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Minisjry of Foreign A^fsirfejj^^Jeorgia TPANSLATION BUKEAU of intefoatlona! Agreemenls of Georgia

Loan Agreement dated (OS"• Z020 between KfW, Frankfurt am Main ("KfW") and Georgia represented by its Ministry of Finance (''Borrower") for EUR 90,000,000.00 - Policy Based Loan (PBL) ill - BMZ-ID: 2099 20 802 Loan ID: 29847 Hfi, CONTENTS CONTENTS PREAMBLE 1. Loan 2. Disbursement 3. Fees 4. Interest 5. Repayment and prepayment 6. Calculations and payments in general 7. Guarantee from the Federal Republic ofGennany 8. Illegality 9. Costs and public charges 2 ^ ^ ^ ® ^ 1B 10. Special obligations 11. Termination of the Agreement 21 12. Representation and statements 23 13. Publication and transfer ofProgramme-related Information 23 14. General provisions 26 Annex 1 Drawdown Notice Annex 2Specimen Application for Interest Change Annex 3 Compliance Covenants 33 34 3 PREAMBLE KfW and the Borrower have agreed on policy initiatives, setting forth objectives, policies and actions as described in the trigger matrix for the year 2020 (Annex 2 of the Separate Agreement (as defined below) (the "Trigger Matrix 2020")), to improve sectoral refomi processes in the energy sector in Georgia. It is envisaged that the programme will be co-financed by a loan of the Agence Fra.ngaise de D6veloppement (AFD) and a grant of the European Union, represented by the European Commission. The European Union has delegated KfW to award this EU grant to Georgia on behalf ofthe European Union. The terms and conditions of the Loan comply with the OECD requirements applicable on the date of signing of the Agreement for recognition as Official DevelopmentAssistance (ODA). On this basis and under the condition that the Federal Republic of Gemnany extends a guarantee for the Loan, KN\! will grant a Loan in accordance with the terms and conditions of this Loan Agreement. 1. Loan 1.1 Amount KfW will extend to the Borrower a Loan not exceeding a total of EUR 90,000,000.00 ("Loan") (Inwords: ninety million Euro) 1.2 Purpose. The purpose of the Loan is to support the energy sector reform programme ofGeorgia (the "Progranime"). The Borrower and KfW will determine the details of the Programme by a separate agreement ("Separate Agreement"). 1.3 Taxes, charges, customs duties. Taxes and other public charges owed by the Bonrower as well as customs duties will not be financed from the Loan. 2. Disbursement 2.1 , Requesting disbursements. KfW will disburse the Loan in one single disbursement to the Borrower upon receipt of a duly and validly completed and executed Drawdown Notice provided that all conditions precedent to disbursemerit according to Article 2,3 (Conditions precedent to disbursement) have been met. The Drawdown Notice shall only be complete and valid if (i) it is irrevocable and has been submitted to KfW no later than by 12 noon on the tenth Banking Day (as defined in Article 14.1 Banking Day) prior to the disbursement date referred to in the Drawdown Notice; and (ii) it is substantially in the fomn ofAnnex 1 (Drawdown Notice). 2.2 Deadline forrequesting disbursements. KfW has the right to refuseto make disbursements after 30 May 2021. Kit. 2.3 Conditions precedent to disbursement. KfW is obligated to make disbursements under this Agreement only If the following conditions precedent have been fulfilled In a manner satisfactory to KfW In form and substance: a) The Borrower will have demonstrated by presenting a legal opinion satisfactory to KfW, and by presenting certified copies (each with an official translation into the language of this Agreement) of all documents to which this legal opinion refers, confinning that the Loan Agreement Is legally valid, binding and enforceable against the Borrower (including for the avoidance of doubt, a statement regarding KfWs exemption from all taxes on Income from Interest, charges, fees and similar costs when granting the Loan); b) KfW is In possession of an original of this Agreement and the Separate Agreement, each signed with legally binding force, . c) thespecimen signatures mentioned in Article 12.1 (Representation of the Borrower) hereof have been received by KfW; d) the guarantee from the Federal Republic of Gemnany mentioned In Article 7 (Guarantee from the Federal Republic of Gemiany) Is in force and effect without any restriction; e) the Borrower has paid the Management Fee set forth in Article 3.2 (Management Fee) hereol; f) no reason for termination has occurred, nor has an incident occurred that would become a cause for termination by notification orexpiration orascertainment or fulfilment of a condition (potential reason for termination); g) no extraordinary circumstances have arisen that preclude or seriously jeopardise the implementation, the operation, or the purpose of the Programme or the performance of the payment obligations assumed by the Borrower under this Agreement; and h) the Borrower has provided evidence to KfW on the fulfillment of the Programme triggers for 2020 as set out in the Trigger Matrix 2020 satisfactory to KfW in form and substance. KfW has the right prior to any disbursement from the Loan todemand such further documents and evidence as it deems necessary at its discretion to ascertain the conditions precedent for disbursement specified in this section. 2.4 Details of the disbursement procedure. The Borower and KfW will determine the details of the disbursement procedure by the Separate Agreement and, in particular, the evidence that has to.be fumished by the Borrower documenting that the requested Loan amounts are being used for the agreed purpose. 2.5 Right to cancel disbursements. Subject to the fulfilment of its obligations under Article 10 (Special obligations) hereof the Borrower may waive the disbursement of undisbursed Loan amounts with the prior consent of KfW against payment of. a Non-Utillsatlon Fee pursuant to and as defined in Article 2.6 (Non'Utilisation Fee) hereof. 2.6 Non-Utilisation Fee, If the Borrower cancels the disbursement of a Loan amount for which an interest rate has already been determined pursuant to Article 2.5 (Right to cancel disbursements) hereof, or if such Loan amount is not disbursed at ail or Is not disbursed by the deadline stated in Article 2.2 (Deadline for requesting disbursements) hereof, the Borrower will promptly pay to KfW upon its request such amount as is necessary to compensate KfW for any losses, expenses or costs incunred by KfW as a result of the nondisbursement of the Loan amount ("Non-Utillsatlon Fee"), unless such non-disbursement constitutes a breach of this Agreement by KfW. KfW will calculate the amount of the Non-Utilisation Fee and communicate it to the Borrower. 3. Fees 3.1 Commitment Fee. The Borrower will pay a non-refundable commitment fee of 0.25 % per annum ("Cominltment Fee") on undisbursed Loan amounts. The Commitment Fee is due for payment semi-annually in arrears on 15 May and 15 November of each year, for the first time on 15 May m 2021, but no earlier than on the respective date following the day on which this Agreement enters Into force and effect pursuant to Article 14.10 (Entry into force and effect) hereof. The Commitment Fee will be charged if applicable with retroactive effect for the period beginning six months after the signing of this Agreement and lasting until the date of disbursement of the Loan in full or, if applicable, until the date of definitive termination of disbursements from the Loan. 3.2 Management Fee. The Borower will pay KfW a non-refundable one time lump-sum management fee of 1.00 % of the Loan amount stated in Article 1.1 (Amount) hereof ("Management Fee"). The Management Fee is payable on the earliest of thefollowing two dates: (i) before the first disbursement or (ii) after three months have elapsed since the signing of this Agreement by KfW or after one month has elapsed since the entry into force and effect of this Agreement (whichever of the dates stated under (ii) occurs later). The Management Fee is due for payment as soon as this Agreement has been signed inrespective of whether the Loan is disbursed in full or only in part or at all. 4. Interest 4.1 Interest. The Bon"ower will pay interest to KfW as follows: Variable Interest Rate with a fixed interest option. The Borrower will pay interest on the Loan in accordance with the following provisions: a) Variable Interest Rate. At the explicit request of the Bonrower. the disbursed Loan amount will bear interest at a variable annual rate on the basis of consecutive interest periods pursuant to Article 4.1 b) (Interest period) hereof (each period an "Interest Period"). The variable interest rate ("Variable Interest Rate") is composed ofthe Euro Interbank Offered Rate ("EURIBOR") plus a margin of 0.82% per annum (in words: zero point eighty two per cent per annum). If the Interest rate thus calculated falls below 0 % per annum, the Variable Interest Rate will be 0 % per annum for the relevant Interest Period. (i) Reference interest rate. The EURIBOR to be applied for the duration of an Interest Period Is the annual rate (rounded up to the nearest 1/16th of one percentage point, if necessary) stated on Reuters page EURIBOR01 or. If this page fails to contain the necessary data or is irretrievable, on Bloomberg page Corp EBF (or on a following page replacing the above Reuters or Bloomberg page) about 11:00 a.m. Brussels timeon the second Banking Day (as defined in Article 14.1 (Banldng Day) hereof) before the beginning of the Interest Period as the EURIBOR In euros with a maturity matching the relevant InterestPeriod or, if the relevant Interest Period does not match any of the maturities quoted by Reuters or Bloomberg, the EURIBOR quoted for the next longer maturity. (il) Alternate quotation. If the relevant quotations are not made on the Reuters and Bloomberg pages mentioned in Article 4.1 a) (i) (Reference interest rate) hereof or If these pages fail to contain the necessary data or if these pages are unavailable and no Benchmark Discontinuation Date has occurred on or prior to the respective Interest Determination Date, the EURIBOR to be applied for the duration of an Interest Period will be the EURIBOR determined by KfW as being equal to the arithmetic mean of the interest rates per annum (rounded up to the nearest 1/16th of the percentage point, if necessary) at which loans are offered in euros in the European Interbank Market by three leading banks selected by KfW in an amount comparable to the relevant Loan amount and with a maturity that most closely matches the relevant Interest Period on the second Banking Day prior to the beginning ofthe Interest Period. (iii) EURIBOR discontinuation. In this connection, the following will apply: (a) Negotiation. Upon the islegotiation Kick-off Date the parties will enter into good faith negotiations with a view to agreeing the Replacement Reference Rate, the Margin Adjustment and the Consequential Technical Amendments for the period following the Benchmark Discontinuation Date. The negotiations will take into account the then current market standards and will be conducted with a view K/Cf. to reducing or eliminating, to tlie extent reasonably practicable, any transfer of economic value from one party to another party. (b) Cost of funds. Subject to sub-paragraph (a) (Negotiation) above, for any Interest Period following the Benchmark Discontinuation Date, EURIBOR shall be replaced by the rate notified to the Borrower by KfW to be that which expresses as a percentage rate per annum the cost KfW would have of funding an amount equal to the Loan during the relevant Interest Period from whatever source it may reasonably select plus 0.82% p.a. (in words: zero point eighty two per cent per annum). (iv) Definitions. In this paragraph 4.1 a){Variable Interest Rate): Benchmark Discontinuation Date: means (i) the date on which the administrator of EURIBOR has published a notice (including any announcement on its website) that EURIBOR will cease to be provided, (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 registration of the administrator, or bb) to prohibit the use of EURIBOR, (iii) the date on which EURIBOR. based on a legislative act, ceases to be available, or (iy) provided that EURIBOR was not displayed on the relevant page or the relevant page was not available for at least 10 consecutive Banking Days immediatiely preceding an Interest Determination Date, such Interest Determination Date; Consequential Teclinical Amendments: means any consequential amendment to this Agreement required or desirable to make the Replacement Reference Rate and the Margin Adjustment effective; Interest Determination Date: means the date on which the EURIBOR applicable to an Interest Period is detemiined 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 ofeconomic value from one party to another party; Wit 10 Negotiation Kici(-off Date: means the date on which KfW notifies the Borrower that in its reasonable opinion workable solutions have been developed 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 KfW agree will replace EURIBOR. b) Interest Period, With the exception of the first Interest Period of a Loan amount, each Interest Period will commence on a Payment Date (as defined in Article 4.3 (Payment Dates) hereof) and will end on the next Payment Date. The first Interest Period ofa Loan amount will begin on the value date of the disbursement of such Loan amount and will end on the next Payment Date. If 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. In this case the Interest Period will end on the day of the adjusted Payment Date and the next Interest Period will commence on the adjusted Payment Date. The interest rate applicable until the original expiry of the Interest Period will apply to the adjusted Interest Period. c) Change to Fixed Interest Rate at the request of the Borrower. After full disbursement from the Loan the Borrower may demand that a fixed interest rate be applied for the full amount then outstanding In accordance with the following provisions ("InterestChange"). In the event the Borrower desires an Interest Change, the following provisions will apply: (i) Fixed-interest period. The fixed-interest period extends from the date from which the interestrate fixed on the basis of Article 4.1 c) (iv) (Fixed interest rate) hereof below ("Fixed Interest 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) Notification ofKfW. The Borrower will notify KfW of its request for Interest Change In a form that essentially matches Annex 2 (Specimen Application for Interest Change) hereof. The notification nriust specify the desired Date of Effectiveness and 11 must be received in Frankfurt am Main, Federal Republic of Germany, by 12:00 noon on the fifteenth Banking Day before the respective Date of Effectiveness at the latest. (iii) Interest rate quotatior). In due time but not later than at 12:00 noon in Frankfurt am Main, Federal Republic of Germany, on the fifth (5th) Banking Day before the Date of Effectiveness. KfW will give the Borrower a non-binding quotation of the fixed interest rate that would be applicable pursuant to Article 4.1 c) (iv) (Fixed interest rate) hereof if the change were to take place on the date of such quotation. If the Borrower irrevocably confimis to KfW the Interest Change and the Date of Effectiveness by 12:00 .noon in Frankfurt am Main, Federal Republic of Germany, on the fourth (4th) Banking Day before the agreed Date of Effectiveness at the latest, K1W will then perfomi the Interest Change as instructed and will inform the Borrower of the Fixed Interest Rate determined on the Date of Effectiveness pursuant to Article 4.1 c) (iv) (Fixed interest rate) hereof. If the Borrower does not accept the Fixed Interest Rate offered by KfW or if KfW has not received the Borrower's confirmation by 12:00 noon in Frankfurt am Main, Federal Republic of Germany, on the fourth (4th) Banking Day before the respective Date of Effectiveness, then KfW will not effect a change from the Variable to a Fixed Interest Rate. (iv) Fixed interest Rate. KfW will detemiine the Fixed Interest Rate on the basis of the capital market conditions then prevailing in the European Monetary Union for long-term loans taking into consideration the costs incun^ed by KfW plus a margin of 0.82 %per annum (in words: zero point eighty two per cent per annum). If the interest rate calculated accordingly falls below 0 % per annum, the Fixed Interest Rate will be 0 %per annum. The Fixed Interest Rate thus determined will apply until the last repayment instalment has been received In accordance with the repayment schedule set out in Article 5.1 (Repayment schedule) hereof. K1W will inform the Borrower promptly of the Fixed Interest Rate. 12 (v) Non-Utilisation Fee. If following notification pursuant to Article 4.1 c) (iii) (Interest rate quotation) hereof KfW has set a Fixed Interest Rate for a Loan amount pursuant to Article 4.1 c) (Change to fixed interest rate at the request of the Borrower) hereof and if the Borrower then cancels the Interest Change or if the Interest Change is cancelled for other reasons for which KfW is not accountable, the Borrower will pay KfW on request such Non-Utilisation Fee 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-Utilisation Fee and communicate itto the Borrower. (vi) No reconversion. After an Interest Change, a reconversion from a fixed interest rate to a variable interest rate is excluded. 4.2 Interest calculation. Interest on the disbursed Loan amount will be charged from the date (inclusively) on which the respective 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 KfWs account specified in Article 6.3 (Account number, time of crediting) hereof. If an Interest Change pursuant to Article 4.1 c) (Change to fixed interest rate atthe request ofthe Borrower) hereof has been effected, interest will be calculated including the day on which the repayments are credited, with no interest charged for the Date of Effectiveness. Interest will be calculated in accordance with Article 6.1 (Calculation) hereof. 4.3 Payment Dates. Interest will be due in an-ears for payment on the dates specified below (each a "PaymentDate"): a) prior to the due date of the first repayment instalment, on 15 May and 16 November of each year, but no earlier than on the Payment Date following the day on which this Agreement enters into force and effect pursuant to Article 14.10 (Entry into force and effect) hereof; b) on the due date of the first repayment instalment pursuant to Article 5.1 (Repayment schedule) hereof together with such instalment: 13 c) thereafter on the due dates of the repayment instalments pursuant to Article 5.1 (Repayment schedule) hereof. 5. Repayment and prepayment 5.1 Repayment schedule. The Borrower will repay the Loan as follows: instalment Due Date Repayment Installment in EUR 1 15 May 2022 3.333,333.33 2 15 November 2022 3,333.333.33 3 15 May 2023 3.333,333.33 4 15 November 2023 3.333.333.33 5 15 May 2024 3.333.333.33 6 15 November 2024 3.333.333.33 7 15 May 2025 3.333.333.33 8 15 November 2025 3.333,333.33 9 15 May 2026 3,333.333.33 10 15 November 2026 3,333,333.33 11 15 May 2027 3.333,333.33 12 15 November 2027 3.333.333.33 13 15 May 2028 3,333.333.33 14 15 November 2028 3.333,333.33 15 15 May 2029 3,333.333.33 16 15 November 2029 3,333,333.33 17 15 May 2030 3,333,333.33 18 15 November 2030 3,333,333.33 14 19 15 May 2031 3.333.333.33 20 15 November 2031 3.333,333.33 21 15 May 2032 3.333,333.33 22 15 November 2032 3.333.333.33 23 15 May 2033 3.333.333.33 24 15 November 2033 3,333.333.33 25 15 May 2034 3.333,333.33 26 15 November 2034 3.333.333.33 27 15 May 2035 3.333.333.42 This Repayment Schedule may be adjusted from time to time in accordance with Article 5.5 (Revisedpayment schedule). 5.2 Undisbursed Loan amounts. Undisbursed Loan amounts will be offset against the respective last repayment instalment due pursuant to the repayment schedule set forth in Article 5.1 (Repayment schedule) hereof unless KfW at its own discretion chooses another offsetting alternative in individual cases. 5.3 Repayments in case of incomplete disbursement. If 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 (Repayment schedule) hereof as long as the repayment instalment due under the repayment schedule is lower than the Loan amount disbursed and not yet repaid ("Outstanding Loan Amount"). If the repayment instalment due in accordance with Article 5.1 (Repayment schedule) hereof exceeds the Outstanding Loan Amount, such repayment instalment will be reduced to the level ofthe Outstanding Loan Amount and the difference will be allocated evenly to the repayment instalments still outstanding. In computing the Outstanding Loan Amount KfW reserves the right to consider disbursements from the Loan that are made within a period of 45 or 15 fewer days before a Payment Date to determine the Outstanding Loan Amount only forthe nextensuing Payment Date. 5.4 Prepayment The following will apply to prepayments: a) Right to prepayment Subject to the following paragraphs 6.4 b) (Notification) to 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 toArticle 5.1 (Repayment schedule) hereof. b) Notification. Prepayment of a Loan amount pursuant to Article 6.4 a) (Right to prepayment) hereof is subject to notification of the prepayment by the Borrower to KfW no later than on the fifteenth Banking Day prior to the intended prepayment date. Such notice is irrevocable; It must specify the date and the amount of the prepayment and obligates the Borrower to pay to KfW the stated amount on the stated date. c) Prepayment Fee. If the Bon'ower prepays (i) a Fixed interest Loan amount; or (ii) a Loan amount with a Variable Interest Rate before the end of the con^esponding Interest Period, the Borrower will immediately pay to KfW on demand such amount ais is necessary to compensate for any losses, expenses or costs incurred by KfW as a result of such prepayment (the "Prepayment Fee"). KfW will determine the amount of the Prepayment Fee and communicate it to 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 notification of the repayment pursuant to Article 6.4 b) (Notification) hereof. d) .Amounts due. Together with the prepayment pursuant to Article 5.4 a) (Right to prepayment) hereof, the Borrower will pay the following amounts: 16 (i) any Prepayment Fee due as a result of the prepayment pursuant to Article 5.4 c) (Prepayment Fee) hereof; and (ii) all interest accrued on the prepaid Loan amount and any other payments still outstanding under this Agreement that have accrued until the date of the prepayment. e) Offsetting. Article 5.2 (Undisbursed Loan amounts) hereof will apply mutatis mutandis totheoffsetting of prepayments. 5.5 Revised repayment sctieduie. In the event that Article 5,3 (Repayments in case of incomplete disbursement) or Article 5.4 (Prepayment) hereof applies. KfW will send the Borrower a revised repayment schedule that will become an integral part of this Agreement and will replace the repayment schedule valid until such time. 6. Calculations and payments In general 6.1 Calculation. The following will apply to the calculation of interest, Commitment Fee. default interest pursuant to Article 6.5 (Default interest) hereof, lump-sum compensation payments for overdue amounts pursuant to Article 6.6 (Lump-sum compensation) hereof. Non-Utilisation Fee and Prepayment Fee: a) If a variable interest rate is applied to the respective Loan amount, interest, default interest, lump-sum compensation payments for overdue amounts, Non-Utilisation Fee and Prepayment Fee will be calculated on the basis of a 360-day yearand the actual number ofdays elapsed. b) If a fixed iriterest rate is applied to the respective Loan amount, interest, default interest, lump-sum compensation payments for overdue amounts, Non-Utilisation Fee and Prepayment Fee will be calculated on the basis of a 360-day year and thirty-day months. c) The Commitment Fee will be calculated on the basis of a 360day year with thirty-day months. 17 6.2 Due date. If a payment to be made In connection with this Agreement falls due on a date that is not a Banking Day, the Borrower must . make such payment on the following Banking Day, If the following Banking Day falls within the next calendar month, such payment must be made on the last Banking Day of the current calendar month. 6.3 Account number, time of crediting. The Borrower will be released from its payment obligations in connection with this Agreement if and to the extent that the respective amounts have been credited to KfW at 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 Frankfurt am Main, Federal Republic of Germany, number IBAN DE 94500204000318454698, stating the due date as an additional reference ("Ref, YYYYMMDD"). 6.4 Counterclaims of the Bonower The Borrower is not entitled to assert any rights of retention or set-off or comparable rights against payment obligations under this Agreement unless such rights are recognised by declaratory judgment or are not being contested by KfW. 6.5 Default interest If any repayment Instalments or prepayments pursuant to Article 5.4 (Prepayment) hereof are not atthe disposal of KtW when due. KfW may without prior reminder charge default interest for the period beginning on the due date and ending on the date on which such payments are credited to the account of KfW specified in Article 6.3 (Account number, time ofcrediting) hereof at the rate of 200 basis points above the Variable Interest Rate per annum determined by KfW for the relevant Interest Period pursuant to Article 4.1 (Interest) hereof. Such default interest must be paid immediately upon KfWs first demand. If Interest accrued on the overdue amounts at a Fixed interest Rate pursuant to Article 4.1 c) (Change to Fixed interested rate at the request of the Bonvwer) hereof until their due date, KfW may alternatively demand payment of default interest from the due date until the date of payment at a rate of 200 basis points above this Fixed Interest Rate per annum. 18 6.6 Lump-sum compensation, KfW may without prior reminder request lump-sum compensation on overdue amounts (with the exception of the repayment instalments and prepayments mentioned in Article 6.5 (Default interest) hereof) from the due date until the date of payment at a rate of 200 basis points above the Variable Interest Rate per annum determined by KfW for the relevant Interest Period pursuant to Article 4.1 (Interest) hereof. If the Variable Interest Rate was changed to a Fixed Interest Rate pursuant to Article 4.1 c) (Change to Fixed Interest Rate at the request of the Borrower) hereof, KfW may alternatively 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 Interest Rate per annum. The lump-sum compensation must be paid immediately upon KfW's first demand. The Borrower is free to demonstrate that no damages have occurred or that the damages were less than the lump-sum compensation. 6.7 Offsetting. K1W has the right to offset payments received against payments due under this Agreement or under other loan agreements concluded between KfW and the Borrower. 6.8 Calculations made by KfW. Absent manifest en-ors, the values calculated by KfW and calculations performed by KfW of amounts due in connection with this Loan Agreement constitute prima-facie evidence (Anscheinsbeweis). 7. Guarantee from the Federal Republic of Germany KfW will have payment claims under this Agreement guaranteed by the Federal Republic ofGermany prior to the first disbursement. 8. Illegality If, in any applicable jurisdiction, it becomes unlawful for K1W to perform any of its obligations as contemplated by this Agreement or to fund or maintain the Loan, upon KfW notifying the Borrower a) the commitment of KfW will be immediately cancelled, and WJ<1 19 b) the Borrower shall repay the Loan In full on the last day of the Interest Period Ih which KfW has notified the Borrower or, if earlier, the date specified by KfW in the notice delivered tothe Borrower (being no earlier than the last day of any applicable grace period permitted by law). For the avoidance of doubt, any cancellation hereunder will be subject to Article 2.6 (Non-Utilisation Fee) and any repayment of the Loan hereunder constitutes a prepayment and will be subject to the provisions setout in Article 5.4 c) {Prepayment Fee) and d) {Amounts due). 9. Costs and public charges 9.1 No deductions or withhoidings. The Borrower will make all payments under this Agreement without any deductions for taxes, other public charges or other costs. In the event that the Borower is obligated by law or for other reasons to make any such deductions or withhoidings on payments, the payments made by the Bon'ower will increase by such amount as necessary for KfW to receive in full the amounts due underthisAgreement afterdeduction oftaxes and charges. 9.2 Costs. The Borrower will bear alt costs and expenses accruing In connection 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 of this Agreement and of any other document related to this Agreement as well as of all rights resulting therefrom. 9.3 Taxes and othercharges. The Borrower will bear all taxes and other public charges accruing outside the Federal Republic of Germany In connection with the conclusion and execution, of this Agreement. If KfW advancessuch taxes or charges, the Borrower will transfer them without delay upon request to KfW's account specified in Article 6.3 (Account number, time ofcrediting) hereof or to such other account as specified by KfW. 20 10. Special obligations 10.1 Programme implementation andspecial infonvation. The Borrower a) will prepare and implement the Programme in conformity with sound financial and technical practices, In compliance with environmental and social standards and substantially in accordance with the Programme conception agreed upon 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 ofthe Loan, for the carrying out ofthe Programme iand 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 Implementationof the Programme; e) will furnish to KfW with ail information related to the Programme and its further progress as KfW may request; f) will, immediately and on its own initiative. Inform KfW of any and all circumstances that preclude or seriously jeopardise the achievement of the purpose of this Agreement. 10.2 Details of Programme implementation. The Borrower and KfW will determine the details pertaining to Article 10.1 (Programme implementation and special information) hereof by the Separate Agreement. Kit 21 10.3 Compliance Undertaking. The Borrower undertakes to comply at aii times with the obligations set out in Annex 3 {Compliance Covenants). 10.4 Programme Monitoring. The Borrower and KfW shall quarterly pr at the request of either party consult and exchange views on the development of the Programme and progress achieved with regard to the implementation of the sector reforms. Prior to each such consultation and exchange of views, the Borrower shall submit to KfW 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. 10.5 Pan passu ranking. The Borrower warrants and represents that its obligations under this Agreement rank and will be serviced at least pari 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 Extemal Debt. In this Agreement, "External Debt" means an obligation ofthe Borrower which is: (i) governed by a system of law other than the law of the Borrower; or (ii) payable in a currency other than the currency of the Borrower's country; or (ill) payable to a person incorporated, domiciled, resident or with its head office or principal place of business outside the Borrower's country. 11. Termination of the Agreement 11.1 Reasons for tenrjination: KfW may exercise the rights set out in Article 11.2 (Legal consequences of the occurrence of a cause for tennination) hereof if a circumstance arises that constitutes good cause (Wichtiger Gmnd). These include, in particular, the following circumstances: 22 a) the Borrower fails to perform payment obligations to KfW when due; b) obligations under this Agreement or under the Separate Agreement as well as any other legally binding additional agreements to this Agreement are violated: 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, . infonnation, representation or warranty considered by KfW to be essential for the granting and maintaining of the Loan proves to be false, misleading or incomplete; e) other extraordinary circumstances occur which delay or preclude the perfomriance ofobligations under this Agreement; f) the Bonrower is unable to prove that the Loan amounts have been used for the stipulated purpose; g) the Bonrower discontinues its payments to creditors, is insolvent or commences negotiations with one or more of the Borrower's creditors on a moratorium, waiver of debts outstanding, deferment of payments ordiscontinuation ofthedebt service 11.2 Legal consequences of the occunence of a cause for tennination. If one ofthe events mentioned in Article 11.1 (Reasonsfortermination) hereof has occurred, KfW may immediately suspend disbursements under this Agreement. If this event is not resolved within a period of five days (in the case of Article 11.1 a) hereof) or in all other cases of Article 11.1 (Reasons for tennination) hereof within a period determined by KfW which, however, shall be at least 30 days, KfW may cancel this Agreement in whole or in part with the consequence that its obligations under this Agreement cease and KfW may demand the immediate repayment of all or part of the Outstanding Loan Amount together with the interest accrued and the remaining amounts owed under this Agreement. Articles 6.5 (Default interest) and 6.6 (Lump-sum compensation) hereof apply to accelerated amounts mutatis mutandis. 23 11.3 Compensation for damages. If this Agreement is terminated in full or in part the Borrower will pay Non-Utilisation Fee in accordance with Article 2.6 (Non-Utilisation Fee) and/or Prepayment Fee in accordancie with Article 5,4 c) (Prepayment Fee). 12. Representation and statements 12.1 Representation ofthe Bonower The Minister of Finance of Georgia and such persons as designated by him orher to KfW and authorised by specimen signatures authenticated by him or her will represent the Borrower in the execution of this Agreement. The power of representation will not expire until its express revocation by the representative of the Borrower authorised at such time has been received by KfW. 12.2 Addresses. Declarations or notifications in connection with this Agreement must be in writing. They must be sent as originals or with the exception of requests for disbursement - via facsimile. Any and all declarations or notifications made in connection with this Agreement must be sent to the following addresses: For KfW: KfW Postfach 11 11 41 60046 Frankfurt am Main Gemnany Fax:+49 69 7431-2944 For the Borrower: Ministry of Finance 16, Gorgasali Street, Tbilisi Fax: +995 32 22624 23 13. Publication and transfer of Programme-related information 13.1 Publication of Programme-related information by KfW. To comply with internationally accepted principles of utmost transparency and efficiency in the development cooperation, KfW publishes selected information (including results of environmental and social categorization and assessment as well as ex post evaluation reports) 24 about the Programme and its financing during pre-contractual negotiations, while the Programme-related agreement(s) is (are) being implemented and in the post-contractual stage (hereinafter referred to as the "Entire Period"). The information is published regularly on the website of KfW Development Bank (http://transparenz.kfw-entwickiunqsbank.de/en). The publication of information (either by KfW or third parties in accordance with Article 13.3 (Transfer of Programme-related information to third partiesand put>lication by these) below) about the Programme and its financing does not include any contractual documentation or any sensitive financial or business-related detailed information about the parties involved in the Programme or its financing, such as a) infomiation about internal financial data; b) business strategies; c) internal corporate guidelines and reports; d) personal data of natural persons and e) KfWs internal rating ofthe parties' financial position. 13.2 Transfer of Programme-related information to third parties. KfW shares selected information about the Programme and its financing during the Entire Period with the entities mentioned below, particularly to ensure transparency and efficiency: a) subsidiaries of KfW; . b)the Federal Republic of Gemiany and its competent bodies, authorities, institutions, agencies or entities; c) other implementing organisations involved in German bilateral development cooperation, particularly the Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ) GmbH; d) intemational organisations involved in collecting statisticai data and their members, especially the Organisation for Economic Cooperation and Development (OECD) and its member; and 25 e) European Commission and Agence Fran^alse de D§ve!oppement (AFD). 13.3 Transfer of Programme-related iriformation to third parties and publication by these. Furthermore, the Federal Republic of Germany has requested KfW to share selected information about the Programme and its financing throughout the Entire Period with the following entities, which publish the sections relevant to the purpose: a) Federal Republic of Germany for the purposes of the International Aid Transparency Initiative (httD://www.bmz.de/de/ministerium/2ahlen fakten/transoarenz- fuer-mehr-Wirksamkeitn"ransparenzstrateaie/index.html) b) Germany Trade & Invest (GTAI) for the purposes of market infomiation (http://www.atai.de/GTAI/NaviQation/DE/welcome.htmi) c) OECD for the pu^sose of reporting financial flows in the framework ofdevelopment cooperation (http://www.oecd.org/) d) German Institute for Development Evaluation (DEval) for the purposes of evaluating the overall German development cooperation to ensure transparency and efficiency (httDs://www.deval.orq/en/). 13.4 Transfer of Pn^gramme-related information to other third parties (including publication by these). KfW further reserves the right to transfer (including for the purposies of publication) information about the Programme and its financing during the Entire Period to other third parties so as to safeguard legitimate interests. The information is not transferred by KfW to other third parties if the legitimate interests of the Borrower in the infomiation not being transferred outweigh KfWs interests in it being transferred. The legitimate interests of the Borrower particularly include the confidentiality of the sensitive information mentioned in Article 13.1 (Publication of Programme-related information by KfW), which is excluded from publication. 26 Furthermore, KfW is entitled to transfer infonnation 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 administrative proceedings. 14. General provisions 14.1 Banking Day. Where reference is made in this 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 Gennany are open for general business. 14.2 Place ofperfonrtance. The place of perfonnance for all obligations under this Agreement is Frankfurt am Main, Federal Republic of Genmany. 14.3 Partial Invalidity and gaps. If 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 of the invalid provision. The parties will fill any gap in the provisions with a legally valid provision which comes as close as possible tothe spirit and purpose ofthis Agreement. 14.4 Written form. Any addenda and amendments to this Agreement must be in writing. The parties may waive the written fomn requirement only in writing. 14.5 Assignment The Borrower may not assign or transfer, pledge or mortgage any claims from this Loan Agreerhent. 14.6 Applicable law. This Agreement is governed by German law. 14.7 Limitation period. All claims of KfW under this Agreement expire after five years from the end of the year in which such claim has arisen and in which KfW has become aware of the circumstances 27 constituting such claim orcould have become aware ofthem without gross negligence. 14.8 Waiverof immunity. If and to the extent that the Borrower may now or in future in any jurisdiction claim Immunity for Itself or its assets 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 towaive such Immunity for claims from and in connection with this Loan Agreement to the fullest extent pemiltted by the laws ofSuch jurisdiction , provided however, that Immunity is not waived with respect to a) present or future "premises of the mission" as defined in the Vienna Convention on Diplomatic Relations signed in 1961, "consular presumes" as defined In the Vienna Convention on Consular Relations signed in 1963 or othenwise used by a diplomat or consular mission of Georgia or any agency or instrumentality thereof (except as may be necessary to effect service of process), b) property of a military character or under the control of a military authority or defence agency, c) 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 ofany type covered by Article 2^ ofthe Law ofGeorgia on Enforcement Proceedings. Georgia reserves the right to plead sovereign immunity under the U.S. Foreign Sovereign Immunities Act of 1976 with respect to actions brought against it in any court of or in the United States of America under any United States federal or State securities law. NIti 28 14.9 Legal disputes. a) Arbitration. Air disputes arising out of or in connection with this Loan Agreement will be settled exclusively and finally by an arbitration tribunal. Inthis 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 Intemational Chamber of Commerce (ICC) applicable from time to time. (ii)The arbitration proceeding will be conducted in Frankfurt am Main. The languageofthe proceeding will be English. b) Jurisdiction. In addition KfW has the right to institute legal proceedings in the courts of general jurisdiction {ordentliche Gerichte) In Frankfurt am Main or in any other court of competent jurisdiction, unless the matter in dispute is already the subject of an arbitration proceeding between the parties. The Borrower irrevocably agrees to the jurisdiction of any such court. 14.10 Entry into force and effect This Agreement will not enter into force and effect until the following conditions have been satisfied a) this Loan Agreement has been duly signed by the Minister of Finance of Georgia and KfW; 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 ratification with a written confirmation that the Loan Agreement has been duly ratified according to applicable law. Should the Agreement not have entered into force and effect within six months following the date the last party has signed this Agreement, KfW may, as of the day following the end of the six month period until the date of entry into force, unilaterally withdraw from this Agreement Wit 29 and thus terminate its provisional ineffectiveness by sending a written notification to the Borrower, 30 Done in 2 (two) originals inthe English language. Frankfurt am Main, Tbilisi This day of fl<vy 2020 This day of }^ei\y 2020 For Georgia KfW represented by its Ministry of Finance A. Name:X\/^n6 Title: Miriii'U'' Name: Title: Name: "THo ^ |& Title: 3iv\J)o»v/ 1 31 Annex 1 Drawdown Notice TLetterhead of Borrowerl loiKfW Department: TMa3/TMa5 Palmengartenstralie 5-9 60325 Frank^rt am Main Federal Republic of Germany Request for disbursement N**.... Re.: Loan Agreement N®.... dated for an amount of EUR We refer to Article 2 of the above mentioned Loan Agreement and we hereby irrevocably and unconditionally request to disburse a Loan Amount of EUR (in words: Euro) to ourfollowing account, value [Date]: SWIFT Field 59 (MT103) / Field 58 (MT202) Final Beneficiary: Final Beneficiary IBAN / Account Number: Account Holding Bank Name: SWIFT Field 57 Account Holding Bank BIC: IBAN / Account Number of Account Holding Bank with Intermediary Bank Intermediary Bank Name: SWIFT Field 56 In addition (ifthe beneficiary's bank is not located in the countryof the currency of payment the name and BICof the bank's correspondent in that countrymust be provided) Intemnediarv Bank BIC: Reference: We hereby confirm that all the Loan Disbursement Conditions as stated in Article 2 including in particular the condition set out in Art 2.3 h) ofthe above mentioned Loan Agreement have been satisfied. 32 at 20@ Name: Position: Kit) 33 Annex 2 Specimen Application for interest Change KfW Postfach 11 11 41 60046 Frankfurt am Main Federal Republic of Germany Application for Interest Change Brief Project description: Date of the Loan Agreement: Loan amount: In accordance with Article 4.1 c) ii) (Notification of KfW) of the Loan Agreement we request you to change the interest rate for the Loan specified above from the Variable Interest Rate to a Fixed Interest Rate from the Date of Effectiveness , which is a Payment Date pursuant to Article 4.3 (Payment Dates) of the Loan Agreement. (Place) (Signature of Borrower) (Date) 34 Annex 3 Compliance Covenants 1. DEFINITIONS Coercive Practice: is the impairing or harming, or threatening to Impair or harni, directly or Indirectly, any person or the property of the person with a view to influence Improperly the actions of a person. Collusive Practice: is an arrangement between two or more persons designed to achieve an improper purpose. Including to influence improperly the actions of another person. Corrupt Practice: the promising, offering, giving, making. Insisting on, receiving, accepting or soliciting, directly or indirectly, of any illegal payment or undue advantage of any nature, to or by any person, with the intention of Influencing the actions of any person or causing any person to refrain from any action. Fraudulent Practice: any action or omission. Including misrepresentation that knowingly or recklessly misleads, or attempts to mislead, a person to obtain a financial benefit or to avoid an obligation. Obstructive Practice: (I) deliberately destroying, falsifying, altering or concealing evidence material to the investigation or the making of false statements to investigators, in order to materially impede an official investigation Into allegations of a Corrupt Practice, Fraudulent Practice, Coercive Practice or Collusive Practice, or threatening, harassing or intimidating any person to prevent itfrom disclosing its knowledge of matters relevant to the investigation or from pursuing the Investigation, or (11) acts intended to materially impede the exercise of KfWs access to contractually required Information in connection with an official investigation Into allegations of a Corrupt Practice. Fraudulent Practice, Coercive Practice or Collusive Practice. Person: any natural person, legal entity, partnership or unincorporated association. Sanctionable Practice: any Coercive Practice, Collusive Practice, Con'upt Practice, Fraudulent Practice or Obstructive Practice (as such ternns are defined herein), which (I) is unlawful under German or other applicable law and (11) which has, or potentially could have, a material legal or reputational effect on this Agreement between the Borrower and KfWor Its Implementation. HSt, 35 Sanctions; the economic, financial or trade sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by any Sanctioning Body. Sanctioning Body: any of the United Nations Security Council, the European Union and the Federal Republic of Germany. Sanctions List: any list of specially designated persons, groups or entities which are subject to Sanctions, as issued by any Sanctioning Body. 2. INFORiVIATION UNDERTAKING The Borrower shall a) promptly make available to KfW on demand all relevant "know your customer" or similar information about the Borrower as KfWmay request; b) promptly furnish to KfW on demand all Programme related information and documents of the Bon-ower and its (sub)contracting and other related parties which KfW requires to fulfil 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 is necessary for this purpose; c) infonn KfW, promptly and of its own accord, as soon as it becomes aware of, or suspects, any Sanctionable Practice, act of money laundering or/and terrorism financing related to the Programme; d) furnish to KfW any and all such information and reports on the Programme and its further progress as KfW may request for the purposes of this Annex; and e) enable KfW and its agents at any time to inspect all other Programme related documentation of the Borrower and its (sub)contracting and other related parties, and to visit the Programme and all installations related thereto for the purposes of this Annex. 36 3. REPRESENTATION AND WARRANTY With regard to German law or the law of the country of the Borrower, the Borrower represents that none of the Persons acting in relation to the Programme on the Borrower's behalf has committed or is engaged In any Sanctlonable Practice, money laundering or financing of terrorism. The representation and warranty set forth in this Article is made for the first time by execution of this Agreement, it will be deemed to be repeated upon each drawing of the Loan and on each Interest Payment Date, in each case by reference to the circumstances prevailing at that date. 4. POSITIVE UNDERTAKINGS The Borrower undertakes as soon as the Borrower or KfW becomes aware of, or suspects, any Sanctlonable Practice, act of money laundering or financing of terrorism, to fully cooperate with KfW and its agents, in determining whether such compliance incident has occunred. The Borrower shall, in particular, respond promptly and in reasonable detail to any notice from KfW and shall furnish documentary support for such response upon KfW's request. 5. NEGATIVE UNDERTAKINGS The Borrower will not enter Into any transactions or engage In any other activities in relation to the Programme that would constitute a breach of Sanctions.