2013 წლის 20 აგვისტოს ხელმოწერილი „საქართველოს და ევროპის საინვესტიციო ბანკს შორის ფინანსური ხელშეკრულება (წყლის ინფრასტრუქტურის განახლების პროექტი II)“
📋 განხილვის ეტაპები
ინიციირებული ვარიანტი
📄 საქართველოს პარლამენტის ბიუროს გადაწყვეტილება ნორმატიული აქტის პროექტის განხილვის პროცედურის დაწყების შესახებ (92 KB)
📄 საქართველოს პრეზიდენტის წარდგინება (58 KB)
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სხდომაზე განსახილველი პროექტი
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🏛️ კომიტეტები
- საფინანსო-საბიუჯეტო კომიტეტი წამყვანი კომიტეტი
- საგარეო ურთიერთობათა კომიტეტი კომიტეტი რომლის დასკვნაც სავალდებულოა
- ევროპასთან ინტეგრაციის კომიტეტი კომიტეტი რომლის დასკვნაც სავალდებულოა
- რეგიონული პოლიტიკისა და თვითმმართველობის კომიტეტი კომიტეტი რომლის დასკვნაც სავალდებულოა
📅 დამატებითი ინფორმაცია
ბიუროზე განხილვის თარიღი 2013-10-01
ბიუროს ნომერი 106
📜 ტექსტი
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ხელშეკრულება
「││
/〃レθ
L3 l9l3
FI N・
31855
Serapis N° 2012‐ 0207
Water lnfrastructure Modernisation I
V
Finance Contract
Georgia
V
European lnvestment Bank
Luxembour9,20 August 2013
Tbilisi.19」 uly 2013
I
│││
TH'S CONTRACTIS MADE BE¬ ″EEN:
dWttJ
椰 轟継
軸譜
(lhe "Bonower")
d the fist part,
(the‐ Bank‐ )
i榊
鐵
醐
3inder Head Or Divisbn
盪
d the second part
臥ザ
2
│11
HIEREA Si
(1)
The Borrower hes slated that it is undertaking, through its whofly owned company, United
Wglgl..Supply Company of ceorgia (the.pro;obr.), a prqect t6 ennance tte qJjny ana
reliability ol waler selvrces ln Georgra p ncipaly through the construction, rehabititatio; and
modernrzalrcn ol municipal waler sector tnhastructure in various lowns in Georgia as more
particularly described in the iechnlcat descripion (the.Technical Deicr;ption;)
set oul in
Schedule A (the "Proiect") The Proiect sha be ,mptemented exctusively in the territory of
lhe Borrower. The Eorrower owns 1OO percenl. of the issued capitat of the promoler
2)
The total cost of lhe Project, as estim6ted by the Bank, is EUR SO,OOO,OOO (eighty mi ion
euros) and lhe Borrower has slated that il intends to finance the projecl as followsl
Source
Amount(M EUR)
Credi avalable from the eank
4000
3200
Loan frOm Asian Development Bank
+PromOters own cOntr butiOns (footnote: if necessary due to
rate nuctuatOns
40000o00 USD)
NIF
The Bank. considering that the financing of the Proiect fals within the scope of its functlons,
and having regard lo the slatemenls and facls ciled in these Recilals. has decaded to gve
eflect lo the Borrower's immediate liiancing needs by providing il a credit in an amount of
EUR 40,000,000 (forty million euros) under thts Finance Contraci(lhe "Cont.act")
一
b
An applicaton Io lhe Neaghbourhood lnvestmenl Facitity (hereafter ,NlF") has been made lor
a grant for the Project in the amouni of total EUR 8,OOO,OOO (eight mr ion euros) for
investments. Furlher, lhe Bank, other international finance instituliona and the Commisson
(a) have enlered into lhe 'Co,operation within lhe framework ol the Neighbourhood
lnvestment Facility framework agreement, in force as of 21 Oecember 2009 (lhe "NlF
Framework Agrcement') and (b) willenter into an implemenlation agreement selting out the
terms and condilions of co operalaon wnhin the framework of the NIF lor the purposes of
mplemenlaton ol lherr respectve financrng agreements concluded with the Borrower (the
"lmplemenlalion Agreement" and together wilh the NIF Framework Agreemenl,
and any
olher relevant agreements, the'NlF Document.tion") Furlher. the Comm6sion has entered
or will enler rnlo a financrng agreement with the Borrower under which the Commissron shaI
make a non-reimbursable grant contfibution in the amount of EUR B,OOO,O00 (eight milion
euros) for purpose of financing the mplementation of the project (the,,EU Finarcing
Agteement") which provides for the use of the Commission's (NlF) and the Bank,s funds on
a pari passu basis.
(6)
On 21 June 2007, lhe Eorrower and the Bank srgned a Framework Agreement governrng the
Bank's activities in ceorgla (hereafter referred to as the,,Framewo;k Agree;ent,) ;hich
conlrnues lo be in full force and effecl lhroughout the ltfetrme of this Conlract and lhe project
falls within lhe scope of the Framework Agr;ement
や
●彙 餞● こr ■ P01 1; ●1 1 1 ●ふ ︑ IP ヽ i ・ ・
︐
︐
︐
ln order lo lulf,ll the financrng plan sel out in Recitat (2), the Borower has requested from the
Eank a credil in an amount of EUR 40,000,000 (torty million euros) provided that the amount
ol lhe Bank s loan shall not, in any case, etceed 5oo/o lltfly per cen!.J ol lhe Iotal cosl ol the
Project as set out in Recitat(2).
■量ぼ
^
0
(4)
800
8000
︐
TOTAL
ADB loan will amount to
・
1 ■● ■
exchange
C)
は、duy adh¨ sed O● gn蘭 s comma brand on
臨肥温」"nan∝ d ce。 ●
h
(3)
(9)
(10)
1羊 T漑
I驚檄蠍ユ
力
i]瀑iw騨 駆
翼爛浄
鮮
継1聯 輔鼎 冊撫
(11)
ti:鷲 £
(12)
(13)
r Sh訓 ∽ use he PЮ motr
O● ke tt neces‐
SO∞ m● y wlh he Ptted
"詢
『
践
朧
i緋∬誂:瀞
lば e胤 需
醗酬 組 織 ∫
糾
齢 馴
Th,Oank∞ nsiders that access to infOmatOn plays an essent●
l roL in the reduc10n Of
鶴龍
鵠齢 距:臨
Ⅲ
闘饗
ha
lenaue mem b undedand
I
s
AV
,I
mW THEREFORE il is hereby agreed as follows:
f,TERPRETATION AND OEFINITIONS
(a)
O
lnt6rptetation
References in lhis Contract lo Articles. Recitals, Schedules and Annexes are save d
explicitly stipulated otherwise, references respeclively lo arlicles of, and recilals schedules
and annexes to lhis Contract
(a)
(i0
O)
References in this Conkacl to a provision of law are rcferences lo thal prov'sion as amended
or re-enacted.
lo lhat other
References in this Contract to any other agreemenl or inslrumenl are relerences
reslated'
or
exlended
supplemenled,
agreemenl or inslrumenl as ame;ded novated,
Oofinilions
ln lhis Contractl
'Acceptance Deadling'for a notice means:
(a)
O)
16h00 Luxembourg time on lhe day of delvery, if the notice is delivered by
'14h00
Luxembourg tirne on a Business Dayi or
'llhoo Luxembourg time on the next lollowlng day whlch ls a Business Day, rf the notice is
which is nol
delivered after 14h-OO Luxembourg lime on an, such day ot is deluered on a day
a Business Day
been duly
'Accepted Tranche'means a Tranche in respecl of a Disbursement Offer which has
Acceplance
Disbursemenl
*cepied by the Borrower in accordance with ils terms on or before the
Deadline
'Business Oay' means a day (other than a Saiurday or Sunclay) on which the Bank and commercial
benks ale open for general business in Luxembourg
'Change-ol-Law Event' has the meaning given to it in futicle 4 03A(3)'
'Cont.act' has the meaning given to it in Recital (4)'Credit" has the meaning given to it in Article 1.01
'oeferment lndemnig'means an indemnity calculaled on the afiDunt ol disbursement defened or
suspended at lhe percentage rate (if higher than zero) by $/hich:
lal
(b)
to
lhe lnterest Rale thal would have been applicable to such amount had it been disbursed
exceeds
Dale
lhe Bortower on the Schecluled Drsbursemenl
EURIBOR (one month rate) less O 125% (12.5 basis points) unless this value is less than
zero, in which case itwillbe sel al zero
dale
Such rndemnrty shallaccrue from the Scheduled Disbursemenl Dale to the actual disbursement
tn"v u", untilthe date of cancellation of the AccePled Tranche in accordance wrth this
t,"
"rl.
Contract "".J
'Disbursement AccePlance' means a copy ol the Disbursement Oller duly counle6igned by the
'Disbursement Acceptance Deadline means the date and time of expiry of a Dlsbursement Offer
as specifled therern
'Dlsbursement Olfer" means a lelter substantially in the folm set out h Schedule C 1
5
ノ
\r
rrt
on Event" means either or bolh o,
a materaal disruption to ihose payment or communieltions syslems or lo those financial
;arkels which are. in each case, iequired to operate in order for payments to be made in
conneciion with this Contract; or
the occunence of any olher evenl which resulls in a disruption (of a technical or-systems_
related nature) to the lreasury or paymenis operataons of eather the Bank or the Bonower,
preventing that party:
(i) from performing its payment obligations under this Conlract or
(ii) flom communcaling wih other parlies,
and which disruption (in either such case as per (a) or (b) above) is not caused by, and
beyond the conkol of, the party whose operatbns are disrupled.
means the following, in so far as they affed human health and social well_being:
is
trrironmont'
l!
|u
Gl
fauna and flora;
sorl, waier, air, climale and lhe landscape; and
cultural heritage and the buill environment
diflcludes,withoutlimibfion,occupalionaiandcommunilyheallhandsafetymallersandworkrng
citditions.
Byircnmental ApproYal" means any permit. Iicence. authorigtbn consent or other approval
rqrired bY Environmental Law
Gryi.onmontal Claim" means any claim, proceeding, formal notice or investrgation by
any person in
r.pect of any Environmental Law.
'grvimnmenf.l Law' means EU law to the extent adopted by the la!'vs of Georgia or standards and
laws and
specif,eo uv the Bank belore lhe date of ihis Contracl and GeoQian nalional
oLs as-.i:
is the
-JJt,i".
principal
objeclive
which
a
of
treaties
rnlemational
applEable
*ai as'
,r;eNaton, proteclDn or rmprovement ol Ihe Environment
€rRlBOR" has ihe meaning given to il in Schedule B'
'ER'and"euro'meanthelaMulcurencyottheMemberSlatesottheEuropeanUnionwhichfrom
the relevant provisions of the Treaty on
:r* to time adopt it as their currency in accordance with
Eurcpean Union or their succeedrng
of
the
iip.an union'ano the Treaty on ihe Funclioning
l€aties.
fin3l Availability Date" means three years from the date ot this Contracl'
wilh the
fixed Rate' means an annual interest rate determined by the Bank in accordance
loans
made
for
of
the
Bank
goveming
bodies
by
the
princrples
laid
down
from trme to tme
Jkable
terms
J'a nxed rate oi interest. denominatecl in the currency of the Tranche and bearing equivalent
b. the repayment of capilaland the payment of interest.
fB€d Ral€ Tranche'means a Tranche on which Fixed Rate is applied.
floatingRate.meansafixed-spreadfloatingintereslrate'thatistosayanannualinlerestrate
&termi;d by the Bank for each successive Floating Rate Reference Period equal to the Relevant
Herbank Rale plus or minus the Spread.
floating Rate Reference Pstiod" means each period fiom one Payment Date to the next relevanl
Paymeni Date; the first Floaiing Rate Reference Period shail commence on the date ol disbursement
<,[ the Tranche.
floating Rato Tranche" means a Tranche on which Floating Rate is applied.
'hdemnifiable Prepaymenl Event" means a prepayment event underArticle 4 034.
^
0
鴨
ll:
,rEans the aggregate amount of Tranches disbursed
time to time by the Bank under this
'rom
Oi6.uptaon Evqnt" means in relation to a specillc Accepled Tranche:
there are, in the reasonable opinion of the Bank, excePtional circumstances adversely
affecting lhe Bank's access to lts sources offunding;
fund
n lhe oornon of lhe Bank, funcls are not avatlable from its ordinary sources offunding to
the
to
in
relation
*in rr'"""n" i^ it Lr"vant currency and/or for the relevant maturily andor
" of such Tranche;
reimbursement profile
Rate:
in relation to Tranche in respeci of which interest is payable at Floating
by
rhe cost to the Bank of obtaining funds from its sources of funding, as determined
in
ofaTranche(re
Penod
Reference
ir," e"^r.l"t p.nod equalto llie Fbating Rate
Rale
or
lnterbank
Relevanl
"
of
the
appllcable
the money mariet) would be in excess
/,r
'"
for ascertaining the
n'l ih€ Bank determrnos that adequate and fak means do not existsuch
Tranche or il is
curency
of
'- ,.r;uf" n.f.*nt lnterbank Rale for the relevant
with
the delinitbn
in
accordance
Rate
o i.t"-re the Relevanl lnterbank
"iip.ii,ur"in Schedule B.
contaaned
al AdvsBo
…
̲change
i;
颯
event
Change" means, in relation to lhe Eonower, the Promoler or lhe MOF any
G; Borrower' the Promoter or the MDF which' in the opinion of the
"""a]t."ln1"rhg
perform its obligations under this Contract'
い
male.ially impairs the ability of the Bono$/er to
0
materially ampairs the ability of the Pronroter or the MDF to
●l
malerially impairs the financial condition or prospects of the Borower' lhe
perform its obligat'ons under the
Project Agreement or
Promoter or ihe
MDF,
Lt .ity Date" means the last rcpayment dale of a Tranche specified pursuant to Article
..01A(bXiv).
cerries out
Georgia
*Dl'means the Ministry of Regional Development and lnl€structure of general
Yhich
policy in waler and
JJJinatron ano controt ot tle Promoter ano tt'tDF and which detemhes
stri,aiion s€c1ors.
that' in case
?\.ym6nl Date" means: 20 January ancl 20 July each year until the Maturity Date' save
--y such date is nol a Relevant Business Oay. { means:
)6foraFixedRateTranche,the'ollowingRelevantBusinessDay,tvithoutadjustmenltothe
rntelest due under Arlicle 3 01; and
lor . Floetrno Rate Tranche the next day, if any' of that calendar month that is a Relevant
Busrness Day' in
e-;..".. br"y t"iri.s t ai the nearesfpreceding day that is a Relevant
3
01'
"i,
Arlrcle
allcases wih conespo;ding adjustment to the inlelest due under
?1t," means either:
(a)
0)
the MDF.r that entw iS perOming the funclions ofthe prolectimplemenlatbn unt O「
ordnale,
│:be
Ihe establshed
implementation
by lhe
oFthe
promoterlo
Proleclin
co‐
accordance
魚
:寵 ::R:11:「 ]11::』 I![者 i]書 1さ。
l呈
wnh the PrOleCt Agreement
,repavment Amount・ means the amOunt ora Tranche to be prepald by the BOrowerin accordance
硫 h Articに 402A
p(oposes to effect prepaymenl ol a Prepayment Amount-
r
螂中
'PEpayment Oate" means the daie, which shall be a Payment Date, on which the BoTrower
鵬1
誂]∬
11哨
∫
問 R蹴:T:Ψ 滞柑
酬 1lm.TW認
e Prepa"en AmЧ OW● e penOd m he
・
り 愧 i濡:1脇淵‖
:Ⅷ :謬慨 il■
価 . .r t wec ttCdated a ne R e,Oyme■
。 慧卵島‖
:桜l腱 稲器 1:ξ …
oymen Raq
d a a ds∞ un餞 中 uJ O he Rede口
「
詳!れ 需北
町lr:sT釧 寵亀
e
h"` い
。
rrower speCM"´ m¨ い
・
T∬ 爾8輩搬∬蹴悧ccordance wnh A
『翼:鷺 il蹴灘
rere not prepaldi oller
:誉
he B°
にle 4 02A
Prolect・
haS the meaning g■ en tO nin Rectal(1)
・Rel● Vant Business Dav・ means a day wい にhiS a TARCET2 DAY
RoleVant!nterbank Rate・ means EURIBOR
‐
mぁ ns he daeon wh商 a Tranい eS∝ h∞
d
0"dSbu"d
熙::1滉
c:じ 器
ド
1=は 謂
.F評
緊 1:瑞竃
思
矧
」
LH:湖
譜
冨
ilfTtty電
濯
諾
£
ii:S器
性
脱
窃
棉
諾よ
面
側
9
yS σ
品
柵
猾 ∬ 懺 鳳 柵 :t幌朧 朧 胤 澁
:・
l『
Technical DesC■ ptiOn・ haS the meaning 91ven to n in Recilal(1)
meanS each diSburSement made Orto be made underthis Conlracl
1
よ゛
III
ARTICLE I
C]ldlt and DlsbuEaments
l.ol
Amount ot C.6dit
By this Conlract the Bank establishes in favour of the Borrox/er, and the Borrower accepts,
the credil in an amount of EUR 40,000,000 (forty million euros) for the financing of the project
{1he "CrEdit').
1.02 Ol6bu,senonto.ocadure
1.02A T.anchos
The Bank shalldisbuGe the Credit in up lo five TGnches. The amount of each Tranche, if not
being the undrawn balance of the Credit, shall be in a minimum amount of EUR B.OOO,OOO
(eight million euros).
1.028 OisbursementOffar
Upon request by lhe Borrower, provided that no evenl mentioned in Article LO6B has
occuned and is continuing. the Bank shallsend lo lhe Bonorer a Disbursehenl Offer for lhe
djsbursemenl of a Tranche. The lalest time for receipl by the Borro /er of a Disbursement
Offer is 10 (len) days before the Final Availability Dale. The Disburs€ment Olfer shel specify:
(a) the amount ofthe Tranche:
(b) the Scheduled Disbursernent Oate, which shall be a Relevanl Business Day, falling et
least 10 (ten) days afier the date of ihe Disbursement Offer and on or before the Final
Availabilily Date:
(c) the interest rate basis ot the Tranche, being: (i) a Fix6d Rate Tranche; or (ii) a Floating
Rale Tranche all pursuaht to the relevant provisbns of Article 3.01;
(d) the interest payment periodicity Ior the Trarrche, in a@ordance wilh lhe provisions of
Article 3.01;
(e) lhe first Paymenl Oate for lhe T6nche;
(f) the terms for repayment of p.incipatfor lhe TBnche, in accordance with the provlsrons
of Artacle 4.01;
(g) the lirst and last repaymenl dates of principal for the Tranche;
(h) for a Fixed Rate Tlanche, the Fixed Rale and for a Floaling Rate Tranche the Spread,
applicable until the Maturity Date; and
(i)
the Disbursement Acceptance Deadline.
1.02C Oisbulsemont Acceptancc
The Bonower may accept a Disbursement Ofier by delivering a Disburs€ment Acceptance to
the Bank no laler than lhe Disbursement Acc€piance Deadline. The Disbursemenl
Accrptance shall be accompanaed:
(a) by the IBAN code (or appropriate format in tine with tocalbanking practice) and SWFT
BIC of the bank accounl to which disbursement of the Tranche should be made in
accordance with Article 1.02D; and
(b) by evidence o, the auihofity of the person or persons authorisd to sign the
Disbursemeht Acceplance and the specimen signaturc of such person or persons or a
declaration by the Borrower lhat no change has occurred in relation to the aulhority of
the person or persons authorised to sign Disbu6ement Acceptances under ihis
Contracl.
9
り
tf a Disbursement Offer is duly accepted by the Borrower in accordance with its lems on or
before lhe Disbursement Acceptance Deadline, the Bank shall make the Accepted Tranche
available to lhe Borrower in accordance with the relevant Disbursemenl Offer and subject lo
the terms and conditions oI this contracl.
The Borrower shall be deemed to have efused any Disbursement Offer which has not been
duly accepted in accordance with its terms on or before lhe Disbu6emenl Acceptance
Deadline.
1 02D Oisbu6qment Account
Disbursemenl shall be made to the account of the Borrower set up at the Treasury Service of
the Minislry of Financ.e of the Bonower for the purposes of disbursements under lhis Contract
as the Bor;ower or the Promoter shall notify in writing to the Eank not later than '15 (fifteen)
days before the Scheduled Oisbursement Date (with IBAN code or wrth the appropriale
fonnat in line with local banking praclice). Such account shall be separate fiom any other
accounls. audited independenuy and s€parately and not subiect to any enlorcement,
altachment or any similar proceedrngs and the stalus of which shall be maintained
︶
E E E E E E E E E I 卜 ⁚ ⁚ ︱ ︱ ︱ ︱ ︱ ︱
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throughout the implementation of the Project (such account herealler the "Dl6bursement
Account').
1.03 qu!9!sr-9!-d!EEEsEgd
The Baflk shalldisburse each Tranche an EUR.
l.O4 Conditioru of disbuGoment
1.04A FirstTanche
The disbursement of the filst Tranche under Atticle 1.02 is conditional upon receipt by the
Bank in form and substance satisfactory to it on or before the date falling 7 (seven) Business
Days before the Scheduled Oisbursement Date' of the following documents or evidence:
opinion issued by the Ministry ol Justice of ihe Borower in English language on
a legal
-due
execution of this Contracl by the Bonower and the vatidrty' enforceability and
tne
binding nature thereof. Such opinion shall be supported by the relevant documents
evide;ing the Borroweis authoraiy to enler inio the Contract as vvell as evidence of
due ratifiAtion of lhis Contract in accordance with the applicable laws of Georgia, and
a confimation tMt the Framework Agreement is valid, binding and enforceaue and
thal no events or circumstancls have occuned which could, in the reasonable opinion
of the Bank, adversely affect the legal, valii, binding and enforceable nalure of the
(a)
''
Framework Agreement:
(b)
legal opinion issued by the Ministry of Justice fol the Prornoter and the MDF
' ' asatisiactory
to the Bank confirming that the Proiect Agreement has been duly
authorised, executed and delivered for and on behalf oI the Promoter and the MDF
and constitutes a valid and legally binding obligation of the Promoler and the MDF,
enforceable in accordance with its tems:
(c) evidence that the Proiect Agreemenl has been duly authorised and thal the pe'sons
signing the Proiect Agreement on behaf of the Promoler and the MDF are duly
authorised lo do so together with the specimen signaturc of each such percon or
persons,
(d) evidence in the English tanguage of the po/vers of the Minister of Finance of Georgia
to sign this contract on behalf of the Bono/er;
(e) confirmataon that all necessary consents, authorisations, rights of way licences or
approvals of governmenial or public t'odies or authoities required in connection wilh
this Contract and the Proiecl have been rcceived and ihal the Promoter and the MDF,
lo the satisfaction of the Bank, has been given the necessary authonty and powers lo
ooerate the
Proiecl:
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conflrmation that no exafiange @nlrol consents are necessery to permit the Borower
lo receive disburcements as provided in this Contract, to repay lhe disbursed Tranches
(as referred to in Alticle 2.01) and lo pay interest and all other amounts due hereunder,
including the opening and maintenan@ of a@ounts to which the Borrow€r directs the
Bank to disburse the Crediti
(g) evidence of payment of the upJronl tee in tull pursuant to Artiole 1.08;
(h) if the [,!DF is not performing lhe functions of the PlU, eviience that the PIU has been
established under the control of lhe Promoler, is fully oE€Elional and has suilable
expenenced stafl and appropnale terms of refelence;
(i)
a procuremenl plan which includes a p.oposal for pr@urement prccedures to be
applied, a proposal for a supervision scheme, a choice of slandard documenls and a
time schedule for lhe progremi
0) evidence that the Disbursement Account has been €sbblashed;
(k) evidence that the ADB Loan Agreement and ihe NIF Documenlation have been duly
execuied and delivered and all conditions precedenl to lheir effectiveness have been
fufilled or waived. that the ADB Loan has become uncondfionaland thal lhe Borrowe.
has the r(rht to receive lunds lhercunder: and
(l)
evidence that an on-lending agreement has been conclucled between the Borrower,
MRDI, the Promoter and MDF relating to ihe on-lending of the Loan from lhe Borrower
to the Promoter.
I 048 All Tranches
The disbursement of each Trenche under r.rticle 1.02, including thefirst, is condilaonal upon:
(a) receipt by the Bank in form and subslance satislaclory to il, on or before the date
falling 7 (seven) Business DaF betore lhe Scheduled Disbu6ement Date for the
proposed Tranche, of the following documenls or evidencal
(i) a certificale lrom the Borower in the form of Scheduh D;
(ii) evidence demonstrating that, following drarvdown of the relevant Tranche. the
aggregale amounl of lhe Loan will not exceed the aggregaie expenditure
incured or conkadually committed by the Bonower in respecl of the Proiect up
to the date of the relevant oisbursement Offe(
(iii) evidence of the authority of the person or persons aulhorjsed to sign
Disbursement Acceptance and the authentic€ted specimen signalure of such
person ol peGons;
(iv) a copy of any olher authonsation or other document, opinion or assurance which
the Bank has nolified the Borrower is necessary or desirable in c.nnection with
the entry into and perfomance (r. and lhe iransaclions conlemplated by, the
Contracl or the validity and enforceability of lhe Conlract:
(v) the Bank s ex€nte approval of project fiches in a formal approved by lhe Bank
tor lhe definjlion of individual schemes against which disbursement is requested.
The fiches shall include a review of observance of the agreed Technical
Guidelanes (adopted wilhin the Water lnfrastruclure Modernisalion Program.
phase l) as well as cosl$enefri and environmental susiainabrlity indicalors
adjusled to the complexity of schemes, and procuremenl plan including time
schedulesi
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(vi) lor each individual componenl of the pogram for whaci the competent aulhority
requires an environmenlal impact assessment ('ElA'). copies of the non_
lechflical summary, the environmental impact study, the evk ence oI the public
consultation and a copy of lhe relevant part of the final development permit
demonstrating the incorporation of the ElA, its mitigation measures and the
public consultationi
(vir) for each indivdual component of lhe program for which the compelenl authority
pedorms screening and decijes not to aequire an ElA, a copy of the relevant
decision of the comp€tenl authority and evidence of public disclosure of the said
decision;
(viii) for each individual component of the program which has or may have a
significant impact on aleas of nature conservation a conesponding
(ix)
0)
representation describing impacts and mitigation measures provided by the
Georgian authonty responsibl€ for nature consewation in a lorm acceplable to
the Eank; and
for each individual component of the program which b deerned not lo have
coresponding
nature conservalion.
significanl impect on areas
for nalure
Gsponsible
provided
Georgian
authority
by
lhe
re-presentation
conseNalion in a fom acceptable to the Bank
ol
a
that on the Scheduled Disbursement Dale lor the proposed Tranche:
the representations and warEnlies which are repeated pursuant to Article 6 07
are correct in all respects; and
(i)
(ii) no event or circumslance which constitules or would lvith ihe passage of time or
giving of notice under this Conkact constitute:
(A) an event of default under A(icle 10-01, or
(B) a prepayment event underArticle 4.03 or a breach ofArticle 7,
has occured and is conlinuing unremedied or unwaived or would result from lhe
proposed Tranche.
(C)
the Bank being satisfied that the EC Guarantee is valkl binding and enforceable and
that no eventaor circumstances have occured whk$ cauld, in the reasonable opinion
of lhe Bank, advelsely affect lhe legal. valu, binding and enforceable naturc of the
EC Guarantee or the BanKs right to make a demand thereunder.
iq- oelerment ot disburssment
'tEA G.ounds lor deferment
Upon the written request of the Borrower, the Bank shall defer the disbursement of any
Accepted Tranche in whole or in part to a date specmed by the Eoraower being a date falling
nol later lhan 6 (six) months from its Scheduled Disbursement Date and not later lhan
60 days prior to the first repayment date of the Tranche indicated in the DisbuBement Offer.
ln suih case, the Bonower shallpay the Defemeni lndemnity calculated on lhe amount ol
disblrsemenl deferred.
Any request for deferment shalt have effecl in respect of a Tranche only if it is made at least
7 (seven) Busrness Days belore its Scheduled Disbursement Date.
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pursuanl to Article 1.068). ln such case, lhe Borower shall pay the Oefermeni lndemnity
calculaled on the amount of disbursement defened.
:
-:8 Cancellation of a disbursement defe.rld by 6 (slx) montha
The Bank may, by notice in writing to the Bonower, cancel a disbursement which has been
deferred under Article 1.05A by more than 6 (six) months in aggregate. The cancelled
amounl shall remain available for disbu6ement under Article I 02.
06 Cancellatlon and susocnsion
:64 Borrower's right to cancel
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lf for an Accepted Tranche any of lhe conditions refened to in Article 1 04 is not fufiilled as at
the specified date and at the Scheduled Oisbursemenl Date. disburs€ment will be delerred to
a dale agreed between the Bank and lhe Bonower falling not earlier than 7 (seven) Business
Days following the fulfilmenl of all conditions of disbutsemenl (without prejudice lo lhe ight of
the Bank lo suspend and/or cancel lhe undisbursed portion of lhe Credit in whole or in part
The Borrower may at any time by notice in wrrting to ihe Bank cancel, in vrhole or in part and
with immedaate etfect. the undisbu6ed portion of the Credit. Horrever, the not(€ shall have
no effecl in respect of an Accepted Tranche lvhich has a Scheduled Disbursement Date
falling within 7 (seven) Business Days ofthe date oflhe notice
:aB Bank's right to su3Pend and cancel
The Bank may, by notice in writing to the Borrower. suspend andlor cancel the undisbursed
portion of the Credit in whole or in part at any time and wilh immediate efiect:
4 03A or 10 01
(a) upon the occurrence of an event or circumstance mentioned in Article giving
notice
of
or an event or circumstance which would w h lhe passage of time or
under this Contract constitute an event under Article 4-014 or an event of default under
Article 10.01;or
(b)
a MaterialAdverse Change ocJurs.
Any suspension shall continue until the Bank ends lhe suspension or cancels the susp€nded
amounl.
l5C lndemnity for susp€nsion and cancellation ot a Tranche
]6C(1)SUSPENSION
lf lhe Bank suspends an Accepted Tranche, whether upon an lrdemniflable Prepaymenl
Evenl or an event mentioned in Article 10.0'1 or upon the occurence of a Material Adverse
Change, lhe Borrower shall pay lo the Eank the Oeferment lndemnity calculaled on lhe
amounl of disbursement suspended
:.C(2) CANCELLATION
li pursuanl lo Article 1.064. the Borrower cancels:
(a) a Fixed Rate Tranche which is an r€cepted Tranche, il shall indemnify ihe Bank under
Arlicle 4 02Bi
Tranche oI any pari of ihe Credil other than an Acclpted
{b) a Floating Rate Acceptedpayable
Tranche. no indemnity is
lf the Bank cancels:
(i) a Fixed Rate Tranche which is an Accepted Tranche upon an lndemnifiable
Prepayment Event or upon lhe occurrence ol a Matenal Adverse Change oI pursuani
to Article 1.058, the Bonower shall pay to lhe Bank the Prepayment lndemnityi or
(ii) an Accepted Tranche upon an event mentioned in Ariicle 10.01, the Borrower shall
indemnrfy the Bank underArlicle 10 03
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Save in lhese c€ses, no indemnily is peyable upon cancellalron of a Tranche by the Bank.
The indemnity shall be calculaled on the basis that the cancelled amount is deemed to have
been disbursed and rcpaid on the Scheduled Disbursemenl Dale or, to lhe extent that the
drsbursement of the Tranche is currently deferred or suspended, on lhe date of the
cancellation nolice
1.07 Cancellation after oxpirv ot th. Credit
Any iime after the Flnal Availability Date, the Bank may by nolicf lo the Borrower and w(hout
liability ansing on the part of eithq party, cancel such amounl of lhe Credit in respect of
which no Disbursemenl Accepiance has been made in accordance with Article 1 02C
1.08 Up"front foe
Within 15 Eusiness Days tollowinq lhe Date of Effediveness of this Conlracl (as defined in
Article '12.03 belorv), the Bono|rer shall pay or cause to be paid lo the Bank an uPfronl fee in
an amount of EUR 50.000 (fifiy thousand euros)
The amount due lo the Eank under this Article 1-08 shall be payable in Euros and shall be
paid to the accounl indicated by the Eank lo the Bono{er
1.09 Sums due under ArticlG I
Sums due under Articles 1.05 and 1.06 shall be payable in EUR. They shall be payable
within 15 (fifteen) days of the Boftower's receipt of the gank's demand or within any longer
period specified in the Bank's demand.
ARTICLE 2
Tho Loan
2.01 Amount of Loan
The Loan shall comprise the aggregate amount of Tranches disbursed by the Bank under the
Credit, as confirmed by the Bank pucuant to Article 2.03.
2.02 Currencv of repaymant. intorcat and other chalocs
lnteresl, repayments and other charges payable in respect of each Tranche shall be made by
lhe Borrower in the currency in which lhe Tranche is disbuEed.
Any other payment shall be made in the cunency specified by the Bank havrng regard to lhe
currency ot the expenditure to be reimbursed by means oflhal pafnenl.
2.03 Confirmation bv tho Eank
Within 10 (ten) days after disbursement of each Tranche. the Bank shall deliver to lhe
Eorrower lhe amortisation table referred to rn Article 4.01, if appropriate, showing the
disbursement date, curency. the amount djsbursed, the repayment terms and the rnterest
rale of and for that Tranche.
14
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ARTICLE 3
lntereat
tr!1 Rate of lntetesl
3 C1A Fixed Rate Tranchas
balance of each Frxed Rate Tranche at
The Borrower shall pay interest on the outstandng
on lhe relevanl Pavm€nt Dates as
r]iiri ir:J *r.ii-;nnuatly or annualtv 'n a"6ao
on the first such Paymenl Date lollowng
soeciflec, rn the Disbursemenl Ontt *rn'ti"nclnq
from the date on
oitbt"'"rnent J ttte T'""cie was made lf lhe Perrod
the pavment
'ii'"r,
less
thon
or
davs
"ii
maoe to tnJi'rsieavment oate is 30
Date'
Pavmenl
following
the
postponed
lo
peri'd shall be
ii"
i*
i#ili"
;;"#;;;;;;i;;s
;,'i"s such
;i;;;i;;-"il
lnterestshallbecalculatedonthebasisofArticle5'01(a)atanannualratethatistheFixed
Rale.
3 0'18 Floating Rate Tranchcs
balance of each Floatmg Rale Tranche al
The Borrower shall pay interest on the oulstanding
on the televanl Payment Dates as
ii"-" r]""tr" n"r. senii-annually or inn'-ratty in a;ears
tirsl such Pavment Date {ollowrns
l,l.'ii"?',i" ti'" o,li,,"imenr 6flerUmmJnirng on lhe
rhe
rr ine ieriod rrom the date or clisbursemenr to
tne
perod
r'a"lil'
iffHJ;'i ilr-,;;";i 'r o' l"t"
such
ir'"-n ir'" p"iment of interesl accrued dunng
t',rl Pavment Date is 30 o"v"
snltt # poshoneo to ttre followrng Payment
Dale'
TheBankshallnotifytheFloatingRaietotheBor.o/erwithinl0(ten)daysfollowingthe
Floating Rate Relerence Period
"i"t'
place
"".m.r""."nt.i
of any Floating Rate Tranche takes
lf oursuant to Articles 1 05 and 1 06 disbursement
rrsl
to
the
li"i'iir'sjiJJilJ br'u""tn'nr-oliJlr'-ii"evant titeruanrhate apphcable
had been made on
p"'ioo sn"-rf_appii"" if'ough the dtsbursement
Floatrng Rate Relerence
lhe Scheduled Disbursement Dale'
the basis of
each Floatrng Rale Relerence-Penod on
lnterest shall be calculated in respecl of
if""i'g iale Reference Period ls below zero il
Article 5.01(b). lf the Floating n"tt
""V
will be set at zero
f-
3.02 lnteresl on overdue sums
to AnEle 3'Ol' interesl shall accrue
W(hout preludice to Arlicle 10 and bv wav of exceplon
dtms ot this contract lrom the due dare lo the date
;;';;;'J"#;;,rn p'v"ote 'noeri't'eitt"i"['"nl
points)
lnterbank Rate Plus 2olo (200 basis
ot payment at an annua' rat"
purpose
of
For
the
"q'"iio
oulnunO ol the Bank
and shall be payable rn accoroanl'tiiih-if'u
pe-rrods
relaiion to this Micle 3 02' the relevant
determining the neevant tnteoaniiaie;n
periods of one month commencrng on
be
successive
S"hedule B shall
iirJ i"""i"g
"I
"itr',*,"
lhe due date.
Fixed Rate Tranche shall be charqed at the
However, interest on any overdue sum under a
points) f
ln
ititnJ ArtEh 3 o1A plus o'25% (25 basispreceding
annual rate that as the suln or t"'tJf,
-g,u;t"r"r"nt
peflod, lhe raie specilled in the
that annual rate exceed", to,
"ny
paragraPh
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15
lO3 Mark€t Oisruption Event
ln relation to a specific Accepied Tranche, if at any time between the date of receipl by the
Bank ot a Disbursement Acceptance in respecl of such Tranche and the date falling two
Eusiness Days prior to the Scheduled Disbursement Date, a Market Disruption Event occurs,
the Bank mey notify to the Borrower that this clause has come into effect. ln such case, the
following rules shall apply: the rate of inlercst applicable to such Accepted Tranche until the
Malurity Date. shall be the sp.ead or fixed rate (expressed as a percenlage 'ate pet annuml
whlch is determined by the Bank to be the atl-mclusive cosl to the Bank for the funding of lhe
relevant Tranche based upon the lhen applicable intemally generated Bank reference rale or
an allernative rate determination method reasonably determined by the Bank. The Borrower
shall have the righl lo refuse in w.iting such disbursement within the deadtine speciried in the
notifacation and shall bear charges incurrd as a result thereof, if any, in which case the Bank
shall not effect the disbursement and the conesponding C(edit shall remain avaiiable for
disbursemenl under Article 1.028. lf lhe Bonower does not refuse the disbursement in time.
the parties agree that lhe disbur6ement and the condilions thereof shalt be fuly binding for
bolh parties.
ln each case the Spread or Fixed Rate previously notified by lhe Bank in the Disbursement
Offer shall be no longer applicable.
ARTICLE 4
Repavment
4 01
NOrmalrepavment
Repaynlent by instalments
(a)
The Borrower shall repay each Tranche by inslalments on lhe Payment Dates
specified in the relevant Disbursemenl Ofier in accordance wilh the terms of the
amorlisalion table delivered pu.suanl to Arlicle 2.03.
(b)
Each amorlisatbn table shall be drawn up on the basis that:
(i)
in the case of a Fixed Rate Tranche, repayment shall be made annually or semi
annually by equal instalments of pincipal or constant instalments of principat
and interest;
(ii) in the case of a Floaiing Rate Tranche, repayment shall be made by equal
annual or semi-annual instalments of princip€l,
{iii) the frrst repaymenl dale of each Tranche shalt be a Payment Date falling not
earlier than 60 days from the Scheduled Disbursement Date and not laler lhan
the first Paymenl Date immediately following the fifth anniversary of the
(v) the last repaymenl dale of each Tranche shall be a Payment Date lalling
t
o
n
Scheduled Disbursement Date of the Tranche: and
eerlier than 4 (four) years and noi leter lhan 25 (twenly,five) years from
Scheduled Disbursement Date.
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4.02 Voluntarvoreoavment
rl 02A Prepayment opiion
Subjecl lo Articles 4.028, 4.02C and 4.M, lhe Borrower may prepay all or parl of any
Tranche, logether with accrued interesl and indemnities if any, upon givang a Prepayment
Notice wilh at least 1 (one) month's prior notice specifying the Prepayment Amount and the
Prepayment Date.
Subjecl to Article 4.02C the Prepayment Notice shall be binding and inevocable.
4 028 P.6p.yment indcmnily
. 02B(1) FIXED RAIE TRANCHE
ll the Borrower prepays a Fixed Rate Tranche, the Borrower shall pay lo the Bank on the
Prepayment Oale the Prepayment lndemnrty4 028(2) FLOATING RATE TRANCHE
The Borrower may prepay a Floating Rale Tranche wilhoul indemnity on any relevant
Payment Date.
4 02C Prepayment mechanics
The Bank shall notify the Bonower, nol later lhan 15 (flneen) days prior to lhe Prepayment
Date, of the Prepaymenl Amount, of the accrued interest due lhereon and of the indemnity
payable under Arlicle 4.028 or, as lhe case may be, that no indemnity is due.
Not later than the Acceptance Deadlirle, the Bono{er shall notfy the Bank either.
(a) that it contlrms the Prepayment Notice on the tems specmed by ihe Bank, or
(b) thai it withdraws the Prepayment Notice.
lf the Bonower gives the'confirmation under paragraph (a) above. it shall effect the
prepayment. lI the Bono er withdraws the Prepaymenl Notice or fails to conlirm it in due
time, at may not effecl the prepayment Save as aforesaid, the Prepayment Notice shall be
binding and irrevocable.
The Borrower shall accompany lhe prepayment by tho payment of acc.ued interesl and
indemniy, if any, due on the Prepayment Amounl
4.03 Comoulsorvprepavment
4.03A Ground6 tor prepaymont
4 O3A(1) PROJECT COST REDUCTION
lf the total cost ol the Proiect should be reduced from the figure stated in Reciial (2) to a level
at which the amount ofthe Credit exceeds 50% (ffty per crrl.) of such cost, the Bank may in
proportion to the reduclion forthwith. by notice to the Bonower, (a) cancel the undisbursed
portion of the Credit and,/or (b) demand prcpayment of the Lmn The Eono\i/er shalleffect
paymenl of the amount demanded on lhe date spec led by the Bank, stlch date beang a date
falling not less lhan 30 (thirty) days from lhe date ofthe demand.
4 O3A(2) PARI PASSU TO ANOTHER TERM LOAN
It the Bonower volunlarily prepays a part or the whole of any other loan originally granted to it
for a lerm of more than 5 (fMe) years (a "Term Loan") otheMise than out of the proceeds of
a loan having a term at least equal to lhe unexpired term of the Term Loan prepaid, the Bank
may, by notice to the Bonower, cancel the Credit and demand prepayment of the Loan, in
such proportion as the prepaid amouni ol lhe Term Loan bears lo the aggregate outstanding
′
﹁
amounl of allTerm Loans.
17
The Bank shall address its notice to the Borrower within 30 (thirty) days of receipt of notice
under Article 8.02(cxii).
For ihe purposes of this Micle, 'loan' includes any loan, bond or olher form of financial
indebtedness or any obligation for the paymeni or repayment of debi.
4 034(3) CHANGE OF LAW
The Borrower shall promptly inform the Bank if a Change-of-Law Event has occurred or is
likely to occur. ln such case, or if lhe Bank has reasonable cause to believe that a ChangeotLaw Evenl has occured or is about to occu( ihe Bank may request thal lhe Borrower
consult wilh it. Such consultation shall take ptace within 30 (thirty) days from the date oI the
Bank's request. lf, after the lapse of 30 (thidy) days from the date of such requesl for
consultation the Bank is of the opinion that the efiecls of the Change-of-Law Eveni cannot b€
miiigated to its satisfaction, the Bank may by notice lo the Borotver, cancel the undisbuced
portion of the Crcdit and demand prepayment of the Loan. togelher with accrued inlerest and
allother amounts accru€d or outstanding under this Contracl.
The Borrower shall effect payment of the amounl demanded on the date specified by the
Bank, such dale being a date falling not less than 30 (lhirly) days from the date of lhe
For ihe purposes ol this Article 'Chango.or-Law Evont" means the enactment, promulgation,
execulion or ralificalion of or any change in or amendment to any law, rule or regulation (or in
lhe applicelion or official inlerpreialion of any hw, rule or regulation) that occurs afler lhe
date of this Contract and which, in the oprnion of lhe Bank, would materially impair ihe
Borrower's ability to perform its obligations under lhis Contract or the Borrower's, the
Promoter's or the MDF'S ability to perform its obligations related lothe POect.
a 03A(4) ILLEGALITYi EC GUARANTEE
lf:
(a) it becomes unlaMul in any Eu judsdiclion or in Georgia for the Bank to perform any of
its obligations as contemphted in this Contracl or lofund or maintain the Loan; or
(b) in relation lo lhe EC Guaranl6'ei
(i) it is no longer valid or in full force and effect:
(ra) the conditions for cover thereunder are nol fulfilledi or
(iri) it is not effeclive in accordance w h its tems or is alleged by the Borrower to be
ineffective in accordance with its lerms,
lhe Bank shall promplly notify the Bonower and the Bank may:
(A) immediately suspend or cancel the undisbursed portion ofthe Credit and/or
(B) demand prepayment of the Loan on the date indicated by lhe Bank in its notice
to the Borrower.
4 O3A(5) CHANGES TO THE AANK'S AUTHORITY TO LEND
The Borrower shall, wilhin seven days of receaving notice from lhe Bank lo do so, prepay to
lhe Sank lhe Loan and all accrued interest and fees due under lhis Contracl if any material
obligalion assumed by the Eorrower as stated in the Framework Agreement ceases to be
fulfilled as regards any ban mede to any borrower in the terntory of Georgia frofi lhe
resources of the Bank, or lhe European Unlon and, in the opinion of lhe 8ank, slch breach
materially prejudices the interesls of the Bank as lender
債﹁
︐
18
麟日 甲
r 03A(6) PROJECT AGREEMENT
lf lhe Promoter or lhe MDF fails to compty with any of its obtigations
under the proiect
Agreemenl, or any fact stated in the recdals io th" e.j"a
.a"i,.'ilv
art",s ana ts
not restored rn aI maleriat respecl. and if the ale;ation;,th€r
marena-rif
lrelr.,o,ces rr,e
-"iu-"il"iv
agi*ri"i
interests ot the Bank as tender to the Borrower or .uiu""ffv
,n.a. fr,"
imptementataon or operation of the propct, or any suctr oUtiiimnl
," nJii],"""."" to o.
lega y vatid and binding, ihe Bank may, upon ih" ,att",-not
uerig ie;eaieo wittn a
reasonabre_ period of time, by notice lo rhe Bonower,
canca inJ cieort or cemano
prepaymenl
of the disbursed Tranches.
4 038 Prepaymant mechanics
Any sum c,c6manded by the Bank pursuant to ArtEte 4.034, together
r/ith any rnteres! or other
amounts accrued, or.outstandrng under this Conlract rncl-udrng. wrtnour
iimitaton. any
rnoemnfy oue under Articte 4 03C, sha be pad on the date indicaled
bv the Bank whlch
date shal fa]t not tess than 30 (thrrty) days kom the aate of the eanil
notil-li oemanO ano
snal oe apptrcd ln accordance with Articte S 05
4 03C Prepaym6nt indemnity
ln ihe case of an lndemnifiable prepay,rnenl Event, the indemnily, if any, sha
in accordance with Article 4.028.
lf, moreover, pursuant to any provisDn of Anlcb 4 O3A the Bonower prepays
be determined
a Tranche on a
date olher than a relevant payment Date, the Bonower stratt rnOemniv itte Aanf in suctt
amount as the Bank shall certify is required to compensate for receDi of funds
otheNise
than on a relevanl Paymenl Date.
{.04 Goneral
A prepaid amouni may not be e-borrowed This Article 4 shall not prejudice
Article 10.
ARTrCrf 5
Paym6ntE
5.01 Dey count convention
\-./
Any amounl due by way of interest, indemnity or fee from the Borower under
lhrs Conkact,
and calculaled in respecl ot a fraction of a year. shalt Oe Oeterminet
;n
the fo owing
respectave conventions:
(a) in respect of interest and indemnities due under a Fixed Rate Tranche, a year of 360
(three hundred and sixty) days and a month of 30 (thirty)
days;
(b) in respecl of interest and indemnrtrcs due undera Fbating Rate Tranche, a yearot 360
(three hundred and sxty) days and rhe number
ot Aays etipseO;
(c) in respect of fees. a year of 360 (rhree hundred and sixty) days and the number of
days elapsed.
5.02 Tim€ and place of oavment
Unless olherwjse specified, all suhs under or in relation
to this Conlracl olher lhan sums of
rnleresl Indemn[y and pnncipat are payable wnhi" iS (f,ff;);ays
;-ihJ;nowe/s receipr
of the Eanks demand
`
ヽ
Each sum payable by the Bonower under lhls Contract shall be paid to the respeclive
accounl notified by the Bank to the Borrower. The Bank shall indicale the account not less
lhan 15 (fifteen) days before lhe due date for the first payment by lhe Borrower and shall
notify any change of accounl nol less than 15 (fifteen) days before the date of the frrst
paymenl lo which the change applies This p€riod of notice does not apply in lhe case of
paymenl under Article 10.
A sum due from the Borrou/er shall be deemed paid when the Bank recejves il
5.03 Set-off
The Bank may set ofl any rnatured obligation due from the Borrower under this Contract (lo
the extent be;eficially owned by the Bank) against any obligalion (whether or nol maturcd)
owed by the Bank to the Eonower relardless of the place ol paymenl, booking branch or
currency of eilher oblgation. lf the obligations are in different currencies. lhe Bank may
convert either obligation at a merket rate of exchange in ils usual course of business for the
plrpose of the sea-off. lf either obligation is unliquidated or unascerlained, the Bank may sel
off in an amount estimated by it in good faith to be the amount of lhal obligation'
5.04 P!9rc!8!949-?q!4s!SrE!eEc
lf either the Bank determines (in its discretion) that a Disruplion Event has occurred or lhe
Bank is notified by the Borower that a Disruption Evenl has occurred:
(a) the Bank may, and shall il requested lo do so by ihe Borrower, consult with the
or
Borower with a view to agreeing with lhe Borrower such changes to lhe operation
adminislration of the Contract as the Bank may deem necessary in the circumslances:
and
in lelalion to any changes
(b) the Bank shall not be obliged to consllt wilh the Eorro /erpracticable
so in the
mentioned in paragraph (a) if, in its opinion, it is not
lo do
circumstances and, in any event, shall have no obligalion io agree to such changes'
05 Aoblication of 6ums r€c.ived
(a) Gene.al
Sums received from lhe Boffower shall only discharge rts payment obligations if received rn
accordance wilh the terms of this Contracl
(b)
Partial paymenls
lf the Eank receives a payment that is insuffbient to discharge allthe amounts then due and
payable by the Bonorrer under this Contract, lhe Bank shall apply that payment in or lol /ards
payrnenl of:
(i)
first, in or towards payment pro rata ol any unpaid fees, costs, indemnities and
expenses due under this Contract;
(ii) secondly. in or towards payment of any accrued inlercsl due but unpard under this
Agreement;
(iir) thirdly, in or towa.ds payment ofany principaldue but unpaid under this Contracl; and
0v) fourthly, in or towards payment of any olher sum due but unpaid under lhis Contracl
20
$
(c)
Allocation of sums .€latod to Tmnches
(i)
ln case of:
(A) a partial voluntary prepayment of a Tranche thal is slbject lo a repayment in
several instalments, lhe Prepayment Arnount shall be apptied pro rala lo each
outstanding instalment,
(B)
a parlial compulsory prepaymenl of a Tranche thai is sub,ecl lo a repayment in
several instalments, the Prepayment Amount shall be apptied in reduction of the
outstanding inslalmenls in inverse orderol maturity
(ii)
Sums received by the Bank following a demand under Article 10 01 and applied lo a
Tranche, shall @duce the outstanding anstalments in inverse order of maturity. The
Bank may apply sums receNed between Tranches at its discretion.
(iii) ln case of receipt of sums which cannol be identifi€d as appti@bte to a specific
Tranche, and on which ihere is no agreement between the Bank and the Borrower on
their applicalion, the Bank may apply these between Tranches at its discrelion
ARTiCLE 6
Eonowar underlakino3 and reorc6ontations
The undertakings in lhis A.licle 6 remain in force kom ihe dale of this Contract for so long as
any amount is outslanding under this Contract or lhe Credit is in force
A. Project undenakings
6.01 Ljse of Loan and availabilitv;l othsrfunds
The Borrower shall use all amounts borowed by it under this Contract for the execution of
lhe Eank funded componenls of the Project (as sel out in the Technicel Descript@n)
The Borrower shall ensure Ihat it has availabte to ( the other funds listed in Recital (2) and
that such funds are expended, to the extent required. on lhe financing ofthe pOecl
6.02 Comoletion of Prciect
The Borower shall, and shall procure lhat the Promoter and the MOF shall. carry out lhe
Projecl in accordance with the terms of the Project Agreement and lhe Technical Descript@n
as either may be modified from time lo time with the approval of the Bank, and complete it by
the final date specifed therein.
The Borrower hereby undertakes lhat so long as a Tranche or any part lhereof under this
Contract is outstanding
(a) il shall cause the Promoter and the MDF to fully conlrol all assels forming part of the
Project and crnlrol the Promoter as the state entity of Georgre imptementing and
managing the Proiect and, if need be, take all necessa.y steps to keep the promoter
fully operationalin business, folbwing consultatbn with and upon request ofthe Bank,
(b) cause the Promoler and the MDF to perform all of ils obligalDns under the project
Agreement unlilcomplelbn of the Project; and
(c) nol lake or permit to be laken any ac,tion that wguld prevenl or inlerfere with such
pedormance, the execution or operalion of the Proiect.
ti
21
●■ロ
6.03 lncreased cost of Proioct
lf lhe lotal cosl of lhe Prc,ect exceeds lhe estioated figure sel oul in Recital (2), the Borrower
shall obtain lhe finance to fund the excess cost without recourse to lhe Bank, so as to enabte
lhe Proiect to be completed in accordance with the Technical Description. The plans for
funding lhe excess cost shall be communicaled to lhe Bank withoul detay.
6.04 ProcurementDrocedurc
The Eorowea underlakes to purchase equipment, secure services and otdet works for lhe
Bank and NIF funded components of ihe Projecl by open internalaonal lender or olher
acceplable procurement procedure complying, to the Bank's satisfaction, with its poticy as
described in its Guide lo Procurement in force at the date of this Contract
6.05 ContinuinoProiectundertakinos
The Borrower shall, in relation to the Bank funded components of lhe project:
(a) Maintenancet maintain, repair, overhaul and renew all property forming part of the
Poject as required to keep it in good working order;
(b) Project assets: untess the Bank has given iis prior consenl in wriling, retain title to
and possessron of all or substantially all the assets comprising the Eank funded
components ot the Project or, as appropnale, rcplace and renew such assets and
maintain lhe Bank lunded components of lhe Project in subslantEtty continuous
operalion in accordance with its original purpose; provided that the Bank may withhotd
ils consent only whe.e the proposed action would preludice ihe Eank's interests as
lender lo the Eorower or would render the Prciect ineligible for financing by the Bank
under its Statute or under Article 309 of the Treaty on the Functioning of lhe European
Union;
(c) lnsu.ance: insure or make adequete provision for the insuEnce of all works and
property forming part ofthe Bank funded components of lhe Project in accordance wilh
lhe most comprehensive relevant industry practice;
(d) Rights and Permits: maintain in force allflghts of way o. use and allpermits, licenses,
approvals or authonsations necessary for the execulion and ope.atbn of the Proiect,
(e) Environment:
(i) implement and operate the Project in compliance with Environmental Law;
(ii) obtain and maintain requisile Environmental Approvals for the Proiecl; and
(iii) comply with any such Environmenlal Approvals.
(f) EU law: execute and operate the Project rn accordance with the relevant standards of
EU law to the extent implemented by the laws of Georgia or spec ied by the Bank pflor
to the date oflhis Contract,
(S) Ownership of the Promotsr: lhe Borrower shall continue to own 1OO per cent of the
issled share capital or other interests in lhe Promoter during the implementation of the
Project; and
(h) Sector Developments: infofih the Bank in a manner and at a faequency acceptable lo
the Bank of any sector developments and provide skategrc documents and reports
pertaining lo the development of the Promoter in suitable lime for commenling,
including providing lhe Bank with any sludies relating to larff setttng and regulation.
B. Ceneral undeftakings
6.06 Compliance with laws
The Bofiower shall comply tn all respects with all laws and regulalions lo il or lhe Proiecl are
22
訂叶 1
strbJecl.
■
ヽ
6.0Z General Reoresentations and Warraniios
The Borrower represenls and warrants lo the Bank that:
(a)
il has lhe power to execute, deliver and perform its obligations under this Contracl;
(b)
lhis Contract constitutes ns legally valid, bandrng and enforceable obligalions;
(c) ihe execution and delivery of, the performance of is obligations under and compliance
with the provisions of lhis Conlracl do nol and will not:
(i)
conkavene or conflict rvith any applic€ble law, slalule, rule or regulation, or any
judgment, decree or permit to which rt is subjecl;
(ii) contravene or conflict with any agreement or other instrument binding upon il
which might reasonably be expecled to have a malerial adverse effecl on ils
ability to perform its obligations under lhis Contract; and
(iii) contravene or conflict w{h any provision of the Promote/s constitutional
documents
(d) there has been no MateiaiAdverse Change since the date oflhis Conlracl;
(e) no event or circumslance which consliiutes an event cif default under Article 10 01 has
occurred and is continuing unremedied or unwarved;
(0
no litigation, arbitralion, administrative proceedings or investigation is current or lo its
knowGdge is threatened or pending before any court, a.bitral tody or agency which
has resrlted or if adversely determined is .easonably likely to result in a Mate al
Adverse Change, nor is there subsisling against it or any of its subsidiaries any
unsatisfied judgmenl or award;
(g) lhe Promoter and the MDF have, to lhe exlent possible, in line with the implemenialion
schedule of the Project obtained all necessary consents, aulhonsations, licences or
approvals of governmental or public bodies or adhodties in connection wfi the Projecl
and in order to lawfully comply with rts obligations i0 conneclon therewith, and lhe
Project and all such consents, authorisations, licences or approvals are in full force
and effecl and admissible in evidence,
(h) its payment obligalions uder this Contract lank rlot less lhan pa, passu in rrghl of
payment with all other presenl and future unsecured and unsubordinated obligalions
under any of ils debt instruments;
(i)
it is in compliance with Article 6 O5(e) and to the best of its knowledge and b€lief
(having made due and careful enquiry) no Environmenial Clatm has been commenced
or is threatened against it:
(i) it is in compliance veilh all undertakings under this seciion 6:
(k) lhe Framework Agreement is valid, binding and enforceable and lhat no evenls or
circumstances have occurred whrch colld, in the reasonable opinion of the Bank'
adversely affecl lhe legal, vald, bindhg and enforceable nalure of the Framework
Agreement; and
(l)
lhe Project falls within the scope of the Framework Agreement
The representations and warranties sel oul above shall survive the execution of this Contract
and are deemed repeated on each Scheduled DEbursement Date and on each Payment
l
i
r
Date.
︐
1
23
j\
6.08 Proi.ct lmolementation Unit
The Borrower shall, at all times during execution of the Proiect, ensure lhal the MDF has
adequale resources and suitably qualified personnel, under lerms of refeEnce acceptable to
the ilank to allow it to coordinaie. manage, monitor and evaluate all aspects of Prciect
implementetion.
ln ihe event that the MDF is nol responsible for the implementetion of the Projecl, the
Borower shall, in order lo co-ordinate, manage, monitor and evaluate all aspects of Prqect
implementation, including the procurement of goods, wgrks and servhzs for the ProJect,
procure that the Promoter shall al all times dunng execuiion of the Project operate a prqect
imptemenlation unit ('PlU') with adequate resources and surlably qualified personnel, under
terms of reference acceptable to the Bank.
6.09 Compliance with ihe Proiect Ao.rement
The Borrower shall cause the Prornoter and the MDF to comply lvith ihe provisions of lhe
Projecl Agreement at alltimes.
6.10 !4esi!I-9e44i!4e4
The Borower wa(ants and undertakes that lt has not cofimitted, and no person to its
present knowledge has commiied, any of the following acts and that it wll not commit and
no person, with its consentor prior knowledge' wlllco.nm( any such acl, thal rs lo sayl
influence the
(a) the offering, giving, receiving or soliciting of any imprcper advantageorloemployee
of a
or
a
director
public
function
office
or
aciion or i [rson holding a
public
inlernational
of
a.
or
official
public;nteDrise
or
a
direclor
public authority or
Lrganisation in connection with any procurement process or ln the,execulion of any
co;tacl in connection with those ;lements of the Proiect described in the Technical
Description; or
the procurement
(b) any act lt/hich improp6rty inftuences or aims improperly to influence
of lhe Promoter or the
pd"""" o, ff," impleme;talrcn of the Proieci to the delriment
MDF, including collusion belween tenderers
each senior
For lhis purpose, the knoveledge of any offlcer mentoned ln Anrcle 12.01 .and
of the
knowledge
promoter,
be
lhe
deemed
to
shall
be
Borrower
or
ttre
ttre MDF
officer oitfre
become
if
il
should
investoaie
Bank
and
inform
lhe
to
undertakes
Eorrower The Borrower
aware of any fact or information suggestive of the commission oI any such act and lo adopt
the necessary redress measures
The Eorrower will institute, mainiain and comply wth internal prccedures and conlrols in
that
comptrance wittr appticable nalional laws and best practbes, for the punose of ensurrng
institutions
or
of
the
indivlduals
of,
any
for
beneftt
with,
or
the
into
no tiansactlon is e;tered
named on updated lists of sanclioned persons promulgated by the United Nations Security
its committees pursuant to Securrty Council Resolutions 1267 (1999), 1373 (2001)
Councilor
{HYPERLINK "httD.//wwuun org/lerorism" www.un.org/terorism) and/or by the Council of
ihe EU pursuant to its Common Positions 2001/931/CFSP and 2002/402/CFSP and lheir
relaled or successor resolutions and/or implementing acts in conneclion with Money
24
LF
Laundering or Financing of Tenorism malters
ARTICLE 7
SecuritY
The undertakings in lhis Artacle 7 remain in force from the date of this Contract for so long as
any amount is outstanding under this Conlract or the Credit is an force.
7.0i Pan Passu rankinq
The Borrower shall ensure that ils payment obligations under this Conkacl rank, and wlll
rank, not less than pa, passu in righl of payment with all other present and future unsecured
and unsubordinated obligations under any of the Borrou/€is Relevant External Debl
Instruments.
ln particular. if the Bank makes a clemand under Article 10.01 or if an event or polential event
of default under any unsecured and unsubordinated Relevant Extemal Debt lnsttument of the
Borrower or of ani of its agencies has occurred and is continuing the Borrower shall not
make (or authoris;) any payment in respect of any other such Relevant Exiernal Debl
lnslrumenl (whelher regularly scheduled oI otherwise) without simultaneously paying, oI
setting asid; in a desrgn;ted account for payment on the nexl Payment Date a sum eqlal lo
the s;me p.opo(ion of the debt outstanding under this Contract as the proportion that lhe
payment under such Relevant Exlernal Debt Instrument bears lo the total debt outstanding
unier lhat Relevant External Debt lnstrument For this purpose, any paymenl of a Relevant
External Debt lnstrumeni thal is made out of the proceeds oflhe issue of another instrument'
to which substanlially the same peGons as hold claims under the Relevanl Extemal Debt
lnslrumenl have subscribed, shall be disregarded
ln this Contract,
.Extornal
Debt lnstrum.nt" means
(a) an instrumenl, including any receipt or statement of account, evidencing or constituting
an obligation lo rcpay a loan. deposit, advance or similar extension of ctedit (including
withoua limitation any edension of credlt under a refinancing or reschedlling
agreement),
(b) an obligation evrdenced by a bond, debenture or similar wilten evldence of
indebtedness or
(c) a guarantee ol an obligation ansing under an Exlernal Debl lnstrument from another
lender; provided in each case that such obligation is:
(i) governed by a system of law other lhan the law of the Eoffower; or
0i) payable in a currency other than the cunency ol the Bono'!/er's country.
"Exempl Extomal Debt lnstrumonta' means Ertemal Debl lnsttuments up to a maximum
aggregale amount nol erceeding EUR 30,000,000 as specilied as such by written notice
from the Borrow€r to lhe Bank.
'Relevant Exlernal Oebt lnstrumonf means Extemal Debt lnskuments other ihan Exempl
External Debt lnstruments.
lf any Enernal Debl lnstrument notified by lhe Borrower to the Eank for approval pursuanl to
the provisions of this Article 7.01 to qualit as an Exempt Exlernal Debt lnstrument is
denominated in a currency other than EUR, the Bank may deterfline the EUR equivalenl of
such nolified Extemal Debt lnsirumenl by reference to the prevailing rate of exchange
specified by the European Central Bank in Frankfurt as ol or around the date of such wrillen
nolice
$
25
7.02 ACCille8clsecldq
Should the Borrower grant or arrange to be granted to a lhird pao any securily for the
performance of any Exiernal Oebt lnatrument or any prcference or priority in.respeci thereof'
[ne Borrower shatt, if so required by the Bank, provide to the Bank equivalent security for the
of its obiigations under this Contract or grant to the Bank equivalenl preference
ferormance
or P orrty.
7.03 g!3!s99jyi!.cl!9!9!
lf the Borrower concludes with any other medium or long lem f'nancial credrtor a financing
includes a loss<f-ralrng clause, and/ol a cross- default clause and/or a
paa
"gi"L."nilh"t
pisiu cta,rse ttrat is stricter than the equivalent prov6on(s) of thrs Conlract' the Borrower
shall so inform the Bank and shall, at the request of the Bank, execute an agreemenl
Bank'
amend lhis Contracl so as to provide for an equivalent provision in favour ofthe
to
ARTICLE E
lnlomation and Vblta
8,Ol lnfoamation concetninq lhe Proicct
The Borrow€r shall or shall ensure lhat the Promoter shall:
(a) deliver to the Bank:
in Schedule
(i) the information in content and in form, and at the times sp€cified
from time to time by
A.2 and/o. in lhe PQiect Agreement or otherwise as agreed
the Parties to this Contract and
(ii)
such informalion or further documenl conceming lhe f'nancing
' ' any
procurement, implemeniation, operation and environmentat matlers of or for lhe
i'roiect as tte Bink may reasonably require within a reasonable time'
provided ahf,ays that if such informalon or document is not delivered lo the Bank ofl
iime, and neiiter lhe Borro,,er nor the Borrower reclif€s the omissbn within a
reasonable time set by the Bank in writing. the Eank may cmedy the defciency' to the
party' at
extent feasible. by employing ds own stafl or a @nsultant or any other third
persons
with all
povde
such
shall
Boraower
the Bonower's .rp.nse aid the
\/,
assistance necessary for the puQose;
(b) submit:
(i) tor lhe approval of the Eank without delay any matenal change to the Bank and
NIF funded components of the Proiect, and
(ii) for information to the Eank without delay any matedal change lo the non_Bank
ihe
and/q NIF funded components ol the Proiect also taking into account
disclosures made to the Bank in connection with the Poject prior to lhe signing
of this Contlact, in respecl ot, inte, a,ia, the price. design. plans. timetable or lo
the expenditure program orflnancing plan for the Proiecl;
(c) promptly inform the Bank of.
(i) any action or prolest initrated or any obieclion raised by any thnd party or any
genuine complainl received by the Eorower or any Environmental Claim lhat is
io its knowledge commenced, pending or threatened against it with regard to
environmenlalor olher matlers affecting the
Proiect,
(q
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1\')'
︶
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‡
(ii) any fact or event known to lhe Borrower which may substantE y prejudice or
affect lhe condllons of executon or of,eralion of the iroJect;
(iii) any non-compliance by it with any applicable Environmental Lawi and
(iv) any suspension, revocalion or modificalrcn ol any Environmental Approval,
and set out the action to be taken w h respect lo such matiers.
(d) provide to the Bank, if so requesled:
(i) a certificale of its insurers showing fumhent of the requiremenis of Article
6.05(c);
(ii) annually. a list of poticies in force covering ihe insured property forming part of
the Project, togelher wilh confrmalon of payment oflhe curent-premums.
8.02 lnfomation concemino the Bororcr
The Borower shallor shallensure ihat the promoter shall:
(a) deliver to the Bank from time lo time, such further infomation on its generat linanoat
situation as the Bank may reasonabty require:
(b) ensure that iis accounting records fully reflect the operatbns relating to the financrng,
execution and operation ofthe P.oject;and
(c) intorm the Eank immediately of:
(i) any facl which obli|es it io prepay anyfinancial indebtedrEss or any EU tunding,
including any ,unding provid€d under the EU Financing Agreeoent for ihis
Project, if signed;
any evenl or decision thai constitutes or may result in the evenls desc bed in
Article 4.03A:
any inlention on its pad to relinquish ownership of any malerial componenl of
the Project:
any fact or evenl thal is reasonably likety lo prevenl the substantiel fullilment of
any obligaiion of the Eorrower under this Contracl or the promoter o. lhe MDF
under the Proiect Agreement:
(v) any evenl tisted in Article j0.01 having @cuned or being threatened or
anticipated; or
(vi) any litigation, arbilralion or adminiskaiive proceedings or investigalion which is
cunenl or pending which might if adversely detemined result in a Malerial
Adverse Change.
8.03
Visits bY the Bank
The Borrower shall or shall ensure that lhe promoier shall allow persons designated
by the
Bank who may be accompa ed by repres€ntatives of lhe European Court
of"auOitors, ttre
European Commrsson, the European Antifraud Office (OLAF) as well as olher
D€rsons
designated by other EU institutions or bodEs when so required by
reierani mJna"tory
provisions of EU taw, to visit the sites, insta ations and uorks
compr.ino iteiroi""t
fo
conduct. such checks as they may wish, and sha provide ttrem,'or
"no
eisure fr,Jiii.,ey
t.
provided, with all necessary assislance for thls purpose.
"r"
The. Borrower acknowtedges ihat the Bank may be obloed
to divulge such information
19 lh9. Bonower and the proFct to any competent EU i;titurion
9!1'l-S
acco,oance with the relevant
mandatory provlstons of EU hw.
or body in
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ARTICLE 9
Charqs6 and eroonses
9.01 Taxes. dut.i.hd f...
The Eorrower shall pay all tiaxes, dulies, fees and other impositions of whatsoever
nalure,
including stamp duty and registration fees, arising out of theexecution
or imfiementation
ot
-registralion
this Contract or any relaled document and
the creation, perfection,
or
i;
enforcement o, any security for the Loan to the extent applicable.
The Borrower shall pay all principat. interest, indemnities and olher amounts due under
thrs
Contracl gross wilhout deduction ol any national or local impositions whals@ver; provded
that, if the Eorrower is obtiged to make any such deduclion, rt will gross up the paymenl lo
lhe Eank so lhat afler deduction, the nel amount received by the dank is equivatent to the
sum due.
9.02 Other charqe6
The Borrower shatl bear all charges and expenses, including professionat, banking or
exchange charges incuffed in conneclton with the preparation,-execution. imDlementjtion
and termination of this Conkact or any relaled document, any amendmenl, sjppbment or
waiver in respecl of lhis Conhact or any related document, and m the amenclment, creation,
management and realisalion of any security for the Loan.
9.03 lncreased co6t6. indefinitv and 5et-orf
(a) The Borrower shall pay to ihe Bank any sums or expenses incurred or suffered by lhe
Bank as a consequence of the introduclion of or any change in (or in the interpretation,
administralion or application o0 any law or regulation or cornpliance with any law or
regulation made after ihedate of signalure this Conlracl, in accorcknce with which:
(i)
the Bank is obliged to incur additional costs in order to fund or perform its
obligations under lhis Contract or
(ii) any amounl owed to the Bank under this Contract or the financiat income
resulting from the granting of the C.edit or the Loan by the Bank lo the Borrower
is reduced or eliminated.
(b) Wthout prejudice to any olher righls of the Bank under this Conlract or under any
applicable law, the Borrower shall indemnify and hold the Bank harmless from and
againsl any loss incuned as a result of any payment or padial discharge that takes
place in a manner other than as expressly sel out in this Contract.
(C)
The Bank may sel ofl any hatured obl€alion due frolh e(her the gorrower under
this
L;ontract (to lhe exleni beneficB y owned by the Bank) against any obhgalion (whether
or nol malured) owed by lhe Bank to lhe Bonower regardless of the pb;e
of oavment
Lrookrng branch or currency of either obl€aton. lithe obttgalon; are rn'orifereni
currenc@s, the Bank may convert e[her obtgalion at a markei rate of exchanoe rn il;
usual course of busmess for lhe purpose of lhe set_otf. tt erther oUiigitron is
unliquidated or unascertiained, the Bank may set off in an amount estimate; by jt i;
'i
good faith to be the amount ofthat
obligation.
^
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28
-1il
ARTICLE IO
Evania ofdefault
10.01 Rioht to dehand repaymont
The Borrower shall repay all or parl of lhe Loan forthwith, together wjth accrued anterest and
all other accrued or outstanding amounts under this Contr;t, upon wriflen demand being
made by the Bank in accordance with the following provisions.
10 01A lmmediate demand
The Bank may make such demand immediately:
(a) if lhe Eorrower fails on the due date lo repay any pari of the Loan. lo pay inlerest
thereon or to make any other pay,nenl to the Bank as provided in this Contraci, unless
(i) its failure to pay is caused by an administralive or technicat enor or a Disruption
Event and (ii) payment is made within 3 Business Days of ils due date;
(b) if any information or document given lo the Bank by or on behaf of the Borrower, the
Promoter or the MOF, or any repaesentation or staiemenl made or deemed lo be made
by the Borrower. the Promoter or lhe MDF in connection with this Contract or the
Project Agreement or in @nneclion with the negotiation or performance of lhis
Conkacl or the Project Agreement is or proves to have been incorrect, jncomplele or
\-/
misleading in any material respecl;
(c) rf, following any defautl, the Bonower is required or is capabte of being required or will,
following expiry of any applicabte contractual grace period, be requir;d or be capable
of being required to prepay, discharge, close out or teminale ahead of maturity any
other loan or debl obtigation arising oul of any financial tGnsactioni or any commiimenl
for any other loan or debt obl€ation arising oul of any financial kansaclion is cancelled
or suspended;
(d) it the Bonower is unabte to pay its debts as they fall due, or suspends ils debts, or
makes or, wilhout pdor wrilten notice to the Bank, seeks lo make a composition with ils
credilorsi
(e) if lhe Borrower defaulls in lhe perfomance of any obligation in resp€ct of any other
(0
\J
loan granted by the Bank or financiel instrumenl entered into with the Banki
if the Borrower defautts in the performance of any obligation in respect of any other
loan or financial instrumenl granted by the Bank or lhe EU (nctudng, inlet alia, nndet
the EU Financing Agreement) or to the Bank or any other obtgalio; lo be fumlbd in
connection with the receipt of any funds by the Borrower from th; Eu.opean Union;
(g) if any distress, execut,on, s€questration or other process directiy infliciing material
damage upon the promoler's or the MDF,S abitity to perfofin its oblidations to
implemenl the proiect is levied or enforced upon any property forming pad of fhe
Project and is not discharged or stayed within 14 (fourteen) daysi'
(h) if a Materiat Adverse Change occurs, as compared with the Bonowe/s condrtlon at the
date of this Contract:
(i)
0)
if it is or becomes unlaMul for the Borrower to perfom any ol ils ob[qations
under this
Contract or for the promoter or lhe MDF to perform any ol [s obh;ations under
the
Project Agreement or other lransaclional documents oi eilher th;
Contract or lhe
Prqect Agreement ls not ef{ective in accordance with its terms or is alleged
by the
Borrower. lhe promoter or the MOF to be ineffective in accordance with
its termsi
il any obligation assumed by lhe Borrower as stated in the Framework Agreemenl
ceases lo be fulfr ed as regards any toan made lo any boflower rn the Borrower,s
tenitory trolh the resources of the gank, or Ihe Errop.an iJn,on. o,
0 ﹀
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(k) if the Bofiower, the promoler ol the MDF defaulls in the performance of any of its
obtigations under any loan or granl documentalion provid;d
i; co;necfron with the
Projecl by any other institution, or, iI applicable, the l.itf grant
or the mo;aes available
under such loans or grant are not paid Out or need to Ue ripaiO ty
ihe Borrower.
10.018 Demend afror notice to emedy
The Bank may also make such demand:
(a) if eilher the Eonower fails lo compty with any obligalion under this Contract not beang
an obligation mentioned in Artile 10 OIA or if the iromoier or the MDF fails
to cafiplt
with any obligation under the projecl Agreement; or
(b) if any fact rerared ro the Borrower or the project stat.d in the Recitars materiary arters
and is nol materially restored and if lhe alteration either prejudices th€ i;terests
o, the
Bank as lender to the Bono$/er or adversely affecis lhe impiernenlation or
operalion
of
the prciecl,
unless the non{ompliance or circufistan@ 9Mn9 rise lo lhe non_compliance is
capable of
remedy and is remedied wilhin a reasoneble perio, of time specified in a nolrce served
by the
Bank on lhe Borower_
10.02 Other riohts at taw
Arlrcle 10.01 shatt not restrict any other rEht of the Bank al law to requ,re prepayment of the
Loan
10.03 lnd€mnitv
'10.03A Fired Rato Tranchas
ln case of demand under Article .10.01 in respect ol any Fixed Rale Tranche, the Borrower
shall pay to the Bank the amount demanded logether wiih lhe prepayment lnd'emnity on
any
amouht of pincipal due to be prepaid. Such prepayment lndemnity siall accrue trom
lhe due
date for payment specfied in'the Bank's notije of demnd and Le calculated on the basis
lhat prepayment is efected on the dale so specified.
10.038 Floating Rato Tranches
ln case of demand under Article jO.Ol in respect of any Floaiing Rate Tranche,
the Borrower
shall pay Io lhe Bank the amounl demanded log€ther with a s;m equal io the present
value
or 0.15% (frfteen basis poinls) per arnum calculaied and accruing o; the amou-nt of pnncrpal
due lo be prepaid in the same manner as inlerest \,ould have -been calculated and would
have accrued, if that amount had remained outstanding according to the originat
amortisalion
schedule oflhe Tranche, untilthe Maturity Dale.
The value shall be calculaled at a discount rale equal to the Redeploymenl Rate apptted
as
of each relevanl Payment Date.
10.03C General
Amounts due by the Borrower pursuant to thls Article .!0.03 shall be payablo on
lhe date of
prepayment specified rn the Bank's denand.
'10.04 Non-Waiver
No Ia ure or detay or smgle or partial exercise by lhe Bank in
exercising any ol its righls or
remedies under lhis Conlract shall be construed as a waiver
of such ,ight 6ir"a"oy. fh"
rights and remedies provirled in this Contract are cumutalive
ana noi exius,ie or any righrs
or remedies provided by law.
I]
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:
ARTICLE ll
Law and iunsdiction
ll.0t Governino Law
This Contract and any non-conkactuat obtigations arising out
of or in connection wtth ,t sha
be governed by lhe laws of England.
11.02 Jurisdiction
Alr dispules concerning this cont.act shafl be subm ted lo the
rurisdrcton of lhe courrs of
England and Wales, and the parties hereby subml to tre
lunsdraion oi suctt couns.
The Sorrower hereby waives any immunity f.om or nght'to obiecl
to th; lrrlo,ct,on ot srct,
courts. A llnal decision of such courts shafl tle concl-us;ve, U,nOing
anO l;to;eabte on the
parties withoul rcslriction or reseryation.
11.03 Aoont of Servic.
The Borower shall:
(a) appoint (and maintain throughout the term of ths Contract) a process agent in Engtand
lor the service for the puposes lo accepl service on its Oetratf of any wrii, notice,
;rder,
,udgment or other tegat process, encl
(b) hform the Bank in writing of the name, address and other contact detaits of the agent
for the service of process and any change thereto.
11.(X Evidenco of sum3 due
ln any leget action arising out of this Contracl the certficat€ of the Bank as to
any amount or
rale due to the Bank under this Conlracl shal in the absence of manifestefiot
be pnma facq
evidence of such amount or r€iie.
11.05 ContracE (Riohts of Third p.r0e6) Act 1999
None ot the terms of this Contract are intended to te enforceabte by any
third pady and lhe
provisions of the Contracts (Rights of Third parties) Acit 1999
are exciuded;nd sha not
appty.
11.06 Place ot oeformance
Unless otherwise specifcally agreed by the Bank in vrriting, the place
of Derlormance under
this Contracl shall be lhe seat ot lhe Bank
¶
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ARTICLE 12
Finel clauaes
12.01 Notices to either o6dy
Notrces and other communrcelbns oiven
un.ler this Contract addressed to either party to
lhis
conkacr shar be made ro rhe addre; or racsimrb
,.
o,n",
address or facsimite number as a party prevlousty
r" ri"
, *rii"g ","n
"am*
"ir,.i
Forthe eank
Allenlお n OpsB
";;;;";;i,i;iIJ,,llio
98‐ 100
boulevard Кonrad Adenauer
L‐ 2950 Luxelη bOurg
Fax:+352437967495
For lhe Eorrower
Altentbn:Pubnc Debt and Extemal Financing Depa
ment
Ministry Of Finance Of Georgia
16.Gorgasa
street
0114 Tbilsi
Ceorg●
Fax:+99532‑2262423
12.02 Form ot notico
Any notice or other communrcatbn a
Jiven uMer lhis conkacl musl be in writing in the English
language
Notrces and other crmrhuncatrcns, for which fixed perbds
are laid down in this Contract or
whrch themselves tlx oeflods bn.ting on the addressee,
."y
,i"lu iy''i"nO O"ff",y
regrsrered tetter or facsimrte such n;fices
,no
,o r,"u"
been. received by the other party on t e
oate or"o.rrni""r-,Jni-"t
"i]L"iuii,"o
oJivery
,,""i"0,_o",r"r"o
,o,
regElered ietter or on receipl oftransmission
tn relatirn fo a tacsrmrL
i"
i'[,",,onI f-
Olher nolices and clanmunications may be made by
facsimjle.
haod delivery, registered letter or
Wrthout affecltng lhe.valdity of any nofice dehve{ed
by ,acsimile sccordrng lo the paragraphs
aDove a copy of each nolce detvered by facsm,re
sriatralso te seni of i,"t!,.io- t ,"r"r"nt
parly on the next fo owing gusrness
Day at the hlest.
"
by the Boro\ er pursuanl Io any provision of
I1f":,,:.r*
thls Contract sha,, where
requ,red by the Bank. be detivered ro rhe
Bank iodeth;;;i
o, i.
aurhonry o, rhe person or rErsons .ulhonsed
"riiJr";"oiil)ij"n""
r"
.r"n
ll,in"
,,
uo,r'o*"r.
and the authent,cated specimen
""',",,
",gi
",
signatire of su"h ;";;;;
"iii;;i;;"i
;;;;;,
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This Contract shall not become effeciive lntil the Bank sends lhe Bonower a letter confirming
its acceptance of lhe above menlioned evidence and providing lhe date that this Contracl
becomes effective (the 'Date ot Eflectivene6s'). and such letter shall be conclusive
evidence lhat this Cont.acl has become effeclive.
For lhe avoidance of doubt, until such lime as such leller has been issued by the Bank,
neilher the Borrower nor the Bank shall have any claims against each olher or have any
liability whatsoever under or in connection with this Contrac{.
12.(X Racltals. Schedulos.nd Ann€rurcs
The Recitals and following Schedules form part of this Contracl:
Schedule A
Technical Descriplion and Reporting
Schedule B
Definiton of EURIEOR
Schedule C
Form of Disbursement Offer/Acceptence
Schedule D
Form of Certificate from lhe Borrower
The following Annex is atlached hereto:
Authonsation of signatory
lN WITNESS WHEREOF the parties hereto have caused this Contrac,t to be executed in 3 (three)
originals in lhe English language and have respectrvely caused Mr. Davil Lezhava, Deputy Manaster
of Finance of Georgia, and Mr Ganh Grisbrook, legal counsel, to initial each page of this Conkact on
their behaff.
Ar Luxembourg th's 20
Ar rbrr'si.
A[qusl
rhis 19 J*ly
v
-
2013
2oi3
S,9ned for and on beha F of
Signed for and on behatr Of
GEORG:A
EUROPEANlNVESTMENT BANK
Minrsler of Finance of Georgia
Direclor
Head or Division
^
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I
Schedule A
Prolect SpecincatiOn and Re● ortino
APPENOiCES
Al
TECHNICAL DESCRIPT!ON
Purpose,Location
The progiamme∞ ncems p口 onty investment schemes for waler and sannatbn wnhin the seⅣ Ce
area orthe unled waler Supp y company of Georg● ,the purpose or which is to improve efFctncy,
service,publc hea th and the env rOnment The programme consists oF a pipeline o「 schemes for ex‐
ante review by the Bank.and separate schemes lnanced fro ll olher source(AD3)
The schemes ofthe Bank p,peline are ocated in the folbwing Ocatbns:
Ozurqetr
2
̀
Senak,
3
Khobi
4
Abasha
1
Te「 ola
2
Tkibul
3
BaqdaⅢ
4
Zeslafonr
5
Ch atura
6
On
: ,,■
K轟 ュisユ ‐
∝
1
Telavi - Kurdaelauri
2
KvarelL
3
Akhmeta
4
Guqaanr
5
Siqhnaqi
6
Tsnori
7
Saqarelo
8
taqodekhi
Sbl● OalJ Reolon
l
,「 ,11
i
Karei
2
̀
Khashυ l
3
Dushel
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Doscription
The technrcal componenls of each scheme under
oescflplron
.
r
.
.
.
.
.
.
.
.
lhe pjpeline shafi fa under Ihe fo owing
studies ahd desuns
supervlsion and technical assistance
rehabililation, upgrade or new conslrlrctbn of waler
lransmrssion and distribution systems
lesot rce infrastruclure, waler
upgrade of drinking water treatment facililies, waste
water colleclion syslems, waste waler
treatment facilities
bulk and consunier metering
water and energy efficiency measures
:iT::lr,Hy
machrnery. incLdir€ purpose-buih vehictes such
as se$er cteaning kucks
GIS and modelling soflware and hardwere
diagnostic equipment
UWSCG'S facilities
The detarled descnpllon of each scheme shall
be ex-anle approved by the Bank on the basis
of ihe
fiche provded to the Bank. on an exceotionat
oasts ano w-itn
Bank,
tisted
towns may be removed.
reptaced and/or new rown" ,"y
p;;r-il;;;i
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A2
1
PRO」 ECTINFORMAT10N TO BE SENT To THE BANK ANO METHOD OF
TRANSMiSS!ON
Dに patch Of hfOmalor deЫ qnalon Ofthe persOn respOn●
The informalion below has to be sent to lhe Bank under
Ыe
the responsibihty of:
76 B Vazha Pshavela Ave 0186
The above-mentioned conlact person(s) is (are) the responsible
The Borrower shall inform the EIB irnmediately in case of
2
conlact(s) foa lhe time betng.
any change.
lnformation on soecific subiects
The Borrower sharr deriver to lhe Bank lhe fo,owang information
ai the ratest by lhe deadrine indicated
Document / information
彗
輩馳s写:3:ょ 器誂器t節 肝 inI記 l席
31 December 2013
│
S濡
需
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需
開
、
∫璧
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ln suilable time for commenling,
「elauno io tar r
y a
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一一 一 一 一 一 E 一 一 一 一 一 一 一 一 一 一 一 E
E一一蜃一
lnfOrmaton On the D『 O eCt s implementat On
The B
OwO shtt dd"ab:糎
lmplementat On atthe latest by th
訴 lさ i‖:潔
R』 :」
nbmabO on pned pЮ
■■■■口EE■日●■■EEEEEEEEEEいEDED
Document / information
gttss dulR9
Deadiine
Project Progress Report
-
A brief update on the lechnbal (bsctiptirn, exptaining
the
reasons for significant changes vs. initial
scope:
Update on lhe clate ol comptetion of each
ol lhe man
prclecl s cohponents, exptaining Easons
lot any possbte
delay;
-
︱ ⁚ ⁚ ⁚ ︱ ︱︲⁚
︶
'
-
Update on.lre crsl ol the proJect, exdammg
rcasons lor
any possibte cosl incrcases vs ,hil,a/ budgele, cosl;
I dPscnplign ol any maiot issue wdh mpact on the
Updale on prccuroment ptrrJ€f/ues (otlsida EU);
Updale on the project's cbmand ot usage ancl
corr,ments;
Any signilicant issue that has oacuned and any signilicant
risk lhal may atrecl the project s operatan;
!?gal
1!yongotng.
action conceming the project that nay be
Procureme.,lslatislbs
l_nlemational Water Asseiatbn pedomaoce
and waler
batance indicalors lor schernes altocalsd under
lhe
progtamme. Aggregale indbators tot
the UWSCj as a
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擁
4.
lnformahon on the end of works and first vear of ooe€lon
The Borrower shali deliver io the Bank the following information on project completion and initial
ope.ation at the latest by the deadline indicated below
Date of denvelγ
Document / information
to the Bank
Project Completon Report, including:
-
A brief desctiplion ol tho lechnical characte.hlbs ol the
protecl as completed, exphinrv lhe rcasns tor any
one year after ol encl ol
implomentalian ol the lasl
signilicant change;
V
The date of camplolbn ot each ol lhe main $oiecl's
cofiponents, explaining rcasons lor any possible delay;
The final cosl ot the ptujecl, explaining rcasons fot any
possib/e cosl,incleases vs. ihilial budgeled cost
The nunber of new iobs crealed by the prcPct: both iobs
duing implemenlatbn and pennanenl new iobs created;
- A descnpljon ol ary majq issue wilh impacl on Ih@
-
Ltpdale on ptucurcment precdures (oulslde EU);
lJpdale on lhe ptuject s demand or usage and comments;
Any stgnificanl tssue that has occufied and any stgnificanl
nsh lhal may afrect lhe propcl's operalan;
-
Any legal aclion conceming'lhe proiect lhal rnay be
V
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38
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¶
磨
Schedule B
Definition of EURIBOR
EURIBOR
A
'EURIBOR" means:
(a) in respect of a relevant period of less than one monlh, the rate of inlerest for deposits in EIJR
for e term of one month:
in
(b)
respect of a relevaal period of one or more whole months, the rale of interest for deposits
' ' inEUR
monlhs;
and
ior a term for the cotesponding number of whole
r.I
rn resDect of a relevant Deriod ol more lhan one month (bul not whole months)' the rale
,"Jr,'"gli.rn ; l'""u, i"terpolalion by reference to iwo rales tor deposits in EUR' one of which
i. ,pJriLoi" for a period of whole months next shorler and the olher for a period of whole
montirs next longer than the length of the relevant perbd.
the
llhe oeriod lor whrch lhe rale ls taken or flom which the rates are intenolated being
to the
)iil":;;;i.il.;;fu1).
pubkshed at 1'1h00 Brussels time or at a later lime acceptable
as
ri""i"" t'n" 1", ar," ;n;et d.te') rvhlch falls 2 (two) Relevant Business Days-prior to the first day
oitf," t"l"u"nt iu|.ioA, on Reuters page ELR|EOR 01 or its successor page or' tailing which' by any
other means of publicatron chosen for this purpose by the Bank
four major
lf such rale is not so published, lhe Bank shall request the pancrr'al euro_zone oflic€s of
in a
EuR-deposits
quote
whch
rate
at
the
Bank,
to
the
by
l" ff'a euro_zone, selected
on
lhe
time
oflered by e;h of them as al approximately 11hoo' Brussels
period
equal
to
o"t" to prime banks ln the. eurozone interbank ma*et lorfora Resel Date willthe
be
ii"pi"""-r,tJi". p!ri.o. lf at least 2 (tw6) quotations are prcvided' the rale that
lhe arithmetic mean of lhe quotations.
u."ii
;;;;;;;;;r"a"t"
n""ii
Date will be lhe
lf fewe. than 2 (two) quotations are provided as requested, th€ rate for thal.Resel
by-the Bank al
selecled
eulczone'
rn
the
quoted
banks
by mapr
of the rates
Days afler the
(two)
Relevant8usine.ss
grussels
falls
2
"rit,rn.ri"
whtch
t'he
diy
time on
ff,oo
period equal
for
a
Eanks
European
leading
"ppr",,irn"i.fvl
amount
to
a
comparable
tieset Date. ior loans in EUR in
.""ti
to the Representative Period.
lf the rate resulting from the above is below zero, EURIBOR will be deemed to be zero'
percentage rate
lf no rate is available as provided above, EURIEOR shall be the rate (expressed as a
allinclusive cost to the Bank for the funding of
f".1rrrr) *ttl"tt it o"termined by the Bank to be the inlemally
generated Bank rcference late or an
then
applicable
ihe relevant Tranche based upon the
by
the Bank.
determined
reasonably
allemative rate determinatiofl method
B.
GeneEl
For lhe purposes of ihe foregoing definilions:
(a) All percentages resulting f[om any calculalions referred to in lhis Schedule will be rounded, if
necessary, to the nearest one hundred-thousandth of a percentage poinl, wlth halves being
rounded up
(b) The Bank shall infom lhe Borrower wilhout delay of the quotations rcceived by the Bank
(c) lf any of the foregoing provisrcns becomes inconsastent $/ith provisions adopted under the
は゛
aegis of EURIBOR FBE and EURIBOR ACI in respect of EliRlBOR, the Bank may by nolice to
the Borrower amend the provision to bring it into line with such other provisions.
39
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』
Schedule C
C.1 Fom of Disbutse,!,ent OtretlAcceptance (A,dclet 1 ,028 and 1 .02C)
To:
Georgia
From: European lnvestmenl Bank
Date:
Subject: Disbursemenl Offer/Acceptance for the Finance ContEcl between European lnveslmenl
(the "Finance Contract")
Bank and Georgia daled
Fl number 81 855 Serapis number 2012-0207
\-,
DeaI Sirs,
We refer to the Finance Contract. Terms defined in the Finance Conlract have the same meaning
when used in this letler.
Following your request for a Oisbursement Ofier from the Bank. in accordance with Article 1.028 of
the Finance Conkaci, lve hereby offer lo make available to you the following Tranche:
(a) Amounl lo be disbursed:
(b) Schedlrled D6bursement Date (c) Interesl rate basis:
(d) lnterest payment periodicity:
(e) Payment Dates:
(0 Terms for repayment of principali
(g) The first and last pincipal repayment dates:
(h) The Fixed Rate or Spread, applicable untal the Maturity Daie.
\-7 To make the Tranche availabh subjecl to the tems and conditions of the Finance Contract. the Bank
must receive a Disbursemenl Acceptance in the form of a copy of this Disbursement Offer duly
signed on your behalf, to the following fax number Ll no later than the Disbu6ement Acceplance
Deadline of ltime] Luxembourg time on ldatel.
The Disbursement Acceptance must be accompanied (it it has nol been previously supplied) by:
(i)
the indcation ot the bank account (with IBAN code in case of disburcements in EUR or the
appropriate format for the relevant currency) where disbursement of tlle Tranche should be
made. and
(ii) evidence of the authority of the person or persons authorised to sign it on behalf of the
Borrower and the specimen signature of such person or persons.
い︑ リ
︐
40
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lf not accepted by the above stated t me the offer∞ ntained in this document shal be deemed tO
have been refused and sha!l automatica‖ ソlapse
lf you do accept the Tranche as described in this Disbursement Orer all the related terms and
condt,ons ofthe Finance Contract shal app!y
Yours fathfu‖ y.
EUROPEANINVESTMENT BANK
We hereby accept lhe above Dtsbursement Offer:
V
For and behalt of Georgia
Date
V
ヽ
ヾ︱
1 ︲
41
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Schedule D
Form of Cenincate from B。「rower(Art cle 1 04B)
To:
European lnvestment Bank
Froh: Georgia
Date:
Subject: Finance Contract between European lnveslment Bank and CeOrgia dated idatel(the
'Finaflce Contlact")
Fl number 81.855
Serapis number 2O'12,0207
Dear Sirs
Terms derned in the Finance Contrad have the same meaning when used in this letten
Forthe purpOses or Artに le 1 04 ofthe F na― Contracl we hereby certry 10 you as fOlbws:
(a)
nO event descabed in Article 4 03A has occurred and is continuing unremediedi
(b) nO Secunly ofthe type prohibted under Arttle 7 02 has been created Oris in ex slence:
(C) there has been no mater● :change to any aspec1 0f the prolecl orin respect of which we are
obliged to report under Micle e 01,save as previOusり
cOmmun cated by usi
(d) We have sur c ent Funds available to ensure the timely cOmpletお n andimp!emenla● on orthe
Prolectin accOrdance wnh Schedu e A ll
dに um● ance whth‐ ∞
n゛ れ
O nO eVenl α
ne:=rr脱
notice under the Finance Contrad const
OCcu「 red and is cOnt nuing unremedied Or unwaived:
O
n。 11ga10n arb
ra
t犠
船缶 朧電R:∫
fl躙
:°
1;:TR慶
on administralve proceedings Or investualon s current Or tO Our
ral bOdy or agency whCh has
knOuedge is threatened or pending before any court, arb
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(g) the representations and waranles to be made。 「 repeated by us under Artic e 6 07 are true in
a‖
respectsi
(h) nelherthe Borro■ er no「 the Promote「 Isin deFaut underthe ABD Loan Agreement and
(:)
nO Mate「 ial Adverse Change has Occurred,as cOmpared with Our condition at the date of the
Finance COntract
Yours falhfuly.
nd° n
闘ξ
har d ceOrg僣
郎
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