„საქართველოსა და ევროპის საინვესტიციო ბანკს შორის (საქართველო - აღმოსავლეთ-დასავლეთის ჩქაროსნული ავტომაგისტრალი - A)“ ფინანსურ ხელშეკრულებებში ცვლილების შეტანის შესახებ“ და „საქართველოსა და ევროპის საინვესტიციო ბანკს შორის (საქართველო-აღმოსავლეთ-დასავლეთის ჩქაროსნული ავტომაგისტრალი-B)" ფინანსურ ხელშეკრულებებში ცვლილების შეტანის შესახებ" წერილი-შეთანხმება.
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🏛️ კომიტეტები
- საფინანსო-საბიუჯეტო კომიტეტი წამყვანი კომიტეტი
- საგარეო ურთიერთობათა კომიტეტი კომიტეტი რომლის დასკვნაც სავალდებულოა
- ევროპასთან ინტეგრაციის კომიტეტი კომიტეტი რომლის დასკვნაც სავალდებულოა
- დარგობრივი ეკონომიკისა და ეკონომიკური პოლიტიკის კომიტეტი კომიტეტი რომლის დასკვნაც სავალდებულოა
- რეგიონული პოლიტიკისა და თვითმმართველობის კომიტეტი კომიტეტი რომლის დასკვნაც სავალდებულოა
- გარემოს დაცვისა და ბუნებრივი რესურსების კომიტეტი კომიტეტი რომლის დასკვნაც სავალდებულოა
📅 დამატებითი ინფორმაცია
ბიუროზე განხილვის თარიღი 2015-03-16
ბიუროს ნომერი 256
📜 ტექსტი
საქართველოს პარლამენტის ბიუროს გადაწყვეტილება ნორმატიული აქტის პროექტის განხილვის პროცედურის დაწყების შესახებ
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Amendment N° 1 10 the ttnance COntract
GEORG:A East west Hl口 hwa"B(Serapts N・
201o o571,FIno 82 045)
pean hVeЫ me■ Bank
冊犠nF,臓 讐
d嶽躍認 塘」
極枷躙∫
&f出 露
Amendment N・ 1 10 the FinanCe Cootrad
together {the'Financ6 Cont.acts,)
Dear Sirs,
Capitalised terms used but not defined ln thi
s le[er (the.Amendmont Lotter") have
the meanings gjven
to lhem in the Finance
Contracls
Hr,i-ott",'""u "Jl?"uffi,ilf,["Jl[,,"tti::.Jr:lliritv sr']dv, d€sisn and tender p.epararion or rhe
;;b-il,';i;;;i;"-G,t#;1.H;",'idi:i.111,"J/,:*::liillr,":.5jHT,,::i:,"T;;1"1,""+i*:
Each Finance Conlract shall be amended
1
.
as fo ows:
Anicle 1 .04C (Drbb ulsefioot @ftr,ftions relatect
to Trcndles linarrang cenarh Lotg is deteted in ils
entirely and in tieu thereor the fo owing i/ords
are lnsened
"1.04C Disbursement condittonr .olat.d
to iranchss
financing cartain Lots
The disbursement ot eaci Tranche Flaring
ro_rne nnancing
ioi [i.in ,n. ,*r,n,"r,
Descriprion) under Arlile 1.02. rncrirding
oi".;;;n
te sant in
0""."
m"
oa"
i"rir"g
;'r,"""ir'ffili,"
r"^
0,o,"
f;,"ilHl"fl:,.r:"J:frt *r.t.,r t proposed
the Jirsr, i" *iuit,"o".ir'i.o,iir,e.iJEipi,iv
lhe
evidence:
ノ
98:に b● 。leva,d Kon7ad Ar erater t""Loxemb●
̀9
ヽ {■ 352)4,,,: 0(●
Tranche, of lhe ,ollowing documenls or
352)4377o4 、ヽinfomb qり
̲el。 。r,
2ι
(a)
,r* ns Lots
r, I, Ir and tv berween samkedia and
crisoterj retarins ro
l?J:""]j,T:ffi
(j) the linalversion ot the Environmentat lmpacl Assessmenl
(EtA) report,
(ir) lhe Envrronmenlat permit (rnctuding_the retevant
Ecotoglcat permit or Hab ats
form) and consrruction permtt lssue;
by trre reteva;r;;",ril, i"'a;;;",-"",,"
(iii) the Envhonmental Management plans (EMp); and
(iv) the Land Acquisition and Reselflemenl ptan (LARP);
(b)
(C)
for Lots L tt, llt and tV, a Ro€d Safety Audit
Rep,ort,'S"l.fV
in accordance wilh lhe pnncrDtos
Drectve 2008/96/EC ot 19 November 2008
on Ro"A
thal the design is completed for lhe relevanl
Lot, to lhe satislaclion of the Bank.,
＾
∠
慰躙i拙 鍮
輩ゃ
i,,r",i"g"-r"ni, ,,ia ". "
r'". .ot
m蹴 出棚 譜鳳臨 f蹴活蹴 鼎
3 A or each Finance cOntract
For avoidance ofdoubt, a other provErcns
(a)
(b)
of each Finance Conlract:
romain in fu,t force and elfect and valid;
and
apply. without any reservalions, waiveas
or limitations despite lhe amendmenls setout
heretn.
G6neaal
Thls Amendment Letter shall be
coryslrued in ac@rdance wlth Engt6h
-*ay ".n{A!1ide
law. The
tcovenifu Law).and
#;#
conracr B a.e
.i1.o2 i;;A;;,;
a,ena,enr r'e[".iJiJiry"-nriinla r,","in.,,r,r"
;ffi"*;Hffi ,"J jffi;j,# I"fl";"rg,".eratity
11"
thereo0
as i[ reference lherein lo thls Conlract. were
lo "this Ameodmenl Lefler.
provisions of Arricfe 1i.o1
A person who is not a party to thjs tefler h,
tsss ro enrorce or io er!;i;;,#ffi;#,#rtishr underlhe conlracrs (Rishrs or rhird Part'es) Acr
Notwithstanding anything
herein to lhe cont
.ons,r,t"ooyir,"rioooi";-jil"#Hxll,*ffilllx,:9""f:Jfff:1,::y;,rllh:flji#.:l
any mmuntttos, privileges or exemplions
ofrne Eank.
rh,s Amendmenr Le er in resped
If f::',JJ"d il:tr;,T,Til*il[::."fl1"..]-under
or any breach
or both.Finance conlracls which miqht resull
from any
other circumsiance ar any;;ffi;;ffi;;JTI
respect ot the lssu€s as sp€cfiaally
set o;t herern.
The agreement of the panies contarned
ir
r;ilf1r.g#;fr:fl ,mffi 5ii+ffi $;H?lqft *:,g,,f,r#"i:i.[ffi ,',;*
No amendment fees will be charged by the
Bank for the aroremenlioned proposed
change_
＾
Ｚ
,ι
Please indicale tour agreement lo lhe above
rnitlaling each page ot this Amendment Leher, and
_by
sioninq and datino each ot the four orioinals
of tis i-enarrie-"i'flner.-er."r"'ii,"rr
,o,
rhe rerurn or Mo dury s,sned orisinats ro th; Ba"k by,€;;;;;;;,i;;-"iiri"l.
""r"9"
_*,
.opi".
or
lhe signing authoities ot those persons srgnrng on behall
o, the Borower and evidence that lhis
An,endmeni Leler has been dulv rarir,..r hy rhe-partiameni
o1eJ.,gr", i,-"i*1oi'ii"ir* atr"nrion or
Mr Garth crisbrook. The amond;ents 6el oul in this Amendment
Leler sha become erfective on
the dare (the "Enectiveness oate-) noliried ro you ry ir," il"nt--"ii-".
ii'-ii"]'[ilir"o *," arrv
ffiiJi
countersigned Amendmenl Lelter and associeled evidence.
Yours falhfu‖ y
にυROPEAN
INVESTMENT BANK
庶録
Agreed lo
for and on behatf of the
Bonower
dt"U
r
l.rame. Noo\cr
khaA r\ r i
rite: lvlinisler s* Fi.ranc e_
Datel (6 Ol, !.ol'
＾
０
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ხელშეკრულება
'II
FI N・
31209
Serapis N° 20,O o571
GEORGIA East-West Hig hway-A
Finance Contract
!6fu€€,
Georgia
ancl the
European lnvestment Bank
Ibilisi, 11 llay 2012
,II
THIS CONTRACTIS mADE BEWEEN:
Geoig a,actng through is Min s● Of Finance.
イ
O Corgasal slreel Tbnsi
。114, Ceorgia,
represented by Mr Dinll C●
adze M nisleror
lthe.̀BOrower)
日nance Of Georgh
ofthe nrst part and
鋪
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l謄
M011erei Vce president
昨
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…
Of ule secOnd parL
1
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小
,II
WHEREAS:
(1) The Borrou/er has staied that ( s undertakng. th.ouqh lhe Ministrv of Reo6n.t
uevebpmenr and tnrrastructure (ihe 'promoto,,), and th; Roads Oeo;nment 6r u.
Mrnrstry o' Regonar Devetoph€nl
and tntrastructure (the.Fin.t Benefl;t.rvl a orc,acr
of upgradrng and improving the most Westem pan of tne east WeJ rr;ilr-;i;;
zesiapona lo Adiara regon. for a totat tenglh of aboul 183 tms. as more- oarii"rrror,
oescnbe<, rn the technaal descflptDn (tie .Tcchnicat Doscripti,on.t
iet oL,t ,i
Schedute A (the'Proj.ct1.
(2) -Tle tolal cost of fh€ poed, as e6timated by the Bank, b EUR 592,.|4O,OOO
(frve hundred and ninety-lwo milioo, one hundGd;nd
forfty fhorsa;, 6;sj ;;6;
Bonower has riated
it intends
that
io finance the ftoieu as 6hol,vs:
Source
Amount(田 EURl
2214
Credit avaihble from the Bank
2∞ Oll
Loan fro.n Asian Development Bank
Japan Intemational Cooperetion r€ency
20000
15000
NIF
20 oo
TOTAL
59214
(3) ln order to lulfillthe financing ptan set oul rn Recitat(2),lhe Bo(ower has reouosled rrom
the Sank a 6edit in an amount ot EUR Z0O,OOTO,C]OO (two hundred milion euro6).
(4) The Bant cons(bnng that the tmancing ot the proFct fals within the scope ot ris
functions, and havhg egard to the staternenls and hcts oted in these Rec;b has
decided lo gve effec1 to the Bonow€l,s immediate financtno ne6ds bv Drovdno to it a
credit in an amounr of EUR 170,000.000 (one hundred and;€ventv milion eur; undeJ
this finance Contract (the'Contracf) The B€nt cbchres ils u;lingness to consij;r
further requesrs lrom fte Aonower tor the babnce of EUR 3O,OOO,-OOO (thirty rrlilion
euros) for the linancing of th€ project, it such requ€st Is submitted by the Bo;ower an
due courcei provicted that the entire amount of the Bsnk losn shal;ol, in any case,
exceed 50% (fdty per cent) ol he totat co6t cf the project set out in Recitat
i2).
(5) An applicatron to the Neighbooftood tnvestrnent Faciity (hereaftor .NtF) has been made
for a granl for the Project in the amoLnr ot totat EUR 20 0OO.OOO (tw;U millon euros)
lor rnvestments Furlh€r, the Bank, some other tntehational finance institrrtions ant },J
Commission (a)have entered inlo the 'Coop€ration within the framewoft of the
N-erghbourl^ood investmenl Facirity tramework agreernent, in force as of 2t Dec€mbe;
2OO9 (the'NlF Fram.wort Ag.eem.m) and (blrv0l enter into an imptenEntaton
agreement setling out the tenrs and conditions of cooperaijon within th6 iramework of
the NIF fo. the.lurposes of imptementaUon of their;spective inancing agreemenis
concluded wiih the Bonower (the.tmpt.mont on AgB;ment'and tog;the-r with th;
NIF Framework Agreement, and any other relevant agreemenis, lhe .IlF
Oocumernation'). Funher. he CommBsion has entered or wtienter into a tnancino
agreement tivith the Bofiowe{ und€. whrcn Ihe CommEsion shalt make a nonreimbursable grant contributlo.l in th€ amounl of EUR 2O,O0O.O0O (lwenty mitrron euros)
for purDose of finanang the mptementation of rhe proiect ig," ;iU ei""i*.J
Agreement') whch provides for the use of th€ Commissbn,s iNtF) snd lhe Banr; i;n;;
on a p€ri f,assu basis.
＾
Ｚ
//
,11
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髄幣雑朧闇認翻踏
:[キ
ecl througい oulthe llelme ofthヽ
Contract
(7) The BOmwer∞ mmed tO the Bank thal the prolecl rals wth n lhe scope or the
Fmmework Agreement
(3)The M niSler or Finance oF Ceo● b s duiy auulolsed to s on thiS COntracl for and on
beha rcrthe BorOwer
(9)By Dedsion No 10801201llEu the Eumpean Pa"● ment and the cOuncl or lhe
European unon have decided tO grant a 9uarantee tO the Bank against losses incured
by under oans and ban guattntees granled from 200ア t。 2013 h accordanc8■ th tS
o″ n ru es and proceduresfOr p● eCtS Caned out in cerain cOuntr● s outsde the
臨器 棚 闇 1臨 穂臨 :l』 諾ξ
∫ran施 .6300a S an dOo●
(10)The sttute Orthe Bank provides thatthe Bank sha‖
ensure that ts runds are used as
iabnaly as possib!e in the interests orthe Euppean unOni and.a―
rd ngly,thetems
and condltbns of the Banに s oan opeい Ons must be cOnsistent w
po10ies
(11)EIB cons ders that aⅨ 澪ss to infonmalon pbys an essenta
h reletant EU
Юtt in the reductiOn Ol
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tO enhan∝
ea― untablly oF the EIB GrOup l●
●
c li'・
wards ls stakehouers and the EU
ns in general̀ by 1lung a̲ss tO the nfOmaton that wll enable them tO
understand lts 90Vemance,staegy,p● Ic es,ad〜 lles and praclces
3
//
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■Ｅ■■
∩Ｈリタ
NOWTHEREFORE it is he.eby agreed as foikws:
IITERPRETATION AND OEFINMOI{S
(a) Interp.station
(i)
Ref€rences in lhis Contrad to Atictes, Recilals, Schedules and
Annexes are, s,we if
explicitly stipuhted otherwise, re,ferences repectivety to srticles of a;d r;;b,
s.hedutes and annexes to his Contract
0) lg.j:!f: in this Contracl to a provjsion of tsw is a refercnce ro lhar provEon as
amenoed ot re-enacted.
(iii) Relerences n $Ls Co.rtract to any other agrEem€nt or instrurnenl ls € rcference lo tiat
olner agreemenl or insfument as ameid€d, novated, suppt€menled, exteoded o;
(b) D.finiuon5
ln this Contract:
'Acclptanc€ Do6xtlins'for a notice nr€ans:
(a) 16h00. Luxembourg time on lhe day ot detivory, if the notjce is delivered by 14hOO
Luxernbourg tim€ on a Business Day; or
(b) 11h00 Luxembourg time on the next folowing chy whk$ b a Business Day, if the notice
ls cblvered afler 14h00 Luxembourg tim€ on iny srch day or ; OerVereO # a Oay wtricrr
is not
a Business Day.
accepted T6nchs' m6ans a Tranch€ in respect of e Oisbursement Ofer which hes been
duly accept€d by the Bonorcr in accodance wilh its terms on or beforc lhe Disbursement
Acceplance t sadline.
"Bu6ln€6s O.ta means a day (other than a Saturday o. Sunday) on whidt the Bank and
corirnercial banks are ofEn for g€neral business in Luxembourg
"Chango-of-Lrw Eyed, has the meaning giv€. to it in Articte 4.03A(3).
"Contracf has the nEaning given to n in Recital (4).
"CrEdif has the meaning given to ( an,,rtk e L01.
'DoroImcnt lndrmniy m€3ns an indemnty calcujatoal on the amount of disbuGement
oerelred or auspended at the p6rcedage rat6 (il high€r than zero) by which.
- lhe Intorest Rate that wor,ld have been apptEabl€ to sudr amoud had ft been disbursed to
tne tsonow€r on the &hcduled Disburs€nEd Dene
- EURIBOR (one month rat6) le$s 0.125% (12.5 basispoinb).
Sucn indemnity shafl sccrue trom the Schedubd DsbuEement Date to the aduat
*, T.E
be. unrir rhe dar€ or c,,ceir"t on of'u,; Ac6i;
9:-1t91l.|€]ll !:g
r
T..*I
rancne rn a@ordance wilh this Contra.t
'OiabuE.mcnt Accoptanc.' meam a copy of the Disbursement Offer duty cour(6rsigne.d
by
'Dlsburr€lhor Accopt nca Daadlira" means lhe dete and t le of e&iry ol a Disburs€ment
Otrer as specifi€d therein.
/
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'Dlaru ion Ev6nt' meaas either or both ot
(6) a materhl disruption to those paym€nt or communicAjons systems or to those financiat
maRets whach are, tn e€ch .ase, r€quired to operate jn ord;r for payhents to be ;a;
an connection with this Conkactt or
(b) lhe occun€nce of arry olher eveot whrci results in e disrupton (of a technical or svstems
r€htd nature) !o tt|e treasury or payments operations of erth€r the Bank or the Bo e;
that padlr
Preve.ling
(i) lrom perfoming its payment obtigaticns under thb Contract or
(ii) from clmmunicating wilh other parl€s.
and which disruption (in eirher such case es per (a) or (b) above) is not c€us€d bv. and is
beyond lhe control o,f, the p€rty who€€ op€ratons ara disrupied.
'Envlrcnmenf means lhe fofowing, in so far as they atrect human healih and sociat wellb€ing:
(a) tauoa aM florai
(b) Boil, walter, air, climate and the landscape; and
(c) cultural heritage and the buih €nvironmen!
and inclucbs, wjthoot limitiation. occupational and cornmunity heatth and ssfety matters and
working conditions.
'Environmctrtal Approval' m€ans any prmi! ticence, authorisatioi, consent or other
approval r€quired by Envircnmentat Law
'Envlrcnmcntal Claim'means afly clalm, proceeding, tomal notics or investigation by sny
person in respect of any Environmentat Law_
'Envlronrnental lrlr means EU law lo the adent adopted by the laws of ceorgia or
standeds aod principles as specfied by the Bank before the date of this Corira; and
Georgian national l€ws and r€gulations a! wel as applcable intemationat heaties of which a
princlpal ob,:ctive is the peservstion, protoclion or impEvement o, the Environmeni.
'EURIBOR'has th6 meaning given !o it in Schedule B.
'Final Availabilhy Date' means 6 years from contracl signature.
"Fhod Rrte' m6ans an annual inte.esl rsl6 determined by th6 Bank in accordanc€ with the
applicable p.inciples frorn tin|e to time laid down by th€ goveming bodies ol the Bank for bens
ma(b at a fixed rate of mter€sl, denomtnated in th€ cunency ol the TEnche and beanno
equivalent terms for the repayment of cap{at and the payment oI int6r€st.
'Fix.d Rlto Tr.nchs' m€an6 a Tranche oo which Fixed Rate is spptied.
'Floallng R:to' m6ans a firG+spread floating inter€st rate, lhat b to say an annual interest
rate d€lerminod by the Bank for each successive Ftoating Rale Refereoce period eoual to the
Relevsnt lntebank Rate plus or minus tho SFead.
'Floathg Rate Rs(orenco Portod' means each pertod from one paymenl Datc to the next
relevant Payrnent Oale; the lirsl Floating Rate Reference Pedod shall commence on lhe date
of disburs€ment of th€ Tranch6.
'Flo.tlng Rata Tr.nche'means s Tranche on which Floating Rat€ is applied.
'lndrmnifiabl. Prupaymcnt Ey.nf means a prepayment event under Articte 4_O&\
5
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'OiEburseBert Offe/ means a tetter substantjalty in lhe form set oul in Schedute C.1.
ロロ ロ■
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・ ヒoan・ means the a。
undg this cOntract
9膊 9ate amOunt or Tranches disbused frOm time to lme by the Bank
・ Market D187up● 。n Evenr neansin relalon 10 a spegL Accepted Tttnche
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deFntion∞ ntained h Schedutt B
・
matenJ Ad ¨Changず mea
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r any eve
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h the
αchan"d
(O malenaけ mpaiに the abl″ び the BO― r10 perom its Ob eatcns under th、
conmct
O「
(bl
mater■ ly impairs the ttnandal cOndtton or prOspecls Of he BorOwe「
・ matu71ty Date・
― ns the● st呵コymenl dale Of a Tranche specned pursuant to Arucに
401べ り(Vl
・Payment pate・ meansi 20」 anuary and 20 J● eaCh yea「 u両 ,い
。Malu"Date,save that
け
in α、F
any such dateis n"a Relevant BusI― s pay m means:
la) rOra nx
Rale Tfanche,the fo b■ ng Relevant Business Day mhout adluslment 10
the interesl due unde「 Arlco 3 01i and
(b) fOr a F oalng Rale Tran力 e lhe next day.r anソ ,。r that
略ndar month lhat is a
Re evanl euslness oay Or.faling that the nearesl preceding day thal is a Rdevant
Business Òy. n al cats晰 h ruttЮ nding adlusunent l● the interest due under
Arme 3 01
・ P:tr means te proFd ttpementamn unl lesmbed hハ
ide 0 11
・Prepavlnent Amounr means the anount of a TlanoE 10 be prepad by the Borowerin
accclrdance w lh Artue 4 02A
・ Prepayment Oate・ means the date wh ch shal be a Pa"ment Dale.on whに
ゎ the Oorower
prOpOses to efeCt prepattenl oF a Pcpayment Amunt
・Prepayment indOlllnlty・
means in
Or any p.ncipal amOunt to be prepaid or
― E!B to the Borrcrer as the present va ue(as oflhe
canceled the antlunt∞ mmun…
by
Prepayment Oale1 0fthe ex― r anソ OF
O燎惜鞘拙 :槻嚇 蝋 謂縦T醤躙 昭細 u常甲 陥
".
(り
the interesl thal"uu sO acc■ e over that penOu r n were calcubted at the
Redeployment Rale,less 0 15%(Flf een ba● s pOntsl
6
0
'Prepaymant Notice' nieaB a $/itten notice from the Borower specirying, amongst olher
things, the Prepaymenl Anounl and the Prepayment Date in accordance with Article 4-02A.
'Prorecf has lhe meaning given lo it in Recital(1).
'Redeployment Rale' means lhe Faed Rale in efsct on the day of the indemnity c€lculation
for fixed-raie loans dengminated in lhe same cunency and which shall have the s€r-ne terms
fo.lhe payment of int€rest and lhe same repayment profil€ to lhe Maturity Dat€ as the Tranche
.ifl respect of whach a prepayment is proposed or requested to be made. For those cases
where ihe peiod is shorl6r than 48 months {or 36 months in the absence of a rcpayment of
principal during lhal pdiod) the nbst clos€ly conesponding mooey ma*el rate equivalent wtt
be used, lhat is the Relevant
erbank Rat6 minus 0.125% (12.5 basis points) for pe.iods of
up to 12 (lweMe) mooths. For periods falling between 12 and 36/4a months as the cas€ may
be, lhe bid point on lhe swap rdtes as published by lntercapital in Reuters Ior the ratated
curency end obs€rv€d by lhe Bank al the lime of calc{ilation will apply.
l
'Rel6v.nt Butin.sD D.y'means: a day which 6 a TARGET2 DAY.
'Relev.nt lnt rbenk R.rte'means: EIJRIBOR.
'Schcdulod DbbuGomant D.to' meana lhe date on whici a Tranche i6 6cheduled lo be
disbursed in eccordance with Anid6 1.02C.
'Security" means any mortgee, pledge, lien, cnarge. assonment, hypoihecation, or othsr
security interesl seoJring any obligelion of any person or any other ag€emenl or aaaangefient
havi.tg a similar effed
"Sp.Ead' means the fxsd 6pr€ad to the R€lovant lnterbank Rale (being either plus or minus)
determined by the Bank and notifled to the Bor.o{,er in lhe €levant Oisbursement Offer
'Technlc.l Dcacrlpllon' has the meaning given to it in Recjtel(1).
'Tranche' means each disbursemenl nGde or to be made under lhis contract.
し
■■■■
ー
The said present value shaU be calculaled al a discount rate equal to the Redeployment Rale,
applied as of each rebrant Payment Date.
■■■■
﹁︱
︱″ ′
ARTICLE I
creait eiiEE6iEements
1.01 Amount ot Credtt
By this Contract the Bank establishes-inJavour of lhc Bonower,
aDd the Borower accepts,
the credir jn an amount of EUR i7o.ooo.o0o (one
r",
lh€ fnanqng oI the prqecl (Ele -clrdft.).
h*dd il-;";;-ty;i#.;,*)
1-02 Dlsburson.ntre.duE
1.024 Trenches
The Bank shal disburse the C.€dit h up to 17 Trandr6. The amount
of 6ach Tranche.
not teing the undrawn balance of Ule Crcdit. shal be h e minimum amount ofif
EUR 19,ry!rry0
!r!l m{trcn eur6), pruvired that rle fi,st
arnount of EUR 3,000,000 (three mithon euros).
;"c;a;;;be ;;;,.r.
1-028 DlsbuB€ment Off6r
Upon requesl by th€ Soro^/er, pFvided lhat no event menlioned in Anile 1.068 has
occined and is contiduing, the Bank shall send to th€ Bonoar€r a Osbrrsefil€nl Ofier for
the disbursiemenl of e Tranclp. The latest tirlle for receipt by tf," So"o*o .f
Disburs€menr Ofrer is r0 (ten) dayB befor€ the Finat Avaitabitii, dte. ih;ot"UrLr"nt
"
Offer shalt specify:
(a) the amount oflhe Trand€i
(b) the Scheduted DisbuEement He. which shafi b€ a Rebydnt Business Day, faling
at lea8l 10 (ten) days €frel th€ dete ot the Dsbursement Of,er and on or b;f;re the
Frnat Avaitabitity Dste;
(c) the interest rate basis of the Tranche, being: (i) a Fked Rate Tranchei or
- (ii) a
Ftoating Rate Trarrhe all pursuant to ttre retwani prwSans a enicte
f.Ot:
(d) the interesl palment periodiity for the Tranche, in accordance vrilh the provisions of
Articl€ 3.01:
(e) the frsl Pay.neni Date lo. tE Trencfie;
(0 the lenns fg gp.yr1|*t of princip€l for the Trendl€, in accordance wiul the
provisaons of Articb 4.01:
(g) tfie first and last reFEyment detes of pincipal tor the Tran.ie;
(h) tor a Fixed Rale Tran.he, th€ F ed Rst€ and to. a Floating Rate Tranche lh6
(i)
Spread, apptiubte u it the Msturity Dalel and
tie OisbuGemenl Acceptance Oeadtioe.
1.02C Di6b{r.B.mantAcc6ptinc.
The Bonor,er rnay accepl a Disbursement Ofler by delvedng a Oisbursement AccoDtance
to tie Eenk no tater than ti€ Disbursrftent A.csplane -Deadtine. ne OrsUt,*rnent
Acceptanc6 Bhall be accompsnir:
(a) ry.lhe Lqll code 1o. approprhte folrlEt in lno with locat bankinq practice) and
SVUFT AtC of th6 bank aeount !o whiri disbuEern€nt of th6 Tra;cie shortd be
made in accordan.e with Artj'ch 1 .O2D; and
∠
ど
ヽ
」
,tl
(b) by evid€nce of the authority of lhe prson or persons authorised to sign lhe
Disburcemenl Acc€piance and lhe specimen signalure of such person or persons or
a declaration by the Bonorer that no change hes @lrfled in retation lo the authority
of lhe p€rson or p€rsons authorised to sign OjsbuGement Acceplences uncbr this
Conlract
lf a Disbu6€ment Offer is duly accepted by the Aonower in accordance with its terms on or
before the Disbu6ement Accepianc€ Desdlioe, the Bank shall make tie rcc€pted Tra^che
availeble lo the Bonower in ac.ordance wilh the rele!"ant Disbursemeni Ofisr and subject lo
lhe lerms and condilions ol lhis Contract.
The Bonower shall b6 deemed to hav6 refused any Disbursement Ofler which has not b€en
duly accepted an accorchnce wilh its lems on or Hore the Dbbursement Acaeplance
D€adline.
1.02D Olsbu6ementAccount
Disbu6ernenl shall be mad6 lo the account of the Bonower set up al lhe Treasury Seffice
of the Minbtry of Fhance ot the Bonower lor th€ puEos€s ot disbursements under this
Coollacl as the Borov€r or tho Promoter/Final Beneficiary shatt notify in wdting to the Bank
not later than 15 (ffieen) days belore the Scheduled DisbuB€menl Dai€ (with |BAN code or
urith the appropriate fonnat in line with local banking practice). Sucfi sccount shatt b€
separate trom any other acroiJnts, audit6d independently and separatev snd not subiecl to
any enforcement, attachment or any similar paoceedings and the status of which shatt be
maintained lhroughout th6 amplementallon of lhe Project (such account hereafrer the
'Dlsburlemont Accounf).
1.03 Cu.rrncv oI dbburE€monl
The Bank shalldisburse esch TEnche in EUR.
'1.0,4 Condldoris ot dlsbulsemenl
1-O4A FlEt TErche
The disbursemont oI the firct Tranche under Aiicl€ 1.02 is conditimal upon receipt by the
Bank in fo.m and substance satisfactory to it, on or before the dat€ falling 7 (s€ven)
Busin€ss Days b€forc the Scheduled Dbburcement Date, ol the follrxing documenb or
(a) a legal opinion issued by lhe Manistry of Juslice otlhe Bonowe. in Engljsh language
on the due executjon of thas Contract by the Eorower and the validity, enforceability
and binding nature thereof. Such opinon shall be acceptable in form aM substance
to the Bank and shall be supported by lhe relevanl documents evhencing ihe
Borow€/s euthorit lo ent$ into lh6 Conilact as well aB evidence of due ratification
of this Contaacl in accordance with the applicable larvs of Georgia, and a confirmaiion
lhat the Fmfi€vrork Aoreemenl is valid, bindiog and enforceabb and thal no events
or carclJmstances have occlned which could, in the reasomble opinion of the B6nk,
adversely affect the l€gal, valii, binding and enforceable nalure of the FEmewoft
(b) evidencs in the English languago of the flowors of the Minister of Finance of Georgia
lo sign this contracl on behalf of th6 Bonowec
(c) confirmetion lhat all necessary consents, aulhorisations, rights of way, licences or
approvals ol govehmental or public bodies or authorilies requircd an connection with
lhas Contract and the Prcjecl have b€en eceived and that the Final Beneficiary shall,
to the satashction of lhe Bank, have b€€n given lhe necessery authority and powers
to operate the Projecti
za/-''
::甜 ::澱 幅 」i温‖
lrse the Credl:
e
(e) eVdence OF payttnt orthe up frOntree in lu‖ pursuanttO Alに し ,08:and
(つ
l
B
evdence thatthe D● lurse llent Account has been esLuished
A‖ Tranches
The disbui"朧 nt of each Tttnche under Allm 1 02 ncluding the nrsl is cond"ional
upon:
(a) reCeu by the Bank in fonn and substance salsfadOγ
10 1 0n。「 befOre lhe date
falln9 7 1seven)BuЫ ness Days berore the schedu ed O、 bursement Oate for the
prOpOsed Tranche orthe f01。輌 nO dOcuments Or enence:
o a certFcate m lhe BOmttrinthefOm orschedule D;
ぐ
D endence demon針 前ng that,fOlbMng d=褻 αn ofthe relevant Tranche,the
T器
島書
酬孵 嫌指
職熙鮮inⅧ 懲
:轟
① 認謳mttt‰ 響a品 脂a躙 躍 P製
瑞
れ 襦
eiⅧ 鳳
pemn。
「 personsi and
(Vl
'誰
a COpy oF anソ Oner authonsalpn or Olher doalment op niOn o「 assuranoe
whiい the Bank has notFed lhe BO̲tr ヽ ■αxに saγ or de88ble n
crn熙漱 kn wth he entry intO and pmOrunc8 0F and lhe tttn3amOn3
∞ntanpbled by.the cOnta● 。
「ule vald″ and enFo― bl● Orthe cOntttct
(bl that On the Schedubd Clsbu● oment Date for ule pЮ
O
l
Htt Tttnche:
the ttp― nta10ns and Mに mnles wh ch are Fpeated pusuantlo ArL0 6 10
are ooロ モ
x"in aJに 、H】
にl and
O n。 ¨ O dumstan∝
"。
忠出躍蹴鑑PU価 ¨ ssa9o d me
p・
orOMng OFnoloe under● Is
(aa)an evenl ofderautt under Arue 10 ol or
(bbl a prepa"Onl a● nt under Artclo 4 03.
has ocalred and o cOn
nuing unremedied or u呻
●e plopOsed T口 nche
ぃ
o me m献 ぃ
9輌 嗣ほ鮨E¶
thal no events or● cumslances
T躍 冨 出 l馳
1 04C
需
識
:臨
。
「 wOu d resuL fmm
…
譜聖
tO°
離:鷺 鷹
6‐ mb
i":111lξ
:蹴
削
駆
1譜
―
電協器
Ыe natu腱
;鼈
D13bu"ernent cond出 078 relnd"Trancho3 11nancing̲tain L…
lo
ど 〆
(1』
■■ ■ロ
ρ ノ
°
朝誕警塾‖
轟憔脳。l弔印『
‖
驀薯
駆踊[蕊驚
質鼎雖
d manmm∝ da囀 耐sowぃ ●
rOrthe Tranches ttnancing LOs l and 2 bel■ een Santtredia and G19oleu relat ng to
new conslruct on
the ttnal versiOn oftho EnviЮ nmenla lmpacl Assessment(EA)repO■
O
)
the Enuronmenta peml(nC uding the relevant E∞ !ogicaI Perml o,Habhals
fOm)and Construclon PemL ssued by the relevant authoⅢ
les in Coor9●
i
ol) the E■ vronmenlal Management P ans(EMP)and
(〜 )
the Land Acq」 is"bn and Resettkィ nent P,an(LARP)
ng to road upOrading alo■ 9 the sane
(b) fo「 Lo1 3 Crgo el― Kobuui(chOlok nver),Fela
a19nment,subm● sЮ n by● e pomotei of a weening dOcument stalng whether a
Ful E!A S required o「 not Shouu a tu‖ EIA not be requiに 組 such screenh9
dα ttment logelher v"h an EMP and tte Construtt Pemn is suFroent fOrthe
Bank Shouu a rul EIA be required the∞ ndlbns n(a)abOye are applcabo,and
the documents detaitt there n aF to be submmed to lthe salSractOn co the Bank
(C) O
fOr Lots i and 2.a Road SaFety Aud
RepO";
0) fOr1 01 3,a Road Salety lnspectbn RepO":
in both cases in a―『dance wth the pnndples of Direa ve 2008 961EC of 19
November2000 on Road Sarety Managementi and
1 040
(d)thalthe deson｀ ∞m● eted fOrthe reに vant Lol.to the salisfadOn Orthe Bank
Socond Tranche
The disbu、 Юmenl ortte secOnd Tranche is∞ ndl ona upOn recetpt by lhe Bank in fom
and substa― salsfactory toに on Or before the dale fattn9 7(seven)Bus ness Days
before the Schedu ed D sbursernent Oate for such Tttnche,Of e
mce thatthe Pmoler
andlor Fina1 8enenc● v has hired to the satisfaclon of the Bank,an hlema10naly
C中 len
COn馴 セ
n lhe ttU檜
∞ mponents ofthe prolectttnanced
"0●
by th 識 ぽ
105
●bfennent of disbureement
̀OSA
CroundB for defement
sい筋∽ し ゛nO,い ●menは 。n d he
upOn the wrに n Ⅲ uest otthe Bo,。 Aci tho Bank shall deFer lhe disbursement of any
Accepted Tttnche in wい ole g in part to a dale specned by the Bomwer be ng a date
raling not aler han 6 (sbo mOnths from ls Scheduled Disbusement Oate and not laler
than 60 d● s pnorto the綺 ● repayment date olthe Tttnche ind caled in lhe Disbursement
Nolに3 1n such case the Boiつ 腱「 shal pay the perement indemnty calcuい ted on the
amounl ol disburselnent delerred
Any request brderementshal haveぴ 陣d in resped Or a Tranche oniy"
Is made at easl
7(30Ven)Business Days belore■ Schedu国 Oisbursement Dale
r fOr an A̲pted Tttn● Ю any olthe∞ nd bns crered tO n Aruc e l
is nOt Funlktt as
at the spOred dale and at● o Schedulod D sburse… t Date disbusement wl be
derered tO a date aOreed beWeen tho Bank and the Borromr Faling nol ear● r than 7
(SeVen)Business Days fOlに wing the funiment Or al cOnd面 ons d disbusernent lwkhOut
preludico to lhe nght Of the Bank tO suspend andlor cancelthe undisbuttod pOniOn Of lhe
Cred
in whoは Orin part pu,suant to Article 1 06Bl in suCh Case the Bor2wer shal pay
the Derementindemnty ca cu ated on the amountび d● bursement derered
1 01B
Cance!:ation of a dlsbu応 ome"defered by 6(3iXl mOnthS
The Bank may by notce in wl面 ngtothe Bormer.cancel a disbursement whに h has been
derered unde=Aflcb 1 05A by moc than 6(s峡 )months ill aggに ,ate The cancelた 0
anclunt sha!l remain aval● bleヽ r disbursenent under Articに l o2
,1
″
■■ ■暉
︱＝
∩︱
′
(a)
■■ ■ロ
∩
′
1.06
C.nce ation .nd sGpension
1.0&q go.row./E right to c.ncot
The Borower may at any time by nolic€ in Miting to the
Bank cancel, in whote or in pan
CrJil;;;, j;;'il;
*h; -h;; l;;;'r-#'ijsl",iJe.*,
--"''* "h.l
" ""idl'---*-
and wth mmed,ale efiect, rhe undsbursed portb; of th;
heve no efrect in respect ot an Accepled r,.n"h"
Dale faling u,ithin 7 (sev€n; Buiness bays ot rhe dae J n
1.068 Bank's rlght io susFnd .nd c.nc.l
The Bank may, by nothe in sriting to th€ Bonoter, suspend
and/or cancel lhe_ undisbursed
Fortion of the Credn in whote or in-part at any rinE ana *ift rnmeAlte efie,i
- _-
(i)
upon the occurrence of an event or circlmstance hentoned in Article 4,Olq
or 10.01
or an evenl or circurEtancs which would wilh the passage A ti ne oa gVing
nolc€
under this Contrsct constitute sn ev€nt under Ariia" l--osA _
""
under Artict€ 10.01; or
(ii) if a Materiat Arrverse Change occurs.
;
;;;i? ia*[
lJly susp€nsirn shall conlinue until the B€nk ends the suspensioat or cancels the
suspend€d amoiJnt
1.06C lndamnlty for susFision and cancalladon ot a Trancho
1.06C(1) SUSPENSTON
lf lha B3nk suspends an Acccpbd Tranche, h,heiher upon an lndemnfiable pr€oevmenl
Event or an ev€ltt mentlbned in Artcl€ 10.01 or upon the occurence
of a MalerialAjverce
change, th6 Bono,rer 6ha[ pay ro the Bank the o"1",*"nr rno.rniiiolii,]lGj
t
amounr or olsDurseflEnl susp€nded.
"
*
1
.06C(2) CANCELLATTON
lf pursuant to Article 1 .06A' th€ Bor.oyrer can6ls:
(a) a Frxed Rate Tranche which b an A.cepted TBnch., it shel hdemni, the Bank
under Artile 4.O2Bi
(b) a FloatirE Rate Accspled Tranche or any p6rt of the Credit othor tnan an Accepted
Tranche, no indeflnity b payabie.
lf the Bank cancelE:
(i) a Fked Rate Trandle whi:h is an Ac.epted Tranche upon an tndemnifiable
Pre-payinent Event or upon thB occurgncs of a Materi"lAd";;
ah"ns;;;;;;;;
lo Anid€ L058, ihe Borros,er shal pay lo the Bank th" p6;yr""] t";;;;;,;;
;
the Bank cancels
()
an Accepted Trandle q,on an event nEfitbned in Anide 10.01,
indemnily the Ben* unctor Artde 10 03
Save in tflos€ cases, no indemnity is payabte upon cancenaion
the Borcwer sha
of a Tranche by the Bank.
The ndemn(y shalt tE calcubted oo the basb that th6 carEeled
smount ls deem6d k,
have.b€en disburc€d and ropeil on th6 Sch€dutsd Ot.b"rsem;;
D;G ;;, ,,, il-";;;il;
the dbbueem€nt of th6 Trdrhe b cunsn y ctoiered o; ;"d4,;i#;#;i;:
canc€llation notie
12
κ
″
Cance"ation a■o70XDiry Orthe cred
Any lme aFler lhe F nal Ava ablty Date the Bank may by notce to he Borrower and
w hout‖ abl● alsing on lhe part OF ether paⅢ canCei such amount or the Credi n
iespect or which no D sbusement A― ptance has been made in accordance wlh Anicle
102C
100
υ●
nt ree
Wth n,5 Business Days FoIIow nO the Date of Effaiveness Ollh s Contract(aS derned in
し
Mに 1203¨ bり t BOmwersha認
in an amount d EUR 50,∞ O lffty tい 。usa
Юoe
酷翼
;器 メ
錦棚ll鶏 3ankanup・
The Borrarr auholses and hま rucls the Bank that r he up fЮ nt Fee S not pa d lo the
Bank wthin 15 Bus ness Oays rolom口 9 the Date oF Effect〜 eness then the Bank may at ls
discretion disburse a Tranche in an amOunt equalto the up rrOnt Fee and pay such amount
to tser on behar orthe BOrorer Such Tranche sha1l be a Floatin9 Rate Tranche in euЮ
and shall be deemed as a Tranche disbursed bythe Bank rOrthe pu… s Of AIt●le 2 0,
Fo「 the avoidance oF doubt,in such circumslances and fOrthe purpOses Olthis Anide l o8
。nけ the minimun Tanche s″ e specned in Artde 1 02A and the ∞ndibns of
disbursement set out in A代 にし 104(oner than the∞ nd bn se1 0ulin Alic e 1 04A(a))
shai nol ap"tO any such disbum llent pursuant lo thls Arlcle 1 03 and the next
subsequent disbursement OF a pっ posed Tranche shal be rega"ed as the・ 輌rst Tranche・
Fo「 the pupOse3 0f力 1に に 104A
In add tion and forthe avoidance of doubt r the cledi is cancel ed pursuanttO AIticle 1 06
1 06 or olhemte atany lme pl。 「 lo lhe payment by the Boi70Werto the Bank Ofthe Uレ
nt Fee.● en the up̲front Fee sha‖ rgrain due and bOmeimmednteり payable by the
Bor―er out orthe BO¨ s̲fund3 and Wttoutthe raOI″ to diSbutt a Tranche as
o子
d― bed in the pr― ng par39田 ph
i09
Sun3 due under Article 4
Sums due under A咸 les 1 05 and 1 06 sha‖ be payable in EUR They sha‖ be payable
wthい 15 1rfteen)dayS Orthe Borc wers receipt Ofthe Bank s demand or w
n any longe「
pelod specFed in the Bank's demand
ARTICLE 2
Th. Lmn
204
Arnount of Lo.n
The loan shall comprBe the aggegata amount of Tranches disbursed by th€ Beok under
tho Credit, as clnfim€d by ihe B€nk puEuanl b Anide 2.03.
202
C ftricv of lDpavmgnt lnbrtsi and other charoe3
hlorest, repaym€nt! and other cnaEBs payabl€ in resp€ct of 6ach Trandte shall be made
by the Bono/er in th6 cuneocf in whrci the Tran(,l€ is disbuas€d.
Any othe. payment shall be made in the cufiency specifiod by the Bank having rBgErd to
the c.unency of lh6 oxponditur€ to be roimburs€d by rneana ot that paynent.
203
Conllihatlon bv tha Bank
Wthin 'lO (ten) days afi; disburs€in€nt ot eadr Tranchs. th€ Eank shall delMer to the
Eonower the anorllsstiofl laue !E entd to in Article 4.01, if appropaiate, showing the
disbuB€rnent dale, cunency, the arnount disbursed, the repaymer( tems and lhe inleest
rate of and for thal Tranche.
13
/2‐
■■■■
ｎ仁 り ′
1 07
,ll
#
3.01 Rate of interest
3.01A Fixed R.i6 Tr:nches
The
_Borower shall
pay intere3t on the outslandhg balance of aach Fixed
Rate T6nche at
the Fixed. Rai€ s€mi-annualy o. annualy rn ar;rs on t ,.i*"ni p-"vri-"r' da""
specified in the Disbursement Otfer commenong on rf,. trcisuctr
"
""
eayne=,ii reio' o*ing
the dare on which lhe disbursenEnt or rhe Tra;lE wss ."0.. lt
u," piri"irii'i,iL oa"
on which dasbu.sement $as made to the first payment Oae t SO a
oi Es iien ue
tEynent of interest accrued durirg such p€noi, Eha be postponed to fr" fofbwing
Paymenl Date.
lnterest shafi be catcltated on the basis of Arlire S.Ol(a) at an annuat rate
lhat is the Faxed
Rate.
3.018. Floatang Rrto Trancftes
The Borower shal pay interest on the outstanding batarrce of eadr Fbatinq
Rate Trsnche
al the-Ftoating Rate semFennuatry or annuett in a-rtgrs on tre ,eCranieayinem Oares, as
speoned in the DisbuEemeit Ofld comrnencing on the ilst suci payme;t Date folowing
the date ot disbuEement of th€ Trancie. I lhe
t.o 0r. aie oi UiiLrserlni ro rc
fio! P..ry"glt Date is 30 day5 or tess then thiErbd
payrner* of hteresr
Or,i"i
period shatt b€ posFoned to the blo{/ing payrnenl Date
"""-.J
"*h
The Bank shal notiry the FtoaUng Rale b the Bono er wihrn tO (ten) days
fo owjng the
commenctmant of 6ach Ftoating Rato Refcrence pe*Jd.
lf pu.suant to Artictes 1 .05 ard 1 .06 disbuEement ot any Ftoaung Rae Tranche
lakes ptaoe
aier the Steduted Disbu6ement Dat6 the Retevant tnteOanf-nate apticaUle to t-tre lrcr
Floating Pate Rafoleoce pqi(, shafl appty as thougt Ure OsOrrtement'iJ Gn-mace on
the Schedubd Oisburs€nEnt Date.
lnterest shall b€ cat@lated in r€speci of each Floatjng R.te Refeence perird on the basis
ofAnije 5.0r(b).
3.02 lnt6r€3t on ov.rduoaums
W_rthout prejudace to Anicb j O ard by way oI exception to Anicb
3.01, interest shall accrue
on any overdue sum paydte under the iams of ihb Conlract ftom the due
lhe date
d .qa lmen1 91 annuat rate equat to the Rehvart tnteoanr nate prr" dadio
f,it- iiorj oasis
points) and sha be pdyabt€ in accord?ncc wfth the aernana
d 0re ea'n[ roi thl; pttrpc€
1
ot detemining the Rdevant tntebenk Rst6 in relatbn !o U,e entfe S.OZ. fp ieevant
perird8 wtthin thc rEaning of lschedute Bl shafl b6 succ€isive p"rirOst_one
.ontn
commencing on tle due dete,
3.03
Hovyever. interest on any overdue sum under a Fixed Rale Trandle
shall be charoed at the
annuat rate that 6 the sum of th6 rate detined in Articto 3.OtA pt,rs
O.2S96(2a ba;a;iiE)
if that annual rate exce€ds, for eny giv€n retevant petud, the
;ttapecjil'i;in-J-p
paragraph.
""org
.rket Disrubtton Ev.nt
h reblion to.e specifb A.aepted Trandle, rf at any lime betv/een th€ dale of rcceipl by the
Bank of a-Disburc€nEnt Acceptance rn respea *
rraJe anJlie oaiGiing r*o
Business Days prior
"rrdr
to the Scnedut€d Oisburs€m6nt O"G.
Oi"_otior'er""t
occurs, the Eank mey notify to ttE Bonorver tnat ttris aause tras
ioto-"nlJ
in *A,
case, lhe folowing rutes shal eDotv: lh6 rate of nter€sl eccfi_ur"
rranche uatir rhe Maturity Dare, sirarr b" rh.
percentEge rate per annum) u,fiict ls determined
bi tt e6nf ro G dr;"iti;[ir-sGt"t to
.
rhe Bank ror rhe rund,ns or rhe retevant rranche
" upori
"-mi*.i
*e
i"1rJ ltpr"o
+,;;;-,i&;;"i";;;;;...
dJ
GnJi6pii,iiiliitlraV
14
″
incuned as a resull lhereof, if any, in which ca66 th€ Bank shall not effect ihe disbursement
and lhe coresponding Credil shdl renEin available for disburs€ment under Articte 1 -02B. tf
the Borrower does not refuse the disbursement in time, the padies sgree that th6
disbur6€menl and lh€ codditions theGof shall be frrlly binding for both padies.
ln each case lhe Spreed or Fixed Rate pr€viously notilled by the Bank in the Djsbursement
Offer shall be no longer applicable.
ARTiCLE 4
Repavnent
4 01
Nomal● navment
Repayment by'Etaimont3
(a)
The B●Tower sha ren eaCh Tranche by ins● lments on the Paぃ ment Dales
spned in the re evant Ols5unement ottr in axっ rdance tth the tem、 of the
amort sauon tab e del
閾 pursuantto A面
203
●) Each anclⅢ sal on tabに shal be dlawn up on lhe basis thal:
O
̀
in the case oF a FIed Rate Tttnche.repayment shal be made ann腱
:け
or
sem annualy by equal instal‐ nts of prndpal。 子∞ nSlant insta ments of
plncipal and inlerest
,
inい e casc of a F oalng Rale Tranche."payment shal be made by equal
00
annual or semi● nnualinslalments of plnc,pat
(11)
the ttntt repayment dale or each Tranche sha‖
be a Paymenl Dale rallino nOt
ear:brlhan 60 days from the Sch uled D̀bu嗜 檜ment Dalo and notld‐ than
the nは Paymnt Dde ttmed alely folo″ ing the 10い Ktenth)ann Vemryび the
SchedulBd Dsbunttment口 e ofthe T● nchel and
(〜 )
be a Payment Oale famng nOt
yearS and not hter lhan 30 1thirty)yeatt from the
the last repayment dato or each T,nche sha‖
eadier than●
(fouり
Scheduled Disburenlent Date
402
Vo:untarv lnDaVment
4 02A
Propaッ ment Option
Subl
to ArC es 4 02B,4 9C and 404.the Bomwer may prepay al∝
pan Of any
Tranche.logether〜
ed nte xtt and indemn面 os r any, upon g、
Notce wth al baSt i "th
10nel a―
lnOnthヽ plor nolce specryhg the PrepaⅢ ent
"ngAnount
a prepapent
and the
Propaymont Date
Subl
1。
´
曖de 4 02C the Prepaynenl Nobce shal be bindino and imvOcabL
402B｀ Propaγmentind● mnlty
402B(1)FⅨ EO RATE TRANCHE
Iithe Bo― er pl℃ pays a Fxed Ralo Tranche.lhe BorDwer shal pay to lhe Bank on the
Prepayment Dale the pre ymenlindemn″
402B(2)FLOATINC RATE TRANCHE
The Borower may prepay a Fbalng Rate Tttnche wnhOut indemnty On any re evant
payment Dale
15
■■ ■ロ
ｌ″
ｎｌ
ザ
generated Bank reference rate or an altemalive rale d6terminalion fiethod reasonabty
detemined by the Bank. The Sonower shall have the right to refuse in wnting such
disbursement within the deadline specilied in the notification and shall beEr charges
llll
4 02C
PrOpayment mechanic3
憾駅躙 騰馘 鸞 慰以 母
(a) that t∞ nFmsthe PEpaynent Notc3 0n the tenns spec Fed by the Bank Or
(b) that l wthdraws the prep"ment Noた e
!f the 3o「 。wer gves the∞ nrmaton under pattgraph(a)abOre. a shal efrcl the
prepattent げthe 00FOWer W lhdraws the Pttpayment Nuice o「
fals lo con4mに in due
鼎誡鼎冊鷹譜e pttpane"鈍 r as¨ resà輌 oPr"yrneⅢ N¨ ∝sha be
byい 卿en da̲d nterest md
服謂 器 :糟柵昴捲
‖
臨
4 00
cOmpulsOry prpavlnent
4 03A
C"unds fOr prepayment
403A11)PRO」 ECT cosT REDuCT!ON
be ng a dale● Ihg nol ess han 30ぃ
403A(2)PAR′ PASSυ TO ANOTHER TERM LOAN
")
●1ぷ 譜黒 3嘱 %鷲:ぶ
灘
nk,suCh date
:織 編翻潤服
棚lhttd
I:鵠
露憔輌 ..∝ r mude3 any暉 ヽbOnd∝ ●
鍋躍震ξ
・
herfom 0 1na商 J
indebledness Or any Obligat on forlhe payment o「 repanent Or debt
403A131 CHANCE OFtAW
The BoroFer shal pOmptly inf― the Bank r a change ofLaw Event hasに
黒
織 糀 『鑑
獅離儡
櫛 ∬熙 臨 電
urred or is
Bank.s request !ム 燕 r me lapse Of 3̀
consu 18tiOn th● Bank is OFthe opiniOn t,
be mmgaled 10に
螢 Isracl m,the B=
undisbursed Portion oi the Cttdi and
accrued inte【 xtt and all other amounts ac
獣1lWli翼 譲 :F鶴 尾態樫Ta申 器器為;響擦協 1ぼ理解朧
d― nd
＾
０
′ ご
it
For the purposes of this Article 'Chang6-of-Law Event' means thB enactrnent,
promulgation, execution ol retificaton ot or any change in or amendment to any law, rute or
regulation (or in the apptication or offcbt interpretaticn of any taw, rule or €iulation) that
occurs affer the date of this Contract aod which, in the opinion of th€ Bank, wortd matenely
impalr lhe Eonowei's ability lo perfom its ob,Oations under this Contract or the Bon owe/i,
the Promole/s or lh6 Finat Eeneliciarys obtigations Etaled to the project_
4.03A(4) ILLEGALTTY
ti
(a) n becomes untawfutjn any Eujufisdictron or in Georgia forlh6 Bank to Derfom anv of
ils obligatbns as contefiplated in th,s Contracl or to fund or maintain lhe Loan: oa
(b) in relation to the EC Guarantee:
(i) it is m longer velid or in ful forco and eflect;
(ij) ih€ condition6 tor cover thereunder are not tutilted; or
(iii) it is nol effective in accodaflco with its tems or as aleged by th€ Borower to be
aneffeclive in accordancc rith it9 terms,
the Bank sh.ll pro.nptly notit the Bono/ver and the Bsnk may (i) immedBt€ty suspcnd or
canc€l the undisburs€d portion of the Cr€dit and/or (y) demand prepayment of the Loan on
the date indi:ated by he Bank in its notics to the Bonower.
4.038 PrDprym.nlmochinlcs
Any sum demanded by the Bsnt pursuant to Articte 4.03A, t€€ther with any interest or
other amounls acE U€d or outstsndang under thL Contract includjng, without limitation, any
indemnity due under Articl€ 4.03C, shatl be pEid on the date indic;ted by the Bank which
date shall fall not lo6s lhan 30 (thirty) deys trcrn the dete d the ganKs nolice ot demand
and shall be applied h accordance with Anicle 5.05.
4.03C PIlp.ymcnllndemnlty
ln the cas€ of ao lndemnifioble Prcpayment Event, the ind€mnity, if any, shal b€
d€i.mrned in accordance with Anide 4.02B.
lf. nrcr€over, puEuanl to any provision of Artbl€ 4.03A the Bofiower prepays a Tranche on
a dete other than a r.leyent Payment Oate, the Borrower shall indemndy lhe Bank in such
amount ss ihe Bank sMll cedify is requaled to cornpensate it for rocsipt of funds olherwise
than oo a rel€vant Payment Dat6.
404
Ganalel
A p.rpdd arburn mey not bc E+ooow.d. ThbAnide,t 3hal not prejudice Anids 10.
ARTICLE 5
Paymanta
5.Ol
Dav count conventlon
Any amounl due by way of interest, indemnity or tue from lhe Bonower und6r this Contret,
and calculaled in lesp€ct of haction of a yeer, shall be determaned on th€ folowing
respective convedlbns:
I
{a) an respect ol inter66t end indemnities due under a Fixed Rete Tranche, a year of 3G0
(threc hundred and sixty) days and a month of 30 (thlrty) daysi
(b) in respeci of inteEsl and ind€mnilies due under a Floating Rat€ Trsnche, a year ol
360 (three hundred and sixr) days and the nurnbcr of days ebpsed;
17
/24
lll
(c)
502
resD€ct of fees, a year of 360 (thre€ hundred snd sixty)
days and the number ot
'n
days ehpsed
Time and pteco of Evment
Unless otherwise specilcd, all sums under or in etefion lo this Contract
other than sums of
prinopar are payabte wilh,n t5 (nn€en)
ih;
l1t-"j::'
1139T"ry.
recarpl ot the Banks demand.
Each sum p-ayabte by the Bonower under th6 Contrect shal
be pad to the resoective
accounl notfied by t,\e Bank ro the Bonower. The B""r
i"ai..rl rh.'""_rni
than 15 (frfteen) days before the due date for the ti,=t payre;t
"mrr bt;E
notify any change o[ account not tess than 15 (fifree;) ir"n o"i"i"-r,J
o"ie
payment to u/hirh.lhe ch.ng€ epphes. This perbd of notice_does
not appty in the case oi
payment
d# ;
"F
A;;;;
r[iL"]
if";;;;; ;;;';;;[
oit"-i,ii
under Articb 1 o.
503
A sum due frorn the Bonolver shall be deemed pai, when the Bank rcceives
it
Set-otr
The Bank may set ofr any maturcd obtigation due itqn the goftower under this conired no
rne extent benefciatty owned by the Bank) agsinst any obtirat,on
{wfieth6r or nol matu;i
owed Dy th€ Bank to tie Eonower regBrdt$s o{ the ptace of paynrnt, booking
bfanch o;
cunenc, of either obligadon. tf he ouigatons are in dfieent ;urenoes lhe-8snk mev
convert either obligalion st a mirt€t .ate of exchange in its usuat course ot tusiness for rtrl
purpose of the sel-off. lf eith€r obtigation b untquirated or
unascertained. the B3ni mav
off rn an amount eslimated by it in good taith to ie the amount
otttrat oUtig;tion._,
-' ;i-'
504
Dl3.uotlon to P.vme Svst nE
It B(her the Bank determin6 (in its dGcretion) that a Dhruplbn Event ha6
occurred or the
Bank is notifi€d by the Borourer tll3t a Disruptbn Ever{ hasocqrned:
(a) lhe Bank may, and shatt if requ€sted lo do so by the Bofior/or, consutt with the
Eonower wfi a vbw lo agreerng wnh the Bofiov,€fiuch cheng6 ao lhe operaton or
administretion of the Contract as the Bank may cleeir necessary in the
circumslances;
(b) lhe Bank shall nol be obligod to consult wilh the Bororer in .6talion to env chanoes
mentioned ln palegraph (a) . rn its opinion, it is not p.ec cable to do so in -the
circumsl,ances and, in any ev€nt she have no obligalioi to a9l6c to such changes.
and
(c) th6 Bank 6hall nol be tiabte for any damsg€s, costs or losses vrheb&ver ensino as a
resull of a DBruption Evenl or ior taking of not tsking any aclDo purB!,ant to-or in
connedion wilh this Atid€ 5.04
505
Aoollcation ol sunl. rccolved
(a) Padial paynEnts
l, the Bank re.ei\€s a paFlent that is insuflbi:nt to disch.rge a the amounts then
due and payable by th€ Bonorer under this Co. ract, th6 Bank sha sppty that
payrnent in or torirarcls paymont of:
(i) frst, in or tower& Fyment pro lata of any unpeid fe€s, costq ind€mnitbs and
. expeasG du€ und€r this Contract;
(ii) secofldly, in or lon€rds payment of any accrued interest du6 but unpsid undei
this Agreenent;
18
″
itり
,1.
(lil)
thirdly 10 。r towards payment of any plncipal due but unpad under this
Conlradi and
(Vl
tOunhけ ,10 0r towards payment or any o・ hei sun duo but unpa d underthヽ
Contttct
(b) Allocalon o「 sums re ated io Tranches
O h CaSe Of
‐ a pa蔵 ●l voluntary prepaymenl of a Tranche that is sublecl to a
repayment in several instalmenls. lho Propaymenl Amount shal be
applに
―
dpO日 la 10 eacい o1lslanding hslalment,
a pan■ ￨∞ mputsory preparnl or a Tranche that is sublect tO a
repaⅢ ent in several instahents. lhe Prepayment Antount shal be
appllod in ttdu● 0● ●f the oulstanding inslalments in inveise order of
maturty
(il)
Suns ttNed by the Bank 01‐ ng a dmand under Artcb 10 01 and
app!k
lo a Tranche,sha‖ redtt lhe oulstanding instalments n inverse order
d ma缶 Ⅲ The Bank may appy su耐 爬∝ ved bemen Lnches前 ヽ
discrelion
01) n Case ofreceploFsuns wh ch cannd be denm as ap口 0カ le lo a spec
Tranche and on which there ls no agreelnent beMeen the Bank and lhe
Borower on thei「 ●pplcaton
as dkxァ 。￨。 n
Bank may apply these beい
"n Tranches at
ARTICLE 6
Boro cr undaataklnos and leprlsenLtions
The undertiakan$ an ttrb Artide 6 remain in torce from the date c{ this Contracl fur so tong
as any arr|ount is outstanding under lhis contract or the c.edit is in torae.
A- Pftiecl unded*ings
6.0l
U3. ot Lo.n and rv.ll.bllltv of oth.. fund.
The Eonow€r shall, and shsll ensure that tie pronroter and the Finat B€neficiary use alt
amounts bonowed by it und6r th€ Loan for the execution of the EIB funded components of
'
the Prciect (as sel out in lhe T€chnic€l De6cription).
The Borower shall ensure lhat it has available to it the other funds listed in Recital (2) and
thal sudr funds are expend€d, to lha extent rcquired, on the fnancing ot the projec{.
6.02 Cofioletlon ot Prol.ct
The Borower shall and shall ensuae that lhe Prc.noter and the Final B€neficiary aarry out
the Prcject in accordanco with the T€chnicet Ll€scription as nay b€ modifed froin time to
time wilh the approvsl of th6 Benk, and comptetB It by the find daG specified therein.
5.03. E9!9s$C_e9s!_9lE!ei9$
lf the total cost of the Project exceeds th6 estirfieted figure sd oui rn Rec at (2), the
Bonower shall obtain the finance to fund lhe 6xc€ss cosl without recourse to the Bank, so
as to enable the Project to be compteted tn acco.Gnce with tie Technical D€scriotion. The
plans for fundng th€ excsss co6t 6hatr bo cohmunicated to the Bank without
delai.
10
ノヒr∠
̀―
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。
ゎ
,l
6.04
5.05
Procurement ploc€dur€
The Borrower undertakes to pJrchase and shafl ensure thal the promoter
and the Finat
EenencEry purchase equ,pmeot, secure seMces and ord6r v/orts for th€ EIB and NIF
funcled componGnls of the projsct by open intematbnat tender or other acceDtabTe
procuremenl procedure comptyrng lo the B€nk,s satistaction.
with rts Doticv as dM;e.j in
Guide to Procurem€nt in force al th€ date of th6 Cor[rect
'ts
The Eorro$/er shall ard shatlensure lhat the promoler and lhe Final Beneficiary, in relation
to the EIB funded components of the projectl
(a) Malhten.nco: maintain, ropair, overhaut and renew a[ prcrlerty forning part of the
Proiecl 6s requir€d to keep it in good wofiing odcq
(b) Project.6s.ts: untes the Bank shal have giv6n its prbr consent in writing. retain
mb to and possession ol a or substanlaty a th. .ssets comprising the Etdtunded
componenls of lhe Project or, as appropriale. replac€ and renew auch assets and
maintain lhe EtB tunded co.nponents of the poect in substantkrlty continuous
operalbn in accordance with rts originat purpose: provued that th; Bank may
wlhhold its consent onty where Ihe proposed aaroi ,routd prejudlr€ th6 Bank.;
inlerests as lender to the Borou,er or woutd ender tt\e ploiecl inetioible fo, finsoctno
by the Bank under tB Slrtute or under Artide 309 of Urc Triaty oo 6e funaioning di
the Europ€sn Unbn;
(c) lnsurance: ansule or make adequate plovisbn foa th6 insurance of all works and
property fo.ming pan of the EtB funded compon€nE of lh€ project in accordance with
the mosl comprehensive rclevant industry pl"acllce:
(d) Righ6 .nd P.rmlts: nBintain in force aI rights of wsy or use and aI permits,
licenser, approvals or aulhorisalions necessary for the exeqJtion and operalion of
the Pro,ec1, and
(e) EnviroJrmant
(i) implem€ot and op€rat the Prorect in compliance with Environmentat Law:
(ii) obtsin snd rnaintein r€quigto Environmentat Approvets for the project; and
(iii) comply with any srdr Environm€rtal AppDvals.
(f) EU hw: 6x.qne and operate the Prc&d in accodance witi lhe relovant standads
of EU law to the enert imphmented by the tews ot Georgia or specified by the Bsnk
prior to the date ofthis Coitraci
B. Aeneral utrtadakngs
606
Compllancc whh laws
The Bonoerer shall ensure lhd th€ Prolnoter and thc Final Beneficiary compty in afi
respecls wfi all lews and r€ublbns to wtlk* they ar6 or lhe proj*t b subject.
6.07
E99!9-3!!!.I!99EE
The Borower shall ensurB that lhe Promoter and the Final Benefidary has kopt and witl
continue to k€op prcper bool..s and r€cords of account, in u,hich full end conocl 6ntries shall
b€ made'of allfinancial transacions and the a6s€ts as wsll a! ependifures in connection
with the Proj6d. in accordarce with GAAP as in efrLict rro.n tlme lo ti,he.
20
ba'
＾ ︲ ︱
︱
′
Maint.nrnca activities
The 8o{rower shalt ensurc lhat the Prcmoter and the Finat Benefichry carry oul and
dispos€ over suflicient funda to carry out lhe necessary routine and pedodic m,intenance
activiti€s along tie rcad sections compising pads of the project.
609
L.nd acoul8ition and r€Gettlemont
The Bonower shall ensure that the Promoter and tne Finsl Benelciary imptements tand
acquisilion and any r6elllemenl n€'ce$ary for lhe execution of the El8 tjnsnced
compon€nts of lhe Project in accordanc€ with s land acquisition and resefllement plan lo be
agreed with th€ Bank (lhe "LARP'), wnich LARP is to the satisfaction oflhe Bank.
610
Gencaal Roq6antations and Waradtles
The Boro*er rcprcsents and waraots lo the Bank tiat:
(a) it has the power to ereqie, deliver and perform its obtigations unde. this Contracli
(b) this Cont6cr constitutes its legally valid, binding and enforc€abte obtigations;
{c) th6 exocution and clelivery of, thc performance d it6 obligations under and
compliance with the prDvisions of this Conlract do not and witl noti
(i)
contravene or confid with sny apphcable law, statule, rule orregulation, or any
iudgement decree or permil to wnich it is subject;
(ii) contravene or conficl with any agreement d other instrumedt binding upon it
whbh might reasonabty be ep€cted to have a materhl sdverse €ffecl on its
ability to pedorm its obloations under this Contract;
(d) there has been no Mate.hl Adv€rs€ Change since September 2Ol I ;
(e) no evenl or circumstance which cofistitutes an evenl of delautt under Artde i0.01
hes ocafied and as continuing unr€medied or unwaived;
(f) no litigation, arbitralion, administEtive proceedings or investigation is current or to it6
knowledge b threatefled or p€nding b6fore any court, abihat body or agency which
has rasulled or if adversety determaned is reasonably likoty to result in a ti4atedat
Adverce Change, nor is th€re Bubsisting against it or ony of its subsidbries any
un6€tisfied judgement or award;
(g) lh€ Promoter and the Finat Een6ficiary has, to lhe extenl po$bte, in tine wjth the
implementation schedule of th6 projecl ob{ained all necessary consents,
authoaisations. licences or approvals of govemmental or public bodies or aulhorities
in connectaon with the Prciect and in order to bwfuly comply with its obtigations in
connection lherervith, aod the Proj€ct and all sudt cDnseoE. eulhorisatiorc, Icerrces
or approyab are in tutlrorce and cflcct and admissible an evldence;
(h) its payment obligalions under this Contrict rank not te6s than pa, pas$, In right of
psyment with al bther present and future unsecued ard urcubordinated oblig,tions
und6r any of its debt instruments;
(i)
( and ths Promoler end Finat Boneticjary rs in compt€nce wth Articte 6.05Ie) and ro
lhe t€3t of its knowtedg6 and b€tet (heving mad€ du6 and carefut enouirvt no
Envronmenlal Cbjm has been comnbnced o. b threatened sgainst iti
O it is in compliance with att uodertakings und€r this s.ctbn 6i and
(k) lh€ FramEurork &eement is valid, binding and enforceabte and that no events or
circrrmstences have ocrured whl$ could. in the reesonable opinion of ttrg eani
adversety afiecl the regEt. vatid, brndrng and enlorEeabte netud of rhe Framework
21
(↓
■■ ■■
608
口■Ｓ日
日 ¨● ′
The .epresenlations and waranties sel out above
shal survive lhe execution of thb
Conlrad and are cteemed r€peated on each Sch€{ur"o
O,"Uirsei."i O-.re a"i
Payment Oate
611
""
*"i
Proiect lmotcmontaton Unit
ln order to cooronate. rnarEge, mon[or and evatuale all asoects of pm,Fd
rnptenentaton. inctudng rhe procurement of goods.
work;;;d;-;"; ,; ;."ril,i'
me tsorou/er shalt pro.rjre liat ihe promoter andor the Frnat eenefcraru a, : ri;,"1
piqect
dunng execurron of the
opur.t a prqeo r.-or"r"].,ri"r- 'i""i,,'pri-,"",ii
aoequate resources and srjitabty qualifed personnet, unOer
tenrs ot reterence acr_eotatL
to lhe 8ank.^Ile p J w t b€ supported by tn. err""i"
r_"ip..r'i..r,o"i
r"rt
uenrer {ttctc) tn the managemenl ofthe flnanchlaspects of
"ii
th; project.
612
lnteorllv Commltnent
The Bonower shatt and sha,t ensur€ that eaci of the promoter
and lhe Finat B€neticiaN
:earElts and unctertakes that it has nol cornmittod, and no erson ; its .-;;;i
knowtedge has co.nmitted, any of rhe roloflng acts
n
person, wlh tts consenl or prtf knowledge, w cornmn
"ili"ii"i",iii.
any such ac(
thal is lo 6ai:
;Jta
(a)
the off€ring,_grving, recetvlng or soticiting of any improper advantage lo hfluence
tne ad,oo of a persm holdng e public offlc€ or lunclion or a direcdr or .mDlovs
oi a puurc authority or pubhc €nterprbe or a dir€ctor or onEiat 6r a bult;
intermtonat organsatnn in connection vrith any
';irr;
p{ocr,"";"i;;;
.
(b)
lr;iii
exeqrtion of any conrad in coonectbn wtr'Uose eemeni
i;.
described in the Tedlnic?t Description; or
"f
-
pr"j;
any act whbh improperty inlluences or aims improperty to irfluence the
procuremsnl procasE or thc inptementation of the pmject toihe
detdmsnt of the
promoter
and the FinalBenelcjary, including collusion 6etwe6n tenderors.
tor this purpose, the knowl€dge of any oflicer mentioned m Anicte 12,0j and
each 6enior offtcer of the promoter and lhe Flnal genellBary shal be de€rned b
be the kno|ledge of tne Bonower. The Bo.rower undertak;s to inform the Bank
and investagEte if it should becorn€ awere of sny fact or informatbn sugg€stive o{
the commjssion of any 3uch ad and to a@t the n€c6ssary redress me-iures_
'lhe 8ofiorver 6halt and shall ensure that the promot€r
snd the Final Beneficiarv w t
nstilule. matntsin and comply with intemal proc€dures and contols in
*tf,
appticabte nationat hws and best prsctices, lor tho purpose of ensurt;q
"oaoii""*
that no
tran$ctbn is €ntered into with, or for the benef( of, any of the individuats or ;ditullons
named oJr updslod tbts of sanctDoed persons pror;ubsted by ti6 united NatDns
secunty counqtor ts commitbes puGuant to Secunty Council Rasolulbns j2671t999)
1373f2001) (HYPERLINK "htF /lBwr.un.org^enomm" wy/w.un oronermrism) a;/or by
!n9 Uo9n9'! or oe EU pursuant to ils Common poGitbns 2001/931/CFSP and
200Z40ZCFSP end their retacd or successor resotutions 6nd/or imotemsntrno acrs in
connection with Money Laundering or Financjng of Terodsm matu?ls.
.
ARTICLE 7
S€curitY
The undertakings in lhb Arlide 7 Emain in force trom the date of this Contract for so long
as any amount is outstanding under this Contract or the Crodit i9 in fo.ce,
22
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The Borrower shafl ensure thal its payment obligations under this Contract rank, and wi[
rank, not less than pan pass{,/ in dght of paymenl with aI other present and future
unsecurcd and unsubofttinated obtigatbns under any of the Bonoweda Rebvant Exemat
Debt hst urneots.
ln panicuhr, if the Benk makes a domand under Artite iO.Ol or if an event or polenral
event of d.gfault under any unseqJred end unsubordhated Relevant Exemd [bbt
lmtrumenl of lhe Bonower or of any of its agencies has occuned and is continuing, lhe
Bonorver shall nol make (or authoize) any payrEnt in respect of any other such Retevant
Extemal Debt tnslrument (whether Bgutady Ecl|eduied o, oiheMise) without sjmuttaneousty
t€ying, or setting aside in a cteiignated Bccount for payment on the nexl paymeot Date
sum equat to, the 6ame proportion of lhe cbbt oubtanding under this Co;ract es the
p.oportion tt€t the pafnent under such Retevant Exemat Debt lnstrument beaB
io the
totial debt outstanding under that Retevant Enemal Debt tnsirument. For this purpos€, any
payrne.t of a Retevant Exemal Oebt tnsttument that is made out of the proc;ds
of lhe
issue of anoiher nstrument, to which substantiatry rhe s".e persons as toto ctaimi unaei
the Relevant Extemat Debt lnstrument have Eubscdbed, sha b6 disregarded.
;
tn thb Contract,
"Extem.l D€bl lnst ument, means
(a) an jnstrument, jnctuding any receipt or statement of accrun! evdencing or constitding
an obloatbn to repay e loan, dep6 . ad$ance or simitar e)denson ot ;edit (includin;
withoot limital,on any er4ension of crcdrl under e rEfinancing or rescheduting a9r66ment); -
(b) an oblilatih evid€nced by a bond, debenture or simihr writen evdenc€ oI
indcbt6dn€6s or
(c) a guaraniee of an obljgatbn arisano under an Exlemal Debt lnst ument from anolher
lende[ prDvi#d in eac*r case that such obtigation b:
(i) govemed by a system .f taw other lhsn the taw of the Bonoweri or
(ii) pafabte in a curencl other than the cunency of th€ Bonoweis
counLy.
"Exempt Erdomal Debt Inrt ocnta. means Extemal Debt lnstruments up to a maxrmum
aggregate amount not exce€ding EUR 90,000,000 as specified as such by written notice
from the Bonowea to the Bank.
"R.l.vent Extomal D.bt ln.rruh..t,, means Exi6msl O€bl lnstruments other than Exempt
En€rnel Debi lns1tuments.
It any Eiiemal Debt lnstrument notifed by th€ Bonower to lhe B€nk ,or aporovat
Durcusnr
to the povisions of this Adicte 7.01 to qu€t{y as an Exempt EXemat Dibt insiment
is
denominated in a curency other than EUR, the gank may aaennine $e EUR eqr:fircnt
ot
such notifed Extemal Oebt tnstrumont by refarcnce to the preva ing l."t"
specfied by the Europein CentEt Bank In F6nHurt as ol or aounO tre-aate of suJ
"*"n"ng.
wmten
J
7-U
Additlon l srcuritv
Shoutd th€ Eorower grant or arrange lo be granted to a third p€dy any socurity for
tie
periormance ot any External Debl lnstrument or any pre(erence
br priority ,n'respecr
thercot, the Bofirwer sha , if so requirod by the Ba;k, prov*fe io ffrJ Aani
equ'ivatent
6ecurity for the performance of its obt8eiio;s under this cont aa oi g,ant
egni
equivalent pEfarence or priorily.
iol;;
″
■■ ■■
7,O1 Pr, Prss, rankino
I
′
7● 3
Clat6es bv tnctrEion
f
lr€ Eorrctwer conclucies whh any other med,um or long ierm ftnanciat
creditor a financino
agreemenl lhat inctudes a toss.f-rating craus€, and/o.;";;"
passu ctause thal ts stncter than the equMatenl provbonlsy
a in,s Coniract th"
sharr so rnrom rhe Bank and shal, ar ihe requdsr
of ihj ti_r.
,i,i
amend this Contracl so as tc provrde tor an eq;ivalent provison
in tavour ofthe-BaDk
;;;n;;;;;;;;:;
;r;"fi;
**ijiJ jir'*il.ii I
ARTICLE 8
t.rtom.tion .nd Visits
8.01 lntormatton concomlno tho prot.ct
The Borower she or shafl ensurc that lhe prornoter and/or the Finet Beneficiary:
(a) deliver to the Bank:
(i) the informatjon in conlent and rn icih, and at the times, specfied in Schedut€
A2 or oih€rwise as agreed from tjme to tftle by the panLs O ftis C"rrraa;
and
(l)
any sucn rnlom|atorl or turlher docum6nt concaming the finanqng,
proclrement, impl€rnentatbn. operatbn and €ovironrnental-matters
of or
_ ,or
the pDiect as the Bank may resonabty
require within ,e""o*Ofi tr",
"
provided always that if such inlomation or document is not deliv€red
to the gank on time,
and ths Bono$Er does not recr.ty the ooission wfthin a ressonaore he
bv i;e dank in
wntlg. Ihe 8€nk may remedy the deficjency, to the extent feaslbte. by emp6yino its own
-Aorower
srEm or a @nsunant o. any oher thlrd party. at the Boro,ner,s
expense ani ttie
shall provic,e such peasoos wilh all assbtsnce n€cess€ry for he pufoose:
;i
(b) subnitl
(i) fDr th€ spprorral of th6 Bsnk without deby any matenat chanqe b rhe EtB and
NtF funcbd compon€nts of the proJec( and
(ia) for info.matjon to the Bank without delay any meteriatchange to the non_EtB
andor NIF funded components of the proirct, sl3o iakng:into account lhe
dtsclosures macb to the Bank in connection with the pioiect oriof to the
sagning of this Contract, in respeci of, inter atia. the pric;, de;ign, ptsns,
timeiabte or to the oxpenditura progtsmne or financing pdn fo; he e-roi&;
(c) promptv inform lhe Bank of
(a) any acti, or protest initiated or any ot ecrbn Eiaed by any hirct party or any
.
genlin€ comptalnt .Bceiv6d by the Boflol er or any Envrronmentai cdim
Uat
is lo its knowlgdgo cdnrnenc€d, Foding or threataned against it with regad
to
enviroalmental or other matieB affedirE t|e proioct
(ai) any lecl or ever* knou,n to the Bonower, whi:h may substiantialy prejudi:e or
affect the conditims ot €x€cu(ion or op€ration of the'projeci;
(iii) any non-comdianc€ by it with any applicable Environmentat [aw] and
(iv) any susp€nsim, revocatjon or modification of any Environmental Approval,
end set out the adirn to bc laken with respecl to sucfl matteE;
24
左 ″
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ｌ
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6.05(c);
(ii) annually, a li6t of polictes in lorce covering lhe insured property forming pad of
the Proiecl, toge$€r with conUrmalion of payment of lhe cunent premitins.
802
l.formation concemino tho Bor'owor
The EoJmwer shall or. as relevant, 6hall ensure lhal the promot€r and/or the Final
Eeneficiaryshall:
(a) deliver lo lhe Bank from lime to tim€, such.further infomBton on its gene€tfinanciat
situation as lhe Sank may reasonably requi€i
(b) ensure lhal iE accounting records futty relbcr the operations retatino to the financino
execulion and operaton o. the Project; and
(c) inform the Bank immediately of:
(i) any tacr f,ilch oblig€s it to pr6pey any financEt indebtodness or anv EU fundino
includ'ng any funding provide.d und6r the EIJ Financing Agree;ent for this
Projecl, it sign€di
(ii) any eveni or dccision lhat constitd€s or may €sult in the events describ€d in
Anide 4.03,{q
(iii) anyjntention on its part to retinquish own€Ghip of any matedal component of
the Prciecii
(iv) any f*t or event that is reasonebty likety to pr€vent the substantiat fullihent of
any obtigation of the Sorower under thb Crnt'act
(v) any event lisl€d in Artict6 10.01 having occtrned or b€ing thre€tened or
anlicipeted; ot
{vi) any liligation, srbndion or administrative proce€dings or investillation which is
curcnt or pending yrhich might f adversety determin€d result in a Materiat
Adverse Change_
803
\4sita bv th6 Bank
The Bonower shsll and shatl eosuro that the promoter and the Finet Beneficiary allow
persons designaled by the Bank who may be accompanied by rcprBentatives of the
Eurcpean Court of Auditors. the EuDp€an Commission, the Europ;an Antifraud Ofirce
(OLAF), as well as other persons desigmted by olher EU inslitutio;s or bodies when
so
roquired by the rclevant mandatory provisions of Eu taw, io visil lhe sites, instiajlalions and
worl€ compastng ihe Prqecl 6nd io conduct such checks as thev mav wish. and shel
provide them, or ensur€ that th€y ere provided, wrth alt necess;ry a;sisiance
for this
puDo6e
The Eonow€r acknowledges and shalt ensure that the promoter and the final B€neficieN
acknowledge lhat the Bank may be obliged to divutge such information retatirn ro irl
Bonouier ancl lhe Proiect lo 3ny comperent Eu rnslflutlon or trody in accordance'wilh the
relevant mandatory provisions ot EtJ taw.
25
″
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(d) provide to the 8ank, if so requsst€d:
(i) a cedificate of its insurers showing tuminent of lhe requirements of Adicte
夕
:
cha.::111+fi:ense3
901
TaX03.dut108 and fees
:莉
黒椰 騨層
満 郡網
sum due
902
酬 i
Other chara
聰尋需謂 騰暫ゝ
婦島:1常
綿鍬罷欄濃隔 瑞蹴
計
ARTICLE IO
Eventa ot d.rault
10.01 Riohtto dem.nd rroayrn€nt
The Bonower shal repay alt or part of the Loan fortt ith, togeih€r with
accrued interest and
all olher accrued or outshrEing amounls_under thi" Conr.ici, ,po, *ritt",
mad6 by th€ Bank in accordance u/ith the foflowing p.ovisbfls.
d"r;;LinS
'10.01A lmmedl.to dem.nd
The Bank rnay make such demand imme<lietely:
(a) it the Bor.or{er fails on th6 due date lo repay any part of the Lo6n, to p€v interest
thereon or to rnake any other psyment to tre einf as provded i; rfri" i:onrract,
unless (0 its faifure to pay is c€us€d by an administrstive or technical eror or a
ursrupllon Evem and (ii) payment is mact€ wi&an 3 Businass Days of hs due date:
(b) rf any information or ctocument given to the Bank by or oo behetf cd the Bonower, lhe
Promoter and/or the Finel Benefictsry, or any aepres€nlalion or stalernent mad6 or
deerned to be made by $e Bonovrer, the plonroter 6ndor the Fiml Bensfciary in
application of this Coit'act or in connecton with the n€gotalion or perfonnaoce ot
lhis Cont6ct is or proves to have been lnconecl inco;pbte or mi;badjng in any
mateaial respect;
(c) if, fottowing any detault, the Borrou/er is required or i8 capable o, being required or
witt, following expiry of any appticabte contractual grac€ p€riod, Oe
{uiria or Oe
capabb of being requied to prepay, dascnaEe,
ctose oul or terminaie ahead of
maturity any other ban or det obtigaton arbing out of any ,tnancjat trans€ction; or
any cornmitnent for any oth€r lo€n or d€bt obligaton arising oul of any f[Encial
t'-ansaction E cancell€d or ruspend€d,
26
″
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ｌ
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′
(d) if the Borrovrer b unabte to pay [s ct€bls as they faI ctue, or suspends its debts, or
nEkes or, winou prior written noli:€ to the 8ank, seeks to ,rEke a compositbn wilh
its seditors:
(e) if the Eonower defaufis in the pertomance of any obtigEton in respecl of any other
(0
ban grarted by the Bankor frnanciat instrumenl €nteEd into w h trle Bant.
if the Borower detsutts in the pertomance of any obliltatbn in espect of any olher
loan or financjal instrument granted by the Bank or the EU (induding, ,hter ar,b,
under th€ EU Financjng Ag6ement) c!. to the Bank or any other obtigatbn lo be
fumled in connection with the r€ceipl of any funds by ihe Borc$;r from the
Europeao Union;
(g) if any distEsr, execution, sequestratbo or ott
p.".J air""Uy inflicting materiat
damage upon th6 Pomole/6 or th€ Final "|.
BeneficiaMs abiiity lo p;rform its
obtgations to imptement the pro,ect ls t€vied or entorced i:pon any property forming
part ol the Project and ts not discharged or steyed with'n 1a
Gour6;) d;ys;'
(h) if a MaterialAdveEe Change occurs, a9 @mpar€d wjth the Borroweds condition at
the date of this Contract;
O
it n is or becomea unlawfut for the Bonoeer to perfo.m any of it6 obtigat-ons under
this Contract or other lram€clional documents or lhis Contracl is not eflective in
accordance with ils lerlrB or b elleg€d by the Bofloryer to be jneffectiv€ in
accordance with ils tcrms:
0)
if any obligEtion sssumed by th€ 8ororcr es stated in th€ Frarnervork &re6ment
ceases to b€ fulflled as Egards any kran made to any bo.rourer in the dnowels
tenitoi ftori the resources ot the Bank or the Europee; Union; or
(k) if the Bomw€r defautts in the pedormanc€ ot any ol its oblEations under any toan or
grant doclmentation provired in connecibn with lhe proiect by any ot€r in;titdbn.
or, if appli:abb, the NtF grent or the monbs avaitabte under sudt ioans oa qrant ere
not paid out or need to be repsid by the Bofrow€r.
10.018 Oem.nd efter notlco to Ern.dy
The Bank may also mske such d6mand:
(a) if the Borower faits to compty {(i any obligation undef lhts Contrdct not beng an
obligation mentioned in Articte 10.0tA or
(b) if any fuct related to tie Bor.oyver or lhe projecl stated in the Recitats Inate& y
alleB and is not materiElly Gslored and tho alteralion erlher preudic€s the
interests of lhe Eank as t6nd€r to tho gonor/ver or aaversei ifteas the
implementatjon or op€r€tion of th€ proiect,
unless the non-cornpliance or circumstance giv;ng ris€ to the non-compliance is
caDable ol
remedy and is remedied within a reronabt€ pefud of time specifled i; e noUce s;rved
by
ttl€ Bank on lhe Borao\Ner
10.02 @sJhEts_e!]s!
Articb I O.O1 sha nol restd:t eny other &ht ot lhe Bsnk at taw b require prepayment of
tne
10-03 lrdom.ltv
10.03,q Find Rrt Tr.nche!
ln cas€ of ctornand under Mide lo.O.t in repect of any Fixed Rate Trande.
the Borrower
shaq pay to the Eank the srnounl demanctod tog€(h"i*itt Ir. pi.p"V.."i
ina-.-nli,ty o"
any amolnt ot principat due to b€ pr€t,3id. Such prepayment tndemniii
"r,ifii"crr"
″
r.oa
il
the due dale tor payment specified
In $e aank,s nouce od demand
.
- and
- ,- be calculated on lhe
basis that prepayment rs eflected on the
dale so specil.--
-
*
10.038 Floating R.te Tlanches
ln case of demand under An.rF rO.O1 in respect
of any Fbating Rate Trancie, the
Bonower shal pay ro rhe Bank the .mounl
de#nd*
Iogail;#;;;
,r,"
pres€nt vatue of 0_15% (fifrelen basis.pohts)
per annum catdtated anct accruing
"iri,"on the
amount of principal du€ to oe oreoara-rn
j"
rre inre
t,i["J
catcutated and Eoutd have accrued ,f thar amount
haa __"i"J
- , -* " t"
lhe oritinat arnortisatDn sdledub cd the Tranche.
until lh€ Mrrur v;;
r ne \rarue shar De catertaled at a dircounl
rate equat to the Reddpbyment Rate a!,ptEd as
ot each relevant pannent Dete
,r*"i
*iil"#'* *"
"rrrJji^gi6;rg
10.03C Generat
due by tle Bonower pursuent lo this Anjcb 10.03
shal be payabte on lhe dde or
l1r:lnts
prepaymeni specjlied in
the Bank,s dem3nd_
'lO.Oa l{on-Walver
No failure or dehy.or singte or partial exercile by
the Bank in exerqsing any of it6 nghts or
remedies under lhis Corfact shal h.
,is,,t"
;i;;iiiil p-;ili;iil:E"r,ff"IH ff ",,[iff :fl ;fr itrli,i!,fl:.i;r'fi:
or remedies prcvued by lar_
.'
1 1
ARTICLE 11
Lew andlurtcdiiton
.0't Govemtno Lew
This Contract and any non-cootraduat obtigatioE arbing od of or in
connectarn with it sha[
be governed by the bws of ErEtsnd.
Ir
.02 Jgd!!!!qt!g!
All dispules concemtrE tiis Conhact shelt be.submitted to lhe jurisdEtion
ol th€ Eurcp€n
Court of Jusrjcs (the .Coon). and the pani65 h€reby
o ri r-,r]i.iiiiri" A-ui'i*,r.
The Eonowe. he€by waiv€s any immuniry trcm
"rorir
"
right
r"
rt ]r.i"ai"ii- .r
Court. A fin€t decjson of h6 Court shal ue conaus-tve. uinalng
"
on rne
parlies without reitrictbn or res€ ation.
;
1 1
"qJ'ila; €,i6;fr;
m
.03 Aoont of Se.vtce
Embassy of Gcorgis to the Uniled t(ngdom es tt6 agent
IF -Y*j,r-T l"*UV +p.ints.th6
of acc€pring 6ervice on iis benaf oI any;;t norlc6, order,
L-IT^
i: ryry*s
JUOg€me or ouler teg6t proc6s.
lt.()/l Evld.nc. of sums du.
ln any leg€l action adsing oirl ofthb Contsct Uie cenificate of th€ Bank
as to any arnount
or lEte due to the Bank unc,€r thb Cont ect shal in t e absence of mEnibst
er;; pdme
facie eviience of sudt anounl d aete.
ll.O5 Contrects lRlohts ofThlrd P.rd.al Act l9r9
None of the tems of thb Contr.ct are intended to bo er oraeabb by any third
Dsrtv end he
provasions of the Contracis (Rights of nrird paltbs) A.r fSSg are
exjuded inO'shal not
appty.
28
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わ
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AR■ CLE 12
Final clauses
120( Notices to e thor p● Ⅲ
朧稀稽ま
輩f露 ‖ 脂憎翻糧躍 鴨錦[罐濯釧 里鵡 TR::
Tど
other address Orfacsmile number as a pal,preMously nolnes 10 the ol「
For the Bank
er n wm ng
Attention: Ops B
98-100 boulevard Konrad Adenauer
L -2950 Luxembolrg
Fer: +352 4379 67495
Atlenlion: Exlemal Relations Departmeflt
MinEtry of Finance of ceorgh
16, Goeas€li Etreet
0114Tbilisi
GeoEia
Fat: +*532-262423
12.02 Eg@!Lrg!!sg
Any notice or other comrnunrc€ton given un(br this Contract must be in wrnind
Notbes and oiher comunrcations, fror which fix6<t pedods are hid down in th; Contrad
or
whi* themsdves fix pe
bhding on the addrsssee, may be made by hand d;lvery.
r€gistered tetter or facsinite Such notE€s snd communicadns shal be 6eenreO to nar"
been received by the other perty on th€ date ot d€tivery in retatix to a handiei reO
or
€listered leter or on rcceipl of trensmi$ion in rcbtbfl to a facsimile_
Other notices and communications may be made by hend c,€tivery, registered tetter or
rs
W,thout affecling the vatidity of any notEe detivered by taGimit€ accordrna to the
paragraphs above, a copy ot e€ch notrc€ d€t&eed by facsimtte shait also'be
seniUv btfer
lo the relevant p€rty on the next fo owing Busin6s Day al the latesl.
Nottces i6sued by the Borower puEuant to erry provision of this Contrdct shall. wher6
required by the Bank, be detiver€d to the Bank ioae$er with saiisfadory e;id;n;
of ih6
authority of the persoo or persons authonsed to sig; suctr notice on Oetrait ot ttre Bonower
and the authenticated specim6n signature oI6uch
ieEon or persons.
12.03 Eff.ctiveness of thl. ContE.r
Thb Cor ract is conditionat upon and shal becorhe €,fieqive onty followinq
th€ Benk-s
acceptance of the evidsnce roqun€d by Anicb l.o,tA(e) of this Cont;d.
Thb ContEct shall not become effective until the Benk sends to the Borower
s btter
confirming its acc€ptance of ihe above mentioned evidence.anO providinElhe
O"i"
tirt
t
Contract becornes €ffecrive ($e .,Date ol Effecr&eness"),
ir&-i"tt
o.
'
corclusive evidence that this Coit€ct has becorne effective.
For the avoidance of doubt, unlit such lme as such lener has b€en issued
by tie Bank,
neither. rhe Bo.mwer. nor rhe Bank shal hav€
ag.i"sa;;
Jti;r;,
;;v" ."y
_eny-ctaims
liability whalsoever under or in connecticn with thia Conr.ed
j"o
29
″″
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「l
12 04 ReJり に,schedules and Annexures
The Recita s and fO10w ng Schedules fOm paⅢ
orth● 0。 ntEct:
Schedule A
T‐ n cal Descrplon and RepO"ing
Schedule 0
DeFn● on of EURIBOR
Schedule C
Fom or D sbursement oFFerrAra口ほnCe
Schedule D
Fom oF CenFcale iOm the BOrO″ 0
The rO!mng Annex S alached he● 0:
Arthodsetbn of signalory
[讐醍獅轟舗
ffメ 欄
!瑾騎
嵐憾黒
薗
∬爵題I椰酵
AI Tb‖ isi thiS ll May 2012
Signed fOr and On behalf or
EUROPEAN INVESTMENT BANK
釣 ned● and∞ behar Of
BORROWER
瑣
Wihe m MOnerer
D市 価 o"ndace
ヽ
′1,恥
h贖
…
『
30
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ー
ハー
７
Schedule A
Prolcct So€clflc.tlon.nd Raportino
4"1.
TECH}{ICALDESCRIPTION
Purpoaa, Locatlon
The East-Wesl Highway (load number S-1 according to ceorgian ctassitcstion conesponding to
roads S0 & E70 in tho Europ€an netwo*) is ihe main grtery for long distance rodd traflc in Georgie.
being used by traffc fro.n Az66aijan 6nd Armcnia to the Btac* Sea po.ts and Turkey, as vrel as long
distance trafo to and fro.n Tbilisi. The prciect aims st upgEding and improving the most Westem
pa.t of ihe East-West highway. Irom Zestaponi lo the Tu ish Eord€r al Sarpi. The proiect r€pressnts
continuily to the existing wo*a being caried oul on thc castem ol the conidor befwccn Tbilbi and
the Rikoti Tunnel- Most of lh€ Ee3t-W63l HEhwey witt hcnc€ heve four tsn€s and a (h6ign speed of
120 krvll to acconrnodale th€ la.gE volumes of
indudir€ high percentagos ot heavy god
Mb -
vehii€s - 66€rved-
06c.lpdoo
Ttle projecl is rned€ of thr* m.in s€ctidls with differBt typ€s of intcN€flixs, rhich wil b6 tunded
under paralbl financing as followB:
. Ssmlredie.Gri{rol€1,-Xc'buleti(Choloki dv.r) - 68 frn - to be tinanc€d by the Bank rind6r thb
proi:d with 2 lirs of to&fly new const ucti(ir ot a rnotonNEy 2A (52 km) and one lol
coo8i6ling o, upgrtdirc of a 1)A rced abng the ssnE atagnm€nt (16 tm)i
. Zestaponll(ulaH-Samtrudis - 64 kn - fmnc€d by JICA; aE
. Kobubri (Choloki riwr)-Batsmi- up to 51 tm - fmncsd by ADB.
The main ch.Ede.btca ot the eisting corridor (tor a totat of 185 km) are as foltowB:
Existlng Road
Lsngth
Seclron JICA
Description
67
Abosl % wide 2-lan€ interudan end % +tane urban seai:ntn Xutabi
(aboul 200,000 peopl€)
Main coridor 2-lane inlerurUan Oen.sety populateO
Aftemative rcad 2..lane inletuhan thrcugh Senaki & poti (91 km)
Mostly 2-lane urban going through the fiajor cities of Adjara regjon
ウ′
Section
(krn)
Eta
Section
ADB
47
-
31
/-,<./,-
li
The main characterislics of the new coniror - wih compaable Eections as in the oxjsting rcad
corrkjor but for a totiat of up to 1 83 km - arE as fott(Ms:
Length
(km)
pesc■ ptbn
Added to the ex
ng road are:
― Кu・ atsi bypass
Secion
‐」CA
‑ 2X2h9hway fOr a lhird Orthe sect On,hduding pa●
‐
Section
―CIB
Seα ion
―ADB
68
up tO
51
Of κulaSi bypass
Wde2‐ lane interurban expresswav forlhe rest oFth8 Lndh
ded b the ex● ung rOal● an
Added tolhe emslng mad are lhe Adlara輌 ЮO bypasses as Mた 02●ane inle■ ●an
(96%of md bnqul) ̲
The section being fnanced by the Bank: Samtredia€rigoteti-Kobuteli(Chotoki river) -6g krIF under
lhis project comprisB 2 tots (Lots .t and 2) of tota[y new construction ot a moioMav 2, f.om
Samtredia Io Gngolet (52 km) ard o^e tot 3 consistng of ufErading of a j, road atong the same
aiignment from Grigoleti to Choloki River (16 km);
The Eank's component of the project comprises, lhe c,esign, supeNision and $iorks of ali Lots j,2,3
as well as associated tour Techni€l Assistances Cffu): (i) d€sign prepsralbn as we as tender
documents for the uro&s and supervbion clntEcts, (ii) an independent road s€fety audit on the
design, (iii) an intemaiionally expedenced consunant lo assist the plu during the imitementation of
the Banks component of the projecl and (iv) a specaatised consolant to assist the ptu duri.g the
phases of procurement o, all activities, assisting lende. evafualions elc. for th6 Benkt component of
the project. The Financing of these TAs shoutd be a btend of the toan b€ing provided as wel as grant
though NlF.
C.lendar
Construction works starled in April 2011 between Batumi and Kobuleti on lhe Northem sectiofl of the
Kobuleti bypass on the ADB linanced section. Work6 are ereected to be completed by 2015 for both
ADB and JICA sections. For the EIB sedion it is expecled that works wi b€ compteted by 2017.
＾
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II
A2
PRo」 ECTINFORmAT!ON To BE SENT TO THE BANK AND METHOD OF
TRANSm:SSioN
∴e:記需嵩計聖嵩鼎雲韻譜晋昔罰暑
I電
Bank
under●
器留
話器詈
習鷺 Of
e respOnsiblty
The abOv― eⅢ ned∞ ntad pecOnOに ●口 the respan●
The Bo―「 sha‖
,蹄
"fOm he ElBinmed RIyin case Olan,
33
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詣・
お
「 he 6meい ng
■■ ■ ロ
ｌけ
ｎｌ
／
乳e
nn
制¨ 。
mat Dn al the latest oy the deadi ne
indicated bel。 ″
"ぃ
ooc ume niTlnGfriii6no
Deadline
Before the srart oi coniEilion-E
For the Lots , and 2 beMeen Samtredia and
C19oteu rekttR9 tO neW
cond10n precedenl i。
∞ nstttdbn the
輌rsl dSbu、 ement
and 2 and 3 as the cas€ may be.
Loiii
bn d hew btsreq● 蔭
譜需記
[:ぷ 鼎話
・
・
An En■ pnmental lmpact Assxsment
maγ
惚)[寵 轟職認
1鯉
編
卍
「
The En■
onmentIPemt and COnsh‐ On
permi issued by the reLvant Authontes h
い
亀淵 。
,電龍t癬議臨15円 F罷
requ rementin EU oFFom A o「 B)
● The EnviЮ nmental ManeOment Phn3
・
(EMP)
The Land Acqù腱 ion and Resetuement
P an(LARPl
o Fo子 Lot 3 Clgoell̲KObubti(ChObk 『¨ rl.
which relates tO mad upgrading a ong the same
a10nmentlhe pЮ moter needs to subma p00「
tピ n瀧
:臨 瀧 鳥:Ⅷ ∬
tO
甲 aafT電
requtred or nOt"not requi 対 the Scttnin9
dKlcument is surElent togmer■ 晟h EMP and
Construclon pemlt r screening resulls in a
need Of a Fu‖ EIA men the c.ndrOns above
mentわ ned for Samtredb Gng。 は ,"‖
J50
apply he健
Before the start oflhe conslruchon of Lols l
O Road Sarety Audt repon fo「 Lols l and 2 as
…
We‖ as Road safety lns"dbn RepO"fo「
and 2 and 3 asthe case may be
Lot 3,
in ac∞rdance wth plnciples ofthe Road salety
management EC dFd
o Design ● ∞ m● ett fOr relevant tOl lo the
satisfad,on ofthe Bank
34
lよ
,I
3. lnfornalon on the proiecl,s imotementaton
The Bonower shatl deliver to lhe Bsnk he following informatDn on proiect Drooress dunno
implementalion at the,stest by the deac ine indicatei betow.
Documenl / lnfo.matlon
Deadlin6
Frequency of
rePortinq
Fお 1● 脚 ば ― Eye7 6′ 7o口 ●s
3●― o,2
￨『
Lasl…
り'S ex.al● わ
●
asons m吻
σ
̀5
励
‐t/rate%"T犠
い
銑[9艦 椒智
″
●●dgeted cost
‐
赫lmpad"
ゆ
1認
棚脚
‐ わ∽pCucrn疏
uttS oursldO
鞘
…
‐
闘
ぽ s daTa"ο ′
麟鷺澱 ρ
"a
̲
"ua′
lanノ
lhe
こ ″
14λ
「
:
蔦澪器 f:湘 驚よ
路鷺拙1僣,般 響鰍
Document rlntofr
「
Eii6n--
Projed comptetion Report, mcludrng.
bn"p嘲 ed COmpHbn and
Date of de!ivery
to the Bank
- A bnel descnptan ol lhe lechngat cheacletisttcs ol thl Wlhin 1 year
afrer project
i: :".*aa,
12f9- change;
sgnn,canl
exptsining the ,€aso,s fo. sry
- Tha date ot @npletiotl of eedt ot the nah pmiects
pnrynentq exptening 7?'asoos tu any petUe *iay
- the ,tnal @s1 Ol lhe pdecl expleinng
reasons lor eny
poss;6re cost,tacreasgs ys. imia Uragt,oA
CI)st
- Ihe- numbet of tgw lotts aeated by the papct Mh i>bs
ounng mptemenblhn aN panaBnt
icbs C,E,ate4
- A desctiptkn ot ery najor iss!-a Mw
w h impect on the
- Updaleon ptofr ement pro.,.dures @!rs{F, EU):
- UNate on the pft*r(lfs dendN ot Gage d @finerns:
- Any signirtcanl issJe that has @rfiB<t
anct any sitnifpnt
tis* that ney allad
oq/,tim;
- lil !.C"1 action thegojeds
con{f;mi,g rhe pr.Bt that nay h
36
とを
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ヽ
・
■■ ■ロ
Ｉ″
ＲＩ
′
Schedule B
Defintfion of EURIBOR
A. EURIBOR
"EURIBOR" rneans:
(a) in respect oI a rerevsnr period of ress rhan one month, the rate
lor a lerm ofon€ month:
of interest for deposirs in EUR
(b) l! r€specl 0f a rerevant pedod o, one or mo.e whore months, th6 rate of inrerest
EUR for a rerm for the conesponding number or whot€
for **'
deDosls in
.."ti;. ;;- - ''-- -'
(c) in respect of a rcte!€nt perit of mor€ lh6n one month (but not whote
months), the rate
for deposrts in Eun, ont J rrarcn
rs aFptEaDb tor e period of whote months nex shorter and
lhc other for a p€riod; whote
months next tonger than the tength of the retevant p€riod.
rcs^ulting froin a tneer hterpolation by rererence ro two rates
(lha period for which lhe rate is tak6n or frcm wibh the rates
are inteDotated b€ing th€
"Rerr6ontltiv. portod, ). as pubhshed at 1 I hoo 8."""r" r,rr. oi"i
, L-tiii.l-"il,i"0r"
to th€ Bank on th6 day (rhe "Ra6et o.t ) which fals 2 (rwo) R;l;
B;:;"" i"-ilp?_ t"
the fkst.day cf tte retevant p€riod,
il";;;i;;. *"
t-6lHi'
qr"i"-th;;" ; ;;;
,
on neuters page erjntdon O1;
di;n
ou
railing whicn, by any other n€ans of pubtication
ro, r,lr
"l.
1 fr
rr such rate ls not 5o pubtished. the Bank shel request the principat
eur;one
c!ffices o, ,our
mator b6nks in rhe euro-zone. seiected by tfie Bank, t"
Eu]i f,L",t"
offered by each of rhem as ar approximareiy r ih00la;";r"'r,.",
on Ine Ke6et Date to Drime barks m the euro-zone interbant markel
f;r a perioO equat tO tne
R:Iresentative P€rod. if at teast 2 (two) quordions are provided, the rate
fo. that Res6t Dats
wttr be tie arilhmetc nl€an of the quotatjons.
qy"Fons are proviled as requesEd, rh6 rare ior that
:t
Ine anthmelc mean ot lh6 rates ouoted by major banks in the euro_zone,Reser Date w t be
sefectJ Uv h"
Bank. ar apprormarery 1lhm erus;s tmi oo iir; day
Days afrer the Resel oae, for toens jn tun in a coirparaote
Banks for a period equat to the ReFEsenCetM€ perbd
:-Tf:::^"I.y"t T
ryalT,, lTl
;;;a1,"'i'i,";j'i"ffriL;;""*
i-nii;i;';J;'ff;;"
B. G€neral
For the pulpoGes of th6 foregoing definationB:
(a) Arr percentages resuhing f.om any carcur.lion' refened to in this schedure
necessary, io the nea.est one hundred-ihous€ndth of a percentage poini
wil be rounded, if
*ff,-fr;* Li"g
(b) The aank shafl rdorm th€ Borower withoul dstay of 0E quotalons rec€tued
by the &nk.
(c) lf any of_tE.Io]!g!!g provisions becomss inconsislent witr provisions
adopted Lrnder the
aegis of EURtaOR FBE and EURIaoR Actn r€spect.f
EURB6R, rhe;;;;;;1;;;ce b
lhe Bonower am6nd rh6 provision to bnng n into li;e"t ar;r,
p.".?r"'"" "', ", """'
"0,iri
う０
″ ″
0,Fo̲。 ′Orso」 rsene″ ●rer/Acceprance r4● cresィ ●28ョ ndf 029
Tor
G€oQia
From European lnvesunent Bank
Date:
Subjecti DisbuEement Ofer/Acceptance for the Finance
lnveslment Bank and Geoi,gia dated
Fl number 81.299 Senpl; numlerZOiEi-
朧 珈 熙T
孵吉
Dear Sirs,
We rcfer to the Finance Cont-act Ternrs d€fn€d in
the Famnce Contract have the Barie
meanang when used in this le[6r.
Fo-Iowing youa request for a Oilburs€rnent
OlIer lrom lhe gank, in accordance wih Artide
,h" Fnance conrrecr
r,.,'uy
or*
1!:?.
"f
lranche:
,*
(a)
(b)
(c)
(d)
(e)
(f)
(S)
(h)
r."i.--a"ai,airffi;ffJ,tfi";;
Arnount to be di6burs6dl
Scheduled DisbuBement Date:
lnterest rate basls:
lnterest payment p6rinbiy:
Payment Dates:
Terms for repayrhcnt of pdncipat.
The filst and hst principsl rEpaynEd dat6:
The Fixed Rate or Sp.ea<t, eppti.ebte untit the atrrity Oate.
T! make the Tran *|e ayaihble.aubrod to th€ tenns arr, condi*rns of
rne.6enk must_rBcgve a Disbura€rnent Accep,tance in the fofmthe Fhanco Cont&t
ol ;;aahi
ulsourl€lnenr o?rer duty signed on your behatf, b the fdbwino fa, numhe.
" r ' i ."
"- r"r.,
t ran rhe DbbuBsrient Acc€ptance oe5dtin€ or
liimel
Lux;;;fo riri,i ii iJ,S- '*'
not iin, previrusty
rne.utsbursement Acceptanco must be accorpanied (if n -has
suppliod) by:
(i)
the.indicatpn ol the bsnk account (with IBAN codb in ceso of
disbursements
or Ine apprcprialg fomat foa lhe r€levant cudeicy) where dBbuBemertin EUR
of th;
Tranche shouH
b€ ma(h: and
(i)
(ir€vidence ol tle authoriry of th€ person or persors aulhoriscd
to slon it on beher
or rn€ tbnowef and the speqmen Eigmfure ol sudt person
perconsl
o,
by the abo\e s6t6d tn€. the offer cqtained in thls documont
I "Sl"d
shsl be
o€rm€o
lo nale beefl Etu3ed and shs aulofiati:lt tsp6s.
It you do acc€pt the Tranche es dolcflbed in thb Dii,.bdrs€rEnt
Offer, a[ the retat€d term6
and conditions of ti|e Finan6 Contract 3hal ap?ty.
l_1
Your6 faithfully,
EUROPEAN INItSTMENT EANK
38
″
■■ ■ ロ
ｌ
ｎｌ
″′
Schedule C
ll
We hereby acceptthe abovo D sbursement offe「
For and b€half ot ceorgia
Dale:
39
″ 〆
サ
1
Schedule D
Form of Cert ficate fro.n Bo.ro ,€r lAnbb I 04a)
To:
European lrweslrnent Bank
From: Georgia
Date:
Subjecl Finance Contract b€tween_ Eu6peen tnvestnenl Bank
a'td GeoEia ctated
(rn€ -tm.nco Cor raci')
Ft number I t .299 Serapis numbei 2010.057 j
Dea「 Si、
̀
Tems deFned nthe nnance conLcthavethe wFe man ng wttn used nthis etter
-
Forthe pu● oses OfAr c e 1 0
(a)
Or ne Fina― cOntaa we hereby cen fytO yOu as fOI̲:
●0 0Vent d― bed h Artた に 4
03A has… 祠
and is cOntinuing unfemed edi
(b) n038Cunty Or the,"prOhibted undOr Artlde 7 02 has been crealed or is in
ex:stencei
° 指繁:灘 FI需
割認儡 蹴キ
穏 器 :蹴忠 ‖熱 搬
・
「cOmp回 n and
(d) We have sumlent
nds avathble 10 ellsure lhe thely
h
、
わ
implemnta10n ofthe Proled inま な お a― wul hedule Al
(e)nO event or drctlmm― whth∞ nsutues Or wOud ⅥⅢ the pasNe Of● 鸞 0「
g"ing oF notlce under lhe Finanoo COn― cOnsbue an eve
OF detu" under
Articlo lo 01 has… rred and ls∞ nlnung unrettied o「 unwaiЮ di
O n。 lloalon,a● tralic n admm stttt ve proceedhOs。 「invest ga10nに curenl or o our
A機螺 」 謂 躍僣撒 経
unsa● Fediud9ment or arard:
憮蹄 躙
l肌
‰駕瑞 棚
ng 39alnSt u3 or any of ou「 subsid● nes any
(9)the represental ons and waranl(s10 be nade。「 repeated by us under Arbcに 01o
a● tmein al"ぉ
°
:識 離
ぇ、l anl
h6° mlu.ぉ
糀
響
compa・ ed mhO‖ ∞
lbn d
You「3 fathfuly
Forand on behar d Ce。・gla
Date:
40
左″
勧
,1
ANNEXl
Authoriretlon ot slgn.tory
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ხელშეკრულება
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ხელშეკრულება
02045
Serapis N・ 20100571
FI N・
GEORG:A East― West Highway‐ B
Finance Contract
beい ,
Georgia
and"e
European lnvestmenl Bank
Tbilisi, l6 november 201 3
Vilnius,rf November 2ol 3
rtl
r.l
THIS CO| TRACT IS f,ADE BETWEE :
Georg6, acting through hs Minisiry of Finance,
16, Gorgasali street, Tbilisi, 0114, Georgia, (the "Borowol )
represented by
of the lirst parl, and
The Europ€an lnvestmenl Bank having ils seat
at 98-100 b,vd Konrad Adenauer, Luxembourg, (lhe 'Bank" or'ElB")
L-2950 Luxembourg, .epresented by
螺
mL.
Ihe Borower has stated that ls lndertakng, through the Mrnistrv
(1)
of Reo.onat
Deveroomerr and Infrasttucru,e (rhe .promoto,"): a;; rhi
Mrnlstry ol Regronat Deveropment and lnfrastructurc (lhe -Final
A.nefici;_.r
ii
upgrading and improvrng the most Wenem part of t. e"s-w."ihioh*"".
" "-*i
i,ori;.i;;;
ro Aola€ regon, ior a totat lengh of about 183 kms, as more pertic-uhrfu
descdbed tn Ihe
-Tochnicet
iJlol'"ffiin,i."i?i"ii'j
lechn;cat description (rhe
＾
∠
Doscrip(on.)
""r
*r ,n SJr,.Jrr" airiJ6;;i;il)'"-
gr lT rrecr. as esrimared by the Bank, 6 frJR ss2.1zro.o0o (frve hundred
11"",:l.13:l
ano nrnery-two mt
lon, one hundred and
fourty thousand euros) anct the Borrg1ss1 t3a
slated that it intends to finance the project as fo
ows:
'
Solrrra
^mount("EURl
Credit available from the Bank
2214
20000
Loan from Asian Developoent Bank
2∞ OO
Japan lnternatir,al Cooperation Agency
15000
NIF
2000
TOTAL
59214
Own funds
＾
０
∬出絶肥計北柵lttl讃 端朋譜瞼
WerfrOn the Bank s●
the BO子 Ю
In resOu.¨ s
‑31′ 121,3 Facilty(the・ Handate・
(4)
慨響罰iJ翼 翻罰罰も
￨サ
)
緊路 辮 鮮 轍 憚 事脳 麿締 詈
lttL朧麟職itti鮒 欄欄
(5)
By a letter dated 22 0dobe「
2013 the Bom″ er infOnned the Bank that based on the
SOn,the cred
underthe Tttnche A Contracl
l庸 :品 1浩 ,棚 lR譜 盤ぱ ぞ
器よ
離
『
mu∬ 出
続器襦
i榔 螂 郡 翻 1:聯鮮 鳥品
ヽ
つ
t
2
■■ ■■
■■ ■′
WHEREASi
7tl
,II
(6)
An applicalion lo lhe Neighbournood lnvestment Facility (hereafler "NlF') has been made
for a grant for the Prcjecl in the amount of total EUR 20,000,000 {twenty million euros) for
inveslments. Furlher, the Bank, some other internalional finance institutions and the
Commission (a) have enlered into the "Cooperalion within lhe kamewort of the
Neighbourhood lnvestrnent Fecility frame',vo* agreemeni, in forc€ as of 21 December 2009
(the "NlF Framowo.k Agroomenf) and (b)have entered inlo an implementation
agreemenl dated '13 November 2012 setling out lhe terms and conditions of cooperation
withan the framewo.k ol the NIF for the purposes of impleftEnlation of lheir respective
financing agreements concluded with the Borrower (lh€ 'lmplomontation AgnEemont'and
togelher with the NIF Framework Agroement, and any other r6l6vant agreements, the'NlF
Oocumentatlon'). Further, the Commission has entered into a financing agreement with
the Borrower under which the Commission shall make non,reimbu€able grant
cont bution in the amounl of EUR 20,000.000 (twent million euros) for purpose of
llnancing lhe implehentation of the Pojecl (the 'ElJ Financlng Agraoment") which
provides for lhe use of the Commision s (NlF) and the Bank's lunds on a paripassu basis.
The EU Fihancing Agreement came into force as ot 11 May 2012
a
(7)
On 21 June 2007, the Eorrow€r and Ihe Eank signed a Framework Agreement goveming
the Bank's activities in Georgia (hereafter refen€d lo as the 'Framswo* AgrDement')
which conlinuesto be in fullforce and effect ihroughouilhe lifetime ofthis Contract.
(3)
The Eonower confirmed to the Bank that the Project falls within the scope of the Framework
Agreement.
(s)
The Ministry of Finance of Georgia is duly authorised lo sign this Conkact for and on behatf
(10)
By D€cision No. 1080120'11/EU the European Pafliament and the Councit of the European
Union have decided lo grant a guarantee to the Bank against tosses incurred by it under
loans and loen guarantees granted from 2007 to 2013 in accordancs with ils own rules and
procedures for proj€ds caflbd out io certain countrbs outsiie the Europ€en Union listed in
the said Decision (the 'EC Gu.rant e")- Georgia is an eligible counlry under Annex u of
ihe atoaernentioned Oecision.
(11)
(12)
The Statute oI the Bank provides thal lhe Bank shall ensure that its funds ara us€d as
rationally as possible in the interests of the European Union; and, accordingly, the terms
and condilions oflhe Bank's loan opefations must be consbtent wilh relevanl EU policies.
EIB consiiers lhat access to information plays an essenlial role in the reduction ol
ehvironmental and socisl risks, including human rights violalions, tinked to the projects it
finances. EIB has therefore established ils Transparency poticy, the purpose of $hich is to
enhance th€ accounlability ofthe EIB Group towads its stakeholdeB and the EU citizens in
general, by giving access to the informalion that will enable them to understand its
govemance, strategy, policios, sctivities and practices.
武ミ
L
NOw THEREFORE it is herety agreed as followsl
INTERPRETATIOT AND DEFII{ITIONS
(a) lnterprotetion
(i) References in this Contract io Artacbs, Recitals, Schedutes and Annexes arc, save it
explicitly stipulated othelY,is€, .eferences respectively to articles of, and recitats, schedules
and annexes to this Contract.
(li) Referenc€s in this Contract to a prcvision of taw is a reference to lhat provision as amencted
or re-enacted.
(iii) Referenc€s in lhis Contracl to any other agreement or instrument is a reference to that
other agreemenl or insfumenl as amend6d, novated, supplementd, exteoded or restated.
(b) Dorinitions
ln lhis Contract
"Acceptancq Oeadline' for a notice meansl
(a) 16h00. Lurembourg tme on the day of detiv€ry, if the notice is delivered by 14hOO
Luxembourg time on a Business Oay, Or
(b) 11h00 Luxembourg time on the next folowing day which is a Business Day, if the notice is
delivered after 14h00 Luxembourg tine on any such day or is deliwr€d ofi a day which as
not a Business Day.
"Acca![cd Trrnchc' means a Tranche in raspect of a Disbursement
Offer which has been duly
accepted by the Bonovr€r in accordance with its terms on o( before th6 Disburs€ment Acceptance
Deadline
"Bualn..! D.y' means a day {other lhan a Saturday or Sunday) on which the Bank and
armmercial b€nks are open for gene.al bGinoss in Luxembourg
'Chango-ot-Lrw Evgnt' has the m$ning giren to it in Ani# 4.03A(3).
'Contr.ct' has the meaning given to it an Recital (S).
"Credlt'has the meaning given to it in Anicte 1 01.
'Ootermont lndemnlhf means an ind€rnnity calculaied on the amount of disbuEement defered
or susp€nded at tho perceniago .ate (if high€r than zero) by which:
-
lhe lnlerest Rate that wouu havo been epplicable to such amount had it b€€n di6bursed to
the Bonorre. on th€ S.t€dubd ObbuB€rn€nt Dale
-
EURIBOR (one rnonth rate) tess 0.i25% (12.S basis points), untess this value is tess
than
zero, in which case it wilt be set at zero.
Such indemnity shall accrue from the Schcduled Dsburs€rnent Date to the actual disbursemenl
date or, as the case may be, untit the dale of canc6llation of the Accepd Tran"t in
iit,O"n""
with this Conlract
"
'Dl6buB.m.nt Acc.ptlnce' means a copy of thc Oisbursement Offer duly counteBigned by
"DlsbuBsmont Accaptance Deadllno' meens lhe date and
Offer as specified ther6in.
'Disburaqm.nt Olfsa means a tetter sub6tantialy in the form
%
oL
4
the
time of expiry of a Disbuasement
set out in Schedule C.1.
'Disrup(ion Ev6nt" means either or both of:
(a) a mateflal disruption to lho6e payment or communications syslems or lo those finandal
markets which are, in each case, required to operale in order for payments to be made in
connection with this Conkact or
(b) the occunence of any olher eveni which results in a drsruption (of a technical or systemsrelated nalure) to the t€asury or payments ope€lions of either the Eank or lhe Borower,
preventing that party:
(,) from pedoming its payment obligations under this Contract; or
(ii) from cornmunicsting wlh other parties,
and whidr disruplion {in either such case as per (a) or (b) above) is not caused by, and is beyond
the control of, he pafty whose opeEtions are disrupted.
'Environm.nl' meens the following, in so far as they affect human heallh and social well+eingi
(a) fauna and forai
(b) soil, vrater, air, clamate and lhe landscape; and
(c) cultural hedtage and lhe buih environment,
and includes, yrilhout limitation, occupatonal and cornmunity health and safety matters and
working conditions.
'Envlrormantal Approval" means any permil licence, aulho{isation, cons€nt or other approval
required by Envircnrn€ntal Law.
"Envircnmont l Cl.hn' means any claim, prcceding, formal notice or invesligation by any
pe6on in respecl of any Environmental Law.
"Environnont.l Law" means EU law lo the €xtenl adopted by the laws of Georgia or slandards
and principles as sp€cilied by the Bank beforc the date of lhis Conlract and Georgian national
laws and regulations as well as applicable int6mataonal treaties of which a principal objective is
the preservation, proteclion or improvement of the Envircoment.
'EURIBOR has the meaning given to it in Schedule B.
'EUR' or 'elf,o' me€ns the lslvful curency of th€ Member States of lhe Eumpean union which
adopt or have adopted ( as thear curenc, in sccordance with th€ r6hvanl prcvbions of the Treaty
on European Union and the Treety on lhe Funclioning of the Europ€an Union or lheir succeeding
treatles"Flnal Avall.blllty D.t.' means 6 years from contracl signaturo.
'Fixod Rato' m6an6 an annual intele6t rats d€tormined by the Bank in accordance with the
applicable pdnoples from time to time hid down by the governing bodies of lhe Bank for loans
made at a lix6d rate of interest, d€nominat€d in the cunency of tho Trenche and bearing
equivalent terms for tho repsyment of capilal and the Payment of interest.
"Flx.d R.to Tr.nch.' means a Tranche on which Fixed Rate is applild.
'Floallng Rata' rneans a fixed€pread floatinO inler€st rate, that b lo sey an annual intenest rate
detemined by the Bank for each succe$ive Floating Rate Reterence Period equal to the
Rebvant lnterbank Rate plus or minus th€ Spread.
'Floating Reto RaLr.nco Pe.iod' means each ped)d from one Payment Date lo the nexl
relevant Payment Dale; the frst Floating Ral6 Reference Pedod 6hall commence on the daie of
disbuBement of the Tranche.
'Floaling Rato Tr.ncho' means a Tranche on which Floating Rate is applied.
'lnd.mnlthblc Prsp.yrn6nt Evsnt' means a prepaynent evenl under Arlicle 4.03A.
つ
L
'Loan'means the ag9regate amOunt or Tranches disbursed frOm time to time by the Bank under
th̀COntracl
・Market Oisru口 ion Event・ means n re●
(a)
lon tO a spec Fc Accepled Tranche
there are in the reasonable OpiniOn or the Bank exceplbnal circumstances adversely
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(b) in the op n on Orthe Bank,funds are nOl aaibble rmm ls ordinaO souκ
os offunding t。
rund such Tttnche in the re evant culTency and/orfOrthe rebvant matunty andrOrin relatbn
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at Fbalng Ralel
(Al the∞ SttO the Bank of obta ning funds from ms sources ofrund ng,as detemined by
the Bank̀for a per od equal10 the Fbalng Rate Referenoe pe「 Od Or a Tranche o e
in the money market)獣 ヵ!d bein ex― oFthe app cable Retevantinte● ank Rate:
0「
(3) the Bank detern nes that adequate and●
,「
means dO nol ex● t for ascertainhg the
appl● bL ReleVantlnlertank Rate forthe rettvant currency or such Tranche or n s
not possibb lo delennine lhe Reに vant lnle仕 泊nk Rale in accordance wth the
dern
on ccntained n Schedule B
̀Matedal Adver80 Chan9o・
means,in relat● n10 the 3orower any event or change of conditOn
arecling the Borrower which,inlhe op n On d the Bank
(a)matenaly impat、 the abl● oflhe BOrmerto perOm
s Obttal ons underlhis Conlracli
O「
(b) matenaly lmpairs the ttnanc● ￨∞ ndliOn o「 prospas Ofthe 00rrne「
・ Maturlty Datげ
4 01Alb)(〜 )
―
ns lhe last reparttnt date of a Tranche specred pursuant lo Artcte
・Payment Date・ means 20 January and 20 Juり eaCh year unu the Matunty Date save that.in
case any such dateis not a Rebvant Bu● ness Da"l means:
(a) rOr a FⅢ ed Rate Tranche.the fo10wing Reい ●nt Business D8y,wtthOut adlustnent to the
inlerest due under Artcb 3 011 and
(b) fOr a Floalng Rale Trane,the nett day r any,oflhat calendar month thtt is a Re evam
neSS麟
計譜∬
∫
鼎鼎珊l掘 '端 鑑 1∫ 置 瞑協況恩驚署:砕 Ы
"h
・ P:U・ meansthe proled mp ementabon unl desa bedin Ande 6 11
・Prepayment Amount・ means utt amount Or a Tranche 10 be prepdd by the Borower m
accordance w h Artide 4 02A
・P7opayment Oate・
means the dale,whth shal be a Paり ηent Dale,On which the Oor TWer
prOposes tO erd prepayment OF a Prepayment AnOunt
謄鼎鵬嘲:棚 蹴
Dale)Ofthe excess,r any.。 1
」
習
lЛ 程艦懸::T男 即 塩
躙籠Ъ
鱗』
ぷ]俳 焦
(a) the interesl that would accrue thereafter on the prepayment Amount over the pe101 from
the Prepayment Date tolhe Matu"Dato,1 l were not prepa●
i cver
(b)the● lerestthat wcur sO accrue Overthat penod,r"were calculated al the Redeployment
Rale less 0 15%lFfteen basis point3)
The said present value shall be calcllated at a discount rate equat lo the Redeptoyment Rate,
applied as oI each relevant Payment Date.
/つ
L
'Prepayme.t Notic€" means a wfltlen notice korn the Eank to lhe Borrower in accordance with
Article4.02C.
"Prepaymsnt Raquesf means a wrillen request from the Bonower to the Bank to prepay all ot
part of the Loan, in accordance with Arlicle 4.02A
"Proiecf has the rneaning given to it an Recital (1).
'Rodoploymant R.to' means the Flred Rate in effecl on the day of the indemnily calculation for
fixed-rate loans denominaled in lhe same cunenc, and which shall have the same lerms for the
payment o, interest and the same repayment profile to the Maturty Date as the Tranche in
respect of which a prepayment is proposed or rcquested to be made. For those cases where the
pedod is shorier than 48 months (or 36 months in the absence of a repayment of pincipal durhg
that perird) lhe mosl cbsely conesponding rnoney marlet rate equivalent will be used, lhat is the
Relevant lntetank Ratc minus 0.125% (12-5 basis poants) for p€riods ol rJp to 12 (twetue)
monlhs For periods falling between 12 and 36/48 months 9s the case may be, the bid point on
lhe sv/ap rates as published by lntercapital in Reuters for the rehied curency and obs€rved by
the Eank al the lime of c€bulatbn will apply.
'Rolsvait Bualnesa Day' meansi a clay on which the Trans-European Automated Real-lime
Gmss Settlement Express Transfer payment system which utilises a single shared plafform and
which was launched oi 19 Novemb€r 2007 OARGET2) is open for the settlement of payrnenls in
EUR
'Rolovsnt lntorbank R.te' means: EURIBOR
'Schcdul.d OiabuEem.nt Oat.' means lhe date on which a Tranche is scheduled to b€
disbursed h accordanc€ with Micl€ 1.02C.
'Socudtla means any mortgage, pledge, laen, charge, assignment, hypothecation, or oth6r
s€curity interest securing any obligation of any person or any other agreem€nl or arangement
havang a similar effect.
'SprE.d'means the fxed spread lo the Relevant lnterbank Rate (being eiher plus or minus)
determined by the Bank and notrred to the Bono\rrer in the rclevanl Disbu6ement Otfer.
'Tcchnical O.lcription' has the meaning given to it in Recnal (1).
'Trancha' means each disburseanent made or to be made under this Conracl.
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7
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ARTICLE I
Credit and Dlabur3emams
'1.01 Amount ot CrDdit
By this Contract tt|e Bank establishes rn favour of lhe Boraower, and lhe Bonower accepts. lhe
credit in an amountof EIJR 30,000 000 (thirty milion euros) for the financing ofthe project (lhe
"Crsdit').
1.O2 Di6burBomeotoroc.dur€
1.024 Tranches
The Bank shalldisbutse the Credit in up to 3 (three) Tranclles. The amount of each Tranche, if
not being the undrawn batance ofthe Credit. shal be in a minimum amount of EUR 6.000,000
(six million euros), provided that the lilst tranche may be a mininum amounl of EUR 3,OOO,0OO
(three million eurcs).
1.02B DBbuEemenl Offer
Upon request by lhe Bonowe( provided that no event mentioned in Articte 1.068 has occured
and is continujng, the Bank shatl send to lh€ Bonowor a Dasburs€ment Offer for th6
disbursement of a Tranche. The latesl lirne for r€ceipl by the Borower of a Disburs€ment Offer
is 10 (ten) days befo.e lhe Finat Availability Dale_ The DisbuEement Offer shall specfy:
(a) the amount ofthe Tranche;
(b) the Scheduled Disbursement Date. which shalt b€ a Reiievant Business Day, falling at
least 10 (ten) daF afrer the date of th€ Dbbu6€ment Offer and on or betore lhe Finat
Avaitabitity Date;
(c)
the interesl rate basas oI th€ T6rrchs, being: (i) a Fixed Rate Tranchei or (ii) a Ftoating
Rate Tranche att pursuant to lhe rebvant pmvisions of Micle 3_01 ;
{d) the interest paymenl p€rbdirjty for the Tranche, in acco.dance with the provisbns ot
Anic-]e 3.01 ;
(e) the filst Payment Date for the Tranche;
(0 the tems for repayment of principat tor the Tranche, in acco.ctance with the provisions
of Artire 4.0'l ;
(S) the first and tast repafnent dates oI principat for th€ T6nche;
(h) for e Fixed Rate Tranche, the Fixed Rale and for a Floating Rate Tranche the Spread,
applicable untilthe Malurity Date; and
(i)
lhe Disbursement Acceplance Deadtine.
1.02C Dasburr€mentAcceptanco
The Bonower may accept a Disbu6ement Otfer by delivering a Disbursement Acceptance to
the Bank no later than the Oisburs€ment Acceptance Deadlin€. Ths Oisburs€ment Acceptancs
shall be accompanied:
(a) by lhe iBAN code(Or apl̲Ⅵ ′late fomalin lne wb local bank ng pracloe)and S″ IFT
BlC of the bank account to which disbunttmen1 0f
Tranche should be made in
accordance wih Articie 1 020i and
′
,と
8
DasbuBement Acceptance and the specimen signaluE of such pe6on or persons or a
declaration by the Bonower that no change has occuned in relation lo the authorily of
the p€rson or pecions authorjsed to s,gn Disbursement Acceptances under this
Conlract.
lf a Disbursement Offer is duly accepted by the Bonower in a@ordance wilh ats lems on or
before the Disbursemenl Acceptance Deadline, lhe Bank shell make the Accepled Tranche
available Io the Bonower in accordance with the relevant Disbursement Ofter and subiect to
lhe lerms and conditions of this Conlract
The Bonower shall be deemed to have Elused any Dlsbu6ement Offer vrhich has not been
duly accepted in accordance with its tems on or before the Oisbu6ement Acceptance
D6adline.
1-02D OiabuttarmntAccount
Disbursdnent shall b€ mad6 to th6 account of lhe Bonower set up at the Troasury SeNice of
the Minislry of Finance of the Borower for the purposes of disbursernsnt6 under this Contract
as lhe Borrow€r or the Promoter/Final Beoeliciary shall notiry in wriling to the Bank not later
than 15 (ffreen) daF before the Scheduled Oisbursemeot Dale (vrilh IBAN code or wilh the
appropriate fonnat in line wilh local banking practica)_ Such account shall be separale frorn any
olher accounts, audited independenuy aod separately and not subiecl to any enforcement,
atiachmenl or any similar proceedings and the stratus of which shallbe maintained throughout
lhe implernentation of the Proiecl (such account hereaffer the 'Di.bu6oh.nt Accounf).
't.03
CullencY ot dllbuBemcnt
The B€nk 3hall disburse e&h Tranche in EUR.
1.04 Condltlona ot dLbursom.nt
t.04A Flrlt T..nchc
The disbuB€ment of the filst Tranche uncler Micle I 02 is conditional upon receipt by the
Bank in fom and subslance satisfactory to it, on or before the date falling 7 (seven) Business
Days befor€ the Scheduled DisbLr6ement Oate, of the following documenls or evidence:
(a) a legal opinion issued by the Ministry of Justice of the Bonow€r h English language on
lhe due execution of this Cont'act by the Borrorwr and the validity, enforceability and
binding nature ther€of. Such opinion shall be accepbble in form and substance lo ihe
Bank and shall be supported by the relevant documents evidencing lhe Boraowe/s
authority to enler into the Contracl as rvell as evidence of due retifcetion of this Contract
in accordance with the applicable laws of Georgh, and a confimation that the
Framework Agreement is valu, binding and enforceable and that no evenls or
chcumstanc€s have occured which could, in the reasonable opioion of the Bank,
adversely affect the legal, valir, binding and €nforceable nature of the Fram€work
Agreem€nti
(b) evidence in the English language of the pow€B of the Minister of Finance of ceorgia to
slgn this contract on behalf of the Bofiower;
(c) confi.mation thal all necessary consents, authorisations, rights of way, licences or
approvsls of governmental or public bodies or authorities r€quhed in connection with this
Conlracl and the Project hav€ b€€n roceived and that the Final Beneiciary shatt, to the
satisfaction oI lhe 8ank, hav€ b€€n given the necessary authority and powers to operate
the Proj€'ct;
a.L
9
■■ ■ ■
■■Ｆ′
(b) by evidence of the authority of the person or persons authorised to sign the
ta,
, aa
(d) conlmalion lhat no erchange controt consenls are necess:rry to perm the Borrower to
receMe oEbursements as proMd€d in lh6 contracl. lo repey
the disbursed Tranches (as
referred to in Articje 2 01) and ro pay rnterest and a liri"i .rnornr"
or" i"."r^0"r,
incluc,ing.the opening and d€intenance of accounS Io whicfr
Ge gon;i orrects the
Bank to disbuEe sle Credit and
(e) evidence that the Disburs€ment Account has been eslabtished.
1.MB All Tanche6
The disbursement of each Tranche under Articte 1.02, inclucting the
first, is conditbnat upon:
(a) rcc€ipt by the Bank in tom and substance satislaclory to it, on or before the &le falling
7 (seven) 8lsiness Days before lhe Sdteduled Dis6ursernent Date for 6e propoGed
Tranche, of the foloring doqrments or eyjdence:
(i) a certtticate from the Borrofier in the fo.m of Schedute D:
(ii) evidence denEnst6ling that, fo owing drawdo$,n of the retevant Tranche, the
aggre9at6 amount of th6 Loan will not €x.a€d th€ aggregate exp€nditure incuned
or conkactua y committed by the Bonowsr in rssp€cl of the proiecl up to the dale
of lhe reEvant Disburs€rnent Offei
(i,i) evidence oI the aulhonty of the person or persons authorised to siln
O6bursement Acccptance end the aulhenlicated specimen s€nature
pe6on or peasonsi and
(M) a copy of any other autrodsation o. other document, opinion or assurancc which
the Bank has notified the Bonorcr is necessary or desiEble in connection with
the entry into and pedormance of, and the transgclbns conlemplated by, the
Contracl or the vatidity and entorceability of the Cont€ct
(b) that on the Scheduted Dsburs€rnent Date for the prcposed Tranche:
(i) the representations sod warr€nljes which are repested pursuant to Articte6.lo
erc cor€cl in all r€sp€cts; and
(ia) no ev6nt or circumstance which constitules cr wouu wilh the passage of time or
giving o, notice under thb Contract const[ute:
(aa) an event of default under Altjcle lO.O1, or
(bb) a prepayment event under Artble 4.03,
has occun€d and is continuing unremedied or unwaived or \ryould result from
the
proposed TIanche,
(c) th€ Eank b€ing satisfed thal the EC Guarente€ is valid, binding and enforceable and
that no events oa cjrcumstanccs have occun€d whin could, in tni reasonable
opinon of
the Benk dversev affect the legat, valid, bindi.E ana entorceaUte naiure ot tre
----- -'
EC Guarantee orthe Bank,s rEht to make a demanO tiereunOei.
1.O4C Dlsbu6.mant condlffona ralatad to Tranchaa ffnanclng cartaln Lot!
The disbursement of each Tranche relating to the finendng of a cenarn Lot (as
tn the Technacal
Descdption) underArticle i.02, including the frsl, is conah-ionat upon ttre recett Uv tne aank
in
form and substance.satr:Fcto.y to it ;n o( before the d6le farring z
tseri;i-B-;inecs OaVs
Oerore the Scheduted Disburs€m€nt Oale ,or th€ propceA iranctre, of the lo ow6g
documents or evidence:
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(a) for $e Tranches linanong Lots 'l and 2 between Samtredia and Grigoleti relating lo oew
construclion:
(i) the finalversion of lhe Environmental lmpact Assessrnent (ElA) report;
(ii) the Environrnental Permit (incftrding the relevant Ecological Pemit or l-labitats
fom) and Conslruclion Permit issued by the relevant authorities in Georgia;
(iii) the Environmental Managemenl Plans (EMP);and
(iv) the Land Acquisilion and Res€lllement Plan (LARP);
(b) for Lot 3 Grigoleti-Kobuleli (Choloki dver), relating lo rcad upgrading along the same
alignment, submission by the Promoler of a 6creening document staling wh€lher a full
EIA is required or not. Should a full EIA not be required, such sseening document
tog€ther rvilh an EMP and the Construction Pemil is sufficient for the Bank. Should a full
EIA be required, the c.nditions in (a) above arc applicable, and the documents detailed
therein are to be submitted to (the satisfaclion o0 the Bank;
(c) (i) lor Lots 1 end 2, a Road Safety Audit Reporq
(ii) for Lol3, a Road Safely lnspection Report;
in both cases in accordanc€ with lh6 principles of Directive 2008i/96/EC of 19 November
2008 on Road SaGty Management; and
(d) lhal the design b completld for the relevant Lol, to the satisfaclion of th€ Bank.
1.04D Sacond Tnncho
Ihe disbuBement of the 6econd T6nch6 is conditbnal upon rec€ipt by lhe Bank in form and
substance setisfaclory to it, on or beforc the date falling 7 (seven) Busioess Days before the
Scheduled Oisbu6emenl
for such Trandle, of evidence that the Prornoler an(Uo( Final
Beneficiary has hircd, lo the satiBfaction ofthe 8ank, an intemetbnaly erperbnced @nsultanl
to ioin the PIU to advrse specrfically on lhe impl€mentatbn of the @mponents of the Pbject
financed by th€ Bank.
h6
1.05 O.brm.na of di6buEcmont
1.05A Ground! lol dafemant
Upon the written request of lh6 Bonower, the &nk shall defer the disbursement of any
Acc€pted TrancfE in whole or in part to a date spocifi€d by the Borowor being a date felling
not later lhan 6 (six) months from ib Schedul€d Disbursern€nt Date and not later than 60 daF
prior to the first repaFenl date of the Tranche indaceted in lhe Disbursement Offer. ln such
case, th€ Borower shall pay the Defennent lndemnity calqrlated on the amount of
dbbuGement defenEd.
Any request for defement shall have effect in resp€ct of a Tranche only if it is made at ieast
7 (seven) BGiness DayB before iE Scheduled Disbursement Date.
lf for an Accepted Trandre any of the conditions refened to in Micle 1.04 is not fum ed as at
lhe specifi€d date and et the Scheduled Dbbursem6nt Date, dbbuEemont will be delened to 6
dale ageed between the 8€nk and lhe Borower falling not earlier than 7 (seven) Business
DaF folloring lhe fumtnent of all conditbns of disbursemenl {rvithod prejudice to the right of
th€ Bank to 6uspend and/or caoc€l th€ undisburs6d portion oI the Credit in whole or in part
puGuant to Micle l.mB). ln 3uch cas6, lhe Borower shall pay the Doferment lndemnity
cabuhted on lhe armunl of disbulsement deiened.
1.058 C.ncoll.tio6 ota dLbrlEement &torrrd by 6lrix) Inoinb
The Bank may, by notice in writing to the Borrower, cancel a disbursement which has be€n
detered under Article 1.05A by rnore than 6 (six) months in aggregate. The cancelled amount
shallremain available lor disbursemeni under Micle 1.02.
o.L
11
1 06A
On and su300nЫ On
Bomlwers H口 htto cancel
The Borc we「 may at any time by n。 1,ce in wrting 10 tte Bank cancel,in wh。 し o「 in part and
w
himmed● te effect the undisbursed pOrton Ofthe Credit H。
婢 ver the nolce shal have no
effect in respect Of an Acrepted Tranche whch has a Schedu ed D sbursement Date ra‖
Wthin 7(seven)Business Days Ofthe date ofthe not ce
1 06B
ng
Bank'3■ 9htto 8uSpend and cancel
The Bank may by notce in wrting 10 the 3o「 rowei suspend andlo「 cancel the undisbursed
POnon Orthe cred in輌 oie or n part al any ume and wn immed嗜 e effed
(1)
upOn the occurrence of an event or circumstance mentioned in Article 4 03A or 10 01 o「
an event or circumslance whth Ⅵouu wth the passage orlme。「 gv ng ornOlた 。 under
this Cont
A7ticい
o cOnsllute an evenl under Artc e 4 03A or an evenl or defaun under
1001:o「
(1) r a Matenal Adverse Change…
rs
Any suspensiOn shal contnue untilthe Bank ends lhe suspenslon or cancels the suspended
amount
i06C
indemnity f● su3pen310n and cancemal10n of a Tnnche
「
106C(1)SuSPENS10N
lrthe Bank suspends an Accepled Tranche whelher upOn an indemnttabL Prepapent Event
or an event mentioned in Arttに 10 01 or upOn the occurence of a Matenal Adverse Change
the Bor● wer sha‖ pay 10 ule Bank the Defe― tlndmn● canklted on the amount oF
disbursenent suspendè
106C(2)CANCELLAT10N
l,pursuantto ArtOし
or cal疇 に
:
'16A the Borre■
(a) a F xed Rale Tlanche whthに
an A∞
んヽc04 02Bi
d Tranche.l shal indomn●
"●
(b) a FIclalng Rale Accepled Tranche or any part of the Cr
Tranche,ooindmnlỳpayaЫ e
the Bank under
1 01ho「 than an Accepled
lfthe Bank cancelsi
l) a F xed Rate Tranche whに h ls an Accepled Tは nche upOn anlndemnrab● Prepayment
Event or upon the Occurence Or a Materal A● 曖Ise Change or pursuant to Article
1 05B the OorrOwer shal pay to the Bank the Prepayment lndemntyl or r the Bank
ca‐ Is
lり
an Accepted Tranche upon an event mentbned n Artcb 10 01,the Bo「 ower shal
indomnry lhe Bank under A嶼 1003
Save in these cases noindemn″
iS payaЫ e upon cancelaton or a Tmnche bythe Bank
The ndemn ty shal be calcubted on the basis lhat the caⅨ 澪Iled amount S deemed to have
been disbursed and repald on the Scheduled DsbunЮ ment Oato oi lo the ettent lhal the
d sbursement oi the Tranche s culTently defOred or suspended On the dalo of the
cancellauon nOt ce
1 07
Cance‖ a on arter exDlrv orthe cred識
Anylme me「 the Fina Avaい 01● Date the Bank may by nOtce to the BorrOer and■ thoul
l● い
l ty alsing On the part oF enher paⅢ canCelsuch amount Orthe Cred
n restt ofwhCh
no Disbursement Ac´
・ ptance has been made n accomance wth Art崚
の,と
12
̀02C
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1 06 Cancaほ
Sums du€ under Aitlcls I
Sums due undd Arlicl€s 1.05 and 1.06 shall be peyablo in EIJR. They shallbe payable within
'15 (fitleen) days of the Bonowels receipt of the Bank6 demand or within any longer E€d)d
specifi€d in the Bank's demand.
ARTICLE 2
Th€ Losn
2.O1
Amouht ot tha Lo.n
The Loan shall cornpdse the aggregate emounl of Tranches disbursed by the Bank under the
Credit, as confirmed by the Bank pursuant to Article 2.03.
2.02
CuIllncv of aaoaymant. inLact rnd othat charo€a
lnleresl, repayment6 and other charges payable in resp€ct of each T.anche shall be rnade by
the Borrower in lhe cuneocl in s,hich the T6nche is di6bursed.
Any other payment shall be made an the curency specified by the Bank having r€gard to the
curetrcy of the expendilure to be reimbuB€d by means of that payment.
203
Confi rm.lion bv tho B.nk
Wrthin 10 (ten) days efler disburB€meot of each Tranche, the Bank ihatt detiver to the
Borower the emorlis€tion lable rcfened to in Anicle 4.01, if appropriate, showing lhe
disbulsement date, crrrencl, the anioiJnt disbuEed, the reF6ymenl i6ms and the interest raie
of and for lhat Trsndle.
ARTICLE 3
larto,Est
3-01 R.to or lnte6.t
3.01A Flxed R.ts Tr.nchoa
The Eorrower shall pay inlelesl on the oulstanding balance of each Fixed Raie Tranche at lhe
Fixed Rate serni-ennually or annually in arre36 on the relevant Payment Dates as spscified in
the Disbursement Offer commencing on lhe first sudt Payment Date Iollowing the date on
which the disburs€ment of the T6nche was made. lf th6 pariod lrom the date on which
disburs,€ment was hade to the first Pafnent Date is 30 days or less then the payment of
inleresl accrued during such period shall be poslponed lo the iollowing Payment Date_
lnleresl shall be calculaled on the basb of Anide 5.01(a) at an annuat rate that is the Fixed
Rate.
3.018 Floatlng Rate Trsnchos
The Borrower shall pay interest on lhe outstanding balance ot each Floating Rale Tranche at
the Floatang Rale sehi-annually or annoally in anrears on the rebvanl paym€nl Dales, as
sp€cified in the Disbursemenl Of6r commencing on lhe first such Psyment Clate fo owing the
date of disbursem€nl of th6 Tranche. tf the period from the date of disbursement to the first
Payment Date is 30 deys or less then the payment oI interest accrued during such peri, shall
be postsofied to the following Payment Date.
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■■″′
1.08
The Bank sha
nOt″ lhe 日001ng Ratettllhe B°
∞ mmencementoreach Fbatng Rate Re
「 Wlhn m llenl dayS f010w ng the
勝
鱗 聯饉
鰹言
欄Jず鰭i礎
聾翻 欄翼
響鑑
歯l雷 :翡 躍
3 02
∽回 a
い ЮS"d d each Π。
ng Rde Reた にnce睦 10o On he
●sd
hterest On overdue sum8
l認 1は 品非wmiM、寵
器説]誤鵬讐晰ξ
帯常 苦
1層 猟讐
滉
閥鳴
蠍蝋onth
T樹
量
淵
il柵
s鮒
e success‐
躙
cOmmencing On
榔攪
夢
penods Of one lη
糧
蠍
3 03
ti曇
導
lttrr殿
鼈
欝
酬
鼻
程 糎
撃 i
Market Dbru"ion Event
絲鸞 欝 欄 操鼈 機 道
(a)
the rate ofinteresl app!icable lo sucI
the spread Or tt rale(epress
deteminel by the Bank to be thè
膊 evant Tranche based upon the tr
rate Or an atematve rale delenniǹ
脇躙 譜‖
臨辣 1買
r any. in which case the Bank sha11
Credl sha]rema n avaihble fOr dに b
拙留庶朧酬鶴lξ 澱 ぶ胤
not reruse lhe d、 bumrnent h lme the parties agree that the disbursement and the
condmOns thereofshdl be価 ly bindingお r bolh"rt es
口¨ ∞ 劇ynd闘
°
慧 記 嘱 1:[服
ヽ
貯
Bm● nmeD● ¨ mmm ofFe¨ 脚
"
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14
■■ロ
■︱′
ART10LE 4
R● ●avment
401
Normal repavment
Ropayment by lnetalment8
(a) The BO― er sha‖ repay each Tttnche by ins● lments on the Paynenl Dales specFed
in the re evant Dsbursement OfFer n accordance w lh the lems orthe amortisa
on tabに
delivered pursuant to Art"le 2 03
(b)
Each amoftisal on table shali be drawn up on the basis that:
(1)
in the case of a Fixed Rale Tranche.膊 papent sha‖ be made annualy o「 semi‐
annualy by equa nslalments oF plncipal o『 ∞nstant inslalments of plnc● a and
intefesti
(1)
in the caso of a Floating Rale Tranche repayment shal be made by equal annual
Orま rnitnnualinstalmenls of plnOpali
(m) the nd repayment date oF each TranChe shal be a Payrnent Date raling not
ea"erthan 60 days frOn the Scheduttd DIsburserent Dde and nol Lterthan the
輌rst Payment Date immediateり foiCWng the iOh oenlh)anniVettry Or the
Scttuに d Oisbursement Date ofthe Tmnchel and
(V) the bst repayment dale of each Tranche shal be a Payment Date fa‖
ing nol
eal e「 lhan 4 1fourl yearS and nol laler lhan 30(thi")yearS from the Scheduled
Disbursement Date
402
402A
Volun●rv o70pa輌 Ont
Prepavmont Optlon
Sublectto Attdes 4 02日 ,4 02C and 4 04,the Bo― er may prepay a‖ o「 part of any Tttnche
lo9elher wth accrued interest and indemnmes r any,upon g■ ing a Prepayment Notce wth at
‐ St i 10ne)mOnth s pnoi nOllce spec ng the Pttpayment Amount and lhe Prepayment Date
Sublod to■ lue 4 02C the PIEPayment Notに e sha‖ be binding and ireVOcabb
402B
Propaソ mentindemnity
4020(1) F!XED RATE TRANCHE
「
lhe Bol υwer prepays a FIxed Rale Tranche lho Bo「 rower shal pay tO the Bank on the
Prepayment Dale the Pmpanentindemnty
402B(2) FLOA■ NG RATE TRANCHE
The Borower may prepay a F oatng Rale Tranche wthoulindemnity on any relevant Pa´ ment
Oate
402C
Prepaymont mechanic3
.
Upon presonlalbn by the DOmwerlo the Bank of a Prepayment Request the Bank shal ssue
a Prepayment Nolce tO the 8ortlwer nol aterthan 15 1rneen)dayS plortO the Prepa"ent
Dale The Prepayment Nolce shal spry the Prepayment Amount,the a∝ med inlerest due
thereon,lhe Pttpayment indemn"payab e unde「 Artic0 4∽ B or asthe case may be,that
no indernn y iS due the inethod or appl∞ ton OFthe Prepayment Amount and lhO ActtanCe
Deadlne
山ヾ
lf the Bor● wer accepls the Prepayment Nouce nO later than by the Acceptance Deadlne,1
shal efFd the preppent in any Olher case,the Borruer may nol effectthe piepattent
つ ,と
´
０
4 03A
CrOunds fOr prepayment
403A11)PROJECT COST REDuCT:ON
rhe b回
∞●J me prOlecl sh¨ U berぜ
at whに h the amount Ofthe credl underth
と
需出1出 帝早
:詰 獣:fittι乱
盤1:認
翻棚 !出燎 出 鳳調留濡写1寵 紺出
冨蹴
聯
鐸職
藷
:;愧 留
lt,1雷 ]蹴 塁譜!霞鴇罰
rg nd ess han∞ ぃ
0 ys m●edat d he
demand
403A(2)PARI PASStlTO ANOTHER TERM LOAN
I彎 1:滞 離
1糟
1欄 紀
当
訛ぼ
冊張
謂
:I」F出 :曽 罷
:
鶏ぶ
%=理龍絆
loan haVing a leon at least equal10 1he unexpired tem ofthe Tem Loan prepald,the Bank
may,by notce tO the BOrc we「 cancelthe Credi and demand prepaymenl oflhe Loan,in such
prOpOrtion as the prepaid amount orthe Tem L"n bearS tO the aggregale outslanding amc unt
Or al Tenn Loans
The Bank sha‖ address ls notice 10 the BOrOwer wh n 30 1thiⅢ
under Micle 8 02(cloり
ゆ dayS Of receipl oF no10
the pu● oses Of thヽ Artide ・ !oan・ inciudes any ban bOnd or olher fom of nnanciai
indebledness o「 any Ob!iOal● n forthe payment orrepayment Ordent
Fo「
403A13)CHANCE OF LAVV
The BO,,Ower sha‖ piЮ mptly nfOm lhe Bank r a cttnge r● Law Evenl has occurred o「 Is
蹴 辮辮 鳳
鼎都 鼎 il井 鵬 l剛f滝
颯ed制 い中 ∞
蹄 ι」出 掘誦謂 靭 調
炒 鳳 認柵 1%R凝
譜嗜
冊ふ紺Ъ
tty鷺 冊 t蔵
Wthin 30(thinめ days from the dale ofthe Bank 8
Sfmm.。
uestけ
ntttabn he
̲oan.l● gether輸 m accrued inleに st and a‖ Other
amounts accrued or oulsland nO underthis Conirad
TheBorowershalerectpapendlheal:TI苺
such dale being a dale faling nol ess than
,譜
群
需
覧出首
声im朧 龍椙
I「
For the pu:poses of this Artide'Change of Law Evenf i￢
Bank
eans the enaclment promulgatiOn
樫躙淵『
」F杷 鑑1:圏::盟 ふ
;￨∬ 寵菅
1島 :
鶴乱鵠
『 協:器鴫
d● 6 COmrad and輌 動ぃ
●
eo口 nbn d:認
abl● tO perFom疇
alonS under th皓
T,W出詣邸
よ1∬富 設置1:
Final BeneFdaげ
obl●
s obl● a10ns relaled to the P
"d
＾
０
ヽ
4)と 、
=l霊
■■ ＩＩ
。蜃
■■■■
口■■ｒ
mⅢ
σ
ued ttσ tt and
服詰 枇j誂 ]認 路器」
lttmil"he"γ
…
『 p● payment
4 03 Cclmpu
●︱︱
︱■７
4 034{4) TLLEGALTTY
tf:
(a) it b€comes unlaw{ul in any EU iurisdictron or in Georgia for the Eank lo perform any ol
ils obligEtions as conternplaled in thb Contract or to fund or maintain the Loan; or
(b) in relation to the EC Guarantee:
(i) it is no longer lid or in full force and eff€ct;
(ii) lhe conditions for cover thereunder are not lulfi ed; or
(iii) n is not efe<live in accordance with its terms or is alleged by the Borower to be
inefieclive in accordance wiih its tenns.
the Eank shall p.omptly notify the Eorow€r and the Bank may (x) lmmediately suspend or
canc€l the undisbuGed portbn of lhe Credit and/or (y) dernand prepayrnent of the Loan on the
date indicated by the Eank in its notice to the Bo{rolver
4.038 Paspaymrntmachanlc!
Any sum demanded by the Bank pursuant to Article 4.03A, togeth€r with any interest or other
amounts accrud or oulstanding under thb Conkact including, without limitation, eny indemnity
due under Article 4.03C, shall be paid on the date indicated by th6 Benk whbh date shall fall
nol le6s than 30 (lhi y) deys horn the date of the Eank's notice of demand and shall be applied
in accordanc€ wiih Aficle 5.05.
4.03C P.Ep.yrner{lnd.mnity
ln the case of an lnd€mnifiable PrepaynEnl Event, tle indemnity, if any, shell be determined in
accodanc€ with Arl*le 4.028.
lf, mor€over, puBuanl to any provision of Anicb 4.03A the Bono'rJer prepeys a Tranche on a
daie olher than a relevant Payment Date, the Eor.ower shall indemnify the Bank in such
arnount as lhe Bank shall certify is required to cornpeosate it for rec€ipt o, funds olherwiEe
than on a rolovenl Peyment Date.
4.04
Geneal
A prepaid amount may not b€ re-bonovr€d. Tlis Article 4 shall not prejudica Micle 1 0.
ARTICLE 5
Pevmonta
504
DaY courl convantlon
Any amount due by way of interest, indemnity or fee from lhe Borrower under this Cont€cl.
aod calculaled in respecl of a fraclion of a year, shall be detemin€d on the followinq
respeclrve conventirs:
(a) in resp€cl of interest and indemnities due under a Fk6d Rate T6nche, a year oI
360 (thrcr hundred and sixiy) days and a month of 30 (thirty) daysi
(b) in r6p6ct of anteresl and indemnities due under a Floating P€tB Tranche, a year of
360 (lhree hundred and sixty) daysend the number of days ehps6d;
(c) in respecl ot fe€s, a year of 360 (thre€ hundred and sixty) day6 and the number of days
elapsed.
ク L
\
17
502
『 梶さ
]榔顆
温鷲串 臨錦 電
l禦 棚瑞 鯖 ξ
犠 〃
tt」
i『
Each sum payaЫ e by he BOrower under●
noined by the Bank 10 the BorrDwer The ̀錦
l
lfrteeO
OЮ hedtt me●
‖
1よ 」
:l騰 剛■ ¶
繁
輌 :亀 :題
『
"
l酬 溜帆霊薔冨鴨潔肥t諾
鮨鷹脂珊
11常 ヽ畑In艦 艦摯
nd appレ
10
・ he "び "ymem undσ M●に
dmmЦ ￢no
鶏撚 畿 鯉警潔:器l∬ "昴 ma¨ "m
ih譜
:『
r lhe cOnl●
A sum due fron the Bo「 mersha‖ be deemed pad when the Bank rece〜
503
es l
Set Or
徊 鶉 蠍
鰤欄 慕渕 七
普
鮒 留路‖
錮蹴鶏k鶉 キ
霞爆設機 【
ミ
=綿
f羅
:en hasは
(a)
°
urred o he
the Bank may,and sha‖ r requesled 10 dO so by the Bcr― ,cOnSut w"h the BOra″ er
W"h a vew o a9ree"wlh he諮
悧昴』需棚
admhistralon ofthe Contracl as the BanI
lRelL驚 昴鯉
r
￨°
h総
鴫
智
詰
蹴
腱
∵∬
器
雪
1:口 孵 罪慰 蝋 e no Oblba10n to agree 10 such changes:and
°
選温
嘗北[吊 1識 17響 認箇甫鵠l電帯轟躙 船慰∬
n‐ tOn■
L504
′
1踪
∞
505
i:
th th"Artに
A● o catiOn of sums recolved
(a) Partial payments
lfthe Bank ree ves a paymentthatis insulFoent10 dischar9o al l10 amOunts then due
and payabに by lhe BOrrOwer underthis cOntract the Bank shall apply that paymentin O「
to″ ams
0
pattnt。
「
11Sl.in orlowards payment pЮ
rala Or any unpald f00s c●
expenses due underthis COnlract
(li)
sts inttnt es and
secondly.in。「 tttards paymont。「 ally accrued interest due but unpau underthis
Contract
。り
ヽ
押
工h°「t° Wads paymem d any plndtt d囀 bm un"d undertts∞ nlra軋
(iv) lourthly, in or towads payri€nt of any olher sum due but unpaid under this
Contract
の ‐2
18
Allocation of sums related lo Tranch6s
(l)
ln case ot:
-
a parlhl voluntary prepaymenl of a Tranche lhal is subject lo a repayment
in several inslalments, lhe Prepaymeot Arhounl shallbe applied pro rata to
each out6tanding instelment,
-
a panid conDulsory p@payrient of a Tranche tlat is subjed to a
repaymenl in several inslalmenls, the Prepayment Amount shall be applied
in reduction of the ouEtianding instalments in inverse order ot maturity.
(ii) Sums received bythe Bank following a dehand under Article 10.01 and applied to
a Tranche, shall reduce the outstanding instaknents in inverse order of maturity.
The Eank may apply sums received between Tranches at its discretion.
(iii) ln case of receipt of sums whici c€nnol b€ iijentifed as Epplicable lo a specific
Tranche, and on whidl there is no agrcemenl blween th6 Bank and the Bono\icr
on their application, the Bank may apply these behrcen Tranches at its discretion
(C)
Sums received frorn lhe Bonower shall only discharge its payment obligations if received
in accordance with lh€ tefms ot lh}s Cootact.
ARTICLE 6
Borowoa undartrkinot and rcorEacntelion3
The und€riakings in this Article 6 romain in forcr from the dale of this Conlract for so long as
any smount is outstanding underlhis contract orthe credit is in force.
A. Ptojocl undetl*ings
601
Lrro ot Lo.n .nd .y.llabllltv ofothorfunde
The Borower shall, and shall ensure that lhe Promoter and the Final Beneficiary use all
amounts bonoryd by it under lhe Loan for lhe execLrtion of the EIB funded camponenis of the
Projecl (as set out in lhe Technical Description).
The Bonower shall ensure that it has available lo it the other funds listed in Recilal (2) and that
such funds ar€ expnd6d. to the exlent required, on the linancing of the Plojec{.
＾
０
＾
０
Comolsllon of Prolect
The Eonower shall and shall eosure thai lhe Promoler and the Final Beneficiary carry oul the
Proiect in accordance wilh the Technlcal Descriplifi as may b€ modified from time lo time wilh
th€ app.oval of the Bank, and complete rt by the final date specified therein.
6.03
herqrcgC ess! al-L!d!d
It the total cost of the Poject exceeds the eslimated llgure set out in Recilal (2), the Eorrower
shall obtain the llnance lo tund the excess cost without recourse to lhe 8ank, so as to enabb
the Proiect to be compl€ted in accordance wilh the Technicel Description. The plans for
funding lhe excess cosi shall be communicated to the Eank without d6lay.
は︑
O,L
19
■■ ■ ■
口■■′
(b)
The Borrc wer undertakes to purchase and shal ensure that the POmOler and the Final
eenenciaγ purchase equipment,s― re seMces and。 er works rOrthe EIB and N!F funded
compOnents Or the PrOlecl by open inlemalonal tender o「 。ther acceplable plocurement
prOCedure complying, lo the Bank's salsracliOn w lh ts p。 lcy as descnbed in ls Ouide to
Procurementin force a the dale of hS COntrモ n
605
The Borower shal and shall ensure thalthe Pn】
げKtter and the Final Beneruary in relation to
the E!B runded∞ mponents of ule Prold:
(a) Maintenance:ma ntain repa
.overhaul and renew a
(b) P,Olect a8SetSi unless the Bank shal have glven ls pr o「
lo and pOssessb●
or a‖
pOpe"fOming pan Of the
in 000d tting ordec
Prolecl as required lo keep
o「
substanbally a‖
∞ nsentin w1lng retain tr e
the a― ls αγnprヽ 口9 the EIB funded
∞ mponents Of the P口 αtt or,as apprOpr ale,replace and renew such assels and
maintain the E!B funded∞ mponents ofthe prOled in Substanlaly∞ nunucus OperatOn
n aca ance wlhも Ong nal puposei p● vided that the eank may wnhh。 旧 s― senl
onty where ule pЮ posed ad on wouu prelud
the Bank's nlerests as ender 10 the
Borower or wou!d mnder the proled ine19わ b foi nnanc ng by the Bank under ls
Statute o「
under ArtCに 309orheTreatyOntheFunclonngOftheEuropean uniOn
(C) inSurance insu●
o「
make adequale prowsbn for lhe insuttnce of a‖
prOpeⅢ fOming paは oftho E B funded∞ mpOnenls oflhe Prolect in accordance
"rks wlh
and
the mosl comprehensve relevanlindustγ padicOi
(d) RI● htB and Pem13:mintaln in fom al nghls or way o「
use and al pem s, ― ses.
approva s or auth。 lsatOns necessary foi the execulon and operalon of the P口 αョ
and
(el EnИ 70nment:
0)
implemenl and Opolelhe P飼 (n in∞ mpl● nce wul Env ЮnmentalLav
l)
。btain and maintain requヽ te Env∞ nmental A● p●va s fOrlhe Prolecll and
lI) COlnply w lh any such En■ ronrental Apprtlva13
0
Eu lar execule and operate the Pned h― rdance Ⅲ h the re evant slandards of
EU● w to the enentimメ emented by the laws of CeOrg● 。
「specFed by the Bank p10r
tO u℃ date Ofthls Contract
a cenearυηめ 嗜 ●ヽド
606
●●mplia… wlth l…
The Borrower shal ensure thatthe Promoto「 and the Final Benerc ary Cr mply in a‖ respeCIS
ns o whい hey a● Orthe PDlectiS Su,α i
w th a‖ ほws and reguほ
6o7
BC10k3 and 7000rd3
The 8o「 mwer shal ensure thal the P● moter and the FinJ Benerery has kept and Ⅲ l
oont nue to keep proper bOOks and records of acc unt in WhCh fun and cOrecl entr es sha‖ be
made d a‖ nnancl」 tran3adOnS and the asSets as well as expendtures in cOnnedion wtth the
Prolecl.In accOmance n
h OAAP asin erea lrOm timetot me
ヽ
つ .ι
20
●● ＩＩ ⁚
■■ 口 ７
Procurement procedure
■■ ■ ■
604
6.08
Maintonenca activltlea
The Borower shall ensure lhat the Pomoter and the Finsl Beneficiary carry out and dispose
over sumcient funds to carry out the necessiry routine snd periodic maintenance activilies
along the .oad sections comprbing parts of the Poect.
6.09
L.nd.cqubltlon and .e6cttlom6nt
The BonorN€r shall ensure that the Promoter and ih€ Final Benefciary imptements land
acquisilion and any resettlement necessary for the execrrlion of the EIB financed componenls
of the Projecl in accordancs with a land acquisition and resettlement plan to be agreed with the
Bank (lhe'LARP), wfiich LARP is to the salisfaclion ofthe Bank.
6-10
Gonal.l Reoo3ontatlon3 and ftmntl..
The Eonower repesents and waranls to the Bank that
(a) h has the po*er to execute, deliver and perform its obligalaon6 under this Cofitracl;
(b) lhis Contract constitute6 its legally valid, bindang and en orceable obligations;
(c) the execution end delivery of, lhe p€rformance of its obligatioB under and compliance
with lhe provisions of thb Conlraci do not snd will nol:
(i)
contravene or conflict with any applicablo law, statute. rul€ or egulstion, or any
judgemeot, decree or permit to which it is subjecl;
(ii) c.ntravene or conf,ict with any agreement or other instrum€nt binding upon it
which mighl r6a5onably be e)Aecled to have a materbt adverse efiecl on ib
ability lo pericrm its obligations under ihis Conlract;
(d) therc has been no Materjal Adverse Char8e since 4 Odober 201 ;
(e) no event or circumstance which constitutes an 6vent of detault under Articte 10.01 has
1
occur,Ed and is continuing unremedied or unwaived;
(0
no litigalion, aftit.ation, administrative proceedings or investigation is currenl or to its
knowledge is lhreetened or pending before eny court. arbitrel body or agency which has
resulted or if adversoly d€lemined is re€sonably likely to resuti in a Matedat Adverse
Change, nor is lhere subsisting against ii or any of its subsidiaries any unsEtisfied
jrrdg6ment or award;
(g) th€ Promotor and th6 Final Beneficiary has, to the extent possibl€, in tine with the
implementation schedule of the Proiect, obtained all necossary @ns€nls, authodsations,
licences or apprcvab ot govemmenlial or public bodies or authorilies in connecibn with
the Projecl and in order to lawfully comply with its obtigations in connection therewith,
and the Project and all such consents, aulhorisetions, li@nces or approvals ar€ in full
force and effect and admissible in evidearce;
(h) its payment obligations und6r this Conlrad rank not tess thsn pa, passu in right of
paymenl with ell other pres€nt and ftriure uns€cured and unsubordinated obligatjonr
under any of its debt instrumentsi
(i)
it and the Plonloter and Fanal 8enefrciary is in compliance with Micle 6 O5(e) and to the
besl of its knowledge and belief (having rnade due and carefut enquiry) no
Environmental Claim has been commenced or is lhreatened against it;
0) it is in cornpliance with all undertakings under this s€ctbn 6i and
(k) the Framework Agreemenl is ,/atid, binding and enforceabte 6nd that no events or
circumstances have ocalred which coold, in the reasonablg opinion ol th6 Bank,
advers€ly affed the tegal, valid, binding and enforcGable nature of lhe Fram€wo.k
Agreernont,
＾
∠
o. L.
説]佗
611
:卜ξ蝋鰍性1奪『
arlilS譜
d珊 距調』
出
PЮ ectimЫ Omen● On un
:l性
S棚
留 精
1
612
5.*;,kl1itL:afffi },:#"rffi trtrfi q#drii:fi
(a)
the offenng. gMng, rec€ivhg
#
or soti(
p5gg*s*Nrf;*m*,u,,l;m
(b)
eny sct which improperty mfuences,
fr 'x;ff
ifr thls
F^l*:+'*ffi
ror
purpose,
"J;;Sili#TJlLlxlttr;lrtrHff#
the knou/ledoe of !
r;#,:*i*f {r#il'Fjiffiffi fr3.;.t;".,ffi
と
22
frJ
,.|
aR!-s!El
Socuritt
The underiakings in this Micle 7 rcmain in force from the date of this Contraci for so long as
any amounl is dutstanding uMer this Contrad or the Credit is in force'
7.01
Ps.i Pass{, Enklno
The Bonower shall ensure that its payment obligations under this Cont'act rank, and will rank'
not less than pal, psssu in right of payment unth all other preBent and futule unsecuBd and
unsubordinad obiigatlons under any of the Borrower's Relevant Exernal O€bt lnstrunr€nts'
ln oarticular. if the Bank makes a demand und€r Arlicle 10 01 or if en event or potential evenl
of the
J ieCutt unoer any unsecured and unsubordinated Relevant Extemal D€bt lnstrument
not make
Borower or of any of its agencies has occurr6d and is continuing, thg Borower shall
(or authori:el anv oavmeit in rcspect of any other suci Relevanl Extemal Debt lnstrument
icrteaubd or otherwise) w hout simultaneously pafng, or s€tting aside in a
i*r'ane, l.eg,rrani
-accotrnt
for gayment on the ncxt Payment Oate a sum equal to' the same
iesionaed
oro;nion ol the d6bt outstandtng underthrs Contracl as the proportaon that the payment under
lr"i n.rcvant Exiamal Debt lnstrument beals to the lotal debt oubtanding under thal
Relevant Ertornal Debt lnstrument. For thas purpo6e, any Payment ot a Relevant Extemal Debt
lnstrumont lhat iB made out of the procee& of the issue of another insttument, lo Y'hich
subsbmhlv lhe same persons as hold chims under the Relevant Enemal Debt lnstrument
have sub€criH, 3hell be disregarded
ln this Contaci
'Extomel Dobt lnstrumant' means
or constitut'ng
la) an instrumenl. mcludinq any receipt or stalomenl of account, evidencingqodit
(including
€xtsnsion
of
or
similar
advance
deposd,
reDov
;
ban,
an oblioation to
withoul- limtalon any extension of qedit under a refinancing or re6chsduling
agr6€men0,
(b) an obligalion evidenced by a bond, debenture or siniler written evidence of
indebl6dnoss, o.
Debt lnstrument from another
{c) a guarante€ of 6n obligation aflsrng undor an Extemal
is:
l€ndei provided in each case that such oblgation
(i) govemed by a syslem of law other than the la of th6 Borrcwei or
(ii) payable an a cunency oth€r than lhe curency of the Eorowtr's country.
"Ex6mpt E (tamal Dcbt lNttumot*3' m6rns Exlernal Debl lnstruments up to a maximum
aggregEte am,ount not exceeding EUR 30,000,000 as sPecifi€d e3 such by wiitlen nolice
fmm the Bonowcr to the 8ank.
"Rclevant Extamrl Oobt lndrumenf' moens Extemal Debt lnstrum€rts other than Exempt
Eritemal Debt lmtruments.
lf anv Externat D€bt lnslrument notmed by lhe Borrower to the Bank lor approval pursuant lo
lhe ;rovisions of lhis ,fticle 7.01 to quality as an E(empl Eiernal Dsbt lnstrum€nl is
denominaied in a cu.rency other than EUR, the Bank may determine the EUR equivalenl of
such notifed Ei€mel Debt lnstrument by roferenc€ to the pevailing rate of exchange
specmed by lhe Europoan Centrd Bank in Frankfurt as ot or around lhe date of such wntten
notic€.
avt
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7 02
Additiona1 30Curltv
L鮒
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chuse3 bv hdlBbn
ARTICLE 8
lnformaflon anal ytsit3
8.01 lntomation conclrnino tt6 p.oi.ct
The Bonower shall or sha ensure that the promoter
and/o( the Famt Beneficiaryi
(a) deliver to the Benk:
(i) the intormalbn in contenl ard in form, and al the times, sp€cirj€d in Sch€dute A2
o. otheMise as agEed frc.n tjme lo tme by the pad;i"
irr,a c""rraa,
""0
(ii) any $rch nfonnatjon or furttrer deument conceming the finencing, procurement,
mptementatbn, operatrcn end ehvironmental nlatle;
oioi foiiid,{q"a
,"
Bank may reasonabty requirc within a reasornble ti;;, - - - '""
provided ah^iays that if such inlormalion o.
document is not delivered to the Bank on time, and
the Bonower does not rectifv th€ omi3sion fflhin e re""_"lrl,
r,,ii. *i jv tiJslif ,n *rn,ng
the Bank.mey remedy the d€fici€ncy, lo the e{6nl c;iior..
ui
ir""i"il
or,
@nsunant or any other third pa.ry. at the Borowe,," erp.ns.;;"rpjivtls
"on
i;e
proriOe
6;;;iJarr
such persons wilh all assistance necessary for the purpos€;
(b)
submitl
(i)
(r)
(C)
.
for the approval of the Aank withoili dehy any nEteful
change to the EtB and NIF
fund€d cornp,ononts of ths Projed. and
,or infomaton lo lhe Bank without detay any matorEt
cheng€ to the non_ElB
-ttl
anc or NtF funded co.npooents of uE proj;c1, atso
tatino-inro
orsclrsures made to the Bank in co.ln€ctbo with the poied
ofor to ttre sionino ai
this Contract. in respect of, tnter stla, lhc price, desE",;t";.":
exp€nditure programme or financing pbn ior the prolici; '
promptly inb,m the Eank oil
(i)
aJrii
;;;;;?
ilih;
any sclbn or protest niiated or eny otieclbo rabed by
genurn€ @mplant received by th6 Borro\rer
anv thrrd oadv or anv
or any Envi'ronnintar iraini frai
ii
rc lls knowEdge comhenced, pending or lhre€tened aqaimt it wilh reoard t;
eny.onmentar o. other malieE deding the prciecl,
(ii) any facl or event kno!,n to the Borro,,,/er, wht$ m6y substenlially prejudics or
aftecl the conditions of execution or operation oI the projJ;
の と
24
口I
「
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(iii) any non-complaance by it with any applicable Envi.onmental Laq end
(iv) any suspeflsion, revocalion or modification ofany Envionmental Approval,
and ret out th€ action to be taken wilh resp€c1 to such matlerc;
(d) provile lo the Beok, if so requested:
(i) a c€rtificate of its insure6 showing fulfilment of lho requirements of Article 6.0qc);
(ii) annually, e list ot policies in ,orc€ covering the insured properly torming part of the
Projecl, together wilh confimation of paymenl ot lhe cunent premiums-
802
lntoifiallon concomlno tho Bortowar
The Bonower shall or. as relevant, shall ensure that lhe Promoler and/or the Final Beneficiary
shall:
(a) deliver lo the Bank from time to time, such fu(her informalion on its general llnancial
6rluation as lhe Bank may easonably require,
(b) ensurB lhat its accounting records fully reflect the op€rations rehting to the fanancjng,
execution and operdion of the Proiect; and
(c) inform the Bank immediatev of:
(i) any facl which obliges it to prepay any financial indebtedness or any EU funding,
including any funding pmvided under the EU Financing Agreement for this
Projecl, if signed;
(ia) any evenl or decision lhat coGtrtutes or may result in lhe events desqibed n
Article 4.O3A;
(iii) any intentbn on its pad to relinquish ownership of any mat6rial compon€nt of the
Projecl;
(iv) any fact or event that is reasonebly likely to prewnl lhe subslantial fulfllment of
any obligelion of the Borrowsr under lhb Cond;
(v) any evenl lbted in Anire 10.01 having o@ufied d being threatened or
anticrpated; or
(vi) any liligation, erbitralion or administEtjve proce€dings or invesligetion which is
cu.rent or pending which moht if adversely determined result in a Metedal
Adve6e Chang6.
803
Vlslt bv the Bank
The Eono,yer shall and shall ensure that the Pronoter and tho Final Eenefciary allow persons
d66ignat€d by the Bank who may b€ accompanbd by repres€ntalives of the European Court of
Auditcrs, the Europ€an Commission, th6 Europ€an Antifieud Office (OLAF), as w6ll Es other
pe6om designated by other El.J institutions or bodies wh€n ro rBquired by the relevant
mndatory provisions of EU law, to vjsil the sites, in6tallalaons and wo*s comprising the
Projec{ and to conduct sudt checks as th6y may wish, and shall provide lhem, or ensurc that
they are provicled, with all necessary asaiBtance lor this purpGa.
The Bonower acknoivbdgEs and shall ensurB that the Promoter and the Fiml Beneficiary
acknowledge that thc Eank may be obliged to divulge sudl informaibn ehting lo the Bono*er
and the Project lo any co.npetent EU institution or body in ac.odance wilh the .elevant
mandalory provi.gion8 of EU law.
武ヾ
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25
′II
「 口:
ARTICLE 9
Charoas and axrrensca
9.01 T.xca. duti€3 .nd r..s
Th€ E.nower shal pay a, ta.xes, dut€s, fee.
and other amposiions of whatsoever nature,
rnctudhg stamp dury and regslratbn rees
o,.,r J rh"."-iJiin-or"rioi}na,lon or
this conrract or any retarad c,ocument and
"r"ing u," -**iii",
il
entorcement ot any secunty for the Loan to the extent
appticabL'
The Bonower shalt pey all principal, inlerest, indemnilies
iii*ili,'"E,",rauon
.- -_ - " -!
o,
end other amounts
due uncter this
Ei;;;,ii"*'i"ll'iJil.
p.r,*o
"f ""y
meke
a;y""t,.-;i;;
6uch
conrracr sross wthour dedud.;
;liiig;;,;i'i#i"'ion,
by'fr.-;;;;;J;rfii ro m.,o ,n"
"r,
that. if the Bonower is obtioed 16
d€drr";,
Bank so rhat after deductan, the ner amounl receiv"d
due.
9.02 Ol,|er charcss
The Bonow€r shall bear all charges and e)eenses, tncludtng professional,
banfitng or
exchsnge chars€s ncurrod in connection with rhe prep"i"ri";,;;A#;;;;;;eniarron
and
Iermination of this
or any rctated cbcr/meri
in
-Contracr
resped of lhb.Contract or any retat€d- docrmenri ano
ir,"
maMgemenl and realisaticn cf eny s€curity for the Loan.
"r""tlon,
;til;;;;;;;;t=o,
-"ii"iiri"nt, *".,
i"
ARTICLE IO
Ey.nt of d.frutt
10.01 Rioht to d.h.nd rorvm.nt
The 8..rorver shal Epay a[ or pa( of the Loan fo.ttn iU,,
togrther with acqucd inte€st snd arl
olh6r accrued or ourtanding amounrs und€r thia
cil;;.l;;;;'i;il,#ni'Ling
,ao.
- -- --_ *""-'
by the Bank in accordance with the foitorying p.ovisnon".
10.01A trnmadlat dem.nd
The Bank rney BEke s{rch ddnand irnmediatcly:
(a) if the Bono er faits on the due ctEte ro epay eny pen of the Loan. to pey interest
thereon or torhake any other payment ro the tiank i;;.rid.dl"lh"
c""irai ;;:*"
gl.]:. r:lyT.t" pay ls c€used by an administrati\,e
or technicat
(b)
eror or a Disruptron
Eve ano (r, payfient ,s made within 3 Business Days of its due dats:
sy6n ro the Bank try or on behalf of rh€ Bonower. the
[:y,,.ryr*jp".:,thetcuTlnr
Finat 8€oefic'ary, or ahy rsprss€ntation.
t".n"nt."0" ol.
:l:Tlo. to"idor
oeemed
be made by the gonower, the prornote, endor lhe Frnal
"t genefiq; ,n
applicatjon of thb Contract q in connection wilh tt. ,"g"ria""
., parf"r-"""i'"il"
conrract is or proves to have been inconecr, ir,_",pra!
respect;
"iri"r*jigl" l]ii,*rl"ia
(c) if,.following any defautt. the Bofiow€r b requred or is capaue of bemO requtr6d or wi
foltowing expjry of any appticabte contraduat grac€ p.t i,
* .iqrr"t"_G'*pJrrr. .r
berng required lo prepay, discharge
,
cbse out or temhate ahead of [€turity env other
kxln or deDt obloatbn arising out of any financjalt.anseclion; o,
any other lo€n or debt obtigarion arising out of any finanoal
suspendedl
4ウ
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26
_.i,it."nitor
"nv rs ;;;;il"d or
transai:tiin
■日
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口 ■ ′
⁚
makes or, withoui prior Mitten noiice to the Bank, seeks to ma*e a composition with
Ｓ
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(d) if the Sorrofer b unable to Flay ils debts as they fall due, or suspends its debts,
cl6dholsi
(e) if the Bonovyer detaulls jn the performance of any obligation in resp€cl of any olher lo.rn
granted by the Bank orfinancial instrument entered into wilh the Bank;
(D
if the Bonov/er defaulls in the perfomance of any obligation in respect of any other loan
or linancial inslruhent gr:rnted by the Bank or the Et (including, i,,Ier ar?1, un(br the EU
Financing Agreemenl) or to the Eank or any olher oblagation to be fulfilled in connectbn
with the receipt ol any funds by the Bon erfrom the European union:
(S) if any distress, executbn, sequeslratbn or other procass directly inflicting material
alamage upon the Promoteis or the Final 8€nefciary'! ability to perfonn its obligatbns
to implement the Proiecl is levied or enforced upon any proper9 forming part of the
Proiecl and is mt discharged or stayed wilhin 14 (foudeen) daysi
(h) if a Material Adv6rse Change occurs, as compar€d with thB Bonower's condition at the
date of lhis Contrad;
(i)
if it b or becom€s unlawful for th6 Eonower lo perfo.m any of its obligEtions under this
Contract or other lEns€ctional documen(s or this Conhact b nol effec'tive in accordance
with ils terms or is alleged by lhe Bor.o ,er to be ineff6ctive in accordance wilh its terms;
O
if any obloaiion assumed by ihe Bo.rower as stated in the FEmev,ork Agre€ment
ceases to be fumled as regerds any loan made to any bonower in the Eorrowe/6
teritory from th€ resources of the Bank, or he European Union; or
(k) if the Bo.ro*er defaul{s in the performance of any of iE obligatioB under any loan or
grant documenblion provided in conneclion with the Proieirt by any other institrrtion, or,
if applicable, the NIF granl or lhe monie6 avsileble under such loans or granl ere not
paid out or n€ed lo be repaij by the Bonol er.
10.018 Dcmand .llar notico to r.lr|ody
The Benk may also make such demnd:
(a) il the Borower fails lo comply with any obligation under this Contract nc,t being an
oblioation menlbnad in Article 10.01I( or
(b) if any fad rclated lo the Bo..ower or the Proied stated in th6 Re.itals materially allers
and b not materially roslored and if the alleralbn either prejudice6 the intBr6ls of the
Bank as lendea to th€ Eoraow€r or edveasev aff€c{s the implemontatioo or opeEtion of
lhe Plojecl,
unless the rEnompliance or circumstance giving rise lo lhe non{ompliance is capable of
rerEdy and is rernedied within a reasonable pedod of timo sp€cifed in a notice s€rved by the
Bank on the Bono*€r.
ｎ
ａ
ｍ﹂
ｏ
10.02 9$js!s!tEJlq!
ｅ
10.01 shall not restrict any other right of the Bank at law lo requirc prepayment of the
'10.03 lndemnltv
10.03,q Fixod Rate Tr.ncho.
ln case of domand under Article '10.01 in respecl of any Fixed Rate Tranche. the Borower
shall pay lo the Eank lh6 amount demanded togelher with the Prepayment lndemnity on rny
amounl of pdncipal due to be prepaid. Such Prepayment lndemnity shell eccrue from the due
date for payment specifbd in the Bank's notice of demand end tre calculated on the Msi! that
pr6paymont is efked on the date so sp€cified.
\
,),,, L
27
10.038 Flo.ttng Rato Trrochos
ln case of demand under Article 1O.Oj in respect of any Ftoating Rate Tranche,
shal pay to lhe Eank the ahount dernanded logelher with a suri equar toirre
0.1.5% (frfteen basis polnts) per annum catculated ano accru,ng on
the Bonower
o
olesenr ,arue
ti,re anrcunt'oipr.in"ip"f
ar"
lo be prepaid in lhe same msnner as hterest wouH frave den catrfatJ andLuu nave
accrued, if that arnount had retnained outstanding according lo rhe
oriai;at amortasatbn
schedule of the Tranche, ond lhe Matudty Date.
The value shatt be catculated at a discount rate equat to the Redeployment
Rate apptied as of
each relevant Pafnenl Date.
10.03C Gencr.l
Amounts due bythe Bono er fursuant to thb Articb ,0.03 sha be payabl€ on the
date
propayrnent specified in lh€ 8ank,s demand_
d
10.(X l{on.ULiver
No faillre or d€tay or Eingle or partial exercise by the Bank in exercising any of its rights or
remedies un(br thjs Contract shall be consbued as a waiv€r of 6uci A-ght
emedy.
rights and remedies provided in thas Contract are cumubtive and not
exctu-sive of eny rights or
remedies provi(hd by hw_
ir
lte
ARTICLE
'.I
Larv and iurtldtction
1't.01 Govemino t w
This Contract and any non-contradual obligdtroB arbiig out oI or in conn€ction with il6ha[ be
govemed by lhe laws ot EngtaM.
11,02 Juri.dlction
(a) The Court of Juslice of th€ Europen lJnion (the .ECJ,) has exdusive iurMidion to
setUe any dFputs (a "Dkpute") arisirq out of or in connedjon with ihis Contrad
(including e dispute .egading the exisl€oce, valirity or ldminalioi
of this Contracl or
the consequonce6 o, its nu ity) o. any noGcont,a;tual obtiJ6tbo adsing out oI or in
connectirn with this Contrad.
(b) Itle parties sgres lhat the ECJ is the IID6I appFpriete and convenicnt court to setfle
Dspules betw€on th€m and, accordingv, that they i"if not
to ih" ;;;ry.
(c) The Eonower heEby waives any immunily ftD.n or rEht to"rgre
obi€cl to the iurjldtclion of
the ECJ. A finat decjsirn of the ECJ Bha be conclusvE, UinOini ana enbriLbb
on tte
panias witllout rcstridirro oa reservation.
'l'1.0:l Ao.nt ol S€rvi,ca
The Bono{re. hereby appdnts the Erbassy of Geo.gie to the Unn6d
KirEdom as its agent of
sorvice for the puDoses of accepting service on rrs b6hatt ot any wnt, not
, orG. luOgement
or olher leEal procoss.
ll.(X Evldance ofsum! du.
ln_any legal aclion arisino out of this ContEcl the cerlificato d lh6 Bank
as to any amount or
rate du€ to the Bank under this Contracl shel in the aUcenca of nunifestinor
avkbnca of sudt arnomt or rdie.
-#p;;;-;""
\
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28
ContnCt8(Rloht8 0f Third Parties)Act,999
None ofthe tems Ofthis Contracl are intended lo be enforceable by any third pany and the
provisions ol the ContradS(R,Ohls Of Third Parties)AC11909 are exctuded and shal ool apply
ARTICLE 12
Flnel cl.uaa6
12.01 Notice3 to.llher oartv
Notices and other communic€lions grven under lhis Contract addressed lo either party to lhis
Contracl shall be made to lhe address or facsamile numbea as set out b€low, or to such olher
address or facsimile number as a parly previoosly notifes to the other in writing:
Fo「 the Bank
Atlenlbni Ops B
98‑100 boubVard Kon口 d Adenauer
L2950 LuxembourO
Faxl+352437967495
AttentionI EXtemal Re ations Depalけ nent
Miǹtry of Finance of O∞ r9●
16.Gorgasa 1 8tttd
0114 Tblisi
CeOrgh
FaX:+995322262423
12.02 @91!q@
Any notic€ or other communic€lafi given underthis Conllacl mu6t be in wdting.
Notices and other communicalions, for which fixed pariods are laid down in this Contract or
wtlach themselv€s fix periods binding on the addresse€, may be made by hand delivery,
regrstered letlea or facsimile. Such notice and communicataons shall be de€med to have been
received by the other party on the clate of delivery in relation to a hand-delivered or registered
letter o. on recept of transmission in relation lo a tacsimil€.
Other notices and communicstions may b€ made by hand delivery, reglstered letler or
facsimile or, to the exlent agreed by the parties by writen agreement, by email or olher
el6c{ronic communication
Withoul efuing the valiiity of any notice delivered by facsimile according to th€ paragraphs
above, a copy of each nolice delivered by facsimile shall also be sert by letter to the relevant
party on the next following Business Day at the late6tNotices issoed by the Bororver pursuani to any provision of ihis Contract shall, where Gquired
by the Bank, be delivered to the Bank together with satisfactory evidenc€ ot the aulhoriv of lhe
person or persons authodsed to srgn such notice on behalf of lhe Eonower and the
authenticated specim€n signature of such peBon or pe6ons.
タ
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29
■■■■
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11 05
︐
珈S∞ Ⅲ ∞
W"
… "10na u"n md翌 1協 脚 鑑 t譜 °
f°
acceplance Orthe evidence required byん
麟ばs
Th S Contract sha]not bec● me efFectve unt‖ the eank sends tO the Bo「
clwer a bller
釧留 島
]:『 :鵬謡t恕・
認印鍛鷹問 蹴:吼 肥
:」
evidence thatthis COntracl has becOne erecl ve
梶留』
踏:h∬ ∬i謙鑑 liliぽ 柵
12o4 Rooitaに .Schodul
a。
l占 詣
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:語 協 蹴l'Pl:ぜ 器 樹器
and Annexu購
The ReCtals and rOl。 ″ing schedules fOm part orthis contracll
Schedule A
Techntal D― p10n and Reportng
Schedule B
DeFni10n Of EUR:BOR
Schedule C
Fom ofDヽ bursement OrerrAroptance
Schedule D
Fonm Of cOrtnに atefmm the Bomwer
The rOl¨ ng Annex S alehed hem10:
Annex:
Aulhor salon of slgnalo″
慨翌摺需
獅:翻理響
ぶ戯灘黒撃
僣
∬裾
鮮寵
AtTЫ ●
1い ●2̀N"mber2"3
At MInius this
NOvembe「 2013
Ｔ
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EU紹
輌睡
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Srgned for and on behall of
behar Of
■■ ■ ■
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︐
Proicc.l Soacifcation and Roportino
APPENOICES
A.1.
TECHNICALOESCRIPTIOT{
Purpo3a, Location
The Easlwest Hirhway (road number S-1 eccording lo Georgian classificalion coresponding to
roads E60 & E70 in the European network) is the main artery for loog distance road traffic in
Georgia, being used by traffic from Azebaiian and &menia to the Black Sea ports and Turkey,
as well as long distan@ lraftc to and from Tbilisi. The prciect aims at upgrading and implovrng
the mosl Westem part ol the East-West highway, from Zeslaponi to the Tu*ish Eorder at Sarpi
Ths ploj*t represents continuity lo lhe existing works being canied out on lhe easte.n of the
conidor betwe€n Tbilisi and the Rkoti Tunnel. Most o, the Easlwest Highway will hence have
four lanes and a d€sign speed of 120 km/h to accornmodate the large volumes of traffc
including high percentages of heavy good vehicles - observed.
-
De!crlption
The project is made of thee main sectionB with different typ6s of interv€ntions, which will be
funded under parallel fiEncing as follows:
.
.
.
Samtredi+Giroleti-Kobul€ti(Chold(i river) - 68 km - to be financed by the Bank under
this poj.cl with 2 lols of tolally n€w construdbn of a motoMay 2x2 (52 km) and one lot
consisting of upgrading of a tZ mad elong the 3eme alignment (16 km):
zestaponi-Kuiaisisamtredia - 64 km - financed by JICA; and
Kobuleti (Chold<i dverlBaturnF up to 5l km - tinanced by ADB.
The main characlerBtics of the existing conkior (for e iotal of 1 85 km) are es follows:
Exb● ng Road
7需
Sec10n―
」iCA
Section EIB
SectOn―
ADB
67
71
47
h丁
Ij
About・/4■ de 24ane inle「urban and・ /441ane u● an secbonin Kma si
=IIメ
(about 200,α Ю peop el
Main conidon 21an€ irterurbao densely populated
Aftgmalive roacl: 21aDe ihleu,ban through Senaki & Poti (91 km)
Mos{y 2-lane ulban goang thrcugh the major citiits of Adiara region
′
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盪■口
Schedule A
＾
０
The mam characteristrcs of the new conidor _ wlh comparable
secttons as in the exisiing road
corridor bul fora totatofup to 183 km _are as folows:
Added b the exisling mad are:
- Kulaisabypass
- 2X2 highway for a third ol the section, including part of Kutaisi
bypass
Added lo lhe ex sting i
for the rest o, the
dis a new 2X2い oい way fOr・/4 0rthe
al● nment whle the restis be ng part● 1り recOnstrucled
Added lo the ex sung rOad are the Adい
lane intemrban(96%of i
ra regon bypaSSes as wde 2‐
dに Л口lh)
酢酬 観:轟霧ζ
穀葬響i郵諄i濶1宅警卜
乳権
same a19nmenlfrOm CrOdu to ChdOk,R■ r(1
喫富 T臨 躙
欄
ド
仄
朧
難
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Calendar
:胤 需
描曇檸塾
幣扮
戴
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A2
l
PRO」 ECTINFORMAT!ON TO BE SENT TO THE BANK AND METHOD OF
TRANSMISS10N
o,spatch orinfomat on:Oesiqnat on ofthe person resDOnSible
The informat on below has lo be sentto the Bank unde「
the responsi01ity OF
Enlty
Minislry of Reabnal Oeveloomenl and lnfnsltuclurc
Contact person
″ri電 々″ι
■anls力 ylll
Tile
Deputy Chainnan
Function / DeDartment
Roacls Depainent
Fax
+99,322376603
+99,322376603
Ema‖
roa dd e p ira kli @ y ahoo c o
12 Kazbegi avenuo, 0160 Tbilisi, Georyta
n
The above menboned contad peson(s)｀ (are)the reSponsble contaals)fOr the,me being
The Bomwershal nfom the EIB immed●
"w in case oFany change
2
!nfomatOn on s● ocnc subects
The B● 子
●we「 shail deiver to lhe Bank the foliowng infomallon at the blest by the deadline
indicated be ow
Documsnt / lnformation
Environriental Condilions
o For the Lots 1 and 2 b€tween Samtredia and Grigoleti relaling to
new construclion the condition prec6d6nt to filst disbursemenl
relaled lo the construction of the6€ lols requires the promot€r lo
Dead
ne
Before the slart of
construction of Lots 1
and 2 and 3 6s the
case may be.
submit:
.
.
o
An Environmental lmpect Assessment (ElA) repod and Non
technicelSummary (NTS) to the satislectaon of the Bank..
The Environmental Pemit and Consiructioo permit issued by the
relevant Aulhonties in Georgia including relevant Ecological
P€mit or Habdats fom (similar to lhe r€quirement in EU of Form
A or B).
The Environmentel Management Phn6 (EMP).
The Land Acquisition and Resetdemeot Plan (LARP)
For Lot 3 Grigol€li-Kobuleli (Choloki river), {tlch .elates to ro€d
upgrading along the s3m€ alignment th€ promots needs to submit
p.ior to firsl disbursoment on this Lot a scrB€nang document where
it3 states if a full EIA is required or not. lf not r€quirod the screening
documenl is 6ufficient togeher with EMP end Conslruction permit. lf
screening resulls an e need of a full ELA then the conditions ebove
mentioned lo. Samtrcdia Grigoletiwill also apply here.
.
.
Desiqn and Sarety COndn Ons
o Road SaFety Audl repon br Lots i and 2 as we‖ as Road sarely
lnspeclion RepOrt for tOt 3 in accordance wnh p● ncpes Orい e
Road sarety management EC directve
庶ヾ
q
Design is cOmpleled for relevant Lotto lhe satisfaabn Ofthe Bank
の と
33
Before the start of the
conslruclioo of Lots 1
and 2 and 3 as the
,II
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。
mmm on project progress duing
DocumentTl;fo6aaon-
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implemenlat On althe latest by the deadine indtated bebw
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Schodulo B
Defhltlon of EURIBOR
A. EURIBOR
'EURIBOR'means:
(a) in respect of a relevant period of less lhan one monlh, the Screen Rate (as defined below) for a
(b)
(c)
lem of one monlh,
in respecl of a relevant pedod of one or more nbnlhs for which a Screen Rale is available, lhe
applicable Screen Rsle for a lem for lhe corresponding number of monlhs; and
in respect of a relevant p€riod of more than one month for which a Screen P,ate is not available,
the rate resulting from a linesr interpolation by reference to two Screen P,ates, one of which is
applicable for a period next shoner and the other for a pedod next longer lhan the lenglh of lhe
relevant Period,
(the period ,or whici the rate is taken or from which the rates are interpohted being the
'R.proaontativo Porlod').
For the purposes of paragraphs (b) and (c) above. 'available" means 'calculated and published"
underthe aegis of the EIJRIBOR EBF and EURIBOR ACI (or any successor to lhat func{ion of the
EURIaOR EBF and EURIBOR AClas detetmined by the Bank) for giveo maturities.
"Scrcen R.le' means the rate of interesl for deposits in EUR for the relevanl penod as published
at 11h00, Brussels lime, or at a Ialer time acceplable to the Bank on the day (the 'Rsget oste')
which falls 2 (trvo) Relevant Business Oays prit to the first day of the rel€vanl period, on Reulers
page EURIBOR 01 or its successor page or, failing which. by any other means of publication
chosen for thb purpose by the Banklf such Screen Rale 6 not so published, lhe 83nk shall request the pr,ncipal euro-zone offices of
four major banks in lhe euro-zone, elecled by lhe Bank, to quole lhe ral€ at which EUR deposits
in a comparable amolnt are offered by each of them as at approximately 11h00, Brussels time,
on the Resel Date to prime banks in the euro-zone inlebank malket for a priod equal to the
Representiative Period. tf at least 2 (two) quotations are provided, the rale for that Reset Date will
be lhe adthmetic moan of lhe quolelions.
lf fe*er than 2 (two) qrctations are provided as requested, the rate for lhat Reset Date will be the
anthrnetic mean of the rates quoted by major banks in the euro-zone, selecled by the Bank, at
approximately 11h00, Brussels time, on the day which falls 2 (two) Relevant Eusine6s Days afler
lhe Resel Date, for loans in EUR in a comparable amount to leading European Banks for a perM
equalto the RepEsenlative Period.
It the .al6 rosulling from the above is below zero, EURIBOR will be deemed to be zero.
lf no rate is available as groviled above, EURIBOR shall be the rate (expressed es a percentage
rete per annrrm) which is cblermined by the Bank to be the all_inclusive cosl to the Bank for the
fundi;g of the relovant Trsnche based upon the then apPlicable intemally generat€d Bank
referen'c€ rate or an alternatlve rate delermination melhod reasonably determined by the B€nk.
B.
Ganonl
Forthe purposes ot the fore€oing definitions:
percentages resuhing from any calculatons referred to in this Schedulo will be rounded
(a)
' ' All
to the ne;rest one hundrcd-thous€ndth of a percentage point' wiih halves
necessatyl
ir
り ︐
ｃ
ミヾ
beinq rounded up.
Th€ Bank shall infom the Borrower without delay of th6 quotatbns r€ceivod by the Bank'
ll anv of th€ foreoornq provEons becomes inconsisient with provBions ac'opted under the
ot EuntBO-R E-Bi and EURIBOR ACI in respec'l ol EURIBOR {or any successor to
irl.i r,rnJirn of tre ot EURIBOR EBF and EURIBOR ACI as detemined bv the Bank), lhe
eanf may ty notice to the Bor.ower amend the provision to bring il into line with such other
provEions.
.eii
o.L.
Schedule C
C.1 Forrn of DbbuBameat Ofr&lAccr/ptance (Ardct?I,
1 .O;tB .nd 1 .O2C)
To:
ceorgia
From: Eubpean lnveslment Bank
Dale:
臨eR論 評te蠍 濾
]ザ
Fi number82 045
fOr the Finance cOntract bemeen
(lhe 'Finance Contract )
S€rapis number20lO{571
European
Dear Sirs,
We refer to the Financ€ Contract Terms delinet in ole Finance
meaning wfieo used an this lette..
Conirdcl have the serne
yogl r€quest for a D6burs€rnent Ofer from the Bank. in eccordanc€
fo-llyilg
with Articte
1.028 of th€ Fanance Contrect, we heeby offer to m.t *"iUOd
ti y., if,iloiro*i"g'i;d",
(a) Anount to be disbul5ed:
(b) SdEduled Disbu6ernent he:
(c) lnlereg rsle basb:
(d) lnlerest payment p€rbdjcity:
(e) Payment Oates:
(, T6rms for repeyment ofprincipati
(g) The frrst and tast pdncipal repaynent datesi
(h) The Fixed Rate or Spreed, appliaab,e untit thc Matudty Daie.
*:itabb sub,ed-ro rhe rerns and coiditbns of the Fanance Conhacr,
.T:Tf $-I:T!"
r.fi*
DisbursorDent Acceptanc€ in the form of s copy o, thrs
Dsbursement
5
Yll..yit
"yo{ b€h6[, to the fo{owing tax number
uner
oury s€neO
no hter then the
9n
L
l
ursouEernent Acceptaoco D€edline of
ltimel Luembo,rrg tin on Jdat.l:
.lhe DsDursement Acc€ptance mllst be accompenied (t it h6 t be;n pBviousty supplied)
(0 lh€ indbatbn of rh6 bant account (with |BAN code h case of disbursements in EIJR or
ne appEpnate ioinal ior the retevant cunancl) whgre disburs€ment of the Tlana*le
thould be macle: and
0r) evilence of the sutho.ity of h6 person or perso.E author;r€d to sign it on b€hatf of the
t,ono*€r and lhe 6peciDen signatuG of sudt p€r6on oa p€n5on6.
lf nol eccepted by the abov€ statod trE, th€ ofier contained
in lhb document shall be de€m€d
to have bcen rrfused ard she auiornaticafy bps€.
′
つ と
36
′口r
,日 ,
iryou dO a´ ´‐ptlhe Tranche as desclbed in th̀Disbunttment OfFer.a‖
cOndk ons d the Finance Contracl shal appけ
the relaled lems and
Yours falhfu‖ y
EUROPEAN INVESTMENT BANK
We he.eby accept lhe above Disbu6ement Offe.
For and behaf of Georgia
Daie:
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Schedule D
Fom or Cedr cate frOm BOrrclwer lArticに
To:
1
3)
European lnveslment Bank
From: Georgia
Date:
Subiect: Finance
F!number32 045
Clntract betw-een European lnvestment Bank and Georgia dated
(the'Flnanc6 Contr.ct')
Serapis number 2010"0571
Dear Sirs
Tems dernedin the Fhance Contrad havethe same maning when usedin thに
btte「
Forlhe purpOses oF ArtCに ,04● flhe Finance Contract we hereby certrytO pu as f010ws:
(a)
no event desclbed in Artic e 4 03A has occun、 爛 and ls cOnunuing unremedied:
(b)
no Securty Ofthe type prOhb
ed under Article 7 02 has been geated oris in existencei
(Cl there has been no matenal change 10 any as円 試Ofthe PI● ecl。「in respecl of which we
are ob ged lo report unde「 Artic● 301.save as prev ots y commun cated by us
(d)we have sufrdentFunds avalabに
tO ensure the lmely cOmpleLon and imp mentaton of
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true n al respectsi and
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(h) no Materal Adverse Change has o∝ urred.as∞ mpared ulh our∞ ndibn atlhe da10 of
the Finance Contra
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დანართი
A1. TECHNICALDESCRIPTION
Purpose, Location
The Easlwesl H€hway (road number S,1 according lo ceoIgian classmcaton coresponding
lo roads
E60.& E70-jn lhe European nelwork) is lhe main artery Ior
distance road traflic ln Geor-gia, being
used by traffic fromrq:erbaijan and Armenia to the Btack Sea pdrts and Turkoy, as well as tonddistanc;
tra{llc1o and from Tbllisi. The project aims al upgrading and improving the;ost Westem p;d of the
Easlwest highway, from Zestaponi to lhe Tu*ish Border at Sarpi. The project rcpresenb continuiry to
the existing works being carried or.rt on lhe easrern of lhe corruoa berween ibirisi ;nd rhe Rikoti runner.
Most of the East-West Highway will herrce have lour lanes and a design speed of 12O km/h to
accommodate the large volumes of lraffic
including high percenlages
heavy good vehiclos _
observed.
l;g
;f
-
Oescriplion
The project is made of lhree main s€ctidls wilh different lypes of interyentions, which wifl be funded
under parallel financing as follows:
.
.
.
Samtredia-crigoleti - 52km - tic be financed by the Bank under this projoct with 4 lots of totally
new conslruction of a m olotway 2x2;
Zeslaponi-Kutaisi-Samtredia - 58 km - fioanced byJICA;and
Kobuleli (Chotokt riverlBatumi- upto 33 km - financed by ADB.
The main characteristics of the existing co.ridor (for a lotalof 195 km) are as follows:
Existing Road
ヒength
(km)
Secloo― 」lCA
67
Seclon― EIB
Seclon‐ ADB
47
DescriptiOn
About%"de 2 ane nterurban and′ 4Jano urban sedOn m Ku● Si
e)
値
Mainconidor2-taneffi
"u1200,000 peo口
Allenalive rcacl: 2-lane interuhen through Saneki E, poti (g1 km)
Mosuy 2:ane urban Ooing thrOugh the malo「 clties ol Ad,ara re91on
The main characteristics of lhe new conido. with comparable sections
as in lhe exisling road corrido.
but for a lotal of up to 143 km - are as follows:
Length
(km)
Seclon― 」IcA
Seclon̲E18
Seclon― ADB
〆
58
52
Up lo
33
Added lo lhe existing road are:
Kutaisi bypass
2X2 highway for a third of the section, rndudrng pan ot Kutaisi bypass
Wide 2.lane inlerurban 6xOt€s6wav tor th. ra<r .t rha ta^.nh
Added O he exslい 。「Oad｀ a new 2X2 hdOmay
I
Added tO the exに ung rOad are the Attara reuOn bypasses as■
hに「urban(90%of roadに nghl
de 2Jane
2.∠
The secton.being financed by the Bank: Samtredia-cfigoleti
52 km_ under this prolecl comprises 4
lors (Lors r, rr, II and rv) ol toraly new consrructrc_n oI;molorlrrat
irz rror'3rri.laiiro erigor"t,
well as some technical assistances CfAs) as described below_
".
The Eank's component of the poecr comprises lhe design, supervision
and works of a[ Lols r, rt. ll|. IV,
as wetl as associated five Technical Assislances
a"aign f,up"atiori a-s well as tender
OA;):1ii
documenls fff the u/orks. (ii) an independent road iafety audit
on"rhJ J!"€;,-itili;" rnternationa y
experienced consultanl as welt as additioml short{em staff
i"".i.'.:""lr"nmental, tand
acquisition and resel'emenl assistance, tinanciat managemenl,
"","qrir"a
to
iie ntu ouring the
implementalion of the Bank,s componenl of the prolect,
"r"i1
"l"iii
supervisln
r"*",
(v) teasibitity
liv;
study, design preparalion and tende. documents ioicrigdreti-piri pon "i
""0
aJ Crffirlioluteti
eypass
road seclions.
Calendrr
conslarcrion works slarred in Aprir 20'11 belween Batumi and Kobuleti
on the Norlhern section of the
Kobuteti bypass on the ADB financed sectron. works are expectJio
u"
-ti, zors ror, u,r,
ADB and J|CA seclions. For the EtB section it rs expected thaiworks
wi
_rn;rLl"o
;
●υ
〆
_iptlJ"u,
ZOrZ.
,∠
Ｆ一
Ｌ﹂● 一
A2
l
Dも
PRO」 ECTINFORMAT10N TO BE Sに NT TO THE BANK ANO METHOD OF
TRANSmlSS:oN
DatCh Of hformttbr desKInabn Of he● erson csOOnSbに
The infof7natiOn below has lo be sent10 the Bank underthe respOnsiblity Of:
Entity
Conlacl oerson
Minislry of Regional Development and lnlrastruclure
ih. Vazha Panchulidze
T re
C力 alrplan O′ MRO″
R0
F!nction / Department
12 Kazbegi av1rue, 0160 Tbilisi, Geotaia
…
+095‐ 3223′ 050θ 2θ θ
Fax
+095‐ 32237050823θ
Emal
ln/oO● oorOθ d ce
The above-menlioned contacl person(s) is (ar€) the responsible contact(s) for the time being.
The Bonower shall inform the EIB immediately in c€se of any change.
2
lnformaion on soecmc sutiecls
The Borower shall deliver to the Eank lhe following infoamalion at lhe latesl by lhe deadline
indicaled below.
Document / information
Oeadline
°
Before
the
start
Or
」‖
馴:i話 器覧晰饂":糧謡tT樹 and !V as the case
me C° nd ぃ
。
nd● ese ots requres may be
111;ξ]躍lti3酬
・ 性品
出も∬1:号 器 ￨な 滞:]乱 慇熙 ミ霞Non
construcllon of Lots I
ttttt Fl」
‖
.
:‖
=‖
1°
・
謁
棚 魃 1榊麒欄
・
The Envir● ●menlal Management Plans(EMP)
・
The Land AcOu slbn● nd Resetuement Plan(LARP)
Before the starl of
Desion and Saretv Condilions
o Road Safely Audit report ,or the Lots l, ll, lll and lV, in construclion of Lots l, ll,
accordance with principles of the Road safety management EC
direclive.
o Design is completed for relevant Lol to the salisfaction ol the
lll and IV as the case
may be.
Bank-
＾
０
〃
つ ∠
,ll
3.
lnfomalion on the oroiect's imDlementation
The Borrower shall deliver to lhe Bank the following informelion on projecl progress during
implementation at lhe latesi by lhe deadline indicated betow.
Document / intormation
Deadline
reportinq
Project Progress Report
- A briel udale on lhe technbal descriplion.
Every 6 monlhs
il/0u2012
explaining lhe rcasons for signilicanl changes vs.
-
Updale on lt/€ dale of comdetion ot each ot the
main projoct's components, exdainitE reas(ms
td any possible delay;
Updato on the cost of lhe yojecl, explaining
lssl repod
31/1212017
reasors fo. ary possib/e cost increases vs- initial
-
budgeled cost;
A des iption ol any major issue vith inpacl on
lhe environmenl;
Updale on Nocurcmenl procedures (outside EU);
Updale on the $oject s demand or usage and
Any significanl issuo that has occuled ahd any
signftcant ,isk that may atracl the paied's
-
operation:
Any legal aclion concerning the project that may
lnformation on lhe end of works and lirsl vear of operalion
The Bo(olver shall deliver to the Bank the following information on proiect completion and initial
operation at the lalesl by lhe deadline indicated below.
Document / intormaiion
Date of delivery
to the Bank
Project Complelion R6porl, induding:
- A b.ieI desqiplioh ol ll]F- technical chaactedstics of ti1e Noiecl as Wilhin 1 yea, aftet
completed, explaining lhe reasons for any signifrtant change;
projecl completbn
- The date ol @mpletion of eadl ot tle main Woject's compo.trnls,
exptaining raasons f$ any Wssible delay;
- The final cosl ol lhe project, exdaining .oasons lo, any possibte
cost incrcases vs. inilial budgeted cost;
- The numbet of new jobs cleded by the project: both jobs durjng
implementalion end peftnatEnl Mut jobs ctealed;
- Adescriplbh of any m4or isst/€ with hnpact on lhe envitunment;
- U&ate on p.ocurement $ocedures (oLrtside EIJ);
- Updale on the project's clemand q usage aN cofivnents;
- Any slgnficant issue that has occurcd and any significad isk lhat
may allecl tho proiecl s o@ralion:
- Any legal actton concernitp the proiecl that may fu onooino.
Of
〃
Ish
7
'/ t.