Conformed Copy - C2109 - Sixth Power Project - Project Agreement 2

Page 1 CONFORMED COPY CREDIT NUMBER 2467 GH Project Agreement (National Electrification Project) between INTERNATIONAL DEVELOPHENT ASSOCIATION and VOLTA RIVER AUTHORITY Dated June 9, 1993 8 time of such valuation, obtainable for the purposes of servicing such debt, or, in the absence of such rate, on the basis of a rate of exchange acceptable to the Association. Section 4.05. VRA shall settle all bills payable through the Clearing House System on a monthly basis. Section 4.06. VRA shall set aside and maintain, in foreign exchange, funds equivalent to not less than the smaller of (a) the amount of VRA's foreign exchange debt service obligation due during the succeeding twelve-month period, and (b) the equivalent of $25,000,000. Section 4.07. Until the completion of Part D of the Project, VRA shall, not later than December 1 of each year, review with the Association the composition of its capital expenditure program for the five fiscal years immediately following such review together with details of the financing plan prepared for such program. Section 4.08. VRA shall transmit to the Association, on a quarterly-basis, a report detailing the funding requirements under Parts C and D of the Project for the subsequent quarter and the source of such funds. Page 2 Section 4.09. Sections 4.02, 4.03 and 4.05 of the Project Agreement (Sixth Power Project), dated May 7, 1990, between the Association and VRA, are hereby amended and restated in their entirety as Sections 4.03, 4.04 and 4.06, respectively, of this Agreement. ARTICLE V Effective Date; Termination; cancellation and suspension Section 5.01. This Agreement shall come into force and effect on the date upon which the Development Credit Agreement becomes effective.