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1 The Government of the Republic of China (the “Government”) andthe Agency for International Development (“A.I.D.”), an Agencyof the Government of the United States of America (“United Sta-tes”), agree that: 1 Credit. In accordance with the provisions of the Agricultural ──── Trade Development and Assistance Act of 1954. as amended, andpursuant to the provisions of the amendment dated January 24,1963, to the Agricultural Commodities Agreement between the U-nited States and the Government dated November 19, 1962 (“Co-mmodities Agreement”), A.I.D. hereby establishes in favor ofthe Government a line of credit not to exceed twenty-six perc-ent (26％) of the New Taiwan Dollar proceeds accruing under t-he Commodities Agreement, hereby estimated as Two Hundred TwoMillion and Six Hundred Ninety-Six Thousand New Taiwan Dollars(NT＄202,696,000), to assist in financing such economic deve-lopment projects or purposed as may be from time to time agre-ed upon by the Government and A.I.D.; provided that none of s-uch proceeds shall be disbursed under this credit after Novem-ber 18, 1967, unless agreement by the Government and A.I.D. asto their use has been reached prior to such date. 2 Amortization. The Government will repay to A.I.D., its succes-────── sors or assigns, the principal sum of Two Hundred Two Millionand Six Hundred Ninety-Six Thousand New Taiwan Dollars (NT$202,696,000) or as many New Taiwan Dollars (hereinafter referredto as “national currency”) as may be advanced against thisline of credit, in semi-annual installments to be paid three (3) years after the date of first disbursement. Should the amo-unt disbursed exceed such principal sum, installments remaini-ng unpaid shall be proportionately adjusted. Should the amountdisbursed fall short of such principal sum by more than ten p-er cent (10％), installments remaining unpaid shall be propor-tionately adjusted; should the amount disbursed fall short byten per cent (10％) or less, the deficiency shall be deductedfrom the last installment or installments. shown in the attac-hed S chedule of Payments. 3 Interest. The Government will pay interest of four per cent (4───── ％) per annum on the unpaid principal, such interest to accruefrom the date of each disbursement and to be paid semiannuallybeginning six months from the date of the first disbursement.4 Prepayments. The Government, without penalty or premium, may────── make prepay ments of principal on this loan. Any such prepaym-ents shall apply to the principal installments in the inverseorder of their maturity. 5 Currency of payments. Payments of principal and interest to be────────── made by the Government to A.I.D. under this Agreement shall bemade in the national currency or, at the option of the Govern-ment, in United States dollars. If the Government elects to e-xercise the option to make payments in dollars, the amount ofany such payment shall be calculated at the time of payment tobe equivalent to the obligation in the national currency comp-uted on the following basis: (a) The effective rate at which United States dollars are soldin exchange for the national currency to residents of the R-epublic of China for the meeting of payment obligations abr-oad, provided effective rates for the national currency dif-fering by more than one per cent from the par value agreedwith the International Monetary Fund for that currency arenot permitted by the Government; or (b) Such other rate as is mutually agreed from time to time.6 Conditions Precedent to First Disbursement. The Government sh-───────────────────── all furnish to A.I.D. prior to and as a condition precedent tothe first disbursement hereunder the following material in fo-rm and substance satisfactory to A.I.D.: (a) Evidence of authority of the person who has executed this A-greement and otherwise acts as the representative of the Go-vernment in connection with the credit; and (b) An opinion of the Minister of Justice of the Government orother legal counsel satisfactory to A.I.D. demonstrating to the satisfaction of A.I.D. that the Government has taken allaction necessary under its laws to authorize the contractingof the credit under this Agreement and that the Agreement c-onstitutes the valid and binding obligation of the Governme-nt in accordance with its terms. 7 Covenants. ───── (a) No funds received under this Agreement shall be directly or indirectly transferred or applied to private enterprise orto any person or publicly owned enterprise of a profit-earn-ing type except as a loan at a rate of interest approximate-ly equivalent to that prevailing in the Republic of China f-or comparable loans. (b) The national currency received by the United States hereund-er may be used by the United States for any expenditures of or payments in the Republic of China; provided that the Uni-ted States will take into account the economic position ofthe Republic of China. The Government will provide faciliti-es for the conversion by the United States of two per cent (2％) of such national currency into such other currencies asthe United States may specify to help develop new markets f-or United States agricultural commodities. Any such national currency in excess of two per cent (2％)may be used in areas other than the Republic of China or co-nverted into other currencies as may be mutually agreed upo-n. (c) The United States may invest any unexpended balances receiv-ed hereunder in interest-earning obligations or deposits de-nominated in the national currency. (d) The Government may purchase for United States dollars all orany part of the unexpended balances received hereunder nototherwise committed by the United States at a rate of excha-nge then mutually agreed upon. 8 Default. In the event the Government fails to make full payme-──── nt of any principal or credit fee when due hereunder, the ent-ire unpaid balance of funds disbursed and credit fee accruedthereon shall become immediately due and payable upon demandof A.I.D. The non-exercise of A.I.D. of such right at any timeshall not constitute a waiver thereof. 9 Modification. whenever the parties to this Agreement determine────── that it would be to their mutual interests to modify any of i-ts provisions, they may by mutual agreement in writing providefor any such modification, including the payment of all or anypart of principal and interest by the delivery to the UnitedStates of (a) such materials, or (b) such other valuable cons-ideration as may be mutually agreed upon by the parties hereto. IN WITNESS WHEREOF, the Government and A.I.D. have executed th- is Credit Agreement in Washington, D.C., on May 24,1965. THE GOVERNMENT OF THE REPUBLIC OF CHINA (Signed) BYMartin Wong Economic Minister Counselor Chinese Embassy AGENCY FOR INTERNATIONAL DEVELOPMENT BY (Signed) Rutherford Poats Assistant Administrator for the Far East SCHEDULE OF PAYMENTS ────────── Due DatePrinicipalof PaymentPayment──────────────────────────────── Repayment of principal shall be in 45 equal semi-annual install-ments with the first installment becoming due three years after the date of first disbursement.