„საფრანგეთის განვითარების სააგენტოსა (გამსესხებელი) და საქართველოს (მსესხებელი) შორის საკრედიტო შეთანხმება“

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AFD AGREEMENT N" CGE 1044 01 C CREDIT FACILITY AGREEMENT dated as of 28"* of January 2022 between AGENCE FRANCAISE DE DEVELOPPEMENT The Lender and GEORGIA The Borrower % TABLE OF CONTENTS 1. 2. 3. 4. 5. 6. DEFINITIONS AND INTERPRETATION 6 1.1 Definitions 6 1.2 Interpretation 6 FACILITY, PURPOSE AND CONDITIONS OF UTILISATION 6 2.1 2.2 2.3 2.4 6 6 6 6 Facility Purpose Absence of Liability Conditions precedent DRAWDOWN OF FUNDS 7 3.1 Drawdown amounts 7 3.2 3.3 3.4 Drawdown request Payment completion Payment mechanics 7 7 7 3.5 Deadline for Drawdown of the Funds 7 INTEREST ^ 4.1 Interest Rale 8 4.2 Calculation and payment ofinterest 9 4.3 Late payment and default interest 10 4.4 4.5 Communication of Interest Rates Effective Global Rate (Taux EffectifGlobal) 10 10 CHANGE TO THECALCULATION OF INTEREST H 5.1 5.2 1^ 11 Market Disruption Replacement ofScreen Rate FEES 6.1 Commitment Fees 13 6.2 Appraisal Fee 1^ 7. REPAYMENT 8. PREPAYMENT AND CANCELLATION 13 8.1 8.2 8.3 8.4 Voluntary prepayment Mandatory prepayment Cancellation by the Borrower Cancellation by the Lender 13 1^ 14 14 8.5 Restrictions 9. ADDITIONAL PAYMENT OBLIGATIONS 9.1 Cancellation Indemnity 9.4 9.5 Taxes and duties Additional Costs 9.6 Currency indemnity 9.7 Due dates 9.3 10. Costs and expenses 9.2 Prepayment Indemnity REPRESENTATIONS AND WARRANTIES 10.1 15 1^ 1" 1"^ Power and authority 10.2 Validity and admissibility in evidence 10.3 Binding obligations 18 10.4 10.5 10.6 10.7 10.8 10.9 10.10 10.11 No filing or stamp taxes Transfer of funds No conflict with other obligations Governing law and enforcement Nodefauh No misleading information Pari passu ranking Origin of funds, Acts of Corruption, Fraud and Anti-Competitive Practices 10.12 No Material Adverse Effect U. 12. 13. 14. 15. 16. 18 9 19 19 UNDERTAKINGS 11.1 Compliance with Laws, Regulations and Obligations 19 11.2 Authorisations 20 11.3 11.4 Implementation and Preservation of the Program Environmental and Social Responsibility 20 20 11.5 11.6 11.7 11.8 Pari passu ranking Monitoring missions and Inspections Program evaluation Program Implementation 20 21 21 21 11.9 Origin of funds, no Actsof Corruption, Fraud or Anti-Competitive Practices 21 11.10 Visibility and Communication 22 INFORMATION UNDERTAKINGS 22 12.1 Financial information 22 12.2 12.3 Program implementation Co-Financing 22 22 12.4 Additional Information 22 EVENTS OF DEFAULT 23 13.1 13.2 13.3 23 24 25 Events of Default Acceleration Notification of an Event of Default ADMINISTRATION OF THE FACILITY 25 14.1 Payments 25 14.2 Set-off. 25 14.3 14.4 14.5 14.6 14.7 Business Days Currency of payment Day count convention Place of payment Payment Systems Disruption 25 25 25 26 26 MISCELLANEOUS 27 15.1 Language 27 15.2 Cenitlcations and determinations 27 15.3 Panial invalidity 27 15.4 No Waiver 27 15.5 15.6 15.7 Assignment Legal effect Entire agreement 27 28 28 15.8 Amendments 28 15.9 Confidentiality - Disclosure of information 28 15.10 Limitation 28 15.11 No Hardship 28 NOTICES 28 16.1 28 in writing and addresses 17. 18. 16.2 Delivery 29 16.3 Electronic communications 30 GOVERNING LAW, ENFORCEMENT AND CHOICE OF DOMICILE 30 17.1 Governing Law 30 17.2 Arbitration 30 17.3 Service of process 31 DURATION 31 SCHEDULE 1A- DEFINITIONS 33 SCHEDULE IB - INTERPRETATION 41 SCHEDULE 2 - PROGRAM DESCRIPTION SCHEDULE 3 - POLICY MATRIX - <2 43 SCHEDULE 4- CONDITIONS PRECEDENT 48 SCHEDULE 5A - FORM OF DRAWDOWN REQUEST 50 SCHEDULE 5B - FORM OFCONFIRMATION OF DRAWDOWN AND RATE 52 SCHEDULE 5C- FORM OF RATE CONVERSION REQUEST 54 SCHEDULE 5D- FORM OF RATE CONVERSION CONFIRMATION 55 SCHEDULE 6 - INFORMATION THAT MAY BE PUBLISHED ON THE FRENCH GOVERNMENT WEBSITE AND THE LENDER'S WEBSITE 56 SCHEDULE 6.1 - TRANSACTION INFORMATION NOTICE 57 SCHEDULE 7 - NON-EXHAUSTIVE LIST OF ENVIRONMENTAL AND SOCIAL DOCUMENTS WHICH THE BORROWER PERMITS TO BE DISCLOSED IN CONNECTION WITH ES COMPLAINTS-M.\NAGEMENT MECHANISM'S RULES OF PROCEDURE 58 CREDIT FACILITY AGREEMENT BETWEEN: (1) GEORGIA represented by Mr. Lasha KHUTSISHViLI in his capacity as Minister of Finance ofGeorgia who is duly authorised to sign this Agreement ("Georgia" or the "Borrower"): AND (2) AGENCE FRANCAISE DE DEVELOPPEMENT, a French public entity governed by Frcnch law, with registered office at 5, Rue Roland Barthes. 75598 Paris Cedex 12, France, registered with the Trade and Companies Register of Paris under number 775 665 599, represented by C^cile Couprie, in her capacity as Regional Director for Eurasia of the French Development Agency, duly authorised to sigii this Agreement, ("AFD" or the "Lender"); (hereinafter jointly referred to as the "Parties" and each a "Part)'"); WHEREAS: (A) The Borrower intends to improve governance and institutional capacity in water supply and sanitation sector, including strengthening of urban and rural watersupply and sanitation sector governance and to improve United Water Supply Company of Georgia (UWSCG) governance and management effectiveness and implement the Policy Based Loan Program (the"Program") underthe Sustainable Water Supply and Sanitation SectorDevelopment Program as described further in Schedule 2 {Program Description). (B) The Borrower has requested that the Lender makes a facility available for the purposes of participating in the financing of the second tranche of this Program. (C) Pursuanttoaresolutionn®C20210659oftheCom/Vet/c'.y£:/a/i£//-a?7^erjdated 13 0ciober2021, the Lender has agreed to make the Facility available to the Borrower pursuant to the terms and conditions of this Agreement. THEREFORE THE PARTIES HAVE AGREED AS FOLLOWS: 1. DEFINITIONS AND INTERPRETATION 1.1 Definitions Capitalised words and expressions used in this Agreement (including those appearing in the recitals above and in the Schedules) shall have the meaning given to them in Schedule 1A (Definitions), except as otherwise provided in this Agreement. 1.2 Interpretation Words and expressions used in this Agreement shall be construed pursuant to the provisions of Schedude IB {Interpretaiion), unless the contrary intention appears. 2. FACILITY, PURPOSE AND CONDITIONS OF UTILISATION 2.1 Facility Subject to the terms of this Agreement, the Lender makes available to the Borrower a Facility in a maximum aggregate amount of thirty million Euros (EUR 30,000,000). 2.2 Purpose The purpose of the Facility is to finance the Borrower budget intended to itnplement the Program as described in Schedule 2 {Progi-am Description), in accordance with Tranche 2 of the Policy Matrix described in Schedule 3 {Policy Matrix). 2.3 Absence of Liability The Lender shall not be held responsible for the use of any amount borrowed which is not in accordance with the provisions of this Agreement. 2.4 Conditions precedent (a) No later than the Signing Date, the Borrower shall provide to the Lender all of the documents set out in Part 1of Schedule 4 [Conditions Precedent). (b) A Drawdown Request may not be delivered to the Lender unless: (i) the Lender has received all of the documents listed in Part II of Schedule 4 (Conditions Precedent) and has notified the Borrower that such documents are satisfactory in form and substance; (ii) on the date of the Drawdown Request and on the proposed Drawdown Date for the relevant Drawdown, no Payment Systems Disruption Event has occurred and the conditions set out in this Agreement have been fulfilled, including: (1) no Event of Default Is continuing or would result from the proposed Drawdown; (2) No Co-Financier has suspended its payment in relation to the Program; (3) the Drawdown Request has been made in accordancewith the terms of Clause 3.2 (Drawdown request)\ (4) each representation given by the Borrower in relation to Clause 10 {Represenialions and wananlies) is true; 3, DRAWDOWN OF FUNDS 3.1 Drawdown amounts The Facility will be made available to the Borrower during the Availability Period, in one (1) single Drawdown. 3.2 Drawdown request Provided that the conditions set out in Clause 2.4 {Conditionsprecedent) are satisfied, the Borrower may draw on the Facility by delivery to the Lender of a duly completed Drawdown Request. The Drawdown Request shall be delivered by the Borrower to the AFD office Directorat the address specified in Clause 16.1 {In writingand addresses). The Drawdown Request is irrevocable and will be regarded as having been duly completed if; (a) the Drawdown Request issubstantially in the form set out in Schedule 5A {Form ofDrawdownRequest); (b> the Drawdown Request is received by the Lender at the latest fifteen (15) Business Days prior to the Deadline for Drawdown; (c) the proposed Drawdown Date is a Business Day falling within the Availability Period; (d) the amount of the Drawdown complies witli Clause 3.1 {Drawdown amounts); and (e) all ofthe documents set out in Part 11 ofSchedule 4 (Condilions Precedent) for the purposes of the Drawdown are attached to the Drawdown Request, comply with the abovementioned Schedule and with the requirements of Clause 3.4 {Payment mechanics), and are in form and substance satisfactory tothe Lender. 3.3 Pavment completion Subject to Clause 14.7 {Payment Systems Disruption), ifeach ofthe conditions set out in Clause 2.4(b) {Conditions precedent) ofthis Agreement has been met, the Lender shall make the requested Drawdown available to the Borrower not later than the Drawdown Date. The Lender shall provide the Borrower with a letter of Drawdown confirmation substantially in the form set out in Schedule 5B {Form ofconfirmation ofdrawdown and rate). 3.4 Pavment mechanics The proceeds of the Drawdown shall be paid to the Borrower's Account or any other account which details will be duly notified by the Borrower to the Lender. 3.5 Deadline for Drawdown of the Funds The full drawdown ofthe Facility shall occur atthe latest on the Deadline for Drawdown. !fthe full drawdown does not occur by the above-mentioned date, the Lender may cancel the Facility in accordance with clause 8.4 {Cancellation by the Lender). The Deadline for Drawdown may not be postponed without the prior consent of the Lender. Any postponement of the Deadline for Drawdown will be (i) subject to new financial conditions applicable to Drawdowns ofthe Available Credit and (ii) formalized in writing between the Parties. 4. INTEREST 4.1 Interest Rate 4.1.1 Selection of Interest Rate The Borrower may select afixed Interest Rate or a floating Interest Rate for the Drawdown, which shall apply to the amount set out in the relevant Drawdown Request, by slating the selected Interest Rate, i.e., fixed or floating, in the Drawdown Request delivered to the Lender substantially in the form set out m Schedule 5A {Form ofDrawdown Request), subject to the following conditions: (!) Floating Interest Rale The Borrower may select a floating Interest Rate, which shall be the percentage rate per annum, being the aggregate of: - six-month EURIBOR, or, as the case may be, the Replacement Benchmark plus any Adjustment Margin, as determined in accordance with the provisions of Clause 5{Change to the calculation ofinterest) of the Agreement; and the Margin. Notwithstanding the above, in the case of the first Drawdown, it the first Interest Period is less than one hundred and thirty-five (135) days, the applicable EURIBOR shall be: - one-month EURIBOR. or, as the case may be, the Replacement Benchmark plus any Adjustment Margin, as determined maccordance with the provisions of Clause 5{Change to the calculation ofinterest) ofthe Agreement, if the first Interest Period is less than sixty (60) days; or - three-month EURIBOR, or, as the case may be, the Replacement Benchmark plus any Adjustment Margin, as determined maccordance with the provisions of Clause 5{Change to the calculation ofinterest) of the Agreemern if the first Interest Period is between sixty (60) days and one hundred andthirty-five (135) days. (ii) Fixed Interest Rate Provided that the amount of a requested Drawdown is equal to or greater than three million Euros (EUR 3,000.000), the Borrower may select afixed Interest Rate for such requested Drawdown. The hxed Interest Rate shall be the Fixed Reference Rate increased or decreased by any fluctuaUon of the Index Rate from the Signing Date until the relevant Rate Settmg Date. The Borrower may specify in the Drawdown Request a maximum amount for fixed Interest Rate. If the fixed Interest Rate as calculated on the Rate Setting Date exceeds the maximum amount for fixed Interest Rate specified in the relevant Drawdown Request, such Drawdown Request shall be cancelled and the Drawdown amount specified in the cancelled Drawdown Request shall be credited to the Available Credit. 4.1.2 Minimum Interest Rate The Interest Rate determined in accordance with Clause 4.1.1 (Seleciion of Interest Rale) shall not be less than zero point twenty-five percent (0.25 %) per annum, notwithstanding any decline in the interest Rate. 4.1.3 Conversion from a floating Interest Rate to a fixed Interest Rate (i) Rate Conversion upon the Borrower's request The Borrower may request at any time that the Lender convert the floating Interest Rate applicable to a Drawdown or several Drawdowns to a fixed Interest Rate, provided that the amount of such Drawdown or aggregate amount of Drawdowns (as applicable) is equal to or exceed three million Euros (EUR 3,000,000). To this effect, the Borrower shall send to the Lender a Rate Conversion Request substantially in the form set out in Schedule 5C (Form ofRate Conversion Request). The Borrower may specify in the Rate Conversion Letter a maximum amount for fixed Interest Rate. Ifthe fixed Interest Rate as calculated on the Rate Setting Date exceeds the maximum amount for fixed Interest Rate specified by the Borrower in the Rate Conversion Request, such Rate Conversion Request will be automatically cancelled. The fixed Interest Rate will be effective two (2) Business Days af\er the Rate Setting Date. (ii) Rate Conversion mechanics The fixed Interest Rate applicable to the relevant Drawdown(s) shall be determined inaccordance with Clause 4.1 .i(ii){fixedInterest Rate) above on the Rate Setting Date referred to in subparagraph (i)above. The Lender shall send to the Borrower a letter of confirmation of Rate Conversion substantially in the form set out in Schedule 5D {Form ofRate Conversion Confirmation). A Rate Conversion is final and effected without costs. 4.2 ralculation and payment of interest The Borrower shall pay accrued interest on Drawdown(s) on each Payment Date. The amount ofinterest payable by the Borrower on a relevant Payment Date and for a relevant Interest Period shall be equal to the sum ofany interest owed by the Borrower on the amount ofthe Outstanding Principal in respect of the Drawdown. Interest owed by the Borrower in respect of the Drawdown shall be calculated on the basis of: (i) the Outstanding Principal owed by the Borrower in respect of the relevant Drawdown as at tlie immediately preceding Payment Date or, in the case of the first Interest Period,on the corresponding Drawdown Date; (ii) (iii) the exact number of days which have accrued during the relevant Interest Period on the basis of a three hundred and sixty (360) day year; and the applicable Interest Rate determined in accordance with the provisions of Clause 4.1 {Interest Rate). 4.3 Late payment and default interest (a) Late payment and default interest on all amounts due and unpaid (except for interest) If the Borrower fails to pay any amount payable by it to the Lender under this Agreement (whether a payment of principal, a Prepayment Indemnity, any fees or incidemal expenses of any kind except for any unpaid overdue interest) on its due date, interest shall accrue on the overdue amount, to the extent permitted by law, from the due date up to the date of actual payment (both before and after an arbitral awai'd, if any) at the Interest Rate applicable to the current Interest Period (default interest) increased by three point five percent. (3.5 %) (late-payment interest). No formal prior notice from the Lender shall be necessary. (b) Late payment and default interest on unpaid overdue interest Interest which has not been paid on its due date shall bear interest, to the extent permitted by law, at the Interest Rate applicable to the ongoing Interest Period (default interest), increased by three point five percent (3.5 %) (late-payment interest), to the extent that such Interest has been due and payable for at least one (1) year. No formal prior notice from the Lender shall be necessary. The Borrower shall pay any outstanding interest under this Clause 4.3 {Late payment and default interest) Immediately on demand by the Lender or on each Paymeni Date following the due date for the outstanding payment. (c) 4.4 Receipt of any payment of late payment interest or default interest by the Lender shall neither imply the grant of any payment extension to the Borrower, nor operate as a waiver of any of the Lender's rights hereunder. Communication of Interest Rates The Lender shall promptly notify the Borrower of the determination of each Interest Rate in accordance with this Agreement. 4.5 Effective Global Rate iTaio: Effectif Global) In order to comply with Articles L. 314-1 to L.314-5 and R.314-1 et seq. of the French Consumer Code and L. 313-4 of the French Monetary and Financial Code, the Lender informs the Borrower, and the Borrower accepts, that the effective global rate (tawc effectif global) applicable to the Facility may be valued at an annual rate of one point fourteen percent (1.14 %) on the basis of a three hundred and sixty-five (365) day year and an Interest Period of six (6) months, subject to the following: (a) the above rates are given for information purposes only; (b) the above rates are calculated on the basis that: 10 (c) (i) drawdown of the Facility is in full on the Signing Date; (ii) no Drawdown made available to the Borrower will bear interest on the floating rate; and (iii) the fixed rate for the duration of the facility should be equal to one point zero eight percent (1.08 %) per annum; the above rates rake into account the commissions and costs payable by the Borrower under this Agreement, assuming that such commissions and costs will remain fixed and will apply until the expiry of the term of this Agreement. 5. CHANGE TO THE CALCULATION OF INTEREST 5.1 Market Disruption (a) If a Market Disruption Event affects the interbank market in the Eurozone and it is impossible: (i) for the fixed Interest Rate, to determine the fixed Interest Rate applicable to a Drawdown, or (ii) for the variable interest Rate, to determine the applicable EURIBOR for the relevant Interest Period, the Lender shall inform the Borrower. (b) Upon the occurrence of the event described in paragraph (a) above, the applicable Interest Rate, as the case may be. for the relevant Drawdownor for the relevant Interest Period will be the sum of: (i) the Margin; and (ii) the percentage rate per annum corresponding to the cost to the Lender of funding the relevant Drawdown(s) from whatever source it may reasonably select. Such rate shall be notified to the Borrower as soon as possible and, in any case, prior to (1) the first Payment Date for interest owed under such Drawdown for the fixed Interest Rate or (2) the Payment Date for interest owed under such Interest Period for the variable Interest Rate. 5.2 Replacement of Screen Rate 5.2.1 Definitions "Relevant Nominating Body" means any central bank, regulator, supervisor or working group or committee sponsored or chaired by. or constituted at the request of any of them. "Screen Rate Replacement Event" means any of the following events or series of events: (a) the definition, methodology, formula or meansof determining the Screen Rate has materially changed; (b) a law or regulation is enacted which prohibits the use of the Screen Rate, it being specified, for the avoidance of doubt, that the occurrence of this event shall not constitute a mandatory prepayment event; (c) A the administrator of the Screen Rale or its supervisor publicly announces: " (i) that it has ceased or will cease to provide the Screen Rate permanently or indefinitely, and, at that time, no successor administrator has been publicly nominated to continue to providethat Screen Rate; (ii) that the Screen Rate has ceased or will cease to be published permanently or indefinitely; or (iii) that the Screen Rate may no longer be used (whether now or in the future); (d) a public announcement is made about the bankruptcy of the administrator of that Screen Rate or any other insolvency proceedings against it, and, at that time, no successor administrator has been publicly nominated to continue to provide that Screen Rate; or (e) in the opinion ofthe Lender, the Screen Rate has ceased to be used in aseries of comparable financing transactions. "Screen Rate" means EURIBOR or, following the replacement of this rate by a Replacement Benchmark, the Replacement Benchmark. "Screen Rate Replacement Date" means: with respect to the events referred to in Items a), d) and e) of the above definition ofScreen Rate Replacement Event, the date onwhich the Lender has knowledge of the occurrence of such event, and, with respect to the events referred to in items b) and c) ofthe above definition ofScreen Rate Replacement Event, the date beyond which the use ofthe Screen Rate will be prohibited or the date on which the administrator of the Screen Rate permanently or indefinitely ceases to provide the Screen Rate or the date beyond which the Screen Rate may no longer be used. 5.2.2 Each Party acknowledges and agrees for the benefit ofthe other Party that ifa Screen Rate Replacement Event occurs and in order to preserve the economic balance ofthe Agreement, the Lender may replace the Screen Rate with another rate (the "Replacement Benchmark") which may include an adjustment margin in order to avoid any transfer of economic value between the Parties (if any) (the "Adjustment Margin") and the Lender will determine the date from which the Replacement Benchmark and. ifany. the Adjustment Margin shall replace the Screen Rate and any other amendments to the Agreement required as a result of the replacement of the Screen Rate by the Replacement Benchmark. 5.2.3 The determination of the Replacement Benchmark and the necessary amendments will be made in good faith and taking into account, (i) the recommendations of any Relevant Nominating Body, or (ii) the recommendations ofthe administrator of the Screen Rate, or (iii) the industry solution recommended by professional associations in the banking sector or, (iv) the market practice observed in a series of comparable financing transactions on the replacement date. 5.2.4 In case ofreplacement of the Screen Rate, the Lender will promptly notify the Borrower ofthe replacement terms and conditions to replace the Screen Rate with the Replacement Benchmark, which will be applicable to Interest Periods starting at least two Business Days after the Screen Rate Replacement Date. 5.2.5 The provisions of Clause 5.2 {Rsplacment ofScreen Rate) shall prevail over the provisions ofClause 5.1 {Market Disruption). 12 6. FEES 6.1 rnmmiiment Fees From the Effective Date onwards, the Borrower shall pay to the Lender acommitment fee ofzero point five percent (0.5 %) per annum. The commitment fee shall be computed at the rate specified above on the amount of the Available Credit pro-rated for the actual number ofdays elapsed increased by the amount of any Drawdowns to be made available by the Lender in accordance with any pendmg Drawdown Requests. The first commitmenl fee shall be calculated for the period from (i) the Effective Date or 90 days after the Signing Date (excluded), whichever comes first, "P immediately following Payment Date (included). Subsequent commitment fees sha calculated for periods commencing on the day immediately following aPayment Date (included) and ending on the next Payment Date (included). The accrued commitment fee shall be payable (i) on Availability Period; (ii) on the Payment Date following the last day of the Drawdown Period; and (iii) in the event the Available Credit is cancelled mfull, on the Payment Date following the effective date ofsuch cancellation. 6.2 Appraisal Fee Prior to the Drawdown and no later than ninety (90) calendar days af^er the Signing Date, thl Borrower shall pay to the Lender an appraisal fee of zero point f.ve percent (0.5 %) calculated on the maximum amount ofthe Facility. 7. REPAYMENT ^ II nfthe Grace Period the Borrower shall repay the Lenderthe principal amount o^r^a'dh^rn C SoT:;:;tmi-annual instalments!'due and payable on each Payment Date. The nrst instalment shall be due and payable on 15-'ofMarch 2027 and the last Instalment shall Att fnd 7the Drawd^' pS'the'ulr shall deliver to the Borrower an amonisation schedule in respect ofthe Facility taking into account, ifapplicable, any potential cancellation of the Facility pursuant to Clauses 8.3 (Cmcellalion by the Borrower) and/or 8.4 (Cancellation by the Lender). 8. PREPAYMENT AND CANCELLATION 8.1 Vnhintarv prepaviTient The BoiTOwer shall not be entitled to prepay the whole or any part of the Facility prior to the expiration date of aten (10) years period starting on the Signing Date. As from the date referred to in the previous paragraph the Borrower may prepay the whole or any part of the Facility, subject to the following conditions: the Borrower shall notify the Lender of its intention to prepay by not less than thirty (30) Business Days written and irrevocable notice prior to the contemplat prepayment date; 13 X (b) the amount to be prepaid shall be equal to one or several instalment(s) in principal; (c) (he contemplated prepayment date shall be a Payment Dale; (d) all prepayments shall be made together v^-ith the payment of accrued interest, any fees, indemnities and related costs in connection with the prepaid amount as provided under this Agreement; (e) there is no outstanding amount; and (0 in case ofa part prepayment, the Borrower shall have given evidence,satisfactory to the Lender, that it has sufficient committed funding available for the purpose of financing the Program. On the Payment Date on which the prepayment is made, the Borrower shall pay the full amount of the Prepayment Indemnities due and payable pursuant to Clause 9.3 {Prepayment Indemnify). 8.2 Mandatory prepavment The Borrower shall immediately prepay the whole or partof the Facility upon receipt of a notice from the Lender informing the Borrowerof any of the following events: (a) llletialitv: it becomes unlawful for the Lender pursuant to its applicable law to perform any of its obligations as contemplated by this Agreement or to fund or maintain the Facility; (b) Additional Costs: the amount of any Additional Costs referred to in Clause 9.5 {Addiiional Costs) is significant and the Borrower has refused to pay such Additional Costs; (c) Default: the Lender declares an Event of Default in accordance with Clause 13 {Events ofDefault)-, (d) Prepayment to a Co-Financier: the Borrower prepays whole or part of any amounts owed to a Co-Financier, in which case the Lender shall be entitled to request that the Borrower prepays, as the case may be, the Facility or an amount of the outstanding Facility in proportion with the amount prepaid to the CoFinancier. In the case of each of the events specified in paragraphs (a), (b) and (c) above the Lender reserves the right, after having notified the Borrower in writing, to exercise its rights as a creditor in the manner specified in paragraph (b) of Clause 13.2 {Acceleration). 8.3 Cancellation by the Borrower Prior to the Deadline for Drawdown, the Borrower may cancel the whole or any partof the Available Credit by givingthe Lender a three(3) Business Days' prior notice. Upon receipt of such notice of cancellation, the Lender shall cancel the amount notified by the Borrower. 8.4 Cancellation bv the Lender The Available Credit shall be immediately cancelled upon delivery of a notice to the Borrower which shall be immediately effective, if: 14 (a) the Available Credit is not equal to zero on the Deadline for Drawdown; (b) the first Drawdown has not occurred on the expiry date ofafourteen (14) month period from approval of the Facility by the competent organs of the Lender, as mentioned in paragraph (C) of tiie Recitals; (c) an Event of Default has occurred and is continuing; or (d) an event referred to in Clause 8.2 {Mandatoryprepayment) has occurred; except where, in the case of paragraphs (a) and (b) ofthis Clause 8.4 {CanceUafwH by the Lender), the Lender has proposed to postpone the Deadline for Drawdown or the deadhne for the first Drawdown on the basis of new financial conditions which will apply to any Drawdowns under the Available Credit and tiie Borrower has agreed on the proposition. \.5 Restrictions fa> Any notice of prepayment or cancellation given by aParty pursuant to this Clause 8 this Agreement, any such notice shall specify the date or dates on which the relevant prepayment or cancellation is to be made and the amount of that prepayment or {Frepaymenl and Cancellation) shall be irrevocable, and, unless cancellation. (b) The Borrower shall not prepay or cancel all or any part of the Facility except at the (c) Any prepayment under this Agreement shall be made together with payment oi (i) times and in the manner expressly provided for in this Agreement. accrued interest on the prepaid amount, (ii) outstanding fees, and (in) the Prepayment Indemnity referred to in Clause 9,3 {Prepayment Indemnity). (d) Any prepayment amount will be applied against the remaining instalments in inverse order of maturity. (e> The Borrower may not re-borrow the whole or any part of the Facility which has been prepaid or cancelled. 9. ADDITIONAL PAYMENT OBLIGATIONS 9.1 rnsts and expenses 911 If any significant amendment to this Agreement is required, the P^ies shall enter into aconsultation period often (10) Business Days in order to evaluate the amount of the relevant costs (including legal fees), reasonably incurred mrespondmgto, evaluating, negotiating or complying wilh that requirement and which might be borne by the Borrower. 9.1.2 Parties shall reimburse to each other costs and expenses in connection with the enforcement ofafinal arbitral award rendered by the arbitration provided mArticle 17 of this Agreement. 9.2 rancellation Indemnitv If the Facility is cancelled in full or in part in accordance with the tenns of Clauses 8.3 (Canceltalkm hy the Borrower) and/or 8.4 {Cancellation by the Lender) paragraphs (a), (b) and (c), the Borrower shall pay acancellation indemnity coitiputed at two point five percent (2.5 %) on the cancelled amount of the Facility. 15 Each cancellation indemnity shall be due and payable on the Payment Date immediately following a cancellation of all or part of the Facility. 9.3 Prepayment Indemnity On account of any lossessufferedby the Lenderas a result of the prepayment of thewhole or any part of the Facility in accordance with Clauses 8.1 {Voluntaryprepayment) or 8.2 (Mandciioiyprepayment), the Borrower shall pay to the Lender an indemnity equal to the aggregate amount of; the Prepayment Compensatory hidemnity; and anycostsarising out of the break of any interest rate hedging swap transactions put in place by the Lender in connection with the amount prepaid. 9.4 Taxes and duties 9.4.1 Registration costs The Borrower shall pay directly, or, if applicable, reimburse the Lender in case of an advance made by the Lender, the costs of all stamp duty, registration and other similar taxes payable in respect of the Agreement and any potential amendment thereto. 9.4.2 Withholding Tax The Borrower undertakes that all payments made to the Lender under this Agreement shall be free of any Withholding Tax, If a Withholding Tax is required by law,the Borrower undertakes to gross-up the amount of any such payment to such amount which leaves the Lender with an amount equal to the payment which would have been due if no payment of Withholding Tax had been required. The Borrower shall reimburse to the Lender all expenses and/or Taxes for the Borrower's account which have been paid by the Lender (if applicable), with the exception of any Taxes due in France. 9.5 Additional Costs In this Clause, "Additional Costs" means: (i) any cost arising after the Signing Date out of one of the event referred to in this Clause and not taken into account by the Lender to compute the tlnancial conditions of the Facility; or (ii) any reduction of any amount due and payable under this Agreement, which is incurred or suffered bythe Lender as a result of (i) making the Facility available to the Borrower or (ii) entering into or performing its obligations under the Agreement. Ifthe Lender incurs any Additional Cost as a result of: (i)the coming into force of any new law or regulation, or any amendment to. or any change in the interpretation or application ofany existing law or regulation; or (ii) compliance with any law or regulation made after the Signing Date and intends to request its payment by the Borrower, the Lender shall notify such request to the Borrower (the "Lender's Notice"). 16 Following the Lender's Notice, the Borrower and the Lender shall enter into a consultation period of ten (10) Business Days in order to evaluate the amount of the relevanl Additional Costs and to find the decision on payment of such costs suitable for both Parties. Ifso requested by the Borrower, the Lender shall provide the Borrower with explanatory documents related to the Additional Costs object of the Lender's Notice. If the Parties fail to reach an agreement following the consultation period, the Borrower shall notify the Lender its refusal topay the Additional Costs within twenty (20) Business Days following the reception of the Lender's Notice. 9.6 Currency indemnity Ifany sum due by the Borrower under this Agreement, or any order, judgment or award given or made in relation to such a sum, has to be converted from the currency in which that sum is payable into another currency, for the purpose of: (i) making or filing a claim or proof against the Borrower; or (ii) obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, the Borrower shall indemnify the Lender against and, within three (3) Business Days of the Lender's request and as permitted by law, pay to the Lender, the amount ofany cost, loss or liability arising out ofor as a result ofthe conversion including any discrepancy between: (A) the exchange rate used to convert the relevant sum from the first currency tothe second currency; and (B) the exchange rate or rate(s) available to the Lender at the time of its receipt ofthat sum. This obligation to indemnify the Lender is independent of any other obligation of the Borrower under this Agreement. The Borrower waives any right it may have in any jurisdiction to pay any amount due under this Agreement in acurrency or currency unit other than that in which it is expressed to be payable. 9.7 Due dates Any indemnity or reimbursement payable by the Borrower to the Lender under this Clause 9 {Addilioml Payment Ohligadom) is due and payable on the Payment Date immediately following the circumstances which have given rise to tlie relevant indemnity or reimbursement. Notwithstanding the above, any indemnity to be paid in connection with a prepayment pursuant to Clause 9.3 {Prepayment Indemnify) is due and payable on the date of the relevant prepayment. 10. REPRESENTATIONS AND WARRANTIES All the representations and warranties set out in this Clause 10 {Representations and warranties) are made by the Borrower for the benefit of the Lender on the Effective Date. All the representations and warranties in this Clause 10 {Representations and warranties) are ^so deemed to be made by the Borrower on the date on which all ofthe conditions precedent listed m Part 11 ofSchedule 4{Conditions Precedent) are satisfied, on the date ofeach Drawdown Request, on each Drawdown Date and on each Payment Date, except that the repeating representations contained in Clause 10.9 {No misleading information) are deemed to be made by the Borrower in relation to the information provided by the Bonower since the date on which the representation was last made. A " ^ 10.1 Power and authority The Borrower has the power to enter into, perform and deliver this Agreement and to perform all contemplated obligations. The Borrower has taken all necessary action to authorise its entry into, performance and delivery of this Agreement. 10.2 Validity and admissibilitv in evidence All Authorisations required: (a) to enable the Borrower to lawfully enter into, and exercise its rights and comply with its obligations under this Agreement; and (b) to make this Agreement admissible in evidence in the courts of thejurisdictionof the Borrower or in arbitration proceedingsas defined under Clause 17{Governing Law'. Enforcement and Choice ofDomicile), have been obtained and are in full force and ellect, and no circumstances exist which could result in the revocation, non-renewal or modification, in whole or in part, of any such Authorisations, 10.3 Binding obligations The obligations undertaken by the Borrower under this Agreement comply with all laws and regulations applicable to the Borrower in its jurisdiction andare legal, valid, binding and enforceable obligations which are effective in accordance with their written terms. 10.4 No filing or stamp taxes Under the laws of thejurisdiction of the Borrower, it is not necessary that the Agreement be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar taxes or fees be paid on or in relation to the Agreement or the transactions contemplated therein. 10.5 Transfer of funds All amounts due bythe Borrower to the Lender underthis Agreement whetheras principal or interest, late payment interest. Cancellation Indemnity, Prepayment Indemnity, incidental costs and expenses or any other sum are freely convertibleand transferable. This representation shall remain in full force and effect until full repayment of all sums due to the Lender. In the event that the repayment dates of the Facility are extended by the Lender, no further confirmation of this representation shall be necessary. The Borrower shall obtain Burosnecessary for compliance with this representation indue course. 10.6 No conflict with other obligations The entry into and performance by the Borrower of, and the transactions contemplated by, this Agreement does not conflict with any domestic or foreign law or regulation applicable to it, its constitutional documents (orany similar documents) or anyagreement or instrument binding upon the Borrower or affecting any of its assets. 18 16 10.7 Governing law and enforcement (a) The choice of Freiicli law as the governing law of this Agreement will be recognised and enforced by the courts and arbitration tribunals in the jurisdiction of the Borrower. (b) Any judgment obtained in relation to this Agreement in a French court or any award by an arbitration tribunal will be recognised and enforced in the jurisdiction of the Borrower. lO.S No default No Event of Default is continuingor is reasonably likely to occur. No breach of the Borrower iscontinuing in relation toany other agreement binding upon it, or affecting any of its assets, which has, or is reasonably likely to have, a Material Adverse Effect. 10.9 No misleading information All information and documents supplied by the Borrower to the Lender were true, accurate and up-to-date as at the date they were provided or, if appropriate, as at the date at which they are staled to be given and have not been varied, revoked, cancelled or renewed on revised terms, and are not misleading in any material respect as a resultof an omission, the occurrence of new circumstances or the disclosure or non-disclosure of any information. 10.10 Pari oassu ranking The Borrower's payment obligations underthis Agreement rank at leastpari passu with the claims of all its other unsecured and unsubordinated creditors. 10.11 Origin of funds. Acts of Corruption. Fraud and Anti-Competitive Practices The Borrower represents and warrants that: (i) the funds used for the implementation of the Program, other than those provided by the State, are not of Illicit Origin; (ii) the Program has not given rise to any Act of Corruption, Fraudor Anti-Competitive Practice. 10.12 No Material Adverse Effect The Borrower represents ajid warrants that no event or circumstance which is likely to have a Material Adverse Effect has occurred or is likely to occur. 11. UNDERTAKINGS The undertakings in this Clause 11 {Undertakings) take effect on the Effective Date and remain in full force and effect for as long as any amount is outstanding under this Agreement. 11.1 Compliance with Laws. Regulations and Obligations The Borrower shall comply: 19 (a) in all respects with all laws and regulations to which it and/or the Program is subject, particularly in relation to all applicable environmental protection, safety and labour laws; and (b) 11.2 with all ofits obligations under this Agreement. Authorisations The Borrower shall promptly obtain, comply with and do all that is necessary to maintain in full force and effect any Authorisation required under any applicable law or regulation to enable it to perform its obligations under this Agreement and to ensure the legality, validity, enforceability and admissibilily in evidence of any this Agreement. 11 _3 Implementation and Preservation ofthe Pro^ram The Borrower shall: (i) implement the Program in accordance with the generally accepted safety principles and in accordance with technical standards in force; and (ii) J1.4 maintain the Program assets in accordance with all applicable laws and regulations and in good operating and maintenance conditions, and use such assets m compliance with their purpose and all applicable laws and regulations. Environmental and Social Responsibility 11.4.1 Implementation ofenvironmental and social measures In order to promote sustainable development, the Parties agree that it is necessary to promote compliance with internationally recognised environmemal and including fundamental conventions ofthe International Labour Organiption ( ILO )and the international environmental laws and regulations applicable in the Borrower s jurisdiction. 11.4.2 Environmental and social (ES) complaints-management (a) The Borrower (i) confirms that it has received a copy of the ES ComplaintsManagement Mechanism's Rules of Procedures and has acknowledged its terms, in particular with respect to actions that may be taken by the Lender in the event that a third party lodges a grievance, and (ii) acknowledges that these Eb Complaints-Management Mechanism's Rules of Procedure have, as between the Borrower and the Lender, the same contractually binding effect as this Agreement. Cb) The Borrower expressly authorizes the Lender to disclose to the experts (as defmed in the ES Complaints-Management Mechanism's Rules of Procedure) and to parties involved in the compliance review and/or conciliation processes, the Program documents concerning environmental and social matters necessary for processing the environmental and social complaint, including, without limitation, those listed in Schedule 7 {Non-exhaustive list of environmental and social documents which the Borrower permits to he disclosed in connection with ES Complaints-Management Mechanism's Rules ofProcedure). 11.5 Pari passu ranking The Borrower undertakes (i) to ensure that its payment obligations under this Agreement rank at all times at least pari passu with its other present and future unsecured and unsubordinated payment obligations; (ii) not lo grant prior ranking or guarantees to any 20 other lenders except ifthe same ranking or guarantees are granted by the Borrower in favour of the Lender, if so requested by the Lender. I.6 Monitoring missions and Inspections 11.6.1 The Borrower hereby authorizes the Lender and its representatives to carry out monitoring missions, the purpose of which will be to assess the implementation ofthe Program on technical, financial and institutional aspects. 116 2 The Borrower shall co-operate and provide all reasonable assistance and information to the Lender and its representatives when carrying out such monitoring, the timing and formal of which shall be determined by tlie Lender following consultation with the Borrower. 11.6.3 If a significant problem is identified regarding the implementation ot the Program, and the Lender intends to carry-on an additional inspection out ofscope ofits standard monitoring missions, the Lender shall notify such request to the Borrower (the "Lender's Inspection Notice"). 11.6.4 Following the Lender's Inspection Notice, the Lender shall determine the timing and format of such inspection following consultation with the Borrower. Such consultation period shall not exceed twenty (20) Business Days. The Borrower shall co-operate and provide all reasonable assistance and information to the Lender and its representatives when carrying out such inspection, and shall reimburse to the Lender for all costs reasonably incurred by the Lender in respect of a maximum of one inspection per year. 1165 The Borrower shall retain and make available for monitoring missions and inspections by the Lender, all documents relating to the expenses ofthe Program for a period of ten (10) years from the date of the last Drawdown under the Facility. II.7 Program evaluation The Borrower acknowledges that the Lender may carry out, or procure that athird party carries out on its behalf, an evaluation ofthe Program. Feedback from this evaluation wil be used to produce asummary containing information on the Program, such as. total quantified outputs of the Program, assessment of the relevance, effectiveness, mipact and viability/sustainability of the Program, main conclusions and recommendations. The Borrower agrees to the publication ofthis summai-y, in particular on the Lender's website. amount and duration of the funding, objectives of the Program, expected and achieved 11.8 Program Implementation The Borrower shall: (i) ensure that any person, group or entity participating in the implementation of the Program is not listed on any Financial Sanctions List (including mparticular the fight against terrorist financing); and (ii) l].g not finance any supplies or sectors which are subject to an Embargo by the United Nations, the European Union or France. Oripin of funds, no Acts of Corruption. Fraud or Anti-Competitive Practices The Borrower undertakes: 21 (i) to ensure that the funds, other than those of State origin, invested in the Program will not be of an Illicit Origin; (ii) To ensure that the Program shall not give rise to any Act ofCorruption, Fraud or (iii) as soon as it becomes aware of, or suspects, any Act of Corruption, Fraud or AntiCompetitive Practice, to inform the Lender without any delay; Anti-Competitive Practice; (iv) in the event referred to in paragraph (iii) above or at the Lender's request if the Lender suspects that the acts or practices referred to mparagraph (iii) have occurred, take all necessary actions to remedy the situation in amanner satisfactory to the Lender and within the time period detennined by the Lender; and (v) to notify the Lender without delay if it has knowledge of any information which leads it to suspect any Illicit Origin of any funds used for the implementation ofthe Program. 11.10 Visibility and Communication The Borrower tliroiigh the Program stakeholders shall implemeni visibility and communication actions related to the implementation of accordance wi h the terms of the Visibility and Communication Guide, and acknowledges having fully read and understood the aforementioned guide. According to the Visibility and Communication Guide, the Program is subject to communication and visibility obligations ofLEVEL L 12. INFORMATION UNDERTAKINGS The undertakings in this Clause 12 {Infonmtion Underiakings) take effect on the Effective Date and remain in full force and effect for as long as any amount is outstanding under this Agreemen . 12.1 Financial Information The BoiTower shall supply to the Lender any information that the Lender require in relation to the Borrower's foreign and domestic debt as well as the status any guaranteed loans. 12.2 Program implementation The Borrower shall supply to the Lender, promptly upon the Lender's request, any information or supporting document regarding the Program implementation. 12.3 Co-Financinti The Borrower shall promptly inform the Lender ofany cancellation (in whole or in part) or any prepayment under a Co-Financing. 12.4 Additional Information The Borrower shall supply tothe Lender; (a) promptly upon becoming aware of them, details of any event or Adverse Bffect, the nature of such an event and all the actions taken or to be taken ' ' which is or may be an Event of Default or which has or may have aMa enal to remedy it (if any); 22 (b) promptly, details of any decision or event which might affect the organisation, completion or operation of the Program; 13. EVENTS OF DEFAULT 13.1 Events of Default Each of the events or circumstances set out in this Clause 13.1 {Events ofDefault) is an Event of Default. (a) Payment Default The Borrower does not pay on the due date any amount payable by it under this Agreement in the manner required under this Agreement. However, without prejudice to Clause 4.3 {Late payment and default interest), no Event of Default will occurunder this paragraph (a) if suchpayment is made in full bythe Borrower within five (5) Business Days of the due date. (b) Undertakings and Obligations TheBorrower does notcomply with any term of the Agreement, including, without limitation, any of the undertakings It has given pursuant to Clause 11 {Undertakings) and Clause 12 {Information Undertakings). Save for the undertakings given pursuant to Clause 11.4 {Environmental and Social Responsibility), Clauses 11.8 {Program Implementation) and 11.9 {Origin offunds, no Acts ofCorruption, Fraud orAnti-Competitive Practices) in respect of which no grace period is permitted, no Event of Default will occur under this paragraph (b) if the non- compliance is capable ofremedy and is remedied within five (5) Business Days ofthe earlier of (A) the date of the Lender's notice of failure to the Borrower; and (B) the Borrower becoming aware of the breach, or within the time limit determined by the Lender in the case referred to in subparagraph (iv) of Clause 11.9 {Origin offunds, no Acts of Corruption. Fraud or Anti-Competitive Practices). (c) Misrepresentation Arepresentation or warranty made by the Borrower in the Agreement, including under Clause 10 (Representations and warranties), or in any document delivered by or on behalf ofthe Borrower under or in relation to the Agreement, is incorrect or misleading when made or deemed to be made. (d) Cross Default (i) Subject to paragraph (Hi), any Financial Indebtedness ofthe Borrower is not paid on its due date or, If applicable, within any grace period granted pursuant to the relevant documentation. (ii) Subject to paragraph (iii), a creditor has cancelled or suspended its commitment towards the Borrower pursuant to any Financial Indebtedness, or has declared the Financial Indebtedness due and payable prior to its specified maturity, or requested prepayment in full of the Financial Indebtedness, in each case, asa result ofanevent ofdefault orany provision having a similar effect (howsoever described) pursuant to the relevant documentation. (iii) No Event of Default will occur under this Clause 13.1 (d) if the relevant amount of Financial Indebtedness or the commitment for Financial 23 Indebtedness falling within paragraphs (i) and (ii) above is less than forty million Euros (EUR 40,000,000) or its equivalent in any other currency(ies). (e) Unlawfulness It is or becomes unlawful for the Borrower to perform any ofits obligations under this Agreement. ({) Material adverse change Any event (including a change in the political situation of the country of the Borrower) or any measure which is likely to have a Material Adverse Effect, as determined by the Lender occurs or is likely to occur. (g) Authorisations Any Authorisation required for the Borrower in order to perform or comply with its obligations under ihis Agreement or required in the ordinary course of the Program is not obtained within the required timeframe or is cancelled or becomes invalid or otherwise ceases to be infull force and effect. (h) Judgments, rulings or decisions having aMaterial Adverse Effect Any judgment or arbitral award or any judicial or administrative decision afftming the Borrower which has or is reasonably likely to have aMaterial Adverse Effect, as determined by the Lender, occurs or is likely to occur. (i> Suspension of free convertibility and free transfer Free convertibility and free transfer of any ofthe amounts due by the Borrower under this Agreement, or any other facility provided by the Lender to the Borrower or any other borrower of the jurisdiction of the Borrower, is challenged. 13.2 Acceleration On and at any time after the occurrence of an Event of Default, the Lender may. without providing any formal demand or commencing any judicial or extra-judicial proceedmgs, by written notice to the Borrower: (a) cancel the Available Credit; and/or (b) declare that all or part of the Facility, together with any accrued or outstanding Interest and all other amounts outstanding under this Agreement, are immediately due and payable. Without prejudice to the above, in the event that an Event of Default occurs as set out in Clause 13.1 {Events ofDefault), the Lender reserves the right to. upon wntten "^'^e to the Borrower, (i) suspend or postpone any Drawdowns under the Facility; and/or (ii) suspend the finalisation of any agreements relating to other possible financial offers which have been notified by the Lender to the Borrower; and/or (in) suspend or postpone any drawdown under any loan agreement entered into between the Borrower and the Lender. If any drawdowns are postponed or suspended by aCo-Financier under an agreement between such Co-Financier and the Borrower, the Lender reserves the right to postpone orsuspend the Drawdown under the Facility. 24 iU. 13.3 Notification of an Event of Default In accordance with Clause 12.4 {Addiiioml Informadon), the Borrower shall promptly notify the Lender upon becoming aware of any event which is or is likely to be an Event of Default and inform the Lender ofall the measures contemplated by the Borrower to remedy it. 14. ADMINISTRATION OF THE FACILITY 14.1 Payments Ail payments received by the Lender under this Agreement shall be applied towards the payment of expenses, fees, interest, principal amounts or any other sum due under this Agreement in the following order: 1) incidental costs and expenses; 2) fees; 3) late-payment interest and default interest; 4) accrued interest; 5) principal repayments. Any payments received from the Borrower shall be applied first in or towards payment of any sums due and payable under Uie Facility or under other loans extended by the Lender to the Borrower, should it be in the Lender's interest to apply these sums to such other loans, in the order set out above. 14.2 Set-off Without prior approval of the Borrower, the Lender may, at any time, set^-off due and payable obligations owed by the Borrower against any amounts held by the Lender on behalf of the Borrower or any due and payable obligations owed by the Lender to me Borrower. If the obligations are in different currencies, the Lender may convert either obligation at the prevailing currency exchange rate for the purpose of the set-oii. All payments made by the Borrower under the Agreement shall be calculated and made without set-off The Borrower is prohibited from making any set-off. ess Days Without prejudice to the calculation of the Interest Period which remains unchanged, if a payment is due on aday which is not aBusiness Day, the due date for that payment shall be the next Business Day if the next Business Day is in the same calendar momh or the preceding Business Day ifthe next Business Day is not mthe same calendar month. 14.4 Currency of payment The currency of each amount payable under this Agreement is Euros, except as provided in Clause 14.6{Place ofpayment). 14.5 Day count convention Any interest, fee or expense accruing under this Agreement will be of the actual number of days elapsed and ayear of three hundred and sixty (360) days m accordance with European interbank market practice. 25 14.6 Place of pavinent (a) Any funds to be transferred by the Lender to the Borrower under the Facility will be paid to the Borrower's Account or any other account specifically designated for such purpose by the Borrower, provided that the Lender has given its prior consent on the selected bank. (b) The Borrower shall pay directly or, if applicable, reimburse the Lender in case of an advance made by the Lender, the amount of all costs and expenses in connection with ihe transfer offunds to, or for the account of, the Borrower from Paris to any other place agreed with the Lender, as well as any transfer fees and expenses in connection with the payment ofall sums due under the Facility. (c) Any payment to be made by the Borrower to the Lender shall be paid on the due date by no later than 11:00 am (Paris time) to the following bank account: R!B Code; 30001 00064 00000040235 03 IBANCode: FR76 3000 1000 6400 0000 4023 503 Banque de France SWIFT code (BIC): BDFEFRPPCCT opened by the Lender at the Banque de France (head office/main branch) in Paris or any other account notified by the Lenderto the Borrower. (d) The Borrower shall request from the bank responsible for transferring any amounts to the Lender that it provides the following information in any wire transfer messages in a comprehensive manner and in the order set out below (the caption numbers are referring to SWIFT MT 202 and 103 protocol) • Principal: name, address, bank account number (field 50) • Principal's bank; name and address (field 52) • Reference: name ofthe Borrower, name ofthe Program, reference number of the Agreement (field 70) (e> 14.7 All payments made by the Borrower shall comply with this Clause 14.6 {Place of paymeni) in order for the relevant payment obligation to be deemed discharged mfull. Payment Systems Disruption If the Lender determines (in its discretion) that aPayment Systems Disruption Event has occurred or the Borrower notifies the Lender that a Payment Systems Disruption Event has occurred, the Lender: (a) (b) may, and shall if requested by the Borrower, enter into discussions with the Borrower with aview to agreeing any changes to the operation and administration ofthe Facility as the Lender may deem necessary in the circumstances; shall not be obliged to enter into discussions with the Borrower in relation to any of the changes mentioned in paragraph (a) above if. in its opinion, it is not practicable to do so in the circumstances and, in any event, it has no obligation to agree tosuch changes; and 26 (c) shall not be liable for any cost, loss or liability arising as aresult ofIts taking, or failing to take, any actions pursuant to this Clause 14.7 {Payment Systems Disruption). 15. MISCELLANEOUS 15.1 Language The language of this Agreement is English. If this Agreement is translated into another language, the English version shall prevail in the event of any conflicting interpretation or in the event of a dispute between the Parties. All noticcs given or documents provided under, or in connection with, this Agreement shall be in English. The Lender may request that anotice or document provided under, or in connection with, this Agreement which is not in English is accompanied by acertified English translation, in which case, the English translation shall prevail unless the document is a statutory document of a company, legal text or other official document. 15.2 Certificationf; and determinations In any litigation or arbitration arising out of or in connection with this Agreement, entries made in the accounts maintained by the Lender are primafacie evidence ofthe matters to which they relate. Any certification or determination by the Lender ofarate or amount under this Agreement will be, in the absence of manifest error, conclusive evidence of the matters to which it relates. 15.3 Partial invalidity If, at anv time, aterm of this Agreement is or becomes illegal, invalid or unenforceable, neither the validity, legality or enforceability of the remaining provisions of this Agreement will in any way be affected or impaired. 15.4 No Waiver Failure to exercise, or adelay in exercising, on the part ofthe Lender of any right under the Agreement shall not operate as a waiver ofthat right. Partial exercise of any right shall not prevent any further exercise of such right or the exercise ofany other right or remedy under the applicable law. The rights and remedies of the Lender under this Agreement are cumulative and not exclusive ofany rights and remedies under the applicable law. 15.5 Assignment The Borrower may not assign or transfer, in any manner whatsoever, all or any of its rights and obligations under this Agreement without the prior written consent of the Lender. The Lender may assign or transfer any of its rights or obligations under this Agreement to any other third party and may enter into any sub-participation agreement relating thereto. 27 15.6 Letzal effect The Schedules annexed hereto and the recitals hereof form part ofthis Agreement and have the same legal effect. 15.7 F.ntire agreement As of the Effective Date, this Agreement represents the entire agreement between the Parties in relation to the matters set out herein, and supersedes and replaces all previous documents, agreements or understandings which may have been exchanged or communicated as part ofthe negotiations in connection with this Agreement. 15.8 Amendments No amendment may be made to this Agreement unless expressly agreed in writing between the Parties. 15.9 rnnfldentialitv - Disclosure of information (a) The Borrower shall not disclose the content ofthis Agreement to any third party without the prior consent of the Lender except to any person to whom the Borrower has a disclosure obligation under any applicable law, regulation or judicial ruling. (b) Notwithstanding any existing confidentiality agreement, the Lender may disclose any information or documents in relation to the Program to: (i) its auditors, experts, rating agencies, legal advisers or supervisory bodies; (ii) any person or entity to whom the Lender may assign or transfer all or part of its rights or obligations under the Agreement; and (iii) any person or entity for the purpose of taking any protective measures or preserving the rights of the Lender under the Agreement. (c) Furthermore, the Borrower hereby expressly authorizes the Lender (i) to exchange with the French Republic for publication on the French government website pursuant to any request from International Aid Transparency Initiative; and (ii) to communicate and to disclose on the Lender's Website information relating to the Program and its financing as listed in Schedule 6{Information thai may be published on the French Governmenl Website and the Lender s IVebsite). 15.10 Limitation The statute of limitations of any claims under this Agreement shall be ten (10) years, except for any claim ofinterest due under this Agreement. 15.11 Each Party hereby acknowledges that the provisions of article 1195 of the French Code civil shall not apply to it with respect to its obligations under the Agreement and it shall be not entitled to make any claim under article 1195 of the French Code civil. 16. NOTICES 16.1 in writing and addresses Anv notice, request or other communication to be given or made under or in connection with this Agreement shall be given or made in writing and, unless otherwise stated, may 28 be given or made by fax or by letter sent by the post olTice to the address and number of the relevant Party set out below: For the Borrower: MINISTRY OF FINANCE OF GEORGIA Address: 16 Gorgasali Street, 0114 Tbilisi, Georgia Telephone: +995 32 2261450 E-mail: piihlicdL4-)t@moi'.ne Attention: Public Debt Management Department For the Lender: AFD - REGIONAL REPRESENTATIVE OFFICE FOR SOUTH CAUCASUS Address: 34 1. Chavchavadze Street- BC "Pixel" Fl. 8th- 0179 Tbilisi -GEORGIA Attention: Director ofthe AFD Regional Representative Ollice for South-Caucasus With a copy to: AFD - PARIS HEAD OFFICE Address: 5, rue Roland Barthes - 75598 Paris Cedex 12, France Telephone: +33 I 53 4431 31 Facsimile: + 33 1 44 87 39 65 Attention: AFD Director for Eastern Europe, Middle East and Asia- or such other address, fax number, department or officer as one Party notifies to the other Party. 16.2 Delivery Any notice, request or communication made or any document sent by aParty to the other Party in connection with this Agreement will only be effective: (a) ifby fax, when received in a legible form; and (b) if by letter sent through the post office, when delivered to the correct address, and. where aparticular person or adepartment is specified as part of the address details provided under Clause 16.1 {In writing and addresses), if such notice, request or communication has been addressed to that person ordepartment. 29 16.3 F.lectronic communications (a) Any communicalion made by one person to another under or in connection with this Agreement may be made by electronic mail or other electronic means if the Parties; (i) agree that, unless and until notified to the contrary, this is to be an accepted form of communication; (ii) notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt ofinformation by that means; and (iii) notify each other of any change to their address or any other such information supplied by them. (b) Any electronic communication made between the Parties will be effective only when actually received ina readable form. 17. GOVERNING LAW, ENFORCEMENT AND CHOICE OF DOMICILE 17.1 Governing Law This Agreement is governed by French law, 17.2 Arbitration Any dispute arising out of or in connection with this Agreement shall be referred to and finally settled by arbitration under the Rules of Conciliation and Arbitration of the hnernationai Chamber of Commerce applicable on the dale of commencement of arbitration proceedings, by one or more arbitrators to be appomted maccordance with such Rules. The seal of arbitration shall be Paris and the language of arbitration shall be English. This arbitration clause shall remain in full force and effect if this Agreement is declared void or is terminated or cancelled and following expiry ofthis Agreement. The Parties contractual obligations under this Agreement are not suspended if aParty mitiales legal proceedings against the other Party. The Parties expressly agree that, by signing this Agreement, the Borrower irrevocably waives all rights of immunity in respect of jurisdiction or e.xecution on which it could otherwise rely, provided, however, that immunity is not waived with respect to (i) present or future -premises of the mission" including any bank accounts as defmed in the Vienna Convention on Diplomatic Relations signed in 1961, ''consular premises" as defined m the Vienna Convention on Consular Relations signed in 1963 or otherwise used by a diplomat or consular mission ofGeorgia or any agency or instrumentality thereof (except as may be necessary to effect service of process), (ii) property of amilitary character or under the control of a military authority or defence agency, (m) property located in Georgia and dedicated to a public, governmental or cultural use (as opposed to a commercial use) or (iv) for the avoidance of doubt. (A) property of the National Bank of Georgia, whether or not held in aGeorgian or anon-Georgian bank or any other financial institution, or (B) property located in Georgia of any type covered by Article 2 ot the Law of Georgia on -Enforcement Proceedings'". Georgia reserves the to plead sovereign immunity under the U.S. Foreign Sovereign Immunities Act of 1976 with respect to actions brought against it in any court of or in the United States of America under any United States federal or State securities law. 30 17.3 Service of process Without prejudice to any applicable law, for the purposes of serving judicial and extrajudicia! documents in connection with any action or proceedings referred to above, the Borrower irrevocably chooses its registered office as at the date ofthis Agreement at the address set out in Clause 16 (Noiices) for service of process, and the Lender chooses the address "AFD HEAD OFFICE" set out inClause 16 (Notices) for service of process. 18. DURATION This Agreement shall enter Into force on the date upon which the Georgian Parliament will have ratified the Agreement (the "Effective Date") such ratification occurring no later tiian ninety (90) days after the Signing Date. This Agreement shall remain in full force and effect for as long as any amount is outstanding under this Agreement. Notwithstanding the above, the obligations under Clauses 12.4 {Additional Information) and 15.9 {Confidentiality - Disclosure ofinformation) shall survive and remain in full force and effect for a period of five (5) years after the last Payment Date; the provisions of Clause 11.4.2 {Environmental and Social (ES) complaints-management) continue to have effect whilst any grievance lodged under the ES Complaints-Management Mechanism's Rules of Procedure is still being processed or monitored. 31 A ^ Executed in two (2) originals, in Tbilisi, on January 28"' 2022 THE BORROWER GEORGIA Represented by: Mr. Lasha KHUTSlSHViLI Minister of Finance of Georgia THE LENDER AGENCE FRAN^AISE DE DEVELOPPEMENT «• L Represented by: Ms. C^cileCOUPRIE Regional Director for Eurasia of French Development Agency Co-signatory, His Excellency M. Diego COLAS Ambassador of the Republic of France to Georgia 32 SCHEDULE lA - DEFINITIONS Act of Corruption means any of the following: (a) the act of promising, offering or ^ving. directly or indirectly, to a Public Official or to any person who directs or works, in any capacity, for a private sector entity, an undue advantage of any nature, for the relevant person himselfor herselfor for another person or entity, in order that this person acts or refrains from acting in breach ofhis or her legal, contractual or professional obligations and, having for effect to influence his or her own actions orthose of another person or entity; or (b) the act of a Public Official or any person who directs or works, in any capacity, for a private sector entity, soliciting or accepting, directly or indirectly, an undue advantage of any nature, for the relevant person himself or herself or for another person or entity, in order that this person acts or refrains from acting in breach of his orher legal, contractual or professional obligations and, having for effect to influence his or her own actions or those of another person or entity. Agreement means this credit facility agreement, including its recitalsSchedules and, if applicable, any amendments made in writing thereto. Anti-Competitive Practices means: (a) any concerted or implicit action having as its object and/or as its effects to impede, restrict or distort fair competition in a market, including without limitation when it tends to; (i) limit market access or the free exercise of competition by other companies: (ii) prevent price setting by the free play of markets by artificially favouring the increase or decrease of such prices; (iii) limit or control any production, markets, investment or technical progress; or (iv) share out markets or sources of supply; (b) any abuse by a company or group of companies of a dominant position within a domestic market or in a substantial part thereof; or (c) any bid orpredatory pricing having as its object and/or its effect to eliminate from a market, or to prevent a company or one of its products from accessing the market. Authoris»tion(s) means any authorisation, consent, approval, resolution, permit, licence, exemption, filing, notarisation or registration, or any exemptions in respcct thereof, obtained from or provided by an Authority, whether granted by means ofan act, or deemed granted 33 if no answer is rcccived within a defined time limit, as well as any approval and consent given by the Borrower's creditors. Authority(ies) means any government or statutory entity, department or commission exercising a public prerogative, orany administration, court, agency or State or any governmental, administrative, tax or judicial entity. Availability Period means the period from and including the Signing Date up to the Deadline for Drawdown. Available Credit means, at any given time, the maximum principal amount specified in Clause 2.1 (Facility) less: (i) the aggregate amount of any Drawdowns drawn by the Borrower; (ii) the amount of any Drawdown to be made pursuant to any pending Drawdown Request; and (iii) any portion ofthe Facility which has been cancelled pursuant to Clauses 8.3 {Cancellation by the Borrower) and/or 8.4 {Cancellation by the Lender). Borrower's account means the account with the following details: « IBAN code: GE65NB0331100001150207 • Bank SWIFT code; BNLNGE22 opened in the name of the Borrower with the State Treasury, Ministry of Finance of Georgia. Business Day means a day (other than Saturday or Sunday) on which banks are open for the entire day for general business in Paris, and which is a TARGET Day in the event that aDrawdown has to be done on such day. Certified means for any copy, photocopy or other duplicate ofan original document, the certification by any duly authorised person, as to the conformity of the copy, photocopy or duplicate with the original document. Co-Financier means the following co-financier of the Program: Asian Co-Financing means the co-financing provided by the Co-Financier with respect Development Bank(ADB). to the Policy Based Loan Program for an amount (known or contemplated) of one hundred fifteen million and three hundred ten thousands euros (BUR 115.310,000). 34 Deadline for Drawdown Tieans 15'" of December 2022, date after which no further Drawdown may occur. Drawdown means adrawdown ofall or part ofthe Facility made, orto be made, available by the Lender to the Borrower pursuant to the terms and conditions set out in Clause 3{Drawdown ofFunds) or the principal amount outstanding ofsuch Drawdown which remains due and payable at a given time. Drawdown Date means the date on which a Drawdown is made available by the Lender. Drawdown Period means the period starting on the first Drawdown Date up to and including the first ofthe following date: (i) the date on which the Available Credit is equal to zeros, (ii) the Deadline for Drawdown. Drawdown Request Effective Date Embargo means a request substantially in the form set out in Schedule 5A (Form of DrawdownRequest). Has the meaning given in Clause 18 {Duration) ofthe Agreement means any sanction of a commercial nature aiming at prohibiting any import and/or export (supply, sale or transfer) of one or several goods, products or services going to and/or coming from acountry for agiven period as published and amended from time to time by the United Nations, the European Union or France. ES Complaints-Management Mechanism's Rules of Procedure EURIBOR means the contractual terms contained in the Environmental and Social Complaints-Management Mechanism's Rules of Procedure, which is available on the Website, as amended from time to time. means the inter-bank rate applicable to Euro for any deposits denominated in Euro for aperiod comparable to the relevant period, as determined by the European Money Markets Institute (EMMl), or any successor administrator, at 11:00 am Brussels time, two (2) Business Days before the first day ofthe Interest Period. Euro{s) or EUR means the single currency ofthe member states of the European Economic and Monetary Union, including France, and having legal tender in such Member Slates. Event of Default Facility means any event or circumstance set out in Clause 13.1 {Events of Default). means the credit facility made available by the Lender to the Borrower in accordance with this Agreement up to the maximum principal amount set out in Clause 2.1 {Facility). 35 Financial Indebtedness means any financial indebledness for and in respect of: (a) any monies borrowed on a short, medium or longterm basis; (b) any amounts raised pursuant to the issue ofbonds, notes, debentures, loan stocic or any similar instruments; (c) any funds raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; (d) any potential payment obligation that results from a guarantee, bond, or any other instrument. Financial Sanctions List means the list(s) of persons, groups orentities which are subject to financial sanctions by the United Nations, the European Union and/or France. For information purposes only and for the convenience of the Borrower, who may rely on, the following references or website addresses: For tiie lists maintained by the United Nations, the following website may be consulted: https://wwvv.un.ortz/securitvcouncil/fr/contenl/un-sc-consolidatedIM For the lists maintained by the European Union, the following website may be consulted: https://oeas.euroDa.eu/head(iLiartcrs/hoadquartcrshomcnaue/8442/consolidated-list-sanctions fr Forthelists maintained by France, the following website may be consulted: https://www.tresor.economie.^ouv.fr/serviccs-auxcntrcprises/sanctions-economiQues/dispositif-national-de-gel-des^ avoirs Fixed Reference Rate Fraud means one point zero eight percent (1.08 %) per annum. means any unfair practice (acts or omissions) deliberately intended to mislead others, to intentionally conceal elements there from, or to betray or vitiate his/her consent, to circumvent any legal or regulatory requirements and/or to violate internal rules and procedures of the Borrower or athird party in order to obtain an illegitimate benefit. Fraud against the Financial interests of the European Community means any intentional act or omission intended to damage the European Union budget and involving 36 (1) the use or presentation ot false, inaccurate or incomplete statements or documents, which has as effect the misappropriation orwrongful retention of funds or any illegal reduction in resources ofthe general budget ofthe European Union; (11) the non-disclosure of information with the same effect; and (iii) misappropriation of such funds for purposes other than those for which such funds were originally granted. Grace Period Illicit Origin means the period from the Signing Date up to and including the date falling sixty (60) months after such date, during which no principal repayment under the Facility is due and payable. means funds obtained through; (a) the commission ofany predicate offence as designated in the FATF 40 rccommcndations Glossary under "Designated categories of offences" (hnp:/Avww.fatf- cafi oi\i/media/ra!f/dociimeiils/rccommcndations/Recomman dalions GAFI.pdf); (b) any Act of Corruption; or (c) any Fraud against the Financial Interests of the European Community, if or when applicable. Index Rate means the TEC 10 daily index, the ten-year constant maturity rate displayed on a daily basis on the relevant quotation page of the Reference Financial Institution or any other index which may replace the TEC 10 daily index. On the signing date, the Index Rate on 26''' ofJanuary 2022 is zero point twenty seven percent (0.27 %) per annum. Interest Period(s) means each period from a Payment Dale (exclusive) up to the next Payment Dale (inclusive). For each Drawdown under the Facility, the first interest period shall start on the Drawdown Date (exclusive) and end on the next successive Payment Date (inclusive). Interest Rate means the interest rate expressed as a percentage and determined in accordance with Clause 4.1 {Interest Rate). Margin Means zero point sixty percent (0.60 %) perannum. Market Disruption Event means the occurrence of one of the followingevents: (i) EURIBOR is not determined by the European Money Markets Institute (EMMl), or any successor administrator, at 11:00am Brussels time, two (2) Business Days before the first day ofthe relevant Interest Period or on the Rate Setting Date; or (ii) before close of business of the European interbank market, two (2) Business Days prior to the first day ofthe relevant Interest Period or on the Rate Setting Date, the Borrower 37 receives notification from the Lender that (i) the cost to the Lender of obtaining matching resources in the relevant interbank market would be in excess of EURIBOR for the relevant Interest Period; or (ii) it cannot or will not be able to obtain matching resources on the relevant interbank market in the ordinary course of business to fund the relevant Drawdown for the relevant time period. Materiai Adverse Effect means a material and adverse effect on: (a) the Program, in so far as it would jeopardise the implementation and operation of the Program in accordance with this Agreement; Outstanding Principal (b) the business, assets, financial condition ofthe Borrower or its ability to perform its obligations under this Agreement; (c) the validity orenforceability of this Agreement; or (d) any right or remedy ofthe Lender under this Agreement. means, in respect of any Drawdown, the outstanding principal amount due in respect of such Drawdown, corresponding to the amount of the Drawdown paid by the Lender to the Borrower less the aggregate ofinstalments ofprincipal repaid by the Borrower to the Lender in respectof such Drawdown. Payment Dates Means March 15^ and September 15"' of each year. Payment Systems Disruption means either or both of: Event (a) a material disruption to the payment or communication systems or to the financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facility (or otherwise in order for the transactions contemplated by this Agreement to be carried out), provided that the disruption is not caused by, and is beyond the control of, any ofthe Parties; or (b) the occurrence of any other event which results in a disruption (of a technical or system-related nature) to the treasury or payment operations ofa Party preventing that, or any other Party: (i) from performing its payment obligations under this Agreement; or (ii) from communicating with the other Parties in accordance with the terms of this A^eement, and which (in either case) is not caused by, and is beyond the control of, either Party. 38 Prepayment Compensatory Indemnity means tlie indemnity calculated by applying the following percentage tothe amount ofthe Facility which is repaid in advance: if the repayment occurs prior to the 5th anniversary (exclusive) of the Signing Date: two point five percent (2.5%); if the repayment occurs between the 5th anniversary (inclusive) and the 10th anniversary (exclusive) of the Signing Date: two percent (2 %); if the repayment occurs between the 10'^ anniversary (inclusive) and the 15"" anniversary (exclusive) of the Signing Date: one point five percent (1.5 %); if the repayment occurs after the 15"' anniversary (inclusive) ofthe Signing Date: one percent (1 %). Program means the program as described in Schedule 2 {Program Descriplion). Public Official means (i) any holder of legislative, executive, administrative or judicial office whether appointed or elected, serving on permanent basis or otherwise, paid or unpaid, regardless of rank, or (ii) any other person defined as a public official under the domestic law of the Borrower's jurisdiction, and (iii) any other person exercisinga public function, including for a public agency or organisation, or providing a public service. Rate Conversion Rate Conversion Request Rate Setting Date means the conversion ofthe floating rate applicable toall orpart of the Facility into a fixed rate pursuant to Clause 4.1 {Interest Rate). means a request from the Borrower substantially in the form attached as Schedule 5C {Form ofRale Conversion Request). means: in relation to any Interest Period for which an Interest Rale is to be determined: (i) the first Wednesday (or, ifthat date is not aBusiness Day, the immediately following Business Day) following the date of receipt by the Lender of the Drawdown Request, provided that the Drawdown Request is received by the Lender at least two (2) full Business Days prior to said Wednesday; (ii) the second Wednesday (or. ifthat date is not a Business Day, the immediately following Business Day) following the date of receipt by the Lender of the Drawdown Request, ifthe Drawdown Request was not received by the Lender at least two (2) full Business Days prior tothe first Wednesday specified in paragraph (a) above: 39 v\- 11 - in the case of a Rale Conversion (i) the first Wednesday (or, if that date is not a Business Day, tiie immediately following Business Day) following the date of receipt by the Lender of the Rate Conversion Request, provided such date is at least two (2) full Business Days prior to the first Wednesday. (ii) the second Wednesday (or, if that date is not a Business Day, the immediately following Business Day) following the date of receipt by the Lender of the Rate Conversion Request, if such date is not at least two (2) full Business Days prior to the first Wednesday. Reference Financial Institution means a financial institution chosen as a suitable reference financial institution by the Lender and which regularly publishes quotations of financial instruments on one of the international financial information networks according to the practices recognised by the banking industry. Schedule(s) means any schedule or schedules lo this Agreement. Signing Date means the date of executionof this Agreement by all the Parties. TARGET Day means a day on which the Trans European Automated Real Time Gross Settlement Express Transfer 2 (TARGET2) system, or any succcssor thereto, is open for payment settlement in Euros. Tax(es) means any tax, levy, impost, duty or other charge orwithholding of a similar nature (including any penalty or interest payable in connection with a failure to pay or any delay in the payment of any such amounts). Visibility and Communication Guide means all contractual provisions binding on the Borrower relating to the communication and visibility of projects financed by AFD and contained in the document entitled "Visibility guide for projects supported by AFD - Level 1" as the case may be, acopy of which has beengiven to the Borrower before the signing. Website thf' wph<ti(p of AFO rhftni//www.afd.fr/) or any other such replacement website. Withholding Tax means any deduction or retention in respect of a Tax on any payment made under or in connection with this Agreement. 40 SCHEDULE IB - INTERPRETATION (a) "assets" includes present and future properties, revenues and rights ofevery description; (b) any reference to the "Borrower", a "Party" or a "Lender" includes its successors in title, permitted assigns and permitted transferees; (c) any reference to the Agreement or other document is a reference to this Agreement or to such other document as amended, restated or supplemented and includes, if applicable, any document which replaces it through novation, in accordance with the Agreement; (d) a "guarantee" includes any cautionnement, aval and any garantie which is independent from the debt to which it relates; (e) "indebtedness" means any obligation ofany person whatsoever (whether incurred as principal or as surety) for the payment or repayment of money, whether present, future, actual or contingent; (f) a "person" includes any person, company, corporation, partnership, trust, government, state or slate agency or any association, or group oftwo or more ofthe foregoing (whether or not having separate legal personality); (g) a"regulation" includes any legislation, regulation, rule, decree, official directive, instruction, request, advice, recommendation, decision or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, supervisory authority, regulatory authority, independent administrative authority, agency, department or any division of any other authority or organisation (including any regulation issued by an industrial or commercial public entity) having an effect on this Agreement or on the rights and obligations of a Parly; (h) a provision oflaw is a reference to that provision as amended; (i) unless otherwise provided, a lime ofday is a reference to Paris time; (j) The Section, Clause and Schedule headings are for ease of reference only and do not affect the interpretation of this Agreement; (k) unless otherwise provided, words and expressions used in any other document relating to this Agreement or in any notice given in connection with this Agreement have the same meaning in that document or notice as in this Agreement; (1) an Event of Default is "continuing" ifit has not been remedied or ifthe Lender has not waived any of its rights relating thereto; (m) a reference to a Clause or Schedule shall be a reference to a Clause or Schedule of this Agreement; and (n) words importing the plural shall include the singular and vice-versa. 41 SCHEDULE 2 - PROGRAM DESCRIPTION Policy based loan to support Water Sunnlv and Sanitation scctor in Georgia I- Objective of the PolicyBased Loan (PBL) (the "Program") The objective ofthe PBL Prograrn from Asian Development Bank (ADB) is to support the government vj'wh the implementation ofthe Water and Sanitation Sector Reform ofGeorgia. This Program aims to strengthen Georgia's water and sanitation sector and institution. II- Scope of the Program The scope of the Program is fully aligned with the Water Supply and Sanitation Sector Reform of Georgia, This Policy Based Loan sets aseries oftriggers to be reached by the government in the context of the reform agenda detailed in a Policy Matrix. AFD will assist by granting a policy based loan to Georgia, represented by its Ministry of Finance. The objective ofthe Program made oftwo (2) tranches comprising oftwenty (20) triggers is to support Georgia in its efforts (i) to improve governance and institutional capacity in water supply and sanitation sector and the scope includes the strengthening ofthe urban and rural water supply and sanitation sector governance and (ii) to improve United Water Supply Company of Georgia (UWSCG) governance and management effectiveness. This loan supports the second and last tranche of a one-year program which will enable the implementation ofactivities set out above structured around one public policy matrix. The tranche 2ofthe Program is structured around eleven (11) activities to be fulfilled for the Program to be considered completed. The first tranche ofthe Program was disbursed by Asian Development Bank (ADB) in January 2021. Associated to this policy based loan support, technical assistance will also be provided from AFD to Georgia. III- Monitoring of the Program The monitoring of the Program will be carried out in full coordination with ADB on the basis ofthe triggers presented in the Policy Matrix. Regular consultations will be held with the ADB, AFD and the Georgian authorities toensure a close and updated monitoring ofthe Program. 42 go SCHEDULE 3 - POLICY MATRIX Reference is made to the below matrix of the Policy Based Loan Program underthe Sustainable Water Supply and Sanitation Sector Program from Asian Development Bank (ADB) and the Borrower. POLICY MATRIX Ail co^tcy aci)ona fortranche I hctv'a oeen comcleied. Urban and rural WSS Posi-Pfogrwn Pannersttip Actions prior to Actions prior lo First Trarwiw R»les$s Second Tranche R«t9aso Frarmwork nilnvofflbor 2020) <JuJv 202l) <2021-2024) » &>lttg>C8tftefla- wa-•insauBonal framaworto w achiewWSS policy outcomes" Paria/TBniapproved tno L2wol Th3 Gov3rnm3ni of Georgia suOmia GNERC reauiros WSS &cent»es in Gaofgiaon Srergi'andWaldf Supply the Lawon Waiar Rosourcas govemanoe iprgvously Lba ort EtsiirtciJy and Managstr^ni to ;hs Parliamsni ol Gaorgia to repon to Ihom usinguniform regulator)'accouritingsystem for 8tf«ngtheiwd Gasi ?o enaura a-coufJing sytlom Georgia lor appfOi/at 'o incc.T>cta;o aJi aspocis ol init^raaa wasr imptovod transpa-'Onry and pertornarco ooncfimartmg. sector f-sgukiic-'y reDC-j'MS m:ina;>orr-?ri i-vri-jdm^ osiabiijtvrwni ol mer basin Ccnsul'jng-Coofdi.'iatirvj Council of managafPenj ano hannori'G Ba5:n Wana-goment oversee pjbiisfvsd in 'jie Lejislalive Harald ol •Jecr^ 3 s cemplianco ol the l/RDl, UWSCG. ij90rg:a ar>d With FJ Wuior FtamaworV 3irec'.w0 compankjs. and commur^iy-Dased OE.'RA: U'A' on Watef Resources tfia previsions ol ihs envtsaged Law on Watsc Rssources Mana^msnl DE'RA; Lawol Goo!9ia Energy arw Water Supply os onacisd an^ maisr.a.Qwaa (GNERC, MoTSDI municipaftiBS. nvjnjcisalwaier cgantarions in tho WSS secterwiih Managerr^nt as st^minaa to tl>9 Parfaamyi![WoEPAMRDtl 2 GNERC maKfis avaP-abO to the puCdic GNERC passed a rgjolunon on Rula lorAppraisal of tn/estmsnis in Iho ins ap^OMOd larifl. sorvise and KPi— wi:h assocMJod c^culalion protocols— WSS oacsoi to sifoamlino atvd status arvj targotsof allWSS HMftsocs. arengthon !ho pnnctptos and ctiraria for iha dsvelopmsrx. su^iTcssion. GSERC dffvolofsfurther (arlft siructuro appraiSu!, approval, nwnsoting arid 3-d euv.cTirs' charS'Ti •--^'isin mo3ificaiion c-iIrrv^simant plant tor aa liconcost whose lanHs aro »1 by accc'dancewrtntho rolcvarjl tegclotion 10imprtve cosi rocwery. lantl GNERC. a?fordabiJf!y, and linanciaJsusiainalsfcty. DE.'RA; GNERC Rtsotulion N27 on itvestfTisn! Appraisal floies published n ins legisiatNs H-jrata of Gaorga antivvASv.mat:-r>9 39 1GNERC1 3. MRDI estapiisnso a Stwnng Comminoo Icf WSS comprisirvg Z MRDlaopfwesaViscnandPoiicy Slalsmen; lof ihe V/SS seclor 43 ISC' Post-Program PannersMp Actions prior to Actions prior to First TrarKhe Retoase <November2020) msmcero irom MHJl. f.'VjEPA. and Second Tranche R»leas« Ftainework IJulV2Q21) (2021-2024) fnuwpalitec witha: toast SC-v. worren momoars jo plan, ccotd^aio, implomont arvimorator ihoWSS SsciorVisicn and Pc^icj'Saiomani iurlxr. and rura!). and lacil^aie ajcpton ard imFierroniaacn of tha WSS 5«ctcr Doveioc^er.: ^ran-^work 2021-2C 30 ccvenng tnth urtan arvdnjfX including wastowalsr arrd s:;rmwa!sr managsmani strategy and promoting adhsFsnce to ini«^ra:9dwa»r rsscurcas prtrcicios, fiood sector and sor»ice prcvidor govaminco Ths Vis«n and Potcy SiatSPBtn will irwfuda 9nvifortmofr.al a;id dima'.o-inondV (wiurss and garder.stsccific proveicni;il^a? will OEflA: OrderotMPDI MnisSJf ,i-c^v« v/CT4f i 3c:»s» to >v3t«' [URDI] andonstra Ihoirpirticicalicn m communttydiscussicfls arrd dociiicnmaKirgas wa:9'' users and consumers DE/RA: OrdDt of '/P-Di Mmaar and apprwed Vison ana Pclcy Siaiemen: Icf WSS soctor diiclcsod on 'AVt*# mroi jov oe WRDII MRDI c^eparos as WSS Sectcr MROl impl9ment5 ir« appfoved V/SS Dsvelopnion Fram-wcrk lor 2021- Seaot Dovelccmont FrarnowofKaozj- 2030 iTi ccncu;i5!>sn wuh UWSCG, mun::iDa.'it.oc. rr-uricipol wo'.or 2030 corr.cano5. con-jnufiiry-taseo otgarijaticrs, and rs^si tasm corr,min!»i ar.j adepts 'J^3 Framevv^ifk lo achiavs conflrnjous urtan WSS and sate V/SS in rutal aisas by 2030.with ccnsioeratians torechrc^ sustanabiliiy—irvriudm^ dima53 rosttoncs.andorNironmefila] gfcloclion, as wsa as mstitutiona! and ranctai su«ainasiis:y lot ttw uftiart and rural WSS. 44 Actions prior to Actions prior to Post-Program Partnership Rfst Trar^che Release (November 2020) Second Tranche Release <Juhf2021) Framework (2021-2024) DE'flA: Of'tter ol IM ?v1RDI t/jnisBr and apprcvad 2021-SOW WSS Sec'.or Oov'okipmeni PfarrwAorii [MRDf floM ipeovBW uixfat WS8 tMiH reouiaofV ^rameworka .»W. , 4. Gf4EBC imeno^ ire Tarill Sattng As one ol ihe iffSt pilot SOs torom-is MsthiKtoiou^10insmifce ti^ uilisv to (ii increase orticencv iftrouah cos! ooiimlzatioa («! promos grcAih o( UWSCG under trie national SOE tniiiativa. iJV/SCGtrnfiemsms tt» rotorms initiai^e. fi) appoints at isasi SCIihal will include an aocro^ed 3C^g extsrnol nwrr£ers tof Iho comC'an'y ttiiinoss plan. Tho Su»(vi5C(yBoard,and (ii) submrts business plan wi!!mclu«to cost onnwal compliance report lo assess financial reiutns ol uuliiy through ifooaso ol OMfaiional and fainajefT.oni'Slficency. aiv3 iltil ensure transparent, stable, arrj lair reducton and reveniw onriancerrem le\9t oi complkincs wiihSCI. loia'^od measures and tanfl ralionalaaion norm, arvd standard foauiremems actions 10achkrva tanti raes. OL'RA: AmcnOTianl:o !ho P^sclution Nl4Tafi1! Sotting f.tetficdol-:^ puBlshsd intt» Leoislaive Herald ol <j8o;gia arvd wvw triaiona o-;voa (GNERCi oDoratinj ratio Qt at teast \ tjy2023irom i 45 in UWSCGmatins an oporatirKJ ratio cl 20ie. a: least t trcm FY2023 ard hcJds OtRA:MRDl af^oved SCI <k5cunwiai»3n pMkago. ir^cbdng LftVSCG bucinjss plan with a tima- ard reauiaJons. tound a:tion plan to a:neve cost ftcivery in coofaiing actti-iiias, disdosed cn Wmrstry ol Ftnan® wabsr«, ':-tN==?C i -er.it ;3.-f''tn.-g roguartarflleviws with GNERC. as required byrelevant tariff related laws UWSCGpublishes its annual icpon in tha Aco^untina. Roowt'iM, arid Aoditrq Supervision Senrtcewebaie wwj/ saras ocv oe. recoiot ol :h5 dccamonts—tmaxiai S;a:en-.9fil tj;'/e5s p'ari. and i-TvestfTKint pian toi tanti ralicnalizaiicn—Irom UA'SCG mWSCG.'MROIMOF] TJW5CC governance 'AT Enhanced tnanaacmertt ^onomv and Kseoiimabllity "5 Superviso'y Board lor UWSCG is UWSCG amsnos the eosiin} companycharterto detail vistablist^d wil'i minimum 30% 3fld managemeni effectiveness r85pon5ibili:iS5. rijh'x. ano wofr.en tsptesentaivos and at leasi coe exterr^almarrCar 10rsvew and aocfove maloi corporate otWcttves. improved business oians, arid stfaiearas as nina'.od UVr'SCG mana-^merl in line wim ll» national-level SOE rotorra ihe Supervisory Boardlot UWSCGadopts the OeCD Guidjdinos ctoDjations0' ttw Director, onCorporale (Romance olSOEs parucularl)' for day to day manapsnwnt of UWSCG. Si^tvisory Board.MR floforms (2015) and mon'.or and rcw-g.v UV\'SCG Actions pnoi 10 Rrst Trar»che Release (November 2020) manaoemani and ensure iogai and Post-Program Partnership Framework 12021-2024) Management Comniiaee. regulatory complia'>:e DE'RA: UWSCG Exocutik'eOrder DEflA: Ordy ol 'JiO ypJM MmiSMr with ^rctsd isvissd company (MROlj "s Actions prior to Second Tranctie Release (July 2021) Commiioo, and Change chartsrfUWSCGI CnSnSf [UWS: ^trpnntiwnad ooeratlonal elfleieney antl sHectiyens|s ijoe!visor> Eoa,'0 JV/SCGo5t-i!:-iist»d a Irgri-pcwored I 6 UWSCG S'jp asprwos acorpsrate reKHCtuiirg C^.ar JO Mana30T^"t Cornmnoo w;ih ajiiatte siporfs auif'.ofi/oa -o planonconc-assing streamlrodHO UWSCG rastfucwos regiond oHices ar^a »fv«i centers as pet the rastrjct'jing plantoenasie these orhcsa cenieis lo carry out day to flay pTCpJse, 5uppO!t. asp'cvs, ano business units. lejionaioliires, sno efforts in onSor lo laccrtats cor;:'craio go^raphicii de'irwalisns baasdon cperaticna! sctMlos bas9d on revised auihcnues granted by UWSCG HO in rr.'et t'.isins and intogra;od water accord with their respectve rescurces manage ment porfD.'man^e agrooment. modi^ iTT'OS service canters with a 'C'X'Oon macro-chsnge restructuring 0£'RA; UWSCG sxocutws Oroot anO apprcwed terms 01 leteience for lha Cian-ge f-fana-jement Commiaoe fUWSCOl DE.-RA: Restructunrtgplan and organogramap^oved 1:^ Supewwn^ Board flWSCGI 7 UWSCG ansers into perioimancs MRO! hdds annual petlormance a'jreemen'.s with (ilregional officos leviEws ot UWSCG. and sen^ice conters aiu (ii)MROi. The |»r}ormt3n2e ajf&ernerts wil inciudo roles ano rasponsibili'jes oi thepartos, KPis. anj mcontwes. DE'RA: Signedpetlormanoe agxtemsmstefiveenUWSCG and regional otlcas. ar>jCofAwn lAVSCG or.j MRDI tUWSCG'WROIl 7 iJWSCGappioveo the '.t> MsBung Pio^ram to achieve lOC'.'. buK rrro:er insiallation by the ervd of 2022ilrom tn^ m 20!S; arv3 SO''i ol houwhod TOIonng by 2025ifrom SS--:. in 2019) wirh;n ths boijndanoS'^ tha UWSCG service area: and tii: PuoLc 8 U//SCG (i) adopts (ai AssoiWanigemenl Policy, and (b) Nonrovenue WsiertNawl Poducticn SttaBw 2021 -2025 to orcgrosswety fedu:e KPW10 ai rr.c3t47% in 2025 Irom TT-ie Gl the water UWSCG conpietos loo^'. ouk meter insailation byend 202Z and at lean 7S>'r, ol household mslering by 2024. UWSCG proflfossh'ely reduces NRW basod orsi^e NHWreduction strategy 2021-2015 ard contmuousty 45 I P/. Actions prior lo Actions prior to First Tranche R«leQS6 Second Tranche Reieose (July 202ti (Nowmber20205 Ccmmunicaiion Strategy to ongags wRh 9b cuciicof^ac!wel/ forco5lorr»r outtaach anC cars, virith attornion to aaoi'rssirg vvcrsr jr-e-i-SS. frjcr>3' uwolwaior, antJlrctoasod puttto awaraneis on hygiotw, anc sanitaticn to onsvam ih5 ccfs-ia ol COVlD 19 anc oihof diMa«5 suf^ied in l^>3 rstworH in 2Ct9. (ill ir^iates impl^treniaiioR of ihe Post-Program Pannership Framework {2021-2024) un^morus pcslic convntmcastcn sirasegy. Motsrirg Program UWSCG imstemonis asst DE'-RA; UWSCG E)c«:u?ivo Ofdars managemanl pfocessfoBowlr^ ISO andawJtcved Ajsai Maruaamenl standards Pc'Ky and NflWRetfuOfsn Stra:ogy lUWSCG] OE'HA; UViSCG Sjcooi^Ivo Ordara, apcroved Wa;ering Programand Action Plan: Public Communfcaticn SlraiOOv tUWSCG} UWSCGappfcvsd ifvsrnai Stait Regulations and NR Manaj^nwni Policy. ar>d estabfistiad an HR Ralorms CcfflmitBa lo provida fi'i p3li<^ orocticn on HRmanagsmcni 1S2U3S and aaminisfatvo suppon tu:w:ons rolafod lo ilw manigorwrit 01 empioyeos lor all rtie otgar'^'atica and ;ii' MR ieveloomoni prog'anic UWSCG adopss an HR Managotrcnt Oevd'opffion Flan, arel imptomants (1) salary, componsaiksn. and ber^efiis foviows. {ii; staff Ccmmitiso jaoomnendailons. perfofnvjnca manajamont systam. •iiijinc^nivo anc rac^nstof^ prc-grams, gendor ocu^ity pclicy previsons tc address specificnsads ol women s;af! such as rnaiamiry toaiss. amjr/j cihers. and iv) •hat antacl. devo!op. raiajr. ard a sKilkid. dtvcrss. xd ^endsr oduiiabio workicrco. wth BOs oftf» wofWar® ra^icnatoaxn through 513.1 improved knovlaflgs by 2025 ifwc^ur.sarv earv rotHomont. D&RA: UWSCG appwod Inlcrrai parsonnol-drncnl and ro-iralninq SiaffRogulalicn, lAVSCG apprcwwl HR Manogament Policy; UWSCG fcacutivo OrdflrasiafiKshirg HR Relorms Ccmmittso with apptevcd training annuaDy- HR Rstorms Ccmrnmec terms ol reference |UWSCG] WiSCG contirucusty unpiamems hH Managemem Oevelcpmont Ran accoicUng tctho HR Relotms tims^ t8i rom3rii,vc!uriiar/ cr rctronchfnoni iperlcrmanca arid programs fo( mlrimum 200 UWSC3 s »uff c«v6'opT-ent ano OE-RA: HS Reforms Commitwe apprcved HR Manasement Doveiocniem Ptan;Mtnu!os ol the HR Relomis Ccminltteo n^orinaon Aaions prior to Actions pnor» Post-Progtam Pannership First Tranche Release Second Tranche Release <Juhr 2021) (2021-2024) (Noygmber 2020) Framework iho ffnpiefnenta^on pfogtess C KR Managenwnt Devetopmem Ran [UWSCG1 tot 1^0titxis with a p3pulait3nol Tru Geargianhiatlonai Accreditation Center (v.ww.gac.go/.gei KCtsdls 20, COC cr rT»3rti to facilitate UV/^Cj s ceit'3; -usif 'at. 10. IfiiVSCG adopts a Waiar Saiety Plan en'^gency raspDnoestodisasKKs, inc^ding tror. vir_D ponde mics and Ngt^r lAOlihcod and lie.^ucncy ct wat3(l>orna disoazas induced Oy LW/SCG im;tomorit5 the V.'axjr Satotc Plan Icf sctoctad tarjet ciSes as spoctiiad m irw Plan. ciima»ciiango, loacAmg ili?WHO Water Sa'ery Ma.'^uai iZOCS as ajr^fiitod Item tine lo ". tne' DE-RA; UWSCG ExecutixflOidsr wiin UWSCG adopted Watei Safety Plan ruWSCGl C. Mainstreatwed ptrtsouidiMmHi cattf TOd Drivato sactorencBgemem ti U'iVSCGsuCfflflsPSP and PPP road WSCG issued tna EKecutR^o Order to mainstreamoulsowcingin UWSCG (^raacns with iden^d time -CMrHjrid Kton planincluding bul notiimitod to fte areas o' installation of rww Mcse ccnnoctions. meter installation. n«:sr Rjading. repair works, billing and cciiectica car Real and niain'onarvco ol oiscuical and mechannal 03U3m9nt DE'flA: UWSCG Exaoitwe Oroer flJWSCGI fKVVte. TOR - w-TTis map and WSS PSP orPPP pr^ pspoline toMROt lorapcrcwal Tro UViSCG cmsouroes selected s8mc«5 and estabR^ws contractual relationships with prt/ate companies WSS PSP or PPP piO;8Ci pipe!ma will ircludo infcrmalion on a list of LV/5CG issues a request tor proposal priority PSP or PPP projects, rationale. location, scope,estimated capitaloxpondiiuro, and poaraial baMdon maiKetpractica to procure aV/SS PSP or PPP prciect through ccmpetiiti/o bidd»>g procedures source of fevrgnuos OE'RA: PSP and PPP rcadmap and pipeline submitedto MRDI MWSCGl Pan-«rVO Owfatofu- Ran 2012-2020 .arsr.xi fio^ IC lTi\. SCI - Saifner; ol Cc^SS I"-*' - S-^E WSCG Waisr Cc-Tsa-/ cf'jeorgia, WSS- wa;i- sucpfy arcwfunon. 46 KPl. U^VSCQ a a siaecwfwc wcU' sutcyarcwa£^#at€' oefvicf piovider, WSDi in c'-s'iR d UWSCO as GNEPC s ttwraional fe3yla»-"y 3o<^ »oi «!ac1reiy. natural gas. andwaiorwsjre'/iraif j ^ MocSD, ih» asset (WitfiM t.p«n»s cv»r u -siKr.-} -svi-.s Opsfstng wps>n»smsais tflej&snseso! UWSCG on rpj^nsr« int't-inQ sisff talafi&t «a eler^r^. cfBmicaa, fouiine rr.a7--»na'ce. spare pans, coris^TiabM, fculticSuatngMpT* ej^-. .ir». obl-jsliure, aiT-;r)aaiKir3, and <Ios»<s»slion, Ctnersnn^ rovcnuo ^neans ihs r®Non;:9 c3«c»d Sy lA^SCO f-orti jho tale ol wafcf Bn<} oih9» SaVremofcoTO'aBKa'^/sl'n^TitcMC.^ «,«cv,?s. aro to scnms.3M.ewws '• o' y-s fiski. 'n» arv xrstrskn trt putk'c corporaaori thai t'tm orssy \o ths boO^t » csmperssle tor oonqsEiwe dtsadfartsgw and atfifsnla®*! and » «-^M'■,^3t♦foru•:■^••:a^pa>:tv•;ss aiin» j tjsics:-Kis-i 'ni ihi:o'.H«-enw» c'i-« orwwipV wnhisPjkofoy«fo6^'3S1i£'"». sr«J'Iv! sn^'oitwr p^e.'fiio-s as UmiMry of Finsrca 'souifss ata*-v tir*. 47 SCHEDULE 4 - CONDITIONS PRECEDENT Thefollowing applies to all documents delivered bythe Borrower as a condition precedent: if the document which is delivered is not an original but a photocopy, the original Certified photocopy shall be delivered to the Lender; the final version of a document which draft was previously sent to, and agreed upon by the Lender, shall not materially differ from the agreed draft; documents not previously sent and agreed upon, shall be satisfactory to the Lender. PARTl-CONDtTIONS PRI-CKDKNT TO BESATISFIED ON THESIGNING DaTE (a) Delivery by the Borrower to the Lender ofthe following documents: (i) a Certified copy ofthe Decree ofthe Government ofGeorgia authorizing the Ministry ofI-inance ofGeorgia to sign the Agreement and approving the terms and conditions of this Agreement, includingthe financial ones; (ii) aCertified copy of the Order n°l48 dated the P' of April 2021 ofthe Prime Minister of (iii) aCertified copy ofthe passport of Mr. Lasha KHUTSISHVILl, Minister of Finance of Georgia appointing Mr. Lasha KHUTSlSHViLI as Minister ofFinance ofGeorgia; Georgia, together with his specimen of signature; (iv) a certificate issued by a duly authorised representative of the Borrower listing the person(s) authorised to sign, on behalf of the Borrower, the Drawdown Requests and any certificate in connection with this Agreement and to take all other measures and/or sign all other necessary documents on behalf ofthe Borrower under this Agreement; (v) a specimen of the signature of each person listed in the certificate mentioned in paragraph (iv)above; and (vi) a letter duly signed by the Ministry of Finance confirming that the drawdown of the Facility will not breach any borrowing limit, or any other similar limit binding on the Borrower. PART II - CONDITIONS PRECEDENT TOTHE DRAWDOW N (a) Delivery by the Borrower to the Lender ofthe following documents: (i) acertified copy ofthe Resolution ofthe Parliament ofOeorgia relating to the ratification of the Agreement; (ii) aletter duly signed by the Ministry of Finance stating that the Agreement is included in the "Registry of State Loan" of Georgia; (iii) aletter duly signed by the Ministry of Finance confirming that the Facility is included in the Borrower's relevant year's budget; (b) Positive assessment by the Lender that the triggers in the Policy Matrix described mSchedule 3{Policy Matrix) for the second tranche of the Program have been properly implemented by the Beneficiary; 48 (c) Delivery by the Ministry ofJustice ofGeorgia to the Lender ofa duly executed legal opinion, in form and substance satisfactory to the Lender; (d) Payment by the Borrower to the Lender ofall fees and expenses due and payable under this Agreement. 49 SCHEDULE 5A - FORM OF DRAWDOWN REQUEST [on the Borrower's letterhead] To: AGENCE FRAN^AISE DE DEVELOPFEMENT On; [date] Borrower's Name-Credit Facility Agreement n" !•] dated I«1 Drawdown Request n®[«l Dear Sirs, 1 v/e refer to the Credit Facility Agreement n° [•] entered into between the Borrower and the Lender dated [#] (the "Agreement"). Capitalised words and expressions used but not defined herein have tiie meanings given to them in the Agreement. 2. This letter is a Drawdown Request. 3. We irrevocably request that the Lender makes aDrawdown available on the following terms: Amount: EUR 30,000,000 or, if less, the Available Credit. Interest Rate: [fixed/floating] 4. The Interest Rate will be determined in accordance with the provisions of Clause 4{Interest) and Clause 5 {Change to the calculation ofinterest) of the Agreement. The Interest Rate applicable to the requested Drawdown will be provided to us in writing and we accept this Interest Rate [(subject to the paragraph below, if applicable)], including when the Interest Rate is determined by reference to a Replacement Benchmark plus any Adjustment Margin as notified by the Lender following the occurrence of aScreen Rate Replacement Event. IFor fixed Interest Rate only: I Ifthe Interest Rate applicable to the requested Drawdown is greater than [•insert percentage in words] ([•]%), we request that you cancel this Drawdown Request. 5. We confirm that each condition specified in Clause 2.4 {Conditions precedent) is satisfied on the date of this Drawdown Request and that no Event of Default is continuing or is likely to occur. We agree to notify the Lender immediately if any of the conditions referred to above is not satisfied on or before the Drawdown Date. 6. The proceeds of this Drawdown should be credited to the following bank account. (a) Name [of the Borrower]: [•] (b) Address [of the Borrower]: [•] (c) IBAN Account Number: [•] (d) SWIFT Number: [•] (e) Bank and bank's address [of the [•] Borrower]: 50 (f) [if currency other than Euro] [•] correspondent bank and account number of the Borrower's bank: 7. 8. This Drawdown Request is irrevocable. We have attached to this Drawdown Request all relevant supporting documents specified in Clause 2.4 {Condilions precedent) of the Agreement. [List of supporting documents] Yours sincerely. Authorised signatoryof Borrower 51 S:; SCHEDULE 5B - FORM OF CONFIRMATION OF DRAWDOWN AND RATE [on Agence Fran<^aise de Developpemenl leilerhead] To: [the Borrower] Dale: [•] Ref: Drawdown Request n° [•] dated [•] Borrower's Name-Credit Facility Agreement n®I») dated [•! Drawdown Confirmation n°(»| Dear Sirs, 1. We refer to the Credit Facility Agreement n®[»] entered into between the Borrower and the Lender dated [•] (the "Agreement"). Capitalised words and expressions used but not defined herein havethe meanings given to them in the Agreement. 2. By a Drawdown Request Letter dated [•], the Borrower has requested that the Lender makes available a Drawdown in the amount of EUR 30,000,000, pursuant to the terms and conditions of the Agreement. 3. The Drawdown which has been made available according to your Drawdown Request is as follows: • Amount: Euros Thirty millions (EUR 30,000,000) • Applicable interest rate: [•percentage in words] ([•]%) per annum [equal to the aggregate of the six-rnomh EURIBOR (equal to {•]% per annum)' and the Margin] • Effective global rate (per annum)\ [•perceniage in words] ((•]%) • Drawdown Dale: !•] For fixcd-lntercst Rate loans only For information purposes only; • Rate Setting Date: [•] • Fixed Reference Rate: {•percentage in words] ([•]%) per annum • Index Rate: [•percentage in words] ([•!%) • Index Rate on the Rate Setting Date: [•]. ' Ifthc six-month EURIBOR is not available on the date of contlrmation of drawdown due to the occurrence ofa Screen Rate Replacement Event, the Replacement Benchmark, the precise terms and conditions of replaceriient ot such Screen Rale with aReplacement Benchmark and the related total effective rates will be communicated to the Borrower in a separate letter. - To be deleted in case of fixed Interest Rate. ^Periodic global effective rate to beprovided also. 52 8c [It being specified that the above Interest Rate may vary in accordance with the provisions ofclauses 4.1.1 (i) (Floating Interest Rate) and 5.2 {Replacement ofaScreen Rate) ofthe Agreement.]"* Yours sincerely, Authorised signatory ofAgence Frangaise de Developpement * To be deleted in case of fixed Interest Rate. 53 SCHEDULE 5C- FORM OF RATE CONVERSION REQUEST [on the Borro\\'i:r's letterhead] To: AGENCE FRAN^AISE DE DEVELOPPEMENT On: [date] Borrower's Name - Credit Facility Agreement n®[«] dated [•] Rate Conversion Request n°(«] Dear Sirs, 1. We refer to the Credit Facility Agreement n°[*] entered into between the Borrower and the Lender dated [•] (the "Agreement"). Capitalised words and expressions used but not defined herein have the meanings given to them in the Agreement. 2. Pursuant to Clause 4.1.3 (i){Conversion from aJloating Interest Rate to afixedInterest Rate) of the Agreement, we hereby request that you convert the floating Interest Rate of the following Drawdowns: • [list the relevant Drawdowns], into a fixed Interest Rate in accordance with the terms of the Agreement. 3. This rate conversion request will be deemed null and void if the applicable fixed interest Rate exceeds [insert percentage in words] [•%]. Yours sincerely. Authorised signatory of Borrower 54 V ky SCHEDULE 5D - FORM OF RATE CONVERSION CONFIRMATION [on Agence Franfaise de Developpement letterhead] To: {the Borrower] Date: [•] Re: RateConversion Request n° [•] dated [•] Borrower's Name-Credit Facility Agreement n"!#] dated (•] Rate Conversion Confirmation n°[»] Dear Sirs, SUBJECT; Conversion from a floating Interest Rate to a fixed interest Rate 1. We refer to liie Credit Facility Agreement n°[»l entered into between the Borrower and the Lender dated [•] (the -'Agreement"). Capitalised words and expressions used but not defined herein have the meanings given to them in the Agreement. 2. We refer also to your Rate Conversion Request dated [•]. We confirm that the fixed Interest Rate applicable to the Drawdown(s) referred to in your Rate Conversion Request delivered in accordance with Clause 4.1.3 (i){Conversion from afloating Interest Rate to afixed Interest Rate) of the Agreement is; • 3. [•]% per annum. This fixed Interest Rate, calculated in accordance with Clause 4.1.1 {Selection ofInterest Rate) will apply to the Drawdown(s) referred in your Rate Conversion Request from [•] {effective date). 4. Furtiier, we notify you that the effective global rate per annum ofthe Facility is [•]%. Yours sincerely, Authorised representative ofAgence Frangaise de Developpement 55 Uy SCHEDULE 6 - INFORMATION THAT MAY BE PUBLISHED ON THE FRENCH GOVERNMENT WEBSITE AND THE LENDER'S WEBSITE 1. Information regarding the Program Number and name in AFD's book; Description; Operating sector; Place ofimplemenlation; Expected starting date; Status of implementation updated on a semi-annual basis; 2. Information regardingtiie financing of tiie Program Kind of financing (loan,grant, co-financing, delegated funds); Principal amount of the Facility; Amount of the Facility which has been drawn down (updated asthe implementation ofthe Program goes). 3. Otiier information Transaction information notice and/or sheet presenting the transaction attached to this Schedule. 56 SCHEDULE 6.1 - TRANSACTION INFORMATION NOTICE Support to the Water Supply and Sanitation Reform of Georgia Program context and strategic objectives Although Georgia is an upper niiddle-inconie country, living standards are poor and access to economic opportunity is not distributed evenly. 21.9 % of the population lives below the poverty line, and access to essential services, including access to water supply and sanitation, varies across the country. With 59 %of the population living in urban areas, growing disparities between urban and rural areas challenge inclusive economic growth nationwide. The Water Supply and Sanitation (WSS) sector currently needs a strengthened policy, legal, and institutional framework to ensure sound, long-term management and accountability. At the same time, the sector requires comprehensive support to improve commercial performance, ensure new and rehabilitated assets are managed sustainably, and to integrate rural WSS considerations into national sector development efforts. Program aims and contents The program is a Policy Based Loan Program (PBL) of Asian Development Bank (ADB)comprising of two tranches and twenty (20) activities. The proposed sector development program supports the government's pursuit of a more sustainable water supply and sanitation (WSS) sector and state-owned enterprise (SOE). Program operators and modus operandi The program hasfive public stakeholders, the Ministry of Regional Development and Infrastructure and Ministry of Environmental Protection and Agriculture, representing the Government of Georgia on the operational side and the Ministry of Finance on the financial contracting with AFD and ADB, but also United Water Supply Company of Georgia (UWSCG), as well as the Georgian National Energy and Water Supply Regulatory Commission (GNERC). in order to support the Government of Georgia in the implementation of the reforms triggered by the policy matrix, several programs of technical assistance arebeingimplemented: oneisoperated by Asian Development Bank and another one is financed by AFD. Costs and flnancing The second Tranche of the program is a Policy Based Loan co-financed by AFD, and Includes 11 activities. The program of technical assistance provided by AFD is financed with a grant of EUR 500,000 from the French Fund for exchange and technical expertise (FEXTE). The main objective of the program is to contribute to the improvement of environmental and public health policies and institutional reform in Georgia. It will specifically support institutional reforms which are aimed to strengthen sector governance, to improve performance and to increase financial sustainability of the water and sanitation sector with a more effective utility management and the adoption of commercial principles and practices helping to achieve a sustainable operating model and efficient state ownership. The government will implement a more balanced and inclusive WSS system and rcdircct its focus and resources. 57 SCHEDULE 7 - NON-EXHAUSTIVE LIST OF ENVIRONMENTAL AND SOCIAL DOCUMENTS WHICH THE BORROWER PERMITS TO BE DISCLOSED IN CONNECTION WITH ES COMPLAINTS-MANAGEMENT MECHANISM'S RULES OF PROCEDURE Environmental and Social Impact Assessment (ES!A) of the Program ESEP implementation report of the Program Any otiier documents with relation to the Environmental and Social diligences made available and developed under the Program 56