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Execution Copy (Operation Number 51392) LOAN AGREEMENT (Tbilisi Metro Project) between GEORGIA and EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT Dated S v4|pfi' 2020 TABLE OF CONTENTS ARTICLE I - STANDARD TERMS AND CONDITIONS; DEFINITIONS 2 Section 1.01. Incorporation of Standard Terms and Conditions 2 Section 1.02. Definitions..... 4 Section 1.03. Interpretation 6 ARTICLE II - PRINCIPAL TERMS OF THE LOAN Section 2.01. Amount and Currency 6 6 Section 2.02. Other Financial Terms of the Loan 7 Section 2.03. DrawdoAvns.. 8 ARTICLE in - EXECUTION OF THE PROJECT Section 3.01. Other Affirmative Project Covenants 9 9 ARTICLE lY - SUSPENSION: ACCELERATION 10 Section 4.01. Suspension Section 4.02. Acceleration of Maturity 10 11 ARTICLE V - EFFECTIVENESS 11 Section 5.01. Conditions Precedent to Effectiveness 11 Section 5.02. Legal Opinions 11 Section 5.03. Termination for Failure to Become Effective 12 ARTICLE VI - MISCELLANEOUS Section 6.01. Notices...................... 12 12 SCHEDULE 1 - DESCRIPTION OF THE PROJECT Sl-1 SCHEDULE 2 - CATEGORIES AND DRAWDOWNS S2-1 (i) LOAN AGREEMENT AGREEMENT dated I "Borrower") BANK and EUROPEAN 2020 between GEORGIA (the FOR RECONSTRUCTION AND DEVELOPMENT (the "Bank"). PREAMBLE (A) WHEREAS, the Bank has been established to provide financing for specific projects to foster the transition towards open market-oriented economies and to promote private and entrepreneurial initiative in certain countries committed to and applying the principles of multipartydemocracy, pluralism and market economics; (B) WHEREAS, the Borrower intends to implement the Project described in Schedule 1 which is designed to assist in the acquisition of metro cars for the City of Tbilisi improving public transport reliability, safety and efficiency in Tbilisi; (C) WHEREAS, the Project will be carried out by Tbilisi Transport Company Ltd, a limited liability company organised and existing under the laws of Georgia (the "Project Entity") and wholly owned by Tbilisi City Municipality (the "City") with the assistance from the BoiTower and the City in accordance withtlie terms of a projectimplementation agreement to be entered into between the Bank and the Project Entity on the date hereof (the "Project Implementation Agreement"); (D) WHEREAS, the City will provide assistance with the execution of the Project pursuant to the terms of a project support agreement (the "Project Support Agreement") to be entered into between the Bank and the City on the date hereof; (E) WHEREAS, the Borrower has requested assistance from the Bank in financing part of the Project; (F) WHEREAS, the Bank is empowered by Article 18 of the Agreement Establishing the European Bank for Reconstruction and Development to establish and administer Special Fimds and to carry out special operations financed from such Speeial Fvmds; (G) WHEREAS, the Green Climate Fund ("GCF") was established as an operating entity of the financial mechanism under Article 11 of the United Nations Framework Convention on Climate Change to assist developing countries in adaptation and mitigation practices to counter climate change; (H) WHEREAS, EBRD has established and is administering the EBRD-GCF Special Fund ("EBRD-GCF Special Fund"), to enable the Bank to receive and administer GCF funds; (I) WHEREAS, GCF and EBRD entered into: (i) an accreditation master agreement ("AMA") dated 22 April 2017 for the purpose of establishing the terms and conditions relating to EBRD's overall management, implementation and supervision of projects funded by the GCF whereby EBRD is acting as the accredited entity of GCF, and (ii) a funded activity agreement in relation to the "Funded Activity: FP086: Green Cities Facility" dated 2 July 2019 ("FAA") as part of the EBRD's Green Cities progranime ("Green Cities Programme"); (J) WHEREAS, the Borrower intends to participate in the Green Cities Programme and accordingly, the Borrower wishes to borrow, and EBRD wishes to lend subject to the terms and conditions set forth or referred to in this Agreement, the Project Support Agreement md the Project Implementation Agreement (each of the Project Support Agreement and the Project Implementation Agreetnent being a "Project Agreement" as defined in the Standard Terms and Conditions), seventy five million Euro (BUR 75,000,000) on the terms and conditions set forth herein, such amounts to be financed m the amount of sixty five million Euro (EUR 65,000,000) with the ordinary capital resources of EBRD (the "EBRD Resources") and in the amount of ten million Euro (EUR 10,000,000) with the special fund resources from the EBRD-GCF Special Fund (the "GCF Special Fund Resources") NOW, THEREFORE, the parties hereby agree as follows: ARTICLE I - STANDARD TERMS AND CONDITIONS; DEFINITIONS Section I.OL Incorporation of Standard Terms and Condidons All ofthe provisions ofthe Bank's Standard Terms and Conditions dated 1 October 2018are hereby incorporated into and made applicable to this Agreement with the same force and effect as if they were fully set foitli herein, subject, however, to the following modifications(sueh provisions as so modified are hereinafter called the "St^dard Terms and Conditions"): (a) Section 3,06 (Payments by the Borrower) of the Standard Terms and Conditions shall, for purposes of this Agreement, be modified to read as follows: "The principal, interest and Charges on the Loan shall be due and payable by the Borrower in the manner and on the dates set forth in the Loan Agreement. Amounts of principal repaid under this Section 3.06 shall be allocated pro rata between the Tranche 1 EBRD Loan, the GCF Loan and Tranche 2 Loan." (b) Section 3.07(c) of the Standard Terms and Conditions shall, for purposes of this Agreement, be modified to read as follows: "(c) In the case of partial prepayment, such prepayment: (i) shall, unless the Bank otherwise agrees, be in an amount at least equal to the lesser of: (A) the Minimum Prepayment Amount; and (B) the principal amount of the Loan drawn down and not repaid; and (ii) shall be: (A) first, applied to pay interest and Charges onthe Loan; and (B) second, applied pro-rata between the Tranche 1 EBRD Loan, the GCF Loan and the Tranche 2 Loan in proportion to their respective principal amounts outstanding; and (C) third, applied pro^rata to the several maturities ofthe principal amount of the Loan drawn down and not repaid." (c) Section 3.08(a) and (b) of the Standard Terms and Conditions shall, for purposes of this Agreement, be modified to read as follows: "(a) The BoiTOwer may cancel all or part ofthe Available Amount on any Interest Payment Date onnot less than thuty (30) Business Days' prior written notice to the Bank, which notice shall be irrevocable and binding on the Borrower, Such cancellation shall be in an amount at least equal to the lesser of: (i) the Minimum Cancellation Amount and (ii) the Available Amount; and Allocatedmid between the Tranche 1 EBRD Loan, the GCF Loan and Troche 2 Loan. (b) Intheevent of any cancellation by the Borrower pursuant to subsection (a) of tliis Section or by the Bank pursuant to Section 7.02: (i) the Borrower shall pay to the Bank, on the date of cancellation, all Charges due and unpaid asofsuch date, and a cancellation fee ofone-eighth of one per cent ' (0.125%) of the principal amount ofthe Loan being cancelled, except (1) inrespect of amounts cancelled pursuant to Section 7.02(a) and (2) that no cancellation fee shall be payable by the Borrower upon a cancellation relating to the GCF Loan pursuant to Section 4.01(f) of the Loan Agreement;" (d) Section 4.04(a)(ii) ofthe Stated Teritts and Conditions shall!, forpurposes of this Agreement, be modified to readas fQllows; "(ii) furnish promptly to the Bank such information as the Bank (or GCF in connection with the GCF Loan) may from time to time reasonably request and enable the Bank's Representatives and representatives of GCF, at the Bank's request: (A) to visit any facilities and construction sites relating to the Project or any oftheother premises where the business ofthe Borrower orthe Project Entity is conducted; (B) to have access to and examine any and all goods, works and services financed out of the proceeds of the Loan and any plants, installations, sites, works, buildings, property, equipment, assets, books, accounts, records and documents of the Borrower or the Project Entity, and allow such records and accounts to be audited by auditors of the Bank (or GCF in connection with the GCF Loan); and (C) to meet and hold discussions with such representatives and employees of the Borrower or the Project Entity as the Bank niay deem necessary and appropriate^ in each case, including in order (1) to facilitate the Bank's monitoring and evaluation of the Project and enable the Bank to examine and address any Project-related complaint made under the Bank's Project Complaint Mechanism, and (2) to assess whether a Prohibited Practice has occurred in relation to the Project (including any transaction funded or proposed to be funded, in wholeor in part, from proceeds of the Loan); (e) Section 10.06 (Disclosure) ofthe Standard Terms and Conditions shall, for purposes of this Agreement, be modified to read as follows: "The Bank may disclose the Loan Agreement and each Project Agreement and any information related to such agreements (including documents andrecords regarding the Borrower, theProject Entity, the City and theProject) (i) in accordance with its jjoljey on access to information, in effect at the time of such disclosure, arid iji connection with any dispute or proceeding in relation to, or involving, the Project or any of the Loan Agreement and each Project Agreement, for the purpose of defending, preserving or enforcing any ofthe Bank's rights or interests, and (ii) to GCF." Section 1.02. Definitions Wherever used in this Agreement (including the Preamble and Schedules), unless Stated otherwise or the context otherwise requires, the terms defined in the Preamble have the respective meanings given to them therein, the terms defined in the Standard Terms and Conditions have the respective meanings given to them therein and the following terms have the following meanings: "AMA" has the meaninggiven to it in Recital 1. "Borrower's Authorised Representative" means the Minister of Finance of the Borrower or such other person as the Minister of Finance may designate in writing. "EBRD Loan Margin" means, in relation to each ofthe Tranche 1EBRD Loan and the Tranche 2 Loan, one percent (1%) per annum. "EBRD Resources" has the meaning given to it in Recital J. "Enforcement Policy and Procedures" means the Bank's Enforcement Policy and Procedures dated 4 October 2017. "Fiscal Year" means the Borrower's fiscal year commencing on 1 January of each year. "GCF" has the meaning given to it in the Recital G. "GCF Loan Margin" means, in relation to the GCF Loan, zero percent (0%) per annum, "GCF Special Fund" has the meaning given to it in Recital H. "GCF Special Fund Resources" has the meaning given to it in the Recital J. "GCF Service Charge" has the meaning given to it in Section 2.02(k). "Green City Action Plan" means the plan prepared by the City with the support of the Bank and approved in September 2017, which plan articulates the City's and other relevant stakeholders' environmental vision for the City and assists the City to address the priority enviroimiental challenges and achieve the vision. The contents of the Greea City Action plan may be amended withthe priorwritten consent of the Bank. "Loan" means, collectively, the Tranche 1 Loan and the Tranche 2 Loan or, as the context may require, the principal amount thereof from time to time outstanding. "Margin" means, either the EBRD Loan Margin or the GCF Loan Margin, as the context requires. "Public Service Contract" means the agreement to be entered into, in form and substance satisfactory to the Bank, between the Project Entity and the City, which agreementmay include terms to rebate the: relationship between the Project Entity and the City reg^ditig the provision of public transportation services by metro owned by the Project Entity (and, in particular, the formula for service payments from the City to the ProjectEntity and the quantityand quality ofservices to be provided by the Project Entity), to be based on the principle of performance linked accountability, such agreement to be in form and substance acceptable to the Bank. "Subsidiary Loan Agreement" means the subsidiary loan agreement, in form and substance satisfactory to the Bank, to be entered into between the City, the Project Entity and the Ministry of Finance of the Borrower, pursuant to Section 3.G1 (a), as such subsidiary loan agreement may be amended from time to time. "Tranche 1 Loan" means, collectively, the Tranche I EBRD Loan and the GCF Loan referred to in Section 2.01(a) or, as the context may otherwise require, the prindpal amount thereof outstandiii^g from time to tme, and, individually, as the context requires, either the Tranche 1 EBRD Loan or the GCF Loan or the principal amount of the Tranche 1 EBRD Loan or the GCF l.oan from time to time outstanding. "Tranche 2 Loan" means the amount referred to in Section 2.01(b) or, as the context may otherwise require, the principal amount thereof outstanding from time to time. "Tranche 2 Availability means the date as of which the Tranche 2 Loan has become Date" committed and available for Drawdowns as notified by the Bank to the Borrower. Section 1.03. [nterpretation In this Agreement, a reference to a specified Article, Section or Schedule shall, except where stated otherwise in this Agreement, be construed as a reference to that specified Article or Section of, or Schedule to, this Agreement. ARTICLE II - PRINCIPAL TERMS OF THE LOAN Section 2.01. Amount and Currency The Bank agrees to lend to the BoiTower, on the tmhs and conditions set forth or referred to in this Agreement, the amount of EUR 75,000,000, which consists of (a) the Tranche 1 Loan of EUR 60,000,000 which consists of: (1) the Tranche 1 EBRD Loan in the amount of EUR 50,000,000, such amount being contributed from the EBRD Resources, and (2) the GCF Loan in the amount of EUR 10,000,000, such amount being contributed from the GCF Special Funds Resources (the "Tranche I Loan"); and (b) the Tranche 2 Loan in the amount of EUR15,000,000, such amount being contributed from the EBRD Resources (the 'Tranche 2 Loan"). Section2^0]2. (a) Other Finandal teiiifis of the Lo^i^ The Minimum Drawdown Amount shall be BUR 500,000in aggregate for the Tranche 1 Loan and BUR 100,000 for the Tranche 2 Loan. (b) The Minimum Prepayment Amount shall be BUR 7,000,000 in aggregate. (c) The Minimum Cancellation Amount shall beBUR 7,000,000 in aggregate. (d) The Interest Payment Dates shall be 7 May and 7 November of each year. (e) (1) The Borrower shall repay the Loan in 24 equal (or as nearly equal aspossible) semi-annual instalments on 7 May and 7 November of each year, with the first Loan Repayment Date being 7 November 2023 and the last Loan Repayment Date being 7 May 2035. (2) Notwithstanding the foregoing, in the event that (i) the Borrower does not drawdown the entire Loan amountprior to the first LoanRepayment Date specified inthisSection 2.02(e), and(ii)theBank extends theLast Availability Datespecified in Section 2.02(g) below to a date which falls after such first Loan Repayment Date, then the amoimt of each drawdovra made on or after the first Loan Repayment Date shall be allocated for repayment in equal amounts to the several Loan Repayment Dates which fall after the date of such drawdown (with the Bank adjusting the amounts so allocated as necessary so as to achieve whole numbers in each case). The Bank shall, from time to time, notify the Borrower of such allocations. (f) Notwithstanding anything to the contrary, expressed or implied, in this Agreement, the Tranche 2 Loan is uncommitted and accordingly the Bank shall have no obligation to makeany disbursements under theTranche 2 Loan unless, (1) it has received the Borrower's request to make the Tranche 2 committed; (2) the Bank is satisfied with the results of due diligence in relation to the metro tunnel and depot; (3) the Bank has received the approval of the Project Entityin relation to the amended Environmental and Social Action Plan reflecting the results of due diligence on the metro tunnel and depot; (4) the Bank shall have determined in its sole and absolute discretion that it is prepared to make the Tranche 2 Loan available for disbursement and (5) shall have notified the Borrower of such positive determination, if any. (g) The Last Availability Date shall be 20 December 2023, or such later date thait the Bank may in its discretion establish and notify to the Borrower. If the Available Amount, or any part thereof; is subject to a Fixed Interest Rate (in case if the Borrower would exercise its right to elect to pay interest at a Fixed Interest rate under Section 2.02(i) below), and the Bank postpones the Last Availability Date, the Borrower shall promptly pay to the Bank such amount of Unwinding Costs as shall, from time to time, be notified by the Bank in writing to the Borrower. (h) The rate of the Commitment Charge shall be: (i) 0.5% per annum calculated on the aggregate amount of the Tranche 1 EBRD Loan and the Tranche 2 Loan, and (ii) 0.15% per annum calculated on the aggregate amount of the GCF Loan. The Commitment Charge shall accrue, on the Tranche I Loan, from the date sixty (60) days after the date of the Loan Agreeniem and, on the Tranche 2 Loan, starting from the Tranche 2 Loan Availability Date. The Commitment Charge shall be payable on the Available Amount of the Tranche 1 Loan and the Tianche2 Loan, respectively, on eachInterest Payment Date (even though no interest may be payable on such date) commencing, for the Tranche I Loan, on the first Interest Payment iDatefollowing the lEifective Date, and, for the Tranche 2 Loan, on the first Interest Payment Date following the Tranche 2 Availability Date. (i) The Loan is subject toa Variable Interest Rate. Notwithstanding the foregoing, the Borrower may, asanalternative to paying interest at a Variable Interest Rate onall or any portion ofthe Loan then outstanding, elect to pay interest ata Fixed Interest Rate on such portion of the Loan in accordance with Section 3.04(c) of the Standard Terms and Conditions. (j) The Borrower shall pay to the Bank the front-end commission equal to one percent (1 %) of the maximum principal amount of, respectively, Tranche 1 EBRD Loan and the Tranche 2 Loan. For the avoidance of doubt, no front end commission is payable on the GCF Loan. The Bank shall, ob behalf of the Borrower, withdraw such ^punt from the Available Amount of the Ti^be; I EBRD Loan on the Effective Date, or within seven (7) days thereafter and from te Available Amount ofTranche 2 Loan onthe Tranche 2 Loan Availability Date, or within seven (7) days thereafter, and payto itselfthe amount of such front-end commission. (k) The Borrower shallpay to the Banka service charge at a rate of 0.25% per annum on the principal amount of the GCF Loan from time to time drawn down and not repaid (the "GCF Service Charge''). The GCF Service Charge shall accrue from and including the first day ofan Interest Period to but excluding the last day ofsuch Interest Period, be calculated on the basis of the actual number of days elapsed and a 360-day year and be due and payable onthe Interest Payment Date which is the last day of the relevant Interest Period. On each Interest Determination Date, the Bank would determine the amount of such GCF Service Charge payable on the relevant Interest Payment Date and promptly would give notice thereof to the Borrower. Section 2»03. Drawdowns (a) The Available Amount may be drawn down firom time to time in accordance with the provisions of Schedule 2 to fmance (1) expenditures made (or, if the Bank so agrees, to be made) in respect of the reasonable cost of goods, works and services required for the Project and (2) in caseof the Tranche 1 EBRD Loan and the Tranche 2 Loan only, the Front-end Commission. (b) Notwithstanding anything in this Agreement to the contrary, The Borrower's right to draw down from the Available Amount shall be subject to the conditions that: (1) the Tranche I EBRD Loan and the GCF Loan shall always be disbursed in thesame pro rata proportions asthetotal principal amount of each of theTranche 1 EBRD Loan and the GCF Loan bear to the total principal amount ofthe Tranche 1 Loan; (2) EBRD shall not in any event be obligated to make any Disbursement of the GCF Loan except to the extent that coiTesponding funds in an aggregate amount equal to the amount of such Drawdown of the GCF Loan are provided to EBRD by GCF; and (3) in relation to the first Drawdown under the GCF Loan, copies of the legal opinions referred to in Section 9.03 of the Standard Terms and Conditions shall have been delivered by EBRD to GCF. ARTICLE HI - EXECUTION OF THE PROJECT Section 3.01. Other Affirmative Project Covenants In addition to the general undertakings set forth in Articles IV and Vofthe Standard Terms and Conditions, the Borrower shall, unless the Bank otherwise agrees: (a) Make available to the City and the Project Entity, pursuant to the Subsidiary Loan Agreeinent, the proceeds ofthe Loan on ternls and conditions acceptable to the Bank; (b) Exercise its rights, and procure that each ofthe City and the Project Entity exercises its rights, under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank, to comply with the provisions of this Agreement and to accomplish the purposes for which the Loan is made; (c) Not assign, amend, abrogate or waive any provision of the Subsidiary Loan Agreement; (d) Within its power and authority, take all necessary steps to ensure that the Project Entity performs all of its obligations under the Project Implementation Agreement, including without limitation its obligations relating to: (1) designation and operation ofaproject team as provided for in Section 2.02 of the Project ImplementationAgreement; (2) procurement ofgoods, works and services from the Project as provided for in Section 2.03 of the Project Implementation Agreement; (3) environmental and social matters as provided for in Section 2.04 of the Project Implementation Agreement; (4) preparation and submission ofreports on matters relating to the Project ^d to the Project Entity's operations as provided for in Section 2.05 of the Project Implementation Agreement: (5) maintenance of procedures, records and accounts, preparation, auditing and submission to the Bank of financial statements and furnishing tothe Bank any other relevant information relating to the Project or the Project Entity's operations as provided for in Section 3.01 ofthe Project hnplementation Agreement; arid (6) compliance with all covenants regarding financial and operational aspects of the Project and the Project Entity as provided for in Sections 3.02,3.03 and 3.04 of the Project ImplementationAgreement. (7) the entry into the Puifelie Service Contract not later than on the third anniversary of the date of thi^ Agreement. (e) Within its power and authority, take all necessary steps to ensure that the City performs all ofits obligations under the Project Support Agreement to which itis aparty, including without limitation itsobligations relating to: (1) employment and use of consultants to assist in the implementation of the Project as provided for in Section 2.01 ofthe Project Support Agreement; and (2) compliance with all covenants regarding financial and operational aspects of the Project and the City as provided for in Section 3.01 and Section 3.02 of the Project Support Agreement. (f) take, or cause to be taken, all additional action necessary for the completion of component (b) of PartA of the Project. ARTICLE IV - SUSPENSION; ACCELERATION Section 4.01. Suspension The following are specified for purposes of Section 7.01(a)(xvii) of the Standard Terms and Conditions: (a) The legislative and regulatory framework applicable to the public transport sector in the territory ofthe Borrower shall have been amended, suspended, abrogated, repealed orwaivedin a manner which materi^y andadversely affectsthe operations oftheProject Entity or its ability to carry outtheProject; (b) The Statutes ofthe Project Entity shall have been amended, suspended, abrogated, repealed or waived in a manner which materially and adversely affects the operation of the Project Entity or its ability to carry outthe Project; (c) The City shall have failed to perform any ofits obligations under all or any ofthe Subsidiary Loan Agreement and/or the Project Support Agreement; (d) The Project Entity shall have failed to perform any of its obligations under all or any ofthe Project Implementation Agreement and/or the Public Service Contract; (e) The ownership of the Project Entity is transfen ed to any other party than the City; or (f) In relation to the GCF Loan drily. 10 (1) the AMA has been terminated, or notice of termination has been given under the AMA; (2) The FAA has been terminated, or notice of termination has been given under flie FAA; or (3) GCFhas requested the suspension of the GCF Loan. Section 4.02. Acceleration of Maturity The following are specified for purposes of Section 7.06(f) of the Standard Terms and Conditions: any of the events specified under Section 4.01(a)-(e)shall have occurred and continued without remedy for thirty (30) days after the notice thereof has been given by the Bank to the Borrower. ARTICLE V - EFFECTIVENESS Section 5.0L Cottditions Prece^eiit to Effectiveness The following are specified for purposes of Section 9.02(c) of the Standard Terms and Conditions as additional conditions to the effectiveness ofthis Agreement, the Project Implementation Agreement and the Project Support Agreement: (a) The Subsidiary Loan Agreement, in form and substance satisfactory to the Bank, has been executed and delivered and all conditionsprecedent to its effectiveness or to the right of the Project Entity/the City to make drawings thereunder, except only the effectiveness of this Agreement, have been fulfilled; (b) each Project Agreement has been executed and delivered, and the execution and delivery of each Project Agreement have been duly authorised or ratified by all necessary governmental actions; and (c) the Bank has received certified copies of the Statutes of the Project Entity. Section 5.02. (a) Legal Opinions For purposes of Section 9.03(a) of the StandardTerms and Conditions, (1) in relation to the Loan Agreement, the opinion shall be given on behalfof the Borrower by the Ministry of Justice of the Borrower; and (2) in relation to the Subsidiary Loan Agreement, the letter shall be given to the Bank by the Ministry' of Finance of the Borrower specifying that: (A) the Subsidiary Loan Agreement has been duly authorised and delivered by the Ministry of Finance of the Borrowerand constitutes a valid and legally 11 binding obligation of theMinistry of Finance ofthe Borrower eniorGeable m accordance with its terms. (b) For purposes of Section 9.03(c) ofthe Standard Terms and Conditions, (1) the opinion shall be given on behalf of the Project Entity in relation to the Project Implementation Agreement and the Subsidiary Loan Agreement by the in-house counsel of the Project Entity and thefollowing are specified as additional matters to be included in theopinion to be furnished to the Bank: (A) the Subsidiary Loan Agreement has been duly authorised by, and delivered and constitutes a valid and legally bindingobligation of the Project Entity, enforceable in accordance with its terms. (c) For purposes of Section 9.03(c) ofthe Standard Terms and Conditions, (1) the opinion shall be given on behalf of the City by the Head of the City's Legal Department in relation to the Project Support Agreement and the Subsidiary Loan Agreement and the following are specified as additional matters to be included in the opinion to be furnished to the Bank: (A) the Subsidiary Lo^ Agreement has been duly authorised by, and delivered dn behalf of, the City afid constitutes a valid and legally binding obligation of the City, enforceable in accordance with its terms. Section 5.03. Termination for Failure to Become Effective The date 180 days after the date of this Agreement is specified for purposes of Section 9.04 of the Standard Terms and Conditions. ARTICLE VI - MISCELLANEOUS Section 6.0L Notices The following addresses are specified for purposes of Section 10.01 of the Standard Terms and Conditions: 12 For the Borrower: Georgia Ministry of Finance 16, Gorgasali Street 0114 Tbilisi Georgia Attention: Public Debt Management Department For the Bank: European Bank for Reconstruction and Development One Exchange Square London EC2A2JN UnitedKingdom Attention: Operation Administration Department Fax: +44-20-7338-6100 IN WITNESS WHEREOF, the parties hereto, acting through their duly authorised representatives, have caused this Agreement to be signedin three copies (two for the Bank and one for the Boirower) and delivered at Tbilisi, Georgia as of the day and year first above written. GEORGIA By: Name: ive^ne Title: MiniS-l;^F o+- EUROPEAN BANK FOR RECONSTRUCTIQliLABlD DEVELOPMENT By: ^ Name:GAJ^n[r\ov 13 SCHEDULE 1 - DESCRIPTION OF THE PROJECT 1, The purpose ofthe Project is to assist the Borrower in the purchase ofa new fleet of metro carsand rehabilitation of the existing metro depot and metro tunnel. 2. The Project consists ofthe following Parts, subject to such modifications thereofas the Bank and the Borrower may agree upon from time to time: Part A: a) Tranche 1. Supply of new metro cars. b) Tranche 2. Rehabilitation oftlie existing metro depot and metro turmel. Part B: 3. Capital Expenditures (Investment Components) Consultancy services relating to the following; a) Capacity Building and Stakeholder Participation Program; b) Rolling stock conmiissioning; c) Detailed Design and Project Implementation Support for Tranche 2. The Project is expected to be completed by20 December 2023. Sl-l SCHEDULE 2 - CATEGORIES AND DRAWDOWNS 1. Thetableattached to this Schedule sets forth the Categories, the amountof the Loan allocated to each Category and the percentage ofexpenditures to be financed in each Category, 2. Notwithstanding the provisions of paragraph 1 above, (a) no Drawdown shall be made in respect ofexpenditures incurred prior to the date of the Loan Agreement, except that Drawdowns in an aggregate amount not exceeding 20% of the Tranche 1 Loan may be made in respect of the procurement of metro cars (and further provided that no Disbursements ofthe GCF Loan shall be made to finance the expenditures incurred prior to 18 September 2019) and/or (ii) Drawdowns inanaggregate amount not exceeding 20% ofthe Tranche 2 Loan may be made in respect of the superyisioh of depot and tunnel rehabilitation and the procurement ofmetro tunnel and depot, in each case conducted prior to the date of the Loan Agreement; and (b) no Drawdown shall be made until the project team referred to in Section 2.02 ofthe Project Implementation Agreement has been designated with adequate resources and suitably qualified personnel under terms ofreference acceptable to the Bank. S2-1 Attachment to Schedule 2 Category Amount of the Loan Allocated Percentage of Expenditures to in the Loan Currency be Financed Up to 100%of contract value excluding any Taxes (1) Goods, works and services for Parts A and B of the Project: - Tranche 1 EBRD Loan 49,500,000 - GCF Loan 10,000,000 - Tranche 2 Loan 14,850,000 (2) Frpnt-end Commission 100% - Tranche 1 EBRD Loan 100,000 - Tranche 2 150,000 Total 75,000,000 S2-2