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n SlDprl ot tt. Emrly &dor noto.m ot C.d!l. cER A .d FRENCH FltlAllClAL COOPERAION WTTH GEORGIA Dsdaratix| of lnlonl brlvlesn Gowmment of G6orgia, ropr€sentod by the Ministry of Financs ol Georgls ('eG') and KfW, Frankturt am Mein cKfw) and Agence Franqaisg do D6valopp€ment, Parls CAFD] - Supporl of he Energy S€ctor Reform of Georgh Pml€ct lor 39885 ii'l'z "0" Support o( !|. EE€y s.cio' R.rorn ol c.or!!. 1. lntrodrcdon Reprelentaltu$ ol th6 Govemmenl of G€orgia (GoG), G€rman Developnenl Bank K and the Frondr D€v6lopm6nl Ag€ncy (AFo) galh6Gd in TblJlsl, Goorgla bctween Fcb.uary 5 and F6bru6ry 8, 2018 to distlJ!3 the pos8lbla 3uppo.t ot GoG's embatioq! refom agenda in Energy S6ctor. Thas lrnlalivo ltrrt d in oarty 2017 wtlen lho GoG app.oa.fi6d Kfw wilh a requ$t to alsse3s opfioos tor a Pdlcy Ba9ed Lending (PBL) operation to supPorl Georgae's reform proc€ssas nithln th6 3ts61!9lc framewo*! a, ils lutl membtrEhip in th€ Eneryy Communlty (EnC) .nd th6 EU Arsocladon AgtoGm.nt. lt ls undorstood by the padilr that thls Declarauoo of lnt6nt ls not dotlnod a3 en agr€emonl €nt6r6d lnlo by partlos with tho lnlenllon of croallng legal oblloatons. Th6 Road i/hp 201&m21 and th6 conespondlrc Policy MaHx 2018 (see Annex6 2 5nd 3) ytere dov6loped jointly wlth lhe Minislry of Financo and tho relevanl lin€ Minbki6s (Mnistry ot En6tEy me€ed 6nd ot 2017 to ths Mlnlstty of Economy and Su6tahable D€velopmenl) Other .sl6vanl slakoholdlrs, elpscially tho En6rgy Communily and lhe EU4En6rgy regionel offic€ ln Tb{lBl \ ,!f€ lnvolved lo devolopmerll ol lha refo.m p,ograrnme from an 6arly stag€. The 6rchan€e wilh the EU OGlegation and lhc Frcnch Devdoprn€nt Ag6ncy (AFO) Y€r6 par' ticularly frulful and culmlnstod ln lho anvLtag.d doa€ coopatatlon on lho PgL oporaton bo' h.,!on lh6 AFD and Kfi, and a paeliminary indication ot th. Eu Ool€gation's willlngness to 6uppoi lh€ 6ector ralotm paoo63 rYith tochnical assistanca. The pmpolod PBL ls strucluEd dong a Roed irsp cov€.ing lhe )€arc 201 8 until 2021 , spocied ln a policy maldx snd lEcked ovor a multl-y€ar PBL epPoach. The policy malix wfll b€ reviB6d and updatsd on armual bas€ dopandlng on nocossly. An updalc of tno Road Map ao conssnt of lhe slgnlng pade3 as and wh€n r€qulld is consldered b€lw€on lho signlng padles as an oplbn. ll ls agrood bat ll will b€ l*k of th6 stosring co.nmlttee as stipulated in chapt€r 3 to mak6 any nocBssry adju3lnsnts of lho Road Map. Kfw u,guld llke lo hbhllght lhal all giv€n lerm6 and condillons as well as lho commilmonl of funds ar€ given on a sLdy lndhalivc ba3is ard ero aubiod to lho rosults of a duo diligoncc t trc approyal of both KtWi man5gement and lhe Germn Govem' COuo Oilloonce') and menl. The Duo Olligonco wlll 6ncompass an andy3is of lhB financial situallon of lh6 bonolvot and plauslbility of lhe plann d implemonteUon and operalion concepl. AFD would like to highloht lhal nolhln0 ln this dodaration ol inlent constllules an ofier or a commltmont from AFD to provide financing to ola Gotemmonl of Gsorgla. AFD'S decigion to mak6 rundlng avallabla wi|l ba subjocl lnlot slb to (i) the potitive condusbn of a comprehensiv6 duo-dillgencc proccss on lhe ldonul€d programne, ln partiorlar on dimato impacl ([) eatbfaclory agro€mgnt on t6ms and condibons of tho finarring. (iil) approval of AFOS dscl. lion-maklrE aulho.lll€s, (lv) absencs of any mat€ial adwBo chango ln tho finandal siluatlon of lh6 bo.rou,er end/or mar*el condnlorE and (v) nogotlation aM execulion of all the relal€d conllaclual documanls satisfaclory to AFD. Thr tlguros and amounls ar6 lor rsforronce only end may be subjecl lo chan96 in lhs future. KtW yrouu also ll](e lo highllght lhal for all itefis ol the prolecl to bo flmncod by KllV neod lo be prcsrr€d ec{ordlrE lo KfWs GuldellneJ tor fl€ Procuramenl of Goods, Works end Services as $/sll as tho Guiddln6 fd lh6 Alrignmanl of CorBullants (i, rel6vant). whi*l r6quire3 Noobi6clioo3 of KfW lo relovont p(oqromonl sl6pl. AFD r@uld also llke lo hlghllghl thal allltems oftho p.ojocl to b6linancod bv AFD need to b€ procurgd acaording lo AFD3 proorrorncnt ru1e5. /lr/lt*> ,s oupFnoao. En l!,S.Cd R.td, o,G.o40. 2. Noxt atops rnd tlrnoline Tha Go\ltrruno,lt d Gao.!h, KfW .rd AFD w{l larnqh th6 no|d !tcp! fa lhq t}ra Dilbancs eri Fqact proparanq!. Thg!.lndlrdo: ilem No, T€ntattvt Tlmellne SlenlrE ., Fh.nclal Alr.crnanl by G6orgle, r6p.6- April 2018 aonlod by lho t hbfy ol Fhanc6. and KfW on b€hal of the German Golr6mm6nl for a grenl. pllv{ded by th6 Gorman Govcmm.nl to tha.rcs a coBdtanl lor the proJad devalopmgnl. Ktwintornal eppreis€l and propos€l lo th6 Germ6n March 2018 Mlnlslry fo. Economlc Coopor.tlon and Do\,€loprnenl Coollactn€ of e conlultanl for tls proJo€t rr6v6loF Aprll2018 m6nl. AFD Contracdng of a cqllulbnl lor conductng psrl of tha a3.ocialad t€doLC maaau,ra fo.r&.n foa 2O1& May 2018 ml9 Kfw-lnt rnal loan approval May 20to AFD AFD internal loan app.oyal July 2018 A$$s.na.rt o, 0r. irtrimqt ol thc relgvnt ldC0€6 lcf20'18 Aogust 2018 AFO AFO. Slgning ol lho tirlt loan 8gr€em€ots (ln case of po3i' ttue rosull of tho assesgr6r{) b€tv,ren the Kfw ard MOF Goorgi6, ropEsmigd by lh6 Mlnlstry ol Fhanca and 6130 botwron the AFD a.d Goorua, Epresentad ry lho Mlnisty ot Flnance KfwAFD. OlgbuB€me'll d Loan Funds iolh filt lorn agtre.. ircF Soptsmber 2018 December 2018 menls (.11o. raltlcalion of loan cortrads by tho G€or glan Prdbme.t) 3. StructuF and Rauonal ot th. Envlsag6d Coopgratlon Objodh/e of th€ progrrn ls to contribut6 lo tho imptgm€ntatlon of th6 EnC Treaty and lhs EU Assodstlon Agroemsnt, fostedrE econofilc gro$ih lhroogh qcr!-bordea stsctrlcity Fading, lh6 r€ducuoo of 9r6€ohouse ga! slnilsion! yla an snhsncod onorgy elliciency ln consump0on of dcafidty, tho araatlon o, addluonal export cspeclty Ior etoctrEity through roduo6d domostic consumpbbo duG to cn€rly aiioioncy m€6autr! (6speoletly ln electijiy lransmklon and buildinli) and creatlon ot skil€d iobs with futuro pot6ntt6t, 6.9, in a future odonted corBlrucilon ssdo( rEfledirE EU lldld6rds in @nslrucllon. Nt*a 9A lj^ Supron oadr. Efilr3..Lr R.to.n ., c.d!L Th.rdorr, coc. KtW and AFD exprgls $e rohGd u.ld€Istsndtoo about ta folloortng: Alm ot th. PgL . Th. obi€dl\6! d ho pBL {o (1) the lrgloflal martal hhgr€0rn wtth lrforgnca to the EnC Trsaty wtl€ avor po*tue lo suangthen c€o.gL.! poalt n Es s regional o.rroy hub and to a$ure th€ economlc ! sulblnabtltty of lha tm,!!lm6r tnto tho t ensmisston Infrastn cturc o, Geoot€, suppo.tad by thc ht€ma{ond donor co.nrnunly snd, do6.y ltnkcd to s srrstainebt6 me*ed d6\€lopmcnt, (2) EnrEy Eficb.Ey (o6p.daly kr buulitg.), rc(6nir€ to the NetorEt Energy EtrL cl€oq A.tion ptsn (NEEAP, rotos!6d m17) and th. derini0on and hpl.mcn;ton ol lqrpaalh/s Enorgy Efrc&rEy Sbndar&, ,fs fudha. d€v6lopment and c6o.gh.s gaijons und6r ths EUEC boaty. obti- Sttuctlr€ ot th6 pBL: - Th6 6nvlsao6d +Far stratogy ls ou{tn6d in thg Ro6d M.sp (Annex 3), sp€dfi€d in a Pdlcy iLablx (Am6t 2). na i,lat! con(.lns de.rt d6lirEd tndi:aloB oo fh. r6quH ,xogr6$ ot the rEfqms h tha r€lpoolke liatds of ,ction (6marl trlggors. gee Ann€x 1). - Th6 Pollcy t*auir in Anoox 2 b sgrr€d b€nyoon GoG, KrW and AFO afl€I cor}sulta_ lion wilh tho r€lByant stak€hotders (..p. iroESO, cNeRC, SE, ESCO etc.) cu&rlon wih rllsvrnt domr! ln tho a€clor. and dts- Steedm Stuchr€ and Coodhalion - GoG. KfW snd AFO lhra the common undoBtendtng lhat tho nocassary rupport for achLring lh6 ststod ooab a! ouuned h tha Road i/hp roquk6 a hlgh level of coo._ dinauon wflhh t|€ GoG, bolkerl Goc End the dorDa communily trul allo belw66n ho donoas th6ms€lv$ a6gsdl.E trlelr ditroront prcgrams on ensrgy seclor rcform and en€rgy efilcloncy. Th3rdols, sn efiecllvo sts€dng Btruclure wll b0 6labllahed. Tho conposillon of lhls stucturs wll bo agrGed on rls a noxt stop to as&re hat tha r€levenl stekeholdoB ln thr lecba grE sdfidont, ropres€ntcd. Tha dosignatod srs€rhg .t udurr for th. pBL (Stolrirg Commttt66) intonds lo facitiials h; hi0etivs of GoG lo. more adysnc€d donoa coodlnatbn ln the lodor. . Tho Poticy t&td wi bo continuoosty updat.d laUng tnto considoGtion of Ihe Road irap for the folonilg pha56 In flo 3rd quart€r of a)t8, roflodirE h tho 1r phase. th6 6.fit6vemenl3 Phalho. DlsbuBrment 6nd Evahatba of R.3ults - The dbbrirserhont of lo6n5 ort of h6 pBL Is llnked to the po3live evalualon of lhe indicaloB, ddln€d in lh6 polky MsEix (hggar!) s! pqrt of tho lnplamlntdon oa th€ r& fornE ln tho rospcc{vo flold8 ol aclion oa th6 indivtdual iubsactors (Annax . Tl'a f[!t f*le3o 1). oa tho pBL b $*redulod to stsrt h 2016 lo .llo\x urdor the precondt0on d an adoquata l6wl of fuml|m.nt of tho agrasd oblloations a dlsbursemenl o, the,irst ll"//->- r0h I ].rv tutCo.'t o, t!. En tly l..ror R.{oifi ot G.o.tL tranclra dncly to b6 coNEared ln tho 2018 fudg.t. Subs6qu6nt phas6 rolow with an amudy ov&rato.B ,q flc yota m1'}m21 . ugrus . A conaspondlioly gmbuour pollcy llt.tix ln connactlon wllh a rdovant lundlrE vol. umo guarar c€3 lh6 vblb{lty of lho prog'am a.!d ol lha iolni.rg patusl! (GoG, Kfw (Blilzr, AFO end potenthly EU) ln th€ !€dor dldogua Bonofld wO b6 G.o.gia, EpGaa.rtod b, th6 Mintslry d Fllanc6. Rcsgo.l3iblo for lh6 d€.ign end lmplemantalign oI lh. scoto. .slo.m8 ag.!6d undor lha Eo€.em b lho Mlnlruy of Economy and Sualalnau€ D6.dopmclt. Tho paogsm lhoold prodde lmpo.tant tnPolu! lor shrdudng and implenlontlng a compae her|!h/! !6dor rshr and bdnglng il lnto ttta pdflical rofo.m procos!. To ad$s.ro lhi!, it 15 neoalsery lo loach rn agr€smant on lho totel volu.no over the 6nUIe amounl of th6 funds in odar lo onsur! an inldloaking rafll6m€ol o, dl fou. pha!€! slnca th. folbt+l,p Pha3cs can ont be tdggored affor sucaossful co.npl6uon of th€ provlous pha3e and iho achlovemenl of lh6 dafrned palout lrdhators. For th6 PBL t6ntatlvrly loan cornmitm.ntt of EUR 7a mllion p.a. 6re fo.a.een lo. al l€alt the yearz 2O1&2t21 wib Fobnli.l oxbndorl3 Ooael losis: EUR 2SO million), suqed b Kfv\r's ard AFO's Bo6rd approvals eedr ye6r durttg tlo $ftole imdementsroo Period of th8 pr} gram. KfW 6nd AFO agrga on a shaar of thatr commhmonts ln a tv/clcono ratio (KfW aF prormalely lv€ thkd! of lh6 lotal loan amount, AFO oie thtd ol th6 lod lo6n arrtount). EU TA funds. l, apdlcauo. v/ould srrppo.i tho fuf{m€nl of lhe c.il.ria ol tho potrcy besod loen. Th6 flnsl lundlng wlunlo rhal b. rr€larmln6d oo tha ba6l9 of a srittcn r€quolt from tha Govammont ot GooEb. lulJ-'> wat SuDpqtoltn En O,S..ro? Rriom ot O.orgtr Al panies ar6 loddng to.v,Ed to e 6uccs3dut coop€retlon in ordor to hrptomgot a succesCut loctor rcfom ln Goolgla'o anoey s€ator. *no,, ...1.1*X..lfro,, For: @v€nrn€rn oa Geo€lg Mr Mamuka Mlnhtorof For KtW: DlrBclor KfW Ofroe Tbillsl KfW S€nlor Proj€ct MarEg€r For AFD: for lhB South Coucasus Annare!: Anngx 1i Monlloring SctEmo Arnox 2: Tdgg€a Matrir AntS Ann6x 3: Rosd M6p 201 &2021 102

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Loan Aoreement aatea ,/. ./2. ,/o td betw6en KfW, Frankfurt am Main ("Kfw") and Georgia ("Borrower") represented by its Ministry of Finance for EUR 49,000,000.00 Policy Based Loan (PBL) BMZ lD: 3010 00 272 Loan lD; 28937 39 CONTENTS CONTENTS PREAMBLE '1. Loan 2. 4. Repayment and prepayment Calculations and paymenb in general......... ................ 15 7. 17 8. lllegality 9. CosE 17 10, Special 19 18 2i '11. Termination of ths Agreement ....:............-.----22 12. Ropressntation and statements........ 13. Publication and transfer of Programm-related information .....................-..:.22 14. General . Annex 1 Orawdown Annex 2 Specimen Application Annex 3 Compliance 32 40 2 PREA BLE KM/ and the Bonorrsr have agr6€d on policy initiatves, setting forth objecdves, polioi€s and acdons as dBscribed ln ths irigger matrlx for the yeer 2018 (Annex 2 of ths Separats Agreemsnt (as doflned b8low) (th€ Tdgg6r Matdx 2018')), to improve sec{oral reform processes ln the snergy 8€ctor ln GBorgla. Thh programme is e)eected to b€ co financsd.by AFD. The lerms and conditions of the Loan compty with the OECD requiremenb applicable on the date of signing of the AgrE€msnt for recognition as Ofiicial Davelopment Assistancs (ODA). On this basis and under the condition that the Federal Republic of Germany extends a guarantee for the Loan, Kfll/ will grant a Loan in accodance with the tems and conditions of thls Loan Agreement. 41 3 t.' L Loan 1.'l AmounL KM/ will extend to ths Bono\,ver a Loan not excsBding a total of i EUR 49,000,000.00 1.- ' ' ("Loan") (ln words: fourly nine mllllon Euro); il Puryoso. The purPose of ihe Loan is to support the energy s€clor rofom programme of Georgia (the "Programme"). The Bonoi\rar and Kfl / will dstemine the details ot the Pmgramme by a ssparate agr€€m€nt CSeparst3 Agreemont). l ],I 1.3 t I Iaxas, charges, cusloms d{r,ies. Taxss and other publlc Clarges of'ed by ths Bonor{6r as well as cusloms duties will not be tinanced from the Loan. I 2. 2.1 Dlsbu]3€mont R€questing disbusemants. KfW will dlsburss the Loan in one slngle disbursement to the Bonow€r upon receipt of a duly and valldly compbted and executed Drawdown Notics provided that all conditions precodent to disbursemsnt according to Article 2.3 loonditions P,Bc€dent lo disbu.I,enent) have been met. Tho Drawdown Notice shall only be complete and valid if (i) it is inevocable and has been submited to Kfl / no later than by 12 noon on he tent Banking Day (as defined in Article '14.1 Banking Day) prior to th€ disbuls€rnent date refened to in the Drawdown Notice; and (ii) it is substantially in lhe form of Annex 1 (Drawdolvn NolrL€). I I Deadline for r€quesiing disbursemants. Kfw has the right to refuse to make disbursements aftBr 30 May 2019 |,, i i I 2.3 Conditions precedent to disbursamerl. KM/ is obligated to make disbursements under this Agrsement only if the follo,lring conditions 4 i. i, precedent have been fulfilled in a manner satisfaciory to KM/ in fotm and l' substance: a) The Bonower will have demonstrated by presenting a legal oplnion satisfaclory to KflV, and by presenling certified copies (each wilh an official translation into lhe language ot this Agreement) o, all doouments to which this Legal Opinion refers, conrirming that the Loan Agreement ls legally Valid, binding and enforcgable against the Borrower (including for the ,avoidance of doubt, a statEment regarding Kn i's exempilon from all taxes on income from interest, charges, fees and slmllar costs when granting the Loan); b) Kfl/V is in possession of an original of this Agreement and the Separate Agreement, each signed with legally blnding force; the specimen slgnalures mentioned in Article 12.1 (Representation ot the BonoweO hereol have been received by Kff /; d) the guarantee from the Federal Republic of Germany mentioned in Allicle 7 (Guanntee trcm the Fedenl Rapublic of Gemany) ls in force and effect without any restriction; e) the Bonower has paid the Management Fee set forth In Artide 3.2 (Managemanl Fee) hercoti no reason for iermination has occurred, nor has an incident occurred that would be@me a cause for termination by notification or i f expiration or ascertainment or fumlment of a condfion (potential reason for t6rmination); I I g) no extraordinary circumstances have arisen that preolude or I seriously jeopardis€ the implementiation, the operation, or the purpose of the Programme or the performance of the pai/ment obligations assumed by the Boro\,{er under this Agreement and I x I I t t i I f t. tt h) the Bonower has provided evidence to Kfr'V on the fulfilhent of ihe Programme triggers for 2018 as s€t out in the Trigger Matrix 2018 satisfactory to KfW in form and substance. KM/ has the right prior to any disbursement from the Loan to demand such further documents and evidence as it deems necessary at its t, [, 43 5 discretion to ascerlain ths conditions prscadent for dlsbursement specifled in this section. 2.4 Doaails of ha disbursmont p,ocadurc. The BonoriEr, in thls tBspect repBsented by ihe Mlnkfy of Flnence, and KfW will detemln6 lhe details of the dlsbursemant procadure by the S€parats Agr€omenl and, in particular, the evidencg lh8t.has to be fumlshed by the Borrower documsnung that th6 requosEd loan emounts 8rB b€ing used for the agreed purpose. Right to canc€lt disbursomenls. Subiecl to the tulfllmont of its obligalions under Adicle 10 (specldl obligatiot s,) hereof the BonowBr may waivs the disbuBement of undisbursEd Loan amounB with lh€ prior consent of Kfi , against payment of a Non-accaPtsnca Compsnlrdon Pursuad to fult;d and as donned in Artido 2.6 (l,lon-ac,c€ptanc€ Conpensa o lf ihs Botrorcr can@ls lho Non-a(rjeplan(€ Componsation. disbursement of a Loan amount for which an inlerest rate ha3 alrsady been determined pursuant to Ardcle 2.5 (Right to canf€,l disbursemenfs) heGot, or if such Loan amount is not dlsbursed at all or ls nol dlsbuBed by the deadline strated in Article 2.2 (Deadline tor reqwsting disbursernenls) hereot, the Bonower will promptly pay to Kfi^/ upon its requsst such amounl os is necsssary to compensate KM/ ior any loss€6, expenses or costs in@ned by Kn^/ as s result ol the noniisbursement of the Loan amounl ("Non-eccapt nco Compensadon"), unloss such non{isbursemont constitutes a breach of this Agreement by KflAr. Kfl , will calculate the amount of the Non-acceptance Comp6nsalion €nd communicaie it to the Bonowsr. 44 6 ti i;: 3. 3.'1 Fsos Commilment Fee. The Bonower will pay a non-Iefundable commitnent !6o ol O.25o/o per annum ("Commltnent Fae") on undlsbursed Loan amounis. The Commitrnent Fee is dus tor payment seml-annually in arrears on 15 May and 15 November of each yoar, for ths first Urno on 15 05 2010' but no earller than on he tesPocdve date following he day on whlch this Agresment enters into forca and Bffocl pur8uant to Artlcle 14j0 EnAy. into force and efrect) he@ot. The Commitment Fee will bs charged if apPllcable wllh retoaclive efiect for ihe period beginning six monlhs afier the signing of this Agreament snd lastjng until the date o, disbursement of ths Loan in full or, if applicable, until the dai6 of definitive termination of dbbursqnenb frcm I the Loan. : J.Z Management Fee.lho Bonower will pay Kfl / a non-r€fundable one-timo lumpsum management fee of 1.OO% of th€ Loan amounl siated in Arllcle 1.1 (Anount) hercol ("Managomant Fse"). The Management Fee is payable on lhe earliesi oI the follw'ing two dates: (i) before the first disbursement or (ii) afre] three months have elapsed since the signing of this Agreement by KM/ or afror one month has elapsed since the entry into force and effec1 of this Agteement (whichover of the dates stated under (ii) occuB laier). The ManagQment F€e is due for payment as soon as this Agreement has been s( od inespeclive of whether the Loan is disbursed in tull or only ln Part or at all. t ft t1. ., lnterelt t,lelast Th6 Bonower will pay intsrest to Ki / as follows: [ t tI I Vaiabte lnterest Rate with a frxad intercst option Tho Bonorver will pay interest on the Loan in accordance with the follovJing provisions: a, vedable rntorBs, Rate. At the explicit tequest of the Bono er' the disbursed Loan amount will bear interest at a vatiable annual ratB on i k 45 7 the basis of conseculiv6 interest ped)ds puBuant to Ardde 41 b) (lntarest period) hareof (€adl period an "lnbr€st P€riod-). The variablo interest rate (Variable lnteEst Rate") is composed ol lhe Euro lnterbank offered Rate CEURIBOR') plus a margin of % p€r annum. lf th6 lntarsst aate thus ?. ?d calculated falls belo., 0 % per annum! the Variable lntsrest Rate will be 0% per annum for lhe relevant lnterest Period. (il Refe,en6€ intercst /8t6'. The EURIBOR to be applied br the duration of an lnterBst Psliod ls the annual rats (rounded up to the nearest l/16th of one percentage polnt, tf necs8sary) stated on ReuteB page EURIBORo1 or, if thb page fails to contain the necsssary data or is inetrievabls, on Bloomberg page Corp EBF (or on a follor.,ing PagB ropladng the abow ReuteB or Bloomberg page) about 11:00 a.m. Brusseb tme on the second Banking Oay (as definod in &ticle 14.1 (Banking Day\ hereo0 before the beginning of the lnterest Period as the EURIBOR in euros with a maturity matcfiing the rel€vant lnterest Period or, if the relevant lntersst P€riod doeg not malch any of th€ maturitles quotod by Reuters or Bloomberg, the EURIBoR quoted for lhe noxt longer maturity. (ii) Ntemate quotalion. lf he relevant quotations 8re not made on the Reuie6 and Bloornberg pages mentioned in Adicle 4.1 a) (il (Refer€nce irletBs, rate) hereof or if thes€ pagas fail to contain the necossary data or if these pages ero unavailable, and no Benchmark Oiscontinuation Date (as deflned below) has ocflred on ot prior to the rsspadive lnterest oetermination Dat6 (as defined b€low), ihe EURIBOR to be applied for $e duration of an lnterest Pedod will b€ the EURIBOR det6rmin6d by Kfl / as being equal to the arfimetic m6an of ths interest rates per annuni (rounded up lo the n€arest 1/16th of $e pelcentage point, if necessary) at iihlch loans are ofiered in euros in the European lnterbank Market by three leading bank selected by KM/ in an amount comparablo to the rBlevant Loan amount and with a maturity that most closely matches the relevant lnter€sl Period on he second Banking Day prior to the beginning of the Inter€st Period. 46 I (iii) EURIBOR discontinuatlor,. ln this connection, lhe following will apply: .'".. i.r,, I i.' . (e\ Negotiation. Upon the Negotiatlon Kick-off Date the parties will enter into good faith negoliations with a vi6w to agreeing the Replacement Refsrenca Rale, lhe Margin Adjustment and the Consequential Tochnical Amendm.€nts for the period ,oilowing the Benchmart Discontinuation Date. The negotiations will take into account the then cunent ma*et standards and will be conducled with a view to reducing or eliminating, to the exent reasonably practicable, any transfer of economic value from one party to another party. (b) Cosl of furds. Subject to sub".paragraph (a) (Negotiation) above, for any lnterest period followlng the Benchmark Discontinuation Date, EURIBOR sha be reptaced by the rate notified to th6 BonowBr by Kfl , to be that which expresses as a perceniage rate per annum the cost KM/ would have of funding an amount equal to the Loan during the relevant lnterest period from whatever source it may reasonably select plus ?.?t yo p.a. (in words: 2?.:/Z:L:_{!t/..,_- ?</per cent per annum). (iv) Definftions.ln this paragraph a) (Variablo lnterest Rate): Benchmark Discontlnuation Dats: means (i) the date on which the administrator of EURIBOR has published a notice (including any announcsment on its website) that EURIBOR will cease to be provid€d, (ii) the date on which the competent authority of the administrator of EURIBOR has published a notice (including any announcement on its website) aa) to withdraw the authorisation or regiskation of the administrator, or bb) to prohibit the use of EUR|BOR, (iii) the date on which EURIBOR, based on a legislative act, ceases to be available, or (iv) provided that EURTBOR was not displayed on the relevant page or the relevant page was not available for at least 10 @nsecutive Banking Days immediately preceding an lnterest Determination Oate, such lnterest Determinaflon Date; i 4? I Consequential Technical Amendments: means any consequential amendment to this Agreement required or desirable to make the Replacement Reference Rate and the Margin Adjustmenl effective; lntorest Determination Date: means the date on which the EURIBOR applioable lo an lnterest Period is detemined in accordance with this Agreement; Margin Adjustment: means a change to the margin to ensure, to the extent reasonably practicable, that the replacement of EURIBOR by the Replacement Reference Rate will not lead to any transfer of economic value from one party to another parly; Negotiation Klck-off Dats: means the date on which KfW nolifies the Borrower that in its reasonable opinion workable solutions have been deveioped in the relevant lending markets to replace EURIBOR following the Benchmark Discontinuation Date; and Replacement Reference Rate: means the reference rate which the Borrower and KfliV agree will replace EURIBOR. b) lnterest Peiod. With the exception of the first lnterest Period of a Loan amount, each lnterest Period will commence on a Payment Date (as defined in Article 4.3 (Paynent Dalesl hereo0 and wilt end on the next Payment Date. The first lnterest Period of a Loan amount will begin on the value date of the disbursement of such Loan amount and will end on the next Payment Date. lf a Payment Date falls on a day that is not a Banking Day, it will be adjusted in accordance with Article 6.2 (Due date) hereof, ln this case the lnterest Period will end on the day of the adjusted payment Date and the nexl lnterest Period will commence on the adjusted Payment Date. The intercst rate applicable until the originalexpiry of the lnterest Period will apply to the adjusted lnterest period. c) Change to Fixed lnterest Rate at the request of the Bonower. Afret the disbursement from the Loan the Borrower may demand that a fixed interest rate be applied for the full amount then outstanding in 18 10 accordance with the following provisions ("lnterest Change"). ln the event the Borrower desires an lnterest Change, the following provisions willapply: (i) Fixod-interest petiod. fhe fixed-interest period extends lrom the date from which the interest rate fl'xed on the basis of Article 4.1 c) (iv) (F,xed interest rate) hereof below ("Fixed lnterest Rate") is to be applied at the request of the Borrower ("Date of Effectiveness") until payment in full of the last repayment instalment; the Date of Effectiveness must fall On a Payment Date. (ii) Notilication of KfW. The Borrower will notify KfW of its request for lnterest Change in a form that essentially matches A']nex 2 (Specim€n Applicalion for lnterest Chan96) hereof. The notification must speciry the desired Date of Effectiveness and must be received in Frankfurt am Main, Federa! Republic of Germany, by 12:00 noon on the fifteenth Banking Day before the respective Date of Effectiveness at the latest. (iiD lnteresl rate quotation.ln due time but not later than at 12:00 noon in Frankfurt am i,rain, Federal Republic of Germany, on the fifth (sth) Banking oay before the Date of Effectiveness. KfW will gjve the Borrower a non-binding quotation oflhe flxed interest rate thal would be applicable pursuant to Article 4.1 c) (iv) (Fixed inlercst rate) hereof if the change were to take place on the date of such quotation. lf the Borrower irrevocably confirms to Kflfl the lnterest Change and the Date of Effectiveness by 12:00 noon in FranKurt am Main, Federal Republic of Germany, on the foudh (4th) Banking Day before the agreed Date of Effectiveness at the latest, Kfw will then perform the lnterest Change as inskucted and will inform the Bonower of the Fixed I lnterest Rate determined on the Dale of Efiectiveness pursuant to Article 4 .1 cl (iv], (Fixed inleresa ral€) hereoi lf the Borrower does not accept the Fixed lnterest Rate offered by KfW or if KfW has not received the Borrower's confirmation by 12:00 noon in Frarkfurt am Main, Federal Republic of Germany, on the fourth (4th) Banking Day before the 19 11 respective Date of Effectiveness, then KM/ will not effect a change from the Variable to a Fixed lnterest Rate. (iv) Fixed lnterest Rate. KfW will determine the Fixed lnterest Rate on the basis of lhe capital market conditions then prevailing: in the European Monetary Union for long-term loans taking into consideration the costs incured by KfW plus a margin of o/o per annum. lf the interest rate calculated /, accordingly falls below 0 % per annum, the Fixed lnterest Rate will be 0 % per annum. The Fixed lnterest Rate thus determined will apply until the last repayment instalment has been received in accordance with the repaymenlschedule set out in Article 5.1 (Repayment schedu/e) hereof. KfVV will rd inform the Borrower promptly of the Fixed lnterest Rate. (v) Non-acceptance Compensation. lf following notirication pursuant to Article 4.1 c) (iii) (/nteresl rate quotation) hercof KfW has set a Fixed lnterest Rate for a Loan amount pursuant to Article 4.'1 ;) (Change to fixed interest rate at the request of the Borrower) hereof and if the Borrower then cancels the lnterest Change or if the lnterest Change is cancelled for other reasons for which Kfw is no: accountable, the Borrower will pay KfW on request such Non-acceptance Compensation as is necessary to compensate KfW for any losses, expenses or costs incurred by KfW as a result of such cancellation without delay. KfW will calculate the amount of the Non-acceptance Compensation and communicate ll to the Borower. (vi) No reconversion. After an lnterest Change, a reconversion frorn a flxed interest rate to a variable interest rate is excluded. lnterest calculation, lnterest on the disbursed Loan amount will be charged from the date (inclusively) on which the Loan amount is disbursed from the Loan account held with KfW for the Borrower until the date (exclusively) on which the respective repayments are credited to KfW's account specified in Article 6.3 (Account number, lime of crediting) hereof. lf an lnterest Change pursuant to Article 4.1 c) (Change to fixad interest rate at the request of lhe Bonower) hereof has been effected, interest \,yill be calculated including the day on which the repayments are 12 credited, wilh no interest charged for the Dale of Effectiveness lnterest willbe calculated in accordance with Article 6.1 (Calcul8tion) hereof' Payment Dates,lnterest will be due in arrears for payment on the dates specified below (each a "Payment Date"): a) prior to the due date of the first repayment instalment, on 15 May and '15 November of each year, for the first time on 15 May 2019, but no earlier lhan on the Payment Date following the day on which this Agreement enters into force and effect pursuant to Article 14.10 (Enlry into force and effect) hercof; b) on the due date ol the first repayment instalment pursuant to Article 5.1 (Repayment schedul4 hereof together with such instalment; c) thereafter on the due dates of the repayment instalments pursuant to Nlicle 5.1 (Repayment schedule) hercol. 5t '13 Repayment and prepayment Repaym€nt schedute. The Borrower will repay the Loan as follows: Amount in EUR lnslalment Due Oate 1 15.11.2023 2,333,333.33 2 15.O5.2024 2,333,333.33 3 15.11.2024 2,333,333.33 4 15.05.2025 2,333,333.33 5 15.11.2025 2,333,333.33 6 15.05.2026 2,333,333.33 7 15.11.2026 2,333,333.33 8 15.05.2027 2,333,333.33 I 15.11.2027 2,333,333.33 10 15.05.2028 2,333,333.33 11 15,11.2028 2,333,333.33 12 15.05.2029 2,333,333.33 13 15.11.2029 2,333,333.33 14 15.05.2030 2,333,333.33 15 '15.1 1 .2030 2,333,333.33 16 15.05.2031 '15.11.2031 2,3s3,333.33 18 15.05.2032 2,333,333.33 19 15.11.2032 2,333,333.33 20 15.05.2033 2,333,333.33 21 15.11.2033 2,333,333.40 Undisbursed Loan anounts. Undisbursed Loan amounts will be olfset against the respective last repayment instalment due pursuant to the repayment schedute set forth in Article 5 1 (Repayment schedul€) heteol unless KfW at its own discretion chooses another offsetting alternative in individual cases. Repaymenls in case of incomplete disbursemenl lf a repayment instalment is due before the Loan has been disbursed in full, this will not affect the repayment schedule pursuant to Article 5.1 (Ropaymenl schedu/e, hereof as long as the repayment instalment due under the 52 14 repayment schedule is lower than the Loan amount disbursed and not yet repaid ("Outstanding Loan Amount"). lf the repayment instalment due ir accordance with Article 5.1 (Repayment schedule) hereof exceeds the Outslanding Loan Amount, such repayment instalment will be reduced to the level of the Outstanding Loan Amounl and ihe difference will be allocated evenly to the repayment instalments still outstanding. ln computing the Outstanding Loan Amount K'vV reserves the right to consider disbuGements from the Loan that are made within a period of 45 or fewer days before a Payment Date to determine the Outstanding Loan Amount only for the next ensuing Payment Date. Prepayment. The following will apply to prepayments: a) Right to prepayment. Subject to the follo"ing paragraphs 5 4 b) (Nolification) lo 5.4 e) (Offsetting) hereof, the Borrower has the right to repay Loan amounts before the scheduled due date if this prepayment is at least in the amount of a repayment instalment pursuant to Article 5.1 (Repaymenl schedule) heteol. b) Notification. Prepayment of a Loan amount pursuant to Article 5.4 a) (Right to prepaynenl) hereof is subjecl to notmcation of the prepayment by the Bonower to KM/ no later than on the frfteenth Banking Day prior to lhe intended prepayment date. Such notice is irrevocablei it must specify the date and the amount of the prepayment and obligates the Borro\,/ver to pay to KfW the stated amount on the stated date. c\ Prepayment Compensation. lf the Borrower prepays (i) a fixed interest Loan amount; or (ii) a Loan amount with a Variable lnterest Rate before the end of the corresponding lnterest Period, the Borrower will immediately pay to KfW on demand such amount as is necessary to compensale for any losses, expenses or costs incurred by KfvV as a result ol such prepayment (the "Prepayment Compensation"). KfW will determine the amount of the Prepayment Compensation and communicate it lo the Borrower. At the request of the Borrower KfW will provide the Borrower with an indication of the amount of the prepayment fee prior to the required irrevocable 15 notification of the repayment pursuant to Article 5.4 b) (Notitication) hereof. d\ Amounts due. fogether with the prepayment pursuant to Article 5.4 a) (Right to propayment) hereof, the Bonower will pay the following amounts: I (i) any Prepayment Compsnsation due as a result oI the prepayment puGuanl to Article 5.4 c) (Prepayment Co mqens ation) hercd| and (ii) all interest accrued on the prepaid Loan amount and any other payments still outstanding under this Agleement that have accrued until the date of the prepayment. e) Offsetting. Article 5.2 (undisbursed Loan arnounts.) hereof will apply mutatis mutandis lo lhe offsetting of prepayments Revised repayment schedule. ln the event that Article 5.3 (Ropayments in case of incomplete disbursemant) or Article 5 4 (Prepaymont) hercol applies, KfW will send the Borrower a revised repayment sohedule that will become an integral part of this Agreement and will replace the repayment schedule valid until such time. Calculations and payments in general 6.1 calcutation. The following 'r'{ill apply to the calculation of inierest, Commilment Fee, default interest pursuant to Arlicle 6.5 (Default intercst) hereof, lump-sum compensation payments for overdue amounts pursuant to Article 6.5 (Lump-sum comPensation) hereof, Nonacceplance Compensation and Prepayment Compensation: a) lf a variable interest rate is applied to the respective Loan amount, interest, default interest, lump-sum compensation payments for overdue amounts, Non-acceptanc€ Compensation and Prepayment Compensation will be calculated on the basis of a 360-day year and the actual number of days elapsed. b) lf a fixed interest rate is applied to the respective Loan amount, interest, default interest, lump-sum compensation payments for overdue amounts, Non-acceptance Compensation and Prepayment 54 16 Compensation will be calculated on the basis of a 360-day year and thirty'day months. c) The commitrnent Fee will be calculated on the basis oi a 360-day year with thirty-day months. Due date. lf a payment to be made in connection with this Agreemenl falls due on a date that is not a Banking Day, the Borrower must make such payment on the following Ba;king Day. lf the following Banking Day falls within the next calendar month. such payment must be made on the last Banking Day of the current calendar morth. Account number. time of crediting. The Borrower will be .eleased from its payment obllgations in connection with this Agreement if and to the extent lhat the respeclive amounts have be€n credited to KfW al its free disposal without any deductions in euros and no later than at 10.00 a.m. in Frankfurt am Main, Federal Republic of Germany, to KfWs account in FranKurt am Main, Federal Republic of Germany, number IBAN DE80 5002 O4OO 3108 4546 98, stating the due date as an additional reierence ('Ref. YYYYMMDD"). Counlerclaims of the Borrower. The Borrower is not enlitled to assert any rights of retention or set-otf or comparable rights aga:nst paymert obligations under this Agreement unless such rights are recognised by declaratory jldgment or are not being contested by Kflru' Default inlerest.lf any repayment instalments or prepayments pursuant to Article 5.4 (Prepayment) hereof are not at the disposal of KfW when due, KflrV may without prior reminder charge default interesl for the period beginning on the due date and ending on the dale on which such paymerts arc credited to the account of KfW specified in Article 6.3 (Account number, time of crediting) he,eol at the rate of 200 basis points above the Variable lntelest Rate per annum determined by KIW for the relevant lnterest Period pursuant to Article 4.'l (/nfercsf, hereof. Such default interest must be paid immediately upon KJWS first demand. lf interesl accrued on the overdue amounts at a Fixed lnterest Rate plrsuant to Adicle 4 1 c\ (Change to Fixed inte,esled rcte al the requesl of the Borrower) hereof until thek due date, KfW may alternatively demand payment of default interest from the due date until the date of 55 17 payment at a rate of 200 basis points above ihis Fixed lnterest Rate per annum. Lump-sum compensalion. KflfV may wiihout prior reminder tequest lumpsum compensalion on ov€rdue amounts (with the exception of the repayment instalments and prepaymenls mentioned in Article 6.5 (Oofault interest) hereoo from the due date until the date of paymenl at a rate of 200 basis points above the Va.iable lnterest Rale Per annun determined by KfW for the relevant lnterest Period putsuant to Article 4.1 (/nteres, hereof. lf the Variable lnterest Rate was changed to a Fixed lnterest Rate pursuant to Article 4.1 c) (change to Fixed lnterest Rate at the request of the Bonower) hereof, Kfl/v may attematively demand payment of a lump sum compensation on the overdue amounts from the due date until the date of payment at a rate of 200 basis points above this Fixed lnterest Rale per annum.fhe fump-sum compensation must be paid immediately upon KflA|s first demand. The Bonower is free to demonstrate that no damages have occurred or that the damages were less than the lump-sum compensation. Offsetting. KflN has the right to offset payments received against payments due under this Agreement or under othei loan agreements concluded between KIW and the Borrower. Calculations made by KM. Absent manifest errors, the values calculated by KfW and calculations performed by KfW of amounts due in connection with this Loan Agreement constitute pima-facie evidence (Anschei rsbe lveis). t. Guarantee from the Federal Republic of Gemany Kfw will have paymenl claims under this Agreement guaranteed by the Federal Republic of Germany prior to the first disbursement. 8. lllegality lf, in any applicable jurisdiction, it becomes unlavr,ful for KM/ to perform any ot its obligations as contemplated by this Agreement or to fund or maintain the Loan, upon KW notifying the Borrower 56 18 a) the commiiment of KfW will be immediately cancelled, and b) the Borro\,/er shall repay the Loan in full on the last day of the lnterest Period in which KfW has notified the Borrower or, if earlier, the date speoified by Kfl& in the notice delivered to the Borrower (being no earlier than the last day of any applicable grace period permitted by For the avoidance of doubt, any cancellation hereunder will be subject to A.licle 2.6 (Non-acceptance Compensation) and any repayment of the Loan hereunder constitutes a prepayment and will be subject to the provisions set out in Article 5.4 c\ (Prepaynent compansalion) and d) (Amounts due). s. Costs and public charges :' No deductions or withholdings. The Borrower will make all payments under this Agreement without any deductions fol taxes, other public charges or other costs. ln the event that the Borro\,ver is obligated by law or for oiher reasons to make any such deductions or withholdings on payments, the payments made by the Borrower will increase by such amount as necessary for Kfw to receive in full the amounts due under this Agreement after deduction of taxes and charges. Cosls. The Borrower will bear all costs and expenses accruing,in conneclion with the disbursement and repayment of the Loan, in particular remittance and transfer costs (including conversion fees), as well as all costs and expenses accruing in connection with the maintenance or enforcement ot this Agreement and of any other document related to this Agreement as well as of all rights resulting therefrom. Taxes and other charges. The Borrower wili bear all taxes and other public charges accruing outside the Federal Republic of Germany in connection with the conclusion and execution of this Agreement. lf KfW advances such taxes or charges, the Borrower will transfer them without delay upon requesl to Kfw's account specified in Article 6.3 (Accoun, number, timo of crediting) hereof or to such other account as specified by KIW, 5? 19 Special obligatlons Programme implemenlation and special infomation. f he Bofiowet a) will prepare and implement the Programme in conformity wilh sound financial and technical practices, in compliance with environmental and social standards and substanlially in accordance with lhe Programme conception agreed ufon between the Borrower and KfW; b) shall make available, promptly as needed and on terms and conditions acceptable to KfW the funds, facilities, services, as required, in addition to the proceeds of the Loan, for the carrying out of the Programme and for the operation and maintenance of the Programme facilities; c) will keep books and records or have books and records kept that unequivocally show the implementation and progress of the Programme; d) will enable KfW and its agents at any time to inspect such books and records and any and all documentation relevant to the implementation of the Programme; e) shall furnish KruV with all information related to the Programme and its furlher progress as KfW may request; will immediately and on its own initiative, notify KfW of any and all circumstances that preclude or sedously jeopardise the implementation or the purpose of the Programmei g) will of its own accord and without undue delay inform KflN of any and all circumstances that preclude or seriously ieopardise the achievement of the purpose ol this Agreement. Details of Projecl implementation. The Borrower and KfW will determine lhe details pertaining to Article 10.1 (Programme inplomentation and special infomation) hereof by the Separate Agreement. Compliance Undetaking.fhe Borrower undertakes to comply at all times with the obligations sel out in Annex 4 (Compliance Covenanlsl. 20 Prcgnmme Monitoing. The Bonow€r and KfvV shall quarterly or at the request of either party consult and exchange views on the development of the Programme and progress achieved with regard to the implemenlation of the sector reforms. Prior to each such consultation and exchange of views, the Borrower shall submit to Kfy'V for its review and comment a report on the progress achieved in the implementation of the Programme, in such detail as Kfw may reasonably request. Parl passo ranking. fhe Borrower warrants and represents that its obllgations under this Agreement rank and will be serviced at least pa, passu with all other unsecured and not subordinated External Debts, and the Borrower will ensure to the extent permitted by law that this ranking is also assured for all future unsecured and not subordinated External Debt. ln this Agreement, "Ext€rnal Debt" means an obligation of the Borrower which is: (i) governed by a system of law other than the law of lhe Borrower: or (ii) payable in a currency other than the currency of the Borrower's country; or (iii) payable to a person incorporated, domiciled, resident or with its head oirlce or principal place of business outside the Bolrowe/s country. 't t. 11.1 Terminaton of the Agreement Reasons for terminalion. KfW may exercise the rights set out in Article 1'1.2 (Legat consequences of lho occuience of a cause for temination) hereof (Legal consequences of the occunence of a cause for termination) if a circumstance arises that constitutes good cause (Wichtiger Grund). These include, in particular, lhe following circumstances: a) the Borrower fails to perform payment obligations lo Kfln/ when due; b) obligatlons under lhis Agreement or under the Separate Agreement as well as any other legally binding additional agreements to this Agreement are violated: 59 21 c) this Agreement or any part thereof no longer has a binding effect upon the Borrower or can no longer be enforced against the Borrower; d) any declaration, confirmation, information, representation or wananty considered by KfW to be essential for the granting and maintaining of the Loan proves to be false, misleadjng or incomplete; e) other extraordinary circumstances occur which delay or preclude the performance ol obligations under this Agreement: the Borrower:s unable to prove that the Loan amounis have been used for the stipulated purpose; g) the Borrowea discontinues its payments to creditors, is insolvent or commences negotiations with one or more of the Borrower,s creditors on a moralorium, waiver of debts outstanding, deferment of payments or discontinuation of the debt service. Legal consequences ol lhe occunence of a cause for termination.ll one of the events mentioned in Article 1 1. 1 (Reasons for termination) heteol has occurred, KfW may immediately suspend disbursements under this Agreement. lf this event is not resolved within a period of five days (in the case of Article 1'1.1 a) hereoD or in alt other cases of Adcle 11.1 (Reasors for brmination) hereof within a period determined by KfW which, however, shall be at least 30 days, K,W may cancel this Agreement in whole or in part with the consequence that its obligations under this Agreement cease and KIW may demand the immediate repayment of ali or part of the Outstanding Loan Amount together with the interest accrued and the remaining amounts owed under this Agreement. Articles 6.5 (Defautt interest) and 6.6 (Lump-sum compensalion) hercof apply to accelerated amounls mutatis mutandis. Compensation for damages. lf this Agreemenl is terminated in full or in part the Borrower will pay Non-acceptance Compensation in accordance with Article 2.6 (Non-accoptance Compensation) and/or prepayment Compensation !n accordance with Article 5.4 cl (prepayment conpensation). 3epresentation and statements Representation of the Bonower. The Minister of Finance of Georgia and such persons as designated by him or her to KM,/ and authorised by specimen signatlres authenticaled by him or her will represent the Borower in the execution of this Agreement. The power of represeatation will not expire until ils express revocation by the representative of the Borrower authorised at such time has been received by KflN. Addresses. Declarations or notifications in connection with lhis Agreement must be in writing. They must be sent as originals o. - wilh the exceptlon of requests for disbursement - via facsimile Any and all declarations or notifications made in conneclion with this Agreement must be sent to the following addresses: For Kfw: Kiw Postfach'11 11 41 60046 Frankfurt am Main Germany Fax: +49 69 7431-2944 For the Borrower: Ministry of Finance of Georgia 16, Gorgasali Street, Tbilisi Fax'. +995 32 262423 13. Pubtication and transter of Programm-related information iJ. t Publication of Programme-related intomation by KfW. f o comply with internationally accepted pincjples of utmost transparency and efticiency in the development coopelation, KfW publishes selected information (including evaluation reports) about the Ptogramme and how it is flnanced during pre-contractual negotialions, while the Programme related agreement(s) is (are) being implemented and in the postcortractual stage (hereinafter referred to as the "Entire Psriod"). The information is published regularly on the website of KfW Development Bank (http://transparenz.kfw-enivicklunosbank.de/en). 61 The publication of informatjon (either by Kfw or third parties in sccordance with Article 13.3 (Tnnsfer of progmmme rclaled information to thitd padios and publication by these, below) about the programme and how it is financed does not include any contractual documentation or any sensitive financial or business-related detailed information about the padies involved in the Programme or its financing, such as a) information about inlernal financial data: b) business strategies; c) internal corporate guidelines and reportsi d) personaldata of natural persons; and e) KtW's internal rating of the parties' financial position. Transfer of Programme-related infonnation to third parties. KfW shares selected information about the programme and how it is financed during the Entire Period with the entities mentioned below, particularly to ensure transparency and efflciency: a) subsidiaries of KfW; b) the Federal Republic of Germany and its competent bodies, aulhorities, institutions, agencies or entitiesl c) other implemenl,ng organisations involved in German bilateral development cooperation, particularly the Deutsche Gesellschaft fiir lnternationale Zusammenarbeit (GlZ) GmbH; d) international organisations involved in collecting statislical data and their members, especially the Organisation for Economic Cooperation and Development (OECD) and its members. Tftnsfer of Programme-related infomation lo lhird padies and publication by these. Furthermore, the Federal Republic of Germany has requested KfW to share selected information about the Programme and how it is financed throughout the Entire Period with the following entities, which publish the sections relevant to the purpose: 24 a) Federal Republic of Germany for the purposes of the lnternational Aid Transparency lnitiative mehr-WrksamkeivTransparenzslrateoie/index.html) b) Germany Trade lnvest (cTAl) for the purposes of market information .otai de/GTAI/Naviqation/DE/welcome. html c) OECD for the purpose of reporting financialflows ,n the framework of developmenl cooperation ( h ttp:/iwww. oecd.o roA d) German lnstjtute for Development Evaluation (DEval) for the purposes of evaluating lhe overall German development cooperation lo ensure transparency and efficiency (httos:/l ww.deval.oro/en^. Transfor ol Prcgranme-related inlomation to other third pafties (including publication by these). KfW further reserves the right to transfer (including for the purposes of publication) information about the project and how it is financed during the Entire period to other third parties so as to safeguard legitimate interests. The information is not transferred by KW to other third parties if the legitimate interests of the Borrower in the infomation not being transferred outweigh KfWs interests in it being transferred. The legitimate interests of the Borrower particularly include the confidentjality of the sensitive information mentioned in Ariicle 13.,1 (publication ot Programne-related infomation by K|VV), which is excluded from publication. Furthermore, Kfl/V is entitled to transfer information to third parties if this is necessary due to statutory or regulatory requirements or to assert or defend claims or other legal rights in court or adm:nistrative proceedings 14. General provisions 14.1 Banking Day. Where reference is made in lhis Agreement to a ',Banking Day" this means a day other than a Saturday or Sunday on which commercial banks in Frankfurt am Main, Federal Republic of Germany are open for general business. 63 Place of paiormance. The place of performance for all obligations under this Agreement is Frankfurt am Main, Federal Republic of Germany. Padial invalidity and gaps. lf any provision of this Agreement is or becomes invalid, or if there is a gap in any of the provisions of this Agreement, this will not affect the validity of the remaining provisions hereof. The parties to this Agreement will replace any invalid provision by a legally valid one which comes as close as possible to the spirit and purpose oI the invalid provision. The parties will filt any gap in the provisions with a legally valid provision which comes as close as possible to the spirit and purpose ofthis Agreement. Wiften fom. Any addenda and amendments to this Agreement must be in writing. The parties may waive the \,vritlen form requirement only in writing. ':4.5 Assigr,ment The Borror.ver may not assign or transfer, pledge or mortgage any claims from this Loan Agreement. 14.6 Applicable law.ftis Ag.eement is governed by German law. 14.7 Limitation peiod. All claims of KfW under this Agreement expire atter five years from ihe end of the year in $hich such claim has arisen and in which KlW has become aware of the circumstances constituting such claim or could have become aware of them without gross negligence. 14.8 Waiver of immunity.lf and to the extent that the Borrower may now or in future in any jurisdiction claim immunity for itself or its assels and to the extent that a jurisdiction grants immunity to the Borrower and its assets from suit, execution, attachment or other legal process, the Borrower irrevocably agrees to waive such immunity for claims from and in connection with this Loan Agreement to the fullest extent permitted by the laws of such jurisdiction, provided however, that immunily is not waived with respect to a) present or future 'premises of the mission' as deflned in the Vienna Convention on Diplomatic Relations signed in 1961, "consular presumes" as defined in the Vienna Convention on Consular 64 26 Relations signed in 1963 or otheMise used by a diplomat or consular mission of Georgia or any agency or instrumentality th€reof (except as may be necessary to eff€ct service of process), b) property of a military character or under the contrcl of a military c) authority or defence agency, property located in Georgia and dedicated to a public governmental or cultural use (as opposed to a commercial use) or d) for the avoidance of doubt, (A) property of the National Bank of Georgia whether or not held in a Georgian or a non-Georgian bank or any other financial institutions, or (B) property located in Georgia of any lype covered by Article 2r of the Law of Georgia on Enforcement Proceedings. Georgia reserves the righl to plead sovereign immunity under the U.S. Foreign Sovereign lmmunities Act ot 1976 wlth respect to actions brought against it in any coud of or in the United States of America under any United States federal or Siate securities law. Legaldisputes. a) Abitration. All disputes arising out of or in conneclion with this Loan Agrcement will be settled exclusively and flnally by an arbitration tribunal. ln this regard, the following will apply: (i) The arbitration tribunal will consist of one or three arbitrators who will be appointed and will act in accordance with the Arbitration Rules of the lnternational Chamber of Commerce (lCC) appllcable from time to time. (ii) The arbitration proceeding will be conducted in FranKurt am Main. The language of the proceeding will be English. b) Juisdiction. ln addition Kfw has the righl to institule legal proceedings in the courts of genelal judsdiction (odentliche Genbhte) in Frankfurt am Main or in any other court of mmpetent jurisdiclion, unless the matter in dispute is akeady the subiect of an arbitration proceeding between the parties. The Borrower inevocably agrees to the jurisdiction of any such court. 65 27 into lorce and effect This Agreement will not enter into force and until a) lhis Loan Agreement has been duly signed by the Minister of Finance of Georgia and KM.l; b) this Loan Agreement has been ratified by the Parliament of Georgia; c) the ratification has been published in the "Legislative Herald of Georgia"; and d) the Borrower has provided KfW promply after the ralillcation with a written confirmation that the Loan Agreement has been duly ratifled according to applicable law. Should the Agreement not have entered into force and efiect within six months foltowing the date the last party has signed this Agreement, Kfl/V may, as of lhe day following the end of the six month period until the date ol entry into force, unilaterally withdraw from this Agreement and thus terminate its provisional inetfectiveness by sending a written notillcation to the Borrower. 66 28 &.lt o originals in the Englislt language. Tbilisi, This I day ot & /3!.,2018 For Georgia represented by its Ministry oi Finance ./4 2,r" a /", ZF.J /'1 lL.-( -/ *an+s 2;.,,/ So** Name: .1v o.Yr $tn\ Joq.,q, rdn litr, tlitri s\4. q{ I ,$,oh. e 7rlr,/ l*V 6'1 Annex'l Drawdown Notice lletterhead of Borrower'l I 5 am Main of GeImany Reouest for disbursement N" .... [..8 eg.e€ment N' .... dated for an amount of EUR |le 2 of the above meniioned Loan Agreement and we hercby unconditionally request to disburss a Loan Amount of EUR Euro) to our following account, value [Date]: '- I :: -',S,=ments SWIFT Field 59 (MT 103) / Fieh 58 SWIFT Field 57 Account Number of Holding Bank with ry Bank Name: SWIFT Field 56 ln addition (it the beneficiary's bank is not located in the @untry of lhe cwdncy of payment the name and BIC of the bank's corespondent in that country must be 68 30 m that all the Ldan Disbursement Conditions as stated in Article 2 r the condilion set out in Art 2.3 h) of the above mentioned have been satisfled. I ! 69 Annex 2 Specimen Application for lnterest Change 11 41 am Main oI Germany for lnterest Chaflge description: the Loan Agreement: t: ,ance with ArIcle4.1 c) ii) (Nolification of KIW ot the Loan Agreement we you to change the interest rate for the Loan specified above from the lnterest Rate to a Fixed lnlerest Rate from the Date of Effectiveness . which is a Payment Date pursuant to Article 4.3 (Payrnenl of the Loan Agreement. (Place) (Date) re ol Borrower) 70 32 Annex 3 Compliance Covenants lTtoNs Practice: is the impa:ing or harming, or threatening to impair or harm, or indirectly, any person or the property of the person with a view to improperly the actlons of a person. e Practice: is an arrangement between two or more persons designed to an improper puryose, including to influence improperly the actions of person. Practice: the promising, oftering, giving, maliing, insisting on, receiving, I or soliciting, directy or indirectly, of any illegal payment or undue ge of any nature, to or by any person, with the intention of influencing the of any person or causing any person to refrain from any action. lent Practics: any action or omission, including misrepresentation lhat or recklessly misleads, or attempts to mislead, a person to obtain a benefit or to avoid an obligation. tive Practics: (i) detiberately destroyjng, fatsiting, altering or conceating I material to the investigation or the making of false statements (o sigators, in order to materially impede an officiat investigation into allegations Conupt Practice, Fraudulent Practice, Coercive practice or Collusive plctice, ning, harassing or intimidating any person to prevent it from disclosing its ge of matters relevant to the invesligation or from pursuing the on, or (ii) acts intended to materially impede the exercise of KlWs to contractually required information in connection wilh an offcial ation lnto allegations of a Conupt Practice, Ftaudulent pradice, Coercive or Collusive Practice any natural person, legal entity, partnership or unincorporated n. ab,e Practice: any Coercjve Practice, Collusive pl-actice, Conupt Fraudulent Practice or Obstruclive Practice (as such terms are delined ), which (i) is unlaMul under German or other applicable law and (ii) which or potentially could have, a material legal or reputalional effect on this t between lhe Borrower and KfW or its implementation. 71 ctions: the economic, financial or trade sanctions laws, regulations, s or restrictive measures administered, enacted or enforced by any ing Body. ionlng Body: any of the United Natjons Security Council, the and the Federal Republic of Germany. European itctions Listt any list of specially designated persons, groups or entities which te subject to Sanctions, as issued by any Sanctioning Body. RIVIATION UNDERTAKING Bonower shall promptly make available to KfW on demand all relevant,,know custome/' or similar information about the Borrower as KfW your may request;' ptomptly furnish to KfW on demand alt project related information and documents of the Borrower and jts (sub)contracting and other related parties rhich KfW requires to futfil its obligations to prevent any Sanctionable Practice, money laundering or/and terrorism financing as well as for the continuous monitoring of the business relationship with the Borrower which ts ,Ecessary for this pu.pose; i:rorm KfW, promp y and of its own accord, as soon as it becomes aware of, suspects, any Sanctionable practice, act of money laundering o/and orism financing related to the project; h to KM/ any and all such information and rsports on the poject r progress as KfW may request for the purposes of this Annex; and its and KfW and its agents at any lime to inspect all other project related ion of the Bonower and its (sub)contracting and other related , and to visit the Project and all installations related lhereto for the of this Annex ENTATION AND WARRANTY lo German law or the law of the country of the Borrower, the Borrower that none of the Persons acting in relation to the project on the behalf has commifted or is engaged in any Sanctionable practice, hnldering or financing of terrorism. '72 34 and warranty set forth in this Article is made for the reement. ll will be deemed to be repeated upon each dr each lnterest payment Date, in each case by relerence g at that date. TAKINGS as soon as lhe Borro\,/er or KfW becomes aware of, or money launderins or n.".ii; ":'itsofagents, lt :,.Y-1"]l"iii" fly moperate with Kfl/V and "f in Oetermining --.-'.,.',,".1 whethe, s'uJ The Borrower sha[, in padLutar, respond jy"_1t- 1"" ,:ccu.rr:9: d in reasonabte detajl to any notice trom ffVt'ln;;;,, ;;,"; l":f: for such response upon KfWs request, UNDERTAKINGS will not enter into any transactions or engage in any other aclivities E Prolect that would constitute a breach of Sanctions. 73