Cameroon - Highway Project : Loan 0663 - Agreement Amending Loan Agreement - Conformed

I ON T CONFORMED COPY 0 LOAN NUMBER 663 CM (Amendment) Agreement Amending Loan Agreement (Highway Project) BETWEEN 0 UNITED REPUBLIC OF CAMEROON AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT DATED JULY 30, 1975 0 CONFORMED COPY LOAN NUMBER 663 CM (Amendment) Agreement Amending Loan Agreement (Highway Project) BETWEEN UNITED REPUBLIC OF CAMEROON AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT DATED JULY 30, 1975 AGREEMENT AMENDING LOAN AGREEMENT AGREEMENT, dated July 30, 1975 between UNITED REPUBLIC OF CAMEROON (hereinafter called the Borrower) and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (hereinafter called the Bank). WHEREAS (A) By a loan agreement (Highway Project) dated March 27, 1970 between the Borrower and the Bank (hereinafter called the 1970 Loan Agreement), the Bank made a loan to the Borrower in an amount in various currencies equivalent to twelve million dollars ($12,000,000) on the terms and conditions set forth in the 1970 Loan Agreement; (B) By a development credit agreement (Highway Project) dated March 27, 1970 between the Borrower and the Association (hereinafter called the 1970 Credit Agreement), the Association made a development credit to the Borrower in an amount in various currencies equivalent to seven million dollars ($7,000,000) on the terms and conditions set forth in the 1970 Credit Agreement; (C) Supplemental financing is now necessary to cover the estimated increases in the cost of carrying out the Project described in Schedule I to the 1970 Credit Agreement; and (D) The Bank has agreed to amend the 1970 Loan Agreement by adding the equivalent of one million dollars ($1,000,000) to the amount of the said loan, upon the terms and conditions hereinafter set forth; NOW THEREFORE, it is hereby agreed as follows: ARTICLE I Section 1.01. Section 2.01 of the 1970 Loan Agreement is hereby amended to read as follows: "Section 2.01. The Bank agrees to lend to the Borrower, on the terms and conditions in the Loan Agreement set forth or referred to, an amount in various currencies equivalent to thirteen million dollars ($13,000,000) in two tranches, the first tranche being an amount in various currencies equivalent to twelve million dollars ($12,000,000) and the second tranche being an amount in various currencies equivalent to one million dollars ($1,000,000)." 4 Section 1.02. Section 2.04(c) of the 1970 Loan Agreement is amended by substituting a semi-colon for the period at the end of said sub-section and adding to it the following sentence: "provided, however, that said withdrawals shall initially be charged against the first tranche of the Loan until that tranche has been exhausted and shall thereafter be charged against the second tranche." Section 1.03. Section 2.05 of the 1970 Loan Agreement is amended by adding thereto the following sentence: "The Commitment charge on the second tranche of the Loan shall accrue from a date sixty days after July 30, 1975." Section 1.04. Section 2.06 of the 1970 Loan Agreement is amended to read as follows: "Section 2.06. The Borrower shall pay interest at the rate: of (i) seven per cent (7%) per annum on the principal amount of the first tranche of the Loan withdrawn and outstanding from time to time, and (ii) eight and one-half per cent (8-1/2%) per annum on the principal amount of the second tranche of the Loan withdrawn and outstanding from time to time." Section 1.05. Section 2.08 of the 1970 Loan Agreement is amended to read as follows: "Section 2.08. The Borrower shall repay the principal of each tranche of the Loan in accordance with the amortization schedule set forth in Schedule 1 to this Agreement." Section 1.06. Section 4.01 of the 1970 Loan Agreement is renumbered as Section 4.01(a) and a new paragraph (b) is added to said Section to read as follows: "(b) Any Bonds to be executed and delivered henceforth to the Bank pursuant to the Loan Agreement shall contain such modifications as the Bank shall reasonably request in order to identify the tranche of the Loan which they represent and to reflect such other changes in the terms and conditions of the amount of the Loan included in the second tranche of the Loan as are provided in this Agreement." Section 1.07. Section 8.01 of the 1970 Loan Agreement is amended by deleting the words "December 31, 1973" and substituting therefor the words "March 31, 1976". 5 Section 1.08. Schedule 1 to the 1970 Loan Agreement is amended to read as set forth in Schedule I to this Agreement. Section 1.09. The 1970 Loan Agreement is amended by substituting the words "United Republic of Cameroon" for the words "Federal Republic of Cameroon" wherever the latter appear in the 1970 Loan Agreement. Section 1.10. All the provisions of the 1970 Loan Agreement, as amended by this Agreement, shall remain in full force and effect. ARTICLE II Section 2.01. This Agreement shall come into force and effect on the date upon which: (a) all conditions precedent to the effectiveness of the Agreement Amending the 1970 Credit Agreement shall have been fulfilled, subject only to the effectiveness of this Agreement; and (b) the Bank dispatches to the Borrower notice of its acceptance of: (i) evidence that the execution and delivery of this Agreement on behalf of the Borrower have been duly authorized or ratified by all necessary governmental action; and (ii) an opinion or opinions satisfactory to the Bank of counsel acceptable to the Bank showing that this Agreement has been duly authorized or ratified by, and executed and delivered on behalf of, the Borrower and that the 1970 Loan Agreement as amended by this Agreement constitutes a valid and binding obligation of the Borrower in accordance with its terms as so amended. Section 2.02. If this Agreement shall not have come into force and effect by October 30, 1975, this Agreement and all obligations of the parties hereunder shall terminate, unless the Bank, after consideration of the reasons for the delay, establishes a later date for the purposes of this Section. The Bank shall promptly notify the Borrower of such date. If this Agreement shall terminate under the provisions of this Section, the 1970 Loan Agreement shall continue in full force and effect, as if this Agreement had not been executed. 6 IN WITNESS WHEREOF, the parties hereto, acting through their representatives thereunto duly authorized, have caused this Agreement to be signed in their respective names and delivered in the District of Columbia, United States of America, as of the day and year first above written. UNITED REPUBLIC OF CAMEROON By /s / F. X. Tchoungui Authorized Representative INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT By /s/ R. Chaufournier Regional Vice President Western Africa 7 SCHEDULE 1 Amortization Schedule Payment of Principal Payment of Principal of First Tranche of Second Tranche of the Loan of the Loan Date Payment Due (Expressed in dollars)* (Expressed in dollars))* June 1, 1980 135,000 10,000 December 1, 1980 140,000 10,000 June 1, 1981 145,000 10,000 December 1, 1981 150,000 10,000 June 1, 1982 155,000 10,000 December 1, 1982 160,000 10,000 June 1, 1983 165,000 10,000 December 1, 1983 170,000 15,000 June 1, 1984 180,000 15,000 December 1, 1984 185,000 15,000 June 1, 1985 190,000 15,000 December 1, 1985 200,000 15,000 June 1, 1986 205,000 15,000 December 1, 1986 210,000 15,000 June 1, 1987 220,000 15,000 December 1, 1987 225,000 20,000 June 1, 1988 235,000 20,000 December 1, 1988 245,000 20,000 June 1, 1989 250,000 20,000 December 1, 1989 260,000 20,000 June 1, 1990 270,000 20,000 December 1, 1990 280,000 25,000 June 1, 1991 290,000 25,000 December 1, 1991 300,000 25,000 June 1, 1992 310,000 25,000 December 1, 1992 320,000 25,000 June 1, 1993 330,000 30,000 December 1, 1993 345,000 30,000 June 1, 1994 355,000 30,000 December 1, 1994 370,000 30,000 June 1, 1995 380,000 35,000 December 1, 1995 395,000 35,000 June 1, 1996 410,000 35,000 December 1, 1996 420,000 35,000 June 1, 1997 435,000 40,000 December 1, 1997 450,000 40,000 June 1, 1998 470,000 40,000 December 1, 1998 485,000 45,000 June 1, 1999 500,000 45,000 December 1, 1999 520,000 45,000 June 1, 2000 540,000 50,000 * To the extent that any portion of the Loan is repayable in a currency other than dollars (see General Conditions, Section 4.02) the figures in this column represent dollar equivalents determined as for purposes of withdrawal. 8 Premiums on Prepayment and Redemption A. The following percentages are specified as the premiums payable on repayment in advance of maturity of any portion of the principal amount of the first tranche of the Loan pursuant to Section 3.05(b) of the General Conditions or on the redemption of any Bond delivered from that tranche prior to its maturity pursuant to Section 8.15 of the General Conditions: Premium on Time of Prepayment. or Redemption First Tranche Not more than four years before 3/4% maturity More than four years but not more 2% than eight years before maturity More than eight years but not more 2-3/4% than fourteen years before maturity More than fourteen years but not 4-1/4% more than twenty years before maturity More than twenty years but not 5-1/2% more than twenty-six years before maturity More than twenty-six years but not 6-1/2% more than twenty-eight years before maturity More than twenty-eight years before 7% maturity 9 B. The following percentages are specified as the premiums payable on repayment in advance of maturity of any portion of the principal amount of the second tranche of the Loan pursuant to Section 3.05(b) of the General Conditions or on the redemption of any Bond delivered from that tranche prior to its maturity pursuant to Section 8.15 of the General Conditions: Premium on Time of Prepayment or Recemption Second Tranche Not more than three years 1% before maturity More than three years but not 2-1/4% more than six years before niaturity More than six years but not 4V more than eleven years before maturity More than eleven years but not 5-1/2% more than sixteen years before maturity More than sixteen years but not 7-1/4% more than twenty-one years before maturity More than twenty-one years but 8% not more than twenty-three years before maturity More than twenty-three 8-1/2% years before maturity