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Amendment No 1 daled牛 細 o tOthe Loan Agreement date0 19 12 2008 BMZID 2006 65 802 Km,Frankfurt am Main, 7) (К I・● and GEOROIA represe ed by the ministry o,Finance (BOrrower) lorEUR 45,000.000‑ Rehab‖ ta10n of Munidpa!infrastrudure Faclnies in Batu耐 No:200665802 ̲Phasel -2 KfW and the Borrower have concluded the Loan Agreernent on 19 December 2O0O (the "Loin Agreement"). Kfw and the Borrowernow agree thal Articte 1.2 and Arlicle 1.4 ofihe Loan Agreement shall be modilied with effect from lhe date of this AMENDMENT N.. 1 (the ,Agreomont,,) as Section l Moditicalions of lhe Loan AoeenEnl: The following provisons ofthe Loan Agreenienl shallbe modifed as follows: V a) Artide 1.2 Senlence 1 shallbe deleled and reptaced tn its entirety by thefollo /ing "The Bono\4er shall channel EUR 38.300.000. of lhe Loan to the Sef-Governing City Batumi ("Projecl-Executing Agency') ,nd EUR 6.700.000_- of the Loan to the GovemnEnt of the AulononDus Republc of Adjara, reprcsented by the Mlnidry of Finance and Economy, in accordance with the condalions set forth in Artide i.4., b) Artide 1 .4 Senience 1 shall be deleted and epbced in its entirety by the followjng 'The Elonower shall channel EUR 38.300_000.- of the Loan to the projeclExecuting Agency and El!E-.lqZ@q@.: of the Loan to the covernment of he Aulonomous Republic of Adia6, represented by the Ministry ol Finance and Econorry, under aeparate loan agreerents al lhe terms aM conditions set forth in Articles 4.1 and S.1 hereof." Sectlon 2 ヨ General leoal orovisions 1. All other terms and condilions of the Loan Agreement 6halt rcmain undranged and shalt continueto be in rullforce and efleci. 2. A term defned in lhe Loan Agree.rEnt shall, unless olheMise defned in this Agreemenl, have lhe same meaningwhen used in this Agreemenl. 33. A(icles 12 and 13 of the Loan Agrcement shaI appty mutatis mutandis to this Agreement as ifsuch Artictes were an inlegratpan to lhis Agreement. 'fhis Agreernent shatl nol enter into force and effecl unlil jt has been duly ratjfied by the Borrcwer The Boflower sha inform Kfw an writing and wilhout undue delay when lhis AgreenEnl has be€n ratiried. Done in two originals in lhe Engtish language. FranHurt am Main,f,Fa&ret2olo rbirisi, Ju n e ,/f/ 2oio Georgia, represented by the Mjnlsiry of Finance |-9{o*,sl- ー

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S!,Cq,o aJ66r,Ao5CJ., e, aooUXra" KfW-lr ?30obg3o3o; a.)abJJGq, Uq\o., or.)1, arrOrg,.i"ri"r, K■ 1′ Posrach ll l1 41 F:::亀 Fiilttlillよ サ ]IRany atabb゛ R。 しっ ル b303。 あ : ￨1鷺簿 ∬ λ 踏。 8器 l≒ ;″ '3ツ t勢糀 l-1. t.a"e" eaJ3qaAdn r3.l t"t 6,r p<n So6raRia.d,J bNq:aJ6T,lI:1, ao$adao ..1,.$.,6Jo qqs,, 6oB6l3L B.rtroot qr 6o6o1 6#rqr qq2L, 16o1 3m6olr 36c63336$"1' o' u dor6oo.,{eo J-aJ'";?q'" s.'6J3io L.,J%r6oaouo-r.u. 132 B3 (or., 贅 効/^ル ι のι ♭ι 短 。で, い6典 60 bRb̀訳 ̀泌 ゛∞ 、。 3で゛標 ゛か しabb̀DRル もⅢ、80RO。 θ5o60b8るか 30協 メ択 。 。 6 Dる 。 。 ι あ ψιι 60 bttb:窓 鮮 ‐ ′ いい。 Rttt就 も 鴛 謂 。 11濃 ヽ 駄 謂 し な 。 ° 6ò%6 、 驚蹴tl職 β ε メ 。民 っ R゛♪ ▼ 。 60 b隈 亀 メ お 。 鳴 3R瀬 , ̀:llfl ぃcV 。 ° 撫 お ]蠍 ざ λ 鵠 蹴ぶ 鱒 。 i掘爛 圏 0や bl牌 」 露 ° 0い 露 '｀RR♪ DRメ ♪ぃ ら 軋 Ъ 拙″ 86 螢 象 ι ψ … 3お 1。 t R° abỳ093。 05R¨ 1与 80∫ 6 "」 :￨ィ 1° 6 134 ,… 編 。 8″% , 出 し し "3。 , 000b0860じ ▼ o R 135 6。 3喫 喫 メ030 Ro、 島 ぃ か も ▼ ,、 .っ あO oO。 が句R。 『 800Ъ 栄メDR。 。ヽ,。JOも 。t。 50 。J09。 b。 ∞ xgqxdra oqzaol, qxq,go,rxd.t. att qs.3r6.32iL 136 0 F*"d,"-;#;;;*#;,J.;I:1I*ffiIl*,**. * &6h6o' 'no?po1i FoatE ra4: \J bi,na.n*r.*^ brRari6u*d;;;aJ.;";f,",ff 'ffi;*.r.7."*"**^ E"e,aed,6a 137 bl6q,bh<vdot,,.,(.J.. So6Jfodo6, rSqax;fuq2auLo.$ KfW+ oa Sq,oL qol6Jq,Atrq.)6 btoo gq,ot 63q., Jc,a6r6ro.) orqoq.r.1o663qo oJGJaJ r6r6l'roJ src,&hJa6J qo;o33o63ixqo RJ d,"qcr,Jo' '"t'' $ aSodqxar aaa6r' 'a qu2q66c*n a.!4cac,dclol orrcri aoa.,$'arrq. a,)6cac,rldol o,*,,orr. 138 a&"* ri"t"Tf;;r;l]: d;; :;;#;." "4"6:"J" Fo6.,aqca.)6J b3qalr63q3aoloo6 R.,J.,r?o6ra3(o JE trr6aoa,&,Ro UsCq,.) p,t ttioqoory LJrci:g6Jro Li***iu $11.ro.16 qo,1.r3tso638oo, ACk ao Amq,boJ6do rAc,JAoqesar: "r. _J*r**_r* r) tJJdlAdo6JJo UJLJ8. q,r6oqrqr6o 6odq3ro6 -,,,,,,*J;-_.'Tg;^1;.1,.):,;;:*..*.$, irrirS6o (tcc) J6Jo66JJ(,1 qrup,,,, 3) *or*r"-. " " LJr63o66{o aJ6bo F,,6oar6oc.. *o*.u;:r"1|"to3ac JJq.,6or, acn6oL 36163336$?o J6osql63lo 13.9 o6so6a,0,,,t, a,F"ryp,t. 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1 Loan AoraGm€nt oareo/1.0. zoos bolWeen K側 ,F子 8nkturt am mOin, (・ Kn″・) and Georglt r€prBcntod by the flinlsrry ol Flnsnce ('Bonower') lor EUR 45,000ρ 00‐ ̲nehaЫ !itation of Munに IPal in'rastructure Faci:1● c8in B8tuml‐ Phase" (OMZ 2006 65 002) ‐ -2 Contenl Preamble J V 1. 2. 3 4. 5. 6. 7: I 8. 9, l.. 10. . r t. 12. | . :. 13. t .,' ,1'- - Loan Disbu6ement Fees lnleresl Repayritoot and prepaym€nt Calcula[ons and psyrnonls in c€nerat ] Gerantee 16tr gra t*ral R€9(rblic o, corr€rry Negative ptsdg€ and psrt passu Cos-ts and Puujc Charges Sp€dat ObtigEtorE Even6 ot D€tault Bep.ssontation ard Mllces Geooral P.ovidorE r . _, 3pr.ambte Ihe bases lorrhis Agreemenr are the Agreemenr dal€d 24.0 7.2007 tlerween lhe covemmenr ol the F.'dsral Republic ol cermany and lhe Govornment of Ctoorgia on Financiat Cooperalior (FC) 2006,2007 (GA t) and the sgreement sii to be conctuded b€tween the Gove.nmenl of lhe Federal nepubljc ot cormany and the Government ot Georgia on FinancialOoaperation 2008 2OO9 (cA ) (.Government Agreemenrs,) KM willlinance lhe Loan granled in accordanoe with the conditions ol this Agreemeflt korn jts o\rn tunds as welt as {rom lo\d-tnterest budget lunds provtded by lhe Fodeial Repubtic ot Gernany for projects toal moet devetopment-policy standarcts tor eligible prorecls. The terms and condilions ol the Loan compty wilh tho OECD requirements to. .ecognitbn as Oflicrat Oevelopmenr Asslstance (ODA) l Lom ― 1.1 Arrour . KIW $/ill €xtenct to tte Borrower a Loan nol soeodng a lolat ol EUF 45,000,000. 12 The Sorowor shatt channet [_UE]3E Sq).g00.- ot lhe Loan lo tho Sefl.Goveming City&trmi ("prci€ctExeculing Agenc}/) and EUR lo.ooo.Ooo.- ot lhe toan lo rh; Govemment ol rhe Autonornous Repubtic ot Adiara. .epre6eDlect by lhe Finance and Economy. in accordanco wilh the conditjons set ,orth Minislry ot in Articte 1.4. Ihe Borower wilt ensure thal tho proJeclExeculing Ag€ncy and the covgmmenl ol th6 Aulonomous Fepubtic ot Adlara wifl use ths Loan excllrsivety Uo finance the rehabilihlion and ext€nsion ol water supply anc, wastowatsr systems and mnstruclbn ol a wasls,waler lreaLn€nt plant in Batumi ('proJect part l.) and b ,inance the rehabilitatlon and,exlonslon ol waslewater systoms ln.the coaslal villages ol the Khotvacrraud Municipatity (,proisct parl I,), and prtmarity to pay the loreign exchange costs. The prorecl.Ereculing Agency. the Covemm€nl ot the Autonomous Ftepubtic ot Adiara, representgd by the Ministry ot Financo and Econooy, Khelvachaud Municipatily and KM shal dolermine the d€taits ot the Protacl Parl land Projscl Part ll (to96lh6r the.protecf) as welt as lhe gorcds and services io be linanced ,aom the Loan by a separate aoreentent, whjch G knowo to lhe Borrower and to rrtich lhe Borrowerhereby agre€s_ 13 Tares and other public charges to be borne by the Borower and impon dutes sha nol be linanced lrom the Loan. .4. 1.4 Channelling ot the Loan to the proiect.Executng Agency and lo the covernment ot the Autononous R@ublic ot AqaB TE futrcwq sha channet EUR 35.OOO.OOO.- ot the Loan ro the Proie€t-E@culing Agency and EUR IO.OOO.OOO.- ot the Loan to th€ Gov€mment ol the Autonomous Repobtic ot Adjara, repres€nted by the Minisrry o, Flnance and Ecooorny, under separate loan agresments 6t the lerms snd condliions sel lorlh in Artictes 4.1 and 5.1 her6ol. The channelling ol the Loan shal nelthcr conslilute any tiabitity ot the proiectExocuting Ag€ncy nor ot the Govemment ot ths Arrtonomous a€pubtic ot Aqara to Kfw ,o, payment obloations under thls Agreernent. ２ ・ Olsbu'tcmenl 21 Aequest lot ats, tsemert As soon as aI coldtlions precedent to disbursemonl pursuanl lo Clause 2.4 are tumled, KfW wflt dlsburse th€ Loan ln &codance with the progross or tho Pioilcl upon request ot the proied.Executng Agency. 22 Siepaale Agrcement. ln a s€parale agiee nt, f,e project,E(ecutng Ag€ncy (PEA), tho Govornment ot lhe Aulonomous Repubtic o{ Aclara, Khetvachaui Municipality and KMl wilt define lhe distursemdnl procedur€, in parlicutar lhe ovidenco to te lumish€d by lh6 pEA p'oqB rhat he requeseb ban anounq are us€d ror the pueos6 BtiBrtated in thb Agreefneot 23 Deadlne ld f,,questng disbu/5erx,,tt Klw has the righl to retuse requests lor dEbursement afle, 3t.12.2012. Condilions precdont to cttsbuEel,?9nt, Ki l must ellecl disbursean€nts under this Agreement only il lhe Bonow€r hss provided evdenc€ satidac{ory to Klvv thst it has m€t a[ Bquir€rienls und6r its congitutioh5l and olher laws tor th€ valid V aisunption of 6ll ol tE obllgaliohs und€r this Agreerhont; b) trro spocimon signatures rn€ntoned tn Ctaus€ 12.1 lRqt(rl'entation ot the SonDwe4 have teen submided to KM/; C) the Guaranleolrom the Federal Ref,ubl-rC ol G€flmny rnenlDned 7 is in lorc€ and ollecl wrhout any resldclion; d) the Eoraowsi has pald lhe Manag€ment F6e slat€d in Clause S.2: in Claus€ -5 no evenls oldelaull have occurred and no exlraodinary ciicumstancos have arisen lhat preclucle or seriousty jeopardise lhe implementation, the operation. or the purpose ofthe project, or lhe perlormance ol the payment obtiga[ons assumed by the Borrower under ihis Agre€ment. Prior to disbursement lrom the Loan KrW has the right lo demand such turther documenls and evidence as lt reasonably deems necessary. 2.5 Waivet ol disbu$;ment Subj€lct to the fulljtmenl o, its obligaljons under Ctause lO th€ Borower may watve lh€ drsbursemenl ot undisbursed toan amounts wilh lhe cronsent ol KtW against payment ot a cornpensaton pursuant lo Clause 2.6. This shall, how€ver, not apply in the evenl ot a lerminatDn by the Borrc,wer pursuanl lo Artlcle 4-1 second s€ntsnce. ‐ 2fi . ‐ ‐ ￨‐ Comrynsation, ll ll\e furrower waiyes disbursern€nt ol a ioar! amount, or it loan a amoonl is noi disbursed al a[ or is not di$burs€d bi the doadtine stated tn Ctause 2.3 tor othar reasons for whlch KfW cannot be hetd accountabte, the Borro/ver will '. promplly pay lo KftV upon its r€quest slch amognl a6 !s ne;€sssry to cffipensate Kfl , lor any losses, expenses or costs lncuned by |<fW as e r€sult ol the walver ot disbuGement ol ths loan amount in quesUon,. This sha . hovvever, nol appty in the ev€nl ot a lermination by the Bbnower pursuant to Adicje 4.1 second sentenc€, F6ea 31 Commihent tee Th€ goryowsr will pay a non{etunctable commttment lee ol 0.?5.6 p.a. on undisbursed loan amounts. The commalment lee will be computed lor V the . perbd beginning wtth lhe etapse of a thre€-month period folowino lhe signing ot this Agreement and tastng until lho Loan has been tu y dis6ursed. tt is due tor payrnent semi-annually andin ar€ars on Jun€ 30lh and Docember SOlh ol each year (6ach a 'olcuatntutolm,lroo(r.ny)ot(Dln.rn.!h..Lan.lrur,rhkixrw,qrdrrrrEn,i[d5cldm rntl tt ,ld o, 0l€ hrst Psi.d .rotyrro bl n !e ..E, h.d rh. BdB.r not dim.d $nt ti re 6Ml, 6' (iir rF. I en ,hEh xtw @td b, s,.rrt $. rE.rdrh! Lq .md 610 *E ad ot h. rrnd P.i.d, .poa6bb ro r!.r LBn .Ed Eldig'!qN te cdEld.nro iE r.p.yrld ot prEt.t s .g..d h rrr (6 ^lFh-t, pl6dd d i6 oE.$ .ndr mlr t .r-6d !, rh. nderEd rir.a nb qfr ru. dd6*rd b, SI, ︱ ︱ ︱ ︱ ,6, 日 ?rymenl Dste') ll is lirst due tor paymsnt on June 30",, 2OO9 bul no eartier than ｌ lhe Payment Dale lollowing the day on which rhis Ag.eemcni enters inlo lorce and Ｉ ellecl pursuanl lo Clauso ,3.10. Ｉ Ｉ Managetnenl lee. Sttbject only to the Eoriowe/s termination ,ight pursuarit to Articte 4.1 secord senlence, lhe Borrolve, $Ill f,ay KfW a non.relundable o.|€,lime, tump, Ｉ 3.2 Ｉ Ｉ sum managemenl ,ee equatling 1.0 % flal o, the principal arnounl oi the total Loan Ｉ staled in claus€ l.l (EuR 45.o0o.ooo), at the tat€sl upon etapse oJ a lhree,monlh pe od atler lhis Agre€meflt ls signed by KrW or Upon ehpse o, a one-month penod Ｉ Ｉ Ｉ afler lhis Agre6ment tak6s efi€ct (dep€nding on which ts the later date) but In any Ｉ cas€ pior lo lhe ,irst disbrlrsemenl lrom th6 Loan. Ｉ Ｉ lntclDsl Ｉ ト ,rle.osl (fxed nlerost rals sel rpon gnt€ring nlo torce ol tho Loan.) The Borro\,ver shall pay lo KfW a lir6d tnterest rate on lhe I oan, which wil be nofified by KfW to ths Eonower wlthin twD Banking Oays a,ler nolirication by lhe Bo(ower lo KtW ot the erfecliyerEss ol lhis Loan Agreern€nt. The Borra,wer may with iauDediale eflect terminale lhe Loan Agroernenl withoul havirE Io nay rEnag€monl fee if the ioterest rate exceeds 225 n" p.a. The Bonowe/s notification ot termnalion must b6 communicalecl lo Kfw in wrindn torm by facstmite wtthin twenty rour hours afier recerpt o, lhe nor Ealion by Kfw to the Borrower or $ie rixed nterest rate on the Loan. provided thal the day ldtowing the notificataon by Kfw to lhe Etoro*er ot lh€ lired interesl ral6 on tho Loan b a banking day. lt the lolto ing ctay is not a banking day, the Bo.ro\xeds notificat,on ol lerminallon must be cornrnunicated to K,w in Cfi on lh6 day of the notilicaflofl by 1(W to tte Bonower ol the lixed lnleresl rat6 on tho Ldn wn'nen blm by lacsimile by 5 p.m. 42 Calculation oI hterost and interesl paynent dates. The inte{est on a disbursGd ban arnounl wilt be charged lrom the date (ercrusively) on whrdt the rosp€ctive ban arnoont is pail out ol the loan account kept by KflV fo, the Borrower untit the c,ate (inclusiv€ly) on which the respecxve repsyments ore credlled lo KffV,s accounl staied in Clauss 6.3. Ths lnterest wilt be catcutated in accofliance with Ctause 6 1 lcalculationl. hlerest is to be paid in afiears on lhe p;yntenl Dates {as d€linec, in Clause 3.1). 錦 5. B6prymenl 6nd Prcpaymcnl 5.1 Repawenl Scnedule.Ihe Borrower witt ,epay the Loan as tolows June 30 December 30, 」uno 30. December 30, June 30, Decemb€,r 30 June 30, 8 Decettber 30, 9 Jun6 30, 10 December 30 June 30, 12 December 30, ,3 June 30, 11 14 oecernbe「 30 15 ・lun0 30. 16 D€cember 30 17 10 19 20 June 30, December 30. June 30, December 30, 21 」un0 30 22 December 30 23 June 30, 24 December 30, 25 June 30, 26 December 30, 27 June 30, 28 December 30, 29 June 30, 30 December 30. 20,4 20,4 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 204● o 2021 2021 2022 2022 2023 2023 2024 2024 2025 2025 2026 2026 2027 2027 2020 2028 1.500 000,oo EUR 1 50000000 EUF] 1.500.000,00 EUR 1.500 000,oo EUF] 1.500.000.00 EUR 1 500 000 oo EUB ,.500.oo0,o0 EUB 1.500.000,00 EUR 1 50000000 EUR 1500000,00 EUR 1.500.000,00 EUR 1150000o,00 EUR 1.500.000,00 EUB 15001X10tOO EUR 150000000 EUF 15C10 000 oo EUR 1,5!0.000.00 EUR '1.500.000,00 EUIR 1.500.oo0.00 EUR ̲1,6∞ 000,00 EUR 1.500.ooo,o0 EUB 1500000,00 EUR 1.500.@0,oo EUR 15∞ 0∞ .∞ EUB 1.500.ooo,oo EUR 1.500.000,00 EUR 1.500.000,00 EUR 1.500.o00,00 EUR 1,500.000,00 EUR 1500000.00 EUR -a Utrdisbu$ed loan amounts. Undisbursed toan amounls wi be cred ed against the repaymenl instahnenls propononally pursuanl to lhe Repaymenl Schedute untess 52 Xfw, al ils own discrerion. determines another o,ts€ning atromative in jndividuat Asbursements ahet the s6n ot rcpaytnet)l ll loan arnounts are disbursed a(er 50 repaymeol has slarled. the Bepaymenl Schedute as tisted in Clause S.1 wil remajn unarrecled as long as the rospective repaymeni inshlmenl due in accordance with he Ropaymeor Schedule is less ihan lhe outslanding toan amounl. I the repayment inslalnEnt due ,or paymenl exceeds lhe outslanding loan amount, KIW wjll deducl the amounl equal lo lhe dillerence trorn lhe repayn€nl tnstatment du€. divide it by $e remainder of lhe rcpaymont instaknents gil outstandinq. and add this sum io each outslandmg rcpaymenl lnshlrnent. Xfl/V reserves thc nghl tr, po6hone taking disbuEernenb thal are made within 45 daF prior to iho respoctive payment Date lnlo consldoralioo ,or lhe detorminatloo ol th€ outstianding loan afltot nt untit the next bul orte Paymofil Date. ヽ V 54 Prbpar4r,e"l nl€ lollolxine will appty b prepoynents: ■ ︐ ０ a) Righl to yepaynalt. orl any Pafnent Dale the Bonoiyer rnay repsy the Loan in full or ln part ln a(fuance ol matudty bot at leasl in lhe amount ol ono repaym€rit in3ialrn6nl pursuanl lo Clause 5.1: ll lhe Borrower makes such a propEymont it must pay a prepaymont componsation pursuant to Clause 5.4 e). b) A/otlce. A prepayment ot a loan amount pursuant to Ctause 5 4 a) is subject to notificalion of lhe prepaym€nl by the Etot'rower to Xfw no later tian on the lsth banking day in FGnkturt am Main prior lo the tnlended prepaymenl date St,ch notice ls |rrevocabtei it must specify the date on which the piepayrngnt is to be dBde and th6 amount thereo, and obtigates the Eorrower lo pay to K v the stated amount ofi lhe slated dale. V C) Mandalory ptapayment- Ihe Etorower must imrnediaiety relhh,rse to KfW, upoo its r€qu6sl, 8ny ard all loan amounls as lh6 Borrow€r is unable to prove lo hav€ been used tor lh€ agreod purpos€. % 9Atnounts due Th€ Borower wi atso pay rhe folowing amounis logether wilh lhe Prepal,,rnenl: 3a) any prepayment compensatron pursuant lo Ctause 5.4 e) due as a resull ot the prepaymentiand Ll・ ) all inleresl accrued on ihc prepaid loan amounl up until tha c,ale of lhe prepaymcnt. Ptepaymenl compensation. tt ihe Borowar repays a joan amount in advance ol malurity, the Borrower mLrsl rmmectialety pay to xtw upon th€ latler's rsqu€si such amount as rs necessary lo compehsate lor any tosses, expenses or costs incuried by KtW as a result o, the prepayment. XtW wilt d€lermine lhe amount of lhe prepaymenl compensaljon a6d c-ommunjcate il lo lhe Borrowsl. ll Ollsening. Ctause 5.2 lLtn(tstused toan amountst wilt appty mutatls ― mutandis to the offs.fling o, preparnenls. 5.5 Revked Repdyment Schectute. tn the 6vent that Ctause 5.3 lDisbul1'emmi ehe! the start ot ,epaqenl or Ctausc 5 4 (plepaynenl apptres, l(fr^, wifl send the Eorrower a revjssd Fepayment Schedute that wilt becomo ao integra, part ol this Agreemenl and witt roptace lhe Repaymenl Schedutes valid unlit such me 6, '6.1 Calculetions end Payhent! In cenaral Cabulation. lnlerest, the commitmeflt tee, detault anteresl plrrsuant io Ctause 6.5, lumpsum compensatron lor overdue amounts pursuant to Ciause 6.6, compensaton pursuant lo clause 2.6 and prepayment compensaton pursuant to Clause 5.4 e) wilt a[ be catcutated on the basrs ot a 360-chy year uth 30 day ― 6.2 Due dale. ll a payment to be mac,o in conneclion with this Agreemeht lals due on a dale ftal is nol a Banking Day, the Borrower musl make such payment on the tollowing aanking Day tt lhe toltowing Banking Day hlls within ihe hexl calondar monlh, such payrnent must b€ made on the preceding Banktng Day. ' ortr.&n a o road.: t !. @* (n .nyl or (t) ,r rron lo. . Ls tud. ,hHr xtw GJld h.w b.. 6 th. dd or $. int Gn p.nod applyn! tor tr td. .Bm td 0f, Emr, iot r.p.ld !l. ro.n @dnr ri d6m. ot tly, or tttt l'" i,naca klw @!rd @iv. b, rirvld.,c dE Ep..rn. Lo. .,wni u r 0E .id ot ,r lnr.Gt It Pt 4.n*.6t ro 0Et t-n"r'ur .E.r |.kl'to x. s.ta.{d.ot rFrEit ot p.tcio.t.t.!nod h 0t6 !s Eni(b 0r.l rdr .l.&.rE n^dboiE ^F6E{. d6yt ch[lmrxht strt ffiln!&tdrd.B,Eyw. i L- l0 6al Account number. tune ol crcdiling The gonower will be reteased lrom its paymenr obligations in contrectioo with this Agreemenl tt And as soon as lhe respective amounls have been crediled to KIW at its free disposal wilhout any dedualons tn Euros and nol later lhan 10i00 a.m. to KIw,s account number 31.9638690a hetd with KlW, Franklurt aft Main (bank sort cod€5OO2O4 OO, BtC KFWIDEFF, wittr addilional reletence "Rol. YYrYMMDD') ortoany other account as notitied by KfW. ol thc Eofiowea The Ba,rrower ts not ehti ed to asserf any righls of retention or setoff or comparabte riots agEinst paym€nt obtagations ond;r rhts 64 Counterclaims Agleetnenl Unless such nghls are recognE€d by dectaralory judgrnenl (.6chlsr(;,?g /es&'esterl, or hrave nol been conlested by KtW. De(aun ittlere6!- ll any repay,n€d aostalheflls or prepaymeols plrrsuant lo Clause 65 5.4 lPrepaymeni a@ nd at the disposa, ot KMl when due, KfW rnay without prior reminder charg€ delsult inleresi al th€ base rale p{us 3Zo p,a. tor the period ▼ beginnhg on th€ due date a.ld endhg on th€ date on whtch such payments ar€ ' credttod to lhe accquntot KflV specrlied in Ctaus€ 6.3 Thi6 raie must at t€esi equal the iderest rate pursuenr to Ctausc 4.t (rnlores4. The,B.3e Rsic. is the idli*est rale announced as such by lhe cerman cmtrat bant (Doutsche Bundesbank) .. p.€vailing on lhe respoctive due chts. Such dehufi tnteresl must be paid mmedialely upon Kttv's trcl.equest. LurPsom corpensatton For oveduo amounts (t{ith the excepflon of srrch repaym€nt anslalmenls and propayments as ment.roned in Clause 6.5 on Defrdla inlercsl) KNy may, without prid rgminder, requesl tumlsum compensation of 3o/o p.a. above lhe Bas€ Rat6 applicaue on trle respecdve du€ clate ,or lhe period beginning on the due date and ending oo the dats ot paymont ol such overdue amouols. The lumpsum compensaton mrrsl be paid immedhtety upon Knr,/s tirst request_ V 67 OlheAing. KM has the rtghl to oftset payments received agEinsl paymenls under this Ageemenl or under oth€r loan agreement9 concluded due b€iween KtW and he Bor.ow€r. 7 Gu.rante. trorn tho F.d.r.t Rcpublk ot ccrmany Kfw will have paym€nl ctaims onder this Agreement guaranteed by the Republic of Germany prior to the ,irsl djsbursement_ Federal ‐ - 1t il.galive Pl.dge and Pari P6ssu p@ject assels. The Bo.foyter may not and the Borrower shal ensure 8.1 thal neither lhe Proj€cl-Er6culing Agency nor the covernmenl of Ihe Autonomous Repubtic oI Adjara pl6dge, morlgage, create olher charges or sel the proiecl assers betore repaymenl in lull o, lhe Loan without th€ prior consent of Klvv. 82 Pa, passu, To the o(enl permitted by law, the gorrower undertakes lo p€rlorm ihe obligalions uMer lhis Agreement pari passu wilh alt ilE olh6r exisling or ttrtur€ unsecured and not subordinated payment obtigot,(,rs Cosls and Publlc Charges 9.1 No deductk ts oi tttithhotcttngs The Borrow€r wifl make aI paymenrs b K,w uncter lhis Agreement wrthout any deductDns tor laxes, othe, pubtrc chsrges or other costs. ln tha ovenl lhat the Borrower is obtrgated by law or lor olhd reasong lo efle.t . deiructlons or wihholdings on payn€nts to Kfw, lhe payments mado by lhe Borrowor wilt inc.ease by such.anlount as is necessary in o;der lor lull lho amolnts ctue under thts Agr;me 92 ?tter deduction bf tares and ch6rges. ' Cosls. The Borrower wil bear a costs and expeflses the disbursement oI the Loan, in particutar remittance accruing in connection with and transbr casts (inctuding conversion lees), as wellas a[ co6ts ancl etponses accruing rnainlenance or en,orcenrent ol fhis Agreem€nland ol this Agreern€fl as vretlas a rigLtrls resutting kom 90 KtW to receue in in conneclon with the all other docurnents related to titsAgreemenl. Taxes and olhet chatges. The Bonowor wil bear alt liaxes arld other pubtic chaees accruing outsde the Federat Repubtic ol Garnany in connection wtlh lte conctusion and executDn oI this Agr€emenl, l, KtW advanc€s such tarss or charges, the Bofiolyer will lransler lhem witholJt delay upon request to Xfw,s specifiei in Clause 6.3. lo Spcclat Obttgstlons 101 PAecl im ementation and s4ciat intomalionfhe Borower witl itsett ensure and wi ensur€ that the prol.ect-Executing a) prepare, imptement, op€rate andmainlain lhe proiecl ac@unl as Aqs cy will In confomtty wilh sound ffnancial and technical practices and subslantially in acco.darEe with ● rhe proiect conception agreed upon belwean the prqecr-Executing Agency b) assign lhe preparalion and superyisaon ol construction ot the proiect to independent, qualifiod engineering consuttants, anct ihe amptemenlation ol lhe Project io qualilied rimsi C) award lhe conlracts lor the goods and servic6s to b€ tinanced {rom the Loan upon praor inlemationat corpetitivo bidding; d) ensur€ lhe lull linancing ol the Proiect and tumish to KtW upon its request evidence iroving that the c.osts not patd ,rom thG Loan are cover6d, ' e) will keep books and records or commission e hnd party to do so fiat mequivocally show all cosls ol goods and services requll€d lo, tfie prcrecl ard d@rly k entlty the goodt and servlces flnarced ftDm thts Loan; erEble tho represenialivet ot KtW al afly tim€ lo inspsct slrch books and r€cords and any and all olher dcumsnta on retevant to th6 imptementatlon and opsraton ol lhe Prci€cl. snd to vistl th€ polecl and afl the In6ta alkr6 ,€hbcl th€@lo; turnish to KfW any and all such lnformation and recorcts on lhg proiect 6nd its ,urlh€r prcgress as KIW rnay roqu€sti h) of its own accud and without detay aa) loMard lo KfW any queries r€ceived by the Borower lrom the OECD or its rnembers under th6 Eo-callod ?grsement tor Unri€d ODA Crodils Tnnspa@ncy' ,otlowtng th6 award ot lh€ contracls lor the supplies and soNices lo be financed lrom the Loan and wll coodinale the r6ply to any such queries w,th KfW and bb) notry Kffv ol any and all circumslances lhat €xclude or serlously icopardise the lmplem€ntation, th6 ope€lion or.the purpose ot the Projecl. 1O-2 Separate AgrcerrJnt The ProieclErcr.uling Ageocy, th6 Govemment ol lhe Autonomous R€publlc ol Adjala. Khstvachaui Munictpality and Xrw wi deternlne the details ol Chuse lO.1 by a separat€ agreem€nt. ' l3 - 10.3 Assislance ol thc Borrower The Borov,/er shall assisl Ihe Project-Eiecurng Agency in conlormiiy with sound €ngineeing aod linancia I p raclices in th€ imptementation o, the Projed and in the pedormance ol lhe Prcjecr-E,(ecuiing Agencfs and the covsmment o, lhe Aubnomous Republic ol Adjara's obtigations lnder this agreement and, in padicular, granl lhe Projed-Execuling Agency and the Governmsnl ol lhe Aulonornous Bepublic ol Adlara any and alt permlssions osoessary lor lh€ irnplemenralion ol tlre Projecl 10.4 Cofipliance- 7na Eonower will ensuro that lhe peBons whom it entrusls lyllh'the prsparalron and implementalion ol lhe Projccl, the award ot any contract lor lhe suppligs and s€rvlces lo be linancod, and with requestlng ihe toaD amounts do not d€ftand, accept, make, grant, prornjse or accept th€ promis€ ol unlawrul payrnents oiolher advantages in conneclion wilh lhese lask 1 0.5 Tnnspott ot 9@&. The provr'sions s€t lorth tn the covernmenr Agreemenl I and the : Governmenl Agreement ll, which are known to the Borrower. wtl apply to lhe lranspon ol lh€ goods to be limnced kom the Loan. 10.6 Sepaeta loan agteemenE (channethng ot the Loan)r The separate toan agreenisnts .. lp€cafied in Arlicte 1,4 heredt sha conlain a regutatioo on the financing ot VAT paymehts lo b€ bome by lhe ceorgian sid€. prior to the first disburssflEni kom tho Loan, the Eorrower 6hall send KIW a cedlied translation ol hese tosh agEemc;nts. Thes€ loan agreemeols aro subjecr to prior apgrovat by KtW. 'll1r. t Evonb ot Detrult Events ot detaull. KfW may leminate the toan in whote o, in part lt a) lhe Eorrower fails lo pertorm its obttgalions lo KfW lo make paymenlsvhen due, b) obligalions under lhis Agreement or under s€parale aoreom€nts ponaining lo lhis A€roern€nt have b€en breached or c) lhis Agreement or lhe Arbitratlon Ctause rnenlioned in Artbte 13.8 or any pans lhoreol ceases lo have a binding eltect upon lhe Borower or ceases lo be 6nlorceabl6 against th6 EtJrower_ ̀ ・ ● ● 「 t4. 112 Legal .onsequences ol an evenl ot detault. I any ot the events specitied in clause 1 1 . I has occu(6d and has not b€en resotved rvithin a p€riod determined by KfW that musl be at l€ast 30 days, KfW may terrnlnate thls Aore€ment or any paris ol il wilh th6 cons€quence lhal 6J ils obligations unc,or this Agreement terminate, anct b) KfW may demand tull or padiat r6paym6fl ot the outstand{ng toan amount together with lhe ifito(ost accrued and any and alt oth6r amounts due lnder lhis Agroement, nith Clauses 6.5 lDeteut interesl and 6.6 lLump-sum corwensauonl apgltilg to accalerated arnounts firutetis mutands. 11.3 Cotryensalon lo, damages. ln lhe event liat this Agdem€nt ls teminated in tult or in pArl the Bo.rower w l pay the comp'€nsalDn in accorclance wlth Clause 2.6 anc,/ol prgpaymenl compensaton in accordanc€ wrth clause 5.4 e) 12. RaFfaa.nLdon and StElementE ,., 12.1 Reqesentanm ol the gon;wet. _Iho Minister ot Fiiance ot ceorlra and such peGons as designated by him or h41e 6191 u* .rlho.is€d by sp€cirnefl signaluTes r authonticaled by him or her will ropreserl th€ Borrower in lhe execulbn ol thts Agr€ement. Th€ power ol represantation wilt riot expire un itjs $press revocat|on by theiepresenlative ot lhe Bonower authorised ar such tim€ has been ,eceived by K'W, 12.2 Addresses- Nolices or slal€ments in conneclion wlth this Aqreemsnl must be in wriling. Th€y fixrsl b€ senl as originals or - with trre €xceptbn ol requesls lor .dasburs€ment - via lacsimil€ Any and aI notices or state,nents made an connecljon wilh thts Agr6€mentmust be sent to the tolowing addresses: 一Ｌ y. . 15 ro子 KIVV K帥 L Ill a 5 ,osllach ll l1 4, 60046 Ffankiufl am Main Cermaw Fax:+49697431 2944 M n stry Oi Finance(MOF) 16 GorOasal str 01 1 4 Tbilisi.G8agia Fax:■ 99532457142 13 GsneralProvl€ions 13.1 Banung Oay- Wherc Gterence i6 made ln this Agreement lo a "Brnklng Dey., thjs fli,rans a day, olher lhan a Saturday or Sunday, on which comm€rcid banks in frankfurl am Maln qr€ ot)sn for general bustness. 1g.2 Pbce ol pe,loinence. The ptace c)l p€rtomance ot ett obtigaflons under this Agieprnefli i6 Frankturl am Main 13.9 Padial lnvalidity aod gaps l, any provlslon ot thls Agroernent is or biromes lnvaltd, o, it lh€re b a gap ln any ot the provisbns ot this Agreem€nt, fits wI ooi attect the valiiily ol th€ rematning p,ovisions hereot. The partps lo this Aore€ment wifl r€place arry invalid provislon by a legalty vatid one whlch comes as close as possible to th€ spiril and purpose o, ihe invatid proviston. The padies wif til 6riy gap in the provisions with a legBly vatid provision wtrhh comes as ctose as F,ossibte lo th€ spiril and purpose of this Agreemenl. 13.4 W.iflen tom. Arr,ndr ents and supplemenE to lhls Agreemont must b6 in writing to be efl€cUve. Any waiver of this reqrirernent ot wrilten ,om must b€ cleclared by the oarlies tn wdtrng. 13.5 Assignnent. The g)no, et may nol assign or transf€r, pledg€ or modgag€ any claims lrom lhis Agreement. 10 6 allCa● le● L Th● A9reement● 9overned by Cerman hw 13-7 Limitation pedod: Att daims ol Klw under this AgrBemenl expire atter tive y€ars trc,rn the end of lhs year in which any such claim has accrued and in which Xff{ has becom€ awa.e ol lhe circumstances constituting such ctaim or coutd hav€ becorfio aware ol them witliout gross negtigence. 形 ●■ ヽ ,16, 138 Artitr€tion. Nl diapules arising oul of or in connec(ion with the presenl Agreemenl 6hatt be setlled €xdusively and Snally by an arbitration tribunal In this regard, lhe ,ofiolt/ing will aPPIY: a) ThO aoitratiOn tnbunal wi‖ cOnsist Of One or three a「 bitrators whO w i be appointed and wll act in acCordance with the Arbltration Rules of the intemalonal Chambor Or cOmnlerce(lCC)applcable rrOm lme t。 b) The arb"ra10n prOceedings w‖ be cOnducted in Frankrur1 3m Main The l:P・ C00dings w,be hdd● the Engish ianguage １ 39 lme ″ ￨"sP7880n ● l o「 17rOrmal10n K″ V is bntued 10 di3dOSO iltfOfmaloh reiated lo the 1 ■１ ¨ ｔ ︐ the Federal Ropublic of Gormany are alt entitled to pass on information th6 Loan and lo th€ Proiect including the aw6ad of lhe oontracts for the ︐ ｏγギー 8nd servic€s to be ,lnanc€d from the Loan to intemalionsl organisalions in the colleclion of slatistical dala, particulariy in;nn€ction with asp€cls of ヽ︱ and or the collechOn● ng publca on ofda● re● ted 10 the awa可 oithe rOr tho suppliさ s and services to be nnanced i■ m thOに Oan Th The above rigfll to lon ard ioformalion to mtemationat organisations also tncludes the right to il3.1o EnW into fdce and ertecr. This jqgreemgnt wll not enier ihto force and effect unlil i lhe Govemmont Agr€ement stilt to be concluded on which it ls based has entiered inlo brco and eflect. - 1; is Agr€emsnl ls executed i. 13. (2. zooo in two originals in lhe English language rbilisr. l(. ll 2008 Minislry ol Finance of Georgja 一一 一 一 ・