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EXECUTION COPY (Operation Number 3 7560) LOAN AGREEMENT (Kobuleti Wastewrt.r Projcct) between GEORGIA ard EUROI'EAN BANK FOR RECO NSTRUCTIO.\* AND DEvE LOPI\IENT Dated 27 June 2008 TABLE OF CONTENTS ARTICLF I - STANDARD TERMS AND CONDTTIONS; DEFINITrONS..................2 section t.01. Incorporation of stan -d -.'"-..-:.. .. . Section 1.02. Defilitions......... " '.. ... .......2 section ro3. l"t",p;;ili"r:...: T"*;;;t;;i,b; " .... . , ......................................4 ARTICLF [ _ pRrNcIpAL TERMS OF THE LOAN. . ...._........... .... .................. ....... 4 Section 2.01. Amotrnt and Cunencv .. ........4 Section 2.02. Oth* Fr;;,rt ""......... ...........4 Section 2.03. Dr"*d";;..: secrion 2.04. iJ#s --.-..: eutr,o.ir"a-i"pr"r"i ' ....::....:...:......:..........:....; ARTICLF III - EXECUTION OF TIIE_PROJECT..........................................................5 Section3.01. other Affirmative proj."t :...:...........:...:.:....:... 5 c";;i; . .. ARTICLE rv - SUSPENSION; ACCELERATION..................,..... ..-............................7 Section4.0l. Sumension Section 4.02. e*.1er"i", .iU"ri.y.........................-........ .'. .... .. ..... .. .... 1 .................................. 7 Effectiveness............ ......,......................... 7 .................................. 8 to Become Effective.................................. 9 ARTICLE VI - MISCELLANEOUS,.,. Section 6.0l. Not,""r..- " -.-:.... SCHEDULE I _ DESCRIPTION OF .. ........ . .. .....9 '.....'....'..'''...'..'.'.'''.'',' .'.... 9 THE PROJECT...............,.... ................................ SCHEDULE 2 - CATECORIES AND DRAWDOWNS.................................................2 (i) I I,O.$'AGREE\IE\T AGR.EEIIENT dared 27 June 2OO8 berween GEORGIA (the ,,Borrou,er,,) ErrRopEAr- BANK FoR REcoNsrRUCTroN m,n oi:Glopiinnr and r,r," "Bank). PREAMBLE r*}IER-EAS, rhe lbster the tra^iti and en'epreneuri to and applling economlcs; specific projects to j"*[:T::"#l: -Lo tipafly democracy, ptura[.m WIIER-EAS, the Borrower intends to implement the project as described in Schedule I wtich is designed to assist in the improvement of wastewater rvruntctpallly tn Ueorga; -a.t"t sewices in ihe robureti wrrEREAs, the Project will be carried out by Kobureti rskalkanali Ltd., a limited Iiability company organised and exrsting under the laws of C"o.gra _a oileO Uy tfr" Kobuleti Municipality (the ',proJoct Enrity,,), with financial Lsistance from the lrorTower: \IIIEREAS, the Borrower and the.project Entity have designated the Municipal Developmenr Fund of Cieorgia (',MDF',) a.rttre projeci lmplemena;,i;;g;;;y; WHEREAS, the Borrower, the Kobuleti Municipaliry and the project Entiry have requested assisunce from rbe Bank ir finan:ing the projict; the Project Supporr Agreement (as defined betow), the ,ll.l-1.hasroundenaken \ooutetr Muruclpality 10 provide the project Entiry with XIYI,S, support to successfully implement th€ prcject; ]1qEREAS, qranr Dasrs lo rhe Bank is in the process of arranging technical coop.ra..rn funds on a ass'., in implementing certain parts ofthe projecl; WIIEREAS, amount of the terms tEl ('MCc"'l will p'r:vid-e a grant in the us and ,,Milre*ium challense ceorgia crant \TITEREAS, the necessary lrnancing of pan I of the project, subjcct to between MDF and Mcc (he Ag#:fli:-*t o,,Jil;;#;i to the Netherlands Mini p,"s*,,","". rn the amounl ofEUR I,g14,000 llfJ:[h1"":HHij; projecr.iublecr I ofthe ro the terms and conditions to be set fonh in an agreement i"* ana., " represented by ORET, and ceorgia (the .,O "."',frl'f.i"if,*f -Et Crairt egreementr;;- \lllEREAS. rhe Bank has agreed on rhe basis o[, intet alia,rhe foregoing lo make a loan to rhe Bonower in rhe amount of ELIR 1,500.000, *U1".r ro'if,". t"rm, *o -; conditions set forth or refered to in this Agreemert and in the project agreement dated the date hereof between the Project Entity and the Bank (the ,,project Agreement', as dcfined in the Standard Terms and Conditions) NO\t', THEREFORE, the parties hereby agree as follows: ARTICLE I - STANDARD TERMS AND CONDITIONS; DEFII-ITIONS Sectioo 1.01. Incorporation ofStaudard Terms and Conditiotrs All of the provisions of the Bank,s Staldard Terms and Corditions dated I October 2007 are hereb), incorporated into and made applicable to this Agreement with the same force and effect as if they were fully set fo h herein subject, however, to the following modrfications (such provisions as so modified are hireinafter called the "Stardard Terms and Conditions,,). (a) Section 3.05 of the Standard Tems and Condirions shall, for purposes of this Agreement, be modified to read as follows: "Sectiotr 3.05, CoEmitmenr Chrrge aDd FroDt-Etrd Commissiotr The Bo[ower shall pay to the Bank a comnitment charge at the rate specified in the f-oan Agreement, payable otr the total of thc Available Amouni plus any amount.of the Iran that is subject to a Rcimbursement Commjtrnent ald is not yet drawn down. provided thar the Commitnent Charge payable on the amount ofthe Loan subject to an unconditional Reimbursement Commitment shall be 0.5% per arnum greater than the rate of the Commitment Charge specified in the l,oan Ageement. The Commitnent Charge shall accrue Aom the date otre hundred and Nenry (120) days after the date of the Loan Ag.eement or, in tle case of Commitment Charge payable on the amourt o] th" loan subject to an unconditional Reimbursement Cornmitment, from the date of issuance of such uncoDditional Relmbusement Conmitment, and shall accrue and be calculated on the same+asi+{s jnterest under Se.r:on j_lJ4(b)(il)_- The CoEmitmont Chargc shall be payable ou each hterest payment Date (even though no hterest may be payable on such date) commencing on the first hterest pa),ment Dare followint the Effective Date." Secaionl.02. DefinitioDs Wherever used in this Agreement (including the preamble and Schedules), unless stated otherwise or the context otherwise requires, the terms defined in the preamble have the respective meanrngs given to them therein, rhe terms defined in the Standard ferms and Conditions have the respective meanings given to them therein and the ,ollowing terms have the following meanings: t- "Borrower's Authorised RepresentatiI/e" Eeans the Ministry of Finance of Georgia and any person duly authorised by the I{inister ofFinance on behalfofthe Ministry ofFrnance and duly Dotified to the Bank. "Corporate Developmenl and City Support Programme" or "CDCSP" means a programrne designed to provide support (i) to the Project Entity to eDhalce its finarcial, operational and managcrial performance and (ii) to the Kobuleli Municipality to facilitate its compljarce with its obligations set forth in the Project Support Ageement. "Fiscal Year" .GEL" "On-Lending and Guarantee Agreement" "Priority Inveslment Programme" or "PIP" "Projeci Inplementation Agency" or "PIA" means the Borrower's fiscal year commencing on 1 January of each year. meam the lawful currency ofGeorgia. means the onJending and guarantee agreemellt to be entered bto among the Project Entily (as borrower), the Kobuleti Municipality (as guarantor) and the BoEower (as lender) pusuan( to Sectiou 3.01(a), in form and substance satisfactory to the_ Bad! as such onJending and guarantee agreement Eay be anended from time to time. means the investment programrne for the project which will include the frnaucing of the wastewater collection rehabilirarion atrd wastewater treatrnent in the Kobuleti Municipality Eeans the project the Bonower for essist {he Prcj€ct admini st-ation of rhe lyoject. "Proj ect Implementation Plan" means lhe project implementation pla.n aftached as Schedule 1 to the Project AgreemEnt. "Project Support Agreement" "Statutes" Eeans the agrceme[t dated on or about the date hercof betweeD the Bank and the Kobuleti Municipality providrng for certain support uodenakings by the Kobuleti Municipality, as such agreement may be amended ftom time to time means the founding acl ofrhe Project Enlity. Sectionl,03. Itrterprctrtion ln this Ageement, a reference to a specified Aiicle, Section or Schedule shall, except where stated otherwise in this Ageement, be construed ?rs a reference to thar specified Article or Section of, or Schedule to, this Agreement. ARTICLE II - PRINCIPAL TERMS OF TIIE LOAN SectioD 2.01, Amoutrt atrd Currercy The Banli agees to lend to the Bo[ower, on the tems and conditions set forth or refened to in this Agreement, the amount ofEUR 1,500,000. Sectiotr 2,02. Other Financial Terms ofthe Loatr (a) The Minimum Drawdoum Amount shall be EUR t00,000. @) The Mimmum Prepayment Amount shall be ELIR 200,000. (c) The Minimum Cancellatiotr Amount shall be ELrR 200,000. (d) The Interest Payment Dares shall be 25 May and 25 November ofeach year. fc) (l) The Bonower shall repay the Loan in 24 equal (or as nearly equal as possible) semi-arutual instalments on 25 May and 25 November of each ye., *ith the iist Iran Repalment Date beiDg 25 November 20l l and the last loan Repayrnent Date being 25 May 2023 (2) Notwithstanding the foregoing, in the event that (i) the Borrower does not dra\[, down the entire Iran amoutrt pdor to t}Ie first Loan RspayneDt Date specified in this Secrion 2.02(e), and (ii) fte Ba.ok does not extend the Lasr Avaitability Date, then the amounts allocated above for repa),ment shall be rcduced prq rata. Furthemore, in the event th,t (0 the Borrower does not draw doun the eniue Lc.ur amount prior to the hrst l,oan Repa)ai,ent Date specjrJ.i+this Section 2.02(c), and (ii) rhe Bank extends the Lasa Ayailabiliry Dati specified in Section 2.02(f) below to a date which falls after such filst Loan Repaymenr Date, tlen the amount of each drawdo\4r made on or aftsr the fust Loan Repayment Date shall be allocated for rs!,alment in equal amounts to the several Loan Repalrnent Dates which fall after the date of such drawdown (wi[r the Bank adjusting the arnounts so allocated as ne.essary so as to achieve whole numben in each case) The Bank shall, from time to time, notiry the Borrower of such allocations. (0 The Last Availabihly Dare shall be 30 September 2Ol l, or such later date rhat the Bank ma, in its discretion establish and notrfy to the Borrower. (g) The rate ofthe Conrnitment Charge shall be 0.52o per annurn .1 (h) The LoaD is subject to a Varjable hterest Rate. Section2.03. Drawdowtrs The Available Amount t ofthe time t the provisions ofschedule 2 to b€ made) in respect the Project, and (2) rhe Fronl-end Commission. Sectiotr r4ade works 2.(M. Authorised Represetrtrtive for Drawdot rs jr.o]"", Entiry and the Executive Direcror of MDF (h its ^"-"^I.-P,r1gr of:f.,6. the PIA) arc joiDtty (ard Dol itrdividualy) desiFared as rhe :ae::lry :s.hTd t orrower's Authonsed Represenlative for the purpose of taking any actiJn required or permitted-to be taken under tbe provisions of Seciion 2.03 anaLa"r ti,. - - prouisions of Sections l.0l and 3.02 ofthe SlaDdard Terms and Condition.. ----' ''- ARTICLE III . EXECUTION OF TH.E PROJECT Sectiotr 3.01. Other AJnrEative project Coy€trarts ,In.addition to the general undertakings set fonh in Anicles IV ard V of the standarc I erms and Condilions. t-be Borrower shall, unless the Balk other*rice ag.ees: .. (:l a-vailable lo the froject Enrity, pusuatrr to the On-lending arld Guarantee l": Agreement, the proceeds ofthe Loan on terms and conditions acceptabli to the Bar*; arartee Agreement in such marutet and the Bank, to comply with the the purposes for which the l_oan is . {c) aor, +xcept-es-{s.-Bao,lcot}rarvise agees, arsign, am.Eq=abisgalor_{€rEaate or warve any provision of the On.lending and Cu"r-t"a-A.gr""..ni; to perform aI of its obligations under the project lo]-"-::::,I-: Toj*r...E"iq Agreerrenl.. rnctuding wirbour limitarion its obligations relarirg ro: (l) the appointment of a project inplemenration agency as provided for in Section 2.03 of the project Ageement; provided for for purposes : rr',fl:";:::fi the,Bank. otherwise agrees! govem procrucmen! :1111.:1._Tl Enury ol goods. works and sewices required for the p;oject and to be hnanced out ur me proceeds ot the l_oan: _= --, (a) goods, wotks and services (other than consultants, services which are included wirhin Section 2.04(c) ofthe project Ageement) shall be procured tluough open rendering; (b) for purposes of Section 2.04(a) of the project Agreement, the procedues for open tendering are set out in Chapta 3 ;f the EBRD Procuemenl Rules; (c) consulrarts to be employed by the project Entity to assist in the carDrng out the project shall be selected in accordance with the procedures set oul in Chaplcr 5 ofthe EBRD procurement Rules; and (d) all contracts shall be subject to the prior review procedures set out in the Annex I to the EBRD procurement Rules; (3) environmental matters as provided for in Section 2.05 of the project Agreement: (4) employment and use of consultants to assist irl the implementation of the Project as prcvided for in Section 2 06 ofthe project Agreement; carrying out of the project Implementation plan as provided for in Section 2.01(aXl ) ofthe prqect Agreement; (5) _ _ (6) prsparation and ubmission ofreports on mattErs rerating to the project and to the Project Ertity, operations as provided for in Section i.07 of the project Agreement; (7) maintenance of procedures, records and accounts, preparation, auditing and submission to the Bank of financial statemeots and fumisir.ing to it" Au* any other relevant informatioD relating ro the projecr or rhe erolectinrityi operarrons as provided for in Seclion 3.01 oflhe projecr AgeemeDl;;d (8) lhe oft cau;e tle liobulcri Suppon Ageemcllr: [11_ . covenants regarding fuancial and operational aspects of t Entity as piovidei for in sections'io-, io: and:.0,r Mu,ii ry to pertbrm a of :l- oUiigar-ionf-r-;., the I-m]-;r ' t lmplemeDtation Agency for appointsnenr by the project n 2.03 of the project Agreement uader teams ofreference (8) undertak iil,l*iiriiiy' fu.ra" ar" "uuir ensure that the e costs and that (' . ARTICLE IV - SUSPENSION; ACCELERATION Sectiotr4.0l. Slspetrsion The following are specified for purposes of Section 7.01(a)(xvii) of the Standard Terms and ConditioDs: (a) the legislative and regulatory framework applicable to the municipal water scnrces sector in the territory ofthe Borrower shall have been amended, suspended, abrogared, rcpcaled or waived in a manner so as to materially impau the ability (in the reasonable opinion of the Bank) of the Project Entity to meet its obligations urder the Project 1^greement and the Subsidiary Loan and Guarantee Agreement; and (b) the Kobuleti Municipatty shall have failed to perform any of its obligations under the Project Suppon Agreement and such failue to perform bas continucd foi a period of thirty (30) days after notice thereofhas been given by the Bank to the Borrower. Sectior 4.02. Accelerxtior of Maturit) The following are specified for purposes ofSection 7.06(f) ofthe Standard Terms and Cotrditions: (a) the legislative and regulatory framewolk applicable to the municipal water services sector in the temtory of the Borrower shall have been amended, suspended, abrogated, rcpcal: or waived in a manner so as to materially impair the ability (in the reaso[able opinion of the Bank) of the Project Entity to meet its obligations under the Project Agreement and the Subsidiary Loan and Guaratrtee Ageement; and (b) the Kobuleli Mudcipality shall have failed to perform any of ils obligations under the Project Suppofi A$eeme and such failure to perform has continued for a period o f iiirty (30) days after notice thereof has beetr given by the Baok to the Borrower. ARTIC!,E v- EFFECTII1ENESS -, Section 5.01. Cotrditiotrs Precedent to EllectiveDess The following are specified for purposes ofSection 9.02(c) ofthe Standard Terms and Conditions as additional conditions to the effectiveness ofthis Agreement: (a) the OnJending and Guarartee Agreement, in form and sub$ance satisfactory to the Bark, has bear executed and delivered and all conditions precedent to its eflectiveness or to the right of the Project Entity to make drawings thereunder, except onl) the effectiveness ofthis Ageement, have been fu16lled; (b) the Project Agreement and the Project Support Ageement, each in form and substance satisfactory to the Bank, have been executed and delivered and all condrtrons precedent to its effectiveness have been fulfilledt (c) the ORET Grant Agreement has been executed and delivered and all conditions precedent..to- its effectiveness, except only the effectiveness of this Ag.eement, have been tulfilled; (d). the Millennium Challenge Georgia Grant Agreement has been executed and delivered and all conditions precedent to its effectiveness, except only the effectiveness ofthis Agreement, have been fulfilled; (e) the Bank shall have recerved satisfactory e\.idence that the project Entitv shall rariffs col tections programme (which programme shall inctude'a plan lrl: 11.]:f9, to rncrementally reduce the receivables of the project Entity to the levels set forth in Section 3.03 ofthe Project Agreement); (0 the Bank shall have received satisfactory evidence that the provision of funds in sufficient to finance any applicable taxes and duties associated with 1"oyt 3 the l,rqecr tntrty s expendin,es project reiared to t}e shau have been included in the aruual budget of the Kobuleti Municipaliry as an amual iUution io tf,. frq""t Enrity in accordance q,irh Sections 2.Olad) oi tt lro.y""t Suppon "ont eg.";"r,, _a " (g) the Bank shall have received satisfactory evidence (as evidenced by the legal opinion.to be rendered in respecr ofthe projecr Lndryl rhat tire prol.cifntiii -.irasfralt trave receiyed all govemmenral authorisarions. aDprouuir, aonr*r. p.ii," ri"*.", necessary for the implementation ofthe project. Sectioo 5.02. Legal Ophiors of Section _9.03(a) of the srandard Terms and Condrtions, the l"_l_. opunon or opruons ofcoursel shall be given on behalfof the Borrower by the Minister ofJustice. ll lrr:*, he Standard Tedns and Conditions, the on behalfofthe project Entity by counsel e specified as additional mahers ro be shed to the Pari : the CmJe4{ing3nrl ea or il'iifi-red ty, and ..xeiu.-ti-da-ma-' . constitutcs a valid and legally bindrng ccordance with its terms. f counsels to be given on behalf of the the Bank shall be furnished on behalf of and substance satisfactory to the Bank, of the Project Support Agreemenr and ttre authodsed or ratified by, ad constitute a valid and legally eable in accordance with their E Sectiotr 5.03. Tern oatior for Failure to Become Effectiye The date 180 days after the date of this Agreement is specified for purposes of Sectio! 9.04 ofthe Standard Terms ald Conditions. Ir is acknowledged that'pursuant to Section 9.01 of the Standard Terms ard Conditions, this Agreemeni shall only b""orn" effecrive on the date upon which the Bank dispatches to the Borrower notice ofthe Bar*'s acceptance of the evidence requircd by Sections 9.02 and 9.03 of tIe Standard Terms and Conditions. ARTICLE !'I - WSCELLANEOUS Sectior 6.01. Notices The followrng addresses arc specified for puposes of Sectioo 10.01 of the Stardard Tems and Conditions: For the Bonower: Georgia Ministry of Finance 16, Gorgasali Sbeet 0l 14 Tblisi Georgia Attentjon: Departnellt of ExteEal Relations Fax: +995 32 446 461 For the Bar*: Ewopean Batrk for Recoostruction and Developmenl One Exchange Squa.re Lordon E!'2A 2.TN United Kingdom A(ention OperationAdministrationUrir Fax: +M-20-7338-6tOO 9 IN \I'ITNESS \IIIEREOB the parties hereto, acriDg through their duly authorised representatives, have caused this Agreement to be signed in English in five copies and delivered at Tbilisi, Georgia as of the day and year first above written GEORCIA B1 I'tiL-a G;la.uri lvlu&tr o+tluatez EUROPEAN BANK FOR R,ECOITSTRUCTION l0 SCHEDIT'LE I - DESCRIPTION OF THE PROJECT and (C) the enhancement of the the Project Entity to monitor the implemenlation of the CDCSP to.such modifications thereof consists of the following parts' subject Projert The -aa ftom time to time: ,h" A-k aIIO at Sorrower may agree upon 2. " Part 1: Wastewater collectiotr and treaElent Pat12: Inplemsntation of the CDCSP' 3. The Project is expected to be completed by September 201 l ' I I SCHEDULE 2 - CATF:GORIES Lf"*1",:,H["]:.,#;Y;tf AND DRA\TDOWNS ,"#:"f#",[ ;"J:::ff:;,T il:-H:Ii: a 2 H AttachmeDt to Schedule 2 Amount of rh€ Lo.n Allocrted itr the Loen Curr€trc] (l) Work for pan I P€rcentege of Erp.Dditures ro be Finrnced Up to l0O% ofcotrEact value cxcl Tax. (2) Front{Dd Cormission