„საქართველოს და სკანდინავიურ გარემოს საფინანსო კორპორაციას შორის სასესხო შეთანხმება (საქართველოში საჯარო შენობების ენეგროეფექტურობის გაუმჯობესება და განახლებადი და ალტერნატიული ენერგიის გამოყენება“)
📋 განხილვის ეტაპები
ინიციირებული ვარიანტი
სხდომაზე განსახილველი პროექტი
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საქართველოს პარლამენტის დადგენილება
🏛️ კომიტეტები
- საფინანსო-საბიუჯეტო კომიტეტი წამყვანი კომიტეტი
- განათლების, მეცნიერებისა და კულტურის კომიტეტი კომიტეტი რომლის დასკვნაც სავალდებულოა
- გარემოს დაცვისა და ბუნებრივი რესურსების კომიტეტი კომიტეტი რომლის დასკვნაც სავალდებულოა
- დარგობრივი ეკონომიკისა და ეკონომიკური პოლიტიკის კომიტეტი კომიტეტი რომლის დასკვნაც სავალდებულოა
- რეგიონული პოლიტიკისა და თვითმმართველობის კომიტეტი კომიტეტი რომლის დასკვნაც სავალდებულოა
- საგარეო ურთიერთობათა კომიტეტი კომიტეტი რომლის დასკვნაც სავალდებულოა
📅 დამატებითი ინფორმაცია
ბიუროზე განხილვის თარიღი 2018-09-04
ბიუროს ნომერი 193
📜 ტექსტი
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შეთანხმება
NEFCO 07/17 EsP
LOAN AGREEMENT
(Ercr5/ Emckncy lmprovcmcE(! in Publlc Bulldlq! .rd
Ute of Rc.cwrbl6 rDd Alierrrtivc f,orrE/ iu Georgir)
BETWEEN
GEORGIA
AND
NORDIC ENVIRONMf, NT FINANCE CORPORATION
DArED ?
JULY 2Ol8
J
9.'
$
TA3L.E OF CONTENIS
ARTICLf, 1......,..............
ARTICLI
,.,..,.................... 9
INTEREST; FEES; COSTS......................................
3.01, lntcr^t Int.r6, P.riotts.
..s
.1.02. Yaioblc lntcftst Ra!.-.. .. .. .
" " "" """"""
J.lJ. Ma*a Dkrup,lon.
J.01. D4aul Rcte tnt.t?J. . ..
J.05. front4n.l Commlsslon. . . .
1.06. Commk^.,tt F...
J.07. Unx,hdllg Cosl-
-----
l0
l0
" 14
tt
"'
'',,,,,, '.' ',, ..,, , ,- l ]
"
- ---' """ ' l0
ARTICLE
ARTICLE 6..................
l3
REPRESENTATIONS AND WAXR NTTESi CENERAL UNDERTAKTNGS
6,01. Rq6ar@rn od W.firtl,5. ..............
t ot ode, aaae;uts'............ . :.. ....
.. ..............
.... .
:. ........:.. ....:...... ..................::............::... r:
ARTICLE 7
r,INDf, RTAKINGS REGARDING THf, PN,OJECT
{r
2
CANCELLATION: SUSP1:Nsl(lni
ARTICLE 9......._...........................,......
16
l8
ARTICLE
ENrORCEABILITYi DISPUTE RESOLUTION
2l
ARTICLE 12.,,......,,,,....
.22
MISCELLANEOUS
22
l2.t)2. EnElhh Lonerue..
23
12,0J, Docunt nt T6a
23
12.N. Amndn6t.
23
12.05. S.r.r.blUO...
'. '. ',,, ',.... ''--' --------..-.--''-''''''''.''' 2 3
12.06, Cot t aor6,.......
23
12.07. Sch.drlc'.
SCHEDULE 1_PROJECT
...........25
ScnEDULE 2- FORM Or D$SURSEMENT REQUEST.................................................................................26
SCHEDULE 3. FORM OF CERTIFICATE OF INCUMBENCY AND AU'ITORITY....,...,,.,,,,,,,............-..-..28
c&
\t
I,oAN AGnEEMENT BETTfEEN THE FoLLowNc p^RrrEs (rHE !p^rTns'):
(1)
GEORGIA (thc "BorrorcP), 13 t!. bodow€.; atld
@
NORDIC ENyIRONMENT FTNANCE COR'FORATION (-NEFCO-), as lhc ledcr.
RECITALS:
(A)
NEFCO is an Inlemation.l Financial Institution (tFI) esteblished by tfic fivc Nordic Countrics
Denmuh Finllnd, IcelaId, Norwsy 8nd Swedcn for the pu.polc of promoting invBtnents of
Nordic cnvironocntd intar.st, with a focus on Eancru Europc;
(B)
NEFCO strd thc covcmmcnt of G€orgi. havc o0 25 Feb.us.y 2014 eftGrcd iflo a FEmework
Agr.erneot (lhc strr.EcworL AgraaD.Dt'), wh.rt itis..rogllizad- inler atia, rhrt NEFCO is sn
inEm$ional financial insriturion which follows policies similsr to other emrdonrl finsncirl
institutioB;
i
(c)
lhc Borrowrr, actiry thrcugh thc Miflistry of Finance of Gcorgir, hls agrrcd to ttkc a lonn in
order to finance investments in cncrs/ cmciancy improvcmcnts and thc usc of .lncwablcs and
altmltivc cD.rry in public buildings in ceorgi4 ss furlhcI dcscdb.d in Schrdulc I h€rao (thc
'Prorcca') rnd divided into scvcral SuEprojccrs (as d.fincd hcrcund6);
(D)
the Proj€ct is based on rhe findin8s of the f..sibility rtudy darcd 2t Novembcr 2Ol7 (di€
'Fe.dbility Sludy"), conEacted by NEFCO and tundcd by the Danish Mioistry of For€ign
Afr8irs ss psn ofthe Danish Neighbowhood Pogramme suppo.t !o ceorgia;
(r)
the Projecr will bc carried our by rhc Municipsl Devclopmcnt Fund of ccorgis (MIrF) 13 lhe
Projoct Implementltion Unit (s3 defincd herEunder) in cloperation witfi th. Final BenoficisriGs
(as defined hqEuodar), with thc Borrowar's support end, as part of such suppor! lhc Bdrower
will mskc tvlihblo to MDF, for $e bcncfit of thc Final Bcncficiarics, tlrc procccds oftlre Loan;
(r)
thc Minisfy of Forcign Affairs of Denmari<, tluough a trust fund msnlg.d by NEFCO, has made
lvlilable techniol cooperation firnds for the hojccr, in a totsl .nDu ofup to ELJR 9Sd,000, out
of whirh EUR 516,000 has b.cn us€d for rhe Fclsibility Study whcltas up ro EUR,{40,000 is
avril.ble for the consulhncy tssitnmcnt to be confactcd by NEFCO for the cupport of the
Projcct Lnplctnc ation Unit
(c)
tlrc Er.$em Europe Energr Efficiency and Environment Panne.ship Fund (E5p) thiough s tust
fund managed by NEFCO as lhe implenenting agency hos made availebte on investna grent in
on amount ofup to Et.lR 1,870,000 for th€ purpos€ of rhe Proj€cr subjcct to the tcms and
conditions set out in the E5P crent AgEement (&s defined herEunder) betwacn the Bonower snd
NEFCO providcd thrt thc Borlowc., in p&allel, e crs into this Agrccment; snd
(H)
NEFCO has ag:ccd on !h. busis oI, intet olia, th. forrgoing to mrlc .vdilablc !o thc Borrowc,
lo€n in rn .mount of up to EUR 2,830,000 to fm.ncc thc projcct Bubjcct to thc tc.ms lnd
co[ditions ss spcoifiod harein snd in thc Projccl Agrecrncnt.
!
NOW, TI{DREFORtr,IT IS ACR,EED:
s
.\s
4
,ffiil*ol,
1.01. Dcfilitiolrr. WhcrEvcr uscd in this Agr€cment, unlcss the context otbcr.$.isa rcquirEs, th€ scvcrsl
temls defincd in lhc Reitsh to this Agrccmcnt havc thc mcanings therEin s€t fodh, rnd the followiut
tcrms hav. the followinS mc&iogs:
rAgtccucd mcans $is lorn rgrramd( iicluding all anaexcs, schedulcs md agE m€
s suppLmontal
hcrrto, rs such attrcmcnt mry be afiend€d from timc to time;
"AgrreDetrt on tha Projecl Etacntior Autbority" merns the agreement rEgulating th€ Esnsfea ofthe
l,olll nnd E5P Gratt prooocds ftom thc Bonowcr to MDF for thc pu4rosc of tho projact, to bo ctrtcrcd
into betwc€n tlrc Borrowcr and MDF as th. Projcct Implcm.ntation Unit in form snd subst&cc
acceptable to NEFCO puruant lo Clsus€ 2.02. (Purpos.; Age.De on ltv pruject Exectrton
A'thotiry);
(A!..t
' hcludG prop.ftj/, rwcnucs and clains of any kind;
"Arilortrdo!' matns ao authorisation, pcrniq consalt, appoval, rBolulion, liccnca, cxemptioo,
fi lin& notarilation or registsation;
'Burltr.ir Dry" mcanr 6 day whcn NEFCO md commerEill brnks all opcn for busiross in Hclsinki,
Finland aad Tbilisi, Goorgia;
"Cbartcr" mc'trs, in rGspact of any person, is foundiog act, adicles of incotpor*ion ard bylaws,
mcmoraldum rnd anicl€s of association, statutes or similsr insfune as may ba amcodod tom timc to
time;
"Cocrcive Practla- maos impairing or harmin& or thraatoing lo impti or harm, dirrctly or
indircctly, any psrty or property ofthe psrty, to influcnc. improperly the sctions ofarolid Dafiy;
'Collulivc Prrctlca' mcrns alr atraog€mcnt bctwccn two or hore p€rtics dcrignad to lchicvc an
irnproper puposc, including influenchg improperly lhe &tiors of.rothcr prO/;
'Corrupt PEcticc' mclns the offering, giving, ncciving or soliciting directly or inditectly, anlthing
of vslua to ioflucnca impropcrly thc aaions of anothcr pny;
"Coirdtrrt' me3lls the consultE engEged or to bc cnSsgcd by NEFCO and furdcd by th€ ilitristry of
Fotligu Affairs of Dcnm.rk to suppon thc Project tmplcmcntrrion Uni!
lDbblllcealt" mcan! thc disbutseEer of rny portion oftbo t nn ftDm timc to tirtro pulsuaff to
ClanlE 2.03. (Dishursnrent; Cunency\ or,
timo to tiEe outstanding;
* $e *ntlxt m&y rcquirc, the principal amount thcrcof ftom
{IrirbunaEctrl Raqu6t" melns any rcquest for Disburs€ment, subst dtirlly h tha form of Schedule 2
(Fotn of DisbGse,nent Rcq/ucat);
'IrirbunaDcot Aacoo[i" mcans lie accostrt !o which fie disbursernents shrll ba mado, sct up itr dr€
nrlne ofthe Boro*,er .t thc Trer.sury Service ofth. Ministry ofFiDarce.
-'d
rl$
"Dirrupliotr Ev€Dt" means either or both oi
G)
I m&tcrial disruption to thos€ paymcnt or communications systcms o! to those fins,lcial msrkets
which ele. in €sch case, Equired to op€.stc in order for poymehts to be m.sde in
conaJlon witt,
tnc Loan (or othcrwise in order for thc Eansactions cont€sptatcd by the Finmc€ Dooutrlems
to
b€ crrricd out) which disruption is not csus€d by, and is bcyond the conhot
o[ *y oitt partio;
of
(b)
"
the occun€oce ofary other event which resuhs in s disruption (ofl tochnicll or
,ystems_rElated
ruturc) to the hcasury or payments opcntions ofa pafty ptrventing thal or any o6er pany:
(i)
(ir)
fton prrforming its pa)mcnt obli&tions undor thc Finance DocuDents; or
fiom communiceting with other parti€s in accoadrnce with the terms ofth€
Finglce Documents:
and which (in 8ny such case) is not caused by, snd is beyond the control ol the party whose
are disrupted;
operations
'EuvimnmeDlel rnd Socid Actior pla!, meatrs the plan of environme al and social mitigation md
improvemcnt fteasures in form ald substamc sstisf6ctory to NEFCO, as such plaa may bj
amcndcd
from dme ro rime wilh lhe prior written cons€nt of NEFCO;
sEtrviro'meotrl MrJter'means (i) de porrurion
or prolecrion ofthe eDvironmenri (ii) any emission or
subshnc€ capable of causing harm to any living organism or lhe envirooment; (iii) haim
to or lhe
Fotection ofhum&n health; and (iv) health and safety of the workplace;
'E[JR' and {Eur\o. mcsns the la\I4rl cunEncy of rhe Member States of the EuroDen Union which
adopt or have adopted it as their currency in accordsncc with rhe rerevant provisio,s of the Treaty on
European U on and the Trcaty on the Furctioning of the Europesn Union or iheir succeeding ttatiei;
aEIIRIBOR, means rhe rste for EUR which
appears on the Thomson Reute$ page EIJRIBOR0I (or any
replacement Thomson Reuters page which displays ttrat rate) as of I l:00 a,m. Srussetr
time on tlie day
that h two (2) TARGET Days before the commenccmenr of the rclevant Interest period for a period
coextensive, or appoximat€ty coextensivg with such hterest pcriod. If ELRIBoR is nor avaitrble
lod
othcr adequate interbank ofrerEd mtes for th! currEncy src not published then it shall be dctermincd
by
if
NEFCO as the adthmctic meao of such offers for deposits in EUR as NEFCO shall receive from thi
Refercnce Banks, on the date rnd st the time, and for the pcriods spccified above, If at least
two (2) suoh
quotstions.are provided' the ftte in respect ofthe relevant lnterest period shall b€ tie arithmetic
meah (as
detemined by NEFCO aDd rourded upwards, ifnec€ssary, to three (j) decimal plac.es) ofthe quotationi;
r'Ertem.l I)ebt, means any debt which
is payable in a currency other than CELi
"EsP Crrrd'rneans the grant co-tinancinS in the amount of up to EUR l,t70,OO0 (one million eight
hundrcd seveoty thousand Euros) to bc made avsilable from $c resources of Uc Eesre'm
europe fnciry
Efficiency and Envirorunent Parhership Fund (the E5p Fund) subject to th.
pror"ot to
the terms 8nd conditions ofthe E5p Grant Agrcemenq
"*"lrrior, -O
Agrcenert" means the grant agr€€ment between NEFCO (as impleme0ting agency for the
:lsP-Gnot
E5P Fund
for dtis P.oject) and rhe Bonower sening fonh tho terms and condiiions unaciwhictr'oe psp
Grant will be provided;
(Fird Avdlrblity Drt€'means
tte &r€ specified as such in Claus€ 2.04. (Fi al Aaailobilit! Date),
J&
{s
6
bcing lhe date after which the BorDwer's right to Drkc dnwdowns und6 tbis Agr!.incnt is tardritEtcd
by NEFCO;
(trhd Berclicirry" merrls the state itscf, or cach municipality
o ity b.ing in owior ofa Projoct Building;
sFhd RtFyD.lf lhte'h.s th. ncadng $cribcd to it
or ministry or other public body or
in Claus€ 4.01. (.Repalrrerrr);
"Fl!r!.. Ilocudclt'me.n this ASreem.nq lhe E5p Grant Agre.mcnl rhe ltoj.cr Agrrro€nt, thc
A&r€mont on th6 Project Exocutioa Authority, the lnvcsrmenl Fironcing Agrertlnts .nd any oth.r
documents as mey be designeted as such by NEFCO and thc BoEower, e_rch io fotm etrd $bstanct
srdshdory to NEFCO;
sPircd Ycer" rncens tlie budget
ry ye{r of thc Bonower cotnmerciog cach year on I JrnuarJ, rtd
.trdiry on thc folloiyinS 3l Dcr.obcr;
rFnudulcDt Prrcdcc' mesns any act or omission, including
a misrcprlscrftrion, thrt ho*ingly or
rocklcssly misloads, or attcmpts to mislea4 a porty to obtain a finencial or other bcn.fit o. to av;id en
obliptioo;
"CEL" m€atls thc la$ftl currnry ofceorgi!;
rc.oryh" ,rtcans thc Georgia;
"Goodr" me{as equipient, supplics, tcchnolos/, lorow-how and othrr scrvicrs which art rcquircd for I
Sub-proj€ct
"IFRS' Eeans Intemrtionsl Fin.ncial Rcponing Stand.rds issucd or adopt d by th. birmrtional
Ac.ounting Standadi Bo€d and consisrcndy .pplied;
'Irbr! tiold Plruci.I h.dttrdor, me.ns a finarcisl institution cstrblished by sevc.al sovcrcign
strter as 8lc8sl porson uDder public ifitemational law;
'IDt rr.t Parlod" meatrs cach pcriod darcrDined in accordroce wilh Clrusc 3.01. (tnterest Inloerl
P.rid.t ;
"Itv6tEcnt Fhancing Atr.!n. , means the agrccmcnt rogtleting the impleocatatior of.roh Sub.
projrct, to be cnEI d i o bctwccn MDF rnd aach Find Bencficiay in fonn rld subfilnca s.tisfr.tory to
MFCO;
qr.n" rDcans thc lo8tl mldc ot io be mado by NEFCO lo $! Boro.wcr uDd.r ftis AgrccE€ot or, rr thg
contcX rtquirrs, thc prircipal smourt from time to time outlta ing;
'Il,ls!ir'Dcans 2% pr" (rwo per carl. p€r uurum);
law, esteblishcd by
ifrfDf" ry1ry thl lvfunicipol D€vclopment Fund of c€or8ia, . lcgal cntity of public
projocr
D.c&. No.55t of thc Covemmenr of GeirSia on 30 OclobGr 2015, 8clh8 as drc
Unit for dr Pmj..t including e{.h SuEproj.ct:
lmplerncntrtion
'Mbua of Ralorrce!' mealls improper us€ of the resourws, committcd cithcr intcntiorElly or through
rccklcss disrcgard;
€Ld
\v
7
'I\[EFCO EnvlrorEclt I rnd Sd.lrrullty cEld.li!..- m..n NEFCO! EavimDmctrtrl and
Sustaiaability Guidclincs, as ocnded ftom time to timc md acccssible !t www.ncfco.org;
{NEPCO Pllco]lDclt Cddcll&." ricrn th. Procuremcnt Gui&lincs
of NEFCo, as am.ndcd from
ti no to timo by NEPCO and sccrssibL al www,n.fta.orgt
'0batnctiva Prac6ac" Eesns
(i)
dcatDyin& falsiting .lteritg or concrrling ofevidence m6t!ri8l to NEFCO'5 invostigstion,
which inpedes NEFCO'S invenigsrion;
(ii) making false ststements to investigstors in ordar to r'uterially inpedc NEFCO'S
invlstigsrioo into allegations ofa P.ohibited Pracris.;
(iii) failing to comply with rcqucsG to provi& inforoation, documcnls or rr@rds i,l coanaction
wilh NEFCO's invcstiSation;
(iv) thrc.&ning, harsssing or intimidsting any p.rq/ to prcv.nt it fiom dis.losing its klowl€dge
of nsttcrs Elcvsnt to NEFCO'S invcstigrtion or fto.n pursuitrg lhr invcstigafioE or
(v) mlbrirlly impcde the exercisc of NEFCO'r cont acturl rights of audit or iBpcction or
scaass to inforDltioD;
sP.yD.!t Drtc'meens 15 F.brurry rnd 15 August csch ycar whcn the Borrowcr shall pay intergst
and/or fcrs ard/or chlrgcs and/or shrll ,!pay !n i,lrtalflanr of thc Fincipal arnount of th. Lotn. I,r th!
cwnl ti.t r Pslmcot Drt would otfi.rrvisc fall on a day thal is not ! R.l.rrot Busid..r Day, thc
PaFrant Date shall i$tead be the n xt succ.c-disg R.l.vant Bulitrcss Dty prorid.4 howlvcr, thlt if
such Rclcv.at Busitrcls D{y fllh i[ lh€ oext c{l.ndrr mo h, th6 Psrdent D.te shall bc thc inmediately
preceding Relevant Busi.tcss D8y;
"Pmtlbltd Pr.ctkr" melns any kind of irnprcper or ill.C b.hlviour fo. pcrsoml 8ain, and imlud6,
without limitition, Co€rcive Pracdc!, Collusivc Practicc, Corrupt Pr8cticc, Frludulcot Practio. rod
Obstsuctiva Prrctice as wcll as Miswe of Rcaoures, Tbeft money laundering snd t norist fmarchg;
"Proi.ct Agr..Dert" m.3ni thc agr€mcnt rcgulating the inplemcntation of lh. ftojcct, to b. cDt rtd
into bct*c.n MDF and NEFCO in form .nd subst,rtc4 lc@phbto to NEFCO;
"Proj.ct Edtdhf" mcans r public building acc€ptcd by NEFCO to b. included hto tic scoF of lhr
Projact
(Ploject lDphoeltrtio!
U!ll" medls MDF ding as lhe Prcjoci Implcrn€otation Unh for 6e Piojcct
iDcludins c.oh Sub.,pmjcot;
sfrbuc Art b'meanr th. Asscts ofthc Borow.., ofrny potitic.l or ldminisraivc subdivisioo thcroof
snd of sny cntity o*ncd or contollcd by, or opcmting for thc accou[i o. bcncf't of, thc Elonovcr or my
such suHivirion, including gold ond foreig[ rxchrngc Ascts held by sny inctitntion p.rfoining thc
fimarions ofi caltrrl bank or exchanga stabilization fimd, or simitrr furrctionn for tha Bo.rowcr;
"R.tcrttrce E.!Ir" means fou. (4) lcading blnks activ. in the Europcan im€rbank marlct tppointcd by
NEFCO;
'Rafartllco Rala" mcltls 6 monlh EURIBOR;
\k
b
.tt
8
sRclci1.nt B[!itr.$ Day, mcans:
(.)
in r€lalion to llly drt. for pa),rnent or puchrse ofEu$, any TARGET D.y; o,
O)
in rclstion to atry dlE ffi psymcnt or purchtra of a culrficy oth.t thrn EuIo, a day oa rrtich
bo*s uc opcn fot gencral busi&ss in thc Fincipol firrncid c.ntrE of thc county of flat
culrncy;
"Sccudty' hc{lts ! mongagp, charge pledgF, licn or othcr security intertst sccuriog aay obligation of
3Dy pcEon or .lry other agrlemmt or srratrgEment having a similrr efrect
'Sochl Mrtacr. mclns (i) hbor standsids and ceplo),rDcnt conditions rs rcguld.d by rpplicrbl. hw;
(ii) Oc iopsct o F.sonr of rrscttlqrcnt or l.nd .cquisition; (iii) thc imp.ct;n indigcirous pcoplcs
aad
otha vuln...bla groups; (iv) tlrc impact on objecrs of curtuial heritsBe in;tuaing r*li.eologi-cst -artifrcts
ind silssi 6nd (v) public consultrlion aDd disclosurc, inoluding grievaocas 6m dre mcmbcn of the
public notified to rh. Bo.row.r;
{Sub..proj.ct' means e pett ofthe P.oject concefting specific p.oject
Building(s);
"TARGET2" me&s the Tlals-Europ.str Ar(oloatrd R..l-tiDrc Gross S€ttl.mcot Exptss T.snsfcr
p.ynent systen which utilis€s a singlo shar€d platform and which was lauchc/ on 19 Novenbor 200i;
lld {ARGET Dry' mc.ns aoy dry on which TARGET2 i5 oFn for thc sculcm.fl of p.ymcnb iD
Eum;
rTa!6'.meitls llxcs (iocluding corpontc incomc tsro, irDposts, lcvics,
ftcs snd dutica of my nrtulc,
whcth.r in !ffrct in Gco.gia st thc d!t! hc.eof or imFsed there!fur;
*fhcft" moans thc misappropriation of prop.rty bclonging to another p.fiyl
(Wortr'lDc{as
coostuction and civil ltro*s to be financcd out ofthc procradr ofthc torn snd thc E5p
Grsrl includilg instrllstion servicls which arc roquirrd for I SuLprojcct.
1.02. bLrprdation. tn this Agreemeot, unless th€ contcxt otherv'ise requires:
(i) words importing th. singulrr includ. the plulal and vice versa;
(ii) & &f.lrncc b Aniclc, Clsusc, S€atiorl party, A,lnex or Schedulc fu a ref.Enc€ !o dut
A.fticlc, Clause or Scctior of, or that puty, Anoa( or Schcdulc !0, this Agrcrmen!
(iii) a Efarcnc€ to s documcnt includas aD amardtEent or srpplqnaat to, o tplacadcit,
rEitdlmcot or novation o4, thal documcnt but dijr%lrdin8 iny rmcodmc|r! supplomcnt,
replrccmcn! reststcmcnt or lovrtion made in trca.h ofthis Agrccmcnt;
(iv) a rrfcrcocc to r p€Ity to atly docum.nl includcs tlut prty's ruccrsson and Fr6ifred
astlg[$
(v) a .r.guLdon, includcs aiy regulrtion. aule' official dirtctivc or rcquasl of rDy cdnpctrnt
autlo.ity;
(vi) .cortml" (including thc crms "cotrtmlH by', .conarolhg' .trd .\rldcr cotlEor
coDtrol with") means lhe poss€ssion, diEctly or indirecfly, of tri power to diEct or csuse
lhe directiotr of the maru8en€m snd polici€slf 8ny Dcrson or rntity, whclh€r lhrouSh th9
o$Tcrship of voting sh!rcs or by contract or otherwis.;
sw
\$
I
(vii) ! provisioD of hl, is a rEfcrltlc. to that provisioo as idaadcd or rGanlcEd;
(viii) s timc ofday is a rcferEnc. to H€lsinki time;
(ix) hc.dingr rr! for conveniencc only and do not dfcct lhc intcrprE6tion ofrhis Agrc.mont.
ARTICLf, 2.
THT II) NI DBBI,RSEMf,NT
2,01. Tt. Ir.!. Subj.ct to the i€'ms snd conditions sct forth or rcferrcd to in tlis Agremc NEFCO
egrtca to lend to the BorIower the Losn in a, atnouot of up to EUR 2,630,000 (two millior cight
hundEd thirty thousmd Exos).
2.O2, Purlo.ci AgrtoEert o! tb. Proj.ct EtccrtloD Authority. The Iran shall bc utiliz€d
cxclusivcly to fn nc. thc Projcct aid ceh Sub-proj.ct thmugh thc Bo.rox/€r meting fhc tao procceds
.v!iLbl. to MDF, urdcr thc Agrccmcnt on lhc Project Exccution Authority, for th. bcocfit ofthc Find
Bercficiiria!.
2.03. Dilburr.Dclai Currclcy, (a) Disburs.mcDts arc subje€t to dlc conditions of Disbu.scm.nt
specified in Article \0. (Conditions of Disbwserrerr) having bccn, and rcm.inin& fulfilled to NEFCO'S
satisfsction. The Bonower may not request thc lirst Disbuscncor uod6 thb Ag..mr bcforc NEFCO
h&s confirn.d in writinS lhat the condidons spccifid in Chus€ 10.01. (Gcnerul Cordirions of
DirDmen el, havc been fulfille-d.
(b)
Thc Bonowct .a!y rcquest Disbu8cmcns by each time submicing a duly cooplcEd
Disbuls€mcnt Rcquest. The Disburscmcnt Rrqucst shell bc signcd on behalf of $o Bonower by I pcrson
or p.{soDs, who hsw b€en duly authorizcd thcteto in I documc-rt issued by thc Borrowd iubs{,ltia.lly in
thc form of lhe Form of Cenificlre of Incumbcocy lod Authority (schcdulc l). Thc Disbu6cm@r
Rcqucit shlll bo rocaived by NEFCO not later lh.n ten (10) Busines Deys prior to [i0 requcated drt of
Disburssnant.
G)
Each Disburscmont shall bc in r ninimum amount of not lesr than EUR I 00,000. The proc..ds
esch
Dilburs.mcnt
sh![ bc disbus.d in EUR !o lhc Disbur3€Inelrl Ac.ount. NEFCO shdl havc no
of
obligrtiou to mrf,c a Disburscment ifoD thc &y oflhc rrqucstod Disburscmcnt dl. aglcd cunlocy i! not
filcly awihblc to NEFCo in thc r.levani intcrbark mrrkct.
2.1X. Fiul AvriLbtlg D.te. (a) Thr Filul Av.ihbility Date shall bc ti. dsrc frllitrg twqrty four (24)
monlhs from thc dste ofthis Agrecment.
(b)
NEFCO may, pursuant ro fic Bonowcr's Equest &rd in ils solc disoMioq rgrlc to.x&nd
ttrc avrilability ofthc Losn by subscqucntly sciling a rcw Finll Availabilig Dat€.
ARTICLf, 3.
INTEREST; [TES; C(XTS
3,01. hlrrcrt; Irt rcrl Pcrtod!, (r) Thc Bonower shlll pry intcrcst (.s deter8incd in thk Aniclc 3.)
on thc artrolmE of thc Losn dIrr{n do*n and oustanding frofi tim€ to time. InErcst stdl b. psid itl
srrcars for each Int6es,t Peaiod on thc Paymert Dates.
(b)
Each Dbburscmcnt hls sircc.ssive lntcrcst Pcriods, c.ch ofwhich lhsll, subject lo p&sgrtph
(c) bctow, b€ of .ix (6) months' dEation.
.E
$
l0
(c)
Th€ f!r* Iot re6t Poiod for a DisburscmcDt will st n or\ .nd include, thc dat dl.reof.d ed
oo, but cxcludc, the ncxt succcedilg Payme Dai€. Each subslquanl InteEsr Pcriod will Ssrl oq atrd
includc, tfic cxpiry of thc prac-cding Inttrrst Pdiod and cfld orl but cxclude, lha following P.]DGtr Det .
AIl IntcEat Pcriod for . Disburscmcnt shlll not lxtcnd b.yotrd th. Fin Repsyment Dale.
(d)
An Irltqlst Pcriod for. Disburscment *ill cnd on the same day as thc cutrEt Intsrrd Paiod
for lny olhel Disbursgmcnt. on thr lan d8y of those lnter.st Pdio&, those Disbu6amoms wilt be
corsolidrtad lnd tlded a! onc lran.
Intercst and any fces and chutes payablc pursuant to dtis Aniclc 3 shdl b€ comPutcd olt thc
brsis of.ctutl nurnbcr of &ys elapecd rnd e 360Jay year.
(e)
3.02. Vrd.bb Inl.ntr RrG- (!) S'rbjcrr lo Cls/.se 3,03. (Ma*et Dintption), drc vstisblc intetest
ratc applicrbL to lhc Loan is daarmincd by L'EFCO for cech Intet€st Period es lhc rtL cqual to dr. sum
of(xjthc Rcfacncc Ratc rnd (y) s Mltgin. Ifthe Ref.rcnce Rste st sny timc during drc m*urity ofthc
Loan is bclow ztro, it will bc sct at z.ro.
(b)
NEFCO sb.ll promptly noti$ the Borrowet of the dcrcrminstion of . variable int r€st r. rmd.r
dris Claus€ 3.02. (fdrtarle Inlerest Role).
3.03. MrrLct Dilruptiotr. (a) Where the Referenc! Rlte is !o b€ crtculated by r€fctenc€ io dle
Refcr{cc Bank but lcss thsn two (2) quotations arE receivcd' thcn NEFCO shsll be eathlcd,
notwithstrndinS what b said in th. for€toing Claus€s, to (i) dcterminc thc intcrest r.t eppliciblc dutinS
such InteEst Pariod(s) bascd on the cost to NEFCO of fiuding thc Lorn fiom whatcv.t sourcc it tnsy
reaso!.bly s€l.c! snd (ii) in its discrEtior! ch.ngc lh. durrtion of n,ly relcv.nt lntrrcst Period. NEFCO
shall promptly noti& th. Borrower of .tly such iciion.
(b)
NotwidEiarding rh. sfores.id, if tbc Borow.r so rcquirss wilth five (5) Rclrv.nr Bulio6s
DalB of th€ notificltion by NEFCO pursusfi to (e) rbovc, NEFCO .nd thr Borrower shall erlter into
nogotistions, for a p.riod of not more thsn thiny (10) c.rladar d!ys' rvith r vi.w to .grE ing f, substifine
b.sfu for detenniDing the rst€ of itltet€st applicsblc to lh€ [p8n. Any alternltivc b6sis so agrcc.d shdl takc
cfrcct in accordrnc. witb its tcrms std rcplacc lhe intcrrn rste thco in effact Pu6u&rt to (a) abole. lf
rgrecmcnt csnnot ba reachcd, lhe BoIrower rnay prapay the Loan trking into rccount whd is said in
Clstrs. 4.4. (Prepcyment',
3,(N, Ihfrult Rrte IrteE t (a) In the evcnt thar lny amount Psycblc by the Boltower to NEFCO in
sccordric. with this Ag!.rncnt is not psid on th. du. dste thercot dt€ Bonows shdl, without prrjudict
to 8ny othsr rights which NEFCO m8y h8ve, pay interest on the ovctdu€ smount from thc due dltc to thc
actul dste of paymcnt (bodr bcforc and aftcr judgmcnt). The intctest on overduc amounrs shall be
calculitcd in accordancr with sn inlerest rate which exclcds by two Fr cenr (2.ryo) per srnum thc
intaEst retc then appliclble ro fie toan.
(b) The intercst on overdue amounts shsll b€ psysblc on dem![d or, if not dcmltd€d, on .ach Pay!0ent
D e frllitrg aficr lny such ovcrduc .mount b.came dua.
(c)
Dcfsult intcrest (ifunpaid) arising on an overdue amount will b€ compouodcd widr thc ovcrdue
rmount.t the .nd of.ach Intercsl Period epplicablc to that ovc.due .mount bur will remain inmcdilEly
du€ atld pryable.
3.05, Fmat-cod ConmLdo!. (a) The Borower sh8ll Day io NEFCO a frotrtfld commissioD of 1,0%
cslculalcd flet oD lhe principal axooullt of lhc L.o!n.
\r
1l
(b)
The ftont-€nd commission will bc due end payrblc upon thc first Disburscmcnt, rnd shall b. plid
by lh. Borowcr by hlrlby authorising NEFCO to withdraw it from lhc firsr DisbuBco€rn b bc mldc
uDdc. this Agrecrncnt,
(c) The ftont-end comdission shall be psid noh*ithstanding sny carcellation ofthc Losn.
3.05. Co6hltD.trt F.c. (a) Thc Bonowcr shall pay to NEFCO a c{Emitncot fce of 0.4yo p.r lnllum
calculrtcd oo thc undr!*n llnouot of the t an from and including the d!t! of thk AgrEcmcrt to bd
cxcluding thc actul dd! on *hich it is fully disbus€d or, as thc casc auy bc, canctllod.
(b)
The commiunent fee is p.ysblc in srrE rs oo th. Psyment Dltcs. Arly sccrued commi!trc
foa in rBpcct of my csncrll.d rmoulrb shdl be paid upon canccllrtioo.
t.ln, U!?trdlng C6t , (!) If NEFCO incurs any co!t, sxglnsc or lo6s (rhc "Irlrlrdlrg Corar.) .3 .
rcrult of 0r. Borrowlfi
(i)
pryng or prrpaying any mount psyable undcr ihis Atl€€mcnt othar thatr on its duc drte;
ot
(i,
failing to borrow in acco.dance wirh a Disbursem.nr tt quest submittcd to NEFCO;
thctr thc Bofiov/cr shall immcdistcly pey to NEFCO thc duly documenrEd smount lhx NEFCO ftom time
to time notifies to the Borower rs being thc aoount ofthos€ costs, expens.s and losses ircunEd.
(b)
For lho purpose of this Cluse 3.01. (Unwinding Cos6), 'tGts, expcDses or lo&r.s" itrclud! any
ptcmium, pcflslty or axpcnsa incufiEd to liquidatc or obtaio third party dcposits, bonowitrgs, hadgcs or
swrF in ordrr to rnrkG, mthtai4 futrd or h.dge sll or ary prn of eny disburscm.nt or pqsyncnt oftic
I,rr! or my poyE€at ofall or prn ofthe Loan upon accrlcotion,
ARTICLE
',
REPAYMENT; PNPAYMENT
thc disburscd princM .trount of tic lr.n (includitr&
'tpay
for the avoidance ofdoubt, the froot-end commission
withdn*n in s..adrncc with Clause 3.05. (Frorl,
end Commission), and any tr8nsfer or simil& fcca that may b€ dcducted by lccount oa corrspondort
bu*s) in substsntially .qurl, consecutive instslm.nts on the Prymant Datas comhcociog oo, or nasrst
to, r date hlliDg twerty foul (24) mo hs sner the date of ltis AgrlcEcr snd cndhg otr I Prln< Dstc
falling on, or ncartst to, a dltc twelve ( l2) ),cr's .ft.r the darc ofthis Agrccm.trt (th. strh.l R.!.yD.rt
4,01. RrpayDertr. Thc Borrower shdl
Drtc").
{.02. Prcp.ytncnt (a) Thc Borrower may prepay the l-oan, in alnounts of not lcss th.tr EUR 500,000
on lny Payment Det€ aglinst a prrpaymcnt fee of 0.125% calculatcd fht on thc prEpaid lmou .
Pargayma otherv,,isc rhsn on s Payment Datc is esch time subjc.t to & prior noticc of 30 cdcndar days
by tha Borowcr to NEFCO, and sD agrccmcnt bateeen NEFCO srd thc Bonowcr rp.cifying t[G tanlj
lnd condition! for such prrprymcnl
(b)
Without prrjudicc to thc aforcssid, preprymcnts shall be madc togctll€f, wift rll uarucd
intrEst 8nd fc.s and cxp.nscs atr4 as the casc noy be, thc Unwinding Cos.ts.
G)
Prcpaymeots rre subjcct to thc Borm*er obtdning eay Authorizrtions rcquLrd to In.te
F€pr)'m.nt wtcrlvc, rpplic.bl.. Any pstirl snouot ofprinciprl p.ep.id shall hc rppliod by NEfCO il
(}-\5
{t
t2
cxtinction or rcduclion of installmcnts in 0Eir inverse ord€r ol dlturity. Prepaid rmounts mry not bc r+
boflowed.
{.03. Mrldrtory Prrp.yE.lt (s) In the event thrt ery Sub-projcct is not impl.motrd substurtislty ss
provided in Schedulc I hcrrto and in thc lElcvanl Fint c. Documcds, tnd NEFCO hls not lpFovcd
dcviatioo from thc parsrncters specificd for said Sub-project within a pcriod of six (5) months ftom thc
drlo when tho Bonower became awarr of such substantial dcviation, then lha Bonowcr shall, ifNEFCO
so rcquitrs, imBcdiatcly makc a corrcsponding prepayment of$c t oan.
(b)
If it is or bcoomcs unlawdrl for NEFCO to give cfrecl to any of it! obligatiors ss co omplotsd
undor this Agro6ment or to fund or maintrin thE Losn, or if tfic Frmcwork Agrcmcnt is o. is lik ly !o
bc terminrtad by Gcorgi. or not birding on GeoBia in ary r6pcct, oot cflectivc iD .ccord{c. with iB
trrDs oi br!!.hcd by Gcorgi!, tb.o NEFCO shafl nodry ihe Bonowcr accordingly and thc Borowcr
irnmedirt ly rftcr rcc€iving such notificrtio{ piepay the Lorrr.
$dl
(c)
Any prlpayment in accordance wirh rhis Cleusc 4 .03 . (M@daory Pftpnynen ) shlll bG mid. in
rc,c.rdancc wilh subs..tion (b\ of Clrvs. 4.02. (herynte ).
ARTICLE 5.
PAYMENTS; TAr(XS; ADMIMSTBATION
5.01. PryDctrt Pmvijou; Clrrlncy Ritk (a) Th€ principal smourt offte t aD, intarlst 6c.Eoo
and .ny other charge or fee rcl.ted lh€rcto shsll be paid by the Borrower on tic duc dstc h ihmedi.tcly
sveilsble fimds. Unless other$dse aSreed, paymcnls by the Bonowcr shall bc Eadc in EUR to such
sccoun(s) as 3}all be notified by NEFCO ro rhc Borrowcr.
(b)
If NEFCO re!.iv€s atry smount in respect of the Borrow€/s lilbility hcrcundcr, or if such
li.bility is fo( wh.t ver rcason settled, in a culr€ncy othe. thrn EU& then:
(i)
the Bonowcr shell inddnriry NEFCo, .s er ittdcp.nde obligrtio4 ag.inst.try dircct
costs sod expensas rlsulting ftom lhc convanion ofthc fundr inro EUR md he tran3fcl
thor€of;
(ii)
if thc dount rceivcd by NEFCq whcn convdtcd into EUR st s Scnctrlly rviil.blc
nlrtct rat , is lcss thrn dlc.mount ow.d itr EUR" lhe Borrower $sll fortwirh Pty to
NEFCO sn .rnount in EUR oqusl to thc doficit; .nd
(iii)
the Borowd shall pay any taxes psyabl€ in corn ction rvith such
convcrsion.
5.02. IraLrnrhado! of CrrreDcy Vrluc. Whencvea it shall be necr$lly for thc purposas of d s
Agrlcmcnt to dcterminG the vsluc of one cunency in tcms of rnothcr as ofe givcn date, such valuc shsll
be dcrermin.d by NEFCO on the basis of quotations on the nlcvrnt interb.nl nr*et two (2) BuliD.ss
Drys prior to such given &tc (provided also thrt such dey is e Rclevant Busincss Day).
!.113, Net P.yEaltli T.r Gro.r-!p. All paldant3 mlda by tho Borrowd und6 this AgrcGmant rEf6 to
n.t rnounts ud thcy $rll puEuaDt to the Framework Agr€ement be mlde tla ofEtry .liEic{ioDs ofany
kind and ficc of ald without deduction for any (i) ftcs or chrrges .trd (ii) T!x.s irDpos.d in Gcorgi..
Howcvcr, if lh. Bormwcr shdl bc c@pcllcd by rny law or rcgulation of Goorgir to oomply with such
r$tiction. and this would result in NEFCO not rccciving full paymcnt as conlamplrrc.d in lhis
AgrcGmcr! il shall cffoct p6yEc of such highcr ernounts as may bc nccca-lary to cllsut! thlt thc nct
rmounrs rrcciv€d by NEFCO will €qull tir alnounts pr,€blc uodcr lhis Agrccrncnt.
a
\h
l3
5.1N. Lo.n R..ordi Evid.lcc of Dcbt NEFCO shlll opcn and msint8in on itg books . losn ra.ord in
thc Borrover's n ma shorving thc DisburseDcflts under, rnd repsym€nts of, lha Loa& utd fte
canputttion atld psyment of intarcst, f€rs, chugrs, commissions md othcr aEoutts due atrd suEN prid
hcrcundcr. Such lon rscord shsll bc final, crnclusivo and biodiDt on the P&rics herEund.r unlos3 sho*rl
by the Borrow€r to contrin a manifest aror.
P.yn.rt
5.05. Prrdd
Subjcct to Claus€ 4.02.(c\ (Ptepaynent), if st er|y tirEc NEFCO rcclivcr less
thon lhc full amount then due and payable to it under lhis Agreenen! NEFCO may alloc€te snd apply tlrc
rmount recciv€d irl any w.y or menn.r snd for such purposc or purposcs under this Agrcrmcnt as
NEFCO in its solc disclction dctcrmines, nots.ithstrnding any iosbuction that the Botrower mey give to
lhe conhrry.
5.06. Dhrrptior to Prymllt SyltlEr Etc. If any of the Parti.s dcterminca thrt a Disruption Evc has
ocrum4 it stull prompdy infonn drc othcr Puty accordirgly in *ritio8, Tho Partics thdl dl.r!.ft.r hrlt
such conSuhrtioos !s 0r! r€quirld to agrre on such ofungos to thc opcntion or administration ofthc t oaa
as thcy darri neccssuy in the circumstances.
5.O7. scl otL NEFCO m.y sct oll ary mltulEd obliglrion duc fiDm th. Bortowcr urdcr any Fimnce
Documelt (to thc cxt ot b.ocficially owncd by NEFCO) agri[st any fl!tuld obligation owcd by
NEFCO to the Bonower, rrgardlcss of lh. pla{. of plymcnt or cuncnqy of cith.r obligation, If thc
obligatiors rr€ io difre.ent cutrcncies, NEFCO mly corvert aidrcr obligtion u i Darkrl rstc of
exchanSe in its usull couse ofbusincss for thc purposa ofthc sat off
5.08. Irdcpcad.ot Oblg.dotr, The liability ofthe Bonower lo cffect paym.nt ofth. princip.l amount
of and inGrcst on thc to.tr and of ary oth.r amount to bc paid und.r this Agrp€mcDt oD th€ du. dlr€s
shall not be conditionsl upon plrfonnanc€ by MDF or a Final Bcneficiary or any co.opcntinS pany
involved in & Subprojecl and shall not br rfrected in any wiy by any chim which rhe Borrowcr may
have or might consider that it has a8ainst MDF, a Final Beneficiary or any co.opct'.fhg prity.
ARTICLE 6.
WAnRANTIESi
nEPnESENTATIONS ANL
GEIIIERII, UNITERTAKINGS
6.01, Rapttlant.do!! rtrd Warrriiaa. The Bonowcr rcprEscDts and wrrratrb, on lha dlb harcof
an4 unlcss it has othcrwise notificd NEFCO in writing, o! thc datc of .sch Disbursamcnt Rcquect, on the
datc ofcsch Disbuncnant and on eaoh Payment Dtt! that:
(r) the Bonolvc/s payment obligations under this AgrE€Ecnl constitute general rnd unco itionsl
obligrtioos of the Borowcr that r.r* and shsll rant sr lcast pari parsu with all othcr prcscnt ud
iruc urreclrcd, unsubordinared obligations of the Bonowcr;
(b) this AgralEanl hss bocn duly authorizod, and has been duly cxccuEd, signd tnd dclivlrcd on
bchalf of the Bono*er and it cotrstitues a valid and birding oblig&tion of the Bonow.r witi rlgi.d
to all its terms atld conditions; snd
(c) no Security (othcr thrn the Securitics allowed pursuant to Chus€ 6.02. (Negalipe Pledge)) axis:6 dt
aay oflhc Borrowc/s Public Assets as secu.ity for rny Extarnrl Debt.
6.02. N.8.tivc Pld8G (a) Tho Bono*cr und.rtlkcs rvith NEFCO 6ar if 6ry Seourity rhdl be cFsted
o[ any ofthr Borrowcr's Public Asscts as sccurity for sny Externel Dcbt, thc Borow.r shdl, at no cost to
NBFCO, s.cur! thc Loan wilh s S€curity of similar priority.
p6
{r
t4
O) .
in suEs€ction (.) rbovc shrll not lpply to (i) atly S€curity in existmct ss of
rnd duty disclosed ro NEFCO in w ting. (ii) lDy Socurity on proprty,
urrclt p.ucll!.!ie Oereof, solely as securig for rhc payncnt of thr purchssa pricc oi such propcity at thc
or rs
sccunly rr &c p.yD.nt ot dcbt iDc_urcd for thc purpolc of fiosncint
dlc purcbasc of oci projpcrty; or
(iii)
-The FovisioDs
:j-o:::,,T" "p"..:"t
b-.""tio; *a';*ineiiur ."ti.i"! r"r
rny-securi,ty.rising^h thc ordinary coursc of u*fing
morc than onc ( t) yr& rficr rhe date on which il is originrlly hculrrd.
6,03. (Xher Urdartaldngr As long as eny amount under this Agrceoent ,lmtiDs out*a[ding
Borow.r shalli
fh€
(r) promptly inform NEFco of (i) any condition which i.rcrf.res or th&arens to
innerfe.e wilh thc
occomptrstunent ol the purpose of the tnrn and (iD any event which entitles,
or wirh the lapsc of
tihe or othcrwise would entitle, NEFCO to susperd Dishrschcnts or acaelcrata dlc
[aan; snd
(b) include dl amounts due snd psyrble, or to fall due and payablc, to NEFCO during
each Fiscal yoar
in its smud budgct for such year.
uNDERrAr(n{cs#ff *. rr,
"*-"r.
For as long ss any smount du. under this Agrecment is outstandin& the Borlower shsll:
(a) ensurs that th€ proce€ds ofthe Loan shall be used solcly for the fioancbg of tia projeot
and carh
Sub-projoct in scord.nce with Schedule I herttoi
(b) meinr.in MDF es the Projecr Lnplementation Unit for the fuI and c.mplete proj€ct
including any
snd aI SuLprojccts, provid. the neccssary means to fund thc appoinrnc;t snd c;ure thar the Fin
l
Bercfici.ries allow MDF to undemke its tssks with rcspect to implemcntrtion of cech SuEprojcct;
(c) malc the proceeds of thc Loan available to MDF under the Agreement on thc projeor Exacution
Auihority, for thc bcdefit of tlrc t-inal Bcnc6ci.rics, md cxcrris. its rights vis-t_vis thc Fin l
BcncficMcs in such manncr as !o PIot ct lhe intrEstJ of thc Borrowir rd NEFCO lnd to
accomplish the purposc offic Loan;
(d) nor assi$ or abmgatc any pfovisioo of &e Finance Documefis thc Borowcr i! party ro hcluding tlrc
Agrccmant on tha Projcct Exacution Authority or otherwise ammd or waive ray ,i"rortat pariision
thcrcoi
(e) csus€ MDF snd to have MDF, within its comp.tedct, to causc the Finrl Bcocficisrics pcrfom
to
dl
thlk respective oblig.tions under l[e relevrat Finaacr Documcnts includi,l& without liaitetioq tbcir
oblig.tions rElsting to:
(l)
(2)
(3)
enabling the opemtion ofMDF 6s providcd for in the r€lGvatrt Finrnce DocurDcits;
procuremcnt of Goods and Works for thc projcct es provided for in the tEleva,lt
Fimncc Docrrmcnts and in acco.d&cc with tbc NEFCO procurlmc Gui&lincs;
implemcntation ofthe Project *ith due diligence rnd efficicocy snd in cotrforoitv with
NEFCO'S Eovilonocotal lod Sustaimbiliry cuidcliDcs, lDd
coupliaoca with all
applicable laws and rcSulsrions iocluding *ithour limit*ion, rhosc rcluing to
Envimnmentsl M8tters and SociEl MattoIs:
b
e
x
{v
l5
(4)
(5)
(6)
cnsblc thc op.rrtion ofthc Consuftrnt cngegcd by NEFCO
fimdcd by rhc Minist y
"nd
of ForEign Aff.irs of Dcrunr* assisring MDF in-th. implcmcnr.lioD
ofirc f-i""t
providcd for in tha rclcvalt Fimnc€ DocumcnB;
"i
prcpsErioD and $rbmission of rEpons on mt[.rs rrhting !o thr prjoct
aod fhr Fitrll
Boncficiarios' opcrutions ,3 provided for in the,elevam Fiiurce Docuricnts;
.nrinlen&ce ofprocedurs, rccords lDd accouats ss wrll as pilplrrtion lod 6ubmiirioD
to NEFCO of ttlc audik_d fmancial $rrctrEnts fo, thc hojccr
in accordanc.
ircpercd
with
IFRS and- fumishing to NEFCO any other rolevear infonution telating to the pmject,
MDF ond fie Fi,lll B€neficiaries. oFrations .s Fovid.d fn ia Oe ilevear finiacc
Docutrlellts;
(7)
complirnc€ with sll cov.nants regardhS fimDcisl Bnd opcratiorEl .rpccis of the
Projccr, MDF 8rd thc Final Beneficiarios;
(f) t ke all legislStive, regulatory snd other actiotr, oa not omit to Ele any such action, rcquircd h ord.r
!o give efrcct to thc provisions ofthe rElcvrDt Financc Documcnts iDchrditr& wilfiout iimitation, my
lction neccss"'y to ensble rhe Fin.r B€neficisdes to ncet thcir obrigitio;t undlr the rnvesttnc;t
FiMncing Agrlcmants;
(g) whg.! any obligatioD of MDF or i Fi0sl Beneficisry u cr the rchvaDt Financr Documents,
!s the
oarc may bc, rcquircs approval of thc Bonorvcr or rny rclcvant ctst agaacy or audrority, in
rccodan_ ce wifi Georgian lcgisl*ion, pmmptly gr.nt (or cause th€ .tt
or rutbority to
prorDptly grant) such ,pproval, it being undeEtood lt t MDf rod Final Bcnifrcirrics
"gro"y will hlvc to
meet all thc rc6pectiva rcquircmcnts sa foah in tic legislation;
(h) ensuF-that no etion *hich would prcvcnt, or inlcrfcrr wilh, rhe cx.cution ofttrc projcq (or
oDy p&t
tharcoD or lh. performence by of its obligations undcr thc rclcva Finalcc Documcnt!" is t [cn or
permid to be t trn by the Borrowc. or any lllgt,ant st & sgcncy o. auttority or Etry of 6qir
r€spactivc auMivisions or any cntity o\rned or contolld by ally of 6enl' or opcrating
for thc
sccount or bancfit for any of lhcm or any such suMivision;
(i) whcre alplicable, euthorise or enable or have rulho.is€d or ensbled MDF a,ld erch Finrl Bcnefici8ry
to implcmcnt such rcgulations and €nforccment methodr wlrich erc drcmed nccrssary by MDF rnd
cach Final Bcncficinry to fulfil drc rcquircments of the relevrDt Finaocc Documots, rs thc casc may
bc;
O provide tunds. necasr"l Jo flrnd 8Dy txes (including, without limir ion, VAT).lld duties
(includiog without limitntion custons duties) on all Coods rnd Wo*s .nd s€rvicca p;qrd
from
procreds ofthk Agrlcment,lhc EjP Grlnt Agrccment and/or any tlchnicd c.opaati; fr&dirg;
(t) cnsurE tbrr MDF st alr times hrs sufiicicnt tunds ro .oect thc rlcw*nt co6is, ircludina i,ods to ftlfil
its obrigstions undd rhc Projeq Agrrqncot, lfic procurmlnt conErcts atrd thc rclcvirnt Iavcctracnt
Financing Agrrcmcnts, as the casc may trc;
(l) ifth. tolal (asr ofthe projecr cxcccds thc smounr sd fonh in Schcdulc l, rimcly Eovid. turd3.nd
srrviccs as rcquiEd to cnstlt€ that Ihe impl.menralion of rhc projccr c0n bc compieiea rs
OcsoAbcd in
Schedule I herrto, fie hoject Agl€emell and lhc rElevant Investnent Financiaj lgrcmcnts;
(m) cnsuE thrt trorc of thc Project Buildings arE sol4 Esnsfc[ed,
dispo_ scd (*,ttc6o!
lerscd, privdizcd or orhcrwis.
in 6 iingle trnsaction or in a scries of traneactions, rehtJ or othatwisa) to a nor_
public cotity during thc ,naturity ofthc taan;
rg
,o\,
{r
l6
(n) anluE that the Chsrtlr ofMDF is not amcndcq iusperd.4 abrogrtld, iepcaled or waiv€d so !r io
matlridly rtld adverscly affect thc sbility of MDF !o porform any of its rcspestivo obligrtions
co[siJtcni with this Agrc€mcnq
(o) prcvidc NEFCO with &ditcd .nnual finahcill stni.incnts for thc projcct, prcFrd in accordaacc
with IFRS, withio lto .al.ndar days sner thc .nd of clch subscqurrt Fiscll ycar, in fqtrr lrd
tubstlocc sorkfrElory to NEFCO;
(p) provide NEFCO wirh quderly progrer. trpon., in fonr end .ubstlnce ratirfrctory to NEFCO, for es
long rs thc Projecl or any Sub.proj€ci is bcing implemcntcd;
(q) immc.di6t ly notiry NEFCO of.ny m.&rial dcviltions in lh. iDplcmcnrrrion of! Sub,projcct from
0lc parErDotos spgcifiGd iD this Agreement !!d tha oth€r Fin!o.. Documcnts;
(r) t!ftah fioln srd tlke .ll ncccs66ry lction to p.evcnt, 6nd ensure lhat MDF atld tho Finat
Bcr.ficiari.s.re oade lerare of thcb obliSrtions to Eftain fionl .nd to tikc lll sp?ropri.a! etiotr ro
prcvcnl Prohibibd Prlctic€s iD comcction ryidl thc Proj.or, !trd itrform NEFCO of, rrd coudlric!
in caopeEtion with NEFCO, by all sppropriatc mcans atly such pricticcs whcncver identihcd;
(s) clusr MDF rnd thc Final Bcn.ficiadrs ro ctublo NEFCO'S rrprcB.atltivcs to visit 8try Projccl
Buildiqs ard col'fuctioD sitls includcd in lhe Sub.projccts, to .xrminc l[c Goods sDd Wo*s
frn!trccd out oflhe proc.rds ofthe Lo.rr slld any sitcs, property, .quipe.trt, ]r6rd! rnd docum.lts
r€levr to tbc pcrfoimen 4 ofthe obligrtjons ofth€ Bolrower undcr thi! Agr!.ttrrt, rld cosure dm
such rEprcsantdivca s& providcd, wi$ aU nccrirary lssi .ncc for lhii purposc;
(t) d.liv.i to NEFCO, by I 5 Jrnurry c&h y.6r afor compl€tion of implcmeDtltioo of each SuEprojcc!
an cnvircnmant l rEport h dlc form .c4cptible to NEFCO;
(u) €nrure on thc constsuclioll sitcs cstablisbrd fo. thc Project iEplcncntation with thc auppon of lhc
gr.nt fiInd! fmn thc Ministry of ForEign Afflirs of Dctrlndq th6t approprirt vilibility i! giv.n to
Dcnna* lnd that whcre rcfctrncc is msdc to thc PrDj.c!, cithcr in officirl or public iDfornrtioq
including promotional material, an ecknowledSemcnt is iucluded and madc public lhrt thc altiviti6
wcrr co-frrndcd with grdrt funds Fovidad by thc Midsry of Foreign Afrails of Denmart undcr the
Danish Neighbouriood Programme; and
(v) fumkh or c.ui. io bc fimish.d, to NEFCO all such ioformdioh ss NEFCO Sall tom timc to rinc
rc{soo.bly rcqucrt corccming d& Projrct or t}lc Sub.projccts.
cencruffiiH$wnison
t 0l. Crrcclador by aDc Boro*cr. Thc Borrowcr may by notica to NEFCO colccl any slount of
t on not rrquircd to fmsnce th. Project or s Sub.projcct snd in rcsped of which ti. 80110*6r hrs
the
not submitted s Disbursama Raquest. Unlcss NEFCO shlll olhdwis€ sgree, such noticr ofcamallation
shsl bc iErvocablc.
8,02. Sorpoodou If any of thc followhg wents slull havc occunrd ard be cootiruh& NEFCO mly
by notic. to the Bonower suspend, in wholc or in pa( the right ofthc Bonowcr to dnw down 6c t oan:
(a) !! r result of cvctrts, which have occur.ed sfter thc dste of this Agr€cm€nt, an cxtrao.dinsy sihrtios
sh,rll h!v. rds.rl which shell nake il improbabl. that $c hojcct can b€ c.ricd outl
ps
\Y
t7
(b) a rEprcscntation mrdc or informrtion givcn by thc Borow.r in or pusurnr ro thk Agr€ar'cnt, or
any
strtcmcnt mdc by thr Borrowq and intrndcd to be ralied upoo by NEFCO in trukin!
dr" r oa!,
h{va b!e! inconEct in sny mrtedrl ,Espect 6t th€ time it was madi or given;
"b.il
(c) !try cv.nt_ (dstg.rding &ty qurli&ing period of time) sp.cifiod in Ntir]te
9. (Acc.terudol o/
Matrirl) hcrtof shall havc occurcd atrd be conthuing
(d) lhe Boro*er, MDF or s,ly Finsl Brnaficisy, or alty oflhcir r€spcctive ofiict
s, coployecs, sg.nts,
canrulhnts, supplior or rcplolont tivos sh.ll hsve b€€r fouad o heve engcged A oy }r*ititA
PEaiica;
(.) lny matarial adversc changc shrll havc occunld in thc condition of thc Boarowcr fron rhlt
rcprlrcnted by lhc Borower is oflhc dat ofihii Agrccmcnt;
(f) thc FrEmewort Agrermatft hrs ceasrd to be ir full forc€ snd cff€c! or &e vdidity of it or .oy prrt of
it is thrErtcncd:
(g) if d.ny tim. NEFCO dercrmircs that:
(i) the procuGmcnt of sDy Goods, Wo*r o. othar itcms is inconsisEnt witt the Foc.durEs sat
for6 ot refarcd to iD this Agrltmaol;
(ii) fiInds dmwn dom uodct thc [,orn hrye boen used for purposcs othcr tian thosc provided ior
rmdcr dis Agrccmcnt;
(iii)with r69cct to lny cofiacr to be lioarced ia full or in prrt iom tlrc pocccds of tie t arl
.!y r.prescnt*ive ofthe Bonotf,er, MDF or my Find Bcocficiary or rny othcl bcocfici.Iy
ofthc ta.tr has .ntlgcd in 6ny prohibitcd practic. during thc paoourlEcnt ot.xccution of
soch cootrrcl without thc Borroscr having tsken timety a appropriafc ration sstisflctory
to NEFCO to remcdy lhc situation.
l}e right offte Bonower to diaw dou,n the [r.n shdl conthue to b. susp.ndcd h whol€ or in pdt, &r
tha c$c mqy be, until thc event o. avmts which gave rise to such suspeBion 3hdl hsvc c.ssed to exist,
unlGss NEFCO sh.ll have notifi.d tlre Borrowc. thlt ihe right to dtsw dowtl hts bc.n nstolld in wholc oa
in put, !s lhc c$c msy bc.
t.(8. CllcdLdo! by NErCO. (e) Th€ nght of thc Bortow€r to DisbuEalEots is aubmrticdly
t rmin.r.d nicr dl. Final Ay.ihbility Dit udcrs NEFCO pursulnt to the Bono*cr'r wittcn requcst
lgrt s to .xtrltd thc av.iLbility of$. Lo6n.
O)
If(i) thc ri8ht ofthc Bonower to dIlw dol*ll the Loan shall havc bccn suspcndcd eith rspoct
to rny aoount of thc h6n for r mntinuous pcriod of tbirty (30) cslcndlr drys, *
lliy rr uy foc,
NEFCO dct!.EiDGs, aftar consuitrtiqt with drc Bonowcr, thlt an smount of thc Loan r*ill nC bc
rcquircd to frnracc the Pmjec! NEFCO may, by rDtic. to itc Borrorrrr, tlfminatc thc .idf of $e
Bormwc. !o drtw do*D such sDount. Upon thc giving of luch notice, glch lnrou of thc t ostl shdl be
irnvocrbly cancelhd.
6r€
\IF
l8
ARTICLf, 9.
ACCELERATION Of MATURIry
9.01. Events of D€fsult. Ifany ofthe followin8 €vents (each arr qEvotrt of Dofrult ) oc.urs, NEFCO
may, by norice to the Bonower, declarc rhat all or p8,t of rh€ l-oan, togcthcr with aocrued interest and
any oth.r amouats payable under this Agreement be immediately due and payable, wheiRupon they shall
become immediately due and psyable. The Borrower wsiv.s arly right lhat it might have to further tutice,
prcscn[nenl derrand or protest )vith rrspect to th6t dcmand for immcdiare rcplymcnt:
(a) Prymcd llcfeolt A dcfault shrll hrve occun€d in the paymcnt by the Bonowcr ol principsl,
irtarest, or any othor smount due uder this AgrEemont, or u[der lny other agr€remcnt htween tie
Borrowcr sod NEFCO;
(b) Brc.c! of Other ObllgadoN. The Borrower shall have dcfault€d in tbe pcrformance of any
obligation urder this Agre€ment, or under any olher agraeme0t b€twE€n it alld NBFCO, and any
such default (ottcr lhan tlrc €vents cov.red unde. paragraph (a)) shall hevc continucd for a poriod
ofthirty (30) caleMar days after NEFCO givinS notice to th€ Borrower;
(c) Mirr€pre!. rtioD, Any reprcsentstion or waranty made or deemed to have been made or
information given by the Borrcwer in connection wilh the execution and delivery of this
AgrE€ment, or in conneation wilh rny Disbursement Request, is or proves to have b€€n iocorrEct or
misleading in eny material respect when rnlde or deemed to have been m&de;
(d) Irrolvercy. The Borower shall have become unsble to psy its debts as they mrturc or any action
or procooditrg shall havc beeo taken by the Bonovver or by otheIs whor€by any oftfi€ Assets ofthc
Botrower shall or may be disaibuted 8mong its creditors;
(€) CIo$ Dchrdt Any Extemal Debt of lbe Borror*er in excess oftie equivalent of EUR 1,000,000 is
declarcd to b. due and payable prior to its sp€cified matutity:
(0 Unlrwfulrca!, It is or bccomes unla*fiI for the Boirower to perform any of it! obligatiors under
aoy Fioance Document;
(g) Irirpo.d of ProJect Brildingi. Any of the Project Buildings is disposcd of io br.sch of Clause
?(n);
(h) SalcttoN. Disbursemcnts are prohibited by a decision on any eaonomic, financial or trade
reghictive measuras or 6rms emba!8o€s issued by
(i) the European Union pu.suant to Chapter 2 of Titl€ V of lhe Trelty on Europesa Union as
well a! Article 215 ofthe Tnaty on lhe Fmctiooiog ofthc European Unio4 includiry but
not limited to tiose as made avrihble on the officisl EU websites: or
(ii) the United Nations Security Council pulsuanl to Anicle 4l of the IJN Charter inaluding
but not limited to those made ovailable on the ofncial UN website;
(i) Projcct rclrted I)efrull!. Any ofthe following occurs:
(i)
,,-w
MDF ceases to operatc as the Prcject Implementation Unit for the Projecl includirg any
and all SuEprojects;
\if
l9
(ii)
tha Chsner of MDF shall have bccn amcnde4 suspandcd, abrogarad, rEpcaled or waivad
in s manner inc.nsistert $tirft thc terms of this Agrremeni or ltly othcl Finencc
Documcnt;
(iiD
cont ol of lhe Ass€ts of any Fhrl Bencficirry shall hav€ bccD 9"6[sfcrred to s plrty other
th.n the relevanr entity controlling the Final Beneficisy or sny Prcject Building is sol4
rsnsfcrrd, lers€d or ofierwise disposed (\xheiher in a single taasa<tion or in a serios of
tnnsactions, rchtrd or othcrwis.) to ! non-public cntity dudng th. E turity offic
rn
or lhe Proj.ct Building shsll no longcr bc in public oil,[ership for rny .eason;
t
(i")
MDF or any Final Beneficiary foils to pcrform any of thcir respc+tivc obligations undcr
tha terms ofthe Finance Documents, as rel€vant, or inconsistent with this Agrrcmenl.
coNDmoS[IrcDlrrsrryr*."0,.*
10.01. CGDGrrl Cordilion! of Iri.brn ncnt Th. obligation of NEFCO to makc Dirbu8€menis
udcr this Agrccmenr is subjecl to tte fulfilDcn! in ! n.nner saisfrc{ory to NEFCO, of the following
condhions:
(a) Iro! AgrraEcrt This Agreern€nt hrs becomc (or, as thc cssa may tc, rerlaitrs) iD full forrc alld
cfrect in accotdancc with irs tems and NEFCO hls recrivcd is original cxecuEd copy thcrcof,
(b) AuahoriEdoN. All nccessary authoriz&tions and cons€nts (if 8ny) requirEd by tho laws ud
rlSulations of GrorSia ard spccifird in th€ Lcg8l Opirioo isued pu6ur to Clsuse 10.01.(d) (I4gdl
Ophion\ t v.lid aod in iull forc! rnd cffc€t lnd NEFCO shlll hlvc bccn providcd (if so
rcquasted), a cartified copy of sny such authorization o. consenl iogcth€r with an English
renslrtion:
(c) hcuDbcDcy. NEFCO has rcceiv€d evidence, subgtrntially in th€ fodD of Schedule 3 (Fonn ol
Cedifraate of lncunbenc! did,kahorily), of 6. stttlority ofthc p€?son or pc.so.s who will trl(r lny
action or cx€cutc any documedt rcquiEd or pcmittld to bc tekcn or cx.clncd ry tba Borowar undcl
thh Agrcmcnt, and rhc authmticaled spccimen signaturr ofcr.h such pcrsod;
(d) t gd Opfrhn. NEFCO has been prcvid€d with a Lr$l Opidon, in form and srbstuc. rc{.ptlblc
!o NEFCO, issu.d by lhc MinisEy of Justicc of G€orgia confirmiDg thlt this Agrc.rnent h&e bee,
duly authoriscd by, .tld cxccutld and d.livcrcd on behslf of, fhc Bon!$q, Etifild rs rclrvsrt srd it
..0!titul,.s a vslid and lggslly binding obligltion ofthc Bonowcr, crforcclblc in accordrnc. wilh its
lcnns:
(c) trroit-.ld ComDhdolr' NEFCO shall havc rcccivcd (thmuSh withdrswd froo thc 6t.r
Dhbu$cment) thc ftoot-€nd commissior rcfcnEd !o in Chusc 3.05. (Fro.rr-€Dd Connistion);
(f) f,SP Gnlt Agrccoent. The E5P Grant Agteernent, in fonn srd substanc€ sltisfrctory to NEFCO,
h.! bccn onlrrcd into and sll conditions pEc€dcnt to its cff.ctitencss havc becn fulflll.d, snd
NEPCO has received its original erecuted copy therrof;
G) Proj.ct Agrt 6e[t Tbe Project Agre€meD! in form and substancc satisfactory to NEFCO, has he.rl
cntclli into and sll conditions F€cedent to its effetiv€ness hav€ b€er tullilla( sod NEFCO hss
r€caiv.d iB original cxoutd copy thcrcof;
J
e,\n-
.\F
20
(h) Agrcrment o, tbe Proiect Er€cution Authority. Th€ Agreem€ot on the project Exe€ution
Authority, in form and substalce satisf.clory to NEFCO, has been entercd into snd all conditions
precedcnt to its cff€ctiveness have b€en firlfilled, gnd NEFCO has received its executed
copy lhere.f;
(i) IDvestmert Filrrnciry AgrceDent!. Each relevanr lnvestmenr FinancinS Alrcement has been
ent€red into between MDF snd the rclevsnr Final Bcneficiary srd all con;itio;s precede[t to the
effectivcness of said agrecment have been fulfilled, and NEFCO has rcccivcd its cxeutcd copy
therrof;
O Coocultrncy AgrccEetrt. The Consult ncy Agree.nent has been ent.red inio between NEFCO and
the Consultsnt and all conditions prccedeDt to its effectiveness hsve been fulfiUed, sDd NEFCO has
r€c.€ived its original executed oopy therrof;
(k) Ltd Ophionr or the oticr Fin.me Docun.nti. NEFCO has been
L€gal Opinions, itr form and substance acceptable to NEFCO:
(i)
Fovided with ihe following
a Legal Opinion issued by MDF conlirming that the project Agreement has beeo duly
authorised by, and delivercd by MDF and constitutcs a valid aad binding obligation of MDi.
enfo.ceible in accordafte with its terms:
(ii) a Legal Opiaion issued by MDF confirming thlt the Agreemert on the project Execution
Althority has be€n duly suthorised by, and delivqed by MDF and coNtinrtes a valid and
bindinS obligation of MDF eoforceabl€ in accordaoc€ with its lcrms;
(l) Orvircroertrl rrd Socirl Actio! Plrn. NEFCO has been provided with the rclevanr
Envirotrmental and Social Action Plsn, in fo.m and substance acceptable to NEFCO;
(m) Project Impl.meotrtioB Udt. NEFCO has satisfi€d itself that MDF is acting ej the project
Irnplementetion Udit;
(n) P.rDit!. Th€ Bono*er and/or MDF or the Final Beneficiaries 6s relevant have obtained all rcquisite
lic€nses, permits and approvals and,/or no-objections by appropriate authoritics, as may be nccisory
lo implcment the Project or a SuFprojoct as r€leyant and to calry out any other actions nec.sssry for
the purpose ofthe Projec! and such licens€s, permits and rpprovals are in full force and cfrecl;
(o) DirburieEctrt Pl.tr, NEFCO has been provide/ with a disburs€ment plsll in form a[d substrne
ecc€ptable to NEFCO;
O) FUI Fi! citrg. NEFCO has sarisfied irselfrhat the Proj€cr is fully financcd;
10.02. Corditiolr! of All DbbuNeEerts; Dilburs€mcDt Requ6r The obtig{ion of NEFCO ro
make a.oy Disburs€mcnt is subject to rhe conditions thsl:
(a) lhe aggtgste amount ofthe E5P Gr.nt requested for disburs€ment and/or disburscd to tho BorIowfi
sh.ll not at ary timo exceed lhe aggregale amount disbursed under this AgEemcnt;
(b) no event specified in Ar]'icle 8. (Suspension; Cancel/arirrr) b&s occuned which would €nritle NEFCO
to suspend Disbursements iicludio& v{ithout limitation, that lhe Bonowcr is io complisnce with the
undcrtakings specified id Aiticle 6. (Representations and Vananties: Genetal Undeflakings) a\d
Anicle 7. {Undenakings pgatding the Ptoject);
,C,\d
\s
2l
(c) no eveflt or cireumstancc, which constitutos or would with psssag€ of timo or giving or notice under
this Agr€€ment constiote an event specified in Anicle g . (Acceleration of Mdciy\, has x.ufted,
and is continuing unrcmedied or unwaived or would rasult from the Disbuscme ;
(d) the rcpresentations made in Article 6. (nepre.rentatiotls and Warrmties: Cenerd lladettaLings) are
true on the dalr of the Disbursement Requcs! and will bc Eu€ on and as of th€ dst€;f the
Disburs€ment; and
(e) NEFCO has rec€ived, not less than ten (10) Business Days tefore the date of the Disbur.ement (or
such shoier pedod as NEFCO may agree to), the Borowe/s Disbusement Request substrntially in
sccordancc with ScbeduL 2 (Form o/ Disbwsenen Req,/€rr), togEther with a oertified copl oftho
drawdown rcquest provided by MDF to the Bonowar.
10.03. NErCO bcncfit. Thc conditions precedent s€t out in thc abovc Clauscs 10,01. (General
Condilions of Disbfisemena) ,id 10.02. (Conditions o/ All Disbto.sefients; Disbursefient Requqt) arc
for lhe bsnefir ofNEFCO and may be wdv€d only by NEFCO at its sole discrction,
ARTICLE II.
f, NIORCEABILITY; DISPUIE RESOLUTION
E
11.01.
ry itrto force. This Agreeoent shall take effect on the drte of receipt by NEFCO of the
notificstion of the Borrowcr on the fulfilrncnt of intemal proccdurcs naccssary for thc cntsy into forc€ of
this Agrecmcnt. NEFCO shall communicatc to the Bor.ower the dat6 of ant y o force of this
i
Agreement.
11.02. Fallurt to erercbe RigLt!. No delay in exercisin& or omission to excrcise, any righq powd or
rcmedy accruing to either Ptrrty under this Agreement upon any d€f.ult shall inpair any sucb right,
powcr or remedy or b€ construed to be a waiv€r ther€of or an acquiescence in such dcfault nor shall the
action of such pao/ in respcct of any dcfault, or sny acqui€scencc in any dcfaul! sffeal or irlplb any
righl polrer or rEmedy of such Party in rcspcct ofany other or subsequent default.
ll,(8. Dbputc Rerolutiotr. (a) The Parties to this Ag,eement shrll endeavour ro scltlc amicably any
dispule or contoversy bdween them arising out of this Agreement or the br€{ch, terminaiion or
invalidity lhereof or otherwise in connection the.ewith, To this en4 at lhe initietive of citlrr Party, the
othcr Party shall meet prompdy wilh the initiating Party to discuss any such dispute or contsov€rsy atrd, if
requesiEd by the initiating Party h writing, shsU rcply in writing to any wdnen submission Dide by lhe
initiating P&fy concemiru any such dispute or cortrove$y.
O)
If any such dispute or controversy, or any claim rElatirg thcreto, cs.mot be alricably sefiled &s
providld for in paragraph (a) of lhis Clause ll.03. (Dspute Resoltion) within sixg (60) calendar days
oI the date on which the requcst for a meeting is made as r.fenrd to in palagraph (a), such dispute or
contsovcrsy, or claim relating thereto shall be settled by arbitration in accordance with the UNCITML
ArbitatioD Rules in force as at th€ date ofthis Ag.reement, subject to lho following:
(i) The number ofarbitsators shall be thrEe (3).
(ii) Tte appointing autlority for the puposes of the UNCITRAL Arbitration tulles shell b€ ite
Secretary{enersl of tlc Pcrm$ent Coun of Arbitnliofl.
(iii) The plac€ of aditration shall be The Hague.
(iv) Th€ lE[gu0ge !o be used in the arbitnl proceedings shall be English,
es
o
.if
)1
(v) The hw to h€ dpplid by the arbitnl tribunrt stull bc F$lic intrrrution l law.
(vi) NotwitistudinS ih€ Fovisiofls oflhc UNCITRAL tubihrion Rulcs, the ebiEal Eibunal slull
flot bc suthorised to trke soy inierim mcasurcs of protaction or pmvidc atry pft-sPtd rrlirf
agaiorr thc Padies sld ncithcr Party oty lddrrss io lny judicid suthority a rcquosl fot iny
intldrn mcrsurcs of Foteclion or prr-6ward rrlief 6giinst the olhcr P$ty.
(vii) Thc
ribur:al shall hsve authority ro considcr and include in any proceading; dlcision
'Ibiral
or nwud,
my disputc, conhoverry or clairn proporly brought bofore it by dto Pertioe, irsofrt
!5 such disputc or conroversy srisrs out oflhh Aglrrncnt.
(c) Nothing iD thii Agrcrmqrt shlll be c4nsEucd as s wlivcr, rcounciltion or olhar aodilioltioo of lay
immunitios, privilcges or exemptions acsordd to NEFCO pursu&t to the AgrEcnrcDt of 6
Novembc! l99t bctween DeDD.rlq Finlsd, Ictland, Norw.y .!d Sw.dco conccmhg NEFCO (s!
from timc to timc supplemented and/or amcndcd), thc Fr!trlcwort Agr.Gmcnt, .ny odrcr
intarnitionrl convention or rny spplicible law. Notwifist&ding iha foregoin& NEFCO hls madc an
exprc$ submbsioo to 8rtitrdion undc. this Chll.c 11.03 (Dispu. R.solutior) ad accordin0,
rnd widrout prcjudicc to its olh6 FiviLgcs and irnmunitics (includiag witiout liditdiorl' lhc
inviolability of irs archivcs), ir ackDowlcdg.s that ii docs not h.v. iemunity foE suit rnd lcC
proc..s in respcc,t of the enforEcment of en $bitral al,r'ad duly mtde sgrinst it ss r rlsuh of its
express submission to dbitration FEsuant to this Cltuse I l .0l (DirPlre Rerollt or).
(d) ln eny rrbitrsl proc..€ding arising out ofthis Agrc.menl the certific.t ofNEFCO as to rny snount
due !o NEFCO hcrcundg shall, absenl r muifcst crot, be Prio. facic ovidcnc. of such rmount.
ARTICLE 12.
MISCELT.ANEOUS PRO1ISIONS
12,01, Notlcar Any notice, r€quest or oihar cofimuricnion to bc givcn oa mlde under or in codnaction
wid! this Agrcenent shru bc in writiog. A notic,e, rcqu€st oa oth.r communiaation mly bc dclivcild by
b!n4 cI il or couricr s€rvica to lhc Ptrty's ad&tsr spccified bclow or rt such other rddrcss rs luch
Plrty notifi.s ro th. odEr Party fiom tirDa lo aime lnd will bc dFrctive upon rccri or, in lhc c.sc of
dclivcry by hlnd or by establbh€d courier rcrvic., upon dclivcry or rcfusrl to oc.lpt &livciy. Any doticc
cxprGsly rcquirod undcr tiis Agreclaeit shell, if givcn by cm8il, prooptly be coflfirm€d by s leter to bc
&li6Ed by c$blish.d c4urier sewice (.xc.pt for the notic.s r.fcEd to t\ Clanl. 3.02.(b) (yoiable
lnteresl Rot.)\.
Addrcs.srs:
For thc Borowcr
CeoBia
Ministry of Financc of Gcorgia
l6 v. Gorg8sli Strcet
0ll4 Tbilisi
Gcorgie
Athfiion: Public Dcbt and Extcrnd Finincing Departn.nt or its iuccesror hereto
Email: oublic&hldmofqc
,t
o$-
\r
23
For NEFCO
NORDIC ENVIRONMENT FINANCE CORFORATTON
Flbi&dnhtu 34, FI-00100 Helsinti
M.il: P.O. Box24l, FI-00171 Hctsinli
Finl.nd
Attcnfion: MsEging Dircctor
Emil: tlgrnino@r.fco.Iii Bo.Nyhus@Efco.fi
Crebphon.: +35E l0 6lE 003)
12,02. Eldltl hryr.ge. All docum.nt! to be fumished or communicrtions to be given or m.dc
pun r ro thk Agreement shsll be in the hglish htrgusge or, if r! sno&c, hDgwc, stra[ if mfCO
so ,qucsE, bG scromp€fliod by r truslrtion inb EDdtuh 3jilf&iory ro NEFCO c.rrificd by two
.utlrc.iz.d ,rpr.!.Dt tiv.s ofth€ Bonos,.r. NEFCO nlry, ifit ro rlquir.s;oh.in.n ErSli.h brn hioi.l
tha cost rnd lxpcr5e of thc Borrowcr. NEFCO ery drro liy such Englith trDlhtion !o be tho
govorning vorsion bctwocn the Prrties.
Trr.*
t!,00. Doc[D.!r
The Borrowcr shdl poy or cauco to bc poid lDy T.xo! o! or in cotlFotiotr
with tto crccutior, issuc, d.livcry or rcgist .tion oflhis Agr€Grtr.or lcvied uldcr llc ltws ofcoorgi!.
12.(N. Ad.ndr.Dt Any .mendmcnt of any provision of lhis A8rc.ment shell be io writing and duly
sigrod by th€ Puties
!d .slificd .s relcvant.
l2.Ut.
Sderrbility. [n rhe ev€nt tbat 8ny prcvision of this Agreement is or shdl bccoec void o.
uacaforcclbla, thc rEmlin&r of this Agrccmcnt shrll Gmrin in full forca ltd cffccl
12.116. Coo
crp.r't This Agr.cmedt is m.dc in wo (2) copics in hglish.
12.fi, Scladllr& Thc followinS sch.dubs fonh an integrxl pllr of6is Agrlcmcr i
SCHEDULE I D6critsion ofthc hojcct
SCHEDULE 2 Foro ofDkburscmetrt Rcquclt
SCIIEDULE 3 Form ofCcnificatc oflncurnbcacy and Authority
{F
24
IN WT[NES{; WEEREOF thc Pdics hcrrto, scing thmugh thcir duly or*hodzcd r.prrs6atativc!, h.vr
causod this Agrrlmcnt to ba si8nad ivith tbait rclpacliva names I of lhc dry frst 6bovc wittcn.
GEORGIA
,,,_-l)=L-P
Nikoloz Cagua, Minister ofFinsnce
By,
t) 4t"
25
SCIIEDTILE T _ PROJECT DESCRIPTION
The overall objectiv€ of lhe Project is to implcmcnt aners/ sevings and enerry efiiciency messurEs 8nd
to intoduce nnewsbles and rltemative soures ofenergl supply in scvcral public buildings in Georgia.
Th€ Projcct Buildings \rill b€ loodted id ttfee different climatic zones, be dedicated for difrerenr
flrnctions dd purposcs (i.e. adrninistrltion, education and health) lnd will be in lhe owretship ofseveral
Finrl B€ncficiarics bcing thc stalc its€lf, or cach municipolity or ministry or other public body or ontity.
The pwpose of the Proj.€t is io decrcase and decarbonize energr consumption in the hojeci Buildings
5nd ther€by, to reduce CO2 emissions srd the cosls for operation snd mai enenc€ of tne
Buildings.
froiit
The Projcct's expecEd outcomes arc:
.
.
.
.
.
Reduccd eners/ snd msintenance costs for buildings owners;
Reducad us! of fossil fucl - dirEctly and indirectly via reduccd rl€cbicity consumption;
Improved management ofener$r usei
Expectcd cmission .eduction of 1.120 tons COZa; and
lmprcved comfoft levels for buildings uscrs.
The rpecific Project Buildings will be 8grced scprrarcly betwcen NEFCO, fie Borrowor and/or MDF
undcr the rolevam linoace Documents to be enteaed inlo in form aDd substancr saaisfsctory to NEFCO,
hdividual Project Buildings may, upon the Bonower's written request, be repl.ced with other public
buildings, provided th{t (i) the purpose.nd rcsults ofthe Project remein unchsnged and (ii) EBRD as lhe
frrnd msnager fo. E5P, in addition to NEFCO, has given its prior *ritten c.nseDt,
Thc cn€r$/ emciency measurcs to be intoduced ir the Project Buildings arc thosc outlincd in the
Fessibility Study and list€d below:
.
.
.
.
.
.
.
Ifiprovements ofthe insulation ofroofs, e6lls and pipes
lnstallation ofnew ventilation systems
Instellation and replacement of troilcn
Installation oftharmostatic valves and other automatiofl conEol
Installstion ofhcat pumps
Inst llrtion ofsola, PV systems
Establishmcat ofLED lamps and exterior lighting systeEs
Tte total investm€nt sum ofthe Projec.t is estimsted to be 5.14 MEUR.
Thc firuDcitrg oftho Project is as fotlows:
NEFCO Loan rrp to
2.83 MEUR
E5P Grant up to
Danish g ant up to
0,.1.I MEUR
Totsl
S.I4 Mf,UR
I.87 MEUR
*-O
/-)
,lB
26
SCIIEI'ULE 2 - PORM OF DISBUNSEMENT REQI'EST
lla.te Ed of Mnb,rt of Fia@ce)
To: Nordic ErrvLonm€lt Fimma Corpor.tios
P.O. Box 241
FI{0171 Holsinki Finland
Attcntionr Scoior Investncnt Msnag€r Bo E kc Nybus
Frcm: []
Drtc: [ ]
R.E: Loor Agrrcncrt (NEFCO O7lf7 EsP) b.te.ctr G.ortL.nd Nor{lc ElvlmnE. nmncG
CorDondond.tdI|201t,
l. Sub-project [ ]
2. Disburscment Request No- [ ]
l.
Irfr hcilby rc{u6t a Disbu6eo€ot for thc porporcs ofdrc abovcmcatioocd SuLptojcct as
follo*s:
Curfc!.yrld.Doult
R.qu..t d drt! oflrhbufleincnt
EUR
II
tl
If the requ.sted dd. of Disburs€ment is less lhm ten (10) Busincss Days sfur drc datc NEFCO rocaivo!
this rcqucst, NEFCO may effcct p.ymetrt at I lst r drtc which is two (2) Busincss Drys aicr lhe
rccGptrnca of lhc Disburs€menr Rcquest
[Thc originll of the DiBburs€ment R.qucst logether with tha supponing doaumdrtstion hi! baln
forealdad io you by eirmsiycouricr.]
2.
Our psvmcnt instsuctions 6rc as folloe,!:
IBAN.Accouc
linsel' e qMN-lbcobtl noicrl
Accout lloldcr:
Iinse', n@te od &.ssl
A.co!!a B.!k
IiN.r, node od &ess of ic NEFCO)
Accourr But'r SWItrT/BIC md.:
Iinre4 e cod.l
CorrrapoDdcrt BrDk
lnae ad &cssl
Co.r..potril.lt B.!k'r SWII'T/BIC cod.r Linsc tle codel
(U the lcco&n B@ri it not located
il tle contry wll(],ie atftncy ls to b pai4 entet tlp now
otd o&zss oJ the *couit bart's cofiesryndenl b.Dl in such coatry)
o+
$
27
l.
Thc Bonowcr I9!It!e!lE!!!L!E@!lE 13 follows:
(a) the undarsigncd has oot previously drawn down stry amount of thc Lom io mect th6sc
expenditurcs. Th€ undenigDed ha! not md docs not intend to obtrin funds for this purposc
out oflhc proce€ds of eny other 106r. crEdit or grant;
(b) rhe Goods a.d Works covered by this Disburscment Requc$ hava baan or sle being
putrh&rad iD aarorddrcc witi thc crms oflhc L.sn Atrcemenq
(c) lhe expenditues have been 6ede o le being m.de only for Goods sod Wo*s or other
items rel.r.d io thc Sub-p.ojcct;
(d) th* thc aggrcgatc amount of thc E5P Cr6nt rEquesH for disbu.s.m.nt .nd/or dbburs.d to
the Bofiower shall not at the date of Disbursement exc.€d the rggrcgrte dnount disblllsed
undcr this AgrE€men!
(c) no cvcnt spccificd in Anicle t. (Sr.6pen ior; Canc.lldion\ has *.itfid which would c idr
NEFCO to susp.nd Disburscrncnas includin& wirlbut limiartiorf ih.t thc Bonower i! in
complirncc wilh the uodcn kings sp.cifi.d i! tutiale 6, {Reprcscntadots @td Ydn@tles:
Ceneral Undetakings\ zrd Anicle 7. (Undenokings related to E Proj.cr);
(D no event or circumsta.nce, which constitutas or vould with passtgc of time or giving ot
troticc undar this Agreement constitulc an .vent spccficd in Articlc 9. (.acceleration of
Marriry), h.s ocrurrEd end is clntinuing u medied or unr^,dved or *ould rEsult from thc
Disbus.mcnt;
(8) the rlpr6cDtltio,ls madc in Arriclq 6. (R.Wsenlations @d W@r@ties; Gene?d
LMe aLings) er.tn]c on thc darc ofthc Disburscmcnt Rcqu.sl, and willbr tirc oo rad es of
ttrc d!t! oflhc Disbulscment.
As supporting documcntstion the Bo.ro*cr cncloscs . c.rtificd c.py of lhc dEwdorfir
rcqu€st providcd to it by MDF.
On b€halfofGeorsia
Byl
Signsh!{s) of Authorizad Rcprci.ntadvq,
IPtinl rr@rrc's @|d ,ttle(s) of Awlofted Represatotiteb)l
^s
\u
28
SCIIEDULE 3 - FORM OF CERTMCATX OP INCUMBENCY AI{D AUTEORITY
(See Claus. 10.01.(c) ofrh€ Agrecm. )
IBORROWER LETTERHEAD\
Nordic Environmcnt Finrncc Corporslion
P.O. Box 241
Datc [ ]
FI-00171 Helsi i
Finlstd
Attention:
Rc. Cotfcrtl ol IrcuEb.rcy rld Authority
Witt rtf.rficc to ii. t .n Agrccrtrqrt (NEFCO 07117 E5P) ddcd [.] 20l t (thc "Lou Agrrcucat")
bctwccn G.orgia (tbc "Borrow.f) aDd Nordic Errironmcnt Finarcc CoryoEtion (.naEfCO.), I, thc
uaderrigncd Miniscr of Finance ofGeorgi!, duly rulhorizrd to & so, hereby clrriry lh,at th€ fouowiag
aI€ th€ namcs, offices afld trra specimen 3igutures ofthe peBons each of whom are, sl)d will co[tinua to
be, suthorizcdl
(a) to sign on bchrlfofhe Eonower rhe requesL! for DisbuBcmcnt offirDds povidcd for io Clausc 2,03.
{Disbtteivnt; Cu'rency\of thc [.o.n Agrc€mcnt:
(b) to sign the c€rtificstions provided for in Clause 10.02. (Conditions ol.1ll Inn Dbbursemcnts;
Disbursene Request) ol the L-oan Ag€€menc and
Neme
otiice
Sp€cimen SiSnature
ctc.
Thc pcrsons armcd abovc .E .uthorizrd !o tile sucb actions [crch by him-/hos.lfl [ [.] togetlIcr.l
You may usumc tlut aty such Ircrson continuca to b€ so rulhoiiz.d urltit you rrocivc luthoriatd
wrifon notico fiom tho Borrower drat thcy, oa tny oftienl ir oo longcr so euthoizcd.
Yours tuly,
GEORGIA
By:Neme:
Minister of Finance
.,d
{B