Conformed Copy - L4227 - Water Districts Development Project - Loan Agreement 2

Page 1 CONFORMED COPY LOAN NUMBER 4228 PH Loan Agreement (Water Districts Development Project) between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT and LAND BANK OF THE PHILIPPINES Dated May 15, 1999 LOAN NUMBER 4228 PH LOAN AGREEMENT AGREEMENT, dated May 15, 1999, between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (the Bank) and Land Bank of the Philippines (the Borrower). WHEREAS (A) the Republic of the Philippines (the Guarantor) and the Borrower, having been satisfied as to the feasibility and priority of the Project described in Schedule 2 to this Agreement, have requested the Bank to assist in the financing of Part B of the Project; (B) by an agreement (the Guarantee Agreement) of even date herewith between the Guarantor and the Bank, the Guarantor has agreed to guarantee the obligations of the Borrower in respect of the LBP Loan (as hereinafter defined) and to undertake such other obligations as set forth in the Guarantee Agreement; (C) the Republic of the Philippines has requested additional financial assistance toward financing Part A of the Project, and the Bank has agreed to extend a loan in the amount of two million three hundred thousand dollars ($2,300,000) to the Republic of the Philippines (the Republic Loan) pursuant to a loan agreement of even date herewith between the Republic of the Philippines and the Bank (the Republic Loan Agreement); and WHEREAS the Bank has agreed, on the basis, inter alia, of the foregoing, to extend the Loan to the Borrower upon the terms and conditions set forth in this Agreement; Page 2 NOW THEREFORE the parties hereto hereby agree as follows: ARTICLE I General Conditions; Definitions Section 1.01. The