Malawi - Third Power Project : Loan 1388 - Loan Agreement - Conformed

CONFORMED COPY LOAN NUMBER 1388 MAI LOAN AGREEMENT (Third Power Project) between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT and ELECTRICITY SUPPLY COMMISSION OF MALAWI Dated April 28, 1977 LOAN AGREEMENT AGREEMENT, dated April 28, 1977, between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (hereinafter called the Bank) and ELECTRICITY SUPPLY COMMISSION OF MALAWI (hereinafter called the Borrower). WHEREAS (A) by the Development Credit Agreement of even date herewith between Republic of Malawi and International Development Association (hereinafter called the Development Credit Agreement), the Association has agreed to grant to the Republic of Malawi a credit (hereinafter called the Credit) in an amount in various currencies equivalent to eight million dollars ($8,000,000) on the terms and conditions set forth in the Development Credit Agreement, to assist in the financing of the Project described in Schedule 2 to this Agreement (hereinafter called the Project); (B) by the Loan Agreement of even date herewith between Republic of Malawi and the Bank (hereinafter called the Intermediate Term Loan Agreement), the Bank has agreed to lend to the Republic of Malawi a loan (hereinafter called the Intermediate Term Loan) in an amount in various currencies equivalent to eight million dollars ($8,000,000) on the terms and conditions set forth in the Intermediate Term Loan Agreement, to assist in the financing of the Project; -2- (C) the Republic of Malawi will lend the proceeds of such credit and loan to the Borrower, for purposes of carrying out the Project described in Schedule 2 to this Agreement; (D) the Borrower has requested the Bank to assist in the financing of the Project by making the Loan as hereinafter provided; (E) the Bank and the Borrower intend that the proceeds of the Credit be disbursed on account of expenditures for the Project before disbursements of the proceeds of the Loan provided for in this Agreement are made; (F) the Bank and the Borrower intend that the proceeds of this Loan and of the Intermediate Term Loan be disbursed pro rata on the basis of an 9:8 ratio; (G) the Borrower and the Guarantor have requested the African Development Bank, the Commonwealth Development Corporation and the European Development Fund to assist in the financing of the Project by making available additional financing for this purpose; and (H) the Borrower and the Guarantor have requested the Federal Republic of Germany to assist in the financing of the Project by making available further financing for this purpose. NOW THEREFORE the parties hereto hereby agree as follows: -3- ARTICLE I General Conditions; Definitions Section 1.01. The parties to this Agreement accept all the provisions of the General Conditions Applicable to Loan and Guarantee Agrcements of the Bank, dated March 15, 1974, with the same force and effect as if they were fully set forth herein (said General Conditions Applicable to Loan and Guarantee Agreements of the Bank being hereinafter called the General Conditions). Section 1.02. Wherever used in this Agreement, unless the context otherwise requires, the several terms defined in the General Conditions and in the Preamble to this Agreement have the respective meanings therein set forth. -4- ARTICLE II The Loan 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 nine million dollars ($9,000,000). Section 2.02. (a) The amount of the Loan may be withdrawn from the Loan Account in accordance with the provisions of Schedule 1 to this Agreement, as such Schedule may be amended from time to time by agreement between the Guarantor, the Bank and the Borrower for expenditures made (or, if the Bank shall so agree, to be made) in respect of the reasonable cost of goods and services required for the Project and to be financed out of the proceeds of the Loan and in respect of interest and other charges on the Loan. (b) On ench of the semi-annual interest payment dates specified in Section 2.07 of this Agreement, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay, on such date, interest and other charges on the Loan accrued and payable on the date set forth, and up to the amount allocated, in Schedule 1 to this Agreement, as such Schedule may be amended from time to time by agreement between the Bank and the Borrower. -5- Section 2.03. Except as the Bank shall otherwise agree, contracts for the purchase of goods or for civil works to be financed out of the proceeds of the Loan, shall be procured in accordance with the provisions of Schedule 4 to this Agreement. Section 2.04. The Closing Date shall be December 31, 1981 or such later date as the Bank shall establish. The Bank shall promptly notify the Borrower and the Guarantor of such later date. Section 2.05. The Borrower shall pay to the Bank a commitment charge at the rate of three-fourths of one per cent (3/4 of 1%) per annum on the principal amount of the Loan not withdrawn from time to time. Section 2.06. The Borrower shall pay interest at the rate of eight and one-half per cent (8-1/2%) per annum on the principal amount of the Loan withdrawn and outstanding from time to time. Section 2.07. Interest and other charges shall be payable semi-annually on June 1 and December 1 in each year. Section 2.08. The Borrower shall repay the principal amount of the Loan in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. -6 - ARTICLE III Execution of the Project Section 3.01. The Borrower shall carry out the Project with due diligence and efficiency and in conformity with appropriate administrative, engineering, financial and public utility practices. Section 3.02. In order to assist the Borrower in matters regarding purchase of goods and construction of civil works, and in supervising construction under the Project, the Borrower shall continue to employ engineering consultants whose qualifications, experience and terms and conditions of employment shall be satisfactory to the Bank. Section 3.03. The Borrower shall (i) carry out or cause to be carried out a study satisfactory to the Bank of the possible ecological changes caused by the construction of the facilities included in the Project; (ii) exchange views with the Bank on the recommendations derived therefrom in order to avoid or mitigate any undesirable ecological effect that such construction may produce; and (iii) take all reasonable measures necessary on its part to avoid or mitigate such effects, if any. Section 3.04. (a) The Borrower undertakes to insure, or make adequate provision for the insurance of, the imported goods to be financed out of the proceeds of the Loan against hazards incident to the acquisition, transportation and delivery thereof - 7 - to the place of use or installation, and for such insurance any indemnity shall be payable in a currency freely usable by the Borrower to replace or repair such goods. (b) Except as the Bank shall otherwise agree, the Borrower shall cause all goods and services financed out of the proceeds of the Loan to be used exclusively for the Project. Section 3.05. (a) The Borrower shall furnish to the Bank, promptly upon their preparation, the plans, specifications, reports, contract documents and construction and procurement schedules for the Project, and any material modifications thereof or additions thereto, in such detail as the Bank shall reasonably request. (b) The Borrower: (i) shall maintain records adequate to reflect the progress and cost of the Project and to identify the goods and services financed out of the proceeds of the Loan, and to disclose the use thereof in the Project; (ii) shall enable the Bank's accredited representatives to visit the facilities and construction sites included in the Project and to examine the goods financed out of the proceeds of the Loan and any relevant records and documents; and (iii) shall furnish to the Bank all such information as the Bank shall reasonably request concerning the Project, the expenditure of the proceeds of the Loan and the goods and services financed out of such proceeds. -8- (z) The Borrower shall enable the Bank's representatives to examine all plants, installations, sites, works, buildings, property and equipment of the Borrower and any relevant records and documents. -9- ARTICLE IV Management and Operations of the Borrower Section 4.01. The Borrower shall at all times manage its affairs, maintain its financial position, plan its future expansion and conduct its business and undertaking, all in accordance with sound business, financial and public utility practices, and under the supervision of experienced and competent management assisted by adequate and competent staff. Section 4.02. Except as the Bank shall otherwise agree: (a) The Borrower shall at all times take all necessary steps to maintain its existence and its right to carry on operations, and to acquire and retain all rights, powers, privileges and franchises which are necessary or useful for the purpose of complying with its obligations under this Agreement or for the efficient conduct of its business and undertaking. (b) The Borrower shall at all times operate and maintain the plants, machinery, equipment and other property owned or operated by it and promptly make all necessary repairs and renewals thereof, all in accordance with sound engineering and public utility practices. (c) The Borrower shall not sell, lease, transfer or otherwise dispose of any of the property or assets owned or - 10 - operated by it which are necessary or useful for the efficient conduct of its business and undertaking. Section 4.03. The Borrower shall take out and maintain with responsible insurers, or make other provision satisfactory to the Bank for, insurance against such risks and in such amounts as shall be consistent with appropriate practice. Section 4.04. The Borrower shall exchange views with the Bank before making any appointment to the positions of General Manager, Chief Engineer, Secretary and Financial Controller. - 11 - ARTICLE V Financial Covenants Section 5.01. The Borrower shall maintain records adequate to reflect in accordance with consistently maintained appropriate accounting practices its operations and financial condition. Section 5.02. The Borrower shall: (i) have its accounts and financial statements (balance sheets, statements of income and expenses and related statements) for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Bank; (ii) furnish to the Bank as soon as available, but in any case not later than four months after the end of each such year, (A) certified copies of its financial statements for such year as so audited and (B) the report of such audit by said auditors, of such scope and in such detail as the Bank shall have reasonably requested; and (iii) furnish to the Bank such other information concerning the accounts and financial statements of the Borrower and the audit thereof as the Bank shall from time to time reasonably request. Section 5.03. (a) Except as the Bank and the Borrower shall otherwise agree, the Borrower shall take from time to time all such action required on its part (including, but without limitation, action with regard to the level of its rates for the sale of - 12 - electricity) as shall be required to provide revenues to produce an annual rate of return on the average of its total net fixed assets in operation of at least 12% in each of the Borrower's fiscal years 1978 and 1979, and of at least 8% in each fiscal year thereafter. For the purposes of this Section: (i) the rate of return in respect of any fiscal year shall be calculated by relating the Borrower's net income from operations for that fiscal year to the average value of its total net fixed assets in operation during that fiscal year; (ii) "net income from operations" means gross operating revenues from electric power, less all operating, administrative and overhead expenses including adequate straight-line depreciation, taxes if any, or any payments in lieu thereof, but without deduction of interest and other charges on debt; (iii) "total net fixed assets in operation" means the gross value of such assets, determined in accordance with methods of valuation acceptable to the Bank, less accumulated depreciation; and (iv) the average value of the total net fixed assets in operation shall be determined by adding the value of the total net fixed assets in operation at - 13 - the end of a fiscal year to the value of the total net fixed assets in operation at the beginning of that fiscal year, and dividing the total by two; provided that if a major asset shall be brought into operation during the fiscal year, the value of such asset shall be included in the foregoing computation only in proportion to the part of the year in which such asset has been in operation. (b) Review from time to time the structure of its tariff of rates for the sale of electricity, and consult with the Bank on such structure before changing any such rates. Section 5.04. Except as the Bank shall otherwise agree, the Borrower shall not incur any debt, other than the debt to be incurred pursuant to the requests referred to in Recitals (G) and (H) of the Preamble hereto, unless its net revenues for the fiscal year next preceding the date of such incurrence or for any later twelve-month period ending prior to the date of such incurrence, whichever amount is the greater, shall be not less than 1.5 times the maximum debt service requirement for any succeeding fiscal year on all debt, including the debt to be incurred. For the purposes of this Section: (a) "debt" means all debt of the Borrower maturing by its terms more than one year after the date on which it is incurred; - 14 - (b) debt shall be deemed to be incurred (i) under a contract or loan agreement, on the date and to the extent the amount of the loan is drawn down and outstanding pursuant thereto, and (ii) under a guarantee agreement, on the date the agreement providing for such guarantee has been entered into but only to the extent that the guaranteed debt is outstanding; (c) "net revenues" means gross revenues from all sources, adjusted to take account of the Borrower's rates for the sale of electricity in effect at the time of incurrence of debt even though such rates were not in effect during the fiscal year or the twelve-month period to which such revenues relate, less all operating, maintenance and administrative expenses, and including provision for taxes, if any, but before provision for depreciation, interest and other charges on debt; (d) "debt service requirement" means the aggregate amount of amortization (including sink-.ng fund payments, if any), and interest and otner charges on debt; and (e) whenever it shall be necessary to value, in terms of the currency of the Guarantor, debt denominated or payable in another currency, such valuation shall be made on the basis of the prevailing lawful rate of exchange at which such other currency is, at the time of such valuation, obtainable by the Borrower for the purpose of servicing such debt, or if such other currency is not so obtainable, at the rate of exchange that will be reasonably determined by the Bank. - 15 - Section 5.05. Beginning with its financial statements for the fiscal year ending December 31, 1977, the Borrower shall annually revalue its assets in accordance with methods acceptable to the Bank. Section 5.06. (a) The Borrower represents that at the date of this Agreement no lien exists on any of its assets as security for any debt except as otherwise currently reported to the Bank or stated in writing. (b) The Borrower undertakes that, except as the Bank shall otherwise agree, if any lien shall be created on any assets of the Borrower as security for any debt, such lien will ipso facto equally and ratably secure the payment of the principal of, and interest and other charges on, the Loan, and in the creation of any such lien express provision will be made to that effect, at no cost to the Bank; provided, however, that the foregoing provisions of this paragraph shall not apply to: (A) any lien created on property, at the time of purchase thereof, solely as security for the payment of the purchase price of such property; or (B) any lien arising in the ordinary course of banking transactions and securing a debt maturing not more than one year after the date on which it is originally incurred. - 16 - Section 5.07. Except as the Bank shall otherwise agree, and until the completion of the Project, the Borrower shall not undertake any capital expenditure (other than the Project) estimated to cost, in any one fiscal year of the Borrower, more than the equivalent of $1,500,000. - 17 - ARTICLE VI Remedies of the Bank Section 6.01. For the purposes of Section 6.02 of the General Conditions, the following additional events are specified pursuant to paragraph (k) thereof: (a) The Electricity Act (Cap. 73:01) of the Guarantor [as amended,], providing for the establishment of the Borrower, shall have been amended, suspended, abrogated, repealed or waived in such a way as shall materially and adversely affect the ability of the Borrower to perform its obligations under this Agreement. (b) (i) Subject to subparagraph (ii) of this paragraph: (A) The right of the Borrower or the Guarantor to withdraw the proceeds of any grant or loan made to the Borrower or the Guarantor for the financing of the Project shall have been suspended, cancelled or terminated in whole or in part, pursuant to the terms of the agreement providing therefor, or (B) any such loan shall have become due and payable prior to the agreed maturity thereof. (ii) Subparagraph (i) of this paragraph shall not apply if the Borrower establishes to the satisfaction of the Bank that: (A) such suspension, - 18 - cancellation, termination or prematuring is not caused by the failure of the Borrower or the Guarantor to perform any of its obligations under such agreement, and (B) adequate funds for the Project are available to the Borrower from other sources on terms and conditions consistent with the obligations of the Borrower under this Agreement. Section 6.02. For the purposes of Section 7.01 of the General Conditions, the following event is specified pursuant to paragraph (h) thereof, that any event specified in Section 6.01 of this Agreement shall occur. - 19 - ARTICLE VII Effective Date; Termination Section 7.01. The following events are specified as additional conditions to the effectiveness of the Loan Agreement within the meaning of Section 12.01 (c) of the General Conditions: (a) that all conditions precedent to the effectiveness of the Development Credit Agreement and of the Intermediate Term Loan Agreement have been fulfilled; (b) that the Borrower's property charged by the Trust Deed dated April 21, 1965 between the Borrower and Government of Malawi and Barclays Bank, D. C. 0. as trustee, to secure (i) £1,850,000 A Debenture Stock 1970/84; (ii) E200,000 7-3/4% B Debenture Stock 1970/79; and (iii) the equivalent in the currency of Malawi of £300,000 6-3/4% C Debenture Stock 1970/94, created and issued by the Borrower pursuant to a resolution passed by it on December 17, 1964; has been released from its security for the said A Debenture Stock and the said C Debenture Stock, so that such stock shall be unsecured obligations of the Borrower; (c) that the Borrower has made arrangements satisfactory to the Bank to obtain funds additional to those to be obtained pursuant to the requests referred to in Recitals (G) and (H) of the Preamble hereto, in an amount not less than three million six hundred thousand Malawi kwachas (the currency of the Guarantor); and - 20 - (d) that all conditions precedent to the effectiveness of the agreements providing for the loans referred -o in Recital G of the Preamble hereto, and all conditions precedent to the first disbursement of the proceeds of the loans provided thereunder, if any, except for the effectiveness of this Agreement, the Intermediate Term Loan Agreement and the Development Credit Agreement, have been fulfilled. Section 7.02. The following is specified as an additional matter, within the meaning of Section 12.02 (c) of the General Conditions, to be included in the opinion or opinions to be furnished to the Bank, namely, that the event referred to in Section 7.01 (b) has occurred. Section 7.03. The date August 25, 1977, is hereby specified for the purpose of Section 12.04 of the General Conditions. - 21 - ARTICLE VIII Addresses Section 8.01. The following addresses are specified for the purposes of Section 11.01 of the General Conditions: For the Bank: International Bank for Reconstruction and Development 1818 H Street, N.W. Washington, D.C. 20433 United States of America Cable address: Telex: INTBAFRAD 440098 (ITT) Washington, D.C. 248423 (RCA) or 64145 (WUI) For the Borrower: Electricity Supply Commission of Malawi P.O. Box 30224 Chichiri Blantyre 3, Malawi Cable address: Telex: ELECTRIC 4246 Blantyre Blantyre - 22 - IN WITNESS WHEREOF, the parties hereto, acting through their representatives thereunto duly authorized, have cau ed this Agreement to be signed in their respective names in the District of Columbia, United States of America, as of the day and year first above written. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT By Is/ Willi A. Wapenhans Regional Vice President Eastern Africa ELECTRICITY SUPPLY COMMISSION OF MALAWI By /s/ D. Y. J. Kalilangwe Authorized Representative - 23 - SCHEDULE 1 Withdrawal of the Proceeds of the Loan and of the Intermediate Term Loan 1. The table below sets forth the Categories of imported items to be financed out of the proceeds of the Loan and of the Intermediate Term Loan, and the allocation of amounts of such proceeds to each Category: Amount of the Loan and of the Intermediate Term Loan Allocated (Expressed in Category Dollar Equivalent) (1) Civil works 13,880,000 (2) Training pro- 120,000 gram (3) Interest and 1,000,000 other charges on or before December 31, 1980 (3) Unallocated 2,000,000 TOTAL 17,000,000 The proceeds of this Loan and of the Intermediate Term Loan shall be withdrawn pro rata on the basis of a 9:8 ratio. - 24 - 2. Notwithstanding the provisions of paragraph I above, no withdrawals shall be made in respect of: (a) expenditures in the currency of the Borrower or for goods or services supplied from the territory of the Borrower; (b) payments made for expenditures prior to the date of this Agreement; and (c) payments for taxes levied by, or in the territory of, the Borrower on goods or services, or on the importation, manufacture, procurement or supply thereof. 3. Except as the Bank shall otherwise agree, and until all amounts of the Credit shall have been withdrawn or committed, no withdrawals shall be made from the loan accounts for the Loan or the Intermediate Term Loan except under commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions referred to in Section 1.01 of this Loan Agreement and Section 1.01 of the Intermediate Term Loan Agreement. 4. Notwithstanding the allocation of an amount of the Loan or the Intermediate Term Loan set forth in the table in paragraph 1 above, if the Bank has reasonably estimated that the amount of the said loans then allocated to any Category will be insufficient to finance the agreed percentage of all expenditures in that Category, the Bank may, by notice to the Guarantor and the Borrower, - 25 - reallocate to such Category, to the extent required to meet the estimated shortfall, proceeds of the said loans which are then allocated to another Category and which in the opinion of the Bank are not needed to meet other expenditures. 5. If the Bank shall have reasonably determined that the procurement of any item in any Category is inconsistent with the procedures set forth or referred to in this Agreement or in the Intermediate Loan Agreement, no expenditures for such item shall be financed out of the proceeds of any of the said loan and the Bank may, without in any way restricting or limiting any other right, power or remedy of the Bank under the Loan Agreement and the Intermediate Term Loan Agreement, by notice to the Guarantor and the Borrower, cancel such amount of the said loans as, in the Bank's reasonable opinion, represents the amount of such expenditures which would otherwise have been eligible for financing out of the proceeds of such loans. - 26 - SCHEDULE 2 Description of the Project The Project is part of the Borrower's 1976-1980 electric power generating program. It consists of the following: Part A: Construction of a rock-fill dam about 7 meters high and 700 meters long on the Shire River, at the Nkula site, to form a reservoir and enable daily regulation of the river flow. Part B: Construction of a low-pressure cut-and-cover conduit, head-race tunnel, penstock, and tailrace outlet system of about 1,280 meters, and a powerhouse with two units with a generating capacity of about 18 MW each, but designed so as to enable the installation of three additional units of the same generating capacity each. Part C: A training program for the Borrower's professional and technical staff. The Project is expected to be completed by December 31, 1980. - 27 - SCHEDULE 3 Amortization Schedule Payment of Principal Date Payment Due (expressed in dollars)* On each June 1 and December 1 beginning June 1, 1982 through December 1, 1996 290,000 On June 1, 1997 300,000 * 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. - 28 - Premiums on Prepayment The following percentages are specified as the premiums payable on repayment in advance of maturity of any portion of the principal amount of the Loan pursuant to Section 3.05 (b) of the General Conditions: Time of Prepayment Premium Not more than three years before maturity 1.25% More than three years but not more than six years before maturity 2.55% More than six years but not more than eleven years before maturity 4.65% More than eleven years but not more than sixteen years before maturity 6.80% More than sixteen years but not more than eighteen years before maturity 7.65% More than eighteen years before maturity 8.50% - 29 - SCHEDULE 4 Procurement A. International Competitive Bidding Contracts for the purchase of goods or for civil works shall be procured in accordance with procedures consistent with those set forth in Part A of the "Guidelines for Procurement under World Bank Loans and IDA Credits" published by the Bank in August 1975 (hereinafter called the Guidelines) including the pertinent provisions of the General Introduction thereto, on the basis of international competitive bidding. B. Evaluation and Comparison of Bids for Goods For the purpose of evaluation and comparison of bids for the supply of goods except those to be procured in accordance with local procedures: (i) bidders shall be required to state in their bid the c.i.f. (port of entry) price for imported goods, [or the ex-factory price for domestically-manufactured goods]; (ii) customs duties and othe- import taxes on imported goods, and sales and similar taxes on domestically-supplied goods, shall be excluded; and (iii) the cost to the Borrower of inland freight and other expenditures incidental to the delivery of goods to the place of their use or installation sbll be included. C. Review of Procurement Decisions by the Bank 1. Review of prequalification. The Borrower shall, before qualification is invited, inform the Bank in detail of the - 30 - procedure to be followed, and shall introduce such modifications in said procedure as the Bank shall reasonably request. The list of prequalified bidders, together with a statement of their qualifications and of the reasons for the exclusion of any applicant for prequalification shall be furnished by the Borrower to the Bank for its comments before the applicants are notified of the Borrower's decision, and the Borrower shall make such additions to, deletions from, or modifications in, the said list as the Bank shall reasonably request. 2. Review of invitations to bid and of proposed awards and final contracts: With respect to all contracts estimated to cost the equivalent of $50,000 or more: (a) Before bids are invited, the Borrower shall furnish to the Bank, for its comments, the text of the invitations to bid and the specifications and other bidding documents, together with a description of the advertising procedures to be followed for the bidding, and shall make such modifications in the said documents or procedures as the Bank shall reasonably request. Any further modifiation to the bidding documents shall require the Bank's concurrence before it is issued to the prospective bidders. (b) After bids have been received and evaluated, the Borrower shall, before a final decision on the award is made, - 31 - inform the Bank of the name of the bidder to which it intends to award the contract and shall furnish to the Bank, in sufficient time for its review, a detailed report, by the consultants referred to in Section 3.02 of this Agreement, on the evaluation and comparison of the bids received, together with the recommendations for award of the said consultants and such other information as the Bank shall reasonably request. The Bank shall, if it determines that the intended award would be inconsistent with the Guidelines or this Schedule, promptly inform the Borrower and state the reasons for such determination. (c) The terms and conditions of the contract shall not, without the Bank's concurrence, materially differ from those on which bids were asked or prequalification invited. (d) Two conformed copies of the contract shall be furnished to the Bank promptly after its execution and prior to delivery to the Bank of the first application for withdrawal of funds from the Loan Account in respect of such contract. 3. With respect to each contract to be financed out of the proceeds of the Loan and not governed by the preceding paragraph, the Borrower shall furnish to the Bank, promptly after its execution and prior to delivery to the Bank of the first application for withdrawal of funds from the Loan Account in respect of such contract, two conformed copies of such contract, together with the analysis of the respective bids, recommendations for award and such other information as the Bank shall reasonably request.