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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

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LEGE No 89 of 22 July 1992 for the ratification of the Loan Agreement between Romania and the International Bank for Reconstruction and Development, concluded in Washington on 15 June 1992
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR NO. 188 of 6 August 1992



The Romanian Parliament adopts this law + Article UNIC The Loan Agreement is ratified to support farmers and private enterprises between Romania and the International Bank for Reconstruction and Development, in the amount of $100 million U.S., concluded in Washington on June 15, 1992. This law was adopted by the Senate at the meeting of July 8, 1992, in compliance with the provisions of art 74 74 para. (2) of the Romanian Constitution. SENATE PRESIDENT academician ALEXANDRU BIRLADEANU This law was adopted by the Chamber of Deputies at the meeting of July 10, 1992, in compliance with the provisions of 74 74 para. (2) of the Romanian Constitution. p. CHAMBER OF DEPUTIES PRESIDENT IONEL ROMAN LOAN AGREEMENT (Project for farmers and private enterprises) between Romania and the International Bank for Reconstruction and Development Agreement, dated June 15, 1992, between Romania (Lending) and the International Bank for Reconstruction and Development (Bank) Given that: (A) Lending, being satisfied with the necessity and priority of the project described in Annex no. 2 to this agreement, the Bank requested assistance in financing the project; (B) the project will be carried out by the Agricultural Bank (B.A.) and the Romanian Development Bank (B.R.D.) with the assistance of the Loan and, as part of this assistance, the Loan will provide B.A. and B.R.D. the amounts from the loan, as they are provided for in this Agreement; and As the Bank has decided, on the basis of, inter alia, the above mentioned, to assist the borrower through a loan under the terms and conditions set out in this Agreement and in the Draft Agreement, concluded on the same date, between Bank and B.A. and B.R.D. respectively; Therefore, taking into account the above, the parties agree as follows: + Article 1 General conditions; definitions Section 1.01. --"General conditions applicable to the loan and guarantee agreements" of the Bank dated January 1, 1985, as amended in Annex no. 5 to this Agreement (General Conditions) is an integral part of this Agreement. Section 1.02. -If in the context it is not provided otherwise, the terms defined in the General Conditions have the meaning presented in it, and the following additional terms have the following meanings: a) The draft agreement of the B.A. represents the agreement between the Bank and the B.A., presented joined, as it may be amended at certain time frames, and this term includes all the additional annexes and agreements to the draft agreement of the B.A. b) The draft agreement of the B.R.D. represents the agreement between the Bank and B.R.D., presented joined, as it can be modified at certain time intervals, and this term includes the additional annexes and agreements to the draft agreement of the B.R.D. c) The draft agreement of the B.A. and the draft agreement of the B.R.D. is understood by the Draft Agreement. d) The B.A. subsidiary loan agreement represents the agreement to be concluded between the Loan and the B.A., according to section 3.01. b) to this agreement, as it may be amended at certain time frames, and this term includes all the annexes to the B.A. Subsidiary Loan Agreement, and the B.A. subsidiary loan term represents the loan that will be made as a result of the B.A. Subsidiary Loan Agreement e) The subsidiary loan agreement of B.R.D. represents the agreement to be concluded between the Loan and the B.R.D., according to section 3.01. b) to this agreement, as it may be amended at certain time intervals, and this term includes all the annexes to the subsidiary loan agreement of the B.R.D. and the subsidiary loan term of B.R.D. represents the loan that will be made as following the subsidiary loan agreement of B.R.D. f) The subsidiary loan agreement represents the B.A. subsidiary loan agreement and the subsidiary loan agreement of B.R.D. g) B.A. Statute is the Decision no. 1196 of the Government of Lending, dated November 12, 1990, regarding the establishment and functioning of the B.A. h) Statute B.R.D. represents the Decision no. 1178 of the Government of Lending, dated November 2, 1990, regarding the establishment and operation of B.R.D. i) The operating rules of the B.A. represent the statement of the loan and investment policy referred to in section 2.01. b) of the B.A. Draft Agreement j) The operating rules of the B.R.D. represent the statement of the loan and investment policy and the procedures referred to in section 2.01. b) of the draft agreement of the B.R.D. k) The B.A.'s Strategic Plan represents the B.A.'s action plan to strengthen its organization and operation referred to in section 2.01. c) of the B.A. Draft Agreement l) The strategic plan of the B.R.D. represents the action plan of the B.R.D. to strengthen its organization and functioning, referred to in section 2.01. c) of the draft agreement of the B.R.D. m) The subloan means a loan made or proposed to be made by the B.A. or B.R.D., as part of the loan amounts to a beneficiary for a subproject. n) Beneficiary means a private farmer or an association of farmers, or a private sector of agricultural production, marketing or service provider, to whom B.A. or B.R.D. proposes to grant or grant them a subloan. o) Subproject means a certain development project to be fulfilled by the beneficiary through the use of the amounts of a subloan. p) The account referred to in section 2.02 shall be taken into account. b) of this agreement, and q) Lei means lei in the currency of the Loan. + Article 2 Loan Section 2.01. -The bank agrees to borrow the Loan, in the terms and conditions set or referred to in the agreement, different currencies that will have a cumulative value equivalent to the amount of one hundred million U.S. dollars. ($100,000,000), representing the total amount of the drawdowns of the loan amounts, with each drawing assessed by the Bank at the time of its performance. Section 2.02. -a) The loan amount may be drawn from the loan account, in accordance with the provisions of Annex no. 1 to this agreement, for the amounts paid (or to be paid, if the Bank will accept such) by the B.A. or B.R.D. in the account of the draws made by a beneficiary of a subloan for the reasonable cost of goods and services requested for the subproject for which the drawing from the loan account is requested. b) For the purposes of the project, the Loan will open and keep in dollars a special deposit account with the B.A. in terms and conditions acceptable to the Bank, including adequate protection against clearing, seizure and sequestration operations. Deposits in and payments from the special account will be made in accordance with the provisions of Annex no. 4 4 of this agreement. Section 2.03. -The closing date will be December 31, 1997 or a later date on which the Bank will establish. The Bank will promptly notify the Lending on such subsequent data. Section 2.04. -The borrower will pay the Bank an non-use fee at a rate of 0.75% (3/4 of 1%) per year of the loan amount, not drawn on that date. Section 2.05. -a) The borrower will pay, periodically, the interest on the loan capital for the amounts drawn and defaulted, at an equal rate, for each interest period, with the cost of qualified loans determined in the previous semester, plus one half of one percent (1/2 of 1%). On each of the dates specified in section 2.06. of this agreement, the borrower will pay the interest related to the non-refunded capital during the previous interest period, calculated at the rate applicable during that period of interest. b) Ingiven what will be possible, after the end of each quarter, the Bank will communicate to the Loan the cost of qualified loans determined for that semester. For the purposes of this section: (i) The period of interest shall be a period of 6 months, ending on the date immediately preceding each date specified in section 2.06. of this Agreement, beginning with the period of interest in which this Agreement is signed. (ii) The cost of qualifying loans represents the cost, as determined reasonably by the Bank and expressed as one percent per year of the Bank's unpaid loans, committed after June 30, 1982, excluding those loans or parties. from these applied by the Bank to finance: (A) the investments of the Bank; and (B) loans that will have been made by the Bank after July 1, 1989, with interest determined differently than according to paragraph a) of this section. ((iii) Semester represents the first 6 months or the next 6 months of a calendar year. d) At that time, which may be specified by the Bank by preavation of the Loan no less than 6 months before, paragraphs a), b) and c) (iii) of this section will be amended as follows: " a) The borrower will pay the interest for the loan part drawn and repaid periodically, at a rate for each quarter equal to the cost of qualified loans determined for the previous quarter, plus one half of a percentage (1/2 of 1%). On each of the dates specified in section 2.06. of this agreement, the borrower will pay the interest related to the non-refundable part, corresponding to the previous interest period, calculated at the rates applicable during this period of interest. " "b) As soon as possible after the end of each quarter, the Bank shall communicate to the borrower the cost of the qualified loans determined for that quarter." " c) (iii) The quarter represents a period of 3 months from 1 January, 1 April, 1 July or 1 October in a calendar year. ' Section 2.06. -Interest and other commissions will be payable semi-annually, on February 15 and August 15 each year. Section 2.07. -The borrower will reimburse the loan amount according to the amortization schedule set out in Annex no. 3 3 to this agreement. + Article 3 Project execution; use of loan amounts Section 3.01. -a) The borrower shall declare its commitment to the objectives of the project as set out in Annex no. 2 to this agreement, and, for this purpose, without any limitation or restriction of any of the other obligations in the Loan Agreement, will cause B.A. and B.R.D. to act in accordance with the provisions of the B.A. draft agreement and the draft The respective B.R.D. Agreement, all obligations of B.A. and B.R.D., exposed therein, shall take or determine the taking of all measures, including the provision of funds, facilities, services and other resources necessary or appropriate to empower the B.A. and B.R.D. to fulfil those obligations, including the achievement by the B.A. of the strategic plan of the B.A. and by B.R.D. of the strategic plan of the B.R.D., and will not take or will not allow any kind of measures that would prevent or interfere in their realization. b) The loan will reloan the loan amounts to B.A. and B.R.D., according to the subsidiary loan agreements that will be concluded between the Loan and the B.A. and B.R.D., respectively, in accordance with the terms and conditions that will have been approved by The bank and which will include those set out in Annex no. 5 5 to this agreement. c) The borrower will exercise its rights through the subsidiary loan agreements in such a way that it protects the interests of the Loan and the Bank and fulfill the purposes of the loan and, if the Bank does not admit otherwise, the Loan will not transfer, modify, repeal or not waive any of the subsidiary loan agreements or any of the present provisions. d) The borrower: (i) will coordinate and supervise the execution of the project and will pursue the fulfilment by B.A. and B.R.D. of their obligations under the B.A. and B.R.D. Subsidiary Loan Agreement, respectively, in accordance with the satisfactory procedures for the Bank; and (ii) will ensure that (A) the sub-loans will not take place to finance such categories of production farms and the development of some enterprises as specified by the Bank by notifying the Loan that following an exchange of views on the problem between the Loan and the Bank, which will take place semi-annual; (B) financing from the loan amounts of the circulating capital will not exceed in total the equivalent of 10 million U.S. dollars and will be limited to financing the requirements of beneficiaries for the increase of additional working capital based on increased production through the realization of sub-projects; and (C) the total amount of all underloans, or the sum of each sub-loan made by B.A. or B.R.D. or each of them of a single beneficiary not to exceed the equivalent of 5 million U.S. dollars e) The borrower and the Bank agree that, for the purposes of paragraphs 3 and 4 of the B.A. Draft Agreement and the Draft Agreement of the B.R.D., an unlimited subloan, as referred to in the said paragraphs, will constitute a subloan. for a subproject, other than any of the first six sub-loans to be made by each of the two banks, namely B.A. and B.R.D., in an amount that will be financed from the loan amounts, which will not exceed the amount in equivalent of: (i) 200.000 U.S. dollars, when added to any other non-repaid, funded or proposed for financing from the loan amounts, which have been used or used to finance goods and services directly and which relate materially to such a subproject; (ii) 70 million U.S. dollars, then when added to all other unlimited sub-loans, financed or proposed for financing from the loan amounts, the amounts previously mentioned can be modified periodically, as the Bank will consider necessary. Section 3.02. -The Bank and the borrower hereby agree that the obligations set out in Sections 9.04., 9.05., 9.06., 9.07., 9.08. and 9.09. of the General Conditions (relating to insurance, use of goods and services, plans and annexes, records and reports, maintenance and land acquisition, respectively) will be met by the B.A. according to section 2.03. of the draft agreement of the B.A. and of B.R.D. according to section 2.03. of the draft agreement of the B.R.D. Section 3.03. -Borrower: a) prepare, in terms of satisfactory reference for the Bank, and provide the Bank, by September 30, 1994, a report with available data on the progress made in fulfilling the project in the period preceding the date of the said report and specifying the recommended measures to ensure the correct performance of the project in the period following that date; b) provide the Bank with the reasonable opportunity to analyse together with the Loan the conclusions and recommendations of the said report; and c) as a result, will take all necessary measures to ensure the implementation of the project during this period, based on the conclusions and recommendations of the said report and the Bank's comments on them. + Article 4 Financial terms Section 4.01. -a) For all expenses in connection with which the drawdowns on the loan account were made on the basis of the statement of expenses, the Loan: ((i) shall keep or determine the record keeping in accordance with accounting practices, records and accounts reflecting such expenditure; (ii) ensure that all records (contracts, orders, invoices, policies, payment notes, receipts and other documents), which highlight the expenses, are retained for at least one year after the Bank has received the control report for the fiscal year in which the last draw on the loan account was made; and (iii) allow the representatives of the Bank to examine such documents. b) Lending: ((i) shall have all the documents and accounts referred to in paragraph a) (i) of this section, including those for the special account for each fiscal year under control, in accordance with the appropriate control principles, which shall apply routinely by independent accountants, acceptable to the Bank; (ii) provide the Bank, as soon as it is available, but in any event not later than 6 months after the end of each year, the report of this expertise, carried out by the said experts, having the scope and details reasonably requested by the Bank, including a separate opinion of the experts mentioned in relation to whether the proposed expenditure statements during the fiscal year, together with the internal procedures and controls involved in their preparation, may justify those drawdowns; and ((iii) provide the Bank with other such information with regard to the said records and accounts, as well as their control, as will be requested periodically, reasonably, by the Bank. + Article 5 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. does not fulfill any of their obligations arising from the Draft Agreement of the B.A. or, respectively, 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 the B.A. or B.R.D. will be able to fulfill its obligations arising from the Draft Agreement of the B.A. or B.R.D., respectively. c) B.A. Statute, B.R.D. Statute, B.A. Statement of Strategy or B.R.D.'s Statement of Strategy will be amended, suspended, repealed, annulled or waived so that it materially and unfavorably affects the operations or conditions financial statements of the B.A. or B.R.D., or their ability to carry out the activities arising from the project or the realization of any obligations from the B.A. Draft Agreement, respectively, B.R.D. d) The borrower or any competent authority will be acted upon to dissolve or dissolve the B.A. or B.R.D. or suspend their operations. Section 5.02. --According to section 7.01. h) of the General Conditions, the following additional events are specified: a) the event specified in paragraph a) of section 5.01. of this agreement will occur and will continue for a period of 60 days, after its approval has been given by the Bank of Lending; b) any event specified in paragraphs c) and d) of section 5.01. of this agreement, which occurs. + Article 6 Entry into force; conclusion 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: a) the subsidiary loan agreements were concluded on behalf of the parties; and b) the operational guide of the B.A. was adopted by the B.A. and the operational guide of the B.R.D. was adopted by B.R.D. Section 6.02. -The following annexes are mentioned, within the meaning of section 12.02. c) of the General Conditions, in order to be included in the opinion or opinions provided to the Bank: a) that the draft agreement of the B.A. and the draft agreement of the B.R.D. have been competently authorized or ratified by B.A. and B.R.D. and are legally binding on B.A. and B.R.D., in accordance with those conditions; and b) that the subsidiary loan agreements have been legally authorized or ratified and properly compel the parties in accordance with the provisions of the law. Section 6.03. -The period of ninety (90) days from the date of this agreement is specified here for the purposes of section 12.04. of the General Conditions. + Article 7 Borrower's representative; addresses Section 7.01. -The Ministry of Economy and Finance of the Loan is designated as the representative of the Loan, in the sense shown in section 11.03. of the General Conditions. Section 7.02. -The following addresses are specified, within the meaning shown by section 11.01. of the General Conditions: For Borrower: Ministry of Economy and Finance str. Apolodor no. 17 sector 5, Bucharest RomaniaTelex: 11239 For the Bank: International Bank for Reconstruction and Development 1818 H. Street, N.W. Washington D.C. 20433 U.S. Telegraph address: Telex: 248423 (RCA) INTBAFRAD82987 (FTCC) Washington D.C. 64145 (WUI) 197688 197688 (TRT) Taking into account the above, the parties here, acting through their authorized competent representatives, have drawn up this agreement, to be signed on their behalf in the District of Columbia, U.S., on the day and year written below. ROMANIA by Mihai Croitoru, authorised representative INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT by Michael Wiehen, for the Vice-President regional for Europe and Central Asia + Annex 1 DRAWDOWNS OF LOAN AMOUNTS 1. The table below shows the categories of articles to be financed from the loan amounts, the allocation of the loan amounts for each category and the percentage of expenses for the products thus financed from each category: Categories of the loan allocated (expressed in US dollars equivalent)% of the expenditure to be financed 1.Subloans for production farms 20.000.000 2.Other sub-loans80.000.00080% TOTAL:100.000.000 2. Without the provisions of paragraph 1 above, no drawing shall be made for: a) a sub-loan unless the subloan was made in accordance with the procedures and in the specified terms and conditions, or referred to in paragraph 1. Annex of the B.A. Draft Agreement or Annex to the Draft Agreement of the B.R.D.; and b) payments made for expenses prior to the date of this agreement, except for the drawdowns, in the total amount of less than $10,000,000 U.S., which may be made in the account payments for expenditure before this date, but after 1 May 1992. + Annex 2 PROJECT DESCRIPTION The object of the project is to promote economic and social development in rural areas, through commercial and agricultural activities of the extended private sector. The project consists of a credit line operation aimed at financing specific development projects of private farmers or private sector entrepreneurs, in order to increase the production of agricultural farms and facilitation. and the development of the activities of agricultural processing enterprises in the field of marketing and services; it may be subject to further amendments on which the Loan and the Bank will agree in order to achieve this objective. The project will be drawn by June 30, 1997. + Annex 3 DEPRECIATION CHART Date of reimbursements Reimbursement of capital (expressed in U.S. dollars) *) Every 15 February and 15 August beginning with 15 February 1998 until 15 February 20094.165.000 On 15 August 20094.205.000 Note * *) The figures in this column represent the equivalent in U.S. dollars set to the respective data of the draw. (See General Conditions, sections 3.04 and 4.03.) PREMIUMS FOR ADVANCE PAYMENT According to section 3.04. b) of the General Conditions, the premium paid for the initial amount of each maturity of the loan, paid in advance, shall be a specified percentage which shall apply for the payment time in advance as follows: Payment time in advance The first interest rate (expressed in annual percentages) applicable to the loan at the date of payment in advance, multiplied by: Not more than 3 years before maturity 0,18 More than 3 years, but not more than 6 years before maturity 0,35 May years, but not more than 11 years before maturity 0,65 More than 11 years, but not more than 15 years before maturity 0,88 More than 15 years before maturity + Annex 4 SPECIAL ACCOUNT 1. The purposes of this annex: a) the term eligible expenses means expenses made on the basis of reasonable costs of goods and services requested for subprojects and to be financed from the amounts of the loan, in accordance with the provisions of Annex no. 1 of the Agreement; and b) the term authorized allowance means a total amount equivalent to $8,000,000 U.S., which can be drawn from the loan account and deposited in the special account, in accordance with paragraph 3 a) of this annex. 2. Payments from the special account will be made exclusively for eligible expenses, in accordance with the provisions of this annex. 3. After the Bank has received an acceptable proof that this particular account has been legally opened, the draws of the authorized allowance and subsequent draws to refuel the special account will be done as follows: a) for the draws of the authorized allowance, the Loan will provide the Bank with an application or requests for a deposit or deposits, not exceeding the total amount of the authorized allowance. On the basis of such an application, the Bank, on behalf of the Loan, will draw from the loan account and deposit in the special account the amount or amounts the Loan has requested; b) (i) For the replenishment of the special account, the Loan will provide the Bank with deposit requests in the special account at those intervals that the Bank will specify. (ii) Before or at the same time as each of these requests, the Loan will provide the Bank with the required documents and other records, in accordance with paragraph 4 of this Annex, for payment or payments with respect to the refueling request. On the basis of each request, the Bank, on behalf of the Loan, will draw from the loan account and store in the special account the amount that the Loan requested and, as shown, from the said documents or other records, to be paid from the loan. the special account for eligible expenditure. All these deposits will be drawn by the Bank from the loan account in the respective equivalent amounts, as justified by the said documents and other records. 4. For each payment made by the Loan from the special account, no matter how much the Bank will reasonably request, the Loan will provide the Bank with the documents and other records, showing that this payment was made exclusively for eligible expenses. 5. Without taking into account the provisions of paragraph 3 of this annex, the Bank shall not be required to make subsequent deposits in the special account: a) if, at any time, the Bank will be determined that all subsequent draws be made by the Loan directly from the loan account in accordance with the provisions of art. V of the General Conditions and paragraph a) of section 2.02. of this Agreement; or b) once the total amount not drawn from the loan, less the amount of any special commitment entered into, actually become in the Bank, in accordance with section 5.02. of the General Conditions with respect to the project, shall be equal to the equivalent of two or the amount of the authorized allowance. After that, the draw from the loan account of the remaining amount not drawn will follow the procedures that the Bank will specify by notice to the Loan. Such future draws will be made only after and to the extent that the Bank will be satisfied that all these amounts remaining in the deposit in the special account for the date on which the notice will be used to make payments for eligible expenses. 6. a) If the Bank decides at any time that any payment from the special account: (i) was made for expenses or an ineligible amount, according to paragraph 2 of this annex; or (ii) it was not justified by the records provided to the Bank, the Loan, to the notice The Bank: (A) will promptly provide the additional records that the Bank will require, or (B) promptly deposit into the special account (or, if the Bank requires it, will return it to the Bank) an amount equal to the value of this payment or part of it, which is not eligible or justified. If the Bank does not decide otherwise, no deposit will be made in the special account until the Loan will provide any records or make such a deposit or will not refund, as the case may be. b) If the Bank has decided, no matter how, that any outstanding amount from the special account will not be requested to cover future payments for eligible expenses, the Loan will promptly reimburse, at the Bank's notice, the outstanding amount. c) The loan may, after the Bank's approval, return to the Bank all funds or some of them, which are in the deposit in the special account. d) Return to the Bank, according to paragraphs 6 a), b) and c) of this annex, will be credited from the loan account for subsequent draws or for cancellation, in accordance with the corresponding provisions of this agreement, including the General conditions. + Annex 5 CONDITIONS AND TERMS OF THE SUBSIDIARY LOAN AGREEMENTS The main terms and conditions laid down or referred to in this Annex shall be those which apply in the light of the provisions of section 3.01. b) of this agreement. 1. The initial amount for each subsidiary loan of the Agricultural Bank and the subsidiary loan of the Romanian Development Bank will be: a) the equivalent of the total amount of the capital of all the sub-loans made from b) specified in U.S. dollars and in lei, with the portion of the value expressed in dollars, being the total amount of the subloans made from the loan capital and expressed in U.S. dollars and with the part expressed in lei, being the total amount of subloans made from the capital of the loan and expressed in lei. 2. Part of the subsidiary loan of B.A. and the subsidiary loan of B.R.D., expressed in: a) U.S. dollars, will be subject to an interest on the amount drawn and defaulted, at that time, every 6 months beginning on January 1 and July 1 of each calendar year, at an equal rate with LIBOR plus a margin, as calculated by the Loan on the basis of general conditions acceptable to the Bank; and b) lei, which will be subject to an interest on the initial amount drawn and defaulted, at that date, every 6 months starting with 1 January and 1 July of each calendar year, equal to the rate of the National Bank of Romania. 3. Each of the subsidiary loans of B.A. and B.R.D., respectively, will end for a period not exceeding 17 years, including the grace period, which will not exceed 5 years. + Annex 6 CHANGES IN THE GENERAL CONDITIONS For the purposes of this Agreement, the provisions of the General Conditions are amended as follows: 1). The last sentence of section 3.02. is deleted. 2. in section 6.02., subparagraph k) shall be rewritten as paragraph l), and a new paragraph k) shall be added as follows: " k) An extraordinary situation will be appeared in which any subsequent drawing from the loan will be in contradiction with the provisions of art. III, Section 3 of the Agreement on Articles of the Bank. " 3. The words " The bank may, by endorsing the Loan and the Guarantor, cancel the right of the Borrower to make draws on this amount. Given this opinion, this loan amount will be cancelled ", mentioned at the end of section 6.03., are removed and replaced by the following: "" or f) up to the date specified in subparagraph c) of paragraph 4 of the Annex to the Draft Agreement of the B.A. and of the Annex to the Draft Agreement of the B.R.D. ((as these agreements are defined in section 1.02. a) and b) of the Loan Agreement), the Bank, with respect to each part of the loan: (i) has received applications under subparagraphs a) or b) of the said paragraph; or (ii) will deny any request. The Bank may, by endorsing the Loan, raise the right of the Loan to submit applications or make drawdowns from the loan account, as the case may be, of this amount or part of the loan. After giving this opinion, this amount or part of the loan will be cancelled. " -----------------