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LOAN NUMBER 297準 GEO(SF) LOAN AGREEMENT (SpeC a1 0pera‖ ons) (RegiOnal POWer TransmissiOn Enhancement Prolect) betWeen GEORGIA and ASiAN DEVELOPMENT BANK DATED 2/θ 3・ 2θ /3 GE0 44183 LOAN AGREEMET'IT (Special OPeratlons) 2 /' o 3 20/ 3 between GEORGIA ("Bonower) LOAN AGREEMENT dated BANK ("ADB)' DEVELOPMENT ASIAN ANd ', WHEREAS (A) the Bonower has applied to ADB for a loan for the purposes of the Projec't described in Sihedule 1 to this Loan Agreement; out by the Ministry of Energy and l"l.atural rosystem, Joint Stock Company ("GSE')' .and to trlOeNR and GSE the proceeds of the loan atisfactory to ADB; and (C Funds resources e a loan to the Borrower from ADB's Special set forth herein and in the Project Agreement of even date herewi NOW THEREFORE the parties agree as follows: ARTICLE I Loan Regulations; Definitions All the provisions of -the Special Operatiol: .to1n .01. Regulations), are hereby_ made applicable to Regutations otl-od, Jatea 1 January iooo 1,ld"n were fully set forth herein it-i"'iorn ngi".r"nt *itn tn" t"," iott" and etfect ai if they terms Wherever used in this Loan Agreement' the several Section l 02 modified meanings therein set forth unless Section 1 defined in the Loan Regulations f,a'" ine respective usCd in this Loan Agreement have the herein or the context othegise i"quir".. nOJiiioral terms following meanings: 'Consulting Guidelines" me^an^s the Guidelines on the Use of Consultants (2010' as amended from time to time); by Asian Develfiment Bank .niit. Bottot'"r." (a) to be financed out of the (b) "Consulting Services' means the services 1 to this Loan Agreement; proceeds of trJioan ai oescriu;o in paragraph 2 of schedule (c),EnvironmentalManagementPlan"or"EMP"meanstheenvironmental management plan tor tne eroiect, inctuding a-ny update thereto' incorporated in the IEE; 2 (d) 'Environmental Safeguards' means the principles and requirements set forth in Chapte; V, Appendix 1, and ApPendix 4 (as applicable) of the SPS; (e) "Goods' means equipment and materials to be financed out of the proc€eds ot tni Loan, including related services such as transportation, insurance, installation' tommissioning, training, and initial maintenance, but excluding consulting services; (f) "GSE" means Georgian State Electrosystem, Joint Stock . Company' established und6r the laws and regulations bf the Bonower and with its registered address at 2, Baratashvili Street, Tbilisi 0 105, Georgia; "lnitial Environmental Examination' or "lEE' means lhe initial (S) '-examination prepared for the Projec't, including any update thereto, environmental submitted by the Borrower, through GSE, and cleared by ADB; and "lnvoluntary Resettlement Safeguards" means the principles and requirements ."t'tortn in ChapteiV, Appndix 2, and Appendix 4 (as applicable) of the SPS; (h) (i) "Loan Disbursement Handbook" means ADB'S Loan Disbursement Handbook (2012, as amended lrom time to time): (j) "MOENR' means the Ministry of Energy and Natural Resources of the Borrower; (k) "PAM' means the project administatior manual for the Project dated 19 in September zoii ano agreed between the Bonower and ADB, as updated from time to time ADB; Borrower and procedures the of acJordance with the reslective administrative (D "Part" means each of Part 1 and Part 2 of the Project' as further described in paragraph 2 of Schedule 1 to this Loan Agreement; (m) "Procuremenl Guadelines' means ADB'S Procurement Guidelines (2010' as amended from time to time); (n) "Procurement Plan" means the procurement plan for the Proiect dated 19 September'zolz ana agreed between the Bonower and ADB, as updated from time to time in accordance with the Procurement Guidelines, the consulting Guidelines, and other arrangements agreed with ADB; (o) "Projeci Executing Agency' for lhe purposes of this Loan Agreement, and for the purposes of, and within the meaning of, the Loan Regulations means (i) GsE or any successor ihereto acceptable to ADB, which is responsible for carrying out Part 1 of the Project, ancl (ii) MoENR or any successor thereto acceptable to AoB, which is responsible for carrying out Part 2 of the Projecl; (p) "Project facilities' means the equipment and facilities to be installed, constructed or rehabilitated under the Proiect; (q) 'Rehabilitation Plan' means the rehabilitation plan for GSE which was approved by the Ministry of Finance of the Borrower in 200E; 3 G).ReseftlementPlan"or,RP"meanstheresettlementplanforthePjoject' through GSE' and including any iriOate thereto, prepared and submitted by the Borrower' cleared by ADB; (s)'SafeguardPolicyStatement"or"SPS"meansADB'sSafeguardPolicy Statement (2009); (t) 'safeguards Monatoring Report' means each report prepared and progress with implem.entation submitted by ti6 Bonower,-through GSE, 1p|98 that de-scribes inctuding any correclive and (as appticabte), Rp with the EMF anO the ;;lll- "smirriance preventative actions; (u) "subsidiary Loan Agreement' meanl .the subsidiary loan agreement gonower and GSE iefened toln Section 3.01 of this Loan Agreement; and between the (v)l^/orks'meansconstructionorcivilworkstobefinancedoutofthe project related proceeds of tne loan, including services such as drilling or mapping' and but excluding contract, turnkey or responsibility tnat are provided as p;n of a single Consulting Services. !"ro"i ARTICLE II The Loan Section2.ol.ADBagreestolendtotheBorrowerfromADB'SSpecia| eighty Funds resources an amount in various curre-ncies equivalent to thirty one thousand Special Drawing Rights (SDR30,981 '000) million nine hundred Section2.o2.(a)TheBorrowershallpaytoADBaninterestcharge per annum thereafter on the at the rate of 1% per annum during the grace period, and 1.5oh from time to time' outstanding Loan wilhdrawn fromihe Loln Account and "ror"ioitn" (b)Theterm"graceperiod'asUsedinsubsection(a)hereinabovemeansthe period prior to ihe first Principal iaymeht Date in accordance with the amortLation schedule forth in Schedule 2 to this Loan Agreement. Section 2 03 set The inlerest charge and any other charge on the Loan shall be payable semiannually on 1 June and 1 December in each year' Section2.o4'TheBorrowerShallrepaytheprincipalamountoftheLoan withdrawn from the Loan Account in accordance with the amortization schedule Schedule 2 to this Loan Agreement. set forth in Section2.05.Thecurrencyofrepaymentoftheprincipalamountof.the purposes of sections 4.03(a) Loan and lhe currency of payment of the interest charge for the and 4.04 of the Loan Regulations shall be Oollar. 4 ARTICLE III Use of Proc€€d! ol the Loan (a) The Borrower shall relend a portion of the proceeds nine million six hundred ninety thousand Special twenty of the Loan to GSE in the amount of Subsidiary Loan Agreement upon terms and (SDR29,690,000) a under Drawing Rights as ADB shall otherwise agree, lhe terms for relending conditions satisfactory to ADB. Except the proceeds of the Loan shall include interest at the rate of 1olo per annum during the grace period and 1.5o/o get annum thereafter (inclusive of foreign exchange risk) and a repayment period of 32 years including a grace period of 8 years. Section 3 01 (b) The Borrower shall cause the proceeds of the Loan to be applied to the financing of expenditures on Part 1 of the Project in accordance with the provisions of this Loan Agreement and the Project Agreement. The Bonower shall make a portion of the proceeds of the Loan available to MOENR in the amount of one million two hundred ninety one thousand Special Drawing Rights (SDR1 ,291,000) upon terms and conditions satisfactory lo ADB and shall cause MoENR to apply such proceeds to the financing of ependitures on Part 2 of the Projeci in accordance with the provisions of this Loan Agreement. Section 3 02 The proceeds of the Loan shall be allocated and withdrawn provisions of Schedule 3 to lhis Loan Agreement, aS such Schedule may in accordance with the be amended from time to time by agreement between the Borrower and ADB. Section 3 03 Except as ADB may otherwise agree, the Borrower shall procured, procure, or cause to be the items of expenditure lo be financed out of the proceeds of provisions of Schedule 4 to this Loan Agreemenl, the Loan in accordance with the Section 3 04 Except as ADB may otheMise agree, the Borrower shall cause all items of expenditure financed out of the proceeds of the Loan to be used exclusively in the carrying out of the Project. Section 3 05 Section 3 06 Withdrawals from the Loan Account in respect of Goods, Works and Consufting SeNices shall be made only on account of expendiiures relating to: (a) Goods which are produced in and supplied from and Works and Consulting Services which are supplied from such member countries of ADB as shall have been specified by ADB from time to time as eligible sources for procurementi and (b) Goods, Works and Consulting Services which meet such other eligibility requirements as shall have been specified by ADB from time to time. The Loan Closing Date for the purposes of Seclion 8.02 of 2016 or such other date as may from time to time December be 31 the Loan Regulations shall ADB Bonower and be agreed between the Section 3 07 5 ARTiCLE:V Particular COVenants ねdⅢ es he Bo硝 縄 F乳 ‖ VL哩 ぶ 『‖ 犠 i鳳 晰 ∬ 器 」∬ ,a:‖ [席 詰 "巾 『 Schedule 5 to this Loan Agreernent Section 4 02 The BOrOWer Sha‖ enable ADBIs representat市 es to inspect the Prolect,the GoodS and WOrkS,and any relevant records and dOCuments Section 4 03 (a) The each such audit,haVe the auditOrs use ofthe Loan proCeeds and com and a management letter(WhiCh S that were identrred in the courSe 6 months after the end Of eaCh related flsCal ‖ :∬:と 乱 ll鰤 腎t魁 1:::留ピ ￨ request λ TA器 饉腸;1:よ l」 龍 ,ξ 留 灘 :F『 雲瀾ξ :鵬甲 詔t翠棉 『 Lttilan∬ 器 ttΨ ttL認 ‖:電:蹴亀 tξ :呈 Dlect Wth the audlOrs l∫ Ψず ヽ 肥1∬ 聯aF襦」 置胤僧 i熙 畔酬榊鰍 檄 艶朧 } unlesS the Bo「 rOwer sha‖ OtherwiSe agree ∬ 言罫 #tf挽麗 刊撃鷺 補》 Pttipl:絢 ;晰∬ 師ヽ I騰 ob‖ gations ln %:留 lハ :思 W:‖ 課1lW[::la:TttLttT[朧 潟 Rお 冒 i滉 assgnd,amettd,OX総鳳認 ittr鴨 艦￨』 : 翼肝t肥 犠 『 電 思∬駅譜 Loan Ag ement Shall be 6 ARTICLE V Suspenslon; Acceleration ot Maturity The following is specified as an additional event for suspension of the right of the Borrower to make withdrawals ftom the Loan Account for the Section 5.01. -8.0t(m) ot tne Loan Regulations: the Borrower or GSE shall have failed to purposes of section Loan Agreement' beriorm any of tneir respective obligations under the Subsidiary ARTICLE VI Effectlveness 6.01. A date 60 days afrer the date of this Loan Agreement is Section specified for the effectiveness of the Loan Agreement for the purposes of Section 9 04 of the Loan Regulations. ARTICLE VII Miscellaneous SectionT.ol.TheMinisterofFinanceoftheBorrowerisdesignatedaS 'l representative of the Bonower for the purposes of section 1 .02 of the Loan Regulauons. S€ctionT.o2.Thefollowingaddressesarespecifiedforthepurposesof Section 1 1 01 of the Loan Regulations: For the Borrower Public Oebt and External Finance Department Ministry of Finance 16 Gorgasali Street' 01'14 Tbilisi, Georgia Facsimile Number: (99532) 2261 461 7 Fo「 ADB Asian Development Bank 6 ADB Avenue Manda:uyong City 1550 Metro Man‖ a Ph‖ ippines FaCSim‖ e Numbers: (632)6302444 (632)636‐ 2301 lN WITNESS WHER :W齋 '呂i懇 鵠翼 害‰ through their representatives l旧 :ξ 稲 懲 鰭:朧 Ъ ADB NODAR KttADURI 8 sCHEDULE l Descrlpt10n ofthe Pr● ect :卜 tmbmeerttr:l瑞 も 譜 。 rellabに ,獣 aЫ e and efrldett poWer operat10n 滉 f:1膳 F認 expOrt and transit 。WIng: The PrOject sha‖ cOmpnse the fo‖ 2 Part l O 寵鴨 閣 F::常 :ll exiSting supervisory energy management operatiOni O :翼 (C) 22明 Ю kV ttbdttOn wtth 220 kV and‖ 『 耐 :1:[L置 OkV he : uipment;and Prttect SuperviSiOn and management suppon fOr GSE Part 2 :機 胤11酬鵬 需∬私‖ 蹄 」 o::冨 黒e鵠 」 職 闊瀧品 濶瀾 prOleCtS The PrOlect aiSO inCludeS the provisiOn of COnsulting Services required fOr Part l(C)and Part 2 3 The PrOl(X■ iS expeCted tO be completed by 30」 une 2016 9 SCHEDULE 2 Amortizat:on Schedule (Regiona:POWer Transmission Enhancement Pro,eCt) Date Payment Due Pavment of PrlnchJ (eXpressed in Special Dra哺 ng Rights)・ 1」 une 2021 l December 2021 1」 une 2022 l December 2022 1」 une 2023 l December 2023 1」 une 2024 l December 2024 1」 une 2025 l December 2025 1」 une 2026 l December 2026 1」 une 2027 l December 2027 1」 une 2028 l December 2028 1」 une 2029 l December 2029 1」 une 2030 l December 2030 1」 une 2031 l December 2031 1」 une 2032 l DeCember 2032 1」 une 2033 l December 2033 1」 une 2034 l December 2034 l June 2035 l December2035 l June 2036 l December 2036 1」 une 2037 l December 2037 1」 une 2038 l December 2038 1」 une 2039 l December 2039 l June 2040 l December 2040 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,438 10 Schedule 2 Date Pavment Due Pavment of P‖ nciDal (eXpressed in Special Dra前 ng Rights)・ 1 June 2044 1 December 2044 645,438 645,438 645,438 645,438 645,438 645,438 645,438 645,414 Total 30,981,000 1 June 2041 1 December 2041 1 June 2042 1 December 2042 1 June 2043 1 December 2043 ' The anangements for payrnent ar€ subiecl lo the provisions ol Sec,tions 3 04 and 4 03 of the Loan Regulalions 11 SCHEDULE 3 Allocatlon and Wlthdrawal of Loan Proceeds General '1. The table attached to this Schedule sets forth the Categories of items of expenditure to be financed out of the proceeds of the Loan and the allocation of the Loan proceeds to each such category (Table). (Reference to "category" in this schedule is to a Category of the Table.) Basis for Withdrawal from tho Loan Account 2. Except as ADB may otheMise agree, the proceeds of the Loan shall be disbursed on the basis of the withdrawal percentage for each item of expenditure set forth in the Table. Reallocation 3. Notwithstanding the allocation of Loan proceeds and the withdrawal percentages set forth in the Table, (a) if the amount of the Loan allocated to any Category appears to be insufficient to financ€ all agreed expenditures in thal Category, ADB may' by notice to the Bonower, (i) reallocate to such Category, to the extent required to meet the estimated shortfall, amounts of the Loan which have been allocated to another category but, in the opinion of AoB, are not needed to meet other expenditures, and (ii) if such reallocation cannot fully meet the estimated shortfall, reduce the withdrawal percentage applicable to such expenditures in order that further withdrawals under such Category may continue until all expenditures thereunder shall have been made; and (b) if the amount of the Loan allocated to any Category apPars to exceed all agreed expenditures in that category, ADB may, by notice to the Borrower, reallocate such exoess amount to any other category. Disbursement Procedures 4. Except as ADB may otherwise agree, the Loan proceeds shall be disbursed in accordance with the Loan Disbursement Handbook Condrtion for Withdrawals from Loan Account 5. Notwithstanding any other provision of this Loan Agreement, no withdrawals shall be made from the Loan Account for Part 1 of the Project until the subsidiary Loan Agreement, in form and substanoe satisfactory to ADB, has b€en duly executed and delivered on behalf of the Bonower and GSE, and is legally binding upon the parties thereto in accordance with its terms. 12 Attachmentto Schedule 3 ALLOCAT10N AND VVITHDRAWAL OF LOAN PROCEEDS (Re91ona:POWer TranSmission Enhancement Prdect) ota:Amount A‖ ocated ADB Financing Basis for Withdrawal from the Loan Account Category lSubcategory 100%Of tOtal expenditure 100% of total expendature 100%of totai expenditure ・ Exdus v● oftaxes and dutieS impoSed哺 thin the temtOry of tt BOrrowor ・ ・ Whdrawal oftht amount t subled to the∞ ndmn prO■ ded h paragraph 5 or Schedub 3 13 SCHEDULE 4 Procurement of Goods, wotks and Consultlng Servlces General The procurement of Goods, Works and consulting-Services Shall be..subject to respeclively. and governed by the Procurement Guidelines, and the consulting Guidelines, 1. 2. All terms used in this Schedule and not otherwise defined in this Loan Agreement provided in the Procurement Guidelines and/or the consulting Guidelines, have the meanings as applicable. Goods and Works 3'Exc€plasADBmayotherwiseagree,GoodsandWorksshallonlybeprocured on the basis of the methods of procurement set forth below: Co contracti hundred thousand Dollar (a) iui lnternalional Direct ;and single package valued at less than one ,OoOl equivalent for the procurement of certaintelecommunicatiopmentaSindicatedintheProcurement Plan). 4. The methods threshold procu out arrangements and ,oJir)/ ir," methods of modifications must be set , among other things, the detailed ment Plan The Borrower may only h the prior agreement of ADB' and Plan' Conditions for Award of Contract The Bonower shall ensure that GSE does not award any works contract which provisions ftom the invofues environmental impacts until GSE has incorporated the relevant EMP into the Works contract. 5. 6.TheBorrowershallensurethatGsEdoesnotawardanyWorkscontractwhich ADB the to involves involuntary resettlement impac,ts, until GSE has prepared and submitted RP. nn"f ni U"seO on t'he Projects detailed design and obtained ADB'5 clearance of such Consultino Services Except as ADB may otherwise agree, the Borrower, through the Project and engaging Executing Agency, shall apply quality- and coslbased selection for selecting 7. Consulting Services. lndustrial or lntellectual ProDertv Riohts 8.(a)TheBorrower,throughtheProjectExecutingAgency'shallens.urethatall and (including wi[hout limitation all computer hardware, Goods and Woris procured 'separateli .-vit.-i whether softlvare procured or incorporated wrthin other goods and services 14 Schedule 4 procured)do not viOlate or infringe any industrial prOpeny or inte‖ of any third Pany ectual propetty right or claim 轍T鷲 器醐諸 鱚 ヽ aragraph pany ADB'S Review Of ProCurement DeciSiOns 」″肥 ∬留糀認 日 雪 「 in the PrOCurement Plan i喩轟鮒 酵∬ 蝙謂 艤 甜orthII濡 慮 驀 i朧 :器 鸞繹 ヽ 籠 輛蒜 柵出Ⅷ記 評:息 認」 l憎 だ淵胃 ba"md d?mm沼 Ⅷ[l∫湘評 Date,and avddance d̀:む Ы ,:1:『 需 滉 彙 ∫ :l界 薦 e鳴 肌 ∬ 品 1デ 」]障 出 濯 Ъ 」罐 邸 :鯨 鴨 ∞ ntractl 如 iT醐 i藪 ifitt「 椰 繍 ボ 1 鞠 湯 document 淵 柵 榊 憩]I]亜 ‖ 盤調 鳥 :『 Ⅷ ]」Ⅷ 翼棚 製i淵 iT糊 : 1よ the contract 15 SCHEDULE 5 Erecution of ProJect; Flnancial and Other Matte.s lmplementation Ananoements 1. The Borrower shall designate MOENR as the Project Executing Agency for Part 2 of the Project and GSE as the Projecl Executing Agency for Part 1 of the Project. The Borrower, through the Project Executing Agency, shall ensure that the Project is implemented in accordance with the detailed arrangements set forth in the PAM. Any subsequent change to the PAM shall become effectlve only after approval of such change by the Bonower and ADB. ln the event of any discrepancy between the PAM and this Loan Agreement, the provisions of this Loan Agreement shall prevail. Counteroart Suooort 2. The Borrower shall ensure that counterpart funding, including to cover the cost of taxes, duties, or other similar mandatory payments levied on the Project expenditures within its territory, necessary for the implementation of the Project is made available and released in a timely manner. 3. The Borrower, through GSE, shall ensure that qualified and experienced staff are made available for the effective operation and maintenance of the Projecl facilities. Environment 4. The Borrower shall cause GSE to ensure that (a) the preparation, design, construction, implementation, operation and decommissioning of the Proiect and all Project facilities comply wilh (i) all applicable laws and regulations of the Borrower relating to environment, health and safety; (ii) the Environmental Safeguards; and (iii) all measures and requirements set forth in the lEE, the EMP, and any corrective or preventalive actions set forth in a Safeguards Monitoring Report; and (b) subsequent to the award of any Works contract, the build or construc,tion phase of the Works conkact shall only proceed after the Ministry of Environment Proteclion has granted the final approval of the lEE. Land Acouisition and lnvoluntarv Resettlement 5. The Borrower shall cause GSE to ensure that all land and all rights-of-way required for the Project are made available to the Works contractor in accordance wilh the schedule agreed under the related Works contract and all land acquisition and resettlement activities are implemented in compllance with (a) all applicable laws and regulataons of the Borrower relating land acquisition and involuntary resettlement; (b) the lnvoluntary Resettlement Safeguards; and (c) all measures and requirements set forth in the RP, and any corrective or preventative actjons set forth in the Safeguards Monitoring Report. lo 6. Wrthout limiting the application of the lnvoluntary Resettlement Safeguards or the RP, the Bonower shall cause GSE to ensure that no physical or economic displacement takes place in connection with the Project until: 16 Schedule 5 (a) (b) compensation and other entitlements have been provided to atfected people in accordance with the RP; a comprehensive income and livelihood restoration program has been established in accordance with the RP; and (C) the Bonower, through GSE, has submitted to ADB a report on the fulfillment of the requirements of this paragraph, and ADB has cleared the rePort. Human and Financial Resources to lmDlement Safeouards Reouirements 7. The Borrower shall cause GSE to make available necessary budgetary and 8. The Bonower shall cause GSE to ensure that all bidding documents and human resources to fully implement the EMP and the RP- contracts for Works contain provisions that require contractors to: (a) comply with the measures relevant to the contractor set forth in the lEE, the EMP and the RP (to the extent they concern impacts on affected people during constructron)' and any correc{ive or preventative actions set forth in a Safeguards Monitoring Report; (b) (c) make available a budget for all such environmental measures; provide the Borrower with a written notice of any unanticipated environmental or resettlement risks or impacts that arise during construction, implementation or operation of the Project that were not considered in the lEE, the EMP and the RP; (d) adequately record the condition of roads, agricu[tural land and other infrastruclure prior to starting to transport materials and construction; and (e) reinstate pathways, other local infrastructure, and agricultural land to at least their pre-project condition upon the completion of construclion. Saf@uards Monitorinq and Reporlinq 9. The Borrower shall cause GSE to do the following: (a) submit semi-annual Safeguards Monitoring Reports to ADB and disclose relevant information from such reports to affected peEons promptly upon submission; (b) if any unanticipated environmental and/or social risks and impacts arise during conslruclion, implementation or operation of the Project that were not considered in the lEE, the EMP and the RP, promptly inform ADB of 17 Schedule 5 the occunence of such risks or impacts, with detailed description of the event and proposed correc-tive action plan; and (c) report any actual or potential breach of compliance with the measures and requirements set forth in the EMP or the RP promptly after becoming aware of the breach. Prohibited List of lnvestments The Borrower shall ensure that no proceeds of the Loan are used to finance any activity included in the list of prohibited anvestment activities provided in Appendix 5 of the SPS. 10. Labor Standards ll.TheBonowerShallcauseGsEtoensurethatallWorkscontracfors:(a)comply with all applicable labor laws and regulations of Georgia; (b) provide equal opportunities for women and men; (c) not differentiate between men and women's wages or benelits for work of equal value; (d) provide safe working conditions for all workers; (e) abstain trom using child labor, or forced or compulsory labor: and (Q allow for freedom of association. The Bonower shall cause GSE to further ensure'that relevant Works contracts financed under the Project include specific clauses on these undertakings, and compliance is strictly monitored during the implementation of the Project. Sector Development 12. The Bonower, through the Proiect Executing Agency' shall ensure that ADB is kept informed of key power sector policy reforms including tariff methodologies, and the implementation progress of the Rehabilitation Plan. Financial Performance 13. The Borrower shall cause GSE to carry out its operations in line with sound financial management practicos with a view to maintaining the following trom 2012 until 3 years after the completion of the Project: (a) GSE'S accounts receivables are maintained at a level that does not exceed the equivalent of the aggr€gate amount of 3 months of billing; (b) GSE maintains its debt seNice coverage ratio at not less than .1. For the 1 purposes of this sub-paragraph, 'debt service coverage ratio' shall mean cash flow available for debt service, that is, cash flow from operating activities (total principal repayments for the year + total interest / payments for the year). Govemance and Corruption The Borrower and the Project Executing Agency shall (a) comply with ADB's Anticorruption Policy (1998, as amended to date) and acknowledge that ADB reserves the right to investigate directly, or through its agents, any alleged corrupt, fraudulent, collusive or 14. 18 Schedule 5 coercivepracticerelatingtotheProiect:and(b)cooperatewthanysuchinvestigationand assistance for satisfactory completion of such investigation. ert"nJ "iln"..ssary shall ensure that the The Borrower 15. acc provisions executing anticonuption provisions contracfs, includingaccounts of the consultants. and other service providers as the bidding documents and examine the records and I contractors, suppliers,