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1 This Agreement made and entered into as of the twelfth day of M-arch 1963 by and between the Government of the Republic of China(hereinafter referred to as the "Government") and the Agency forInternational Development (hereinafter referred to as "A.I.D."),an agency of the Government of the United States of America (he-reinafter referred to as "United States"). WITNESSETH: WHEREAS, in accordance with the provisions of the AgriculturalTrade Development and Assistance Act of 1954, as amended, and p-ursuant to the provisions of the amendment of November 15, 1961to the Agricultural commodities Agreement between the United St-ates and the Government dated July 21, 1961 (hereinafter referr-ed to as the "Commodities Agreement"), a determination has beenmade to extend an additional credit to the Government for credi-t purposes pursuant to Article Ⅱ,paragraph 1(d) of the Commodi-ties Agreement in amount estimated at Eighty Million Six HundredForty Thousand New Taiwan Dollars (NT$80,640,000) to the extentadditional New Taiwan dollars become available, but not in exce-ss of seventeen percent (17%) of additional New Taiwan dollar p-roceeds agreed to be deposited under Article Ⅲ ofthe Commoditi-es Agreement. WHEREAS, the terms and conditions of this Agreement are consist-ent with the terms and conditions established by the National A-dvisory 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 line ofcredit not exceeding Seventeen Percent (17%) of the New Taiwandollar proceeds accruing under the commodities Agreement, her-eby estimated as Eighty Million Six Hundred Forty Thousand NewTaiwan Dollars (NT$80,640,000), to assist in financing projec-ts or such other economic development purposes as may be fromtime to time agreed upon by the Government and the Administra-tor of A.I.D.(hereinafter referred to as the "Administrator");provided that none of said proceeds shall be disbursed underthe credit after November 14, 1964 unless agreement by the Go-vernment and the Administrator as to their use has been re-ached prior to such date. 2 For value received the Government hereby promises to pay to A-.I.D., its successors or assigns, the principal sum of EightyMillion Six Hundred Forty Thousand New Taiwan Dollars (NT$80,640,000), or as many New Taiwan dollars as may be advanced aga-inst this line of credit, in installments as set forth in theschedule of payments attached hereto and made a part hereof asExhibit A, and to pay interest at the rate of four percent (4%) per annum on the unpaid principal balance as specified below. The principal shall be paid in semiannual installments, begin-ning four (4) years after the end of the month in which the f-irst disbursement is made by the Administrator to the Governm-ent under this Agreement, in amounts and at the time set forthin Exhibit A. Should the amount disbursed exceed said princip-al sum, proportionate adjustments shall be made in the instal-lments shown in Exhibit A. Should the amount disbursed fall s-hort of said principal sum by more than ten percent (10%) pro-portionate adjustments shall be made in the installments shownin Exhibit A; should the amount disbursed fall short by ten p-ercent (10%) or less, the deficiency shall be deducted from t-he last installment or installments shown in Exhibit A. Inter-est on the outstanding balance of principal shall begin at theend of the month in which the first disbursement is made, suchinterest to be paid semi-annually thereafter beginning six (6)months from that time. In event of default in the prompt andfull payment hereunder of principal or interest, the entire u-npaid principal hereof and interest thereon shall become dueand payable upon demand of A.I.D. The nonexercise by A.I.D. ofsuch right at any time shall not constitute a waiver of suchright. 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-orcredit purposes pursuant to the provisions of Article Ⅱ,paragraph 1(d) thereof. Such disbursements shall be advancesunder this line of credit as of the date of each periodic sta-tement rendered by the Administrator to the Government report-ing such disbursements. A.I.D. shall endorse upon this Agreem-ent the amount of the New Taiwan dollars so advanced. 4 Payments of interest and principal required to 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 execise the optionto make payments in dollars, the amount of any such payment s-hall be calculated at the time of payment to be equivalent tothe obligation in New Taiwan dollars computed on the followin-g basis: a. The effective rate at which United States dollars 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 Treas-ury. 5 The Government, without penalty or premium, may make prepayme-nts 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 cl-culated 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 those 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 profiteering 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 expend-itures of or payments by the United States in the Republic ofChina or its territories. The United States agrees to take i-nto 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 United States agricultural commodities in such areasas the United States may determine. In addition the Governmentagrees that any such currency may be used in areas other thanthe Republic of China or its territories or converted into ot-her currencies as may be mutually agreed upon. 8 The Government agrees that the United States may invest any u-nexpended balances received hereunder in interestearning obli-gations or deposits denominated in New Taiwan dollars. The Un-ited States agrees that the Government may purchase for UnitedStates dollars all or any part of such unexpended balances nototherwise committed by the United States at a rate of exchangethan mutually agreed upon. 9 Whenever the parties to this Agreement determine that it wouldbe to their mutual interests to modify any of its provisions,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 considerationas may 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 satisfacttion of A.I.D. that the Governme-nt has taken all action necessary under its constitutionallaws to authorize the contracting of the credit under thisAgreement 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 firstabove mentioned. The Government of the China: (Signed) Martin Wong Economic Minister Counselor Chinese Embassy Agency for International Development: (Signed) Seymour J.Janow Assistant Administrator for the Far East EXHIBIT "A" SCHEDULE OF PAYMENTS China 484-G-034 NT$ 80,640,000 40 years 4 year grace period DueDue Date ofPrincipalDate of Principal Payment PaymentPayment Payment1 First payment due the first29,900381,136,200day of the calendar month391,166,100which is 4 years after the 401,196,000end of the month in which411,225,900the first disbursement is421,255,800made. Remaining installmen-431,285,700ts payable semi-annually t-441,315,600hereafter. 451,345,500259,800461,375,400389,700471,405,3004 119,600481,435,2005 149,500491,465,1006 179,400501,495,5007 209,300511,524,9008 239,200521,554,8009 269,100531,584,70010299,000541,614,60011328,900551,644,50012358,800561,674,40013388,700571,704,30014418,600581,734,20015448,500591,764,10016478,400601,794,00017508,300611,823,90018538,200621,853,80019568,100631,883,70020598,000641,913,60021672,900651,943,50022657,800661,973,40023687,700672,003,30024717,600682,033,20025747,500692,063,10026777,400702,093,00027807,300712,122,90028837,200722,152,80029867,100732,062,80030897,000 __________31926,900 80,640,00032956,800 33986,700 341,016,600 351,046,500 361,076,400 371,106,300