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EX.ECUTION COPY (Operation Number 37560) AMENDMENT AGREEMENT to the Loaq Agreemeht dated 27 Juhe 200g (Kobuleti Waitcwotcr Project) between GEORGIA and EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT Dated Oclober I, 2010 AMENDMENT ACREEMENT TO THE LOAN ACITEEMENT DATED 27 JUNE 2OO8 This amendmenl agreement, dalcd October l, 2010 (rhis ,,Agreement,,), ,,Borrower.) and rhe puH-opean " is made belween 9_E9l9l1 !h. RECONSTRUCIION AND by rreary ("EBRD"). siNx FoR DEVELOpMENT, an inrernarional o.ganisation fo.me,i . WHEREAS: EBRD has been esrablished ro provide financing for specitic proiecls ro fbsrcr lhe !A) transition towards open markcr oricntcd economiis ," p."ri.i"- priv6rg nr6 cnlrepreneurial ""a inirialive in the cenrral and Ecstem Europern counrries and applying rhe principres of murtiparty den ocracy, prurarism (B) the Bonower entered into a loan a anJ Loan Agreement, an amount not to exceed (C) rhe Bonower and EBRD wish ro amend the Original Lou Entily. NOW, THEREFORE, lhe parries hercro agrce as Section l. iu.t", i.ono,ni.r, June 200g, as amended liom t,,), pursuant ro which EBRD to conditions of the Original lime to time, wilh EBRD (lhc.,Origina ogreed to lcnd to rhe Borrower, on the respects lo rellect lhe change of the project cornmitted to Agreement in cenain tollows DeliDitiobi :rnd lnrerpretstion (a) ln lhis Agreemenl:"Effectivc Datc,,has the meaning given in Section (c) . singlc 3 ofthis Agreement. Ttre originar Loa, Agreement and this Agreement document. Section 2. shal be read and cons(rued as a AmeDdments (a) Wirh effccr from the Effeclive Dare, rhe third paragraph ol.the preamble originat Loan Agreemenr shal be deteled tn it. entirety uiJ'.ioii tollowing: of rhe i. *ri""i *url ,r," project will be canied our by Kobuleri Water, Lrd, a ::WH_EREiS, the limited liability compaay organised and existing una". tt ta*. of C"o,g;" " and 10070 owned by rhe Kobule(i Municipaliry (lhe ,'projecr Entity,,), with financial assistance from thc Borrower;" (b) Wi(h effect from lhe Effec(ive Dare, Secrion 5.0t(e) of rhe Original Loan Agreement shall be deleted in its entirety and Sections 5 0l(Q and 5.01(9) shall be renamed as Sections 5.01(e) and 5 0l(f), respectively. (c) The provisions ol'the Original Loan Agrecment shcll, save as ahended by lhis Agreemenl, conlinue in l.ull force and effecl Section 3. Effcctivc Drlc The Effcctive Date shall bc the date on which the lbllowing conditions precedent shall have been satisfied or, in lhe sole discretion oI EBRD waived, lvhether in whole or in pan: (l) rhe On-lending and Cuaranree Agreement, rn form and subslaoce satisfaclory to EBRD, has been executed and delivered and all condilions precedenl to irs effecliveness or lo the right of the Project Enlity to make drawings thereunder, cxcept only the effectiveness ofthis Agreement, have been fulfilled; (2) EBRD shall havc rcceivcd satisfactory evidence that lhe provision of funds in the amount sulficient to linance any applicable taxes and duties associated wilh lhe Project Entity's expenditures relaled lo the Projcct shall have been included in the annual budget of the Kobuleli Municipality as an annual conlribution to lhe Ptojecl in accordance with Section 2.01(d) ofthe Project Suppon Agrcement; (3) evidence, in form and substance satisfactory to EBRD, shall have been fumished to EBRD that the execution and delivery of this Agreement on behalf of the Bonower have been duly authorised or ratified by all neccssary governnen(al action; and (4) evidence, in forh and substance satrsl'actory to EBRD, shall have b€en fumished to EBRD that the execulion and delivery of lhe Project Agreement on behalf ofthe Project Enriry and the execution and delivcry ofthe Amendment Agreemenl lo the Projecr Support Agrecmcnt on behalf of lhe Kobuleli Municipality have becn duly aulhorised or ralified by all necessary govemmcntal, corporale and administrative ac(ron. Scction {. Lcgnl Opinions As pan of the evidence to be fumished pursuant to Section 3 above, the Borower, lhe Kobuleti Municipaliry and lhe Project Entity shall fumish, or cause to be fumished, ro EBRD an opinion or opinions (in form and subslance satisfaclory to EBRD), ofcounsel acceptable to EBRD, showing that: (a) On behalfofthe Borrower, this Agrcement has been duly authorised or ratified by, and executed and delivered on behalf ol the Borrower and constitutes a valid and lcgally binding obligation of the Borrower, enforceable in accordance with ils lerms. For purposes of this Section, th€ opinton or opinions of counsel shall be given on behalf ofthe Borrowcr by the Minisrry ofJustice (b) On behalfoflhe Kobuleti Municipaliry, lhc projcct Support Agreement has bcen duly authorised or ralil'ied by, and execurcd and delivered on behalf of, (he Kobuleti Municipaliry and conslitutes a vulid and legally binding oblrgarion of thc Kobuleri Municipality, enforceable in accordance wilh its lerms. (c) On bchalf ol' rhe Project Enriry, rhe Projcct ngrccmcnr and rhc On_lcnding Agreement and Ouarantee Agrecmenr hove bcen duly authorised or ranlied by, und cxecuted and delivered on behalf of, rhe Project Enlity and consritutc valid and legally binding obligations ofthe Projecl Entity, cnforceable rn accordance with their terms Scctiou 5. !-urlhcr Assu rxnccs The Donowcr shall, at lhc request of DBRD dnd at irs own cxpcnse, do ull such acts and lhlngs necessary or desirable to give cffecl lo the amendments elfected or lo be effected pursuant to lhis Agreement_ Soclion 6. l! isccllaDcous (a) AII the provisions ofthe Srandard Terms and Condilions dated I Ocrober 2007 are hereby incorporated into und made applicable ro lhis Agreement wilh thc same torcc and ettect ifthey were fully set fonh herein. (b) All references to "the Agreement.' in the Original Loan Agreement and all reference lo the Original Loan Agreement in all instruments and agiements executed thereunder shall reler to the Original Loan Agreemenl as amended by-this Agrecment. (c) This Agrecment may be execured in several counlerpans, each of which shall be deemed an original, bur all of which togelher shall c;nstilute one ard agreement. the sarhe lN WITNESS WHEREOF, the Panies hereto, acting tlrrough their duly authorised representatives, have caused lhis Agreemcnt lo be execuled and delivered on lhe datc Iirst above writlen. CEOIIGIA - N"-r;KtIIcr t5.1n dur sh v ,1, CcctS,a Title: /.,1,ri, s t€ r o 1 F;,,c,,,,(L "'l cr EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPI\TENT <--) <- sv, 'l-t1ptr\ c-t,- L " Nami:: Fo C; si, cc Title: IJier({!t Cng