法邦网—法律法规查看

1 On Wednesday, 9/3/1396 A.H. corresponding to 10 March 1976 A.D.,this Agreement has been concluded in Taipei, Between:1-Saudi Fund for Development, Riyadh, Saudi Arabia (hereinaftercalled the Fund) represented by the authorised representativeDr. Mahsoun B. Jalal, Vice Chairman and Managing Director ofthe Fund, in signing this Agreement,and2-The Government of The Republic of China (hereinafter called t-he Borrower) represented by the authorised representative, Mr.K.T. Li, Minister of Finance, in signing this Agreement.PreambleWhereas, the Borrower has requested the Fund to lend him a loanto assist in financing the North-South Freeway Project in the P-rovince of Taiwan of the Republic of China, the main componentsof which are described in Schedule 2 to this Agreement.Whereas the Asian Development Bank has agreed to provide a loanof US$25 million to the project and whereas the Government of t-he Kingdom of Saudi Arabia has agreed to provide U.S.$30 millionto the project.Whereas, the borrower undertakes to provide all the other finan-cial requirements necessary to execute the project.Whereas, the purpose of the Fund is to assist the developing co-untries in developing their economics and to provide them withloans necessary for the execution of their development projectsand programs.Whereas, the Fund is convinced of the importance and usefulnessof the project in the economic and social development of the fr-iendly nation of the Republic of China.And with regard to the previous preamble in its decision No. 11/9-13/1/96 issued by the Board approving to lend the Borrower, onthe terms and conditions set forth in this Agreement.Now therefore, the parties hereto agree as follows:Article Ⅰthe Loan; Cost of the Loan and Other Charges; Repayment; Placeof PaymentSECTION 1.01. The Fund agree to lend to the Borrower, on the te-rms and condition set forth in this Agreement or referred to, an amount of One Hundred and Seventy Five Million Saudi Riyals. (SR. 175 Million). SECTION 1.02. The Borrower shall pay cost of the loan at the ra-te of four percent (4％) per annum on the prinici- pal amount of the Loan withdrawn and outstanding from time to time. Cost of the loan shall accrue from the respective dates on which amounts shall be so withdrawn. SECTION 1.03. The charge payable for special commiments enteredinto by the Fund, at the request of the Borrower pursuant to Section 3.02 of this Agreement, shall be at the rate of one-half of one per cent ( of 1％) per annum on the principal amount of any such special commitments outstanding from time to time. SECTION 1.04. Cost of the loan and other charges shall be compu-ted on the basis of a 360-day year of twelve 30-d- ay month for any period less than a full one half of a year. SECTION 1.05. The period of loan is Eighteen (18) years of whichthree (3) years is a grace period. The Borrower s-hall repay the principal of the Loan in accordance with the amortization schedule set forth in Sched-ule 1 to this Agreement. SECTION 1.06. Cost of the loan and loan and other charges shallbe payable semi-annually on June 30th and December 31st in each year. SECTION 1.07. The Borrower shall have the right, upon payment ofall accrued cost of the loan and all other charges , and upon not less than 45 days' notice to the F- und, to repay in advance of maturity: (a) all of the principaI amount of the Loan at the time outstanding or (b) all of the principal amou- nt of any one or more maturities, provided that on the date of such repayment there shall not be out- standing any portion of the Loan maturing after t- he portion to be repaid. SECTION 1.08. The principal of, and the cost of the loan and ot-her charges on, the Loan shall be paid at such pl- aces as shall be mutually agreed to be the Fund a- nd the borrower. Article ⅡCurrency ProvisionsSECTION 2.01. Withdrawal of the proceeds of the Loan, its repay-ment and all accounts of the financial transactio- ns related to this Agreement, shall be in Saudi R- iyals. SECTION 2.02. The Fund will, at the request of the Borrower andacting as its agent, purchase any currency dealt with by the Saudi Arabian Monetary Agency needed by the-Borrower for payment for, or reimbursement of, the cost of goods financed out of the Loan, in accordance with this Agreement. The amount consid- ered as withdrawn from the Loan in such case shall be qual to the amount of Saudi Riyals required to purchase such foreign currency. SECTION 2.03. The principal of the Loan shall be repayable, andthe cost of the loan and all other charges shall be payable, in Saudi Riyals. The Fund will, at the request of the Borrower-and acting as its agent-p- urchase the Saudi Riyals in any foreign currency or currencies acceptable to the Fund. Payment shall be deemed to have been made only wh- en and to the extent that Saudi Riyals have been actually transferred to the Fund. SECTION 2.04. Whenever it shall be necessary for the purposes ofthis Agreement to determine the value of one curr- ency in terms of another, such value shall be at the rates determined at the time of transaction by the Saudi Arabian Monetary Agency. Article ⅢWithdrawal and Use of Proceeds of the LoanSECTION 3.01. The Borrower shall be entitled to withdraw from t-he Loan amounts expended or to be expended for the projects in accordance with the provisions of this Agreement. Except as the Fund may otherwise agree, no amount shall be with-drawan from the Loan on A- ccount of orders made and approved by the Fund pr- ior to September 1,1975. However, the Fund will n- ot reimburse the Borrower for payment made prior to January 1st,1976. SECTION 3.02. Upon the Borrower's request and upon such terms a-nd conditions as shall be agreed upon between the Borrower and the Fund, the Fund may enter into sp- ecial commitments in writing to pay amounts to the Borrower or others in respect of the cost of goods to be financed under this Agreement notwithstandi- ng any subsequent suspension or cancellation SECTION 3.03. When the Borrower shall desire to withdraw any am-ount from the Loan or to request the Fund to enter into a special commitment pursuant to Section 3.02 , the Borrower shall deliver to the Fund a written application in such form, and containing such sta- tements and agreements as the Fund shall rasonably request. Application for withdrawal, with the nec- essary documentation as hereinafter in this Artic- le provided, shall, except as the Borrower and the Fund shall otherwise agree, be made promptly in r- elation to expenditures for the project. SECTION 3.04. The Borrower shall furnish to the Fund such docum-ents and other evidence in support of the applica- tion for withdrawal as the Fund shall reasonably request, whether before or after the Fund shall h- ave permitted any withdrawal requested in the app- lication. SECTION 3.05. Each application for withdrawal and the accompany-ing documents and other evidence must be sufficie- nt in form and substance to satisfy the Fund that the Borrower is entitled to withdraw from the Loan the amount applied for and that the amount to be withdrawn from the Loan is to be used only for the purposes specified in this Agreement. SECTION 3.06. The Borrower shall apply the proceeds of the Loanexclusively to financing the reasonable cost of g- oods required to carry out the Project described in Schedule 2 to this Agreement. The specific goo- ds to be financed out of the proceeds of the Loan and the methods and procedures for procurement of such goods be determined by agreement between the Borrower and the Fund, subject to modification by further agreement between them SECTION 3.07. The Borrower shall cause all goods financed out ofthe proceeds of the Loan to be used exclusively in the carrying out of the Project. SECTION 3.08. Payment by the Fund of amounts which the Borroweris entitled to withdraw from the Loan shall be ma- de to or on the order of the Borrower. SECTION 3.09. The right of the Borrower to make withdrawals fromthe Loan shall terminate on March 31,1979 or such other date as may from time to time be agreed bet- ween the borrower and the Fund. Article ⅣParticular ConvenantsSECTION 4.01. The Borrower shall carry out the Project with duediligence and efficiency and in conformity with a- ppropriate administrative and technical practices, and shall provide promptly as needed the necessary funds, facilities, services and other resources r- equired for the implementation of the Project. SECTION 4.02. In carrying out the Project, the Borrower shall e-mploy or cause to be employed suppliers and consu- ltants acceptable to the Fund. Furthermore, the a- warding of contracts for the execution of the pro- ject shall be subject to the fund's approval. SECTION 4.03. The Borrower shall operate and maintain the build-ings, civil work and the equipment which are part of the Project financed under this agreement or c- ause these to be operated and maintained in accor- dance with sound administrative and technical pra- ctices. SECTION 4.04. The Borrower and the Fund shall cooperate fully toassure that the purposed of the Loan will be acco- mplished. To that end, each of them shall furnish to the other all such information as it shall rea- sonably request with regard to the general status of the Loan. SECTION 4.05. The Borrower and the Fund shall from time to timeexchange views through their representatives with regards to matters relating to the purposes of the Loan and the maintenance of the service thereof. The Borrower shall promptly inform the Fund of any condition which interferes or threatens to interf- ere with, the accomplishment of the purposes of t- he Loan (including substantial increases in the c- ost of the Project) or the maintenance of the ser- vice thereof. SECTION 4.06. The principal of, and the cost of the Loan and allother charges shall be paid without deduction for, and free from any tax in force under the laws or the Borrower of laws in effect in the territories (or may be in effect in the future). SECTION 4.07. This Agreement shall be free from any taxes, impo-sts, levies, fees and dues of the Borrower or laws in effect in its territories or in connection with the execution, issues, delivery or registration t- hereof and the Borrower shall pay or cause to be paid all such taxes, imposts, levies and dues, if any, imposed under the laws of the country or cou- ntries in whose currency the Loan is payable or l- aws in effect in the territories of such country or countries. SECTION 4.08. The principal of, the cost of the Loan and othercharges on the Loan shall be paid free from all r- estrictions imposed under the laws of the Borrower or laws in effect in its territories. SECTION 4.09. All documents, records, correspondence and similarmaterial in relation to the Agreement shall be co- nsidered by the Borrower and the Fund as confiden- tial matters. SECTION 4.10. The Borrower undertakes to insure, or make adequa-te provision for the insurance of, the imported g- oods to be financed out of the proceeds of the Lo- an against hazards incident to the acquisition, t- ransportation and delivery thereof to the place of use or installation and for such insurance any in- demnity shall be payable in a currency freely usa- ble by the Borrower to replace or repair such goo- ds. SECTION 4.11. It is the mutual intention of the Borrower and theFund that no other external debt shall enjoy any priority over the Loan by way of a lien hereafter created on governmental assets. To that end, the Borrower undertakes that, except as the Fund shall otherwise agree, if the lien shall be created on any assets of the Borrower as security for the ex- ternal debt, such lien will ipso facto equally and ── ─── ratably secure the payment of the principal of, a- nd cost of the Loan and other charges on the Loan, and that in the creation of any such lien express provision will be made to that effect; provided, however, that the foregoing provisions of this Se- ction shall not apply to: (i) any lien created on property, at the time of purchase thereof, solely as security for the payment of the purchase price of such property; (ii) any lien on commercial goo- ds to secure a debt maturing not more than one ye- ar after the date on which it is originally incur- red and to be paid out of the proceeds of the sale of such commercial goods; or (iii) any lien arisi- ng in the ordinary course of banking transactions and securing a debt maturing not more than one ye- ar after its date. The term “assets of the Borrower” as used in th- is Section includes assets of the Borrower or of any of its political subdivisions or of any agency of the Borrower or of any such political subdivis- ions, including the Central Bank of the Borrower or any other institution performing the functions of a central bank. SECTION 4.12. The Borrower shall enable the Fund's representati-ves to examine all plants, installations, sites, works, buildings, property and equipment of the B- orrower related to the project and any relevant r- ecords and documents. SECTION 4.13. The Borrower shall make available as needed all n-ecessary other funds which shall be required for the carrying out of the Project. SECTION 4.14. The Borrower shall furnish to the Fund, if not hasbeen done so, the studies of, and the plans and s- pecifications for the Project, the schedules of i- ts execution and any material modification subseq- uently made therein, in such detail as the Fund s- hall from time to time reasonably request. SECTION 4.15. The Borrower shall with respect to the project ma-intain records adequate to identify the goods fin- anced out of the proceeds of the Loan, to disclos- e the use thereof in the Project, to record the p- rogress of the Project (including the cost thereo- f), and to reflect in accordance with consistentl- y maintained sound accounting practices the opera- tions and financial position of the agency which is carrying out the project, shall afford all rea- sonable opportunity for accredited representatives of the Fund to make visits for purposes related to the Loan, and to inspect the Project, the goods a- nd any relevant records and documents; and shall furnish to the Fund all such information as the F- und shall reasonably request concerning the expen- diture of the proceeds of the Loan, the Project, the goodds and the operations and financial posit- ion of the agency or authority which is carrying out the Project. SECTION 4.16. The Borrower shall extend the necessary facilitiesto the fund's officials assigned by the Fund in r- espect of the Loan in the country of the Borrower and to grant them immunity similar to those grant- ed to diplomatic missions. SECTION 4.17. The Borrower shall take or cause to be taken allaction which shall be necessary on its part to ex- ecute the Project and to eliminate any action whi- ch would prevent or interfere with the execution of operation of the Project or the performance of any of the provisions of this Agreement. SECTION 4.18. All Fund assets and income shall be exonerated fr-om nationalization, confiscation or seizure. SECTION 4.19. All technical and administrative requirements req-uired from the Borrower by agreements signed with the Borrower by other financiers shall be deemed required by this Agreement even if it was not sep- cifically delineated. SECTION 4.20. The Borrower undertakes for the purpose of carryi-ng out and operating the project, to make appropr- iate arrangements that it will be entrusted to a department, agency, institution or company which will at all times function under rules or regulat- ions satisfactory to the Fund and have such powers , management and efficient carrying out and opera- tion of the Project. The Borrower will inform the Fund of any proposed action which would affect the nature of constitut- ion of the department, agency, institution or com- pany which is carrying out or operating the Proje- nt and shall afford the Fund all reasonable oppor- tunity, in advance of the taking of such action to exchange views with the Borrower with respect the- reof. Article ⅤCancellation and SuspensionSECTION 5.01. The Borrower may by notice to the Fund cancel orsuspend any amount of the Loan which the Borrower shall not have withdrawn prior to the giving of s- uch notice, exept that the Borrower may not so ca- ncel or suspend any amount of the Loan in respect of which the Fund shall have entered into special commitment pursuant to Section 5.02. of this Agre- ement. SECTION 5.02. If any of the following events shall have happenedand be continuing, the Fund may by notice to the Borrower suspend in whole or in part the right of the Borrower to make withdrawals from the Loan: (a) A default shall have occurred in the payment of principal or cost of the Loan or any other payment required under this Agreement or any other Loan Agreement between the Borrower and the Fund; (b) A default shall have occurred in the performa- nce any other covenant or agreement on the pa- rt of the Borrower under this Agreement; (c) The fund shall have suspended in whole or in part the right of the Borrower to make withdr- awals under any other loan agreement between the Borrower and the Fund because of a default on the part of the Borrower; (d) An extraordinary situation shall have arisen which shall make it improbable that the Borro- wer will be able to perform its obligations u- nder this Agreement. Any event occurring after date of this Agreement and prior to the effective date which would have entitled the Fund to suspend the Borrower's right to make withdrawals if this Agreement had been ef- fective on the date such event occurred will enti- le the Fund to supend withdrawals under the Loan exactly as if it had occurred after the effective date. The right of the Borrower to make withdrawals und- er the Loan shall continue to be suspended in who- le or impart, as the case may be, until the event or events which gave rise to such suspension shall have ceased to exist or until the Fund shall have notified the Borrower that the right to make with- drawals has been restored; provided, however, that in the case of any such notice of restoration the right to make withdrawals shall be restored only to the extent and subject to the conditions speci- fied in such notice, and no such notice shall eff- ect or impair any right, power or remedy of the F- und in respect of any other subsequent event desc- ribed in this Section. SECTION 5.03. If any event specified in paragraph (a) of Section5.02. shall occur and shall continue for a period of thirty days after notice thereof shall have be- en given by the Fund to the Borrower, of if any e- vent specified in paragraphs (b), (c) and (d) of Section 5.02. shall occur and shall continue for a period of sixty days after notice thereof shall h- ave been given by the Fund to the Borrower, then at any subsequent time during the continuance the- reof, the Fund at its option, may declare the pri- ncipal of the Loan to be due and payable immediat- ely, and upon any such declaration such principal shall become due and payable immediately, anything in this Agreement to the contrary notwithstanding. SECTION 5.04. If (a) the right of the Borrower to make withdraw-als from the Loan shall have been suspended with respect to any amount of Loan for a continuous pe- riod of thirty days, or (b) by the date specified in Section 3.09 as the closing Date an amunt of the Loan shall remain unwithdrawn, the Fund may be notice to the Borrower terminate the right of the Borrower to make withdrawals with respect to such amount. Upon the giving of such notice such amount of the Loan shall be cancelled. SECTION 5.05. No cancellation or suspension by the Fund shall a-pply to amounts subject to any special commitment entered into by the Fund pursuant to Section 3.02 except as expressly provided in such commitment. SECTION 5.06. Any cancellation or suspension shall be appliedpro rata to the several maturates of the princip- al amount of the Loan as set forth in the amortiz- ation schedule to this Agreement. SECTION 5.07. Notwithstanding any cancellation or suspension, a-ll the provisions of this Agreement shall be cont- inued in full force and effect except as in this Acticle specifically provided. Article ⅥEnforceability of this Agreement; Failure to Exercise Rights; A-rbitrationSECTION 6.01. The rights and obligations of the Fund and the Bo-rrower under this Agreement shall be valid and en- forceable in accordance with their terms notwiths- tanding any local law to the contrary. Neither the Borrower nor the Fund shall be entitled under any circum stances to assert any claim that any provi- sion of this Agreement is invalid or unenforceable for any reason. SECTION 6.02. No delay in exercising, or omission to exercise,any right, power or remedy occurring to either pa- rty under this Agreement upon any default shall i- mpair any such right, power or remedy, or be cons- trued to be a waiver there of or an acquiescence in such default; nor shall the action of such par- ty in respect of any default, or any acquiescence in any default, affect of impair any right, power or remedy of such party in respect of any other or subsequent default. SECTION 6.03. Any controversy between the parties to this Agree-ment and any claim by either such party against t- he other arising under this Agreement shall be de- termined by agreement of the parties. If no agreement is reached within ninety (90) days the controversy or claim shall be submitted to ar- bitration by an Arbitral Tribunal as provided in the following section. SECTION 6.04. The Arbitral Tribunal shall consist of three arbi-trators appointd as follows: one arbitrator shall be appointed by the Borrower; the second arbitrat- or shall be appointed by the Fund; and the third arbitrator (hereinafter sometime called the Umpire ) shall be appointed by agreement of the parties or, if they shall not agree, by the Organization of the Islamic Conference at the request of either party. If either of the parties shall fail to app- oint an arbitrator, such arbitrator shall be appo- inted by the Organization of the Islamic Conferen- ce upon the request of the adverse party. In case any arbitrator appointed in accordance with this Section shall resign, die or become unable to act, a successor arbitrator shall be appointed in the same manner as hereinafter prescribed for the app- ointment of the original arbitrator and such succ- essor shall have all the powers and duties or such original arbitrator. An arbitration proceeding may be instituted under this Section upon notice by the party instituting such proceeding to the other party. Such notice s- hall contain a statement setting forth the nature of the controversy or claim to be submitted to ar- bitration, the nature and extent of the relief so- ught, and the name of the arbitrator appointed by the party instituting such proceeding. Within thi- rty days after receiving such notice, the adverse party shall notify the party instituting the proc- eedings of the name of the arbitrator appointed by such adverse party. If within sixty days after the receiving of such notice instituting the arbitration proceeding the parties shall not have agreed upon an Umpire, eit- her party may request the appointment of an umpire as provided in the first paragraph of this Section . The Arbitral Tribunal shall convene at such time and place as shall be fixed by the Umpire. Therea- fter, the Abritral Tribunal shall determine where and when it shall sit. Subject to the provision of this Section and exce- pt as the parties shall otherwise agree, the Arbi- tral Tribunal shall decide all questions relating to its competence and shall determine its procedu- re. All decisions of the Arbitral Tribunal shall be by majority votes. The Arbitral Tribunal shall afford all parties a fair hearing and shall render its award in writing. Such award may be rendered by default. An award signed by a majority or the Arbitral Tribunal shall constitute the award of s- uch Tribunal. A signed counterpart of the award s- hall be transmitted to each party. Any such award rendered in accordance with the provisions of this Section shall be final and binding upon the parti- es to this Agreement. Each party shall abide by a- nd comply with any such award rendered by the Arb- itral Tribunal. The parties shall fix the amount of remuneration or fees of the arbitrators and such other persons as shall be required for the conduct of the arbit- ration proceedings. If the parties shall not agree on such amount before the Arbitral Tribunal shall convene the Arbitral Tribunal shall fix such amou- nt as shall be reasonable under the circumstances. Each party shall defray its own expenses in the a- rbitration proceedings. The costs of the Arbitral Tribunal shall be divided between and borne equal- ly by the parties. Any question concerning the di- vision of the costs of the Arbitral Tribunal or t- he procedure for payment of such costs shall be determined by the Arbitral Tribunal. The Arbitral Tribunal shall apply the principles common under the current laws of the Borrower and the regulations of the Kingdom of Saudi Arabia, as well as the principles of justice. SECTION 6.05. The provisions for arbitration set forth in the p-revious Section shall be in lieu of any other pro- cedure for the determination of controversies bet- ween the parties to this Agreement and any claim by either party against the other party arising t- hereunder. SECTION 6.06. Service of any notice or process in connection wi-th any proceeding under this Article may be made in the manner provided in Section 7.01. The parti- es to this Agreement may waive any and all other requirements for the service of any such notice or process. Artice ⅦMiscellaneous ProvisionsSECTION 7.01. Any notice or request required or permitted to begiven or made under this Agreement shall be in wr- iting. Except as otherwise provided in Section 8.0 3, such notice or request shall be deemed to have been duly given or made when it shall be delivered and acknowledged, by hand or by mail, telegram, c- able or radiogram to the party to which it is req- uired or permitted to be given or made at such pa- rty's address specified in this Agreement, or at such other address as such party shall have desig- nated by notice to the party giving such notice or making such request. SECTION 7.02. The Borrower shall furnish to the Fund sufficientevidence of the authority of the person or persons who will sign the applications provided for in Ar- ticle Ⅲ or who will, on behalf of the Borrower, take any other action or execute any other docume- nts required or permitted to be taken or executed by the Borrower under this Agreement, and the aut- henticated specimen signature of each such person. SECTION 7.03. Any action required or permitted to be taken, andany documents required or permitted to be executed ,under this Agreement on behalf of the Borrower m- ay be taken or executed by the Minister of Finance or any person thereunto authorized in writing by him. Any Modification or amplification of the provisio- ns of this Agreement may be agreed to on behalf of the Borrower by written instrument executed on be- half of the Borrower by his aforementioned repres- entative or any person thereunto authorized in wr- iting by him; provided that, in the opinion of su- ch representative, such modification or amplifica- tion is reasonable in the circumstances and will not substantially increase the obligations of the Borrower under this Agreement. The Fund may accep- t the execution by such representative or other p- erson of any such instrument as conclusive eviden- ce that in the opinion of such representative any modification or amplification of the provisions of this Agreement effected by such instrument is rea- sonable in the circumstances and will not substan- tially increase the obligations of the Borrower t- hereunder. Article ⅧEffective Date: TerminationSECTION 8.01. This Agreement shall not become effective until e-vidence satisfactory to the Fund shall have been furnished to the Fund that the execution and deli- very of this Agreement on behalf of the Borrower have been duly authorized or ratified by all nece- ssary governmental action. SECTION 8.02. As part of the evidence to be furnished pursuantto Section 8.01. the Borrower shall furnish to the Fund an opinion or opinions of competent authority showing that this Agreement has been duly authori- zed or ratified by, and executed and delivered on behalf of, the Borrower and constitutes a valid a- nd binding obligation of the Borrower in accordan- ce with its terms. SECTION 8.03. Except as shall be otherwise agreed by the Fund a-nd the Borrower, this Agreement shall come into f- orce and effect on the date upon which the Fund d- ispatches by calbe to the Borrower notice of its acceptance of the evidence required by Section 8.0 2. SECTION 8.04. If all acts required to be performed pursuant toSection 8.01 shall not have been performed before ninety days from the date of this Agreement or su- ch other date as shall be agreed upon by the Fund and the Borrower, the Fund may at any time therea- fter at its option terminate this Agreement by no- tice to the Borrower. Upon the giving of such not- ice this Agreement and all obligations of the par- ties thereunder shall forthwith terminate. SECTION 8.05. If any when the entire principal amount of the Lo-an and all costs of the Loan and other charges wh- ich shall have accrued on the Loan shall have been paid, this Agreement and all obligations of the p- arties thereunder shall forthwith terminate. Article ⅨDefinitionsSECTION 9.01. Except where the context otherwise requires, thefollowing meanings wherever used in this Agreement or any schedule hereto: 1) The term “Project” means the project or proj- ects of program or programs for which the Loan is granted as described in Schedule 2 to this Agreement and as the description thereof shall be amended from time to time by agreement betw- een the Fund and the Borrower. 2) The term “goods” means equipment, supplies a- nd services which are required for the Project. Wherever reference is made to the cost of any goods, such cost shall be deemed to include the cost of importing such goods into the territor- ies of the Borrower. The following addresses are specified for the purposes of Secti-on 7.01:For the Borrower:Ministry of FinanceRepublic of ChinaNo. 2 Ai Kuo West RoadTaipei, TaiwanAlternative address for cablegrams and radiograms:TELEX: Taipei 11840For the fund:Saudi Fund for DevelopmentP.O. Box 5711RiyadhSaudi ArabiaIN WITHNESSETH WHEREOF the parties hereto acting through theirrepresentatives thereunto duly authorized, have caused this Agr-eement to be signed in their respective names and delivered inTaipei in duplicate in Arabic, each considered an original andall to the same and one effect, as of the day and year first ab-ove written.Authorized Representative for THE SAUDI FUND FOR DEVELOPMENT(Signed) MAHSOUN B. JALAL Authoriezed Representative for THE REPUBLIC OF CHINA(Singed) K. T. LI SCHEDULE 1Amortization Schedule(Repayment of Principal)No. of AmountInstallmentDate Payment DueMillion Saudi Riyals──────────────────────── 1June 30,19795.932December 31,19795.833June 30,19805.834December 31,19805.835June 30,19815.836December 31,19815.837June 30,19825.838December 31,19825.839June 30,19835.8310 December 31,19835.8311 June 30,19845.8312 December 31,19845.8313 June 30,19855.8314 December 31,19855.8315 June 30,19865.8316 December 31,19865.8317 June 30,19875.8318 December 31,19875.8319 June 30,19885.8320 December 31,19885.8321 June 30,19895.8322 December 31,19895.8323 June 30,19905.8324 December 31,19905.8325 June 30,19915.8326 December 31,19915.8327 June 30,19925.8328 December 31,19925.8329 June 30,19935.8330 December 31,19935.83─── (Saudi Riyals One Hundred and Seventy175Five Million)SCHEDULE 2The Taiwan Area North-South Freeway Project begins at Keeling inthe north and terminates at Fengshen. The project will serve allpeople and industries in the western plains of Taiwan, an areawhich contains approximately 80％ of the population, and 90％ ofthe industries of Taiwan.The freeway will run along the western corridor with a total le-ngth of 373.4 kilometers and will consist of:16.5 KM of eight lanes highway18.4 KM of six lanes highway338.5 KM of four lanes highwayThe project will be constructed in four stages. The construction of the freeway has begun in August 1971 and is expected to be c-ompleted by the end of 1978.The Loan provided by the Saudi Fund for Development will be usedto finance the third stage of the project, which involves the c-onstruction of two sections: One between Taichungand Changhua (20 KM),and the other betweenHsinying and Tainan(30 KM),for a total of aboutfifty kilometers (50 KM),The construction of this third stage started in April 1975 andis excepted to be completed in June 1978.The total cost of the project is estimated at US$1,300 milliondistributed as follows:Land95Planning and Design 10Construction 895Supervision and Management50─── Sub-total1,050Loans repayment duringconstruction 250─── Total (US$ Millions) 1,300The financing scheme of the project is expected to be as follows:Fuel Tax165Toll 65Government Budget 490Construction Bond 380Foreign Loans (US$200 Millions)Asian Development Bank 25Saudi Arabian Government 30Saudi Fund for Development 50Loans to be arranged 95── 1,300 The third stage of the project is expected to cost about US$125million.The loan provided by the Saudi Fund for Development of 175 mill-ion Saudi Riyals (approximately US$50 million) will be used inf-inancing this (third) stage. The rest of the cost of constructi-on for this (third) stage will be supplied by the Government ofthe Republic of China.