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HI EIB InternalCUtslflcatlonLevel: Corporate U»e CortfractNumber (R N*)92.411 OfMnUonNumber (Serepte N*)202&4)40» RURAL FIBRE NETWORK GEORGIA Finance Contract 6e6wen Georgia and European Investment Bank Tbifal 9jC|\lrivigt>vW*rgD2i Luxembourg, 2021 WHEREAS: 6 INTERPRETATION AND DEFINITIONS 8 ARTICLE 1 1 1.1 AMOUNT OF CREDIT 1.2 DISBURSEMENT PROCEDURE. 1.2.A 1.2.D Tranches Disbursement Offer Disbursement Acceptance Disbursement ACCOUNT 1 1 1 18 1.3 CURRENCY OF DISBURSEMENT 18 1.4 CONDITIONS OF DISBURSEMENT 18 1.4.A 1.4.B 1.4.C Condition precedent to the first request for Disbursement Offer FirstTranche All Tranches 18 18 19 1.5 DEFERMENT OF DISBURSEMENT 21 1.5.A 1.5.B Grounds for deferment Cancellation of a djsbursement deferred ay 6 (six) months 21 21 1.6 CANCELLATION AND SUSPENSION 22 1.6,A 1.6.B 1.6.C Borrower's right to cancel Bank's right to suspend and cancel Indemnity for suspension and owcellation of aTranche 22 22 22 1.7 CANCELLATION AFTER EXPIRY OF THE CREDIT 23 1.8 UP-FRONT FEE 23 1.9 SUMS DUE UNDER ARTICLES 1.5 AND 1.6 1.2.B 1.2.C 23 ARTICLE 2 24 2.1 AMOUNT OF LOAN 24 2.2 CURRENCY OF PAYMENTS 24 2.3 CONFIRMATION BY THE BANK 24 ARTICLES - 24 3.1 RATE OF INTEREST 24 3.1.A 3.1 .B Fixed Rate Tranches Floating Rate Tranches 24 24 3.2 INTEREST ON OVERDUE SUMS 25 3.3 MARKET DISRUPTION EVENT 25 ARTICLE 4 26 4.1 NORMAL REPAYMENT 26 4.2 VOLUNTARY PREPAYMENT 26 4.2.A 4.2.B 4.2.C 4.2.D Prepayment option Prepayment INDEMNITY Prepayment MECHANICS Administrative Fee 26 26 26 27 4.3 COMPULSORY PREPAYMENT AND CANCELLATION 27 4.3.A Prepaymemt Events 27 4.3.8 4.3.C Prepayment mechanics Prepayment indemnity 30 30 HI 4.4 GENERAL 30 4.4.A 4.4.B No PREJUDICE TO ARTJCLE10 No REBORROWING 30 30 ARTICLES 31 5.1 DAY COUNT CONVENTION 31 5.2 TIME AND PLACE OF PAYMENT 31 5.3 NO SET-OFF BY THE BORROWER 31 6.4 DISRUPTION TO PAYMENT SYSTEMS 31 5.5 APPLICATION OF SUMS RECEIVED 32 5.5.A 5.5.B 5.5,C General Partial PAYMENTS Allocation of sums related to Tranches 32 32 32 ARTICLE 6 32 A. PROJECT UNDERTAKINGS 32 6.1 USE OF LOAN AND AVAILABILITY OF OTHER FUNDS 32 6.2 COMPLETION OF PROJECT 33 6.3 INCREASED COST OF PROJECT 33 6.4 PROCUREMENT PROCEDURE 33 6.5 CONTINUING PROJECT UNDERTAKINGS 33 a GENERAL UNDERTAKINGS 34 6.6 COMPLIANCE WITH LAWS 34 6.7 CHANGE IN BUSINESS 34 6.8 MERGER 34 6.9 BOOKS AND RECORDS 34 6.10 INTEGRITY 34 6.10.A Prohibited Conduct 6.10.B Sanctions 6.10.C Relevant PERSONS 34 35 35 6.11 35 GENERAL REPRESENTATIONS AND WARRANTIES ARTICLE? 37 7.1 PARl PASSU RAm\HG 37 7.2 ADD/r/OA/AZ. SECURITY 38 7.3 CLAUSES BY INCLUSION 38 ARTICLES 38 8.1 INFORMATION CONCERNING THE PROJECT AND THE PROMOTER 38 8.2 INFORMATION CONCERNING THE BORROWER AND THE PROMOTER 40 8.3 VISITS, RIGHT OF ACCESS AND INVESTIGATION 41 ARTICLES 41 9.1 TAXES. DUTIES AND FEES 41 9.2 OTHER CHARGES 41 9.3 INCREASED COSTS. INDEMNITY AND SET-OFF 42 ARTICLE 10 42 10.1 RIGHT TO DEMAND REPAYMENT 10.1.A Immediate DEMAND 42 10.1.B Demand AFTER NOTICE TO REMEDY. 42 44 10.2 OTHER RIGHTS AT LAW, .44 10.3 INDEMNITY .44 10.3.A Fixed Rate Tranches 10.3.B Floatinq Rate Tranches. 10.3.C General .44 .44 10,4 .44 NON-WAIVER .44 ARTICLE 11 .45 11.1 GOVERNING LAW .45 11.2 DISPUTE RESOLimON .45 11.3 PLACE OF PERFORMANCE. .46 11.4 EVIDENCE OF SUMS DUE... .46 11.5 ENTIRE AGREEMENT .46 11.6 INVALIDITY .46 11.7 AMENDMENTS .46 11.8 COUNTERPARTS ,47 ARTICLE 12 .47 12.1 .47 NOTICES 12.1.A FormofNotice 12.1.B ADDRESSES 12.1 -C Notification of communication details .47 12.2 ENGLISH LANGUAGE .48 12.3 EFFECTIVENESS OF THIS CONTRACT..., .48 12.4 RECITALS. SCHEDULES AND ANNEXES .43 .48 .48 SCHEDULE A .51 SCHEDULE 8 .56 SCHEDULE C .62 SCHEDULE D 64 THIS CONTRACT IS MADE BETWEEN: GEORGIA, acling through ils Ministry of (the"Borrower") Finance, 16, Gorgasaii street, Tbilisi, 0114, Georgia, represented by Mr. Lasha Khutsishvili, Minister of Finance of Georgia, of the first part, and The EUROPEAN INVESTMENT BANK havingils seat at 100 blvd Konrad Adenauer, Luxembourg, L-2950 Luxembourg, represented by Mr. Jacopo Lensi Orlandi, (the "Bank") Head of Division and Ms. Nina Van Doren, Head of Division. of the second part. The Bank and the Borrov/er together are referred to as the "Parties" and any of them is a "Party". iWitifajkaMiitfi* Ill WHEREAS: (a) On 21 June 2007, the Borrower and the Bank signed a framework agreement, which governs the Bank's activities In the territory of Georgia (the "Framework Agreement", as may be amended, superseded or re^aced from time to time). The Framework Agreement continues to be in full force and effect throughout the term of this Contract (as defined below). By signing this Contract, the Borrower gives its formal consent In accordance with tfie Framework Agreement to the loan financing to bo provided hereunder falling within the scope of the Framework Agreement. The Borrower confirms the Bank's status as the most favoured international financial institution as stipulated in article 7 of the Framewofic Agreement. (b) Georgia is a state party to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards done at New York on 10 June 1958. (c) The Borrower has stated that It is undertaking the design and construction of a fibre optic telecommunications network at the regional level in Georgia to conned around 1,000 remote njral selllements, as more particularly described in the technical description (the 'Tochnlcal Description") set out in Schedule A hereto (the "Project"). The Project will be implemented by Open Net NNLE, a state-owned non-entrepreneurial non-profit legal entity (the "Promoter") in accordance with, inter alia, the provisions of a subsidiary agreement entered into between the Ministry of Finance of Georgia, the Ministry of Economy and Sustainable Development of Georgia, Georgian National Communications Commission ("ComCom") and the Promoter on 24 December 2020 (the "Subsidiary Agreement"). The Borrower shall ensure that the Promoter shall comply with the provisions of the Subsidiary Agreement at all times. (d) The Borrower, acting through the Ministry of Finance of Georgia (the "Ministry of Flnanco") shall make the Credit (as defined below) available to the Promoter pursuant to a loan fund transfer agreement (a "Loan Fund Transfer Agroomenf) to be entered into between the Ministry of Finance, the Ministry of Economy and Sustainable Development of Georgia and the Promoter. (e) The total cost of the Project, as estimated by the Bank, is EUR 68,700,000 (sixty-eight million seven hundred thousand euros) and the Borrower has stated that it intends to finance the Project as follows: Source Credit from the Bank Own funds Loan from International Amount (EUR m) 34.00 0.70 34.00 Bank for Reconstruction and Development (the "IBRD") TOTAL (f) 68.70 In order to fulfil the financing plan set out in Recital (e), the Borrower has requested from the Bank a credit equivalent to EUR 34,000,000.00 (thirty-four million euros) to be made available from the Bank's own resources and pursuant to the Bank's 2014-2020 external lending mandate in accordance with the Decision (the "Mandate"). Ml (g) Inaccordance with (I) Decision No. 466/2014/EU, published In the Official Journalof the European Union No L 135 of 8 May 2014, as amended by Decision No. 2018M12/EU and by the regulation (EU) 2021/947 of the European Parliament and of the Council of 9 June 2021 establishing the Neighbourhood, Development and International Cooperation Instrument - Global Europe, the European Parliament and the Council of the European Union decided to grant a guarantee to the Bank against losses under financing operations supporting investment projects outside the European Union (the "Decision") and (ii) the agreement entered Into betv/een the European Union, represented by the European Commission, and the Bank implementing the Decision, in the event of non-parent, the European Union, by a guarantee, covers certain payments not received by the Bank and due to the Bank in relation to the Bank's financing operations entered into with, inter alios, the Borrower (the "EU Guarantee"). As of the dale of this Contract (as defined below), Georgia is an Eligible Country (as defined below). (h) The Bank considering that the financing of the Project falls within the scope of Ite functions, and Is consistent with the objectives of the Mandate, and having regard to the statements and facts cited in these Recitals, has decided to give effect to the Borrower's request providing to it a credit in an amount equivalent to EUR 34,000,000 (thirty-four million euros) under this finance contract (the "Contract"); provided that the amount of the Bank's loan shall not, in any case, exceed 50% (fifty per cent) of the total cost of the Project set out in Recital (e). (i) The Borrower and the International Bank for Reconstruction and Development ("IBRD") have entered into a toan agreement dated 31 August 2020 (the "IBRD Loan Agreement") pursuant to which, the WB pro^des a loan of EUR 35.700,000 (thirty-five million seven hundred thousand euros) to be used for the purposes of financing Log-In Georgia Project, consisting of, Inter alia, the Project (the "IBRD Loan"). The Bank and IBRD (together the "Lenders") have agreed that IBRD will act as lead finance instituUon in connection with the Project. The Lenders have signed or will sign the principles of collaboration defining and specifying the terms and the sharing of the implementation and monitoring tasks (covering compliance with the minimum requirements and standards of the Bank as provided for under clause 3.4.5 of the Guide to Procurement, compliance with the Bank's environmental and social safeguards, and disbursement arrangements) (the "PoC"). (j) By entering into this Contract the Borrower acknowledges that the Bank may be bound to comply with the Sanctions (as defined below) and that it cannot, therefore, amongst others, make funds available, directly or indirectly, to or for the benefit of a Sanctioned Person (as defined below). (k) The Statute of the Bank provides that the Bank shall ensure that its funds are used as rationallyas possible in the interests of the European Union; and, accordingly, the terms and conditions of the Bank's loan operations must be consistent with relevant policies of the European Union. (I) The Bank considers that access to information plays an essential role in the reduction of environmental and social risks, including human rights violations, linked to the projects it finances and has therefore established its transparency policy, the purpose of which is to enhance the accountability of the Bank's group Upwards its stakeholders. (m) The processing of personal data shall be carried out by the Bank in accordance with applicable EU Law on the protection of individuals with regard to the processing of personal data by the European Union Institutions and bodies and on the ^ee movement of such data. (n) The Bank supports the Implementation of international and European Union standards in the field of anti-money laundering and countering the financing of terrorism and promotes tax good governance standards. It has established policies and procedures to avoid the risk of misuse of its funds for purposes which are illegal or abusive In relation to applicable laws. The Bank's group statement on tax fraud, tax evasion, tax avoidance, aggressive tax planning, money laundering and financing of terrorism is available on the Bank's website and offers further guidance to the Bank's contracting counterparties. '9^ HI NOW THEREFORE it Is hereby agreed as follows: INTERPRETATION AND DEFINITIONS Interpretation In this Contract; (a) references to Articles. Recitals, Schedules and Annexes are, save ifexplicitly stipulated othenvise, references respectively to articles of, and recitals, schedules and annexes to this Contract; (b) (c) references to "law" or "laws" mean: (i) any applicable law and any applicable treaty, constitution, statute, legislation, decree, normative act. rule, regulation, judgement, order, writ, injunction, determination, award or other legislative or administrative measure or judicial or arbitral decision in any jurisdiction which is binding or applicable case law; and (li) EU Law; references to "applicable law", "applicable laws" or "applicable jurisdiction" mean: (1) a law or jurisdiction applicable to the Borrower, its rights and/or obligations (in each case arising out of or in connection with ^is ConU-act), its capacity and/or assets and/or the Project; and/or, as applicable (ii) a law or jurisdiction (including in each case the Bank's Statute) applicable to the Bank, its rights, obligations, capacity and/or assets; (d) references to a provision of law or a treaty are references to that provision as amended, supplemented or re-enacted: (e) references to any other agreement or instrument are references to Uiat other agreement or insUument as amended, novated. supplemented, extended or restated; (f) words and expressions in plural shall include singular and vice versa;and (g) references to "month" mean a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that and subject to the definition of Payment Date, Article 5.1 and Schedule B and unless provided otherwise In this Contract: (i) if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if ^ere is one. or ifthere is not, on the immediatelypreceding Business Day; and (ii) If there is no numerically t^n-esponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month. Definitions In this Contract; "Accepted Tranche" means a Tranche in respect of which a Disbursement Offer has been duly accepted by the Borrower In accordance with its terms on or before the Disbursement Acceptance Deadline. "Agreed Deferred Disbursement Date" has the meaning given to it in Article 1.5.A(2)(b). "Authorisation" means an authorisation, permit, consent, approval, resoiution, licence, exemption, filing, notarisation or registration. "Authorised Signatory" means a person authorised to sign individually or jointly (as ^e case may be) Disbursement Acceptances on behalf of the Borrower and named in the most recent B "I List of Authorised Signatories and Accounts received by the Bank prior to the receipt of the relevant Disbursement Acceptance. "Business Day" means a day (other than a Saturday or Sunday) on which the Bank and commercial banks are open for general business in Luxembou^ and in Tbilisi. "Cancelled Tranche" has the meaning given to It In Article 1.6.C(2). "Change-of-Control Event" has the meaning given to It in Article 4.3.A(3). "Change<of*Law Event" has the meaning given to it In Article 4.3.X(4). XomCom" has the meaning given to it in Recital (c). "Contract" has the meaning given to it in Recital (h). "Contract Number" means the Bank generated number Identifying this Contract and indicated on the cover page of this Contract after the letters Tl N". "Credit" has the meaning given to it in Article 1.1. "Date of Effectiveness" has the meaning given to it in Article 12.3. "Decision" has the meaning given to it in Recital (g). "Deferment Foe" means a fee calculated on the amount of an Accepted Tranche deferred or suspended at (he rate of the higher of; (a) 0.125% (12.5 basis points), per annum; and (b) the percentage rate by v/hich; (i) the interest rate that would have been applicable to such Tranche had It been disbursed to the Borrower on the Scheduled Disbursement Dale, exceeds (ii) the Relevant Interbank Rate (one month rate) less 0.125% (12.5 basis points), unless such rate Is less than zero, In which case It shall be set at zero. Such fee shall accrue from the Scheduled Disbursement Date to the Disbursement Date or, as the case may be, until the dale of cancellation of the Accepted Tranche in accordance with this Contract. "Disbursement Acceptance" means a copy of the Disbursement Offer duly countersigned by the Borrower in accordance with the List of Authorised Signatories and Accounts. "Disbursement Acceptance Deadline" means the date and time of expiry of a Disbursement Offer as specified therein. "Disbursement Account" means, in respect of each Tranche, an account of the Borrower set up at the Treasury Service of the fvlinistry of Finance of the Borrower for the purposes of disbursements under this Contract, the details of v^ich aojount are set out in the most recent List of Authorised Signatories and Accounts. "Disbursement Date" means the date on which disbursement of a Tranche Is made by the Bank. "Disbursement Offer" means a letter substantially in the form set out in Schedule C. "Dispute" has the meaning given to it in Article 11.2. "Disruption Event" means either or both of; (a) 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 (b) Uie occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of either the Bank or the Borrower, preventing that Party from: (i) performing its payment obligations under this Contract; or (ii) communicating with the other Party, -7 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. "EIB Statennont of Environmental and Social Principles and Standards" means the statement published on ElB's website that outlines the standards that the Bank requires of the projects that It finances and the responsibilities of the various parties. "Eligible Country" means any country specified in annex III to the Decision, as may be amended from time to time by the EuropeanCommission inaccordance with articles 4(2)and 18 of the Decision, or any other country in respect of which the European Parliament and the Council of the European Union have adopted a decision pursuant to article 4(1) of the Decision. "Eligible Expenditure" means expenditure (including design and supervision costs, If any, but excluding customs duties and taxes) incurred by the Borrowerfor works, goods or services falling wthin one of the Items of expenditure specified Inthe Technical Description as eligible for financing under the Credit and for which one or more contracts have been entered Intoon terms satisfactory to the Bank and in accordance with the EIB Guide Procurement. "Environment" means the following, in so far as they affect human health and social wellbeing: (a) fauna and flora; (b) soil, water, air. climateand the landscape; (c) OJllural heritage; and (d) the built environment. "Environmental and Social impact Assessment Study" means a study as an outcome of the environmental and social impact assessment identifying and assessing the potential environmental and social Impacts associated with the proposed project and recommending measures to avoid, minimise and/or remedy any impacts. This study is subject to public consultation with direct and indirect project stakeholders. "Environmental and Social Documents" means: (a) the Environmental and Social Impact Assessment Study: and (b) any other relevant documents as may be required by the Bank in relation to environmental or social aspects of the Project. "Environmental and Social Standards" means: (a) Environmental Laws and Social Laws applicable to the Project; (b) the EIB Statement of Environmental and Social Principlesand Standards; and (c) the Environmental and Social Documents. "Environmental or Social Approval" means any permit, licence, authorisation, consent or other approval required by an Environmental Law or a Social Law In connection with the construction or operation of the Project. "Environmental or Social Claim" means any claim, proceeding, formal notice or investigation by any person in respect of the Environment or Social Matters affecting the Project including any breach or alleged breach of any Environmental and Social Standard, "Environmental Law" means: (a) EU Lawas specified by the Bank before the date of signing of this Contract, I.e. the EiA Directive (European Parliament and Council Directive of 13 December 2011 on the assessment of the effects of certain public and private projects on the environment (2011/92/EU). as amended or replaced from time to time; (b) laws and regulations of Georgia; and (c) international treaties and conventionssigned and ratified byor otherwise applicableand binding on. Georgia of which a principal objective is the preservation, protection or improvement of the Environment. 10 . C. "EU Guarantee" has the meaning given to it in Recital (g). "EU Law' means the acquis communautaire of the European Union as expressed through the Treaties of the European Union,the regulations, directives, delegated acts, implementing acts, and the case law/ of the Court of Justice of the European Union. "EUR" or "euro" means the lawfulcurrency of the Member States of the European Union v^^hich adopt or have adopted 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. "EURiBOR" has the meaning given to it in Schedule 8. "Event of Default" means any of the circumstances, events or occurrences specified In Article 10.1. "Final Availability Date" means the date falling 60 (sixty) months from the Dale of Effectiveness. "Financing of Terrorism" means the provision or collection of funds, by any means, directly or indirectly, with the intention that they should be used or In the knowledge that they are to be used, in full or in part, in order to carry out any of the offences listed in the Directive {EU} 2017/541 of the European Parliament and of the Council of 15 March 2017 on combating terrorism and replacing Council Framework Decision 2002/475/JHA and amending Council Decision 2005/671/JHA (as amended, replaced or re-enacted from time to time). "Fixed Rate" means an annual interest rate determined by (he 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 of Interest. Such rate shall not be of negative value. "Fixed Rate Tranche" means a Tranche on which the Fixed Rate is applied. "Floating Rate" means a fixed-spread floating annual interest rate, determined by the Bank for each successive Floating Rale Reference Period equal to the Relevant Interbank Rale plus the Spread. If the Floating Rate for any Floating Rate Reference Period is calculated to be below zero, it will be set at zero. "Floating Rate Reference Period" means each period from one Payment Dale 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 v^ich the Floating Rate is applied. "Framework Agreement' has the meaning given in Recital (a). "Guide Id Procurement" means the Guide to Procurement published on ElB's website thaJ informs the promoters of projects financed in whole or in part by the EIB of (he arrangements to be made for procuring works, goods and services required for the Project. "IBRD" has the meaning given to it in Recital (i). "IBRD Loan" has the meaning given lo it in Recital (I). "IBRD Loan Agreement" has the meaning given to it in Recital (i). "IFRS" means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable lo ihe relevant financial statements. "Illegality Event' has the meaning given to it in Article 4.3.A(5). "ILO" means Ihe International Labour Organisation. 'ILO Standards" means any treaty, convention or covenant of the ILO signed and ratified by or otherwise applicable and binding on Georgia, and the Core Labour Standards (as defined in the ILO Declaration on Fundamental Principles and Rights at Work). "Indemniflable Prepayment Event" means a Prepayment Event other than Ihose specified in paragraphs 4.3.A(2) or 4.3.A(5). 11 6 Ml "Lenders" has the meaninggiven to it in Recital (i). "LIBOR" has the meaning given to itin Schedule 8. "List of Authorised Signatories and Accounts" means a list, in form and substance satisfactory to the Bank, setting out: (a) the Authorised Signatories, accompanied by evidence of signing authority of the persons named on the list and spedfytng if they have individual orjoint signing authority; (b) the specimen signatures of such persons; (c) the bank account(s) to which disbursements may be made under this Contract (specified by IBAN code if the country Is included in the IBAN Registry published by SWIFT, or in the appropriate account format in line with the local banking practice), BIC/SWIFT code ofthe bank and the name ofthe bank account(s) beneficiary, together with evidence that such account(s) have been opened in the name of the beneficiary and (d) the bank account(s) from which payments under this Contract will be made by the Borrower (specified by IBAN code if the country Is included In the IBAN Registry published bySWIFT, or in the appropriate account formal in line with (he local banking practice), BIC/SWIFT codeofthebank andthename ofIhe bank account($) beneficiary, together with evidence that such accounl(s) have been opened in the name of the beneficiary. "Loan" means the aggregate of the amounts disbursed from time to time by the Bank under this Contract. "Loan Fund TransferAgreement" has the meaning given to it In Recital (d). "Loan Outstanding" means the aggregate ofthe amounts disbursed from lime to lime bythe Bank under this Contract that remains outstanding. "Mandate" has the meaning given in Recital (f). "Market Disruption Event" means any of the following circumstances: (a) there are. In the opinion of the Bank, events or circumstances adversely affecting the Bank's access to its sources of funding: (b) (c) in the opinion of the Bank, funds are not available from the Bank's ordinary sources of funding In order to adequately fund a Tranche in the relevant currency and/or for the relevant maturity and/or in relation to the reimbursement profile of such Tranche; or in relation lo a Tranche in respect ofwhich interest would be payable at Floallng Rale: (i) the cost to the Bank of obtaining funds from its sources of funding, as determined by the Bank, for a period equal lo the Floating Rate Reference Period of such Tranche (i.e. in the money market) would be in excess ofthe applicable Relevant Interbank Rate; or (ii) Ihe Bank determines that adequate and fair means do not exist for ascertaining the applicable Relevant Interbank Rate for therelevant cuirency ofsuch Tranche. "Material Adverse Change" means any event orchange ofcondition, which, in theopinion of the Bank, has a material adverse effect on: (a) the abillly of the Borrower to perform its obligations under thisContractor the WB Loan Agreement or the ability of the Promoter to perform its obligalions in respect of the Project: (b) Ihe business, operations, property, condition (financial or otherwise) or prospects of the (c) the validity or enforceability of. or the effectiveness or ranking of. or the value of any Borrower or the Promoter; or security granted to the Bank, or the rights or remedies of Ihe Bank under this Contt'act. "Maturity Date" means the last Repa^enl Date of a Tranche specified pursuant to Article 4.l.(b)(lv). 12 Ml "Money Laundering" means: (a) Ihe conversion or transfer of property, knowing that such property is derived from criminal activity or from an act of participation in such activity, for the purpose of conceaiing or disguising the iiiicit origin of the property or of assisting any person who is involved in the commission of such activity to evade the legal consequences of his action; (b) the concealment or disguise of ihe taie nature, source, iocation, disposition, movement, rights with respect to, or ownership of property, knovidng that such property is derived from criminal activity or from an act of participationIn such actiNrtty: (c) the acquisition, possession or use of property, knowing, at the time of receipt, that such property was derived fromcriminalactivityor from an act of participation in such activity: or (d) participation in. association to commit, attempts to commit and aiding, abetting, facilitating and counselling the commission of any of Ihe actions mentioned in the foregoing points. "Non-EIB Financing" has the meaning given to it in Article 4.3.A(2). 'Non-EIB Financing Prepayment Event" has the meaning given to it in Article 4.3.A(2). "Payment Account" means the bank account from which payments under this Contract wHI be made by the Borrower, as set out in the most recent List of Authorised Signatories and Accounts. "Payment Date" means the annual, semi-annual or quarterly dates specified in the Disbursement Offer until and including 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 (b) for a Floating Rate Tranche, the following Relevant Business Day in that month, or. failing that, the nearest preceding Relevant Business Day, In all cases with corresponding adjustment to the interest due under Article 3.1. the interest due under Article 3.1; or "PoC" has the meaning given to it in Recital (i). "Prepayment Amount" means the amount of a Tranche to be prepaid by the Borrower in accordance with Article 4.2.A or Article 4.3A as applicable. "Prepayment Date" means the date, as requested by the Borrower and agreed by the Bank or indicated by the Bank (as applicable) on which the Borrower shall effect prepayment of a Prepayment Amount. "Propaymont Event" means any of the events described In Article 4.3.A. "Prepayment Indemnity" means in respect of any principalamount to be prepaid, the amount communicated by the Bank to the Borrower as the present value (calculated as of the Prepayment Date) of the excess, if any, of: (a) (b) the interest that would accrue thereafter on the Prepayment Amount over the period from the Prepayment Date to the Maturity Date, if it were not prepaid; over the interest that would so accrue over that period, if it were calculated at the Redeployment Rate, less 0.19% (nineteen basis points). The said present value shall be calculated at a discount rate equal to the Redeployment Rate, applied as of each relevant Payment Date. "Prepayment Notice" means a written notice from the Bank to the Borrower in accordance with Article 4.2.C. "Prepayment Request" means a written request from the Borrower to the Bank to prepay all or part of the Loan Outstanding, in accordance with Article 4.2 A. 13 III "Project Operations Manua!" means the manual In form and substance satisfactory to the Bank, containing: detailed guidelines and procedures for the Implementation of the Project, including with respectto: administration and coordination, monitoring and evaluation, financial management, procurement and accounting procedures, environmental and socialsafeguards, anti-corruption andfraud mitigation measures, a grievance redress mechanism, provisions on persona! data collection and processing in accordance w^ith good international practice, roles and responsibilities for Project Implementalion, including thespecific roles andresponsibilities of the agencies and units involved in Project implementalion. annual Project implementation plan for sequencing of Project operations, and such other arrangements and procedures as shall be requiredforthe effective implementation of the Project. "Prohibited Conduct" means any Financing ofTerrorism, Money Laundering or Prohibited Practice. "Prohibited Practice" means any: (a) Coercive Practice, meaning Ihe impairing or harming, or threatening to impair or harm, directly or indirectly, any party or Ihe property of a party to Influence Improperly the actions of a party; (b) Collusive Practice, meaning an anrangement between two or more parties designed to achieve an Improper purpose, including (o influence Improperly the actions of another party: (c) Corrupt Practice, meaning the offering, giving, receiving or soliciting, directly or indirectly, of anything of value by a partyto influence improperly Oie actions of another party; (d) Fraudulent Practice, meaning any act or omission, including a misrepresentation, that knowingly or recklessly misleads, or attempts to mislead, a party in order to obtain a financial (including, for the avoidance of taxation related) or other benefit or to avoid an obligation; or (e) Obstructive Practice, meaning in relation lo an investigation into a Coercive, Collusive, Corrupt or Fraudulent Practice in connection with this Loan or the Project, (a) deliberately destroying, falsifying, altering or concealing of evidence material to the investigation; and/or tlireatening, harassing or intimidating any party to prevent Itfrom disclosing its knowledge of matters relevant to Ihe Investigation or from pursuing the investigation, or (b) acts Intending to materially impede the exercise of the contractual rights of audit or access to Information. (f) Tax Crime, meaning all offences, including tax crimes relating lo direct taxes and indirect taxes and as defined in the national law of Georgia, which are punishable by deprivation of liberty or a detention orderfor a maximum of more than one year. "Project" has the meaning given to It in Recital (c). "ProjectCost Reduction Event" has the meaning given to it in Article 4.3.A(1). "Promoter" has the meaning given to it In Recital (c). "Redeployment Rate" means the fixed annual rate determined by the Bank, being a rate which the Bank would apply on the day of the indemnitycalculation to a loan that has the same currency the same terms for the payment of interest and the same repayment profile to the Maturity Date as the Tranche in respect of which a prepayment or cancellation is proposed or requested to be made. Such rate shall not be of negative value. "Relevant Business Day" means: (a) for EUR. a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a single shared platform and which was launchedon 19 November 2007 (TARGET2) is openfor settlementof payments in EUR and (b) for USD, a day on which banks are open for general business In New York. "Relevant Interbank Rate" means; (a) EURIBOR for a Tranche denominated in EUR; and 14 HI (b) LIBOR for a Tranche denominated in USD. ••Relevant Person" means: (a) with respect to the Borrower, any ministries, other central executive government bodies orother governmental sub-divisions and any oftheir officials or representatives, or any other person acting on its behalf orunder its control, having the right tomanage and/or (b) vwth respect to the Promoter, any member of its management bodies, any official or supervise the Loan or the Project; and representative; or any of itsemployeesorany other person actingon itsbehalfor under itscontrol, having the power to give directions and exercise control wtth respect to the Loan or the Project. "Repayment Date" shall mean each ofthe Pa>Tnent Dates specified for the repayment of the principal of a Tranche In the Disbursement Offer, in accordance with Article 4,1. "Requested Deferred Disbursement Date" has the meaning given to It in Article 1.5.A(1)(aXli). "Sanctioned Person" means any individual or entity (for the avoidance of doubt, the term entity includes, but is not limited to, anygovernment, group orterrorist organisation) who is a designated target of, or who is othenwise a subject of. Sanctions. "Sanctions" means the economic or financial sanctions laws, regulations, trade embargoes or other restrictive measures (including, in particular, but not limited to. measures In relation to the financing of terrorism) enacted, administered, implemented and/or enforced from time to time by any of the following: (a) the United Nations, and any agencyor person which is duly appointed, empowered or authorised by the United Nations to enact, administer, implement and/or enforce such measures; (b) the European Union, and anyagencyor person which isduly appointed, empowered or authorised by the European Union to enact, administer, implement and/or enforce such measures; and (c) the United States Government, and any department, division, agency, or office thereof, including the Office of Foreign Asset Control (OFAC) of the United States Department of the Treasury, the United States Department of Slate and/or the United States Department of Commerce. "Scheduled Disbursement Date" means the date on which a Tranche is scheduled to be disbursed in accordance wlW^ Article 1.2.8. "Security" means any mortgage, pledge, lien, charge, assignment, hypothecation, or other security interest securing anyobligation ofanyperson oranyotheragreementorarrangement having a similar effect. "Social Law" means each of: (a) any law, rule or regulation applicable In Georgia relating to Social Matters; (b) any ILO Standards; (c) any United Nations treaty, convention or covenant on human rights signed and ratified by or otherwise applicable and bindingon Georgia. 'Social Matters" means all, or any of. the following: (a) labour and employment conditions; (b) occupational health and safety; (c) protection and empowerment of rights and interests of indigenous peoples, ethnic minorities and vulnerable groups; (d) cultural heritage (tangible and intangible); (e) public health, safely and security; 15 ^5 (0 involuntary physical reselllemeni and/or economic displacement and loss of llvelihojd of persons; and (g) public participation and stakeholder engagement. "Spread" means the fixed spread (being of either positive or negative value) to the Relevant Interbank Rale as determined by the Banic and notified to the Borrov^rer in the relevant Disbursement Offer. "Subsidiary Agreement" has the meaning given to it in Recital (c). "Tax" means any tax. levy. Impost, duty or other charge or withliolding of a similar nature (including anypenalty or Interest payable in connection v^rith any failure to pay oranydelay in paying any of the same). Technical Desciiptlon" has the meaning given to itin Recital (c). Tranche" means each disbursement made or to be made under this Contract. In case no Disbursement Acceptance has been received, Tranche shall mean a Tranche as offered under Afticle1.2.B. "USD"means the lawful currency of the United States of America. 16 ARTICLE 1 Credit and Disbursoments 1.1 Amount of Credit By this Contract the Bank establishes in favour of the BojTower, and the Borrower accepts, a creditinan amountequivalent to EUR 34,000.000.00 (thirty-four mlltion euros) for thefinancing of the Project (the "Credit"). 1.2 Disbursement procedure 1.2.A Tranches The Bank shall disburse the Credit in up to 10 (ten) Tranches. The amount of each Tranche shall be in a minimum amount equivalent to EUR1,000,000 (one million euros) or (ifless) the ontire undrawn balance of the Credit. 1.2.B Diabursement Offer Upon request by the Borrower and subject to Article 1.4.A, provided that no event mentioned in Article 1.6,B has occurred and is continuing, the Bank shall send to the Borrower within 5 (five) Business Days after (he receipt of such request a Disbursement Offer for the disbursement of a Tranche. The latest time for receipt by the Bank of such Borrower's request is 15 (fifteen) Business Days before the Final Availability Date. The Disbursement Offer shall specify: (a) the currency, amount and EUR equivalent of the Tranche: (b) the Scheduled Disbursement Date, which shall be a Relevant Business Day, falling at least 10 (ten) days after the date of the Disbursement Offer and on or before the Final Availability Date; (c) the interest rate basis of the Tranche, being: (I)a Fixed Rate Tranche; or (II) a Floating Rate Tranche, in each case, pursuant to the relevant provisions of Article 3.1; (d) the Payment Dates and the first interest Payment Date for the Tranche; (e) the terms for repayment of principal for the Tranche, In accordance with the pnavisions of Article 4.1; 1.2.C (0 the Repayment Dales and Uie first and the last Repayment Dale for the Tranche; (9) for a Fixed Rate Tranche, (he Fixed Rate and for a FloBting Rate Tranche the Spread, applicable to (he Tranche until the MaturityDate; and (h) the Disbursement Acceptance Deadline. Disbursement Acceptance The Borrower may accept a Disbursement Offer by delivering a Disbursement Acceptance to the Bank no later than the Disbursement Acceptance Deadline. The Disbursement Acceptance shall be signed by an AuthorisedSignatory with individual representation right or two or more Authorised Signatories with joint representation right and shall specify the Disbursement Account to which the disbursement of (he Tranche should be made in accordance with Article 1.2.D. If a 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 (his 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. 17 4 III The Bank may rely on the Information set out in the most recent List of Authorised Signatories and Accounts provided to the Banl< by the Borrower. If aDisbursement Acceptance Is signed by a person defined as Authorised Signatory under Jhe most recent List of Authorised Signatories and Accounts provided to the Bank by the Borrower, the Bank may assume that such person has the power lo sign and deliver in the name and on behalf of the Borrower such Disbursement Acceptance. 1.2.D Disbursement Account Disbursement shall be made to the Disbursement Account specified In the relevant Disbursement Acceptance provided that such Disbursement Account is acceptable to the DdnK. Each Disbursement Account shall be separate from any other accounts of the Borrower aud«ed Independently and separately and not subject to any enforcement, attachment or any sirniiar proceedings and the status of which shall be maintained throughout the implementation of the Project. Only one Disbursement Account may be specified for each Tranche. 1-3 Currency of disbursement The disbursement of each Tranche shall be made in EUR or. subject lo availability, in USD. For the calculation of the sums available to be disbursed in currencies other than EUR and to determine their equivalent in EUR. the Bank shall apply the rale published by the Eu'ropean Central Bank in Frankfurt am Main, available on or shortly before the date of the Disbursement Offer as the Bank shall decide. Conditions of disbursement 1.4.A Condition precedent to the first request for Disbursement Offer The Bank shall have received from the Borrower in form and substance satisfactory to the Bank; (a) evidence that the execution of this Contract by the Borrower has been duly authorised and that the person or persons signing this Contract on behalf of the Borrower is/ara duly authonsed to do sotogether with the specimen signature of each such person or persons; and (b) the List ofAuthorised Signatories and Accounts, prior lo requesting aDisbursement Offer under Article 1.2.B by the Borrower. Any request for a Disbursement Offer made by the Borrower without the above documents havinq been received by the Bank and lo its satisfaction shall be deemed not made. 1.4.B First Tranche The disbursement of the first Tranche under Article 1.2 Is conditional upon receipt by the Bank mform and substance satisfactory to it. on or before the date falling 7(seven) Business Days before the Scheduled Disbursement Date (and, in the caseof deferment under Article 1 5 the Requested Deferred Disbursement Date or the Agreed Deferred Disbursement Date respectively), of the following documents or evidence: (a) al least 2 (b) a copy of (c) a copy of 18 z II (d) a legal opinion issued by the Ministry of Justice of the Borrower tn English language on the due execution of this Contract by the Borrower and the validity, enforceabliity 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 adversely affect the legal, valid, binding and enforceable nature of the Framework Agreement; (e) evidence in the English language of the powers of the Minister of Finance of Georgia to sign this contract on behalf of the Borrower; (f) confirmation that no exchange control consents are necessary to permit the Bon-ower to receive disbursements as provided in this Contract, to repay the disbursed Tranches and to pay interest and all other amounts due hereunder, including the opening and maintenance of the Disbursement and Payment Accounts; (g) evidence that the Borrower has obtained all necessary Authorisations required in connection with this Contract and the Project; (h) evidence that the IBRD Loan Agreement has been duly executed and delivered, is in full force and effect and that conditions to receive funds thereunder by the Borrower have been satisfied; (i) documents in the form and substance satisfactory to the Bank containing final organisation details of the Promoter including the necessary staffing and the final highlevel design of the network, including, among other aspects, security requirements aligned with the sector's best practices for such Infraslructures as well as the climate change assessment and resulting design choices; (j) evidence that the Project Operations Manual (in form and substance satisfactory to the Bank) has been adopted by the Promoter, the Ministry of Economy and Sustainable Development of Georgia and the ComCom; (k) evidence that the Loan Fund Transfer Agreement has been duly executed by all the parties thereto on terms satisfactory to the Bank and is in full force and effect, and that all conditions to the right of the Promoter to make drawings thereunder have been satisHed; 1.4.0 (!) copy of the Environmental and Social Documents, Ifrequired for the project components as per the screening process; and (m) evidence of payment of the up-front fee pursuant to Article 1.8 in full. All Tranches The disbursement of each Tranche under Article 1.2. including the first, is subject to the following conditions: (a) that the Bank has received, in form and substance satisfactory to it, on or before the date falling 7 (seven) Business Days before the Scheduled Disbursement Date (and, In the case of defennent under Article 1.5, the Requested Deferred Disbursement Date or the Agreed Deferred Disbursement Date, respectively) for the proposed Tranche, of the following documents or evidence: (I) evidence demonstrating that the borrowing of the total amount of all Tranches disbursed during the current fiscal year, including the Tranche the disbursement of which is requested, has been approved and included in the sovereign debt of the Borrower for the relevant fiscal year; (li) a certificate from the Borrower in the form of Schedule D signed by an Authorised Signatory of the Borrower and dated no earlier than the date failing 15 (fifteen) days before the Scheduled Disbursement Date (and, in the case of deferment under Article 1.6. the Requested Deferred Disbursement Date or the Agreed Deferred Disbursement Date, respectively); 19 Ml (iii) evidence that allAuthorisations necessary to proceedwith the implementation of the Project by the Tranche sought in the Disbursement Offer have been received by the Promoter and that ^1 necessary authority and powers lo operate the Project being financed and all necessary Authorisations in connection vwth the Contract, have been received; (iv) a copy of any other authorisationor other document, opinionor assurance v^^ich the Bank has notified the Borrovi/er is necessary or desirable in connection wllh the entry into and performance of, and the transactions contemplated by, this Contract or the legality, validity, binding effect or enforceability of the same; (v) except in respect of the firstTranche, evidence satisfactory to the Bank that 00% of the immediately preceding Tranche, and 100% of all previous Tranches, have been fully and properly applied as set out in this Contract; (vi) evidence, including but not limited to certified copies of relevant contracts and invoices, demonstrating that, following drawdown of the relevant Tranche, the amount of the Loan will not exceed 50% of the aggregate Eligible Expenditure incurred or contractually committed by the Bon-ower in respect of the Project up to 6 (six) months afterthe date of Ihe relevant request for a Disbursement Offer; (vii) (b) evidence that the conditions required for the Borrower to receive funds under the IBRD Loan Agreement for payments under the contracts to be financed with the requested Tranche, have been satisfied; and thatthe Bank is satisfied that onthe Scheduled Disbursement Date (and, in thecase of deferment under Article 1.5. the Requested Deferred Disbursement Date orthe Agreed Deferred Disbursement Date, respectively) forthe proposedTranche; (I) all facts and statements contained in the Recitals are true and correct in ail respects; (ii> the EU Guarantee is legal, valid, binding and enforceable and that no event or circumstance has occun-ed which could, in the opinion of the Bank, adversely affect the legal, valid, binding and enforceable nature of the EU Guarantee, its applicability to any Tranche under this Contract or the Bank's right to make a demand under the EU Guarantee; (iii) Georgia Is an Eligible Country; and (iv) the Framework Agreement Is legal, valid, binding and enforceable and that no event or circumstance has occurred which could, in the opinion of the Bank, adversely affect the legal, valid, binding and enforceable nature of the Framework Agreement; and (c) that on the Scheduled Disbursement Date (and. in the case of deferment under Article (b). on the Requested Deferred Disbursement Date or Iho Agrood Deferred Disbursement Date, respectively) for the proposed Tranche: (i) the representations and warranties which are repeated pursuant to Article 6.11 are correct in all respects; and (ii) noevent orcircumstance which constitutes orwould with the passage oftime or giving of notice under this Contract constitute; (iii) an Event of Default; or (iv) a Prepayment Event. has occurred and is continuing unremedied or unwaived or would result from the disbursement of the proposed Tranche. 20 6 Ml 1.5 Dafarment of dtsbursement 1.S.A Grounds for deferment 1.5.A(1} BORROWER'S REQUEST (a) The Borrower may send a writlen request to the Bank requesting the deferral of Uie disbursement of an Accepted Tranche. The written request must be received by the Bank at least 7 (seven) Business Days before the Scheduled Disbursement Date of tho Accepted Tranche and specify; (i) whether the BorrowerVi«3uld liketo defer the disbursement in wtiole or in part and if in part, the amount to be deferred; and (ii) the date until which the Borrower would like to defer a disbureement of the above amount (the "Requested Deferred Disbursement Date"), which must be a date falling not later than; (b) (1) 6 (six) months from its Scheduled Disbursement Date; (2) 30 (thirty) days prior to the first Repayment Date; and (3) the Final AvailabilityDate. Upon receipt of such a written request, the Bank shall defer the disbursement of the relevant amount until the Requested Deferred Disbursement Date. 1.5^(2) FAILURE TO SATISFYCONDITIONS TO DISBURSEMENT (a) (b) The disbursement of an Accepted Tranche shat! be deferred if any conditton for disbursement of such Accepted Tranche referred to in Article 1.4 is not fulfilled both: (i) at the date specified for fulfilment of such condition in Article 1.4; and (Ii) at its Scheduled Disbursement Date (or, where the Scheduled Disbursement Date has been deferred previously, the date expected for disbursement). The Bank and the Borrower shall agree the date until which the disbursement of such Accepted Tranche shall be deferred (the "Agreed Deferred Disbursement Date"), which must be a date failing; (c) (i) not earlier than 7 (seven) Business Days following the fulfilment of all conditions of disbursement: and (ii) not tater than the Final Availability Date. Without prejudice to the Bank's right to suspend and/or cancel the undisbursed portion of the Credit in whole or in part pursuant to Article 1.6.B, the Bank shall defer disbursement of such Accepted Tranche until the Agreed Deferred Disbursement Date. 1.5.A(3) DEFERMENT FEE If disbursement of an Accepted Tranche is deferred pursuant to paragraphs 1.5.A(1) or 1.5.A(2) above, the Borrower shall pay the Deferment Fee. 1.5.8 Canceflatton of a disbursement deferred by 6 (six) months If a disbursement has been deferred by more than 6 (six) months in aggregate pursuant to Article 1.5.A, the Bank may notify the Borrower in writing that such disbursement shall be cancelled and such cancellation shall take effect on the date of such wrilten notification. The amount of the disbursement which is cancelled by the Bank pursuant to this Article 1.5.B shall remain available for disbursement under Article 1.2. 21 Ill 1.e CanceHation and suspension 1.6.A Borrower's right to cancel (a) The Borrower maysend a written notice to the Bank requesling a cancellation of Ihe (b) in its written notice, the Borrower; undisbursed Credit or a portion thereof. (i) musl specify whether the Credit shall be cancelled In whole or in part and, if In (il) must not request any cancellation of an Accepted Tranche, which has a Scheduled Disbursement Date falling within 7 (seven) Business Days of the date part, the amount of the Credit to be cancelled; and of such written notice. (c) Upon receipt of such written nolice, the Bank shall cancel the requested portionof the Credit with immediate effect. 1.6.B Bank's right to suspend and cancel (a) At any time upon the occurrence of the following events, the Bank may notify the Borrower in writing that portion of the undisbursed Credit shall be suspended and/or (except upon the occurrence of a Market Disruplion Event)cancelled in whole or in part: (i) a Prepayment Event; (ii) an Event of Default; (iii) an event or circumstance which would with the passage of time or giving of nolice (iv) If Georgia is no longer an Eligible Country for operations under the Mandate: (v) if projects in Georgia cease to be eligible to benefit from the EU Guarantee; (vf) a Material Adverse Change; or under this Contract constitute a Prepayment Event or an Event of Default; (vii) a Market Disruplion Event provided the Bank has not received a Disbursement Acceplance. (b) 1.6.C On the date of such written noliflcalion from the Bank the relevantportion of Ihe Credit shall bo suspended and/or cancelled with immediate effect. Any suspension shall continue unlll the Bank ends the suspension or cancels the suspended amount. Indemnity for suspension and cancellation of a Trancho 1.6.C(1) SUSPENSION Ifthe Bank suspends an Accepted Tranche upon the occurrence of an Indemninable Prepayment Event or an Event of Default or of an event or circumstance which would (with the passage of time or the giving of notice or the making of any determination under this Contract or any combination of the foregoing) constitute an Indemniflable Prepayment Event or an Event of Default or upon the occurrenceofa Material Adverse Change, Ihe Borrower shallpay to the Bank the Deferment Fee calculated on the amount of such Accepted Tranche. 1.6.C(2) CANCELLATION (a) If an Accepted Tranche which is a Fixed Rate Tranche (the "Cancelled Tranche") is cancelled; (i) by the Borrower pursuant to Artk^e 1.6.A; or 22 (II) by the Bank upon an Indemniflable Prepayment Event or an event or circumstance which would(with the passage of time or the giving of notice or the making of any delerminalion under this Contract or any combination of the foregoing) constitulean indemnifiable Prepayment Event or upon the occurrence of a Material Adverse Change or pursuant to Article 1.6.8 Of Article 1.6.B(iv), the Borrower shall pay to the Banken indemnity on such CancelledTranche. (b) Such indemnity shall be: (i) calculated assuming that the Cancelled Tranche had been disbursed and repaid on the same Scheduled Disbursement Date or, to the extent the disbursement of the Tranche Is currently deferred or suspended, on the date of the cancellation notice; and (ii) in the amount communicated by the Bank to the Borrower as the present value (cateulated as of the date of cancellation) of the excess, ifany, of: (1) the interest that would accrue thereafter on the Cancelled Tranche over the period from the date of cancellation pursuant to this Article 1.6.C(2), to the Maturity Date, if it were not cancelled; over (2) the interest that would so accrue over that period, if it were calculated at the Redeployment Rate, less 0.19% (nineteen basis points). The said present value shall be calculated at a discount rate equal to the Redeployment Rate applied as of each relevant Payment Date of the applteable Tranche. (c) Ifthe Bank cancels any Accepted Trancheupon the occurrence of an Eventof Default, the Bonrower shall indemrufy the Bank in accordance with Article 10.3. 1.7 Cancellation after explrv of the Credit Onthedayfollowing theFinal Availability Date, unless otherwise specifically notified in writing by the Bank to the Borrower, any part of the Credit in respect of which no Disbursement Acceptance has been received in accordance with Anide1.2.C shall t>e aulomatically cancelled, without any further notice from the Bank to the Borrower and without any liability arising on the part of either Party. 1.8 Up-front fee The SojTower authorises the Bank to retain out of the first Tranche an up-front fee inrespect of the appraisal conducted by the Bank in relation to the R-oject. The amount of the up-front fee is EUR 50,000 (fifty thousand euros). An amount retained by the Bank out of the first Tranche in payment of the up-front fee shall be treated as having been disbursed by the Bank. If no disbursement takes place, the Borrower shall pay to the Bank the up-front fee on the Final Availability Date; or, ifthe Credit is cancelled in full under Article 1.6 prior to the Final Availability Date, on the date of such cancellation. 1.9 Sums due under Articles 1.5 and 1.6 Sums due under Articles 1.5 and 1.6 shall be payable: (a) in the currency of the Tranche concerned; and (b) 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. 23 ARTICLE 2 The Loan 2.1 Amount of Loan The Loan shall comprise the aggregate amount of Tranches disbursed by the Bank under the Credit, as confirmed by the Bank pursuant to Article 2.3. 2.2 Currency of payments The Borrower shall pay interest, principal and other charges payable in respect of each Tranche in the currency in which such Tranche was disbursed. Other payments, Ifany, 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. 2.3 Confirmation bvthe Bank The Bank shall deliver to the Borrower the amortisation table referred to in ^icle 4.1, if any. showing the Disbursement Date, the currency, the amount disbursed, the repayment temis and the interest rale for each Tranche, not later than 10 (ten) calendar days after the Scheduled Disbursement Date for such Tranche. ARTICLE 3 Interest 3.1 3.1.A Rate of Interest Fixed Rate Tranches The Borrower shall pay Interest on the outstanding balance of each Fixed Rale Tranche at the Fixed Rate quarterly, semi-annually or annually in arrear on the relevant Payment Dates as specified in the Disbursement Offer, commencingon the first such Payment Date following the Disbursement Date of the Tranche. If the period from the Disbursement Date to the first Payment Date is 15 (fifteen) days or less then the payment of interest accrued during such period shall be postponed to the following Pay^nent Date. interest shall be calculated on the basis of Article 5.1 (a). 3.1.B Floating Rate Tranches The Borrower shall pay interest on the outstanding balance of each Floating Rate Tranche at the Floating Rate quarterly or semi-annually In arrear on the relevant Payment Dates, as specified in the Disbursement Offer commencing on the firstsuch Payment Date following the Disbursement Date of the Tranche. If the period from the Disbursement Date to the first Payment Date is 15 (fifteen) days or less then the payment of interest accrued during such period shall be postponed to the following Payment Date. The Bank shail notify the Borrower of the Floating Rate within 10 (ten) days following the commencement of each Floating Rate Reference Period. Ifpursuant to Articles (b) and 1.6 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 Oisbursemenl Date. Interest shall be calculated in respect of each Floating Rate Reference Period on the basis of Article 5.1(b). 24 5 3>2 Interest on overdue sums Without prejudice to Article 10 and by way of exception to Article 3.1, Ifthe Borrower fails to pay anyamount payable by it under this Contract on Its duedate, interest shall accrue onany overdue amount payable under the terms of this Contract from the due dale to the date of actual payment at an annual rate equal to; (a) for overdue sums related to Floating Rate Tranches, the applicable Floating Rale plus 2% (200 basis points); (b) for overdue sums relatedto Fixed Rate Tranches, the higherof: (c) (i) the applicable Fixed Rate plus 2% (200 basis points): or (ii) the Relevant Interbank Rate plus 2% (200 basis points); and for overdue sums other than under (a) or (b) above, 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 3.2, the relevant periods within the meaning ofSchedule Bshall be successive periods ofone (1)month commencing on the due dale. Any unpaid but due interest may bocapitalised inconformity with article 1154 ofthe Luxembourg Civil Code. For the avoidance ofdoubt, capitalisalion ofinterest shall occur only for interest due but unpaid for a period of more than one year. The Borrower hereby agrees In advance to have the unpaid interest due for a period of more than one year compounded and thatas of the capitalisation, such unpaid interest will In turn produce interest at the interest rate set out in this Article 3.2. If the overdue sum is in a currency other than the currency of the Loan, the following rate per annum shall apply, namely the relevant interbank rale that is generally retained by the Bank for transactions inthatcurrency plus 2%(200 basis points), calculated inaccordance with the market practice for such rale. 3.3 Market Disruption Event If at any time; (a) from the receipt by the Bank ofa Disbursement Acceptance In respect of a Tranche; and (b) until the date fallingeither: (I) 30 (thirty) calendar days priorto the Scheduled Disbursement Date for Tranches to be disbursed In EUR; or (ii) 2 (two) BusinessDays prior to the Scheduled Disbursement Date for Tranches to be disbursed In a currency other than EUR. a Market Disruption Event occurs, the Bank maynotify to the Borrower lhat thisArticle 3.3 has come into effect. Irrespective of the currency of disbursement accepted by the Borrower originally for the Tranche, the Bank shall notify to the Borrower the EUR equivalent to be disbursed on the Scheduled Disbursement Date. The rate ofinterest applicable tosuch Accepted Tranche until the Maturity Date, shall be the rale (expressed as a percentage rate per annum) which is determined by the Bank tobe the all-inclusive cost to the Bank for the funding ofIhe relevant Trarwhe based upon the then applicable internally generated Bank reference rate or an alternative ratedetermination method reasonably determined by the Bank. The Borrower shall have the right to refuse in writing such disbursement within the deadline specified in the notice and shall bear charges incurred as a result, if any, in which case the Bank shall not effect thedisbursement andthecon-esponding portion oftheCredit shall remain available fordisbursementunderArticle 1.2. Ifthe Borrower does not refuse the disbursement in time, the Parties agree lhat the disbursement in EUR and the conditions thereof shall be fully binding for all Parties. The Spread or Fixed Rate previously accepted by the Borrower shall no longer be applicable. 25 'II ARTICLE 4 Repayment 4.1 Normal repayment (a) 1he Borrower shall repay each Tranche by instalments on the Repayment Dates specified in (he relevant Disbursement Offer in accordance with the terms of the amortisation table delivered pursuant to Article 2.3. (b) Each amortisation table shall be drawn upon the basis that; (i) in the case of a Fixed Rate Tranche Date, repayment shall be made quarterly, semi-annually or annually by equal instalments of principal or constant Instalments of principal and interest; (ii) (Hi) in the case of a Floating Rate Tranche, repayment shall be made by equal quarterly, semi-annual or annual instalments ofprincipal; the first Repayment Date of each Tranche shall fail not earlier than 30 (thirty) days from the Scheduled Disbursement Date and not later than the Repayment Date Immediately following the 8th (eighth) anniversary of the Scheduled Disbursement Date of the Tranche; and (Iv) the last Repayment Date of each Tranche shall fall not earlier than 4(four) years and not later than 25 (twenty-five) years from the Scheduled Disbursement Date. 4.2 Voluntary prepayment 4.2.A Prepaynnent option Subject to Articles 4.2.B, 4.2.C and 4.4, the Borrower may prepay all or part of any Tranche together with accrued interest and indemnities if any, upon giving a Prepayment Request with at least 30(thirty) calendar days' prior notice specifying: (a) the Prepayment Amount; (b) the Prepayment Date, which shall be a Payment Date; (c) ifapplicable, the choice ofapplication method of the Prepayment Amount in line with Article 5.5.C(a); and (d) the Contract Number. The Prepayment Request shall be irrevocable. 4.2.B Prepayment Indemnity 4.2.B(1) FIXED RATE TRANCHE If the Borrower prepays a Fixed Rale Tranche, the Borrower shall pay to the Bank on the Prepayment Date the Prepayment Indemnity in rospecl of the Fixed Rate Tranche which Is being prepaid. 4.2,B(2) FLOATING RATE TRANCHE The Borrower may prepay a Floating Rate Tranche without indemnity. 4,2.0 Prepayment mechanics Upon presentation by the Borrower tothe Bank ofa Prepayment Request, the Bank shall issue a Prepayment Notice to the Borrower, not later than 15 (fifteen) days prior to the Prepayment Date. The Prepayment Notice shall specify the Prepayment Amount, the accrued interest due thereon, the Prepayment Indemnity payable under Article 4.2.B or, as the case may be, that no indemnity is due. the method of application of Ihe Prepayment Amount and. if aPrepayment indemnity is applicable, the deadline by which the Borrower may accept the Prepayment Notice. 28 Ml If the Borrower accepls tha Prepayment Notice no later than by the deadline (if any) specified mthe Prepayment Notice, the Bon-ower shall effect the prepayment. In any other case the Borrower maynoteffect theprepayment. The Borrower shall accompany the payment of the Prepayment Amount by the payment of accrued interest, the Prepaj^ent Indemnity due on the Prepayment Amount, as specified In the Prepayment Notice, and the fee under Article 4.2.D, If any. 4.2.D Administrative Foe If the Borrower prepays a Tranche on a date other than a relevant Payment Date, or jf the Bank exceptionally accepts, solely upon the Bank's discretion, a Prepayment Request with prior notice of less than 30 (thirty) calendar days, the Borrower shall pay to the Bank an administrative fee in such amount as the Bank shall notify to the Borrower. 4-3 Compulsory prepayment and cancellation 4.3.A Prepayment Events 4.3.A(1) PROJECT COST REDUCTION EVENT (a) The Borrower shall promptly inform the Bank if a Project Cost Reduction Event has occurred or is likely to occur. At any time after the occurrence of a Project Cost Reduction Event the Bank may. by notice to the Borrower, cancel the undisbursed portjon of the Credit and/or demand prepayment of the Loan Outstanding up to the amount by wtilch the Credit exceeds the limit referred to in paragraph (c) below together with accrued interest and ail other amounts accrued and outstanding under this Contract In relation to the proportion of the Loan Outstanding to be prepaid. (b) The Borrower shall effect payment of the amount demanded on the date specified by (c) the Bank, such date falling not less than 30 (thirty) days from the date of the demand. For the purpose of this Article, "Project Cost Reduction Event" means that the total cost of Ihe Project falls below the figure stated in Recital (e) so thai the amount ofIhe Credit exceeds 50% (fifty per cent) of such total cost of the Project, 4.3.A(2) NON-EIB FINANCING PREPAYMENT EVENT (a) (b) The Borrower shall promptly inform the Bank if a Non-EiB Financing Prepayment Event has occuired or is likely to occur. At any time after the occurrence of a Non-EIB Financing Prepayment Event the Bank may, by notice to the Borrower, cancel the undisbursed portion of the Credit and demand prepayment of the Loan Outstanding, together with accrued interest and all olher amounts accrued and outstanding under this Contract In relation to the proportion of the Loan Outstanding to be prepaid. The proportion of the Credit that the Bank may cancel and the proportion of the Loan Outstanding that the Bank may require to be prepaid shall be the same as the proportion that the prepaid amount of the Non-EIB Financing bears to the aggregate outstanding amount of alJ Non-EIB Financing. (c) The Borrower shall effect payment of the amount demanded on the dale specified by the Bank, such dale being a date falling not less than 30 (thirty) days from the date of the demand. (d) Paragraph (a) does not apply to any voluntary prepayment (or repurchase or cancellation, as the casemay be) of a Non-EIB Financing: (i) made with a prior wilten consent ofthe Bank; (ii) (iii) made within a revolving credit fadlity; or made out of the proceeds of ariy financial indebtedness having a term at least equal to the unexpired term of such Non-EIB Financing prepaid. 27 "I (e) For the purposes of Ihls Article: {>) (li) Non-EIB Financing Prepayment Event" means any case where the Borrower vo un arliy prepays (for the avoidance of doubt, such prepayment shall Include a volunta^ repurchase or cancellation of any creditor's commitment, as the case may be) a part or the whole of any Non-EIB Financing; and Non-EIB Financing" means any financial indebtedness (save for (he Loan and any other dtrect financial indebtedness from the Bank to the Borrower) or any other obligation for the payment or repayment of money originally made available to the Borrower for a term of more than 3(three) years. 4.3.A(3) CHANGE OF CONTROL EVENT (a) The Bon-ower shall promplly inform the Bank ifa Change-of-Control Event has occurred or IS likely to occur in respect of the Promoter. At any time after the occurrence of a Change-of-Control Event In respect of the Promoter, the Bank may. by notice to the Borrower, cancel the undlsbursed portion of the Credit and demand prepayment of the Loan Outstanding, together with accrued interest and all other amounts accrued or outstanding under this Contract. In addition, if the Borrower has Informed the Bank that a Change-of-Control Event is about to occur, or if the Bank has reasonable cause to believe that a Change-of-Control occun-ed orisabout 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. After the earlier of: (i) {«) the lapse of 30 (thirty) days from the date of such request for Mnsultatlon; or at any time thereafter, upon the occurrence of the anticipated Change-of-Control Event, the Bank may. by notice to the Borrower, cancel the undisbursed portion of the Credit and demand prepayment of Ihe Loan Outstanding, together with accrued interest and all other amounts accrued and outstanding underthis Contracl, The Borrower shall effect payment of the amount demanded on the date specified by he Bank, such date being a date falling not less than 30 (thirty) days from the date of the demand. (b) For the purposes of this Article: (i) a "Change-of-Control Event" occurs if: (1) (2) Georgia ceases to control the Promoter or directly own 100% (one hundred percent) ofthe stalutory capital ofthe Promoter; or any p^son having direct or indirect control or holding interest or ownership oHhe Promoter becomes aSanctioned Person; or any Sanctioned Person directly or indirectly, gains control, Interest or ownership of the Promoter; (ii) acting in concert" means acting together pursuant to an agreement or understanding (whether formal or informal); and (c) (d) "control''means the power to direct the management and policies of an entity, whether through theownership ofvoting capital, by contracl orothenvlse. For the purposes of limb (2) of point (b)(i) above, the words "control", -interest" and ®interpreted asdefined by the relevant sanctions authority in relation with the relevant Sanctions. 26 Ml 4.3.A(4) CHANGE OF LAW EVENT The Borrower shall promptly inform the Bank If a Change-of-Law Event has occun-ed or is likely to occur, in such case, or ifthe 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 lake place within 30 (thirty) days from the date of Ihs Bank's request. If. after the lapse of 30 (thirty) days from the date ofsuch request forconsultation, the Bank is of the opinion that; (a) such Change-of-Law Event would materiallyimpair Uie Borrower's abiiity to perform its obligations under this Contract, and (b) the effects of such Change-of-Law Event cannot be mitigatedto its salisfaclion, the Bank may by notice to the Borrower, cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan Outstanding, together wrfth accrued interest and ail other amounts accrued and outstanding under this Contract. The Borrower shall effect payment of (he amount demanded on Ihedate specified by the Bank, such date being a dale falling not less than 30 (thirty) days from (he date of the demand. For ihe purposes of this Article "Change-of-Law Event" means the enactment, promulgation, execution or ratification of or any change in or amendment to any law, rule or regulation (or in Ihe application or official interpretation of any law, rule or regulation), or the imposition of any Sanctions, 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 Promoter's abiiity to perform its obligations under the Subsidiary Agreement. 4.3.A(5) ILLEGALITY EVENT Upon becoming aware of an Illegality Event: (1) the Bank shail promptly notify the Borrower, and (ii) the Bank may immediately (A) suspend or cancel the undisbursed portion of the Credit, and/or (B) demand prepayment of the Loan Outstanding, together with accrued interest and all other amounts accrued and outstanding und^ this Contract on the date Indicated by the Bank in its notice to the Borrower. For the purposes of this Article. "IMegality Event" means that: (a) it becomes unlawful in any applicable jurisdiction, or it becomes or is likely to become contrary to any Sanctions, for Ihe Bank to perform any of its obligations as contemplated In this Contract or to fund or maintain the Loan; (b) the Framework Agreement is or, in Ihe reasonable opinion of the Bank, is likelyto be: (i) (ii) repudiated or temiinated by Georgia or not binding on Georgia in any respect; not effective in accordance with its terms or alieged by Georgia to be ineffective in accordance with its terms: or (c) (ill) breached as a result of Georgia ceasing to fulfil any obligation assumed by it in the FrameworkAgreement wth respect to any loan made to any borrowerin the territory of Georgia from the resources of the Bank or the European Union; or (iv) inapplicable to the Project or the rights of Ihe Bank under the Framevrork Agreement and^or this Contract are not able to be enforced in respect of the Project: in relation to the EU Guarantee: (i) it is no longer valid or in full force and effect; (Ii) the conditions for cover thereunder are not fulfilled; (Hi) Itdoes not applyto any Tranche disbursed or to be disbursed under this Contract; or 29 Ml (iv) it Is not effective In accordance with Its terms or Is alleged to be ineffective in accordance with its terms. 4.37\(6) SUBSIDIARY AGREEMENT If at any time while the Loan is outstanding: (a) the Promoter fails to comply with a material obligation under the Subsidiary Agreement ortheProject is not implemented in accordance with the Subsidiary Agreement andthe Project Operations Manual; (b) any Information or document material for the Project (in the reasonable opinion ofthe Bank) given to the Bank orIBRD by oronbehalf ofthe Promoter orif anyrepresentation or statement made or deemed to be made by the Promoter in application of the Subsidiary Agreement or in connection with the negotialion or the performance of the Subsidiary Agreement is orproves to have been incorrect, incomplete or misleading In any material respect; or (c) it becomes unlaw/ful for the Promoter to perform any ofits obligations under Subsidiary Agreement, or the Subsidiary Agreement is not effective in accordance with its terms or is alleged by the Promoter to be ineffective in accordance with its terms, the Bank may. request that the Borrower consult with it. Such consultation shall take place within 30 (thirty) days from thedateof theBank's request. If, after the lapse of30 (thirty) days from the date of such request for consultation the Bank is of the reasonable opinion that the effects of the non-compliance cannot be mitigated to its satisfaction, the Bank may by notice to the Borrower, cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan Outstanding, together with accrued interest and all other amounts accrued and outstanding under tliis Contract. TheBorrower shall effect payment oftheamount demanded onthedatespeclHed by theBank, such date being a date falling not less than 30 (thirty) days from the date of the demand. 4.3.B Prepayment mechanics Any sum demanded by the Bank pursuant to Article 4.3.A. together with any interest or other amounts accrued or outstanding under this Contract including, vwthout limitation, any Indemnity due underArticle 4.3.C. shallbe paid on the PrepaymentDate indicated by the Bank in its notk;e of demand. 4.3.C Prepayment indemnity 4.3.0(1) FIXED RATE TRANCHE If the Borrower prepays a Fixed Rate Tranche in case ofan Indemnlfiable Prepayment Event, the Borrower shall pay to the Bank on the Prepayment Date the Prepayment Indemnity in respect of the Fixed Rate Tranche that is being prepaid. 4.3.0(2) FLOATING RATE TRANCHE The Bon-ower may prepay the Floating Rate Tranches without the Prepayment Indemnity. 4.4 General 4.4.A No prejudice to Article 10 This Article 4 shall not prejudiceArticle 10. 4.4.B No reborrowing A repaid or prepaid amount may nol be reborrowed. 30 9 5 ARUCLE S Payments 5.1 Day count convention Any amount due by v/ay of interest, indemnily or the Deferment Fee from the Borrower under this Contract, and calculated in respect of a fraction of a year, shall be determined on the following respective conventions: (a) (b) under a Fixed Rate Tranche, a year of 360 (three hundred and sixty) days and a month of 30 (thirty) days; and under a Floating Rate Tranche, a year of 360 (three hundred and sixty) days and the number of days elapsed. 5.2 Time and place of payment (a) Unless otherwise specified in this Contract or in the Bank's demand, ail sums other than sums of interest, indemnity and principal are payable within 15 (fifteen) days of the Borower's receipt of the Bank's demand. (b) Each sum payable by the Borrower under this Contract shall be paid to the relevant account notified fay the Bank to the Borrower. The Bank shall notify 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 iess than 15 (fifteen) days before the dale of the first payment to which the change applies. This period of notice does nol apply in the case of payment under Article 10. 5.3 (c) The Borrower shall indicate the Contract Number in the payment details for each payment made hereunder. (d) A sum due from the Borrower shall be deemed paid when the Bank receives it. (e) Any disbursements by and payments to the Bank under this Contract shall be made using the Disbursement Account (for disbursements by the Bank) and the Payment Account (for payments to the Bank). No set-off bv the Borrower All payments to be made by the Borrower under this Contact shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. 5.4 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 this Contract as the Bank may deem necessary in the circumstances; (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; and (c) the Bank shall not be liable for any damages, costs or losses whatsoever arising as a result of a Disruption Event or for taking or not taking any action pursuant to or in connection with this Article 5.4, 31 Ml 5.5 Apollcatton of sums received 5.$.A General Sums received from the Borrower shall onlydischarge Its payment obligallonB If recelvecl In accordance with the terms of this Contract. 5.5.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 the order set out below, in or towards: (a) pro rata lo each of any unpaid fees, costs. Indemnities and expenses due under this Contract; 5.5.0 (b) any accrued interest due but unpaid under this Contract; (c) any principal due but unpaid under this Contract; and (d) any other sum due but unpaid under this Contract. Allocation of sums related to Tranches (a) In case of: (1) 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, or. at the request of the Borrower, in inverse order of maturity; or (ii) (b) (c) 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 order of maturity. Sums received by the Bank following a demand under Article 10.1 and applied to a Tranche, shall reduce the outstanding instalments InInverse order of maturily.The Sank may apply sums received betv^reen Tranches at its discretion. In case of receipt of sums whichcannot 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 so long as any amount is outstanding under this Contract or the Credit is in force. A. PROJECT UNDERTAKINGS 6.1 Use of Loan and availability of other funds The Borrower shall use all amounts borrowed by it under this Contract exclusively for the execution of the Project, and shall procure that the Promoter shall undertake not to allocate the Bank's funds to Project components that require planning/construction or other Authorisation, until such Authorisation has been issued by the competent authorities and has been made available lo the Bank for review. The Borrower shall make the proceeds of the disbursed Tranches available to the Promoter pursuant to a Loan Fund Transfer Agreement and, if required under this Contract, in each case on terms and conditions acceptable to the Bank, and exercise its rights under such Loan Fund Transfer Agreement in such a manner as to protect the interests of the Borrower and the Bank, to comply with the provisions of this Contractand to accomplish the purposes for which the Credit was made. 32 5 The Borrower shall ensure that it has available to it the other funds listed in Recital (c) and that such funds are expended, to the extent required, on the financing of the Project. 6.2 Comptetlon of Prolect The Borrower shall carry, and procure that the Promoter carries outthe Project In accordance with the Technical Description as may be modified from time totime with the approval of the Bank, and complete it by the final date specified therein. 6-3 Increased cost of Prolect If the total costofthe Project exceeds the estimated figure set outIn Recital (e). the Bon-ower 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. 6.4 Procurement procodure The Borrower shall procurethat the Promoter shallundertake to purchase equipment, secure services and orderworks for the Project byacceptable procurement procedures complying, to the Bank's satisfaction, with its policyas described in Its Guide to Procurement. 6.5 Continuing Project undertakings The Borrower shall, and ensure that the Promoter shall (as applicable}: (a) Maintenance: maintain, repair, ovwhaul and renew all property forming part of the Project as required to keep ItIngood working order; (b) Project assets: unless the Bank shall have given its prior consent inwriting retain title to and possession of substantially alt the assets comprising the Project or. as appropriate, replace and renew sudi assets and maintain the Project in substantially continuous operation in accordance with itsoriginal purpose; the Bank maywithhold Its consent only where the proposed action would prejudice the Bank's Interests as lender to the Borrower or would render the Project ineligible for financing by the Bank under its Statute or under article 309 of the Treaty on the Functioning of the European tJnion; (c) Insurance: insure all works and property forming part of the Project with first class insurance companies in accordance with the most comprehensive relevant industry practice; (d) (e) Rights and Permits: maintain in force all rights of way or use and all Authorisallons necessary for the execution and operation of the Project; Environment and Social: (i) Implement and operate Ihe Project in compliance with Environmental and Social Standards; and procure that the contracts entered into between the Promoter and contractors for the Project will contain provisions that require such contractors to comply with ILO Standards (in particular with the Inclusion of provision for the respect of: principles of equal treatment and non-discrimination in employment (ii) and at the workplace, and equal access for men and v/omen to employment opportunities), as well as with occupational healthand safety standards; obtain, maintain and comply with requisite Environmental or Social Approvals for the Project; and (ill) ensure and verify that contractors engaged inthe Projectsobserve the provisions mentioned in Article 6.5(e)(i) above; (f) EU Law: execute and operate the Project in accordance with the standards of EU Law. to the extent implemented by the laws of Georgia or specified by the Bank in this Contract; and ensure and verify that contractors engaged in the Projects ob^rve the provisions mentioned In this Article 6,5(f); and 33 & HI (g) Accounts: ensure that the Promoter requests any disbursements from the Borrower, and the Borrower makes any payments to the Promoter in relation with the Project toa bankaccount inthe nameofthe Promoter held with a duly authorised financial institution in thejurisdiction where thePromoter is incorporated orwhere the Project is undertaken by the Promoter. (h) Other undertakings The Borrower shall: (i) procure that the Promoter acts in the best interestof both the Bank and IBRD and (ii) that, at the request of the Bank, the Promoter shall have the same obligations towards the Bank as it has towards IBRD underthe Subsidiary Agreement; procure that the Promoter consults with the Bank prior lo entering into any material amendments to contracts financed by this Loan; (iii) submit totheBank for its review and approval theLoan Fund Transfer Agreement proposed to be entered into by the Borrower prior to the Borrower executing the Loan Fund Transfer Agreement; and (iv) ensure that the Loan Fund Transfer Agreement includes provisions that Inform the Promoter thatthe financing benefit from the financial support provided bythe Bank with the backingof the European Union through the EUGuarantee. 8. GENERAL UNDERTAKINGS 6.6 Compliance with laws The Borrower shall, and shall procure that the Promoterwill complyin allrespects with alllav« and regulations to which it or the Project is subject. 6.7 Change In business The Bon-ower shall procure that no substantial change Is mad© to the core business of the Promoter from that carried on at the date of this Contract. 6.8 Merger The Borrower shall procure that the Promoter shall not enter Into any amalgamation, demerger, merger or corporate reconstruction. 6.9 Books and records The Borrower shall procure that the Promoter maintains financial control procedures, accounting systems and olfier management systems to ensure that: (a) itkeeps and will continue to keepproper books and records ofaccount, In which full and correct entries shall be made of all financial transactions and the assets and business (b) of the Promoter, including expenditures in connection virith the Project; the financial statements of the Promoter are prepared in accordance with IFRS as in effect from lime to time; and (c) the proceeds of the Loan made available to the Promoter under the Loan Fund Transfer Agreement are accounted for, and audited, separately trom all other funds and assets of the Promoter. 6.10 tnteoritv 6.10.A Prohibited Conduct (a) The Borrower shall not (and shall ensure that the Promoter shall not) engage in (and shall not authorise or permit any other Person acling on its behalf to engage In) any Prohibited Conduct in conneclk>n with the Project, any tendering procedure for the Project, or any transaction contemplated by the Contract. 34 HI (b) The Borrower undertakes (and shall procure that the Promoter shall undertake) to take such action as the Bank shall reasonably request to Investigate or terminate any alleged or suspected occurrence of any Prohibited Conduct in connection with the Project. (c) The Borrower undertakes (and shall procure that the Promoter shall undertake) to ensure that contracts financed by this Loan Include the necessary provisions to enat^e the Borrower to Investigate or terminate any alleged or suspected occurrence of any Prohibited Conduct in connection with the Project. 6.10.8 Sanctions The Borrower shall not, and shall procure thai the Promoler shall not, directly or indirectly: (a) maintain or enter into a business relationship with, and/or make any funds and/or economic resources available to, or for the benefit of, any Sanctioned Person In connection v/ith the Project, or (b) use all or part of the proceeds of the Loan or lend, contribute or otherwise make available such proceeds to any person, in each case, in any manner that would result In a breach by itself or by the Bank of applicable Sanctions; or (c) fund all or part of any payment under the Finance Contract out of proceeds derivedfrom activities or businesses with a Sanctioned Person, a person In breach of the Sanctions or in any manner that would result In a breach by itselfor by the Bank of the Sanctions. Itis acknowledged and agreed that the undertakingsset out in this paragraph are only sought and given to the extent that to do so would be permissible pursuant to any applicable antiboycott rule of t>ie EU such as Regulation (EC) 2271/96. 6.10.C Relevant Persons (i) The Borrower undertakes (and shall procure that the Promotershall undertake) to take within a reasonable timeframe appropriate measures in respect of any Relevant Person who: (1) becomes a Sanctioned Person; (2) is the subject of a court ruling in connection with Prohibited Conduct perpetrated in the course of the exercise of their professional duties; or (3) Is or becomes a familymember or a person known to be a close associate to any beneficial owner of any relevant contractor under the Project; in order to ensure that such person is suspended, dismissed or in any case excluded from any of the Borrower or Promoter's activities (as applicable) In relation to the Loan and to the Project. (ii) The Borrower undertakes (and shall procure that the Promoter shall undertake) to ensure that any bidder whose any beneficial owner is a family member or a person Known to be a close associate to any Relevant Person will be Identified and that adequate measures are adopted to address potential conflicts of interest prior to the award of contracts under the Project. For the purposes of this Article, each of "family member", "person known to be a close associate" and "beneficial owner" has the meaning given to it by the corresponding definitions under the EU Fourth Money Laundering Directive, subject to the definitions in the EU Fourth Money Laundering Directive having a genial application and not being limited to politically exposed person. 6.11 General Representations and Warranties The Borrower represents and warrants to the Bank that: (a) it has the power to execute, deliver and perform Its obligations under this Contract and all necessary corporate, shareholderand other action has been taken to authorise the execution, delivery and performance of the same by It; (b) this Contract constitutes its legally valid, binding and enforceable obligations; 35 >11 (c) the execution and delivery of, Ihe performance of its obligations under and compliance with the provisions of this Contract do not and will not contravene or conflict with: (i) any applicable law. statute, rule or regulation, or any Judgement, decree or permit to which it is subject; (li) 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; (Hi) (d) (e) (f) any provision of Us constitutional laws; there has been no Material Adverse Change since 20 January 2021; no event or circumstance which constitutes an Event of Default has occurred and is continuing unremedied or unwalved; 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 judgement or award; (g) it has obtained all necessary Authorisalions In connection with this Contract ar\d in order to lawfully comply with its obligations hereunder. and the Project and all such Authorisations are in full force and effect and admissible inevidence; (h) the Promoter has obtained ail necessary Authorisations in connection with the Project other than Authorisalions which arenot necessary for the implementation ofthe Project at the lime this representation is made (or repeated) and in respect of which neither the Borrower nor the Promoter is aware of any reason (having made due and careful inquiry) for the Promoter being unable to obtain such Authorisations in due course; (i) its payment obligations under this Contract rank not less than pari passu in right of payment with all other present and future unsecured and unsubordinated obligations under any of Its debt instruments except for obligations mandatorily preferred by law applying to companies generally; G) it Is in compliance with Article 6.5 (e) and to the best of ils knowledge and belief (having made due and careful enquiry) no Environmental or Social Claim has been commenced or is threatened against It; (k) it is not (and will not, after the disbursement of the Loan, be) in breach of any restrictions applicable to It, onthe Incumng of financial indebtedness; (1) the Project falls within the scope of the Framework Agreement: (m) it is in compliance with all undertakings under this Article 6; (n) to the best of its knowledge, no funds invested In the Project by the Borrcwer or the Promoter are of illicit origin, including products of Money Laundering or linked to the Financing of Terrorism; (o) neither the Bon-ower. the Promoter, any Relevant Person, nor any other person acting on its or their behalf or under Its or their control has committed nor will commit: (i) (p) any Prohibited Conduct in connection with the Project or any transacUon contemplated by the Contract; or (ii) any illegal activity related to the Financing of Terrorism or Money Laundering; the Project {including without limitation, the negotiation, award and performance of contracts financed or to befinanced by the Loan) has not involved or given rise to any Prohibited Conduct; and (q) the Borrower and the Promoter are not a Sanctioned Person; or in breach of any Sanctions; and, to the best of its knowledge and belief, none ofthe Relevant Persons is a Sanctioned Person or in breach of any Sanctions. 36 .5 It Is acknowledged and agreed that the representations set out In paragraphs 6.11(q) are only sought and given to the extent that to do so would be permissible pursuant to any applicable anti-boycott mlo of the £U such as Regulation (EC) 2271/96. The representations and warranties set out above are made on the date of this Contract and are, with Ihe exception of the representation set out in paragraph (d) above, deemed repeated with reference to the facts and ctrcurhstances then existing on dale of each Disbursement Acceptance, each Disbursement Date and each Payment Dale. ARTICLE 7 Security The undertakings in this Article 7 remain in force from the date of this Contract for so long as any amount is outstanding under this Contract or the Credit is Inforce. 7.1 Pari oassu ranking The Borrower shall ensure that its payment obligations under this Contract rank, and will rank, not less than pari passu in right of payment with all other present and future unsecured and unsubordinated obligations under any of Ihe Borrower's Relevant External Debt Instruments. in particular, if the Bank makes a demand under Article 10.1 or if an event or potentialevent of default under any unsecured and unsubordinated Relevant External Debt Instrumentof the Borroweror 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 otherwise) 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 Contractas 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 accounl, evidencing or constituting an obligation to repay a loan, deposit, advance or similarextension of credit (Including without limitation any extension of credit under a refinancing or rescheduling agreement); (b) an obiigatlon ovidenced 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 law other than the law of the Borrower; or (ii) payable in a currencyother 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 writtennoticefrom 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 pH-ovisions of this Article 7.1 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 37 notice. 7.2 Additionaf Security Should the Borrower grant or arrange to be granted to a third party any Security for the porformance of any External Debt Instrument or any preference or priority In respect thereof, the Borrower shall, ifso required by the Bank, provide to the Bank equivalent Security for the performance of its obligations under this Contract or grantto the Bank equivalent preference or priority. 7.3 Clauseg bv Inctusion Ifthe Borrowerconcludes with any other financial creditor a financing agreement that includes a loss-of-rating clause or a covenant or other provision regardir^g Its financial ratios, if applicable, that is not provided for in this Contract or is more favourable to the relevant financial creditor than any equivalent provision of this Contract is to the Bank, the Borrower shall promptly inform the Bank and shall provide a copy of the more favourable provision to the Bank. The Bank may request that the Borrower promptly executes an agreement to amend this Contract so as to provide for an equivalent provision in favour of the Bank. ARTICLE 8 Information and Visits 8.1 Information concerning the Project and the Promoter The Borrower shall, and shall procure that the Promoter shall (as applicable): (a) deliver to the Bank; (i) the informationIncontent and in form, and at the Hmes. specified in Schedule A.2 or othen^se as agreed from lime to time by the parties to this Contract; and (il) any such Information or further document concerning the financing, procurement, implementation, operation of the Project and related environmental or social matters as the Bank may reasonably require wthin a reasonable time. provided always that if such information or document is not delivered to the Bank on lime, and the Borrower does not rectify 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 for the approval of the Bank \Mthout delay any material change to the Project, also taking into account the disclosures made to the Bank Inconnection with the Project prior to the signing of this Contract, in respect of, Inter alia, the price, design, plans, timetable or to the expenditure programme or financing plan for the Project; (c) promptly notify the Bank of: (I) the suspension or cancellation of the Project; (ii) any material alteration to any laws, constitutional documents or shareholding structure relating to the Promoter with a bearing on the Project after the date of this Contract: (iii) any Security granted or purported to be granted by the Promoter over any of assets forming part of the Project in favour of a third party; and (iv) any disposal by the Promoter of any material assets forming part of the FVoject; 38 97 (d) promptly Inform 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 the Promoter or any Environmental or Social Claim that is to its knowledge commenced, pendingor threatened against It or (hePromoter with regardto environmental, socialorother matters affecting the Project; (ii) anyfact orevent known tothe Borrower or the Promoter, which may substantially prejudice or affect the conditions ofexecution or operation of the Project; (Hi) any non-compliance by it or the Promoter with any Environmental and Social Standard; (iv) any suspension, revocation or modification of any Environmental or Social Approval, (v) a genuine allegation or complaint with regard to any Prohibited Conduct or any Sanction related to the Project; (vl) any measure taken by the Promoter pursuant to Article 6.10 {Integrity) of this Contract; (vii) any changes to the initial procurement plan(s); (vlii) any fact or event which results inthe Promoter, or any Relevant Person or any other of the Promoter's duly authorised agents or representatives having direct decision and control powers in relation to the Project being or becoming a Sanctioned Person; and Ox) any fact or information confirming or reasonably suggesting that (a) any Prohibited Conduct or any violation of any Sanction has occurred In connection with the Loan or the Project, or (b)anyof the funds invested in the share capital of the Promoter or in the Projectwas derived from an Uliclt origin; and set out the action to be taken with respect to such matters: (e) deliver to the Bank, in form and substance satisfactory to the Bank: {i) annual progress reports with respect to the implementation of the Project in the form specified in Schedule A.2; (ii) a completion report with respect to the completionof the Project In the form and (iii) if resettlement actions were required due to the final project design for specific within the timeframe specified in Schedule A.2. schemes, the corresponding resettlement action plans. (f) provide to the Bank, ifso requested: (i) an insurance certificate showing fulfilment of the requirements of Article 6.5(c); and (ii) annually, a list of policies In force covering the Insured property forming part of the Project, together with confirmationof payment of the current premiums; (g) immediately inform the Bank of any change that may affect substantially the Project's expenses and incomes; (h) store and ke^ updated documents relevant to the Project (indudir^ environmental studies, the non-technical summaries of the Environmenlal and Social Impact Assessment Studies, and naturertjiodlversity assessments, environmenlal and social management plans, resettlement action plansand stakeholderengagement plans)and provide (orprocure thatthe Promoter provide) them to theBank prompHy on the Bank's request; 39 "I (i) noUfy the Bank of the suspension of payments by the Promoter or of any judicial or administrative proceedings commenced against the Promoter. In each case within 5 (five) days of such event occurring; and (j) notify the Bank promptly ofany audit reports in relation tothe Project carried out bythe Government of Georgia or independent state authorities. 8.2 Information concernino the Borrower and the Promoter The Borrower shall or shall ensure that the Promoter shall: (a) if so requested, deliver to the Bank the audited project accounts and auditor's reports In the English language orwith English translation within 6 (six) months from theend of (b) such further information, evidence or document concerning: each fiscal year; and (i) its general financial situation or such certificates of compliance with the undertakings of Article 6: (11) the compliance with Ihe due diligence requirements of the Bank, including, but not limited to "know your customer" (KYC) or similar identification procedures, when requested and within a reasonable time, as the Bank may deem necessary or may reasonably require to be provided within a reasonable time; and (c) ensure that it maintains procedures andrecords adequate tofully reflect the operations relating to the financing, execution and operation of the Project; (d) inform the Bank immediately of: (i) any material alteration to any laws, statutes, by-laws, memoranda and articles of association with a bearing on the Project after the dale of this Contract; (ii) anyfact which obliges It to prepay anyfinancial indebtedness or any European Union funding; (Hi) any event or decision thatconstitutes or may result in a Prepayment Event; (iv) any intention on the part of the Borrower to grant any Security over any of its assets in favour of a third party; (v) any intention on its part, or on the part ofthe Promoter, to relinquish ownership of any materialcomponent of the Project; (vl) any fact or event that is reasonably likely to prevent the substantial fulfilment of any obligation of the Borrower under this Contract, or any obligation of the Promoter under the relevant Loan Fund Transfer Agreement; (vii) anyEvent ofDefault having occurred or being threatened or anticipated; (viii) any fact or event which results in any Investigations concerning the Integrity of the members of the Promoter's management or administrative body; (ix) to the extent permitted by law, anymaterial litigation, arbitration, administrative proceedings orinvestigation carried outbya court, administration orsimilar public authority, which, to the best of its knowledge and belief, is current, imminent or pending against the Borrower or its controlling entities or members of the Borrower's management bodies in connection with ProhibitedConduct related to the Loan or the Project; (x) any fact or event which results in the Borrovi«r or the Promoter, or any Relevant Person in respect of the Borrower or the Promoter, or any of their controlling entities being a Sanctioned Person; (xi) any measure taken by the Borrower pursuant toArttale 6.10 ofthis Contract; 40 Ill (xil) any litigalion, arbitration or administrative proceedings or investigation w/hlch Is current, threatened or pending and which might ifadverselydetermined result in a Material Adverse Change; and (xlii) the due ratification of this Contract by the Parliament ofGeorgia in accordance with the laws of Georgia. 8.3 Visits. Right of Access and Investigation (a) The Borrower shall, and shall procure that In the Loan Fund Transfer Agreement the Promoter shall, allow persons designated by the Bank, as well as persons designated by competent EU institutions including (without limitation) the Court of Auditors of the European Communities, the European Commission and the European Anti-Fraud Office to; (I) visit the sites, installations and vwjrks comprising the Project and to conduct such checks as Ihey may wish for purposes connected with this Contract and the financing of the Project, (ii) (ill) interview representatives of the Borrower and the Promoter, and not obstruct contacts with anyother person Involved in oraffected bythe Project; and review the Borrower's and/or the Promoter's books and records in relation to the execution ofthe Project and tobeable totake copies ofrelated documents tothe extent permitted by the law. (b) The Borrower shall, and shall procure that in the Loan Fund Transfer Agreement the Promoter undertakes lo,facilitate investigations bythe Bank and byothercompetent European Union institutions or bodies in connection with any alleged or suspected occurrence ofa Prohibited Conduct andshall provide theBank, orensure that theBank (c) is provided, with all necessary assistance for the purposes described in this Article. The Borrower acknowledges that the Bank may beobliged to communicate Information relating lo the Borrower and the Projecl to any competent institution or body of the European Union in accordance with the relevant mandatory provisions of European Union law. ARTICLE 9 Charges and expenses 9.1 Taxes, duties and fees The Borower shall pay all Taxes, duties, fees and other impositions of whatsoever nature, includir^g stamp duty and registration fees, arising out ofthe execution or Implementation of this Contract or any related document and in the creation, perfection, registration or enforcementof any Securityforthe Loanto the extentapplicable. The Borrower shall pay all principal, interest, indemnities and other amounts due under ^is Contract gross without any withholding or deduction of any national or local impositions whatsoever required bylaw orunder an agreement with a governmental authority orothen^vise. If the Borrower is obliged to make any such withholding or deduction, it shall gross up the payment to the Bank so that after withholding or deduction, the net amount received by the Bank is equivalent to the sum due. 9.2 Other charges The Borrower shall bear all charges and expenses, including professional, banking or exchange charges incurred in connection with the preparation. exec^Jtion, implementation, enforcement and termination of this Contract or any related document, any amendment, supplement or waiver in respect of this Contract or any related document, and In the amendment, creation, management, enforcement and realisation ofany security for the Loan. 41 c. 9*3 increased costs, indemnity and 8el»Qff (a) The Borrower shall pay to the Barik any costs orexpenses Incurred or suffered by the Bank as a consequence of the in^duction of or any change In (or in the Interpretation, administration or application oO any law or regulation or compiiance with any law or regulation which occurs after the date ofsignature of this Contract, in accordance with or as a result of which; (i) the Bank Is obliged to incur additional costs In order to fund or perform its obligations under this Contract, or (ii) any amount owed to the Bank under this Contract or the financial income resulting from the granting of the Credit or the Loanby the Bank to the Borrower is reduced or eliminated. (b) Without prejudice to any other rights of the Bank under this Contract or under any applicable law, the Borrower shall indemnify and hold the Bank harmless from and against any loss incurred as a result ofany full or partial discharge that lakes place in a manner other than as expressly set out in this Contract. (c) The Bank mayset offany matured obligation due from theBorrower underthis Contract (to the extent beneficially owned by the Bank) against any obligation {whether or not matured) owed by the Bank to the Borrower regardless ofthe place of payment, booking branch or currency ofeither obligation. If the obligations are in different currencies, the Bank mayconvert either obligation at a market rate ofexchange in its usual course of business for the purpose of the set-off. If either obligation is unliquidated or unascertained, the Bank mayset offinan amount estimated byItingoodfaith to be the amount of that obligation. ARUCLE10 Events of Default 10.1 Right to demand repayment The Borrower shall repay all or part of the Loan Outstanding (as requested by the Bank) forthwth. together with accrued Interest and all other accrued oroutstanding amounts under this Contract, upon written demand being made by the Bank in accordance with the following provisions, 10.1.A immediate demand The Bank may make such demand immediately without prk)r notice (m»e en demeure prealable) or any judicial or extra judicial step: (a) tf the Borrower does not pay on the due date any amount payable pursuant to this Contract atthe place and in the currency in which it Is expressed lo be payable, unless: (i) its failure to pay iscaused by an administrative ortechnical error or a Disruption Event; and {ii) (b) payment is made within 3 (three) Business Days ofitsdue date; if any Information or document given to the Bank by or on behalf of the Borrower or any representation, wan-anty orstatement made ordeemed to bemade by the Borrower In, pursuant to or for the purposes of entering Into thisContract or in connection with the negotiation or performance of this Contract Is or proves to have been Incorrect Incomplete or misleading in any material respect; 42 <c) If, following anydefault ofth© Borrower In relation to anyloan, orany obligation arising out of any rinanclal transaction, other than the Loan: (I) the Borrower Is required orIs capable ofbeing required orwtll, following expiry of any applicable contracbjai grace period, be required or be capable of being required toprepay, discharge, close out orterminate ahead ofmaturity such other loan or obligation; or (II) any financial commitment for such other loan or obligation Is cancelled or suspended. (d) if the Borrower is unable to pay its debts as they fait due. or suspends its debts, or makes or seeks to make a composition with its creditors; (e) ifany legal proceedings or other procedure or step is taken In relationto the suspension of payments, a moratorium of any indebtedness, dissolution, administration or reorganisation (by way of voluntary airangement or otherwise), including In particular without limitation to bankruptcy{faillitB), suspension of payments {sursis de paiemenC) arrangement with creditors {concordat pr^ventif de la faillite) and judicial llquidallon {liquidation judiciaire) proceedings or any analogous procedure or step is taken under any applicable law in any jurisdiction or an order is made or an effective resolution is passed for the winding up of the Promoter, or if the Promoter Is declared Insolvent or ceases or resolves to cease to carry on the whole or any substantial part of its business or activities, or any situation similar to any of the above occurs under any applicable law; (0 (g) if an encumbrancer takes possession of, or a receiver, liquidator, administrator, administrative receiver or similar officer is appointed, whether by a court of competent jurisdiction or by any competent administrative authority or by any person, of or over, any part of the assets of the Promoter or any propertyforming part of the Project; ifthe Borrowerdefaults In the performance of any of its obligationsunder the WB Loan Agreement: (h) if the Borrower defaults inthe performance ofany obligation innsspect ofany other loan made to Itfrom the resources of the Bank or the European Union or fjr\anclal instrument entered into with the Bank: (i) (j) If any expropriation, attachment, arrestment. distress, execution, sequestration or other process Is leviedor enforced upon the propertyof the Borrower or any propertyfomiing part of the Project and is not discharged or stayed within 14 (fourteen) days; if a Material Adverse Change occurs, as compared with the Borrower's condition at the date of this Contract; or (k) ifit is or becomes unlawful for the Borrower lo perform any of its obligations under this Contract or this Contract is not effective In accordance with its terms or Is alleged by the Borrower to be ineffective in accordance with its terms; (!) if anyevent occurs which is likely to jeopardise the servicing of all or partofany Tranche or adversely affect any security therefore; (m) if any obligation assumed by the Borrower as staled in the Framework Agreement ceases to bo fulfilled as regards any loan made to any trorrower In the Borrower's territory from the resources of the Bank, or the European Union; (n) if the Promoterdefault inthe performance ofany of its obligations under the Subsidiary Agreement; or (0) if the conditions for cover under the EU Guarantee are not fulfilled or if the EU Guarantee ceases to be valid, effective or enforceable In accordance with its terms. 43 Ml 10.1.B Demand after notice to remedy The Bank may also make such demand without prior notice (mlse en demeure pr^alabh) or any judicial or extra judicialstep (without prejudice to any notice referred to below): (a) if the Borrower fails to comply with any provision of this Contract (other than those referred to in Article lO.l.A; or (b) ifany fact related lo the Bon-ower or the Project slated In the Recitals materially alters and is not materially restored and If the alteration either prejudices the interests of (he Bank as lender to the Bonrower or adversely 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 wnthin a reasonable period of time specified In a notice served by the Bank on the Borrower. 10.2 Other rights at taw Article 10.1 shall not restrict any other right of the Bank at law to require prepayment of the Loan Outstanding. 10.3 Indemnity 10.3.A Fixed Rate Tranches in case of demand under Article 10.1 in respect o( any Fixed Rate Tranche, the Borrower shall pay to the Bank the amount demanded together with the indemnity on any amount of principal due lo be prepaid. Such indemnity shall (i) accrue from the due dale for paymentspecified in the Bank's notice of demand and be calculated on the basis that prepayment is effected on the date so specified, and (li) be for the amount communicated by the Bank to the Borrower as the present value (calculated as of the dale of ihe prepayment) of the excess, ifany, of: (a) the interest that would accrue thereafteron the amount prepaid over the period from the date of prepayment to the Maturity Date, Ifit were not prepaid: over (b) the Interest that would so accrue over that period, if it were calculated at the Redeployment Rale, less 0.19% (nineteen basis points). The said present valueshall be calculated at a discount rate equal to the Redeployment Rale, applied as of each relevant Payment Date of the applicable Tranche. 10.3.B Floating Rate Tranches In case of demand under Article 10.1 in rcspoci of any Floating Rale Tranche, the Borrower shall pay to Ihe Bank the amount demanded together wilh a sum equal to the present value of O.T 9% (nineteen basis points) per annum calculated and accruing on the amount of principal due lo 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 applicable 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. 10.3.C General Amounts due by the Borrower pursuant to this Article 10.3 shall be payable on the date specified in the Bank's demand. 10.4 NoH'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 rights and remedies provided in this Contract are cumulative and not exclusive of any rights or remedies provided by law. 44 ARTICLE 11 Law and dispute resolution, miscellaneous 11.1 Governing Law This Contract and any non-contractual obligations arising out of or In connection with It shall be governed by Luxembourg law. 11.2 Dispute Resolution (a) This /^icle 11.2 shall be governed by Dutch law. (b) Any dispute, claim, difference or controversy arising out of, relating to or having any connection with this Contract, including any dispute as to its existence, validity, interpretation, performance, breach or termination or the consequences of its nullity and any dispute relating to any non-contractual obligations arising out of or In connection with it (for the purpose ofthis Article, a Dispute}, shall be referred to and finally resolved by arbitration under the UNCITRAL Arbitration Rules (forthe purpose of this Article, the Rules). (c) The Rules are incorporated by reference into this Article and capitalised terms used in this Article which are not othenMse defined in this Contract have the meaning given to them in the Rules. (d) The appointing authority shall be the International Chamber of Commerce. (e) The number of arbitrators shall be three. The arbilrtitors nominated by the parties shall jointlynominate the third arbitrator who will act as president of the arbitral tribunal. (f) The seat or legal place of arbitration shall be The Hague, the Netherlands. (g) The language used in the arbitral proceedings shall be English. All documents submitted in connection with the proceedings shall be in the English language, or. if in another language, accompanied by an English translation. The arbitral tribunal shall be guided by the IBA Rules on the Taking of Evidence in (h) International Arbitration as current at the date of the commencement of the arbitration. (i) The party or parties initiating recourse lo arbitration pursuant to this Article shall communicate a notice of arbitration to the other party or parlies to the arbitration at the address given for the sending of notices under this Conlract in Article 12.1 (Notices) and in a manner provided for In that Article. The party or parties Initialing recourse to arbitration shall ensure that the form and content ofsuch notice of arbitration complies with the requirements set out in Article 3 of the Rules. (j) The parties undertake to keep confidential all awards in their arbilratton. logettier wllh all materials in the proceedings created for the purpose of the arbitration and all other documents produced by another party in the proceedings not othenwise in the public domain, save and to the extentthat disclosure may be required of a partybylegalduty, lo protect or pursue a legal right to enforce an av/ard in legal proceedings before a court or other judicial authority. (k) Each party waives any objection, on the basis that a Dispute has been resolved in a manner contemplated in this Article 11.2, to the validity and/or enforcement of any arbitral award made by an arbitral tribunal following the Dispute being resolved in that manner. (I) For Uie avoidance of doubl, where an arbitral tribunal is appointed under this Contract, the whole of its award is deemed for the purposes of the New York Convention on the Recognition and Enforcement of Arbitral Awards 1958 to be contemplated by this Contract. (m) Nothing in this Article 11.2 shall interfere with, override or otherwise erode the Bank's privileges and immunliles as set out in the EU treaties Including, without limitation, the Inviolability ofits archives and Ihe Bankexpresslyreserved its rights in this regard. 45 S (n) Any final award of the arbitral tribunal shall be binding from the day it is made, and the parties hereby waive any right of appeal on the law and/or the merits to any court. Notwithstanding the UNCITRAL Arbitration Rules, the arbib^al tribunal shall not take or provide and the Borrower shall not seek from any judicial authority, any interim (o) The Borrower shall abide by and carry out any such award in its territory without delay. (p) In case of failure by the Borrower to comply with its obligation In the preceding paragraph within 3 (three) months from the date of the award, then, to the extent that the Borrower may in any Jurisdiction claim for itself or its assets immunity from suit, enforcement, attachment or other legal process, the Borrower hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity to the full extent permitted by the laws of such jurisdiction. For the avoidance of doubt, such waiver of immunity shall not extend to any assets of the Borrower which are exempt from enforcement under any applicable law or regulation, including (i) present or future "premises of a mission* Including any bank accounts as defined in the Vienna Convention on Diplomatic Relations signed in 1961, "consular premises' including any bank accounts as defined In the Vienna Convention on Consular Relations signed in 1963 or otherwise used by a diplomat or consular mission of Georgia or any agency or measures or pre-avtrard relief against the Bank. instrumentality thereof (except as may be necessary to effect service of process); (ii) property of a military character or under the control of a military authority or defence agency; (iii) property located in Georgia and exempt from enforcement on the basis of the Law of Georgia on Enforcement Proceedings or any other applicable legal norm. 11.3 Placa of performance Unless otherwiso specifically agreed by the Bank in writing, the place of performance under this Contract shall be the seat of the Bank. 11.4 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. 11.5 Entire Agreement This Contract constitutes the entire agreement between the Bank and the Botrower in relation to the provision of the Credit hereunder, and supersedes any prevkius agreement, whether express or implied, on the same matter. 11.6 InvalidUv If at any time any term of this Contract is or becomes illegal, invalid or unenforceable in any respect, or this Contract is or becomes ineffective in any respect, under the laws of any jurisdiction, such illegality, Invalidity, unenforceability or ineffectiveness shall not affect: 11.7 (a) the legality, validity or enforceability in that jurisdiction of any other term of this Contract or the effectiveness In any other respect of this Contract in ^at jurisdiction; or (b) the legality, validityor enforceability In other jurisdictions of that or any other term of this Contract or the effectiveness of this Contract under the laws of such other jurisdictions. Amendments Any amendment to this Contract shall be made in writing and shall be signed by the parties hereto. Any amendment to this Contract is conditional upon and shall become effective only following the Bank's acceptance of the evidence establishing that such amendment to this Contract has been duly ratified by the Georgian Parliament. Any amendment to 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 the relevant amendment to this 46 "I Contract becomes effective, and such letter shall be conclusive e\^denc6 that such amendment to 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 the relevant amendment under this ContracI. 11.8 Counterparts This Conlract may be executed in any number of counterparts, 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 ARTICLE 12 Final clauses 12.1 Notices 12.1.A Form of Notice (a) Any notice or other communication given under this ContracI must be in writing and, unless otherwise stated, may be made by letter or electronic mail. (b) (c) (d) 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) on the date of delivery in relation to a hand-delivered or registered letter; (li) in the case of any electronic mail only when such electronic mail is actually received In readable fomi and only If It is addressed in such a manner as the other Party shall specify for this purpose. Any notice provided by the Borrower to the Bank by electronic mail shall: (i) mention the ContracI Number in the subject line; and (II) be in the form of a non-editable electronic Image (PDF, TIF or other common non editable Hie 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. Notices issued by the Bon'ower pursuant to any provision of this Contract shall, where required by the Bank, be delivered to the Sank together with satisfactory evidence of the authority of the person or persons authorised to sign such nottee on behalf of the Borrower and the authenticated specimen signature of such person or persons. (e) (f) 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: (1) Disbursemeni Acceptance; (ii) any notices and communication In respect of the deferment, cancellation and suspension of a disbursement of any Tranche, Market Disruption Event, Prepayment Request, Prepayment Notice, Event of Default, any demand for prepayment; and (iii) any other notice, communication or document required by the Bank. The Parties agree that any above communication (Induding via electronic mail) is an accepted form of communication, shall constitute admissible evidence in court and shall have the same evidential value as an agreement under hand. 47 <^7 HI 12.1.B Addresses The address and electronic mall address (and the department 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: OPS NO 3 100 boulevard Konrad Adenauer L-2950 Luxembourg E-mail address: opS'nc3-Droiects@eib.orQ For the Borrower Attention: Public Debt Management Department Ministry of Finance of Georgia 16. Gorgasali street 0114 Tbilisi Georgia E-mail address: Dublicdebt@mof.Qe With a copy to Attention; Open Net NNLE Jano Bagralioni Str. 6,Floor 7 0160 Tbilisi Georgia E-mail address: ofyice@ooennet.Qe 12.1.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. 12.2 12.3 English language (a) Any notice or communication given under or in connection vk^ith 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 will prevail. Effectiveness of this Contract This Contract Is conditional upon and shall become effective only following the Bank's acceptance of the evidence establishing that this Contract has been duly ratified by the Georgian Parliament. This Contractshall not become effective until the Bank sends the Borrower a letterconfirming its acceptance of the above mentioned evidence and providing the date that this ContracI 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 timeas 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. If the Date of Effectiveness has not occurred prior to the date 12 months after the date of this Contract, this contract shall terminate 48 Ml (unless such 12 month period is extended by written agreement between the Parlies) and 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. 12.4 Recitals. Schodutes and Annexes The Recitals and following Schedules form part of this Contract: Schedule A Project Specification and Reporting Schedule B Definitions of Relevant interbank Rates Schedule C Form ofDisbursement Offer/Acceptance Schedule D Form of Cerliflcale from Borrower The following Annexes are attached hereto: Annex I Authority of Signatory 49 Ml The Parttes have caused this Contract to have '^sed^ executed In 4(four) originals In the English language and Counsel ar>d Hs. . to Initial each page of this Contract on their behalf. At Tbilisi, ttiis -25_fc4 at Luxembourg, this 13 2021; and 2021 Signed for and on behalf of Signed for and on behalf of GEORGIA EUROPEAN INVESTMENT BANK Lasha^hutsishvill Jacopo Lens! Orient Nina Van Doren Minister of Finance Head of Division Head of Division SO Schedulo A Prolect Specification and Rgportina A.I TECHNICAL DESCRIPTION Purpose, Location The project's objective Is to miligate the county's digital divide and concerns the design and construclion of a fibre optic telecommunications backbone network at the regional level in Georgiato connect around 1 000 remote rural settlementswith a population ofaround 500 000 people. The new network will be operated as an open access infrastructure to provide wholesale services only, and will enable retail telecom operators to offer high-speed broadband services to the population In those currently underserved rural areas. Description The OpenNet transmission network will consist ofabout 5 000 km offibre oplic infrastructure that will reach around 1 000 settlements that are not covered by the existing high-capacity backbones belonging totheprivate operators duetolack ofcommercial viability In theabsence of public support. The network will Include newly built segments and where suitable existing Infrastructure exists; It will reuse that Infrastructure through leasing of capacity, purchase of Indefeasible rights of use {IRUs), or simple recurring maintenance fees. The passive network will consistof two layers: Core network, which will connect all the core and aggregation nodes and the fibredistributionnetwork, which will connect the access nodes (each of the 1 000 settlements) to the aggregation nodes. The active network will be built based on a DWDM (Dense Wavelength Division Multiplex) backbone, which will consist of several rings to provide the required level of redundancy to avoid loss of service in case of cable cuts. With respect to the IP network, it will be based on on IP core routers (generally collocated with the DWDM nodes) and the aggregation routers, which will be connected to different core routers. In total around 50 aggregation nodes are expected, where IP/MPLS and DWDM (where required) equipment will be installed. The network wilt be built based on the high-level design developed bythe Promoter and the Network Design Consultant. In addition to the passive and active components, the project scope will also include the required support systems for the Open Net technical andcommercial operations. Calendar The project is planned to be Implemented during calendar years 2021 to 2025. 51 Ml A.2 PROJECT IMFQRMATION TO Bg SENTTO THE BANK AND METHOD OF TRANSMISSION 1. Dispatch of Information: designation of the person responsible The information below has to be sent to the Bank under the responsibility of; Contact person Financial Contact OoenNetNNLE Ms. Mariam Sulaberidze Technical Contact Open Net NNLE Mr. Alexandra Tsereleli Title Director Log-In Companv Georgia Project Manager Function / Department Director Manager Jano Bagrationistreet 6, 7"" Floor, Jano Bagrationi street 6, 7"* 0160 Tbilisi. Georafa Floor. 0160 Tbilisi. Georgia +995 591 015757 financial and technical Address Phone ' Fax ! Email +995 599 545048 N/A msulaberidze@.opennet.Qe N/A atsereieii^-OPennelQe The above-mentioned contactperson(s) !s (are)theresponsible contact(s) for the lime being. The Borrower shall Inform the ElB Immediately in case of any change. 2. Information on the proiecl's implementation The Borrower shall, or shall ensure that the Promoter shall deliver to Ihe Bank the following Information on project progress during Implementation at the latest by the deadline indicated below. Document / Information Deadline Frequency of reporting Project Progress Report (PPR): 30 April of Annual (in 2022. 2023. - A brief update on the Technical Description and high-level design(tobe provided to the Bank as per 1.4.B (i)}, explaining the reasons forslgni^cant changes vs. initial scope: Update on the progress of the implementation of each of the main project components indicated in the high-level design, and theirexpected date of completion, explaining reasons for every year. for the PPR of the previous calendar year. 2024 and 2025) any possible delay; Update on the cost of the project, explaining reasons forany possible cost variations vs. initialbudgeted cost: A description of any major issue with impact on the environment and/or social impact: Update of the procurement plan; Update on the project's demandor usage (details about the signed wholesale agreements with operators, volume of sales, etc.) and comments; • Any significant issuethathasoccurred andanyslgniftcant risk that may affect Ihe project's operation; Any legal action concerning the project that may be on-going; Update on the Monitoring Indicatorslisted in section 5 below; Non-confidential project-related pictures, if available. 52 Ml 3. Information on the end of vrarks and first year of operation The Borrower shall, or shall ensure that the Promoter shall deliver to the Bank the following information on project completion and Initial operation at the latest by the deadline indicated below. Document I information Date of delivery Project Completion Report, including; - A final Technical Description and high-level design of Ihe project as completed, explaining the reasons for any significant change compared to the Technical Description In A.1. including the high-level design provided to the Bank as per 1.4.B (1); The date of completion of each of the main project components indicated in the high-level design, explaining reasons for any possible 30-4-2026 to the Bank delay; • The final cost of the project, explaining reasons for any possible cost variations vs. initial budgeted cost; Employment effects of the project: estimated person-days required during implementation as well as permanent newJobs created; A description of any major issue with impact on the environment or social Impacts and general explanation of environmental and social positive impacts thanks to the project; Update on procurement procedures and explanation of deviations from the procurement plan; - Update on the project's demand or usage and comments; 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 on going; An update on the Monitoring Indicators listed in section 6 below; Non-confidential project-related pictures, if available. The financing for this project benefits from an EU guarantee to the Bank under DECISION No 466/2014/EU of the European Parliament and of the Council. Pursuant lo Article 9 (2) of this Decision, the Bank "shall require the project promoters to carry out thorough monitoring during project Implementation until completion. Inter alia, on the economic, development, social, environmental and human rights impact of the investment project. The EiB shall verify on a regular basis the information provided by the project promoters and make it publicly available if the projecl promoter agrees. Where possible, project completion reports related to EIB financing operations shall be published excluding confidential information," Accordingly, and without prejudice to the Bank's obligation to make publicly available any projectrelated environmontol information under Aarhus Convention, the Bank shall make publicly available ail information provided by the Borrower in the Project Progress Reports and Project Completion Report provided that such information is expressly marked by the Borrower as "for publication on Ihe EIB website'. Alternatively, the Borrower may also decide lo publish this Information on its own website and provide the EIB with the corresponding link (URL) which will be used as a source for EIB publication. The EIB will not take any responsibility for the content of such information made public on its website. Documents marked as 'for publication on the EiB website' will be published as received and will not be edited by the EIB. Only functioning URLs that link to the relevant project-related information will be published by the EIB. 53 4. Information reoulred 3 years after the Project Completion Report. The Borrower shall, or shall ensure that the Promoter shall deliver to Ih© Bank the following InformaUon 3 years after the project completion report ai the latest by the deadline Indicated below. Document / information Date of delivery Update on the Monitoring Indicator listed in section 5 below. to the Bank 30-4-2029 Language of reports 5. English Monitorino Indicators. in alignment vHth World Bank's indicators (baseline refers to eoy 2020 and end target to eoy 2025): Koicct Dtwlopment ObI«dM PK ln<iicatorN9m« MMiiA* iMTtrftI b<a*u«<3MMuWb(Mdteml rrsfMprwiirdtMlthtmMfiuedtaUnMl^aKU^lUBtMt 9» (rtiowaod}) unpnmt 1 tasm fcwtt lUJ>A4hn urai prior <<brMAartri ki toiWMcM nv«( utllemtftti (^»mnU4;t) »wneO« UM «r 41|^ SMrvof tAlviife:^ ta cnvwoed rartf Ktttcieesei ui»)| Ow i »£» for t{)«^x (lutoan (^cenutC) Shfv etf<*fr>jta m cgnnniad rgr«t unitfr«M» Aitraot tor (pci^pwp0M»(^w«ii^> Uwreet pmam iriOi i*ii>«fr.»fai usi'j t»» nm ! woo CM t»«» >n t»t»cu6 rwal «»«tRcpnnwi« : CndTirget PK Indicaloi Nonie tfort«{cnurpMci kt <9«yi«<tc4 njr i! Hftwama 1S» MAO UUD 20£0 Bascfine fjidTar^cf innnrMi ftf iocofle puvKOfrtmnu^i srwt itf MRWKWriwtfcfiwrprsa n csnnecwd nnJ ttal«(n(ntsu»a( Hmtnttiact fof tP«ranti{>) pwpBas int«fm»(iste R<$utuIn^caton by tomponents (ndkidtor Name PfiC inocttirf MBta cabraadbicMl «9(Ki^fwcakabfb 0<^oi*<! $rout<M»() (nUenvtert) W« of rauSed airamrmmtsQeru «qwprnca«Hut b c«rt^ tt CTgyi tffwftt -licrcanUst] Poopio prcMdcd «3h ttxaa to th»iRtenst (OU, Mmter) d paofja btncfinad fromncw KCis to tntmwttffvie* {Oi.NurrMO Kitfrtei ttrwe- [OKiMjiTtfiM} aso ifiOOM 0«0 9000 900 iOOfitOM ooo 800,000JO 08» tociioeoeo 55 Schedule B Definitions of Relevant Interbank Rates I. Definition of EURiBOR "EURIBOR" means: (a) (b) in respect of a relevant period of less than one monUi, the Screen Rate (as defined below) for a term of one month; 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 interpoiation 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 Uie "Representative Period"). For the purposes of paragraphs (a) to (c) above: (i) "available" means the rates, for given maturities, that are calculated and published by Global Rate Set Systems Ltd (GRSS), or such other sen/ice 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 11:00 a.m., 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 approximateiy 11:00 a.m.. Brussels lime on t^ie Reset Date to prime banks in the euro-zone interbank market for a period equal to the Representative Period. Ifat least 2 (tv/o) 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 ttie euro-zone, selected by the Bank, atapproximately 11:00 a.m., Brussels time, on the day whrch falls 2 (tvsns) Relevant Business Days after the Reset Date, for loans in EUR in a comparable amount lo 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. At! percentages resulting from any calculations refe/red to in this Part I of Schedule B 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 rale will be the rate (inclusive of any spreads or adjustments) formally recommended by (i) the working group on euro risk-free rales 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 (lii) the competent authority responsible under Regulation (EU) 2016/1011 for supervising the European Money Market Institute, as the administrator of the 56 Ml EURIBOR. or (iv) the national competenl authorities designated under Regulalion (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 rale (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. 11. OafinHion of LIBOR LIBOR USD "LIBOR" in respect of USD means, in respect of any relevant period prior to an Interest Re^acement Date (following which Section B below will apply); (a) in respect of a relevant period of less than one month, the Screen Rate 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 (c) in respect of a relevant period of more than one month for which a Screen Rato is not available, the rate resulting from a linear Interpolation by reference to hvo Screen Rates, months; and one of which ts 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; (1) "available" means "calculated and published" under the aegis of the ICE Benchmark Administration Limited (or any successor to that function of the ICE BenchmarK Administration Limited as determined by the Bank) for given maturities; and (ii) "Screen Rate" means the rate of interest for deposits in USD for the relevant period as set by the ICE Benchmark Administration Limited (or any successor to thai function of the ICE Benchmark Administration Limitedas detemiined by the Bank) and released by financial news providers at 11:00 a.m., London time, oral a later time acceptable to the Bank on the day (the "Reset Date") which falls 2 (two) London Business Days prior to to the first day of the relevant period. If. prior to the earlier of: (i) the relevant interest Replacement Date, and (il) the occurence of any Relevant Rate Cessation Event, such Screen Rate is not so released by any financial news provider acceptable to the Bank, the Bank shall request the pnncipal London offices of 4 (four) major banks in the London interbank market, selected by the Bank, to quote the rate at which USD deposits in a comparable amount are offered by each of them at approximately 11:00 a.m., London time, on the Reset Date, to prime banks in the London interbank market for a period equal to the Representative Period. If at least 2 (two) such quotations are provided, the rate will be the arithmetic mean of the quotations provided, if no sufficient quotations are provided as requested, the Bank shall request the principal New York City offices of 4 (four) major banks in the New York City interbank market, selected by the Bank, to quote the rate at which USD deposits in a comparable amount are offered by each of them at approximaloly 11;00 a.m., Now York City time, on the day falling 2 (two) New York Business Days after the Reset Date, to prime banks in the European market for a period ^uai to the Representative Period. If at least 2 (two) such quotations are provided, the rate viall be the arithmetic mean of the quotations provided. The Bank shall infomi the Borrower without delay of the quotations received by the Bank. If no rate is available as provided above, or if such Screen Rate is not so released by any financial news provider acceptable to the Bank and the paragraph above does not apply, LIBOR shall be the Cost of Funds Rate. "London Business Day" means a day on which banks are open for normal business in London and "New York Business Day" means a day on wtiidi banks are open for normal business in New York. All percentages resulting from any calculations referred to in this Section A will be rounded, if necessary, to the nearest one hundred-thousar^th of a percentage point, with halves being rounded up. 58 fl If, prior lo any Relevant Rate Cessation Event, any of the foregoing provisions becomes inconsistent with provisions adopted under the aegis of the ICE Benchmark Administration Limited (or any successor to that function of the ICE Benchmark Administration Limited as determined bythe Bank) inrespectofLIBOR, the Bank may, bynotice tothe Borrower, amend such provision tobring it in line with such other provisions. This sub-paragraph shali not apply to Section B below. RELEVANT RATE (a) With respect to any Relevant Rate, the Bank may (but shali not be required to) at any time deliver a written notice totheBorrower which shall, among olher things andas may be applicable lo a Fixed Rale Tranche or to a Floating Rate Tranche, specify the Replacement Benchmark, Ihe Adjustment Spread(s) in relation toanyrelevant Floating Rate Tranche(s), the relevant Interest Replacement Dat6(s) and/or ihe Conforming Changes, each as defined in Section C below (the"Interest Replacement Notice"). (b) The Borrower shall deliver itsresponse to Ihe Bank in writing no later than 12:00 noon Luxembourg time on the date falling 15 (fifteen) calendar days after the date of the Interest Replacement Notice (the period from the date of the Interest Replacement Notice until such time being the "Acceptance Period"), indicating that it accepts or rejects the terms of the Interest Replacement Notice (or any revised Interest Replacement Notice sent by Ihe Bank to the Bon-ower during the Acceptance Period (as the same may be extended by agreement of the Bank and the Borrower)), where acceptance shall be Indicated by one or more authorised signatories of the Borrower countersigning the relevant Interest Replacement Notice and shali be irrevocable. Notwithstanding any other term of this Contract (including, but not limited to, any provision in the Contract that requires amendments lo the Contract to be made in writing) if the Borrower fails to respond in writing within the Acceptance Period, the Borrower will be deemed to have accepted the Interest ReplacementNotice. (c) ifthe Borrower accepts or is deemed to have accepted (in accordance with paragraph (b) above) the Interest Replacement Notice, witii effect from the relevant interest Replacement Date(s) specified in that Interest Replacement Notice, the provisions contained in the Interest Replacement Notice shall replace the relevant provisions of this Contract and the relevant Disbursement Document in accordance with the terms of the Interest Replacement Notice. (d) If, during the Acceptance Period, the Borrower notifies the Bank in witing thai itrejects Ihe Interest Replacement Notice, and no agreement between the Bank and the Borrower is reached in relation to Ihe terms of the Interest Replacement Notice during the Acceptance Period (as the same may be extended by agreement of the Bank and the Borrower): (i) all disbursements in the currency or currencies (as applicable) of the Relevant Rat© as specified intho Interest Reploccmcnt Notice (with the exception ofFixed Rate Tranches) shall be suspended until ihe Bank and the Borrower agree the terms of the Interest Replacement Notice; (it) in respect of each Floating Rate Tranche in the currency or currencies (as applicable) of the Relevant Rateas specified inthe Interest Replacement Notice, the Cost of Funds Rate shall replace the Relevant Rate refeired to in the Interest Replacement Notice on and from the Interest Replacement Date specified in the Interest Replacement Notice (with the Cost of Funds Rate to be reset on each subsequent Pajonent Date); and (iii) ifthe Borrower submits to the Bank, as part of the aforementioned written notice of rejection, a requestfor conversion ofsuch Floating RaleTranche(s} into Fixed Rate Tranche(s). the Cost of Funds Rate referred to In paragraph (d)(li) above, once applicable, shall apply until; 59 Ml (1) the Bank and ttie Borrower implement Ihe amendments to this Contract and the relevant Disbursement Document requested by the Bank in order to convert such Floating Rate Tranche(s) into Fixed Rate Tranche(s) (and to make any necessary amendments to any other Fixed Rate Tranches); and (2) the Bank and the Borrower agree (by way of a notice in writing) the Fixed Rate and the date from which the Fixed Rate shall apply in respect of sud^ Floating Rate Tranche(s) (the "Fixed Rate Notice"). (e) If,following delivery of an Interest Replacement Notice, the Bank in its discretion and in good faith determines that there are further Conforming Changes required, the Bank may deliver a notice to the Borrower specifying such further Conforming Changes (the "Further Notice"), which shall replace the relevant provisions of Uiis Contract and the relevant Disbursement Document in accordance with the terms of such Further Notice and be binding on all parties to this Contract upon receipt by the Borrower of such Further Notice. (f) Notwithstanding any other term of this Contract (including, but not limited to, any provision in the Contract that regulates the giving of notices or other communication under the Contract), any notice or other communication that may be made by the Bank or the Borrower pursuant to this Schedule B must be in writing and may be made by electronic mail. Such notices and communications shall; (i) be deemed to have been received by the other party in the case of any electronic mail, only when actually received in readable form and only if it is addressed in such a manner as the other party shall specify for this purpose; (ii) be in the form requested by the Bank: and (ill) where required by the Bank, be accompanied with satisfactory evidence of the authority of the person or persons authorised to deliver such notice on behalf of the Borrower and the authenticated specimen signature of such person or persons. The parties agree that any above communication (including via electronic mail) is an accepted form of communication and shall constitute admissible evidence in court. C. DEFINITIONS For tlie purposes of this Schedule B, defined terms have the following meanings: (a) "Adjustment Spread" means the rate adjustment expressed as a percentage rate per annum that reduces or eliminates, to the extent reasonably practicable in the Bank's opinion, any transfer of economic value from one party to another as a result of the application of the Replacement Benchmark, if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the Bank may determine the adjustment on the basis of such designation, nomination or recommendation, taking into account among other things, any prevailing market standards and/or market conditions. (b) "Conforming Changes" means any changes consequential to the Interest Replacement Notice, which shall be determined by the Bank in good faith, such as: (i) aligning any pnavlsions of this Contract and the relevant Disbursement Document to the terms of the Interest Replacement Notice; (ii) enabling that Replacement Benchmark to be used for Uie calculation of interest and relevant indemnities under this Contract (including, without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Contract and the relevant Disbursement Document): (iii) implementing any market conventions for the puipose of the Replacement Benchmark and/or Adjustment Spread(s), ifany (includingany relevant terms for use of screen rates applicable to that Replacement Benchmark): 60 Ml (iv) providing for appropriate fall-back provisions for that Replacement Benchmark; or (v) any other changes that may be required by the Bank to use the Replacement Benchmark and/or the AdjustmentSpread(s) for the purpose of this Contract and Ihe relevant Disbursement Document, taking into account the Bank's position in any of its other asset classes and cun-encies arKl any other technical, administrative or operational changes that the Bank determines may be appropriate to reflect the adoption and Implementation of a Replacement Benchmark and/or the Adjustment Spread(8) to permit administration (hereof in a manner substantially consistent with market practice. (c) 'Cost of Funds Rate" means the rate (expressed as a percentage rate per annum) determined by the Bank to be the all-inclusive cost to the Bank for the funding of the Tranche based upon the then applicable internallygenerated Bank reference rate or an alternative rate determinationmethod reasonably determined by the Bank. (d) "Disbursement Document" means a Disbursement Acceptance or a Disbursement Notice or an Interest Revision/Conversion Proposai, each as may be defined in the Contract and as may be applicable to a Tranche. (e) "Interest Replacemenl Dale" means the dal8(s) specified as such in the Interest Replacement Notice. For the avoidance of doubt, an Interest Replacement Notice may specify more than one such dale in respect of different Tranches or provisions of this Contract. (f) 'Quoted Tenor" means any period for whichthe Relevant Rate is customarily displayed on the relevant page or saeen of an information sen/ice. (g) "Relevant Nominating Bod/' means any central bank, regulator or other supervisory authorityor a group of them or any working group or committee sponsored or chaired by. or constituted at the request of. any of them that is relevant for the Relevant Rate. (h) "Relevant Rate" means LIBOR In respect of USD. (I) "Relevant Rate Cessation Event" means, In relation to any Relevant Rate, the occurrence of any of tfie following events: (i) the date on which the relevant Screen Rale ceases to be published or otherwise becomes unavailable; and (ii) the date on which the relevant Screen Rate for the relevant Quoted Tenor ceases to be published or olhenvise becomes unavailable; and (ill) the dale on which the relevant Screen Rate for the relevant Quoted Tenor ceases to be representative of the underlying market and the economic reality that it Is intended to measure (as determined by the supervisor of the administrator of such Screen Rate). (j) "Replacement Benchmark" means a rate or methodology determined by the Bank at Its discretion, acting in a commercially reasonable manner, as a successor to the Relevant Rate. The Bank may, but will not be obliged to. retain the rate formally designated, nominated or recommended as the replacement for a Relevant Rate by: (1) the administrator of the Relevant Rate; or (ii) any Relevant Nominating Body. 61 Ill Schodule C Form of Disbursement Offer/Acceplance (Articles 1.2.B and 1.2.C.) To: Georgia From; European Investment Bank Date: Subject: Disbursement Offer/Acceptance for the Finance Contract between European Investment Bank and Georgia dated (•] (the "Finance Contract") Projectname: Rural fibre netv/ork Georgia Contract Number: 92.411 Operation Number: 2020-0408 Dear Sirs, We refer to the Finance Contract. Terms defined In the Finance Contract have the same meaning when used in this letter. Following your request for a Disbursement Offer from the Bank, In accordance with Article 1.2.8 of the Finarwe Contract, we hereby offer to make available to you the following Tranche: (a) Currency and amount to be disbursedand its EUR equivalent; (b) Scheduled Disbursement Date: (c) Interest rate basis; (d) Interest payment periodicity: (e) Payment Dates; (f) Terms for repayment of principal; (g) The Repayment Dates and ttie first and the lastRepayment Date for theTranche: (h) The Fixed Rale or Spread, 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 signed on your behalf, to the following e-mail [ ) no later than the Disbursement Acceptance Deadline of (time] Luxembourg time on [date]. The Disbursement Acceptance below must t)e signed by an Authorised Signatory and must be fully completed as indicated, to Indude thedetails ofthe Disbursement Account. If not duly accepted by the above stated time, the offer contained In thisdocument shall be deemed lo tnave been refused and shall automatically lapse. If you doaccept theTranche as described in Ihis Disbursement Offer, all the related terms and conditions of the Finance Contract shall apply, in particular, the provisions of /Utlcle 1.4. Yours faithfully. EUROPEAN INVESTMENT BANK We hereby accept the above Disbursement Offer forand on behalf of the Borrower: Date: 62 ^"7 HI IMPORTANT NOTICE TOTHE BORROWER: —- BY SIGNING BELOW YOU CONFIRM THAT THE LIST OF AUTHORISED SIGNATORIES AND ACCOUNTS PROVIDED TO THE BANK WAS DULY UPDATED PRIOR TO THE PRESENTATION OF THE ABOVE DISBURSEMENT OFFER BY THE BANK. IN THE EVENT THAT ANY SIGNATORIES OR ACCOUNTS APPEARING IN THIS DISBURSEMENT ACCEPTANCE ARE NOTINCLUDED IN THELATEST LIST OF AUTHORISED SIGNATORIES AND ACCOUNTS {AS DISBURSEMENT ACCOUNT) RECEIVED BY THE BANK. THE ABOVE DISBURSEMENT OFFER SHALL BE DEEMED AS NOT HAVING BEEN MADE. OlsbursonentAccount (as defined in(he FinanceContra<^) U> be cfsdited; Oisbufsemenl Account N* Disbursement Account HcMer/Benefjclsry;. (please, provifle IBAN format If Ihecountry Is Ir>cluded inIBAN Registry published bySWIFT, otherwise anappropriate formatIntinewiththe local bankingpracticeshould be (vovided) Bank name artd address: Sank identification code ^IC): Payment details to be provided: Please transmit infomiatlon relevant to: Name(s} of the 6orrovi«r's Authorised StgrutoryCles) (as defined in (he FinanceOonlract): Sl9natufe(s} oftheBonower's Authorised Signatory(ies} (as ddlned in ttie Finance Contract): 63 III Schodute D Form of Certificate from Borrower fArttcle 1.4,C> To: European Investment Bank From: Georgia Date: Subject: Certificate for the Finance Contract between European Investment Bank and Georgia dated[•] (the "Finance Contract") Project Name: Rural Fibre Network Georgia Contract Number: 92.411 Operation Numt>ert 2020-0408 Dear Sirs, Terms defined in the Finance Contract havethesame meaning when used in Ihis letter. For the purposes of Article 1.4 of the Finance Contract we hereby certify to you as follows: (a) no Security ofthe type prohibited under Arlfcle 7.1 has been created oris in existence; (b) there has been no material change to any aspect ofthe Project or in respect ofwhidi (c) we are obliged to report under Article 8.1,save as prevwusty communicated by us; we have sufficient funds available to ensure the timely completion and implementation of the Project in accordance with Schedule A.I; (d) (e) no event orcircumstance which constitutes orwould wilh the passage oftime or giving of notice under the Finance Contract constitute a Prepayment Event or an Event of Default has occurred and is continuing unremedied or unwaived; no litigation, arbitration administrative proceedings or investigation is current or to our knowledge is threatened or pending before anycourt, arbitral body or agency vi'hich has resulted or If adverselydetermined is reasonably likely to result In a Material Adverse Change, nor is there subsisting against us or any of our subsidiaries any unsatisfied judgement or award; (f) the representations and warranties to be madeor repeated byus under Article 6.11 are tme in all respects; (g) no Material Adverse Change has occurred, as compared with thesituation at the date of the Finance Contract, and (h> the most recent List ofAuthorised Signatories and Accounts provided to the Bank by the Borrower is up-to-date and the Bank mayrely on the information set out therein. We undertake to immediately notify the Bank ff any the above fails to be true or correct as of the Disbursement Date for the proposed Tranche. Yours faithfully. For and on behalf of Georgia Date: