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.:: i:!kfw rn{0!tsi*.6liBl1lnd.@{ffiab Konsiantin6 Kintsurashvili Ministry of Financ€ ol Goorgla 16 Vakhtang Gorgasali Strest 0't't4 Tbilisi Gsorgia OirEl: Phdx: FE E{rd: o.u (,@/ASF +48 €g 7€r.i065 +aa ae 7€i-2!L, .ln FrqtYid. oa{:}201t Fln.ncl.l Coop.Etlon bctw..n G.orgla and G..many Rchlbllltltlon ot Munlclptl lr t .tructur. facllltlar ln Brtuml - Ph... lll Dear Sir, Refenlng io thg abova-montioned Prcject and ths rclated Agreements to b€ slgnod, we would liks lo confirm tha follo*ing: - Lo.n A0ralmont ]!t r.nc. Adlcla 4'2 The maximum ceillng rat€ to b€ inseded in lhis article will bs communicalsd on€ w6ok p o.lo the slgnlng of the Loan Agreemenl. As ol today it would bo approx 5 5 % p a. - Rorldu.l Cr.dft Gu.r.nteo Fund Ag.o..n nur.t r.nc. Arilclc 3.2 With r6g6rd to iho procsduro oflransfsrral ofthe oxistlng USO denomlnat€d contribution inlo EUR oui lrsasury deparlm€ntwill porform tho transactlon takjng lnto sccount tho most favourable mark6t ralo pGvailing at lho partlcular time of @nvorEion by @mparlng avallsblo martsl.ates accodlngly With b6sl rggards, Kfw v\ Eva witt First Mco Presidont ..tii rir . ,rE .-!. , EF e-,!{t .rrfid(llr*'.r &.rLl, or, u$ t r't l\tli!€. D. @i? rr,!r D rk'r ftrc-r b Lorn Aoraamant Oated 't Be ol Augusl 2ofi between KtW, Frankfurt am Maln (,,Kftir,) and Repres6nt6d b;;:'Jlnr"try or rin"n"" (,,Borrow.r") EUR 20,;o;,ooo oo . Rehablllta on ot Munlclpal lnrra-structur. (Wat6r supply and ieweragr Faclll es ln gaiuml _ phase lll taitzrl'"jo?"0:lT'3',Jlisunoundinsvirrasls) Contents Preamble 1. Loan 2 3. 0isbursement Fees 4 lnterest 5 Repayment and prepayment 6. Calculations and payments in general 7 Risk Pariicipatlon 8 Nogatrve ptedge and parj passu I Costs and public charges 10. Special obligations 11 Reasons tor tarminalion 12 Representation and statements 13. General provisions Annexes Annex 1 Disbursemenl schedule ,/a, Proamblg The basis for this Loan Agreement is lhe agreemenl slill to be concluded between the Government of the Federal Republic of Germany and tte Goremment of Georgia on Financial Cooperatjon (,,Govehmenl Agreement"y. The Bonower iniends to rehabiritata municipar infrastructure facirities rn and surrounding viltages for the purp_oso Batumi of improving tte wate, suppiy, sewerage situation (Batumi _ phase lll, hereafter the.project,). s Fedoral Republic of Germany will provide interest rate a loan fo and provisions or this roan,n,""J,illff 1:'":l ::,:}Tfi :fft,i""'i:;T: agreomenls th€reto. The pr€sent financing agreoments sxtended Loan Agreement is pari of a package by KrW for. tf,e aOou" menf The Projoct wiI be carried out i";;;;, of toan and b t,:::o"n Asoncy,,), ;;;;^;; r;ir["::::::::ifl of Adjara, represented by its ,tXH:::lffl"r"; [Iinisrry o, Finance ,rO r".ron",o," aurhority for investments outside th€ authority of Batumi and with financiar assistance from the Borrower. The terms of the Loan comply with the oEcD requiremenrs appticabte on te ,;-'11.-10',1t"" date of signing of this Loan Agreement for re.^d^iii^^ recognition as Otficiat Oevelopmenr Assistance =*r"r, ,"liJ lOOni This Loan Agr€ement is an integral part of the following co_financing . a financial contribution amounting to up to by KM to the Borrower in a 'FinancingAgrsomenr"), sources: EUR g,OOO,OOO OO to be granted separatefinancing agreement (hereafterthe ' a tinanciar contribution amounting to up ro EUR 4,ooo,ooo.oo to be made available by th6 Commissron ot the European union through Kfw by a separate financing agreement (hereafter the 'lmplemontlng Financing Agreoment"). . a financial contribution resullin c red, ua ra nree r, - .;-,",["ti:[',TJ;::: L:,J[:il i[ '",j;T Agresment,,; BMZ tD 2OO1 66 3S5) amountinn ," ,rrr",,rrj", ar* 6,000,000 0o G . A local contribution by the G€orgian side which includes, among olhers, a contnbution amounting to at least EUR 5,000.000.00 (hereafter the "Local Contrlbution") as specifled more precisely in the Separate Agreemenl The ProieclExecuting Agency, the Governmenl of the Autonomous Republic of Adjara represented by its Minisiry of Finance and Economy, Municipalities located in the Projecl area (as defined in the Separate Agreement) and Kfw shall determine the details of tha Project, the goods and services to be flnanced from the Loan as well as from the other co-financing sources, lhe disbursemenl and pro- curement procedure and any further details as specifled in this Agreement by a "Saparata Agreemant". On the condition that KfW's claims arising from this Loan Agreement wrll be partially covered by an unfunded risk participation covering 80 % of KfvV s risk arising oul of and in conneclion with this Loan Agreement by the Black Sea Trade and oevelopment Bank (hereafter the "Untundod Risk Participation"), which shall form a condition precedent for the disbursement of the Loan, Kfw affirms rts wrllingness to llnance the Project in accordance with lhe following provisions: /y' Loan Amounl KfW will extend to lhe Borrower a Loan not exceedrng a total of EUR 20,000,000.00 (the "Loan,,) 12 Loan purpose. The Borrower shall channel the Loan to the Self_Governtng as defined rn the preambte), in accordance with the conditions set fo(h in Article .l 4 The Borrower wilt ensure thal the projecl_Executing Agency will use the Loan exctusivety to finance the rehabilitation and extension of the water supply and wastewater system in Batumi _ phase llt ("proj€ct, as defined in the preambte) and ptimariry to pay the foreign exchange cosls The projecl-Executing Agency, the Government of the Autonomous Repubtic ol Ad)ata epre_ sented by (s Ministry of Finance and Economy, the Municipalities tocateO in the Project area (as defined in the Separate Agre"mentl and KfW wi define the detaits of th6 project as well as the goods and services to be fi_ nanced from the Loan in lhe Separate Agr6smont. Cily of Batumi ("project-Execu.ng Agency,, 13 Taxes, charges, imporl duties. Taxes and other public charges to be borne by lhe Borrower or the proiecl-Executing Agency as well as imporl duljes shall not be financed from the Loan Chanoelling ol the Loan lo lhe prcjectExecuting Agency The Borrower shall channel the Loan in full to the pOect-Executing lending agreement. The terms an menr shail be in conrormity -* Agency under an on_ :'#,'#i.",:,:',tr:tff; ^:,:::';t':::The channe ing be complied with prior to first disbursement. of the Loan shall not constrtute any liabitity ot the proJect-Executing Ag"rr-"y to ffW ro, payment obligatlons under this Agreement Onlending agreement (channelling of the Loan). The on-lending agreeshall conlain a.egutalion on fne fi,ian"_ ing of VAT payments to be borne by the Georgian .la" pnol. fo tne ftrst disbursement from the Loan, lhe Borrower shall send Xfw a cerlfieO transtalion of lhrs on_lendrng agreement Thrs on.lending agreement rs sublecl (o prior aporoval of KfW ment specified in Article .t 4 hereof 'l Oisbursament Requesl for disbursement. As soon as all conditions precedent lo disbursement pursuant to Article 2 3 are fultilled, KfW will upon request of the Projecl-Executing Agency disburss lhe Loan in accordance with the pro_ gress of the Project and on a strict pari passu basis wilh disbursements from the Financing Agreement and the Residual Credil Guarantee Fund Agreement ln case of non-disbursement under any of the aforementioned Agreements disbursements under this Agreemenl shall be equally suspended. Subject to lhe aforementioned, disbursements from the Loan wfl be effecled in accordance with and wilhin the maxlmum semi_annual ceilings defined by the disbursement schedule to be set up in the Separate Agreement, an indication of which is contained in Annex .t to this Loan Agreement. To lhe extent lhe Bonowsr requests disbursement from the Loan of lower amounts within any half_year the undisbursed amounts may be requesled tn any subsequent halt_yea, period. With the exceptton of the last disbursemenl, Kfw is not obllgated to etfect disbursements in an amount ol less than EUR 200,OOO OO Deadline for rcquesting disbursement. KfW may deny disbursemenls after Oecember 30, 2017. Conditiens Precedent to Disbutsemenl. Kfw is obligated to make dis- bursements of any amount under this Loan Agreement only upon fulfilment ot the following conditions precedent in a form and contenl acceptable to Kfw: a) the Borrower will have demonstraled by presenting a legal opinion salis(actory lo KfVv and by presenting certified copies (each with an officrat German or English lranslation) of all documents to which Ihis legal opinion refers thal the Loan Agreement is legally valid, binding anO enfor""_ able against the Borrower (including. for the avoidance of doubt, a stalement regarding Kfw,s exemplion from all taxes on income,rom nterest, charges, fees and similar costs) b) lhe speomen signalures menlioned in lhe Bolrower) have been submitted: Arlicle j2 1 (Representahon of t,, -7 - c) the Unfunded Risk participation eftecl without any reslriction; as mentioned in Arllcle 7 is in force and d) the Separate Agreement. the Financing Agreement, the Resrdual Credtl Guarantee Fund Agreement and the Implementing Financing Agreement have entered into force and effect and their conditjons precedents for disbursement are futfilted; e) rhe Borrower has paid the managemenr fee mentioned f) no reason for termination has 9) no extraordinary circu6slrn, /eopardise the implemenlatior rn Articre 3 2i occurred or is threatentng and s have arls€n that preclude or seriously Ji##"J;,:Jrl""":,ffi::l"r recr, or the perrorm a nce ",,l Bonower under this Loan Agreement, Prior to disbursement from furlher documents ano the "r,,"n"" Separate Agteemenl. tn the i[ Kfw has the right to demand such !o1.n as il reasonably deems necessary. Sepa Agency, the Govemment o, the A sented by its Ministry of Finance a the Proiect area (as defined in separate Agreement) and Kfw will specify the disbursement o.."oln" rncluding specific conditions orecedent to disbursement, in particurar 1 ,ln,,.o.,or*reero;ect-exelur;JT#f quested Loan amounls Agreement i::,,i"t"r'"'l#ill'iri,t:;- are used for the ,*roa" aU*,r,"d ,r,*,a, ,*, Waiver of disbursemeat Subject to the fulfilment of ils obligations under Article 1O lhe Borrower may waive the disbursemenl of undrsbursed Loan amounts with lhe consent ol KfW in acceplance compen.",,on r,,rrrn,',iT::J:: 'uo:ffj.i,,fflr"j [ -" Nan-acceptance compensalion roan amount, or if a Loan ll t I Borrower waives disbursemenl oF a arornt ,s nol drsbursed at all or is by the deadline slated rn Arlicle nol drsbursed 2 2 For olher reasons lor,"\hich KM.t .an- l nol be held accountable, the Eorrower will promplly pay to Kfw upon its request such amount as is necessary to compensate Kfw for any losses. expenses or costs incuned by Kfw as a result of the non-acceptance of the Loan amount in question. Kfw will calculate the amount of lhe nonacceptance compensation and communicate il to lhe Boffower. Feos Commitment lee. The Borrower will pay a non-refundable commitment fee a. on undisbursed Loan amounts. The commitment fee will be ol 0,25 6/o I computed for the period beginning with the elapse of a three-month period following lhe signing of lhis Loan Agreement and lasting until such date the Loan has been disbursed in full, or fully cancelled, as the case may be The commitment fee is due for paymefll semi-annually and in arrears on 30 June and 30 Decemb€r of each year (each a "Payment Oat€"). lt is first due for payment on 30 Oecember 2011 but nol earlier than the Payment Oate following the day on which this Loan Agreement enters into force and effect pursuant to Articlo 13.11. Managemenl /ee. The Borrower will pay Kfw a non-refundable one-lrme lump-sum management fee of 1 % of the principal amount of the Loan slated in Arlicle 1.1 The managemenl fee becomes due al the earlier of the following dates: (i) prior to the first disburssmenl under the Loan or (ii) after expiry of a lhree- month peflod after lhe signing of this Agreement by Kfw or upon elapse of a one-month period after the entry inlo force and eflect of this Agreement (whichever of lhese due dates stated under (ii) occurs later) Once lhis Agreemenl has been signed, lhs management fee will fully accrue regardless of whether the Loan will be disbursed in full. or at all 9lnt€rest The Borrower shall pay to Kfw interest at a rate determtned as follows; Determination. The Borrower shall pay interest (hereafter the "Fixed lnterest Rato,') ing Oays after having received notice on the Loan at a rate determined by KfW within five Bank_ of the Borrower that ffrls agreement has been ratified by lhe Georgian parliament. KfW shall notify the Borrower of the Fixed lnterest Rate promplly. Maximum Rale. lf the Fixed lnter ,";::,::i,i""tffi,T[Ti'lffii; 41 exceeds rhe rare or 5,s% not fix the Fixed lnterest Rate and this Agreement shall not come into forca ind effect unless the parties agree drfferenfly in ,riting. ii, ti," avoidance of doubt, the Borrowe| manasement fee (Arricre . r, ,, ;H:-11';1::J:H::ir#,i: fiil: 2.6) lf the Fixed lnterest Rate does not exceed be binding for both parties upon fixrng the Maximum Rate il will by Kfw. Fixed lnterest Rale. The Fixed lnterest Rate shall apply untrl the tast re_ payment instarment according to lhe Repayment schedure as o"rineo in Article 5.'t has been received by KfW. carcuration of interest and interest payment bursed Loan amount will be charged from the respective Loan amounr rs paid dates. The interest on a dis- the date lexctusivetyy on wnicn out of rhe Loan account herd with Ko, for the Borrower until the date (inclusively), on which the r"payments are credited to KfW,s a numbet, time ot cred,insr,"".., tii'll Article 6.1 (Catculation). lnterest wi oates (as defined in Articre 3 .,, ..r""i,r" :t"','""r:rll^,: " ::":r:"nffif ou paid in arrears on the Pavmenl Repayment and PrePaYment Repayment schedula The Bonower will repay the Loan as follows: :i,' \ 869 000.00 EUR 0ecember 30 869.000,00\EUR 2l June 3 December 30, 4 June 30. 5 Oecember 30, 2016 2017 6 iJune 30, 2018 I December 30. 2019 2020 2020 10 June 30, 11 December 30, June 13 December 30, 14 Juno 30, 15 Oecember 30, '16'Jun€ 30 | 202,1 17 iDecember 12023 2024 30, 18 June 30, 19 December 30, EUR EUR 7 December 30, 30, EUR 202',| 2022 2022 2023 201 June 30, 21 Oecember 30, 2025 20251 22 June 30 2026i 23 Oecember 30, 2026 EUR 869.000,00 EUR 869 000,00 869 000.00 869.000,00 EUR 870.000,00 EUR 870.000,00 870 000,00 870.000.00 EUR 870 000.00 EUR 870.000,00 EUR 870.000,00 870 000,00 870.000,00 870.000,00 EUR 870.ooo,oo 870.000,00 870.000.00 lJndisbursod loan amounls. Undisbursed Loan amounts will be offset against the respective last repayment rnslalment due pursuant to the repayment schedulo unless Kfl/V at its own discretion chooses another offsettrng allernalive in rndivrdual cases. Disbursements after lhe slarl ol rcpaymenl lf Loan amounts are disbursed afler repayment has slarted, the repayment schedule as listed in Article 51 wrll remain unaftected as long as lhe respectrve repaymenl instalment due in accordance wrth the repayment schedule is less than the outstandrng Loan amount lf the repayment rnstalment due for payment exceeds lhe outslandrng loan amouni, KfW wrll deduct the amounl equal lo .11 lhe difference from I e repayment instalment due, divids it by the remain_ der of the repayment inslalm€nts still outstanding, and aOO this sum to each outstanding repaymenl inslalment. KflV .eserves the right to post_ pone taking disbursements into consideration that are made withrn 45 days prior to the respec ve payment Oate for the determination o,lhe out_ standing Loan amou t untjl the second payment Dale following the dis_ bursement Ptepayment. The follo ing will apply to early rep yments: a) Right to make prcpayments. The Borrower may subject to the sub_ an earry repayment wilh respect to a Loan amount provided that such early repayment shall be at least in the amount of one repayment instalment pursuanl to Anrcl€ 5.1. paragraphs (b) to (e) berow etfect b) /Vorlce. A prepayment of a Loan amount pursuanl subjecl to notrficatio I of the prepeyment by the to Arlicle 5 4 a) is Borrower to Kfw no laler than on the fifteenth Banking Oay (as defined in Article 13.1) in Frankfurl am Main prior to the intended prepaymont dals. Such notice is ir. revocablej it must specify lhe date on whlch the prepayment is to be made and the amount thereof and obligates the Borrower to pay fo Kn/V the stated amounl on the slated date. c) Prcpayment compensalion lf the Borower prepays bearing interest at any Loan amount a ixed lnterest Rate, the gonower m;sl immedialely pay to Kfw upon request such amounl as is necessary lo compensate for any losses, experses or cosls lncuffed by KfW as a result oi the prepayment Kfw will determtne the amount ol the prepayment com_ pensation and communicate il lo the Borrower dl Amounts due The Borrower will pay the with the prepayment pursuanl to Article following amounts together S4 aa) any prepayment compensation due as a result of the prepavment pursuanl to Artrcle 5 4 c), and bb) all interest accrued on lhe prepard Loan amount up until the date of the prepayment e) Oflsetting Arlicle S 2 |Jnd$bu.I,ed laan mulandrs lo the offsetlrro of nro amoLtnt.J wrli apply mutatrs Revised rcpaymenl schedule ln the event that Article 5.3 (D,sbursemeals allet the start of repaymenl) or Article 5.4 (ptopaymenl) appties, KfW wil send lhe Borrower a revised repayment sch6dule that will become an inte_ gral part of this Loan Agreement and will reptace the repayment schedute valid until such time Calculatlons and paymenls in general Calculalion. lnteresl, lhe commitment fee, default interest pursuant cle 6 5, lump-sum compensation tor overdue amounts pursuant to Arti_ lo Article 6 6, non-acceptance compensation pursuant to Articl€ 2.6 and prepayment compensation pursuant to Arlicle S.4 (c) will all be calculated on the basrs ol a 360-day yeat with 3o-day monlhs. Due dato. lf a y'ayment to be made in connection with this Loan Agreement falts due on a date that is not a Banking Oay (as defined rn Adrcte 13 1) the Borrower must make such payment on the foltowing Bankrng Oay If the fotlowing Banking Oay falls within lhe next calendar month. the respective payment shall be effscted on lhe lasl Banking Day of the then cunent calendar month. Account number, time ol aediling. The Borower will be released from its payment obligations in connection with this Loan Agreemenl if and as soon as the respective amounts have been credited to KfW at its free dtsposal withoul any deduc ons in Euro and no later than 1O:OO am rn Frankfurl am Main to Kfw's account tBAN OE BO 5OO2 O4OO 3108 4546 (/asl dig,?s stand lq lhe GP number) held with Kf!v, Frankfurt am 98 Marn, wilh addilional reference of the due date 'Ref. yyyyMl\,lDO") Shoutd K|l/v notify a new account number lo the Borrower, lhe same shall apply lo pay- ments made to such new account accordingly Counlerclaims ol lhe Borrower The Borrower is not entifled to assert any rights of retention or set-off or comparable rights agarnst payment obliga- |ons under lhrs Loan Agreement unless such flghls are recognised by linal judqmenl or are not berng conlested by KfW Delaull interest. lf any repayment instalments or prepayments pursuant lo Article 5.4 (Prepayment) are nol at the disposal of Kfw when due. Kfw may wrthout prior reminder charge defaull interest at a rate of 3OO basrs poinls p.a. above the Base Rale for the period beginning on the due dale and ending on the date on which such payments are credited to the account of KfW specified in Articte 6.3. This rate must at least equat the Fixed lnterest Rate pursuanl to Article 4 1 The "Base Rate" is the interesr rate announced by the German Central Bank (Deulsche Bundesbank) as base rate prevailing on the respactive du€ date. Such default interest must be paid immediately upon KfvV's flrst demand. Lump-sum compensalion For overdue amounts (wjth the exception such repayment inslalments and prepaymenls as menljoned in of Article 6.s (Delault inlerest) KfW may, without prior reminder, request lump_sum compensation of a rate of 300 basis points p.a above the Base Rate ap_ plicable on the respective dus date tor the peiod beginning on the due dale and ending on lhe date of payment of such overdue amounts The lump-sum compensation must be paid immediately upon Kflv,s first demand The Borrower shall be lree to prove that no damage was in fact lncurred or that the damages were not incurred in the amount as stated. Offselting KfW has the right to offset payments received against payments due under this Loan Agreement or under other loan agreements concluded between Kfw and the Borrower Calculations made by KM. Absent manjfest error KfW,s determinations and its calculation of amounls under lhis Loan Agreement and in connec- lion wth this Loan Agreement shall constitute prima_facie evidence Unrunded Risk participation Prior to the firsl disbursement from the Loan, Development Bank (,,BSTDB,,) and KfW wi Parlicipation (as defined in the preamble) Agreement The unrestricled eFfect^ r,on sha, be a cond,rion precedenr the Black Sea Trade and enter into the Unlunded Risk which wr form a basis to thrs ;:;::::;:.,:i#5'.: :::""","' :.1 " Negativo pledge and pari passu Prolecl Assals. The Borrower may not and the Bonower shall ensure lhat neither the Project-Executing Agency nor the Governmenl of the Autono_ mous Repubhc of Ad,ara pledge, mortgage or alenate the project assels before repayment in full of the Loan without ths prior consent of KfW. pro_ iect assets shall be defined as a) assets purchased from tunds of the Loan Agreement, Finanong Agreement, lmplementing Financing Agreement, Residual Credrt Guaranlee Fund Agreement or the Local Contribution, or b) assets exclusively made available by the Borrower tor purposes of lhe Project (including land rights), or c) assels that are or will become essen_ tialelements of lhe Project, indlspensable for its proper implemenlation, or d) assets that result from the implemenlation of the project. notably intel_ lectual property rights. Pari passu. To the extent permifled by law, the Bono\ryer undertakes to perlorm the obligations under this Loan Agreement pari passu with all its other existing or future unsecured and not subordinated payment obligations Cost3 and publlc charges No deductions or withholdings. fhe Bonower will make all payments under this Loan Agreement without any deductions for taxes, other public charges or other costs. ln the evenl that the Bonower is obligated by la$/ or for other reasons to effect any such deductions or withholdings on pay_ menls to Kfw, the payments made by the Borrower wilt increase by such amount as is necessary in order for Kflrv to receive in full the amounls due under lhis Agreement after such wilhholding or deduction. Cosls. The Bonower will bear all costs and expenses accruing in connec- tion wrth lhe disbursement of lhe Loan. in parlicular remifiance and trans- fer costs (rncludtng conversion fees), as well as all cosls and expenses accruing rn connection with lhe maintenance or enforcement Agreement faxesand othet charges The Borrower will bearall charges accruing outsrde the Federal Republic of lhis Loan taxes and otherpubltc of Germany in conneclron wilh the conctusion and execution of this vances such taxes or charges, the Borrower lay upon requesl to Kfw's account as plies mutatis mutandjs. Loan Agreement. lf Kfw ad_ wifl transfer them without de- specified in Article 6 3 Articte 6 ap_ Spscial obligations Projecl implementation and spectal inlormation. ensure and will ensure that the proJect_Executing a)prepare, implement, operale and maintain The Borrower will itself Agency will the proiect in conformity with sound financial and technical practices and substantially in r""ordrn"" yrilh the project conception agreed upon between ffre ero;ecf-execrfing Agency and KfW; b)assign-the preparation and supervision of construction of the project to independenr, quarrfied consurting engineers or consurtants. ano ttre im_ plementation of the project to quatified firms; c) award the contracts tor the goods and services to be financed from the Loan upon prior international compelitive guidelines for procuremenl and a in the separate Agreement, bidding in line with KfW,s ssignment of consultants as speci'ied d) ensure the full flnancing of the Project quest evidence proving that the ered; and furnish to KrW upon its recosls not paid from this Loan are cov- e) keep books and records or have books and records kept that unequivo_ cally show all costs of goods and servtces required for tfre ero;ecf anO clearly identify the goods and services flnanced from this Loan: f) enable lhe representatives of Kfw at any time to inspect such books and records and any and all other documentation menlalion and operatron o[ the projecl, lhe installations related theretoi relevant fo fire lmpfeand to vrsit lhe proJecl and a O) fumish lo KfW any and all such and its further progless as Kfw information and records on the project may request; h)make the Local Contribution in fu and in due tjme; and i) of its own accord and without delay, ea) fo.wa.d to Klw any queries receivd by the Bonower from lhe OECD or its members under the so_catteO "agreem;n, ar"rr,"O OOA Credits Transparency" fo,owing the awai of rh" -rriff a, the supplies and servicss to be linanced fa, tf," f_oan"onirao. ,nO aoordinate the reply to any such queries with KlW, and bb) notify Kfw of any and a,r circumstances that precrude or seriousry jeopardise the implemenlation, the operation or the purpos-eof the project. Separate Agreemeat. The proiect_Executing Agency, the Government of represented by its Ministry of Finance and Economy, Municipalities loceted in the project,r", 1"" O"ti-n"O in ti,u Separate Agreement) and Kfw shalt derermine ft" O"f" oilrfof"'ro, by lhe Separate Agreement. " the Autonomous Repubric of Adjara Issrslanca of the Borowe. The Borrower shall assist lhe proiect- Executing Agoncy in the imptementatio, of th" p;;r";;;;;;;;;,,^ sound engineering and financial practices and in,i" p"rforrr.*"u if ,n" under the a"O*"," in*"r*, and, in padicutar, granl the project-Executing egency aria,n" *i"rr"", of the Autonomous Republic of Adiara any and all permtssions necessary for the ,mplementalion of the prolect. Project-Executing Agency,s obtigations Compliance The Bormwer will en! that the persons whom ir entrusts with the preparation rno ,rr,"rrnt"" contract for the supplies and servic disbu.sements of Loan amounls d promise or accept ihe promrse of un rn conneclion wtlh lhese tasks Transpotl ol goods. The provisions set forth in the Government Agreethe Borower. will apply to the transporl of lhe goods to be financed from the Loan ment. which are known to Terminaflon Events ol Defautt. KfW (Legal consequences may exercise lhe rights ol an Evenl set forth under Article 1 1.2 s*uresamareriarr""";;r;;;;:;;:."::::r::'i:;::;;:;:IJHI:; events shall each constitute a matenal reason; a) the Bonower faits to perrorm when due; b) obligations under this it s obligations to Kfw Loan Aor R.",d*r c.;;;;r;"* ;;:"*"nt' to make payments the Financins Asreemenr rhe il;;;"li::;:ITj,j::J:,,,T[:'J].:; ns Asreement. agreemenis pertinent to this breachedj c) this Loan Agreement, G or t'oan Agreement (rf any) have been the Finan cing Agreement, the Residual Credrt .. or the lmplementing Financing Agreement have effect upon the Eo.roweror ro '"":i1io'n d) the Separale Agreement or any parls thereof cease to have a binding Agreement or to be enforceabte against the parlies lo lhe Separate Agreement: rhe parries to rhe separale :1:r:i:" e) a reason for te of default under lhe Finan the Fina Agreement, plementing tee Fund Agreement or the totat or partiar repayment Borrower,s righr to demand f) the Eorrower fails the m- which allows KfW lo demand """t' or, o,"orrl]rllt^?,""t''" to provide or lo ensure the Prolect as set forth in ing granrs or ro revoke rhe Local Contribution to lhe Arlrcle lO l h) and the separate Agreement: g) any declaration, confirmalion, in considered by Kfw to be essenti the Loan proves to be incorrect, h) other extraordinary circumstancr perrormance or ob,nr,,rr" r"o",'ttn,li"'jr[:j":l,ll i) lhe Borrower is unable to prove that lhe Loan for lhe slipulated purpose; j) the Unfunded Risk parlicipation or precrude rhe amounts have been used ,or Kny'y,s claims under the Loan ment is no ronger in force and effect unenforceable: Aoree_ without any restriction o. oecJm"" k) The Borrower is, or rs deemed ,or the purposes of any law to be, unabte lo pay its extemal debts as ll Y fall due or insolvent' begins negotiations wilh any externar credito externa r i nde bted nr." r,"" j j::;;"Jifi'],t ness, or for a suspension of making payments debts. Legal consequences ol an Event ol Oelaul|. in Article 'l i. t has occurred and h rive days (in the case :il# ;:fl :: on any of ita "rfurrf lf one o, the events refened to orAdicre,,::l::liHffTl,:ffi::Tt^I ticle 1 1 1, has not been resolved v may nor, however, be ress rhan;'ru;J',ffii:jrTlii:tiilffl Agreement or any parts of it with the consequence thai: a) its obligations under this Loan Agreement terminate, and b) KfW may demand fufl or partial amount together with lhe inter a mo u nts d ue u nder rh is,", repayment of the outstanding r,:,r".ff l'j#'il " ^, ; "il'. :%;:r and 6 6 (Lump-sum compensalion) apply to accelerate. tis mutandis. 113 Compensalion lot damages ln mrnared rn ful or rn parl ,n" Loan lhe t rorro*"tu"nt n accordance wrh Articre,,,,, ,r*",a ,r," lhal this Loan Agreemenl rs j*"illi""jjJl,;::r.Hj"::ffi ter- :; ,,,1./ accordance with Arlicle 2 6 (Non-acceplance payment compensation in accordance compensalionl compensation, and/or pre_ with Article 5.4 c) (prepaymenr Reptesenla on and statomsnts t# Represenlation of lhe Borrower. . such persons as desisnated rr specimen signatures authenlicaled :n:',:' ;ffi'n"ffijl5I; by him or her will represent th-J Bor_ Agreement. The power of r"prelent"_ lion wi not expire untjl ils express revocalion by the representative ol the Borrower authonsed at such time has been received by KfW rower in the execution of this Loan 4ddresses. Notices or statemenls i must be in writing. They must be or requests ror disbursemenr - s ilH,iJt;l::: J::,:::::'#: menls made in connection with",, this following addresses: For KryvI conneclion wrth this Loan Agreement Loan Agreement must be sent to tne Kfvv Attn. Oepanment L lId4 Postfach 't .11 41 60046 Frankfurt am Main Germany Fax: +49 69 7431-2944 l Forthe Borrower Georgia Ministry of Ftnance Attn Oepartment of External Relatlons 'r 6. corgasali Streel 0114 Tbilisi Georgia F ax.+995 32 2261 46.1 General provisions Banking day Wherc reference ts made rn this Loan Agreement to a'Bankrng Day" this means a day other than a Salurday or Sunday on wh,ch commercral banks in Frankfurt am Main are open For general bustness t Place ot pedormance. The ptace ol performance of all obligations under this Loan Agreement is Frankfurt am l\rain, Federal Republic ol Germany Patlial invalidily and gaps lf any provision of lhis Loan Agreement is or becomes invalid, or rf there is a gap in any of the provisions of this Loan Agreement, this will not affect the validity of the remaining provisions hereof. The parties to lhrs Loan Agreement will replace any invalid provrsion by a legally valid one which comes as close as possiblo to the spirit and purpose ot the invalid provision. The parties will fill any gap in the pro_ visions with a legally valid provision which comes as close as possible to the spirit and purpose of this Loan Agreement. Wrilten lorm Changes and supplements lo this contract must be made in writing. Any waiver of this requirement of written form must be the parties in writing. Assignment by the Borrower The Borrower may not pledge or mortgage any claims from lhis Loan declared by assign or transrer, Agreement. Assignment by KlW. KfW may assign, lransfer, charge or othen/vise disall or part o, irs pose ol (veiigen\ (inctuding by way of sub_participation) claims, rights and obligations under this Agreement to BSTDB text of the Unfunded Risk participation. Kfw or BSTDB will rower of lhe date on which the disposal (Veit)gung) menl or rransfer of Kfvv's rights and obligatrcns in the con- intorm the Bor- by way of an assign- to the assignee will be ef. fective. Applicablo /ary This Loan Agreement is govemed by the laws of the Fed_ eral Republlc ol Germany. Limitaton pe od All ctaims of Kfw under this Loan five years from the end of the year in which such Agreement expire afler claim has accrued and in whrch Kfw has become aware of the circumslances consltuting such claim or could have become aware of them without gross negligencJ Waivet of lmmunily fo lhe extenl that the rn any,urisdiction claim for ilself or ils Borrower may now or ln fulure assels immunity from sull, execulron anachment or other legal process and to the extent lhat in any such JUasdrctron there may be attributed to itself or its assets such immunity, the Borrower hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity to ihe fullest extent permitted by lhe laws of such risdiction provided, however, that immunity is not warved with respect JU_ to (i)presenl or futur€ "premises of the mission'as defined in the Vienna , Convention on Diplomatic Retations signed in .t961,,,consular premises, as defined in the Vienna Conventjon on Consular Relalions signed in 1963 0r otherwise used by a diplomat or consular mission of Georgia or any agency or instrumentality thereof (except as may b6 necessary to etfect service of process), (ii) property of a military character or under the controt of a military authority or defence agency, (iii) property located in Georgia . and dedrcaled to a public, governmental or cultural use (as opposed to a commercial use) or (iv) for the avoidance of doubt, (A) property of the Na_ lional Bank of Georgia, whether or not hetd in a Georgian or a nonan bank or any other financial institutions, or (B) property located in Georgia of any type covered by Atlicle 21 of the Law of Georgia on En. forcemenl Proceedings Georgia reserves the right plead to sovereign im_ munily under the U.S Foreign Sovereign lmmunitjes Act of 1976 with re_ : specl to actions brought against in it any court of or in the United States of Amenca under any United States federal or Slate securities law Legal disputes Atl disputes arising out of or in conneclion Agreemenl wfl be senled exclusively and finally by an with this Loan arbitration tnbunat ln lhis regard. the following wilt appty; aa) Th6 arbilration tribunal will consist of one or three arbitrators who will be appointed and will act in accordance with the Arbitratron Rules of the lntemational Chamber of Commerce (lCC) as amended from time to time bb) The arbitration proceedings will be conducted in Frankfurt am Main The proceedrngs witl be held in lhe English tanguage. .10 lransmission of informalion KfW is entifled to transmit to the Federal Republic of Germany, the EU Commission and to BSTDB rnformation rn con_ nection wilh the conclusion and lhe execulion of this Loan Agreemenl well as with ihe project Krw, BSTOB and the Federat Repubtic many are enti ed to pass on information related to the as of Ger_ Loan and lo the Prqect to international organisalions engaged in the coltection of statrsticat dala, panicularly rn connection vvith maflers related to debt servlce 1311 Enlry into lorce. This Loan I\greement unlrl will not enter into ,orce a) the Govemment Agreement on which it is based and etfect. b) the Financing Agreement, the Rresidual Credrt 1l::::. . Financins Aereemenr and efrect has entered inlo force Guarantee Fund Agree- srr(ereo In :r:r:_,tins and effect or would have to force and etfecl exceptt only for "n,ar"i,n the cnterion of etfacliveness of this Agreement, "* "";;;',;;;; c) this Agreement has been ratified by the parliament of Georgia, d) the condition set forlh in Anicle 4 2. has been fultilted. whalever occurs latest Thrs Loan Agreement is executed jn two (2) originats, in the English Batumi. 18'h of August, 2011 Georgia Represenled by the Minrstry ol Finance Ianguage Annex 1 Disbursement Schedule The Bonower may requesl disbursemenl of loan ject to Adicle 2 1 of this Agreemenl, amounts as indicated below sub- as further specified in the Separate Agree- ment. ,roi"b,o;,n"^r" i in period un til P€riod I lndicative maximum totat amount that may be dis. bursed untilend of ea.' disbursement period (ay. cumulated) (all figures in EUR) 1 2 3 4 5 30 06 201 1 30.06 2012 0't 07 2012 . 30.06 2013 l-l ,400.000 0 1,400,000 00 3,500.000 0 4,900,000 00 I 01 07 2014 - 30.06 2015 I o,ooo,ooo o i 01 07.2O13 - 30 06.2014 01.07.2015 - 30.12.2015 _-r I I s, r oo,ooo.o ] I 10,000.000 00 ] 4.OOO,OOO.O j 16,000.000 00 20.000,000 00