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Execution copy (Operation Number 48104) AMENDMENT AGREEMENT NO. 2 to the Loan Agreement dated 13 July 2017 (BatumiBus Project) between GEORGIA and EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT Dated K tJ^- -• 2077 AMENDMENT AGREEMENT NO. I to the Loan Agreement dated 13 July 2017 This amendment agreement, dated is made by and between: (I) GEORGIA (the "Borrower"); and p) the EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT, an international organisation formed by treaty ("EBRD"). WHEREAS: (A) The Borrower entered into aloan agreement dated 13 July 2017. which was amended by the Amendment Agreement No. I dated 22 March 2018 (as so amended, the "Oriainal Agreement") with EBRD; (B) The Borrower and EBRD wish to amend the Original Agreement further in certain respects, on and subject to the provisions ofthis Amendment Agreement No.2. NOW, THEREFORE, in consideration ofthe above, the parlies hereto agree as follows: Section 1. (a) Definitions and Interpretation In this Amendment Agreement No.2:- Amendments" means the amendments made or to be made pursuant to Section 2 of this Agreement. "Amendment Effective Date" has the meaning given in Section 3 of this Amendment Agreement No.2. "Original Agreement" has the meaning given in Recital A. (b) Terms defined in the Original Agreement (whether directly or by reference to any other agreement or mstrument) shall, unless otherwise defined herein, have the same meaning in this Amendment Agreement No.2. The provisions of Section 1.03 ofthe Original Agreement shall have effect as ifset out in this Amendment Agreement No.2 in full, mutatis mutandis. (c) The Original Agreement and this Amendment Agreement No.2 shall be read and construed as a single document. Section 2. Amendment and Continuity (a) With effect on and from the Amendment Effective Date, the Original Agreement shall be amended by the amendments set out in the Schedule Ito this Amendment Agreement No.2. (b) The provisions of the Original Agreement shall, save as amended by this Amendment Agreement No.2, continue in full force and effect. "m Section 3. (a) Amendment Effective Date Except as the Bank and the Borrower shall otherwise agree, this Amendment Agreement No,2 shall become effective on the date upon which the Bank dispatches to the ^notice the Banic's acceptance evidence or waiver the been execution °f thisofAmendment AgreementofNo,2 on behalf of the thereof, Borrowerthathave duly Sect^foate'? necessary governmental and corporate action (the "Amendment Effective Date has not occurred by 31 May 2022 this Amendment Agreement No,2 shall be terminated, unless otherwise agreed by the parties. Section 4. Miscellaneous (a) All the provisions of the Standard Terms and Conditions dated 1December 2012 are hereby mcorporated mto and made applicable to this Amendment Agreement No 2with the same force and effect as if they were fully set forth herein. WAll references to "the Agreement" in the Original Agreement and all reference to the Ungma Agreement mall instruments and agreements executed thereunder shall refer to the Ungmai Agreement as amended by this Agreement. (c) This Agreement may be executed in several counterparts, each ofwhich shall be deemed an ongmal. but all ofwhich together shall constitute one and the same agreement. IN WITNESS WHEREOF, the Parties hereto, acting through their duly authorised representatives, have caused this Amendment Agreement No.2 to be executed and delivered on the date first above written. GEORGIA By—, , _ N^e: UU-lrs.s),.; ll ' HLuLsW of Fihanee EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT Title SCHEDULE 1 AMENDMENTS TO THE ORIGINAL AGREEMENT The Original Agreement shall be amended as follows: 1. Section 2.01(b) is hereby deleted in its entirety and replaced by the following: (b) The Loan shall consist oftwo Tranches, as follows: (p Tranche 1mthe amount ofEUR 3.200,920.33 (three million two hundred thousand nine hundred and twenty Euro and 33 cents) (the "Tranche I EBRD Loan"); and (2) Tranche 2in the amount ofEUR 2.299,079.67 (two million two hundred and ninety nine thousand and seventy nine Euro and 67 cents) ("Tranche 2EBRD Loan"). 2. Paragraph 2ofSchedule 1(Description of the Project) of the Loan Agreement is hereby deleted in its entirety and replaced by the following: Part A. Capital Expenditures (Investment Components) a) Tranche 1. Procurement of diesel buses. b) Tranche 2. Procurement ofapproximately 10 electric buses and chargers. c) Tranche 2. Procurement ofelectronic information boards. Part B: Technical Cooperation (Consultancy Assignments) a) Corporate Development Programme and Stakeholder Participation Programme. b) Green City Action Plan. 3. The Attachment to Schedule 2ofthe Loan Agreement is hereby deleted in its entirety and replaced by the following; Attachment to Schedule 2 < Category Amount of the Loan Allocated in the Loan Currency (1) Goods, works and services Part A of the Project - Tranche I 3.168,920.33 -Tranches 2,276,079.67 Front-end Commission 100% - Tranche 1 32,000.00 - Tranche 2 23,000.00 Total be Financed Up to 100% of contract value excludingany Taxes for component (a), (b) and (c) of (2) Percentageof Expenditures to 5,500,000.00 sw

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X AMENDMENT AGREEMENT NO. 1 to the Loan Agreement dated 13 July 2017 (Batumi Bus Project) between GEORGU and EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT r . -1 -- ^ >• Dated WMh < 99 Klcxcrk 2018 I--; - agreement no.2017 1 to the Loan Agreement dated 13 July This amendment agreement, dated 23. (VlrvrA ^ . 2018 , IS made by and between: (1) GEORGIA (the "Borrower"); and {2) the EUROPEAN BANK FOR RECONSTRnrTrnxr Aivir. » I mteniationai organisation formed by treaty MVELOPMENT, an WHEREAS: « My 20,7 (,„= •Ortsl.., NOW, Section 1. Definitions and Interpretation l^a) In this Amendment Agreement No. 1: ,te ^ ^ •»' ^ 'l™- " S„io„ 3 41. A™d„., Origmal Agreement" has the meaning given in Recital A. „a,, Amendment Agreemen Z dehned herein, have the same meaning in """" N«-i - b= ~d .M Amendment and Continuity , Ag„„. *, enaments set out mthe ScheduleD..., I to a,. thisOrigto., Amendinent Agreement (b) -y, save as amended by this Amendment Section 3. Amendment Effcctivc Date (a) Except as the BaiA and tiie BoiTower d, m , BormT^"' date Bonower anot.ee of the Bank's acceptanceon oftheevidencfo!-! ' ^ and delivery of this Amendment Agreement No 1oTh . ,p T®'' Amendiiieiit t" Ihe the execution au^onsed or ratified by all necessity gove nme ta -S Effecuve Date"). been dulj ^ vet nmental and corporate action (the "Amendmem (b) If the Amendment Effective Date hnc n^, „ Agreement No., shall be terminated. Scction4. Miscellaneous same foi^e and effect as if they were ft,lly set forth hwdr ^ ifc 1 December 2012 are (b) All references to "the Aereemenf" in th^ n • • . . GEORGIA By_ Name ™e: Mini^ie AN BAN Name( 6ru^o |?^ Title: Uifecxor khfhidte fiOOnCi, reconstruction AND DEVELOPMENT ^o.l witlf the; SCHEDULE 1 AMENDMENTS TO THE ORIGINAL AGREEMENT The Original Agreement shall be amended as follows: 1 The Recitals shall be amended for the second paragraph to read as follows: "WHEREAS, the Borrower intends to implement the Project as described in Schedule 1which is designed to assist in the purchase of new buses and improving and modernising the bus operations in Batumi;" 2 Schedule 1 paragraph 2 (a) shall be amended to read as follows: "PartA: a) 3 Capital Expenditures (Investment Components) Tranche 1. Procurement of diesel buses." Section 2.02(e)(1) and 2.02(g) of the Original Loan Agreement shall be deleted in their entirety and replaced with tlie following: "(e) (1) The Borrower shall repay the Loan in 14 equal (or nearly as equal as possible) semi-annual instalments on Interest Payment Dates of each year, with the first Loan Repayment Date failing on 12July 2020 and tlie last Loan I Repayment Date being 12 January 2027;" "(g) the rate of the Commitment Charge shall be 0.5% per annum calculated on the aggregate amount of the Loan. The Commitment Charge shall be payable on the Available Amount of the Tranche 1 EBRD Loan or the Tranche 2 EBRD Loan respectively on each Interest Payment Date (even though no interest may be payable on such date) commencing, for the Tranche 1 EBRD Loan, on the first Interest Payment Date following the Effectiveness and, for Tranche 2 EBRD Loan, on the first Interest Payment Date following the Tranche 2 Availability Date. 4 The new Section 2.02(i) to be introduced to read as follows: "(i) The Borrower shall pay to the Bank the front-end commission equal to one per cent (1 %) of the maximum principal amount of, respectively, Tranche 1 EBRD Loan and the Tranche 2 EBRD Loan. The Bank shall, on behalf of the Borrower, withdraw such amount from the Available Amount of the Tranche 1 EBRD Loan on the Effective Date, or within seven (7) days thereafter and from the Available Amount of Tranche 2 EBRD Loan on the Tranche 2 Loan Availability Date, or within seven (7) days thereafter, and pay to itself the amount of such front-end commission." (b6fn3g6:>(30(n 5(n0g6o 48104) bibQbbcn 9ga)56b0g&6 (&5CD^0ob i3(f)fo&^bg&ob 3AngJ(5o) b5jj:>6co3g(j;n<nb <56 g3Cicndob Ao3ci5b(^fo;;;5jjQoob5 (56 2,6B3ocniAg5ob biB^b 3^^oob coiAocjo: 2017 ^(j^ob 13 o3q^obo bifoRQ3<^ d'ohc^oo I-be)iB^i6(5:3(;nr,o 3i^go&o ^56 3oftnao&o; aiB06ft(5o&o&o 1.01. bt!)iB<5)5ff)(5^ero 3^<50a"lii 66^oq;no 1.02. a^Bdof'i^^Qagao 2 3o6n&oaob a6OT35(->obRo6oai ZZ^2 7 Bi^ocjoo 1.03. oB^^of^iafoot^iQOi 8^b(jno II -bgbbob aot^ocDi^go 3o(«)(«)aQao jg 1q B5^oq;j;>o 2.01. coiBb^) Qo.:) 36c*^^(^5 Bi^o(voo 2.02. bghbob bb35 goBiBb^fno aoAnagBo B6^0(;;;^o 2.03. coiBbQ&ob fi;)3nfnn(3b30 a^gbi^no III -3(^)ngJ(5ob Bi6bf0(n3O3(;mga5 jq Ij ^2 bi.'^Of^^oS.Ol. 3(?)nQj(5OTi5 <5)^36390635^(^0 bb3i d<!}30QQb'Q(^Q?3oa)o 3o6(n&3ao j2 d'cihc^o IV -ao9a3ot!)i'- tpiRd^fooa^, ai^^dagai 6i^o(2oo 4.01. 909y30(^i 6i^O(i0O 4.02. b6b3bb(n agcniBbaQ&ob 36(3pob cpiRJiftQ&i 14 9^b(*|;>o V- dicm^Qo 93b3(j)^o Bi^OQi^oo 5.01. dbc^:,-do aob3c::)ob ^oBi3oAcvi&3ao B^^ocj^o 5.02. bi.066(X)(j;;['ga6o3o Cp^b33B3&o 2^ 14 15 Bi5o(;:;;no 5.03. 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TXf'/i fSi9nBani;VC|RT|P]gD QV ^ Mlnisti^y of Pordiop TRANSLAfiONeUREAU^®® c•^^ntfrfn»^t<^nfllAgf<Jtfm«^frf»-ofQ»l?fg^8 im ibQiA Execution Copy (Operation Number 48104) LOAN AGREEMENT (Batumi Bus Project) between GEORGIA and EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT Dated jo ;")uL 2017 TABLE OF CONTENTS ARTICLE I - STANDARD TERMS AND CONDITIONS; DEFINITIONS 2 Section 1.01. Incorporation of Standard Terms and Conditions Section 1.02, Definitions Section 1.03. Interpretation 2 5 6 ARTICLE II - PRINCIPAL TERMS OF THE LOAN Section 2.01. Amount and Currency Section 2.02. Other Financial Terms of the Loan Section 2.03, Drawdowns 8 8 8 9 ARTICLE III - EXECUTION OF THE PROJECT Section 3.01. Other Affirmative Project Covenants 9 9 ARTICLE IV - SUSPENSION; ACCELERATION; CANCELLATION Section 4.01. Suspension Section 4.02. Acceleration of Maturity 11 11 11 ARTICLE V - EFFECTIVENESS Section 5.01. Conditions Precedent to Effectiveness 11 11 Section 5.02. Legal Opinions ]2 Section 5.03. Termination for Failure to Become Effective 12 ARTICLE VI - MISCELLANEOUS Section 6.01. Notices 12 12 SCHEDULE 1 - DESCRIPTION OF THE PROJECT SI-I SCHEDULE 2 - CATEGORIES AND DRAWDOWNS S2-1 (i) LOAN AGREEMENT dated 2017 between GEORGIA (the "Borrower") and EUROPEAN BANK FOR'RECONSTRUCTION AND DEVELOPMENT Cthe "Bank"). ^ PREAMBLE WHEREAS, the Bank has been established to provide financing for specific projects to foster the transition towards open market-oriented economies and to promote private and entrepreneurial initiative in the Central and Eastern European countries committed to and applying the principles of multiparty democracy, pluralism and market economics; WHEREAS, the Borrower intends to implement the Project as described in Schedule 1 which is designed to assist in the purchase of new low-floor buses and improving and modernising the bus operations in Batumi; WHEREAS, the Project will be carried out by the Batumi Autotransport Ltd (the Project Entity ), a limited liability company organised and existing under the laws of Georgia and wholly owned by Batumi Municipality City Hall (the "City"), with the assistance of the Borrower and the City, in accordance with the terms of the project implementation agreement to be entered into between the Bank and the Project Entity on the date hereof (the "Project Implementation Agreement"); WHEREAS, the City will provide assistance with the execution ofthe Project pursuant to the terms of a project support agreement (the "Project Support Agreement") to be entered into between the Bank and the City on the date hereof; WHEREAS, the Borrower has requested assistance from the Bank in financing part of the Project; WHEREAS, the Bank wishes to lend and the Borrower wishes to borrow up EUR 5,500,000 on the terms and conditions set forth herein, subject to the terms and conditions set forth or referred to in this Agreement, the Project Support Agreement and the Project Implementation Agreement (each ofthe Project Support Agreement and the Project Implementation Agreement being a "Project Agreement"). WHEREAS, the Bank has also agreed to make available funds on a grant basis to assist in implementing the Project, in compliance with the Rules of the Eastern Europe Energy Efficiency and Environment Partnership ("ESP"), (i) in the amount of EUR l,500,000(one million five hundred thousand Euro) (the "Grant") and (ii) subject to the terms and conditions to be set forth in anagreement (the "Grant Agreement"); WHEREAS, the Bank intends to make available technical cooperation funds provided by donors in form of grants, in an aggregate amount of EUR 420,000 to finance (i) a Corporate Development Programme and Stakeholder Participation Programme (as defined below) in an amount of EUR 280,000; and (ii) a Green City Action Plan (as defined below) in an amount of EUR 140,000. NOW, THEREFORE, the parties hereby agree as follows: ARTICLE I - STANDARD TERMS AND CONDITIONS; DEFINITIONS Section 1.01. Incorporation of Standard Terms and Conditions All of the provisions of the Bank's Standard Terms and Conditions dated 1 December 2012 are hereby incorporated into and made applicable to this Agreement with the same force and effect as ifthey were fully set forth herein, subject, however, to the following modifications (such provisions as so modified are hereinafter called the "Standard Terms and Conditions"): (a) The definition of "Euro", "EUR" or "€" in Section 2.02 ofthe Standard Terms and Conditions shall, for purposes ofthis Agreement, be modified to read as follows: Euro , EUR" or"€" means the lawful currency of the member states of the European Union that adopt the single currency in accordance with the legislation of the European Union relating to economic and monetary union." (b) ^The definitions of "Coercive Practice", "Collusive Practice", "Corrupt Practice" and Fraudulent Practice" in Section 2.02 ofthe Standard Terms and Conditions shall, for purposes ofthis Agreement, be deleted in their entirety. (c) The definition of "Prohibited Practice" in Section 2.02 of the Standard Terms and Conditions shall, for purposes of this Agreement, be modified to read as follows: Prohibited Practice" means a coercive practice, a collusive practice, a corrupt practice, a fraudulent practice, a misuse of the Bank's resources, an obstructive practice or a theft, as each of these terms is defined in the Bank's Enforcement Policy and Procedures dated the date so specified in the Loan Agreement under the definition of "Enforcement Policyand Procedures"." (d) The definition of "Reference Page" in Section 2.02 of the Standard Terms and Conditions shall, for purposes of this Agreement, be modified to read as follows: ""Reference Page" means the display of (i) for Loans denominated in USD or £, London interbank offered rates of major banks for deposits in the Loan Currency designated as pages LIBOROl and LIBOR02 on Thomson Reuters services (or such other page as may replace pages LIBOROl and LIBOR02 on Thomson Reuters services for the purpose of displaying London interbank offered rates for deposits in the Loan Currency), and (ii) for Loans denominated in Euro, Euro-zone interbank offered rates for deposits in the Loan Currency designated as page EURIBOROl on Thomson Reuters services (or such other page as may replace EURIBOROl on Thomson Reuters services for the purpose of displaying Euro-zone interbank offered rates for deposits in the Loan Currency)." (e) The definition of "TARGET Day" in Section 2.02 of the Standard Terms and Conditions shall, for purposes ofthis Agreement, be modified to read as follows: TARGET Day" means any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer system is open for the settlement of payments in Euro." (f) Section 3.04(a) of the Standard Terms and Conditions shall, for purposes of this Agreement, be modified to read as follows: "(a) If the Loan is subject to a Variable Interest Rate then, for purposes of Section 3.04(b) below, the Relevant Market Interest Rate shall be: (i) for the first^ Interest Period of each Drawdown, the offered rate per annum for deposits in the Loan Currency that appears on the Reference Page as of 11:00 a.m., as applicable, London time (for USD or £) or Brussels time (for Euro), on the relevant Interest Determination Date for the period which equals the duration of such Interest Period (or ifno such rate appears on the Reference Page for a period equal to the duration of such Interest Period but rates ("Reference Rates") do appear on the Reference Page both for aperiod that is shorter than and for aperiod that is longer than the duration ofsuch Interest Period, the Relevant Market Interest Rate shall be the rate (rounded upward, if necessary, to four decimal places) that would be applicable for a period equal to the duration of such Interest Period as determined through the use of straight-line interpolation by reference to the Reference Rate that appears on the Reference Page for the period that is the next shorter in length than the duration of such Interest Period and the Reference Rate that appears on the Reference Page for the period that is the next longer in length than the duration of such Interest Period); and (ii) for each subsequent Interest Period, the offered rate per annum for deposits in the Loan Currency which appears on the Reference Page as of 11.00 a.m., as applicable, London time (for USD or £) or Brussels time (for Euro), on the relevant Interest Determination Date for the period which is closest to the duration of such Interest Period (or, iftwo periods are equally close to the duration ofsuch Interest Period, the average ofthe two relevant rates); provided that: (1) if, for any reason, the Relevant Market Interest Rate cannot be determined at such time by reference to the Reference Page, the Relevant Market Interest Rate shall be the rate per annum which the Bank determines to be the arithmetic mean (rounded upward, if necessary, to four decimal places) of the offered rates per annum for deposits in the Loan Currency in an amount comparable to the portion of the Loan subject to a Variable Interest Rate scheduled to be outstanding during the relevant Interest Period for a period equal to such Interest Period which are quoted to leading banks in, as applicable, the London interbank market (for USD or £) or Euro-zone interbank market (for Euro) as advised to the Bank by at least two major banks active in, as applicable, the London interbank market (for USD or £) or Euro-zone interbank market (for Euro) selected by the Bank; and (2) ifpursuant to the terms specified in this Section 3.04(a), the Relevant Market Interest Rate would be below zero, the Relevant Market Interest Rate will be deemed to be zero." (g) Section 3.04 of the Standard Terms and Conditions shall, for purposes of this Agreement, be modified to include anew Section 3.04(e) which shall read as follows: "(e) If an event specified in Section 7.06 ofthe Standard Terms and Conditions has occurred and is continuing, the Bank may elect to require the Borrower to pay interest on the portion ofthe Loan, ifany, that is subject to a Fixed Interest Rate not at such Fixed Interest Rate but instead at a Variable Interest Rate." (h) Section 3.09(a)(iii) of the Standard Terms and Conditions shall, for purposes of this Agreement, be modified to read as follows: "(iii)the interest rate per annum offered in, as applicable, the London interbank market (for USD or £) or the Euro-zone interbank market (for Euro), on the Default Interest Determination Date for adeposit in the Loan Currency of an amount comparable to the overdue amount for a period equal to the relevant Default Interest Period or, if or, if a Market Disruption Event has occurred, the rate which expresses as a percentage rate per armum the cost to the Bank of funding the Loan from whatever source the Bank may reasonably select (or at the option of the Bank, the Relevant Market Interest Rate, ifavailable), provided that ifthe rate pursuant to this sub-paragraph (iii) would be below zero, the rate will be deemed to be zero." (i) Section 3.10(b)(2) of the Standard Terms and Conditions shall, for purposes of this Agreement, be modified to read as follows: "any portion of the Loan which is subject to a Fixed Interest Rate is accelerated pursuant to Section 7.06 or otherwise becomes due prior to its stated maturity or becomes subject to a Variable Interest Rate pursuant to Section 3.04(e) of the Standard Terms and Conditions; or". (j) Section 3.13(a)(1)(B) ofthe Standard Terms and Conditions shall, for purposes of this Agreement, be modified to read as follows: "(B) the rate, as notified by the Bank to the Borrower as soon as practicable and in any event before interest is due to be paid in respect of the relevant Interest Period, which expresses as a percentage rate per annum the cost to the Bank of funding the Loan fi"om whatever source the Bank may reasonably select (or, at the option of the Bank, the Relevant Market Interest Rate, if available), provided that if the rate pursuant to this sub-paragraph (B) would be below zero, the rate will be deemed to be zero; and" (k) Section 4.04(a)(ii) of the Standard Terms and Conditions shall, for purposes of this Agreement, be modified to read as follows: "(ii) enable the Bank's representatives, at the Bank's request; (A) to visit any facilities and construction sites relating to the Project; (B) to examine any and all goods, works and services financed out of the proceeds of the Loan and any plants, installations, sites, works, buildings, property, equipment, records and documents relevant to the performance of the obligations of the Borrower under the Loan Agreement; (C) for these purposes, to meet and hold discussions with such representatives and employees of the Borrower as the Bank may deem necessary and appropriate, in each case, including in order (i) to facilitate the Bank's evaluation of the Project and enable the Bank to examine and address any Project-related complaint made under the Bank's Project Complaint Mechanism and (ii) to assess whether a Prohibited Practice has occurred in relation to the Project or the transactions contemplated herein." (1) Section 7.01(a)(xv) of the Standard Terms and Conditions shall, for purposes of this Agreement, be modified to read as follows: "the Bank shall have suspended or otherwise modified access to Bank resources by the Member pursuant to a decision of the Board of Governors of the Bank". (m) Section 8.01 of the Standard Terms and Conditions shall, for purposes of this Agreement, be modified to include an additional paragraph which shall read as follows: "Notwithstanding any other provisions of these Standard Terms and Conditions, the Loan Agreement, the Guarantee Agreement or any Project Agreement, the Borrower, the Guarantor and each Project Entity (if any) are deemed to acknowledge and agree that the Bank may invoke the Enforcement Policy and Procedures in respect of allegations of Prohibited Practices." (n) Section 8.04(b)(iii) of the Standard Terms and Conditions shall, for purposes of this Agreement, be modified to read as follows: "(iii) Where the Secretary-General of the Permanent Court of Arbitration is to appoint an arbitrator, the Secretary-General of the Permanent Court of Arbitration shall be at liberty to choose any person he/she regards as suitable to act as arbitrator pursuant to Articles 9.2 and/or 9.3 of the UNCITRAL Arbitration Rules." Section 1.02. Definitions Wherever used in this Agreement (including the Preamble and Schedules), unless stated otherwise or the context otherwise requires, the terms defined in the Preamble have the respective meanings given to them therein, the terms defined in the Standard Terns and Conditions have the respective meanings given to them therein and the loilowmg terms have the following meanings: "EBRD Loan" means the aggregate of the Tranche 1EBRD Loan and the Tranche 2 EBRD Loan or, as the context may otherwise require, the principal amount thereof from time to time outstanding. "Borrower's Authorised Representative" means the Minister of Finance of the Borrower or such other person as the Minister of Finance may designate in writing. "Corporate Development Programme" means a coiporate development programme to be prepared by international consultants and implemented by the Project Entity in relation to the Project and financed by a donor or donors, which programme shall assist the Project Entity to support institutional development in the form of operational improvements and financial improvements to secure sustainability of the bus operations, including signing of the Public Service Contract between the City and the Project Entity. "Enforcement Policy and Procedures" means the Bank's Enforcement Policy and Procedures dated November 2015. "Fiscal Year" means the Borrower's fiscal year commencing on 1January of each year. "Funds Transfer Agreement" means the agreement, in form and substance satisfactory to the Bank, to be entered into between the City and the Borrower to transfer the funds on non-refundable basis, pursuant to the Grant Agreement, as such agreement may be amended from time to time. "Green City Action Plan" means the plan to be prepared by the City no later than the second anniversary of the signing of this Agreement with the^ support of the Bank and implemented by the City, which plan articulates the City's and other relevant stakeholders' environmental vision for the City and assists the City to address the priority environmental challenges and achieve the vision. The contents of the green city action plan may be amended with the prior written consent of the Bank. "Loan" means the aggregate of the Tranche I EBRD Loan and the Tranche 2 EBRD Loan or, as the context may otherwise require, the principal amount thereof from time to time outstanding. "Public Service Contract" means the agreement to be entered into, in form and substance satisfactory to the Bank, between the Project Entity and the City, which agreement may include terms to regulate the relationship between the Project Entity and the City regarding the provision of public transportation services by buses owned by the Project Entity (and, in particular, the formula for service payments from the City to the Project Entity and the quantity and quality of services to be provided by the Project Entity), to be based on the principle of performance linked accountability, such agreement to be in form and substance acceptable to the Bank. "Subsidiary Loan Agreement" means the subsidiary loan agreement, in form and substance satisfactory to the Bank, to be entered into between the City, the Project Entity and the Borrower, represented by the Ministry of Finance, pursuant to Section 3.01(a), as such loan agreement may be amended from time to time. "Stakeholder Participation Programme' means a programme to be prepared by international consultants and implemented by the Project Entity in relation to the Project and financed by a donor or donors, which programme shall assist the Project Entity to enhance public ownership by encouraging the use of public transport, increasing public participation in the provision of public transport services and raising public awareness on issues related to project implementation. "Tranche 1 EBRD Loan" means the amount referred to in Section 2.01(b)(1)) or, as the context may otherwise require, the principal amount thereofoutstanding from time to time. "Tranche 2 EBRD Loan" means the amount referred to in Section 2.01(b)(2) or, as the context may otherwise require, the principal amount thereofoutstanding from time to time. "Tranche 2 Availability Date" means the date as of which the Tranche 2 Loan has become committed and available for Drawdowns as notified by the Bank to the Borrower. Section 1.03. Interpretation In this Agreement, a reference to a specified Article, Section or Schedule shall, except where stated otherwise in this Agreement, be construed as a reference to that specified Article or Section of, orSchedule to, this Agreement. ARTICLE II - PRINCIPAL TERMS OF THE LOAN Section 2.01, (a) Amount and Currency The Bank agrees to lend to the Borrower, on the terms and conditions set forth or referred to in this Agreement, the amount ofEUR 5,500,000 (five million five hundred thousand Euro). (b) The Loan shall consist of two Tranches, as follows: (1) Tranche 1 in the amount of EUR 3,200,000 (three million two hundred thousand Euro) (the "Tranche 1EBRD Loan")); and; (2) Tranche 2 in the amount of EUR 2,300,000 (two million three hundred thousand Euro) ("Tranche 2 EBRD Loan"). (c) Notwithstanding anything to the contrary, expressed or implied, in this Agreement, the Tranche 2 Loan is uncommitted and accordingly the Bank shall have no obligation to make any disbursements under the Tranche 2Loan unless, at the request of the Borrower, it shall have first determined in its sole and absolute discretion that it is prepared to make the Tranche 2 Loan available for disbursement and shall have notified the Borrower ofsuch positive determination, ifany. (d) The disbursement ofthe Tranche 2 Loan is also subject to the following condition that the Grant Agreement shall have been executed and all conditions to its effectiveness or the right of the Borrower to make the drawdowns under the Grant Agreement, except for the effectiveness of the Loan Agreement, shall have been fulfilled. Section 2.02. Other Financial Terms of the Loan (a) The Minimum Drawdown Amount shall be EUR 30,000. (b) The Minimum Prepayment Amount shall be EUR 100,000. (c) The Minimum Cancellation Amount shall be EUR 100,000. (d) The Interest Payment Dates shall be 12 January and 12 July ofeach year. (e) (1) The Borrower shall repay the Loan in 14 equal (or as nearly equal as possible) semi-annual instalments on Interest Payment Dates of each year, with the first Loan Repayment Date falling on or immediately after the third anniversary of the signing of this Agreement and the last Loan Repayment Date being 12 January 2027. (2) Notwithstanding the foregoing, in the event that (i) the Borrower does not draw down the entire Loan amount prior to the first Loan Repayment Date specified in this Section 2.02(e), and (ii) the Bank extends the Last Availability Date specified in Section 2.02(f) below to a date which falls after such first Loan Repayment Date, then the amount of each drawdown made on or after the first Loan Repayment Date shall be allocated for repayment in equal amounts to the several Loan Repayment Dates which fall after the date of such drawdown (with the Bank adjusting the amounts so allocated as necessary so as to achieve whole numbers in each case). The Bank shall, from time to time, notify the Borrower of such allocations. (f) The Last Availability Date shall be, for the EBRD Loan, the date which is the date of the third anniversary of this Agreement, or such later date that the Bank may in its discretion establish and notify to the Borrower. (g) The rate of the Commitment Charge shall be 0.5% per annum calculated on the aggregate amount of the Loan. (h) The Loan is subject to a Variable Interest Rate. Notwithstanding the foregoing, the Borrower may, as an alternative to paying interest at a Variable Interest Rate on all or any portion of the EBRD Loan then outstanding, elect to pay interest at a Fixed Interest Rate on such portion of the Loan in accordance with Section 3.04(c) of the Standard Terms and Conditions. Section 2.03. The Drawdowns Loan may be drawn down from time to time in accordance with the provisions of Schedule 2 to finance (1) expenditures made (or, if the Bank so agrees, to be made) in respect of the reasonable cost of goods, works and services required for the Project and (2) the Front-end Commission. ARTICLE III - EXECUTION OF THE PROJECT Section 3.01. Other Affirmative Project Covenants In addition to the general undertakings set forth in Articles IV and V of the Standard Terms and Conditions, the Borrower shall, unless the Bank otherwise agrees in writing: (a) make available to the City, pursuant to subsidiary loan agreement in form and substance satisfactory to the Bank, the proceeds of the Loan on terms and conditions acceptable to the Bank; (b) exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank, to comply with the provisions of this Agreement and to accomplish the purposes for which the Loan is made; (c) not assign, amend, abrogate or waive any provision of the Subsidiary Loan Agreement; (d)^ take all necessary steps to ensure that the Project Entity performs all of its obligations under the Project Implementation Agreement to which it is a party including without limitation its obligations relating to: (1) designation and operation ofa project team as provided for in Section 2.02 ofthe Project Implementation Agreement; p.) procurement of goods, works and services from the Project as provided for in Section 2.03 ofthe Project Implementation Agreement; (3) environmental and social matters as provided for in Section 2.04 of the Project Implementation Agreement; (4) ^ employment and use of consultants to assist in the implementation of the Project as provided for in Section 2.05 ofthe Project Implementation Agreement; (5) approval of the Corporate Development Programme and Stakeholder Participation Programme as provided for in Section 2.06 of the Project Implementation Agreement; (6) prep^ation and submission of reports on matters relating to the Project and to the Project Entity's operations as provided for in Section 2.07 of the Project Implementation Agreement; (7) maintenance of procedures, records and accounts, preparation, auditing and submission to the Bank of financial statements and ftimishing to the Bank any other relevant informadon relating to the Project or the Project Entity's operations as provided for in Section 3.01 ofthe Project Implementation Agreement; and (8) compliance with all covenants regarding financial and operational aspects of the Project and the Project Entity as provided for in Section 3.04 of the Project Implementation Agreement; (e) take all necessary steps to ensure that the City performs all of its obligations under the Project Support Agreement to which it is a party, including without limitation its obligations relating to: (1) employment and use of consultants to assist in the implementation of the Project as provided for in Section 2.04 ofthe Project Support Agreement; (2) approval of the Green City Action Plan as provided for in Section 2.01 (15) of the Project Support Agreement; and (3) compliance with all covenants regarding financial and operational aspects of the Project and the City as provided for in Section3.01 and Section 3.02 of the Project Support Agreement; and (f) take, or cause to be taken, all additional action necessary for the completion of the Project. 10 ARTICLE IV - SUSPENSION; ACCELERATION Section 4.01. Suspension The following are specified for purposes of Section 7.01(a)(xvii) of the Standard Terms and Conditions: (a) the legislative and regulatory framework applicable to the public transport sector in the territory of the Borrower shall have been amended, suspended, abrogated, repealed or waived in a manner which materially and adversely affects the operations of the Project Entity orits ability to carry out the Project; or (b) the Statutes of the Project Entity shall have been amended, suspended, abrogated, repealed or waived in a manner which in the opinion of the Bank, acting reasonably materially and adversely affects the operation of the Project Entity or its ability to carry out the Project; or (c) ^the City shall have failed to perform any of its obligations under all or any of the Subsidiary Loan Agreement, the Project Support Agreement and/or the Public Service Contract; or (d) the Project Entity shall have failed to perform any ofits obligations under all or any ofthe Project Implementation Agreement and/or the Public Service Contract; or (e) not, without the prior written consent of the Bank, transfer the ownership of the Project Entity, in whole or in part, to a party other than the City; or (f) any ofthe events described in Section 7.01 (a)(i) to (x) ofthe Standard Terms and Conditions has occurred with respect to the Grant Agreement, mutatis mutandis. Section 4.02. Acceleration of Maturity The following is specified for purposes of Section 7.06(f) of the Standard Terms and Conditions: any of the events specified under Section 4.01 shall have occurred. ARTICLE V - EFFECTIVENESS Section 5.01. Conditions Precedent to Effectiveness The following are specified for purposes of Section 9.02(c) of the Standard Terms and Conditions as additional conditions to the effectiveness of this Agreement and each Project Agreement: (a) the Subsidiary Loan Agreement and the Grant Agreement, in form and substance satisfactory to the Bank, has been executed and delivered and all conditions precedent to its effectiveness or to the right of the City to make drawings thereunder, except only the effectiveness of this Agreement, have been fulfilled; 11 (b) each Project Agreement has been executed and delivered, and the execution and delivery of each Project Agreement have been duly authorised or ratified by all necessary governmental actions; (c) the Bank has received certified copies ofthe Statutes ofthe Project Entity; (d) the project team referred to in Section 2.02 of the Project Implementation greement has been designated with adequate resources and suitably qualified personnel under terms ofreference acceptable to the Bank. Section 5.02. Legal Opinions (a) For purposes of Section 9.03(a) of the Standard Terms and Conditions, the opinion shall be given on behalf of the Borrower by the Ministry of Justice and the following are specified as additional matters to be included in the opinion or opinions to be furmshed to the Bank: f okkj (1) each of the Subsidiary Loan Agreement (which is a condition effectiveness ^ ified by, and Agreement)and the Grant Agreement duly authorised or ra delivered on behalf of, the Borrowerhasandbeen constitutes a valid and legally binding obligation of the Borrower, enforceable in accordance with its terms. (b) For puiposes of Section 9.03(c) of the Standard Terms and Conditions the opinion or opimons of counsel shall be given on behalf of the Project Entity by the in- house counsel ofthe Project Entity. (c) For purposes of Section 9.03(c) of the Standard Terms and Conditions, the opinion or opinions of counsel shall be given on behalf of the City by the competent authority of the City's Legal Department and the following are specified as additional matters to be included in the opinion or opinions to be furnished to the Bank: (I) the Subsidiary Loan Agreement has been duly authorised or ratified by, and executed and delivered on behalf of the City and constitutes a valid and legally binding obligation ofthe City, enforceable in accordance with its terms. Section 5.03. Termination for Failure to Become Effective o • 9.04 ofthe Standard Terms and Conditions. Agreement is specified for purposes of Section ARTICLE VI - MISCELLANEOUS Section 6.01. Notices The following addresses are specified for purposes of Section 10.01 of the Standard Terms and Conditions: 12 For the Borrower: Ministry of Finance 16, Gorgasali Street 0114 Tbilisi Georgia Attention: Public Debt and External Financing Department Fax: +995-32-2262-423 For the Bank: European Bank for Reconstruction and Development One Exchange Square London EC2A 2JN United Kingdom Attention: Operation Administration Department Fax: +44-20-7338-6100 13 IN WITNESS WHEREOF, the parties hereto, acting through their duly authorised fiTnTanH signed invthree copies«(two for h,v the Ba^ and one forTthe Borrower) and delivered in''ett.cl . Georgia nf fh^ and year first above written. "cyrtm as or tne day GEORGIA By: Name: Title: 1^.. jvp'; J rV ^ EUROPEAN BANK )]• ACO. eY (.iv'0'>y'i'v FOR RECONSTRUCTION AND DEVELOPMENT By: Nafrie: Title: 14 SCHEDULE I - DESCRIPTION OF THE PROJECT 1. The purpose of the Project is to assist the Borrower in the purchase of approximately 10 electric and approximately 20 diesel buses. u Bank^''oject of the Parts, such modifications thereof as the and theconsists Borrower mayfollowing agree upon fromsubject time tototime: Part A. Capital Expenditures (Investment Components) a) Tranche 1. Procurement ofapproximately 20 diesel buses. b) Tranche 2. Procurement of approximately 10 electric buses and chargers. Part B: a) Technical Cooperation (Consultancy Assignments) Corporate Development Programme and Stakeholder Participation Programme. b) 3. Green City Action Plan. The Project is expected to be completed by the third anniversary ofthe Date of this Agreement. Sl-1 SCHEDULE 2-CATEGORIES AND DRAWDOWNS EBRn r n aggregate amount not exceeding 20% of the Tranche 1 °'z "zrs "'rs ~ 82-1 Attachment to Schedule 2 Category Amount of the Loan Allocated in the Loan Currency Percentage of Expenditures to be Financed (1) Goods, works and services for component (a) of Part Aof Up to 100% of contract value the Project excluding any Taxes • Tranche 1 -Tranche 2 3,168,000 2,277,000 (2) Front-end Commission 100% - Tranche I - Tranche 2 Total 32,000 23,000 5,500,000 S2-1