Procedures for and Terms and Conditions of Subloans; Guarantees and Working Capital Loans Sample Clauses

Procedures for and Terms and Conditions of Subloans; Guarantees and Working Capital Loans. (a) SMECA shall not make any Subloan in an amount greater than 10% of the Credit and any other funding available for Participation Loans; (b) SMECA shall not provide any Guarantee for an amount greater than 10% of the Credit or other funds available for Guarantees; (c) the term of the Subloans and the Working Capital Loans shall be up to one year; and (d) Exporting Enterprises shall make payment of interest and other charges and repayment of principal of Subloans and Working Capital Loans in foreign currency. 2. No expenditures for goods or Working Capital required for an Export Project shall be eligible for financing out of the proceeds of the Credit unless the Subloans or the Working Capital Loan, as the case may be, for such Export Project shall first have been approved by the Association and expenditures for goods: (a) shall not include expenditures referred to or described in any of clauses (i), (ii), (iii), (iv) and (v) of sub-paragraph (a) of paragraph 4 of Part A of Schedule 3 of this Agreement, and (b) shall have been made not earlier than ninety (90) days prior to the date on which the Association shall have received the application and information required under paragraph 2 of this Section in respect of such Subloan. 3. When presenting a Subloan or a Working Capital Loan, as the case may be, to the Association for approval, SMECA and a Participating Financial Institution shall, through SMECA, furnish to the Association an application, in form and substance satisfactory to the Association, together with: (i) a description of the Exporting Enterprise and an appraisal of the Export Project, including a description of the expenditures proposed to be financed out of the proceeds of the Credit; (ii) the proposed terms and conditions of the Subloan or the Working Capital Loan, as the case may be, including the schedule of amortization of the Subloan and of the Working Capital Loan; and (iii) such other information as the Association shall reasonably request. 4. Working Capital Loans and Subloans shall be made on terms whereby SMECA and each Participating Financial Institution, as the case may be, shall obtain, pursuant to the Working Capital Loan Agreement or the Subloan Agreement with the concerned Exporting Enterprise or by other appropriate legal means, rights adequate to protect the interests of the Borrower, the Association and SMECA, including, in the case of any Loan/Subloan, the right to: (a) require the Exporting Enterprise to carry out and op...
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Related to Procedures for and Terms and Conditions of Subloans; Guarantees and Working Capital Loans

  • General Terms and Conditions of the Notes Section 201.

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