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︵ 一 ︵ EXECUT10N COPY ︹ (OpCratiOn Nurnbcr 45181) ︵ 一 LOAN AGREEMENT (Jvari Khorga Transmission Line) bc ∝n GEORCIA and EUROPEAN BANK FOR RECONSTRUCT10N AND DEVELOPME面 Dated f(October20l3 ￨ TABLE OF CONTENTS ARTICLE I‐ STANDARD TERMS AND CONDIT10NS;DEFDIITIONS… ………… .2 Section 1 01 1ncorporatlon of Standard Tcmls and Condi● ons ¨¨¨ ¨¨¨¨ ¨¨ 2 ・ ・ ・¨. Section 1 02. Deflnitions .¨ ..¨ ¨¨ ¨¨¨¨ ・・・¨¨¨ ¨¨ ¨ ・ Section 1.03. Intcrpretation ARTICLE 11‑PRINCIPAL TERMS OF THE LOAN ・2 2 3 ―一―一一………3 Section 2.02. Other Financial Terms ofthe Loan Section2.03. Drawdowns Section 2.04. Authorised Representative for Drawdowns.. ..........."" . """""""4 ARTICLE IH‐ EXECUTION OF THE PROJECT Section 3.01. Other Affirmative Project Covenants ARTICLE IV‐ SUSPENSION;ACCELERATION;CANCELLATION… … …………….5 Section 4 01 SusPcnsiOn .¨ ¨¨ ¨.¨ ¨ ¨ ・¨ ¨ ¨ ¨¨ .・ ARTICLE V― EFFECTIVENESS Section 5.01. Conditions Precedent to Effectiveness Section 5.02. Legal OPinions Section 5.03 Tel‖ lination for Failure to Become Effective… 6 …………………………7 ARTICLE VI‐ MISCELLANEOUS… ………………………………… ………………………………7 Section 6 01 ¨ ¨¨¨ ¨¨¨ ・・¨¨¨¨¨.… ・¨ ・・¨ ・ Notices.. .¨ ¨ ¨¨ ・¨ ¨ ・7 SCHEDULE l‐ DESCRIPTION OF THE PROJECT SCHEDULE 2‑CATEGORIES AND DRAWDOWNS… ………………………………………2 LOAN AGREEMENT ^ AGREEMENT dated & fOctober 2013 between GEORGIA (the "Bonower") and EUROPEAN BANK F.R RECONSTRUCTION AND DEVELOPMENT (thE "Bank"). PREAMBLE WHEREAS, the Bark has been established to provide financing for specific projects to foster the transition towards open marketoriented economies and to promote private and entrepreneurial initiative in the Central and Eastem European countries committed toandapplyingtheprinciplesofmultipartydemocracy,pluralismandmarket economics; WHEREAS, the Bonower intends to implement the Project as described in Schedule I which is designed to assist in construction of electricity transmission lines from the Kavkasioni transmission line to the Jvari substation and between the Jvari substation to the Khorga substalion in Georgia; WHEREAS, the Project witl be carried out by Georgian State Electrosystem JSC (the "Project Entity") with financial assislance from the Borrower; ._ WHEREAS, the Bonower has requested assistance from the Bank in financing part of the Project; WHEREAS, due to potential savings in expenditures the Borrower has requested cancellation of portion of the loan in the amount of EUk 22,977,225.58 in relation to the Black Sea Energy Transmission Line Project financed by the Bank under the Loan Agreement dated li March 2010 between the Bank and the Borrower (the "Black Sea Energy Transmission Line Loan Agreement"); WHEREAS, the Borrower intends to contract a loan from Kreditanstalt ftb wiederaulbau (the "co-financier") in the amount of EUR 22,145,000 to assist in financing of 0re Jvari substation in Georgia, subject to the terms and conditions to tre set forth in an agreement (the "Co-financing Agreement") behveen the Borrower and the Co-financier; and - WHEREAS, the Bank has agreed on the basis of, inler alia, the foregoing to make a loan ro the Borrower in the amount of EUR 25,205,000, subject to the terms and conditions set forth or referred to in this Agreement and in the project agreement dated the date hereof between the Project Entity and the Bmk (the "Project Agreement" as defrned in the Standard Terms and Conditions). - NOW, THEREFORE, the parties hereby agrec as follows: ARTICLE I - STANDARD TERMS AND CONDITIONS; DEFINITIONS Section 1.01. Incorporation of Strndard Terns sod Conditions AlloftheprovisionsoftheBank'sstandaldTermsandConditionsdatedl December 2012 are hereby incorporated into and made applicable to this Agreement us if they were fully set forth herein, subject, however,lo with the same force and "fhct called the the foltowing modifications (such provisions as so modified are hereinafter "standard Terms and Conditions"): (a) Section 3.05 (b) of the Standard Terms igr".;"nq ue modihed to read as follows: frJnt-end commission equal to one per cent (l urposes of this to the Bank a by subtracting LineTransmission Energy Sea Blaok ti.," c*."ff"a amount oi the Bank'i loan under of date the than no later ioan ngreement (provided such amount, if any, is cancelled rhis Agreement) from the principal amount of the Loan"' Sectionl,02' Definitioas (including requires therei Wherever used in this Agreement stated otherwise or the contexi otherwise ttta respective meanings given to them i"r. s)' unless Preamble Standard and the Terms and bonditions have tf,e rcspective meanings given to them therein following terms have the following meanings: "Borrower's Authorised Representative''meanstheMinisterofFinanceoftheBorrower,exceptas sPecified in Section 2'M' "Fiscal Ycar‖ "Rehabilitation Plan‖ "Subsidiary Loan Agreeme nt" means the Bonower's fiscal year commencing on I January of each Year. means the rehabilitation plan entered into between the Project Entity, the Ministry of Finance of Georgia and other creditois of the Project Entity dated 20 November 2008. loan Project Entity 3.01(a), as suc means the the ion om time to time. Sectionl,03. InterPretation In this Agreem *h"r" ,Lt"d "*""pi sp"cified Article or S ified Anicle' Section or Schedule shall' ent, be construed as a reference to that to, this Agreement' つι ARTICLE II . PRINCIPAL TERMS OF THE LOAN Section 2.01. Amount end Curretr(Y The Bank agrees to lend to the Borrower, on the terms and conditions set forth or referred to in this Agreement, the amount of EUR 25'205'000' Section 2.02. Othcr Financial Terms oftbe Lorn (a) The Minimum Drawdown Amount shall be EUR 1,000,000, except thst the Minirnm Drawdown Amount for the purposes of financing the PIU consultant and/or the environmental mitigation measures specifically shall be EUR 50'000' (b) The Minimum Prepayment Amount shall be EUR 5,000,000' (c) The Minimum Cancellation Amount shall be EUR I '000'000' (d) The Interest Paymenl Dates shall be 15 May and 15 November ofeach year' (e) (l) The Borrower shall repay the Loan in twenty four equat (or as nearly equal year' of eaoh .rittr tte drst Loan Repayment Date being 15 May 2017 and the last Loar as possible) semi-annual initalments on 15 May and l5 November Repayment Date being l5 November 2028' not (2) Notwithstanding the foregoing, in the evenr that (i) the Borrower doesDate prior to the first Loan Repayment draw down the (i) the Bark exlends the Last Availability specified in this to a date which falls after such first Loan Iiate spocified in each drawdown made on or after the first Repayment Date to the Loan'Repayment Date shall be atlocated for repayment in equal amounts drawdown (with several Loan Repayment Dates which fall after the date of such to achieve whole the Bank adjusting the arnounts so allocated as necessary so as the Borrower of numbers in Lach case). The Bank shall, from time to time, notify such allocations. (0 The Last Availability Date shall be 3 iil* ruv in its discretion establish and n Go*,, o. -v part thereof, is subject to a h later date that the the Available Loan e Bank Postpones of ,ni U"t auAf"Uility Date, the Borrower shall promptly pay to the Bank such amount shall, from time to time,'be norified by the Ba-nk in wriring to the il"*"JG c*ts al Borrower. (g) The rate of the Commitment Charge shall be 0'5% per annum' (h)TheLoanissubjecttoaVariablelnterestRate.Norwithsundingtheforegoing, theBorrowermay,intercstataVariablelnterestRateonall Fixed Interesl Rate ofth on.uch portion of or any portion and Conditions. ect to Pay hterest at a th Section 3'04(c) of the Standard Terms Section2.03. Drawdowns The Available Amount may be drawn down from time to time in accordance with the provisions of Schedule 2 to Iinance (l) expenditures made (or, if the Bank so agrees, to be made) in respect of the reasonable cost of goods, works and services required for the Project and (2) the Front-end Commission. Section 2,04. Authorised Represcntetive for Drawdowns The Chairman of Management Board of the Project Entity and the Director of the PIU are jointly (and not individually) designated as lhe Borrower's Authorised Representative for the purpose of taking any action required or permitted to be taken under the provisions of Section 2.03 and under the provisions of Sections 3.01 and 3.02 of the Standatd Terms and Conditions. ARTICLE III - EXECUTION OF THE PROJECT Section 3.01. Other Affirmative Project Covenants In addition to the general undertakings set forth in Articles IV and v of the Standard Terms and Conditions, the Borrower shall, unless the Bank otherwise agrees: (a) Make available to the Project Entity, pusuant to a loan agreement in form and .uU.Un . satisfactory to the Bank, the proceeds of the Loan on terms and conditions acceptable to the Bank; (b) Exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Bonower and the Bank, to comply with thc provisions of this Agreement and to accomplish the purPoses for whioh the Loan is made; (c) Not, except as the Bank otherwise agrees, assign, amend, abrogate or waive any provision ofthe Subsidiaty Loan Agteement; (d) cause the Project Entity to perform all of is obligations under the Project Agreement, including without limitation is obligations relating to: (t) appointsnent and operation of a project implementation unit (the "PU") as provided for in Section 2.03 of the Project Agrcement; (2) procuement of goods, works and services from the Project as provided for in Section 2.04 of the Project Ageement; (3) environmental and social matters as provided for in Section 2'05 of the Project Agreement; (4)employmentanduseofconsultantstoassistintheimplementationofthe Project as provided for in Section 2.06 of the Project Agr€ement; 4 (5) preparation and submission of repons on matters relating to the Project and to the Project Entity's operaliors as provided for in Section 2.08 of the Project Agreement; (6) maintenance of procedures, records and accounts, preparation, auditing and submission to the Bank of financial statements and fumishing to the Bank any other relevant information relating to the hoject or the Project Entity's operations as provided for in Section 3.01 of the Project Ageement; and (7) compliance with all covenants regarding financial and operational aspecs of the Projeci and the Project Entity as provided for in Sections 3.02' 3'03 and 3'04 of the Project Agreement; (e) Take atl action necessary to achieve that the co-financing Agreement becomgs efiectiue no later than 30 June 2014 or such other date as the Bank has established in writing (the "Co-financing Deadline"); (0 Take, or cause to be taken, all additional action necessary to provide adequate firnds for the completion of the Project; (g) Maintain an independent regulator empowered to determine electricity tariffs and iisue licences for generation and transmission of elecricity; (h) Exercise best efforts to implement the Rehabilitation Plan as soon as practicable in accordance with Georgian law; and (i)AssisttheProjectEntitywithacquisitionofanylandorotherpermitsand authorizations nec€ssary for the Project. ARTICLE Iv' SUSPENSION; ACCELERATION; CANCELLATION Section4.0l. SusPension The following arc specified for purposes of seclion 7.01(axxvii) of the standard Terms and Conditions: (a) The legislative and regulatory framework applicable to the electricity transmission ,""tor in thJ territory of the Bonower shall have been amended, suspended, abrogated, repealed or waived in a manner which may be detrimental to the Project other than as approved by the Bank in writing; o)TheStafutes(asdefinedintheProjectAgeement)shallhavebeenamended, suspended, abrogated, repealed or waived; (c) control of the Project Entity shall have been transfened to a party other than the Bonower unless specifically agreed otherwise in witing by the Bank; (d) The Project Entity shall have failed to perform any of its obligations under the Subsidiary Loan Agrcement; or (e) The Co-financing Agreement has not been executed and delivered and all conditions precedent to its effectiveness or to the right of the Bonower to not been drawings thereunder, except only the cffectiveness of this Agreement, have tulfilled by 30 June 2014. make ARTICLE V. EFFECTIVENESS Section 5.01. Conditions Precedeot to Effectiveness The following are specified for purposes of Section 9.02(c) ofthe Standard Terms -aaditionat conditions to the effectiveness of this Agreement and the and Conditions as Project Agreement: (a)ThesubsidiaryLoanAgreement'informandsubstancesalisfactorytotheBank, to tas becn executed and delivered and all conditions pr€cadent to its effectiveness or the only except il ;;ir, ;i the Project Entity to make -drawings thereunder' effectiveness of this Agreement, have been firlfilled; (b) The Project Agreement, in form and substance satisfactory to the Bank, has been executed and delivered; (c) The project implementation unit satisfactory to the Bank has been appointed for the Project; (d) The Project Entity shall have received the govemmental approval necessary to proceed with the Project in accordance with Georgian laws; and (e) The implanentation schedule and procurement strategy for the Project' in form and substanci satisfactory to the Bank' shall have been agreed with the Bank' Section 5.02. Legel OPinions (a) For purposcs of Section 9.03(a) of the Standard Terms and conditions, the opini* or opinions of counsel shall be given on behalfofthe Borrower by the Ministry ofJustice. (b) For purposes of Section 9.03(c) of the Standard Terms and conditions, the unsel shall be given on behalf of lhe Project Entity by chief opi Entilv and the following e specified as additional matters to f.g or oPinions to be fumished to the Bank: b" (l) the Subsidiary Loan Agreement has been duly- authorised or ratified by' and ar. executed and delivired on betralf of, the Project Entity and constitutes a valid and with its Iegally binding obligation ofthe Project Entity, enforceable in accordance terms; (2) the Project Agreement has been duty authorised or ratified by' and executed and legally *d d.liu.r"i on Uitralf of, the Project Entity and constitutcs a valid with its terms; binding obligation ofthe Project Entity, enforceable in accordance (3) the project implementation unit has been duly appointed for the Projcct; and (4)theProjectEntityshallhavereceivedthegovemmentalapprovalnecessary io-proceed with the Project in accordance with Georgian laws' Section 5.03. Termination for Feilure to Becone Efrective The date 90 days after the date of this Agreement is specified for Section 9.04 of the Standard Terms and Conditions' purposes of ARTICLE VI・ MISCELLANEOUS Section 6.01. Notices ne f01loЧ ing addresses are specifled fOr purpoSes Of Section 10 01 0f the Standard Terms and COnditiOns: Forthe BOrЮ wer Ministy ofFinance 16,Gorgasali Smeet ol14 Tbilisi,Georgla A■ention: Fax: PubliC Debl and Extcmal Fttuncing Dcpattment +995322262423 Forthe Bank: Euro"m Bank for Roco One Exchange Square mc● on and Devclopment London EC2A 2JN udted Kingdom Atte籠 io■ Fax: Operation Admhismtion Depamem +44‐ 20‐ 7338‐ 6100 7 INwlTNEssWHEREoF,thepartieshereto,actingtkoughtheirdulyauthorised ,.pr.r.nt.rir.t, have caused this Agreement to be sigrred in four copies and delivered at Tbilisi, Georgia as of the day and year first above written' GEORGIA ︹ By: ︵ Name: Titic: M′ Ⅳ iS 一 EUROPEAN BANK ′ し βノ 〃 ′′ 「 ̀̀fr‐ AND DEVELOPMENT FOR 一 By: ︵ & TiJc: Dlに ど ̀TOe 一 ︵ 一 一 一 ︹ SCIIEDULE T . DESCRIPTION OF THE PROJECT The purpose of the Project is to assist the Borrower in construction of electricity trar,.mission iines from the Kavkasioni ransmission line to the Jvari substation and between the Jvari subsotion to lhe Khorga substation in Georgia' L 2. The project consists of the following Parts, subject to.such modifications thereof as the Bank and the Borrower may aglEe upon from timc to timc: A: Part B: Part C: Part D: Part E: Part 500220 kV transmission lines; machinery and tools for the high voltage transmission lines; PIU consulont; environmental mitigation measures; and Front-end Commission' 3. The Project is expected to be completed by 3 I December 2016' sl-1 SCHEDULE 2. CATEGORIES AND DRAWDOWNS The table attached to this Schedule sets forth the categories, the amount of the Loan allocated to each Category and the percentage of expenditures to be financed in each Category. L 2. Notwithstanding the provisions of paragraph I above, no Drawdown shall be made in respect of expcnditurcs incurred prior to the datc ofthe Loan Agreement. sr -2 Attachment to Schcdule 2 一 Catcgory 一 (l) 500/220 kV transmission Amount of the Losn Allocated in the Loan CurrencY EUR 25,1t2,722 Percentage of ExPenditures to be Finonced lOOTo ofconract value excluding any Taxes lines, machinery and tools for the high voltage Eansmission' PIU consuhaot and environmental m itigation measures (2) Front-endCommission ︵ Total EUR 22278 EUR 25,205,000 ︵ ︹ s l-3 1000/o