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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(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 Agricultural Commodities Agree-ment between the United States and the Government dated April 27, 1962, (hereinafter referred to as the "Commodities Agreement"), a determination has been made to extend credit to the Governm-ent, in an amount estimated at Thirty Seven Million Two HundredTwenty Eight Thousand New Taiwan Dollars (NT$ 37,228,000) to theextent that New Taiwan dollars become available for credit purp-oses pursuant to Article Ⅱ, paragraph 3 of the Commodities Agr-eement but not in excess of Thirty-One percent (31%) of the NewTaiwan dollars proceeds agreed to be deposited under Article Ⅲof the Commodities Agreement 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 Agreement, hereby estimated as Thirty Seven Million Two Hundred TwentyEight Thousand New Taiwan Dollars (NT$ 37,228,000), to assistin financing projects or such other economic development pu-rposes as may be from time to time agreed upon by the Governm-ent and the Administrator. of A. I. D. (hereinafter referredto as the "Administrator"); provided that none of said procee-ds shall be disbursed under the credit after June 8,1965 unl-ess agreement by the Government and the Administrator as to t-heir use has been reached prior to such date. 2 For value received the Government hereby promises to pay toA. I. D., its successors or assigns, the principal sum of Thi-rty Seven Million Two Hundred Twenty Eight Thousand New TaiwanDollars (NT$ 37,228,000), or as many New Taiwan dollars as maybe advanced against this line of credit, in installments as s-et forth in the Schedule of Payments attached hereto and madea part hereof as Exhibit A, and to pay interest at the rate offour percent (4%) per annum on the unpaid principal balance asspecified below. The principal shall be paid in semiannual in-stallments, beginning four (4) years after the end of month inwhich the first disbursement is made by the Administrator tothe Government under this Agreement, in amounts and at the ti-me set forth in Exhibit A. Should the amount disbursed exceedsaid 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. interest on the outstanding balance of principal shallbegin at the end of the month in which the first disbursementis made, such interest to be paid semi-annually thereafter be-ginning six (6) months from that time. In event of default inthe prompt and full payment hereunder of principal or interes-t, the entire unpaid principal hereof and interest thereon sh-all become due and payable upon demand of A.I.D. The nonexerc-ise by A.I.D. of such right at any time shall not constitute awaiver 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 provision to the provisionof Article Ⅱ, pargraph 3 thereof. Such disbursements shall beadvances under this line of credit as of the date of each per-iodic statement rendered by the Administrator to the Governme-nt reporting such disbursements. A.I.D. shall endorse upon th-is Agreement 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 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 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 t 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 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 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 t help develop new marke-ts for United States agricultural commodities in such areas asthe United States may determine. In addition the Government a-grees 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 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 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. 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.Janow Assistant Administrator for the Far East EXHIBIT "A" SCHEDULE OF PAYMENTS China 484-G-035 NT$ 37,228,000 40 years 4 yr. grace period Due Due Date of Principal Date ofPrincipalPayment Payment PaymentPayment1 First payment due the first13,783 34 468,622day of the calendar month 35 482,405which is 4 years after the36 496,188end of the month in which 37 509,971the first disbursement is 38 523,754made. Remaining installmen- 39 537,537ts payable semi-annually t- 40 551,320hereafter.41 565,103227,566 42 578,886341,349 43 592,669455,132 44 606,452568,915 45 620,235682,698 46 634,018796,481 47 647,8018 110,264 48 661,5849 124,047 49 675,36710137,830 50 689,15011151,613 51 702,93312165,396 52 716,71613179,179 53 730,49914192,962 54 744,28215206,745 55 758,06516220,528 56 771,84817234,311 57 785,63118248,094 58 799,41419261,877 59 813,19720275,660 60 826,98021289,443 61 840,76322303,226 62 854,54623317,009 63 868,32924330,792 64 882,11225344,575 65 895,89526358,358 66 909,67827372,141 67 923,46128385,924 68 937,24429399,707 69 951,02730413,490 70 964,81031427,273 71 978,59332441,056 72 992,37633454,839 73 1,006,276───── 37,228,000