The Interim Fund Credit. Section 2.01. The Administrator agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Interim Fund Development Credit Agreement, an amount in various currencies equivalent to sixty-nine million one hundred thousand Special Drawing Rights (SDR69,100,000). (a) The Borrower shall open, prior to furnishing to the Administrator the first request for withdrawal from the Interim Fund Credit Account, and thereafter maintain in its central bank, a deposit account in dollars on terms and conditions satisfactory to the Administrator. All withdrawals from the Interim Fund Credit Account shall be deposited by the Administrator into the Deposit Account. (b) Subject to the provisions of paragraph (c) of this Section, the Borrower shall be entitled to use the proceeds of the Interim Fund Credit withdrawn from the Interim Fund Credit Account and deposited into the Deposit Account in support of the Program. (c) The Borrower undertakes that the proceeds of the Interim Fund Credit shall not be used to finance expenditures excluded pursuant to the provisions of Schedule 1 to this Agreement. If the Administrator shall have determined at any time that any proceeds of the Interim Fund Credit shall have been used to make a payment for an expenditure excluded pursuant to the provisions of said Schedule 1, the Borrower shall, promptly upon notice from the Administrator, (i) deposit into the deposit account referred to in paragraph (b) of this Section an amount equal to the amount of said payment, or (ii) if the Administrator shall so request, refund such amount to the Administrator. Amounts refunded to the Administrator upon such request shall be credited to the Interim Fund Credit Account for cancellation. (d) No withdrawal shall be made from the Credit Account after the aggregate of the proceeds of the Credit withdrawn from the Credit Account shall have reached the equivalent of SDR34,550,000, unless the Administrator shall be satisfied, after an exchange of views as described in Section 3.01 of this Agreement based on evidence satisfactory to the Administrator: (A) with the progress achieved by the Borrower in the carrying out of the Program; (B) that the macro-economic policy framework of the Borrower is consistent with the objectives of the Program; and (C) that the actions described in Schedule 2 to this Agreement have been taken in form and substance satisfactory to the Administrator. (e) If, after any of the exchange of views described above, the Administrator shall have given notice to the Borrower that the progress achieved in the carrying out of the Program or that actions taken are not satisfactory or that the Borrower’s macroeconomic policy is not consistent with the objectives of the Program, and, within 90 days after such notice, the Borrower shall not have achieved progress and taken actions satisfactory to the Administrator or the Borrower’s macroeconomic policy framework shall not have been consistent with the objectives of the Program, then the Administrator may, by notice to the Borrower, cancel the unwithdrawn amount of the Interim Fund Credit or any part thereof. Section 2.03. The Closing Date shall be December 31, 1998 or such later date as the Administrator shall establish. The Administrator 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 Interim Fund 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 Interim Fund Credit Account or cancelled; and (ii) at the rate set as of the June 30 immediately preceding the 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 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 Interim Fund Credit withdrawn and outstanding from time to time. Section 2.06. Commitment and service charges shall be payable semiannually on January 15 and July 15 in each year. (a) Subject to paragraphs (b) and (c) below, the Borrower shall repay the principal amount of the Interim Fund Credit in semi-annual installments payable on each January 15 and July 15 commencing July 15, 2007 and ending January 15, 2037. Each installment to and including the installment payable on January 15, 2017 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 1 contract
The Interim Fund Credit. Section 2.01. The Administrator agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Interim Fund Development Credit Agreement, an amount in various currencies equivalent to sixty-nine eight million one seven hundred thousand Special Drawing Rights (SDR69,100,000SDR 8,700,000).
(a) The Borrower shall open, prior to furnishing to amount of the Administrator the first request for withdrawal Interim Fund Credit may be withdrawn from the Interim Fund Credit AccountAccount in accordance with the provisions of Schedule 1 to this Agreement for expenditures made (or, if the Administrator shall so agree, to be made) in respect of the reasonable cost of goods and thereafter services required for the Project described in Schedule 2 to this Agreement and to be financed out of the proceeds of the Interim Fund Credit.
(b) The Borrower may, for the purposes of the Project, open and maintain in its central bank, dollars a special deposit account in dollars a commercial bank on terms and conditions satisfactory to the Administrator, including appropriate protection against set-off, seizure or attachment. All withdrawals from Deposits into, and payments out of, the Interim Fund Credit Special Account shall be deposited by made in accordance with the Administrator into the Deposit Accountprovisions of Schedule 5 to this Agreement.
(b) Subject to the provisions of paragraph (c) of this SectionPromptly after the Effective Date, the Borrower shall be entitled to use the proceeds Administrator shall, on behalf of the Interim Fund Credit withdrawn Borrower, withdraw from the Interim Fund Credit Account and deposited into the Deposit Account in support of the Program.
(c) The Borrower undertakes that the proceeds of the Interim Fund Credit shall not be used to finance expenditures excluded pursuant pay to the provisions of Schedule 1 to this Agreement. If the Administrator shall have determined at any time that any proceeds of the Interim Fund Credit shall have been used to make a payment for an expenditure excluded pursuant to the provisions of said Schedule 1, the Borrower shall, promptly upon notice from the Administrator, (i) deposit into the deposit account referred to in paragraph (b) of this Section an amount equal to Association the amount of said payment, or (ii) if required to repay the Administrator shall so request, refund such amount to the Administrator. Amounts refunded to the Administrator upon such request shall be credited to the Interim Fund Credit Account for cancellation.
(d) No withdrawal shall be made from the Credit Account after the aggregate of the proceeds of the Credit withdrawn from the Credit Account shall have reached the equivalent of SDR34,550,000, unless the Administrator shall be satisfied, after an exchange of views as described in Section 3.01 of this Agreement based on evidence satisfactory to the Administrator: (A) with the progress achieved by the Borrower in the carrying out of the Program; (B) that the macro-economic policy framework of the Borrower is consistent with the objectives of the Program; and (C) that the actions described in Schedule 2 to this Agreement have been taken in form and substance satisfactory to the Administrator.
(e) If, after any of the exchange of views described above, the Administrator shall have given notice to the Borrower that the progress achieved in the carrying out of the Program or that actions taken are not satisfactory or that the Borrower’s macroeconomic policy is not consistent with the objectives of the Program, and, within 90 days after such notice, the Borrower shall not have achieved progress and taken actions satisfactory to the Administrator or the Borrower’s macroeconomic policy framework shall not have been consistent with the objectives of the Program, then the Administrator may, by notice to the Borrower, cancel the unwithdrawn principal amount of the Interim Fund Credit or any part thereofProject Preparation Advance withdrawn and outstanding as of such date and to pay all unpaid charges thereon. The unwithdrawn balance of the authorized amount of the Project Preparation Advance shall thereupon be canceled.
Section 2.03. The Closing Date shall be December 31, 1998 2002, or such later date as the Administrator shall establish. The Administrator 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 Interim Fund 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 Interim Fund Credit Account or cancelledcanceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date or and at such other rates as may be set from time to time thereafter pursuant to paragraph
(a) above. The rate set as of June 30 in each year shall be applied from the next payment date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Interim Fund Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on January March 15 and July September 15 in each year.
Section 2.07. (a) Subject to paragraphs (b), (c) and (cd) below, the Borrower shall repay the principal amount of the Interim Fund Credit in semi-annual semiannual installments payable on each January March 15 and July September 15 commencing July September 15, 2007 2007, and ending January March 15, 2037. Each installment to and including the installment payable on January March 15, 2017 2017, shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 1 contract
The Interim Fund Credit. Section 2.01. The Administrator agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Interim Fund Development Credit Agreement, an amount in various currencies equivalent to sixty-nine three million one hundred thousand Special Drawing Rights (SDR69,100,000SDR 63,000,000).
(a) Section 2.02. The Borrower shall open, prior to furnishing to the Administrator the first request for withdrawal from the Interim Fund Credit Account, and thereafter maintain in its central bank, a deposit account in dollars on terms and conditions satisfactory to the Administrator. All withdrawals from the Interim Fund Credit Account shall be deposited by the Administrator into the Deposit Account.
(b) Subject to the provisions of paragraph (c) of this Section, the Borrower shall be entitled to use the proceeds amount of the Interim Fund Credit may be withdrawn from the Interim Fund Credit Account and deposited into the Deposit Account in support of the Program.
(c) The Borrower undertakes that the proceeds of the Interim Fund Credit shall not be used to finance expenditures excluded pursuant to accordance with the provisions of Schedule 1 to this Agreement. If Agreement for expenditures made (or, if the Administrator shall have determined at any time that any so agree, to be made) in respect of the reasonable cost of goods and services required for the Project and to be financed out of the proceeds of the Interim Fund Credit shall have been used to make a payment for an expenditure excluded pursuant to the provisions of said Schedule 1, the Borrower shall, promptly upon notice from the Administrator, (i) deposit into the deposit account referred to in paragraph (b) of this Section an amount equal to the amount of said payment, or (ii) if the Administrator shall so request, refund such amount to the Administrator. Amounts refunded to the Administrator upon such request shall be credited to the Interim Fund Credit Account for cancellation.
(d) No withdrawal shall be made from the Credit Account after the aggregate of the proceeds of the Credit withdrawn from the Credit Account shall have reached the equivalent of SDR34,550,000, unless the Administrator shall be satisfied, after an exchange of views as described in Section 3.01 of this Agreement based on evidence satisfactory to the Administrator: (A) with the progress achieved by the Borrower in the carrying out of the Program; (B) that the macro-economic policy framework of the Borrower is consistent with the objectives of the Program; and (C) that the actions described in Schedule 2 to this Agreement have been taken in form and substance satisfactory to the Administrator.
(e) If, after any of the exchange of views described above, the Administrator shall have given notice to the Borrower that the progress achieved in the carrying out of the Program or that actions taken are not satisfactory or that the Borrower’s macroeconomic policy is not consistent with the objectives of the Program, and, within 90 days after such notice, the Borrower shall not have achieved progress and taken actions satisfactory to the Administrator or the Borrower’s macroeconomic policy framework shall not have been consistent with the objectives of the Program, then the Administrator may, by notice to the Borrower, cancel the unwithdrawn amount of the Interim Fund Credit or any part thereofCredit.
Section 2.03. The Closing Date shall be December 31, 1998 2004, or such later date as the Administrator shall establish. The Administrator 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 Interim Fund 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 Interim Fund Credit Account or cancelledcanceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date or and at such other rates as may be set from time to time thereafter pursuant to paragraph
(a) above. The rate set as of June 30 in each year shall be applied from the next payment date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Interim Fund Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on January 15 November 1 and July 15 May 1 in each year.
(a) Subject to paragraphs (b), (c) and (cd) below, the Borrower shall repay the principal amount of the Interim Fund Credit in semi-annual semiannual installments payable on each January 15 November 1 and July 15 May 1 commencing July 15November 1, 2007 2009 and ending January 15May 1, 20372034. Each installment to and including the installment payable on January 15May 1, 2017 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
The Interim Fund Credit. Section 2.01. The Administrator agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Interim Fund Development Credit Agreement, an amount in various currencies equivalent to sixty-nine forty eight million one six hundred thousand Special Drawing Rights (SDR69,100,000SDR 48,600,000).
(a) The Borrower shall open, prior to furnishing to the Administrator the first request for withdrawal from the Interim Fund Credit Account, and thereafter maintain in its central bank, a deposit account in dollars on terms and conditions satisfactory to the Administrator. All withdrawals from the Interim Fund Credit Account shall be deposited by the Administrator into the Deposit Account.
(b) Subject to the provisions of paragraph (c) of this Section, the Borrower shall be entitled to use the proceeds of the Interim Fund Credit withdrawn from the Interim Fund Credit Account and deposited into in the Deposit Account in support of the Program.
(c) The Borrower undertakes that the proceeds of the Interim Fund Credit shall not be used to finance expenditures excluded pursuant to the provisions of Schedule 1 to this Agreement. If the Administrator shall have determined at any time that any proceeds of the Interim Fund Credit shall have been used to make a payment for an expenditure excluded pursuant to the provisions of said Schedule 1, the Borrower shall, promptly upon notice from the Administrator, (i) deposit into the deposit account referred to in paragraph (b) of this Section an amount equal to the amount of said payment, or (ii) if the Administrator shall so request, refund such amount to the Administrator. Amounts refunded to the Administrator upon such request shall be credited to the Interim Fund Credit Account for cancellation.
(d) No withdrawal shall be made from the Credit Account after the aggregate of the proceeds of the Credit withdrawn from the Credit Account shall have reached the equivalent of SDR34,550,000, unless the Administrator shall be satisfied, after an exchange of views as described in Section 3.01 of this Agreement based on evidence satisfactory to the Administrator: (A) with the progress achieved by the Borrower in the carrying out of the Program; (B) that the macro-economic policy framework of the Borrower is consistent with the objectives of the Program; and (C) that the actions described in Schedule 2 to this Agreement have been taken in form and substance satisfactory to the Administrator.
(e) If, after any of the exchange of views described above, the Administrator shall have given notice to the Borrower that the progress achieved in the carrying out of the Program or that actions taken are not satisfactory or that the Borrower’s macroeconomic policy is not consistent with the objectives of the Program, and, within 90 days after such notice, the Borrower shall not have achieved progress and taken actions satisfactory to the Administrator or the Borrower’s macroeconomic policy framework shall not have been consistent with the objectives of the Program, then the Administrator may, by notice to the Borrower, cancel the unwithdrawn amount of the Interim Fund Credit or any part thereof.
Section 2.03. The Closing Date shall be December 31, 1998 1997 or such later date as the Administrator shall establish. The Administrator 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 Interim Fund 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 Interim Fund Credit Account or cancelled; and (ii) at the rate set as of the June 30 immediately preceding the 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 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 Interim Fund Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment and service charges shall be payable semiannually on January February 15 and July August 15 in each year.
Section 2.07. (a) Subject to paragraphs (b) and (c) below, the Borrower shall repay the principal amount of the Interim Fund Credit in semi-annual installments payable on each January February 15 and July August 15 commencing July August 15, 2007 and ending January February 15, 2037. Each installment to and including the installment payable on January February 15, 2017 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 1 contract
The Interim Fund Credit. Section 2.01. The Administrator agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Interim Fund Development Credit Agreement, an amount in various currencies equivalent to sixty-nine seven million one seven hundred thousand Special Drawing Rights (SDR69,100,000SDR 7,700,000).
(a) The Borrower shall open, prior to furnishing to amount of the Administrator the first request for withdrawal Interim Fund Credit may be withdrawn from the Interim Fund Credit AccountAccount in accordance with the provisions of Schedule 1 to this Agreement for expenditures made (or, if the Administrator shall so agree, to be made) in respect of the reasonable cost of goods and thereafter services required for the Project described in Schedule 2 to this Agreement and to be financed out of the proceeds of the Interim Fund Credit.
(b) The Borrower may, for the purposes of the Project, open and maintain in its central bank, dollars two separate special deposit accounts in a deposit account in dollars commercial bank on terms and conditions satisfactory to the Administrator, including appropriate protection against set-off, seizure or attachment. All withdrawals from Deposits into, and payments out of, the Interim Fund Credit Account Special Accounts shall be deposited by the Administrator into the Deposit Account.
(b) Subject to the provisions of paragraph (c) of this Section, the Borrower shall be entitled to use the proceeds of the Interim Fund Credit withdrawn from the Interim Fund Credit Account and deposited into the Deposit Account made in support of the Program.
(c) The Borrower undertakes that the proceeds of the Interim Fund Credit shall not be used to finance expenditures excluded pursuant to accordance with the provisions of Schedule 1 3 to this Agreement. If the Administrator shall have determined at any time that any proceeds of the Interim Fund Credit shall have been used to make a payment for an expenditure excluded pursuant to the provisions of said Schedule 1, the Borrower shall, promptly upon notice from the Administrator, (i) deposit into the deposit account referred to in paragraph (b) of this Section an amount equal to the amount of said payment, or (ii) if the Administrator shall so request, refund such amount to the Administrator. Amounts refunded to the Administrator upon such request shall be credited to the Interim Fund Credit Account for cancellation.
(d) No withdrawal shall be made from the Credit Account after the aggregate of the proceeds of the Credit withdrawn from the Credit Account shall have reached the equivalent of SDR34,550,000, unless the Administrator shall be satisfied, after an exchange of views as described in Section 3.01 of this Agreement based on evidence satisfactory to the Administrator: (A) with the progress achieved by the Borrower in the carrying out of the Program; (B) that the macro-economic policy framework of the Borrower is consistent with the objectives of the Program; and (C) that the actions described in Schedule 2 to this Agreement have been taken in form and substance satisfactory to the Administrator.
(e) If, after any of the exchange of views described above, the Administrator shall have given notice to the Borrower that the progress achieved in the carrying out of the Program or that actions taken are not satisfactory or that the Borrower’s macroeconomic policy is not consistent with the objectives of the Program, and, within 90 days after such notice, the Borrower shall not have achieved progress and taken actions satisfactory to the Administrator or the Borrower’s macroeconomic policy framework shall not have been consistent with the objectives of the Program, then the Administrator may, by notice to the Borrower, cancel the unwithdrawn amount of the Interim Fund Credit or any part thereof.
Section 2.03. The Closing Date shall be December 31June 30, 1998 1999 or such later date as the Administrator shall establish. The Administrator 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 Interim Fund 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 Interim Fund Credit Account or cancelled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date or 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 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 Interim Fund Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on January 15 April 15, and July 15 October 15, in each year.
(a) Subject to paragraphs (b), (c) and (cd) below, the Borrower shall repay the principal amount of the Interim Fund Credit in semi-annual semiannual installments payable on each January April 15 and July 15 October 15, commencing July October 15, 2007 and ending January April 15, 20372032. Each installment to and including the installment payable on January April 15, 2017 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
The Interim Fund Credit. Section 2.01. The Administrator agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Interim Fund Development Credit Agreement, an amount in various currencies equivalent to sixty-nine eighteen million one hundred thousand Special Drawing Rights (SDR69,100,000SDR 18,000,000).
(a) The Borrower shall open, prior to furnishing to the Administrator the first request for withdrawal from the Interim Fund Credit Account, and thereafter maintain in its central bank, a deposit account in dollars on terms and conditions satisfactory to the Administrator. All withdrawals from the Interim Fund Credit Account shall be deposited by the Administrator into the Deposit Account.
(b) Subject to the provisions of paragraph (c) of this Section, the Borrower shall be entitled to use the proceeds of the Interim Fund Credit withdrawn from the Interim Fund Credit Account and deposited into the Deposit Account in support of the Program.
(c) The Borrower undertakes that the proceeds of the Interim Fund Credit shall not be used to finance expenditures excluded pursuant to the provisions of Schedule 1 to this Agreement. If the Administrator shall have determined at any time that any proceeds of the Interim Fund Credit shall have been used to make a payment for an expenditure excluded pursuant to the provisions of said Schedule 1, the Borrower shall, promptly upon notice from the Administrator, (i) deposit into the deposit account referred to in paragraph (b) of this Section an amount equal to the amount of said payment, or (ii) if the Administrator shall so request, refund such amount to the Administrator. Amounts refunded to the Administrator upon such request shall be credited to the Interim Fund Credit Account for cancellation.
(d) No withdrawal shall be made from the Credit Account after the aggregate of the proceeds of the Credit withdrawn from the Credit Account shall have reached the equivalent of SDR34,550,000, unless the Administrator shall be satisfied, after an exchange of views as described in Section 3.01 of this Agreement based on evidence satisfactory to the Administrator: (A) with the progress achieved by the Borrower in the carrying out of the Program; (B) that the macro-economic policy framework of the Borrower is consistent with the objectives of the Program; and (C) that the actions described in Schedule 2 to this Agreement have been taken in form and substance satisfactory to the Administrator.
(e) If, after any of the exchange of views described above, the Administrator shall have given notice to the Borrower that the progress achieved in the carrying out of the Program or that actions taken are not satisfactory or that the Borrower’s macroeconomic policy is not consistent with the objectives of the Program, and, within 90 days after such notice, the Borrower shall not have achieved progress and taken actions satisfactory to the Administrator or the Borrower’s macroeconomic policy framework shall not have been consistent with the objectives of the Program, then the Administrator may, by notice to the Borrower, cancel the unwithdrawn amount of the Interim Fund Credit or any part thereof.
Section 2.03. The Closing Date shall be December 31, 1998 or such later date as the Administrator shall establish. The Administrator 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 Interim Fund 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 Interim Fund Credit Account or cancelledcanceled; and (ii) at the rate set as of the June 30 immediately preceding the 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 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 Interim Fund Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment and service charges shall be payable semiannually on January 15 and July 15 in each year.
(a) Subject to paragraphs (b) and (c) below, the Borrower shall repay the principal amount of the Interim Fund Credit in semi-annual semiannual installments payable on each January 15 and July 15 commencing July 15, 2007 and ending January 15, 2037. Each installment to and including the installment payable on January 15, 2017 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 1 contract
The Interim Fund Credit. Section 2.01. The Administrator agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Interim Fund Development Credit Agreement, an amount in various currencies equivalent to sixty-nine ten million one four hundred thousand Special Drawing Rights (SDR69,100,000SDR 10,400,000).
(a) The Borrower shall open, prior to furnishing to amount of the Administrator the first request for withdrawal Interim Fund Credit may be withdrawn from the Interim Fund Credit Account in accordance with the provisions of Schedule 1 to this Agreement for expenditures made (or, if the Administrator shall so agree, to be made) in respect of the reasonable cost of goods and services required for the Project described in Schedule 2 to this Agreement and to be financed out of the proceeds of the Interim Fund Credit.
(b) The Borrower may, for the purposes of the Project, open and maintain in Dollars two special deposit accounts, the Federation Special Account and the RS Special Account, and thereafter maintain each in its central bank, a deposit account in dollars commercial bank on terms and conditions satisfactory to the Administrator, including appropriate protection against set-off, seizure or attachment. All withdrawals from Deposits into, and payments out of, the Interim Fund Credit Account Special Accounts shall be deposited by the Administrator into the Deposit Account.
(b) Subject to the provisions of paragraph (c) of this Section, the Borrower shall be entitled to use the proceeds of the Interim Fund Credit withdrawn from the Interim Fund Credit Account and deposited into the Deposit Account made in support of the Program.
(c) The Borrower undertakes that the proceeds of the Interim Fund Credit shall not be used to finance expenditures excluded pursuant to accordance with the provisions of Schedule 1 4 to this Agreement. If the Administrator shall have determined at any time that any proceeds of the Interim Fund Credit shall have been used to make a payment for an expenditure excluded pursuant to the provisions of said Schedule 1, the Borrower shall, promptly upon notice from the Administrator, (i) deposit into the deposit account referred to in paragraph (b) of this Section an amount equal to the amount of said payment, or (ii) if the Administrator shall so request, refund such amount to the Administrator. Amounts refunded to the Administrator upon such request shall be credited to the Interim Fund Credit Account for cancellation.
(d) No withdrawal shall be made from the Credit Account after the aggregate of the proceeds of the Credit withdrawn from the Credit Account shall have reached the equivalent of SDR34,550,000, unless the Administrator shall be satisfied, after an exchange of views as described in Section 3.01 of this Agreement based on evidence satisfactory to the Administrator: (A) with the progress achieved by the Borrower in the carrying out of the Program; (B) that the macro-economic policy framework of the Borrower is consistent with the objectives of the Program; and (C) that the actions described in Schedule 2 to this Agreement have been taken in form and substance satisfactory to the Administrator.
(e) If, after any of the exchange of views described above, the Administrator shall have given notice to the Borrower that the progress achieved in the carrying out of the Program or that actions taken are not satisfactory or that the Borrower’s macroeconomic policy is not consistent with the objectives of the Program, and, within 90 days after such notice, the Borrower shall not have achieved progress and taken actions satisfactory to the Administrator or the Borrower’s macroeconomic policy framework shall not have been consistent with the objectives of the Program, then the Administrator may, by notice to the Borrower, cancel the unwithdrawn amount of the Interim Fund Credit or any part thereof.
Section 2.03. The Closing Date shall be December 31June 30, 1998 2000 or such later date as the Administrator shall establish. The Administrator 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 Interim Fund 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 Interim Fund Credit Account or cancelledcanceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date or 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 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 Interim Fund Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on January April 15 and July October 15 in each year.
(a) Subject to paragraphs (b), (c) and (cd) below, the Borrower shall repay the principal amount of the Interim Fund Credit in semi-annual semiannual installments payable on each January April 15 and July October 15 commencing July April 15, 2007 2007, and ending January October 15, 20372031. Each installment to and including the installment payable on January 15October15, 2017 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.
(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 Administrator 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 Interim Fund Credit shall have been repaid; and (B) requiring the Borrower to commence repayment of the principal amount of the Interim Fund 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 Administrator 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 Administrator 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 Administrator on the principal amount of the Interim Fund Credit withdrawn and outstanding from time to time, provided that, in the judgment of the Administrator, 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 Administrator 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.
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The Interim Fund Credit. Section 2.01. The Administrator agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Interim Fund Development Credit Agreement, an amount in various currencies equivalent to sixty-nine two hundred three million one four hundred thousand Special Drawing Rights (SDR69,100,000SDR 203,400,000).
(a) The Borrower shall open, prior to furnishing to amount of the Administrator the first request for withdrawal Interim Fund Credit may be withdrawn from the Interim Fund Credit AccountAccount in accordance with the provisions of Schedule 1 to this Agreement for expenditures made (or, if the Administrator shall so agree, to be made) in respect of the reasonable cost of goods and thereafter services required for the Project described in Schedule 2 to this Agreement and to be financed out of the proceeds of the Interim Fund Credit.
(b) The Borrower may, for the purposes of the Project, open and maintain in its central bank, dollars a special deposit account in dollars a commercial bank on terms and conditions satisfactory to the Administrator, including appropriate protection against set-off, seizure or attachment. All withdrawals from Deposits into, and payments out of, the Interim Fund Credit Special Account shall be deposited by the Administrator into the Deposit Account.
(b) Subject to the provisions of paragraph (c) of this Section, the Borrower shall be entitled to use the proceeds of the Interim Fund Credit withdrawn from the Interim Fund Credit Account and deposited into the Deposit Account made in support of the Program.
(c) The Borrower undertakes that the proceeds of the Interim Fund Credit shall not be used to finance expenditures excluded pursuant to accordance with the provisions of Schedule 1 5 to this Agreement. If the Administrator shall have determined at any time that any proceeds of the Interim Fund Credit shall have been used to make a payment for an expenditure excluded pursuant to the provisions of said Schedule 1, the Borrower shall, promptly upon notice from the Administrator, (i) deposit into the deposit account referred to in paragraph (b) of this Section an amount equal to the amount of said payment, or (ii) if the Administrator shall so request, refund such amount to the Administrator. Amounts refunded to the Administrator upon such request shall be credited to the Interim Fund Credit Account for cancellation.
(d) No withdrawal shall be made from the Credit Account after the aggregate of the proceeds of the Credit withdrawn from the Credit Account shall have reached the equivalent of SDR34,550,000, unless the Administrator shall be satisfied, after an exchange of views as described in Section 3.01 of this Agreement based on evidence satisfactory to the Administrator: (A) with the progress achieved by the Borrower in the carrying out of the Program; (B) that the macro-economic policy framework of the Borrower is consistent with the objectives of the Program; and (C) that the actions described in Schedule 2 to this Agreement have been taken in form and substance satisfactory to the Administrator.
(e) If, after any of the exchange of views described above, the Administrator shall have given notice to the Borrower that the progress achieved in the carrying out of the Program or that actions taken are not satisfactory or that the Borrower’s macroeconomic policy is not consistent with the objectives of the Program, and, within 90 days after such notice, the Borrower shall not have achieved progress and taken actions satisfactory to the Administrator or the Borrower’s macroeconomic policy framework shall not have been consistent with the objectives of the Program, then the Administrator may, by notice to the Borrower, cancel the unwithdrawn amount of the Interim Fund Credit or any part thereof.
Section 2.03. The Closing Date shall be December 31, 1998 2003, or such later date as the Administrator shall establish. The Administrator 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 Interim Fund 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 Interim Fund Credit Account or cancelledcanceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date or and at such other rates as may be set from time to time thereafter pursuant to paragraph
(a) above. The rate set as of June 30 in each year shall be applied from the next payment date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Interim Fund Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on January April 15 and July October 15 in each year.
(a) Subject to paragraphs (b), (c) and (cd) below, the Borrower shall repay the principal amount of the Interim Fund Credit in semi-annual installments payable on each January April 15 and July October 15 commencing July October 15, 2007 2008 and ending January April 15, 20372038. Each installment to and including the installment payable on January April 15, 2017 2018 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 1 contract
The Interim Fund Credit. Section 2.01. The Administrator agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Interim Fund Development Credit Agreement, an amount in various currencies equivalent to sixty-nine ninety million one four hundred thousand Special Drawing Rights (SDR69,100,000SDR 90,400,000).
(a) The Borrower shall open, prior to furnishing to the Administrator the first request for withdrawal from the Interim Fund Credit Account, and thereafter maintain in its central bank, a deposit account in dollars on terms and conditions satisfactory to the Administrator. All withdrawals from the Interim Fund Credit Account shall be deposited by the Administrator into the Deposit Account.
(b) Subject to the provisions of paragraph (c) of this Section, the Borrower shall be entitled to use the proceeds of the Interim Fund Credit withdrawn from the Interim Fund Credit Account and deposited into in the Deposit Account in support of the Program.
(c) The Borrower undertakes that the proceeds of the Interim Fund Credit shall not be used to finance expenditures excluded pursuant to the provisions of Schedule 1 to this Agreement. If the Administrator shall have determined at any time that any proceeds of the Interim Fund Credit shall have been used to make a payment for an expenditure excluded pursuant to the provisions of said Schedule 1, the Borrower shall, promptly upon notice from the Administrator, (i) deposit into the deposit account referred to in paragraph (b) of this Section an amount equal to the amount of said payment, or (ii) if the Administrator shall so request, refund such amount to the Administrator. Amounts refunded to the Administrator upon such request shall be credited to the Interim Fund Credit Account for cancellation.
(d) No withdrawal shall be made from the Credit Account after the aggregate of the proceeds of the Credit withdrawn from the Credit Account shall have reached the equivalent of SDR34,550,000, unless the Administrator shall be satisfied, after an exchange of views as described in Section 3.01 of this Agreement based on evidence satisfactory to the Administrator: (A) with the progress achieved by the Borrower in the carrying out of the Program; (B) that the macro-economic policy framework of the Borrower is consistent with the objectives of the Program; and (C) that the actions described in Schedule 2 to this Agreement have been taken in form and substance satisfactory to the Administrator.
(e) If, after any of the exchange of views described above, the Administrator shall have given notice to the Borrower that the progress achieved in the carrying out of the Program or that actions taken are not satisfactory or that the Borrower’s macroeconomic policy is not consistent with the objectives of the Program, and, within 90 days after such notice, the Borrower shall not have achieved progress and taken actions satisfactory to the Administrator or the Borrower’s macroeconomic policy framework shall not have been consistent with the objectives of the Program, then the Administrator may, by notice to the Borrower, cancel the unwithdrawn amount of the Interim Fund Credit or any part thereof.
Section 2.03. The Closing Date shall be December 31June 30, 1998 1999 or such later date as the Administrator shall establish. The Administrator 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 Interim Fund 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 Interim Fund Credit Account or cancelled; and (ii) at the rate set as of the June 30 immediately preceding the 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 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 Interim Fund Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment and service charges shall be payable semiannually on January February 15 and July August 15 in each year.
Section 2.07. (a) Subject to paragraphs (b) and (c) below, the Borrower shall repay the principal amount of the Interim Fund Credit in semi-annual semiannual installments payable on each January 15 February 1 and July 15 August 1 commencing July 15August 1, 2007 and ending January 15February 1, 2037. Each installment to and including the installment payable on January 15February 1, 2017 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 1 contract
