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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 United States of America (“United States”),agree that: 1 Credit. In accordance with the provisions of the Agricultural─── Trade Development and Assistance Act of 1954, as amended, and p-ursuant to the provisions of the Agricultural Commodities Agree-ment between the United States and the Government dated June 3,1964 (“Commodities Agreement”), A.I.D. hereby establishes infavor of the Government a line of credit not to exceed twenty-f-ive per cent (25％) of the New Taiwan Dollar proceeds accruingunder the Commodities Agreement, hereby estimated as One HundredTwenty-Two Million New Taiwan Dollars (NT＄122,000,000), to ass-ist in financing such economic development projects or purposesas may be from time to time agreed upon by the Government and A.I.D.; provided that none of such proceeds shall be disbursed un-der this credit after June 2, 1967, unless agreement by the Gov-ernment and A.I.D. as to their use has been reached prior to su-ch date. 2 Amortization. The Government will repay to A.I.D., its succes-────── sors or assigns, the principal sum of One Hundred Twenty-Two Mi-llion New Taiwan Dollars (NT＄122,000,000) or as many New TaiwanDollars (hereinafter referred to as“national currency”) as m-ay be advanced against this line of credit, in semi-annual inst-allments as set forth in the attached Schedule of Payments, thefirst such installment to be paid three (3) years after the dateof first disbursement. Should the amount disbursed exceed suchprincipal sum, installments remaining unpaid shall be proportio-nately adjusted. Should the amount disbursed fall short of suchprincipal sum by more than ten per cont (10％), installment rem-aining unpaid shall be proportionately adjusted; should the amo-unt disbursed fall short by ten per cent (10％) or less, the de-ficiency shall be deducted from the last installments shown inthe attached Schedule of Payments. 3 Interest. The Government will pay interest of four percent (4──── ％) per annum on the unrepaid principal, such interest to acc-rue from the date of each disbursement and to be paid semiann-ually beginning six months from the date of the first disburs-ement. 4 Prepayments. The Government, without penalty or premium, may────── make prepayments of principal on this loan. Any such prepayme-nts 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 of any 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 metting of payment obligations abr-oad, provided effective rates for the national currency dif-fering by more than one per cent form 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 formand substance satisfactory to A.I.D.: (a) Evidence of authority for the person who has executed thisAgreement and otherwise acts as the representative of the G-overnment 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 orindirectly 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 or payments in the Republic of China; provided that the United States will take into account the economic position of theRepublic of China. The Government will provide facilities f-or the conversion by the United States of two per cent (2％)of such national currency into such other currencies as the United States may specify to help develop new markets for U-nited States agricultural commodities. Any such national cu-rrecy in excess of two per cent (2％) may be used in areasother than the Republic of China or converted into other cu-rrencies as may be mutually agreed upon. (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 interest when due hereunder, the entireunpaid balance of funds disbursed and interest accrued thereonshall become immediately due and payable upon demand of A.I.D.The non-exercise of A.I.D. of such right at any time shall notconstitute a waiver thereof. 9 Modification. Whenever the parties to this Agreement determine────── that it would be to their mutual interests to modify any of itsprovisions, they may by mutual agreement in writing provide forany such modification, including the payment of all or any partof principal and interest by the delivery to the United Statesof (a) such materials, or (b) such other valuable considerationas may be mutually agreed upon by the parties hereto. IN WITNESS WHEREOF, the Government and A.I.D. have executed thisCredit Agreement in Washington, D.C., on MAY 5,1965. THE GOVERNMENT OF THE REPUBLIC OF CHINA (Signed) BYMartin Wong AGENCY FOR INTERNATIONAL DEVELOPMENT BY (Signed) Rutherford Poats Assistant Administrator for the Far East SCHEDULE OF PAYMENTS Due DatePrincipal of PaymentPayment ──────────────────────────────── Repayment of principal shall be in 45 equal semi-annual install-ments with the first installment becoming due three years afterthe date of first disbursement.