Samtredia - 64 km financ€d by JICA; and Kobuleti (Choloki river)-Batumi- up to 51 k n financed by ADB. - Th€ main characleristica ot ihe existjng conidor (for a btat ot 1 65 km) ars aB foflorB: Exlrtlng Road Longth {km) Section JICA Section EIB Seclion AO8 67 7'l 47 De6cription ruout% wioe2]anetnffi (about 200,000 peopl6) Main corddor. 2-tane Altemative todd: 2Jana interuhan thrcugh Senaki & poti (g1 kn) Mostly 2-lan6 urban going though interurtrnTenCrEpuEtedthe;aio-itE-IEjfr;66;-- 31 -j Tho main ch€racleristics of the n€w coridor--..with cofiparable aections es in tho exisling road conidor but for a total of up to 1g3 km _ are a9 tollows: to the exbting roed-r6l 2X2 highway for a thrrd of tie section, tncludrng part of Kutiaisr bvDas3 vvloe l-lane tnt6rurban oxpEssway for the re9l Ofthe lenoth rothe-existing ro3t is bejng partia t reconstruded Added roa@ (96% of rosd lenorh) The s€cton b6in9 financod by the Bank: Sartredia€ngoteGltubutoti(Chotoki nv6r) -€8 km_ und6r thb projec{ cornprises 2 rots (Lors 1 end of rotaly'ne; ;"-ilH;;i; ;'&; ay zo. trrlm samtredia to criaoteti (s2 km);nd one ror-3. -2)con"i"tinj or upgo;inJ;ii id."i'"Jt"g tn" alignment from Grigotelr to Chotoki River (16 km), ""." The Bank's componenr of the prcjecl compris.s, the design, supervision and wo*s of a[ Lots 1,2,3 as we'as associated rour Technic€r Assistances oe"t, tir oisign-pr."paririoi'a'sLrr as 9:g"l5 l"l T*s sup€Nbion contrdct, (irj tno"rtnhni-."J !E -andexperisnced oosrgn. (Ir) an intemaliona[y "n clnsultenl lo 6558t enoer audn on rhe the eru ouring tle"rLtv impiemontiatbn ot ot the prcject and (iv) a speciatrsod consutiant to a;bt theiju during lhe [e^-1a-nl:_comeonent pnasor or procuramenr of a, acrivities. assisting tender evaluations 6tc. for the ganis component or ths project. Tho Financino of theso TAs should-uo a UrenO of tr,e ioan'iini l" *", ,, gran, though NlF. pirijJ C.l6nder constiJction \orks started rn Aprir2o'r1 between Batumiand Koburetion the Northem s€crion of th6 Kobuteti bypass on lhe ADB financsd socton. wo*" u" _,ipiJiJi, )ors ro, oot ADB snd JlcA sections. For the €tB secrion d is expecred "," "rp"aJto rhat work witi ui uy zor z. jriLjj 32 A-2. PROJECT tNFORttATtON TO BE rRANsm:s|[rNro rHE BAi{K ANo ErHoo H:;:Hil:l;l:,tf,#rTEifi *"*t1f5sfffi 33 oF ;;5"r",,.n"*""* 2 llfonl|ation on soecjlic subtects the Borrower shall detivor to lho Bank tie following informstion at the late6t by th6 dasdline envrpnffi aeto.e trJitan TEnEiiudioio r-or th€ Lota 1 and 2 belveen Samtrcdia and and 2 and 3 es tho c€se Grigoloti relatjng to new construaron the co.n9iiion procedent io li.st disbuBoment may be. related to the construction of these lots requircs the prohoter to submit: . Ah Environmental lmpacl Ass€ssment . iilL) repon and Non technicat Summary (NTS) to the satistudion of the Bank.. Th6 Environmental permit and Con6fudron permat issuod by the aelevani Altho.jths in ceo€ia inctudjng Glevant Ecotogjcet Permit or Habitats form (gtmilsr to the requrrsment in EU of Form A or B) . The Envircnmentat Managemont ptang (EMP) . The Land Acquisition and Resenbment Plan (LARP) o For .Loi 3 Grigoleti-Kobuteti (Chotoki river), which rEtates to rcad upgr8ding along ths ssme atrgnm6nl the promoter n6eds lo submit prior to firEt disbursom€nt on this Lot a scEoning document wherc ils states if 6 fuJI EIA i; required or not ll not roquiEd the scloenind document is suflicient togelhsr with EMp an; Constructjon pennit. [ ;r8ening ,u"rrf tn n€ed of a tull EIA then lhc conditions above" mentioned for Samtredia crigototi wil Ebo apply horo. Desion and SifetvEnai!ons Betore the stirt of theEnitru&6n?IiEJ o Road Safety Audit report tor Lots I and 2 as and 2 and 3 es th6 c€so may be. o well as Road safety lnspection Report for Lot 3, ln accordancs with principtes of the Road s€tety managsment EC directive. Design is compteied for rglevani Lot to the &tisfaction ot the Bank. 34 ft eao.roter;iarrde-F;f Gih;€-;;iffi rmptem€ntetion et th€ ra,o, or rnu - 0""0,'n" ,loJlowjng - A bPl uNate oh tho technicat descnotr,n - Fitst rcpod - Every C nonns 3006/2012 tD .easons lot signifrcant change; .. ?lptg!,tng vs. hflat scope: UNalo on the date ol conpbtion of edch ot the Lssl .Bpo,,t matD p,olecl's conponenls, explaining E,asons 34A62015 tot possible - any delay; Updale on lhe cosl ol ha project, explaining rcasons lot any possibli cqrt ,,irCrEases ys. nn@t buclgeted @st; of any hajor issue with impact oo ldoscrtptioh llo envionment: y?!"t on ptucutE,,r,ent pro@durcs (outsido yqd. on the prchct's denand ot usage dnd c!m,,renls; - 1y-t:!!!:""1t.,** that hos (nunod dnd any sgnnGeit risk that may efiecl tha pqectb - lnformation on Proi€cl progttso during operation: Any-bgat ddion coocnrning tho gdletn hd moy 35 Tr," Bot.*ffition initial oporation at the tatest by .e deadt n€ hoJcated be,ow on projecl cornprotion end Froleocompbtffi - A biel desciption ol lh6 tecinbal chaactenstics ol fhe Wilhin 1 ye l?f:!.a: ,conpteted, exptainhg the rcasans fot any cnmDletbn Stgnn*r€nt char,ge; - The atate ol @mpletion ol oadt ol fhe nain project,s comphells. explainhg lot any possibte daai - ,_!_.!:rl ctst ol the projocT 'gastr,ns oxptdining aasoos lor eny possrDl€ Crsl itlc/eoses vs. initial budgeled cost - ,.1:-_r:!\l of i"w hbs soated by thd ptohct: both hbs ctunng tmptementahon permenent new iobs coatedi - A qeg,.,npion ol anyand maior issue with mpa.t on the - Update on p@curcment @durcs (outside EIJ); - UpdAte on-the prcjects clemand ot usage and comfienls; - A-ny sgon/Eant issw thal has @runod and any sonificant tisk that may a{fect the pnbct's " y!^!grt aclion aia'ninl oqE,tion he jrc1ea nat nay Oe 36 afret pftied- Schedulo B D!finlflon o, Et RIBOR A. EURIBOR "EuRtBOR,, meam: (a) in regp€ct of E relevanl poriod ol le6s ihan ror a term o, one (') month. one month, lhe rate of into.6sl for d€po! , in EUR Efiff: i#fJ:InT:ff1y,ffff flf;i:;lTnflflXhji:#" or inrerest ro. doposits in (c) in respoct of a ret€vant period of mo tonl (bul not whol€ months), the rate rssuttng from a linear rnt"rpolel;on 6r r,5^I1l-:l:two Eles for deposits in EUR, ono of which Is appllcable for a psriod o1 *606 ;oL?31e lo ,onii," n"*t rons.-rir,-"il;d;"d"iil:t["UTt shorter and lhe oth6r ror s period of ryhole ffi {#l{fu "':i,Ti;i*rfii*"g";{rn*fu$"si"}f llftSffi the first day of the rgjevanl Denod. on failing which, by 8ny othor means oiorr $ **['[**r*+ffi;#*[*l"***,*,[1u!':',irr** fta*el Repres€ntative poriod. 6 inlerbank L""1 2 1r,r-i !YY-19ne arB provrded. rh€ *iriu. t r",iin_."ji"-il;"";ffi;;,:fi,":1""!onr "1 for e p€rbd equal to lho .ar6 for rhat R6ser Date ll lewer than 2 (two) quotations ere orovided as fequ€sted. th6 rat€ for thet Ressl Date w|ll be lhe arithmetic mean ol lhe rat6s ouola rmlor banks in lhe euro-zone selecled by, the 8anr, ar approximiietv tne dav which fal'l8 2 (two) Relevanl Business oavs anei ir,e ieiei'oai;,"#E;':"'T::". ";d;;#l:f,-:' amount to leadins European #k"l"i" p",J;;i;i&;#if,i: B. Ia€mparabre Ganerel For th€ purposas of the foEgoing detinitions: (a) Afl-percertages Esu[ing fro.n any calculstions lehrod to in thB Schedule will be rouaded, if necessary, to the nearcst on6 hundred-tho of a F'grcentage point, with halws being 'usandlh rgunded up. (b) The Bank shall info.m the Bonower without delay (c) ll of the quotatioB receivod by the Bank. 9L!!9 toregoing prcvisions becomos rncongist.nt with provisions adopted under th€ "lyof EURTBOR FBE and EtJRtBOR act asgis rrda..,"*;;l;iithlil;il;lil"i:ilT,mfl5,T33l;ff "i;.;;"Tavbvno,ica,o 37 Sch.dulo C C., Fofrn ol Diaburt4,naa, O'',rtAcc.oph.,ca (Atdc,a, To: l.lnB .rrd I-OZC) Georch From: Euroiaan Inv€suient B€nk Oat6: Subj6d: Oisbursemert Offo./Acc4ptance for the Finance Contract betwe€n EurcDean lnvestnent Senk and Georgia daf; (the "Fln.nc. Contr.ct) Fl number 8i.299 Serapis number 2dlii65-7i - O6er Sira, Wo lrfer to the Finsncs Conlracl. Termr d€fined in thg Financa Contract hEw th6 samg moaning when used in thb lefiqr. Fo-llowing your rBquest ,or a Disburssment Oltor from the B€nk, in sccordanco w h Anicb Finance contracr. we hereby ofrer r" .a6;;il;;';,J-inJ'i.,[*"g +:r":r1 "" (e) (b) (c) (d) (€) (f) (S) (h) Amount to b6 disbursed: Scheduled DbbuEement Date: lntercst rats ba3i9: lntsrest payment periodi:ity: Payment Dat$: Terms for repayrn6nt of pdncipat: The firgt and ts3t principel rspayment dat65: The Fixed Rate or SpEad, applicable untit th6 Matudty Date. To make the Trenche avaitablo subiect to the_t6rms and conditiorB of tho -"iFjnenco ConFacl, the B€nk must receiw a Dilbuissmonr Acc€prrncs r" -tl Liiri l-Jpv-;'tns oft, dyty sisned on_your oerran, io trJroirowinj lax .?,:!y11t11:I - 'ra", m€n no ursDuBemenl Accsptence Oeadtine of ltim6i Luxemboui time on fa"r5] rn€ utaouasement Acceptanco must be Bccompaniod (if it has not ieen. previousty supplH) by: nJiirl'i,il (i) the indication ot the bank account (with IBAN code in csse of digbursomenb in Er.rR or the appropdet€ rormat for the' r'.rovant currcncyl -wieie1," Tranche should b€ mad6; and jiiui"fr"Tt'# (ii) (iD evidonce of the authoriy of $e person or pen ons authods.d io shn it on *bohsf ot the Bono er and the sp€cimen signafuE of sr"t, pa*n or' par"oi"l ' - ' lf not eccepted by the abovs stst€d time, the otr6r conteined in this documsnt shall b€ dr€med to have been refusgd and shall automatEally lapse. It you do accspt the Trancho 6s described tn this OiiUu';ement Offer, a[ ths related lerms end conditions ot tho Finsnco Contract shal appv. Yourr faithtully, EUROPEAN IN\ESTMENT BANK 38 We horeby acc€pt th6 abovd ObbuBem6nt Oflel for and behatt of Georgfa . 39 Oate: Sch.dul. O le from Borrower (Article .l To: European lnvestment Bank From Goorgia Date: Subjeal: Finance Contract belween Eurcpoan lnvestrnent Bank and Georgja datgd (the 'Flnanco Contrac-t./ -____ FI numb€r 81.299 Serapis number 20l0_057j Oe6r Sirs, Tems d€fined in thg Finance Contracl have the Beme meaning For ths puFosss of Alticle 1.(x of the Finance when ua,€d in thb htier Contrsct wE hereby codlt/ to ycu as blow.: (a) no event dslcribed in Articte 4.03A has occun€d and is coniinuing unrsmedisd: (b) no security of th6 type prohibit d undcr AnHc 7.02 ha! been created or i! in existence; (c) thers-hes boen.no materiEtchgngo to-any aspecl of thg p.olect or in respect ofwtrich w6 ar6 ot 06d to rBport undor Anide 8.01, sairo ," pr"riouJV-_"rri*iiiiiu", (d) we. havo sufriqient funds avsllabte to €nlure the timoly *" completion imphmentstion ot tho Prcject in accodan6 witfr Scfreopl" '''''"" and ai. ' "l;"'*-:5Jn*l.j^3tllH%ffi iflygl;ff trr*I,I,H,:; '"'i3,ff Articlo 10.01 has @cured snd is con, (0 no litigation, atitaation administrative pr_oceedings or tnvestigation B cufiBnl or to our knowtodge b th.e..toned or p€nding befoe any coun, artitii uooioi-ag;;;;;rh -ii haa relulled or if adversdv detennined b rBasonabty lksly fo nlrff a ifJurirrf Adv€rse chanse, nor is thire subsisting asainai ,;;r. ;;; j";;;i;ilidil[,,""y unoatiEfied judggmont or atvard: (g) the repE&nfatuns snd wanrntie3 to bo made or Epoated by u3 under Articl€ ar6 true in all rssp€ct!; and 6.10 (h) no, M+nal_AdveFo, Change has occured, as co.flparEd with our condition at date of the Finance Contrsct. Your3 faiihtulty, For and on behaf ol Georgie Date: 40 tha ANNEX I Autho.b.tlon of alOnatory