LOAN AGREEMENT(Ordinary Operations) - Loan Number 3405-UZB - Between the Republic of Uzbekistan and Asian Development Bank

Sep 16, 2026

Loan Agreement (Ordinary Operations) dated 3 March 2017 between the Republic of Uzbekistan (“Borrower”) and the Asian Development Bank (“ADB”) under Loan Number 3405-UZB. The agreement incorporates Ordinary Operations Loan Regulations for LIBOR-Based Loans made from ADB’s ordinary capital resources, with specified amendments. It defines key terms and provides provisions on commitment charges, ADB’s credit and its application to interest, including rebate and surcharge mechanisms triggered by changes to fixed spread and ADB funding cost margin calculations.

LanguageEnglish

CategoryLetters

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Pages23

Reading Time8 min

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LOAN AGREEMENT(Ordinary Operations)

Parties and Recitals

Article I - Loan Regulations; Definitions

Definitions and Additional Terms

Commitment Charge and Credit

Rebate Provisions

Surcharge Provisions

LOAN AGREEMENT(Ordinary Operations)(SmallBusiness Finance Project) between REPUBLIC OF UZBEKISTAN and ASIAN DEVELOPMENT BANK DATED3March 2017 LOAN NUMBER 3405-UZB # LOAN AGREEMENT(Ordinary Operations) LOAN AGREEMENT dated3Mareh ___2017 between REPUBLIC OFUZBEKISTAN(“Borrower")and ASIAN DEVELOPMENT BANK("ADB”). WHEREAS (A) the Borrower has applied to ADB for a loan for the purposes of theProject described in Section 3.01 of this Loan Agreement; (B) the Project will be carried out by the participating financial institutions("PFls")and for this purpose the Borrower willmake available to the PFls the proceeds of theloan provided for herein upon terms and conditions satisfactory to ADB;and (C) ADB has agreed to make a loan to the Borrower from ADB's ordinarycapital resources upon the terms and conditions set forth herein and in the ProjectAgreements between ADB and the PFIs; NOW THEREFORE the parties hereto agree as follows: ARTICLEI Loan Regulations;Definitions Section 1.01.All the provisions of the Ordinary Operations LoanRegulations Applicable to LIBOR-Based Loans Made from ADB's Ordinary CapitalResources,dated 1 July 2001("Loan Regulations"),are hereby made applicable to this LoanAgreement with the same force and effect as if they were fully set forth herein,subject,however,to the following modifications: (a) Section 2.01(50)is deleted and the following is substitutedtherefor: "Project Agreement"means each Project Agreement betweenADB and a PFI. (b) The term “Project Executing Agency”appearing in Sections 7.04(b),9.01(d),9.01(f),9.01(k),10.01(c)and 10.02(c)of theLoan Regulations shall be substituted by the term "PFI". (c)Section 3.03 is deleted and the following is substitutedtherefor: Commitment Charge;Credit.(a)The Borrowershall pay a commitment charge on the unwithdrawn amount of 2 the Loan at the rate and on the terms specified in the LoanAgreement. (b) ADB shall provide to the Borrower a credit atthe rate specified in the Loan Agreement,which credit shallremain fixed for the term of the Loan.ADB shall apply thecredit against the interest payable by the Borrower. (d) Section 3.06 is deleted and the foilowing is substituted therefor: Rebate.(a) Following any announcement byADB that the Fixed Spread applicable to new Loans shall bereduced,ADB shall provide a Rebate to any Borrower with anoutstanding Loan on which a higher Fixed Spread isapplicable:The amount of the Rebate shall be determined bymultiplying(i)the difference between the Fixed Spreadapplicable to the outstanding Loan and the Fixed Spread thatwill be applied to new Loans (expressed as a percentage perannum);by(ii)the principal amount of the outstanding Loan onwhich the Borrower shall pay interest for all interest periodscommencing on and after the effective date of the lower FixedSpread that will be applied to new Loans. (b) Following any announcement by ADB that itsFunding Cost Margin calculations with respect to any LoanCurrency (or Approved Currency)in any Semester resulted inADB achieving savings,ADB shall provide a Rebate to theBorrower.The amount of the Rebate shall be determined bymultiplying (i)the Funding Cost Margin(expressed as apercentage per annum);by (ii)the principal amount of theLoan on which the Borrower shall pay interest for the InterestPeriod commencing immediately after the Semester for whichthe Funding Cost Margin was calculated.ADB shall apply theamount of the Rebate against the interest payable by theBorrower for the Interest Period commencing immediately afterthe Semester for which the Funding Cost Margin wascalculated. (e) Section 3.07 is deleted and the following is substituted therefor: Surcharge.(a) Following any announcement by.ADB that the Fixed Spread applicable to new Loans shall beincreased,any Borrower with an outstanding Loan on which alower Fixed Spread is applicable shall pay ADB a Surcharge.The amount of the Surcharge shall be determined bymu

FAQs

What are the parties and effective date of the Loan Agreement?

The agreement is between the Republic of Uzbekistan (Borrower) and the Asian Development Bank (ADB), dated 3 March 2017.

Which loan regulations are incorporated into this agreement?

The agreement incorporates the Ordinary Operations Loan Regulations applicable to LIBOR-Based Loans made from ADB’s ordinary capital resources dated 1 July 2001, with specified modifications.

How do rebate and surcharge provisions work?

Rebate applies when ADB reduces the fixed spread for new loans or when funding cost margin calculations result in savings; surcharge applies when fixed spread increases for new loans or when funding cost margin calculations result in additional costs.

Sep 16, 2026

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