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Execution Copy (OperationNumber 52577) LOAN AGREEMENT (Tbilisi Municipal Services Project) between GEORGIA and EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT 2021 TABLE OF CONTENTS ARTICLE I- STANDARD TERMS AND CONDITIONS; DEFINITIONS Section LOI. Incorporation of Standard Terms and Conditions Section 1.02. Definitions Section 1.03. Interpretation - 1 1 ^ ^ ARTICLE U- PRINCIPAL TERMS OF THE LOAN 3 Section 2.02. Other Financial Terms ofthe Loan Section2.03. Drawdowns..... 3 ^ Section 2.01. Amoiint and Currency ^ ARTICLE III - EXECUTION OF THE PROJECT 4 Section 3.01. Other Affirmative Project Covenants ^ ARTICLE IV - SUSPENSION; ACCELERATION; CANCELLATION ...5 Section 4.01. Suspension ^ Section 4.02. Acceleration of Maturit>' ARTICLE V-EFFECTIVENESS Section 5.01. Conditions Precedent to Effectiveness Section 5.02. Legal Opinions Section 5.03. Termination for Failure to Become Effective " - ^ o ^ 7 .7 ARTICLE VI - MISCELLANEOUS 7 Section 6.01. Notices SCHEDULE I - DESCRIPTION OF TFIE PROJECT 10 SCHEDULE 2 - CATEGORIES AND DRAWDOWNS 11 (i) LOAN AGREEMENT AGREEMENT dated % 2021 between GEORGIA (the "Borrower") and EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT (the "Bank"). PREAMBLE WHEREAS, the Bank has been established to provide financing for specific projects to foster the transition towards open market-oriented economies and to promote private and entrepreneurial initiative in the Central and Eastern European countries committed to and applying the principles of multiparty democracy, pluralism and market economics; WHEREAS, the Borrower intends to implement the Project as described in Schedule I which is designed to assist the Borrower in improving municipal services, namely, the solid waste management, street cleaning, street lighting and drainage, in Tbilisi.; WHEREAS, The Project will be carried out by Tbilservice Group Ltd. (the "Project Entity"), a municipal company owned by Tbilisi City Municipality (the "City' ) with financial assistance from the Borrower and assistance from the City; WHEREAS, the Borrower has requested assistance from the Bank in financing part of the Project; WHEREAS, the Bank has agreed on the basis of, inter alia, the foregoing to make a loan to the Borrower in the amount of EUR 9,600,000 (nine million six hundred thousand Euro), subject to the terms and conditions set forth or referred to in this Agreement, the terms of the project support agreement between the City and the Bank (the "Project Support Agreement") and in the project agreement between the Project Entity and the Bank dated the date hereof (the "Project Agreement" as defined in the Standard Terms and Conditions); and WHEREAS, the Bank intends to make available technical cooperation funds provided by donors in form of grants in the aggregate amount of up to EUR 400,000 to finance Part B of the Project as described in Schedule 1. NOW, THEREFORE, the parties hereby agree as follows: ARTICLE 1 - STANDARD TERMS AND CONDITIONS; DEFINITIONS Section LOL Incorporation of Standard Terms and Conditions All of the provisions of the Bank's Standard Terms and Conditions dated 1 October 2018 are hereby incorporated into and made applicable to this Agreement with the same force and effect as if they were fully set forth herein, subject, however, to the following modifications (such provisions as so modified are hereinafter called the "Standard Terms and Conditions"): Section 1.02. Definitions Wherever used in this Agreement (including the Preamble and Schedules), unless stated otherwise or the context otherwise requires, the terms defined in the Preamble have the respective meanings given to them therein, the terms defined in the Standard Terms and Conditions have the respective meanings given to them therein and the folioVk-ing terms have the following meanings: "Borrower's Authorised Representative" means the Minister of Finance of the Borrower or such other person as the Minister of Finance may designate in writing. "Corporate Development Programme" means a programme to be prepared by international consultants and implemented by the Project Entity in relation to the Project and financed by a donor or donors, which programme shall assist the Project Entity in (i) building its capacity and improving its corporate governance and fmancial and operational efficiency, (ii) reviewing and refomiing the solid waste management tariff methodology, (iii) development and of a Public Service Contract. "Enforcement Policy and Procedures" means the Bank's Enforcement Policy and Procedures dated 4 October 2017. "Fiscal Year" "Subsidiary Loan Agreement" means the Borrower's fiscal year commencing on 1 January and ending on 31 December of each year. means the subsidiary loan agreement to be entered into between the Ministry of Finance of the Borrower, the City and the Project Entity pursuant to Section 3.01(a), as such subsidiary loan agreement may be amended from time to time. "Stakeholder Participation Programme" means a programme to be prepared by international consultants and implemented by the Project Entity in relation to the Project and financed by a donor or donors, which programme shall assist the Project Entity to enhance public ownership by enhancing public engagement in solid waste management and other related municipal services and raising public awareness on issues related to project implementation, including tariff reform. "PublicService Contract" Section 1.03. means the agreement between the Project Entity and the City reguJating the relationship between the parties in the sphere of municipal services, such agreement to be in form and substance acceptable to the Bank. Interpretation In this Agreement, a reference to a specified Article, Section or Schedule shall, except where stated otherwdse in this Agreement, be construed as a reference to that specified Article or Section of or Schedule to, this Agreement. ARTICLE IT - PRINCIPAL TERMS OF THE LOAN Section 2.0L Amount and Currency The Bank agrees to lend to the Borrower, on the terms and conditions set forth or reterred to in this Agreement, the amount of EUR 9,600,000 (nine million six hundred thousand Euro). Section 2.02. (a) Other Financial Terms of the Loan The Minimum Drawdown Amount shall be EUR 30,000 The maximum number of Drawdowns shall be 20 (twenty). (b) The Minimum Prepayment Amount shall be EUR 2,000,000. (c) The Minimum Cancellation Amount shall be EUR 2,000,000. (d) The Interest Payment Dates shall be 15 February and 15 August of each year. (e) (1) The Borrower shall repay the Loan in fourteen equal (or as nearly equal as possible) semi-annual instalments on 15 February and 15 August of each year, with the first Loan Repayment Date being 15 February 2025 and the last Loan Repayment Date being 15 August 2031. (2) Notwithstanding the foregoing, in the event that (i) the Borrower does not draw down the entire Loan amount prior to the first Loan Repayment Date specified in this Section 2.02.(e), and (ii) the Bank extends the Last Availability Date specified in Section 2.02.(0 below to a date which falls after such first Loan Repayment Date, then the amount of each drawdown made on or after the first Loan Repayment Date shall be allocated for repayment in equal amounts to the several Loan Repayment Dates which fall after the date of such drawdown (with the Bank adjusting the amounts so allocated as necessary so as to achieve whole numbers in each case). The Bank shall, from time to time, notify the Borrower of such allocations. (f) The Last Availability Date shall be the date 36 months following the date of this Agreement, or such later date that the Bank may in its discretion establish and notify to the Borrower. (g) The rate of the Commitment Charge shall be 0.5% per annum. (h) The Loan is subject to a Variable Interest Rate. Section 2.03. Drawdowns (a) The Available Amount may be drawn down from time to time in accordance with the provisions of Schedule 2 to finance (1) expenditures made (or, if the Bank so agrees, to be made) in respect of the reasonable cost of goods, works and services required for the Project and (2) the Front-end Commission. (b) The Borrower authorises the Bank to have the Front-end Commission paid out of the Available Amount pursuant to Section 3.05(c) of the Standard Terms and Conditions. ARTICLE HI - EXECUTION OF THE PROJECT Section 3.01. Other Affirmative Project Covenants In addition to the general undertakings set forth in Articles IV and V of the Standard Terms and Conditions, the Borrov/er shall, unless the Bank otlierwise agrees: (a) Make available to the City, pursuant to the Subsidiar>' Loan Agreement, in form and substance satisfactory to the Bank, the proceeds of the Loan on terms and conditions acceptable to the Bank; (b) Exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank, to comply with the provisions of this Agreement and to accomplish the purposes for which the Loan is made; (c) Not, except as the Bank otherwise agrees, assign, amend, abrogate or waive any provision of the Subsidiary Loan Agreement; (d) To the full extent of its powers, competences and authority take all necessary steps to ensure that the City and the Project Entity perform all of die obligations under the Project Support Agreement and the Project Agreement, including without limitation its obligations relating to: (1) designation and operation of a project implementation team as provided Ibr in Section 2.02 of the Project Agreement; (2) procurement of goods, works and services from the Project as provided for in Section 2.03 of the Project Agreement; (3) environmental and social matters as provided for in Section 2.04 of the Project Agreement; (4) employment and use of consultants to assist in the implementation of the Project as provided for in Section 2.05 of the Project Agreement; (5) carrying out the obligations under Section 2.01(13) of the Project Support Agreement; (6) preparation and submission of reports on matters relating to the Project and to the Project Entity's operations as provided for in Section 2.06 of the Project Agreement: (7) maintenance of procedures, records and accounts, preparation, auditing and submission to the Bank of financial statements and furnishing to the Bank any other relevant information relating to the Project or the Project Entity's operations as provided for in Section 3.01 ofthe Project Agreement; and (8) compliance with all covenants regarding financial and operational aspects of the Project and the Project Entity as provided for in Sections 3.02, 3.03 and 3.04 of the Project Agreement; and (9) compliance with all covenants regarding financial and operational aspects of the Project and the City as provided for in Section 3.01 and Section 3.02 of the Project Support Agreement. ARTICLE IV - SUSPENSION; ACCELERATION; CANCELLATION Section 4.01. Suspension The following are specified for purposes of Section 7.01{a)(xvii) of the Standard Terms and Conditions: (a) The legislative and regulatory framework applicable to the waste management, street lighting, street cleaning sectors in the territory of the Borrower shall have been amended, suspended, abrogated, repealed or waived in a way that may have negative impact on the Project, tlie ability ofthe Borrower, the City or the Project Entity to fiilfil their obligations under the Project or on the operations and the financial condition ofthe Project Entity; (b) The Statutes of the Project Entity shall have been amended, suspended, abrogated, repealed or waived in a way that may have negative impact on the Project, the ability of the Project Entity to fulfil its obligations under the Project or on the operations and the financial condition of the Project Entity; (c) Unless the Bank shall otherwise agree, control of the Project Entity shall have been transferred to a party other than the City; (d) The City shall have failed to perform any ofits obligations under the Subsidiar>' Loan Agreement or the Project Support Agreement; or (e) The Project Entity shall have failed to perform any of its obligations under the Project Agreement or the Subsidiary Loan Agreement. Section 4.02. Acceleration of Maturity The following are specified for purposes ot Section 7.06(f) ofthe Standard Terms and Conditions: any of the events referred to in Section 4.01 shall have occurred and have been continuing lor a period of 30 days following the notice thereof being given by the Bank to the Borrower. ARTICLE V - EFFECTIVENESS Section 5.01. Conditions Precedent to Effectiveness The following are specified for purposes of Section 9.02(c) of the Standard Terms and Conditions as additional conditions to the effectiveness of this Agreement, the Project Support Agreement and the Project Agreement: (a) The Subsidiary Loan Agreement, in form and substance satisfactory to the Bank, has been executed and delivered and all conditions precedent to its effectiveness or to the right of the Project Entity/City to make drawings thereunder, except only the effectiveness of this Agreement, have been fulfilled; (b) The Project Support Agreement, in form and substance satisfactory to the Bank, has been executed and delivered and all conditions to its effectiveness, except for the effectiveness of this Agreement, have been fulfilled; (c) The Project Agreement, in fonn and substance satisfactory to the Bank, has been executed and delivered and all conditions to its etYectiveness, except for the effectiveness of this Agreement, have been fulfilled; (d) The Bank has received legal opinions issued on behalf of the Borrower, the City and the Project Entity in relation to the Loan Agreement, the Project Agreement, the Project Support Agreement and the Subsidiary Loan Agreement by relevant authority; and (e) The Project Implementation Team has been designated. Section 5.02. (a) Legal Opinions For purposes of Section 9.03(a)of the Standard Terms and Conditions, (1) in relation to the Loan Agreement, the opinion shall be given on behalf of the Borrower by the Ministry of Justice ot the Borrower, and (2) in relation to the Subsidiary Loan Agreement, the letter shall be given to the Bank by the Ministry ofFinance ofthe Borrower specifying that: (A) the Subsidiary Loan Agreement has been duly authorised and delivered by the Ministry of Finance of the Borrower and constitutes avalid and legally binding obligation of the Ministry of Finance of the Borrower enforceable in accordance with its terms. (b) For purposes of Section 9.03(c) of the Standard Terms and Conditions, the opinion or opinions of counsel shall be given on behalf of the City by the Head of ^e Legal Department and the following are specified as additional matters to be included in the opinion or opinions to be furnished to the Bank: (1) the Project Support Agreement has been duly authorised and executed and delivered on behalf of, the City and constitutes a valid and legally binding obligation of the City, enforceable in accordance with its terms; and (2) the Subsidiary Loan Agreement has been duly authorised by, and delivered on behalf of, the City and constitutes avalid and legally binding obligation of the City, enforceable in accordance with its terms. (c) For purposes of Section 9.03(c) of the Standard lerms and Conditions, the opinion or opinions of counsel shall be given on behalf of the Project Entity by the Head of the Legal Department and the ibllowing are specified as additional matters to be included in the opinion or opinions to be fiimished to the Bank. (1) the Project Agreement has been duly authorised and executed and delivered on behalf of, the Project Entity and constitutes a valid and legally binding obligation of the Project Entity, enforceable in accordance with its terms; and (2) the Subsidiary Loan Agreement has been duly authorised by, and delivered on behalf of, the Project Entity and constitutes a valid and legally binding obligation ofthe Project Entity, enforceable in accordance with its terms. Section 5.03. Termination for Failure to Become Effective The date 180 days al\er the date of this Agreement is specified for purposes of Section 9.04 of the Standard Terms and Condhions. ARTICLE VI - MISCELLANEOUS Section 6.0 L Notices (a) The following addresses are specified for purposes of Section 10.01 of the Standard Terms and Conditions: For the Borrower: Ministry of Finance 16 Gorgasali Street 0114 Tbilisi Georgia Attention: Public Debt Management Department For the Bank: European Bank for Reconstruction and Development One Exchange Square London EC2A 2JN United Kingdom Attention: Operation Administration Department Pax: +44-20-7338-6100 Telephone: +44 20 7338 6000 E-mail: nad@ebrd.com IN WITNESS WHEREOF, the parties hereto, acting through their duly authorised representatives, have caused this Agreement to be signed in three copies (two for the Bank and one for the BoiTower) and delivered at Tbilisi, Georgia as of the day and year first above written. GEORGIA By: Name: Usid Title: EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT By: Name: Catena Bjorlin Hansen Title; Regional Director, Caucasus SCHKDULE 1- DESCRIPTION OF THE PROJECT 1 The purpose of the Project is to assist the Borrower in acquisition of vehicles machinery and equipment, as well as digital route optimisation and truck pool management systems, for the provision of municipal services namely solid waste management, street lighting, street cleaning and improvements ot drainage system in the City of Tbilisi. 2. The Project consists of the following Parts, subject to such modillcations thereof as the Bank and the Borrower may agree upon from time to time; Part A: Part B: Capital Expenditures (Investment Components) a) Solid Waste Management vehicles and equipment; b) Route opdmisation and fleet management systems; c) Street cleaning vehicles: d) Street lighting vehicles; e) Drainage systems vehicles. Technical Cooperation (Consultancy Assignments) Corporate Development and Stakeholder Programmes. 3. The Project is expected to be completed by 31 October 2023. 10 Participation SCHEDULE 2- CATEGORIES AND DRAWDOWNS 1 The table attached to this Schedule sets forth the Categories, the amount of the Loan allocated to each Categor>' and the percentage of expenditures to be financed m each Category. 2. Notwithstanding the provisions of paragraph I above, no Drawdown shall be made in respect of expenditures incurred prior to tlie date ofthe Loan Agreement. 11 Attachment to Schedule 2 Category Amount of the Loan Allocated Percentage of Expenditures to be Financed in the Loan Currency (1) Goods, works and services Up to 100% ofcontract value EUR 9,504,000 excluding any Taxes for Part A of the Project (2) Front-end Commission Total 100% EUR 96,000 EUR 9,600,000 — 12