Uganda - Economic Recovery Program : Credit 1844 - Credit Agreement - 2 - Conformed

AFRICAN FACILIA-G=ärr i A-34-UG (Amendment) Agreement Amending African Facility Credit Agreement (Economic Recovery Program) betveen THE REPUBLIC OF UGANDA and INTERNATIONAL DEVELOPMENT ASSOCIATION as ADMINISTRATOR of the SPECIAL FACILITY FOR SUB-SAHARAN AFRICA Dated , 1989 ,AGREEMENT AMENDING AFRICAN FACILITY CREDIT AGREEMENT AGREEMENT, dated 4eta .-/fj1989, between THE REPUBLIC OF UGANDA (the- Borrower) and INTERNATIONAL DEVELOPMENT ASSOCIATION as ADMINISTRATOR of the SPECIAL FACILITY FOR SUB-SAHARAN AFRICA (the Administrator). WHEREAS: (A). the Borrower and the Administiator,,have entered into -an African Facility Credit Agreement (Economic Recovery Program), dated September 30, 1987 (the African Facility Credit Agreement), in an amount of eighteen million eight hundred thousand Special Drawing Rights (SDR 18,800,000) for the purpose of assisting in the financing of the"rogram (hereinafter called the Program) described in a letter, dated July 1, 1987, from the Borrower to the Administrator, and referred to in the Preamble to the African Facility Credit Agreement; (B) the Borrower has subsequently requested the Administrator to provioe additional assistance in support of the Program; and WHEREAS the Administrator has agreed on the basis, inter alia, of the foregoing to provide such additional assistance to the Borrower upon the terms and conditions set forth in this Agreement; NOW THEREFORE the parties hereto hereby agree as follows: ARTICLE 1 Amendments to the African Facility Credit Agreement Section 1,01. Section 1.02 of the African Facility Credit Agreement is amended by adding a new Subsection (d) as folldws: "(d) "Amending Agreement" means the Agreement Amending African Facility Credit Agreement (Economic Recovery Program) between the Borrower and the Administrator, dated 1989." Section 1.02. Section 2.01 of the African Facility Credit Agreement is amended to read as follows: -2- "Section 2.01. The Administrator agrees to lend to the Borrower, on,-the terms and conditions set forth or referred to in the African Facility Credit Agreement, an amount in various currencies equivalent to twenty-eight million eight hundred thousand Special Drawing Rights (SDR 28,800,000) in two tranches, the first tranche being an amount in various currencies equivalent to eighteen million eight hundred thousand Special Drawing Rights (SDR,18,800,000) (the First Tranche), and the second tranche being an amount in various currencies equivalent to ten million Special Drawing Rights (SDR 10,000,000) (the Second Tranche)." Section 1.03. Section 2.02 of the African Facility Credit Agreement is amended by adding a new paragraph (d) as follows: "(d) Except as the Borrower and the Administrator shall otherwise agree, all amounts withdrawn from the African Facility Credit Account or made subject to a special commitment pursuant to Section 5.02 of the General Conditions shall initially be charged against the First Tranche until that Tranche has been exhausted, and shall thereafter be chargedagainst the Second Tranche." Section 1.04. Section 2.04 us deleted in its entirety and the following is substituted therefor: "Section 2.04. (a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Credit not withdrawn from time to time at a rate to be set by the Association as of June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum. (b) The commitment charge shall accrue: (i) on the amount of the First Tranche, from a date sixty days after the date of this Agreement (the accrual date) and on the amount of the Second Tranche, from the date sixty days after the date of the agreement granting the Second Tranche, in each case to the respective dazes on which amounts shall be withdrawn by the Borrower from the Credit Account or cancelled; (ii) at the rate set as of the June 30 immediately preceding the accrual date or at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied as of the next payment date in that year specified in Section 2.06 of this Agreement, except that the rate set as of June 30, 1988 shall be applied as of July 1, 1988. -3- (c) The commitment charge shall be paid: (i) at such places as the Association chall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02, of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section." Section 1.05. Subparagraph (g) of paragraph 2 of Schedule 1 ,to the African Facility Credit Agreement is deleted. ARTICLE II Effective Date; Termination Section 2.01. This Amending Agreement shall not become effective until evidence satisfactory to the Administrator shall have been furnished to the Administrator Lhat the execution and delivery of this Amending Agreement on behalf of the Borrower have been duly( authorized or ratified by all necessary governmental action. Section 2.02. As part of the evidence to be furnished pursuant to Section 2.01 of this Amending Agreement, there shall be furnished to the Administrator an opinion or opinions, satisfactory to the Administrator, of counsel acceptable to the Administrator showing, on behalf ,of the Borrower, that this Amending Agreement has been duly authorized or ratified by, and executed and delivered on behalf of, the Borrower and is legally binding upon the Borrower in accordance with its terms. (Section 2.03. This Amending Agreement shall come into force and effect on the date upon which the Administrator dispat hes to the Borrower notice of its acceptance of the evidence required by Section 2.01 above. Section 2.04. If this Amending Agreement shall not have come into force and effect by a date ninety (90) days after the date of this Amending Agreement, this Amending Agreement and all obligations of the parties hereunder shall terminate, unless the Administrator establishes a later date for the purposes of this Section. If this Amending Agreement shall terminate under the provisions of this Section, the African Facility Credit Agreement shall continue in full force and effect, as if this Amending Agreement had not been executed. -4- IN WITNESS WHEREOF, the parties hereto, acting through their duly authorized representatives, have caused this Amending 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, THE REPUBLIC OF UGANDA By Authorized Representative INTERNATIONAL DEVELOPMENT ASSOCIATION as ADMINISTRATOR of the SPECIAL FACILITY FOR SUB-SAHARAN AFRICA By l ( Regioral Vice President Africa INTERNATIONAL DEVELOPMENT ASSOCIATION CERTIFICATE I hereby certify that Lthe foregoing is a true copy of the original in the archives of the International Development Association.,, FOR SECRETARY