2011 წლის 30 მარტს ხელმოწერილი „საქართველოს ფინანსთა სამინისტროს, რომელიც მოქმედებს საქართველოს სახელით როგორც მსესხებელი, და SOCIETE GENERALE-ს, როგორც უფლებამოსილ წამყვან ორგანიზატორს და სესხის გამცემს, შორის COFACE-ის მყიდველის საკრედიტო ხელშეკრულება"

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ll9o twll SOCIETE GENERALE Corporate & lnvestment Banklng COFACE BUYER CREDIT AGREEMENT Dated 30 March 2011 BETWEEN THE MINISTRY OF FT,.ANCE OF GEORG|A, acttng or boh.trorceorgta As Borower and SOCIE]E GENERALE As irEdated Lead Arranger and Londer /tl'/ TABLE OF CONTENT Article '1 Definilions and inlerprelalion Article 2 ' The Credit Aniclo 3 Conditions Precodent to drawing under the Credrt Article 4 orawing under th€ Credit - Borowe/s paymenl lnstructions Article 5 Repayment of Principal Article 6 Prepayment Article 7 lnterest Arlicle I Clalms or defencos may not be s€t up against the Lender Article I Fees Articlo 10 - Taxes and Duties Article 11 - Costs and Expens€s Artic,e'12 - COFACE Pr€mla Articl€ '13 - Representalions and Warantles of ths Bonower Article 14 - Covenants of thg Bonower Article 15 - Event of Default Article 16 - Changg in circumstances Article rT - Change ot Parties Article 18 - Application ofsums received by the Lender Article t9 - Payments Article 20 - l\riscellaneous Anicle 21 - Communicalions Nl,cle 22 - Goveming Law- tubltration - Elecuon ot address for Servic6 Article 23 - Enlry into force -tl - 3 l0 ll l4 t6 t? t9 22 23 24 25 26 27 29 lt 33 15 36 37 l8 40 41 42 BETWEEN: T}le Ministry of Finance o, c.o.gh, .c{,|g or brhalt of ceoigi., whos6 regbtered offics ig located at 16 GoEasd Slree( Tbiisi0i 14. ceoEia duty reprwent6d by the Minister of Fjnanc6, t\rr. Kakha Baindurashvili (he.einafler the "Bo.rcwo/) Of the one parl, AND: SOCIE?E GENEMLE, e F'€trtt s@i6t' arcnytne wili a capital of EUR 933,027,038.75 whose regislered offico ls localed at 29 Boul6rard Haussnetn, 750G) pari6, Francr, rBgisleGd at tho Regidt€ du Commerce ef des Soci4tdg of parb under the number 552 I 20 222, duly repr66nted by . Erlc Alhin deo Eaauvair (herelnalier tho "M.ndat d trrd A[ange/' and th€ .Lorde/) (hereinafte. refened lo colleclively ae the "pa.fle3'and, individually, as a ,,party.) -1. lt /1. YVHEREAS: (1) lho 'Commercial Conkact,,) has been . r6-presenl6d by tho Minisiry of Economy naner th6 'Buyer,) and EUROCOPTER in Ariicto I b€low), for th6 d€livery ol Mo t€., and associated support and seNices. t2) On Novembor'161h, 2010. an amendment N.l has been entered into Supplie. (3) On Decombea Sth, 2010, an ahefldment N'2 hag been enteGd inlo between tho Supplier. (1) betw€en Buyer 6nd the lhe guy6r and The tolal amounl ol lhe Co.nmerciol Contract prlco (h9reinafl6r tho "Co[rmarcial Contract Prlcd is45,140,000.00 eur6. mado up ar tb ows, i1+O.OtZ,SSI.OO ro. ir," n"ft"pf"", ano (ir) 4,322.446.00 for the oJstomer suppo.t !,aci€ c. (5) Al lhe Borrowe/s requ€st, lhe Lehd€r has a9r9€d to set up a COFACE buy6r -agrEemenl linance tho credat lo th€ Borrowgr puEuant lo the termi and conditions sel fodh befoa ii oraer ro amount ot 85% of thg Co.nrnercial Contrad prica refe.r6d to &";-'- --' -2- /5 /1" NOW, THEREFORE, IT IS AGREED AS FOLLOWS: ARTICLE I . OEFINITIONS AND INTERPRETATION 1.1 Oetinitlona Unlesg otherwise indicated in this Agreement, capit6llzed terms 6nd expressions used tl'erern shall have lhs mednings specjlied below: 'Acts of Coouplion': the following act!: carrying od any ac1 pe.taining to his or her function, misoion or mEndate or facitiiated by his or her function, mission or mandato, or lo obtaln honouls, empbyri€nt, contracls or any othea favourabl€ decision hqn a Public OflIdal; andlor 0i) 'Agrcemenf: agreemenl, induding lhe as \/oll a6 any possiblo 'Availability Pedd': for each Trancho, the period runnlng tom the Efleclivo Dat6lo th€ rel6vant Fmal orawing Oal6; 'B6nking Day": 'Buyef: opon for business in paris, ded, and jt it is a day on in Euros is to be made, a The Govemmeri ot Geo.gia, representsd by the Ministry of Economy and Sustainabl6 Development; '4uW Credit Finan@ D(iuments': collgclively: (D lhis Agro€ment; ,l t'1, l 0i) .any other document designated as such by th6 Lender and lhe Bonoweri aE aP o, be amended or reptaced ag rssued by virtue of oa under any "coFAcE ": " C OF AC E I n surdnce Policf : insuranca poliry issued or to bg issued by _erporl caedd COFACE ln lavour ot the Lendor in retaltoo to th6 lhe Commercial Contractj "COFACE Prenia". collectively, all ho p.emia payabte to COFACE under lh6 COFACE lnsuranco Pollcy as refoned to in Anicte ,2, includirg any enounls payabls m relation lo lh€ issuance of the COFACE lnsurance Policy; 'Co mercial Conlrutt: ha8 lh6 meaoing ascriH to it in paragraph I of th€ Preamble; ' Conmdtcid e.onhd Pd@': has the megnlng ascrbed to it in parag.aph 4 of the PrBamblo: 'Crcdil": lhq losn made alrallable to th€ Borower under lhis AgGement In lh6 maximum principal amount set forlh in Anicle 2: 'Dawn Paymenl': 'D@Aling': any disbuFern€nl rnad€ by the Lender pursuant lo tho term8 o, Arllcle 4; 'EffecItve Date': stice ot ceorgla ralilkation and "EONJA', / /rt, tute page. on the Banking op€rattons u6ed ,or its lnleregt period, js quoted by lhe abov€-monlionod systsm, EONIA lhall be tho rat€ publshed by any EONTA publishing servica tor such period; EURIBAR' lf the lnleresl P6dod is not a whol€ number o, months, the inteEgt rate shall be tho higher of the rates for the whole perlod (coresponding to the next low€st wholo number of monlhs) prior to li€ lirst day of that hterest period and th€ rele for theontlrc petiod (conggpondlng to the rext highest wholo number of months) foltowing lh6 last day oi that lnter€st Periodi lf thc not p shall eriod is quoted but temporarily mentioned system, EURjSOR by any EURTBOR pubtishtng s€tvlc lf tho rat6 tor arry lnterost Period is not quoted as s6t forth abov6, EURIBOR shall be equal to tho arlthheltc mean (roundEd upwards to bur (4) d6cim6t ptaces) ol th6 retos quoted for Euro deporits on lhe European Interbank mark6t at o, about 1l:00 (8ru986t8 {me) two (2) Banking Days prlor to tho frst day ol the relevant tnteresl porlod bt lh6 following referoncE banks: Natixis, BNp paribas and CACIB or any olhor banks d$lgnated by the Lender afler consultation wllh lh€ BorE\ €t: ,Euro'ot "EUR". tho lEMul curroncy o, ihe M6rnbor Ststes of the European Union, and in respect of all payrnents to b€ mad6 in EllR, fundr which arc for safie day setflement on a TARGET Sehlemont Day; "Eurobond Financing' indebtsdtresG of lho Borolwr ari6ing from lhe gorrcwe/s Eurdond Eogrdms; 'Event ot Defaull': any ev6nt or ckc1lmstanco spocified as such in Adlcle 15: 'Exlemal Official Public D€tr: all for€ign cunency denominated indeblcdn€ss of the Borro'r€r (including \,rithout limitatjon the debt owed by the iJorrower io lnt€malional Financial lnstitutjons); 'Final Otuwing Date': for each Tranche, th6 dalo s6t forth in Articlo 4.9, afler '.!hich no Drawing may ocrur for thal Tranche, fl lh. / ^Final Matunty Date' (i) tor Trancho 5, 2,t morths afle. the Startlng Date of Repayme_ntg.of lhe Trancho S; and in any case no lal6r than 30 March 2015 in rehflon to Tranch€ 5; ' F ina ncial Sa nctbn s L sts': the lbl! ol pergona, g.oups or enlitgs subrocl lo financial sanctions by ths Uni(cd Na0onr, the Euroiean Union and Francei "French Aulhoritios": 'French aN Assiailaled (i) " In solve n cy P toceodi ng-- the goods End seMces of Fronch ortgin, tho price of which is inctuded in the Commercjal aontrdci price; egal proceedings arc initjsled or any olher sleps or docrslo.s are mad€ tor the purpose -6- are laken otoblaining: (i) the suspension of paymenls, or a moratodum on a or part of an Ettemal Official pubtic D6bt of lho Borolver: or (ii) an agreemeatt for restrucluring. assignmenl or rosch€duling with any cr€ditor ot th6 Bonovror (olh6, thsn thg Eurobond Ftnancing. provided that such rostrucludng, assignment or rescheduling Is cbng on a solvenl basis); any of th€ folloting ev6nts: (D (ii) lh6 Bollof,/sr cannot. or ackno$/t€dg$ its tnabilityto pay ilg Exlemal Oflicjal Public Deblg wheh duo. susp€nd8 the paymont ot it! Exle.nal Olflclal pub c Debls or, a! a resull of cunont or anticipal€d linancial diffdJttie!, enters inlo negotiations with one or mole o, ils creditorB wilh a vi6w to restrucluring or re6cheduling all or part of its Exlemal Ofticiat Publc Dsbt or a mo.atorium i! odercd over all or pan of ho Bonot isds Extemal Ofiiclal pultc Debt; "lnternational Flnancial lns0tulions,: flnarrciEl ingtiMions esGblished by moro thon one national govemme,{ which proviiro financing for ths pt rpog€ of dsv€topient (ollcrr as, Mhout timitalon, World Bank, tMF or rEgtonat dovltoprnent banks); for each Trsndlo and foa 66ch Drawing: (ii) 'lnlerost Rate': lhereafler, each 6ix{or h period boginning oo (and includng) a Maturity Date and ending on (anlt €xcluding) the foltowing Maturity Oate; lhe onnual ral6 0xpre6sed as a pcrccntage whlch is lhc surn ofh€ Morgln and ot EURIBOR: ' KYC Rules': 'Maryin": 1.80% (one point eighty per cent); -7 - tl lylr, l, "l/latenal Adverse Etfecl': any lacl or event having or capable of having a material adverss effoct on (i) tho ljnanclal coodition of lhe Borrower or Ihe ability of lhe Borrower to perform ils obllgations under aoy Buye. Credll Financ6 Oocumonl, or (ii) the vatidity or onfo.ceability of any Buy6a Credit Flnance Documenl: "Matunly Dale": (i) during the Preliminary Period, on6 of th6 dates falling at six-monlhly inleruals backwsrds from the Staning Dalc of Repayments. Th6 first intervat may be 6horter lhan six monthg; and (ii) durlng lhe R6paymenl Pedod, lhe Starting Dals ot Repayments and each of the daleg lalting al sxmonlhly intorval6 the Startlng Dato ot Repayrents unl the FIn6l Mslurity Date; fro "NBG': ths National Eank of Georgla; "Otricial Extomal Public Creditots": any c.editor of lhe EonoweI under the Eorowe/s Exlornal Oflicial Public Debt; ' Out stanaling Afi ou nt': at any lime, tho prinopal arnoirnt o, a Tranche ol tho Crcdir. \{hk$ ha! beon drawn pursuant to on6 or morB 0r6wingE and which has n(, yet been repaid by th6 Borowel: 'Preliminery Periad': tor qadr Tl'anch€, th6 perbd beglnnlng on (and including) lhe dat6 on whbh the first Drawing rr made, and ending on (b'rt excludhg) the Starltng Date of Ropaym€nts; "Publtc Ollicial': any person who holds a legiglalive, oxecutivo, admlnblrEtivo or judLlal mandato (ot a Stalo or withln an intemational courl or organisation), whelh€r appointed oa eHod (pemanently or otherwb€), whothor or not remunoratd and regardlg$ of his or her positlon in the hiel-archy, or who holds public oftics (including for a pub c orgsnrsatbn oa a public company) or who is a person erercj.ing prblh aulhority charged with a public servicr mission or any olhff peEon dellned a9 being a pubtic ofllciEl in lhe applicablo legislatlon; "Repaymenl Period": lor each Tranche, th6 period beginning on (and inch.lding) l5o Startlng Dato ot Repayments and ending on (but excludlng) lhe Flnal [4aturity Dato; 'Slading Dale of Repaynerts'r hag the meafling agcrlbed to it in Ar cle 5; 'St6te Debt Regisbf: the rcgl3try kept by tho Ministry of Financo of Georgia for pueoses of regishalion ot a dtrect and condillonal obligatlons olGeo€le. /1 /lt. /- ''Suppliet-: EUROCOPTER SAS, a French company having rts registered offico localed at Aeroporl l\,4arseille provence, 13725 Marlgnano, France, regislered in lh6 Trad6 and Company Register iRegisrre du Comderco el des Soc/Cl6s) of Aix en Prcvenco lnder the number 352 383 7r5: 'TARGE7 Sel eme Daf: any day on whbh TARGET2 ls open lor tho settlement of paymenls in eurog; "TARGET2', lhe Trans-Europoan Automated Real Time Gross Setllemenl ExpEsB Transfer, launched on 19 November 2007, which utilises a single sharo phllorm; "Tems ol Disbursemenl Leltel''tthe torms of disbursomenl letler sent by th6 Lendor lo the Borrower on or Eboul the dat6 hereof; 'kanche', ahd collectively: has the meaning ascribed to it in A iclo 2 2: and 'Trahches'. 'frcnsdion D@urnonts': collectively (i) lhe Buyer Credl Finance Documents, (ii) the Commorcld Contrad and (lii) any other documenl designaled aB such by the Lender and the Borrower. a9 these documents may bo amend€d or replaced as appropdate, and any notlce issued by virlue of or under any of thes€ documents. 1-2 lnterpr€t.tlon For the purposes ot lhie AgrEsmeflt, unless otherrise indic€l€d: 1 Any reference to a lim6 ls a ref€renc€ lo Pa.ls timo. 122 Pny rclol.,@ to lho 'L.nda/ includes lhe stccoasolE, assigne$ and 1.2 assigns lhdeol 12 3 Any r€fereico to a Buyer Caedit Finance Documenl, anolher agreement or any olh{ instumoa la a rcforcnce lo thal documenl as $e same may be arnend€d or repleed and shall indude, as appropriate. any inEtrument replaclng it by'rvay ol novaton. 1 2.4 Any relerelt€ to a prorlsion ol a law or rcgulation is a reference to that provision eg hB sam6 may be amended or r6pl@d. 12 5 Any reterence to lhe "Pr€amblo', to an "Arflclo', lo a 'paragraph' or lo an "Annex' is a reforonce to $o preambto. io the ar{c16, to a paragraph or lo an anrEx oflhis Agreem€.{. 126 Headings ot Articles. paragraphs and Annexos are given for eas€ oF referencs o.lly and shall not b9 takon inlo acclunt when interprellng lhis Agreemenl -9- t)uL 1 2.7 Unless otheMis6 slated, a lerm used in any Buyer Credit Flnanco Document olher lhan thls Agreement or in a notice under a Buyer Credil Finance Documonl shall havo lhe sam€ meEnng as in lh s Agreomenl. 1 2I Any term defined in lh6 singular must be interpreted as having tho same m€aning in the pluraland vlco veGa. ARTICLE2-THECREDIT 2.1 The Lender shall grant to lhe Borower, puFuant and sublect to the terms and conditions set fodh in hls Agreemert, a Cred up lo lhe maximum amount of lorty one million livo hundrcd thirty eight ihousand eighl hundr€d and twenty five Eurog (4'1 538,825 EUR) to enablo th6 Bonowori 2 1.1 to pay lo lhe Suppll6r (afler payment of th€ tirst half of tho Down Paymont), up to a marimum anbunt of thirv elght millions thre6 hundrod sixty nrno thousand EUlo! (3E,369,000 Eu.os), conGponding to up to 85 % of lhe French and Asslmilated Porlion ot th6 Commercld Confa4 pursuant lo the lim s and conditions ostabllshod by thc Fronch Autho.ities; 2.1.2 to reimburse the Lender, up to a maximum amount of three milllms one hundred sixty nino hoB6nd eight hundrcd and twenly fivo E'.rro! (3,169,825 EUR), ,00o/o of lhe COFACE PEinia, in Ecc.rdance wilh lho provisions ol Article 12 2.2 The Credil is dividad inb 5 Tr.nch€B as follorvE (a) Tranch. 'l (hdelnaier Tranchc 1'), robtos lo lhe A350 83 helicoptor, up to : 1,878.806 Eur6. ph8 COFACE premb up lo 148.23E Eurc: (b) Tranche 2 (hddnaficr "Trancho 2') relaloe to the flrst AS 332 helicopter, up to 17.019,354 Euros, plus COFACE p.elnla up lo 1,421,110 Euro6; (c) Trarrcho 3 (he.da6fr6r Tranche 3) relates to the second AS 332 hollcopter, up to 17.0'19,3t1 Euros. plus COFACE prernia up to 1,421,116 Euros; (d) Tranch6 4 (h€relnafl6r 'Tranche 4") relatos to Spareo parts up lo 2,040,877 Euros, plu6 COFACE premla up lro 165,107 Euros; end (e) Tranche 5 (h6.dnaner "Tranche 5') rehleg to Spares pads up to 410.610 Eurog, plus COFACE prEmla up lo 14,248 Euros. -10- /l ARTICLE 3 - CO'{DITIONS PRECEDENT TO ORAWNG UNDER THE 3 1 CREOIT Condiflon procedent to th. Flrtt Dr.wihg Credir may not b6 mad6 unrit rhe Lender has receiv€d each of ll"j5l9,-"yrg llogr lhe rn€ oocumenE tnocated betowt eech salisfactory to lhe Lender in lerms of bolh foIm and subslance 3.1 (a) (b) (c) I Th6 Borrof,,or a c€.Ufied fug lopy of the Decres of th6 prosident of Goorgla authorising lhe erecutioo of th6 Agreemenl; a cerrillEd tru€ copy of th6 Oecre€ of tho p.esident ol Georqla althorisino lho Minist y of Finence ol G.orgla r6pres6nted by tt l/i"i"l"r"J fi-"1" ir,ri KaXn6 tsaindura6hvill to shn th6 Agr€orhont " a cjrrlitied tuo copy ot tho Resolutjon ot tho parliament of ceorgh on ratification d the Agr6€ri€nt; (d) ionEl Bank of Geoeh that no exchange conlrol allolv lh€ Borolt/or to acqulre and lransler the pedat nce of all ils obllgaflons undor thb . Agreemenl; (e) (l) of fi6 Emba66y ol GeoOIa in Frdnce 9! in Porig as its addregr for service fDr an odolnal ol lho teflc. fro.n tho Ministry of Flnance confirninq that th6 Agreement i! regbt€rod w h the Minjstri ot rtnenca in Exreml"dmca] Public Debt dda b€es; (S) wrifien oviderce that the Agreement Is fit6d with NBG; aod (h) a speclrnon of thg gtgnaturo of lho porson aulhortzed on behdlf of tho Eonower to eiter into tho Agreement or to gisn or sond i", o""r.ii, notlco ln conrEclion with lhe Agreemenl. "i 3. 1 .2 Buyer Creda Finance OoclmEnt! (a) tu 9ng1"h oJ thtr Agreenent duty signed by the authorised repre9€ntativB ot all pa.tes to lhis Aglgemefil; (b) lwo origlnals of lho Terms ol Disburs€mont Lefier, accepled; (c) (d) if rebvant, origihals ot the guyer Credil Fihance duly $lgned and Documenls; and ::.1_"1-":]!:t gll "th:. f"rmatities required tor the enlry into ,orce, vatiditu _'., or cntcrcomenl ", Of thts Agreeanent have been caited or,,' - ----,'- -11- 31 3 COFACE lnsu.anco poticry An original of th6 CO-FACE hslrance policy drrly signed by COFACE. provided that sucjr COFACE tnsuranc€ poticy 'is issued'wM terms satisfaclory lo lho Lender, an( I the conditiong forc6 of, such aulhodsqlions 3'1.4 CommercblContracl (a) (b) a c€.tillod tsue copy of the etchango of corospondence bolwoen the Buycr and Iho Supptior evidoncinl that thg Commercist Contract iJ tn tuil force ana specifylng the dat of such ent y Into forc6; a certifl€d copy of tho govemmontat decrer app.oving tho CommerciEt Contract accompanied by a certifi€d translation: (c) (d) a copy of the Comm6rcial Coru-aci: a Bank stat6ment tomjho Supptier attostihg that haf of lh€ Dorm paymsnt undor the Commerctal Conlrad hss been paid up to 6,771,000 Euros i;to rts accolnl ln FEn@; (e) 6ny vrritten hturna on that th6 Lender mirhi request from the Borower and th€ Suppli6. h order to enable corflplianco by tho fender with trre XyC Rul€s appticable to il; and (f) lhe pov/€fs of a(ornGy and spodmen glgnatures ot lhose peEons sulhorisod to 6ign, on bchaf and ,or thc account of th6 Sr.rpptier, tire oocuments anO certiflc€ter rercrEd to in thb AgEement which aid requireO to bi provi:ed by the Suppttg,. 5 L€gal oplnlfis (a) an _orlglnal d the oplnlon of tho Mlnigtry of J,lstce of Georgia -legai and lho conltrming th€ ralrficjtion ontry into force of thl6 Agreement, acceptabl6 to th€ Lendal (b) en odginal of the l€galopinlon of the outEtde Georgian counso o the Lender 3 'l acceptable lo the Lendec an I (c) an orighal of lhg valldity legal oplnlon ot ths outslde French counset to lh6 Lendor acceplabte lo the Lender. 3.2 Conditions p,ecedoni to rll Orawlng! (including tho flllt Drawing) rl"..Credit (thctudrng rhe flr6t Drawing) may be made untir th€ Lender ig l9,9i1li?S.r"j:, a the foflowtng conditions precedent satrstled that lhe Lender: travJ teen tuflitteO to it" .ril.f",aion of 3 2.1 no Evonl o, Default Is ongoing or could arise as a result Drawing; o, lhe retevant 1,. I 32 2 the Buyer Credit Finance Oocumenls are in full force and no Buyer Credit Financs Document hag been susp€ndod, cancelled or telminat€di 3 2.3 the Commercial Conkact ha8 nol be6n suspended, modifled (except tor mnor or l6chnic6l modillcatlont which do not affect (i) the Londois rightB unde, the Buyer Credil Financ€ ooclment! and (ii) aae not reasonabty likely to hava a Matarial Adverso Effect), cancelled or termlnsted and lh6rs i! no albifallon, litigauon or dispute between th€ Euyer ard tho Suppli€r in relalion to the Commorclal Contracti 3.2.4 the Lender ha6 rec6[6d fro.n tho Supplier all the document! requlred lo b€ delv€rcd under, and in tho duE lorm requirod by, lhe provisions ol the Torms of olsbursom€nl Le(er, at leagt 5 Banking Days prior to th6 dale of tho relovad orawing; 32.5 no nollco seoklng tho cancellalion, susponsion or amondme0t or lerminatlon of thg COFACE lnsuranco Pollry or lhe suspension of the Dia\xing! o. the Cr€dil has been issued (by COFACE in rElation to lh€ COFACE lNuranca Policy only), and lho Londo. ls satisfled th6t the rsl6vant Drawlng is efkivov cover€d by tho COFACE tnsurance poticy, that all the condltions related to lhe entry into forc6 ot, and lh€ indomnlficatlon under. the COFACE lnsurance Policl havo be€n m6l and that a[ tho aulhorisallons ,equircd from the Frcnch Authoritie. hav€ been oblainod; 3 2.6 lhs Lende. ha8 recelved an original corlifcate from th6 Suppller Gdirying the payment oI half otth6 Oown Paymonl und€r thg Commerclal Contracl inio it! accounl ln Frgnce and 6 copy, cortified by tho Suppli€r as belng Iruo, of [E Suppli6ds roleyant bank sletomenl prior to tho reteyard Drawingi snd 3.2.7 tho EononEr ha. p8id all amounlo payablo by It under the Buyer Credit Fidance Docum€nl! lo which it i9 E p6rty 3.3 Termlnatlon ot tha Agrurrnent lf lhe conditlons app,lcablo lo ths lirst Drawing rel6r.Ed to ln Articl€s 3.1 and 3,2 abov6 have not been mel lo the s€tisfgcllon ot the Lend6r wllhln slxty (00) day6 from the signing dale of lhis Agreement, thla Agreemont may b6 lErminaled at any lim6 by lhe Lond6r. 'I lh,. t. ARTICLE,I - DRAWNG UNDER THE CREDIT- BORROWER'S PAYMENT INSTRUCTIONS 41 6dit ar6 iniendcd to finance lhe payment o, parl ol lho and lho reimbuBoment to the Lend6r o, the coFAcE gonor^ heeby jrrovocably instructs thg Lender lo allocato th6 DrawinN und6r th6 Credit as follows: 4 1.1 to pay on its behgf and for its account to the Suppli€r the amounts due to the ta(er pursJant to th6 Imit! sot brth in Articte 2. aga n3t roceipl by the Lende. ot $s docun€nt3 that the Lende, deemr to b; in compldnciwith tho temr and conditions s6t Iorth for thoso docurhenla in lio Torms of DisbursorDent Lgtte( 412 to reimburse lhc COFACE prcmia to the Lender pursuanl to th€ provlsion! ot ArticJe l2 botort and up to the amount s€t forth ln Adicle 2; 4-2 The instnrclions giv6 in Articto .t 1,1 are irrvocabt6 joint interest hslrudions which may not b6 modified wrthoul tho written conseht o, th€ Lender, the Supplier and th6 Borrower. 4 3 fhe instructlons giv.n ln Aritclo,(.1 2 sre irevocsbto joint intoregt instructions which may not bo modifed wllhoul the w tten cons€nt of ths Lendor and th6 Bonower. 4.4 The Lendor shall m*e lhs payment duo to th6 S lhe Supplb. in Frarca, tho dor.ls of wtrici th6 Suoplier within len (,l0) EEnking Oays 6f,er lhe dc document! lisled in the Torm! ol Dlsbursgmeflt Leltea, provided th6l those document! havg b€en accoptod by lh6 hhsr and provided lh6 olher condidons procedenl sol forlh ln lhls Agresnont have boon met. 4 5 The only rgsponsibfly of lh€ Londor in eEmining th6 documents r€t lodh in the Terms of OhbuGeitcnt Letter sh€l b6 to as.ertaln that they appegr on thei face to bs in accoadan@ witt th6 termi and conditioos sot forlh in the Terms of Disbursement Lefler, The oxpaegsion .lo appear on lh€ir facg to bg ln accordance with' shal have th€ meaning agcribed to It ln the Unlform Cusloms and pEctice fo. Documentary Credil! ofth6 lnternelbnal Charnber of Cornmorco 2OO7 Edllion (tCC Publication Nr. 600). 4 6 The-Borrower acknoJedgea and agre6 to the t€ams and conditions provided under the Terms of Disbu$ernent Le er and agre6 that paym€nts will bG made by lho Lender lo th6 Supplk in a@ordancg wib such provlsons on lho dsles and al th6 condllions ssl forlh [Ereln. 4.7 No Drawing, except k lhe tagl Drawing or if th€ Lender agreog othgrwlse, may be m?de availablo lo. at amoun( of l€ss than EUR 3O0.OOO lthree hunared tiror.rsanO EurP5). 4.8 Al tne tirne o, each rawing, ths Lender shall inlorm lhe Borower In writino of thg amcunt and tho datc of such Orawing, No Drawing may be made if he ;o;di ons sei hrth in Arliclo 3 hrvo not beon mel in accordanie wiin tne conAfitons set tonn in thal,Artic16 -14- /1 ,1, 43 Subjecl to Articte 411 betow, no Drawing may be mad6 after the Final Drawing Date, i e : - for TraEcho l, 18 (eighteen) months anea tho 6ntry into force of Ihc Commorcial Contracl, and at th6 latosl ln August 2012; - for Tlancha 2, 29 (ttronty nine) monlhg afier lhs entry into lorce ol lho Commercial Conlracl, and a ho latest in July 2013: - for Tr.nch. 3, 30 (l'ltrty) months after lhs enlry tnto Force of the Commercial Cont.Ecl, ard at tho latest tn Augugt 2013; - tor Trancho 4, 30 (thlM monlhs aflor the entry into force ol lhe Comm€.cial Contract. and at ths latolt tn August 2013; - fo. Tranch. 5, 30 (thiM monlh! aflo. the entry into forc6 of tho Commercial Contract. and st tho lstest in August 2013. 4 tolf, upon oxplralloi of the Ava,tability perlod of each TGncho, and unl€ss an ertensioJl lh6reof is agl€ed in wttlng by tha parlles and subjoct to lho consent ot COFACE, no Drawing hag been m6de hoEunder, the obtigatbn ot the Lender to advance the amounl of any Drawing ghall b€ deemed lo hav; b€come aulomaticajtv cancell€d and lhi! Agreomenl msy b9 teminatcd at any time by lhe Lender. 4 ,1The Parllos may. as mentbn.d ln Adlcb 4. iO sbovs, ahd subject to tho consent of In such a caio, r Dra! /ing o, thg th6 dat€ of euch *. such orawins by a ft.acti"", nslalmonls as specifed in A clo 5 and tho donomlnator of whlch sial, b6 Ihe sum of remaning Inslalnerir falling on or alter such date. ",,.*fli",,ln,olTn:iiffr:TfiiHili:tf* 15 - /1 a ARTICLE 5 . REPAYMENT OF PRTNCIPAL The right o, th6 Lenderb b€ repoid arjses out of each Orawing undgr the Credit. For each Tfancge, 6xcep( lor T.anchg 5, lh€ Borro,vor shall rcpay lhe enliae amounl of the Drawing! o, lh6 relovanl Trench6 in foualeen (ia) equai a;d consecutive sefilannual instaknonts, th€ first Moturity Date fa ing 6rr (6) monlh6 aft6r tho StartlnE Da{e of Repayments of thal Tlanch6. For Tranche 5, th6 8onoM,gr sh6[ repay lhe ontlrc, amount of th6 Dratrvlngs of lho relevant Tranche h fou (4) equal and con6acutivo seml-annual instalntonts; the firsl Malurity Dale falling six (6) monlhs after the Slrting Date of Repayments of that Tranche. Any Maturity Oatg whbh doc! nol fall ofl a Banking Oay shafl be postponed to the n€xt succeoding Banking Oay, €xcepl when ths Oay ot lhs following month, in whlch casg lho Maturity on lhe immedhlely preceding Eanking Day. tychang€ la any change in th€ gubsequd Malurlty Da portpone Oale ina Unloss an oxtension pErties and subrecl to th€ ,th€reof B agreed in Mi ng by lh6 approval or purposes ol thls Agreement, ..Starflng Date ot lor lhe Reprymenta'-COFACE, shall m€t: - Foa Trahche 1, 13 monlhg afler the date of enlry inlo foac€ of lho Comnl€rcbt Contiact, ard at tho tatelt tn March 20.t2. - For Trendre 2, 24 month3 afrer tho dat€ of entry inlo lorco of the Commercld ContEct, and al tho l6te.t in Febn,ery 2Oi 3. - For T|ardlo 3, 25 months afler tho d6to of entry Into lorce of th6 Comm€rclst Contract. and at lhe tat€st in lirarch 2013 . For Trandl€ ,1, 25 months afl6r lh€ dato of entry inlo torcg of lho Co.nmerdal ConllarcI. and at lho lsted in March 2013 - For Trand|e 5, 25 months afler th6 dalo of ontry lnto force of th6 Comm€rcid Contracl, and at the l6t€st ln MErch 2013. Wrlhin (en (10) Banklng oays Orawing Date 6l th6 sch€dG specilying lslesl, the Lender lhallseid tho amount of principal due to -16- ,/ IL ARTICLE 6 - PREPAYME]{T 6 1 Mard.tory prepaymsnt 61 1 New circumgahcos 6, if lhs performancG by tho Borrcwe. sha, ,ro,no,,, Finance Oocumenl or the unlaw'ulor entailg a .educflon ,*, '"oi"o;:: 'ifi ,i:'til.:: '";,il"li l ll: provtslons ot Aaticb 6.3, thg BonowBa "n, shall comp€nsate lhe Lender in regea oiany possibtg lossos that it may sultd E3 a rgsul( of Blrctr prepayment. 'i 6.,.2 Reducdon of ths CommerElal Cortract pric€ Price is reduced, the Boarower shall inform tho rcdurlion. and shall proceed lo preply prc rata wilh lhe amount of that rcduclion. I A/iiclo 6.3, th6 Borrower shElt compensalo lhe . Lenoer tor any po$*blc logset thal it may suff aE a coneequen& of propaymenl. 6 suci ,.3 lrodtfication of thc Cornri€rcial Contract spcnd€d, subi€ct to oarly tormimdon or tho exc€pton ot moditica ons whlch do are not rea$iabty likdy to ha!/B a arbitration of all slm Drawihg u Bonower shEll coanp€llsat! tho Londer sufi6. as o Eault of sudt prEpaymont. 6 2 Volunt ry PropEymolrt 6.2.1 No votuhtary prcpaymor{ may be msde durihg the prelmlnary pertod. 6_2.2 For emh Tranchs, lhc follqr iDg coodidons shall apply Il ths Boro{,i,6r intends to Fepay atr or part of the outstanding i;ouri drdil" Repaymert perlri (a) The prepayme may only bg made on a Malurlty Dale and lts amouot sha at toact bo 6quat to ono or more semi_annuat lnsiutmunrs of i.,li" amount ot lh6 Outdarding "ii".ii"r Anount if it ls l€ss). (b) Tlo -Borrou€. and 6.3 drall pEy any amounts due to th6 Lende. und6r Arti.les 62 (c) Th€ Borrorrre. .shali no fy the Lender ln writing of lts inlont to make a prepayrnont at l€ast lhre6 (3) months pdor to tho i.oj""fua pr"piyr"nia.u.f". -17- / lh, (C) The Lender shall foMard to tho Borrower, wilhln twenty (20) Banking Days trom tho date on which it receives lhe notice mentioned above, a provisional slatement indicating the amount that MII be payable by the BorrovJ€r pursuant lo Arlicles 6 2 and 6.3 on th6 projecled p.epEyment dato. (e) The Borower shall contim in wriling its intem to mak6 a prepayment io tho Lende, fitcen (15) Sanfing Days prlg, to lh6 projected prepayment date. Such decisbo shall then be inevocablo. (f) T',r/o (2) Banking Dayg prior to the prepayment dato. lh6 Lender shall inform lho Borro!rer in wriling ol the flnal amount due by lhe gorrower purslent lo Arlicles 6 2 and 6.3, Such amount ghall be psid by lho Borrower at the sam6 lm6 6s tho prepqymenl amouni!. 6 2.3 Tho prepaid amounls shal b€ altocated in accordance with the pmvisions ot Article 18. 6.2.4 No prepaid arnounl ma/ bs dratm again. 6.3 B.rakega Corb 03 1 Th6 8or.,$/e, ghall pay to th€ Lender immediately, and at the latost ten ('10) Eankiag Days aner request mede by the latter, any Breakage Costs which may hav6 tr€€n incuraed by the Lender aE a result of aEy of the follovirlng 6reots: (a) if th6 Lender requires the immcdiate relmbursernent of all orparl ofthe sums du€ by the Bonow€r undor this Agreem6nl. in particular pursuanl lo Arlicle 6.I, A.lklo 15 or tuliclo 16 belot./; (b) in lhe evenl of a volunlary or mandatoay prepayment for any reason whatsoevo, under thls ,€roernent: or (c) in th6 6vent ol paymont of 6n amount payabla under tho Buyer CrBdil Financ4 Docun€nts oo any dato othar than the datg on which lhat arnounl should have be€n paid under ths Buyer Credit Finance Document. 6.3.2 For tho pufpose8 of this Articte 6.3. "Breakago Costs,, shall mesn the posrtive dil{ersnce between: (i) to. th6 period Maturity Oate r such Drawino 64 CancEllatlon T,)-- Borower may nol cancal tho ullli:E0on ol the Credit in whole or in parl wthout the Leode/s prior wr ten consenl. / 'k ARTICLE 7 . INTEREST 71 Variabl€.ala 7.1.1 71 e Londer by the Borrowor under each Drawing s datc ol such Drawing unfl the Final Msluriti 2 lnlerEsl strall be corhpuled on lho Outsiandmg A,nounl and basod on lho aciual numbof ot day! of each lnlGacal peiiod usino a 36Gdav vear facto.. lnleresl !ha( b€ payable in area6 on each [,latirity Oato. ' 7.1 3 Interest shal bo calcuhtgd at th€ tnt€r6.t Rat6. 7.r4 Thc Lend6r shafl infonn the 8010!,,,6r by fax, no tater than eight (E) Eanking Day! at6r lh6 commellc€ment of eadl lnler$l poriod,-of th6 rato of intred appltcabt6 drrring such lnl€red perii)d 715 by ing of tf Orawin$ ara mad6 during an lnter€5t porid brrt afl€r the delivery ol lhe mait and by each such tiie€n (.i 5) 7.1.8 During the Repaym$t perlod, for each Tranche. within ten (iO) Banklng D6ys ot tho la{ Orswing or on th6 Fingl Drawing Dato at th6 lEtesl, lhe Lender shd s€nd b th6 Bo..oiver I Cr€dit ropay;ent schedule sp€ciryhg tho drlount of p.hdpal and tnt€.e.t du€ to thg Lender on esdt Maturii Date br 6rp.e$ m€it and by Ex, 71 7 Th€ Matudty DateE and th€ afiounts calcutated as sel forth above mat/ bs subl€ct to dEngo by lho Lender puGuant to lh6 provrsions of Articte 7:3. 718 Chsnge to.elcuhtbn ol lnterest (a) No quolation Wthout pEjudce to the provielons of Arflcte 7.1.8 (b), rf EURTBOR is to be detennined by $e rorerenc€ banks and a reforenco bank fails to indicatg its rals by 11.00 (Brussels tlmo) tr,'io (2) Banktng Days before lhe flrll dav of ths relevant tnter€lt pEdod, the appticable EUR|BOR wi be determined-oo the basis ol the rabs cornmunicaled by the othor rof6r6nco banks. (b) [.4arketdisrup,tbn (i) lf a Matet Dlirupllon occuE during an lnteresl period retatino lo ths Outstaiing Amount, th6 interest rato appticable Io the Outst"anOlng Amountouring that tnterest pedod willbe th6 sum of: -10- lh,- /- (A) the Margin;and (B) the higher of (0 EURIBOR and (ri) the annuat rato co.rogpondlng to th6 cost bome by lhe Lender to finance its participatirn in the Outstandlng Amounl by aoy reasonsbl€ method th6t it has selected: (iD ln thb Agreement "M..tet Ol.rupuon. sha rnean ih6 fo owing evenl9: (A) EURIBOR is not pubtished at or oround midday two (2) Eanung DaW prior lo the lirst day of lhe rctwant tnter6ltt period and flooo or only on6 of fto referenc6 bankg or any othe. bsnki d6sEnated by lh6 Lende. afler consuttation with the Bonovroa infonru tho Londet of a rale for lho prjrposes of determining EUR|EOR tor ths retevant lnterest podod; oa (B) beforE thg close of busln6s in paris two (2) Banklng Oays prbr to th6 firsl day ofth€ relevant tnl6regt period, the Lender determhes t1al, on tho lnlerbank martel, (h0 cost to lhe Lender ot turding its participation in the Credtt wouu be higher than EURIBOR, (c) Altemativo basis (i) lf a Market Dlsruption occurB and wher€ so requesi€d by the Lend€r or lhe Eorolvar. the Le.d€r and th6 Eorrovel shall ent6r inlo negotiatong (for a poriod ol no tong,or than thirty (30) dEys) with a vrew to agreelng an altefialfue b6sis for lhs calculation of inlere6l rales, (ii) Any altomativo ba6ir agrsed upon puEuanl to Articte 7.1 8(cxt) abovo shall be blndlng on all P6rtj$, prDvided that lie p.ior consent of the Lorder and lhe Eloro,,,r€r has beon obtainod, and in the case o, the Eollowar, all applicablg governmental auttrorizationa and approvalg have b6en oblainod and enlry inlo torce procedurei completd. 7 2 lnter€al on Laia Paymenb 7.2.1 All ovorduo amounts payeble by the BorroM/er under this Agreoment and lh6 olher Buyea Credt Financo Oocurnents shall aulomaliElly bear interest from the dale on which they arB payablo (inclusivo) until the dalo lhey are adualty Fatd (oxctusive), at a rata equal to, ,or any amount in Euro, EON!q, plug the Msrgin, plus 2% (two per cent) per annum. 72 2 ln no ever shall such rate be bss lhan the lnteresl Rato ptus 2% (two per cent) p€r annum. 72 3 lnteresl on lats pdyrnents shall be calcllaled on lhe basis of the actual r:umber of days using a 360day yeaa foctor 72 4 ,ntcrest on lal€ payments shall bg payabls upon the firsl wrilten demand ofthe Lender. -20- / 72 5 Interesl on t6te psyments shalt itsel, bear ihterest at the rate defined abov6, if il is duo lor a wholo year. 7 3 Spoclflc provlslonr ralailnE to Maturity Oaier Any Ma(urily Dato whlch do6r not lall on a ganking Day shall bo postponed to lhe n€xl is the ,irst Banking Day ol the bo th6 immedtalely precedlng any modiltca on of subseluenl I b€ bas6d on the actual number T-en]10) Bankinq Days lrid to such a postf,oned Maturity Oato, tho Lender sha send to rne Eorowe. Dy tacsimjb a stalemont indicaung thg adiustod amount of lnteresl due from lhe Ec)Irowor on lh6 posiponed Malur,ty O6to. -21 - /i ilr- ARTICLE 8. CLAIMS OR OEFENCES MAY NOT BE SET UP AGAIT{ST THE LENOER 81 82 Under lhB Agreemer , ihe Eonow€r wavo3 any right of set,ofl ln lhe event it holds or believ6s it holds any claih againsl th€ Lender in any respecl and for any reagon whatsoev€t / h,./^ ARTICLE 9. FEES 9.1 Commitner* rao The Bonowea shall pay to the Lender a commitnenl fe6 at a rate of O.7O% (zero poinl sovenly Percsnl) per annum. Such feo shall bo payablo every six monthB in aroar!, on th! tnterest paymont Dates, wilhin len ('10) Banking D6y. ol tho d. vary by th6 L6nd€r to the Borrower ot the conBrpondlng slalemenl- Such fe€ shall bc co[ytpuled on lio undrawn nount of tho Cr€dit on lhg ba6is of lhs aclual numb€r ol days of Ihe relevant sernt-annual pariod uslng a 360 daryear factor. For each Tranch€, lhe fird po rd lor t lo calculation ol th6 comm rnenl fo€ could be le6s than 6 (six) months. 9.2 Arrahgemer foa The Borow€. shall pay to lhe [6rd6. a tix6d arrangernont le€ ot 0.95 % (zerc point ninety five p€rcent). Such an-angemenl feo shdl bs payablo ln it6 enlirov wnhin len (10) Banking Days from th€ Eflodive Oato ot thb Ao,eorr|ont upon delivory by tho Lender to tho Bonower ot th€ coresponding gtatement and, ln Eny evor , belorE lh€ fiBt Drawing. -23- ,/l ' hr, /- ARTICLE ,IO . TAXES ANO OUTIES t01 All laxes, dutbs and oth6r amounts of a fiscat nature (lnctlding it applicable, slamp, dutlos and reglsfa on fe6s) due on ths teritory of tho -Borrower as a consequenc€ ofthe ereoJlion andlor performanc€ olhe Buyer Credil Finance Documents shall bo peid by lha Borrower. '10 2 money transf€. chargea, lho Lender shall receN6 in Euro6 an amount equal to lhe arnounl wtich,,rould have been received by il without such deduclion. 10 3 -24 - ./) ARTICLE I1 - COSTS AND EXPENSES 11.1 The Borrower agree8 lo pay directly all expenses, cosls and fecr or to reimburse lhe Lender, upon ils lirsl demand, for such expenses, cosls and fees, lhat are reasonably incured by th6 Lender a9 a reslJlt of: any amendmenl mado upon lh6 requesl otthe Borrower to. orwaiver of, lh€ Buyer Cred Flnanco oocumenlo, lhe legal opinion3 and arry olher documenl relaled thoreto 112 Wilhin three (3) Banking Days of lh6 demand made by tho Lender, ths Borrowo. shal reimburs€ the Lender fo. all clsls and expenses (lncluding lho fees of l6wyers) incu(ed ln respecl orl 11 21 lhe protoction by lhe Lender of iG rlghts und6r lhe Buyer Credit Finance Documonts and any other document related therclo; 11 22lhe noG{omplianco by the Bonou€r with its obligations under the Buye. Crodit Financo DoclrmerE and any olher doclmenl relaled lherelo; and 11 2 3 lhe occurren@ olan Event o, D€faull, 113 The costs and expensos indhaled in lho slalomenl sent by th€ L€nder to lhe Bonower shall b€ pqyable by lhe Borrow€a etcepl in lho event of manifest //o t ARTICLE 'I2 - COFACE PREMIA '12 1 coFACE Premia a.o psyabi6 excftlsivoly by lhs Boraowe' and are duo in any ev6nl, r€gadless ofwheihertho Credit i5 prep6id or not' 122 On lho exoculion dalo ot lhis Agreement, tho ostimaled amount ot the COFACE Premia i3 (i) Trancl. 1 : 146,238 (on6 huhd.ed forty €ighl tholsand two hundred and thity eQhl) Eu.os; iii) Trancho 2 : 1 ,421,1 16 (ono million four hundred lwenly ono lhousand one hundred and slxloen) Eurca; (iil) Tranch€ 3 : 1,42'1,116 (one m lion tour hundred lwenly ono lhousand one hurdr€d and 3ixteon) Eurcs; {iv) Tranch.,l : 165,107and(ono hundred sixty fNo thousand on6 hundred and s€Yfi) EuroE: (v) 123 Tranch6 5: 14,248 (lourle€n lhouaand lwo hundred and forty elght) Euroa, Th6 Lender shd notify the BorrDu,er of lhe final amount of lho COFACE b€tw€on lhe Londer piu--i, o*rtion of lh6 COFACE lnsuranc6 Pollcy gorower undertake6 lo "tto tt e dato ot ti6lbsl Drav,ing Th6 ,"J Coilcf o*re p"v ttte flJrf an.rr,t A tna COFACE Premia ihus notified reggrdless of tho final amount caklrlsEd. 12.4 For each TrandE. tho paynent of the COFACE Premla shEll bs m8d€ b€for.lho firsl ttdwtng to b. msdo to the Suppller' 12.5 Follouino th6 rsresl thecot mado by lhe Borrcwer, lho Lender will fnance 126 The COFACE Ptsmie rlnanced by Orawin$ under lho Credit lrill bo repaid pu.suanl to lheFovlglons 9et fortl in Arlicle 5 12.7 ln full rhs COFICE Prtni€ in tho condltions s€l torth in lhls Agreemont' The Eonower dtell bo obliged to pay ihq amount ot tho COFACE Premia as (lncludlflg ln case irovtoeo trerein ir no chcumslan@3 ol prepayment dt lhe 6voni ol any iuirir COfAC= prepaymont of lt Credit (voluntary or not) for arry reason vvhatgoever' -26- /) fit, /. ARTICLE 13 - REPRESENTANONS ANO WARRANTIES OF THE AORROWER 13 1 The Borower Epresenh and wananE lo the Lender that 13 I 1 il h69 full power and aulhonty Io bonov, under lhe cora ons set torlh in lhis Agre6msnl, and lo execulo and bind iiself in accordanc€ wiih the Buyer Credit FlnEnce Documonls and to pertorm rts conlEctual obligations; 13 12 il is not lnsolvenl and no lnsolvency Poceedings havo be€n brought against it; 13-1.3 tho discussions, exoculion and psrfomanco of lhe Buyer Credit Fjnanco Oocumonts and lho act of obtalnlng fto aulhorisatlons. p€rmits, licences and agrc€rn€nts that arc necessary for th6 oxecution ol tho Buyer Credit Finane Dodrm6hl8 havo not giv€n ris6 to any Acl ot Corruplion or any oth6r unlawlul acl; 13.1.4 in confomity wilh the laws of c6.gla. pursuant to lhe Decreo n. 29/03/06 dat6d 29 Ma.ch 20ll ot he Prcsidenl ot ceorgia. the lvini6try of Financa o, Georgh repte8onld by lha Minister of Financo Mr Kakha Baindurashvlll ha8 beon duly aulhodsed to sign the Agroemont; 13.1 5 il has obbjn€d trom ths releranl authoriti€B in Georgia all necessary authonsatonr und6a lha lavl3 ol G€o.gh (includ'ng, bul not ttmrled to, il relevant, tho law! relating to foreign erchang€ r€ulallons) authoriang ths execulion and pealormanc€ of lhe Buy6r Credit Finance Documenls (including, bul not lmited lo, lh€ right to acquiro and t€nsfer tho Eurcs n6ces5ary tor tho 80.10$/6r lo peaform its payment obllgatlons under tho Buyor Crodit Financa oocum€fltt to whlch lt is a party) and Iho amounts du6 from thc Bonow€r under the Buyor Credit Finsnco Documonls may b€ freely hansf€ned to France; 1 3. 1 6 no starnp or registration (as well aB no payment of feo) is required for the exocution, lxrbmbllon a! evklencs or enforcement of th6 Buyer Credrt Financo Documentsi other lhan that mentiohed in Arflcl€ 13.1.4, no aulhorizatbo ls requlred foa lhe oxoculion of lhe Buyer Crodit Finance Documonls; 13.1.7 it has obtained all the aulhoris€tlons thal arc ne.cessary lor the execution and perfonmnco ol th€ Suyer Credit Financs Oocumenb (oth€r than the ralilication of thls Ag.Eement by tho Parliamonl of ceorgia). and it undertakei lo obtaln tho ratification of this Agreemenl by the parliamont of Georgia Fior to thc Ellective Date; 13 1.9 from lhe Eftclive Date, each ol lhe Borrowe/s obtigattons under the Buyer Credil Finance Doculn€ntB will constitulo a legally enforceable, valft, and birding obligation of the Borlor/or; 13.1C lho Commercial Cor(racl ls in full force and has nol be6h suspended, cancelled Or lemlnalEd atter its execution dale and lhere ls no arbitralion, -27 - /l '/1. / liligallon or dispule bolween lhe Buyer and the Supplier concerning lhe CommercEl Gonkact; 13.1.10th6 ex€c1.rtion of the Buyer Credlt Financ€ Documenlg lo whEh it i9 a pany, and lhe perfornanc€ of lho obligationa ansing therelndor, do not conflict with and do nol broEch any of ils obllgatlons under any agroomsnt or undertdfig to which ii iE a parv; 13.1.1'l lhs debts €sultng fro.n tho 8uys. Credit Flnanco Documontg lo which it is party rant and will rank al loarl pad pasgu wilh any ol lh6 Bonoweas olher cuarBnt or futu,e un8€cur€d and unsubordlhaled debtg gnd guaranteoa, other lhan unsedrrcd and ungubordinated d€bls duo by lhs Borrovea lo lnlernalidlal Financial lnstitutioN, ln casgs where such Intemationd Financlal lnstilutlon! b6nellt from a prelened cred or statug: 13.1.12 it ls not a pady to any leggl proceeding, arbilration or admlnlstlattue actlon lh6 oulcoma olwhich could have e msterialadveBo Impacl on lhe porfoflnamo of ils ouigEtion! under any ot the Buyer CrEdil Financo Ooc1lmants; 13.1.13a11 of lhe inlormotlon that ha6 provided to lhe Lender undsr lhls Agre€m€nl (includlng under A.tble '14) is true and complet6, and it is noi awaE ot any information which, if it had b€€n di3closed to lh6 Lend6r, could haw alle.ed lh€ decbion ot lhe Lender to grant ihe Crodil 13.1 14lhe Euyor Credit Flnanco Documenls ar6 comanercial instrumonts; 131 '1511 hao valHy waiv6d 6ny immunily of jurisdlcllon and ol executlon lo whirh il i9 or may b€come entided; 1 3 1 . 1 6 il ha! validty eleqlcd FrEr|ch larx to govem ils obllgations under tho Buye. Credil Finaca Docum6nt6 lo whlch it is party and th6 volldlty of such eloctlon will bo ackno{lodged by lhs courts of GeoEiai and 13.'l.17it has vatkly cgnfened ju.isdicdon lo an arbitral panel, puniuant lo provisions d Miclc 22. in lhe Buyer Credlt F[lance Oocuri6nt! to whk$ it ]s E partyi the elecllon ot acldrssB for sorvice prcvlded for ln Artlclo 22.4 of Ihig Agre€ment doe3 not conlradict th6 legal aoqulroment uM€r the laws of Georgia; any arbilraf,on aw6rd handed dowi by the arbiuat pan€l will bo recogni!€d ond onbrcod by lho courts of Georgh without the need to examlne tlE medtg of lhe dispute oa lhe procedur€ lollolvBd by lh€ arbitrEl panel. 132 the repressoHons and waranti€s set forth above are egsenllal in lhe decision mad€ by thc Lender tg grEnt ond maintain the Credit and shall be deerned to be repeated by the Bonor,tgr as ol each l\laturily Dat€, eadl 4ocument presfltation date/date of Drawing request u[der tha Terms of Dis5ursement Letter and ea6h Drawing date by ref€r€nce to the circumstances prevailino on those dat$. -28- fr ' /), ARTICLE 14 - COVENANTS OF THE EORROWER The Borrower, for such limo as any amounls remain due undq lhe Buyor Credit Flnance Documenls o;lor such time as any undertaking r€mains in lorco' und€rtakes al alllimes: 14 1 lo comPly wilh the l6ws and regulations aPPlicablo to il (including Intsrnalional ueatiea), and not to comnll any Acl of CorruptEn or unlawlul acl and not to enter l;io any hlginet! rehlionship with any person or any group or enlily listed on the FinaocialSanclions Lists; ro obtain and Gnelv all authorisations thal ale necessary lo blnd itseff and oertorm rts obllqatirns undor lhe Buyer Cred[ Financg Document3 lo which il is a party and to forward a cerlifled c,opy ol any new aulho'isallon lo th€ Lend;[ io obtain and keop in forco all pormiis, llcenc6s and other 142 authorisaliohs: matedal provision ot th6 143 lo Drocuro that tho Buye, does nol modify any to, thosc conceming lho Commercia Cdlb'dct. ncluding, but not limited uariies to lhe Cqnmerclal Conlract, lhe ol rho price, tho payment terms, tho li generally any otllr mat€rlal povblon ot Prlor consent of lhs Lende4 the dobts re6ulting frcm tho Buyer Credlt Financa 14.4 lo ensure at all tmes hstpatly rank and will rank st leasl pari passu wlh arry of Documonto to wtich it 19 lhe Bono*er's olher c1lneri ot Mure unsocured and unsubordlnated debls and guarante€a, olher than unsecurcd and unsubordinated debl6 duo by lhe gon;'w€r to lntematlonal Flnancial lnstifutions' in casgs wher6 such lnlernallon6l FllErcial ln6tilutlons b€nefit frdn a prefened crodllor slalus; 14 5 lo inlorm th€ L€lder: 14 51 imm€diaiet, upon il! occunenco, ol any event const'Ming or likely to constituto dl Event of Delault or causing or likely lo caugo a mandalory p16paymert 14 5 2 immediat€*y, upon il8 occunenc., ot any evenl whlch may affect tho accrrracy Bo owoI c modity any ot th6 represenlalions and warranlies ol the 14.5.3 mmediatdy. upon its occunence, of any dispule, proceedings, claim or arbitration rith the Supplier, and ol any amendment to the Cornmercial Contracl: 14 54 immediatdy, upon ltr occurence, ol any modiflcatlon. cancellation or susponsioo(, any law or any aulhorigallon necessary for the perlormance of its obligdions under lho Buyer Cr€dit Flnance Documenls: 1.r55 immediatdy, upon its occurrenco, ofany evenlwhich in lhe opinion oftho aofiower fEs or i3 capable of having a Material Adverse Effect; and ,29- 14 5.6 immediately, Llpon their occurenc6, ol any negotiationg it undenakes with any of its qeditors in ordea lo renegotiale or reslructure any of its Extemal Offcial Public Oebls; 14 6 lo lurnish lo lho Lender. within ten (10) Eanking Days ol a written requesl fiom tho Lender, any additional financisl infomation lhat lh6 Lender may rcagonably requesl in relallon to tho Euyer Credlt Finance Documenls and lo KyC R!le; applcable to th€ 8orrcwo[ 14 7 O to remain a memtea of the lnlemafuonal Monetary Fund, lhe lnlernational Bank of Reconslruction and Oevolopmenl and (li) to remain enU ed to use lho reBources or lhc lntemalional lvtonolary Fund. -30- /1 /7 /t/2-, ARTICLE 15 . EVENT OF DEFAULT 15 1 Each ol the evenls and circ0mslances ref€rred to below constitutes an Event of Defeull: 15.r.t Thg Bonow€a taib to pay on its duo datg any aum lhal t ecomes due under thb Agre€ment or, il any, any olh6l Buyer Credit Financ€ DocurEnl lo which il ir a party; '15 1 2 The Elonoser fails to perform any of its obligations and/or raib to comply with any ot it6 und6.ta*in99 under any Buyer Credil Flnance Oocum6nt; '!5.r 3 A sialerient madc by thE Bonov{sr in any of tho Buyer Cr€dit Finance Docunlonl! or any olher doclme.rl tumished by lhe Borow€r pur6uani therelo prov6 to bo matoriElty inaccuraloi 15.'1.4 Th6 Borlqwrr fails lo porfom or comdy with any of ils paymenl obliratio$ pursuanl lo underlalings olhor lhan lhose arising ,rcm a Euyer Credit Finarc€ Documenl foa any r66son whalgoevsr, or 6ny External Ofrcial Puulc Oebt ol lhe BoroA,sr bscoftes du6 and p6yabl6 prlor lo its st.ted mEturity by rBason ol any aciual o. potentlal d€fault, o. any Extemal Oftcial Publb Debt ol tha Borow6r is nol paid when du6 or, as the ca96 riEy be, within any orlglnally applicsblo gracs psrlod, or any OtficiEl $dern6l Public Creditor has suspended o. lominatsd an und€ataklng to mala fund8 atlailable lo lh6 80110$/6r by reason of 9ny aciual or pdential dotault 15 1 5 Any of the Buye. Credit Financ6 Doclmcnts b€comos unlaMul, null snd void or un€riloaEeabl6 in rvhole oa in p6rl, tor sny roason whalsoever, or doea not ldrk aa a€r€€d or aannol bo axecuted or is susponded in llrll oa in paat or teralnale! for any reason whalsoever or has it9 valldlly chalenged; 15.1 .6 Th6 Bo.ro$or b Eublecl to a legal procsedlng, arbitration or adminlshatiw action lh6 oolcome ol which could have a lvlaterlal Adverse Efiocl; 15.1.7 Th€ BorrorEr i5 lnsolvenl or ln6olvency Proceedings have been broughl againsl lha BonolYell 15.'l I Any declskn is taken, or any ovcnt occlrs ln the counlry ol the Bonower or in any tild country th.ough whl, payments are made, vrhlch resutts in lho fsilu.e by lhe Londer lo roceivo lho 6ums due under the Buy€r Credit Financ€ DGurnenls to which lt ls party; 151 9 The COFACE lnsuranco Policy ls modilied or suspended by COFACE before it is h full forco; o. 15.1.10Any event occlrs in lhe country of the Borower thad har or is likely to havo a Mabal Adverss Efleci. / tb, ,t 15.2 15.2.1 As ol lh6 dalo ol occurenco of any Evenl of Oetaull, no lurlher Drawing may b€ requesled from lhe Lender 15.2.2 ln case ol occuronce of any Event ol Default, tho Bonow€r, COFACE and the Lender shall consult in good faith lor a period of nO more than lfleen (15) days from ihe occurrence of such Evenl of Delautt with a view to agreerng a basi8 on which the Credil may be contrnued ll within suci poriod no agE€ment saiislactory to lho Lender and lo COFACE har been reached, lh6 Lendar may at any limo afte., without notice or any olher lrdicral or exlraiudicial fo.mality. by giving notice to the Borrower (i) requirB lh€ immedial6 repaym€nl by lh6 Borowor ol all sumg du6 under lhe Buyor Credit Financo oocuments and, as a result, all such sumg, as well as accruing int6r6st oa inleresl that has b€corno du€ on such sums, and any other gums due under the Buye, Credil Finance Documenb (in particular, Article 6 h€reoo, shall automatically become immodialev payablo, and/or (ii) l€rminate tho Credit wiih immedlato eflect, take a[ neasure! svailabio lo lhe Lender snd exordso any righls that are vested in rt under the Buyer Credil Financo Docun€nts. -32- ARTICLE I5 . CHANGE IIt CIRCUMSTANCES 16.1 The provisions o, thi! Agae€m6nt hav6 been agreed upon on th6 basi6 of tho business and llnancial, legal, fiscEl and monelary srtuation existing a6 of lh6 execution dat6 or lhis Agreern€nt in lho country of the Lender and the Bonower and on lho basia of inlomational buginoss and financial condilions as ol tho samo dat6. 16 2 lf by virtuo ol the entry into forca of any rel6vant nee, statulory or regulatory provislon, o. a chango to any relevant slatulory or regulatory pmvision or inlerpretalbn theEof by any rolevant aulhority. whelher such authorily ls French. Euop€n or olherwisc. il becomos unlawful or impossiblo tor the Londsr lo contiruo to be a party lo lhis Agreornenl: 16 2.1 lho Lender shall imrn€dielcly notil'y tho Bonowor that such a change in circumslan@t has occurrod. No Drswing may be made after lhs Bonor,or has been so noti,l6d; 16.2 2 lhe Borrovror and tho Londor shell m€€i lo altehpt lo reach an amicablo golution whlch would permit lh€ continued porfoamance of lhig Agreernent. including. bui not lirnitod to, lhe possibl. assignmenl ot th6 participalion of lh6 Londor lo ono oa mor6 olhd b8nks: 16.2 3 if no solutlon can bc ,ound within ihirty (30) calendar dayg afl6r tho date on which tho L€ndor ha! given the notice ref€rrEd lo abovo lo th6 go.roi/ea, tho Londer sh6ll nolify lho Borrorvq of lhe temlnation of ths obli€alionr of lho Londer unde. this Agreement, and 6hall requesl ihe immediata r€paymont of all 3umi du6 undor thg Buyer Credit Finance Oocum€nta from lhe BoarorGr to the Londer plus 6ny additional cdits borna by th€ Londer as a cons€quen@ of luch change in circumstances pursuanl to lho condiUons rofened lo in Adicle 6 of this Agroement 16 3 l, by vi ue ot ary new statutory o. regulalory prcviEion, or a chang€ to any slalulory or regulatory provisioo Or interprotation thereof by any rolevanl aulhority. whethcr sudr aulhority t9 FrEnch, European or otheMis6, tho Lender become subjecl to any fsc5l, monetary. financlal or banklng provision aegulting in an increaso n cosl6 relating to its pariicipatlon lh the Credit (re3ulting, fo. example, from @npulsory reserv$ or deposils, capital adequacy, liquidity or other rallos, or fto.n any tat. duty, leo or olh€r imposition with tho oxception of taxes on corpoEia Incqio) or rBulling m a reducllon in th€ remunera on due io such Lender or any gmount due und€r a Bu,€r Cr6dil Finance Document, or rf such reductioo in remunoration results fiom a decision o{ lhe courls, lh€ following provislons shall apply: 16 3.1 lhe Lendgr sha{ immedlately nofiry lh9 Bonowe. thal such a chango ln clrcumstarE€g haa occlJrred. No orawing may be mad€ afler lho Borrowor haa been so nolilied: 16 3 2 the Bonowo. shall then be entitiod lo: // ' hr,-./.^ (a) demand lhal th6 Londor mainlaing its participation in lhe Credit, lhereby - expressly agreeing lo be tolally liabb for the additional cosls under thlg Agreoh6nt; (b) consull with lho Londer in parlicular lo discuss tho poasibl€ assignm€flt ot lhe participation ol lhe Lendor lo one or more olher banks: or (c) immediatev reFray all sums duo lo lhe Lendoa under lh6 Euyer Credrl Financo Oocumont!. plus arry additional costs borns by the L€nder as a consequenc€ of such change in ckcumElances pursuant lo lh€ condillonlr refened to in Micl96 otthis Agreement; and 16.3 3 if no solution can b6 found within thlrty (30) calenda. days afler th€ date on which hs Lond€r has given tho notico refered lo abov6 to lhe Borow€r, lho Lender shall not fy th€ Eorower of th6 leminalion ol th€ obllga{ions of tho Lendor under lhi! Agreemer(, and shall demand the immedials repsym€nt of 6ll sums dus unde. th6 Buyff Credit Flnanca Documenls lrom th6 Borrcw€a lo th6 Londer plus any additional costs born6 by lhe Lender as a coflsequdrce ol such change in circumslance3 pursusntlo ho @ndillon! releraed to in Arlicle 6 oflhis Agreement. ARTICLE 17 . CHANGE OF PARTIES 17-1 Alllgnm6nt by lho Borow€r Th6 Bonow€r may nol assiJn or lransle. arry of the righls and obligations grantod to il under the Buyer Credil Financo Documenls. 17 2 A.olgnment by lhe Londo. Tho Lendo. shall b6 entiiled lo arslgn or transfgr arry righls and obligations und€r lhis Agreement, in whole oa in parl to any third parties wilh th6 Borrowor']s prior consenl, which consenl shall not bo unroasonably withheld, provhed, ho\'v€ver, thal such consent is already hereby given (i) wih regsrd to an assignment ol lho Lende/ s r6hl lo a Londefs subsidiary or afriliate or to COFACE or (ii) if any of lhe evonlg de6cribed in A.liclo 15 has occurrd and is continuing. lf lhe Boro{er failg to respond wilhin 10 Busines6 Oays afler receipl of such request [or as6Ennr€nl or tlansfer, lho Bonowor's consenlg shall be deemed lo bo vatidly given. lilo, / ,---., ARTICLE IE . APPUCAIOi OF SUM9 RECEIVED BY THE LENDER Anysum receiv€d by the Lendor ullder lhis Agre€mont, for any reason whatsoever shalt b€ applied as follow3: 18 '1 firstly. to lhe payment ol ovedue aurounts of any kind, commencing wlthj 18.1 1 th6 coslg, erpensor and fees du€ lo tho Lender under the guyer Cred]t Finance Oocument! as d€tailed in Mlcles 9 andl1.. 18 1.2 the lnterElt on l8b payrnents duo to lhe Lender under the Buyer Credil Flnance Documonls: 18.1.3 tho payrnent of overdue intoIest due und€r the Buycr Credlt Finance oocumenk: and lE '1.4 lhe p€yrned of th6 pdncrpat amount du€ undor thi6 Agreem€nt; excepl il lhe Lende. decidB oth€.wis€. 18 2 ln lhe ab6enca of ovedue amounts ol if these overdue amounls hav€ been discharged ag set forth above. in the ord6rtho Leflder determinos. -36- ARTICLE 19 . PAYIMENTS 19.1 All sums due from the Eorowet under the Buyer Credit Finance Documenls shall be paid in Euros on lho dal6lhey aa€ duo, to the Lender at: SOCIETE GENERALE PARIS SwlFT: SoGEFRPPHCM COMPTE SOCIETE GENERALE PARIS IBAN : FR 76 30003 07003 00301 99S500 / 79 (orlo any other accounl thal lh€ Lender may indlcale to lho Borrowor al a later date), quoting tho tollowlng ref6roocaE: PAR/OPER/FItUSTR/DMT6 -Ministsy of Finance o, Georgia 23344. 192 All payments undor th6 8uy€r Credil Finenco Documenls musl bo made so lhat th6 runds are avaihblo b€foro'11.00 (Patu tmo) on lhe day lhey ars due. 19 3 Only paymentt mads in complianc€ with Articles 19.1 and 192 shall bo deemod lo havo be€n pald ln tull. 19.4 ll: 19.4., any amount du6 korn lhg BorolY6r under the Buy€r Credit Financo Docudr€nts (an 'Amourt Ouo') lg psld to th6 Lender or recovercd by the Lerder nol in e drency in whlch lhe Amount Duo ls payablo (the "Flrsl Cur,gncy') but in anoth€r cunenca (lh€ "Socond Cut..ncy"); 19 4 2 an furcont oue, or any Judgmonl, order or arbitEllon awad handed dom in relation io any Arnount Due, has to b€ converted frorn lhe Fi6t Cu.rsncy into tho Second Cu.rency ln order (i) to tilo a claim or applhstlon o, lo erleblish evirsnca against the Boarovr€r or (ii) lo obtain or havo a judgrn6nt, an oader or an arbitration aw6rd enforced in relalion to anycoud or arbitsatlon proceedings, lhen lhe BorrcFr und€rtakgg to compensate the Lender, at tho first d€mond ol tho Londer wilhin liv6 (5) Banking Days ot any such demand, for any cost, loss or damEgp arising out ol any conv€nllon, including any diflerenco behve6n (A) he exchong€ rale used to converl the Amounl Due kom lhe Fircl Currenry inlo ho S€sond Currency (or vice versa) and (B) tho exchango rale(s) oflered b the Londor upon rec€jpt of lh€ Amount Due by tho Lender. 19 5 Sot-of, Th6 Borower aulho s€s lh6 Lendor to apply tho credit balanco of any accounl lhat the Borrower may hav6 in the books ol the Lender to lhe r6paymenl of any amounl due lo tho Lender under lrie Euyer Credil Finance Oocumer{s. -37- 2 [hr,A ARTICLE 20 - MISCELLANEOUS 20 I No waive. Th6 Lender shall not lrs deemed lo havg Finance Documonl as a resutt of heving any delay in exercising thal righl. Tho Crec,il Financo Oocumeflts shall nol p.€ve the erercise, more gonerally, olth6 rights a 20 2 Paitial invatidiay or par{.| un6niorE..b ty The facl that any provisio of arry Buy6r Credit Finance Oocument iB c,eclaaed invelid or unenrorceablo by any coud whal6oqv6 shall in no way affecl tne valirtitV or tno enforceab ity of the othe. provigions ot such Buyor Credit Flnince Docu;;"; - Any provision of any Bulrr Credit Flnance Oocument which may bo declared inva d or unenforceable shallbe rephced,_by completon ol requEile l€gal p.DcdUrE on lho cohiomity wrth lho int6nl of tho p€rti.. urder such the ftrltest po66ibl€ oxtent. 20.3 No groundr lb. contandon All tho slatemenk or olhr cerlificete! prepared by the Lender under the guver Crodtl F,nance L,ocuments relatirE to the ahounlS du6 froo the Borrower to ths Le;der shall, ercept in caso ol manifesl eror, b€ lully binding on lhe gorrower. 20.4 Am.ndm.nt! A Buyer Credit Flnanco Doomgnt may onty b6 smended with the wnflen agreemeni o, all the partres th€rgto and gudt amondmenl sh6 , subject lo any change in 6eorgian laws, cntor into force ln tho samclnonnfiao thla Aoroem€nt- 205 Anneraa Tho Annexes and thc Prushbt€ to thir Agre€nlent shall form an integral part Agreemenl and shall have qual l@al forco. 20.6 ot this Langu.g. 20.6.1 The languag€ ot th6 Buy€. communiirion or docum Documenb i! Engtish. t, only lhe Eng[Bh versbn discrepaft, tn th6 int€Iprc Financo [brmentr or in (excopl in hE casE ol a legal lext or any other document of an ofllcial natur€). 20 6 2 AII origind documonts, auhorisations or other instruments whlch musl be dotivered b thg Lender under tho Buyer Credit Finance Documenls inaf rra not drafled in lho Engtish language shalt te ac"omp"ni"J Uv o cerlifled trtlslalion, wher6 so requeglod by the Lender. /J hr,,l.--', 20 7 Cancellatlon ot palor lnataumantr As of lhe Etfeclivo Oals, this Agroemont rep.es€nls the entire agreement between the Parlies in .elation lo rl9 subject matter and accordingly supersedes and reptaceg any prior docum€nt which may lravo been exchanged or communicaled in relation lo this subject matler sl lhe tim6lhis Agre€ment w6s drB [ted. 20 I Di3cloluro otlrformatlon Tho Lender may transmit any informaiion or any documenb relallng to the guyer Credit Financo Documenls (i) accounlanls, rating agoncles, advisors, (ii) to any person oa ontity ns lo asslgn or hanster any of itg nghlg or obiigations under thg B ocumeitg or wilh which (or thmugh whah) tho Lend-er hao €nla.ed mto (or may potenlialty enter inlo) a panicipation agreement rehllno lo the Buyer Credit Flnance Documgntt, ( i) to any pe6on or ontity Jo. th6 purpost ot protecting its righls undor tho Buy€r Credit Financo Documents, (jv) to the F6nch Aulhorilies, (v) to ils supervisory autiorlllos, (vi) lo oth6r mehbors of its group, and (vii) to any person to whom lhe infoamation musl or may be disclosed pursuanl to any appticablo law or regulalion. 209 COFACE ln.ui.nc6 Policy lf afler lhe execution of thb Agr€ern6nl, th€ Lendof considers th6t certain provisions of this Agreement are not in conlormity with ths COFACE lnsuranco po cy or that cerlain condilions of lh6 COFACE lnsurancd Pollcy have not been met, it shall lniorm the Borower ol lhe circumstances and $b Agaeement will be amended pursuant to Ih6 provisions ol Articb 20-4 and n accordadco with tho inGtrucibns of tho Londer. 20 10 Pa.dcular right! Notwithsianding any provision to lhc conlEry ln the Buyer Crod( Flnanc6 Oocrrmonls, ths Lender shall nol be bound lo do or rcfrain frcm dolng anything at allwhrch would breach, oa lyhich in ils rea6onabl€ opinbn would lorc6 it lo blB6ch, a law or a regulaton or a ,iduciary duty or a duly of confidenlially. -39- ARTICLE 21 - COMMUNICATIONS 21 1 Any notic€, roquelt Or communi(rion undea tho Buyer Credit Flnance Oocumeflts betr!€sn tho Bonourer and lhe L€nder shall be mad6 by swifl, hx, inlemational oxpae$ coud6r or r€gistored mail, oa hand-delivered mail againil recoipl to thc following addGsseg: - For the Bgno,{erl NIINISTRY OF FINANCE OF GrcRGA External Rel,ation! Oeparlmont 16, Gorgaral slreot - 0'l14 Tbilisl - Georgio For the attentbn of Extemal Ret8tions Departmenl Fdx'. 995 32 26 21 23 t 995 32 20 11 01 - For thE Lender SOCIETE GENERAE PARIS OPERIFIN/STR/ DMT For th6 attention of Mrs Calherinc Alcara3 and Mrs Namssa Kada.all 75886 Peris Ced6x I I F!-anc€ Fax: 33 1 1€ 92 45 98 Swin: SOGEFRPPHCM. 212 ln ihe casa ot corhmunkations sent by far, such communicaflons shall b€ d6€med to havg besn rec€ived on th6 Eanking Day foltowhg the d6to of lransmbstM (provid€d they havo been recsiv€d in a t€gible forni): h ths caB6 ot lnlemallohal 6xpre!! courlea or handJolivered mail against recoipl, such communications shall bo doemed to havo been r€ceived on th6 dsy ihey arr rec€ivod by tho recipiont and, in tho cas6 ol regislered mafl, such commihicalions shall b6 deemed to have been received on th€ date th6y ar6 lendercd to ths lecipient. 213 Any change ot addr66 shall b6 communicated in accordanco with tho proceduros sot lbdh in lhl! Articto. 21 4 All communicathns shatl bE ln English. -40- ARTICLE 22 - GOVERNING LAW - ARBITRATION - ELECTION OF ADDRESS FOR SERVICE Thrg Agre€menl shall b€ govorned by French law. 22.2 binding on the Partios. 223 Nothing in thjs Arliclo shall limit lhe righl of lhe Lender to seek and obtaln intedm;easures from any courl having jurlsdiction before, during, afl€r or in the ab6enco o( any arbill-atlon pmcredings. 224 Thg Bonower declg lhe Embass, ot Georgia rn Frence as its addres8 lor soNice in Parig al whbh addess all procedural inslruments will bo validly nolified and servEd. Th6 Borrowd waivet itr dghl to any rmmunily of jurisdiclion or ot execulion from whch it benefits or may benelit (including wilh respecl to any of il3 ass€ts). -4't- t3 lhilz-^, ARTICLE 23. ENTRY INTO FORCE Thrs Agreement shall become efleclivo on lhe Effective Date Execuled on 30 March 2011 ln t!^o (2) original copie! ;2'/ ,/' -/' For Soci6t6 G6neral6 Namo: Eric Allain des Beauvais litle: Director Erporl Financo For tho llrinistry of Finance of Georgia Narh6: Mr Kakha Baindurashvili Tiile: l\rjnister of Financ€ ofGeorgia -42- /J b,rl'

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