„რეკონსტრუქციის საკრედიტო ბანკსა (KfW), მაინის ფრანკფურტი, და საქართველოს, წარმოდგენილს საქართველოს ფინანსთა სამინისტროს მიერ, („მსესხებელი“) შორის სასესხო შეთანხმება (პროფესიული განათლების პროგრამა 1)“

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Loan Aoaaamant datod ,4q J-* zo11 botw6€n KIV\r, F.tnHun am liiain c,rtr.l and Ciooala ("Bonow.fl) r6prcsont€d by fle Minlslry d Financ6 of Georgia for EUR 20,000,000.00 . Vocatiooal Educttlon Progr"nrr' I 201768!,57 Loan No.; 29335 ' g-c-!lE!LLr """"""""" 2 CoNTENTS 3 P R E A M B L E .......... 1.Loan....................""4 "" 4 2. Disbursemenl.... "" "6 3. Fees................... " "" " 7 4. 1nterost................ 13 5. R€psytnent and pr6paymont " " " " ""'16 i. c"i*irtio* ",,0 paymsnts ln gen€rs|" 18 -" 7. Guarantee fom tne Fedoral RePublic ol Germsoy " 18 8. lllegality....... ...... "" """ ''"" 19 9. Costs and F.rblic cha.ges """" " "" " 19 10. Sp6cial oblig€lions., ...-.. . .. - '- -- ' """"""P 11. Termlnatbn oths Agragmsnt " """"" "'23 12. Ropresentatlon 6nd statemgnts " " " " 25 Proiecl'relalcd infomstlon " ii. "*,.nsferof " 27 --' General provisions 14. "ui,t*,'on __ " 31 Ann6x 1 Disbursomont schodule" " - --- -- " -11 nnnex z Specimen Appllcation tor lntorost Change ''" " " "33 ".Annsx 3 C,omplianc€ CovenanE " 3 PREAMBLE the Bonoftr ("Agr!!m!nt" The basis for this loan agr6€fi6nt b6tw€'n Kfw 'nd 2018 (6nt6rrd into foroo or;t-oan lgroomc,rt') is tho agrlcment dal6d 30 April Fedgral Republlc of Germany 6nd 12 June 2O;) betv/eon lh. Gov6mm6ot of the (FC) ("Governmont lho Govemment of Georgia on Financial Cooperation Ag.e€rlont'). ol Flnancs ('tit'oF) Thq ProJect wil The BorDwar ls rsp.es€nt€d by lh6 Ministry Scioncs' Culturo with the supPort ol he Minbtry of Educ8lhn' i" ,.rn."", and Sport ('MoESCS). Bo'rowsr intend to €nt6t into a ln addition to this Loan AgBgmont, KtW and lhe fin6ncing of amountlig to up to EUR 3'0@'oOo'OO for tho b6lo^t)' still to l"-.olny,ng ,"""rt"s in conneclion wlth the Projeci ('8 dsfined(the 'Finsnci'tg Agre€m€nt on or around the datG of n."i"nr*."", iu -narai filr Agre€nent'). rt'lth th€ condl0ons of lhls KfW will retinanco lhe Loan granted in accordanco provided by lhe ogr"";"n,*,,n interest subsldies lrom low-interest budget funds €ligibility fii"r"r a"prori" of c"rmsny lor projscb th€t m€et d€wlopmont{olicy ",it"ria.Ttt"t"-r"rd-nditioosoftheLoancomPlywithth€OECOT€quirem€nt6 *" date of slgning ot th€ Agraement lor recognllioo as Offdal "" "rr,i-t[ Oe\€loFnsnt A$istanc€ (ODA) Fodoral Ropublic of Germany On thls bari6 and under th6 c'ndition thal tho ln accordance wilh tho nurr"^". ,or th6 Loan, Kfw lvili grant a Loan " "rania brms and @ndldon3 ol lhb Loan Agresmont' 1. Loan 1'1 Amount. KIvv vrill oxtend tg lhe Bono./€r a Loan not exc€eding a tolal of 20,000,000.00 ("Loan") (ln words: twenty miltion euros)' 1.2 fgr th6 construolign Pu?ose. The Bonower will uso tho LoEn oxclusivsly of s ogntro of grc€llenc€ for the s€cto6 corBtruslbn and logl8tic6 and for smaller including oqulpment for classrcoms 6nd wotkshops ('ProJ'ct') inr.stminis in equipm6nt lor 6rl6{ng vocatlonat coll6ges shell b€ Th€ Project Execuling A96n.ry ('PtoJ'ct Elocutlng Agsncy') Kfvv and lhe MoESCS. For th€ purpose of tho Projoct implomentation' tho PtoJsct MoESCS (on bohal, ol lho Boro|er) will iolniy dotermlne and lhs $ppll€3 and lmplementing Unit CPIU'), th6 detsils of lhe Projed b€ financ€d f.om th€ Loan by a soparatg agtBm6nt seMc€5 to ("Soprr.t. Agt.omBnt"). 1.3 public cltarg66 owsd Iaxes, charges, cusloms d"lios' Taxos and olh6' bo finanqsd flDm lho by thg Bonower a6 w6ll as customs dulles will not Loan. 2. Olsburs€mrnt 2.1 Roquai{ing d/'sburs6rre,fs As soon as all conditions pr€cedent lo pursuant to A'{cl' 2 3 (@ndittotls pt"codonl to dllburs€mont Loan in dlsbur.r,nql} hereof ar6 fumled, Kfw will disburse the upon request of he acro.dance wilh the progross of the Proied snd wiil be msde in Bono /e. or, on ils behalf, ol the PIU' Obbursements in Annex 1 accodance with tho Oisbursemenl Schedule contained will make (Disbursefiont Schgdu/6) lo lhis Loan Agr€emenl Kfw dotemined fo' 66oh disbuGoments only up lo the maximum amountrs th6 extont tho Borrowg'' or dlsburssm€nt psriod spocifiod in Annox 1 To low6r amounts wilhln 6ny on lts bsh6lf the Pll,, r€quesb dlsbursement of requ$ted in any oI lhe such p€dod the undhbursod amounts may bB th€ last dBbursemont' Kfw ls next ensuing periods With thc ox6pt'r'n of EUR 200'000 00' nol obligat6d to make dlsbu'semgnt6 of l6ss than 5 2.2 23 Ooadllne tor rcquasring d,sbursemeals. Kll/v has the meke disbu6em€nls aft6. 15 ti'lardr 2024 righl lo rotuEa to condilions Ndcrdont to disbwsamenl. KIW ls obllgated to mak6 conditio'ls disbursoments under this Agr€emont only if thg to KfW in form and precedenl have b66n fulfillad in s manner satisfaclory'ollo$/ing substance: a) The Borow€rwlllhave dsmon8hatod by pr€senling g leg6loPlnlon (oeoh wi$r satsfactory to KfW, and by pros6ntirt! c€rifled copies of 6ll an officlal tr.rclgtlon lnio th6 language ot lhls Agreement) lh€ do.rJments to whlch thls Legol Opinion rofe6, confirmlng that Egainst Loan Agreemenl b legElly valid, binding and enlorcoablo tle Bonower (including for lhe a'/oldancs of doubl a statomont regarding KfWs oxemption from all tsxes or income ftom interost,charg€, f6es and similar co3b): b) K,w is in possossion of an original of thls Agr6€menl and the $parate Agreement, esch slgnod with logally binding force: c) the speoimeo signatures montioned in Arhcle 12'1 (Represanlatlon of the Bonower) hotegt hsvo been recelved by KM; d) lhe guarant€o ftom tho F€d€ral Republlc of G€rmsny menuon6d in ,{/ticle 8 (Guadntea ton the Federd Rerybl1a d Gemany) is in forc6 and ofract wilhout any restriction; e) the Borrot{er has paid lh6 Managsmant Fee set forth h Article 4 2 (Managemenl Fee) l\ereot f) no r€ason for tormina0on has o6'uttBd, nor has an inoi'gnt notific€tlon occur€d thst w9uld bccom€ a c€us€ for tetmination by condition (potenual or expiGtion or asc€rtainmenl or fumlmenl of a roason for torminalion); g) no extraordinary olrcumsl'ancss hsvg arls€n lhat pr€cludo or or the sedously joopardlge the lmplemsnbtlon, he oP€ratbn' paymont purpose of the Proj€ct, or th€ performanco ot lh6 Agreement' obligations asqJm€d by he Borro'/er under lhls tho Loan to demsnd KfW has lho righl pdor to arly disbuEomont from ngc,€56try at lb such further documents and €vld'nce as lt d'oms 6 discretion lo ascertain th6 conditions precedent lor disbursemenl in thls s6clion. 2.4 25 sp€cified io this r96p6cl Details ol the disbursernent $oacdure''fh' Borrcwe' will d6tormin€ th€ represented by the Project Executing Ag6ncy 6nd Kfw Agreoment 8nd' d6tails of the disbursem€nt procedure by lhe Separato in partidJlar, the evidence lhat has to bo turnlshed by lho Elonower (66d lor ths doqJmonling that ths requested Loan smounts ar6 bsing agrd purpose Right to ca',cel disbursornents. Subi6ct to lhe fullilment ot its obligalion6 may walve the unl€r Articlo 11 (Special obligations) horoof lho Borrow€r prior consont of disburlomenl of undisbuF€d Loan 6mounts with tho pursuant lo and ao against paymont of a Ngn-Utllltrilon Foo Kfw dolinod in Articlo 2.6 (Nod-tl/is€tbn Feo) hereof 2.6 l,loo-lltilit*,lion Feo.lf tha Bono.rgr canc6ls tha dlsbuE€m€nt of 8 Loan pu6uant amouot lor which an inlorest rate has already b€6n d6t€rminsd it such Loan to ArtclB 2.5 (Rlght to cdncel disb(,'ssmenl9 h6reof' or deadllne slabd amount ls not disbuEgd at all or is not disbursad by the /er in Altido 3 (Deedline lq E,quesling dtsbwfinE,nts) her6of' the Bonol ls nec€ssary to wlll promptly psy to KfW upon lts requ8l such smount as a gxp€nses or costs Incuned by KM, componsato Kfw for any lo6aea. '8 r6ult ol tho nondisbursomsnt of th€ Losn amount ("Non'Utilisatlon ol thls Fao"), unlBss such non{isburs€manl constitutgs a breach t'lon-Utillsatjon Ag.eem€nt by Knl,/. Kfw will calculat6 th6 emount of lhe F;g and communacaro il to the Borolv€r' Th6 Non-Utili8ation Fe€ shall b€ d€termjned as if no interest subsidigs had boen ptovided by thE F6deral R6publlc ol Germany for th€ Project' Fgea 3.1 commiunsnt Commilnonl Fee The Bonower wlll pay 6 non'rofundable on undisbu.sed Loon feg of 0.25 per annum ("Commtt'nont Fe'') amounts, arrgars on 15 Th6 Commitrnont Fee is due for p€ymenl semi_annually in on 15 Nowmbor May and '15 November of eadr year, for tho lirst time lhe day on whlch 2020, but no eartierthan on lhe respoc'llw dato lollowing j 1 this Agreemenl enters inlo force end €ffecl pursuanl b Anicl€ 14 10 (Entry inlo ldce and effed) he/col. Th6 Commitment Fes will bo charg€d f appllcable wlth tot'oactiw oflocl Agr€om€nl for the period beginning twolv€ monlhs an€r tie signing ol this and lasting unlil the dat6 of disbursomont of the Loan in lull or' il applicablo, unlil tho date of delinillvo terminalion of disbuGoments from the Loanon6'tlmo Mahega/nent Fee. fha Bonowor will pay Kfw s non'retundable in lump-surn management feg ot 1OO % of tho Loan amount stat€d Arlicle 1.1 (Amounl, hereof ("Manrg.mant Fao")' The Managoment Fee is psysble on th€ 6adi63t of ltl6 following two datos: (l) before th6 lirst dlsbuBgment or (il) afl6r lhr66 months havo olgpsed sinc€ ttl€ signir€ of thls Agr€€msnt by Kfw or afrrr otle month has pu6uanl to since thB entry into force gnd ofiect of this AgrgBment elapsed tho dalos Arlicle 15.10 (Entry inlo lorce 6nd effect) h6r6of (whichever of for paymenl as stalBd under (ii) occu6later). The Manag€menl Fee is due th€ Loan 6oon as t s p€ftlomenl ha3 bogn sigrFd inospoctlve olwhether is dl6b!6od ln full or oniy in Part o. at 6ll' 4. lntorest 41 /nlo.est The Bonowor will pay inter6st to Kfvv as follows: \Yill pay Vsriable lnterest Rale wlth a lixed intarcs! option Ths Bonower provisbN: inl6rost on ih€ Loan in accordanca wtth lhg 'ollo$/ing a) Vatiabte lntercsl Rate. Al lhe oxplicit requesl o[ the Bonower' annual disbursed Loan amounts will each bear interest at a variable pursuant fulld6 to r6t€ on the basis of cons6cutive lnlgresl Petiods Porlod")' 4.1 bl (lnleresl petic//) her€of (e8ch period an 'lr{016l of The variable lnterest rate ('\'.rlablr lntrr6t Rrt'") is composed the Euro lnterbank Offer€d Rste fEURIBOR) plus a margin per annum (in words: ot -0.Lf -'tper cent psr annum) lhal takes into acco'Jnt lho r.,. tgrant ani-l L-!* fi< tunos"mado avallsble by the Govemmenl of the FodelBl Republic of Germany lf lh6 interBst rate thus c'lculai6d lelb bolow 6 O 9o p€r annum, ths Varlabl€ lnteroat Rat€ will be O % por shnum for thg rglgvant lnterest Perbd. l\ for the Rolercnce interest rale- Th6 EURIBOR to bo appllod (roundod up to duratlon ol 6n lnteresl Peiod b ths annual ral6 lhe nearest 1/161h of one perceniag€ point, it nocorsary) stated pago fails to contBin lho on ReuteE page EURIBOROI ot, il lhis p'ge c,op necogsary data or 13 ln€triovablo, on Bloomborg Reutsrs or the EBF (or on a {ollowing pag€ 'gplacing 'bove tlmo on lhe second Bloomb€rg pa96) aboul 11:00 a m Brussel6 (Banking Day) heteF\ Banking Day (as delined in Atticle 14 1 EURIBOR in before the beginning of lhe lnterest Pgdod as the lntg'6sl Pgriod or' il ouros wilh a matu ty mStching ths ral€vant ih€ relevsnl lnlg.Gst Ponod do€s not malch any of the EURIBOR maturiti€s quoted by Rsuter6 or Bloomborg' lh6 quoted lor tho next longer maturity' are nol made on li:i\ Allemate quotatlon tf the rolevanl quotations ln Artlcle 4 1 8)(i) rhe Reut€rs snd Eloomb€rg pages montloned .?le) hereof or if those pa96s fail to contaln (Rateance intorcat and no th6 n6cs8sary dala or if lhese pages aro unsvallabls prior to ihe ol Bonchmart Dlscontlnuatlon Osto has occutrrd on EURIBOR to bo rsspectivc lnt6rast Dotorninatlon Datc' ttl6 Poriod will be the appligd for tho duralion of 8n lnt6r8sl equal lo the arithmstlc EURIBOR delgrminod by Kfw as b€ing (rcund€d up to the mean of the interest rat6s p€l annum at which nearest 1/16th of llE po.centage poinl, it nocessary) lnt6rbank Mark€t by loans are ofi€r€d in curos ln the Europsen smount comParabl' thtBs leadlng banks selocted by KflV h an b the rel€rant Losn amount 8nd with a maturity that most Perlod on the seclnd closely matches lhe lolevant lnlerest th€ lntsresl Period' Banking Day prior fo tho beginning ot lllll EURTBOR disaonthu€lion ln thls connoclon' f|e followirg wlll spplv: partieg a\ Negoliatloh Upon lh€ Negotiation Klck{fr DatE th€view to will 6nler inlo good faith nggotistions with a Rale' ths Margin agr6€ing th6 Replacofienl Referenco Amendmgnts ealustrncnt anO ha Coffi€quental Technlcal 9 for tho poriod follo{ing tho Bonohma* Olsconunutlion Dat6. Th6 n€gotiatlons will take Into ac€ount tho then cu.r€nt mark.t standards and will be conduoled with E vi6w to rsducing or oliminaling, to lhe enent rcasonably practic€blo, sny lranster of gconomic value from one party to anolh€r Party. b) Cos, ol tunds subiect to sub'paragraPh (a) (lJcAot'alton, above. lor any lnt6rest Period following the Bendlma* Discontinuation Dalo, EURIBOR shall be rsplacod by the rale notllied to lho Bonower by Klvv lo bs that whlch oxprqssos as a percenl6ge rale por 6nnum thc cost Kfw would ht\/e of funding aa amount oqual lo th€ Loan durlo0 th6 rel6vanl lnterost Peaiod from whalovor 3outco it may roasonably sol6cl Plus - words:t&.f ilfuch /i' o'Lr- - 7o pa' (ln per cant per annum) (iv) Oornifrbns. ln this pardg.aph a) (ya.tabld lnlerast Ratc\' Banchmtrk Dl.continurtlon Dlt : means (i) th6 dsts on which th€ administrator of EURIBOR has publish6d s nofco (including any announcement on its websitb) that EUR|EoR wlll cease to be provid€d. (ii) lho date on which lh€ compelsnt authority of lhe administrator of EURIBOR has publtshed a notic6 (including any announcem6nl on its wobsito) 38) to withdraw th6 autho.isation or reglstration of th€ admlnistrator, or bb) lo prohlblt th€ use of EURIBOR, (iii) lhe dato on which ELRIBOR. ba66d on a t6gislatl!€ act. c'aseB to bo avallable' or (lv) provided that EURIBOR $/rs not disphFd on lhe r€levant page or tho relovant page was not available tor at lea3t 10 oonseculiv€ Banking Days immodiately proceding 6n lntorest Dolgrmination Oat6, sllch lnt6tosl D€teminatlon Oalo; Consoquonthl Tochnlcal Arn.ndmonts: meEns any cons€qu€ntial amendmgnt to hl3 Agr6otrEnt roquird o' deslrable to make the Replac€mcnt Rofersnce Ratg and h€ M€rgin Adjustment offeclive; ) .d 10 lntereat Ootqfiinafion Oalo: moans the datq on which tho ln EURIBOR spPlic€ble to an lnteGst Poriod is dst6trnlned accordancc wilh this Agreement: M.rgin Adjualrnont: m6ans a changs to lhe margln to 'n3ure' of to ti extenl r€asonably practicabl', lhat tho roplac€msnt to by lhe Replac€menl R€feloncs Rtto will not l'ad EURIBOR party to snothor party; any tlansfer of economlc valu9 ftorn ono whldt KM N.gotlation Klck'ott Dato; mearls the date on opinlon worktblc noli-lles the Bonower thal ln its reasonable loodlng markelE solutions have been d6!@lopod in tho r6levant Dlscontlnuatlon to replace EURIBOR following the Bgnchmeri Date; snd RoplacarBnt Roforonca R'to: means llre '6hr€nco which th6 Bononer and Kfw agBe wlllreplacs b) lals EURIBOR lntg ost Penod of a lntercsl Petid. Wlth the exc€ption ol thd first on a Payment Loan amount, each lnterest Period will commence (Pa@ent Oates) hereoo and will end Oat6 (as delined in Arlicle 4'3 Period of s Loan gmount on the nexl Paym€nt Date The first lntoresl will b€gin on lho value dste of th€ disbursem€nt amount and wlll end on the n€xt Payment ol $dl Loan Dste' not a Banklng Day' lt wlll be lf a Payment Date falls on a day lhat is dtte) hereof' ln thls adlustod in accordance wilh Article 6 2 fDuo P6ym6nt th6 lntorcst Poriod will end on tho doy of tho adiust'd ca; on thg Ediustgd Dat6 and th€ nexl lnlgrosl Period will commenco untll lhe odolnel oxplry ol Payrnent Date. The interesl rate applicable Pedod wlll apPly to the adilstod lnterest Porlod' lh; ldorest c) of tho Eorowot Afret Change to Fixed lnteresl Rale at lhe roquest demand lhal tte la-st disburssment from the Loan lh6 Borow€r may then outstanding in a fixed lnt€resl rate be 6ppliod for the full amount accordance wlth the followlng provision6 ("lntor'8t Ch!ngc") ln lh6 ll event lhe Bofio$/er cl€sh66 an lnt€r$t ChanEo' th6 follot''ng provlslons wlll 8PPIY: ftom th' period \i) Fit d+ne'lod period. Th€ lixod-int'r'st 'nonds lixed on tho basis ol Articlo 4'1 dale frorn which the interesl rate ('Flxed lntor$t Rats") c) (iv) (Fixed,hteresl tsle) hereol b€low ('D'to of S io ue apptied 6t tho roqu6rt of tho Boro!'/qr th€ lsst ropaymont E foctlwnosr") urrtll payment In full of lhe Oat€ of Effoctiv6ness must fall on a Paymont irlstalmont; Date. of its roquosl will notify Kfvv lii\ Notiticalion of KNV' The Borrower gsE6ntially matches Annex 2 for lnlerest Chango in s fom lhal ercsl change] her€of' Tha Appti",tlon ot Effccdwness aod not;ncatton must sPodfy the dgsktd Da!6 F€dsr'l R6publlc ot must le recefwO in Frankfurl am Maln' Banklng Oay b€foro Germany, by 12;00 noon on th6 fltoonh et lhe latcat' lhe r€3pectivo Date of Effeqtiwnoss lspr"n* lq l (iii) tnte.esl rcto quotdlbn' ln due timo but not bter thsn at 12:00 of Gqrmany' on noon in F.ankturt am Maln, Foderal Ropubllc of Effectiwnesr' the fifth (5th) Banking Day b€foE tho Date a non'blnding quotadon of tlle fxed n'* tn" puFuant to Artlc:l€ 4 1 c) "ot'o"6r intersst rato lhet woutd be appllcable tako plgoe (Fixed inleresl rc14 hereol if tho change wera to "* ,, \ivl on lhe dale of such quotation' the lntsr€st Cilang6 am of Effectiveness by 12:OO noon in Franldurt tf the Bono,'rer ir.Etocably confims to Kfft| 8nd iho OatE (4lh) Eanklng M.ln, F6dsral R€public of G€nnsny' on lhe founh at the latest' Kfw Day b€for€ the sgreod Oate ol E foctlvenoss will *iti rrt"n p",fo- the Inter6t Chsngs as inlttucted and Rate dstsnnin'd on inform lh6 Bonowsr of tho Fixod lnt6rs3t 4 1 o) (lv) (Hxcd th6 Dato of Effsctivon€$s pursuant lo Mdo inte.ost ralo, horgof' lnterest Rat€ off€r6d lf tn€ Eonowet does not accept lh€ Fix€d conli'malion by Kfw or if Kfw has not recsived tho Borrow€l's o, ,2,00 noon in Franktun am M'in' Fod6ral Republic of Germany, on the fourfh (4th) B6nking Oay befor6 th6 rosp€ctfuo Dgte ol Effectiveness, ihen KtW will not offect a chang6 from th6 Variablo to a Flx€d lntarcst Rate. Rats Firod lntersst Rate. Kfw wlll dotormino ihe Fixsd lntsreqt pr6vailing in on lh6 basis of lhe qaPltal market condlllom then into lhe Europ€an Monetary Union for long-term loans takirE (iv) plus a margin consideration the cosls inqJred by Kfvv p€r snnum lhal tak* into aocount th€ of - 0 1-i-% grant funds mad€ av6ilabl€ by ih6 Gollmmont of tho Fedo'al -Republic of Germany lfthe intersst rtt€ calarlatod accordlngty will be 0 % falls b€low O o/o per annum. the Fixed lnterost Rste apply p€r annLrm The Flxed lnterast Rate thils deiermined will in until the last repayment instalm€nt has be€n recoiv€d out in Articlo 5'1 accordonc€ with the repaymont schedul6 8et (Ropayrnent schedd4 horeof Kfw will lnform the Bono"6r promptly of fle Fixed Int€.est F€t€ (v) pursuant lo Artlclo Non-lJtilisathn Foo. f following notlflcatlon Kfw has set a Fixed 4.1 c) (iii) (lntorosl rale guota''on) horoof to Adiol€ 4'l c) lntor63t Rato for a Loan amount PUEUant ,€le al the /aques, dt the Bofiwet) (Chahgo to ftxed inleasl lnterest Ctange or her€of and if the Borol\r€r tll€n c€ncols lhe tor whlch lf tho lnt6rest Chango is cancellgd for othor rcasoos request not accountable, lhe Bonow€r will pay KM./ on Kfw ls to clmponsat€ KM such Non-Utilis.tion F6€ as is necessary or cosB lnqJnod by KM/ as s rcsuli ol fo, uny lo"s"", "rp"nsus calculate tho amount such canc€llation wlthout dslay Kfw will lt to the Borowet' of th6 Non- Utilisation Fso and communlcat6 as it no inlercst The Non-Uflisatbn Fes shall bo d.totml.Ed Republlc of subsidies had been prcvid6d by tho Fedsral Germany for the Projsct (vi) No .gcorvgrs,bn. After an lnterest Chango' a rg@nveEion a llxed lnterest rate to a variable lnterost 4.2 trcm rat6 ls oxcluded' Loan amount will b6 charged lntercst cdcttdtioo lntsresl on a disbursed is (inclusively) on which th6 resP6ctiv6 Loan amount *rn accounl held wilh Kfvv lor lhe Borow6r un0l lho no. U".-*" 0"" Oi"iro, i"r. i"rr*rrrl"" on which the rcsPociiv6 repayments a'6 olcrediied lifie qeditlng) in Article 6 3 (Account *n 'umber' "Oec,O"O " ',? ""-r, to 13 4 1 c) (Chsnge to f,xed ctrocled' inlared rale at tha requesi ol tho SottoiDt) hlr'of has beon thc roPtymonl3 aro inter€Gt wlll be calculglod induding lho dly on whioh lntst65t cr€dited. wiul no lnterBst charged for lhe Oate o' Etr6cti\/€n655 (Catculatlon) hercol' will be calculatod in accordancE with A'tiole 6 1 hereof. lf 6n lnterest Change pursusnt to Adjcl6 43 Pay.nehl Dalos.lnl6rsst will be du' in anears tor spocified b€low (sach a "Paym'ill D't!')l paymont on tho dates and a) prio. b Ih€ du6 data of tho llrst ropaym6nt ineitlment' on 15 May20'19 15 Novombcr 15 November of esch ye€r Ior the first tknc on day on which bd no earlier lhan on lhe Paymenl Dale lollowing the Arliclo 14 10 Agreement enter6 inlo for@ qnd effocl Pursuani to thi6 (Enry into fot@ end etrect) h'c,ol]' b) on ulg du€ dal6 of tll6 lir8t r.9lrmcnt hrtslrnent purwsnt to Micb 5.1 (Repa@r,nt $hodu e) horrof togotller wllh such inctsln€nt; c) theroafi€r on tl€ due dates of th6 repaFgnt instalmsnts pu'suant to Aniclo 5.1 (Repdytuonl schedu'a, hereof' Roplltmant tnd Propaymor 5.1 Repayfienl schedule.'fhe Botrowgr will rePay the 15 No!€mber 2024 15 November 2!?q 15 Nowmb€l]z9?Z ,/ Loan as follov's: 2028 '1 10 15 No\€mb9.2028 952.380.95 11 15 May2!4l 952,380.95 12 15 Nov€mbo!@g 952,380.95 13 15 May 2030 952,3E0-9q 14 14 N^vemb€r 2030 9s2.380.S2 952.3E0.95 15 16 1E N6wmber 2031 952,38q.gq 17 't^ i',.e! rO32 952.380.9q 18 r< N^w.mher 2m2 952.380.95 19 15 iilay 203q s52,380.9! 5 Novem!91?9!1 s52,3q!!! ts May 2034 952,381.00 2A 1 21 This Repsym€nt Schedulo may b€ acoordance with M. 5.5. 52 adJustod flom time to time ln emounls will be offsgt lJndisbursed Loan amounls' Undlsbursed Loan due pursuani to tho respectivo last rePaym€nt lnstalmont ;n;;;" hercol i""r"r.""i""i"or" "", lorlh in Mid6 5 1 (Ropaynent schadole) altemativ6 h urio"s xtW at trs own OiscrEtion choGss anoth6r otrsetting individual cases. 5.3 disbL,,:sF,fie'l lf o repsymont Repayn.,lls in case ol incompbte in full' thls will not in"Lri"nt i. ou" uuroru the Loan has boen disbu6ed to Arlicle 5'1 (Repay'ra,?l atfect ttre repayment schedule pur8uant lnstalmenl dug under tho scfreaule, treieot s6 long as th€ repayment and not E lo$/er than the Loan amounl dlsburc€d IJpiv."nt ""f,"aur. Amounl")' lf the repayment hstalm6nl ,-J ,"0",0 ("Or,",*O,ng Lo'n *iut N1rcL 5 1 (Repayficnl sc/lodute, hd6of oxc6cds ou" in "c*,0"n"" Loan Amount' such r€payment instalmont will be *" Ou,"OnO,nn uced ro the ;vol of the outstanding Loan :'?' Amount and lhe diffaranca 15 iostalmenb sdll oulslandlng ln ll|. dghl b tho Outslanding Loan Amd'nt Kfw r66'.ea co.p,iUng _o*ort*lndt,3 p€'iod ot hom th€ Loen that are made within t*r". O"t before a PayrEnt O6ts lo d6lormine the OutsiandlrE ", Paymsnt Date' Loan Amounl only Io' ths nort ensuing witl b€ ellocatod evenly to the repayment ' -."r", ii 5.4 Propsymonl. Th6 following will aPply b prepayrnonts: Subjecl to the tollowing paregraphs 5 4 a) '' Rlght lo $epayrpnt' hes lho 5.4 o) (ofisetting) h€reof' the Bonq\f,s' b) fri.rn"ri*i l; due date if this before the scheduled ,igit ,o r"piy Lo"n "'ounts plep"y..nt is al leasl in tle amount of a ropaym'ot inshlm6nt Purauant to Artld€ 5 1 (Ropayr.,€//]l sahedule) h"ool' 4 a Loan amount puEuant to Ar0dc 5 b) '' l,ioli,frcaton. Pr€paymgnt ofheroof is 3ubjocl to notiflcatlon of the ,O, to Nopaynent) thg lifteenth "i't pr.palment Uy ttro Borowor lo Krw no lator than on dale Such notic€ is Luntirg Oay p,to, to rt'e inlonded prepaym€nl Bmount of the ireuocabte: it must specify the dat6 and thg oo'gttes ths Bonov/€r to Pay to KfW the ettted fr"*rrr}"n, "* smoJnt on the sbted dato' cl Prep.Yn l Fee, lf ihe Bono'v6r prspays (i) 6 fir6d int6rsst Loan amounl:or (li) a Loan amount with a Variablo lnbrsrt Rato baforo thc snd of th6 corresponding lntatest Period' pay to Kfw oo d€mand sudl anount the Borowor will imm€diately loss€s' oxpehsgs ot coals as i3 necessary to @mpensata for any propayment (the "Pr'p'ymoni lncurrca UV KW as a r€sult of such Feo and F.."). KfW will detetmine lhe amount o' ho Propayment it to the Bonor{er' Tho Ptepayriont Fs6 Bhall bo it no inter€st subsidiss had b€€n provlded by tho aat"*in"a "" of he iolerd Aepuutb of esrmany for th6 Proi€ct At the requost th' wlll provlde the Borower with 6n indioatron of -r.rni"rt" go";", ifw prlor to fie requlrod lrrevocable amount ol the propayrn€nt foe Article 5 4 b) (No ncatbn) nolilication of th€ rapaym€nt pursuant to hereof. 16 dl propaynont pursuant to A'tlcL will p8y the prepaymeno her€of, tho Boro! Amounls due. Tog€ther with lhe 5.4 al (Right b 'sr followlng amounts: (i) any Prepayment Fee due es a result of the prepaymsnt pursuant lo Articls 5 4 c) (Prepayment Fae) hef€,li and (ii) all interost accruod gn the prcpald Loan amount and any othet hav6 payments still outstandlng undor lhl€ Agr€ement accru€d until tho dale ol lh6 prepaynEnt' that a"o{'nls) horeof e) Of,sgttrhg. Arliclo 52 (Undisbursod Loanprspaym€nt8 aggt fir/tatts mdandls lo th€ ofisotUng 5.5 $/ill of ovent thal Article 5'3 (Repeyments ln lh€ 'iRevifid rcpaymenl J{,,r,dute hqeot *"ursemenl) or Artlclo 5'4 (Poqvnent) J* i'iir,"" a r€viscd r9payment sdteduls lhat will roplacp tho an integral porl of this Agreem€nt and apprres, xfW wirf sena the Bonov'€r ,iri **i" ropayment schedule valid until such 6. 6.1 C.lculauon3 and Paynr'nl6 in time' g'n'ru| to lho calculation o[ lntersst' Calculaton. Tho followlng wlll apply pursuant to Ar{cls 6 5 (Dofault intgrssl) c;mmitment F6€, defauli interoat amounls trrnp'sua compensalion payments for overdue t Utilisation ".eof, on) hereot' Non' pursuanl to Article 6.6 ( Lt,r/,?&n conrr/osa F€e ard Prgpaym€rit Fo€: Losn amounl' e) lfa v.nabl6 intcrlrt rtto l! rpPllcd to lh€ t€sPocljlg payrnents for componsatign Fee and Prepaym€nt Feo will b€ interest, default lnteGst, lumPsum or"rdr" ".o,n'" 'on'Ulilisation calculated on tho basis of a 360'day days elapsed' yoar and lhe actual numb€r of Loan emount' b) lf a fixed lntsl9si reb b spplicd to hc lespec{w paynents for compansation lnterest, default lnlere6t' lump'sum *o"'Utilissllon Fes and Prepayment Fee wlllbe or"riru "ror*t, year and thirty-day monlhs' calculatod on lhe basis of a 360-day c) The Commitm6nt F6€ wlll b6 oalculatod on tho Y@r with hi'tyday monttu' basE ofa 36oday 17 6.2 Oue dale. l! a paymont to be made ln conn€ction with thls A9.6ement f6lls due gn a date that is not a Banking Day, the Bongnsr must mako 6uch paymonl on the following Bolddng Ooy. lf tho tollowlng Banking Oay falls wlthln the nexl celondar monlh, suoh payment must b€ mad6 on lh€ last Eanking Day of lhe current calendar month. 6.3 Accounl nunbet, titto ol qeditlng- fho Bofic,wq will b6 tol€a86d lro'n lb paymsnt obligations in connection with this Agrc€m€nt if and to lh€ extent that lhe respedivs amounls havo bean ctedlt6d to KfW al its fr€€ disposal without any d6duction! in euros and no later ihan ol 10 00 a'm' in Frankfun am Main, FedeEl Republic of G€rmany. to Kny'v's ao@unl in FranHu.t am Main, F€de.al Republic of Germany, number IBAN DEEo 5OO2 O4OO 3'1OO 4546 98, stating tho duo dato as cn addltlonrl rofersnc! ('Ref. \ryYYMMOD"). 64 6.5 Counlercloir/,s ol lhe Bortowe.. The Boraower is not entitlsd to 633€rl any dghts of relsntion or set_off or comparable righti agginsl payment obllgatiorc under this Agr€€manl uniess sudl dghts 6r€ rocognlsod by doclaratory iudgm6nt orarE not bsing contostod by Klvv' pursuanl Defoult tntarost. lf any repsyrnent lnstalmsnts or prgPayments to Articlo 5.4 (Prepayment) he6ol ate not al tho disposal ol KM when due. KffV may without prior remlnder charge d6fault intorest lor ho period b6glnning on the due dste and aodlng on th€ dalo on wlrlch su"t payionts a.e credited to lhe account of KnAr sp€dfiod in Mlde 6 3 (Account numbot, time ol dediting) he!€,jf al!&l€ rote of 200 bagls polnts abow th€ Variablc lnlcrosl Rlis Por an,um d6t6fml"d by Kfw for tho relovant lnterast PsrH pursuant to Addo 4.1 (lntotost) hor€ot Such lf default interesl must b€ paid imm€diaiely upon KM's 1lrct domEnd interest accruod on lho overdue amounts at a Fitgd lntergst Rate pursusnl to Ailcl€ 4.1 c) (change to Fixed lntorcsled nt€ al tho rcquos, ol the Eof,(,r7Elr) hereof until th6ir due date, KfW may alternativoly of damsnd payment of dsfault lnterest fram the due dato ufilll thg data payment at a rate of 200 basls polnls abov6 thls Flxed lnt6r99t Rate por 6.6 rgqu$l lumP (with tho oxcoPtion of ths sum comPnsation on overdue amounts Lumr-.sum conpansation Kfir'U may without Prior r€minder t8 repaymont inslalment6 and prepaym€nts msntiooed in Article 6.5 (Delault ihtotust) here,of) from the due date until lhg date ot paymsnt al a r6le of 2OO basl3 poinls above lhs Variabb lnt€rcgt Rate per annum determined by Kfw tor th€ rel€vanl lntorgst Porlod pursuant to Artlcle 4.1 (lnlerod) heteol.lf the Varlable lnteresl Rato wes changed to a Fixed lnterost Rate pursuant lo Arlicl6 4.1 c) (Chango to Fixod lhtercst Rale at the request ol tha Bdro'tei hereof, Kfyv may altematively demand payment of a lump sum comp€nsation on lhe owadue Emounls lrom lhe du6 dats until the date of payment at a rato of 200 bssis points above this Fixod lnterost Rate par annunt Tho lump_6um @mpgnsatjon must be paid immediately upon Kfw's first demand. The Elorower is free to demonslrato thst no damages have occurred or lhat lh€ damagos wero less lhan the lump'sum oompenFtion. 6.7 6.8 Offsoalirg. Kfw has the right to oflset payments rsc€ived against paymenls due undor this Agreement or under other loan agrcements concluded between Kfw and the Borrowor' Calaulalions made by KIW. Absent manifest erors, the valu€s calculated by Kfvv and cslculations performod by KM, ofamounts duo ln connectlon with thls Loan Agre€mont constitute Prlma-facie ovldoncjE (Ans.helhsbew€,s). 7. Guarantee trom iha F6doral Ropubllc of Gormany KM will havg payment claims under this Agr€ement guarantsd by the Federal Republic ofGermany Prior to the llrst disburosment. 8. lll€g.lity lf, ln any applicsblo jurisdlctlon, lt becomss unlaMul for KfW to porfom any of its obligations as contomplated by this Agreement or to fund or maintaln the Loan, upon Klw notrying tho Borower a) the commitment of KfW will be immediately c€ncelled, and b) th6 Eonower shall repay tho Loan in foll oh the last day of the lntsrest Pedod ln whlch Kfw has notifi€d tho Bonower or. if earlier' t9 to the Borrowor the date spocified by Kfw in the notic6 dolivorod lasl doy of any appliceblB grac€ period {b€ing no earlier thsn lhe Permitted bY law). hor6undor will bo subject to For thc awidancg of doubt, any cancollgtion repaymont of the Loen heteurdor Anido 2.6 (tlon-Ufiisanbn Foo) and any in prgpaymont ard vtill be subioct to lho provisions 9et out Fae\ and dl lAmounts duel' 5.1 cl *""**o"" Adicle lPrapaynent Colts .rd Publlc cha,goB 9. e.1 will make all payments No deductions or withholdings The Bonowor public ,ni", ,io egr"".*, withoul 8ny deduotlons for tax€s' othEr by law Bonot /gr is obligated argss o, oti", co"ts. ln the event that lhe "t or withholdings on or fo-r other reasons to make any such dgductlons will inqeas€ by suah paymenS, tre payments made by the Bo(ower du€ under ln ornt ai n*"tory tor KfW lo rocoirs in tull tho arnounts this Agre€m6nt after deduction of taxqs s.2 End char06s' expensas accruing in Cosfs. The Borrorver will b€ar all @sts and of the Loan' in conneo0on wlth the disbursoment and ropaym6nt foes)' 99 particulsr r€mittanc€ and tBnsfer costs (lncluding conversion with tho well 8s 8ll cosls and expenses accruing h connectlon and of any olh6r maintenan@ or onforcement of thls Agr6ement rights tssulting rolated to this Agrement as wEll 83 of all docum6nt thereftom. Taxds and olher chatgos. Thg Bonower will b€sr all tax€s and other Germany in publlc cha.gos acquing outsido tho Fedoral Rgpublic of gxocluon of thls Agre6meot lf Kfw connoctlon with the condusion and wlll lransfor them wilhout advancos such iar6s or charges, the Borowor in Adlcle 6 3 (Acoou'l dslay upon requ66t to KWV'8 'ccount sPocifiod account as specified by numbet, tine ol crediling, hereof or to such other 't 0. Spechl oblig! ons 10.1 Proiecl trndementalion aN *ocial hlormetion Tho Boro'ior 20 a) will prepare, impl6mont. opor€t6 and maintain the Project in conformily walh sound linanclal and technlcal practicos. ln complrance with €nvironmenlal aod social standards 8nd EubEtantially ln aqcordance with lh6 Project concoption agreed upon between lh6 Bonowor and Kfl/V: b) will assign lhe prepaEttion and supeNision of conGtruction of the indep€ndonl. qualified consulting ongineors or Project consultants, and the implementalion of the Projoot to qualilied lo firms; c) will at all limes comply with lhe procursm6nl provisions stipulated in the S€parate Agreemenl including tho rgspeclive procuremeht pla'r d) will ensure the full financing ol thg Prolect and furnl6h to K1\[ upon Its rgquest evidenoo prcving hat lhe costs nol paid from lhis Loan are covored; e) wi,l k6€p books and records or have books and records kept that unoquivocallly show all cosls of goods and sorvices requk€d for lhe Project and cleady identify the goods and servlcoo flnancod flom this Loan: will gnablo Kfw and ib agents at any timo to inspect such books and records and any and all oher documentation relgvanl to th€ implementation and operation of the Project, and to visil lhe Proioct and allthe insiallations relaled thereto; s) will fumish to KM/ any and all such infomation and rgcords on tho Proiect and its furthor progross as KfW may requesl: h) will, immediately and on its own initiativg, (i) forward to KM,/ any quaries recelwd by tho Eorou/er from the OECD or ils mombors under lho oo'called 'Agrggment for Untied ODA Credit6 Transparenc/ following the 6ward of the contraols for thg supplles and services to bo linanc6d trom lh€ Loan and will coordinat6 the reply to any such queries wift KWV, and \\{ (ii) notify Kfw of gny and all circumslsncos lhat preclude or setlously l€opadlso lho impl.menta0on' th6 operation or lhe PUrPo36 ol lh€ ProJect Oetall8 of 10.2 Detalts ol Proiocl imdetuonlalion Tho Bonos€l ln thls 'ospoct represonted by the Poiect Ereqlting Agency, and Kfw wilt delsrmine pqro€mont' the details ponaining to Article 1O'1 h6r6of by tho Sops6to 1O.3 Comdien(E Undert hi4g Th' Borro\r"r u^derlak6s lo comply at all tlm6s wilh lhr oblEalon6 5€t out in Annor 3 (Cg"di"rd Covtn"t(s)' 10.4 Transpotl oI goods Tho ProviGion! set lorth in tho Gowmmenl Agroement, whlch arc known to tho BoIowEr, will apdy to of the supplles to b6 nnancad from ths Loan' $.5 th€ transporl Pen passu Gnki4. The Boro\ /ar wsnanb and roprelont! that its l6a6t pari ob[galions under lhis Agre€ment rank end wlll b€ sorviced 6t psssu with all other unsecured and noi luttordin'tod Ext6mal Dobls' and i6 the BorroYv6r will ensu.s to the extont parmitted by l6w hat thb '8nking Debt slso assurgd for all futule uns€cured and not subordinated Exi€mal ln this Agroement, "Ext!m!l DQbl" mosns an obligatlo't of ths Bono$'8r which is: gf th6 (i) govemed by a syslem ot law othgr than ths hw Borrower: or 0i) pafabl. ln a qJnsncf olher than tho currency of lho Borrowa/s counw; or (iiO payable to a pe6qn inco'porated' domicilod' r6sident or wilh its h6ad ofric6 or pdncipal place ol b(Elness outslde tho Bonowsl'3 counlry' 10.6 Cr,a.ges. The Borrowsr will not croale or p€rmlt to subsirl eny Cherge6 on tha ProJocl assats wlthoul KlWs pdor consent ln this Agreement' "chatge" mean6 any mortgsg€, pledg€, lien, charge, asslgnment ol any transfsr by way of securily, hypoth€cation or socurity int€r68t and olher agreoment or arrangem€nl tho effgcl o[ which is the cr€otion of 6 soc{rrity or gny rlght confenino a p.iority of payrn€nt in respact of arry oblEation of any p.rson. This obligation doca not appry: a) to Charg* oxisting or alr6ady agrced upon when this Agreement was signed and disclosed lo Klvv betore lhe AgG6menl was sign6d, b) to CharlBs that 8rE .ustofiEdly cruat€d in th€ odlnary courEs of busino$ undor legal or other c{lgtom!ry contaclual r€gulations to socure obllgetlons (\i,ith Ure €xc6ptlon of loan liabllitlos) tows.ds suppliors or olh6r providors ol 36rvicos (o.9. rotontion of title rights customary in th€ industry and legal lions), or c) to Chargos lhat EII€ady oistod at the tims 8n as6ot wa8 acqulrd, prcvlded such Chargar aro romoved within thrcs monlhs ai€r acquisition. 1'1. 1 1. Tormination of the Agroomont 1 Reasons lot tenninatioa. Kfw may 6xoaci6o lh€ rights set out ln Ar0cl6 11.2 (Legd coosequences ol the occunet$a ol a cause fot temtnatiq) hereol (Legal consoquencas of tho occunenc€ of I cause fol lerminalion) lf. cirqrmstanc6 arises that constitutos good causo (Wichtiget Grund| These include, in parllcular, th€ followlng circumst6nces: a) the Borower falls to perform paymont obllgationo to Kfvv wh6n due; b) obligations under this Agrcoment or under lhe Separate Agreemenl as well as any other lggally binding additional agroemonts lo this Agreement aro violaled: c) this Agre€m€nt or any part theroof no longer ha6 e blnding offsct upon the Eono$ror or can no longel ba enforced egolnst tha Borowor; d) aoy declaration, confirmalion, intormalion, roprossnlation or wananty consldored by KfW lo be €ssentlal lor lhs grantlng and )'; maintaining of the Loan provos to b€ falso' misleadlng or incomplete; e) olh6r gxtr&rdlnary clltumstanc€s occu which dolay or p6dudo lho performance of obligations under lhis Ag.6qmont: the Borrower is unable lo prov€ that lhe Loan amounts have been us€d fo. the stjpulated PUrPose; s) the Bonorier discontlnues its payrnents to creditols, is insolvent or comm6nces negotlations with ono or moro of the Bonowe/s c€ditors on a moretodum, waiver oI dobts outsbnding, doformsnt of payments or disconlinualion of the debt servic6. 11.2 Legal consequences ol the occurcnce ol a cause lot temiration' lf one of the evqnts montioned in futicle 1'1.1 (Rea@ns lq lemina4on)hereof has occunBd, KM/ may lmmedlately susPend disbu6emonts under this Agreement. lfthls e!,ent is not resolved wilhin a period ot ffve dsys (lo the case of Arlicle 11.1 a) hereof) or in all olher cases of Article 111 (Reasons lot teminalon) hereof within a period determined by KM which, however. shall be at leasl 30 days, Kfw may cancel thls Agreement in vrhole or ln pa( with the congoquence that its obllgatjons und€r this Agreement cease and K{W may demand the immBdlate repaymonl of all or pari of the Outstanding Loan Amount toggthe' wilh the interost accrued and the romaining amounls owed under this Agreoment. Articles 6.5 (Oafaull interesl) and 6 6 (LumPsum compensatton) hoteol apply to accel€rat€d amounts mulatis m"lal)dis' 11,g Compensztion fot dsrfl6gos lf this Agreement ls teminat€d ln lull or ln part the Bor.ower will pay Non- Utilisation F96 in accordance wilh Arllcle 2.6 (Non-Utilisalion Fee) andtot Prepaymenl Foo ln accordance wllh N{cle 5.4 c) (ProPaYment Fee). 12. Roprssontatlon .nd ttatom6nls 12.1 Ropresonlalion of he Boftowet. The Ministor ol Finance of G€o'gia and such percons or instjtulions as designaled by him or her to Kf,lv and authorised by specimen slgnatures authenticat€d by him or her wli! 21 .apr63ont lhe Borro /er in tho ereoution of lhb Agrcqmont' Tho pow€'8 ol raprcaant tion will not €xpiro until lh€ir axF€ss ro"oo'lbn by th' be€n Epftrsontatiw of tlt€ Eonoryea aul}br&€d sl such tinr' h" recelved bY KfW. 12.2 Addrcsses: Declalaliicns or notjfcations in oonnection with this Agreemont must t€ in writing. Thoy must be E€nt as origlnalg or lh6 excoPton of requ6ts for disbur8€ment vb facsimilo' Any ' _ wilh 'nd 'll d6cleradons or notilicatlons medo in conn€cton wilh thls Agl!€m6nt mu6t b s6nt to lho follou/ing addrossos: Fot KfW: Posfa.h 11 1141 60046 FranKun am Maln G6many Fax: +49 69 7431-2944 For tha Boirow€r: Ministry d Financa Attn. Publlc Debt Man€gement Ooparlment 16, Gorcasali Str66t 0114 Tbilisi Georgia For th€ Prorcct Er.cutlng Agcnca: Mlnht y ot Educallon. Scienca, Culturo and SPan 52 Dimit.i Uznadze Si 0102 Tbilisi Georgia )'; 23 Publlc6llon ard ransrc, o, ProJac{-rohsd lrto.nEilon 13. 13.1 Publicotioh ol Pr<iact-tdatcd inlqrndion by ,(firy, To comply wilh int€rnationally acc€plod principlos of utmost lransparcncy ond effioenoy in the de\,eiopmenl coopeastion, Kfw publishas sel6ctod intomalion (including results of anvircnmental and sociel catagorizalm 'nd Proiocl end assessmonl as well as ex post e!'aluation rsportE) about tho its financing dutir€ pre.onlractual negotiation., whilo tho Prolect{6lated ag'r6m€nl(s) ls (are) belng lmplom€nt€d and ih lh€ post-contractual slag6 (hor8inaftor refedsd to as the "Enllro Poriod")' The informatlon is published regulady on the wobsito of Kfw Dsvclopmgnt Bank (htto:/transoar6rE.kfw'enMcklunosbank.dg,/sn). The publication of infomstion (oithor by Ki/v or thld p6rti.s in accordanco wlth Artlcfo 13.3 (I.ansfet ol Paiect related tnformat{on to lhid paiios and publicdlioh by lheso) below) sbout the Proiecl and ils flnanclng do€s not lnclude any contractuat documentation or any sensilivo linancial or businsss-rolated delailed lnfomstion about th€ pad€s lnvolwd ln lhe Project or ats linancing. such as a) information about inton€l llnanclal data; b) businossstrat€gies; c) inlemal corpo.ate guk elines and repo.ts; d) porsonal data of natuGl P€rson8; e) KtWs intemal raling of the psni€s' linancial posruon' 13.2 Trcnslor ol ftotect'Blated infqfitation lo third petlies Kfvv shares selected informatioo about th€ Project its financlng during lhe Perjod wlth tho entlti6s mEr ion6d b6low, padicul6tly to snsurB Entir€ transparoncy 6nd eff cienoy: a) 6ubsidiaries of Kfw; b) th6 F€doral Ropublic of Germany and its compotent bodies authoritios, institLltions, agencies or enliti€s: 26 other implenrontln€ oroanisations involved ln Germ'n bllateral dowlopment coopcratbn, partculady thg Doutlch€ Gggollsdtafr c) for lntern.tionala Zusammsnarb€it (GlZ) GmbH; d) internatlonal organisalions involved in coll€cting 6t6tislical data and thelr memberc, esp€cially tho Orgsn6gtlon for Economlc Coopo6tbh and De\,.bpm€nt (OECO) and its m6mbers' 13.3 Trahstet ol P@acl'raldtod hhnalion lo thtd padias ahd pudlcalio'l by these. Furthermoro, the Fodsral Rspublic of Gormany has roquested Kwv to aharo 66lected information aboul the Projoct and lts linancing publbh lhe throughoul tho Entiro Pedod with th€ following enlitlos, whlch soctions rcbvsnl to tho PurPo6oi a) Fed€ral Republic of Gormany lor th€ purposos of lhe lntemalonal Aid Transparency lnitiativo {htto:/ /t/ww bmi.de/de/ministedum/zahlen fakton^ransoarenz_ b) Germany Trade & lnvost (GTAI) for the purpos€g ol market e.hEnl) c) OECO for th€ purp6e of reporling financlal 110'.16 in the fram6work ol development cooperalion (hlto:/,lwww.oecd oro/) d) Germsn lnslitute for Oovelopmont Evaluatbn (DEval) for thg purpo66s of ovaluating the overatl Gorman dovolopmont coop6ration to onsuro tEnsparency End effcisncy (htto8:/,vwwdeval.oro/enl) 13.4 7ranslor ol Prcject4eloted inlonnalic,l to oher thtd Padi€s (induding publtcation by thes,f,).|<N"lfur$sr resor\,$ the dght to lrsnsfer (lncludlng for the purposos of publlcatlon) lnformation about the ProJsct and lt3 financin€ during th. Enti.r P6dod to olh.r thitd psrllos so as lo 3af€96rd logitlmate intertsts. The information is nol t€nsfered by Kfw to olh6' third partios if tho l€gitimate interssts of th€ Bono/ver and/d ProjoclEreclting Agency tho information not being transforBd outwdgh KflA|s lnt6r€6ts ln it being Proiectlransfefied. Tho legitimate int6r*ts ot the Borrowor 'nd/or 2f Exocuting Agoncy parllcultrly lncludc lhe confidentiality of tho 86{l3iliw info.mation mgntlon.d in Attdc 13.1 (Ptblh.tlon ol proficl+elgted htomelion by KlW, which is oxcluded from publlcation Furthermore, KIW is enlltled lo tEnsfer inlormation to third partios if this is n€csssgry due to statutory ot regulatory requlrements or to ass€n or dslsnd dslms or olher lag8l tlghb ln courl or adminisit8tr€ ProcasditE8' Ganeral provlalons 14. Oanking Oay.Wh.re .E,f6rence is mada in this Agre€m€nt to a 'Binklng D.t. Uis means s day oihor lhan a Saturday or Sunday on rvhich comrE d€l b8oks ln Franldurt 8m Main, Fedoral Republlc of G6rmsrry ar! op€n foa goneral buslncas. 14.2 Place ol peio narce. Th6 placo of pgrformanco for all obligotions under thls Agroomenl is Frsnkfurt am Main, Fedoral R6public ol Cermany 14.3 Panid invdidily end gaps lf any provlEign of this Agrgamcnl is or gl frb bocgril€! lnvalid, or if thorc i! s gap in any oi thc p'gvilioor provisions Agreemont, thls will not afi6cl the valldity ot ths romaining provision by hereof. The parties lo lhis AgGement will replace any invalid a legolly valid one which comes 6a close .s po$liblo to lho spkil and purpose of tho invalid provision. Tho pattios will fill any gap in lh€ provisions with a legglly valid provision whlch comeS as close as posslbb to lhe 6plrit and purpolo ol thi6 AglBem.nl' 14 4 Witten fo@. A^y addenda 6nd am€ndmon6 to this Agrs6ment musl bo ln wrltlng. Tho padios may waive lhe written form roquiremont only in wrlting. 14.5 Asslgnnent. The Bonower may nol 6ssl9n or tran3far, plodgc or morigags sny c,lalms from thls Loan Agrosmenl. 14.6 Appticabte tavl. Thi6 Agre€m€nt is govemed by Gorman law' ,, (. 28 14.7 Lim afion Nnod. All daims ot Kfw under this Ageom'nt oxpiro afi6r flvo year6 from th€ end of tho yoa. in which such clalm hes 6ds0n and in whlch KfW has be@mo awsrs of the circumstancsS conEitutng suoh gto6s negllgenco' clalm or cluld have become awaro of th6m wllhout 14.8 waNet ol irnfiunily lf and to the o)donl thst th6 Bottos/ol may now or ln gssots and lo lhe futur€ in any iuri3dictlon daim immunity fo' lts€ll o' lt3 lts ass€ts ext€nt that a lurlsdlctlon grants lmmunity to the Borowor and trom rull, 6xoculion, attadlm€nt or oihcr legal ptgc€ss' th€ Boroll'cr ln lrruvocauy agro6! to waiw guch lmmunlty for clsims trom 8nd pormittod by connection with lhis Loan Agreemont to the fullost erlont not is ths laws ol such iudsdiction provided howowr' lhat immunity waived with resPect to a) prc!€nt or futuro'prembe! ot the mbsion' t3 d6fhed ln tho Menna 'con8ulgr Convenlion on Diplomatic Relstions signed in 196'1' prasumes' as defined in the Vienna Convcnlion on Consular or consulat Relations slgned in 1963 or oth€rwiso usod by E dlPlomal (oxcopt mEsion ot Goorgia or 8ny sgency or instrumenlallty the'Eof proc€ss)' as may b€ neceg3sry io efiect s€rvico of b) Ptoperty of a milltary characlcr or undor lhe control od a millt8ry autho.ity or delenco agoncy, c) p.operty local€d in Georgia and dedicatsd to I public govemm6ntal or cultuaal us€ (6s oPpos€d to a comme.cid uso) or d) for thE avoidanco of doubl, (A) property ot th6 Nauonal Bank of bank or G€orgia whothor or not hcld in a Goorglan ora non'Georgian of any othor fin6nci6l institutions, or (B) proparty located in G€orgia Enforcament any type coverad by Article 2' ol the Law oI Geotgia on P.oooedings . U S' Georgia res.ry€s lhe right to plead Eo\€rsign lmmunlty urder iho Foralgn Sover€lgn lmmutlitigs Act ol 1976 wlth r6p6cl lo actions brought against it in any coud of or ln thg United Stat6 of Amorica under €ny Unit€d Sbtes fgderal or State se@ritles law' 29 14.9 Legaldlsput s. al Atdlralton. All dlsPutss 8rising out of or ln connoctod with thl6 Loan Agr.emonl wlll be sct{6d oxcluslvoly and linally by an rlbit stion t ibunrl, ln bi! rcgard, the followlng willEPply (i) Thq arbitrston idbunal lvill consist ol onc o( thro! arutrato.s yrho wlll bo appoinied and wtll ac-t ln acootdano' wllh thc Arbltralion Rules of th€ lntrmadooal Chamber ol Commorc6 (lCC) aPpllcablo frcm tim6 to tirno' (ii) The .rbittauon ptocolding will b' conductcd ln FdnKud am Main. Tha l.n9u!99 of lha ptocc€ding wlll b' Englieh' The Bofrol{er wsnsnls and ropr66nt6 that all claims Erising from or in conngclion wilh this Agreomsnt are ol commeroal nalure and underlgkE subroct to commorcial arbitration The Bonowsr snd Kfw judicial to tocognis. and stac.,t6 .ll arbltrd Ew€tds and accopt 8ny 6nforcdnont of gudl 6$'atds 14.10 Enty into lo,(, and e,tpct. This Agr€€m€oi will not enter inio forco and 6ffgc,t untll a) thi3 Loon Agrermont h63 bc6n r.tifl€d by th€ Pa'llam6nt ofG€oBh: b) the ratilication has boen published in lh€ 'Legislstiv€ Herald of Georlia'tand lhe c) the Bonor€r hss provid€d KfW wilh a written conflrmation that law' Loan Agrccmcnt h.c beon duly ra nod accordiog to appllcable wlthin slx Should this Agr€ement not have entorod into lorco and etfsct KfW months follov/ing the date th6 l83t p6rty hss signsd thls Agroomonl' pcrlod until lhe dats may, as of the day following the end of lhs slx monlh of sntry lnto torc., unllat€r8lly wnhdraw ftom lhls Agreem€nt and hus terminate lb provblonal inoff6ctjwn6$ by condlng I wdtton lhe BoFow€r. :-; notilicatlon to 30 Done ln lwo (2) odglnals ln th€ English lsngua96. thie !f day of {*c zors For Kfw ,o41*ror /,... ,tt For Goorgia represenled by its Minislry of Finance N".. l.[^, ?/ !t:l (\o 'rra..ai )ti";'k' of tini"r. ,(G,,y.,c t 31 Arncx 1 Dbburs6m€nt schodul6 F.ltort posslblo DlsbuBomont Sch.dulo Untll the ond of 6ach disbucomenl p€riod ("Eff.ciiv. D.tc of End ot P.rlod" in ac@rdanc,e urilh the llsl below) the Bonorer or on ils behalf, lhe Proj6ct lmplomenting Uml m6y request disbuE6ments only up lo a l€vel ihet do€s not axc.cd ths cumulalive sum of disbursemBnts sp€dfied in lhe lollowing table. Psrlod Etfoctlvo Dato of Bsqin ol Marimum amounl that Effoctive Oato of End ot m8y bo dl3buE.d up Poriod (lncl.) Porlod (sxcl.) lo the .nd of tho porlod (cumul.tiw) lall fouros In EUR) 1 2 3 5 ,o.12 2019 r0.09.2020 r0.03.2021 )0.0s.2021 )0.03.2022 )0.09.2020 ,200,000.00 )0.03.2021 1.000.000.00 )0.09.m21 0,000,000.00 6,000,000 00 to_03.2022 15. r 1.2023 20,000,000.00 32 Annex 2 Spaclmen Applicatlon for lntol66t Change Kf,A' Posfach 11 11 4l 60046 FranHurt am Moin Fedgral R6publtc of Germany Appllc.tlon fot lntorast Chrngo Brief Project descdption: Oate of tho Loan Agrsemenll Loeh amount: ln accordsn@ wilh Article 4 1 c) ll) (No'ibal'bn o' K 'U of the Loan Agft'Bmgnt we trom fie i"qr""r yo, to change the lnt;r€st rate for the Loan specifled abovo E Lcllvon$s Oat€ ol rrom the lnleresl Rat€ Flxod a RaG ro lntor€sl Vaiabls , which is a Paym€nt Oals pursuant lo Mids 4 3 (Paymenl Datos) of the Loan Ag.e€mot. (Place) (Signah.rre of 8011(}'160 (Date) 33 AEg:lComPlianoe Covonanls 1. DEFINITIONS or ham' Coo.clvr Prsctic.: is th6 impairing or harming, or thr€atening to imp6k person vl6rc to wilh a proparty lh6 of the Jiliy or inairectty, any Person orp€6on inllu6n6 imPropedy lhe actDns of a persorc dcslgned to Collualvo PEctlca: ls an amng6mgnt bgttvron two or more i.p.p", Purpose, including to lnfluenc€ lmproporiy ths actlons o' anolhor p€rson. ""iL* ,i on' roceiving' Cor.upt Pr.ctic€: the P.omising offering, giving, m6king, insisting payment or unduo ol' soliciting, dir€ctly or indirectly, of any ill6gal """"pir'rg of nrt t , to or by any peEon, wlth tho lntontion ot Ir lusncing ths i "i*nt peeon or caGing any peEon to refrsln from any actlon' actions if any "nV thst Fraudulant Prectlce: any actjon or omlssion. includlng misrepr€sentalion iio*fngly o. rocklBssly misl66ds, or allempts to mEl6ad' a po6on to obtraln I {inancisl bEnefit o, to avoid an obligation' or conc€aling Ob.ttuctivs Pr.c'tlc.: (i) deliberately dostroying, falsifying' ansting Jience materiat to G invegtigation or th6 msklng of fals6 9tr'tem6nt8 to lnto allggaUons inrest6ators, fn otOur to matorially imp€de En offclal invsstigatlon if co^pt io"ria", f€udulont Praclice, cosrcive Practice or colluslvo Practice' o. lnllmidating any p6rcon to p'event it lrom dlsdGing lts i, "it i""t"ning, t "ra"ting rolaveni lo tho invesligallon or from Pursulng th' ; matto.s ;;;.;;" of Kfvv'r iir"",f9"uon, or (il) acts intondod to mal€rially impsdo tho ex€rclse aont"au"lly r€quired infornation ln connoc{ioi wlth an o'ficl8l ol a Comrpt PEctice, F6udulont Pracuoo' Coord\6 *ruaUg"i,on ,n,o ",ogations Pl-aclic€. "il"' " Practico or Collusiv€ Po6on: any natural ps.son. legal €ntity, padnership or unincorporated assoclation, PGcllc6' Corupl Sanctlonablo Practlc.: sny Coorcive Praclic€' Collusivo (63 torm3 ar6 dofnod such p,""ii"". fr"rOrfunt Praclic€ or Obslructiv€ Practic6 i"r"aj, *,tt,on t,l'" unlaMul und6r Getm'n or oth'r sppllsblo law 'nd (ii) which rri", oi pot*ti"lv could have, a metedal legal or teputational 6ffoc{ on lhis Aga66mor bstw66n ttt€ Bono\rsr 8nd KfW or lts Impleme(iadon 3a Sanctlons: lho oconomlc, financlal or trade slnctions l6ws, rogulauons, 6mbargo€s or lestricliv€ measures adminlstored. onactod or enforc€d by any Sanclloning Body. S.nctlonlng Body: 6ny of tho Unilod Nationo $curity Coundl, ths European Union rnd lho F.deral R.public of Ggrmany. Sanctlon3 Llst any list of specially dos€natod persons, groups or ontlties whlch ar6 subi€ct to Sanctions, 89 issusd by any Sanctioning Body 2. INFORiiATIOI{ UNDERTAKING Th6 Bono$/or Shall a) p.omptly mako ev.ilabl6 lo KIW on domand all rBlevant "know your customei o( slmilar informotion sboul lhs Borower 99 KIW may Fquesti b) promptly turnish to KtW on demand all Projgql .€htsd infotmal,on and dooJm€nts of the Bonower and it! (sub)conlracling and oth.r rolated pariics which KrW Gquiro. lo lullil it! obligation8 to provont any Sandlonablo P.aclico, money laundsring o./ahd to.ro.isln tinanclng ss woll as for the cohlinuous rnonilorinE of tho b6lness rolglionship lvith l}|6 Bonowqr which is nocossary for this purposo; c) lnform KfW, promplly 9rd ot lts orn 6ccord, as soon ss it bocom€s aware of' or susp@t6, any SandJonabl€ Praclic., act ol moll6y laundoring or/and lGrr9ri3m fnancJng Bl.tad to lh6 Projgcl: d) fumish to Kfw any and allsuch lnfotmatlon and rsports on the Proigct and its furlh6r progloss as KfW may reqt est lor lhe purposes of lhb Annex; and e) ensblo Kfw and lts agonts al any tlmo lo inspect all olhsr Project relal€d docum€ntalion of the Bonowg. and il8 (sub)contractng and ot|gr relgbd partios . and to vlsll tho Proioct and all ln8bllatlons related thsrsto lor the purposes ot fiis Annex 3, REPRESENTATION ANO WARRANTY Wilh regard lo German law or the law ol the counlry of th€ Borrolver, the Borro$/€a roprosonts thal none of lhe Porsons acting in Elation to the prq€d on the Bono$r€l6 bohslf haE comminod or is ongagod ln any Ssnctionable Pr€c{c€' money launderlng or fin6ncing of terrorism The rep.€s€nlation 6nd warrEnty s€t lorth in lhis Article is made for lhe first time by exocution of thls Agr€gment. lt will b€ doomed to bo ropeat6d upon 6ach drawlng of the Loan and on each lnterEsl Paymenl Oate, ln €ach case by rof6'enc€ to the circumstancas pravailing at lhat dat6. d. POSITIVE UNDERTAKINGS The Bonower undertakes as soon as the Bonower or Kfw becom€s aware of, or suspects, Eny Sanclionable Practic€. aol of money laundgring or ffnanoing of torrodsm, to lully cooperat€ wlth Ki/1/ snd lts aggnt6, in determlnlng wh€th€r such complianc6 lncid€nt has o@ured. The Bonower shall, ln parliollar, rsspond promptly and ln lsasonabls dotail to any notico from Kfw and shall fumlsh documentary suppo.ifor such .gsponse upon KfWl lgquest. 5. NEGATIVE UNOERTAKINGS The Bonowor will not 6nter into any transaclions or engags ln any olhg' ac'tivities in rolaton to the Proi€ot tt!6t would constitutg a broach of Sanqtions. \\/"'