Cameroon - Camdev Project : Credit 0100 - Project Agreement - Conformed

CREDIT NUMBER 100 CM Project Agreement (CAMDEV Project) BETWEEN 4 INTERNATIONAL DEVELOPMENT ASSOCIATION AND CAMEROONS DEVELOPMENT CORPORATION DATED MARCH 28, 1967 CREDIT NUMBER 100 CM Project Agreement (CAMDEV Project) BETWEEN * INTERNATIONAL DEVELOPMENT ASSOCIATION AND CAMEROONS DEVELOPMENT CORPORATION DATED MARCH 28, 1967 Jkvir~d Agm~urut AGREEMENT, dated March 28, 1967, between the INTERNATIONAL DEVELOPMENT AssOcIATIoN (hereinafter called the Association) and the CAMEROONS DEVELOPMENT CORPORATION (hereinafter called the Corporation). WHEREAS on the basis of the considerations described in the Recitals to the agreement of even date herewith (here- inafter called the Loan Agreement) between the Inter- national Bank for Reconstruction and Development (here- inafter called the Bank) and the Corporation, the Asso- ciation has agreed to make available to the Federal Repub- lic of Cameroon (hereinafter called Cameroon) a develop- ment credit in various currencies equivalent to eleven mil- lion dollars ($11,000,000) on the terms and conditions set forth in a development credit agreement (hereinafter called the Development Credit Agreement) of even date herewith between Cameroon and the Association, but only on con- dition that the Corporation agree to undertake certain obligations to the Association as hereinafter in this Proj- ect Agreement set forth; and WHEREAS the Corporation, in consideration of the fore- going has agreed to undertake the obligations hereinafter set forth; Now THEREFORE the parties hereto hereby agree as folJ3ws: ARTICLE I Definitions SECTION 1.01. Wherever used in this Project Agreement, unless the context shall otherwise require, the several 4 terms defined in the Loan Agreement, the Development Credit Agreement and in the Regulations (as so defined) shall have the respective meanings therein set forth. ARTICLE II Particular Covenants SECTION 2.01. (a) Sections 3.01, 3.02, 5.01, 5.02, 5.03, 5.04, 5.05, 5.06, 5.07, 5.08, 5.09, 5.10, 5.11, and 5.12 of the Loan Agreement are hereby incorporated into this Project Agreement with the same force and effect as if they were fully set forth herein; provided, however, that (i) all refer- ences to the Bank in such Sections or in any of them shall be deemed to be references to the Association, and (ii) all references to the Loan in such Sections or in any of them shall be deemed to be references to the Credit. (b) So long as any part of the Loan or the Bonds exe- cuted pursuant to the provisions of Article IV of the Loan Agreement shall remain outstan(ling and unpaid, all action taken, including approvals given, by the Bank pursuant to the Sections of the Loan Agreement enumerated in the fore- going paragraph shall be deened to be taken or given in the name and on behalf of both the Bank and the Asso- ciation; and all information furnished by the Corporation to the Bank pursuant to the provisions of such Sections shall be deemed to be furnished to both the Bank and the Association. ARTICLE III Effective Date; Termination SECTIoN 3.01. (a) This Project Agreement shall come into force and effect on the Effective Date. (b) If pursuant to Section 6.03 of the Development Credit Agreement, the Development Credit Agreenient shall be 5 terminated, this Project Agreement and all obligations of the parties hereunder shall also terminate and the Associa- tion shall promptly notify the Corporation thereof. SECTION 3.02. This Project Agreement shall terminate and the obligations of the parties hereunder shall cease and determine on the date when the Loan Agreement or the Development Credit Agreement shall terminate in accord- ance with their respective terms, whichever shall be the earlier. ARTICLE IV Miscellaneous Provisions SECTION 4.01. Any notice or request required or per- mitted to be given under this Project Agreement and any agreement between the parties contemplated by this Proj- ect Agreement shall be in writing. Such notice or request shall be deemed to have been duly given or made when it shall be delivered by hand or by mail, telegram, cable or radiogram to the party to which it is required or permitted to be given or made at its address hereinafter specified, or at such other address as such party shall have designated by notice to the party giving such notice or making such request. The addresses so specified are: (a) For the Corporation: Canieroons Development Corporation Bota, Victoria Federal Republic of Cameroon Alternative address for cablegrams and radiograms: Deveam Bota, Victoria Federal Republic of Cameroon Telex: DOUALA 242 6 (b) For the Association: International Development Association 1818 H Street, N.W. Washington, D.C. 20433 United States of America Alternative address for cablegrams and radiograms: Indevas Washington, D.C. SECTION 4.02. Any action required or permitted to be taken, and any documents required or permitted to be exe- cuted, under this Project Agreement on behalf of the Cor- poration may be taken or executed by the Chairman of the Board or such other person or persons as he shall desig- nate in writing. SECTION 4.03. The Corporation shall furnish to the Asso- ciation sufficient evidence of the authority ol the person or persons who will, on behalf of the Corporation, take any action or execute any documents required or permitted to be taken or executed by the Corporation pursuant to any of the provisions of this Project Agreement or the Devel- opment Credit Agreement and the authenticated specimen signature of each such person. SECTION 4.04. This Project Agreement may be executed in several counterparts, each of which shall be an original and all collectively but one instrument. IN WITNESS WHEREOF, the parties hereto have caused this Project Agreement to be signed in their respective names by their representatives thereunto duly authorized 7 and delivered in the District of Columbia, United States of America, as of the day and year first above written. CAMEROONS DEVELOPMENT CORPORATION By /s/ V. E. MTKETE Authorized Representative INTERNATIONAL DEVELOPMENT AssOCIATION By /s/ GEORGE D. WOODS President