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 seventy-six million three hundred thousand Special Drawing Rights (SDR 76,300,000). 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 The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement for: (a) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested. Section 2.03. The Closing Date shall be June 30, 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 (a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per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date sixty days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Credit Account or canceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates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 February 15 and August 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 February 15 and August 15 commencing February 15, 2013 and ending August 15, 2037. Each installment to and including the installment payable on August 15, 2022 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 4 contracts
Samples: Development Credit Agreement, 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 this Agreement, an amount in various currencies equivalent to seventy-six million three hundred thousand Three Hundred Thirty Four Million Nine Hundred Thousand Special Drawing Rights (SDR 76,300,000334,900,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, goods works and services required for the Project Program and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 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 February April 15 and August October 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 February April 15 and August October 15 commencing February October 15, 2013 2014 and ending August April 15, 20372039. Each installment to and including the installment payable on August April 15, 2022 2024 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 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 this Agreement, an amount in various currencies equivalent to seventy-six million three seven million, two hundred thousand (7,200,000) Special Drawing Rights (SDR 76,300,000SDR).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the Capitation Transfers under the Management Agreements and the reasonable cost of worksgoods, goods works and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June November 30, 2008 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 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 February 15 and August 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 February 15 and August 15 commencing August 15, 2015, and ending February 15, 2013 and ending August 15, 20372045. Each installment to and including the installment payable on August February 15, 2022 2025 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 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 this Agreement, an amount in various currencies equivalent to seventy-six fifteen million three seven hundred thousand Special Drawing Rights (SDR 76,300,00015,700,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, 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 .
(b) amounts paid (orPromptly after the Effective Date, if the Association shall so agreeshall, amounts to be paid) by a Participating State under Part A (d) on behalf of the Project to meet the reasonable cost of worksBorrower, goods and services required for a Subproject in respect of which the withdrawal withdraw from the Credit Account is requestedand pay 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 June 30, 2008 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 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 February March 15 and August September 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 February March 15 and August September 15 commencing February March 15, 2013 2011, and ending August September 15, 20372040. Each installment to and including the installment payable on August September 15, 2022 2020, 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 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 seventy-six one million three two hundred and fifty thousand Special Drawing Rights (SDR 76,300,000SDR1,250,000).
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 the Loan Agreement for: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30, 2008 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 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 February 15 and August 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 February 15 and August 15 commencing August 15, 2014 and ending February 15, 2013 and ending August 15, 20372039. Each installment to and including the installment payable on August February 15, 2022 2024 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 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 seventy-six fifteen million three hundred thousand Special Drawing Rights (SDR 76,300,00015,000,000).
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: (ai) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and (bii) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State the Borrower on account of withdrawals made under Part A (d) of the Project BDS Grants, CB Grants or Risk Capital Grants to meet the reasonable cost of worksgoods, goods works and services required for a Subproject to be financed under Parts A, B.1 and B.3 of the Project, in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30, 2008 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 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 February March 15 and August September 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 February March 15 and August September 15 commencing February September 15, 2013 2014 and ending August March 15, 20372044. Each installment to and including the installment payable on August March 15, 2022 2024 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 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 seventy-six one hundred four million three nine hundred thousand Special Drawing Rights (SDR 76,300,000104,900,000).
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: (ai) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and (bii) amounts paid (or, or if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) Parts C.2 and C.3 of the Project to meet the reasonable cost costs of worksgoods, 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 Dollars four separate special deposit accounts as follows:
(i) Special Account A for the Parts of the Project implemented by EEPCO in a commercial bank on terms and conditions satisfactory to the 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 each Special Account shall be made in accordance with the provisions of Schedule 5 to this Agreement.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 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 February June 15 and August 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 February June 15 and August December 15 commencing February December 15, 2013 2012, and ending August June 15, 20372042. Each installment to and including the installment payable on August June 15, 2022 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 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 this Agreement, an amount in various currencies equivalent to seventy-six million three hundred thousand Twenty Million Eight Hundred Thousand Special Drawing Rights (SDR 76,300,00020,800,000).
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: (a) 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; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30October 31, 2008 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 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 February May 15 and August 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 February May 15 and August November 15 commencing February May 15, 2013 2016 and ending August November 15, 20372045. Each installment to and including the installment payable on August November 15, 2022 2025 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 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 this Agreement, an amount in various currencies equivalent to seventythirty-five million six million three hundred thousand Special Drawing Rights (SDR 76,300,00035,600,000).
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: (ai) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, goods works and services required for the Project and to be financed out of the proceeds of the Credit; and (bii) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost costs of worksgoods, goods works and services required for a Subproject the Subprojects in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30, 2008 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 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 February May 15 and August 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 February May 15 and August November 15 commencing February May 15, 2013 2015 and ending August November 15, 20372044. Each installment to and including the installment payable on August November 15, 2022 2024 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 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 seventy-six sixty seven million three five hundred thousand Special Drawing Rights (SDR 76,300,00067,500,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, goods works and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30, 2008 2015, 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 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 February 15 1 and August 15 1 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 February 15 1 and August 15 1 commencing February 151, 2013 2018, and ending August 151, 20372047. Each installment to and including the installment payable on August 151, 2022 2027, 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 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 seventy-six four million three hundred thousand Special Drawing Rights (SDR 76,300,0004,000,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid The Borrower may open and maintain in Dollars 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:
(ori) a special account for the purposes of Parts A, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) C and D of the Project (the MOFE Special Account); and
(ii) a special account for the purposes of Part B of the Project (the BOM Special Account). Deposits into, and payments out of each respective Special Account shall be made in accordance with the provisions of Schedule 5 to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedthis Agreement.
Section 2.03. The Closing Date shall be June 30March 31, 2008 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 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 February May 15 and August 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 February May 15 and August November 15 commencing February November 15, 2013 2012 and ending August May 15, 20372042. Each installment to and including the installment payable on August May 15, 2022 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 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 seventy-six thirteen million three one hundred thousand Special Drawing Rights (SDR 76,300,00013,100,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for Parts A and C of the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower may, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in Dollars a separate special deposit account at the National Bank of Cambodia on terms and conditions satisfactory to meet the reasonable cost Association. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 5 to this Agreement.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 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 February 15 and August 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 February 15 and August 15 commencing February 15, 2013 and ending August 15, 20372042. Each installment to and including the installment payable on August 15, 2022 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 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 this Agreement, an amount in various currencies equivalent to seventy-six sixteen million three two hundred thousand Special Drawing Rights (SDR 76,300,00016,200,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, 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 (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30, 2008 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 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 semi-annually on February 15 April 1 and August 15 October 1 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 February 15 April 1 and August 15 October 1 commencing February 15October 1, 2013 2010, and ending August 15April 1, 20372040. Each installment to and including the installment payable on August 15April 1, 2022 2020, 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 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 seventy-five million six million three hundred thousand Special Drawing Rights (SDR 76,300,0005,600,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower may, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in Dollars a special deposit account in its Central Bank on terms and conditions satisfactory to meet the reasonable cost Association. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 4 to this Agreement.
Section 2.03. The Closing Date shall be June 3015, 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 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 February June 15 and August 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 February June 15 and August December 15 commencing February December 15, 2013 2014 and ending August June 15, 20372044. Each installment to and including the installment payable on August June 15, 2022 2024 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 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 seventy-six three million three seven hundred thousand Special Drawing Rights (SDR 76,300,0003,700,000).
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: (ai) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of 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; and (bii) amounts paid (or, if the Association shall so agree, amounts to be paid) by on account of withdrawals made for the benefit of a Participating State Beneficiary under Part A (d) of the Project a Grant to meet the reasonable cost of workseligible expenditures relating to a Subproject, goods 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 Dollars a special deposit account in FTBC 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.
Section 2.03. The Closing Date shall be June 30March 31, 2008 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 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 February 15 June 1 and August 15 December 1 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 February 15 June 1 and August 15 December 1, commencing February 15December 1, 2013 2009 and ending August 15June 1, 20372039. Each installment to and including the installment payable on August 15June 1, 2022 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 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 seventythirty-six nine million three one hundred thousand Special Drawing Rights (SDR 76,300,00039,100,000).
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: (a) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and (bi) amounts paid (or, if the Association shall so agree, amounts to be paid) by the Borrower on account of withdrawals made under a Participating State under Part A (d) of the Project Grant to meet the reasonable cost costs of worksgoods, goods works and services required for a Subproject in respect of which the withdrawal from the Credit 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 and services required for the Project and to be financed out of the proceeds of the Credit.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 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 February 15 April 1 and August 15 October 1 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 February 15 April 1 and August 15 October 1, commencing February 15April 1, 2013 2012, and ending August 15October 1, 20372041. Each installment to and including the installment payable on August 15April 1, 2022 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 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 seventy-six one hundred and four million three four hundred thousand Special Drawing Rights (SDR 76,300,000104,400,000).
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: (a) for expenditures made (or, or if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, goods works and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30, 2008 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 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 February May 15 and August 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 February May 15 and August 15 commencing February November 15, 2013 commencing May 15, 2014, and ending August November 15, 20372043. Each installment to and including the installment payable on August November 15, 2022 2023, 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 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 seventytwenty-six seven million three and one hundred thousand Special Drawing Rights (SDR 76,300,00027,100,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower may, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in Dollars a special deposit account in NBC on terms and conditions satisfactory to meet the reasonable cost Association. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 5 to this Agreement.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 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, 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 February 15 May and August 15 November 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 February 15 May 1st and August 15 November 1st , commencing February 15May 1st , 2013 2011 and ending August 15November 1st , 20372040. Each installment to and including the installment payable on August 15November 1st, 2022 2020 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 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 this Agreement, an amount in various currencies equivalent to seventy-six eighty million three hundred thousand Special Drawing Rights (SDR 76,300,00080,000,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, goods works and services required for the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower may, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in dollars two (2) separate special deposit accounts in its central bank, Special Account A and Special Account B, on terms and conditions satisfactory to meet the reasonable cost Association. Deposits into, and payments out of, the Special Accounts shall be made in accordance with the provisions of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 5 to this Agreement.
Section 2.03. The Closing Date shall be June 30December 31, 2008 2005, 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 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 February 15 March 1 and August 15 September 1 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 February 15 March 1 and August 15 September 1 commencing February 15September 1, 2013 2013, and ending August 15March 1, 20372043. Each installment to and including the installment payable on August 15March 1, 2022 2023, 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 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 seventy-one hundred fifty six million three and seven hundred thousand Special Drawing Rights (SDR 76,300,000SDR156,700,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, goods works and services required for the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid The Borrower may, for the purposes of the Project, open and maintain in Dollars two separate special deposit accounts: (ori) the RPMU2 Special Account in respect of Parts A, if the Association shall so agree, amounts to be paidC(1) by a Participating State under Part A (dand C(2) of the Project to meet Project, and (ii) the reasonable cost of works, goods and services required for a Subproject PMU18 Special Account in respect of which Parts B and C(3) of the withdrawal from Project, each in a commercial bank on terms and conditions satisfactory to the Credit Association, including appropriate protection against set-off, seizure or attachment. Deposits into, and payments out of each respective Special Account is requestedshall be made in accordance with the provisions of Schedule 5 to this Agreement.
Section 2.03. The Closing Date shall be June 30December 31, 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 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 February 15 June 1 and August 15 December 1 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 February 15 June 1 and August 15 December 1 commencing February 15June 1, 2013 2014 and ending August 15December 1, 20372043. Each installment to and including the installment payable on August 15December 1, 2022 2023 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 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 seventytwenty-three million six million three hundred thousand Special Drawing Rights (SDR 76,300,00023,600,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30, 2008 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 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 February 15 March 1 and August 15 September 1 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 February 15 March 1 and August 15 September 1 commencing February 15September 1, 2013 2011 and ending August 15March 1, 20372041. Each installment to and including the installment payable on August 15March 1, 2022 2021 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 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 seventy-one hundred ninety six million three one hundred thousand Special Drawing Rights (SDR 76,300,000SDR196,100,000).
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: (ai) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, goods works and services required for the Project HNPSP and to be financed out of the proceeds of the Credit; and , or (bii) amounts paid (or, if the Association shall so agree, amounts to be paid) on account of withdrawals made by a Participating State under Part A (d) of the Project Borrower to meet the reasonable cost of worksgoods, goods works and services required under an Operational Plan.
(b) The Borrower may, for the purposes of the Project, open and maintain in Dollars a Subproject foreign exchange account (Forex Account) in respect Bangladesh Bank, on terms and conditions satisfactory to the Association. Deposits into, and payments out of, the Forex Account shall be made in accordance with the provisions of which the withdrawal from the Credit Account is requestedPart B of Schedule 1 to this Agreement.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 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 February 15 1 and August 15 1 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 February 15 1 and August 15 1, commencing February 15August 1, 2013 2015 and ending August 15February 1, 20372045. Each installment to and including the installment payable on August 15onFebruary 1, 2022 2025, 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 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 seventyforty-six seven million three five hundred thousand Special Drawing Rights (SDR 76,300,00047,500,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 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 February March 15 and August September 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 February March 15 and August September 15 commencing February March 15, 2013 2012 and ending August September 15, 20372036. Each installment to and including the installment payable on August September 15, 2022 2021, 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 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 seventy-six eight million three one hundred thousand Special Drawing Rights (SDR 76,300,0008,100,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, goods works and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30April 15, 2008 2005 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 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 February April 15 and August October 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 February April 15 and August October 15 commencing February on October 15, 2013 2010 and ending August on April 15, 20372040. Each installment to and including the installment payable on August April 15, 2022 2020 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 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 seventy-six one hundred four million three two hundred thousand Special Drawing Rights (SDR 76,300,000104,200,000).
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: (ai) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and , or (bii) amounts paid (or, if the Association shall so agree, amounts to be paid) on account of withdrawals made by a Participating State under Part A (d) of the Project Borrower to meet the reasonable cost of worksgoods, goods works and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedunder an AOP.
Section 2.03. The Closing Date shall be June 30, 2008 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 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 February 15 and August 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 February 15 and August 15 15, commencing August 15, 2014 and ending February 15, 2013 and ending August 15, 20372044. Each installment to and including the installment payable on August February 15, 2022 2024, 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 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 equi-valent to seventy-six million three hundred thousand Six Million Five Hundred Thousand Special Drawing Rights (SDR 76,300,0006,500,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of 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; and .
(b) amounts paid (orThe Borrower may, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in dollars a special deposit account in Mongol Bank on terms and conditions satisfactory to meet the reasonable cost Association. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 5 to this Agreement.
Section 2.03. The Closing Date shall be June 30, 2008 1999 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 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 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 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 design-ated 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 February June 15 and August December 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 semi-annual installments payable on each February June 15 and August December 15 commencing February commenc-ing December 15, 2013 2005 and ending August June 15, 20372035. Each installment to and including the installment payable on August June 15, 2022 2015 shall be one and one-fourth percent (1-1/4%) of such principal amount, and each installment thereafter there-after 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 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 seventy-six two million three one hundred thousand Special Drawing Rights (SDR 76,300,0002,100,000).
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: (ai) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for Parts A.1, A.2 (b) and (c), B 1. (a), (b), and (d), B.2, C and D of the Project and to be financed out of the proceeds of the Credit; and (bii) amounts paid (or, or if the Association shall so agree, agree amounts to be paid) by a Participating State on account of Grants under Part A Grant Agreements under Parts A.2 (da) and B.1 (c) of the Project Project.
(b) The Borrower may, for the purposes of the Project, open and maintain in Dollars a special deposit account in a commercial bank, on terms and conditions satisfactory to meet the reasonable cost Association, including appropriate protection against set-off, seizure or attachment. Deposits into, and payments out of works, goods and services required for a Subproject the Special Account shall be made in respect accordance with the provisions of which the withdrawal from the Credit Account is requestedSchedule 6 to this Agreement.
Section 2.03. The Closing Date shall be June 30October 31, 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 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 February 15 June 1 and August 15 December 1 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 February 15 June 1 and August 15 December 1 commencing February 15June 1, 2013 2014 and ending August 15December 1, 20372043. Each installment to and including the installment payable on August 15December 1, 2022 2023 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 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 seventy-six fifty four million three seven hundred thousand Special Drawing Rights (SDR 76,300,00054,700,000).
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: (a) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedAgreement.
Section 2.03. The Closing Date shall be June September 30, 2008 1996 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 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 semi-annually on February April 15 and August October 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 semi-annual installments payable on each February April 15 and August October 15 commencing February October 15, 2013 2005 and ending August April 15, 20372030. Each installment to and including the installment payable on August April 15, 2022 2015 shall be one and one-fourth percent per cent (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 seventyforty-six eight million three nine hundred thousand Special Drawing Rights (SDR 76,300,00048,900,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30, 2008 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 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 February 15 1 and August 15 1 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 February 15 1 and August 15 1 commencing February 151, 2013 2011 and ending August 151, 20372035. Each installment to and including the installment payable on August 151, 2022 2020 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 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 seventyfifty-six one million three four hundred thousand Special Drawing Rights (SDR 76,300,00051,400,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of 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; and .
(b) amounts paid (orThe Borrower may, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in dollars a special deposit account in its Central Bank on terms and conditions satisfactory to meet the reasonable cost Association. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 5 to this Agreement.
Section 2.03. The Closing Date shall be June 30, 2008 2003 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 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 February 15 May 1 and August 15 November 1 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 February 15 May 1 and August 15 November 1 commencing February 15May 1, 2013 2008 and ending August 15November 1, 2037. Each installment to and including the installment payable on August 15November 1, 2022 2017 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 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 seventy-six sixteen million three four hundred thousand Special Drawing Rights (SDR 76,300,00016,400,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for for, and amounts paid (or, if the Association shall so agree, to be paid) under Grants made under the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower may, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain and cause AJK to meet open and maintain in dollars special deposit accounts in the reasonable cost National Bank of worksPakistan on terms and conditions satisfactory to the Association. Deposits into, goods and services required for a Subproject payments out of, the Special Accounts shall be made in respect accordance with the provisions of which the withdrawal from the Credit Account is requestedSchedule 6 to this Agreement.
Section 2.03. The Closing Date shall be June 30, 2008 2002 or such later date as the Association shall establish. The Association Asso ciation 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 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 speci fied 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 February March 15 and August September 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 February March 15 and August September 15 commencing February March 15, 2013 2008 and ending August September 15, 20372032. Each installment to and including the installment payable on August September 15, 2022 2017 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 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 seventy-six two million three hundred thousand Special Drawing Rights (SDR 76,300,0002,300,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project described in Scheduie 2 to this Agreement and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30, 2008 1996, 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 June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%l%) 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 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%l%) 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 February March 15 and August 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 semi-annual installments payable on each February March 15 and August September 15 commencing February on September 15, 2013 2000 and ending August on March 15, 20372030. Each installment to and including the installment payable on August March 15, 2022 2010 shall be one and one-fourth percent (1-1/4%l%) 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 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 seventy-six fifty million three one hundred thousand Special Drawing Rights (SDR 76,300,00050,100,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, goods works and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 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 February 15 April 1 and August 15 October 1 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 February 15 April 1 and August 15 October 1, commencing February 15April 1, 2013 2011 and ending August 15October 1, 20372035. Each installment to and including the installment payable on August 15October 1, 2022 2020 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 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 seventy-six forty five million three two hundred thousand Special Drawing Rights (SDR 76,300,00045,200,000).
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: (ai) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, goods works and services required for the Project and to be financed out of the proceeds of the Credit; and (bii) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) the Borrower on account of the Project withdrawals made to meet the reasonable cost of worksgoods, goods works and services required for a any Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30, 2008 2004 or such later date as the Borrower and 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 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 February 15 March 1 and August 15 September 1 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 February 15 March 1 and August 15 September 1 commencing February 15March 1, 2013 2011 and ending August 15September 1, 20372040. Each installment to and including the installment payable on August 15September 1, 2022 2020 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 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 seventy-six one hundred forty million three eight hundred twenty thousand Special Drawing Rights (SDR 76,300,000140,820,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30July 31, 2008 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 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 February 15 December 1 and August 15 June 1 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 February 15 December 1 and August 15 June 1 commencing February 15December 1, 2013 2009 and ending August 15June 1, 20372034. Each installment to and including the installment payable on August 15June 1, 2022 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 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 seventy-eleven million six million three hundred thousand Special Drawing Rights (SDR 76,300,00011,600,000).
Section 2.02(a) The Borrower shall open, prior to furnishing to the Association the first request for withdrawal from the Credit Account, and thereafter maintain in its National Bank, a deposit account on terms and conditions satisfactory to the Association. All withdrawals from the Credit Account shall be deposited by the Association into the Deposit Account.
(b) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 to this Agreement for: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 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 February May 15 and August November 15 in each year.
Section 2.07. (a) Subject to paragraphs (b), (c) and (d) below, the The Borrower shall repay the principal amount of the Credit in semiannual installments payable on each February May 15 and August November 15 commencing February May 15, 2013 2012, and ending August November 15, 20372021. Each installment to and including the installment payable on August 15, 2022 shall be one and one-fourth five percent (1-1/4%) of such principal amount, and each installment thereafter shall be two and one-half percent (2-1/25%) 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 seventythirty-six million three hundred thousand Special Drawing Rights (SDR 76,300,00036,000,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project Debt Purchase and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30March 31, 2008 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 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 February 15 January 1 and August 15 July 1 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 February 15 January 1 and August 15 July 1 commencing February 15January 1, 2013 2008 and ending August 15July 1, 2037. Each installment to and including the installment payable on August 15July 1, 2022 2017 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 per capita gross national product (GNP), as determined by the Association, shall have exceeded for three consecutive years the level established annually by the Association for determining eligibility to access the Association’s resources; 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 repayment of installments under paragraph (a) above by: (A) 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; and (B) requiring the Borrower to commence repayment of the principal amount of the Credit as of the first semiannual payment date referred to in paragraph (a) above falling six months or more after the date on which the Association notifies the Borrower that the events set out in this paragraph
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 seventy-six fifteen million three hundred thousand Special Drawing Rights dollars (SDR 76,300,000$15,000,000).
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: (a) for expenditures made (or, if the Association Administrator shall so agree, to be made) in respect of the reasonable cost of worksgoods, goods works and services required for Parts A.1 (a) and B of the Project described in Schedule 2 to this Agreement and to be financed out of the proceeds of the Credit; and .
(b) amounts paid The Borrower may open and maintain, in dollars, four (or4) separate special deposit accounts in one or more commercial banks on terms and conditions satisfactory to the Administrator, if including appropriate protection against set-off, seizure or attachment. The JDECO Special Account shall be used exclusively to finance expenditures under Categories (1), (2) and (3) set forth in the Association table in paragraph 1 of Schedule 1 to this Agreement; SELCO Special Account shall so agreebe used exclusively to finance expenditures under Categories (4) and (5) set forth in the table in paragraph 1 of Schedule 1 to this Agreement; HEPCO Special Account shall be used exclusively to finance expenditures under Categories (6) and (7) set forth in the table in paragraph 1 of Schedule 1 to this Agreement; and PEA Special Account shall be used exclusively to finance expenditures under Category (8) set forth in the table in paragraph 1 of Schedule 1 to this Agreement. Deposits into, amounts and payments out of, the Special Accounts shall be made in accordance with the provisions of Schedule 4 to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedthis Agreement.
Section 2.03. The Closing Date shall be June 30, 2008 2004, 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 Palestinian Authority 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 June 30 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 February 15 and August 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 February 15 and August 15 commencing February 15, 2013 and ending August 15, 2037. Each installment to and including the installment payable on August 15, 2022 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.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 Agreement, an amount in various currencies equivalent to seventytwenty-six one million three nine hundred forty thousand Special Drawing Rights (SDR 76,300,00021,940,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 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 February 15 and August 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 February 15 and August 15 commencing August 15, 2014 and ending February 15, 2013 and ending August 15, 20372039. Each installment to and including the installment payable on August February 15, 2022 2024 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 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 seventy-six twenty seven million three one hundred thousand Special Drawing Rights (SDR 76,300,00027,100,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, goods works and services required for the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower may, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in United States dollars a special deposit account in its Central Bank on terms and conditions satisfactory to meet the reasonable cost Association. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 5 to this Agreement.
Section 2.03. The Closing Date shall be June 30October 31, 2008 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 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 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 February 15 April 1st and August 15 October 1st 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 February 15 April 1st and August 15 October 1st commencing February 15April 1st, 2013 2014 and ending August 15October 1st, 20372043. Each installment to and including the installment payable on August 15October 1st, 2022 2023 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 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 seventy-six fifty three million three seven hundred thousand Special Drawing Rights (SDR 76,300,00053,700,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, 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 .
(b) amounts paid (orThe Borrower may, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in dollars a special deposit account in a commercial bank on terms and conditions satisfactory to meet the reasonable cost 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 works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 5 to this Agreement.
Section 2.03. The Closing Date shall be June 30, 2008 2003, 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 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 February April 15 and August October 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 February April 15 and August October 15 commencing February April 15, 2013 2008 and ending August October 15, 2037. Each installment to and including the installment payable on August October 15, 2022 2017 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 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 seventy-six thirty eight million three hundred thousand Special Drawing Rights (SDR 76,300,00038,300,000).
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: (ai) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and (bii) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) the Borrower on account of the Project withdrawals made to meet the reasonable cost of worksgoods, goods works and services required for a Subproject any Eligible Work Plan in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30, 2008 2005 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 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 February 15 January 1 and August 15 July 1 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 February 15 January 1 and August 15 July 1, commencing February 15January 1, 2013 2011 and ending August 15July 1, 20372040. Each installment to and including the installment payable on August 15July 1, 2022 2020 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 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 seventytwenty-six three million three four hundred thousand Special Drawing Rights (SDR 76,300,00023,400,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower shall, if for the purposes of the Project, open and maintain in dollars a special account in a bank acceptable to the Association on terms and conditions satisfactory to the Association. Deposits into, and payments out of, the Special Account shall so agree, amounts be made in accordance with the provisions of Schedule 4 to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedthis Agreement.
Section 2.03. The Closing Date shall be June 30December 31, 2008 1992 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 June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 l/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 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 February January 15 and August July 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 February January 15 and August July 15 commencing February July 15, 2013 2000 and ending August January 15, 20372025. Each installment to and including the installment payable on August January 15, 2022 2010 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 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 seventy-six fourteen million three nine hundred thousand Special Drawing Rights (SDR 76,300,00014,900,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, goods works and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30March 31, 2008 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 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 February April 15 and August October 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 February April 15 and August October 15 commencing February October 15, 2013 2010, and ending August April 15, 20372040. Each installment to and including the installment payable on August April 15, 2022 2020 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 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 seventy-six fifty one million three one hundred thousand Special Drawing Rights (SDR 76,300,00051,100,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of 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; and .
(b) amounts paid (orThe Borrower may, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in dollars, a special deposit account in a commercial bank on terms and conditions satisfactory to meet the reasonable cost 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 works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 5 to this Agreement.
Section 2.03. The Closing Date shall be June 30, 2008 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 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 February 15 1 and August 15 1 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 February 15 1 and August 15 1, commencing February 15August 1, 2013 2009 and ending August 15February 1, 20372039. Each installment to to, and including the installment payable on August 15February 1, 2022 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 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 seventy-six one hundred and three million three nine hundred thousand Special Drawing Rights (SDR 76,300,000103,900,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of 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; and .
(b) amounts paid (orThe Borrower shall, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in dollars a special deposit account in Bangladesh Bank on terms and conditions satisfactory to meet the reasonable cost Association. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 5 to this Agreement.
Section 2.03. The Closing Date shall be June 30March 31, 2008 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 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 February 15 June 1 and August 15 December 1 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 semi-annual installments payable on each February 15 June 1 and August 15 December 1 commencing February 15December 1, 2013 2004 and ending August 15June 1, 20372034. Each installment to and including the installment payable on August 15June 1, 2022 2014 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 seventy-six eight million three one hundred thousand Special Drawing Rights (SDR 76,300,0008,100,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services works required for the Project described in Schedule 1 to the Joint Project Agreement and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30, 2008 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 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 February March 15 and August September 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 February March 15 and August September 15 commencing February September 15, 2013 2007 and ending August March 15, 2037. Each installment to and including the installment payable on August March 15, 2022 2017 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 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 seventy-six eight million three one hundred thousand Special Drawing Rights (SDR 76,300,00078,100,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of 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; and .
(b) amounts paid (orThe Borrower shall, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in dollars a special account in Bangladesh Bank on terms and conditions satisfactory to meet the reasonable cost Association. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 5 to this Agreement.
Section 2.03. The Closing Date shall be June 30, 2008 1996 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 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 February June 15 and August December 15 in each year.
Section 2.07. (a) Subject to paragraphs (b), (c) and (d) below, the The Borrower shall repay the principal amount of the Credit in semiannual installments payable on each February June 15 and August December 15 commencing February December 15, 2013 1997, and ending August June 15, 2037. Each installment to and including the installment payable on August June 15, 2022 2007, shall be one and one-fourth half of one percent (1/2 of 1-1/4%) 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.O2 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 seventy-six one hundred eighty seven million three hundred thousand Special Drawing Rights (SDR 76,300,000187,300,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower shall, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in dollars a special deposit account in the Reserve Bank of India on terms and conditions satisfactory to meet the reasonable cost Association. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 3 to this Agreement.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 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 February 15 March 1 and August 15 September 1 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 semi- annual installments payable on each February 15 March 1 and August 15 September 1 commencing February 15September 1, 2013 2004 and ending August 15March 1, 20372029. Each installment to and including the installment payable on August 15March 1, 2022 2014 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 this Agreement, an amount in various currencies equivalent to seventy-six one hundred fifteen million three seven hundred thousand Special Drawing Rights (SDR 76,300,000115,700,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, goods works and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30March 31, 2008 2012 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 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 February 15 and August 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 February 15 and August 15 commencing February 15, 2013 2017 and ending August 15, 20372041. Each installment to and including the installment payable on August 15, 2022 2026 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 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 seventy-six nine million three four hundred thousand Special Drawing Rights (SDR 76,300,0009,400,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of 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; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 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 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 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 February 15 May 1 and August 15 November 1 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 semi- annual installments payable on each February 15 May 1 and August 15 November 1 commencing February 15November 1, 2013 2001 and ending August 15May 1, 20372031. Each installment to and including the installment payable on August 15May 1, 2022 2011 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 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 seventy-six twenty one million three eight hundred thousand Special Drawing Rights (SDR 76,300,00021,800,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of goods (excluding the anti-retroviral drugs referred to in Part B of the Project), works, goods consultants’ services and other services (including services provided by Health Services Providers, and audit services) and incremental operating costs required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30July 31, 2008 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 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 February April 15 and August October 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 February April 15 and August October 15 commencing February October 15, 2013 2012 and ending August April 15, 20372042. Each installment to and including the installment payable on August April 15, 2022 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 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 seventy-six fifty four million three hundred thousand Special Drawing Rights (SDR 76,300,000)SDR54,000,000.
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 forAgreement: (ai) for amounts paid (or, if the Association shall so agree, to be paid) by the Borrower on account of a District Health Funding Allocation to meet the reasonable cost of goods, works and services required for an Eligible Plan under Part A of the Project and in respect of which the withdrawal from the Credit Account is requested; and (ii) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for Parts B and C of the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 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 February 15 May 1 and August 15 November 1 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 February 15 May 1 and August 15 November 1 commencing February 15November 1, 2013 and ending August 15May 1, 20372038. Each installment to and including the installment payable on August 15May 1, 2022 2023 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 agrees to lend make available to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, this Agreement an amount in various currencies equivalent to seventy-six million three hundred thousand Three Hundred Eight Million Four Hundred Thousand Special Drawing Rights (SDR 76,300,000308,400,000) (the Credit).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of: (a) goods, works and services; and (b) houses under Parts A.2(C) and F.2 of worksthe Project, goods Incremental Operating Costs, Training, Insurance, and services Relocation Support, referred to and/or defined in paragraph 2 of Part A of Schedule 1 of this Agreement, all required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 June 30 of each year, but such rate 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 respective 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 respective 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 February April 15 and August October 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 February April 15 and August October 15 commencing February October 15, 2013 2015 and ending August April 15, 20372040. Each installment to and including the installment payable on August April 15, 2022 2025, shall be one and one-fourth percent (1-1/4%1¼%) of such principal amount, and each installment thereafter shall be two and one-half percent (2-1/2%2½%) of such principal amount.
(b) Whenever: (i) the Borrower’s per capita gross national product (GNP), as determined by the Association, shall have exceeded for three consecutive years the level established annually by the Association for determining eligibility to access the Association’s resources; and (ii) the Assocation shall consider the Borrower creditworthy for Association 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 repayment of installments under paragraph (a) above by:
(A) 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; and
(B) requiring the Borrower to commence repayment of the principal amount of the Credit as of the first semiannual payment date referred to in paragraph (a) above falling six (6) months or more after the date on which the Association notifies the Borrower that the events set out in this paragraph (b) have occurred, provided, however, that there shall be a grace period of a minimum of five (5) years on such repayment of principal.
(c) If so requested by the Borrower, the Association may revise the modification referred to in paragraph (b) above 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.
(d) 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 of the Credit to conform to the schedule of installments as provided in paragraph (a) above.
Section 2.08. Dollar is hereby specified for the purposes of Section 3.07 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 seventytwenty-six million three four hundred thousand Special Drawing Rights (SDR 76,300,000SDR26,400,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of 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; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30December 31, 2008 1997 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 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 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 February 15 June 1 and August 15 December 1 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 semi- annual installments payable on each February 15 June 1 and August 15 commencing February 15December 1, 2013 commenc- ing December 1, 2002 and ending August 15June 1, 20372027. Each installment to and including the installment payable on August 15June 1, 2022 2012 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 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 seventy-six two million three hundred thousand Special Drawing Rights (SDR 76,300,0002,300,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of 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; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30October 31, 2008 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 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 February 15 May 1 and August 15 November 1 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 February March 15 and August 15 commencing February September 15, 2013 commencing September 15, 2011 and ending August March 15, 20372036. Each installment to and including the installment payable on August March 15, 2022 2021 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 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 seventy-six two million three hundred thousand Special Drawing Rights (SDR 76,300,0002,000,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower may, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in Euro a special deposit account in a commercial bank on terms and conditions satisfactory to meet the reasonable cost Association, including appropriate protection against set-off, seizure and attachment. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 4 to this Agreement.
Section 2.03. The Closing Date shall be June 30, 2008 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 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 February April 15 and August October 15 in each year.
Section 2.07. (a) Subject to paragraphs (b), (c) and (d) below, the The Borrower shall repay the principal amount of the Credit in semiannual installments payable on each February April 15 and August 15 commencing February October 15, 2013 commencing October 15, 2013, and ending August April 15, 20372023. Each installment to and including the installment payable on August 15, 2022 shall be one and one-fourth five percent (1-1/4%) of such principal amount, and each installment thereafter shall be two and one-half percent (2-1/25%) 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 seventytwenty-six four million three hundred thousand Special Drawing Rights (SDR 76,300,00024,000,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower may, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in dollars a special deposit account in a bank on terms and conditions satisfactory to meet the reasonable cost 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 works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 3 to this Agreement.
Section 2.03. The Closing Date shall be June 30March 31, 2008 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 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 February April 15 and August October 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 February April 15 and August October 15 commencing February October 15, 2013 2012 and ending August April 15, 20372042. Each installment to and including the installment payable on August April 15, 2022 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 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 seventy-six nineteen million three hundred thousand Special Drawing Rights (SDR 76,300,00019,000,000).
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: (a) for expenditures made (or, or if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30, 2008 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 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 February January 15 and August 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 installments payable on each February January 15 and August July 15 commencing February January 15, 2013 2012 and ending August July 15, 20372041. Each installment to and including the installment payable on August July 15, 2022 2021 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 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 seventy-six thirty two million three one hundred thousand sixty thousands Special Drawing Rights (SDR 76,300,000SDR32,160,000).
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(i) for amounts paid (or, if the Association shall so agree, to be paid) by the Borrower on account of: (ai) a Grant to meet the reasonable cost of goods, works and services required for a Sub-project and in respect of which the withdrawal from the Credit Account is requested; (ii) a Kecamatan Planning Grant to meet the reasonable cost of services required for the preparation of a village development plan and in respect of which the withdrawal from the Credit Account is requested; and (iii) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for Parts B through E of the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 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 February 15 March 1 and August 15 September 1 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 February 15 March 1 and August 15 September 1 commencing February 15September 1, 2013 and ending August 15March 1, 20372038. Each installment to and including the installment payable on August 15March 1, 2022 2023 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 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 seventythirty-six eight million three hundred thousand Special Drawing Rights (SDR 76,300,00038,300,000).
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: (a) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and (bi) amounts paid (or, if the Association shall so agree, amounts to be paid) by the Borrower on account of withdrawals made under a Participating State under Part A (d) of the Project Subloan or a Grant to meet the reasonable cost costs of worksgoods, goods works and services required for a Subproject in respect of which the withdrawal from the Credit 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 and services required for the Project and to be financed out of the proceeds of the Credit.
Section 2.03. The Closing Date shall be June 30August 31, 2008 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 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.of
Section 2.06. Commitment charges and service charges shall be payable semiannually on February April 15 and August October 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 February April 15 and August October 15 commencing February April 15, 2013 2012 and ending August October 15, 20372041. Each installment to and including the installment payable on August October 15, 2022 2021 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 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 seventy-six thirty four million three four hundred thousand Special Drawing Rights (SDR 76,300,00034,400,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of 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; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30December 31, 2008 1990, 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 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 a date sixty days after the date of this Agreement (the accrual dateAccrual 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 Accrual Date 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 as of the next payment date in that year year, specified in Section 2.06 of this Agreement, except that the rate set as of June 30, 1988 shall be applied as of July 1, 1988.
(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 February January 15 and August July 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 February January 15 and August July 15 commencing February July 15, 2013 1998, and ending August January 15, 20372028. Each installment to and including the installment payable on August January 15, 2022 2008, 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 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 seventy-six ten million three nine hundred thousand Special Drawing Rights (SDR 76,300,00010,900,000).
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: (a) 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 this Association shall so agree, to be made) in respect of the reasonable cost of works, goods and end services required for the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower shall, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in dollars a special account in its Central Bank on terms and conditions satisfactory to meet the reasonable cost Association. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 3 to this Agreement.
Section 2.03. The Closing Date shall be June 30, 2008 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 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 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 February 15 1 and August 15 1 in each year.
Section 2.07. (a) Subject to paragraphs (b), (c) and (d) below, the The Borrower shall repay the principal amount of the Credit in semiannual installments payable on each February 15 1 and August 15 1 commencing February 15August 1, 2013 1996, and ending August 15February 1, 20372036. Each installment to and including the installment payable on August 15February 1, 2022 2006, shall be one and one-fourth percent half of one per cent (1/2 of 1-1/4%) of such principal amount, and each installment thereafter shall be two one and one-half percent 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 seventy-six twelve million three nine hundred thousand Special Drawing Rights (SDR 76,300,00012,900,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of 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; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30March 31, 2008 2005 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 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 February 15 January 1 and August 15 July 1 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 February 15 January 1 and August 15 July 1 commencing February 15July 1, 2013 2010 and ending August 15January 1, 20372040. Each installment to and including the installment payable on August 15January 1, 2022 2020 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 seventytwenty-six five million three hundred thousand Special Drawing Rights dollars (SDR 76,300,000$25,000,000).
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: (ai) 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 worksworks required for Part B.2 of the Project, and of goods and services required for Part C of the Project Project, and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower may, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in dollars three (3) separate special deposit accounts in one or more commercial banks on terms and conditions satisfactory to meet the reasonable cost Administrator, 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 works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 5 to this Agreement.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 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 February 15 and August 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 February 15 and August 15 commencing February 15, 2013 and ending August 15, 2037. Each installment to and including the installment payable on August 15, 2022 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.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 Agreement, an amount in various currencies equivalent to seventy-six eleven million three one hundred thousand Special Drawing Rights (SDR 76,300,00011,100,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of 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; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30, 2008 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 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 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 February May 15 and August 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 February May 15 and August November 15 commencing February November 15, 2013 2009, and ending August May 15, 20372034. Each installment to and including the installment payable on August May 15, 2022 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 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 seventy-six two hundred ninety one million three seven hundred thousand Special Drawing Rights (SDR 76,300,000291,700,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower may, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in dollars a special deposit account in the Reserve Bank of India on terms and conditions satisfactory to meet the reasonable cost Association. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 4 to this Agreement.
Section 2.03. The Closing Date shall be June 30, 2008 2003, 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 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 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 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 February May 15 and August November 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 February May 15 and August November 15 commencing February November 15, 2013 2006 and ending August May 15, 20372031. Each installment to and including the installment payable on August May 15, 2022 2016 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 seventy-six thirty million three hundred thousand Special Drawing Rights dollars (SDR 76,300,000$30,000,000).
Section 2.02. (a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of Schedule 1 2 to this Agreement for: (a) for expenditures made (or, if the Association Administrator shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project described in Schedule 3 to this Agreement and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower shall, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in dollars a special deposit account in a commercial bank on terms and conditions satisfactory to meet the reasonable cost Administrator, 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 works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 6 to this Agreement.
Section 2.03. The Closing Date shall be June 30December 31, 2008 1997 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 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 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 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 Administrator 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 February 15 and August 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 February 15 and August 15 commencing February 15, 2013 and ending August 15, 2037. Each installment to and including the installment payable on August 15, 2022 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: 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 Agreement, an amount in various currencies equivalent to seventy-four million six million three hundred thousand Special Drawing Rights (SDR 76,300,0004,000,000).
Section 2.02. (a) The amount of the Credit may be withdrawn from the Credit Account in accordance with the provisions of this Section and of Schedule 1 to this Agreement for: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of 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; and .
(b) amounts paid (orThe Borrower shall, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in Djibouti francs a special account in a financial institution and on terms and conditions satisfactory to meet the reasonable cost Association. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 5 to this Agreement.
Section 2.03. The Closing Date shall be June 30March 31, 2008 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 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 restriction 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 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 February 15 and August 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 February 15 and August 15 commencing February 15, 2013 and ending August 15, 2037. Each installment to and including the installment payable on August 15, 2022 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 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 seventy-six three million three one hundred thousand Special Drawing Rights (SDR 76,300,0003,100,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of 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; and .
(b) amounts paid (orThe Borrower shall, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in dollars a special deposit account in Bank of Cape Verde on terms and conditions satisfactory to meet the reasonable cost Association. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 5 to this Agreement.
Section 2.03. The Closing Date shall be June 30, 2008 1997 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 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 February 15 and August 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 February 15 and August 15 commencing February 15, 2013 and ending August 15, 2037. Each installment to and including the installment payable on August 15, 2022 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.of
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 seventy-six thirty five million three hundred thousand Special Drawing Rights (SDR 76,300,00035,300,000).
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: (ai) amounts paid (or, if the Association shall so agree, amounts to be paid) on account of withdrawals made by a Beneficiary under a Sub-project to meet the reasonable cost of services required for the Sub-project in respect of which the withdrawal from the Credit Account is requested; and (ii) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30, 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 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 February June 15 and August 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 February June 15 and August December 15 commencing February June 15, 2013 2011 and ending August December 15, 20372040. Each installment to and including the installment payable on August December 15, 2022 2020 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 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 seventyforty-six five million three one hundred thousand Special Drawing Rights (SDR 76,300,000SDR45,100,000).
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: :
(ai) amounts paid (or if the Association shall so agree, amounts to be paid) by a Financial Intermediary 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) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for Parts B, C and D of the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower shall, if for the purposes of the Project, open and maintain in dollars three separate special deposit accounts in banks and on terms and conditions satisfactory to the Association shall so agree(including appropriate protection against set off, amounts seizure or attachment), to be paid) by a Participating State under Part A (d) known as the Jiangsu Special Account, the Jilin Special Account and the Shanghai Special Account, respectively. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of the Project Schedule 5 to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedthis Agreement.
Section 2.03. The Closing Date shall be June September 30, 2008 1996 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 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 February April 15 and August October 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 semi-annual installments payable on each February April 15 and August October 15 commencing February April 15, 2013 2001 and ending August October 15, 20372025. Each installment to and including the installment payable on August October 15, 2022 2010 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 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 seventy-six seventeen million three nine hundred thousand Special Drawing Rights (SDR 76,300,00017,900,000).
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 forAgreement: (ai) for amounts paid (or, if the Association shall so agree, to be paid) by the Borrower on account of a Sub-Project Funding Allocation to meet the reasonable cost of goods, works 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 training, workshops, incremental operating costs and consultant services required for Parts X.0, X.0, X.0, X.0, X.0, X.0, X.0 and C of the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 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 February 15 and August 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 February 15 and August 15 commencing February August 15, 2013 and ending August February 15, 20372038. Each installment to and including the installment payable on August February 15, 2022 2023, 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 agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Deve- lopment Credit Agreement, an amount in various currencies equivalent equiva- lent to seventy-six nine million three hundred thousand Special Drawing Rights (SDR 76,300,0009,000,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project described in Sched- ule 2 to this Agreement and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30, 2008 1996, 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 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 a 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 as of the next payment date in that year specified in Section 2.06 of this Agreement, except that the rate set as of June 30, 1988, shall be applied as of July 1, 1988.
(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 February 15 and 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 semi-annual installments payable on each February 15 and August 15 commencing August 15, 1998, and ending February 15, 2013 and ending August 15, 20372023. Each installment to and including the installment payable on August February 15, 2022 2008, 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 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 seventy-six ten million three nine hundred thousand Special Drawing Rights (SDR 76,300,00010,900,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of 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; and .
(b) amounts paid (orThe Borrower shall, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in dollars a special deposit account in the Central Bank on terms and conditions satisfactory to meet the reasonable cost Associa- tion. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 4 to this Agreement.
Section 2.03. The Closing Date shall be June 30December 31, 2008 1994, 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 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 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 pur- poses 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 February 15 and 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 semi- annual installments payable on each February 15 and August 15 commencing co- mmencing August 15, 2000 and ending February 15, 2013 and ending August 15, 20372030. Each installment install- ment to and including the installment payable on August February 15, 2022 2010 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 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 seventyeighty-six four million three two hundred thousand Special Drawing Rights (SDR 76,300,00084,200,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, goods works and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30, 2008 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 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 February 15 April 1 and August 15 October 1 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 February 15 April 1, and August 15 October 1, commencing February 15April 1, 2013 2011 and ending August 15October 1, 20372035. Each installment to and including the installment payable on August 15October 1, 2022 2020 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 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 seventy-six three million three eight hundred thousand Special Drawing Rights (SDR 76,300,0003,800,000).
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: (a) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and (bi) amounts paid (or, if the Association shall so agree, amounts to be paid) by the Borrower on account of withdrawals made by an Import Trading Enterprise under a Participating State under Part A (d) of the Project Subloan to meet the reasonable cost of works, goods and services required for a Subproject the Import Trading Project in respect of which the withdrawal from the Credit Account is requested; (ii) amounts paid (or, if the Association shall so agree, to be paid) by the Borrower on account of withdrawals made for the benefit of a Beneficiary under a Grant Agreement to meet the reasonable cost of goods, works and services required for Sub-projects to be financed under Parts A.5 or B.2 (a) of the Project, and in respect of which the withdrawal from the Credit Account is requested; and (iii) expenditures made (or if the Association shall so agree, to be made) in respect of the reasonable cost of goods and services required for the Project, other than Parts A.1, A.5 and B.2 (a), and to be financed out of the proceeds of the Credit.
Section 2.03. The Closing Date shall be June 30, 2008 2003 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 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 February 15 May 1 and August 15 November 1 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 February 15 May 1 and August 15 November 1, commencing February 15November 1, 2013 2009 and ending August 15May 1, 20372039. Each installment to and including the installment payable on August 15May 1, 2022 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 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 seventythirty-six four million three hundred thousand Special Drawing Rights (SDR 76,300,00034,300,000).
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: (a) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedAgreement.
Section 2.03. The Closing Date shall be June 30December 31, 2008 1996 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 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 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 February April 15 and August October 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 February April 15 and August 15 commencing February October 15, 2013 commencing April 15, 2005 and ending August October 15, 20372034. Each installment to and including the installment payable on August October 15, 2022 2014 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 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 seventyforty-six four million three four hundred thousand Special Drawing Rights (SDR 76,300,00044,400,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower shall, if for the purposes of the Project, open and maintain in dollars a special deposit account in a bank acceptable to the Association on terms and conditions satisfactory to the Association. Deposits into, and payments out of, the Special Account shall so agree, amounts be made in accordance with the provisions of Schedule 4 to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedthis Agreement.
Section 2.03. The Closing Date shall be June 30, 2008 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 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 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 t*he 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 February 15 June 1 and August 15 December 1 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 semi-annual installments payable on each February 15 June 1 and August 15 December 1 commencing February 15December 1, 2013 2001 and ending August 15June 1, 20372026. Each installment to and including the installment payable on August 15June 1, 2022 2011 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 seventytwenty-six five million three one hundred thousand Special Drawing Rights (SDR 76,300,00025,100,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of 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; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30, 2008 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 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 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 February 15 May 1 and August 15 November 1 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 February 15 May 1 and August 15 November 1, commencing February 15November 1, 2013 2007 and ending August 15May 1, 2037. Each installment to and including the installment payable on August 15May 1, 2022 2017 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 seventy-six twenty million three hundred thousand Special Drawing Rights United States dollars (SDR 76,300,000US$20,000,000).
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: (a) for expenditures made (or, if the Association Administrator shall so agree, to be made) in respect of the reasonable cost of worksgoods, 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 (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30, 2008 2004, 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 Palestinian Authority 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 June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.annum.1
(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 Administrator 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 cause the Palestinian Authority to pay to the Association Administrator 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 February January 15 and August July 15 in each year.
Section 2.07. (a) Subject to paragraphs (b), (c) and (d) below, the The Borrower shall cause the Palestinian Authority to repay the principal amount of the Credit in semiannual semi-annual installments payable on each February January 15 and August July 15 commencing February July 15, 2013 2012, and ending August January 15, 20372042. Each installment to and including the installment payable on August January 15, 2022 2022, 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.
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: 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 Agreement, an amount in various currencies equivalent to seventy-six twenty million three hundred thousand Special Drawing Rights (SDR 76,300,00020,000,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower may, if for the Association shall so agree, amounts to be paid) by a Participating State under purposes of Part A (d) B of the Project Project, open and maintain in dollars a special deposit account in a commercial bank on terms and conditions satisfactory to meet the reasonable cost 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 works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 2 to this Agreement.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 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 February March 15 and August September 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 February March 15 and August September 15 commencing February September 15, 2013 2011, and ending August March 15, 20372041. Each installment to and including the installment payable on August March 15, 2022 2021 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 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 seventyninety-six five million three eight hundred thousand Special Drawing Rights (SDR 76,300,00095,800,000).
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: (a) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedAgreement.
Section 2.03. The Closing Date shall be June 30December 31, 2008 1997 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 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 February 15 March 1 and August 15 September 1 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 semi-annual installments payable on each February 15 March 1 and August 15 September 1 commencing February 15March 1, 2013 2006 and ending August 15September 1, 20372035. Each installment to and including the installment payable on August 15September 1, 2022 2015 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 French Republic is hereby specified for the purposes of Section 4.02 of the General Conditions.
Section 2.09. (a) The General Director of Caisse Autonome d’Amortissement (CAA) 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 seventyfifty-eight million six million three hundred thousand Special Drawing Rights (SDR 76,300,00058,600,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of 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; and .
(b) amounts paid (orThe Borrower shall, if for the purposes of the Project, open and maintain 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 so agree, amounts be made in accordance with the provisions of Schedule 4 to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedthis Agreement.
Section 2.03. The Closing Date shall be June 30December 31, 2008 1996 or such later date as the Association shall establish. 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 June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%l%) per annum.
(b) The commitment charge shall accrue: (i) from the a 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. above The rate set as of June 30 in each year shall be applied from as of the next payment date in that year specified in Section 2.06 2 06 of this Agreement, except that the rate set as of June 30, 1988 shall be applied as of July 1, 1988.
(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 February 15 June 1 and August 15 December 1 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 February 15 June 1 and August 15 December 1 commencing February 15June 1, 2013 1999, and ending August 15December 1, 20372023. Each installment to and including the installment payable on August 15December 1, 2022 2008 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 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 seventy-forty six million three nine hundred thousand Special Drawing Rights (SDR 76,300,00046,900,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, goods works and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30March 31, 2008 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 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 February 15 January 1 and August 15 July 1 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 February 15 January 1 and August 15 July 1 commencing February 15January 1, 2013 2015 and ending August 15July 1, 20372039. Each installment to and including the installment payable on August 15July 1, 2022 2024 shall be one and one-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 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 seventy-six million three four hundred thousand Special Drawing Rights (SDR 76,300,00076,400,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower shall, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, cause the Province to meet open and maintain in dollars a special deposit account in the reasonable cost National Bank of worksPakistan on terms and conditions satisfactory to the Association. Deposits into, goods and services required for a Subproject payments out of, the Special Account shall be made in respect accordance with the provisions of which the withdrawal from the Credit Account is requestedSchedule 3 to this Agreement.
Section 2.03. The Closing Date shall be June 30December 31, 2008 1999 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 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 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 February 15 April 1 and August 15 October 1 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 semi- annual installments payable on each February 15 April 1 and August 15 October 1 commencing February 15October 1, 2013 2003 and ending August 15April 1, 20372028. Each installment to and including the installment payable on August 15April 1, 2022 2013 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 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 seventy-six fourteen million three seven hundred thousand Special Drawing Rights (SDR 76,300,00014,700,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of 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; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 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 February 15 and August 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 February 15 and August 15 commencing February 15, 2013 2012 and ending August 15, 20372041. Each installment to and including the installment payable on August 15, 2022 2021 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 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 seventy-six one hundred eight million three one hundred thousand Special Drawing Rights (SDR 76,300,000108,100,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, goods works and services required for the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower may, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in dollars a special deposit account in the Reserve Bank of India on terms and conditions satisfactory to meet the reasonable cost Association. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 3 to this Agreement.
Section 2.03. The Closing Date shall be June 30January 31, 2008 2003 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 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-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 February January 15 and August July 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 February January 15 and August July 15 commencing February July 15, 2013 2007 and ending August January 15, 20372032. Each installment to and including the installment payable on August January 15, 2022 2017 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 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 seventy-six one hundred fourteen million three hundred thousand Special Drawing Rights (SDR 76,300,000114,000,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of goods, works, goods land and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June September 30, 2008 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 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 February 15 and August 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 February 15 and August 15 15, commencing February August 15, 2013 and ending August February 15, 20372038. Each installment to and including the installment payable on August February 15, 2022 2023, shall be one and one-fourth percent (1-1/4%1¼%) of such principal amount, and each installment thereafter shall be two and one-half percent (2-1/2%2½%) 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 seventy-six seven million three four hundred thousand Special Drawing Rights (SDR 76,300,0007,400,000).
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: (a) expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by SBL on account of withdrawals made by an Investment Enterprise under a Participating State under Part A (d) of the Project Sub-Loan or Investment to meet the reasonable cost of works, goods and services required for a Subproject the Investment Project in respect of which the withdrawal with- drawal from the Credit Account is requested.
(b) The Borrower shall, for the purposes of the Project, open and maintain in dollars a special account in Banque pour le Commerce Exterieur Lao 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.
Section 2.03. The Closing Date shall be June 30, 2008 1993 or such later date as the Association shall establish. The Association shall promptly notify the Borrower and SBL 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 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 a 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 as of the next payment date in that year specified in Section 2.06 of this Agreement, except that the rate set as of June 30, 1988 shall be applied as of July 1, 1988.
(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 February 15 April 1 and August 15 October 1 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 semi-annual installments payable on each February 15 April 1 and August 15 October 1 commencing February 15October 1, 2013 1998 and ending August 15April 1, 20372028. Each installment to and including the installment payable on August 15April 1, 2022 2008 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 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 seventy-six five million three hundred thousand Special Drawing Rights (SDR 76,300,0005,000,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower may, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in dollars a special deposit account in a commercial bank on terms and conditions satisfactory to meet the reasonable cost 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 works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 5 to this Agreement.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 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 February April 15 and August October 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 February April 15 and August 15 commencing February October 15, 2013 commencing October 15, 2011 and ending August April 15, 20372041. [Each installment to and including the installment payable on August April 15, 2022 2021, shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount. [Each installment to and including the installment payable on 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 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 seventytwenty-six two million three hundred thousand Special Drawing Rights (SDR 76,300,00022,000,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of 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 separate special deposit accounts in the Royal Monetary Authority on terms and conditions satisfactory to the Association as follows: (i) a special deposit account (Special Account A) for the purposes of all Parts of the Project other than Parts B.1(c) and B.2; and (bii) amounts paid a special deposit account (or, if Special Account B) for the Association shall so agree, amounts to be paidpurposes of Parts B.1(c) by a Participating State under Part A (d) and B.2 of the Project Project. Deposits into, and payments out of, the Special Accounts shall be made in accordance with the provisions of Schedule 5 to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedthis Agreement.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 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 February March 15 and August September 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 February March 15 and August September 15 commencing February September 15, 2013 2013, and ending August March 15, 20372043. Each installment to and including the installment payable on August March 15, 2022 2023, 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 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 seventy-six eleven million three hundred thousand Special Drawing Rights (SDR 76,300,00011,000,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower shall, if for the purposes of the Project, open and maintain in dollars a special deposit account in a 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, the Special Account shall so agree, amounts be made in accordance with the provisions of Schedule 5 to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedthis Agreement.
Section 2.03. The Closing Date shall be June 30, 2008 1996 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 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 February 15 June 1 and August 15 December 1 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 semi-annual installments payable on each February 15 June 1 and August 15 December 1 commencing February 15December 1, 2013 2002 and ending August 15June 1, 20372027. Each installment to and including the installment payable on August 15June 1, 2022 2012 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 this Agreement, an amount in various currencies equivalent to seventy-six million three hundred sixty two thousand Special Drawing Rights (SDR 76,300,000662,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and consultants’ services required for Part A (except for Part A.3 (a)) of the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June 30, 2008 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 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 February June 15 and August 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 February June 15 and August December 15 commencing February December 15, 2013 2015, and ending August June 15, 20372045. Each installment to and including the installment payable on August June 15, 2022 2025, 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 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 seventy-six million five million, three hundred thousand Special Drawing Rights (SDR 76,300,000175,300,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June December 31, 2005June 30, 2008 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 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.of
Section 2.06. Commitment charges and service charges shall be payable semiannually on February 15 March 1 and August 15 September 1 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 February 15 March 1 and August 15 September 1 commencing February 15September 1, 2013 2011 and ending August 15March 1, 20372041. Each installment to and including the installment payable on August 15March 1, 2022 2021 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 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 seventy-six seventy three million three and nine hundred thousand Special Drawing Rights (SDR 76,300,00073,900,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, goods works and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June September 30, 2008 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 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 February June 15 and August 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 February June 15 and August December 15 commencing February June 15, 2013 2015 and ending August December 15, 20372039. Each installment to and including the installment payable on August December 15, 2022 2024 shall be one and one-fourth percent (1-1/4%1¼%) of such principal amount, and each installment thereafter shall be two and one-one half percent (2-1/2%2½%) 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 seventy-seventeen million six million three hundred thousand Special Drawing Rights (SDR 76,300,00017,600,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, goods works and services required for the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower may, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project open and maintain in dollars a special deposit account in its Central Bank on terms and conditions satisfactory to meet the reasonable cost Association. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 5 to this Agreement.
Section 2.03. The Closing Date shall be June 30, 2008 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 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 February March 15 and August September 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 February March 15 and August September 15 commencing February September 15, 2013 2013, and ending August March 15, 20372043. Each installment to and including the installment payable on August March 15, 2022 2023, 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 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 seventy-six million three hundred thousand Special Drawing Rights (SDR 76,300,0006,300,000).
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: (a) 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 works, goods and services required for the Project and to be financed out of the proceeds of the Credit; and .
(b) amounts paid (orThe Borrower shall, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in dollars a special account in the Central Bank of the Gambia on terms and conditions satisfactory to meet the reasonable cost Association. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 3 to this Agreement.
Section 2.03. The Closing Date shall be June 30, 2008 1994 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 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 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 February 15 March I and August 15 September 1 in each year.
Section 2.07. (a) Subject to paragraphs (b), (c) and (d) below, the The Borrower shall repay the principal amount of the Credit in semiannual installments payable on each February 15 March 1 and August 15 September 1 commencing February 15September 1, 2013 1996, and ending August 15March 1, 20372036. Each installment to and including the installment payable on August 15March 1, 2022 2006, shall be one and one-fourth percent half of one per cent (1/2 of 1-1/4%) of such principal amount, and each installment thereafter shall be two one and one-half percent per cent (21-1/2%) of such principal amount.
Section 2.08. The currency of the United Kingdom of Great Britain and Northern Ireland 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 seventy-six eight million three hundred thousand Special Drawing Rights (SDR 76,300,0008,300,000).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of 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; and .
(b) amounts paid (orThe Borrower may, if for the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) purposes of the Project Project, open and maintain in dollars a special deposit account in Bangladesh Bank on terms and conditions satisfactory to meet the reasonable cost Association. Deposits into, and payments out of, the Special Account shall be made in accordance with the provisions of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requestedSchedule 4 to this Agreement.
Section 2.03. The Closing Date shall be June 30December 31, 2008 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 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 February April 15 and August October 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 February April 15 and August October 15 commencing February April 15, 2013 2008 and ending August October 15, 2037. Each installment to and including the installment payable on August October 15, 2022 2017 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 agrees to lend make available to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, this Agreement an amount in various currencies equivalent to seventy-six million three hundred thousand Three Hundred Eight Million Four Hundred Thousand Special Drawing Rights (SDR 76,300,000308,400,000) (the Credit).
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: (a) for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of worksgoods, goods works and services required for the Project and to be financed out of the proceeds of the Credit; and (b) amounts paid (or, if the Association shall so agree, amounts to be paid) by a Participating State under Part A (d) of the Project to meet the reasonable cost of works, goods and services required for a Subproject in respect of which the withdrawal from the Credit Account is requested.
Section 2.03. The Closing Date shall be June April 30, 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 June 30 of each year, but such rate 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 respective 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 respective 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 February April 15 and August October 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 February April 15 and August October 15 commencing February October 15, 2013 2015 and ending August April 15, 20372040. Each installment to and including the installment payable on August April 15, 2022 2025, shall be one and one-fourth percent (1-1/4%1¼%) of such principal amount, and each installment thereafter shall be two and one-half percent (2-1/2%2½%) of such principal amount.
(b) Whenever: (i) the Borrower’s per capita gross national product (GNP), as determined by the Association, shall have exceeded for three consecutive years the level established annually by the Association for determining eligibility to access the Association’s resources; 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 repayment of installments under paragraph (a) above by:
(A) 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; and
(B) requiring the Borrower to commence repayment of the principal amount of the Credit as of the first semiannual payment date referred to in paragraph (a) above falling six months or more after the date on which the Association notifies the Borrower that the events set out in this paragraph (b) have occurred, provided, however, that there shall be a grace period of a minimum of five years on such repayment of principal.
(c) If so requested by the Borrower, the Association may revise the modification referred to in paragraph (b) above 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.
(d) 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 of the Credit 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.
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Samples: Development Credit Agreement