Conformed Copy - C1952 - Third National Seeds Project - Amendment 1

Page 1 December 6, 1991 The Secretary to the Government of India Department of Economic Affairs Ministry of Finance New Delhi 110001 India Re: Credit 1952-IN (Third National Seeds Project) Amendment Dear Sir: Please refer to the Development Credit Agreement dated December 22, 1988 (hereinafter the "Development Credit Agreement") between India and the International Development Association (hereinafter the "Association") for the above-referenced project. In response to your request and the discussions between our respective representatives, we are pleased to inform you that the Association agrees to amend the Development Credit Agreement as follows: 1. Section 1.02 (r) is amended in its entirety to read as follows: "(r) "PSC" means private seeds company or cooperative, and includes any other private business entity or enterprise, that is authorized, under the borrower's laws and regulations, to engage in the seed industry, including the development, production and distribution of seeds;" 2. The words "including those for the Special Account" as appear in Section 4.01 (b) (i) are deleted. 3. The words "six months" appearing in the second line of Section 4.01 (b)(ii) are deleted and the following substituted therefor "nine months". 4. Section 4.01 (c) (i) is amended in its entirety to read as follows: "(i) maintain or cause to be maintained, in accordance with sound accounting practices, records and accounts reflecting such expenditures;". 5. A new paragraph (d) is inserted in Section 4.01 to read as follows: "(d) The Borrower shall have the Special Account for each fiscal year audited in accordance with appropriate auditing principles consistently applied by independent auditors acceptable to the Association and furnish to the Association, as soon as available, but in any case not later than six months after the end of each such year a certified copy of the report of such audit by said auditors, of such scope and in such detail as the Association shall have reasonably requested." 6. The provision relating to "Amount Refinanced" under paragraph II of schedule 5 (Relending from NABARD to Participating Banks) is amended in its entirety to read as follows: "Amount Refinanced: Not more than 80% of each sub- loan made by participating Banks." Please confirm your agreement to the foregoing amendment by signing Page 2 and dating this letter in the space provided below. This amendment may be executed in two counterparts, each of which shall be an original. Upon your confirmation, please return one fully executed original to us. This amendment will be effective as of the date of this letter upon receipt by the Association of one fully executed original of this amendment. Very truly yours, INTERNATIONAL DEVELOPMENT ASSOCIATION By: Heinz Vergin Director Country Department II, India South Asia Region CONFIRMED: INDIA By: /s/ Shri Neeraj Prasad Date:February 3, 1992