27 8 月

LOAN AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF CHINA AND AGENCY FOR INTERNATIONAL DEVELOPMENT, U.S.A. (AD.1963.10.04)-1

This Agreement made and entered into as of the fourth day of Oc-tober 1963 by and between the Government of the Republic of Chi-na (hereinafter referred to as the “Government”) and The Agencyfor International Development (hereinafter referred to as “A. I.D.”), an agency of the Government of the United Sates of America(hereinafter referred to as “United States”).WITNESSETH:WHEREAS, in accordance with the provisions of the AgriculturalTrade Development and Assistance Act of 1954, as amended, andpu-rsuant to the provisions of Agricultural Commodities Agreementbetween the United States and the Government dated November 19,1962,(hereinafter referred to as the “Commodities Agreement”), adetermination has been made to extend credit to the Governmentin an amount estimated at Five Hundred Thirty Seven Million Sev-en Hundred Eighty Four Thousand New Taiwan Dollars (NT$537,784,000), to the extent that New Taiwan dollars become available forcredit purposes pursuant to Article ,Ⅱ, paragraph 4 of the Com-modities Agreement but not in excess of Twenty-Six percent (26%)of the new Taiwan dollar proceeds agreed to be deposited underArticle Ⅲ of the Commodities Agreement and;WHEREAS, the terms and conditions of this Agreement areconsiste-nt with the terms and conditions established by the National Ad-visory Council on International Monetary and Financial Problems;NOW, THEREFORE, it is agreed that:1 A. I. D. hereby establishes in favor of the Government a line of credit not exceeding Twenty-Six percent (26%) of the New T aiwan dollar proceeds accruing under the Commodities Agreemen- t, hereby estimated as Five Hundred Thirty Seven Million Seven Hundred Eighty Four Thousand New Taiwan Dollars (NT$ 537,784, 000), to assist in financing projects or such other economic development purposes as may be from time to time agreed upon by the Government and A. I. D.; provided that none of said pr- oceeds shall be disbursed under the credit after November 18, 1967 unless agreement by the Government and A. I. D. as to th- eir use has been reached prior to such date.2 For value received the Government hereby promises to pay to A. I.D., it usccessors or assigns, the principal sum of Five Hun- dred Thirty Seven Million Seven Hundred Eighty Four Thousand New Taiwan Dollars (NT$ 537,784,000), or as many New Taiwan d- ollars as may be advanced against this line of credit, in ins- tallments as set forth in the Schedule of Payments attached h- ereto and made a part here of as Exhibit A, and to pay a cred- it fee at the rate of three quarters (3/4) of one percent per annum on the unpaid principal balance as specified below. The principal shall be paid in fifty five (55) equal semiannual i- nstallments, beginning three (3) years after the end of the m- onth in which the first disbursement is made by A. I. D. to t- he Government under this Agreement, in amounts and at the time set forth in Exhibit A. Should the amount disbursed exceed sa- id principal sum, proportionate adjustments shall be made in the installments shown in Exhibit A. Should the amount disbur- sed fall short of said principal sum by more than ten percent (10%) proportionate adjustments shall be made in the installm- ents shown in Exhibit A; should the amount disbursed fall sho- rt by ten percent (10%) or less, the deficiency shall be dedu- cted from the last installment or installments shown in Exhib- it A. The credit fee on the outstanding balance of principal shall begin at the end of the month in which the first disbur- sement is made, such credit fee to be paid semiannually there- after beginning six (6) months from that time. In event of de- fault in the prompt and full payment hereunder of principal or credit fee, the entire unpaid principal hereof and credit fee thereon shall become due and payable upon demand of A.I.D. The nonexercise by A.I.D of such right at any time shall not cons- titute a waiver of such right.3 Disbursements for the account of the Government shall be made from the New Taiwan dollars deposited under the provisions of Article Ⅲ of the Commodities Agreement, and made available f- or credit purposes pursuant to the provisions of Article Ⅱ, paragraph 4 thereof. Such disbursements shall be advances und- er this line of credit as of the date of each periodic statem- ent rendered by A. I. D. to the Government reporting such dis- bursements. A. I. D. shall endorse upon this Agreement the am- ount of the New Taiwan dollars so advanced.4 Payments of credit fee and principal required t be made by the Government to A.I.D. under this Agreement shall be made in New Taiwan dollars or, at the option of the Government, in United States dollars. If the Government elects to exercise the opti- on to make payments in dollars, the amount of any such payment shall be calculated at the time of payment to be equivalent to the obligation in New Taiwan dollars computed on the following basis. a. The effective rate at which United States dollar are sold in exchange for New Taiwan dollars to residents of the Rep- ublic of China for the meeting of payments obligations abr- oad, provided effective rates for New Taiwan dollars diffe- ring by more than one percent from the par value agreed wi- th the International Monetary Fund for that currency are n- ot permitted by the Government and provided the parties to this Agreement do not agree that another rate would be just and reasonable; or b. Otherwise, such other rate as is mutually agreed from time to time. Interest and principal shall be payable at the Office of A.I.D ., Washington, D.C. New Taiwan dollars accepted by A.I.D. may be transferred to the Secretary of the Treasury of the United States to be held through such officer or officers of the Uni- ted States as may be designated by the Secretary of the; Trea- sury.5 The Government without penalty or premium, may make prepaymen- ts of principal on this loan in New Taiwan dollars or, at the option of the Government, in United States dollars computed on the date any such prepayment is made at a rate of exchange ca- lculated as provided in Section 4 hereof. Any prepayments made by the Government shall apply to the principal installments in Exhibit A in the inverse order of their maturity.6 The Government agrees that any loans which it may make from f- unds received under this agreement to private enterprise or to any person or to publicly owned enterprises of a profit-earni- ng type will be made at rates of interest which shall be appr- oximately equivalent to these for comparable loans prevailing in the Republic of China. The Government further agrees that, except for any loans which it may make to publicly owned ente- rprises of a profit-earning type, no funds received under this loan agreement will be appropriated or transferred directly or indirectly to a publicly owned enterprise of a profit-earning type.7 The Government agrees that the New Taiwan dollars received by the United States, pursuant to the provisions of paragraph 4 and 5 hereof, may be used by the United States for any expedi- tures of or payments by the United Stated in the Republic of China or its territories. The United States agrees to take in- to account the economic position of the Republic of China in connection with all such expenditures or payments. The Govern- ment further agrees that it will provide facilities for the c- onversion by the United States of two percent (2%) of the New Taiwan dollars received by the United States, pursuant to the provisions of paragraphs 4 and 5 hereof, into other currencies as the United States deems necessary to help develop new mark- ets for the United States agricultural commodities in such ar- eas as the United States may determine. In addition the Gover- nment agrees that any such currency may be used in areas other than the republic of China or its territories or converted in- to other currencies as may be mutually agreed upon.8 The Government agrees that the United States may invest any u- nexpended balances received hereunder in interest-earning obl- igations or deposits denominated in New Taiwan dollars. The U- nited States agrees that the Government may purchase for Unit- ed States dollars all or any part of such unexpended balances not otherwise committed by the United States at a rate of exc- hange then mutually agreed upon.9 Whenever the parties to this Agreement determine that it would be to their mutual interests to modify any of its provision, they may by mutual agreement in writing provide for any such modification, including the payment of all or any part of pri- ncipal and interest by the delivery to the United States of (a ) such materials, or (b) such other valuable consideration as may be mutually agreed upon by the parties hereto.10 Prior to and as a condition precedent to the first disbursem- ent under the credit, A.I.D. shall be furnished with: a. Evidence of authority of the person who has executed this Agreement and otherwise acts as the representative of the Government in connection with the credit; and b. An opinion of the minister of Justice of the Republic of China or other legal counsel satisfactory to A.I.D. demon- strating to the satisfaction of A.I.D. that the Government has taken all action necessary under its constitutional l- aws to authorize the contracting of the credit under this Agreement and that the Agreement constitutes the valid and binding obligation of the Government in accordance with i- ts termsIN WITNESS WHEREOF, the Government and A.I.D. have caused thisAgreement to be duly executed in duplicate in Washington, Distr-ict of Columbia, United States of America, on the date first ab-ove mentioned.The Government of the Republic of China:(Signed)Martin WongEconomic Minister CounselorChinese EmbassyAgency for International Development:(Signed)Seymour J.JancwAssistant Administratorfor the Far EastEXHIBIT “A”SCHEDULE OF REPAYMENTSRepayment of principal shall be in 55 equal semi-annual install-ments with the first installment becoming due three years afterthe date of first disbursement.PRINCIPAL1 Due three years from the NT$9,777,891 28 9,777,891 date of the first disbu- 29 9,777,891 rsement 30 9,777,8912 9,777,891 31 9,777,8913 9,777,891 32 9,777,8914 9,777,891 33 9,777,8915 9,777,891 34 9,777,8916 9,777,891 35 9,777,8917 9,777,891 36 9,777,8918 9,777,891 37 9,777,8919 9,777,891 38 9,777,89110 9,777,891 39 9,777,89111 9,777,891 40 9,777,89112 9,777,891 41 9,777,89113 9,777,891 42 9,777,89114 9,777,891 43 9,777,89115 9,777,891 44 9,777,89116 9,777,891 45 9,777,89117 9,777,891 46 9,777,89118 9,777,891 47 9,777,89119 9,777,891 48 9,777,89120 9,777,891 49 9,777,89121 9,777,891 50 9,777,89122 9,777,891 51 9,777,89123 9,777,891 52 9,777,89124 9,777,891 53 9,777,89125 9,777,891 54 9,777,89126 9,777,891 55 9,777,89127 9,777,891