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1 The Agreement made and entered into as of the twelfth day of Ma-rch 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."), and agency of the Government of the United States 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, and p-ursuant to the provisions of the amendments of May 25 and June 9, 1962 to the Agricultural Commodities Agreement between the Un-ited States and the Government dated April 27, 1962, as amended,(hereinafter referred to as the "Commodities Agreement"), a det-ermination has been made to extend an additional credit to theGovernment, in an amount estimated at One Hundred Fifty Five M-illion Seven Hundred Thirty Seven Thousand New Taiwan Dollars (NT$155,737,000) to the extent that additional New Taiwan dollarsbecome available for credit purposes pursuant to Article Ⅱ, p-aragraph 3 of the Commodities Agreement but not in excess of Th-irty-One percent (31%) of the additional New Taiwan dollar proc-eeds agreed to be deposited under Article Ⅲ of the CommoditiesAgreement and; WHEREAS, the terms and conditions of this Agreement are consist-ent with the terms and conditions established by the National A-dvisory Council on International Monetary and Financial Problems; NOW, THEREFORE, it is agreed that: 1 A. I. D. hereby establishes in favor of the Government a lineof credit not exceeding Thirty-One percent (31%) of the New T-aiwan dollar proceeds accruing under the Commodities Agreemen-t, hereby estimated as One Hundred Fifty Five Million Seven H-undred Thirty Seven Thousand New Taiwan Dollars (NT$ 155,737,000), to assist in financing projects or such other economic d-evelopment purposes as may from time to time agreed upon by t-he Government and the Administrator of A.I.D. (hereinafter re-ferred to as the "Administrator"); provided that none of saidproceeds shall be disbursed under the credit after June 8, 1965 unless agreement by the Government and the Administrator asto their use has been reached 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 One Hu-ndred Fifty Five Million Seven Hundred Thirty Seven ThousandNew Taiwan Dollars (NT$ 155,737,000), 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 hereof as Exhibit A, and to pay a creditfee at the rate of three-quarters of one percent (3/4%) per a-nnum on the unpaid principal balance as specified below. Theprincipal shall be paid in semiannual installments, beginningthree (3) years after the end of the month in which the firstdisbursement is made by the Administrator to the Government u-nder this Agrreement, in amounts and at the time set forth inExhibit A. Should the amount disbursed exceed said principalsum, proportionate adjustments shall be made in the installme-nts shown in Exhibit A. Should the amount disbursed fall shortof said principal sum by more than ten percent (10%) proporti-onate adjustments shall be made in the installments shown inExhibit A; should the amount disbursed fall short by ten perc-ent (10%) or less, the deficiency shall be deducted from thelast installment or installments shown in Exhibit A. Creditfee on the outstanding balance of principal shall begin at theend of the month in which the first disbursement is made, suchcredit fee to be paid semi-annually thereafter beginning six (6) months from that time. In event of default in the prompt a-nd full payment hereunder of principal or credit fee, the ent-ire unpaid principal hereof and credit fee thereon shall beco-me due and payable upon demand of A.I.D. The nonexercise by A.I.D. of such right at any time shall not constitute a waiverof 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 prvisions of Article Ⅱ, p-aragraph 3 thereof. Such disbursements shall be advances underthis line of credit as of the date of each periodic statementrendered by the Administrator to the Government reporting suchdisbursements. A. I. D. shall endorse upon this Agreement theamount of the New Taiwan dollars so advanced. 4 Payments of credit fee and principal required to be made by t-he Government to A. I. D. under this Agreement shall be madein New Taiwan dollars or, at the option of the Government, inUnited States dollars. If the Government elects to exercise t-he option to make payments in dollars, the amount of any suchpayment shall be calculated at the time of payment to be equi-valent to the obligation in New Taiwan dollars computed on thefollowing 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 payment obligations abro-ad, provided effective rates for New Taiwan dollars differ-ing by more than one percent from the pay value agreed withthe International Monetary Fund for that currency are not permitted by the Government and provided the parties to th-is Agreement do not agree that another rate would be just and reasonable; or b. Otherwise, such other rate as is mutually agreed from timeto time. Credit fee and principal shall be payable at the Office of A.I.D., Washington, D. C. New Taiwan dollars accepted by A.I.D.may be transferred to the Secretary of the Treasury of the U-nited States to be held through such officer or officers ofthe United States as may be designated by the Secretary of theTreasury. 5 The Government, without penalty or premium, may make prepayme-nts of principal on this loan in New Taiwan dollars or , at t-he option of the Government, in United States dollars computedon the date any such prepayment is made at a rate of exchangecalculated as provided in Section 4 hereof, Any prepayments m-ade by the Government shall apply to the principal installmen-ts in Exhibit 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 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 expend-itures of or payments by the United States 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 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 Stated 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 ex-change than 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 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. dem- onstrating to the satisfaction of A. I. D. that the Gover- nment has taken all action necessary under its constituti- onal laws to authorize the contracting of the credit under this Agreement and that the Agreement constitutes the val- id and binding obligation of the Government in accordance with its 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.Janow Assistant Administral or for the Far East EXHIBIT "A" SCHEDULE OF PAYMENTS China 484-G-036 NT$ 155,737,000 30 years 3 years grace period DueDue Date of PrincipalDate of PrincipalPayment PaymentPayment Payment1 First payment due the first 101,128252,528,000day of the calendar month262,629,328which is 3 years after the 272,730,456end of the month in which282,831,584the first disbursement is292,932,712made.303,033,840Remaining installments 313,134,968payable semi-annually323,236,096thereafter.333,337,2242 202,256343,438,3523 303,384353,539,4804 404,512363,640,6085 505,640373,741,7366 606,768383,842,8647 707,896393,943,9928 809,024404,045,1209 910,152414,146,248101,011,280424,247,376111,112,408434,348,504121,213,536444,449,632131,314,664454,550,760141,415,792464,651,888151,516,920474,753,016161,618,048484,854,144171,719,176494,955,272181,820,304505,056,400191,921,432515,157,528202,022,560525,258,656212,123,688535,359,784222,224,816545,460,912232,325,944555,561,920242,427,072___________155,737,000