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1 This Agreement made and entered into as of the fourth day of Oc-tober 1963 by and between the Government of the Republic of Chi-na (hereinafter referred to as the "Government") and The Agencyfor International Development (hereinafter referred to as "A. I.D."), an agency of the Government of the United Sates of America(hereinafter referred to as "United States"). WITNESSETH: WHEREAS, in accordance with the provisions of the AgriculturalTrade Development and Assistance Act of 1954, as amended, andpu- rsuant to the provisions of Agricultural Commodities Agreementbetween the United States and the Government dated November 19,1962,(hereinafter referred to as the "Commodities Agreement"), adetermination has been made to extend credit to the Governmentin an amount estimated at Five Hundred Thirty Seven Million Sev-en Hundred Eighty Four Thousand New Taiwan Dollars (NT$537,784,000), to the extent that New Taiwan dollars become available forcredit purposes pursuant to Article ,Ⅱ, paragraph 4 of the Com-modities Agreement but not in excess of Twenty-Six percent (26%)of the new Taiwan dollar proceeds agreed to be deposited underArticle Ⅲ of the Commodities Agreement and; WHEREAS, the terms and conditions of this Agreement are consiste- nt with the terms and conditions established by the National Ad-visory Council on International Monetary and Financial Problems;NOW, THEREFORE, it is agreed that: 1 A. I. D. hereby establishes in favor of the Government a lineof credit not exceeding Twenty-Six percent (26%) of the New Taiwan dollar proceeds accruing under the Commodities Agreemen-t, hereby estimated as Five Hundred Thirty Seven Million SevenHundred Eighty Four Thousand New Taiwan Dollars (NT$ 537,784,000), to assist in financing projects or such other economicdevelopment purposes as may be from time to time agreed uponby the Government and A. I. D.; provided that none of said pr-oceeds shall be disbursed under the credit after November 18,1967 unless agreement by the Government and A. I. D. as to th-eir use has been reached prior to such date. 2 For value received the Government hereby promises to pay to A.I.D., it usccessors or assigns, the principal sum of Five Hun-dred Thirty Seven Million Seven Hundred Eighty Four ThousandNew Taiwan Dollars (NT$ 537,784,000), or as many New Taiwan d-ollars as may be advanced against this line of credit, in ins-tallments as set forth in the Schedule of Payments attached h-ereto and made a part here of as Exhibit A, and to pay a cred-it fee at the rate of three quarters (3/4) of one percent perannum on the unpaid principal balance as specified below. Theprincipal shall be paid in fifty five (55) equal semiannual i-nstallments, beginning three (3) years after the end of the m-onth in which the first disbursement is made by A. I. D. to t-he Government under this Agreement, in amounts and at the timeset forth in Exhibit A. Should the amount disbursed exceed sa-id principal sum, proportionate adjustments shall be made inthe installments shown in Exhibit A. Should the amount disbur-sed fall short of said principal sum by more than ten percent(10%) proportionate adjustments shall be made in the installm-ents shown in Exhibit A; should the amount disbursed fall sho-rt by ten percent (10%) or less, the deficiency shall be dedu-cted from the last installment or installments shown in Exhib-it A. The credit fee on the outstanding balance of principalshall begin at the end of the month in which the first disbur-sement is made, such credit fee to be paid semiannually there-after beginning six (6) months from that time. In event of de-fault in the prompt and full payment hereunder of principal orcredit fee, the entire unpaid principal hereof and credit feethereon shall become due and payable upon demand of A.I.D. Thenonexercise by A.I.D of such right at any time shall not cons-titute a waiver of such right. 3 Disbursements for the account of the Government shall be madefrom the New Taiwan dollars deposited under the provisions ofArticle Ⅲ of the Commodities Agreement, and made available f-or credit purposes pursuant to the provisions of Article Ⅱ,paragraph 4 thereof. Such disbursements shall be advances und-er this line of credit as of the date of each periodic statem-ent rendered by A. I. D. to the Government reporting such dis-bursements. A. I. D. shall endorse upon this Agreement the am-ount of the New Taiwan dollars so advanced. 4 Payments of credit fee and principal required t be made by theGovernment to A.I.D. under this Agreement shall be made in NewTaiwan dollars or, at the option of the Government, in UnitedStates dollars. If the Government elects to exercise the opti-on to make payments in dollars, the amount of any such paymentshall be calculated at the time of payment to be equivalent tothe obligation in New Taiwan dollars computed on the followingbasis. a. The effective rate at which United States dollar are soldin exchange for New Taiwan dollars to residents of the Rep-ublic of China for the meeting of payments obligations abr-oad, provided effective rates for New Taiwan dollars diffe-ring by more than one percent from the par value agreed wi-th the International Monetary Fund for that currency are n-ot permitted by the Government and provided the parties tothis Agreement do not agree that another rate would be justand reasonable; or b. Otherwise, such other rate as is mutually agreed from timeto time. Interest and principal shall be payable at the Office of A.I.D., Washington, D.C. New Taiwan dollars accepted by A.I.D. maybe transferred to the Secretary of the Treasury of the UnitedStates to be held through such officer or officers of the Uni-ted States as may be designated by the Secretary of the; Trea-sury. 5 The Government without penalty or premium, may make prepaymen-ts of principal on this loan in New Taiwan dollars or, at theoption of the Government, in United States dollars computed onthe date any such prepayment is made at a rate of exchange ca-lculated as provided in Section 4 hereof. Any prepayments madeby the Government shall apply to the principal installments inExhibit A in the inverse order of their maturity. 6 The Government agrees that any loans which it may make from f-unds received under this agreement to private enterprise or toany person or to publicly owned enterprises of a profit-earni-ng type will be made at rates of interest which shall be appr-oximately equivalent to these for comparable loans prevailingin the Republic of China. The Government further agrees that,except for any loans which it may make to publicly owned ente-rprises of a profit-earning type, no funds received under thisloan agreement will be appropriated or transferred directly orindirectly to a publicly owned enterprise of a profit-earningtype. 7 The Government agrees that the New Taiwan dollars received bythe United States, pursuant to the provisions of paragraph 4and 5 hereof, may be used by the United States for any expedi-tures of or payments by the United Stated in the Republic ofChina or its territories. The United States agrees to take in-to account the economic position of the Republic of China inconnection with all such expenditures or payments. The Govern-ment further agrees that it will provide facilities for the c-onversion by the United States of two percent (2%) of the NewTaiwan dollars received by the United States, pursuant to theprovisions of paragraphs 4 and 5 hereof, into other currenciesas the United States deems necessary to help develop new mark-ets for the United States agricultural commodities in such ar-eas as the United States may determine. In addition the Gover-nment agrees that any such currency may be used in areas otherthan the republic of China or its territories or converted in-to other currencies as may be mutually agreed upon. 8 The Government agrees that the United States may invest any u-nexpended balances received hereunder in interest-earning obl-igations or deposits denominated in New Taiwan dollars. The U-nited States agrees that the Government may purchase for Unit-ed States dollars all or any part of such unexpended balancesnot otherwise committed by the United States at a rate of exc-hange then mutually agreed upon. 9 Whenever the parties to this Agreement determine that it wouldbe to their mutual interests to modify any of its provision,they may by mutual agreement in writing provide for any suchmodification, including the payment of all or any part of pri-ncipal and interest by the delivery to the United States of (a) such materials, or (b) such other valuable consideration asmay be mutually agreed upon by the parties hereto. 10 Prior to and as a condition precedent to the first disbursem-ent under the credit, A.I.D. shall be furnished with: a. Evidence of authority of the person who has executed thisAgreement and otherwise acts as the representative of the Government in connection with the credit; and b. An opinion of the minister of Justice of the Republic ofChina or other legal counsel satisfactory to A.I.D. demon-strating to the satisfaction of A.I.D. that the Governmenthas taken all action necessary under its constitutional l-aws to authorize the contracting of the credit under this Agreement and that the Agreement constitutes the valid andbinding obligation of the Government in accordance with i-ts terms IN WITNESS WHEREOF, the Government and A.I.D. have caused thisAgreement to be duly executed in duplicate in Washington, Distr-ict of Columbia, United States of America, on the date first ab-ove mentioned. The Government of the Republic of China: (Signed) Martin Wong Economic Minister Counselor Chinese Embassy Agency for International Development: (Signed) Seymour J.Jancw Assistant Administrator for the Far East EXHIBIT "A" SCHEDULE OF REPAYMENTS Repayment of principal shall be in 55 equal semi-annual install-ments with the first installment becoming due three years afterthe date of first disbursement. PRINCIPAL 1 Due three years from theNT$9,777,89128 9,777,891date of the first disbu-29 9,777,891rsement 30 9,777,89129,777,89131 9,777,89139,777,89132 9,777,89149,777,89133 9,777,89159,777,89134 9,777,89169,777,89135 9,777,89179,777,89136 9,777,89189,777,89137 9,777,89199,777,89138 9,777,89110 9,777,89139 9,777,89111 9,777,89140 9,777,89112 9,777,89141 9,777,89113 9,777,89142 9,777,89114 9,777,89143 9,777,89115 9,777,89144 9,777,89116 9,777,89145 9,777,89117 9,777,89146 9,777,89118 9,777,89147 9,777,89119 9,777,89148 9,777,89120 9,777,89149 9,777,89121 9,777,89150 9,777,89122 9,777,89151 9,777,89123 9,777,89152 9,777,89124 9,777,89153 9,777,89125 9,777,89154 9,777,89126 9,777,89155 9,777,89127 9,777,891