<СОГЛАШЕНИЕ МЕЖДУ РОССИЙСКОЙ ФЕДЕРАЦИЕЙ И МЕЖДУНАРОДНЫМ БАНКОМ РЕКОНСТРУКЦИИ И РАЗВИТИЯ О ВТОРОМ РЕАБИЛИТАЦИОННОМ ЗАЙМЕ> (loan number 3898 ru) [англ.](Заключено в г. Вашингтоне 07.07.1995)


Loan Number 3898 RU
LOAN AGREEMENT
(SECOND REHABILITATION LOAN)
BETWEEN THE RUSSIAN FEDERATION AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
(Washington, 7.VII.1995)
Agreement, dated July 7, 1995 between Russian Federation (the Borrower) and International Bank for Reconstruction and Development (the Bank).
Whereas: (A) the Bank has received a letter dated August 30, 1994 from the Borrower describing a program of actions, objectives and policies designed to achieve economic stabilization and systemic reforms in the Borrower"s economy (hereinafter called the Program), declaring the Borrower"s commitment to the execution of the Program, and requesting assistance from the Bank in the financing of urgently needed imports required during such execution; and
(B) on the basis, inter alia, of the foregoing, the Bank has decided in support of the Program to provide such assistance to the Borrower by making the Loan as hereinafter provided;
Now therefore the parties hereto hereby agree as follows:
Article I
General Conditions; Definitions
Section 1.01. The "General Conditions Applicable to Loan and Guarantee Agreements" of the Bank, dated January 1, 1985, with the modifications thereof set forth below (the General Conditions) constitute an integral part of this Agreement:
(a) Section 2.01, paragraph 11, shall be modified to read:
"Project" means the imports and other activities that may be financed out of the proceeds of the Loan pursuant to the provisions of Schedule 1 to the Loan Agreement."
(b) The last sentence of Section 3.02 is deleted.
(c) In Section 6.02, sub-paragraph (k) is re-lettered as sub-paragraph 1 and a new sub-paragraph (k) is added to read:
"(k) An extraordinary situation shall have arisen under which any further withdrawals under the Loan would be inconsistent with the provisions of Article III, Section 3 of the Bank"s Articles of Agreement."
(d) Section 9.07 (c) shall be modified to read:
"(c) Not later than six months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Bank, the Borrower shall prepare and furnish to the Bank a report, of such scope and in such detail as the Bank shall reasonably request, on the execution of the program referred to in the Preamble to the Loan Agreement, the performance by the Borrower and the Bank of their respective obligations under the Loan Agreement and the accomplishment of the purposes of the Loan."
Section 1.02. Unless the context otherwise requires, the several terms defined in the General Conditions and in the Preamble to this Agreement have the respective meanings therein set forth and the following additional terms have the following meanings:
(a) "SITC" means the Standard International Trade Classification, Revision 3 (SITC, Rev. 3), published by the United Nations in Statistical Papers, Series M, No. 343 (1986); and
(b) "Central Bank" means the Central Bank of the Russian Federation.
Article II
The Loan
Section 2.01. The Bank agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Loan Agreement, various currencies that shall have an aggregate value equivalent to the amount of six hundred million dollars (600,000,000 USD), being the sum of withdrawals of the proceeds of the Loan, with each withdrawal valued by the Bank as of the date of such withdrawal.
Section 2.02. The amount of the Loan may be withdrawn from the Loan Account in accordance with the provisions of Schedule 1 to this Agreement.
Section 2.03. The Closing Date shall be June 30, 1996 or such later date as the Bank shall establish. The Bank shall promptly notify the Borrower of such later date.
Section 2.04. The Borrower shall pay to the Bank a commitment charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Loan not withdrawn from time to time.
Section 2.05. (a) The Borrower shall pay interest on the principal amount of the Loan withdrawn and outstanding from time to time, at a rate for each Interest Period equal to the Cost of Qualified Borrowings determined in respect of the preceding Semester, plus one-half of one percent (1/2 of 1%). On each of the dates specified in Section 2.06 of this Agreement, the Borrower shall pay interest accrued on the principal amount outstanding during the preceding Interest Period, calculated at the rate applicable during such Interest Period.
(b) As soon as practicable after the end of each Semester, the Bank shall notify the Borrower of the Cost of Qualified Borrowings determined in respect of such Semester.
(c) For the purposes of this Section:
(i) "Interest Period" means a six-month period ending on
the date immediately preceding each date specified in Section
2.06 of this Agreement, beginning with the Interest Period in
which this Agreement is signed.
(ii) "Cost of Qualified Borrowings" means the cost, as
reasonably determined by the Bank and expressed as a
percentage per annum, of the outstanding borrowings of the
Bank drawn down after June 30, 1982, excluding such borrowings
or portions thereof as the Bank has allocated to fund:
(A) the Bank"s investments; and
(B) loans which may be made by the Bank after July 1,
1989 bearing interest rates determined otherwise than as
provided in paragraph (a) of this Section.
(iii) "Semester" means the first six months or the second
six months of a calendar year.
(d) On such date as the Bank may specify by no less than six months" notice to the Borrower, paragraphs (a), (b) and (c) (iii) of this Section shall be amended to read as follows:
"(a) The Borrower shall pay interest on the principal amount of the Loan withdrawn and outstanding from time to time, at a rate for each Quarter equal to the Cost of Qualified Borrowings determined in respect of the preceding Quarter, plus one-half of one percent (1/2 of 1%). On each of the dates specified in Section 2.06 of this Agreement, the Borrower shall pay interest accrued on the principal amount outstanding during the preceding Interest Period, calculated at the rates applicable during such Interest Period."
"(b) As soon as practicable after the end of each Quarter, the Bank shall notify the Borrower of the Cost of Qualified Borrowings determined in respect of such Quarter."
"(c) (iii) Quarter" means a three-month period commencing on January 1, April 1, July 1 or October 1 in a calendar year."
Section 2.06. Interest and other charges shall be payable semiannually on May 1 and November 1 in each year.
Section 2.07. The Borrower shall repay the principal amount of the Loan in accordance with the amortization schedule set forth in Schedule 2 to this Agreement.
Section 2.08. (a) The Central Bank is designated as representative of the Borrower for the purposes of taking any action required or permitted to be taken under the provisions of Section 2.02 of this Agreement and Article V of the General Conditions.
(b) Without limitation or restriction to the foregoing, the Borrower hereby entrusts the Central Bank with responsibility for the preparation of withdrawal applications and for the collection of the documents and other evidence to be furnished to the Bank in support of such applications, including the relevant customs certificates for imports eligible for financing out of the proceeds of the Loan.
Article III
Particular Covenants
Section 3.01. (a) The Borrower and the Bank shall from time to time, at the request of either party, exchange views on the progress achieved in carrying out the Program.
(b) Prior to each such exchange of views, the Borrower shall furnish to the Bank for its review and comment a report on the progress achieved in carrying out the Program, in such detail as the Bank shall reasonably request.
(c) Without limitation upon the provisions of paragraph (a) of this Section, the Borrower and the Bank shall, on or about August 1, 1995, carry out a review on the allocation of access to oil export pipelines.
Section 3.02. Except as the Bank shall otherwise agree, procurement of the goods to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 3 to this Agreement.
Section 3.03. a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with consistently maintained sound accounting practices the expenditures financed out of the proceeds of the Loan.
(b) The Borrower shall:
(i) have the records and accounts referred to in paragraph
(a) of this Section audited for each fiscal year, in
accordance with appropriate auditing principles consistently
applied, by independent auditors acceptable to the Bank;
(ii) furnish to the Bank as soon as available, but in any
case not later than six months after the end of each such
year, a certified copy of the report of such audit by said
auditors, of such scope and in such detail as the Bank shall
have reasonably requested; and
(iii) furnish to the Bank such other information
concerning said records and accounts and the audit thereof as
the Bank shall from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Loan Account were made on the basis of statements of expenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance
with paragraph (a) of this Section, records and accounts
reflecting such expenditures;
(ii) retain, until at least one year after the Bank has
received the audit report for the fiscal year in which the
last withdrawal from the Loan Account was made, all records
(contracts, orders, invoices, bills, receipts and other
documents or customs certificates, as appropriate) evidencing
such expenditures;
(iii) enable the Bank"s representatives to examine such
records; and
(iv) ensure that such records and accounts are included in
the annual audits referred to in paragraph (b) of this Section
and that the report of such audit contains a separate opinion
by said auditors as to whether the statements of expenditure
submitted during such fiscal year, together with the
procedures and internal controls involved in their
preparation, can be relied upon to support the related
withdrawals.
Article IV
Additional Event of Suspension
Section 4.01. Pursuant to Section 6.02 (l) of the General Conditions, the following additional event is specified, namely, that a situation has arisen which shall make it improbable that the Program, or a significant part thereof, will be carried out.
Article V
Termination
Section 5.01. The date ninety (90) days after the date of this Agreement is hereby specified for the purposes of Section 12.04 of the General Conditions.
Article VI
Representatives of the Borrower; Addresses
Section 6.01. Except as provided in Section 2.08 (a) of this Agreement, the Minister of Finance or Deputy Minister of Finance of the Borrower is designated as representative of the Borrower for the purposes of Section 11.03 of the General Conditions.
Section 6.02. The following addresses are specified for the purposes of Section 11.01 of the General Conditions:
For the Borrower:
Ministry of Finance
103097, Moscow
Ilyinka Street 9
Russian Federation
Telex:
112008
For the Bank:
International Bank for
Reconstruction and Development
1818 H Street, N.W.
Washington, D.C. 20433
United States of America
Cable address: Telex:
INTBAFRAD 248423 (RCA)
Washington, D.C. 82987 (FTCC)
64145 (WUI) or
197688 (TRT)
In witness whereof, the parties hereto, acting through their duly authorized representatives, have caused this Agreement to be signed in their respective names in the District of Columbia, United States of America, as of the day and year first above written.



SCHEDULE 1
WITHDRAWAL OF THE PROCEEDS OF THE LOAN
1. Subject to the provisions set forth or referred to in this Schedule, the proceeds of the Loan may be withdrawn from the Loan Account for expenditures made (or, if the Bank shall so agree, to be made) in respect of the reasonable cost of goods required during the execution of the Program and to be financed out of such proceeds.
2. Notwithstanding the provisions of paragraph 1 above, no withdrawals shall be made in respect of:
(a) expenditures prior to the date of this Agreement
(b) expenditures for goods included in the following SITC groups or subgroups, or any successor groups or subgroups under future revisions to the SITC, as designated by the Bank by notice to the Borrower:
-------T-------------T-------------------------------------------¬
¦Group ¦ Subgroup ¦ Description of Items ¦
+------+-------------+-------------------------------------------+
¦ 112 ¦ - ¦Alcoholic beverages ¦
¦ ¦ ¦ ¦
¦ 121 ¦ - ¦Tobacco, unmanufactured, tobacco refuse ¦
¦ ¦ ¦ ¦
¦ 122 ¦ - ¦Tobacco, manufactured (whether or not ¦
¦ ¦ ¦containing tobacco substitutes) ¦
¦ 525 ¦ - ¦Radioactive and associated materials ¦
¦ ¦ ¦ ¦
¦ 667 ¦ - ¦Pearls, precious and semiprecious stones, ¦
¦ ¦ ¦unworked or worked ¦

<СОГЛАШЕНИЕ МЕЖДУ РОССИЙСКОЙ ФЕДЕРАЦИЕЙ И МЕЖДУНАРОДНЫМ БАНКОМ РЕКОНСТРУКЦИИ И РАЗВИТИЯ О ЗАЙМЕ ДЛЯ ФИНАНСИРОВАНИЯ ПРОЕКТА РАЗВИТИЯ КРЕДИТНОГО ПОРТФЕЛЯ> (loan number 3844 ru) [англ.](Заключено в г. Вашингтоне 07.07.1995)  »
Международное законодательство »
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