Law No. 89 Of 22 July 1992 On Ratification Of The Loan Agreement Between Romania And The International Bank For Reconstruction And Development, Concluded At Washington On 15 June 1992

Original Language Title:  LEGE nr. 89 din 22 iulie 1992 pentru ratificarea Acordului de împrumut dintre România şi Banca Internaţională pentru Reconstrucţie şi Dezvoltare, încheiat la Washington la 15 iunie 1992

Read the untranslated law here: https://www.global-regulation.com/law/romania/3070244/-lege-nr.-89-din-22-iulie-1992-pentru-ratificarea-acordului-de-mprumut-dintre-romnia-i-banca-internaional-pentru-reconstrucie-i-dezvoltare%252c-ncheiat-.html

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LAW No. 89 of 22 July 1992 ratifying loan agreement between Romania and the International Bank for reconstruction and development, concluded at Washington on 15 June 1992, published in PARLIAMENT ISSUING the OFFICIAL GAZETTE NR. 188 of 6 august 1992, the Romanian Parliament adopts this law.


The sole article Shall ratify the loan agreement to support farmers and private enterprises between Romania and the International Bank for reconstruction and development, to the tune of 100 million dollars, the Washington S.U.A. on 15 June 1992.
This law was adopted by the Senate at its meeting on 8 July 1992, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
Academic SENATE PRESIDENT ALEXANDRU BÂRLĂDEANU this law was adopted by the Chamber of deputies at its meeting on 10 July 1992, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
p. ROMAN CHAMBER of DEPUTIES PRESIDENT IDRIS LOAN AGREEMENT (project for farmers and private enterprises) between Romania and the International Bank for reconstruction and development agreement, dated 15 June 1992, (loan) between Romania and the International Bank for reconstruction and development (Bank) considering that: (A) the borrower, being satisfied of the need and the priority of the project described in the annex. 2 to this agreement, the Bank has requested assistance in funding the project;
(B) the project will be carried out by the agricultural Bank (B.A.) and the Romanian Bank for development (B.R.D.) with the assistance of the borrower and, as part of this assistance, the borrower will provide the B.A. and B.R.D. sums deriving from the loan, as are provided for in this agreement; and since the Bank has determined, on the basis, inter alia, of the aforementioned, to assist the borrower through a loan according to the terms and conditions set out in this agreement and in the draft agreement, concluded on the same date, between the Bank and the B.A. and B.R.D.;
Therefore, taking into account the above, the parties agree as follows: Article 1 General conditions; Section 1.01 definitions. -"General conditions applicable to loan and guarantee agreements" of the Bank dated 1 January 1985, as amended in annex No. 5 this agreement (General terms) constitute an integral part of this agreement.
Section 1.02. -If the context does not provide otherwise, the terms defined in these general terms have the meaning set out in it, and the following additional terms have the following meanings: (a) of the draft agreement) B.A. represents agreement between the Bank and B.A., presented herewith, as it may be amended from time to time, and this term includes all annexes and supplementary agreements to the draft agreement of B.A.
  

(b) of the draft agreement) B.R.D. represents agreement between the Bank and B.R.D., presented herewith, as it may be amended from time to time, and this includes annexes and supplementary agreements to the draft agreement of B.R.D.
  

) draft agreement means the draft agreement of the B.A. and the draft arrangement of B.R.D.
  

d) the appendant loan agreement of what represents B.A. will end between the borrower and B.A., according to section 3.01. b) to this agreement, as it may be amended from time to time, and this includes all annexes to the appendant loan agreement of B.A., and the term loan subsidiary of B.A. represents the loan which will be made following the agreement of loan subsidiary of B.A.
  

e) the appendant loan agreement of what constitutes B.R.D. will end between the borrower and B.R.D., according to section 3.01. b) to this agreement, as it may be amended from time to time, and this includes all annexes to the appendant loan agreement and term loan of B.R.D. subsidiary of B.R.D. represents the loan which will be made following the agreement of loan subsidiary of B.R.D.
  

f) the appendant loan agreement represents the appendant loan agreement of B.A. and the appendant loan agreement of B.R.D.
  

g) status of Resolution No. represents B.A. 1196 Government Borrower, dated 12 November 1990, relating to the establishment and functioning of B.A.
  

h) status of Resolution No. B.R.D. represents 1178 Government Borrower, of 2 November 1990, relating to the establishment and functioning of B.R.D.
  

I the operation of the Rules) B.A. represents loan policy statement and investments to which reference is made in section 2.01. b) of the draft agreement of B.A.
  

j) Operating Rules to the policy statement represents B.R.D. borrowing and investing and procedures to which reference is made in section 2.01. b) of the draft agreement of B.R.D.
  

k) strategic Plan action plan represents B.A. degree of B.A. in order to strengthen the Organization and its officials to which reference is made in section 2.01. c) of the draft agreement of B.A.
  

It strategic Plan B.R.D.) represents the action plan to strengthen the Organization and B.R.D. functionaries of his, which is referred to in section 2.01. c) of the draft agreement of B.R.D.
  

subimprumut m) by means of a loan made or proposed to be made by B.A. B.R.D. or as part of the loan amounts to a beneficiary for a subproject.
  

n) Beneficiary means a farmer or an Association of private farmers, or a private sector of agricultural production, marketing or undertaking providing services which we propose B.R.D. B.A. or grant them or them a subimprumut.
  

a a specific Subproject) means the development project to meet the beneficiary by using amounts to a subimprumut.
  

p) Through special account means the account referred to in section 2.02. b) of this agreement, and q) Lei lei means foreign currency borrower.
  


Article 2 the loan Section 2.01. -The Bank agrees to lend to the borrower, on the terms and conditions set out or referred to in the agreement, various currencies which will have an aggregate value equivalent amount of one hundred million dollars ($ 100,000,000) S.U.A., which represent the total sum of amounts of the loan drawdowns, with each shooting assessed by the Bank at the time of his.
Section 2.02. -the amount of the loan) can be drawn from the loan account in accordance with the provisions of the annex. 1, is for amounts paid (or is to be paid, if the Bank will accept such) by or on behalf of B.A. B.R.D. firing carried out by a recipient of a reasonable subimprumut for the cost of goods and services required for its subproject for which it is requested from the account of loan drawdown.

(b) for the purposes of the project), the borrower will open and will keep a dollar deposit account specially to B.A. in terms and conditions acceptable to the Bank, including protection against clearing operations, confiscation and seizure. Deposit and payments from the special account shall be carried out in accordance with the provisions of the annex. 4 of this agreement.
  

Section 2.03. -End date will be December 31, 1997, or a later date that will establish the Bank. The Bank shall notify the Borrower of a prompt on such data.
Section 2.04. -The borrower will pay the Bank a fee for non-use at a rate of 0.75% (3/4 of 1%) per annum of the amount of the loan, said netrasa at the time.
Section 2.05. -a) Borrower will pay interest periodically to the capital borrowing for loans amounts drawn and at an equal rate, for each interest period, the cost of borrowing in the previous semester determined qualified, plus one-half of one percentage point (1/2 of 1%). At each of the particulars specified in section 2.06. of this agreement, the borrower will pay interest in respect of capital nerambursat during the previous interest, calculated at the rate applicable during that period of interest.

b) as soon as possible after the end of each quarter, the Bank shall notify the borrower the cost of qualifying loans determined for that semester.
  

c) for the purposes of this section: (i) the period of interest represents a period of six months, ending on the date immediately preceding each data specified in section 2.06. of this agreement, beginning with the period of interest in which they have signed this agreement.
(them) The cost of qualifying loans represent the cost, as reasonably determined by the Bank and expressed as a percentage per annum of the unpaid Bank loans, committed after 30 June 1982, excluding those loans or part thereof applied by the Bank to fund: (A) Investment Bank; and (B) loans that will be made by the Bank after 1 July 1989, with interest to be determined otherwise than according to paragraph a) of this section.
(iii) represents the first Semester 6 months or 6 months of the following calendar year.

d) at that time, which may be specified by the Bank through the preavizarea Borrower with no less than 6 months), subparagraphs b and c)) (iii) of this section shall be amended as follows: ' a) Borrower will pay interest to the non-refundable amounts drawn loan and periodically, at a rate for each quarter is equal to the cost of loans qualifying for the previous quarter plus one-half of one percentage point (1/2 of 1%). At each of the particulars specified in section 2.06. of this agreement, the borrower will pay interest appropriate related party loans period of interest, calculated at the rates applicable during the period of interest. "

"b) as soon as possible after the end of each quarter, the Bank shall notify the borrower the cost of qualifying loans determined for that quarter."
") (iii) Quarter represents a period of 3 months starting January 1, April 1, July 1 or October 1 in any calendar year."
Section 2.06. -Interest and other fees will be payable semiannually on February 15 and august 15 of each year.
Section 2.07. -The borrower will repay the loan amount according to the schedule set out in annex 4 to the depreciation. 3 to this agreement.


Article 3 implementation of the project; use the loan amounts Section 3.01. -the Borrower declaring their) commitment to project objectives, as set out in the annex. 2 to this agreement, and, for this purpose, without any limitation or restriction of any other obligation under the agreement, the loan will determine his B.A. and B.R.D. Act in accordance with the provisions of the draft agreement and draft agreement B.A. B.R.D. respectively, all obligations of B.A. and exhibited at the B.R.D., they will take, or will determine that all measures including the provision of funds, facilities, services and other resources required or appropriate in order to allow the B.A. and B.R.D. to fulfill those obligations, including the achievement of the strategic plan of B.A. B.A. and the strategic plan of the B.R.D. B.R.D., and will not take or will not allow the taking of any action that would impede or interfere in their realization.

b) Borrower will reimprumuta the loan amounts in the B.A. and according to agreements B.R.D. loan subsidiary to be entered into between the borrower and B.A. B.R.D. respectively, in accordance with the terms and conditions that will be approved by the Bank and which shall include those set out in the annex. 5 to this agreement.
  

c) Borrower will exercise their rights through subsidiary loan agreements in such a way that protecting the interests of the borrower and the Bank, and to meet the goals of the loan and, if otherwise not permitted under the Bank, the borrower will not transfer, modify, repeal or will not give up any of the subsidiary loan agreements or any of the provisions of the present.
  

d) Borrower: (i) will coordinate and supervise the execution of the project and will follow the completion of the B.A. and their obligations according to the B.R.D. Agreement loan subsidiary of B.A. and, respectively, in accordance with the B.R.D. procedures satisfactory to the Bank; and (them) will ensure that (A) will not be held subimprumuturile for financing of such categories of farm production and the development of enterprises, as will be specified by the Bank the borrower's notice as a result of an exchange of views on the issue between the borrower and the Bank, which will be held on a semi-annual basis; (B) the amount of the loan financing of circulating capital shall not exceed in total the equivalent of $ 10 million and it will limit S.U.A. financing requirements of beneficiaries to increase circulating capital raised on the basis of additional production by realizing subproject hierarchy; and (C) the sum total of all subimprumuturilor, subimprumut times each performed by B.A. or B.R.D. or each of them to a single beneficiary to exceed the equivalent of $ 5,000,000 S.U.A.
  

e) the borrower and the Bank are agreed that, for the purposes of paragraphs 3 and 4 of the draft agreement of B.A. and draft agreement of an unlimited B.R.D., subimprumut, as referred to in the said paragraphs, will be a subimprumut for a subproject, other than any of the first six subimprumuturi made by each of the two banks B.A., respectively and in a B.R.D. amount will be funded from the proceeds of the loan, which will not exceed the amount equivalent to: (i) $ 200,000 S.U.A., when added to any other amounts outstanding, funded or proposed for funding from the proceeds of the loan, which have been used or are being used to finance goods and services directly and that relate in terms of material at such a subproject; () $ 70 million S.U.A., when added to all other subimprumuturi unlimited, funded or proposed for funding from the proceeds of the loan, the above amounts may be amended periodically, as the Bank shall consider necessary.
  

Section 3.02. -The Bank and the borrower hereby agree to obligations set out in sections 9.04, 9.05, 9.06., July 09, 9.08. and 9.10. conditions (relating to insurance, the use of goods and services, and annexes, plans and reports, maintenance and land acquisition) will be met by B.A. According to section 2.03. of the draft arrangement of B.A. and B.R.D. According to section 2.03. the draft agreement of B.R.D.
Section 3.03. -The borrower: a) will prepare, in terms of reference satisfacatori for the Bank, and the Bank will provide up to 30 September 1994 a report data available on the progress achieved in carrying out the project in the period preceding the date of the said report and specifying the measures recommended to ensure the achievement of the project in the period following that date;
  

b) will give the Bank a reasonable opportunity to examine the Borrower together with conclusions and recommendations of the report; and c) as a result, it will take all necessary measures to ensure compliance with the project during this period, based on the conclusions and recommendations of the report mentioned the Bank's comments on them.
  


Article 4 financial Clauses Section 4.01. -a) For all the expenses in connection with that shooting from the loan account were made on the basis of declarations of expenditure, subject to: (i) you or will result in compliance with record-keeping practices, accounting records and accounts reflecting such expenditures;
(them) will ensure that all records (contracts, orders, invoices, payment policies, notes, receipts, and other documents), which outlines spending, are retained for at least one year after the Bank received the report for the fiscal year in which the last shooting from the loan; and (iii) will permit representatives to examine such documents Bank.

b) Borrower: (i) you will have all documents and accounts referred to in paragraph a) (i) of this section, including those for the special account for each fiscal year, in accordance with the principles of appropriate control, which applies currently by the independent accountants, acceptable to the Bank;
(them) will provide the Bank as soon as it will be available, but in any case not later than 6 months after the end of each year, this report surveys, carried out by the experts, given the scope and details of reasonably requested by the Bank, including a separate opinion of experts referred to in relation to whether the proposed statement of expenses during the fiscal year together with internal controls and processes involved in their preparation may justify a goaltender; and (iii) the Bank shall provide such other information regarding the evidence and accounts, as well as to monitor them, as will be required periodically, reasonably be expected by the Bank.


Article 5 the Bank's Penalties Section 5.01. -According to section 6.02. 1) of the General conditions, the following additional conditions are specified: a) B.A. or B.R.D. fails any of their decurgind obligations of the draft arrangement of B.A. or the B.R.D.
  

b) as a result of events that occurred after the date of the loan agreement, if an exceptional situation will have arisen and that will make it unlikely that either the B.A. or to measure the B.R.D. to fulfill obligations of the decurgind of the draft arrangement of B.A. or the B.R.D.
  

c) B.A., B.R.D. Status Status, declaration or statement of strategy strategy B.A. has changed will be B.R.D., suspended, revoked, canceled or will be dropped so as to affect materially and adversely the operations or financial conditions of B.A. or B.R.D., or their ability to perform activities decurgind in the project or the attainment of any of the obligations of the draft arrangement of B.A. B.R.D. respectively
  

(d) the Borrower or any) competent authority will be acted for dissolving or abolishing the B.A. or suspend their operations B.R.D..
  

Section 5.02. -Under section 7.01. General conditions), the following additional events are specified: (a) specified in paragraph) event a) section 5.01. the agreement will occur and will continue for a period of 60 days, after his endorsement will be the borrower's Bank;
  

(b) any specified event) paragraphs (c) and (d))) of section 5.01. the agreement, which occurs.
  


Article 6 entry into force; conclusion of Section 6.01. -The following events are specified as conditions of the loan agreement, within the meaning of section 12.01. c) of the General conditions: loan to subsidiary) agreements have been concluded on behalf of the parties; and b) operational guide of B.A. B.A. was adopted and of the operational guide B.R.D. was adopted by B.R.D.
  

Section 6.02. -The following problems Are referred to within the meaning of annexes to section 12.02. c General conditions), to be included in the notice or notices provided that: (a) Bank draft) agreement of the B.A. and the draft of the agreement were approved in B.R.D. competently or ratified by B.A. and are legally binding and B.R.D. for B.A. and B.R.D. in accordance with these conditions; and
  


b) as loan subsidiary agreements have been authorized or ratified legally and properly obligate the parties in accordance with the law.
  

Section 6.03. -The period of ninety (90) days from the date of this agreement specified herein for the purposes of section 12.04. and conditions.


Article 7 the representative of the borrower; addresses Section 7.01. -Ministry of economy and Finance of the borrower is designated as the representative of the borrower for the purposes stated in section 11.03. General conditions.
Section 7.02. The following addresses are specified in the sense shown by section 11.01. General conditions: For Lent: Ministry of economy and finance, Apolodor Street nr. 17, sector 5, Bucharest Romania Telex: 11239 For Bank: International Bank for reconstruction and development 1818 h. Street, N.w.a.

 


 

Washington, D.C. 20433 S.U.A.

 


 

Telegraphic address: Telex: 248423 (RCA) INTBAFRAD 82987 (FTCC) Washington D.C. 64145 (WUI) 197688 (TRT) Taking into account the above, the parties here face, operating within their authorized by competent representatives, have drawn up the agreement, to be signed in their names in the District of Colombia, S.U.A., on the day and year written below.
Mihai Croitoru, Romania authorised representative INTERNATIONAL BANK for RECONSTRUCTION and DEVELOPMENT by Michael Wiehen, regional Vice President for Europe and Central Asia Schedule 1 GOALTENDER LOAN AMOUNTS 1. The table below shows the categories of items that will be financed from the proceeds of the loan, the loan allocation amounts for each category and the percentage of expenditure on such products financed in each category: loan amounts in Category assigned (expressed as dollars S.U.A.)% of expenditure to be financed 1.
Subîmprumuturi to 20,000,000 2 production farms.
Other 80,000,000 80% subîmprumuturi TOTAL: 100,000,000 2. Without the provisions of paragraph 1 above, no drawing will be made for: a) a subimprumut unless the subimprumutul was done in accordance with the procedures and terms and conditions specified or referred to in the annex to the draft agreement of B.A. or annex draft agreement of B.R.D.; and (b) payments made for expenses) prior to the date of this agreement, except for the bow, in the total amount of less than $ 10,000,000 S.U.A., which can be made in payments for expenditure account before that date but after May 1, 1992.


Annex 2 DESCRIPTION of PROJECT project object is to promote economic and social development in rural areas through agricultural and commercial activities of the private sector.
The project consists in a credit line aimed at funding development projects of private farmers or entrepreneurs in the private sector, in order to increase agricultural production and farms as well as facilitating and developing the activities of agricultural processing enterprises in the field of marketing and services; It may be subject to subsequent amendments on which the borrower and the Bank will agree to in order to achieve this objective.
The project will be held until 30 June 1997.


Annex 3-SCHEDULE repayment Repayment of capital DEPRECIATION (expressed as dollars S.U.A.) *) every February 15 and august 15, commencing 15 February 1998 until 15 February 2009 4,165,000 on august 15, 2009 4,205,000 Note *) figures in this column represents the dollar equivalent to the data set concerned S.U.A. of dragging. (See General conditions, sections 3.04 and 4.03.)

A PREPAYMENT PREMIUM under section 3.04. b) of the General conditions, the premium paid for the original amount of the loan for each overdue, paid in advance will be a specified percentage applicable to the time of advance payment as follows: during the prepayment First interest rate (expressed as a percentage of the annual) applicable on the date of disbursement of the loan upfront, multiplied by: Not more than 3 years before maturity 0.18 more than 3 years but not more than 6 years before maturity more than 0.35 but no more than 11 years before maturity 0.65 for more than 11 years, but not more than 15 years before maturity 0.88 more than 15 years before maturity 1.00 annex 4, SPECIAL ACCOUNT 1. The purposes of this Annex: (a)) eligible expenditure means expenditure made on the basis of reasonable cost of goods and services required for subprojects and that must be financed from the proceeds of the loan, in accordance with the provisions of the annex. 1 of the agreement; and b) allowance authorized means a sum equivalent to the $ 8,000,000 S.U.A., which can be drawn from the loan account and deposited in a special account, in accordance with paragraph 3 of this annex).
  

2. payments from the special account shall be made exclusively for eligible expenditures in accordance with the provisions of this annex.
3. after the Bank has received an acceptable proof that this account was opened legally authorized allocation, goaltender and goaltender subsequent to refill the special account shall be made as follows: (a) the allowance authorized for a goaltender), the borrower shall provide the Bank a request or requests for a deposit or deposits, which do not exceed the total amount of the allowance is authorized. On the basis of such requests, the Bank, acting on behalf of the borrower, will draw from the loan account and will be stored in a special account the sum or sums which it may have requested the borrower;
  

) (i) to re-fill particular Borrower will furnish the Bank requests the special account deposits at those intervals that you specify.
  

(them) Before or at the same time with each of these requests, the borrower will provide the Bank documents and other obvious required in accordance with paragraph 4 of this annex, for the payment or payments with respect to the request for refueling. On the basis of each claim, the Bank, acting on behalf of the borrower, will draw from the loan account and will be stored in the special account the amount that the borrower has requested it and, as was pointed out, in the documents mentioned or other obvious, to be paid from the special account for eligible expenses.
All these deposits will be drawn from the account of Bank lending for the respective equivalent amounts, as were justified by the said documents and other evidence.
4. For each payment made by the borrower from the special account, whenever the Bank will ask, reasonably, the borrower will provide the Bank documents and other obvious, a local resident, as this payment was made exclusively for eligible expenditures.
5. without regard to the provisions of paragraph 3 of this annex, the Bank shall not be required to make subsequent deposits into the special account: a) If, at any time, the Bank will be established that all subsequent drawings to be made by the borrower directly from the loan account in accordance with the provisions of art. V of the General conditions and of paragraph a) of section 2.02. of the agreement; or b) once the sum total loan netrasa, less the amount of any particular engagement nerambursat, became effective in the Bank, in accordance with section 5.02. General conditions on the project, will be equal to the equivalent of twice the amount of the allowance is authorized.
  

Afterwards, at the expense of the remaining amount of the loan netrase will follow procedures which would specify the Bank notice to the Borrower. Well drawdown will only make future after and to the extent that the Bank will be satisfied that all such amounts remaining in the special account for the deposit date on which opinion will be used for payment of eligible expenses.
6. the Bank will decide) whether at any time that any payment from the special account: (i) it is made for the expenses or neeligibila, according to paragraph 2 of this annex; or () was not justified by the evidence provided to the Bank, the borrower, the Bank's opinion: (A) provide prompt additional records will be required, or (B) shall promptly submit the special account (or, if required by the Bank, it will return the Bank) an amount equal to the amount of the payment or part of it, which is not eligible or justified. If the Bank won't decide otherwise, will no longer make deposits into the special account until the borrower will not provide obvious or won't make such a deposit or will not reimburse, where appropriate.

b) If the Bank will be resolved, whenever, as any amount transferred from the special account shall not be required to cover future payments for eligible expenses, Borrower will repay promptly, the Bank's opinion, the amount of arrears.
  

c) Borrower may, after advising the Bank to return the funds to the Bank all or part of them, which are in storage in a special account.
  

d) the Return, in accordance with paragraphs 6 a), b) and (c)) of this annex, will be credited on the account of loan to the next or to cancel the drawing, in accordance with the provisions of this agreement, including these general conditions.
  



Annex 5 CONDITIONS and TERMS of the LOAN SUBSIDIARY AGREEMENTS terms and conditions to which the main displayed or referred to in this annex are those applicable in the light of the provisions of section 3.01. b) of this agreement.
1. Original amount for each subsidiary of the Bank loan and Agricultural loan subsidiary of the Romanian Bank for development will be: (a) the total value of) the equivalent of capital sums of all subimprumuturilor; and b) specified in $ USD S.U.A. and, with that portion of the amount expressed in dollars, being the amount of the loan capital subimprumuturilor made and expressed in us dollars and part S.U.A. expressed in lei, being the total amount in loan capital subimprumuturile made and expressed in lei.
  

2. The part of the lending subsidiary of B.A. and loan subsidiary of B.R.D. expressed as: (a)), will be $ S.U.A. subject to interest on the amount drawn and outstanding at that time, every 6 months starting January 1 and July 1 of each calendar year, at a rate equal to LIBOR plus a margin, as it will be calculated on the basis of Loan Terms and conditions acceptable to the Bank; and (b)), which will be lions subject to interest on the original amount drawn and outstanding at that time, every 6 months starting January 1 and July 1 of each calendar year, equal to rescont rate of the National Bank of Romania.
3. each of the loans of the subsidiary B.A. and the B.R.D. will end for a period not more than 17 years, including a grace period, which shall not exceed five years.


AMENDMENTS to annex 6 of the GENERAL CONDITIONS For the purposes of this agreement, the provisions of the General conditions change as follows: 1. the last sentence) section 3.02. It eliminates.
2). in section 6.02, sub-paragraph k) is rewritten as a paragraph), and a new subparagraph (k)) is added as follows: "an extraordinary situation) will be appearing in any subsequent firing from the loan will be in contradiction with the provisions of art. III, section 3 of the agreement on the Bank's articles. "
3. The words "the Bank may, by endorsement of the borrower and Guarantor, cancel the right of the borrower to make withdrawals in respect of this amount. Giving this opinion, this amount of loan will be canceled, "mentioned at the end of section 6.03, are removed and replaced with the following:" or f) until the date specified in subparagraph (c)) of paragraph 4 of the annex to the draft agreement of the B.A. and the annex to the draft agreement of B.R.D. (as these agreements are defined in section 1.02. the a and b) of) the loan agreement), the Bank, in respect of each part of the loan: (i) received requests under sub-paragraphs a) or paragraph (b)); or (them) will deny any request. The Bank may, by endorsement of the borrower, the borrower's right to raise this request or to make withdrawals from the loan account, as appropriate, with respect to that sum or part of the loan. After giving this opinion, this amount or part of the loan will be canceled. "
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