Conformed Copy - L3356 - Rural Finance Project - Amendment

Page 1 November 26, 1991 Mr. Deogracias N. Vistan President Land Bank of the Philippines 319 Sen Gil J. Puyat Ave. Ext. Makati Metro Manila Republic of the Philippines Dear Mr. Vistan, Re: Loan No. 3356-PR (Rural Finance Project) Amendment of Schedule 1 to the Loan Aqreement We refer to the Loan Agreement (Rural Finance Project) dated July 11, 1991 between International Bank for Reconstruction and Development (the Bank) and Land Bank of the Philippines (the Borrower). we also refer to your letter dated November 22, 1991, in which you request an amendment of Schedule 1 to the Loan Agreement. We are pleased to inform you that pursuant to the above request, the Bank has agreed to amend the Loan Agreement as set out in the attachment hereto. Would you please confirm the agreement, on behalf of the Borrower, to the foregoing amendment by signing and dating the confirmation form on the attached copy of this letter and returning the signed copy to us for our records. Sincerely yours, Gautam S. Kaji Director Country Department II Asia Region CONFIRMED LAND BANK OF THE PHILIPPINES By: Authorized Representative Date: 12/9/91 CONFIRMED REPUBLIC OF THE PHILIPPINES By: Authorized Representative Date: 12/11/91 SCHEDULE 1 Withdrawal of the Proceeds of the Loan 1. The table below set forth the Categories of items to be financed out of the proceeds of the Loan, the allocation of the amounts of the Loan to each category and the percentage of expenditures for items so to be financed in each Category: Amount of the Credit Allocated % of Page 2 (Expressed in Expenditures Category SDR Equivalent to be Financed (1) Sub-loans under 50,000,000 89% of Sub-loans Part A(1) of disbursed the Project (2) Sub-loans under 100,000,000 89% of Sub-loans Part A(2) of disbursed the Project ___________ TOTAL 150,000,000 =========== 2. Notwithstanding the provisions of paragraph 1 above, no withdrawals shall be made in respect of: (a) a Sub-loan unless the Sub-loan has been made in accordance with the procedures and on the terms and conditions set forth or referred to in Schedule 5 to this Agreement; and (b) payments made for expenditures prior to the date of this Agreement, except that withdrawals, in an aggregate amount not exceeding the equivalent of $15,000,000, may be made on account of payments made for expenditures before that date but after November 1, 1990.