Nicaragua - Second Economic Recovery Credit : Credit 2631 - Credit Agreement - Conformed

T.OCMdENTS CREDIT NUMBER 263) NI (Amendment) Agreement Amending Development Credit Agreement (Second Economic Recovery Credit) between REPUBLIC OF NICARAGUA and INTERNATIONAL DEVELOPMENT ASSOCIATION Dated u ne 2;* , 1994 DEVELOPMENT CREDIT NUMBER-2-63/ NI (Amendment) AGREEMENT AMENDING DEVELOPMENT CREDIT AGREEMENT AGREEMENT, dated ZUne 2L , 1994, between the REPUBLIC OF NICARAGUA (the Borrower) and the INTERNATIONAL DEVELOPMENT ASSOCIATION (the Association). WHEREAS (A) the Borrower and the Association have entered into a Development Credit Agreement (Second Economic Recovery Credit), dated T6W LAO- , 1994, (the Development Credit Agreement) for the purpose of assisting in the financing of the program referred to in Recital (A) of the Preamble to the Development Credit Agreement (the Program); (B) the Borrower has requested the Association to provide additional assistance towards the financing of the Program by increasing the amount made available under the Development Credit Agreement by an amount in various currencies equivalent to five million three hundred and sixty thousand Special Drawing Rights (SDR 5,360,000); and WHEREAS the Association 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 partias hereto hereby agree as follows: ARTICLE I Amendments of the Development Credit Agreement Section 1.01. Section 1.02 of the Development Credit Agreement is amended: (a) deleting Subsection (c) thereof and substituting therefor the following Subsection (c): "(c) "First Tranche" means a portion of the Credit not exceeding the equivalent of SDR 26,610,000, to be released by the Association on or after the Effective Date;" -2- (b) adding a new subsection (p) to read as follows: " (p) "Amending Agreement" means the Agreement Amending the Development Credit Agreement (Second Economic Recovery Credit) between the Borrower and the Association, dated JU tL a- , 1994." Section 1.02. Section 2.01 of the Development Credit Agreement is amended to read as follows: "Section 2.01. The Association agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Development Credit Agreement, an amount in various currencies equivalent to forty seven million eight hundred and sixty thousand Special Drawing Rights (SDR 47,860,000) (the Credit), which includes an original amount in various currencies equivalent to forty two million five hundred thousand Special Drawing Rights (SDR 42,500,000) and an additional amount in various currencies equivalent to five million three hundred and sixty thousand Special Drawing Rights (SDR 5,360,000) (the Additional Financing)." Section 1.03. A proviso is added at the end of Section 2.04 (b) (i) of the Development Credit Agreement reading as follows: "; provided, however, that any commitment charge on the Additional Financing shall accrue from a date sixty days after the date of the Amending Agreement." Section 1.04. Paragraph 4 (a) of Schedule 1 to the Development Credit Agreement is amended by the deletion therefrom of the amount "SDR 21,250,000" and the substitution therefor of the amount "SDR 26,610,000". Section 1.05. Paragraph 4 (b) of Schedule 1 to the Development Credit Agreement is amended by the deletion therefrom of the amount "SDR 31,875,000" and the substitution therefor of the amount "SDR 37,235,000". Section 1.06. The following paragraph is added at the end of Schedule 1 to the Development Credit Agreement: "6. After a date twelve months from the date of the Amending Agreement, no withdrawals shall be made and no commitment shall be entered into to pay amounts to or on the -3- order of the Borrower in respect of expenditures to be financed out of the proceeds of the Additional Financing. At any time after such date, the Association may, by notice to the Borrower, cancel the unwithdrawn amount of the Additional Financing from the Credit Account or any part thereof." ARTICLE II Effective Date; Termination Section 2.01. This Agreement shall not become effective until evidence satisfactory to the Association shall have been furnished to the Association that the execution and delivery of this 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 Agreement, there shall be furnished to the Association an opinion or opinions satisfactory to the Association of counsel acceptable to the Association showing, on behalf of the Borrower, that this 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 Agreement shall come into force and effect on the date upon which the Association shall dispatch to the Borrower notice of its acceptance of the evidence required by Section 2,01 of this Agreement. Section 2.04. If this Agreement shall not have come into force and effect by a date ninety (90) days after the date of this Agreement, this Agreement and all obligations of the parties hereunder shall terminate, unless the Association establishes a later date for the purposes of this Section. If this Agreement shall terminate under the provisions of this Section, the Development Credit Agreement shall continue in full force and effect, as if this Agreement had not been executed. -4- IN WITNESS WHEREOF, the barties hereto, acting through their duly authorized representative' , have caused this Agreement to be signed in their respective name, in the District of Columbia, United States of America, as of the elay and year first above written. REPUBLIC OF NICARAGUA By is; Robert YTeo(Q Authorized Representative INTERNATIONAL DEVELOPMENT ASSOCIATION By ~~cAt ACd!ri) Regional Vice President Latin America and the Caribbean [ INTERNA&r1ONAL DEVELOPM ENT ^.SSOCLYr1OX CERTIFICATE I hereby cenify 너lilt tl,c 「이‘egoing is a tn沈 c아’V &&f the original in tlle archi叱5 01& the lm이ㄲational Bank f이· Reconstructi0n 。，ll(l Oc\：이아’m이柱 and tlv 1llternational Developmcllt Asso出atlon. 욕繡：, .,, \,\｀녹＼ -