„საქართველოსა და რეკონსტრუქციისა და განვითარების საერთაშორისო ბანკს შორის (პირველი პროგრამული კერძო სექტორის კონკურენტუნარიანობის განვითარების პოლიტიკის ღონისძიება)“ სასესხო ხელშეკრულება

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LOAN NUMBT]R 8501'CI' I-,oam ,4greememt (Irirst ProBrannatic Priv.te Settor Comp€titiveness Dcv€lopmcnt PolicY OPe..tion) b.llry.!n GEORCTA .nd INTERNATIONAL BANX FOR RECONSTRUCTION AND DEVELOPMENT Dsr€d ZZ MoX ,2ors I OA} \titltif,R liior-Ct I,OAI{ AGREEMENT .l0t5 trrrcrco Arrcc'ncnr dared ?L I and ri'c INfERNATIONAL BA\K F t'cr*ccn ttOrCte ("Bonowci')^^.'oJ!\ ir-iciinsrnucnol elo oevst-onvel'rr ("Baok") for rhc purposc of Providing i'i"-"'"g l, trpp"n or tr'" Program (as dctirrcd in the Appendix to thrs Agrccnrcnr) Thc gr"r h": a".lila ro pro,ide ihis financ,ng on rhe basis, r'rer '/ro' of G) thc acrions )'rogram ind qh(h arc dcs(ril'cd rn *i'"r' ti" e"-o*"' iras alrcady uken undcr rhc(b) m nlcnanLc o'-rn Sc(rrcn tofSchcdul. I lo lhis Agrecmenli 'nd ,,:"q"1," "t"|.*-".i" lhc Bonowc' s policv framework The Borow€r atrd rhc Bant Ihcrelorc hcrcby agrcc as follows- CONDTTIONS; DEIINITIONS ARTICLE t l0l l02 ' -- -CCNERAL ABrccmcnl) Thc Gcncral Conditions (as dcfin'd io the ApPendix lo this conslitute an inlegml part ofthrs Agrcentnr usld in this Unless Ihc conicxt rcqurrcs oth€ isc, lhe caPiblizcd lcrrnt a!r"".-, r'r* ,he mennings ascrib€d h rhem 'n rtre Ccncral Cofditions or rn rhc ApPendrx to lhis Agreemcni ARTICLI II - LOA]I 2 and condilrons scl-for(h^or Ol Tl€ Bank agrces to lend to the Bonower, on the t€rms million Dollsrs (560 000'000)' rtfcntd ro i-n rhis lgrecm€n\ rhc amount ofsixrv a CurcDc! as such amounl miy bc convencd from trmc to limc llnorrgl Agrecrncnt rhis 2 08 01 Co,uc,slon in accoraincc wirh r[c provisions ofSocrion ( Loan ) 102'IhcBorrowcrmayw;ttldrawtheproce'dsoftbeLoaninsupponoflhcPr'rgram rn accordancc with S€tlion tl ofSchedulc I lo this Agrccmcnl 2 0i. Thc F.or)t-cnd F€e Payable by lhe Bono*cr shall be equal ro onc quarrcr of onc pcrccnr (0 25Y.) of the Loan amounl ? to onc qua cr 04 Thc Commihent Charge pavable bv thc Bonowcr shall bc cqual Balance 2 05 The interest payable bv rh€ Borro$'er for elch Intcrcst Pcriod shall bc al a flrre ofoic pcrccnt (O 25%) pcr annum on the UnwithdEvn Loan nhvrd.d thar !Don a convcrsion ol P"riod on it': Loan' rt'e init'csr palablc bv lhe Bono'uer du'inB ll'c con'crsron ol ,u.l, r*oun, tf'Af U" to"nnin€i in accordancc wilh lhc rclcvanl Drovisions -2- Arrclc IV of the cenel-al Conditions Norwithsrandrng thc forcgoiirg. rl atry rDrounr ofthe Wirhdrawn Loan Ba16ncc rcmains unpaid when duc and such nonpaymenr continues for a peflod of rh'ny days, th€n rhc nrrc'csr payabtc by rhc Eorower shall instead bc calcllalcd rs provided in Sccrion 102 (e) ot thc CcneralConditions 206 Thc Pay rnent Dates are April l5,andOcrobcrl5,ineachycar 207 'fhc princrpal amount of the Loan shall b€ repaid in a.cordancc \virh rhc a ror lizat ion schedulc scl fo(h in Schcdulc 2 lo th is Agr€erncnr 2.08 (a) The Borrower may ar any lrmc rEquest any of thc following Convcrsions oflhe terms ot lh€ Loan in order rc faciliBle prudcnt dcbt maoagcrnedr: (i) a chaotc offic Loan Curr€ncy ofall or any ponion ot rhc prinopal amount of thc Loao, widrdra*n or unwrlhdEwn! 1o an Approvcd Curreocy; (ii) a change of $e inrcrcsr rare basis applicable to: (A) all or any portion of lhe principal amount of the Loan wirfidra,vn eDd ouGtandiLrg from a Variable Ratc io a Fix€d Ratc, or vicc vclsa, or (D) all or any portion of th€ priDcipal amounr of thc Loan wiihdm\! and outstanding from a Variablc Ralc bas€d on a Refcrc cc Ratc and lhc Variable Spread (o a viriable Rare based otr a Fircd llefcrc cc llarc and rhc Variablc Sprcad, or vic€ versa; or (C) all oithc pritrcipal arr1o nr of rhe Loatr wirhdBwn and oursranding from a Variable Rarc hascd on 3 variable Sprcad ro a Variable Rat€ bas.d on a Fixed Sprcad: and (iri) rh. sctting of limrts on rhe Variable Ra(c or the Refcrencc Ratc applicablc ro all or any ponion of thc prDcipal amouct of thc Loan withdra* and ourstandjng by rhe csrablishmcnt ofan Inrercsr Rat. Cap or lntcrc$ Ralc Coll.r on the vanablc Rarc or rhe R.f.rcnce Ralc (1,) Any conversion rcquested pursuanr to paraEaph (a) of this Scclion rhar rs acceprcd by thc Bank shall b. cousidcred a "Convcrsron , as dclincd n) lhe Geoeral Condilions, and shall be €ffectcd iD accordance !vilh thc provisions ofArticle IV ofthe Gen€ral Coodirions and of tfic Convcisron Cuidelin6 (c) Promptly followrng lhc Exccurion Datc {or an Jnrercsr lktc Cap o lnle.est Rate Collar for which thc Bonower has rcqoestcd thal rhc prcrnium be pard oul of thc proc€eds ot rhe Loan, thc Ban\ shall. on behall of the BoEowcr, withdraw frcnr thc Loan Accounl ind prv (, irself lhc amounts requlcd Io pay ary premium payablc in accordaocc wirh Seciron 405 (c) of rhc Ceneral CoDditions up to rhc a ount allocar€d from r;mc to tirnc for rhc purpose in rhe tablc rtr SccrioLr tl of SchcduJe I rc rhrs,4grecment 2 0g Wirhoul hnitation upoD rhe provisrons ofScctjon 508 oirhe CcncratCondirioirs (rcnurnbcrcd as such pnsuant ro pamgraph 5 ofSecrion Ilofrhc Appendrx ro rhrs -3- Agrccmcnl and rc:latijJl to Cooperction Md Co$ultatiok\,lhc Borowcr sltall promplly fumish lo the Bank such infoDnatioo rel0lrng lo lhe provisions ol rhrs Articlc Il as thc Bank tnay, fiom lime lo time. rcasonably requcst ARTICL,E III _ PROCRAM 3 0l Thc Borrower dcclarcs its commihenl to the obicctilcs ot lhe ProgBm nM ,ls implcmcntalion- To lhis cnd, aod tunher to Scctior 508 of lhc Ccnc.dl Condn,ons: (.) rhc Borow.r and the Bank shall from limc to n rc. at the rcqucn of cirh€r party, exchangc views on the Borrower's rnacrocconornic policy fnmcwort and thc progress achieved ir carying out llrc Progranr: (b) prior lo e3ch such €:chang€ o[ views, ihe Bonowt, drrll turnrsl lo lhc Bank for its rcvi€\e atrd colnnleilr, a repon on rh. progrcss achievcd itr carrying out the Pogram, in such dctail as lh€ BAnk shall rcasonablv (.) wirhour limitatron upon lhe provisions of Paagraphs (a) and (b) ol lhis Sccdon, the Bor.ower shall Pronrptly infor'n Ih€ Bank ol aoy silualiul llar woutd havc rhc cffcct of lDaterially revcrs,ng lhe obicclives ol thc frogranr or any action tak€D undcr lhe P,ogt3nr inchding arry aclion sperifi€d rlr S€ction I ofSchedule I lo thrs Agrccmcnr ARTICLE IV _ REMEDIES OF THE BANK a.0! Thc Add'rional Events of Suspension consisl of lhe following namcly lhar a sitoation has arisen \r,Iich shall mak€ it irnprobablc lhal lhe Prograln or ! signillcanl p.rl of ii, willbe carried oul- 4 02 Thc Addrrional Evcnl of Accclcralion consisLs ofrhe followrng, nam.ly lhal any cvcnt spccifiei in Section 4 0l of rhis Agre€meot occurs and h conlinuing Ibr a pcnod ol'rhirty (10) days after nolicc of(hc event has b€cn givcn by lhc Bank lo thc Borrower ARTICLE V 50 l - EFFECTIVENESS; TERMINA'IION 'thc Add itiona l Condilions of Effccliveness coosisls of rhe following nar)re ly. thar rhc Bank is satisfi€d with thc progless achieved b, lhc Borrowcr in cnrrying out rlrc Prosram and with rhc adcauacy ofth€ Bonowcr'r macroeconomic policy 5 02 Thc Eflectivcn€ss Deadlnc is lhe date one hundred and rwcDry (120) drys ancr tlc datc oflhrs Agrccm€nt 4ARTICLE vt _ REPRESENTATTVEi ADDRESSES 60 6 I Thc Eorower's R€prcsenrat ivc is its M inr st€r of Financ€ 02 The Bo[ovcr's Address is] Ministry ofFinance t6 CorgasaliSkeet Tbilisi0t l4 Ceorgia Facsimit€: +995322-262422 6 03. Thc Banrs Address is: h erDarional Bank for Rcconsrruction and Devetopmenr I lE H Street. N.W. Washiogron, D C 20433 Unhed Srates of Amcrica addr€ss: Tclex: Facsrmrte: TNTBAFMD 248421(MCt)oI t -202417-6391 Washiogton, D C 64 I45(MCD Cable -5- ACRcED at Tbilisi, Ccorgia. as of the dav and vcar fi6t abovc vri(cn OEORGIA By6 ArlhoriTcd Rcprcscrtativc *..",/poJn. -khJ,it .,* U'*t -4- $*"r<- INTERNATIONAL BANK FOIt RECONSTRUCTION AND DEVELOPNlENT "- l\^^\rl - ---<J;n.,*d R"*,",",'* *," l&s+t-lqesq Tule Qe&rou*t-Dr?zqqe- -6- SCHEDUI,E I Progrrm Actionr; Arriltbility oft rn Proc.eds Section l. Aciions T.ken Und€r lhe Prosr.m The actions takcn by lhc Uorrowcr Lrndcr lhc Program includc the followingi Piqt't l. Second Cehe tiot Busin.$ Environrneit R{ott,,s Dcveloping rn instilutional frrmework {or ertreprcn€urship and S lli I The Borower has establ,shcd the EnlrcprcDcurshD Dcvclopmenr Agcncy (EDA) ro pronlole rhe crertion and growlh of stan_up companics and SMES. as .vidcnccd by rhc Borrowcr's Rcsolulion No l7l, dalcd Febrlary t9, 2014, and published io the tesislarive Herald on F€bruary I9, 2014 SrrcngtheninE public procuremert 2 The Borrower, through its Siate Procurement Agency (SIA), has caiablishcd a rmirring.cnrcr to improve rhc knowlcdge ofcootracting aurho hcs and supplic^ wirh respccl to pro.uremcnt proccdurcs, as evidcnced by lhe Bo(ower's Rcsolurion No 106, datcd April 23, 2014, and publish€d in thc l-egrslatilc Hcrald on thc same dale; and lhc SPA'S Chairman Order No I dalcd May 7 2014, and publishd in thc l.cgirlative Hcrald on fic snme dae Pi n. ! l : F i t'o .id Sccto t Deeruni q ond Diwrsification Mobilizing $vings I Thc Borrower, has cstablishcd lhc inLeragency Depos;t lnsumncc Syslcn (DlS) wo,turs O.oup llal wrll dcsrgn lhc DIS and coordrnatc tls implcmc1lar,or,. nrtd approvcd lts conesponding work plan; as cvid€nced by rhe Borrower's Dccrcc No dared ianuary 16,2015, aod published in lhc Lcgislarivc llcrald on ll, January 23,20i5 4 lhc Borrower through MOESD, has submi ed to lh€ Economic Council lhe of'hc proposcd comprehensive peosion r€form. as cvidctrced byr (i) lhc 'niiu'cs Ecotromrc Council mcering dar.d D€c€mber 30, 2014; and 0i) drc lerrcr fro'n rhc Minislcr ofMOESD ro rhe Banl, daLd March 4, 2015 -7- Pitlor ltI: Incrcasing Firnls' Capaciry to Inmwt.nnd to Erpon lnproving emciercy, competltion ond .ccEss in ielecommuricniior nnd internet s€rYices 5 Thc Borrowe. has (i) amcnded thc 'Law of Georgia on Elccxonic 6. -Ihc Comnlun;cations" (as such a'ncndmert law is io tul| torcc and cffcct)i ,tnd (ii) lhrcugh GNCC. approvcd amcndmenLs ro GNCC's prcvrous rcsolutions N6 ard Nl3 rclated to radio trc4ucncy spcclrum allo.ation; all with lhc purposc of prornoring growth and compclilion of wirclcss broadband scwiccs, as cvrdcnccd by lh€ "Amendmcnb lo thc Law of GcoEia on Eleclronic Communicat'oas' dared Augusr t, 2014, publishcd in rh€ Legislanve He.ald on August, 12, 201a, and e GNCC'S Resolutions No 7 and No- 8 daled Novemircr ? 201a' and pnbl shed in the l^sislatrve Hcrald on Novenrt r l 2' 201 4 Borrowcr, Itrough CNCC has adopcd a rcvrscd methodology for spccrr m p cing for terr€strial servi s ofclcctronic communicarions, which mclhodology covcts, intq-atia, rcscNc riccs for auclions, and fees tbr lic€nso rcncwal for iclccommunic-ation opcrato6l as cvidcnced by the CNCC'S Rcsolurion No 7 darcd Novcmb€.7, 2014, publishcd in rhc Lcgislative Herald orr Novchbc' l2 2014, and fie CNCC'S Resolution No 9 dat€d Deccmbcr 4, 2014, publrslred in rhc Lcsislativc Hcrald on Dcccmbcr 5,2014 DrvrlopinS. d}rrmic innovation rnd l.chnology tr.trster sysltm 7 Thc Borrowcr has cs6blished: (r) lhc GelBian lnnovarion rnd Tcchnology its il: ion No 32, dated F€bruary 3,20I5, ard Publish€d in lhc Lcgislativc l-lcrild on Fcb.uary 4,2015 lrternational recognition of Ceorgi.'s n.lional qurlity infrrslr cturt li Thc Bonowcr has: (i) achicvcd inlcrnational recogniliofl of rhe Ccorgian issucd utioi-'s rlalion rcdrtarion (LA) Ccnler (GAC) has applied to thc Europcan Coopemioo for to obtarn intcDaliooal rccognilioo of lhc GAC, as eYidcn by thc olficral applicaflon to EA darcd Scprcmbo 19,2014 -8- Scctior ll. Avaibbititv oft oan procceds A. Gencrat- The Bonowcr rnay wrrhdaw rhe proceeds of rhc Loan i,r accordancc wrih rhc provisions of rhrs Scclion ar)d such sdditional instrucriolls as rhc oank ntay spccrry by noricc ro ihc Borrorvcr B. A llocntion of l,o2 n Arnout|ts. The Loan (except for amounts rcqurrcd rc pay rhc Front-end t-ce) is Bllocarcd irr a single wilhdrawal nanctrc, Oom .trrcti rt,c Borowcr tnay makc wifidmwals of tI€ Loan procecds Thc altocation of rhc amoonrs ofthc Loan Lo rhis end is ser out in the bbte betow: Amount oI tte Lorn Attoc:rrcd (exprcssed ia Doll.rs) ) S,nslc withdrawal Tranche 59,850,000 i50,000 (31 tntcrcst nate Cap or lnrcrcst natc Collar prcmium TOTAL AMOUNT c _ (gqos.ql0 Withdrrw.l Tranche Retcrse Conditiolls withdmwal (a) rhc adcquacy o No is sarisfied: I Tra chc unlcss thc Bask he Bor.owcr; ind (b) wnh fra,ncwo*. Deposiis oflran Amoun6. Erccprasfte Bank may oth. rw rse agrec I all withdnwals from ihe Loan Account shafi bc dcpos ed by I into an ,ccounr dcsrgnatcd by thc Borrcwcr and acceprabtc t; Bnnk rt B,rnk; and lhe Boftowcr sholl ensuro thar upon rhe deposit ofan amounr ofthc Loan into fiis accounl an cquivaleni zmouni is accounlcd for ii rh. BoEowcls budgct manag€meni systEm, tn a man er accrptablc to rhc Ba* Ercluded Erp.nditures Thc Bonowcr undcrtakes rhar thc Drocccd of fi. Loan shall not be used ro financ.e Excluded E\pendiNres. lfrhc lin.rk rtc nninc: ,cfu i,_: I Closing Date. Thc Clos rg Datc is Dcccmber3r,20l5 ake a paynEnr r.or an ,:",l,:J::lx l:*:ll -10- SCHEDULE 2 Amortizrtion Schedute I Principat P!\,nrcnt Drrc On each April l5 a Octobcr l5 Bcgn ins Ocrobcr !5, 2029 rh,ough Oclotrer 15. 2019 On April li,2040 2 Insrallmcnt Shxre (Brprcssed.s, Pc rcc n ta s e'i 4 55'v,, 4 45r/, lfthc proceeds ofrhe Loan have not bcen fully wilhdrawn as oi thc tirst principat Paynrcnr Dare, rhc pnncipat Bmouot ol rhc Loao relayabt. b, lhc Borrowcr oo oach PrincipelPayment Date shatltc dercrmjn€d as foliows: (a) To tbe .xtenr thar any procecdr of rhe toan havc bccn wirhdrawD as of rhe firsi Principat paymetrr Date, the Borrowc I rcpay rhe Withdrawn Loan Balance as ofsuch dale in accordancc ith paragraph r ofrhis Sch€dutc ib) -l tarnountt rcf€ned Io io paraSraph 4 oflhis Schcdutc, to which a CuEcncy Conversion applics. Notwirhsranding thc provisioos of paragraphr I and 2 of lhis Schedutc, upon a Currcncy Conversron ofalt or any ponion of rhe wirhdrawn Loan Balanc. to an Approved Currency, the amount so corvcrt€d in the ApFovcd Curcncy thaL is rcpayablc on any P ncipal Paymcnr Darc occuring during rhe Convcrsxrn Pcriod, shall bc dercrrnined by rhc Bank by muttiptying such amount in its cun'cncy vcrsion by errhcr (i) rnc exchangc rhc Approvcd Cuncncy pavablc nsacron rctarrns ro rhc of m by ConvcBron. ncc \rtrh rhc Lo;lcls,on Guidclncs, thc cxchaoge mte componenr otrhe Screcn Rate lf.ihe Wirhdrawn [,oan Balsncc is denominated i, morc rhan onc Loar Cun cy. the provrsrors ofrhis Schedute shallapply scparately to the amounr der)oni r;d in cach Loan Currency, so as ro produce a separatc arno iTarion schedu tor -t2APPENDIX Sectlon L Delinitions | 'COOMEI-' or rhe ..Euro,Asian Coop.a(ioD of Nrrionat Meirotogicat lnstiruions", mejns rhc rcgional organization cstablishcd in r99r ro cicarc coopcation of nat iona I metrotogy insrirurions among thc countrics ofCcnllatand easr€rn Europe in arcas such asj measurcm€nt standards of physicat quanltics lcgal m.trology, accreditatrcn and qualiry managcrnent slsrcnrs. inform;lroD. and 0arnrng 'DIS" or "Dcposir hsurance Sysl€m' m€ans a systcrn crciLrcd ro prorccl dcpositors from rhe loss ofrheir deposirr r.rp to a pre-spccified tevet rn rhc cvcnr of bank failure, and whirh is an etemenr of a counrry.s o!c,alt fin.ncijt ,jalbly "Dl csla Po. Lcg rn€3ns the Bonower's intcFagcncy workxrg S,oup hc n€w dcposit insu.doce syslcm, pursuant ro thc 33 dated January t6, 20t5 and pubtishcd in rhc usry,23,2015. alow thc rcsLrtts of pccrion, tcn,n! al'(i lhc markcr ptacc in ::il 'Ercludcd Expenditure" mcans any cxpendirurcl (a) for goods or wwices supplied uoder a contracr uhich a y natiolal or inlcmaiional fmsncing rns Dtion or agency other rhan thc Bank or lhc Associatton has financcd or agre.d to finarcc, or which thc lJank or thc Asso.iatiofl has financed or agrccd to financc undcr another loan. crcdir, (b) tor goods inciudcd rn ftc follow ing groups or sub-groups oflhc Srar ard lDtcmar'onal Tradc Classifierion, R€vision I (SITC, Rev.3). pubtrshcd by the Unired Nations in Sratislicat I'apcrs, Serics M, No :t4lRc!.j (1986) (rhc SITC), or any successor groups or subgroops rndcr ijrc t -l I, SITC, as dcsignrlcd by thc Dank by noticc ro rhc Croup 2t Tobacco, u ,manufacturcd, robacco 22 robac.co, rnanufacru.ed no( containinB robacco subsrilutcs) Radioactrvc and associatcd matc ah lwtrirhiiil 52i 661 ils llE 1 ;ls 89? 3 Pcarls, prccroLrs and scmiprccrous stones, unworkcd or sorkcd Nuclear rcactors. and parrs th.rcoli tuelelemcnrs (car0 rd8et, non irradiatcd, ior nuclcar reacrors Tobacco proccssinq rnachrncry lewelry ofgold, srlvcr or plarinunr group m.tals (cxcept watches and Natc} c-ases) and goldsmirhs or 9ll G) silvcrsmiths' warcs (inchrdiDg sct ecms) Gold, non-moncr,ry (c"cl,d,ng gotd orEs and conccnlrat€s) for goods ioiended for a mrtrrary or paranitibry purposc or for trxury tonsumpnon' (d) (c) tor environmentally hazardous goods, th€ nranufacrurc, usc or import oi which is prohibircd undcr the taws of rhc Borcw.r or inrcrnational agreements to which lhe Borower is a prrty; on iccount of any paymenl prohib,ted by a dccision of lhc Uritcd Na:ions Securiry Council takcn under Chaprcr VII of rtrc Charrcr ot thc Unii€d Narions; and (f) wrrh rcspcct to \thrch thc Bank dcterminc rhat corrupt, fraudulcnt, collusrv€ or coercrve puctrces wcr€ engaged by rcprescntativcs of thc Borrowcr or other rccrpicnt of the l,oan proceeds, r!rthout the Boriowcr (or othcr such r€iipicn0 having lakeo rimety and ,ppropriarc action sarisfactory ro the Bank to addrGs sucb pmcticcs whcn rhcy occur 'GAC oi rhe "GeoBian Accrcditerron Cenrel pu?osc activitics in thc ficld of accrcd,lation pursuant corrry oi public law esrabtished wirfi the s tcgat ing our ..Lcqal ,t 4- 'Ccncml CondirionJ rn€ans thc .,tntemational Bank for Rcconstrucrio and Dcvclopment Gen€mt Condirions for Loaos,,. dar€d Maich t2, 20t2 modifications ser fonh in Scction Il ofthh Append,x. , 'CITA' or ::j?::l :l 5ustarna :rno bascd econor w, ii; atnn and Tcchnotogy Agcncy-,. nrcans lhc * runc,,on.g unaoiric vi",u.y .r r -*,1 blshed to crcalc a knowlcrtgc r,na rnro,.rrron ionNo. t?2,daled Fcbn,ary 19,2014. 0 tl conrpcrcncy to carry orll resrs and/or catrbrat,on in laboraror t.l t5 ies 'MOESD- mcanr ihc Boroqca tUinisrry of E(onorny and SuqJinahtc Dcv.ropmenr or any succcsro, rhcrc . acc.pkbte to (hc Ban\ -15- "Rcscarch and Innovaiion CouDcil' means thc Borowcr's advisoN bodv csr$l'shcd for rhc purpor. of fac,hBrhg sci€nce dcvcloprncnr, .c*c"".r, innolafions puEuanr ro rhc Bonower's Resolutioo No 32 darcd Fcbruar]",it l, 2015 i1 IJ 9 ''Singlc Withdrawal Tranchc" mcans rh€ amount of the Loan allocated to thc caGgory cntnled "Single Withdmwal Tranche" in thc ublc sel forih in Paf1 B ol Scction ll ofSchedulc I to rhis Agrerm.nt ''SME" mens soall and mcdium €nrerprises ''SPA" or the "Stat€ Procur.mcnt Ag€ncy", merns rhe Dorrowcr's indcpcdcnt lcgal entiry of public law whrch monirors and coordinarcs actrvilrcs rclalLai to publ'c procurerncDl in rhc Borower's teritory, and csEblished pLrrsuanr rhc Borro\\,cis Rcsoluiion No 306 daicd April 21,2014 Sccrion ll. Modilicrtions to lhe Gencral Conditions Thc GcncrrlCondilions ar€ hereby modified as lollows ln lhc Trblc ofCortents, lhc r€fcrenc€s ro Secrions, Seclron names and Sccron n'rnrbers arc modificd lo reflccl thc modificirions sct forih rn thc paragraphs Thc last s.ntcne of p€ragrrph (a) of Seclrotr 2-01 (relaring ro Applrirroos t'or Wirhdrawal) is dclcted in ilc cnrrrcty Scctions 2 04 (DesiS,atd ,lccounh) and 2 05 (Eligible Expenditrte!) a.c dctctcd nr rhcir entirDry, and lhc rcmaining Sccrions in Afliclc arc rc umbcrcd accordingU ll Sccrion j 0l (F, o,r.e,/ Fee) is modrfied to redas follows: ''Secrion 3 0l Front-end Fe?: Annitnent Chorye (3) The Borrower shall pay th€ Benk, rioncend icc on drc Loan amount ar rhe ratc spccificd in rhe Laan Agrcrmcnr (rhe "Front,cnd Fe€') (b) Tbe Bonower shall pay the Bank a cornmitmcnr chargc on rhc Unwithdrawn Loan Balance at tlto rare specified in thc l-orn AgrccrNnr Ghc "Commitrnent Charge') The Commitmenr Chsrgc shrll accruc from a datc sixty days aftcr rhc dare of the Loar Agrcomcnt to rhc rcsp<Etivc darcs on whrch anloun6 are witbdmlrn by rhc Boriowcr from - t6, fie L-oatr Account or c rceled. The Com,njrment Chargc sha payablc serni.annually ln rrca.s 5 on each paymc Drtc Scciions Fihoncio "' bc and 5Og (Fi,oncior Ma|dgentldt: scctions 1 ,a - rl Jirl'' ""'o 'nd drc subscqucnr P"ragraph (c) of Section 506 {r€numb€rcd es such puriuanr ro |dragmt,h above) is modified to rcad as fo ows j 'Sccrion 5 06 plois: Dodnents. Reco...ts (c) fic irvoices, bilts, rec€ undcr the Loan unr shatl cDabte llc Ban Paragraph (c) of,Section 5 0?..(renurnbcrcd aoovc) rs modrricd ro rcad as foilowsl a, such r,ursuanr ro paragrrph 5 "Secrion 5 0?. progron Monitoring on.l Ewtuotbn 9 ln the App€Ddrx. Definttioos, alt r€le.cnc€s to Seclion u,nbcc and p:fagraphs arc nrodified, as ncc€ssary, rc rcflect (he modifications fod abovc s Append'r is modified by,nse(rn8 a new parasraph tq w h rh to o$io" 0cnnrtrcn ot Com'nilrncnr Charge.. and rcnumbclng rhc rcrnainirg :ragrrptri accordrngly: Th: "19 _ "Commihenr Charge" means thc connnifincDl chargc spcciticd in rhe Loan ASrcemenr for thc purposc ofsccrior I0t(tr).,. Renun)brrcd-parrgraptr l7 (oigirr y pamgraph j6) of rt.c Appcndrr ( l_:li:ihtc trp€ndirurc") is modificd ro r.ad as fo ows -17- "37 "EliSiblc Expcndn'rrc" m€ans any usc ro which ihc Loan is pul in support of the Program, other than to financc cxpcnditurcs cxch'dcd porsuant to ttc Loan Agrccmcnt." !2 Rcnunbcrcd paragraph 44 (onginally paragraph 43) ofrhe Apperdir ( Financial Stalcmcnts") is deletcd in iLs cniirery il ln paragraph 48 of rlle Appc ir, thc dcfinnion of"FronFcnd Fec" is mod'ncd by rcplacing rhc refcrcncc ro Sccrion l.0l with Scction I 4 I0l (a) ln paragraph 57 of th€ Appcnd ix, thc dc firition of rhe tc.m " Loan I'aymcnr" G rrcdilicd Io rcad as follows: "61 "Loan Payrncni'lneans any amounr pryrblc by thc Loan Parrics ro rhe Bank puGnanr ro rhe Legal Agreerncnrs or rhcse Cencml Condnions, iocluding (bur nor limited to) any amount ot Cnc withdrawn Loan Balanc., int€r€sl, thc Front-€nd Fc€, thc Comnrihcol Chrrgc, inrerEsr at the Dehuli lnlcrcst Rale (if any), any prcpaymeDl prcnium, any lmnsaclion fee for t Convcrsion or carly rcrminalion of a Conv€nion, the variablc Sprcad Fixing Chhrgc (if any), aoy premium payable upon the establishmcnt ofan Interest Raic CAp or lnlcrcsl Ralc Collar, and any UDwindirt Anounl payrblc by rhc Borrower " l5 In para8raph 72 oflhe Appcndix, thc definilion of Paymenr Dalc rs modrficd by delerirg thc word "is' and inserling th€ words "and Commirmcnt Charg. 4rc" at-rcr lhc rlord "iotcresa' t6 'l'hc defincd tcmr "Proiccr" in par.grapb 75 of the Appcndir is nrcdificd ro rcad "Program" and its definition modified to read as follows (and !ll refcrcnccs Io 's "P'oiccr" throughour lhesc Ccneml Condilionr are dccmcd Io bc rcFcrcnccs Lo ''P'ogranl'): '75 "Pro8ram" nrcans the Frogram rcfcncd lo rr lhc l-o.|rl Agrecmcot in suppon ofwhich rhe Loan rs tnade '