„ევროკავშირს, როგორც სესხის გამცემს, საქართველოს, როგორც მსესხებელს და საქართველოს ეროვნულ ბანკს, როგორც მსესხებლის ფინანსურ აგენტს შორის „მაკრო-ფინანსური დახმარება საქართველოსთვის“ სესხის ხელშეკრულება“

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"iU* t'Jcoin durarioo ofr'his MFA Grad Asrccmcnr' 雌 4,,と スノ . / Ht$"#:'fl ffi,?":Ty#'ffi*'*#:rmti"#;:: p,""ot"- md u,. i'rdod ttrd cxcrod coouol mc'ha' illi?ilirr"tlt'* !rc rllcvtd to l!"l!l!r'nla Di!o! which 5i s"m,s",'$.d*$:H,!"dfiff Ii [."Jm,##'sfff s'od-th'ir rishito $c tai. iluiii"^1,iii,il Ji.-tii,* own sscns or dulv authorizcd coaEols (including on'$c' 6l'tpid or 'i,lr lcchnicd .-.v otr'thc'spol "* 'nv oi alair (,oduarng aocuncnt audrs snd ila-t"o*""*l iliiii"#i " ro. if;i.i*Jrr "*'it*a ;"--'aE) th thcv conlid.' !G!".rsrv iD nr'tro. ffi,HH*ffi ffi:*H#:H*''x'ffi H:i !.od dM'mml3 wuch mav be rcqucncd surEblc and ttlc or coDEors for lhc ourDosc of luch ass'lsscots' 'udit!' cranr' Thc ou( of pcrsoi! innrut'd ro carv ficm ,r," 3'd lo silcs (a) acc'ss pttrgraph lo b Thc Grtnt.. shsll supPly s'I ultomadoa dl *o* ,i..,ii-.'r*irint. d md.trtbs io ciw to tlE pcltoEt r.l!fllo i.ilt],r'.. d f," "rc'- infomsriotr "d documcn! rlE k€pr' Th. Omni.. !h!I ctr$!! rcgulit ch€ct! dlrl 6!!!ci!8 providcd fiom th'.EU Eac' Th' oritrrc' shdl elso Erc !pp'o' *ds; b. 6-' FoFV u!'dft"'a -liftli.r sbdt c$u'€ i!v6!i8!rron i*s"I;'i"; "'d -acalca ;ff;:;;;;;" or &!ud' cor.rprion or ar] su:peacd rnd act'nr [::;ffi;; ;il-i "r [ffi #mffi".;;:'rj[';.*xr'ru:lrT##'"r'ffi i'i iiiJlii a-tr'.". ,r'" nstio!'l co,pdc authoritics shrll bc Gponcd b' trlcn ro dctrv ard' if ncccsiarv' lcgal acrion shdl bv lll??",iiiii""-i:ti* b'cn #;.';;fr,il"F"'id; io''rr' su la"ro-n-oaa assisrancc that ttavc loilspProFiat d- Anicb 5: Tcrnimtior and Rccovcrv In c&sc thrr rt hss b.'n csrblilbal dut in.nlrdotr wilh tbis &ssi$mct' the otanlee i. f'epeiil i,' -v *, idGrE3B! "rn""d 9i'"iY:-:-:'"Til1Y #f;';;::,lig:1fr lhl commrltI to dE Et '! fin sid ffi ffi'ffi ;*t*:msm'm;ft:'*"u, il il,If ii-."r;p*,$ Th' dnoud to bc Fp'id shrll co'raiD thc Eincipal ii.-"iir*'il"-1iili,il.t.,:l{*SIL'3',,}ilHffi ff [:'J:hT tlE Grst ctlcndrr dav of b' moElh |[ eDrcD tbc du' darc for anouor rtclivlbl' oor rclaid oo il"]'iit ait"* i"i.t* rac Rdc of thc month dav c'icndlr in foNr on rt,c fi."r :ili ffi: Ed iliil'i!8 Arr poing r uf ana P'rccatasc il"ttiirr liii. aaa ru.,-imascd uv tlrt ptymcnt! du. S,I b! in Elio Nf oL ん″ . γ A● cl● 6:Foicc MttcuF も Fexcrcidng all due dnigcnce A osrtv feod wilh/orc. ,to.r!Ir! thdL folodly lotify urai dusliotr sad fora*clbl' itti,r" i.i,t ,*i* $c olh'i pdty wiltroul dc' 'ffcc1! lorce limil aDy du rE B cs ltlrtl uLc l.h! D!...stry m"'!t! rtclo imprco:otadon of $c a'tioD a! gQ.d'& to ,i,?j}lHii", a" *" tarr io rerunc 3oon !! possibl. Tllc Dlrw tlced widr/otc. ,rJ.r" ihrll nol bc hcld ,Ji:,fi;H"ric i;;; lo b' in brclch of iti obliS!' bv ir'ir tur tcto prcvcnu tom turrrrrilg tlcm /orce 胤写 8辱 Ⅲ り l咄 3誦 器 3躍 盤認 蹴 ♂ … C か 認 淵 u、 搬 器躙 L晨 櫻 認 蹴 ∬ 温鰹 思:bll 棚螺出18調l出擬温忠霊臓鵬‖ 》灘 ln3 κし の ,ι /1ル ′ ヽγ ‐ mntA̲̲..Ⅲ b33い SIBr・ ● la bェ ln te CngLshlanwge ー 0ぃ い 10N OEORCIA 麒 kcltcsalcdby RrPrcantdbY-dE EUROPEAN CO卜 MSS10N lv41NISTRY OF ENANCE P.cr B.h Nodar KⅢⅢ Dir.rtor lonal Bank "sident ofthe Nュ Signed in 3ms,ciS On SipedIIn Tblli"On 17 0EC 20i4 し イ )、 メル , わ

MACRO‐ FINANCIAL ASSISTANCE FOR GEORCIA LOAN FACILITY AGREE■ IENT THE EUROPEAN UN10N as Lender and GEORCIA as Borrower THE NAT10NAL BANK OF GEORCIA as Financial Agent tO the BOrrower 44 D<L(mbei 2or4 ― ― ― ― ― ― ― ― ― ― ― l This Loatr Facility AgrecEe is ftade b,y ald between the Europeeu Uaioo, rqrcsented by tie Eumpean CoeEission. as the Lendcr, ard Georgi4 rcpresented by the Miaisfy ofFilrlc€ of Georgi4 as thc Borower, and the Nrtirld Ba.trk of Gcorgir, aaing as firacial agcot to thc BorovEr, rcFesentcd by the Plcsiderrt ofthc NdioDal Bsnk ofcrorgia. bcrrinjoindy rEfenEd to 6s thc'?artics,' sld each oflhcm a ?ally',. PREAMBLE Whcreas: (1) @ (3) Georgia rcquestcd finaacial as$stanoc ftonr the EU; The Europeatr P8liaDcnt and Coucil, by Decision No T\^OBEU of 12 August 2013 decidcd to In8kc availablc to Grorgi,s macro-6.n rcial assist&c€ of a mardmtltr amouat of EUR 46 million, of which up 1o EUR 23 mitlioa ia tbc fofu ofa loao. The Eacro-fratrcial assistaDce is graated in conjEction with assistarc€ fiorn tbe InleEalioEd Moaelary fud of a tolal of USD 1,174 Eillioo uEder a Srand-By Aregcrn€nl (4) The e.orcmic policy coDditions ro be coEpted with if Gcorgia is lo be entitlcd to the bcncfi of the Facility ,r€ laid do$,tl in the Memo.alldue of Ulde6landiry ai8p.d betc/Ea fbc Eruopean Uoioo and Gcorgia ou or about the dafc of this Agretucd aid in subsequed (Supf eroeotal) Monotaoda of Undc6tauding, ifalry; (5) The Coomission wil fauoch ir dtr cousq oo behalf of t]re EU and after teceivilg the wdnca requcsi by ttrc Bonourcr de6niDg fie mai! maximum t€rEs of an listalDent as s€t out herei!8ftc!. bond issues or anv other appropriale ElarEial E nsaciioDs for be f.lndiog, tbc procceds of *trich will be oDleat to th€ BorrDrrr; (6) The conEacts Itlatilg to lhe bond issuc or to 8ny olher appropdate financi.l t'aruaction will cotrstitrlc aI iD&gral p6n of ttis egrdnett as providcd hereinaffer; O,L /].A, グ (7) ApFopriatc measur€s relat€d to thc prwention of, and the fight against fiau4 corruptior ad other hrtularitics aftctfug rhc Loon shall be provided for by rle aurhoritics ofthe Bonor*cr. Now, therefor€r tL. Prrti€s hcraao hrvc agreed $ follows: i. DEtr'INIfiANS In this Agecmcnt (including its lecirals) rhe followiEg lerms havc thc followirg eeaning: (t) 'rAccqrarBce Noticcrr rlesls thc l,cudet's wincn notice to tbc BorlowEr in the form of Anrcx 2 setting out the arnoud aod the maxiour terms of tbe lnstalrnent that the tender is willing to extcnd to thc Boraower unde, ihis Agr€emctrL (2) IAgrccEctrt" EcaEs this Loatr faci.lity Agreemsnt. (3) "Avrihbili8 Pcriodrr means the p€riod of two years and sir( moBlhs c.Emenchg o! tbe lirst tlay fotlowing the entry into force of the Memora uo of UaderBtadiDg. (4) (5) (6) "Borrower" .leais Gcorgi& iBorrot/itrg Coltrect" Ee€rs an arangqucDt into which the Lender enters in odcr to finaDc€ an In5tal6ert "Bllrincls Day" means a dly on which lhe TARGET2 payment system is open for busincss. (7) (8) "ComDislio!" meaos the Eulopeln CoEeissioE. "CoEfrE.tlo! Notic." ocads the IrDdels pritten Doticc to thc Borrower in the folm ofAmex 3 seuilg out tie fi.tral terms of an lrstalmerll (9) I'Deciriolr' E€aDs tbe Decision No 77E12013/XU ofthe Europ€ao parliament aod of the Couacil of l2 August 2013 on pmviding macro-financial assistalce to Georyia (10) "DtubrB.trelt D.te" ocaDs, in rtlaiou to a[y Ilstal@trt' tbe datc of ransfer of the Net Disbursenqt AEouol to lhe Bor.owels accou[i with the Natiosal Baitk of Ge.rgh" (ll) 'rDoe Dat " meaus any &y on E'hich a pa)roed by the Bo.rowcl to tLe L€lder is due uldcr this ASrceEeat (12) IEy€Dt ofD.f.!lt't means .Ir eveat defined io Clause 9( l ). (13) rrEu'r me$s the Euopcatr UaioD. (14) "Ertcn.l lDdcbt€dDcs!. mcsns aI irdebredDess ofthe Borowcl (i) \&iich is dcnominated oa payable in a currcncy odrer than the laufrl currency of thc .y.L A*. 4 Bormwe! ard 6) which q,as dot origirally iDcurred o! assuaed uoder an agreement or ills-trulDcDt Eade with or issucd to crBditors substa ially all of who aie rcsidents of Georgia or eDtides having their head olfc.e or priocipa.l pl,ac. ofbusiness u,ilh the territory of Georgia. (15) r'Fscility" Eean! the suE oflrstalmetrts r{ chthe I_€nder makes available to the Borrower in ao aggrcgare principal a&outrt ofup to EUR 23 rnillion under this AgrEemeDt. (16) "Fillrncial Tr.us.ctiotr" ln€rns a bond issue or ery other ap!,ropriate financial transaction fo! tbe fiiadiog of the a.6ouot ofas Instslment. (17) "First lltererf Period" meam thc period coEmeDcing on the Disbu$ement Date aDd endiDg oa thc dsy Fio! to lhe dale of th€ first inGrest payment as determined in the Confirmatiotr Notice. (lE) I'IMr" rnertrs the Imcmationat MoDeiary Fud. (19) 'IMF Arrl.ngcEetrl'r a€als any Egrcemcnt, progiammc, facility or other arangement betweetr thc Borrow€r aad the IMF. (20) ,ItrstalE Etn Ecals a part of thc IrsD beint subject of a Request for Furds ard Lhe relatilg AcccptaEce Notict. (21) "IDterert Periodi'rlerns, as dcfiDcd in lhe rclevant Borowing Cotrtracts in relatioo to any Instalme!! tie Fi.st IDt€r€st Period ard e3ch consecutive t1relye-mooth period thereaftel lEtil },fduity Dale. Atr Iltcrcst period may be shorter iD the eveDt lial an lnstalmedt is accelcrated or otherwise repaid on a date oihei thaD its schedulcd Mahrity Dare. For the avoidsncc of doubt, with rcgard to cach IustalurcDt interEst accrues foa any Intercst period ftom the Disbursemcot Date (for the Fi6t Inrcrcs Pcriod) or the date of tbe pr€viols inGlest paylacrt (for the subseqt etrt lnreE$ pcriods) u il thc date prior to the rcxt Due Date. (22) IlDterest R!ae" meaos tbe per alnlml htelest which accnres oD an Instalmcnt drtrilg an llt€Iest P6iod. (23) "Leoder" mcans the Et[opcan Union. (24) rl.o.a" mears collectively all disbursededs rE.de or to bc madc to the Bolrowe! uodcr &e Facility or the aggregatc principal amount thereof outstanding. (25) "Inss of Intercail ureaos the differcoce (if it is a positivc amou ) between the InGrcsr Rate of tbe IDstalment and the iDrcrrst the Letrder would have leceiv€d AoE the rcinvestsrcnt as dcternined by the Iinder oa the amounls repaid eady, for tbe period behreea the date of the early rEpa),meDt aDd the date on whicb thc llstalrlcEt wEs schedul€d to bc repaid. (26) 'rMrturity Drte" mesns the scbcdutcd date fo! ftll lepayncnt ofpriDcipal of an Instalment as definei in a Confirmstion Notice. D,L 4,,K, / (27) "MoUn Ecans thc Me8lorsnduE of UnderstandiEg si,gnd. o\ linse datel betweetr the Europcan Union ald Georgia atrd sny subsequeut (Supplenrentali McEoraoda ofunderstandilg or any Add€ldusr to those. (28) "Net DilbErleEcat ADou.Ef, means thc pIocleds of thc Firancial Tralsaction less tle aggrEgdc amouit of auy coDEissiols. fees atrd costs rclated to such FiD.srcial Transaction aad to thc preparatio! and execution ofit ard thc costs rcferr€d to in Clause 6(4) b rclation io atry IDsral&etrt, rcsujting to ao amoud to be disbuscd to the Boro,.rcr. (29) "Request for Futrds', Eteais thc Borrowrds r.quest for funds ia thc form of Annex 1, irevocably acceptiDg the main terEs therety indicated pusuant to Clause 4{2). (30) "SDR" Eeans specia.l drawing riBha undcratr IMF Arrang.rncnt. 2. TIIE LOAN FACILTTY 0) The LeDder makes available to lllc Bolrower a loan facilitv in euro in an aggregale principal amount ofup to EUR 23 million, subjccr io the tcrms and conditions of thc MoU aod rhis Agleemenl. ′ ＾ The Facility shal be disburs.d io two Insts.Lncnts with tbc principal amormr of up to ELIR 10 Eillion aDd 13 million, respectively. The disbuGement of the s€cotrd IDstatEent stEll Dol tale place earlier than thrEe monthr after the rclcrse ofthc first Instalnrcnt. (3) The Borower shall apply all ahounts borowcd by it undcr thc Facility itr coBfo@ity with its obligatiols undef the MoU. (4) Thc NatioDal Baok of GeoEia shall act as Borowcls firaIrcial agenl and shall Dot be liable fo! aDy finsncia.l obligations of the Borro*,er under this AgeemeDL MATURITY Tbe maturity of ea.i InstalrEert calculstcd tom fte Disburscoed Datc shall not cxceed 15 ycars. 4. DRAWDOWN, NET DISBI'RSEMEMT AMOUNT ANIT CON'DITIONS PRECEDENT Subject to the ierms and conditioDs of ttis ASrccment and oI the \4oU, the Borrower may, after colsultatioD wi0l thc Leader, requ€,st an lfftalrnanl. of the Loarl to be Eade by delivery to lie LDd€r of a duly complcted Request for llle Boiroser is Lrcvocably bound by ttr tcros of the nequest for lulds Funds, cxoept if thc Letrdcr has scrved a notic. indicaring that tle EiJ is nor abie to conclude tie Financial TransLaction at thc indicated in the Esp€ctive Requqn foa runds. te; fiL A,/.f , 4 ,/ Ｚ ︻ A Request for Funds will Dot be rcgarded as haviDg beeD duly completed udess it at lcast specifies: (a) (b) (c) (d) the pdqcipal amount ofthe losta.:.Ee E4uested; rhe maxirN.@ fixed Inte.est Rate; the lepaymetrt profile such 8s thc totality of thc principal for each of thc InstalrneBfs bcing paid in oDe or scveral paymeds; and thc minimun Na Disbursemed A.Eount ofthe Illstalment. ＾ ３ Foliowing a Request for Fl.Eds in rEspcct oftbe first Instatnent, the LeEder,s obligation to pay the Nct Disbulscmc Ariount to tbe Bormwer with rcspect to the first InstElment uadcr this Agr.€ment shall be subject to: G) thc kder havidg received a leEal opi[iou satis&ctory to it givctr by the Mhi$y ofJustice of thc BoEower in the form set out in Arnex 4. Such legal opiDiotr sball be dated llot later tbsn the dare ofrhe Requ€st for Fu[ds, The BoEower undgtakcs to inform the l,ender immcdiatclv if, betwccn the date of the lcgal opidon and the Disbursemcnt Dal; any cveDt occu$ thd would rEndcr ilcarrect aly statcment Eadc ia the legal opidon; (b) the Lcnder having rcceivcd filB thc Minister of Financ. of the Borros,er an official documeDl iDdicding the persons autioriscd to sigD the Re$Ests for Fl.Erds (aDd thus wlidly commit the Bonorver) atrd coataiIling the specimcn sigrEturEs ofthese persols; (c) (d) (e) (D the entry into force ofrhe MoU; tbc Lcodcr haviry rccaived a lcgal opinior sarisfactory to it givcn by ad ibdeperdeat law flm acccptable to the Lndec the IJEder being satisfied \rilh the coElpliancl by the BoEovcr with thc tems of th! MoU and of tbc Decision; tle Lcndq oo the orre baad aod a bak or asy icate ofbad$ on the othcr hand baviag siped lhc Borowing Conracts and having rcceived on the Disburscrnent Date the nct proceeds of the Fioancial Tra$action &om thc balk or thc sFdicste of ba*s: G) no tuatcrid advcrse changc baving occurcd since the datc of this AgreedEnt such as woul4 in thc opidon of tbc Ltrder, after consultatiou .r.ith thc Borro,acr, bc likely to prcjudicc materially the ability of the BorowE! to fullil its paymenr obligations undei this AgrecEeat r'.€. to scrvice any of the Instrlrlrents to bc fxnded and lo repay theE: aEd O) rD,L. no Event of Dcfault having occured which has not been cued to the sarisfaction of thc hldcr. A.lr, (4) Follov/ilg receipt ofa Itcquest for Frds in rcspect ofthe seclnd Instalmenl, the Lcndels obligafioa to taasfct thc lDslhl6eDt to ihe Bolrower shall bc subject to: (a) the Borrower co!firrlriDg tia! !o evcdt has ocfurred that would render incorect atry statellent Bude io fhr legal opitriod ,eceived by the Lendo under Clause 4(3)(a); and (b) rhe cooditions rcf€ded to ia paraglaphs (e), (D, G) and O) of Clalse 4(3) aboye beiry satis6cd. (5) If the conditions h Clause 4{3) (in rhr clsc of rhe first Instalnent) or Clange 4(4) abovc GD thc case of tha sacood losta[nent) ar€ satisfed, except for condition rcfcEed to in Paragraph (D of Claus€ 4{3) thar oeeds to * ir.lfilled on the DisbuIsecleot Darc, the l,.der slEll scnd the Borrower an Ac@ptaDc€ Notica. (O After serving thc Accqrtance Noticc, the Isd.r shall, at its discrctio& Iaunch a bond iss.ue or any appDpri*c Fioncial Tramactio! fo. ti€ fiEdiag of the amou of@ Instalecnt (7) Once thc Fi*ncial Tr! sactio! is codcludcd, tbe trnder shall issue to thc Boarowq a CoDfirrution Noticc setting out tbc l,ain final 5laicial tcrrDs of the InstalEtnl The BorowEr shall be dacmcd to bave acr,cptcd in advanc€ the terEs ofthe Insla.lmed set out in thc CotrfirEltion Noticc. lor thc avoidaoce of doub! the t trder is utrd€r !o obligatioo to colsider favourably aoy cvedual r€quest ioE the BoEowcr at 6try tiEe to modifo my of the financial tenns ofaE Ilstalmeft. (8) (9) The Lender shall Eansfcr thc Nct Disbursemeut ArEount ofan lrstahteEt on the Dsburs€ecDt Dale to thc eulo accoud ofthe Bonower with thc National Bank of Georgia through lrt€tsediary BaDk Deursch€ Buldesbank (swIFTl MARKDEFF, IBAN DE70504OO0005(XOOI00G0), Rcf.: 'EU Mac,o Financial Assistalce to Groagia'), or to such oth€r curoaccount as tbe Bormwer shall advise in writiag to the I-ade. at the lalest six Business Days prio! to thc Disbusement Datc. The disbusemeot ofaa I!$alrnent sha.ll uadcr no circumstanc€s commit anv of rhe Parties to p.ocerd with the lcoding and borowiag of any further any Instalments. (10) The Bonovred-s to r€quest llstrlme s uadc. this Agreement expires -right rhree montbs before the eud ofrbe Availability perio4 foll;wiDc wrrich anv udisbursed amouDt of thc Facility shal be considcred as i--.ai"tely caacelled. つ ■ A,μ 、 6 5. REPRESENTATIONS, WARRTTNTIES AIID UNDERTAKINGS RcprescntatioDs The BoIlowel leprBeEts and warraDts to the Lcndcr oD tlre date of ihis AgreeEeat and on each DisbusemeDt Dste thst: (a) (b) (2) e each lDsblrnent sball coostitute uDsccur€dr dircct, udcltditionzi, unsuboldhsred s[d geocral obligation oftie Bonower and will rank at least pdri passu with all other pEsent and future msecured and u:rsubordiruled loaas and obligatioDs of tbc Borrower adsilg Eom its prcscot oi fitulc Extemal Indebt€dD€ss; 8trd the lcgal opinioD of rhc Ministry of Justice provided in accordance with Claljse 4(3Xa) is accuiate and coIIEct. Undcrtakings The Borrowct undertakcs, itr rcl6tion to Eftcmal bdcbtedness and until such time as aU priDcipal oDde( this Agr€€mertt hrs b.cu firlly reimbuned and all interest and additional smoun6, if any, due tmdcr this Agreemeot bavc bcen tully pa:d: (a) to Ecognis€ thst thc Irnder shall have the idenrical lcgaj capacity, immuoities aod privileges as accordrd to inrcrnational finfircia.l institutioDs. (b) with the eccc-cption of ftose encunbraftes enumerated it Subpatagphs (t) b (A below: (i) not to secure by mongage, pledgc or ally other encurirbraace upotr its own assgts o! revenues atry present or frthEe Extetnal Iodcbtedncss arrd aDy guar.aEfee or iDdemnig given in rcspect lherEoq urkss fhe Loatr at the samc tiEc shsrEs pari passu snd pro rara iE such secudty and (n) not to gant to a.ty othcr cIldilor or holdcr of irs External Ldebtedness atry pdolity ov(r thc lrnder. The gad ofthe following e.lrwnbr.aDces shall not constitute a brcaci ofthis Clause: (1) encumbranccs upon any goperty incurred to sccure tbc purchase Ffiicc of such prop€rty and aiy Enewal ot extcnsion of any such etcumbraocf which is lihited to the original property covercd thcrcby and which securcs any Enewal or sdension oflhe origiial secured firuncing; and (2) encumbranccs otr co[uncrcial goo& a.ising in the coursc of ordiDa.y coiDrnerial transactiom (and cxpfuing ar rhe latest vrithiD a,L Nj'1, 4 one ycar thercaigr) to finadce tlE import or c)(port of such goods into or ftollr the count)r ofthe BoroweE ard (3) eDcumbrances secudng or goviding for thc payldent of Extemal hdebtedness itrcurred exclusively in order to plovide finaflcing for a specific investEent project, provid€d that the properties to which any such eocurabmnces apply are propertics which are the subject of such project finaDcing, or which arc rcveoues or claiss which adse Aom the projccq and (4) aDy othcr eDcurbra!rc.s in existence on thc datc of the signing of this Aglcroen! plovidcd thx sucb encumbmaces rcmaiE conlined to thc properties FEseotly affected thelcby and properties which beaase aftected by such encuEb.-atrces urd6 coDtracts in effect on tLe date of the signiq of lhis Agr€elnent (including, for thc avoidancc of doubt the crystallizarion of sny floating charge which had bcen clItcrcd into at the ddc ofrhis Agreement), and provided iuthcr that srxh eocumbrances securc or provide for the paytrlent of only those obligalioDs so secur€d or plovided for on the dale hercofor any rcElancing ofsuch obligatioas; and (5) all otler stafutory encumbrances atd privileges which opeEte solcly by virtue of law and which cannot be reasoDably avoided by the Borrower; and (6) aly etrcuobranc& securing the Bor$'ner's obligations with any ccdEal securities depository such as Eu.ocl€o given in the normal course ofthe busine.ss; and (7) any encumbonce secudng an iodebtedness of less than EUR 3 foillion, piovidcd that the maximum aggr€gate amount of iadchedness secrred by such cDcumbrsnccs does rlot exceed EUR 50 mi[io., As uscd i! this Clausg 'f.oancing for a qrccific investBeot project" meaDs aay lirancing of th€ ar{uisition, constuction or devclopoent of any pmpertics itr connectioo uith a project if the providiry cdity for such iulatrciog expressly ag€es to look !o the properties fitranc€d aDd the revenues 10 b€ gerlelatcd by lbe operation of, or loss or alamage to, such properties as thc principal souace of rcpsyrcnt for the hotreys advancad. ()-, (c) to utilisc the Net DsburscE€nt Ahoutrt each Instalment consistcndy *ith the Dccisio[ as in force at the rcl.vad time and in accordaac. witl the MoU applicable at the timc of issuin8 the Requcst for Funds for the hstalment; (d) to obtain.nd EailtaiD in full forcr and elfcct all aulhorisations neclssar) for it lo comply \r/ilh ils obligatioDs undcr fiis Age.ment; of 'L /\.,q. 8 4 (e, to coEply ia aI rcspec8 vith applicablc lal^s which might afEct its ability to pedorm this AgrEement; and (0 to pay 8l1y fees, cosls aDd experfes, in psrticular brc!.kaga costs and cost ofc€rry, rsultitrg ftom atly FiDaacial TraEsactiou that rhc Lcnder roay have uEdshkctr under this Agtero€,rt followiEg delivery of an Acccptancc Notice, rcgardless of qh€th€c the disburserreat of the Ilstalroent will u.ldniEely take placE. ６ INTEREST, COSTS AI{D EXPENSES ¨ ｕ In rcspect of each outstaodirg Instalmcnt, the Borower shall tansfer to the accoult rcfeEed to in Clsuse 8(3) otr each Due Dale an amounl equal to thc intercsl which by fhe end of the lDtcrcst Pqiod will have accrued on the principal a$ouot oulsullding of thrf Instalm@! ard such smouot shall be applied to dischrrge tbe htercst due under such LBtalrneDt in rcspcct of such lntercst Period otr the Due Date. The hter€st Rale will be, for e{ch InslalmeDt, defiled in the Borowilg Coutr"acts fo! that Iodaiir€nl ＾ Ｚ The Due Dates for payEent of iDterest shall be the samc as thos€ determined in the corrcspondilg Borowing Contr-acts. Interest on an Instalment shall accrue for any lnterest Pcriod from thc Disbu-semcdt Date (for the Filst lotercst Period; iDcl[dirg aDy ir erest accrued udil tbc Disburs€rneut Datc und6 the colrespoDding Borrowitrg CooLracts) or le Due Date ofthe previous futerest paymer, (for lLc subsequent Intcrcst Periods) until the date imnediately Fecediry the Eext Due Date. ＾ づ Witiout prcjudice to the terms of Clause 9, if tte Bonowc. fails to pay any sue payable under this Agre€ment on its Due Datq the Bonower shall pay in additiotr dehult iDtcaest o! such su.E (or, as ihe case llay be, the amoult thereoffor the tiEe being duc aDd uDpaid) to the [.oder from the Due Date to the date of actual palmeat in ftll, crlculatrd by reference to successive interest periods (each of srch length as thc Loder tnay ftom tiEe ro time select, thc lirst period begiming oD the relevant Duc Datc an4 *terever possible, $e leqth otsuch Friod shall be that of oDe w€ek) on such overdue srm at the highe. of (a) a rate per anmEfl being ttre aSgr€gate of (i) 200 basis points! ard (ii) tbe EURIBOR ftte for th€ rclevatrt p$iod selccted by the Lcnder, OI (b) 200 basis points over the Intcrcst Rare which *ould have hccn payablc if the overdue amouat had, durilg the p6iod oi Doll-paymetrr, constituted an lnstalmelt. a L. AF, 9 /'7 /1 So loDg as the failue lo pay continucs! such ratc shall be rcfixed iD ac.ordance with the provisions of this Clausc 6(3) on the last day of each such inter€st period and urpaid itrtelest under this Ciause comelDjng prcvious iDtercst periods sha[ be added to the aaount of futeest due at the eDd of each such irterest pfiiod. The default intercst is inEediafely due aEd payablc. (4) The Borowcr undertakes to pay all costs atrd erp€oscs incuraed and payable 'oy the Irodcr ilr relatioa to the prepaiatiod aDd implementatiod of tie BoEowing ContmcG and atry other costs ard expense.s incurr€d and payable by the Lender in relatioD to such Borrowing CoDkacts strd atry lclated costs and expenses duriEg the lifc of thc Borrowiru Contracts. These costs and cxpensca to be boEe by the Bolrowet may iDclude, irtel alia, legal costs (such as the costs incErcd for legal opinions), rating costs aDd commissiors related to the fiDancial scrvic. of the Borou,ting Coltracts, t&es, rcgisftalion fees aEd publicstion costs- くつ The BoEowEr undertakes 1o psy to the l*nder all additional intercst ard all costs and expelles' including legal fecs, ilcurred a:rd payablc by the Lendcr as a lesult of a breach of any obligatiotr under this AgE€m€Dt by thc Bofiowcr. と０ If thc Lender due to pevailing rnarket conditions st the time of lauochbg a bond issue or any othe! Fiaancial Traisaction is Bot alle to obtain a fulding al or below the maxiEuE I ercst Rate refe[Ed to itr the rclevant Acceptance Noticc, theo the Len&r is uddcr no obligatioE to raak€ the Net DisbuaserDent Amout of the Ilsblrietrt available to the BoaroqEr. Ho.wever, upotr rcquest frota the Bollov€r, the Iader may aftcr con$rtaliotr rrith the Borrower proposc to the Borrower rcw ,EaxiEum Interest Rde iD tha light of the then prevailing market cooditions. 7 RDPATMENT, EAXLY REPAYMEI{T, MANDATORY REPAVMENT AND CANCEII.ATION The Borower shall repay the priocipal amount of each InstaLloent on the date(s) aid uder tic filaltcial conditions deternired in the corEspoDding Borrowilg Coatracts ard as notified to it by the ktrdcr. Tlc BoEower shall traDsfer the atoonst of F,litrcipal due to the accou r€fered to iE Clause 8(3) on the Due Date. Ary amount of priocipal which is transfened for rhe purpose of a rcpayment to the accorEt refenEd to in Clause 8(3) by &e Borrower camot be rcborrowed. 2) The Lender \vill nor hclude an esly rcp@]mctrt clause in thc lerms and conditions of thc FiDatrcial Tramactio!, uolcss thc circu&slances permit and thc BoIrowcr brs explicitly rEquestcd such a clause in the Re{ucst for Funds. The terms and conditions ofsucb an earty rcpayEcnt optio[ for the Borrow€r shall be thosc of tbc conespolding early repayment option, if any, for the knder r:nder the Bonorsing Cont-acts. If the ltor.ower w8 s to cxcrcisc its のユ に均 ′ ) //Z optioD, it shall give trotice to the Lclder of its decisio! to early repay the rcspectil'e Instaitoe at lesst oDe moDth pdor to the latest notice date for early rcpaynent under the Eoraowitrg CooFact' In case of an ea y rcpalme61, the paymert shall takc place reqEctbg the rBleva.Et Duc Date. For the avoidatrce ofdoubt, aD early rcpayment carried out for aE IlstalDeDt wherc such carly rcpa)arent is pemitted according to this Clause 7(2) is not considercd as a ieschedulilg. AEy pritrcipal alnor.Et which is tansferEd for tbe purpose ofa prepa).rrlent to the accouDt refeIlEd to in Clause 8(3) by the BoEo\i.d canEot be rc-borrowed. ＾ づ If financing gra.ded to fhe Boalowct under the IMF A$angerneDt is repaid in advaace in whole or in palt on a voluntary or Eandatory basis, the Lender may by writrerl loticc to the Borrowar declare 8s iErnediately due and rcpayable a propofiolatc amouDt of the Loan disbulsed under this Agreement. Such amormt is established by Efercncc to tbe Foportion which the principal sum repaid in advancc irr rcspect of the IMF A[sEgcme represents to the aggregate pdncipsl ahounr outstarding immcdiatcly prior !o such rcpayrnmt in advance. The Borrower shall lciEbursa all costs, expclsls, &€s and Loss of Intcrest incxtred arrd payablc by the LcDde! as a consequcdce of an early rcpalment of any Instalm€[t uDdcr this Clausc. (4) T1rc Borro*er man by a written aotice, can€€l thc wholc or any pafi of thc utrdla'r! smou of tbc Facility, providcd thal no Requ.st for Funds for that aEoutrt bas be€tr oade. て０ The Leader rDay cilccl the whole oa any pa.t of the rmdrawn amormt of the Facility if: k) ihe finaEcillg !&eds ofthe Bonowcr dccrcase lbndamentally compared to the idtial prcjectiotrs; (b) the Borrower do€s trot comply wilh the teros of the MoU aad of the Decision; or (c) the IMF catcds ia AraDgement in whole or ill part; in this case the c.ncellalior of this Facility shall bc proportionate to the proportion which thc sun canc.lled lepresents to the aggregatc itritial arnou[t of such IMF Arrangcmcnt as s€t out i! rccital (3) ofthc Plearrble. ＆ PA11I{[^TTS ０ All payrnerts to be mldc by the Borrower shall be paid vrilhout s€t-off or counlerclaim, ftee and clcar o{ and without dedlction for alld on accormt of, ary laxes, cornmissions and any othcr chsrgcs for tbe entire term of this AgleemenL o.L A.h , ll I The Borowcr dcclares that a]l payEents ed tlalsfels under this Agreement, as q,ell as thc Agr€€Eent itseld, aE Dot subject 10 any tsx or aDy otber iEpost iD tle coutrty ofthc BoEolrer srd sball Dot be so subjcct for the etrtire term of this AgrccEcDL If ncyertheless ihc Bonq,Er or lhc Nafional BaDk of Georaia is equired by law to Eakc atry sucL dcductioDs, the Bormwer shall pay thc requisite additiolal aldorltrts lro that thc LeDder rEc.ives in lull the ar:rounts spccifed by this Agr€eBeal (2) All paylreots by fhc Bodower shall be dade in ettlo oI1 the Due Date before l1:00 am. LuxeEbour"g tilre to thc curo-accourt ofthe LEdcr with Barqrc €, Caisse d'Eparge de l'Bot Lucnbou'g, BIC BCEELULL, ac€olnt IBAN LU90 0019 3455 9164 5000, Ef "Repryment of the EU macro finaDcial assistarce for Grorgia" or to such other accouut as thc lrnder v/ill iDstruct lhe BoEowEr and fhc NatioDal Balk of Georgia by rxdttd notice prior to tha rclevad Due Date. The Leoder shall advise lhe Borow€f, dd thc National Batrk of Georgia at lsst 5ftee! csleEdar days Fior to cach Duc Date of thc amoud of principa.l ard iDterest duc and payablc on such datr aad of fhc dctails (Itrlerest R-6tc, Iltetest P€riod) otr wiich the intdcst calculatioD is bsscd. (4) てリ The Borrowcr shsll s€od to the Lender 8 copy of its psyEert irstructions sent to the Nelional Bank of Georgia at lcast two Busiscss Days prior to the televant Due Dalc. lf the Borro\4Er shall pey o a6oult in leldion to aDy of the lnstal-D€ots ttich is lcss thatr thc total @ount due ard pa,rblc ulder this Agr.€llcnt, the (6) Borrower hcrcby waives @y righrs it may have to make aoy apFoplialion of the amount so paid as to ti€ aoouDts due. The aBount so psid @de! an IDstalmeat sball be applicd in o. towards satisfactioa ofpayrncats due uDder such lEtalroeEt in the follov/ing sequemc: (a) lrsr agairs any feeg cxpnscs ad indedlilics; O) tecond agniffl. any i[t€r€st for lale payments as determided under Clause 6(3); (c) ,rrird against int rcsq and (d) /o!rr, sS8inst plilcipal, provided thst thcse aEoutrts ale due or overdue for paymer[ os that dale. Any calculation asd deremiralion by the l-ender uoder this Agreemeol: (7) G) O) shsllbc madc in a cornoelcially leasolable Eatrllc!; and sha[, ab6cnt manifest crmr, be biading on thc l-ender and $e BorIo\rc!. ril_/ L. , ︐ 一 4. j,4, ,,{ ００ Busincss Day Cotrvention as dafioed in thc ralevant BoEowing Contracts shall apply. 9. EYSNTS OT DETAULT o) The Lcdar rnay by idttcn notic. to thc Bormwer c.lcal the Facility atrd/or declarc th. ou6aldiDg prirripal .EouEt of th€ I,oatr to be immediately due aod payable, to8€tlE! with acerued iltclld, if: (a) the Bonower sball fail to pay sry aDourt ofp.iacipal or interest lmdcr any lnstalm€nt or any othc! aoou.Bts due unde! this Agreeglent on its Due Date, vrhclher in whole or in pa4 in the lnanner as a8re€d in this AgrecDrDt, i6 respect ofany I-ostalmeot; a) thc Borrowe! shall default in thc performaace of aay obligatioo under this AgrEeEedl olhcr tbatr this referrcd to in Clause 9(l)(a) (including thc obtgation set otn itr Clause 2(3) 10 apply thc [,oan iD accordaace with the terEs of thc MoU but excludilg any oth6 obligations undcr thc MoU), aad soch default shall co iflr€ for a peliod of one month after wlitfed notica lhereof shrll hav6 been given to the Borrower by the Leudcc or (C) thc Lend6 seads tbc Borrowe! a declaiation of default in circumstanccs wiere lhe Bonorrr's obligations und€I this AEreement are d.claJed by a court of compe&nt ju.idiction not to be binding on or eDforceable agaiDsl thc Bonower or aIe decl&€d by a court of crEpct ntjuridictiod to be illegal; or (d) the Lender sends the Borrowcr a dellrraliofl of default in circudlstarc4s qhere (i) it has bcen cshblished that in rclation to this Agaeement or the MoU, the Borrowo Las eEgagsd in any act of fraud o! coiruptioE or any other illegal activitl detrimental to thc fiDancial inrer€sts of the Iroder or (ii) any Nprese 6fion or waEanty madc by the Borrorrer under this AgEemcnt is itraccualc, u!tsue o! misleaditrg and rl,trich in the opinion of the Irlder, afler coosultation with the Borroxlcr, could have a ncgative impact on lhe capacity of the Borrowcr to fiIfil iG obligarions undcr tlis Ageemeot or oD the righls oflhe Leoder lmdcr it; or (C) srly previous loa! agreemcnt betwed thc Borower and the Lender or thc Euopean tqveshcnl Baak rcgardless ofthc amount, is subject of a dcclaraliod of default or therc is a default ou any paymcnt obligation of any kild toFards the L€nder or tbe European Inyc-ltment BaDk by lhc Bonower l*'hich gives risc to a dcclaation ofdcfaulq or (0 Extcmal lndebtednss of thc Borrowcr haviug an aggregare principal asoult in exccss ofEUR t00 millioo is tlre subj€€l ofa declar:ation of dchult as defned in any insfument govemhg or evidcncilg such indebtedness and as a trsult of such a dcclsration ofdcfsult therc is an C,L A. /'r ' /x accel€.atiotr of such hdcbledlcss ot a de facto moiatorium on Pa,.ments; or (C) thc Borlowe! does trot lorkc tiEcly Epurrhascs from the IMf irl rclafion to tb. IMF Arargcmcnt a is subject of a dcclaratioD of defaulq or (h) the Borrower docs aot pay a subst atia.l portion of its Externsl Indabredness &s it falls duc or declaEs or iBposes a moratoiutE on the palmefi of its Exteraal Indcbtedness or of Ext€rnal lndcbtedness assuined or guear ..d by it Ｚ ＾ (3) The Letrder may, hn is not oblig.d to, cxercis. iE rights uDder this Clausc and IDay also exeEise thcE otrly h parf witbout Frjudice to the futrue excrcise of such rights. The Borower shall EiEborsc all costs, cxpcDses, fees and Irss of lnterest incuncd and payable by the Lndcr as a consequence ofatr early repayment of any Instalment uader this Clau.6c, I! sdditior, the Borowe. sball pay defau[ interest as provided in Chusr 6(3) obove, which shrll ac6ue as fiotn th€ datc wheD the outstandirg principal aEount of the Loqo has been declarld immcdiately due and payablc, until the dare of actual palment in full. Ｏ INFORMATION IINDERTAXL\GS Ｄ With effect tom tk making of lhc fiIst Rcquest for Frm&, tbe Borrowcr shall prcnpdy supply to lhe l,cBdcr: (a) aly irfoEiation rcgarding its fiscal End €conoEic condition, as the knder oay rcasonably rcquest iD tine with thc MoU; O) any infortudion pertaidilg to any eved which could rcasonably be expectcd to calrse a[ Event of Default !o occul (a.nd the steps, if atly, bcitrg taken 10 Iqrcdy it); and (c) a declamtiol that the Borrowcr Do Ionger in&rds to rcqucst more lnstalme s utrdc, this AgFe6eot, as sootr as lhat is the case. ＾ Ｚ Thc Borrow€r urd€rtrkes to idorm the Irrder PIoInp0y if atry event occurs that would leodcl inconrct aDy statcEcnt madc itr the Borro$,e/s legat opinion lefeBed to itl Clarrsc 4(3X8) a]ove. 11. IJNDERTAKINGS RELATING TO INSPECTIONS, FRAUI) PRXVENTION AIYD AUDITS Dtrring the implementatioE of t[c UEioE's E6cro,financial assistance, the Coomission sball b8rc the right to mouilor, by meaas of opemtional assessments, lie soudncss of Borrowc/s financial arrangements, the adrnirfstrativc prccedutes, ald lhc inlerMl dd exteEal conirol mechanisrs which are relevant lo the sssistaJrcc. .) ,L A.+t, 14 / (2) ln cnfo.rEity with its financial rcgul,atioDs, the Lender, including tle Europem Atti-Fraud Offc.. and thc EEDpean Coun of AuditoE shalihave the right to scnd thcir o,wn agcnts or drry ardhorisad Elreedatives to c€iDr out sny technical or fldcial conliols, iDcluding on-the-Eot cbecks ard inspections, aod audiB, includilg documcflt audis aad on-the-spot audits such as operational assessmeDts, thaf thcy colsid lcccssary in reldion to thc managemeDt oflhis Loan during the Availability period or thereafrer itr order to protect thc Lcudefs finar1cial intelcsts. ＾ づ The Borrowcr sball supply Elevant ilformatios add docuErents \r,hich Inay be rcquested for thc purpos€ of $ch ass6sDeBE, c!trtrols or audits, and takc all suitalle mcssurrs to facilitara fhc wolk ofpqsons iDstructed to canl th€m out, includilg giving to ihe pers.Ds rcfeEed to iD paragraph 2 acress to sites and prceises whcre the relevmt irformatioD atrd doqnncnts arc kept. (4) The Borlower shall rEgulaly chcck tlat filancisg providcd by &c Loder has been propedy uscd and shall eDsurc investigstion and satisfaciory teatment of any suspocted aad actual cases of ftaud, comrytion or any other illegal activity i[ relation to th€ toatrag€oe[t of the t oan, deuimeatal to the EU;s financial interq<s. AII such csscs as well as melsurls Elated thcrpto takcn bv national competent authorities, hcMiag lcgal actions to re.ovcr any funds provided under this Ageemeo! shsll be repo ed to the I,trdfi wiihout deky. ２ NOTICES ¨ り All oolic€s in relatioD to ttis Ageernent shall be validly givea if in writing and sent to thc ad&.$sces lishd in Anncx 5. Each party will update ad,Cressces and notiry it to the othe! Party hercto upon the same being arninded tom time to time. (2) All notices sba.ll be givcn by rcgistered Eai.l, In casc of urgency, they cao be giveo by eEail, fuq SWIFT rDessagc or by hand-deliv;rcd letter to the addressees above mentioled ard confimed by rcgistcrcd Eail witiout undue delay. Notices b€coEc etrective with the aEtual Eccipt of thc fa)q &€ SWIFT me$age or the lgttqr. ＾ づ All docuEe s, informatioo and makdals to be fumished uader this ASrcement shall be in the Fhglisb lalguage. (4) Each Party to Ois Ag€.dent will Dotiry to tie otlrcr the list aad spccimen signaturcs ofthc Frsoos arhorised to act on its bebalf unde. this AgrEemen! proEptly u_pol its sigDaturc of rlfs Agr€eEeEL Likewise, each iarty *ili update such list and notify the other paty hereto upon the sade beinS aBeDded from time to tifie. 13. IIIISCELLANf,OUS (l) Ifany one or more ofthe pmvisions contaiaed ia this AEreerlent should b€ or beconne,firliy or in pan invali4 illcgal or urenforc.abl; in ary respect undcr any applicable la% the \.alidity, lcgality and enfotceobility of the rernaining a.L. /\*, :5 /4 piovisio!5 contaiEcd il! this AgrcaEclt sha[ trot i.o ary way be a.ffected or iEpaLed therEby. Provisiols which are firlly or in p€d invali4 illegal or uneuforccablc shall bc irtcrprstcd md thus impleme cd accoldilg to the spirit a purposc ofthis AgreeE1ent. t2) The PrcaEble aad the A.nnexes to this Agreemenl, the MoU ard the fina'Icial conditiols stipulated i! the Borrowing Conhacts, including, as the case may be, any ole or oore "Offering Circulars", 'Subscription Agreemeots" and 'PriciEg SupplelocDts' do ad shall hetEafter forE an inregral part of this AgreeEedt. The Lende! may in its firll discretion rc.sort to Financial TraosactioDs that firnd also iosta.lments urdcr oth6 loan aglacme s. Should this be thc casc, the fi.oancial terirs of such BorrowiDg Co[tacts eply to the Borrower only p/, rara to its Instakncnts- ＾ The purpose of this Agl€eEeBt is to set up the oonditioos under which the Lender Eakes available to the Borower the procrcds of the corrcspoodiag Fi[anci8l Tralsactions a.ranged by tbe kndcr to lhis cffect. As a conr€qumce, tbe Bormxrer and the l:nder acccpt thal their rights and obligations, rmlcas othclwise stalrd iu tris Agrc6cn! are defined 6rd interpleted by Eferenca to the coftspording borrowing documentatio& In particular the t€rEs of the Borrowing Cont acts, copies of utich shall be if tsa[smittcd to thc Bonov€r, shall be applicsble to the Agreemedl. Hovcve!, rhere is atry conflict betwcetr the telEs ofthis AgreaEeat aDd any BorrowiDg Contrac! OIe terrns of this fureemcal shall ptwail. (4) A pelsotr wfio is not Party to this AgrccrneEt has no right under the Coutracts (Rights of Third Partics) Act 1999 to edorce or bencfit flom any teIm oflhis AgrccmcnL (5) The Borrower shall aot have a.By right to assigtr or traNfer ay of its righ8 or obligarioos roder this AErE€o€nt rrithod the prior *titteo coDsefi of thc Lender. 14. GOVERI{ING LAW AND IruSDICTION o) This Agrecmcnt aad aoy non-contractual obtigations srisitrg out of or in collection v,,ith it shall be govemcd by a.nd shall be coostrued in accordaace with English law. 2) The Parties lddertrkc to subdit ady dispule $Aich may aise relating lo the lcSality, validity, i[tcerrtatiol o! pcrform&ce of lhis Agr€€detrt to the exclusive jurisdiction of the Coun of Justice of the luropean Union in accoldaoce with Anicle 272 of the Trcaty otl the irtlctionilg of thc Ewopean Uaion. ＾ ３ JudgeEcnts of tte Coun of Justicc of tle Euopean Union shall bc fully binding on aad enforccable by tlc Partics. /-) "u.L- ,A^ l'{ , 16 / (4) Thc Lender may eoforce anyjudgcnent obtaincd iom the Coun of Justice of tle European Uaion, or otier lights agaiDst tbe BoEower in the courls of the country of th. Boro\r€r. てυ The Borrowa herehr irevocably ard uncondition lly waive,s all immunity to which it is or rDay becoDe cirtitled, in rcspoct of iEelf or its asscts, ftoE lcgal poce€diigs in telalioD to lhis ASrccloeo! iEcludiDg, witbout li&itatiou, immudty Aoll suit judge@ent or olher otder, fiom aflachment, arresl or irjuctiod prior to judgemenl, and iDl'1 cxecution and enforccmclt against its r,sscts to tha exteot not prohibifcd by mandatory law. ︐ ENTRY INTO TORCE Ｄ Followitrg its sigDanre by all P8tics, this A8rEeErnt shs.ll cater into forse on thc date oa udich thc Lend€f, has received tbc oftciat notificatiod ir the forrr of the Irgal Ophion (A-oDcx 4 lo this Agrecment) by the Borrowcr that all c.nstitutioEl strd legal &guirEmenB for tlE eoty into fort' oflhis AglEeEredt and the valid aod irEvocable coEEitIacft oi tbe Borrowcr to all obligations utrdcr this Agr€eaeat haye b..1 fulflled. ∠ ＾ 16 Tho entry hto forc€ shall not be later than 6 monlhs after signaturc of the AgrEc&elt. If the Agrec@ent has rct cntered into lorce by that date, the Parties to the Agre€Bcll sball rc lolger be bound by iL EXECUTION OF TEE AGREEMENT This Agrt€rued sball be executed by c8ch Party in four originals in tbe English lauguagc, each ofwbich sball cDDstihrte an origiMl instrumert t'7, ANNEXES The A!!ex6 to this AgreeErEt shall c.nstitute an ir egral psrt thereol 1. ForE of Rcquest for Funds 2. ForEl of Acraptarce Notice 3. Fordr of CoDftEation Nolice 4. Folm of Lgal OpitrioE 5. List ofcontacts o.L. /[,t , 17 //v '.., eoo.'*6i1i"i o, o?f z/eahand in Luxcobourg on tllf z/Zola EUROPEAN UMON rcpresented by EUROPEAN COMMISSION Repeseared by Javier Garcia Lon Head of Unit NAT10NAL BANK OF GEORCIA Jai CARLSSON ofrhe NatioDal BaDk ofGeolgia A.tu , :8 A.I\NEX I FORM OF REQUEST FOR flJNDS lon letterhead ofthe Borrowerf Bv frr follo[ed by registered Eaill Europeat CoEmission Ilnse addressl Fax: ['] Copy to thc Nalional Ba* ofceorgia 2 sanapiro Steet, 01 14 Tbilisi, Gcoryia Fax: [.] Subject: EEtopeee Udon Eacro f.oiDcitl rlsirLrce Rcqrect for F!nd! for th. [.J hitslh.Dt Dear Sirs, We Efer to rhe l.oar Facility A8lEemeot made betweco thc Europqn UEiotr as Leode! aDd Georgia as Boflo$/er ed the Nationsl BaDk of G€oagia as fioaocial agcnt to the Bo.rower signed on [.] (dle 'AgE Eetrt). Tcms defircd in t]re Agreement shall havo tlrc samc rftaning hcrEin. l. We hcr.by inclocably Equcst that an INtelEcol of lhe Lo6n be disbursed rmder and in accordance witt tbc AgrecBeot upoo the following terms: a. Principal amouat oflhr llstalEeEt to be EUR [.]. b. Thc Net DisbuscEr.ot Arnount ofthc Inslalme.rt to bc at least [.] % of rhe plitrcipal aEouot c. Thc 6xed aohitral Iltctrsr Ratc ofthe InstaftEent shall not bc h.ighcr tbao [.] % per aonwn. d. Thc disbursemenl under $is lnstalEeot shall be caried out before: [.1. e. The pdacipal rEp6ymen(s) ofrh€ lDstalrnslt ao be: Date Prin.iDal reD.r'mcrt (€) 2. Wc acknos.lcdge and agree tbat thc disbuscdeDt of cach Instalment shall b€ in aclordance with aad subject to a- lhe issue by tbe L€nder of aD AcccptaDcc Notice aDd, in due course, a Conlurnatiotr Noticc; 0, L. A^. 19 b. the Lender beiag satisfied at all tiEr€s tbat the coresponding fimds arc available to it 8om a counterparty itr the istetuational capital Elarkets ot! tertus aEd coDditions that arE acc.ptable to i1 and tlat are coBsistent with the terrns set out in this Rcquest for FuDds and in the Acceptance Notice; and the lrnder errying out one or several linaocial TransactioDs to obtain the proceeds rcquested in this Request for Pu.ds. We inevocably undenake to pay al1y fees, costs aod expenses, in particular bre€kage costs and cost of carry resulting ftom any Finamial T*nsactions und€rtaketr by the LeDder, rcgsrdless of whether the disbursement of all Instalrnent will ultiEately tai<e place. We further ackDowledge thar we will rcceive itr duc coullie a copy of lhe rElevaDt Borro\ riDg CoDnac(s). 4. We confirm th6t: a. Thc list ofauthorised sigtratorics scnt oD beba.lfoftle Bormwer by the Minister ofFiDa.ce on [dare] IeoaiDs valid and applicable. b. No avcqt has ocaEred tbat would reldcr irrcorr€cl any statcrEetrt trrade in the legal opinion issu€d by rhc Mid*y ofJu*icE drtd ldotel, c. No Event ofDefanlt bas occurrcd Yolls faitbftlly, /t) . L. ,{Y. 20 ANNEX2 FORM OF ACCEPTANCE NOTICE EUROPEAN COMMISS10N DR日,¨ o‐ ‐ OENERAL ECONOMIC AND FINAI C AL AFFA RS 日n… αヵ ldm● ￨● n wtt EIB GЮ υ,EBRD ardiFヽ Bo‐ Hlng.l● nding,8eCOunungand m or.。 Bv far followed bv regist r€d meil: []nse Botower'sco rGt detaibT Copy to the Nariolal Baak of Georgia 2 SE lapiro Sh€et 0114 Tbilisi, Gcorgia Fax: [.] Subjcct: EDropeatr Udon lrlacrc flrBcid alsilta )e AcccptrDce Notice for the [.] I!t!f.lm.rt Dear Sirs, We .efe! to: (i) the Iratr Facility Agreemer bctwcco the European Union as lrode! ard Georgia as Bonowcr aod the NaiioDal BsEk of Georgia as fiaaocial ageot to th€ Bonower sigffd otr [dar€] (thc "AgE EeDt'); and (ii) thc Request fo. Funds notified to the LeDdcr by the Bonoru on [dte]. Teros dcfiftd in rbe Agreemedl shall have the saEc EeadDS heEiD, Wc hereby confirE the fiMncial teEDs applicable to the Instalmcnt requesled by the Bonower in the above Requcst for Fuads: a. Pdncipal aBount ofrh6 Ilstaloent to be EUR [.]. b. The Net DisbuseE€nt A&ouDt of$e InstalEEnt to be at least [.] % of the principal aDoutrt c. The fixed nominal Intercst R.ate shdt nof bc highe! than f.l % per annum. d. The disbursenent oflhe hstalroent shal be caricd out beforc: [.]. e. The principal repq,rnen(s) ofthc Instalrlcdt to be: Datc Principil rcp.yment (€) The Eulopean Union inteds lo lauDch oDe or sevcral Financial 'l'r"ansactions in order to i,Jtd the abovc mcatioDed lnstallneot of EUR [.] in accordancc wit]r tte terms that you have a$ecd upon in the Requesl for Funds aad with the above oocs. ̀D・ と ・ Aノu、 飢 This Noticr is subjcct to tbe Eumpeatr UdoD bciDg able to conclude thc Fidancial TrarsactioD at thc abovc itrdicded teias. If the Elrlopean Union csrnot obtain these terms, the! it is uadcf, Do obligation to deliver the fi,'ds aid thc Borrower is no loager bouad by the Request for Funds to be disbuscd following thc scrvice ofsuch notice. In this case, accolding to Clause 6(6) ofrhc Agreement, the Borrowq Eay request the Lerder to propose new maxiEum Interest Rate. We assulc you that in aDy case thc European Uniotr iIl its Degotiations with the banks will use irs beS endeavous to achieve the cheapst cost offunding. Yours faithfully, EIJROPEAIT I]MON EIJROPEAII COMI\ISSION t,t ２ ＾ ＾ ２ o,L. L.h. I ANNEX 3 FORM OF CONFIRMA■ ONヽ OTIcE EUROPEAN COMMISS10N DIRECTOMTE CENERAL ECON卿 Ic ANIIFINANCttLAFFA RS ■ 訥 溜 躙 蝋 器 響躙 鶴 Bv fax followcd bv reEistcrcd mEil: llnsert Borrover's contact delailsl Copy 10 the National Bar* of Ccorgia 2 Sanapiro Stseet 0114 Tbilisi, Geolgia Fax: [.] Subjecl: EntopcrE UDioE mrcm fi ncirl a8iltrrce DisburseEert ofthe [.] IoltrlEcDt Dear MrAvls [.], We rcfer to tle Loan Facility Agteemed betwcetr tbc Europcan Union as Lender, Ceorgia as Borrower aud thc National Bar* of Georgia as financia.l agent to the Bonower of a Eaximum amoret of EUR 23 million signed on [dare] (the "AgreeEGnl"). Ter6s d.6Ded itr the AgrErment Sall have the sare meaning hercio. In line v/ith lhe Re$.st for FuDds daled lddej a\d tfu Accrptarce Notice dar€d ldate), the ld,fits of the Finarcial Transaction which the European Uniol has undertaken in order to fuld thc [.] I[stalment are as follows: EUR EUR Nomi!8l aarou.ut Net Disbursemed AEount to tlrc Bonower Disbursetuent Dale l・ l First intercst parmetrt datE [・ [Plincipal ref'ayment darc(s) aOnt the鮨 Oll‖ ] Maturity Date l・ ] l []%pユ lntercst Rate The applicable Day Couar Corveation is ft], A detailed b.eakdown ofdeducted cosB and fe.s is encloscd to this notice. θ ι . ズム 23 〃 The BoEo\r'ilg Codrac{s spcciSiDg lbc finaDcia.l tcrEs i! pafiicular 6r the current issue ale e arno( to ald sn hlcglal p6rt of the AgrElilcdf and will be s€ot !o yo]l ater the closiEg date- Yours faithi:lly, EIJROPEAI{ I,INION EIJROPEAN COMMISSION I.] O L. [1". 24 7fl ANNEX4 FORM OF LECAL OPIMON M田颯STRY OF WSTICE OF CEORCIA CtO be ttued On ottclalletterhead OFthe NIInI"OfhttCe ofCeorglal lplace, datel Europcan CoEllission Dhcctoratc Ceneral Ecoaoiric ald FiDecial Afairs Dircctoratc L - Finarrc€, coordiuatioa with EIB grop, EBRD and IfIs Urit L4 - Borrowing, lerding, accoultiog .od bock office L-2920 LuxeEbourg Re: LorD facfity Agrce6cnt lretwee! thc Europesr Utrio, (r. Ixnd€r) .Dd Gsoryir (r! Borroscr) rtrd the N.iioort B.nk of Georgi, (s! firrlciat lgent to the Borowcr) for . &rliDoo .Eoutrt of Et R 23 Eilllotr Dcar Sirs, Ministry of Justice of Georgia (heaeinafter rcferrcd to as thc"Midstry.),rcfers to the above rEfereoc€d Loan Facitity Agreement and its AnDexes which constitutc an int.gral pafl thercof (hercirafter toge*rcr refened to ss the "Agrteilentn) entered into betrveen the Eumpean Uuion (hoeioaftcr rcfcnEd to as lhc 'LcDder") aad Georgia (hercinafter referred to as the "Borrower") and the National Bank of Georgia as financial agc to the Botrower for a maxirDuJE a[toutrt of EUR 23 million on [r'.rrel, darel. The Mir stry also rcfers to lhe Memorandum of Undeista.[diEg signcd on linsett datcl betwcetr the Europesd Utriotr aod Ocorgia and the National Bank of Georgia as financial aged to the Borrowcr (hereilaffcr refe[ed to as the ,MoU.). The MinisEy wara s that it is futly compete to issuc this le8al opiniotr in comcation wilh the AgrEemer[ on behalf ofthc Borower. The MinisEy has exreircd originals or copies of the executioE versions oI ihe Agreement atld of the MoU. The MidsEy bas also Exarnined the r€levant provisions of natiolal and iEteiDaliooal law applicablc to the BoEo\rEr and the National Bar* of Ccorgi4 tle powcrs of sigDatories aDd such other docuoents as lhe Ministry has deemcd ncccssary or apFopdate. Fufthermorc, thc Ministry has msde such other investigations and rcviewed such eatters of law as the Minisrry has coosidcrcd relcvad to the opinion expressed hercin. と ・ メ,″ つ・ 25 イ Thc MiDistry has assqBed (i) thc gcsuinclcss ofall signatuEs (excspt the Bolrowe! and tbe NatioDrl Balk of Georgia) aod tbe conformiry of all c.pics to originals, (ii) tbc capacity aod povrr to ertet into thc Ag€cment of, ,!d thei! valid authorisatiotr ard BiBaiDg by, each Party otber thsD the Borrowcr aDd National Bark of Georgia and (ni) the validity, bindiog effect and eaforcelbility of the ABreemeDt on each Party undcr thc la1ls ofEnglard. Tems used and not delined in this opiniou shall have thc meaniDg se1 out in thc AgrcemeDt alrd i! thc MoU. This opiaioE is liEited to Georgiatr law as it stdrds ai the dde ofthis opinion. Subject to thc forEgoing, tbe Midsty is ofthe opiliotr tbd: 1. With Espcct to the laws, Ieguldiols aod legally biDdilg decisions currcntly in force in Georgia, thc Bonowcr is by thc cxecution ofthe Agteet rcd by [Dselt ,lanel, validly aDd irevocably commited to fulfil a]l of its obligatioDs undcr it. 2. The Borrowcr's exccutiod, daliycry and pcrformanc€ of the AgreeEetrt and thc MoU: (i) have been duly authoriscd by all nccessary coiscDls, aclions, approvals aod aDltrorisa.tion$ and (ii) havc Dol violated any applicable rrgulation or ling of atry clEFtc[t autiority o! ady idematiorlal agreement or treaty binditrg otr it 3. Nothing in rhis Agrcemldt oontr6vcnes or liEits tbe rights ofthc Borro1*€. to makc puEctual and efrective psyEictrt of atry sum du€ for the priDcipal, interest or other charges urder the Agrcmenl 4. Thc AgrerEed aad thc MoU are io propr legal form rmder Georgi.n law for eoforceEetrt agaiDst the BoEow€r, The enforc€oest of th€ Agreement would not be conbary to E rdatory prcvisioN of G€oryi& law, to thc public order of Georgia, to intemaliona! tlcaties or to gcncrally accepM principlcs of intemational law bioding oD lhe Borowcr. 5. It is oot necessary iD order to €nsurc lhe legality, validity or elforceability of the A8r€e@s!i ad the MoU that they be filed, recodeq or eftolled with any coufl or aufholity in Gaorgia- 6. No taxq!, ddies, fees or other charycs iEpo-s.d by Geolgia or any taxilg au0o.ity lhsreof or the.eia are payable in conncctior with the cxecution atrd delivcry of the Agr€eEeot ald with sny !6yrent or Eaister of prilcipal, hlercst, coEEissions etd other surns due rmder tlc Agr€elllcnt. 7. No cxchaage co!tsol authorisaiions arc rcquired ar]d tro fees or othEr coomissioa arc to be paid on ihc lraDsfer of ary surn due undcr the Agreement. 8. Thc signatue offte Agtem€ot ard rhc MoU by ciorgi Kadagidze, president of the NatioDsl BaDt of Georgis, lcgdly and validly binds rlrc NatioDal BarI ofGeorgi& O,L ,(1, 26 Thc choice of Eoglish law as govcltriDg law for the AgeerEed is a valid choice of iaw biading thc Sorro.e,tf, and the NatioDal Bark of Georgia in sccordance with Georgiso law. 10 Thc Borroqcr has legally, cffectively and irevocably subEiBed to the exclusivc jurisdiction of:hc Court of Justicc of the Europea[ Union in coDflection with the Agrteloeot and any judgcmedl of this coun may be cDforc€d in &c courts of Gcorgia- Ncither flrc Borrowcr Dor any of its property are immune on the grounds of sovereigEty oa othc.twise from jurisdiction, attachmeaf - whet]Ei beforc or after judgemcot - or execulion in lespect of aoy actioE or Focecdisg relatiag to thc AgEeEent 11. Tle AgreeEeot ad tie MoU on excc1rtion co&ply witl all domcstic ConstitutioDal rEqEhcrBalts fot ihc Agrrcm.ot add the MoU to be opcrative as I Ed.r of Ccorgie law a.ud biDding on Georgia ad the NatioDal Bank of Gcorgia and have been i,l accordsDce with GeorEie legislation [r'nseri rcference to national law7. The AgeeEeat and the MoU havc b.cn validly raiified in accordanc.c with the plovisions ofthe [r'rr.rer, rcleftnce to nationol larel. 13 h cotrclusioD, the Agreetrlq and the MoU have beatr duly exccuted on behalf of the Bono\et' and all thc Bolrower,s obligations in rclation to the Agr!.rnent atrd the MoU !rc valid, biadiDg atrd eoforccable in accordance wilh th€ir ferEs ad Eothilg firdler fu rcquLcd to give effect to the s.me. ]dinistcr ofJustice o.L. A.y. 27 AITINEX 5 LIST OF CONTACTS For the Lcnd.i Eruopean Commission Directorate Gcncral Economic aDd Fi!&cial Afiairs Unit L-4 'Bormwing, lendi!& accorotitrg aDd back ofice. AtteDtion: Head t - ofu L2920 Lu€mbourg Tel.: (+352) 4301 36372 fax: (+352) 4301 33459 SWFT BIC: EUCOLULL For 6€ Bormwcr: MinisEy of Finarcc ofGeolgia V. Gorgasali str Nl6, 0l l4 Tbilisi, Georgia For tbc dedio! ofPublic Dcbt atrd ExtrrDal Fi nchg Depstmcnt Tel: (+99s) 32 2261430 Fax (+99s) 32 226 2421 E-Bail: publicdeb@Eof.ge With copy to: National Badk of Ccorgia Sanapim sf. Na 0l 14 Tbilisi, ccolgia For the anrotiotr of: SFciatizcd Gtor{6 and Supervisory policy Dcpartucnt Tel.: (+995) 32 244 6120 Fax (+995) 32240 6577 E-qail: info@b8.gov.ge SWFT BIC: BNI.NGE22 /1 , t-tlL ,L f ,.. ' 23 ― MACRO‐ FINANCIAL ASS:STANCE ― FOR GEORGlA MFA GRANT AGREEMENT BETWEEN THE EUROPEAN UN10N (as Gra,lor) AND GEORGIA (as Grantee) and National Bank of Georgia (as Financial Agent of Grantee) / THE幽 捌 論 ｀loN轟 OEORCIA ‑ 。 田 ¨ ・ r"呵 'ご 詰 よ 庶 ぶ 織 覇 器 計柵 鋼誡違 馴 C 欄獅粥顎轟l鳴i櫛鐵榔h曝蠅鋭》 I or L2tr. tt.o!.zotl,p.ts. llι /2)と ′″ ′ ク n' r" of th' 'I!. CoDmittioD sbail El,lsfcr $' MFA Orld lEdl to U' Gl[o sccount Dcurchc #"Effiil- ir"roo.r el,,k or o-'sio thlow6 ltrilimcdisrv Banr: ffiHi'Jffiffi$*.tr#mlgmsffi;;ll tu'tl #il.'t;;;ion;ll t"r.r="q"fri-r"f E'!k llc ti! o m '!'oudndd -,*, om'ciaisr'itld'Dt on d'c Einsrc' or the loctr rmA si ,'l.1o Ndio'al ol GcorgrL paytrletlt by th€ tllc coEy iDto forc' of thi! MFA Gralll Agr'cmcnl' b. 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