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--J-EXECUTION COPY (Operation Number 4001 9) LOAN AGREEMENT (Rustrvi Solid W.ste Project) between GEORGIA and EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT Jw.e Dated 2 trlav 2009 TABLE OT' CONTENTS ARTICLE I - STANDARD TERMS AND CONDITIONS; DEFINITIONS.. ......,... .. 2 .. ..2 Section 1.01. Incorporation ofstaodard Terms and Conditions . ..... .. . . ... ........ .. ... . . .2 Section 1.02. . .....2 Section 1.03. Interpretalion Definitions............... ........... . ...... . . ARTICLE lr - PRINCIPAL TERMS OF THE LOAN .....,................... .. ............ ... . . . 2 .....2 .. Section 2.01. Amoult and Curency. .. .3 . .. .. . . .............. the Loan Terms of Section 2.02. Other Financial .. . ... ... ... ... .. . . .3 Section 2.03. Drawdowns....... .. . . .. . .. .. .......3 for DBwdo\ryns.. Seclion 2.04. Authorised Representative ....... .. . . .. .. .. .. ARTICLE lll - EXECUTION OF THE PROJECT............................. . ..... . .. .. ........4 Section 3.01. Orher Afnrmative Projec( Covenants . ..... .... .... .. . . .... . . ...4 ARTICLE IV - SUSPENSION; ACCELERATION; CANCELLATION..., ... ,... . .. .. ....... .....5 Section4.01. Suspension................ ...........................5 ARTICLE V - EFFECTMNESS. Section5.01. Conditions Precedent to Effectiveness .. ...... .. .. . . .. ... . . .. ....5 ........ . .. .. . .. .. . . .6 Section 5.02. Legal Opinions........ .. 7 Section 5.03. Termination for Failure to Become EIfective .. . . . . . . ........ ... ........ ......... ...7 ARTICLE VI - MISCELLANEOUS.......... .....,.... . . .. . .... 7 Section6,0l. Notices..................... SCHEDULE I - DESCRIPTION OF THE PROJECT..... ...... .-...,.. . .........1 5 . SCHEDULE 2 - CATEGORIES AND DRAWDOWNS .................................................I (i) LOAN AGREEMENT Jw.e ACREEMENT dared f Vfy 2009 between GEORGIA (rhe ,,Borrower,,) and EUROPEAN BANK FOR RECONSTRUCTTON AND DEVELOPMENT (h" "Ban-k"). PREAMBLE WHEREAS, the Bank has been establishcd to provide financing for specific projecrs ro fosler (he transition towards open market-orienled economies and lo promote privatc and entrepreneurial initiative in the Central and Eastem European countries committed to aDd applying the principles of multiparty democracy, pluralism and marker economics; WHEREAS, the Borrower inlends to implemenl lhe project as described in Schedule I which is designed to assisl in the improvemenl of solid waste managemcnt in Rustavi and Gardabani; WHEREAS, lhe Projecl will be canied out by the Self-goveming City 01'Rusta\i ("Rustavi"), the Municipality of Gardabani (..Gardabani',) and rhe solid wasre managemenl company (the "Company',) to be esrablished by Rustavi and Gardabani (each of Rustavi, Gardabani and Lhe Company being a ..projccr Entil)),) with financial assislance from the Borrower; WHEREAS, the Borrower has requested assislance from thc Bank in frnancing the Project; WHEREAS, thc Bank is in the process of ananging technical cooperation funds on a granl basis to assist in implementing the Project; WHEREAS, the Bank (i) is in the process of arranging fiuds on a grant basis lo assisl in implementing the Project, subject to the terms and condilions lo be sel forth in agrcements (the "Donor Agreements") with the British petroleum group (.,Bp") and the Swedish Intemational Development Cooperation Agency (,,SIDA,,), in amounts of USD 1,000,000 and EUR 800,000, respectively, and (ii) intends to make such funds available to Rustavi, subject to the terms and conditions to be set forth ir an agreemenl (thc "Grant Agreement") between the Bank and Rustavi; and WHEREAS, the Bank has agreed on the basis of, inter alia, the foregoing to make a loan lo the Bonower in rhe amounl of EUR 1,600,000, subject lo the terms and conditions set forth or refened lo in this AgeemeDt, in the project implementation and support agreement dated the date hereof between Rustavi, Gardabani and the Bank (thc "Projecl Implementarion and Support Agreemenl") and tle projecr implementation agreement ro be enlered between lhe Company and the Bank (the .,projecr Implementalion Agreement") (each of the Project Implementatjon and Support Agreement and the Project Implementation Agreement being a "Projecl Agreernent"). NOW, THEREFORE, fie partics hereby agree as follows: ARTTCLE I - STANDARD TERMS AND CONDITIONS; DEFINITIONS Section 1.01. IrcorporrtioD ofSl.ndard Terms and Corditioos All of the provisions of the Bank's Standard Terms and Conditions dated I with October 2007 are hereby incorporated into and made applicable to this Agreement provisions are the same force and effict as if they were fully set forth herein (such hereinafter called the "standard Terms and Conditions")' Sectiotrl.02. DenDitiors Wherever used in this Agreement (including the Preamble and Schedules)' unless in lhe Preamble stated otherwise or the contexi otherwise requiEs, lhe lerms defined *r" i".p."tit" meanings given to them therein, the terms defined in the Standard and the una bonditions havi the respecriue me'nings given lo them therein following terms have the following meanings: i*" i.-, "Borrower's Authorised ReDresenlative" means the Minister of Finance of the Borrower, cxccpt as sPecified in Section 2 04' Year" means the Borrower's fiscal year commencing on I January ofeach Year' "Fiscal "Subsidiary Loan Agrcemenl" means the loan aSreement to be entered into between Rustavi, Gardabani and the Bonower pursuant lo Section 3.01(a), as such loan agrcement may be amended from time to time. Sectiotrl.03. Itraerprctation ln this Agreemcnt, a refcretrce to a sPecificd Anicle, Seclion or S-chedule shall' refercnce to thal excepl where slted otherwise in this Ageemcnt, bc construed as a specified Article or Section of, or Schedule to, this Agreemcnt ARTICLE II - PRJNCIPAL TERMS OF THE LOAN Sectiou 2.01. Amoutra aDd Curretrc!' set fo(h or The BanI agrees to lend to the Borrower, on the terms and condrtions referred to in this Agreemenl, lhc amount ofEUR 1,600 000 Section 2.02. Other Fioaocial Tcrms of the Loon (a) The Minimurn Drawdown Amounl shall be EUR 100,000 (b) The Minimum Prepalmenl Amormt shall be EUR 200,000. (c) The Minimum Cancellation Amoun! shall be EUR 200,000. (d) The Interest Payment Dates shall be 20 May and 20 November of each year. (e) (1) The Borrower shall repay lhe Loan in 24 equal (or as nearly equal as possible) semi-arurual instalmenls on 20 May and 20 November ofeach year, rvith the firsl Loan Repayment Date being 20 November 2012 and the last Loan Repayment Date being20 May 2024 (2) Notwithstanding the foregoing, in the cvenl that (i) the BoEower does nol draw down the entire Loan amount prior to the firsl Loan Repaymenl Dalc specified in this Section 2.02(e), and (ii) the Bank extends the Last Availabiliry Date specified in Section 2.02(f) below to a date which falls afier such first Loan Repayment Date, then the amount of each drawdown made on or afrer the first Loan Repayment Date shall be allocated for repaymenl in equal amounts to thc several Loan Repaymenl Dares which fall after rhe date of such drawdown (with the Bank adjusting the amounts so allocated as necessary so as to achieve whole numbers in each case). The Bank shall, from time (o time, notifi. lhe Bonower of such allocatiobs (0 The Lasl Availability Date shall be I February 2013, or such latcr date rhal the Bank may in its discrerion establish and notiry lo lhe Borrower G) The rate ofthe Commitmcnt Charge shall be 0.570 per annum. (h) The Loan is subject to a Vadable Inlerest Rate. Section2.03. Drawdowns The Available Amount may b€ dmwn down from time (o time in accordance with the provisions of Schedule 2 to finance (1) expenditures made (or, if the Banl so agrees to be made) in respect of the reasonable cost of goods, works and scrvices required for the Project. and (2) Ile Fronl-€nd Commission. SectioD 2.04. Auahorised Representative for Drawdowns The Vice-Mayot of Rustavi is designated as the Borro$er's Authorised Representative for the purpose of taking any action rcquired or permined to be taken under the provisions of Section 2.03 and under the provisions of Sections 3 0l and 3.02 ofthe Standard Terms and Conditions ARTICLE ITI . EXECUTION OF THE PROJECT Scction 3.0t. Olhct Allirmeaive Project CoveEaDts In addition Io the general undertakings sel foih in Anicles lV and V of the Standard Terms and Conditions, the Bonower shall, unless the Bank o(hcrwisc agrees: (a) Make available to Rustavi and Gardabani, pursuant lo a loan agreemenl in form and substance satisfactory lo the Bank, the Proceeds of the Loan on terms and conditions acceptable lo lhe Bank; (b) Exercise its rights under the Subsidiary Loan Agreement in such manner as to prolect the intcrests ofthe Borrower and the Bank, to comply with the provisions of this Agreement and to accomplish the purposes for which thc Loan is madc; (c) Not, exccpt as the Bank otherwise agrees, assign, 8mend, abrogate or waive any provision ofthe Subsidiary Loan Agreemenl; (d) Cause each Project Entity to Perform all of its resp€ctive obligations under each Projecl Agreement to which i( is a party, including without limitation its obligations relating to: (l) establisbment and operation ofa ploject implementalion unit as provided for in Scction 2.03 ofthe Project ImPlementation and Suppofl Agreement; (2) procuement of goods, works and services for the Projec( as provided for in Scction 2.04 ofthc Project ImPlementation and Suppo( Agr€emcnt; (3) envirorunental and social maners as provided for in Sections 2 05 of thc Project Implem€ntation and Suppon Agrcemcnt and 2.02 of the Proj€c( Implementalion Agrcement; (4) employment and use of consultants to sssist in the implemeotation of lhe Project as provided for in Seclion 2.06 ofthe Project lmplementation and Support Agreemcnt; (5) carrying out of a corporate development, stakeholder participation and city support programmc as provided for in Section 2 06 ofthe Project lmplementation and Support Ageement; (6) preparation and submission of reporls on maners relating to the Project and to the Project Entity's op€rations as provided for in Sections 2 07 of thc Projecl lmplemeDtation and SupPod Agrecmenl and 2.05 of the Project lmplementation Agreemcnt; (7) maintenancc of procedures, rccords and accounts, preparalion, auditing and submission (o thc Bank of financial statements and fimishing lo the Bank any olher relevant information relating to lhe Projecl or the Project Enlity's operations as provided for in Sections 3.01 of the Projec( Implementation and Support Agreement and 3.01 ofthe Project Implementation Agreement; and (8) compliance with all covenants regarding financialand opcrational aspects ol the Project and the Projcct Entity as providcd for in Sections 3 02 of the Project lmplemenlation and Suppon Agreement and 3.02 and 3 03 of lhe Project Implementation AgreemenU (e) Cause any person (other than a natural person) or entity controlled by the Borower to pay solid wasle charges lo Rustavi, Gardabani or the Company, as the case may bc, when duc or, if any such person (otber lhan a natural person) or enliry fails lo do so, pay such charges without delay; and (f) lf and only if requested by $e Bank, consent to the assignment of Rustavi's and Gardabani's rights and obligations under the Subsidiary Loan Agreemenl to the Company ARTTCLE Iv - SUSPENSION; ACCELERATION; CANCELLATION Seclioo4,0l, Suspeusior The following are specified for purposes of Section 7.01(a)(xvii) ofthe Standard Terms and Conditions: (a) The legislative and regulatory framework applicable to the solid $"sre maragement sector in the terdtory of the BoEower shall havc been amended. suspended, abrogated, repealed or waived in a manner other than as agreed by the BanI in writing; (b) The Starutes of the Company shall have been amended, suspended, abrogated, repealed or waived; (c) Control ofthe Company shall have been transferred to a paiy other than Rustavi; (d) Rustavi, Gardabani or the Company shall have failed to perform any of ils obligations under the Subsidiary Loan Agreemenr ARTICLE V - EFFECTIVEN[,SS Sectiotr 5.01. CoEditions Precedent lo ElfecaiveEess The following are specified for purposes ofSection 9.02(c) ofthc Standard Terms and Conditions as additional conditions to the effectiveness ofthis Agreement and each Project Agreement: (a) The Subsidiary Loan Agreement, in form and substance satisfactory to the Bank, has been executed and delivered and all conditions precedenl lo its cffectiveness or ro the right of Ruslavi to make drawings thereundcr, excepl only the eflectiveness of lhis ASreement. havc been fulfilledl (b) The Grant Agreement has been execuled and delivered and all condilions precedent lo its effecliveness or lo the righl of Rustavi to make drau'ings lhereunder. except only the effectiveness ofthis Agreement, have been fulfilled; (c) The Ministry ofEconomic Developmenl has issued the construction permil for thc Project; (d) Each of Ruslavi and Gardabani has formally adopled the principle of full cost recovery tariffs for solid waste services; (e) The Company has been duly incorporated and regislered and a certified copy of lhe Stalules ofthe Company has been provided to the Bank; (f) Rustavi has conftacted consuhants in accordance with Section 2 06(a) of thc Projecl Implementation and Suppon Agrceme ; (g) A Donor Agreement betwe€n the Bank and BP, providing for the management by G Burk of a g.-t in an amounl of USD 1,000,000 to be provided b) BP to assist rn financing the Project, has becn executed and dclivered and all conditions precedent to its effcctiveness, except only the erlectiveness ofthis Agreement, have been fulfilled; (h) A Donor Agreement between the Bank and SIDA, providing for the management by rhe Ba ofa granl in ar amount of EUR 800,000 to be provided by SIDA to assisl in financing the Project, has been exccuted and delivered and all conditions precedent to its effectiveness, except only the effectiveness of this Agreement, have been fulfilled; and (i) A projecr implem€ntation unit has been eslablished by Rustavi and is operating in accordance with Secliorl 2.03 ofthe Projecl ImPlemcntation and Suppon Agreemcnt. By derogalion to Section 9.02(b) of the Standard Terms and Conditions, it is nol a condition to the effectiveness of this AFeement and the Project lmplementation and Suppofl Ageement lhat the Project ImPlementation Agreement has been executcd and delivered. Section 5.02. Legsl OPiriotrs (a) For purposes of Section 9.03(a) of lhe Slandard Terms and Conditions, thc opinion or opinions of counsel shall be given on behalf of the Bo[owcr by the Minister of Juslicc and the following are specified as additional matters to be included in thc opinion or opinions lo b€ fumished to lhe Banli: (l) the Subsidiary Loan Agreement has been duly authorised or ratified by, and delivered on behalf of, the Borrower and constilutes a valid and legally binding obligalion ofthe Bonower, enforccable in accordance with its terms (b) For purposes of Section 9.03(c) of the Standad Terms and Condilions, thc opinion or opinions of counsel shall be given on behalf of Rustavi by counsel accepulble to the Bank and lhe followiDg are specified as additional maners (o bc included in the opinion or opinions to be fumished lo the Bank: t. II I the Subsidiarv Loan Agrecment has been duly authorised or ratified by' and .*""rreO una delivered on b"hulf oq B"tu"i and constitutes a valid and legally binding obligalion ofRustavi, enforceable in accordance with its terms' For ourDoses of Scction 9 03(c) of the Standard Terms and Conditions' the counsel opinlon ot'opinion. of counsel shall be given on behalf of Gardabani by ro acceptable 10 the Bank. Section 5,03. Terminatioo for Failure lo Becomc Elfeclive The date 180 days affer the dale of this Agreemenl is specified for purposes of Section 9.04 ofthe Standard Terms and Condilions' ARTICLE VI . MISCELLANEOUS Section 6.01. Notices The following addrcsses arc specified for purposcs of Section l00l of the Standard Terms and Conditions: For the Borrower: Gcorgia Ministry of Finance 16, Corgasali Street 0l 14 Tbitisi Georgia A(cntion: DcPartmcntofExtemalRelations Fax: +995-32446461 For thc Bank: European Bank for Reconstruction and Developmenl One Exchange Square London EC2A 2JN United Kingdom Ane ion: Operation Administralion Unil Fax: +44-20-7338-6100 7 -, IN WITNESS WHEREOF, the panies hereto, acting through therr duly authorised ,.o.esentatives. have caused this Agreement lo be signed in four copies and delivered al Tbilisi, Ceorgia as ofthe day and year firsl abore urilten k.k\.,, Bo\^1.,,r"h,ili EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT i r..o. [i166L. C^ ," lt*rgf- c!., 6aqV)T u t- -, SCHEDULE T . DESCRIPTION OI; THE PROJECI' l. The pupose of the Prcject is to assist the BoEower in improving solid waste management in Rustavi and Gardabanl. 2. The Project consists of the following Parts, subject to such modrfications thcreof as the Bank ard the Borower may agree upon fiom time to time: A: Part B: Part Construction oftwo landfrll cells, including facilities Supply of was(e separator, excavator, wheel loader, dumper and othcr equlpment C: of a corporale devclopment, Pan Preparation and implementation stakeholder participation and city suppon programme , I 3. Parls A and B ofthe Project are expectcd to be completed by I August 2012 st-l SCHEDULE 2 - CATEGORIES AND DRAWDOWNS amounl of thc 1. The table attachcd to this Schedule sels fonh the Catcgories, the to financed in Loan allocated to each Category and the percentage of expenditurcs each Category. be shall be Notwithstanding the Provisions of paragraph I above, no Drawdown Loan Agreement' madc in respect ofexpenditures incuned prior to the date ofthe 2. s2-l Attaclrment to Schedulc 2 Categorl (l) Goods and Works for Pans Anount otth€ Lorn Allocal€d in the lran Currency EUR 1,424.000 AandB (2) Unallocat€d EUR I60,000 (3) tront-endCommission EUR 16,000 Tolal EtIR 1.600.000 Pcrcentlge ot Erpendilures (o be Financed 100% ofcontracl value excluding any Taxes 100%