Loan (Borrowing from the Government of the Republic of Trinidad and Tobago) Act 2004

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No. 20 of 2004. The Loan (Borrowingfrom the Govern- 1 ANTIGUA
ment of the Republic of Trinidad and AND

Tobago) Act 2004. BARBUDA

[ L.S. ]
I Assent,

James B. Carlisle,
Governor-General.

5th November, 2004

ANTIGUA AND BARBUDA

No. 20 of 2004

AN ACT to borrow the sum of Five Million, Seven Hundred
Thousand Eastern Caribbean Dollars or its equivalent in any
other currency for the purpose of investing the said sum in
LIAT (1 974) LIMITED in return for Preferential Shares inLIAT
(1974) Limited.

[ Published in the Oficial Gazette Vol. H I V No. 89
dated 2nd December, 2004. ]

ENACTED by the Parliament of Antigua and Barbuda as
follows -

1. This Act may be cited as the Loan (Borrowing from the short titlt
Government of the Republic of Trinidad and Tobago) Act 2004.

2. In this Act "Minister"means the Minister for the time being interpreta t ion
responsible for Finance.

3.Notwithstanding the provisionofany other Act the Minister ~ i n i s t e r a u t h o -
is authorized to borrow the sum of Five Million, Seven Hundred rized to bo r row

EC$5.700 mi l - Thousand Eastern Caribbean Currency from the Government of , ion i n Eastern
Trinidad andTobago on the terms andconditions agreedwith the c a r i b b e a n c ur -
Government ofthe Republic ofTrinidad and Tobago and set out rency .
in the Schedule.

ANTIGUA 2 The Loan (Borrowingji-oni the Govern- NO. 2O0f 2004.
AND ment of the Republic of Trinidad and

BARBUDA Tobagq) Act 2404.

Application of 4. The money bonowed under the authority of this Act shall
the money bor-
rowed. be invested in LIAT (1974) Limited in return for Preferential

Shares.

Power to issue in- 5. (1) The Minister may issue such promissory notes or other
struments and ex-
empt taxes.

instruments as may be necessary for the purpose of givipg effect
to the terms and conditions set out in the Schedule.

(2) The Cabinet may, by Order published in the Gazette, remit
any tax, duty or fee payable under any enactment to give full effect
to the agreement, promissory note, or any instrument issued by
the Minister as authorized by this Act.

Disapplication 6. The Exchange Control Act does not apply to any transaction
of the Exchange required to effect payment in any currency of any sum in Control Act
Cap. 157. accordance with the terms of the agreement, promissory note,

instrument issued under this Act.

The repayment 7. The repayment of the principal sum borrowed under the
the principal authority of this Act is charged upon and payable out of the

sum is charged on
the Consolidated Consolidated Fund and assets of Antigua and Barbuda.
Funds and assets
o f Antigua and
Barbuda.

Terms and conditions agreed with the Government of the Republic of
Trinidad and Tobago for the borrowing of the sum of Five Million, Seven
Hundred Thousand Eastern CaribbeanDollars (EC$5,700,000.00).

1. The following expressions have the following meanings unless the context
otherwise requires:

(i) "Agreement" means this agreement between the GORTT and the GOAB
for a loan of EC $5,700,000.00 in accordance with Schedule 1 hereto;
"amortization schedule" means the schedule contained in Schedule 1
hereto;

(ii) "business day" means a day on which the bank to which the GORTT
requests that payment under Clause 5 be made is open for business of
the kind contemplated by this Agreement.

2. The GORTT agrees to lend to the GOAB the sum of Five Million and Seven
HundredThousand EasternCaribbean dollars (EC $5,700,000.00) interest-free ("the
said loan").

No. 200f 2004. The Loan (Borrowingfiom the Govern- 3 ANTIGUA
ment of the Republic of Trinidad and AND

Tobago) Act 2004. BARBUDA

3. The GOAB agrees that it shall Invest the proceeds of the said loan in LIAT
(1 974) Limited in consideration for preference shares therein.

4. The GOAB shall repay the said loan after a moratorium of five (5) years in ten
(1 0) equal semi-annual instalments in accordance with the amortization schedule
without demand, counterclaim or set-off.

5. The said loan shallbe repaidina currency acceptable to the GORTT and at such
place or places as the GORl'T shall request.

6. If any payment under Clause 4 would otherwise be due on a day which is not
a business day, payment shall be made on the first business day immediately
preceding that day.

7. The GOAB shall furnish or cause to be furnished to the GORTT all such
information concerning the use of the proceeds of the said loan as the GORl'T shall
request by notice given in writing.

8. The GOAB shall promptly informthe GORTT of any event that occurs before
the termination of this Agreement that adversely affects or threatens to adversely
affect repayment of the said loan in accordance with Clause 4 or Clause 5 hereof.

9. In the event thqt any or all of the following events shall occur before the
tennination of this Agreement:

(a) the GOAB fails to perform its obligation under clause 3 hereof, or

(b) a default shall occur in the repayment ofthe said loan in accordance with
Clause 4 andsuchdefault shall continue for a periodofhrty (30) days,
or

(c) a default shall occur in the performance of any obligatian on the part of
the GOAB under this Agreement and such default shall continue for a
period of h t y (30) days after written notice thereof shall have been
given by the GORTT to the GOAB,

the said loan or any outstanding amount thereof shall become immediately due and
payable.

10. No failure or delay on the part of the GORTT to exercise any right, power or
privilege under this Agreement shalloperate as a waiver thereof, nor shall any single
or partial exercise of any right, power or privilege under this Agreement preclude any
other or further exercise thereofor the exercise ofany right, power orprivilegeunder
this Agreement.

ANTIGUA 4 The Loan (Borrowingji-om the Govern- NO. 20 of 2004.
AND ment of the Republic of Trinidad and

BARBUDA Tobago) Act 2004.

11. No oblgation of any Party to another Party under this Agreement shall be
released or waived except in writing signed by a duly authorized representative of
the Party to whom such obligatiomis owed.

12. The GOAB acknowledges and agrees that this Agreement is entered into as
part of a commercial transaction. The GOAB hereby waives for itself, its assets and
revenues any and all immunity to the extent that it may at any time exist in relation
to this Agreement whether on grounds of sovereignty or otherwise.

13. The obligation on the part of the GOAB to repay the said loan shall rankpari
passu with all other of its unsecured liabilities whether present or future, actual or
contingent, sole or joint.

14. The GORTT shall be entitled to assign at any time all or any of its right, title
and interest in and under this Agreement and in and to the whole or any part of all
monies whatsoever due or to become due to the GORl'Tunder -this Agreement. The
GORTT shall prornptly inform the GOAB sf m y such transfer or assignment.

15. Any dispute between the Parties hereto as to matters arising pursuant to this
Agreement that cannot be resolved amicably within thirty (30) days afterreceipt by
one Party of the other Party's request for such amicable resolution shall be
submitted by eithea Pdrty to arbitration in accordance with the provisions of the
Arbitration Act, Chapter 5:0 1 of the Laws ofthe Republic of Trinidad and Tobago.

16. Upon the repayment in full of the said loan this Agreement shall forthwith
terminate.

17. The rights andl obligations of the GORl'T and the GOAB under this
Agreement shall be valid and enforceable in accordance with its terms.

18. This Agreement constitutes the entire agreement between the Parties hereto
with respect to all matters that are referred 20 herein and shall supersede any
previous agreement between the Parties in relation to the matters referred to in this
Agreement.

19. Amendments, alterations or modifications to this Agreement shall be in
writing and shall be signed by a duly authorized representative of each Party.

28. Ifany provision in this Agreement shall inwhole or in partbe heldto any extent
to be illegal or unenforceable under any enactment or rule 01 law, that provision or
part shall to that extent be deemed not to f o m part of this Agreement and (h,.
enforceability of the remainder of this Agreement shall ma be affeekd.

21. kLU notices and other communications required or d to be given or mde
un&rthbA&rament shall be in writing. Any such notice o r o ~ ~ : ~ m u n i c a t i o n s u n i d

No. 20 of 2004. The Loan (Borrowing from the Govern- 5 ANTIGUA
ment of the Republic of TrinirIad and AND

Tobago) Act 2004. BARBUDA

be deemed to have been duly given or made when delivered by hand or mail or by
telegram, cable, telex and telefax to the Party to which it is required or permitted to
be given or at the address of such Party specified in this Agreement or at such other
address as such Party may have designated by notice for the purposes of this
agreement to the Party giving such notice or making such communication. For the
purposes of this Agreement all communications to the Parties shall be sent to the
addresses specified below:

Minister of Finance
Ministry of Finance (Investments)
Eric Williams Plaza
Level 15, Eric Williams Finance Wuilding
Independencesquare
Port-of-Spain
Trinidad and Tobago
Telephone: (868) 627-9700
I;sx: (865) 624-6338

Minister of Finance Sr t h ~ Economy
Ministry of Finance & the Economy
Government OfficeComplex
Parliament Drive
St. John's
Antigua
Telephone: (268) 462-4860
Fax: (268) 462-1 622

22. In this Agreement words denoting the singular riumber shall include the plural
and vice versa and words denoticg any gender shall include all genders.

23. Reference to any statute or statutory provision in this Agreement includes
a reference to that statute or statutory provision as from time to time amended,
extended, re-enacted or consolidated.

ANTIGUA 6 The Loan (Borrowing from the Govern- NO. 20 of 2004.
AND ment of the Republic of Trinidad and

BARBUDA Tobago) Act 2004.

SCHEDULE 1

AMOR'lBATION SCHEDULE

Loan(EC$):

TOTALDUE

Interest Rate p.a.

No. of Years

Moratorium

Installmentsper year

ANNUALPAYMENT(EC$)

5 years

2

No. 20 of 2004. The Loan (Borrowing from the Govern- 7 ANTIGUA
nzent of the Republic of Trinidad and AND

Tobago) Act 2004. BARBUDA

Passed the House of Representatives this Passedby the Senate this 28th day
27th day of October, 2004. of October, 2004.

D. Giselle Isaac-Arrindell,
Speaker.

Dr.Edmond A. Mansoor,
Presiclent.

Y. Henry, Y. Henry,
Acting Clerkto the HouseofRepresentatives. Acting Clerk to the Senate.

Printed at the Government Printing Office, Antigua and Barbuda,
by Walter A. Massiah, Government Printer

-By Authority, 2004.
800--12.04 [ Price $3.30 ]