4.5 If repayments are not at Kreditanstalt's disposal when due, Kreditanstalt shall be entitled to increase the rate of interest on arrears to the discount rate of Deutsche Bundesbank prevailing at the respective due date plus 3 % p.a. for the period beginning with the due date and ending at the date at which such repayments in default are credited. In the case of arrears of interest, Kreditanstalt shall be entitled to claim damages. Such damages shall not exceed the amount arrived at if interest on arrears were charged at the discount rate of Deutsche Bundesbank prevailing at the respective due date plus 3 % p.a.
June
30, 1992 DM 243,000. --December 31, 1992 DM 243,000. --June 30, 1993 DM 243,000. --December 31, 1993 DM 243,000. --June 30, 1994 DM 244,000. --December 31, 1994 DM 244,000. --June 30, 1995 DM 244,000. --December 31, 1995 DM 244,000. --June 30, 1996 DM 244,000. --December 31, 1996 DM 244,000. --June 30, 1997 DM 244,000. --December 31, 1997 DM 244,000. --June 30, 1998 DM 244,000. --December 31, 1998 DM 244,000. --June 30, 1999 DM 244,000. --December 31, 1999 DM 244,000. --June 30, 2000 DM 244,000. --June
30, 2001 DM 244,000. --December 31, 2000 DM 244,000. --December
31, 2001 DM 244,000. --June
30, 2002 DM 244,000. --December
31, 2002 DM 244,000. --June
30, 2003 DM 244,000. --December
31, 2003 DM 244,000. --June
30, 2004 DM 244,000. --December
31, 2004 DM 244,000. --June
30, 2005 DM 244,000. --December
31, 2005 DM 244,000. --June
30, 2006 DM 244,000. --December
31, 2006 DM 244,000. --June
30, 2007 DM 244,000. --December
31, 2007 DM 244,000. --June
30, 2008 DM 244,000. --December
31, 2008 DM 244,000. --June
30, 2009 DM 244,000. --December
31, 2009 DM 244,000. --June
30, 2010 DM 244,000. --December
31, 2010 DM 244,000. --June
30, 2011 DM 244,000. --December
31, 2011 DM 244,000. --June
30, 2012 244,000. -- _ ________ _____________ DM 10,000,000. -- ======= ===========
(a) subject to his obligations under Article 8, to forgo any loan amounts not yet withdrawn, and5.2 Kreditanstalt shall be entitled to suspend disbursement only if
(b) to repay the Loan in whole or in part in advance of maturity.
(a) the Borrower shall have failed to perform his obligation vis-a-vis Kreditanstalt to make payments when due;5.3 If any event specified in Article 5.2 (a), (b) or (c) shall have occurred and shall continue for a period to be specified by Kreditanstalt which shall, however, not be less than 30 days Kreditanstalt shall be entitled
(b) obligations under this Agreement or under separate agreements pertaining to this Agreement shall not have been duly performed;
(c) the Project Sponsor shall not be able to prove the use of the loan amounts for the purpose stipulated in this Agreement or
(d) any extraordinary situation shall have arisen which shall preclude or seriously jeopardize the accomplishment of the purpose of the Loan, the execution of the Project or the performance of the payment obligations assumed by the Borrower under this Agreement.
(a) in the case of events specified in Article 5.2 {a) or 5.2 (b) to demand the immediate repayment of all loan amounts outstanding as well as payment of all interest accrued and all other incidental charges or
(b) in the case of the event specified in Article 5.2 (c) to demand the immediate repayment of such loan
amounts which the Project Sponsor is unable to prove to have been used for the purpose stipulated
in this Agreement.
(a) the Borrower has met all requirements under his constitution and other laws for the valid assumption of all his obligations under this Agreement;7.2 The Minister of Finance and such persons as designated by him to Kreditanstalt and authorized by specimen signature authenticated by him shall represent the Borrower in the implementation of this Agreement. The General Manager of the National Housing Authority and such persons as designated by him to Kreditanstalt and authorized by specimen signature authenticated by him shall represent the Project Sponsor in the implementation of this Agreement. In the event that a change in the representation shall occur the person authorized to represent the respective contracting party shall notify Kreditanstalt of the newly designated representative and of his address. The power of attorney shall expire only when its express revocation by the representative authorized at the time shall have been received by Kreditanstalt.
(b) the Project Sponsor has met all requirements under Philippine law for the valid assumption of all his obligations under this Agreement.
For Kreditanstalt | |
Postal address: | Kreditanstalt fiir Wiederaufbau Postfach 11 11 41 Palmengartenstrasse 5-9 D - 6000 Frankfurt am Main Federal Republic of Germany |
For the Borrower: | |
Postal address: | Ministry of Finance |
Metro Manila | |
Republic of the Philippines | |
National Housing Authority | |
For the Project Sponsor: | Quezon Memorial Elliptical Road |
Diliman | |
Quezon City | |
Republic of the Philippines |
Any change in the above addresses shall be effective only when notification thereof shall have been received by the other contracting parties.
(a) prepare, carry out, and maintain the Project in conformity with sound financial and engineering practices as well as substantially in accordance with the plans and data submitted to Kreditanstalt;8.2 The Project Sponsor and Kreditanstalt shall lay down the details pertaining to Article 8.1 in a separate Agreement.
(b) assign the preparation and supervision of the construction of the Project to independent, German qualified consulting engineers and the Project's execution to. qualified Philippine firms upon prior national public invitation to tender;
(c) maintain, or cause to be maintained, books and records showing all costs of goods and services required for the Project and identifying the goods and services financed from the Loan;
(d) enable the representatives of Kreditanstalt at any time to inspect such books and records as well as any other documentation relevant to the execution of the Project and to visit the Project and all the installations related thereto;
(e) supply any information and reports on the Project and its further progress which Kreditanstalt may request;
(f) take appropriate action to ensure an adequate extension of the high school in "Area B" by the relevant ministry;
(g) carry out a job creation scheme in the project area (livelihood component), modeled on the corresponding scheme already existing in Dasmariñas ("Area C"), and establish a training centre for this purpose;
(h) continue also in Dasrnariñas with the consultation of the squatters concerned regarding the implementation and operation of the Project as practiced in Dagat Dagatan and support the establishment of self-help organizations;
(i) in due time submit to Kreditanstalt in order to reach consent on the lending procedure and the terms and conditions of the building material credits possibly to be extended as well as of the credit schemes for promotion of small-scale industry; such credit schemes shall ensure that also the members of the lower income brackets will have access to credits;
(j) fix the rent or the hire-purchase rates in accordance with the financial affordability of the squatters, so that members of the lower income brackets will be enabled to enter into renters ' agreements and are not precluded from the acquisition of land titles;
(k) take appropriate action to help families of the lower income brackets in cases of need to meet the obligations undertaken by them;
(l) in due time submit to Kreditanstalt for its comment drafts of the renters' agreements or hire-purchase agreements to be concluded, and
(m) in due time prior to the termination of the resettlement submit to Kreditanstalt for approval a draft of a workable rent collection system.
(a) secure the full financing of the Project and, upon request of Kreditanstalt, furnish it with evidence proving that all costs not to be paid from the Loan are covered;8.4 The Borrower shall
(b) of their own accord promptly inform Kreditanstalt of any circumstances seriously affecting or jeopardizing the accomplishment of the purpose of this Agreement, above all the execution or operation of the Project;
(c) together with the relevant authorities take appropriate action to prevent further immigration to Dulo Puting Bato after the census has been carried out, and
(d) apply for supporting measures within the framework of German Technical Co-operation with the Philippines to work out a comprehensive approach to industrial settlement, promotion of small-scale industry, and vocational training in the project area.
(a) assist the Project Sponsor in conformity with sound financial and engineering practices in the execution of the Project and in the performance of his obligations under this Agreement and, in particular, grant the Project Sponsor all permissions legally possible and necessary for the execution of the Project;
(b) cause his relevant ministries and authorities
8.5 Regarding sea and air transport of the goods to be financed from the Loan the provisions of the Government Agreements, which are known to the Borrower, shall apply.- to co-operate with the Project Sponsor in the execution of the Project, including the Dasmariñas High School ("Area B"), and, if this should prove necessary, to provide funds required for implementing the Project according to schedule, and
- to take over established buildings and facilities from the Project Sponsor after completion and to properly run and maintain them.
at Frankfurt am Main at Bonn this 22. MAR 1982 this 18. MAR 1932 KREDITANSTALT FUR WIEDERAUFBAU REPUBLIC OF THE PHILIPPINES (Sgd.) (Sgd.) NATIONAL HOUSING AUTHORITY (Sgd.)
at Frankfurt am Main 22. MAR 1982 at Bonn 18. MAR 1982 KREDITANSTALT FUR WIEDERAUFBAU REPUBLIC OF THE PHILIPPINES (Sgd.) (Sgd.) NATIONAL HOUSING AUTHORITY (Sgd.)