Ecuador - Highway Maintenance And Construction Project : Loan 0176 - Loan Agreement - Conformed

LOAN NUMBER 176EC Loan Agreement (Highway Maintenance and Construction Project) BETWEEN REPUBLIC OF ECUADOR AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT DATED SEPTEMBER 20, 1957 LOAN NUMBER 176EC Loan Agreement (Highway Maintenance and Construction Project) BETWEEN REPUBLIC OF ECUADOR AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT DATED SEPTEMBER 20, 1957 S Ean Agrmnut AGREEMENT, dated September 20, 1957, between RE- PUBM0 OF ECUAlOH (hereinafter called the Borrower) and IN TER NATIONAL BAN K FOR RECONSTRuCTION ANi) DEVELOP- MENT (hereia1fter called the Bailk). \FH EREAS the Bank alns agreed to make to the Borrower a loan in various cu1rencies equi\'alent to fourteen million five hundred thousand dollars ($14,500,000) on the terms and conlitions hereinafter set forth, but only on condition that the Banco ('tral del Ecuador accept its obligations under Section 5.03 of this Agreement; and WHEREAS the &TWCo (CVtr! di Ecuador, in consideratioi of the Bank's entering into this Agreement with the Bor- rower, has agreed to accept such obligations of Banco ('en- ral del Ecuador nd to evidence its acceptance thereof by caiig this Agreement to be signed by its duly authorized representative; Now THEREFORE the parties hereto hereby agree as fol- lows: ARTICLE I Loan Regulations; Special Definitions SECTION 1.01. The parties to this Loan Agreement accept all the provisions of Loan Regulations No. 3 of the Bank dated June 15, 1956, subject, however, to the modification thereof set forth in Schedule 3 to this Agreement (said Loan Regulations No. 3 as so modified being hereinafter called the Loan Regulations), with the same force and effect as if they were fully set forth herein. SECTION 1.02. Except where the context otherwise re- quires, the following terms shall have the following mean- ings wherever used in this Agreement: (a) The term "First Gasoline Tax" shall mean the gaso- line tax created by Emergency Decree Law No. 12 of the