Common use of Payment of Subscriptions Clause in Contracts

Payment of Subscriptions. Payment of the subscriptions to the capital stock of the Bank as set forth in Annex A shall be made as follows: (a) As soon as possible after this Agreement enters into force pursuant to Article I of Chapter IV, but no later than thirty days thereafter, each Party shall deposit with the Bank an Instrument of Subscription in which it agrees to pay in either Party's currency to the Bank the amount of paid-in capital set forth for it in Annex A, and to accept the obligations of callable shares ("Unqualified Subscription"). Payment of the paid-in capital shall be due according to a schedule to be established by the Board of Directors after entry into force of this Agreement. (b) Notwithstanding the provisions of paragraph (a) of this Section regarding Unqualified Subscriptions, as an exceptional case, a Party may deposit an Instrument of Subscription in which it agrees that payment of all installments of paid-in capital, and its obligations with respect to all callable shares, are subject to subsequent budgetary legislation ("Qualified Subscription"). In such an instrument, the Party shall undertake to seek to obtain the necessary legislation to pay the full amount of paid-in capital and to accept the full amount of corresponding obligations for callable shares, by the payment dates determined in accordance with paragraph (a) of this Section. Payment of an installment due after any such date shall be made within sixty days after the requisite legislation has been obtained. (c) If any Party which has made a Qualified Subscription has not obtained the legislation to make payment in full of any installment (or to accept obligations in respect of callable shares) by the dates determined in accordance with paragraph (a) of this Section, then a Party which has paid the corresponding installment on time and in full, may, after consultation with the Board of Directors, direct the Bank in writing to restrict commitments against that installment. That restriction shall not exceed the percentage which the unpaid portion of the installment, due from the Party that has made the Qualified Subscription, bears to the entire amount of the installment to be paid by the Party, and shall be in effect only for the time that unpaid portion remains unpaid. (d) The callable portion of the subscription for capital shares of the Bank shall be subject to call only when required to meet the obligations of the Bank created under Article Ill, Sections 2 (b) and (c) of this Chapter on borrowings of funds for inclusion in the Bank's capital resources or guarantees chargeable to such resources. In the event of such a call, payment shall be made in either Party's currency. Calls on unpaid subscriptions shall be uniform in percentage on all shares.

Payment of Subscriptions. Payment of the subscriptions to the capital stock of the Bank as set forth in Annex A shall be made as follows: (a) As soon as possible after this Agreement enters into force pursuant to Article I of Chapter IVV, but no later than thirty days thereafter, each Party shall deposit with the Bank an Instrument of Subscription in which it agrees to pay in either Party's ’s currency to the Bank the amount of paid-in capital set forth for it in Annex A, and to accept the obligations of callable shares ("“Unqualified Subscription"”). Payment of the paid-in capital shall be due according to a schedule to be established by the Board of Directors after entry into force of this Agreement. (b) Notwithstanding the provisions of paragraph (a) of this Section regarding Unqualified Subscriptions, as an exceptional case, a Party may deposit an Instrument of Subscription in which it agrees that payment of all installments of paid-in capital, and its obligations with respect to all callable shares, are subject to subsequent budgetary legislation ("“Qualified Subscription"”). In such an instrument, the Party shall undertake to seek to obtain the necessary legislation to pay the full amount of paid-in capital and to accept the full amount of corresponding obligations for callable shares, by the payment dates determined in accordance with paragraph (a) of this Section. Payment of an installment due after any such date shall be made within sixty days after the requisite legislation has been obtained. (c) If any Party which has made a Qualified Subscription has not obtained the legislation to make payment in full of any installment (or to accept obligations in respect of callable shares) by the dates determined in accordance with paragraph (a) of this Section, then a Party which has paid the corresponding installment on time and in full, may, after consultation with the Board of Directors, direct the Bank in writing to restrict commitments against that installment. That restriction shall not exceed the percentage which the unpaid portion of the installment, due from the Party that has made the Qualified Subscription, bears to the entire amount of the installment to be paid by the Party, and shall be in effect only for the time that unpaid portion remains unpaid. (d) The callable portion of the subscription for capital shares of the Bank shall be subject to call only when required to meet the obligations of the Bank created under Article IllIII, Sections 2 (b) and (c) ), of this Chapter on borrowings of funds for inclusion in the Bank's ’s capital resources or guarantees chargeable to such resources. In the event of such a call, payment shall be made in either Party's ’s currency. Calls on unpaid subscriptions shall be uniform in percentage on all shares.

Payment of Subscriptions. Payment of the subscriptions to the capital stock 1. Any shares offered for initial subscription shall be paid par value. 2. Each founder of the Bank as set forth shall pay up at least twenty (20) percent of shares of the authorised capital reserved for such a founder in accordance with the Annex A hereto, within thirty (30) days of the date that such a founder commences utilising its annual budget in the year following the effective year hereof. 3. In respect of the remaining portion of shares, each founder shall assume payment obligations payable annually within two (2) years by equal instalments, provided that the first such instalment must be made as follows:within twelve (12) months of the payment referred to in paragraph 2 of this Article. (a) As soon as possible after this Agreement enters into force pursuant to Article I of Chapter IV, but no later than thirty days thereafter, each Party shall deposit with the Bank an Instrument of Subscription in which it agrees to pay in either Party's currency 4. The initial contribution to the Bank authorised capital referred to in paragraph 2 of this Article may be made ahead of schedule after the amount of paid-in capital set forth for it in Annex A, and to accept Agreement is signed. Any such contribution towards the obligations of callable shares ("Unqualified Subscription"). Payment of the paid-in authorised capital shall be due according transferred to a schedule temporary deposit account opened with the National Bank of the Republic of Kazakhstan. The obligation of a founder to contribute to the authorised capital shall be established by deemed fulfilled upon transfer of money from the Board said temporary account to the account of Directors after entry into force of this Agreement. (b) Notwithstanding the provisions of paragraph (a) of this Section regarding Unqualified Subscriptions, as an exceptional case, a Party may deposit an Instrument of Subscription in which it agrees that payment of all installments of paid-in capital, and its obligations with respect to all callable shares, are subject to subsequent budgetary legislation ("Qualified Subscription"). In such an instrument, the Party shall undertake to seek to obtain the necessary legislation to pay the full amount of paid-in capital and to accept the full amount of corresponding obligations for callable shares, by the payment dates determined Bank opened in accordance with paragraph (a) 9 of this Section. Payment of an installment due after any such date shall be made within sixty days after the requisite legislation has been obtainedArticle. (c) If any Party which has made a Qualified Subscription has not obtained the legislation to make payment in full of any installment (or to accept obligations in respect of callable shares) by the dates determined in accordance with paragraph (a) of this Section, then a Party which has paid the corresponding installment on time and in full, may, after consultation with the Board of Directors, direct the Bank in writing to restrict commitments against that installment5. That restriction shall not exceed the percentage which the unpaid portion of the installment, due from the Party that has made the Qualified Subscription, bears to the entire amount of the installment to be paid by the Party, and shall be in effect only for the time that unpaid portion remains unpaid. (d) The callable portion of the subscription for capital Members may pay up shares of the Bank authorised capital ahead of schedule. 6. If any of the founders does not pay up its shares in full by way of initial subscription within two (2) years as indicated in paragraph 3 of this Article, the Council shall determine a procedure of acquiring such unpaid shares by other members. If the right to subscribe is waived by all members, the Council shall decide whether to repeatedly offer such shares for subscription or reduce the size of the authorised capital accordingly. 7. Shares shall be subject paid up in US dollars. 8. Each member may pay up shares of the authorised capital partially in a non-monetary form (property), on such terms as the Council may determine, provided that the total value of property so contributed does not exceed 10 percent of the share of such a member in the authorised capital. Any property handed over to call only when required the Bank as contribution to meet its authorised capital must be free of any encumbrances. The value of such contributed property shall be established by an independent appraiser selected by the obligations Council, and the value so established shall be approved by the Council. 9. The proceeds of subscription to shares by the founders shall be transferred to the account of the Bank created under Article Ill, Sections 2 (b) and (c) opened with the National Bank of this Chapter on borrowings the Republic of funds for inclusion in the Bank's capital resources or guarantees chargeable to such resources. In the event of such a call, payment shall be made in either Party's currency. Calls on unpaid subscriptions shall be uniform in percentage on all sharesKazakhstan.

Payment of Subscriptions. a) Payment of the subscriptions amount initially subscribed to the paid-up capital stock of the Bank as set forth by a member which acquires membership in Annex A accordance with paragraph 1 of article 64 shall be made as follows:in six instalments, the first of which shall be five per cent, the second thirty-five per cent, and the remaining four instalments each fifteen per cent of that amount. (ab) As soon as possible after The first instalment shall be paid by the Government concerned on or before the date of deposit, on its behalf, of the instrument of ratification or acceptance of this Agreement enters in accordance with paragraph 1 of article 64. The second instalment shall become due on the last day of a period of six months from the entry into force pursuant to Article I of Chapter IV, but no later than thirty days thereafter, each Party shall deposit with this Agreement or on the Bank an Instrument of Subscription in which it agrees to pay in either Party's currency to the Bank the amount of paid-in capital set forth for it in Annex A, and to accept the obligations of callable shares ("Unqualified Subscription"). Payment day of the paid-in capital said deposit, whichever is the later day. The third instalment shall be become due according to on the last day of a schedule to be established by period of eighteen months from the Board of Directors after entry into force of this Agreement. The remaining three instalments shall become due successively each on the last day of a period of one year immediately following the day on which the preceding instalment becomes due. (b) Notwithstanding 2. Payments of the amounts initially subscribed by the members of the Bank to the paid-up capital stock shall be made in convertible currency. The Board of Governors shall determine the mode of payment of other amounts subscribed by the members to the paid-up capital stock. 3. The Board of Governors shall determine the dates for the payment of amounts subscribed by the members of the Bank to the paid-up capital stock to which the provisions of paragraph (1 of this article do not apply. a) of this Section regarding Unqualified Subscriptions, as an exceptional case, a Party may deposit an Instrument of Subscription in which it agrees that payment of all installments of paid-in capital, and its obligations with respect to all callable shares, are subject to subsequent budgetary legislation ("Qualified Subscription"). In such an instrument, the Party shall undertake to seek to obtain the necessary legislation to pay the full amount of paid-in capital and to accept the full amount of corresponding obligations for callable shares, by the payment dates determined in accordance with paragraph (a) of this Section. Payment of an installment due after any such date shall be made within sixty days after the requisite legislation has been obtained. (c) If any Party which has made a Qualified Subscription has not obtained the legislation to make payment in full of any installment (or to accept obligations in respect of callable shares) by the dates determined in accordance with paragraph (a) of this Section, then a Party which has paid the corresponding installment on time and in full, may, after consultation with the Board of Directors, direct the Bank in writing to restrict commitments against that installment. That restriction shall not exceed the percentage which the unpaid portion of the installment, due from the Party that has made the Qualified Subscription, bears amounts subscribed to the entire amount of the installment to be paid by the Party, and shall be in effect only for the time that unpaid portion remains unpaid. (d) The callable portion of the subscription for capital shares stock of the Bank shall be subject to call only as and when required by the Bank to meet the its obligations of the Bank created under Article Illincurred, Sections 2 (bpursuant to paragraph 1(b) and (cd) of this Chapter Article 14, on borrowings borrowing of funds for inclusion in the Bank's its ordinary capital resources or guarantees chargeable to such resources. . b) In the event of such a callcalls, payment shall may be made at the option of the member concerned in either Party's currency. convertible currency or in the currency required to discharge the obligation of the Bank for the purpose of which the call is made. c) Calls on unpaid subscriptions shall be uniform in percentage on all callable shares. 5. The Bank shall determine the place for any payment under this article, provided that, until the first meeting of its Board of Governors provided in article 66 of this Agreement, the payment of the first instalment referred to in paragraph 1 of this article shall be made to the Trustee referred to in article 66.