The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to one hundred fifty-one million one hundred thousand Special Drawing Rights (SDR151,100,000). (a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of goods, works and services required for the Project and to be financed out of the proceeds of the Credit. (b) The Borrower may, open and maintain in Dollars: (i) a special deposit account for purposes of Part A of the Project (the DAF Special Account); (ii) a special deposit account for purposes of Part B of the Project (the PC1 Special Account); (iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account); (iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and (v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); in each case in a commercial bank, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure or attachment. Deposits into, and payments out of, each respective Special Account shall be made in accordance with the provisions of Schedule 5 to this Agreement. Section 2.03. The Closing Date shall be December 31, 2011 or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date. (a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum. (b) The commitment charge shall accrue: (i) from the date sixty days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreement. (c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section. Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time. Section 2.06. Commitment charges and service charges shall be payable semiannually on April 15 and October 15 in each year. (a) Subject to paragraphs (b), (c) and (d) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April 15 and October 15 commencing April 15, 2015, and ending October 15, 2044. Each installment to and including the installment payable on October 15, 2024 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 2 contracts
Samples: Development Credit Agreement, Development Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to one hundred fiftytwenty-one seven million one four hundred thousand Special Drawing Rights (SDR151,100,000SDR 27,400,000).
(a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement for for: (i) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of goods, works goods and services required for the Project and to be financed out of the proceeds of the Credit; and (ii) amounts paid (or if the Association shall so agree, to be paid) by Borrower on account of withdrawals made by: (A) an Institutional Development Grant Beneficiary under an Institutional Development Grant, or (B) a DIF Beneficiary under a DIF Grant, all to meet the reasonable cost of goods and services required for the carrying out of an activity under Part A.1 of the Project, or a DIF Subproject under Part A.3 of the Project, in respect of which the withdrawal from the Credit Account is requested.
(b) The Borrower may, for the purposes of the Project, open and maintain in Dollars:
dollars in NBE: (i) a special deposit account (Special Account “A”) for purposes of Part A depositing the corresponding proceeds of the Project (Credit for Part A.3 of the DAF Special Account);
Project; and (ii) a special deposit account (Special Account “B”) for the purposes of Part depositing the corresponding proceeds of the Credit for Parts A.1, A.2 and B of the Project (the PC1 Special Account);
(iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account);
(iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); in each case in a commercial bankProject, all on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure or attachment. Deposits into, and payments out of, each respective Special Account shall be made in accordance with the provisions of Schedule 5 to this Agreement.
Section 2.03. The Closing Date shall be December 31September 1, 2011 2009, or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The commitment charge shall accrue: (i) from the date sixty days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on April May 15 and October November 15 in each year.
Section 2.07. (a) Subject to paragraphs (b), (c) and (d) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April May 15 and October November 15 commencing April November 15, 2015, 2014 and ending October May 15, 2044. Each installment to and including the installment payable on October May 15, 2024 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 2 contracts
Samples: Development Credit Agreement, Development Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to one hundred fifty-one four million one nine hundred thousand Special Drawing Rights (SDR151,100,000SDR 104,900,000).
(a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement for for: (i) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of goods, works goods and services required for the Project and to be financed out of the proceeds of the Credit; and (ii) amounts paid (or if the Association shall so agree, amounts to be paid) under Parts C.2 and C.3 of the Project to meet the reasonable costs of goods, works and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
(b) The Borrower may, for the purposes of the Project, open and maintain in DollarsDollars four separate special deposit accounts as follows:
(i) a special deposit account Special Account A for purposes of Part A the Parts of the Project (the DAF Special Account);
(ii) a special deposit account for purposes of Part B of the Project (the PC1 Special Account);
(iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account);
(iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); in each case implemented by EEPCO in a commercial bank, bank on terms and conditions satisfactory to the Association, Association including appropriate protection against set-off, seizure or attachment; (ii) Special Account B for the Parts of the Project implemented by EEA, RES and MOM, (iii) Special Account C for the Parts of the Project implemented by EREDPC; and (iv) Special Account D for the Parts of the Project implemented by MOA, in the National Bank of Ethiopia, on terms and conditions satisfactory to the Association. Deposits into, and payments out of, of each respective Special Account shall be made in accordance with the provisions of Schedule 5 to this Agreement.
Section 2.03. The Closing Date shall be December 31, 2011 2007, or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The commitment charge shall accrue: (i) from the date sixty days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on April June 15 and October December 15 in each year.
Section 2.07. (a) Subject to paragraphs (b), (c) and (d) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April June 15 and October December 15 commencing April December 15, 20152012, and ending October June 15, 20442042. Each installment to and including the installment payable on October June 15, 2024 2022 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 2 contracts
Samples: Development Credit Agreement, Development Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to one hundred fifty-one thirteen million one hundred thousand Special Drawing Rights (SDR151,100,000SDR 13,100,000).
(a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement Agreement, as such schedule may be amended from time to time by agreement between the Borrower and the Association, for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of goods, works goods and services required for the Project and to be financed out of the proceeds of the Credit.
(b) The Borrower mayshall, for the purposes of the Project, open and maintain in Dollars:
(i) dollars a special deposit account for purposes in the National Bank of Part A of the Project (the DAF Special Account);
(ii) a special deposit account for purposes of Part B of the Project (the PC1 Special Account);
(iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account);
(iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); in each case in Yemen or a commercial bankbank acceptable to the Bank, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure or attachment. Deposits into, and payments out of, each respective the Special Account shall be made in accordance with the provisions of Schedule 5 4 to this Agreement.
Section 2.03. The Closing Date shall be December 31, 2011 1991, or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The the Borrower shall pay to the Association a commitment charge at the rate of one-half of one per cent (1/2 of 1%) per annum on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) time. The commitment charge shall accrue: (i) accrue from the a date sixty days after the date of this the Development Credit Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreementcancelled.
(cb) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent per cent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on April 15 March 1 and October 15 September 1 in each year.
(a) Subject to paragraphs (b), (c) and (d) below, the Section 2.07. The Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April 15 March 1 and October 15 September 1 commencing April 15September 1, 20151997, and ending October 15March 1, 20442037. Each installment to and including the installment payable on October 15March 1, 2024 2007 shall be one-half of one percent per cent (1/2 of 1%) of such principal amount, and each installment thereafter shall be two percent one and one-half per cent (21-1/2%) of such principal amount.
Section 2.08. The currency of the United States of America is hereby specified for the purposes of Section 4.02 of the General Conditions.
Appears in 1 contract
Samples: Development Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to one hundred fifty-one eight million one nine hundred thousand Special Drawing Rights (SDR151,100,000SDR 8,900,000).
(a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement for: (i) Part A of the Project, for amounts paid or guaranteed (or, if the Association shall so agree, amounts to be paid or to be guaranteed) by a Participating Financial Institution or an enterprise on account of withdrawals made by an Exporting Enterprise under a Subloan to meet the reasonable cost of goods and Working Capital, required for the Export Project in respect of which the withdrawal from the Credit Account is requested; (ii) Part B of the Project, for the purposes of and in accordance with the provisions of Part A of Schedule 2 to the Project Agreement; and (iii) Part C of the Project, for expenditures made (or, or if the Association shall so agree, to be made) in respect of the reasonable cost of goods, works services, and services incremental operating costs required for the Project therefor, and to be financed out of the proceeds of the Credit; and (iv) Part D of the Project, for amounts guaranteed or insured for the Credit Insurance in accordance with the provisions of paragraph 3 of Schedule 4 to the Project Agreement.
(b) The Borrower may, for the purposes of the Project, open and maintain in Dollars:
(i) Euros a special deposit account for purposes of Part A of the Project (the DAF Special Account);
(ii) a special deposit account for purposes of Part B of the Project (the PC1 Special Account);
(iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account);
(iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); in each case in a commercial bank, acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-offsetoff, seizure or attachment. Deposits into, and payments out of, each respective the Special Account shall be made in accordance with the provisions of Schedule 5 3 to this Agreement.
Section 2.03. The Closing Date shall be December 31, 2011 2004 or such later date as the Association shall establish. The Association shall promptly notify the Borrower and IGA of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The commitment charge shall accrue: (i) from the date sixty (60) days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account account or canceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on April March 15 and October September 15 in each year.
Section 2.07. (a) Subject to paragraphs (b), and (c) and (d) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April March 15 and October September 15 commencing April September 15, 2015, 2009 and ending October March 15, 20442034. Each installment to and including the installment payable on October March 15, 2024 2019, shall be one and one-fourth percent (1-1/4%) of such principal amount, and each installment thereafter shall be two and one-half percent (2-1/2%) of such principal amount.
Appears in 1 contract
Samples: Development Credit Agreement
The Credit. Section 2.01. The Association Administrator agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit this Agreement, an amount in various currencies equivalent to one hundred fiftytwenty-one five million one hundred thousand Special Drawing Rights dollars (SDR151,100,000$25,000,000).
(a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement for: (i) amounts paid (or, if the Administrator shall so agree, to be paid) by the Participating Banks on account of withdrawals made by the Beneficiaries under Mortgage Agreements; (ii) amounts paid (or if the Administrator shall so agree, to be paid) by the PA, through MOH, on account of withdrawals made by Developers under Construction Sub-loans to meet the reasonable cost of goods and services required for Construction Sub-projects in respect of which withdrawals from the Credit Account are requested; and (iii) expenditures made (or, if the Association Administrator shall so agree, to be made) in respect of the reasonable cost of goodsworks required for Part B.2 of the Project, works and of goods and services required for Part C of the Project Project, and to be financed out of the proceeds of the Credit.
(b) The Borrower may, for the purposes of the Project, open and maintain in Dollars:
dollars three (i3) a separate special deposit account for purposes of Part A of the Project (the DAF Special Account);
(ii) a special deposit account for purposes of Part B of the Project (the PC1 Special Account);
(iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account);
(iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); accounts in each case in a one or more commercial bank, banks on terms and conditions satisfactory to the AssociationAdministrator, including appropriate protection against set-off, seizure or attachment. Special Account A shall be used exclusively to finance expenditures under Category (1); Special Account B shall be used exclusively to finance expenditures under Category (2) and Special Account C shall be used exclusively to finance expenditures under Categories (3), (4), (5) and (6). Deposits into, and payments out of, each respective Special Account shall be made in accordance with the provisions of Schedule 5 to this Agreement.
Section 2.03. The Closing Date shall be December 31, 2011 2001, or such later date as the Association Administrator shall establish. The Association Administrator shall promptly notify the Borrower of such later date.
(a) The Borrower shall cause the PA to pay to the Association Administrator a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association Administrator as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The commitment charge shall accrue: (i) from the date sixty (60) days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceledcancelled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on April 15 and October 15 in each year.
(a) Subject to paragraphs (b), (c) and (d) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April 15 and October 15 commencing April 15, 2015, and ending October 15, 2044. Each installment to and including the installment payable on October 15, 2024 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.and
Appears in 1 contract
Samples: Trust Fund Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit this Agreement, an amount in various currencies equivalent to one hundred fifty-one six million one seven hundred thousand Special Drawing Rights (SDR151,100,000SDR 6,700,000).
(a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement for for: (i) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of goods, works goods and services required for the Project and to be financed out of the proceeds of the Credit; and (ii) amounts paid (or, if the Association should so agree, amounts to be paid) on account of withdrawals made by a Beneficiary under a Secondary Education Grant to meet the reasonable cost of goods and services required for a Sub-project under Parts A.1 and B.1 of the Project in respect of which the withdrawal from the Credit Account is required.
(b) The Borrower may, for the purposes of the Project, open and maintain in Dollars:
(i) Euro a separate special deposit account for purposes of Part A of the Project (the DAF Special Account);
(ii) a special deposit account for purposes of Part B of the Project (the PC1 Special Account);
(iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account);
(iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); in each case in a commercial bank, bank on terms and conditions satisfactory to the Association, including appropriate protection against set-–off, seizure or attachment. Deposits into, and payments out of, each respective the Special Account shall be made in accordance with the provisions of Schedule 5 to this Agreement.
Section 2.03. The Closing Date shall be December March 31, 2011 2010, or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The commitment charge shall accrue: (i) from the date sixty (60) days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceledcancelled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on April 15 January 15th and October 15 July 15th in each year.
(a) Subject to paragraphs (b), (c) and (d) below, the Section 2.07. The Borrower shall repay the principal amount of the Credit in semiannual semi-annual installments payable on each April 15 January 15th and October 15 July 15th commencing April July 15, 2015, and ending October January 15, 20442025. Each installment to and including the installment payable on October 15, 2024 shall be one five percent (1%) of such principal amount, and each installment thereafter shall be two percent (25%) of such principal amount.
Section 2.08. The Euro is hereby specified for the purposes of Section 4.02 of the General Conditions.
Appears in 1 contract
Samples: Development Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to one hundred fiftytwenty-one million one five hundred thousand Special Drawing Rights (SDR151,100,000SDR 21,500,000).
Section 2.02. (a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement for for
(i) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods, works and services required for the Project described in Schedule 2 to this Agreement and to be financed out of the proceeds of the Credit, or (ii) amounts paid (or, if the Association shall so agree, amounts to be paid) by the Borrower on account of withdrawals made by recipients of grants for Pilot Subprojects under Part D of the Project, to meet the reasonable cost of goods, works, and services required for agricultural extension activities in respect of which the withdrawal from the Credit Account is requested.
(b) The Borrower may, for the purposes of the Project, open and maintain in Dollars:
(i) a dollars two separate special deposit account accounts for purposes of Part Parts A of the Project (the DAF Special Account);
(ii) a special deposit account for purposes of Part B of the Project (the PC1 Special Account);
(iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account);
(iv) a special deposit account for purposes of Part to D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of and Part E of the Project (the MOI Special Account); in each case Project, respectively, in a commercial bank, bank on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure or attachment. Deposits into, and payments out of, each respective the Special Account Accounts shall be made in accordance with the provisions of Schedule 5 to this Agreementagreement.
Section 2.03. The Closing Date shall be December 31, 2011 2001 or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The commitment charge shall accrue: accrue (i) from the date sixty days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceledcancelled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and or at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next payment date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: paid (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent per cent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on April March 15 and October September 15 in each year.
Section 2.07. (a) Subject to paragraphs (b), (c) and (dc) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April March 15 and October 15 commencing April September 15, 2015commencing September 15, 2006 and ending October March 15, 20442036. Each installment to and including the installment payable on October March 15, 2024 2016 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 1 contract
Samples: Development Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to one hundred fiftytwenty-one two million one two hundred thousand Special Drawing Rights (SDR151,100,000SDR 22,200,000).
(a) Section 2.02. The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement for for: (i) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of goods, works and services required for the Project described in Schedule 2 to this Agreement (other than Parts B and C.3 (b) thereof) and to be financed out of the proceeds of the Credit.
(b) The Borrower may, open and maintain in Dollars:
(i) a special deposit account for purposes of Part A of the Project (the DAF Special Account);
; (ii) amounts paid (or, if the Association shall so agree, amounts to be paid) by a special deposit LFI on account of withdrawals made by a Sub-borrower under a Sub-loan to meet the reasonable cost of goods, works and services required for purposes of the Sub-project under Part B of the Project (in respect of which the PC1 Special Account);
withdrawals from the Credit Account is requested; and (iii) a special deposit account for purposes of Part C of the Project amounts paid (the PC2 Special Account);
(iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); in each case in a commercial bankor, on terms and conditions satisfactory to if the Association, including appropriate protection against set-offshall so agree, seizure or attachment. Deposits into, and payments out of, each respective Special Account shall to be made in accordance with paid) by the provisions Borrower on account of Schedule 5 to this AgreementGrants under Part C.3 (b) of the Project.
Section 2.03. The Closing Date shall be December March 31, 2011 2004, or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The commitment charge shall accrue: (i) from the date sixty (60) days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on April 15 and October 15 in each year.
(a) Subject to paragraphs (b), (c) and (d) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April 15 and October 15 commencing April 15, 2015, and ending October 15, 2044. Each installment to and including the installment payable on October 15, 2024 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.and
Appears in 1 contract
Samples: Development Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit this Agreement, an amount in various currencies equivalent to one hundred fifty-one six million one seven hundred thousand Special Drawing Rights (SDR151,100,000SDR 6,700,000).
(a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement for for: (i) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of goods, works goods and services required for the Project and to be financed out of the proceeds of the Credit; and (ii) amounts paid (or, if the Association should so agree, amounts to be paid) on account of withdrawals made by a Beneficiary under a Secondary Education Grant to meet the reasonable cost of goods and services required for a Sub- project under Parts A.1 and B.1 of the Project in respect of which the withdrawal from the Credit Account is required.
(b) The Borrower may, for the purposes of the Project, open and maintain in Dollars:
(i) Euro a separate special deposit account for purposes of Part A of the Project (the DAF Special Account);
(ii) a special deposit account for purposes of Part B of the Project (the PC1 Special Account);
(iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account);
(iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); in each case in a commercial bank, bank on terms and conditions satisfactory to the Association, including appropriate protection against set-–off, seizure or attachment. Deposits into, and payments out of, each respective the Special Account shall be made in accordance with the provisions of Schedule 5 to this Agreement.
Section 2.03. The Closing Date shall be December March 31, 2011 2010, or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The commitment charge shall accrue: (i) from the date sixty (60) days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceledcancelled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on April 15 and October 15 in each year.
(a) Subject to paragraphs (b), (c) and (d) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April 15 and October 15 commencing April 15, 2015, and ending October 15, 2044. Each installment to and including the installment payable on October 15, 2024 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.and
Appears in 1 contract
Samples: Development Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to one hundred fifty-one six million one and seven hundred thousand Special Drawing Rights (SDR151,100,000SDR 6,700,000).
(a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement for: (i) amounts paid (or, if the Association shall so agree, to be paid) by the Borrower on account of Sub-grants made under Part A of the Project to meet the reasonable cost of goods, works and services required for the Sub-project in respect of which the withdrawal from the account is requested; and (ii) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of goods, works works, services and services operating costs required for carrying out the Project Project, other than for Sub-grants made under Part A of the Project, and to be financed out of the proceeds of the Credit.
(b) The Borrower may, for the purposes of the Project, open and maintain in Dollars:
(i) Dollars a special deposit account for purposes of Part A of the Project (the DAF Special Account);
(ii) a special deposit account for purposes of Part B of the Project (the PC1 Special Account);
(iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account);
(iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); in each case in a commercial bank, bank on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure or attachment. Deposits into, and payments out of, each respective the Special Account shall be made in accordance with the provisions of Schedule 5 to this Agreement.
(c) Promptly after the Effective Date, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and pay to itself the amount required to repay the principal amount of the Project Preparation Advance withdrawn and outstanding as of such date and to pay all unpaid charges thereon. The unwithdrawn balance of the authorized amount of the Project Preparation Advance shall thereupon be canceled.
Section 2.03. The Closing Date shall be December July 31, 2011 2008 or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The commitment charge shall accrue: (i) from the date sixty days (60) after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on April 15 May 1 and October 15 November 1 in each year.
(a) Subject to paragraphs (b), (c) and (d) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April 15 May 1 and October 15 November 1 commencing April 15on November 1, 2015, 2012 and ending October 15on May 1, 20442042. Each installment to and including the installment payable on October 15May 1, 2024 2022 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 1 contract
Samples: Development Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to one hundred fifty-one million one hundred thousand 6,600,000 Special Drawing Rights (SDR151,100,000SDR 6.6 million).
(a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement Agreement, as such Schedule may be amended from time to time by agreement between the Borrower and the Association, for expenditures made (or, if the Association shall so agree, to be made) made in respect of the reasonable cost of goods, works goods and services required for the Project and to be financed out of the proceeds of the Credit.
(b) The Borrower mayshall, for the purposes of the Project, open and maintain in Dollars:
(i) dollars a special deposit account for purposes of Part A of the Project (the DAF Special Account);
(ii) a special deposit account for purposes of Part B of the Project (the PC1 Special Account);
(iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account);
(iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); Account in each case in a commercial bank, its Central Bank on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure or attachment. Deposits into, and payments out of, each respective the Special Account shall be made in accordance with the provisions of Schedule 5 3 to this Agreement.
Section 2.03. The Closing Date closing date shall be December 31June 30, 2011 1993 or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) annum on the principal amount of the Credit not withdrawn from time to time. The commitment charge shall accrue: (i) accrue from the a date sixty days after the date of this the Development Credit Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreementcancelled.
(cb) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%l%) per annum on the principal amount of the Credit withdrawn and all outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on April 15 March l and October 15 September 1 in each year.
(a) Subject to paragraphs (b), (c) and (d) below, the Section 2.07. The Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April 15 March 1 and October 15 September 1, commencing April 15September 1, 2015, 1996 and ending October 15March 1, 20442036. Each installment to and including the installment payable on October 15March 1, 2024 2006 shall be one-half of one percent (1%1/2 of l%) of such principal amount, and each installment thereafter shall be two one and one-half percent (2l-l/2%) of such principal amount.
Appears in 1 contract
Samples: Development Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit this Agreement, an amount in various currencies equivalent to one hundred fifty-one thirteen million one two hundred thousand Special Drawing Rights (SDR151,100,000SDR 13,200,000).
(a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement Agreement: (i) for amounts paid (or, if the Association shall so agree, to be paid) by the Borrower on account of a Grant made under Part B of the Project to meet the reasonable cost of goods and services required for a Sub-project and in respect of which the withdrawal from the Credit account is requested, and (ii) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of goods, works goods and services required for the Project and to be financed out of the proceeds of the Credit.
(b) The Borrower may, for the purposes of the Project, open and maintain in Dollars:
(i) United States Dollars a separate special deposit account in Bank of the Lao People’s Democratic Republic (the Borrower’s Central Bank) on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure or attachment. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of Schedule 6 to this Agreement.
(c) The Borrower may, for the purposes of Part A the Project, open and maintain in United States Dollars a Second Generation Special Account in each of the Project (the DAF Special Account);
(ii) a special deposit account for purposes of Part B of the Project (the PC1 Special Account);
(iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account);
(iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); in each case Provinces in a commercial bank, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure or attachment. Deposits into, and payments out of, each respective of the Second Generation Special Account Accounts shall be made in accordance with the provisions of Schedule 5 6 to this AgreementAgreement and additional procedures that shall have been approved by the Association.
Section 2.03. The Closing Date shall be December 31June 30, 2011 2007, or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The commitment charge shall accrue: (i) from the date sixty days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually semi-annually on April January 15 and October July 15 in each year.
Section 2.07. (a) Subject to paragraphs (b), (c) and (d) below, the Borrower shall repay the principal amount of the Credit in semiannual semi-annual installments payable on each April January 15 and October July 15 commencing April July 15, 20152011, and ending October January 15, 20442041. Each installment to and including the installment payable on October January 15, 2024 2021, shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 1 contract
Samples: Development Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to one hundred fiftythirty-one nine million one four hundred thousand Special Drawing Rights (SDR151,100,000SDR 39,400,000).
(a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of goods, works goods and services required for the Project and to be financed out of the proceeds of the Credit.
(b) The Borrower mayshall, for the purposes of the Project, open and maintain in Dollars:
(i) the name of Zhejiang Province in dollars a special deposit account for purposes of Part A of the Project (the DAF Special Account);
(ii) a special deposit account for purposes of Part B of the Project (the PC1 Special Account);
(iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account);
(iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); in each case in a commercial bank, bank and on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure or attachment. Deposits into, and payments out of, each respective the Special Account shall be made in accordance with the provisions of Schedule 3 to this Agreement.
(c) The Borrower shall, for the purposes of the Project, open and maintain in the name of Jiangxi Province in dollars a special account in a bank and on terms and conditions satisfactory to the Association. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of Schedule 4 to this Agreement.
(d) The Borrower shall, for the purposes of the Project, open and maintain in the name of Shaanxi Province in dollars a special account in a bank and on terms and conditions satisfactory to the Association. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of Schedule 5 to this Agreement.
(e) The Borrower shall, for the purposes of the Project, open and maintain in the name of MOPH in dollars a special account in a bank and on terms and conditions satisfactory to the Association. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of Schedule 6 to this Agreement.
Section 2.03. The Closing Date shall be December 31, 2011 1995 or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The commitment charge shall accrue: (i) from the date sixty days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceledcancelled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next payment date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on April 15 1 and October 15 1 in each year.
(a) Subject to paragraphs (b), (c) and (dc) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April 15 1 and October 15 1 commencing April 15October 1, 2015, 1999 and ending October 15April 1, 20442024. Each installment to and including the installment payable on October 15April 1, 2024 2009 shall be one and one-fourth percent (1-1/4%) of such principal amount, and each installment thereafter shall be two and one-half percent (2-1/2%) of such principal amount.
(b) Whenever (i) the Borrower’s gross national product per capita, as determined by the Association, shall have exceeded $790 in constant 1985 dollars for five consecutive years, and (ii) the Bank shall consider the Borrower creditworthy for Bank lending, the Association may, subsequent to the review and approval thereof by the Executive Directors of the Association and after due consideration by them of the development of the Borrower’s economy, modify the terms of repayment of installments under paragraph (a) above by requiring the Borrower to repay twice the amount of each such installment not yet due until the principal amount of the Credit shall have been repaid. If so requested by the Borrower, the Association may revise such modification to include, in lieu of some or all of the increase in the amounts of such installments, the payment of interest at an annual rate agreed with the Association on the principal amount of the Credit withdrawn and outstanding from time to time, provided that, in the judgment of the Association, such revision shall not change the grant element obtained under the above-mentioned repayment modification.
(c) If, at any time after a modification of terms pursuant to paragraph (b) above, the Association determines that the Borrower’s economic condition has deteriorated significantly, the Association may, if so requested by the Borrower, further modify the terms of repayment to conform to the schedule of installments as provided in paragraph (a) above.
Section 2.08. The currency of the United States of America is hereby specified for the purposes of Section 4.02 of the General Conditions.
Appears in 1 contract
Samples: Development Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to one hundred fifty-one eighty two million one seven hundred thousand Special Drawing Rights (SDR151,100,000SDR 82,700,000).
(a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement Agreement:
(i) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of goods, works goods and services required for Part C of the Project described in Schedule 2 to this Agreement and to be financed out of the proceeds of the Credit; and
(ii) for amounts paid (or, if the Association shall so agree, to be paid) by the Borrower on account of withdrawals made by: (A) a Part A Beneficiary under a RDF Sub-loan to meet the reasonable cost of goods, works and services required for a Part A Sub-project in respect of which the withdrawal from the Credit Account is requested; and (B) a Part B Beneficiary under an FRP Sub-loan to meet the reasonable cost of goods, works and services required for a Part B Sub-project in respect of which the withdrawal from the Credit Account is requested.
(b) The Borrower may, for the purposes of the Project, open and maintain in Dollars:
(i) Dollars a special deposit account for purposes in the State Bank of Part A of the Project (the DAF Special Account);
(ii) a special deposit account for purposes of Part B of the Project (the PC1 Special Account);
(iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account);
(iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); in each case in a commercial bank, Viet Nam on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure or attachment. Deposits into, and payments out of, each respective the Special Account shall be made in accordance with the provisions of Schedule 5 6 to this Agreement.
Section 2.03. The Closing Date shall be December 31June 30, 2011 2000 or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The commitment charge shall accrue: (i) from the date sixty days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and or at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next payment date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on April 15 and October 15 in each year.
(a) Subject to paragraphs (b), (c) and (d) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April 15 and October 15 commencing April 15, 2015, and ending October 15, 2044. Each installment to and including the installment payable on October 15, 2024 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 1 contract
Samples: Development Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Devel- opment Credit Agreement, an amount in various currencies equivalent equiva- lent to one twenty-five million six hundred fifty-one million one hundred and fifty thousand Special Drawing Rights (SDR151,100,000SDR 25,650,000).
(a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable reason- able cost of goods, works goods and services required for the Project and to be financed out of the proceeds of the Credit.
(b) The Borrower mayshall, for the purposes of the Project, open and maintain in Dollars:
(i) dollars a special deposit account for purposes in the Bank of Part A of the Project (the DAF Special Account);
(ii) a special deposit account for purposes of Part B of the Project (the PC1 Special Account);
(iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account);
(iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); in each case in Sudan or a commercial bank, bank authorized by the Bank of Sudan on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure or attachment. Deposits into, and payments out of, each respective the Special Account shall be made in accordance with the provisions of Schedule 5 3 to this Agreement.
Section 2.03. The Closing Date shall be December 31June 30, 2011 1992, or such later date as the Association shall establish. The Association Associa- tion shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) annum on the principal amount of the Credit not withdrawn from time to time. The commitment charge shall accrue: (i) accrue from the a date sixty days after the date of this the Development Credit Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreementcancelled.
(cb) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions restric- tions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on April February 15 and October August 15 in each year.
Section 2.07. (a) Subject to paragraphs (b), (c) and (dc) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April February 15 and October August 15 commencing April August 15, 2015, 1998 and ending October February 15, 20442028. Each installment to and including the installment payable on October February 15, 2024 2008, shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 1 contract
Samples: Development Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to one hundred fiftyeighty-one seven million one hundred thousand Special Drawing Rights (SDR151,100,000SDR 87,100,000).
(a) The amount of the Credit may be withdrawn from the Credit Account in accordance with with: (i) the provisions of Schedule 1 to this Agreement for (i) amounts paid (or, if the Association shall so agree, amounts to be paid) on account of withdrawals made for the purposes of a Grant to meet the reasonable cost of works, goods and services required for a Subproject pursuant to Part D of the Project in respect of which the withdrawal from the Credit Account is requested; (ii) Part B of Section III of Schedule 4 to this Agreement for amounts paid (or, if the Association shall so agree, amounts to be paid) pursuant to the obligations set forth in Part A.3 of the Project; and (iii) the provisions of Schedule 1 for expenditures made (or, or if the Association shall so agree, to be made) in respect of the reasonable cost of goodsworks, works goods and services required for Parts X.0, X.0, X.0, X.0, X, X, X and F of the Project and to be financed out of the proceeds of the Credit.
(b) The Borrower may, for the purposes of the Project, with the exception of Part A.3 of the Project, open and maintain in Dollars:
(i) Dollars a special deposit account for purposes of Part A of the Project (the DAF Special Account);
(ii) a special deposit account for purposes in the name of Part B of the Project (the PC1 Special Account);
(iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account);
(iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); in each case BCECO in a commercial bank, bank on terms and conditions satisfactory to the Association, including appropriate protection against set-set off, seizure or attachment. Deposits into, and payments out of, each respective the Special Account shall be made in accordance with the provisions of Schedule 5 to this Agreement.
(c) For purposes of Part A.3 of the Project, the Borrower shall cause ATI, pursuant to the Participation Agreement and promptly following the signature of this Agreement, to open one Security Trust Account and one Income Account on behalf of the Borrower on terms and conditions satisfactory to the Association, and promptly following receipt thereof from ATI, shall provide to the Association one copy of all account-related documentation. Deposits into and payments made out of the Security Trust Account(s) and Income Account(s) shall be made in accordance with the provisions of Schedule 4 to this Agreement.
(d) Promptly after the Effective Date, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and pay to itself the amount required to repay the principal amount of the Project Preparation Advance withdrawn and outstanding as of such date and to pay all unpaid charges thereon. The unwithdrawn balance of the authorized amount of the Project Preparation Advance shall thereupon be canceled.
Section 2.03. The Closing Date shall be December 31April 30, 2011 2010, or such later date date, as the Borrower and the Association shall establish. The Association shall promptly notify the Borrower of such later dateagree upon.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The commitment charge shall accrue: (i) from the date sixty days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on April 15 May 1 and October 15 November 1 in each year.
(a) Subject to paragraphs (b), (c) and (d) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April 15 May 1 and October 15 November 1, commencing April 15November 1, 2015, 2013 and ending October 15May 1, 20442043. Each installment to and including the installment payable on October 15May 1, 2024 2023 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 1 contract
Samples: Development Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to one hundred fifty-one million one hundred thousand Nine Million One Hundred Thousand Special Drawing Rights (SDR151,100,000SDR 9,100,000).
(a) The amount amounts of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement for:
(i) Part A of the Project, in accordance with the provisions of Part A of Schedule 4 to this Agreement, for amounts necessary to cover SMECA’s obligations for Insurance Contracts to be issued; Part B (a) of the Project, in accordance with the provisions of Part B. 1 (b) and (c), as the case may be, of Schedule 4 to this Agreement, for amounts approved by SMECA for Participation Loans to PFIs and for Working Capital Loans to Exporting Enterprises, respectively, and to be financed out of the proceeds of the Credit; Part B (b) of the Project, in accordance with the provisions of Part B.1 (a) of Schedule 4 to this Agreement, for the amounts to cover the maximum liability of SMECA for Guarantees; Part C of the Project, in accordance with the provisions of Part C of Schedule 4 to this Agreement and Schedule 3 of the Project Agreement, for liabilities incurred by SMECA under the relevant Insurance Contracts and for the liabilities to be incurred by the Insurers other than SMECA under the Insurance Contracts to be issued; Part D of the Project, in accordance with the provisions of Part D of Schedule 4 to this Agreement, for amounts insured in accordance with the provisions of Part A of Schedule 4 to the Project Agreement; and Parts E, F, and G of the Project, for expenditures made (or, or if the Association shall so agree, to be made) in respect of the reasonable cost of goods, works services, and services operating costs required for the Project therefor, and to be financed out of the proceeds of the Credit.
(b) The Notwithstanding the provisions of paragraph 1 of Schedule 1 to this Agreement, the Borrower may, open and maintain shall ensure that SMECA shall not make any withdrawals under the Credit in Dollarsrespect of:
(i) a special deposit account payments made for purposes expenditures prior to the date of Part A of the Project (the DAF Special Account)this Agreement;
(ii) a special deposit account Category 1 of paragraph 1 of said Schedule 1, unless the requirements set forth in Part A.1 (a) of Schedule 4 to this Agreement have been met for purposes of Part B the issuance of the Project (the PC1 Special Account)Political Risk Insurance;
(iii) Category 2 of paragraph 1 of said Schedule 1, for a special deposit account for purposes Subloan or a Working Capital Loan unless the Subloan or the Working Capital Loan has been made in accordance with the criteria, procedures, and on the terms and conditions set forth or referred to in Parts B, C, and D of Part C of Schedule 2 to the Project Agreement, and for a Guarantee unless SMECA has issued the Guarantee to the Participating Financial Institution in accordance with the criteria, procedures, and on the terms and conditions set forth in Part B.3 (b) of Schedule 2 to the PC2 Special Account)Project Agreement;
(iv) a special deposit account for purposes Category 3 of paragraph 1 of said Schedule 1, unless the policy or policies of Exporter Performance Insurance has or have been issued in accordance with the procedures and on the terms and conditions set forth or referred to in Part D A.3 of Schedule 3 to the Project (the PC3 Special Account)Agreement; and
(v) Category 4 of paragraph 1 of said Schedule 1, unless SMECA has or the Insurers other than SMECA have issued a policy or policies of Credit Insurance to an Exporting Enterprise in accordance with the criteria, procedures, and on the terms and conditions set forth or referred to in Part A of Schedule 4 of the Project Agreement.
(c) The Borrower may, for the purposes of the Project, open and maintain in Euro a special deposit account for purposes of Part E of the Project (the MOI Special Account); in each case in a commercial bank, acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-offsetoff, seizure or attachment. Deposits into, and payments out of, each respective the Special Account shall be made in accordance with the provisions of Schedule 5 to this Agreement.
Section 2.03. The Closing Date shall be December 31June 30, 2011 2007, or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The commitment charge shall accrue: (i) from the date sixty (60) days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually semi-annually on April 15 February 15th and October 15 August 15th in each year.
(a) Subject to paragraphs (b), (c) and (d) below, the Section 2.07. The Borrower shall repay the principal amount of the Credit in semiannual semi-annual installments payable on each April 15 February 15th and October 15 August 15th commencing April August 15, 20152012, and ending October February 15, 20442022. Each installment to and including the installment payable on October 15, 2024 shall be one five percent (1%) of such principal amount, and each installment thereafter shall be two percent (25%) of such principal amount.
Section 2.08. The currency of Euro is hereby specified for the purposes of Section 4.02 of the General Conditions.
(a) The Managing Director of SMECA, or any person duly authorized by him or her, is designated as representative of the Borrower for the purposes of taking any action required or permitted to be taken under the provisions of Section 2.02 of this Agreement and Article V of the General Conditions.
(b) Without limitation or restriction to the foregoing, the Borrower hereby entrusts SMECA with responsibility for the preparation and submission of withdrawal applications under the Credit and for the collection of the documents and other evidence to be furnished to the Association in support of such applications.
Appears in 1 contract
Samples: Development Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to one hundred fifty-one sixty million one two hundred thousand Special Drawing Rights (SDR151,100,000SDR 160,200,000).
Section 2.02. (a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement for for:
(i) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of goods, works goods and services required for Part B of the Project and to be financed out of the proceeds of the Credit; and
(ii) amounts paid (or, if the Association shall so agree, to be paid) by the Borrower on account of withdrawals made by: (A) an MLF Beneficiary under an MLF Sub-loan to meet reasonable cost of goods, works and services required for an MLF Sub- project in respect of which the withdrawal from the Credit Account is requested; and (B) an RDF II Beneficiary under an RDF II Sub-loan to meet reasonable cost of goods, works and services required for an RDF II Sub-project in respect of which the withdrawal from the Credit Account is requested.
(b) The Borrower may, for the purposes of the Project, open and maintain in Dollars:
(i) Dollars a special deposit account for purposes of Part A of the Project (the DAF Special Account);
(ii) a special deposit account for purposes of Part B of the Project (the PC1 Special Account);
(iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account);
(iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); in each case in a commercial bank, acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure or attachment. Deposits into, and payments out of, each respective the Special Account shall be made in accordance with the provisions of Schedule 5 6 to this Agreement.
Section 2.03. The Closing Date shall be December 31September 30, 2011 2008, or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The commitment charge shall accrue: (i) from the date sixty days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually semi- annually on April May 15 and October November 15 in each year.
Section 2.07. (a) Subject to paragraphs (b), (c) and (d) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April May 15 and October November 15 commencing April November 15, 20152012, and ending October May 15, 20442042. Each installment to and including the installment payable on October May 15, 2024 2022, shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 1 contract
Samples: Development Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to one hundred fiftyforty-one million one seven million, eight hundred thousand Special Drawing Rights (SDR151,100,000SDR 47,800,000).
Section 2.02. (a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of goodsworks, works goods and services required for the Project described in Schedule 2 to this Agreement and to be financed out of the proceeds of the Credit.
(b) The Borrower may, for the purposes of the Project, open and maintain in Dollars:
(i) US dollars a special deposit account for purposes of Part A of the Project (the DAF Special Account);
(ii) a special deposit account for purposes of Part B of the Project (the PC1 Special Account);
(iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account);
(iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); in each case in a commercial bank, bank on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure or attachment. Deposits into, and payments out of, each respective the Special Account shall be made in accordance with the provisions of Schedule 5 to this Agreement.
(c) The Borrower shall:
(i) open and maintain in dollars for each Assembly an Advance Account of the Special Account, in one or more commercial banks acceptable to the Association, on terms and conditions satisfactory to the Association (including appropriate protection against set-off, seizure or attachment), to be used by such Assembly exclusively for the purposes of financing works, goods and services under the Project to be carried out by such Assembly, as specified in paragraph 7 of Schedule 4 to this Agreement; and
(ii) withdraw from the Special Account and deposit into each Advance Account an amount not exceeding $200,000 each for Accra, Kumasi and Shama-Ahanta East and $100,000 each for Tema and Tamale, and thereafter replenish said Advance Accounts in accordance with paragraph 7 of Schedule 5 to this Agreement.
(d) Promptly after the Effective Date, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and pay to itself the amount required to repay the principal amount of the Project Preparation Advance withdrawn and outstanding as of such date and to pay all unpaid charges thereon. The unwithdrawn balance of the authorized amount of the Project Preparation Advance shall thereupon be cancelled.
Section 2.03. The Closing Date shall be December 31, 2011 2002, or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The commitment charge shall accrue: (i) from the date sixty days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceledcancelled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and or at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next payment date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent per cent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on April 15 January 1 and October 15 July 1 in each year.
(a) Subject to paragraphs (b), (c) and (dc) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April 15 January 1 and October 15 July 1, commencing April 15July 1, 2015, 2006 and ending October 15January 1, 20442036. Each installment to and including the installment payable on October 15January 1, 2024 2016 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 1 contract
Samples: Development Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to one hundred fiftythirty-one six million one hundred thousand Special Drawing Rights (SDR151,100,000SDR 36,100,000).
(a) The amount of the Credit may be withdrawn from the Credit Account Account, in accordance with the provisions of Schedule 1 to this Agreement Agreement, as such Schedule may be amended from time to time by agreement between the Borrower and the Association, for amounts paid by Central Bank for expenditures made (or, or if the Association shall so agree, to be made) in respect of the reasonable cost costs of goods, works goods and services required for the Project and to be financed out of the proceeds of the Credit.
(b) The Borrower may, shall open and maintain in Dollars:
(i) dollars a special deposit account in a commercial bank for purposes of Part A of the Project (the DAF Special Account);
(ii) a special deposit account for purposes of Part B of the Project (the PC1 Special Account);
(iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account);
(iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); in each case in a commercial bank, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure or attachment. Deposits into, and payments out of, each respective the Special Account shall be made in accordance with the provisions of Schedule 5 4 to this Agreement.
Section 2.03. The Closing Date shall be December 31June 30, 2011 1990 or such later date as the Association shall establish. The Association shall promptly notify the Borrower and Central Bank of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) annum on the principal amount of the Credit not withdrawn from time to time. The commitment charge shall accrue: (i) accrue from the a date sixty days after the date of this the Development Credit Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreementcancelled.
(cb) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on April 15 and October 15 in each year.
(a) Subject to paragraphs (b), (c) and (d) below, the Section 2.07. The Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April 15 and October 15 commencing October 15, 1997, and ending April 15, 2015, and ending October 15, 20442037. Each installment to and including the installment payable on October April 15, 2024 2007, shall be one-half of one percent (1/2 of 1%) of such principal amount, and each installment thereafter shall be two one and one-half percent (21-1/2%) of such principal amount.
Section 2.08. The currency of the United States of America is hereby specified for the purposes of Section 4.02 of the General Conditions.
Section 2.09. The Central Bank is designated as representative of the Borrower for the purposes of taking any action required or permitted to be taken under the provisions of Section 2.02 of this Agreement and Article V of the General Conditions.
Appears in 1 contract
Samples: Development Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to one hundred fiftytwenty-one nine million one six hundred thousand Special Drawing Rights (SDR151,100,000SDR 29,600,000).
(a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement for: (i) amounts paid (or, if the Association shall so agree, to be paid) by BOG on account of withdrawals made by an Investment Enterprise under a Sub-loan to meet the reasonable cost of goods and services required for the Investment Project in respect of which the withdrawal from the Credit Account is requested; and (ii) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of goods, works goods and services required for Parts C and D of the Project and to be financed out of the proceeds of the Credit.
(bi) The Borrower mayshall, for the purposes of Parts A and C of the Project, open and maintain in Dollars:
(i) Dollars a special deposit account for purposes of Part A of the Project (the DAF BOG Special Account);
(ii) a special deposit account for purposes of Part B of the Project (the PC1 Special Account);
(iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account);
(iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); in each case in a commercial bank, bank on terms and conditions satisfactory to the Association, including appropriate protection against set-set- off, seizure or attachment. Deposits into, and payments out of, each respective the BOG Special Account shall be made in accordance with the provisions of Schedule 5 to this Agreement.
(ii) The Borrower shall, for the purposes of Part D of the Project, open and maintain in Dollars a special deposit account (the PIU Special Account) in a commercial bank on terms and conditions satisfactory to the Association, including appropriate protection against set- off, seizure or attachment. Deposits into, and payments out of, the PIU Special Account shall be made in accordance with the provisions of Schedule 5 to this Agreement.
Section 2.03. The Closing Date shall be December March 31, 2011 1998 or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The commitment charge shall accrue: (i) from the date sixty days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceledcancelled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and or at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next payment date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on April January 15 and October July 15 in each year.
(a) Subject to paragraphs (b), (c) and (dc) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April January 15 and October July 15 commencing April July 15, 2015, 2003 and ending October January 15, 20442033. Each installment to and including the installment payable on October January 15, 2024 2013 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
(b) Whenever (i) the Borrower’s gross national product per capita, as determined by the Association, shall have exceeded $790 in constant 1985 dollars for five consecutive years, and (ii) the Bank shall consider the Borrower creditworthy for Bank lending, the Association may, subsequent to the review and approval thereof by the Executive Directors of the Association and after due consi- deration by them of the development of the Borrower’s economy, modify the terms of repayment of installments under paragraph (a) above by requiring the Borrower to repay twice the amount of each such installment not yet due until the principal amount of the Credit shall have been repaid. If so requested by the Borrower, the Association may revise such modification to include, in lieu of some or all of the increase in the amounts of such installments, the payment of interest at an annual rate agreed with the Association on the principal amount of the Credit withdrawn and outstanding from time to time, provided that, in the judgment of the Association, such revision shall not change the grant element obtained under the above-mentioned repayment modification.
(c) If, at any time after a modification of terms pursuant to paragraph (b) above, the Association determines that the Borrower’s economic condition has deteriorated significantly, the Association may, if so requested by the Borrower, further modify the terms of repayment to conform to the schedule of installments as provided in paragraph (a) above.
Section 2.08. The currency of the United States of America is hereby specified for the purposes of Section 4.02 of the General Conditions.
Section 2.09. BOG is designated as representative of the Borrower in respect of Parts A, B and C of the Project for the purposes of taking any action required or permitted to be taken under the provisions of Section 2.02 of this Agreement and Article V of the General Conditions.
Appears in 1 contract
Samples: Development Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to one hundred fifty-one fifteen million one hundred thousand Special Drawing Rights (SDR151,100,000SDR 15,100,000).
(a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement for for: (i) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of goods, works and services required for the Project and to be financed out of the proceeds of the Credit; and (ii) amounts paid (or, if the Association shall so agree, amounts to be paid) by the Borrower on account of withdrawals made to meet the reasonable cost of goods, works and services required for any Subproject in respect of which the withdrawal from the Credit Account is requested.
(b) The Borrower may, for the purposes of the Project, open and maintain in Dollars:
(i) Dollars a special deposit account for purposes of Part A of the Project (the DAF Special Account);
(ii) a special deposit account for purposes of Part B of the Project (the PC1 Special Account);
(iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account);
(iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); in each case in a commercial bank, its Central Bank on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure or attachment. Deposits into, and payments out of, each respective the Special Account shall be made in accordance with the provisions of Schedule 5 to this Agreement.
(c) The Borrower shall cause each CDC to:
(i) open and maintain in Rwandese Francs, an advance account of the Special Account, denominated Community Advance Account, in a financial institution acceptable to the Association on terms and conditions satisfactory to the Association, including, in the case of a commercial institution, appropriate protection against set off, seizure or attachment, to be used by such CDC exclusively for the purposes of financing works, goods and services required under the Project; and
(ii) withdraw from the Special Account and deposit into each Community Advance Account the amount needed to cover Eligible Expenditures for a period not exceeding ninety days, and thereafter xxxxxxxxx said Advance Account in accordance with Paragraph 7 of Schedule 5 to this Agreement.
(d) Promptly after the Effective Date, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and pay to itself the amount required to repay the principal amount of the Project Preparation Advance withdrawn and outstanding as of such date and to pay all unpaid charges thereon. The unwithdrawn balance of the authorized amount of the Project Preparation Advance shall thereupon be canceled.
Section 2.03. The Closing Date shall be December 31, 2011 2006, or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The commitment charge shall accrue: (i) from the date sixty days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on April 15 1 and October 15 1 in each year.
(a) Subject to paragraphs (b), (c) and (d) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April 15 1 and October 15 1, commencing April 15October 1, 2015, 2010 and ending October 15April 1, 20442040. Each installment to and including the installment payable on October 15April 1, 2024 2020 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 1 contract
Samples: Development Credit Agreement
The Credit. Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to one hundred fifty-one twenty six million one hundred thousand Special Drawing Rights (SDR151,100,000SDR 26,100,000).
(a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement for for: (i) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of goods, works and services required for the Project described in Schedule 2 to this Agreement and to be financed out of the proceeds of the Credit; and (ii) amounts paid (or if the Association shall so agree, amounts to be paid by the Borrower on account of withdrawals made for the benefit of a Beneficiary to meet the reasonable cost of goods, works and services required for Sub-projects to be financed under Part A.1 of the Project in respect of which withdrawal from the Credit Account is requested.
(b) The Borrower may, for the purposes of the Project, open and maintain in Dollars:
(i) Dollars a special deposit account for purposes of Part A of the Project (the DAF Special Account);
(ii) a special deposit account for purposes of Part B of the Project (the PC1 Special Account);
(iii) a special deposit account for purposes of Part C of the Project (the PC2 Special Account);
(iv) a special deposit account for purposes of Part D of the Project (the PC3 Special Account); and
(v) a special deposit account for purposes of Part E of the Project (the MOI Special Account); in each case in a commercial bank, its Central Bank on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure or attachment. Deposits into, and payments out of, each respective the Special Account shall be made in accordance with the provisions of Schedule
(c) The Borrower shall cause each CDC to:
(i) open and maintain in Rwandese Francs, an advance account of the Special Account, denominated Community Advance Account , in a commercial bank or any other bank acceptable to the Association on terms and conditions satisfactory to the Association, including, in the case of a commercial bank, appropriate protection against set off, seizure or attachment, to be used by such CDC exclusively for the purposes of financing works, goods and services required under the Project; and
(ii) withdraw from the Special Account and deposit into each Community Advance Account the amount needed to cover Eligible Expenditures for a period not exceeding ninety days, and thereafter replenish said Advance Account in accordance with Paragraph 7 of Schedule 5 1 to this Agreement.
Section 2.03. The Closing Date shall be December 31June 30, 2011 2006 or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of the June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The commitment charge shall accrue: (i) from the date sixty days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on April 15 1 and October 15 1 in each year.
(a) Subject to paragraphs (b), (c) and (d) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each April 15 1 and October 15 1, commencing April 15October 1, 2015, 2010 and ending October 15April 1, 20442040. Each installment to and including the installment payable on October 15April 1, 2024 2020 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 1 contract
Samples: Development Credit Agreement