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AgreemRr.is of Georgia

fepoAe>V«BnND»cmuaaM*M Sshm EvropskS invetiUnf b4rii» lirapMtnvf^tlJi; banks Invett^c^ bankAt Oen Eunspieifkc InvsKcringsbaok BY COURIER Ministiy of Finance of Georgia Eurc^iiKhs (nv««tftionsb«nk Cintk Evtt«ptyii Ml-fnvouimeni Curoopa <i)veu<«H<^pank EupbmoTKi) T^ntCo Emv&uotwv Euf«|>«|ik{ B^nk <nw«»t^c^n)r Europi»« lnveit«rine»bi>nk Suropccin lflv«itment 8«ni< Kiinto Euicpeu 00 tnv«»tfmsnto Bftnro Ptifopcp tip tne«rsianw BsnrA Euiri;w><inA(lr- Banciue europconne (l'invcsthi«»n<mt An fiant Tarpaili &jrup»h3 inv«itiuisk« banka f viopfka inveiilicjjikA fa^tnu 16, Gorgasali street cuiflpe^ ()vrgti iovt^uim^rtti CuiapskAinv«sti<na bank* Eurooiw) InvestolRiliwnkki Cu(Ap«iikA invfljUringibaiilirn 0114 Tbilisi Georgia Attention: Public Debt Management Department Luxembourg, 14 April 2021 JU OPS-2/OEU-B/DS/lf/2021-S10 EiBCORPORATE USE Ref.: WATER INFRASTRUCTURE MODERNISATION II (Serapis 2012-0207. Ft N" 81.855) Finance contract between Georgia (the "Borrower") and the European Investment Bank (the "Bank") dated 20August 2013, as amended from time totime (the "Finance Contract") N° 3 Amendment Letter Dear Sirs, We refer to the Finance contract. Unless the context otherwise requires or unless othenMse defined in Uiis N-a Amendment letter (the "N'3 Amendment Letter"), capitalised terms used in this N^S Amendment Letter have the same meanings given to them in the Finance Contract. We refer to your request, dated 8 January 2021, to ask to extend the Final Availability Date from 31 December 2020 to 30 June 2021, We hereby confirm that we agree to your request and the Finance Contract shall be amended as set out in this N®3 Amendment Letter. 1. 1.1. AMENDMENTS Amendment of the Final Availability Date definition in the Finance Contract As from the Effective Date. "Final Availability Date" In INTERPRETATION AND DEFINITIONS of the Finance Contract shall be amended and read as follows: 'Final Availability Date" means 30 June 2021.' 2. FEE No amendment fees will be charged by the Bank in connection with this N°3 Amendment Letter. 3. EFFECTIVE DATE This N-S Amendment Letter shall enter into effect on the date (the "Effective Date") on which the Bank has confirmed to the Borrower In writing that it has received in a form and substance satisfactory to it 2 (two) originals of this N''3 Amendment Letter countersigned by the Borrower ubehalf of the Borrower, and evidence that authorities specimenLetter signatures of persons signing on this N''3 and Amendment has been duly ratified by the Parliament of Georgia or confirmation that such ratification is not necessary. 4. GENERAL The provisions of Article 11.01 (Governing Law) and Article 11.02 (Jurisdiction) of the Finance Contract are hereby incorporated into, and made a part of, this N'3 Amendment Letter as If fully contain^J^rein, mutatis mutandis and (vwthout prejudice to the generality thereof) as If reference therein to this Contract were to this"N°3 Amendment Letter". 98-100, boulevaidKonrad Adenauer L-2950 Luxembourg ^+3524379-1 +352 437704 oiinfo@eih.orgwww.eib.org For avoidance of doubt, ali other provisions of the Finance Contract; (a) remain In full force and effect and valid and this N®3 Amendment Letter forms part of the Finance Contract as if the amendments affected hereby were contained in the Finance Contract; and (b) apply, without any reservations, waivers or limitations despite the amendments set out herein. Nothing in this N"3 Amendment Letter imposes any Increase in the financial obligations of the B0fT0Vk«r or the imposition of additional obligations on the Borrower under the Finance Contract. Aperson who Is not a party to this N'3 Amendment Letter has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this N°3 Amendment Letter. No consents, waivers or amendments are given under this N*3 Amendment Letter in respect ofany breach of. or default (howsoever defined) under the Finance Contract which might result from any othercircumstance at any time other than in respect of the issues as specifically set out herein. The agreement ofthe parties contained in this N'3 Amendment Letter shall only apply tothe matters specifically referred to herein. Such agreement shall be without prejudice to any rights which the Bank or the Borrower may now or hereafter have in relation to any other circumstances or matters other thanthe issues as specifically referred to herein (and whether subsisting on the date hereofor otherwise). This N®3 Amendment Letter may beexecuted In anynumber ofcounterparts in the English language, all of which taken together shall constitute one and the same instrument. Each counterpart is an original, but all counterparts shall together constitute one and the same instrument. Please indicate your agreement to the above by countersigning and dating each of the three (3) originals of this N'3 Amendment Letter. Please then an-ange for the return of two (2) duly signed originals to the Bank byregistered mail or courier, together with copies of the signing authorities of thosepersons signing on behalf ofthe Borrower, marked for the attention ofMs. Darya Sprvak, Legal DepartmenL Yours faithfully. EUROPEAN INVESTMENT BANK Catherine BARBERIS 4kA0T DOMINIAK Head of Unit Legal Counsel Agreed to for and on behalf of GEORGIA Name Title: WUT5l5MVIL-h Minister of Finance XC jApri I, OJDli

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Global Rate Set Systems-ob (GRSS) 0036, 55 bb35 5b30)0 b363obob 0o0^o(Tp35<wob 0036, 6o93(;:«03 836^3:3(^05 336030b <5'0(i['ob &5^6ob 06b^0(^^(^0b (EMMI) 0036, 56 &553ob 0036 2,55b5%c)3<^t3(J[ro 53bob8o36o (ii) "o3665*bo 900330^0:00 &5B5333010" 6oaB53b 33603&80 (533o*bo(^3&'^3 b536o336(5o 2,5553330)0b o^35o&5b 83b5550obo 3360OQ00b50)30b, 6o33(j;«03 2,50od33y636^<j:^o5 &6o^b3q^ob (560001 11:00 b55oi%3 56 5553ob5a)3ob 0ob5C)O& 2)305B (560b, („C5a<52,35ob oiJrfoosjo") o0 <5C30b, 6083^03 ^06 ^b963&b 83b5558obo 336oocoob 30633(2^ <5C?3b 2 (060) b58'385o (gcjooi, 6oo^36ob 2)30^^*^0 EURIBOR 01 55 9ob 9co8(;p336(n 2>30^^'^0» 0o*b5obco3ob 35oto 5(^56bg&ca&ob SgScobgggiSo, &663ob 0og(T> 60 3^bq^o360oob bb35 bi^^icjog&Q&Q&go. cn^ Q3(r)55%g 0cn3g0^Q^o 2,655333000 602>36A6(5 66 2)60n;j33y5<iO6, &663b 33^0(^06 0o86(naimb 0ob 803(0 936R3^(2;i oicnbo 80600)6(500 &663ob 336fo-'bcoBob do6ocn6(p (n^ob3&b, (obcnb 8f06b(5oB(o6 2,666333cr)ob 33(0(506356, 6(o03Q;;^b63 coo(D(03^(2;;oo 56630 93b(j)6g6'b35b 566335b 336(o'bco6ob 5663co69(o6ob 56*^66*^3 (533(o*bo(535ob6co3ob 3360190 02,033 co66bobcn3ob. ^66b(*[>co35oo^ 56o^b3q^ob (56(0000 11:00 b66cn'b3 <56Qp2,35ob or)66oc29o ^6 o0 336oco(2poba)3ob, 6ro03(2;ooQ 933b6560356 ^660(006^2)0^^"^^°^ 3360(0(5b. o0 93cnb33363o. cn^ b^(;;^ 9g"^0 33(*^(!)o6356 8(ob^356, (56<52)36ob ct)66oco9o 2)^663330^0 0J6356 33(o^o635ob b63<36(*«(o 660(7)83(503^(^00. 33(0(5o635ob 66 66b3&(obob 930a)b33369o, 006^2)0^0^ od66oc)9o 2)'^66333or)o 0^)6356 33ro6(o^(o6ob 80600)6000 56633&ob 33(0(50635^(^0 2)-^663330)35ob b69g6(2p(o 66ocn03(5o3^(i;;>o, 6(o83(»;^b6Q 55630 6o6B33b o0 coc>3b, Qp66b(j[;^(0350CT) 56o'3b3(2;nob ^p6(ooo) 11:00 b66co%3, 6(003(^003 <2p6<302)36(^b a)66oc)ob 930QO32) (060 b68';396co (5500b 938(532) (5^C02,356, ^660(o86(52)36(j;['(o5oa)o 3360(0(50b ^co(j^o 968y366o 336(03^(1:1^0 &663350b60)30b 336(090 6fo0o6o635^(i;7o b3bb35ob6CT)3ob. 55630 (56^yco3535(wi^ 636(o535b 0b3bb353^b5653ob 0036 8o^36'3<;s;[>o 33(0(535ob 93b6b35. b6jo6co35ob683&6, 58 2)^66o2,9o 8f0338^<ijpo 2)6662,660935350(566 2)58(08(506563 y33(2:i'6 36(0336(^0 ^6862,36(j^c?o2>i ^5b(jp(03b 036O)6b3C960QO3. 'b30(o6c>6o96^(2['o 6(083(1^003 (535^(i;o355 0^)6355 EMMI-ob b3(i;;>08c)3663(;cp(o5oo) EURIBOR-CD55 808560)35590 (558(530335';3)(I|^ (535^(i;oQ535a)66 (56 55630b 8036 2)^6b5'bc?3<^!CI^" EMMI-ob ^\36jj300b ^g(2['3568(o5533(ip3), 5663b 93^8q^o6 8b3bb35(wob5OT3ob 93^^(05063500) 93336(j;;[>(ob (535^(^35350 582,356 bb35 qo35'(5(2^3535ot65 93b5568ob(o569o 8(oy355ob 8o*b6oo). o)^ 33656^3 0(o338^(j;oo 2)^65333000 8^008035(5 0^^6355 8o'393O9(o03q;no, EURIBOR (635ob8o36o b363^ocr) 56 33(2^o(*p35ob R5cn3(woa)) ojj6355 (ogo3O6(27'065^ 633(o036cp3&'3(;:po (0-O3^^'^o^ 56630b (ECB) 336(ob •36ob3fo b536(033B^(0 2)^66333a)*b3 b50^96{o 8036, ^o655b^6o 8co0b6b'^3635ob6 (56 55'b6ob %3(558b3(533(27(o5ob (o62,56(ob (FSMA), ^6bo56o jj6CJ6(ip(535ob6 ^6 56'b635ob 85632>'3«ipo6353i5^o (o62)56(ob (ESMA) (56 336(03co8oboob 8036, 56 (ii) 336(03^(1^0 g^(ioob 56'b6ob o6b(50(5'3(5ob, 6(02,(063 EURIBOR-ob 5(50o6ob(565^(o6o, 66 (iii) 2016/1011 632,^(1^63000) (EU), 6(oa3Q:;[>03 35b^bob82)353(2^o6 336(o3'3{^^>o <Q'0^o\i 56'b6ob o6b(5o^'^^ob 'b3Cp63b3(533(i;;'(o56*b3, 6(02,(063 EURIBOR- ob 6(50o6ob(566(5oi6o, 66 (iv) 36(036'3(2;>0 3(0833^36(5^60 (o62)66co35ob 8036, 6(00(^32103 2)^6b6%c?3<^!0^^^ 632,t3Q2?^GOO0) (EU) 2016/1011, 56 (iv) 336(o3ob 336(565(2^^6056630b 0036. o)^ ^30co5co5o96^<i;['ob 93b5550ob6(5, 3366B'b3 8(0338^(2:^0 2)'^66333coo 56/(56 EURIBOR 56 0^6355 b3(2:!:>8ob693<5(o8o, EURIBOR o;j6356 (912:^0^65^, 2)i8{ob5b^(j:j>o 36(0336(53590) 2)^553330)0, 6(083(1:^03 2»^5b6'bco36^(»:po ojj5355 55530b 8036 qo5 8(oo363b 93b6568obo (56669ob ^5go666b35ob60D3ob 56630b 8036 2)^90tI)<Jr 930'^^^ bi>(h'}(h, 60083(2^03 3g'306355 56530b 9oQp6 93b5560ob 2)^563330Db 56 6(^(53656(50^(1^ 5^653330)b, 6oa83(i::no3 55630b 8036 0^6355 2)56b6%c?3^tD^" 2>co6o36^(2;'"5ob ^562,(2^3590. [^»Sl'i biiif'-ijiacc"'-'' '^j mit^iaaenb so'D^C;r.r«jJ'^*""":i"-"''^ '^ri ^i l^/J^anUV^ilinrVREGiSTRATiONhP ^ { '•— CRi^^rncrri/DATE S.^- 10' <5^yn6o.l2>i'C£RT!?!gD BY — ..-u..?.^ Mtr.iSlry of ForeionAffairs of (>i<crgia TRANSLATION BUREAU of intemationai Agfeernoms of Georgia Eiro(»i Inve-st'K-iJub&nkA 0*fn E,urr[p>«tsfeB Sp.v^stisrJnjsti-flnk Surapot Eur^pdt Sei Ivu ftaitfe fewropev^tal 4rtwe«4sv#nf. tnveiticfil banka «n#©slsii»R5bank Euroops tntffcitjs«rtwispflnk EupsiHfoiKn f »rope»n BY COURIER Ministry of Finance of Georgia 16, Gorgasali street lnves«^inft5tj4»»^ £urA(i«is)ii Sartif ^jny £grcpeu e« inveMimeRte 8#iC9 Eurdt>«-&^e fnx-ersiams Balaci &UI ope<ui%^ In«e£H^ 6afviqit« surep««nne d'iRvtstis»m«nt EHf Aft Banc Eorpecnlr.fheisT»a<'JtB Evropika tnus&tidjsi^s bi>nka £uroopiir) invsstolf'lipAnkicf a !rc/Mti( cenka iii^ppiska5av&sT€ifi«9slS8nk$»>, 0114 Tbilisi Georgia EXP 8EI - EIB C 004391 15.0CT 20 Attention: Public Debt Management Department JU OPS-2/OEU-B/KS/lf/2020-2017 Luxembourg, 7 October 2020 EIB CORPORATE USE WATER INFRASTRUCTURE MODERNISATION II Ref.: (Serapis 2012-0207, Fl No. 81.855) (the "Borrower") European Investment Bank (the "Bank") dated 20 August 2013, as 8 November 2016 (tlie "Finance Contract") Finance contract between Georgia and the amended on N" 2 Amendment Letter Dear Sirs, We refer to the Finance contract. Unless the contextothenA/lse requires or unless otherwise defined in this N°2 amendment letter (the "N°2 Amendment Letter"), capitalised terms used in this N°2 Amendment Letter have the same meanings given to tliem in the Finance Contract. We refer to your request, dated 26 March 2020, to ask to extend the Final Availability Date from 20 August 2018 to 31 December 2020. We hereby confirm that we agree to your request and the Finance Contract shall be amended as set out in this N°2 Amendment Letter. 1. Amendments 1.1. Amendment of the Final Availability Date definition in the Finance Contract As from the Effective Date, "Final Availability Date" in INTERPRETATION AND DEFINITIONS of the Finance Contract shall b© amended and read as follows: ""FinalAvailability Date" means 31 December 2020." 1.2. Amendment of Schedule A.2 (PROJECT INFORMATION TO BE SENT TO THE BANK AND METHOD OF TRANSMISSION) of the Finance Contract 1.2.1. As from the Effective Date, the date of delivery to the Bank of the Project Completion Report in paragraph 4 (Information on the end ofworks and first yearof operation) of Schedule A.2 of the Finance Contract shall be amended and read as follows: "30 December 2021 " 1.2.2. As from the Effective Date, paragraph 5 of Schedule A.2 of the Finance Contract shall be amended and read as follows: "5. Calendar The Project is expectedto be completed bythe 30December 2020 " 98-lOO.boulavardKonradAdenauer L-2950 Luxembourg v^.3524379-1 +352 437704 lnfoe.lb.org www,elb.org Ml 1.3. Amendment of Article 12.01 of the Finance Contract As from the Effective Date, Article 12.01 of the Finance Contract shall be amended and read as follows: "12.01 Notices 12.01.A Form of Notice (a) Any notice or other communication given under tfiis Contract must be in writing and, unless otherwise stated, may be made by letter or electronic mail. (b) Notices and other communications for which fixed periods are laid down in this Contract or which themselves fix periods binding on the addressee, may be made by hand delivery, registered letter or by electronic mail. Such notices and communications shall be deemed to have been received by the other party: (i) (ii) on the date of delivery in relation to a hand-delivered or registered letter; in the case of any electronic mail sent by the Borrower to the Bank, only when actually received in readable form and only if it is addressed in such a manner as the Bank shall specify for this purpose; or (Hi) in the case of any electronic mailsent by the Bank to the Borrower, when the electronic mail is sent. (c) Anynotice provided by the Borrowerto the Bank by electronic mailshall: (i) mention the Contract Number in the subject line; and (ii) be in the form of a non-editable electronic image (pdf, tifor other common non editable file format agreed between the parties) of the notice signed by an Authorised Signatory with individual representation right or by two or more Authorised Signatories with joint representation right of the Borrower as appropriate, attached to the electronic mail. (d) Notices issued by the Borrower pursuant to any provision of this Contract shall, where required by the Bank, be delivered to the Bank together with satisfactory evidence of the authority of the person or persons authorised to sign such notice on behalf of the Borrower and the authenticated specimen signature of such person or persons. (e) Without affecting the validity of electronic mail notices or communication made in accordance with this Article 12.1, the following notices, communications and documents shall also be sent by registered letter to the relevant party at the latest on the immediately following Business Day: (i) Disbursement Acceptance; (ii) any notices and communication in respect of the deferment, cancellation and suspension of a disbursement of any Tranche, interest revision or conversion of any Tranche, Market Disruption Event, Prepayment Request, Prepayment Notice. Event of Default, any demand for prepayment; and (Hi) (f) any other notice, communication or document required by the Bank. The partiesagree thatanyabove communication (including via electronic mail) is an accepted form of communication and shall constitute admissible evidence in court. 12.01.B Addresses The address, fax numberand electronic mailaddress (and the department or officer, ifany, for whose attention the communication is to be made) of each party for any communication to be made or document to be delivered under or in connection with this Contract is: For the Bank Attention: TMR 98-100 boulevard Konrad Adenauer L -2950 Luxembourg E-mail: tmr-ps-assistants@eib. org. For the Borrower Attention: Public Debt Management Department Ministry of Finance of Georgia 16. Gorgasali street 0114 Tbilisi Georgia E-mail: publicdebt@mof.ge 12.01.C Notification of communication details The Bank and the Borrower shall promptly notify the other party in writing of any change in their respective communication details." 1.4 Amendment of Article 12.02 of the Finance Contract As from the Effective Date, Article 12.02 {Form of notice) of the Finance Contract shall be amended and read as follows: 1.5 "12.02 English lanouape (a) Any notice or communication given under or in connection with this Contract must be in English. (b) All other documents provided under or in connection with this Contract must be: (i) in English: or (ii) if not in English, and if so required by the Bank, accompanied by a certified English translation and, in this case, the English translation willprevail." Amendment of Schedule B (Definition of EURIBOR) of the Finance Contract As from the Effective Date, Schedule B {Definition of EURIBOR) of the Finance Contract shall be deleted and replaced by the wording set out in Annex 1 of this N'''2 Amendment Letter. 2. FEE No amendment fees will be charged by the Bank in connection with this N°2 Amendment Letter. 3. EFFECTIVE DATE This N'2 Amendment Letter shall enter into effect on the date (the "Effective Date") on which the Bank has confirmed to the Borrower in writing that it has received in a form and substance satisfactory to it 2 (two) originals of this N°2 Amendment Letter countersigned by the Borrower, together with the copies of the signing authorities and specimen signatures of persons signing on behalf of the Borrower, and evidence that this N®2 Amendment Letter has been duly ratified by the Parliament of Georgia or confirmation that such ratification is not necessary. 4. GENERAL The provisions of Article 11.01 {Governing Law) and Article 11.02 {Jurisdiction) of the Finance Contract are hereby incorporated into, and made a part of, this N°2 Amendment Letter as if fully contained herein, mutatis mutandis and (without prejudice to the generality thereof) as if reference therein to "this Contract" were to this "N°2 Amendment Letter". For avoidance of doubt, all other provisions of the Finance Contract: (a) remain in full force and effect and valid and this N°2 Amendment Letter forms part of the Finance Contract as if the amendments affected hereby were contained in the Finance Contract; and (b) apply, withoutany reservations, waivers or limitations despite the amendments set out herein. Nothing in this N°2 Amendment Letter imposes any increase in the financial obligations of the Borrower or the imposition of additional obligations on the Borrower under the Finance Contract. A person who is not a party to this N°2 Amendment Letter has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this N''2 Amendment Letter, No consents, waivers or amendments are given under this Letter in respect of any breach of, or default (howsoever defined) under the Finance Contract which might result from any other circumstance at any time other than in respect of the issues as specifically set out herein. The agreement of the parties contained in this N°2 Amendment Letter shall only apply to the matters specifically referred to herein. Such agreement shall be without prejudice to any rights which the Bank or the Borrower may now or hereafter have in relation to any other circumstances or matters other than the issues as specifically referred to herein (and whether subsisting on the date hereof or otherwise). This N°2 Amendment Letter may be executed in any number of counterparts in the English language, all of which taken together shall constitute one and the same instrument. Each counterpart is an original, but all counterparts shall together constitute one and the same instrument. Please indicate your agreement to the above by countersigning and dating each of the three (3) originals of this N°2 Amendment Letter. Please then arrange for the return of two (2) duly signed originals to the Bank by registered mail or courier, together with copies of the signing authorities of those persons signing on behalf of the Borrower, marked for the attention of Ms. Kinga Soltesz, Legal Department. Yours faithfully, EUROPEAN INVESTMENT BANK Jacopo Lens! Orlandi Head of Division Agreed to for and on behalf of GEORGIA Name: IvCXtnG. Title: Date; JI3 Oc^o'bc^, 2.0JtO Kinga Senior Legal Counsel Annex i Schedule B Definitions of EURIBOR EURIBOR "EURIBOR" means: (a) in respect of a relevant period of less than one month, the Screen Rate (as defined below) for a term of one month; (b) in respect of a relevant period of one or more months for which a Screen Rate is available, the applicable Screen Rate for a term for the corresponding number of months; and (c) in respect of a relevant period of more than one month for which a Screen Rate is not available, the rate resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other for a period next longer than the length of the relevant period, (the period for which the rate is taken or from which the rates are interpolated being the "Representative Period"). For the purposes of paragraphs (a) to (c) above: (i) "available" means the rates, for given maturities, thai are calculated and published by Global Rate Set Systems Ltd (GRSS), or such other service provider selected by the European Money Markets Institute (EMMi), or any successor to that function of EMMi, as determined by the Bank; and (ii) "Screen Rate" means the rate of interest for deposits in EUR for the relevant period as published at 11hOO, Brussels time, or at a later time acceptable to the Bank on the day (the "Reset Date") which falls 2 (two) Relevant Business Days prior to the first day of the relevant period, on Reuters page EURIBOR 01 or its successor page or. failing which, by any other means of publication chosen for this purpose by the Bank. If such Screen Rate is not so published, the Bank shall request the principal offices of four major banks in the euro-zone, selected by the Bank, to quote the rate at which EUR deposits in a comparable amount are offered by each of them, as at approximately 11:00 a.m., Brussels time on the Reset Date to prime banks in the euro-zone interbank market for a period equal to the Representative Period. If at least 2 (two) quotations are provided, the rate for that Reset Date will be the arithmetic mean of the quotations. If no sufficient quotations are provided as requested, the rate for that Reset Date will be the arithmetic mean of the rates quoted by major banks in the euro-zone, selected by the Bank, at approximately 11:00 a.m., Brussels time, on the day which falls 2 (two) Relevant Business Days after the Reset Date, for loans in EUR in a comparable amount to leading European banks for a period equal to the Representative Period. The Bank shall inform the Borrower without delay of the quotations received by the Bank. All percentages resulting from any calculations referred to in this Schedule will be rounded, if necessary, to the nearest one thousandth of a percentage point, with halves being rounded up. If any of the foregoing provisions becomes inconsistent with provisions adopted under the aegis of EMMI (or any successor to that function of EMMI as determined by the Bank) in respect of EURIBOR, the Bank may by notice to the Borrower amend the provision to bring it into line with such other provisions. If the Screen Rate becomes permanently unavailable, the EURIBOR replacement rate will be the rate (inclusive of any spreads or adjustments) formally recommended by (i) the working group on euro risk-free rates established by the European Central Bank (ECB), the Financial Services and Markets Authority (FSMA), the European Securities and Markets Authority (ESMA) and the European Commission, or (ii) the European Money Market Institute, as the administrator of EURIBOR. or (iii) the competent authority responsible under Regulation (EU) 2016/1011 for supervising the European Money Market Institute, as the administrator of the EURIBOR, (iv) the national competent authorities designated under Regulation (EU) 2016/1011, or (v) the European Central Bank. If no Screen Rate and/or the EURIBOR replacement rate is available as provided above, EURIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. aia'b5g5oQj;>o5 3^6og6ob SgBgawBoo) bijiAcnggQ;;ooab goBiBbcoi b63o5ob(5(^)n 2>n(o2,5b5Qj^ob 16 0114co&ocjoobo, bijj6Aco3QQ;;^(n bdbj(;^d^nQn Qcx^ab (pj bd^d^^n Qpdgn6j>6bjdob (pj3d6(^ddj6(^oba>3nb (jn:odboa&^(^ao, 20 ^^(^naagAo, 2016 JU Ops/CE&ENCA/GG/EE/If/2016-2041 ^bQ2?ob o6g66b(^6^3jj(5^6ob 0coQog(^6o'biQO611 (Serapis 2012-0207, FI No. 81.855) goBiBb-^Ao bi^iAa>30(w>nbi (ababbo&gtsao) ^^6 036cn3ob b6oB3gb^o3noi BiBjb (BiB3o) 3oiAob ([OicniAocio&^cipo 2013 ^{;^ob 20 i^sob^ncno (goBiBb^Ao boQj)3g3A^(jj;)a&6) dgo6gibcn &c)(j)cn5g&f0, ^o650Qoo&i6o ^o(^o{;[^o ao02,co03o oJBo&i, ..03<iro(so0&ob ^gfooc^o". ^O'^QoBoBo. 6na(ing&oQ iAob biacnyg^O^n'^^'" if^ob ai6bi*bci3(?)x;]c:^o 90(oo(;:jian 6j3cr) ogjogg aBo^gBgo^onBi fhi>Q goBiBb^A bg(m3g3(f>^(r^Q5,5go. ^30^ 3gb3o66g&ocD coijggBb cobn3B6b AcnS goBiBb'^foo bg^3g36^<;^g&oco 2)^Bb5%503A^(wo bgbbob RianAoeb35 336 anb^i 2016 ^(^ob 20 ia3ob(^ne(j>o, (^63 goBiBb^Ao bgq^Sgjfn^tjog&ob aob3^30cn ^iAani^pgjgBb Riacnftoobsob &n(v«n cniftocob. 8336 i^^gmsg sgbaoiBg&om cnjjsgBb cnbngBib B60nAo(3b3ob &0K;rocn co^Aocoob 2018 ^q^ob 20 62,3ob(5<n8cog 2,ia(^ag(iro^^^<^^B (^ijigaoAg&ocn. ^30^ 3co5Bb3tpg&ocD, An3 goBiBb-^Ao bgqoggjA^i;^-]?)^ 9go(j3iQ;"nb j330tncD iciBoBB^c^ob Sgbi&iSobai^. 1. 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" av M.IIISI:j,- 0-• rorci0.1 A ~-~ JlIll'^'"5"8lAt}foerr»etiis oJ Georgia CopOIlCHCKfl m (WHIMI livropsli.i in.^fStkni biink.i ilisfop'ts ii.MiV.t i Dp!1 Europar-i'iKe inu^Nictiiuji-lwnli i:urop;iiiCl>P Invostiiic.tHliitnk turoopa bijfwnciYu'i Tpdxsi:<;<i Eitfv^uotiuv BY COURIER 'I'-yoiKriv SiiU-.pC'fiC European l.i;iy;ps-i>ki JJook Hiiropfu iiviiC.Tiinif.mU; Uanco l-iiKipoo di,' invsr^iyne;; Ministry of Finance of Georgia 16, Gorgasali street An D.tk Uoiprtcii infDeisiiothut Eufopiko i»v«;5(ici)\k<' Ijiwiv.' 0114 Tbilisi B<inca Pitvopeii |5i>» yii i(!Vi>sl!!ii'.-i)li Georgia Attention: Public Debt and External Financing Department EXP BEI-EIB B 007118 24.0CT 16 Luxembourg, 20 October 2016 JU OPS/CE&ENCA/GG/EP/lf/2016-2041 WATER INFRASTRUCTURE MODERNISATION II Ref.; (Serapis 2012-0207, Fl No. 81.855) Finance European Contract between Investment Bank Georgia (the "Borrower") and (the "Bank") dated 20 August the 2013 (the "Finance Contract") MODIFICATION TO CONTRACT N'' 1 Dear Sirs, This letter shall hereafter be referred to as the "Amendment Letter". Capitalised terms used but not defined in the Amendment Letter have the meanings given to them in the Finance Contract. We refer to your notice that the Credit established by the Finance Contract was not fully disbursed by 20 August 2016, which is the Final Availability Date under the Finance Contract, We also refer to your request that the Final Availability Date be extended to 20 August 2018. We agree to amend the Finance Contract as set out below. 1. Amendment The Finance Contract is hereby amended, with effect from the Effectiveness Date, as follows: 1.1. in INTERPRETATION AND DEFINITIONS of the Finance Contract, the words: ""Final Availability Date "means three years from the date of this Contract." are hereby deleted in their entirety and in lieu thereof the following words are inserted: ' "Final Availability Date" means five years from the date of this Contract." 1.2. in Schedule A.2 of the Finance Contract, the words: "One year after of end of implementation of the last scheme" are hereby deleted in their entirety and in lieu thereof the following words are inserted: "30 December 2019."' 1.3. in Schedule A.2 of the Finance Contract, the following paragraph should be introduced as paragraph 5: "5. Calendar The project is expected to be completed by the 30 December 2018". or avoidance of doubt, all other provisions of the Finance Contract: (a) remain in full force and effect and valid and this Amendment Letter forms part of the Finance Contract as if the amendments affected hereby were contained in the Finance Contract: and (b) apply, without any reservations, waivers or limitations despite the amendments set out herein. 98-100, boulevard Konrad Adenauer L-29S0 Luxembourg ^+352 4379-1 +352 437704 info@eib.org www.eib.org '•I ^2. General The provisions of Article 11.01 {Governing Law) and Article 11.02 {Jurisdiction) of the Finance Contract are hereby incorporated into, and made a part of, this Amendment Letter as if fully contained herein. mutatis mutandis and {without prejudice to the generality thereof) as if reference therein to "this Contract" were to "this Amendment Letter". Aperson who is not a party to this letter has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this letter. Notwithstanding anything herein to the contrary, nothing in this Amendment Letter or in the agreement constituted by the Borrower's acceptance of it constitutes a waiver, renunciation or other modification of any immunities, privileges or exemptions of the Bank. No consents, waivers or amendments are given under this Amendment Letter in respect of any breach of or default (howsoever defined) under the Finance Contract which might result from any other circumstance atany time other than in respect of the issues as specifically set out herein. The agreement of the parties contained In this Amendment Letter shall only apply to the matters specifically referred to herein. Such agreement shall be without prejudice to any rights which the Bank or the Borrower may now or hereafter have in relation to any other circumstances or matters other than the issues as specifically referred to herein (and whether subsisting on the date hereof or otherwise). On an exceptional basis no amendment fees will be charged by the Bank for the aforementioned proposed change but we reserve our right to do it in future. Nothing in this Amendment Letter imposes any increase in the financial obligations of the Borrower or the imposition of additional obligations on the Borrower under the Finance Contract. Please indicate your agreement to the above by initialling the first page of this Amendment Letter, and signing and dating each of the four originals of this Amendment Letter. Please then arrange for the return of two duly signed originals to the Bank by registered mail or courier, together with copies of the signing authorities of those persons signing on behalf of the Borrower and evidence that this Amendment Letter has been duly ratified by the Parliament of Georgia, marked for the attention of Mr Garth Grisbrook. The amendments set out in this Amerjdment Letter shall become effective on the date (the "Effectiveness Date") on which the Bank notifies you that it has received the duly counter-signed originals of this Amendment Letter. Yours faithfully, UROPEAN INVESTMENT BANK olano Agreed to for and on behalf of GEORGIA Name: Modar 'KKftAuri Title: Date:" Og.U o\ io.l6 G. 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R5afn6oGb35Sig a)5Bba(n&5b 0)56 ^5(^5 5b(3::;'(5gb (ayo ^bfi)<Q^Qbo(;z>n 56 560b 35650); (1) bi&iBam 5B2,56o9o (IBAN 3(0(^00) 33600)0 B58(n6oGb3ob 9flao)30359o 5B aob5&58obo 30635(^0 g3b5&53ob 3i(^^^^iaoR5acn6oGb3nb5b), 6na3(w*bo6 2,5Bbcn6G03(™(5o£»^ (f)65Baob R5acn6o6b35; <55 (ii) 3bobbo&o<;:?ob b5bo(«)oo) b3(:r>a(n9o'^"^o)3ob b50)5B5(5(n(p •^^(jog&ianbotc^o 3o6ob 5B 3o6oBob (55<55bt^'^]6o&5 (55 58 3o6ob 5B 3o63&ob boc;:;^8(n9o^O^"- oa 303cob30359o 0)^3 56 560b o)5Bba(nb5 Qo6nb, R5oo)3(->q&5, 6na 50 <5<^3tD9o66^" 5c>Bo953<r['0 9oo)535%o&^ 356y(ngoi2?o5 (55 0^0 53(^cn35(^'0<^^® 3^'^a^3^ a5ci75b. o3 30OTb3035ao. o)t3 t!)65B9ob ao^oobi-bo 0)^336 2,5B5Gb5<53&0) o)5Bb8(n&5b. 60150)60 0^ 5C3?0f^"<^'"^ R53cn6oGb3ob ^o65Bbt36o b3(-:>9g36<3c^>3&ob 9300?^ 9ob5&53obo 3o6nB5. 35^o3obGO0<^<^. 336(^ob b5o53ob(^oGO(n &5B30 B336 3oc)g&co 'bj)aco5C)6o9B;3QP RianAoQbsob 930)535'b3&5b: (56 b6jji6cn3g(wnb b&bQcwocn cnC)fooc2o: 2,iBA02)0 D 31>0\>b3iQcjo'br>aj6 (S-gbcjo 1.04B) 3015: gg^ncojoL "bioSgQlj^oyor) iiSjo goljgiB: \jAj.i<^cr)3gc!J" liijotnbn: [m^e^oi^o] b3e;3"^0(^"C?f •go5i61j-3(^)t> bocj^aa'^'aCJO^'^ 036(oiolj li^nGaoli^oonn iiBjlii loj •b6dc.cf.ai30C;"l> ("^o6^6b7)Ao b3c?'90J^"3C?3^") Fl Gn3a<^o 81.855 608360 2012-0207 <gn6iGb-3<^ bacn^gjA-gc^oiiBo (5,oA3n6oil> ^j3cr> f>ao30 a6o^3c;3foai 6^0 ^8 goG^Gii-gAo bQE^^ad'^'ac;;)^"^ 3^bc:.f) i.04 3o'b6gaoi3icn3oij RggG SiBiUiio^SQ (a) 5fo 8co3b(56A6 (55 ^o^i^oa^- a(ndocr<So2'^ 4.03A a'3b(:j>3o ic39ofto(;Eoo aaacobsosi; (b) 7.02 a^b(:^ob 9ob6&6aob6<5 3o'bso^)OT<;^'o 35(;[?t50&tD(;^>0&0^o 5A iA ifoob biboto-i (c) HcoGoc aBo^sGgcons^G 3(#)na^{8)nlj GaaoTiSnat#) ^lj3a^(8)0)iG anSii^cnQbjgo, R3QGL 8036 |o6i gQfBjyninGgiolj ^o3io3a. a-gbc^n 8.01 3o3iAa>3fti9o, f^inSconlj ^336 3^C?£?oi-3S:?n 3'^'^'" ^j6S3o36Eoa™o(n i6a<><^o3o; (d) ^336 a-iaS'^^^oA bi^Sirtolio ljibljA3?>o 3(^ipi3^(8,otj i5(f.co-ac?^ (o.ilvfo-gC>oioUia)3oli (oiBifScno A.1- oIj ^3l)6i^8o\si{5l (e) .C^. 3(n6o. .(oaoc-n ^aaobsQs^is. (^naocjoQ a-^ano^aosii ^6 a-iA333^c:o £o(#,ooi» ^a3t?;a s;;9':;>"^303^ .G^nG^Stoji^^o bgc:?3j(«)-3c>3in\) 3gbo2K>3otj^{5 3o^r>£OQi:3Coo ^a^gnioGQiob oi.i66b8o£o a-^9r)o^333l> a»a<^<Jacjj?Di'i 3^bc>o lo.oi (f) 3a3j?n6j(f.3nil( ^3o6nlj(8,(^^oo-3e;o cjnGoljaooiaio iG 3naiooGj(f>pnilj aj3co3o3ii ^^ir>cnDr> 3o8c>3aol) ^oSiicidfo;^, 63ioli3oa6o b^lj.i8.i<nOTC)cn\>, i6an(0)<^wao^ .iG li^aaG^oib ^oGiSg £o^ jfo Ij^incjocn af)8£ogin\j ^nG^6cj8j53a ^(^^£o^a^3a^aogoc:ogigcr,c> (g) 3^bc:>o 6.07 <r»3.iC;olji'b(ooliocn (h) 6f0G abobbo5o':?li a'x?->9330(®)'^c?0i'^ ^j(fi3ntsa36"E?" a-^^fioGgii ^j^afoaAtoaa^c^^^o^" a'^'^'^^6"0^ asac:!'^ joi ai5a5bnfoQooc?Q&0<3:?b b(h b^cf) <56Ac;3030&" ADB-ob bibobbn g562,<wQ&go; (5:» (i) JnGoi ^(?a"C?" ^(f>li0^oa).>(5 TjaIioaGco O3C?oc^0iolj 3oao)b3336lj, gnGiGb-g^o b3e;33j(^.-3E;a6oli bacjacn^af^joli t5c;oli BgsGli 8foaoai(o3r>i^tKy>iG 3.5(8)03o1jqq8oo), lii^<^a)3acnci\>o)3ot> {o.i ljijj.Aa)33CJoilj ljib3c;>oo) (n.3J^oc>oI joi6.i6<nn I •d* .t ft' fi" FIN" 81.855 SerapisN" 2012-0207 ;:r, i d. t Water Infrastructure Modernisation II Finance Contract between Georgia and the European Investment Bank Luxembourg. 20 August2013 Tbilisi, 19 July 2013 MV' ••'1 THIS CONTRACT IS MADE BETWEEN: GEORGIA, acting through its Ministry of Finance. 16. Gorgasali street, Tbilisi 0114 ^rgia. represented by Mr. Nodar Khadurl' (the "Borrower" Minister of Finance ofGeorgia, Off the first part, THE EUROPEAN INVESTMENT BANK having Jls seat at 98-100 blvd Konrad Adenauer Luxembourg. L-2950 Luxembourg, represented by Heinz Gibers, Director, and Mr Emeram Binder, Head of Division, of the second part. (the "Bank") WHEREAS: f1) Wate? Smnt rn n In its wholly owned company, United Promoter"), to enhancerehabilitation the quality and reliability off waty servicesof inGeorgia Georgia(the principally througha project the construction, of municipal water sector infrastructure in various towns in Georgia as more ?rh Hf A(the A technical (the "Technical Description") set out ofin Schedule Project). The Projectdescription shall be implemented exclusively in the territory the Borrower. The Borrower owns 100 percent, of the issued capital of the Promoter. (2) Inrni?^nw?h^ ^y theto Bank, EURProject 80,000,000 (eighty million euros) and the o Borrower has stated that it intends financeis the as follows; Source Amount (M EUR) Credit available from the Bank 40.00 Loan from Asian Development Bank +Promoter's own contributions (footnote; if necessary due to 32.00 exchange rate fluctuations. ADB loan will amount to 40.000.000 USD) NIF TOTAL (3) 80.00 In order to fulfill the financing plan set out in Recital (2), the Borrower has requested from the of the Bank 1 "O'OOO.OOO (forty million euros) provided that the amount ProlTctasLVorin'Recteipr"' (4) 8.00 of'he total cost of the The Bank, considering that the financing of the Project falls within the scope of its functions and havmg regard to the statements and facts cited in these Recitals, ha's dedLd to glie li?RVn immediate by Contract providing(the it acredit in an amount of EUR 40,000,000 (forty ® million euros)financing under thisneeds Finance "Contract"). (5) An application to the Neighbourhood Investment Facility (hereafter "NIF") has been made for EUR 8.000,000 (eight million euros) for hi Further, the Bank, other tnternatlonai finance institutions and the Commission Framework AgreemenH and (b) will enter into an implementation agreement setting out the m^ifrnTr!! co-operatton within the framework of the NIF for the purposes of tT Agreement A respective the Borrower Implementation and financing together agreements with the NIF concluded FrameworkwithAgreement and (the any nl w-m documentation"). Further, the Commission has entered o agreement with the Borrower under which the Commission shall ^ i® contribution in the amount million euros) for purpose of financing the implementation of theof EUR Project8,000,000 (the "EU(eight Financing nip^tmfnf Facility ?frameworkXo-operation of the 2009 Neighbourhood Investment agreement, inwithin forcetheas framework of 21 December (the "NIF Agreement) which provides for the use of the Commission's (NIF) and the Bank's funds on a pan passu basis. (6) iL ?" 2007,intheGeorgia Borrower and the referred Banl< signed Agreement governingwhich the Bank s activites (hereafter to asaFramework the "Framework Agreement") falli falls rthfn within m the scope ofthe Frameworkttiroughout Agreement.the lifetime of this Contract and the Project (7) (8) Inh^Slrrawer'^'"^"''® 'o sign this Contract for and on belialf Snio°®have de°cided°o gjanfagu^arantertTtheIrk loans and loan guarantees granted from 2007 to 2013 w 'f procedures for projects carried out in certain rn?.nt accordance with its own rules and the said Decision (the "EC Guarantee") Georq°a "s an^faihte aforementioned Decision. (9) (10) (12) Man'oel^elo* Ba^M-rDlfand'Te BoTrowlr"fh(hereafter referred to as ^the "ADB Loan Agreement") the ADB agreed to nfovil USD 40,000,000 for the purposes of financing^rProjectX'ADBUa^ of aproject agreemln?betalen^thrSk^ThrM ^ "MOP) and th'e Promoter ahe V?4ecrAg 4rnt7tdr'°p''™'"' Igreerr" 'he terms Promoter will comply with its "--sary steps to comply with the Project ratr41lyatp°oVstole?nTheTj^ cond lons of the Bank's loan operations (13) Union listed in Georgia is an eligible country under Annex III of the obligations under the Project Agreement at all times (11) f en:ironren?arrt4tlSnl^^^^^^^^^ finances. The Bank has, therefore estabfehe^^, t !nl IS to enhance the accountability of the EIB Groun funds are used as -'e intothethereduction projects ofit citizens in general, by givina accL<; tn and the EU governance, strategy'pTiL'act'tlesanCctfct Awards its stakeholdersunderstand its .-,1 MOW THEREFORE it is hereby agreed as follows; •fTERPRETATION AND DEFINITIONS (a) Interpretation (i) and and annexes to this this Contract Contract. (5) ctively to articles of, and recitals, schedules o?^-e"acted" 'hat provision as amended (fli) (»>} Definitions In this Contract; Acceptance Deadline" for a notice means; Luxembourglime^on aBu\iness"Dar o^r '® "^sl'^ered by 14hOO sir™'™" ssosr Sirri-s™'»«•-™™i ^Change-of-Law Event" has the meaning given to It in Article 4.03A(3). "Contract" has the meaning given to it in Recital (4). "Credit" has the meaning given to it in Article 1.01. suspSVt"the pe" ce^ the Borrower onlheSc'helted^^sb^ zero^Tn wl&^^ disbursement deferred or disbursed to points) unless this value is less than or. as the case^may be^^unt^ th^date of'^a^nciNf^^ T date cancellation of the Accepted Tranche in accordance with this mbursernent Acceptance- means acopy of the Disbursement Offer duly countersigned by the Contract. as'steSmereln"'"''"" of expiry of aDisbursement Offer •Disbursement Offer means aletter substantially in the form set out in Schedule C.I. ki'\'• r.fl: ?•.. a; > ion Event" means either or both of: a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with this Contract; or the occurrence of any other event which results in a disruption (of a technical or systemsrelated nature) to the treasury or payments operations of either the Bank or the Borrower, preventing that party: (i) from performing its payment obligations under this Contract; or (ii) from communicating with other parties, and which disruption (in either such case as per (a) or (b) above) is not caused by, and is beyond the control of, the party whose operations are disrupted. -Bwironmont" means the following, in so far as they affect human health and social well-being: [} |i} fauna and flora; ^ 1^ soil, water, air, climate and the landscape; and cultural heritage and the built environment, includes, without limitation, occupational and community health and safety matters and working conditions. -&vironmentel Approval" means any permit, licence, authorisation, consent or other approval •equired by Environmental Law. •^ivironmental Claim" means any claim, proceeding, formal notice or investigation by any person in jespect ofany Environmental Law. -Environmental Lav/" means EU law to the extent adopted by the laws of Georgia or standards and mciples as specified by the Bank before the date of this Contract and Georgian national laws and illations as well as applicable international treaties of which a principal objective is the pfeservation. protection orimprovement of the Environment. "EURIBOR" has the meaning given to it in Schedule B. "BiR" and "euro" mean the lavtrful currency of the Member States ofthe European Union which from tone to time adopt it as their currency in accordance with the relevant provisions of the Treaty on European Union and the Treaty on the Functioning of the European Union or their succeeding treaties. Tina) Availability Date" means three years from the date ofthis Contract. "Fixed Rate" means an annual interest rate determined by the Bank in accordance with the applicable principles from time to time laid down by the governing bodies of the Bank for loans made at a fixed rate of interest, denominated In the currency of the Tranche and bearing equivalent terms for the repayment of capital and the payment ofinterest. Tixed Rate Tranche" means a Tranche on which Fixed Rate is applied. •Floating Rate" means a fixed-spread floating interest rate, that is to say an annual interest rate determined by the Bank for each successive Floating Rate Reference Period equal to the Relevant Interbank Rate plus or minus the Spread. -Floating Rate Reference Period" means each period from one Payment Date to the next relevant Payment Date; the first Floating Rate Reference Period shall commence on the date of disbursement of the Tranche, •Floating Rate Tranche" means a Tranche on which Floating Rate is applied. Tndemnifiable Prepayment Event" means a prepayment event under Article 4.03A. i I means the aggregate amount of Tranches disbursed from time to time by the Bank under this Disruption Event" means in relation to a specific Accepted Tranche: there are, in the reasonable opinion of the Bank, exceptional circumstances adversely affecting the Bank's access to Its sources of funding: in the opinion of the Bank, funds are not available from Itsordinary sources of funding to fund such Tranche in the relevant currency and/or for the relevant maturity and/or In relation to the reimbursement profile of such Tranche; In relation to Tranche in respect of which interest is payable at Floating Rate: (I) the cost to the Bank of obtaining funds from its sources of funding, as determined by the Bank, for a period equal to the Floating Rate Reference Period of a Tranche (I.e. In the money market) would be in excess of the applicable Relevant Interbank Rate; or (li) the Bank determines that adequate and fair means do not exist for ascertaining the applicable Relevant Interbank Rate for the relevant currency of such Tranche or it is not possible to determine the Relevant Interbank Rate in accordance with the definition contained in Schedule B. iai Adverse Change" means, In relation to the Borrower, the Promoter or the MDF any event change of condition affecting the Borrower, the Promoter or the MDF, which, in the opinion of the Baryc materially impairs the ability of the Borrower to perfonn its obligations under this Contract; materially Impairs the ability of the Promoter or the MDF to perform its obligations under the Project Agreement; or materially impairs the financial condition or prospects of the Borrower, the Promoter or the MDF. Tteturity Date" means the last repayment date of a Tranche specified pursuant to Article 4.01A(b)(iv). •*RDI" means the Ministry of Regional Developmentand Infrastructure of Georgia, which carries out co-ordination and control of the Promoter and MDF and which determines general policy in water and sanitation sectors. Tayment Date" means: 20 January and 20 July each year until the Maturity Date, save that, in case any such date Is not a Relevant Business Day, it means: (a) for a Fixed Rate Tranche, the following Relevant Business Day, without adjustment to the interest due under Article 3.01; and & (b) for a Floating Rate Tranche, the next day, if any, of that calendar month that Is a Relevant Business Day or, failing that, the nearest preceding day that is a Relevant Business Day, in I all cases with corresponding adjustment to the interest due under Article 3.01. "WU" means either (a) the MDF, ifthat entity is performing the functions of the project implementation unit; or <b) a project implementation unit established or to be established by the Promoter to co-ordinate, manage, monitor and evaluate all aspects of the implementation of the Project in accordance with the Project Agreement. Prepayment Amount" means the amount of a Tranche to be prepaid by the Borrower in accordance ri'l' with Article 4.02A. Trepayment Date" means the date, which shall be a Payment Date, on which the Borrower proposes to effect prepayment of a Prepayment Amount. UC\ •B- •Prepayment Indemnity" means in respect of any principal amount to be prepaid or cancelled, the gnount communicated by the Bank to the Borrower as the present value (as of the Prepayment Date) ofthe excess, if any, of: •a) the interest that would accrue thereafter on the Prepayment Amount over the period from the •b) the interest that would so accrue over that period, if it were calculated at the Redeployment Prepayment Date to the Maturity Date, if it were not prepaid; over Rate, less 0.15% (fifteen basis points). The said present value shall be calculated at a discount rate equal to the Redeployment Rate, applied as ofeach relevant Payment Date. Prepayment Notice" means awritten notice from the Borrower specifying, amongst other things, the Prepayment Amount and the Prepayment Date in accordance with Article 4.02A. •project" has the meaning given to it in Recital (1). 'Redeployment Rate" means the Fixed Rate in effect on the day of the indemnity calculation for fwed-rate loans denominated in the same currency and which shall have the same terms for the oavment of interest and the same repayment profile to the Maturity Date as the Tranche mrespect of which a prepayment is proposed or requested to be made. For those cases where the period is shorter than 48 months (or 36 months in the absence of a repayment of pnncipal during that period) the most closely corresponding money market rate equivalent will be used, that is the Relevant Interbank Rate minus 0.125% (12.5 basis points) for periods of up to 12 (twelve) months. For periods falling between 12 and 36/48 months as the case may be, the bid point on the swap rates as published by Intercapltal in Reuters for the related currency and observed by the Bank at the time of calculation will apply. '•Relevant Business Day" means: a daywhich is a TARGET2 DAY. "Relevant Interbank Rate" means; EURIBOR. "Scheduled Disbursement Date" means the date on which a Tranche is scheduled to be disbursed in accordance with Article 1.02C. "Security" means any mortgage, pledge, lien, charge, assignment, hypothecation, or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect. "Spread" means the fixed spread to the Relevant Interbank Rate (being either plus or minus) 51 determined by the Bank and notified to the Borrower in the relevant Disbursement Offer. "Technical Description" has the meaning given to it in Recital (1). "Tranche" means each disbursement made or to be made under this Contract. f: I I h'' I ARTICLE 1 Credit and PisburaemAnte Amount of Credit By this Contract the Bank establishes in favour of the Borrower, and the Borrower acceoK Ithe'S-r 1'02 Disbursement procedure 1.02A Tranches 1.02B Disbursement Offer isMsmsss (a) the amount ofthe Tranche; (b) (c) the interest rate basis of the Tranche, being: (i) a Fixed Rate Tranchf or Rate Tranche all pursuant to the relevant provisions of Article 3.01; a Floating A r t i d e T o i ; W i t h the provisions of (e) the first Payment Date for the Tranche; (0 oUrtTioiI®'"''"'"' (9) wi'h the provisions the first and last repayment dates of principal for the Tranche; (h) ^ Rate Tranche the Spread, the Disbursement Acceptance Deadline. 1.02C Disbursement Acceptance (i) tie' B™^,r1ht^^~em°enr^^ Acceptance shaii be arcrmpanied ™®"' ' Disbursement Acceptance to Deadline. The Disbursement "" accordance Kr^£^rr^tL*'s~o)"ssrs^r7" with Article 102D- and ranche should be made in "P ^ ^ s l s l V\ I Ifa Disbursement Offer is duly accepted by the Borrower in accordance with its terms on or before the Disbursement Acceptance Deadline, the Bank shall make the Accepted Tranche available to the Borrower In accordance with the relevant Disbursement Offer and subject to the terms and conditions of this Contract. The Borrower shall be deemed to have refused any Disbursement Offer which has not been duly accepted in accordance with its terms on or before the Disbursement Acceptance Deadline. 1.02D Disbursement Account Disbursement shall be made to the account ofthe Borrower set up at the Treasury Service of the Ministry of Finance of the Borrower for the purposes of disbursements under this Contract as the Borrower or the Promoter shall notify in writing to the Bank not later than 15 (fifteen) days before the Scheduled Disbursement Date (with IBAN code or with the appropriate format in line with local banking practice). Such account shall be separate from any other accounts, audited independently and separately and not subject to any enforcement, attachment or any similar proceedings and the status of which shall be maintained throughout the implementation of the Project (such account hereafter the "Disbursement Account"). 1.03 Currency of disbursement The Bank shall disburse each Tranche in EUR. 1.04 Conditions of disbursement 1,04A First Tranche The disbursement of the first Tranche under Article 1.02 is conditional upon receipt by the Bank in form and substance satisfactory to it, on or before the date falling 7 (seven) Business Days before the Scheduled Disbursement Date, of the following documents or evidence: (a) a legal opinion issued by the Ministry ofJustice ofthe Borrower in English language on the due execution ofthis Contract by the Borrower and the validity, enforceability and binding nature thereof. Such opinion shall be supported by the relevant documents evidencing the Borrower's authority to enter into the Contract as well as evidence of due ratification of this Contract in accordance with the applicable laws of Georgia, and a confirmation that the Framework Agreement is valid, binding and enforceable and that no events or circumstances have occurred which could, in the reasonable opinion of the Bank, adversely affect the legal, valid, binding and enforceable nature of the Framework Agreement; (b) a legal opinion issued by the Ministry of Justice for the Promoter and the MDF satisfactory to the Bank confirming that the Project Agreement has been duly authorised, executed and delivered for and on behalf of the Promoter and the MDF and constitutes a valid and legally binding obligation of the Promoter and the MDF. enforceable in accordance with its terms; (c) evidence that the Project Agreement has been duly authorised and that the persons signing the Project Agreement on behalf of the Promoter and the MDF are duly authorised to do so together with the specimen signature of each such person or persons; (d) evidence in the English language of the powers of the Minister of Finance of Georgia to sign this contract on behalf of the Borrower; (e) confirmation that all necessary consents, authorisations, rights of way, licences or approvals of governmental or public bodies or authorities required in connection with this Contract and the Project have been received and that the Promoter and the MDF, to the satisfaction ofthe Bank, has been given the necessary authority and powers to operate the Project; 10 I. I (f) confirmation that no exchange control consents are necessary to permit the Borrower to receive disbursements as provided in this Contract, to repay the disbursed Tranches (as referred to in Article 2.01) and to pay interest and all other amounts due hereunder including the opening and maintenance of accounts to which the Borrower directs the Bank to disburse the Credit; (9) (h) evidence of payment of the up-front fee in full pursuant to Article 1.08; if the MDF is not performing the functions of the PIU, evidence that the PIU has been established under the control of the Promoter, is fully operational and has suitable experienced staffand appropriate terms of reference; (i) a procurement plan which includes a proposal for procurement procedures to be applied, a proposal for a supervision scheme, a choice of standard documents and a time schedule for the program; (j) (k) evidence that the Disbursement Account has been established; evidence that the ADS Loan Agreement and the NIF Documentation have been duly executed and delivered and all conditions precedent to their effectiveness have been fuffilled orwaived, that the ADB Loan has become unconditional and that the Borrower has the right to receivefunds thereunder; and (I) evidence that an on-lending agreement has been concluded between the Borrower MRDI, the Promoter and MDF relating to the on-lending of the Loan from the Borrower to the Promoter. 1.04B All Tranches The disbursement of each Tranche under Article 1.02, including the first, is conditional upon: (a) receipt by the Bank in form and substance satisfactory to it, on or before the date falling 7 (seven) Business- Days before the Scheduled Disbursement Date for the proposed Tranche, of the following documents or evidence: (i) a certificate from the Borrower in the form ofSchedule D; (ii) evidence demonstrating that, following drawdown of the relevant Tranche the aggregate amount of the Loan will not exceed the aggregate expenditure incurred or contractually committed by the Borrower in respect of the Project up to thedateofthe relevant Disbursement Offer; (iii) evidence of the authority of the person or persons authorised to siqn Disbursement Acceptance and the authenticated specimen signature of such person or persons; (iv) a copy of any other authorisation or other document, opinion orassurance which the Bank has notified the Borrower is necessary or desirable in connection with me entry into and performance of, and the transactions contemplated by the Contract or the validity and enforceabllity ofthe Contract; (V) the Banks ex-ante approval of project fiches in a format approved by the Bank for the definition of Individual schemes against which disbursement is requested. The fiches shall include a review of observance of the agreed Technical Guidelines (adopted within the Water Infrastructure Modernisation Program phase I) as well as cost-benefit and environmental sustainability indicators adjusted to the complexity of schemes, and procurement plan including time schedules; ® 11 (vi) for each individual component of the program for which the competent authority requires an environmental impact assessment {"EIA"). copies of the non technical summary, the environmental impact study, the evidence of the public consultation and a copy of the relevant part of the final development permit demonstrating the incorporation of the EIA, its mitigation measures and the public consultation; (vii) for each individual component of the program for which the competent authority performs screening and decides not to require an EIA, a copy of the relevant decision ofthe competent authority and evidence ofpublic disclosure ofthe said decision; (viii) for each individual component of the program which has or may have a significant impact on areas of nature conservation, a corresponding representation describing impacts and mitigation measures provided by the Georgian authority responsible for nature conservation in a fomi acceptable to the Bank; and (ix) for each individual component of the program which is deemed not to have significant impact on areas of nature conservation, a corresponding representation provided by the Georgian authority responsible for nature conservation in a form acceptable to the Bank (b) that on the Scheduled Disbursement Date for the proposed Tranche: (i) the representations and warranties which are repeated pursuant to Article 6.07 are correct in all respects; and (ii) no event or circumstance which constitutes orwould with the passage of time or giving of notice under this Contract constitute: (A) an event ofdefault under Article 10.01, or (B) a prepayment event under Article 4.03 ora breach ofArticle 7. has occurred and is continuing unremedied or unwaived or would result from the proposed Tranche. (c) the Bank being satisfied that the EC Guarantee is valid, binding and enforceable and that no events or circumstances have occurred which could, in the reasonable opinion of the Bank, adversely affect the legal, valid, binding and enforceable nature of the EC Guarantee or the Bank's right to make a demand thereunder. Deferment of disbursement ' fjQ^ Grounds for deferment Upon the written request of the Borrower, the Bank shall defer the disbursement of any Accepted Tranche in whole or in part to a datespecified by the Borrower being a date falling not later than 6 (six) months from its Scheduled Disbursement Date and not later than 60 days prior to the first repayment date of the Tranche indicated in the Disbursement Offer. In such case, the Borrower shall pay the Deferment Indemnity calculated on the amount of disbursement deferred. Any request for deferment shall have effect in respect of a Tranche only if it is made at least 7 (seven) Business Days beforeits Scheduled Disbursement Date. 12 B If for an Accepted Tranche any of the conditions referred to in Article 1.04 is not fulfilled asat the specified date and at the Scheduled Disbursement Date, disbursement will be deferred to a date agreed between the Bank and the Borrower falling not earlier than 7 (seven) Business Days following the fulfilment of all conditions of disbursement (without prejudice to the right of the Bank to suspend and/or cancel the undisbursed portion of the Credit in whole or in part pursuant to Article 1.06B). In such case, the Borrower shall pay the Deferment Indemnity calculated on the amount of disbursement deferred. • :53 Cancellation of a disbursementdeferred by 6 (six) months The Bank may, by notice in writing to the Borrower, cancel a disbursement which has been deferred under Article 1.05A by more than 6 (six) months in aggregate. The cancelled amountshall remain available for disbursement under Article 1.02, * OS Cancellation and suspension • :6A Borrower's right to cancel The Borrower may at any time by notice in writing to the Bank cancel, in whole or in part and with immediate effect, the undisbursed portion of the Credit. However, the notice shall have no effect in respect of an Accepted Tranche which has a Scheduled Disbursement Date falling within 7 (seven) Business Days of the date of the notice. :-i3 Bank's right to suspend and cancel The Bank may, by notice in writing to the Borrower, suspend and/or cancel the undisbursed i'-- portion of the Credit in whole or in part at anytime and with immediate effect: •ir. (a) I"' p< 1-1 upon the occurrence of an event or circumstance mentioned in Article 4.03A or 10,01 or an event or circumstance which would with the passage of time or giving of notice under this Contract constitute an event under Article 4.03A or an event of default under Article 10.01; or (b) ifa MaterialAdverse Change occurs. Any suspension shall continue until the Bank ends the suspension or cancels the suspended amount. :6C Indemnity for suspension and cancellation of a Tranche :6C(1) SUSPENSION If the Bank suspends an Accepted Tranche, whether upon an Indemnifiable Prepayment Event or an event mentioned in Article 10.01 or upon the occurrence of a Material Adverse Change, the Borrower shall pay to the Bank the Deferment Indemnity calculated on the amount of disbursement suspended. ;6C(2) CANCELLATION Ifpursuant to Article 1.06A, the Borrower cancels; I Tranche which is an Accepted Tranche, it shall indemnify the Bank under Article 4.028; (b) a Floating Rate Accepted Tranche or any part of the Credit other than an Accepted Tranche, no indemnity is payable. If the Bank cancels: (i) (ii) a Fixed Rate Tranche which is an Accepted Tranche upon an Indemnifiable Prepayment Event or upon the occurrence of a Material Adverse Change or pursuant to Article 1.05B, the Borrower shall pay to the Bank the Prepayment Indemnity; or an Accepted Tranche upon an event mentioned in Article 10.01, the Borrower shall indemnifythe Bank under Article 10.03. 13 Save in these cases, no indemnity is payable upon cancellation of a Tranche by the Bank. The indemnity shall be calculated on the basis that the cancelled amount is deemed to have been disbursed and repaid on the Scheduled Disbursement Date or. to the extent that the disbursement of the Tranche is currently deferred or suspended, on the date of the cancellation notice. 1.07 Cancellation after expirv of the Credit Any time after the Final Availability Date, the Bank may by notice to the Borrower and without liability arising on the part of either party, cancel such amount of the Credit in respect of which no Disbursement Acceptance has been made in accordance with Article 1.02C. 1.08 Up-front fee Within 15 Business Days following the Date of Effectiveness of this Contract {as defined in Article 12.03 below), the Borrower shall pay or cause to be paid to the Bank an up-front fee in an amount of EUR 50,000 (fifty thousand euros). The amount due to the Bank under this Article 1.08 shall be payable in Euros and shall be paid to the account Indicated by the Bank to the Borrower 1.09 Sums due under Article 1 Sums due under Articles 1.05 and 1.06 shall be payable in EUR. They shall be payable within 15 (fifteen) days of the Borrower's receipt of the Bank's demand or within any longer period specified in the Bank's demand. I ARTICLE 2 K The Loan i 2.01 Amount of Loan The Loan shall comprise the aggregate amount ofTranches disbursed by the Bank under the Credit, as confirmed by the Bank pursuant to Article 2.03. u si' 2.02 Currency of repayment, interest and other charges Interest, repayments and other charges payable in respect of each Tranche shall be made by the Borrower in the currency in which the Tranche is disbursed. Any other payment shall be made in the currency specified by the Bank having regard to the currency of the expenditure to be reimbursed by means of that payment. 2.03 Confirmation by the Bank Within 10 (ten) days after disbursement of each Tranche, the Bank shall deliver to the Borrower the amortisation table referred to in Article 4.01, if appropriate, showing the disbursement date, currency, the amount disbursed, the repayment terms and the Interest rate of and for that Tranche. I 14 ARTICLE 3 Interest 3,01 Rate of interest 3 01A Fixed Rate Tranches The Borrower shall pay interest on the outstanding balance of each Fixed Rate Tranche at the Fixed Rate semi-annually or annually in arrears on the relevant Payment Dates as specified in the Disbursement Offer commencing on the first such Payment Date following the date on which the disbursement of the Tranche was made. If the period from the date on which disbursement was made to thefirst Payment Date is 30days or less then the payment of interest accrued during such period shall be postponed to the following Payment Date. Interest shall be calculated on the basis of Article 5.01(a) at an annual rate that is the Fixed Rate. 3 01B Floating Rate Tranches The Borrower shall pay interest on the outstanding balance of each Floating Rate Tranche at the Floating Rate semi-annually or annually in arrears on the relevant Payment Dates, as specified in the Disbursement Offer commencing on the first such Payment Date following the date of disbursement ofthe Tranche. If the period from the date of disbursement to the first Payment Date is 30 days or less then the payment of interest accrued during such period shall be postponed to the following Payment Date. The Bank shall notify the Floating Rate to the Borrower within 10 (ten) days following the commencement of each Floating Rate Reference Period. If pursuant to Articles 1.05 and 1.06 disbursement of any Floating Rate Tranche takes place after the Scheduled Disbursement Date the Relevant Interbank Rate applicable to the first Floating Rate Reference Period shall apply as though the disbursement had been made on the Scheduled Disbursement Date. Interest shall be calculated in respect ofeach Floating Rate Reference Period on the basis of Article 5.01(b). If the Floating Rate for any Floating Rate Reference Period is below zero, it will be set at zero. 3.02 Interest on overdue sums Without prejudice to Article 10 and by way of exception to Article 3.01, interest shall accrue on any overdue sum payable under the terms of this Contract from the due date to the date of payment at an annual rate equal to the Relevant Interbank Rate plus 2% (200 basis points) and shall be payable in accordance with the demand of the Bank. For the purpose of determining the Relevant Interbank Rate in relation to this Article 3.02, the relevant periods within the meaning of Schedule Bshall be successive periods of one month commencing on the due date. However, interest on any overdue sum under a Fixed Rate Tranche shall be charged at the annual rate that is the sum ofthe rate defined in Article 3.01A plus 0.25% (25 basis points) if that annual rate exceeds, for any given relevant period, the rate specified in the preceding paragraph. 15 3.03 Market Disruption Event In relation to a specific Accepted Tranche, if at any time between the date of receipt by the Bank of a Disbursement Acceptance in respect of such Tranche and the date falling two Business Days prior to the Scheduled Disbursement Date, a Market Disruption Event occurs, the Bank may notify to the Borrower that this clause has come into effect. In such case, the following rules shall apply: the rate of interest applicable to such Accepted Tranche until the Maturity Date, shall be the spread or fixed rate (expressed as a percentage rate perannum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank. The Borrower shall have the right to refuse in writing such disbursement within the deadline specified in the notification and shall bear charges incurred as a result thereof, if any, in which case the Bank shall not effect the disbursement and the corresponding Credit shall remain available for disbursement under Article 1.02B. If the Borrower does not refuse the disbursement in time, the parties agree that the disbursement and the conditions thereof shall be fully binding for both parties. In each case the Spread or Fixed Rate previously notified by the Bank in the Disbursement Offer shall be no longer applicable. ARTICLE 4 Repayment 4.01 Normal repayment Repayment by instalments (a) The Borrower shall repay each Tranche by instalments on the Payment Dates specified in the relevant Disbursement Offer in accordance with the terms of the amortisation table delivered pursuant to Article 2.03. (b) Each amortisation table shall be drawn up on the basis that: (i) in the case of a Fixed Rate Tranche, repayment shall be made annually orsemiannually by equal instalments of principal or constant instalments of principal and interest; (ii) in the case of a Floating Rate Tranche, repayment shall be made by equal annual or semi-annual instalments of principal; (iil) the first repayment date of each Tranche shall be a Payment Date falling not earlier than 60 days from the Scheduled Disbursement Date and not later than the first Payment Date immediately following the fifth anniversary of the Scheduled Disbursement Date of the Tranche; and (iv) the last repayment date of each Tranche shall be a Payment Date falling not earlier than 4 (four) years and not later than 25 (twenty-five) years from the Scheduled Disbursement Date. 16 4.02 Voluntary prepayment 4 02A Prepayment option Subject to Articles 4,02B, 4.02C and 4.04, the Borrower may prepay all or part of any Tranche, together with accrued interest and indemnities if any, upon giving a Prepayment Notice with at least 1 (one) month's prior notice specifying the Prepayment Amount and the Prepayment Date. Subject to Article 4.02C the Prepayment Notice shall be binding and irrevocable. 4 02B Prepayment indemnity 4 02B(1) FIXED RATE TRANCHE If the Borrower prepays a Fixed Rate Tranche, the Borrower shall pay to the Bank on the Prepayment Date the Prepayment Indemnity. 4.028(2) FLOATING RATE TRANCHE The Borrower may prepay a Floating Rate Tranche without indemnity on any relevant Payment Date. 4.02C Prepayment mechanics The Bank shall notify the Borrower, not later than 15 (fifteen) days prior to the Prepayment Date, of the Prepayment Amount, of the accrued interest due thereon and of the indemnity payable under Article 4.026 or, as the case may be, that no indemnity is due. Not later than the Acceptance Deadline, the Borrower shall notify the Bank either: (a) that it confirms the Prepayment Notice on the terms specified by the Bank; or (b) that it withdraws the Prepayment Notice. If the Borrower gives the'confirmation under paragraph (a) above. It shall effect the prepayment. If the Borrower withdraws the Prepayment Notice or fails to confirm it in due time, it may not effect the prepayment. Save as aforesaid, the Prepayment Notice shall be binding and irrevocable. The Borrower shall accompany the prepayment by the payment of accrued interest and indemnity, if any, due on the Prepayment Amount. 4.03 Compulsorv prepayment 4.03A Grounds for prepayment 4.03A(1) PROJECT COST REDUCTION If the total cost of the Project should be reduced from the figure stated in Recital (2) to a level at which the amount of the Credit exceeds 50% (fifty per cent.) of such cost, the Bank may in proportion to the reduction forthwith, by notice to the Borrower, (a) cancel the undisbursed portion of the Credit and/or (b) demand prepayment of the Loan. The Borrower shall effect payment of the amount demanded on the date specified by the Bank, such date being a date falling not less than 30 (thirty) days from the date of the demand. 4.03A(2) PAR/ PASSU TO ANOTHER TERM LOAN Ifthe Borrower voluntarily prepays a part or the whole of any other loan originally granted to it for a term of more than 5 (five) years (a "Term Loan") otherwise than out of the proceeds of a loan having a term at least equal to the unexpired term of the Term Loan prepaid, the Bank may. by notice to the Borrower, cancel the Credit and demand prepayment of the Loan, in such proportion as the prepaid amount of the Tenm Loan bears to the aggregate outstanding amount of all Term Loans. 17 The Bank shall address its notice to the Borrower within 30 (thirty) days of receipt of notice under Article 8.02(c)(ii). For the purposes of this Article, "loan" Includes any loan, bond or other form of financial indebtedness or any obligation for the paymentor repayment of debt. 4 03A(3) CHANGE OF LAW The Borrower shall promptly infonn the Bank if a Change-of-Law Event has occurred or is likely to occur. In such case, or if the Bank has reasonable cause to believe that a Change- of-Law Event has occurred or is about to occur, the Bank may request that the Borrower consult with it. Such consultation shall take place within 30 (thirty) days from the date of the Bank's request. If. after the lapse of 30 (thirty) days from the date of such request for consultation the Bank is of the opinion that the effects of the Change-of-Law Event cannot be mitigated to its satisfaction, the Bank may by notice to the Borrower, cancel the undisbursed portion of the Credit and demand prepayment of the Loan, together with accrued Interest and all other amounts accrued or outstanding under this Contract. The Borrower shall effect payment of the amount demanded on the date specified by the Bank, such date being a date falling not less than 30 (thirty) days from the date of the demand. For the purposes of this Article "Change-of-Law Event" means the enactment, promulgation, execution or ratification ofor any change in or amendment to any law, rule or regulation (or in the application or official interpretation of any law, rule or regulation) that occurs after the date of this Contract and which, in the opinion of the Bank, would materially impair the Borrower's ability to perform its obligations under this Contract or the Borrower's, the Promoter's or the MDF's ability to perform its obligations related to the Project. 4.03A(4) ILLEGALITY: EC GUARANTEE If: (a) it becomes unlawful in any EU jurisdiction or in Georgia for the Bank to perform any of its obligations as contemplated In this Contract or to fund or maintain the Loan; or (b) In relation to the EC Guarantee: (i) it is no longer valid or in full force and effect; (il) the conditions for cover thereunder are not fulfilled; or (111) it is not effective In accordance with Its terms or is alleged by the Borrower to be ineffective in accordance with its terms, the Bank shall promptly notify the Borrower and the Bank may: (A) immediately suspend or cancel the undisbursed portion of the Credit and/or (B) demand prepayment of the Loan on the date indicated by the Bank in its notice to the Borrower. 4.03A(5) CHANGES TO THE BANK'S AUTHORITY TO LEND The Borrower shall, within seven days of receiving notice from the Bank to do so, prepay to the Bank the Loan and all accrued interest and fees due under this Contract if any material obligation assumed by the Borrower as stated in the Framework Agreement ceases to be fulfilled as regards any loan made to any borrower in the territory of Georgia from the resources of the Bank, or the European Union and, in the opinion of the Bank, such breach materially prejudices the interests of the Bank as lender. -r M 18 4.03A(6) PROJECT AGREEMENT If the Promoter or the MDF fails to comply with any of its obligations under the Project Agreement, or any fact stated in the recitals to the Project Agreement materially alters and is not restored In all material respect, and If the alteration either materially prejudices the interests of the Bank as lender to the Borrower or materially adversely affects the implementation or operation of the Project, or any such obligations is not or ceases to be legally valid and binding, the Bank may, upon the matter not being remedied within a reasonable period of time, by notice to the Borrower, cancel the Credit or demand prepayment of the disbursed Tranches. 4 03B Prepayment mechanics Any sum demanded by the Bank pursuant to Article 4.03A, together with any interest or other amounts accrued or outstanding under this Contract including, without limitation, any indemnity due under Article 4.03C, shall be paid on the date indicated by the Bank which date shall fall not less than 30 (thirty) days from the date of the Bank's notice of demand and shall be applied in accordance with Article 5.05. 4.03C Prepayment Indemnity In the case of an Indemniflable Prepayment Event, the indemnity, if any, shall be determined in accordance with Article 4.02B. If. moreover, pursuant to any provision of Article 4.03A the Bon-ower prepays a Tranche on a date other than a relevant Payment Date, the Borrower shall indemnify the Bank in such amount as the Bank shall certify is required to compensate it for receipt of funds otherwise than on a relevant Payment Date. 4.04 General Aprepaid amount may not be re-borrowed. This Article 4shall not prejudice Article 10. ARTICLE S Payments 5.01 ar'.; Day count convention Any amount due by way of interest, indemnity or fee from the Borrower under this Contract and calculated in respect of a fraction of a year, shall be determined on the followino respective conventions: (a) (b) (c) in respect of interest and indemnities due under a Fixed Rate Tranche, a year of 360 (three hundred and sixty) days and a month of 30 (thirty) days; in respect of Interest and indemnities due under a Floating Rate Tranche, a year of 360 (three hundred and sixty) days and the number ofdays elapsed; in respect of fees, a year of 360 (three hundred and sixty) days and the number of days elapsed. 5.02 Time and place of payment Unless otherwise specified, all sums under or in relation to this Contract other than sums of interest, indemnity and principal are payable within 15 (fifteen) days of the Borrower's receipt of the Bank's demand. ^ 19 r / Each sum payable by the Borrower under this Contract shall be paid to the respective account notified by the Bank to the Borrower. The Bank shall indicate the account not less than 15 (fifteen) days before the due date for the first payment by the Borrower and shall notify any change of account not less than 15 (fifteen) days before the date of the first payment to which the change applies. This period of notice does not apply in the case of payment under Article 10. A sum due from the Borrower shall be deemed paid when the Bank receives it. 5.03 Set-off The Bank may set off any matured obligation due from the Borrower under this Contract (to the extent beneficially owned by the Bank) against any obligation (whether or not matured) owed by the Bank to the Borrower regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Bank may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. If either obligation is unliquidated or unascertained, the Bank may set off in an amount estimated by it in good faith to be the amount of that obligation. Si. - 5.04 Disruption to Payment Systems If either the Bank determines (in its discretion) that a Disruption Event has occurred or the Bank is notified by the Borrower that a Disruption Event has occurred: (a) the Bank may, and shall if requested to do so by the Borrower, consult with the Borrower with a view to agreeing with the Borrower such changes to the operation or administration of the Contract as the Bank may deem necessary in the circumstances; and (b) the Bank shall not be obliged to consult with the Borrower in relation to any changes mentioned in paragraph (a) if, in its opinion, It Is not practicable to do so in the circumstances and, In any event, shall have no obligation to agree to such changes. 6.05 Application of sums received (a) General Sums received from the Borrower shall only discharge its payment obligations if received in accordance with the terms of this Contract. (b) Partial payments If the Bank receives a payment that is insufficient to discharge all the amounts then due and payable by the Borrower under this Contract, the Bank shall apply that payment in or towards payment of: (I) (ii) first, in or towards payment pro rata of any unpaid fees, costs, indemnities and expenses due under this Contract; secondly, in or towards payment of any accrued Interest due but unpaid under this Agreement; (III) thirdly, in or towards payment of any principal due but unpaid under this Contract; and (iv) fourthly, in or towards payment of any other sum due but unpaid under this Contract. 20 .r:/ (c) Allocation of sums relatedto Tranches (i) In case of: (A) a partial voluntary prepayment of a Tranche that is subject to a repayment in several instalments, the Prepayment Amount shall be applied pro rata to each outstanding instalment, (B) (ii) (ill) a partial compulsory prepayment of a Tranche that is subject to a repayment in several instalments, the Prepayment Amount shall be applied in reduction of the outstanding instalments in inverse orderof maturity. Sums received by the Bank following a demand under Article 10.01 and applied to a Tranche, shall reduce the outstanding Instalments in inverse order of maturity. The Bank may apply sums received between Tranches at its discretion. In case of receipt of sums which cannot be identified as applicable to a specific Tranche, and on which there is no agreement between the Bank and the Borrower on their application, the Bank may apply these between Tranches at its discretion. ARTICLE 6 Borrower undertakings and representations The undertakings in this Article 6 remain in force from the date of this Contract for solong as any amount is outstanding under this Contract orthe Credit isin force. A. Project undertakings 6.01 Use of Loan and availability of other funds The Borrower shall use all amounts borrowed by it under this Contract for the execution of the Bank funded components of the Project (as setout in the Technical Description). The Borrower shall ensure that it has available to it the other funds listed in Recital (2) and that such funds are expended, to the extent required, on the financing ofthe Project. 6.02 ComDietlon of Project The Borrower shall, and shall procure that the Promoter and the MDF shall, carry out ^e Project in accordance with the terms of the Project Agreement and the Technical Description as either may be modified from time to time with the approval of the Bank, and complete it by the final date specified therein. The Borrower hereby undertakes that so long as a Tranche or any part thereof under this Contract is outstanding; (a) it shall cause the Promoter and the MDF to fully control all assets forming part of the (b) Project and control the Promoter as the state entity of Georgia implementing and managing the Project and, if need be, take all necessary steps to keep the Promoter fully operational in business, following consultation with and upon request of the Bank, cause the Promoter and the MDF to perform all of its obligations under the Project (c) not take or permit to be taken any action that would prevent or interfere with such Agreement until completion ofthe Project; and performance, the execution oroperation ofthe Project. 21 :l 6.03 Increased cost of Project If the total cost ofthe Project exceeds the estimated figure set out in Recital (2), the Borrower shall obtain the finance to fund the excess cost without recourse to the Bank, so as to enable the Project to be completed in accordance with the Technical Description. The plans for funding the excess cost shall be communicated to the Bank without delay. 6.04 Procurement procedure The Borrower undertakes to purchase equipment, secure services and order works for the Bank and NIF funded components of the Project by open international tender or other acceptable procurement procedure complying, to the Bank's satisfaction, with its policy as described in its Guide to Procurement in force at the date of this Contract. 6.05 Continuing Project undertakings The Borrower shall, in relation tothe Bank funded components ofthe Project: (a) Maintenance: maintain, repair, overhaul and renew all property forming part of the Project as required to keep It in good working order; (b) Project assets: unless the Bank has given its prior consent in writing, retain title to and possession of all or substantially all the assets comprising the Bank funded components of the Project or, as appropriate, replace and renew such assets and maintain the Bank funded components of the Project in substantially continuous operation in accordance with its original purpose; provided that the Bank may withhold its consent only where the proposed action would prejudice the Bank's interests as lender to the Borrower orwould render the Project ineligible for financing by the Bank under its Statute orunder Article 309 ofthe Treaty on the Functioning ofthe European Union; (c) Insurance: insure or make adequate provision for the insurance of all works and property forming part ofthe Bank funded components ofthe Project in accordance with the most comprehensive relevant industry practice: (d) Rights and Permits: maintain in force all rights of way or use and all permits, licenses, approvals orauthorisations necessary for the execution and operation ofthe Project; (e) Environment: (f) (i) implement and operate the Project in compliance with Environmental Law; (ii) obtain and maintain requisite Environmental Approvals for the Project; and (iii) comply with any such Environmental Approvals. EU law: execute and operate the Project in accordance with the relevant standards of EU law to the extent implemented by the laws of Georgia orspecified by the Bank prior to the date of this Contract; (g) Ownership of the Promoter: the Borrower shall continue to own 100 per cent of the issued share capital orother interests in the Promoter during the implementation of the Project: and (h) Sector Developments: inform the Bank in a manner and at a frequency acceptable to the Bank of any sector developments and provide strategic documents and reports pertaining to the development of the Promoter in suitable time for commenting including providing the Bank with any studies relating to tariff setting and regulation. B. General undertakings 6.06 Compliance with laws The Borrower shall comply in all respects with all laws and regulations to it or the Project are subject. 22 13^ 6.07 General Representations and Warranties Tlie Borrower represents and warrants to the Bank that: (a) it has the power to execute, deliverand perform its obligations under this Contract; (b) this Contract constitutes its legally valid, binding and enforceable obligations; (c) the execution and delivery of, the performance of its obligations under and compliance with the provisions of this Contract do not and will not: (i) contravene or conflict with any applicable law. statute, rule or regulation, or any judgment, decree or permit to which it is subject; (il) contravene or conflict with any agreement or other instrument binding upon it which might reasonably be expected to have a material adverse effect on its ability to perform its obligations under this Contract; and (iii) contravene or conflict with any provision of the Promoter's constitutional documents (d) there has been no Material Adverse Change since the date of this Contract; (e) no event or circumstance which constitutes an event of default under Article 10.01 has occurred and is continuing unremedied or unwaived; (f) no litigation, arbitration, administrative proceedings or investigation is current or to its knowledge is threatened or pending before any court, arbitral body or agency which has resulted or if adversely determined is reasonably likely to result in a Material Adverse Change, nor is there subsisting against it or any of its subsidiaries any unsatisfied judgment or award; (g) the Promoter and the MDF have, to the extent possible, in line with the implementation schedule of the Project; obtained all necessary consents, authorisations, licences or approvals ofgovernmental or public bodies or authorities in connection with the Project and in order to lawfully comply with Its obligations in connection therewith, and the Project and all such consents, authorisations, licences or approvals are in full force and effect and admissible in evidence; (h) its payment obligations under this Contract rank not less than pan passu in right of payment with all other present and future unsecured and unsubordinated obligations under any of its debt instruments; (i) it is in compliance with Article 6.05(e) and to the best of its knowledge and belief (having made due and careful enquiry) no Environmental Claim has been commenced or is threatened against it; G) it is in compliance with all undertakings under this section 6; (k) the Framework Agreement is valid, binding and enforceable and that no events or circumstances have occurred which could, in the reasonable opinion of the Bank, adversely affect the legal, valid, binding and enforceable nature of the Framework Agreement; and (I) the Project falls within the scopeofthe Framework Agreement. The representations and warranties set out above shall survive the execution of this Contract and are deemed repeated on each Scheduled Disbursement Date and on each Payment Date. 23 .. ) Ffv 6.08 Project Implementation Unit The Borrower shall, at all times during execution of the Project, ensure that the MDF has adequate resources and suitably qualified personnel, under terms ofreference acceptable to the Bank to allow it to co-ordinate, manage, monitor and evaluate all aspects of Project implementation. In the event that the MDF is not responsible for the implementation of the Project, the Borrower shall, in order to co-ordinate, manage, monitor and evaluate all aspects of Project implementation, including the procurement of goods, works and services for the Project, procure that the Promoter shall at all times during execution of the Project operate a project implementation unit ("PIU") with adequate resources and suitably qualified personnel, under terms of reference acceptable to the Bank. 6.09 Compliance with the Project Agreement The Borrower shall cause the Promoter and the MDF to comply with the provisions of the Project Agreement at all times. 6.10 Integrity Commitment The Borrower warrants and undertakes that it has not committed, and no person to its present knowledge has committed, any of the following acts and that it will not commit, and no person, with its consent or prior knowledge, will commit any such act. that is to say: (a) the offering, giving, receiving or soliciting of any improper advantage to influence the action of a person holding a public office or function or a director or employee of a public authority or public enterprise or a director or official of a public international organisation in connection with any procurement process or in the execution of any contract in connection with those elements of the Project described in the Technical Description: or (b) any act which improperly influences or aims improperly to influence the procurement process or the implementation of the Project to the detriment of the Promoter or the MDF. including collusion between tenderers. For this purpose, the knowledge of any officer mentioned in Article 12.01 and each senior officer of the Promoter, the MDF or the Borrower shall be deemed to be the knowledge of the Borrower. The Borrower undertakes to inform the Bank and investigate if it should become aware of any fact or information suggestive of the commission of any such act and to adopt the necessary redress measures. The Borrower will Institute, maintain and comply with Internal procedures and controls in compliance with applicable national laws and best practices, for the purpose of ensuring that no transaction is entered into with, or for the benefit of. any of the individuals or institutions named on updated lists of sanctioned persons promulgated by the United Nations Security Council or its committees pursuant to Security Council Resolutions 1267 (1999). 1373 (2001) (HYPERLINK "http://www.un.org/terrorism" www.un.org/terrorism) and/or by the Council of the EU pursuant to its Common Positions 2001/931/CFSP and 2002/402/CFSP and their related or successor resolutions and/or implementing acts in connection with Money Laundering or Financing of Terrorism matters. LH 24 ARTICLE 7 Security The undertakings in this Article 7 remain in force from thedateofthis Contract for so long as any amount isoutstanding under this Contract ortheCredit is in force. 7.01 Pan Passu ranking The Borrower shall ensure that its payment obligations under this Contract rank, and will rank, not less than paripassu in right of payment with all other present and future unsecured and "unsubordinated obligations under any of the Borrower's Relevant External Debt instruments. In particular, if the Bank makes a demand under Article 10.01 or if an event orpotential event ofdefault underany unsecured and unsubordinated Relevant External Debt Instrument ofthe Borrower or of any of its agencies has occurred and is continuing, the Borrower shall not make (or authorise) any payment in respect of any other such Relevant External Debt Instrument (whether regularly scheduled or othenwise) without simultaneously paying, or setting aside in a designated account for payment on the next Payment Date a sum equal to, the same proportion of the debt outstanding under this Contract as the proportion that the payment under such Relevant External Debt Instrument bears to the total debt outstanding under that Relevant External Debt Instrument. For this purpose, any payment of a Relevant External Debt Instrument that is made out of the proceeds of the issue of another instrument, to which substantially the same persons as hold claims under the Relevant External Debt Instrument have subscribed, shall be disregarded. In this Contract, "External Debt Instrument" means (a) an Instrument, including any receipt or statement of account, evidencing or constituting an obligation to repay a loan, deposit, advance or similar extension of credit (including without limitation any extension of credit under a refinancing or rescheduling agreement), (b) an obligation evidenced by a bond, debenture or similar written evidence of indebtedness or (c) a guarantee of an obligation arising under an External Debt Instrument from another lender; provided in each case that such obligation is; (i) governed by a system of lawother than the law of the Borrower; or (ii) payable in a currency other than the currency of the Borrower's country. "Exempt External Debt Instruments" means External Debt Instruments up to a maximum aggregate amount not exceeding EUR 30,000,000 as specified as such by written notice from the Borrower to the Bank. "Relevant External Debt Instrument" means External Debt Instruments other than Exempt External Debt Instruments. If any External Debt Instrument notified by the Borrower to the Bank for approval pursuant to the provisions of this Article 7.01 to qualify as an Exempt External Debt Instrument is denominated in a currency other than EUR, the Bank may determine the EUR equivalent of such notified External Debt Instrument by reference to the prevailing rate of exchange specified by the European Central Bank in Frankfurt as of or around the date of such written notice. 25 7.02 Additional security Should the Borrower grant or arrange to be granted to a third party any security for the performance of any External Debt Instrument or any preference or priority in respect thereof, the Borrower shall, if so required by the Bank, provide to the Bank equivalent security for the performance of its obligations under this Contract or grant to the Bank equivalent preference or priority. 7.03 Clauses bv inclusion If the Borrower concludes with any other medium or long term financial creditor a financing agreement that includes a loss-of-rating clause, and/or a cross default clause and/or a pah passu clause that is stricter than the equivalent provision(s) of this Contract, the Borrower shall so inform the Bank and shall, at the request of the Bank, execute an agreement to amend this Contract so as to provide for an equivalent provision in favour ofthe Bank. ARTICLE 8 Information and Visits 8.01 Information concerning the Project The Borrower shall or shall ensure that the Promoter shall: (a) deliver to the Bank: (i) the information in content and in form, and at the times, specified in Schedule A.2 and/or in the Project Agreement orotherwise as agreed from time to time by the parties to this Contract: and (ii) any such infonnatlon or further document concerning the financing, procurement, implementation, operation and environmental matters of or for the Project as the Bank may reasonably require within a reasonable time, provided always that if such information or document is not delivered to the Bank on time, and neither the Borrower nor the Bon-ower rectifies the omission within a reasonable time set by the Bank in writing, the Bank may remedy the deficiency, to the extent feasible, by employing its own staff or a consultant or any other third party, at the Borrower's expense and the Borrower shall provide such persons with all assistance necessary for the purpose; (b) submit: (i) for the approval ofthe Bank without delay any material change to the Bank and NIF funded components of the Project, and (ii) for information to the Bank without delay any material change to the non-Bank and/or NIF funded components of the Project, also taking into account the disclosures made to the Bank in connection with the Project prior to the signing of this Contract, in respect of, inter alia, the price, design, plans, timetable or to the expenditure program or financing plan for the Project; (c) promptly infomi the Bank of: (i) any action or protest initiated or any objection raised by any third party or any genuine complaint received by the Borrower or any Environmental Claim that is to its knowledge commenced, pending or threatened against it with regard to environmental or other matters affecting the Project; 26 (ii) any fact or event known to the Borrower which may substantially prejudice or affect the conditions of execution or operation of the Project; (d) 8.02 (iii) any non-compliance by it with any applicable Environmental Law; and (iv) any suspension, revocation or modification of any Environmental Approval, and set out the action to be taken with respect to such matters; provide to the Bank, if so requested: (i) a certificate of its insurers showing fulfilment of the requirements of Article 6.05(g): (ii) annually, a list of policies in force covering the insured property forming part of the Project, together with confirmation of payment of the current premiums. Information concerning the Borrower The Borrower shall or shall ensure that the Promoter shall: (a) deliver to the Bank from time to time, such further information on its general financial situation as the Bank may reasonably require; (b) ensure that its accounting records fully reflect the operations relating to the financing, execution and operation of the Project; and (c) inform the Bank immediately of: (i) (ii) any fact which obliges it to prepay any financial indebtedness or any EU funding, including any funding provided under the EU Financing Agreement for this Project, if signed; any event or decision that constitutes or may result in the events described in Article 4.03A; (Iii) any intention on its part to relinquish ownership of any material component of the Project; 8.03 (iv) any fact or event that is reasonably likely to prevent the substantial fulfilment of any obligation of the Borrower under this Contract or the Promoter or the MDF under the Project Agreement; (v) any event listed In Article 10.01 having occurred or being threatened or anticipated; or (vl) any litigation, arbitration or administrative proceedings or investigation which is current or pending which might If adversely detennined result In a Material Adverse Change. Visits by the Bank The Borrower shall or shall ensure that the Promoter shall allow persons designated by the Bank who may be accompanied by representatives of the European Court of Auditors, the European Commission, the European Antifraud Office (OLAF), as welt as other persons designated by other EU institutions or bodies when so required by the relevant mandatory provisions of EU law, to visit the sites, installations and works comprising the Project and to conduct such checks as they may wish, and shall provide them, or ensure that they are provided, with all necessary assistance for this purpose. The Borrower acknowledges that the Bank may be obliged to divulge such Information relating to the Borrower and the Project to any competent EU Institution or body In accordance with the relevant mandatory provisions of EU law. 27 sT-vr article 9 Charaee and exnanaoa 9-01 Taxes, duties and fees ilicLlnrsTamp dul/an^^ this Contract or any related document and in .^1 L ♦ 9-02 whatsoever nature, T enforcement of any security for the Loan to the exte^JappS '•®9'stration or that, if the Borrower is obliged to make any such dLd?.^nn^f ^^^tsoever; provided Other charges :r:t'X'£?:r," r/ss management and realisation of any security for ther4 Lo^n^ 9.03 creation. Increased costs, indemnity and set-off (i) • - - oJiga^ns^de^Tht Corct;t'^^ (ii) (b) pSIn rmirer'oShan'as SprLsfy'se, oXws CoXct (c) booking branch or curi^ncy of eifhl obSn Tf^fhe oblinL"® unliquidated or unascertained the Bank mau <:fit ffgood faith to be the amount of thafob'gatlon ^ 28 11' obligation is % ARTICLE 10 Events of default f/' ^ 10.01 Right to demand repayment 2»- The Borrower shall repay all or part of the Loan forthwith, together with accrued interest and ail other accrued or outstanding amounts under this Contract, upon written demand being made by the Bank in accordance with the following provisions. 10.01A Immediate demand The Bank may make such demand immediately: (a) if the Borrower fails on the due date to repay any part of the Loan, to pay interest thereon or to make any other payment to the Bank as provided in this Contract, unless (i) its failure to pay is caused by an administrative or technical error or a Disruption Event and (ii) payment is made within 3 Business Days of its due date; (b) if any information or document given to the Bank by or on behalf of the Borrower, the Promoter or the MDF, or any representation or statement made or deemed to be made by the Borrower, the Promoter or the MDF in connection with this Contract or the Project Agreement or in connection with the negotiation or performance of this Contract or the Project Agreement is or proves to have been incorrect, incomplete or misleading in any material respect; (c) if, following any default, the Borrower is required or is capable of being required or will, following expiry of any applicable contractual grace period, be required or be capable of being required to prepay, discharge, close out or terminate ahead of maturity any other loan or debt obligation arising out of any financial transaction; or any commitment for any other loan or debt obligation arising out of any financial transaction is cancelled or suspended; 5 (d) if the Borrower is unable to pay its debts as they fall due, or suspends its debts, or I makes or, without prior written notice to the Bank, seeks to make a composition with its (: creditors: < (e) if the Borrower defaults in the performance of any obligation in respect of any other loan granted by the Bank or financial instrument entered Into with the Bank; ; ? ; (f) if the Borrower defaults in the performance of any obligation in respect of any other loan or financial instrument granted by the Bank or the EU {including, inter alia, under the EU Financing Agreement) or to the Bank or any other obligation to be fulfilled in connection with the receipt of any funds by the Borrowerfrom the European Union; (g) if any distress, execution, sequestration or other process directly inflicting material damage upon the Promoter's or the MDF's ability to perfonn its obligations to implement the Project is levied or enforced upon any property forming part of the Project and is not discharged or stayed within 14 (fourteen) days; (h) if a Material Adverse Change occurs, as compared with the Borrower's condition at the date of this Contract; (1) ifit Is or becomes unlawful for the Borrower to perform any of its obligations under this Contract or for the Promoter or the MDF to perform any of its obligations under the Project Agreement or other transactional documents or either this Contract or the Project Agreement is not effective in accordance with its terms or is alleged by the Borrower, the Promoter or the MDF to be ineffective in accordance with its terms; (j) if any obligation assumed by the Borrower as stated in the Framework Agreement ceases to be fulfilled as regards any loan made to any borrower in the Borrower's territory from the resources of the Bank, or the European Union; or 29 .Ni' (k) if the Borrower, the Promoter or the MDF defaults in the performance of any of its obligations under any loan or grant documentation provided in connection with the Project by any other institution, or, if applicable, the NIF grant or the monies available under such loans orgrant are not paid out or need to be repaid by the Borrower. 10.01 B Demand after notice to remedy The Bank may also make such demand: (a) if either the Borrower fails to comply with any obligation under this Contract not being an obligation mentioned in Article 10.01A or if the Promoter or the MDF fails to comply with any obligation under the ProjectAgreement; or (b) if any fact related to the Borrower or the Project stated in the Recitals materiaiiy alters and is not materially restored and if the alteration either prejudices the interests of the Bank as lender to the Borrower oradversely affects the implementation or operation of the Project, unless the non-compliance or circumstance giving rise to the non-compliance is capable of remedy and is remedied within a reasonable period oftime specified in a notice served bv the Bank on the Borrower. 10.02 Other rights at law Article 10.01 shall not restrict any other right of the Bank at law to require prepayment of the Loan. 10.03 Indemnity 10.03A Fixed Rate Tranches In case of demand under Article 10.01 in respect of any Fixed Rate Tranche, the Borrower shall pay to the Bank the amount demanded together with the Prepayment Indemnity on any amount of principal due to be prepaid. Such Prepayment Indemnity shall accrue from the due date for payment specified in the Bank's notice of demand and be calculated on the basis that prepayment Is effected on the date so specified. 10.03B Floating Rate Tranches In case of demand under Article 10.01 in respect of any Floating Rate Tranclie, the Borrower shall pay to the Bank the amount demanded together with a sum equal to the present value of 0.15% (fifteen basis points) per annum calculated and accruing on the amount of principal due to be prepaid in the same manner as interest would have been calculated and would have accrued, if that amount had remained outstanding according to the original amortisation schedule of the Tranche, until the Maturity Date. The value shall be calculated at a discount rate equal to the Redeployment Rate applied as of each relevant Payment Date. 10.03C General Amounts due by the Borrower pursuant to this Article 10.03 shall be payable on the date of prepayment specified In the Bank's demand. 10.04 Non-Waiver No failure or delay or single or partial exercise by the Bank in exercising any of its rights or remedies under this Contract shall be construed as a waiver of such right or remedy. The nghts an^d remedies provided in this Contract are cumulative and not exclusive of anv riahts or remedies provided by law. 30 ARTICLE 11 Law and jurisdiction 11.01 Governing Law This Contract and any non-contractual obligations arising out of or In connection with it shall be governed by the laws of England. 11.02 Jurisdiction All disputes concerning this Contract shall be submitted to the jurisdiction of the courts of England and Wales, and the parties hereby submit to the jurisdiction of such courts. The Borrower hereby waives any Immunity from or right to object to the jurisdiction of such courts. Afinal decision of such courts shall be conclusive, binding and enforceable on the parties without restriction or reservation. 11-03 Agent of Service The Borrower shall: (a) appoint (and maintain throughout the term of this Contract) a process agent in England for the service for the purposes to accept service on its behalf of any writ, notice order judgment or other legal process; and (b) inform the Bank in writing of the name, address and other contact details of the aqent for theservice of process and any change thereto, 11.04 Evidence of sums due In any legal action arising out of this Contract the certificate of the Bank as to any amount or rate due to the Bank under this Contract shall in the absence of manifest error be prima facie evidence of such amount or rate. 1105 Contracts fRlahts of Third Parties) Act 1999 None of the terms of this Contract are intended to be enforceable by any third party and the provjsions of the Contracts (Rights of Third Parties) Act 1999 are excluded and shall not apply. 11.06 Place of performance Unless otherwise specifically agreed by the Bank in writing, the place of performance under this Contract shall be the seat of the Bank. ^ /I A/ 31 fcf> ARTICLE 12 Final clauses "12.01 Notices to either party givsH undef this Contract addressed to either party to this 2?HrIefnror ffacsimile ^ number u as aparty previously facsimilenotifies numbertoasthesetother out inbelow, or to such other address writing: For the Bank Attention: Ops B 98-100 boulevard Konrad Adenauer L-2950 Luxembourg Fax: +352 4379 67495 For the Borrower Attention: Public Debt and External Financing Department Ministry of Finance of Georgia 16, Gorgasali street 0114 Tbilisi Georgia Fax: +99532-2262423 12.02 Form of notice fanguagr =°'"'""niration Qiven under this Contract must be in writing in the English "I*"®' fix periods binding on the fixed periods may are laid down inbythis Which themselves addressee, be made handContract deliveryor registered letter or facsimile. Such notices and communications shall be deemed to have SjfpH registered 7^ letter or on receipt of transmission in relation to a facsimile. 3hand dlered 0^ communications may be made by hand delivery, registered tetter or °fa"y "°''ce delivered by facsimile according to the paragraphs on the thP^no"! " Business b® deliveredDaybyatfacsimile shall also be sent by letter to the relevant party on next fT following the latest. Notices issued by the Borrower pursuant to any provision of this Contract shall where auSv of thP n delivered to the Banl( together with satisfactory evidence of the anri the th» authenticated anfh 2specimen persons authorised to sign suchor notice on behalf of the Borrower and signature of such person persons. 12.03 Effectiveness of this Contrar.t This Contract is conditional upon and shall become effective only followinq the Bank's required by Article 1.04A(a) of this Contract, confirmation that the nnL Asian of Development Bankprocess have aaent become unconditionalPandJ thefinancing receipt byprovided the Bankbyof the the details the Borrower's in accordance with Article 11.03 (Agent of Service) ^ ^ ^ 32 This Contract shall not become effective until the Bank sends the Borrower a letter confirming its acceptance of the above mentioned evidence and providing the date that this Contract becomes effective (the "Date of Effectiveness"), and such letter shall be conclusive evidence that this Contract has become effective. For the avoidance of doubt, until such time as such letter has been issued by the Bank, neither the Borrower nor the Bank shall have any claims against each other or have any liability whatsoever under or in connection with this Contract. 12.04 Recitals. Schedules and Annexures The Recitals and following Schedules form part of this Contract: Schedule A Technical Description and Reporting Schedule B Definition of EURIBOR Schedule C Form of Disbursement Offer/Acceptance Schedule D Fomi of Certificate from the Borrower The following Annex is attached hereto; Annex I Authorisation of signatory IN WITNESS WHEREOF the parties hereto have caused this Contract to be executed in 3 (three) originals in the English language and have respectively caused Mr. David Lezhava, Deputy Minister of Finance of Georgia, and Mr Garth Grisbrook, legal counsel, to initial each page of this Contract on their behalf. At Luxembourg, this ^0 At Tbilisi, this ^3 2013 2013 Signed for and on behalf of Signed for and on behalf of GEORGIA EUROPEAN INVESTMENT BANK N. Khadurl Hjmy^ E. Binc efr Minister of Finance of Georgia Dtrector Head of Division 33 Schedule A Proiect Specification and Reporting APPENDICES A.I. TECHNICAL DESCRIPTION Purpose, Location The programme concerns priority investment schemes for water and sanitation within the service area of the United Water Supply Company of Georgia, the purpose of which is to improve efficiency, service, public health and the environment. The programme consists of a pipeline of schemes for ex- ante review by the Bank, and separate schemes financed from other source (ADB). The schemes of the Bank pipeline are located in the following locations; 1 Ozurgeti 2 Senaki 3 Khobi 4 Abasha 3.fti^fetfi?SaeoSiE€^khUmi.iah^rQy6;i^ 1 Terjoia 2 Tkibuli 3 Baqdati 4 Zestafoni 5 Chiatura 6 Oni 1 Telavi - Kurdaelauri 2 Kvareli 3 Akhmeta 4 GuriaanI 5 Sighnagi 6 Tsnori 7 Saqarejo 8 Laqodekhi 1 Kareli 2 Khashuri 3 Dusheti 34 w 1 Bolnisi 2 Tetritskaro 3 Tsalka 1 Aspindza 2 Akhaltsikhe 3 Tsaqveri 4 Likanl Description Ltcrlpton-'" • P'P-l-e fall under the following studies and designs supervision and technical assistance —stfon s"ysTemT"""'"°" infrastructure, water t"reatment°faciWies ' waste water bull< and consumer metering water and energy efficiency measures and"'ex"ora^ machinery, Including purpose-built vehides such as sewer cleaning trucks GIS and modelling software and hardware diagnostic equipment UWSCG's facilities S®K',SSi". 35 a.2. project information to be sent to the bankand method of TRANSMISSION Dispatch of information: desionation of the person responsible The information below has to be sent to the Bank under the responsibility of: Company United Water Supply Company Contact person Archil Tsbutashvili Title General Director Function / Deoartment Address 76 B Vazha Pshavela Ave.. 0186 Thiii.<ii rjPAm/fl Phone +995-32-2919060 Fax Email a.tsabutashvili(a)water.pnv qp The above-mentioned contact person(s) is (are) the responsible contact(s) for the time being. The Borrower shall inform the EIB immediately in case of any change. 2. Information on snecific subififit.«^ '"formation at the latest by the deadline indicated Document / Information Deadline Mid-term report, reviewing the Technical Guidelines, project Implementation, institutional 31 December 2013 developments and tariff policy Strategic documents and reports pertaining to the In suitable time for commenting, development of the UWSCG, including studies relating to tariffsetting and reaulation Maps showing basis for rehabilitation planning and Before finalisation of designs, preferably at key design parameters shall be prepared to allow the time ofthe statutory design review. design supervision bv representatives of the Bank 36 TJ / Information on the proiect's implementation 3. Document I information Deadiine Frequency of reporting Project Progress Report Abrief update on the technical description, explaining the reasons for significant changes vs. initial scope; Update on the date of completion of each of the main project's components, explaining reasons for any possible delay; Update on the cost of the project, explaining reasons for any possible cost increases vs. initial budgeted cost; A description of any major issue with impact on the environment; Update on procurement procedures (outside EU); Update on the project's demand orusage and comments; I i Any significant issue that has occurred and any significant risk that may affect the project's operation; Any legal action concerning the project that may be ongoing. I Procurement statistics § International Water Association perfonriance and water balance indicators for schemes allocated under the programme. Aggregate indicators for the UWSCG as a whole. P r 37 6-monthly 4. Information on the end ofworks and first year of operation The Borrower shall deliver to the Bank the following information on project completion and initial operation at the latest by the deadline indicated below. Date of delivery to the Bank Document I information One year after of end of Project Completion Report, including; implementation of the last A brief description of the technical characteristics of the scheme project as completed, explaining the reasons for any significant change; The date of completion of each of the main project's components, explaining reasons for any possible delay: The final cost of the project, explaining reasons for any possible cost increases vs. initial budgeted cost; The number of new jobs created by the project: both jobs during implementation and permanent new jobscreated; A description of any major issue with impact on the environment; Update onprocurement procedures (outside EU); Update on the project's demand orusage andcomments: Any significant issue that has occurred and any significant risk that may affect the project's operation; Any legal action concerning' the project that may be ongoing. English Language of reports 38 city Schedule 6 Definition of EURIBOR A. EURIBOR "EURIBOR" means: (a) in respect of a relevant period of less than one month, the rate of interest for deposits in EUR for a term of one month; (b) in respect ofa relevant period ofone ormore whole months, the rate of interest for deposits in EUR for a term for the corresponding numberof whole months; and (c) in respect of a relevant period of more than one month (but not whole months), the rate resulting from a linear Interpolation by reference to two rates for deposits in EUR, one of which is applicable for a period of whole months next shorter and the other for a period of whole months next longer than the length of the relevant period, (the period for which the rate is taken or from which the rates are interpolated being the "Representative Period"), as published at 11hOO Brussels time or at a later time acceptable to the Bank on the day (the "Reset Date") which falls 2 (two) Relevant Business Days prior to the first day of the relevant period, on Reuters page EURIBOR 01 or its successor page or, failing which, by any other means of publication chosen for this purpose by the Bank. If such rate is not so published, the Bank shall request the principal euro-zone offices of four major banks in the euro-zone, selected by the Bank, to quote the rate at which EUR deposits in a comparable amount are offered by each of them as at approximately 11hOO, Brussels time, on the Reset Date to prime banks in the_ euro-zone Interbank market for a period equal to the Representative Period. If at least 2 (two) quotations are provided, the rate for that Reset Date will be the arithmetic mean of the quotations. If fewer than 2 (two) quotations are provided as requested, the rate for that Reset Date will be the arithmetic mean of the rates quoted by major banks In the euro-zone, selected by the Bank, at approximately 11hOO Brussels time on the day which falls 2 (two) Relevant Business Days after the Reset Date, for loans in EUR in a comparable amount to leading European Banks for a period equal to the Representative Period. If the rate resulting from the above is below zero, EURIBOR will be deemed to be zero. If no rate is available as provided above. EURIBOR shall be the rate (expressed as a percentage rate perannum) which Is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative ratedetenmination method reasonably determined by the Bank. 8. General For the purposes of the foregoing definitions: (a) All percentages resulting from any calculations referred to in this Schedule will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with halves being rounded up. (b) (c) The Bank shall infomi the Borrower without delay ofthe quotations received by the Bank. If any of the foregoing provisions becomes inconsistent with provisions adopted under the aegis of EURIBOR FBE and EURIBOR ACI In respect of EURIBOR, the Bank may by notice to the Borrower amend the provision to bring it into line with such other provisions. 39 Schedule C C.I Form ofDisbursement Offer/Acceptance (Articies 1.02B and 1.02C) To: Georgia From: European Investment Bank Date: Subject: uanK and Cseorgia dated for the Finance Contract between European Investment (the Finance Contract") Fi number 81.855 Serapis number 2012-0207 Dear Sirs, We refertottie Finance Contract. Terms defined in the Finance Contract have the same meaning When used in this letter. •Hcamny Following your request for a Disbursement Offer from the Bank, in accordance with Article 102B of the Finance Contract, we hereby offer to make available to you the following Tranche: (a) Amount to be disbursed: (b) Scheduled Disbursement Date: . (c) Interest rate basis: (d) Interest payment periodicity: (e) Payment Dates: (f) Terms for repayment of principal; (g) The first and last principal repayment dates: (h) The Fixed Rate orSpread, applicable until the Maturity Date. To make the Tranche available subject to the terms and conditions of the Finance Contract, the Bank must receive a Disbursement Acceptance in the form of a copy of this Disbursement Offer duly ^gned on your behalf, to the following fax number LJ no later than the Disbursement Acceptance Deadline of[time] Luxembourg time on [date]. The Disbursement Acceptance must be accompanied (if it has not been previously supplied) by: (i) the indication of the bank account (with IBAN code in case of disbursements in EUR or the appropriate format for the relevant currency) where disbursement of the Tranche should be made; and (ii) evidence of the authority of the person or persons authorised to sign it on behalf of the Borrower and the specimen signature ofsuch person orpersons. r. 40 / If not accepted by the above stated time, the offer contained in this document shall be deemed to have been refused and shall automatically lapse. If you do accept the Tranche as described in this Disbursement Offer, all the related terms and conditions of the Finance Contract shall apply. Yours faithfully. EUROPEAN INVESTMENT BANK We hereby accept the above Disbursement Offer; For and behalf of Georgia Date: •J 41 Schedule D Form of Certificate from Borrower /Article 1.04B\ To: European Investment Bank From: Georgia Date; Subject: Finance Contract between European Investment Bank and Georgia dated [date! (the Fmance Contract") Fl number 81.855 Serapis number 2012-0207 Dear Sirs, Tenns defined in the Finance Contract have the same meaning when used in this letter. For the purposes of Article 1.04 of the Finance Contract we hereby certify to you asfollows: (a) no event described in Article 4.03A has occurred and is continuing unremedied; (b) no security of the type prohibited under Article 7.02 has been created or Is in existence; (c) there has been no material change to any aspect of the Project or in respect of which we are obliged to report under Article 8.01, save as previously communicated by us; (d) we have sufficient funds available to ensure the timely completion and Implementation of the Project in accordance with Schedule A.I; (e) no event or circumstance which'constitutes or would with the passage of time or giving of notice under the Finance Contract constitute an event of default under Article 10 01 has occurred and is continuing unremedied or unwaived; (f) no litigation, arbitration administrative proceedings or investigation is current or to our knowledge is threatened or pending before any court, arbitral body or agency which has resulted or if adversely determined is reasonably likely to result in a Material Adverse Change, nor IS there subsisting against us or any of our subsidiaries any unsatisfied iudoement or award: (g) the representations and warranties to be made or repeated by us under Article 6 07 are true in all respects: (h) (i) neither the Borrower nor the Promoter is In default under the ABD Loan Agreement; and no Material Adverse Change has occurred, as compared with our condition at the date of the Finance Contract. Yours faithfully. Forand on behalf of Georgia Date; 42 <iy3' mm ANNEX Authorisation of signatory f cT'')