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LOAN NUMBER 3238‑GEO LOAN ACREEMENT (Ordinary Operalons) (urban servi∝ s lmprovementlnvestment Program― PrOleCt 4) GEORGIA and ASlAN DEVELOPMENI BANK ′01タ GE0 43405 LOAN AGREEiTENT (Ordinary Operations) LOAN AGREEMENT dated ‐ う θlぅ bemeen CEoRCIA ('Borrowel) and ASIAN DEVELOPMENT BANK CADB"). WHEREAS (A) by a frame\xork financing agreement dated '1 March 2011, as amended. ('FFA') between the Borrcwer and ADB, ADB hes agreed to provido a multilranche financing facility to the Bonov/er for purposes of financing projects under the Urban SeNices lmprovement lnvestment Program; (B) by a p€riodic financing request dated 18 August 2014, lhe Bonower has applied to AOB for a loan for the pu.poses of lhe Projecl described in Schedule 1 to this Loan Agreement; (C) the Proiect will be canied out by the Unrted Wat€r Supply Company of Georgia Limited Liability Company (UWSCG') as the implementing agency, under lhe oversight of Ministry ot Regional Developmenl and lnfraglructure ('MRD|") oflhe Eorrower as the executing agency, and for this purpose lhe Borower will make available to UWSCG the proceeds ot the loan provided herein in accotdance with the loms and conditions satislaclory to ADB; and (D) ADB has agreed to mako a loan to the Bonower from ADB'S ordinary capital resources upon the terms and conditions set forth herein and in the Projecl Agreement betrwen ADB and UWSCG; NOW THEREFORE the parties hereto agree as follows: ARTICLE I Loan Regulallon3; t efinitiona 101. All the provisions of the Ordinary Operations Loan Regulations Applicable to LIBOR-Based Loans Made from ADB'S Ordinary Capital Seclion Resources, dated 1 July 2001 ('Loan Regulations'), are hereby made applicable to this Loan Agreement with the same torce and effect as if they were fully set forth herein, subiect, however, to the following modifietions: (a) Seclion 2.0'l(50) is deleted and the following is substituted therefor: 'Projecl Agreement' means the Project Agreement b€tween ADB and UWSCG. 2 (b) The lerm "Project Executing Agency" appearing in Sections 7 O4(b), 9-01{d), 9.01(0, 9 01(k), 10.01(c) and 1O O2(c) oithe Loan Regutations shall be substituted by the term'UWSCG'. (C) Seclion 3.03 is deleled and the fo owing is subslituted therefor: Commitmoni Ch.rge; Credit tUtaturity p.rmium. (a) The Bonower shall pay a commitmenl charge on the unwilhdrawn amounl of lhe Loan at the rate and on the terms spcified in the Loan Agreement. (b) ADB shall provide to the Bonower a credit at rate the specified in the Loan Agreement, which credit shall r€main fiGd for the term of the Loen ADB shall apply the credit against lhe interesi payable by the Bonower. (c) The Borrower shall pay a maturity premium ai the rate specified in the Loan Agreement, which maturity premium shall remain fixed for tho torm of lhe Loan. ADB shall add the matuity premium to the intercst payable by the Borower. (d) Section 3 06 is deleled and the followinO is substiluted lherefor: Rabate. (a) Followng any announcement by ADB that the Fixed Spread applicable to new Loans sha b6 reduced, ADB shall provjde a Rebale to any Borrower with an oLrtstanding Loan on which higher Fixed Spread is applicable The amounl of the Rebat6 shall be determined by a multiplying (i) the dfierence between the Fixed Spread applicable lo the outstanding Loan and lhe Fixed Spread that will be applied to new Loans (expressed as a percenlage per annum), by (ii) the principal amouni oflhe oulstanding Loan on which lh6 Borower shall pay interest for all interest periods commencing on and afi6r the effective date of the lower Fxed Spread that will be applied lo new Loans (b) Following any announcement by ADB that ils Funding Cost Margin calculations with respect lo any Loan Cur.ency (or Approved Currency) in any Semesier resulted in ADB achieving savings, AOB shall provide a Rebate to the Borower. The amounl ot the Rebate shall be detemined by multiplying (i) lhe Funding Cost Margin {expressed as a percenlage per annum) by (ii) the principal amount of the Loan on which the Eonow€r shall pay interest for the lnteresl Period commencing immediately afler the Semester for which the Funding Cost Margin was calculated. ADB shall apply the amount of the Rebale against the interest payable by the Borrower for the lnteresl Period commencing immediately afler the Semester for which the Funding Cost Margin was calculated. 3 (e) Seclion 3.07 is d€leted and lhelollowing is subEtituted therefor: Surcharge. (a) Following any announcemenl by ADB that the Fixed Spr6ad applicable to new Loans shatt be increased, any Bonower with an outstanding Loan on which a lott/er Fixed Spread is applicable shall pay ADB a Surcha.ge. The amount of the Surcharge shall be determined by multiplying (i) the difterence belween the Fixed Spread that wi be applied to new Loans and the Fixed Spread applicable to the outslanding Loan (erp.essed as a percentage per annum), by (ii) the pnncipal amounl of the oulstanding Loan on which the Bonovrer shall pay interesl for all interest penods commencing on and afler the efteclive date of the higher Fixed Spread that will be applied to new Loans. (b) Following any announcement by ADB thai its Funding Cost Margin calculatrons wrth respecl to any Loan Cunency (or Approved Currency) in any Semester resulled in ADB incunjng additional costs, the Bonower shall pay ADB a Surcharge. The amount of the Surcharge shall be determined by mulliplying (i) the Funding Cost Margin (epressed as a percentage per annum) by (ii) the principal amount of the Loan on which the Bono\,vgr shall pay interest for the lnterest Penod commencing immediately afrer the Semester for which ihe Funding Cost Margin was calculated. ADB shall add the amount of the Surcharge to the interest payable by the Borower for the lnterest Period commencing immediately afler the Semesler for which the Funding Cost Margin was calculated. Seclon 1 02 Wherever used in lhis Loan Agreemenl, the several tems defin€d in the Loan Regulations have the respeclivo meanings therein set forth unless modmed herein or the context otherwise requires. Additional terms used in this Loan Agreement have the lollowing meanings: (a) 'Consulting Guidelines' means lhe Guidelines on the lJse of Consultants by Asian Development Eank and its Bonowers (2013, as amended from time lo time); (b) 'Consulling Services" means the seNices lo be llnanced oul of the proceeds of the Loan as described in subparagraph 2(c) of Schedule 1 to this Loan Agrcemenl; (c) 'EARF' means the Environmental Assessmenl and Review Framework for ihe lnvestmenl Program, as agreed between the Bonower and ADB, as amended from time lo time: (d) 'EMP' means each Environmental l\ranagement Plan for the Project prepared in accordance with the EARF, incorporated in the applicable lEEi 1 (e) "Environmental Safeguards, means lhe principles and requkements set forth in ChaplerV, Appendix 1, and Appendix 4 (as apptic.bte) of the SpS; (0 'Facility' means the multitranche financang taciliiy provided by ADB to the Bono\ier for purposes offinancing proiecls underthe lnvestment program; (S) "FFA' has the meaning set forth in Recital (A) above; (h) 'FY'means the fiscalyear ol UWSCG; (D "GNEWSRC'means the ceorgia National Energy and Water Supply Regulatory Commission of the Borower or any successor thereto; (j) 'Goods' means equipment and materials lo b€ financed out of the proceeds of the Loan, including related services such as transportation, insurance, installation, commissioning, training, and inilial maintenance, but gxcluding Consulting Services; (k) 'lEE m6ans each lnilial Environmental Examination tor the Project prepared an accordance with thg EARF; (l) lnvestment Pr€rami 'lnvestment Program" means lhe urban Services lmprovement (m) 'Loan Oisbursemenl Handbook" means ADB'S Loan Disbursement Handbook (2012, as amended from time to time); (n) 'MRDI" the Ministry of Regional Oovelopment and lnfrastruclure of lhe Bonowel (o) 'PAM' means the projecl administration manuat for the Proled daled 24 Oclober 2014 and agreed between the Bonower and ADB, as updated from time to tilhe in accordance with lhe respeclive administrative procedures of the Bonower and ADB; (p) "PFR" means ihe penodic financing request submiled or to be submitted by the Bono er, for the purposes of each loan under the Facility, and for the pulpose of this Loan Agrcemenl means the periodic financing request dated 18 August 2014; (q) 'Procurehent Guidelines' meang ADB'S Prc rement Guidetines (20'l3, as amended from timE to time); (r) 'Procurement Plan" means the procurement plan for the Project dated 24 Oaiober 2014 and agroed between the Eonower end ADB, as updated hom time to time in accordance with the Procurement Guidelines, the Consunang Guidelines, and olher anangemenls agr€ed with AOB; (s) "Project Executing Agency' for the purposes of, and within lhe meaning of, the Loan Regulations means MRDI or any successor lhereto acceptabte to ADB, which is responsible for c.rrying out the Projecit; 5 (t) 'Safeguards Monitoring Report' means each report prepared and submitted by tho Bormrver, throwh UWSCG, to AOB that describes progress with implementation of, and compliance with, the EMP, including any conective and preventative actions; (u) (v) "SPS'means ADB'S Saleguard Policy Statement (2009); 'Subsidiary Loan Agroemenf means lhe agreement among the Borrower, MRDI and UWSCG reterred to in Section 3.01(a) of this Loan Agreemenl, (w) "l,rWSCG'means the LJnited Water Supply Company of Georgia Limited Liabiliy Company established under the laws and regulations of the Bonower with its cunent registered addrsss at 76b, Vazha Pshavela Ave., Tbilisi 0'186, Georgia, or any successor thereto accepiable to AOB; (x) "Works' means construction or civil works lo be llnanced out ot the pro@eds of the Loan, rncluding gervices such as drilling or mapping, and proiect related servicos that are provided as part of a single responsibility or turnkey contracl, bul etcluding Consulling Services: and (y) "WSS" means waler supdy and sanitation. ARTICLE II Tho Loan (a) Seclon 2 01 AOB agr€es to lend to the Bonower trom ADB'S ordinary capital resources an amount of one hundred eight million Oollars ($108,000,000), as such amount may b€ converted from time to time through a Cunency Conversion in accordance with the provisions of S€ction 2.06 ofthis Loan Agreemenl. (b) The Loan has a principal repaymenl period of 23 years, and a grace p€riod as detined in subseclion (c) he.einafier. (c) The term 'grace penod' as used in subsection (b) hereanabove means the period prior to lhe llast Principal Payment Date in accordance with the amonization schedule set Iorth in Schedule 2 to this Loan Agreement. The Eorrower shall pay to ADB interest on the pincipal Secton 2 02 amour{ of the Loan witMrawn and oulstanding f,om time to time at a rate for each lnteresl Period equal lo the sum ot: (a) (b) LIBOR; 0.60% as provided by Seclion 3.02 of the Loan Regulations less a credit of 0.10% as provided by Section 3.03 of the Loan Regulations: and 6 (c) a maturity premium ol 0.20% as provided by Seciion 3.03 of lhe Loan Regulations. Seclion 2.03. The Bonow€r shal pay a commalment charge of 0.15% per annum- Such chergo shall accruo on the Iull amount of the Loan (less amounls withdrawn from time to time), commencing 60 days af,er lhe date of this Loan Agroement. 2.04. Seclion lnler$t and other cfiarges on the Loan shall be payable semiannually on 1 June and 1 Oecember an each year_ Secton 2 05 The Borrower shal{ repay the principal amount of lhe Loan withdrawn from the Loan Account in accordance with the provisions of Schedule 2 to this Loan Agreement. Section 2.06. (a) The Bono$/er may al any lime requesl any of the following Conversions ol the tems of the Loan in order to facilitate prudent debt managemenl: (i) a change ot the Loan Currency of all or any portion of the pdncipal amount of lhe Loan. whether withdrawn and outstanding or unwithdrawn, to an Approved Cunency; (ii) a change of the interest rate basis applicable to all or any portion of the pdncipal amount of the Loan withdrawn and outstanding from a Floating Rate lo a Fixed Rate, or vice versa; and (iiD lhe setting of lamits on the Floating Rate applicable to all or any portion of thg pincipal amount of the Loan withdrawn and outstanding by the establishment of an lnterest Rate Cap or lnlerest Rale Collar on said Floating Rate. (b) Any conversion requegted pursuant lo subseclion (a) hereinabove that is accepted by ADB shall be considered a'Conversion", as detined in Seclion 2.01(6) of the Loan R€ulations, and shall be effected in accordance with the provisions of Article V of the Loan Regulations and the Conversion Guidelines. ARTICLE III lJ3e of Prcc.ods ot lhe Loan 3.01. (a) Section The Borrower shall relend the proceeds of the Loan lo UWSCG under a Sub8idiary Loan Agreement upon terms and conditions satisfactory lo ADB. Except as ADB may otheMise agree, lhe terms for relending the proceeds of the Loan shall include inlerest at the same per annum rate as is payable by the Bonower lo ADB under lhis Loan Agro€ment (inclusive of foreign exchange nsk) and a repayment period of 30 yeals including a grace period of 7 yeac. 7 (b) The Borrower shall cause the proceeds of the Loan to be applied to lhe financing of expendrtures on the Proiecl in accordance wilh the provisions of this Loan Agreement and the Project Agreemenl. Secton 3 02 The proceeds of the Loan shall be allocated and wilhdrawn in accordance with the provisions of Schedule 3 to thrs Loan Agreemenl as such Schedule may be amended from time to time by agreemenl between lhe Bonower and ADB. Secton 3 03 Except as ADB may othe ise agree, the Borrower shall procurc, or cause to be procured, tho items of expenditure to be tinanced out of the proceeds of the Loan in a@ordancE with the provisions of Schedule 4 to this Loan Agreement. ADB may refuse to finance a contract where any such item has not been proclred under procedures substantially in accordance with those agreed between the Bonower and ADB or wlrere the terms and conditions of the conkacl are not satisfactory to ADB, 3.04 Except as ADB may olheMise agree, tho Boffower Section shall cause all items of expenditure financed oul of the proceeds of the Loan to t€ used exclusively in the carryang out of the Project. Secton 3 05 The Loan Closing Oat€ for the purposes of Section 9.02 of the Loan R€gulations shall be 30 June 2018 or such other date as may from time lo time b€ agreed between the Bonower and ADB ARTICLE IV Particul., Covenants (a) The Bonower shall cause the Proiect to be Section 4.0'1. carried out with du€ diligence and eflicienry and in conformity with sound applicable technical, financial, business, and development praclicgs. (b) ln the carrying out of the Projeci and operation of the Project facilities, pedorm, or cause to be performed, all obligations sel fodh in Schedule 5 shall the Borrower to this Loan Agrcement. Seclion 4.02. The Boro$/er shall make available, or cause lo be made available, promptly as needed, and on lerms and conditions acc€ptable to ADB, the funds, facilities, seruices, land and other resources, as r€quired, in addition to the proceeds ol the Loan, for the carrying out of the Project The Borrower shall enable AOB'S representalives to Sedion 4 03 inspect the Project, the Goods and Wo*s, and any relevant records and documents ADB shall disclose the annual audited financial Secton 4 04 the opinion of the audito6 on the financaal stalements within statements for the Project and 30 days ofthe date of th€ir receipt by posting thefi on ADB'S $/ebsite. 8 Section 4.05. The Borrolyer shall take all actions which shall b6 necessary on its part to enable UWSCG to perform its obligations under the project Agreement, and shall not take or permil any action which would inlerrere with the perforhance of such obligations. 4.06. (a) Seclion The Borower shall exercise its rights under the Subsidiary Loan Agreement in such a manner as to prolect the interests of lhe Bonower and ADB and lo accomplish the purposes oflhe Loan. (b) No rights or obligations under th€ Subsidiary Loan Agreement sha be assign6d, amended, abrogated or waived without the prior concunence olADB. ARTICLE V Eff€ctlvonors 5.0't. Seclion A date 60 days afrer the date of this Loan Agreement is specified for the efectiveness of lhis Loan Agroement for the purposes of Section 10.04 of the Loan Regulations. ARTICLE VI lacallaneou3 Seclaon 6.01. The Minister ol Finance ot the Bonower is designaled as rep.es€ntative of tho Bonov'rer for the purpGes of Seciion 12.02 ot the Loan Regulations. Section 6.02. The following addresses are specified for the purposes of Seciion 12.01 ofth€ Loan Regulations: For the Borower Ministry of Financ€ 16 Gorgasali Street, 0114 Tbilisi, Georgia Facsimile Number: (99532) 2261 461. For ADB Asian Development Bank 6 ADB Avenue Mandaluyong City 1550 Metro Manila Philippines Fac8imile Numbers: (632)6 -2444 (632) 63&2301. lN WITNESS WHEREOF the parlies hereto, acting through their representalives thereunto duly authorized, have caused lhis Loan Agrcement to be signed in their respective names as of the day and year filst above witten and to be delivered at the principal office of ADB. NObxR KHADURI ASIAN DEVELOPMENT BANK Central and Asla Departmenl

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10 SCHEOULE I D.3cription ol tho Proroct 1. The objeciive oI the lnvestment PrcgEm is to improve water supply and sannaton services in secondary to,vns ot Georgia. 2. The Projecl shallcomprisei Comoonent I - lnfEstructure lmprovement (a) augmentation of the water supply system in the town of Zugdidi throwh construclion of (i) water produclion rirells and water pumping stalion at lnghid, (ii) lransmission mains, (iii) a reservoir at Bashi, and (iv) wat€r distribution network; (b) improvement oI solerage system in the town ol Poti through (i) replacemenl ol old s€w6r lines, (ii) laying of new 3e$rer lines, (iii) conslruction of sewag6 pumping stations, and (iv) conslruclion of a new setr€rage treatment plani; and ComDonent 2 - Proiecl lmolementation Suooort (c) provision of support to UWSCG for (i) creation of sex-disaggregeted consumer database to develop taEeled marketing campaigns, (ii) establishing customer care units in WSS service cenlels, which are staffed by at least 30% wgmen that inlorm, educate, and communicale on wator, hygiene, and sanilation, and (iii) proieci implementaiion and management, including supporl to the lnvestment Prog6m management ofiice. 3. 4. The Projecl is d€scribed more fully in the PFR. The Projed is expecled to be completed by 31 December 2017.

11 Schedule 2 SCHEDULE 2 Arnor{za on Schedula (Urban Servicoa lmprovamanl lnveltnont proeram _ proloct 4) 1. The following table sets fonh the principat payment Dates of the Loan and the percentage of the total principalamount ofthe Loan payabte on each principal payment Oate (lnstallment Share). lf the proceeds of lhe Loan shall have been tully withdrawn as ot the flrst Principal Payment Date, the principal amount of the Loan repayabte by the Bonower on each Principal Payment Date shall be determined by ADB by multiptying: (a) the totat principal amount of the Loan withdrawn and oulstanding as of the first principal payment Date; by (b) the lnstallment Share for each Principat payment Date, such repayment amount to be adjusled, as necessary, lo deduci any amounts referd to in paragraph 4 of this Schedule, towhich a Cunency ConveGion applies. Payment Due 1」 une 2022 l December 2022 1」 une 2023 イDecember 2023 1」 une 2024 l December2024 1」 une 2025 l December2025 'June 2026 l December2026 l June 2027 1 December 2027 1」 une 2028 l Decembe「 2028 ̀June 2029 2029 l Decembe「 ,」 une 2030 l December2030 ￨ 」une 2031 l December 2031 1」 une 2032 l December 2032 l June 2033 ,December 2033 1」 une 2034 l December2034 1」 une 2036 l December 2035 lnslallment Share (Expressed as a o/o) 2173913 2173913 2473913 2173913 2173913 2173913 2173913 2173913 2173913 2173913 2173913 2173913 2173913 2473913 2173913 2173913 2173913 2173913 2173943 2173913 2173913 2173913 2173913 2173913 21739,3 2173913 2173913 2,73913 Ｚ ＾ Schedule 2 Payment Due l June 2036 1 December 2036 l June 2037 1 Oecember 2037 1」 une 2038 ,Decembe「 2038 1 」une 2039 l December2039 ,」 une 2040 l December 2040 l June 2041 1 December 2041 1」 une 2042 l December 2042 1」 une 2043 l December2043 1」 une 2044 1 December 204? Total lnstallmenl Share (Expres6ed as a %) 2173913 2173913 2170913 2173913 2173913 2,73913 2173913 2173913 2173913 2173913 2173913 2173913 2173913 2173913 2173913 2173913 2173913 2173915 100000000 2 lt the proceeds ot the Loan shall not have been fully wilhdrawn as of the first Principal Payment Date. the pfincipal amount of lhe Loan repayaU6 Oyttre gorrower on each Princrpat Payhent Date shal be delormjned as follows (a) To th€ extent that any proceeds ofthe Loan sha have been withdrawn (b) Any v{iihdrawat made afier the first pnnclpal payment Date shall be as of the llrst Principal payment Dale, tha gonower sha repay the amouniwitf,Oi""n outstanding as of such date in accordance with paragraph t oithis ScheOute "nO repaid on each Principal Payment Date falthg afler the dale of such withdrawal ,n amounts detormined by.ADB by muttiplying lhe amount of each such w hdrawal by a fraction, the numerator of which-shall be the original lnstaltment Share specfied in the ta;b rn paragraph 1 of this Schedrrle ,or sad Pnncipat payment Date (the Ong,nal lnstallment Share) and the oenomrnatd of which shall be the sum of all remaming OrEtnal lnstallment Siares lor Principal Payment Dates falling on or affor such dale, -sucti repayment amounts to be adjusted, as necessary, to deduct any amounts refered to jn paragraph 4 of this Schedule, to which a Cunency Conversion applies. 3. Withdrawals made within lwo calendar months prior to any principal payment oate.shefi, for the purposes solely of calculating the pnncipal amounls payable on any Principal Payment Date, be treated as withdrawn and orrtslanding on the;e;ond princip;t Payment Date following ihg date of withdrawat and sha be replyabte on each principat Payment Oate commencing with the second principat payment D;te ,o owing the date of withdrawal. 13 Schedut€ 2 Notwithstandrng the provrsrons of paragr.phs 1 1 and 2 of thls Schedute, upon a currency conversion ofar or any ponion of the,irit ai",i" p"n"ip"Li.ririi liJ"iii" ," Approvod curency, the amou;t-so convert6d in Approi"a-Cu,."ily'ffi?", "" ou repayabre on any Principar payment Date occuning "rio dunng the conversion perod shar be determined.bJ ADB by mu'iptying such amount i" i" *"J""v pnor to said Convemron by either: 0) the €xchange rate thif ;necls-G "io"i"ri"",i#'il'r""0,",",, in said Approved Cunency payaue bv ADB und;, tt" Cr"",iriiljgl i.-"-."i;#",a,"g "i'p'"""ip", to sad conversion: or ADB so detormnes in Guidelines. the exchange rale componenl ofthe Screen """o/o;;;;ili;;-'i1nr"rs,on Rate "."rii" (ii) :. . lf the principat amount ot lhe Loan withdrawn and oulstandrnq u"; s€parale amortization schedute for each such amount from irme t" irJJ"ii"s iiii,I'i"i"or"to time. shatt be denominated in more lhan one Lo"n crrren"y, shall appty separatety to rh€ amount denominared i" L;"; a;":;;;, ;-";"';;;r* "

'4 SCHEDULE 3 AIlocation and Withdrawal of Loan PrOceed8 Ceneral 鍮 盛 鮮 覇雌 環 端 乳鯰 絣 柵 ∬ leference 10・ categOry・ in this schedule is 10 a BaSs fO「 w"hdrawJ from the Loan Accoun 2. Except as- ADB may otheNise agr6e, the proceeds of the Loan shall OtsD_ursed on lhe basis of the withdrawal percontage for each item lne I able be of expenddure sel forlh in lnterest and Commilment Charoes 3. The arnount allocated to Category 4 is for fnancing inlsrest and commitnent charges on the Loan dudng the implernentation-period of the proiect nOg ;tall be .nt,tfeC lo wilhdraw from the Loan Account and pay to itsell on behatf ofihe Borrower, the amounts required to meet paymenls, when due, of such jntorest and commitmenl charges. Reallocation 4 Notwithstanding the aflocation of Loan p.oceeds and the withdrawal percentages set forth in the Table. (a) if the amounl of the Loan allocated to any Category appears to be nsutfioent.lo finance.a agreed o(pendilures in that Category, AOA .iy,'Uy noti"e to tte uorrower, (i) reattocale to such Calegory, to the exlent required lo meet the estimaled shortfall, amounts of the Loan which hav6 boen allocated to another Category but, in the opinion of ADB, are not needed lo meel other erpenditures, and (ii) if s;ch' realiocetion cannot fully meet the estimated shortfall, reduce the wthdrawal peicentaqe apphc€bte to such expenditures in order that further withdrawals under such Caiegory m;y conirnue untrt all expendilures lhereunder shall have beon made; and (b) if the amount of the Loan allocated to any Category appears to exceed all agreed expenditures in that Category, ADB may, by notce to ttr'e ilorrower, reallocate such ex@ss amounl to any other Category. Disbursement Procedures 5. Excopt as ADB may otherwise agree, the Loan proceeds shalt be disbuGed in accordence with the Loan Disbursement Handtook. Retroaciive Financino 6. Withdrawals lrom the Loan Account may be made for reimbursement of eligible expend ur6s incuned under the Project belore the Effective Date, bul nol earlierthan 15 Schedule 3 12 months before the date of this Loan Agreement n∞ nnection w th Coods Works and Consutt ng sery,ces sublectto a maximum amount equivalentto 20%of theし oan amount Condi on for Wnhdrawals from Loan Account 7 sha‖ NotwithStanding any Other provision or this Loan Agreement, no wthdiawals be made from the L● an Account unl the Subsidiary Loan Agreement, n fom and substance satisfadory to ADB. has been duly authonzed and execuled and delvered on behalf of the Bo「 ower MRDl and UWSCC and is lega‖ y binding upOn such panies in accordance輛 th its tenns 16 Atlachment to Schedlle 3 TABLE (Urban Services lmprovement lnvaltment progr5In _ for ADB Financihg ($) iioje"t l1 Basis for Withdrawat from the Loan Account 84 75% of total expenditure 84.75% of tota I expenditu re I nlerest and Com m lnrent1000/6 of amounts due

17 SCHEOULE 4 Prccuremgnt ol Goods, Wo.ks and Consulting Services Ceneral 1 The procuremenl of Goods, Works and Consulting Services shatl be subject to and governed by the ProcuEment Guidelines, and the Consulting Guid€lines, respectively. 2. All terms used in this Schedule and not otheMise defined io this Loan Agrcement have the meanings provided in the Procurement cuidelines and/or the Consulting Guidelines, as applicable. Goods and Works 3. E cept as ADB may otheMise agree, Goods and Works shall only be procured on lh€ basis oflhe methods of procurement set forth below: (a) (b) lnlernationalCompetitiveBidding:and Shopping. 4. The methods of procurement are sutiecl to, among other lhings, ihe detailed arangements and threshold values set forth in the Procurcment Plan. The Eorower nay only modify the methods of procurement or lhreshold values with the prior agreement of AD8, and modifications must be set out in updales to the Procuremont Plan. Conditions for Award of Contract 5. The Borower shall cause UWSCG not to award any Works contract for the Projecl which involves environmental impacls until UWSCG has: (a) (b) obtained the final approval of the epplicable IEE from the appropriate authority of the Bononer; and incorporated the relevant provisions from the applicabl€ EMP into the WoAs conlract. Consultino Services 6. Except as ADB may otheMise agree, and except as set forth in lhe paragraph b€low, thg Eonower shall cause ITWSCG lo apply quality- and cosfbased seleclion for selecting end engaging Consulting Services 7. The Borrower shall caus6 (,WSCG to apply the following methods for selecling and engaging the specified Consulting Services, in accordance with, among other things, the procedures set forth in lhe Procuremeri Plan: Consultants' Qualifications Selection for audiiing ol financial statements for projects under the lnveslment Program. 8. The Bor.o$€r shall cause UWSCG to recruit the individual consultants for provision of support to the management ofUce for the lnvestment Program established within (MSCG in accordan@ with procedures acceptable to ADB for recruiting individual consullants. 18 Schedule 4 hdu゛ nJ or htdい duJ PrcpeⅢ Rtthls 輪頭舗鐵 鼈 不鸞 驚 繹 岬 与G識::l『橋だ冨1甜 Se。 scc o ensure ma tt conほ as br ° 。1露 暇曽需溝:覇l智 お濡]W胤 認:.: 詳:郡11ひ器膳 ,臨 躍出 話:1・ he pЮ cuem詰 10 The B。 ■Ower sha‖ cause uWscc to ensure that aI ADBイ inanced cOntracts 継鶉 辮 t濯 吼 u認 :鴨 ン 。h価 ustna pЮ 器濃申楡札器躙 網 『 旧l錦 ∫ 踏 "¨ "祠 "00r ADBヽ Re■ ew ol PrOcurement 00osぬ ns 塀 」 i繊鶯蠣還IF邸椰i鷲踊髄懇:荘釧稽 盤乳鷹 セ mに ∽ 鋼 け薇bttI軋 群 嗽 譜 器濫 器 ° 電 1蹴 TttrT J‖ !鷲:邸 鏃避郁 思 :: ]書 a∞ review,the BOrcwer shal cause uwscc t。 or waive「 。fthe tenns and condた lons Ofthe contract,induding: ° 霧 11椰椰 静 鍛県1臨 鴇躙 出Tal拙 盤 鳳営灘聯∬‖ 諦椰榊翼 』 :椰珊 撫ドがど ,4 The Borrower shall cause UWSCG to provide to ADB copies of all time exlensions, modifications or waivers lo the conkacts (including change orders) within 1 month following amendment of ihe contract

19 SCHEOULE 5 Exacution ot proiact; Financlal attors lmolem6nlalion Ananoemenls 1. The Eorrow€r and UWSCG shall ensure lhat the proiec{ is rmolemented in accordance with the detailed anangements sel forth in the pAM Any;ubsequent chanoe to the^PAM shall become effeclive only after approval oI such change Uy ttrl Aonower anO ADB. ln the ever{ of any discrepancy between ihe pAM and th6 Lo;n A;reement a;d/or the Projecl Agreement, the provisions of this Loan Agreement and/or the-prolect Agreement shall prevail. CounteDart Fundino and Resources 2. The Bonower shall ensure lhal: (a) linancial, technical and human resources necessary for the implementation ofthe project are provided on a tamely basis throughout the implementstaon p€riod; end (b) adequate funds are alocated for th; mainlenan;e of the inhastructur€ built and items procured underthe pOec1. Wthout limiting the generality ofthe for€oing, if the Projecl experjencls cost overuns in excess of lhe avaijableioan proceeds, the Borrower shall provide financial support to UWSCG towards any reasonable cosl overuns in ord€r lo achieve the Projecl objeclive, unless otheMise agreod by the partles. Construclion Quelilv 3. The Borower shall ensure lhat the project is canied out in accordance with applicable standards and inlernational best praclic€ for design, technical specifications, construction supervision, quality control and projeci managemena. Seclor Develooment 4 The Borower shalt ensure that (a) ADB is kepi informed of the Bonower,s policies and programs for the WSS seclor that will materialty affect the economic viabitity of lhe Projecl: and (b) best efforts are us6d to sustain and strerEthen the WSS sector. The Bonower sha take steps to strsngthen GNEWSRC,S regulalory funclion, iincluding tarilf- setting and regulataon of service providea. standards of service 6. The Borrows shall cause UWSCG to strengthen its flnanciat management through adoption of a 3-year business plan by the end of 2014 to improre seruces, e-nhanc. revenue and reduce syslem loss. The foregoing shall be deemed a modification of the requiremenl sei forth in (a) paragraph 6(i) of Schedute 6 of the FFA and (b) subparagraph 6(a) of Schedule 5 to the Loan Agreement b€tween the eorrower ana efifi aatia lO miy 2011 for Prorecl 1 of the lnvestmenl Program. ln each case sltputatrng that such bushess plan be adopted by the end ot 2013. 7. The Borolver shall ensure that ADB'S consent is obtained at least 3 months pdor to the implementation of any ot the following: (a) any change in the ownership o. conhol of l.JwSCG or any asset, faciliiy or structure rchabitalated, procired or construcle; under lhe Projecl; or (b) any change to UWSCG'S authorjty orfunclions, thal may affect implementation 20 Schedule 5 of lhe Projec{. The Borrourer shall ensure that any such change is carried out in accordance with all applicable laws and regulalions of the Borower. Financial Covenanis E The Borrow€r shall cause UWSCG to attain an operating ratio of 1 by the end of 20'19, and shall continue to maintain it less than 1 thereafter, and in accordance wilh lhe provisions of the FFA. The business plan refened to in paragraph 6 above shall include annual targets, commencing from 2015, for progrcssively decreasing UWSCG'S operaling ratio in oder to achieve an opereiing 6tio of 1 by 2019 as set forth in the foregoing sentence. For purposes of this paragraph 8, "operating ralio' shall mean lhe ralto of UWSCG'S operating expenses over its operating revenue, with "oporating expenses" meaning all expenses of (MSCG on operation and maintenance including steff salaries, cost of energy, chemicals and consumables, rouiine mainlenance, spare parts, consumables, etc. but excluding capital expenditure and debt service obligatrons. The "operating revenue' means the rcvenue collecled by UWSCG from the sale of water and olher revenues excluding granls from lhe government. 9. Until such time as tariff increases or other sourcos of income make it possible for LJWSCG to meet the operaling ratio defined in paragraph 8 above, the Bonower shall provide the funds necessary lo meel the operating ratio of 'l starting from the FY 2015 10. The Bonower shall cause UWSCG to improve its service delivery, and revenue collectaon from all domestic consumers and non-domeslic consumeG through continued attainment of minamum 900/6 revenue colleqtion rete per annum f.om the FY 2015, and of an aggregate 95% by th6 end of FY 2019. Environmenl 11. The Borrower shall ensure, and shall cause UWSCG lo ensure, lhat the preparation, design, conskuc,tion, implemenlation, opration and decommissioning of the Project and all Proiect facilities comply wilh (a) all applicable laws and regulations of the Bonower relating to environment, heahh, and safety; (b) the Environmentai Safeguards; (c) the EARF; and (d) all measures and requhements set forth in the respeclive IEE and EMP, and any corrective or preventative aclaons set forth in a Safeguards Monitoring Report. Land Acouisition and lnvolunlaN Resettlement 12. The Eonower shall ensure, and shall cause UWSCG to ensure, lhat the Project does not have any involuntary resettlement impacts within the meaning of the SPS. ln the event that the Project do€s have any such impact, the Eonower shall, and shall cause UWSCG to, lake all steps required to ensure lhat the Projocl complies,^rith lhe applicable laws and regulatons of the Bono\^€r relating lo rnvolunlary resetllement and the SPS. For the avoidance of doubt, any land made available by the Bonower, or caused to be made available by the Bonolver, in accordance with Section 4.02 of this Loan Agreemenl shall be subject lo the provisions of this paragraph 12 ＾ Ｚ Schedule 5 lndioenous Peooles 13 The Borrower shall 6nsure, and shalt cause UWSCG to ensure, lhat the Poec,t does not have any indigenous peoptes impacis within the meaning of the SpS. tn the event thai the Project does have any such impacl, the Bonower shall, and shall caus€ LJWSCG to, take all steps required to ensure that th6 project complies with the applicabte laws and regulalions ofthe Bonower relaling to indigenous peoples and the SpS. Human and Financial Resources to lmDlemenl Safeauards Reouirements 14 The Bonower shall, and shall cause UWSCG to make available necessary budgetary and human resources to fully implement the EMP. Sateouards - Related Provisions in Biddino Documenls and Works Conkacts 15. The Borower shall ensure, and cause WVSCG to ensure, thal atl bidding documents and contracis for Works contain provisions that require contractors to: (a) comply with the measures and r€quiremer{s relevant to the conlractor set forth in the applicable IEE and EMP, and any conedive or proventative actions set out in a Safeguards Monitoring Report; (b) (c) make available a budget for all such environmenlat measuresi provide UWSCG with a rvritten notice of any unanticipated envircnmental risks or impacts thal arise during construclion, implementation or operation of the Project that tyerc nol consrdered an the applicable IEE or EMP; (d) adequately record th6 condition of roads, ag.icutturat tand and oth€r infrastrucfure Fior to starting to transporl materials and construction; and (e) tully reinstate pathways, other local infrastructure, and agricullural tand to al leagt their pre-projed condition upon the comptetion of construction. Ssfequards Monitorino and Reoortano '16. The Bonower shall, and shall cause UWSCG to, do the fotlowing: (a) submit semiannual Sateguards Monitoring Reports to AOB within 1 month ol the end of each half of lhe calendar year and disclose relevant information from such rcports to affected peopte prompfly upon submission: (b) if any unanticipated environmentat and/or social risks and impacts arise during conshuclion, implementation or operation of the Poject (including, without limrtaiaon, any such risks and impacts thal wsr€ not ＾Ｚ ＾∠ Schedute 5 considered in the appticabte tEE or EMp), promp y inform ADB of the occurenc6 of such risks or impacts, wlth detaited description ot the event and proposed conective action plan; and (c) report any actual or polential breach of compliance wilh the measures and requirements set fodh in the EMp promp y after becoming aware ot the breach. Prohibited List of lnvestments 17. The Bonower shall ensure, and shall cause UWSCG to ensure. lhat no proceeds of the Loan are used to finance any activiiy included in the list of prohibitsd investment activities provided in Appendix 5 ofthe SPS. Labor Standards and Health 18 The Bonoyver shall ensure, and shalt cause UWSCG to ensure, mon oring of the socaal impacts lhrowhoul the implementation of the Project an consullation with tocat govemments, local communili6s and nongovornment organizations. UWSCG shall ensure that all civil works contractors: (a) comply with all applicable labor laws of the Eonower; (b) use their best effois to employ women and local people, including disadvantaged peopte, living an the vicinity of the Proiect, (c) disseminate information at wo*sites on health safety (including HIV prevention proqGms) for those employed dudng construction; (d) maintain equal pay to men and women for work of 6qual type; (e) provide sefe working conditaons and appropriate facilities for male and female workers; and (0 abstain from child labor. Gend€r and Oevelooment 19 The Bor.ower shall ensure, and shall cause UWSCG to ensure, that: (a) Projec,l Gender Action Plan (GAP) is fully amplemented and monitored in a timely manner in accordance wilh ris lerms, relaled regulations of the Borrower and ADB,S policy on Gender and Oevelopment (1998) and ad€quate resources are allocaied for this purpose; (b) biddang documents includs provisions as specified in the GAP, including equal pay to men and women for same lype ol work and enabling wo*ing conditions for temale workers; (c) progress in achieving lhe GAP targets are reiected in the Project progress reports and Projecit completion reporti and (d) targets under the GAP are achieved including, but nol limiied to (i) by 2017, UWSCG establishes in Zugdidi a s€rvace center with a cuslomer care unit siafied by at least 30% women that informs, educates, and communicates on waler, hygiene and sanitation; and (ii) by 2017, a public awaren€ss campaagn targeting women as household managers is rolled out in Zugdidi and Poti with the help of the project management consultanls and lnvestmer{ Program management office Govemance and Anticonuotion 24. The Borrower and |JWSCG shall (a) comply with ADB'S Anticorruption poticy (1998, as amended io date) and acknowledge that ADB reserves the right to investigate diaectly, or through its agonts, any alleged conupt, fraudulenl, collusive or coercjve practice relating lo the Project, and (b) cooperate with any such investigation and exlend a necessary assistance for satisfactory completion of such investigation. ＾ ３ ＾∠ Schedute s 21 The Bonower and LTWSCG shal ensure lhat the antcorruptron provtsrons acceptable lo ADB are rncluded h all bddtng docuhents and contracts, rnctudrno o.ovrsions specifying the nght of ADB to audit and exa;in" rne .ecoro" anJ accor"ii lir""rti"g and imptementing agencies and a, contractors, supptiers, consuttanG "iir,l anJ oii"i"""rrt"" provideG as they relate to the prorect. The Bonower shall cause UWSCG to di6close on its website informatlon ?2 on (a) bidding procedures, bidders and contract awards; (b) the use ot funOs'Oi"Ori""i uno"|. prosress of the projea; and (o) saresuard envtronmenlat and/or socaal safeguard plans requred to be prepared for the project ""y *,ll:l:1.!:)]!:,{ls,car ;"n";,;;;i"s