Selanjutnya
f
I
A.I.D. Loan No . 497-H-025
LOAN AGRE EMENT
(Indonesia:
Ketenger Transmission and Distribution Rehabilitation )
GOVERNMENT OF INDONESIA
AND
l'ERUSAfIAAN LISTRIK NEGARA
AND THE
UNITED STATES OF AMERICA
TABLE OF CONTENTS
Section Number
ARTICLE I
SECTION 1.1
SECTION 1.2
ARTICLE II
SECTION
SECTION
SECTION
SECTION
2. 1
2 .2
2 .3
2 .4
ARTICLE III
SECTION 3.1
SECTION 3 .2
SECTION 3 .3
SECTION 3. l.j.
ARTI CLE DI
SECTION 4.1
SECTION 4 . 2
SECTION 4.3
ARTI CLE V
SECTION 5 . 1
SECTION 5 . 2
ARTI CLE VI
SECTION
SECT ION
SECTION
SECTION
SECTION
SECTION
SECTION
SECTION
6 .1
6 .2
6 .3
6.4
6 .5
6 .6
6. 7
6 .8
The Loan
1
The Loan
Project
1
Borrower Repayment Terms and Interest
2
1
Interest
Principal
Application and Place of Payment
Prepayment
Condi tions Precedent
Conditions Precedent to
Conditions Precedent to
Construction Services
Terminal Dates for ｾｵｬｦｩｭ･ｮｴ＠
Conditions Precedent
Notification of Meeting
Precedent
2
2
3
3
3
Initial Financing
Financing
and Procurement
of
3
4
6
of Conditions
7
Disbursements
7
Requests for Letters of Commitment
Other Forms of Disbursement
Terminal Date for Requests for Conunitment
Doc1unents and for Disbursements
7
7
8
Particular Covenants and Warranties
Concerning the Pr oject
8
8
Borrower ' s Covenants
Beneficiary's Covenants
10
General Covenants, Warranties and
Agreements
13
Utilization of Eligible I tems
Informat ion and Marking
Notice of Mat erial Developments
Inspections
TaJCes and Duties
Conunissions, Fees and Other Payments
Renegotiation of Terms
Insurance
i
13
13
13
14
14
15
15
16
Section Number
SECTION 6.9
SECTION 6 .10
SECTION 6 .11
ARTICLE VII
SECTION
SECTION
SECTION
SECTION
SECTION
SECTION
SECTION
7 .1
7.2
7 .3
7.4
7.5
7.6
7.7
ARTICLE VIII
SECTION 8.1
SECTION 8.2
SECTION 8.3
SECTION 8.4
SECTION 8 . 5
ARTICLE IX
SECTION 9.1
SECTION 9. 2
ARTICLE X
SECTION 10 .1
SECTION 10.2
SECTION 1 0 . 3
Maintenance and Audit of Records
Reports
Investment Guaranty Project Approval by
Borrower
16
17
Covenants Concerning Procurement
17
Procurement Source and Origin
Date of Procurement
Port Charges
Small Business Notification
Ocean Shipment
Marine Insurance
Employment of Contract Personnel
17
18
18
19
19
19
Remedies of A.I.D.
20
Events of Default; Acceleration
Termination of Disbursements; Transfer of
Goods to A.I.D.
Refunds
Waivers
Expenses of Collection
20
23
24
25
25
Borrower Contribution to Beneficiary
25
Terms of Contribution
Rate of Exchange
25
26
Miscellaneous
29
Designation of Representatives
Implementation Letters
Communications
30
30
17
20
29
A-1
ANNEX "A"
ii
LOAN AGREEMENT
AGREEMENT, dated the
3 l't>l
day of/Jo llet'M.b.e,R_, 1971
between the GOVERNMENT OF INDONESIA (hereinafter called the "Borrower"),
PERUSAHAAN LISTRIK NEGARA (hereinafter called the "Beneficiary"), and
the UNITED STATES OF AMERICA, acting through the AGENCY FOR INTERNATIONAL
D.t!:VELOPMENT (hereinafter called "A.I.D. ").
ARTICLE I.
The Loan
SECTION 1 .1.
The Loan.
A.I.D. hereby agrees to lend to the
Borrower, for the use of and, under Section 9.1 hereunder, to be reloaned
to the Beneficiary pursuant to the Foreign Assistance Act of 1961, as
amended, up to twenty one million United States dollars ($21,000,000)
to assist in financing the reasonable foreign exchange dollar costs
of certain goods and services required for the Project as defined. in
Section 1.2 hereof.
Goods and services financed hereunder are herein-
after referred to as "Eligible Items," and the aggregate amount disbursed
hereunder is hereinafter referred to as "Principal."
SECTION 1. 2.
Project.
As used in this Agreement, the "Project"
shall mean the construction of a 150 kilovolt (kv) transmission system
and the rehabilitation and construction of distribution facilities in
the Ketenger Electrical System the western part of Central Java Province,
ｒｾｰｵ｢ｬｩ｣＠
of Indonesia,
related thereto.
ｴＩｧｾｨ･ｲ＠
with technical assistance and training
A more detailed description of the Project is set forth
in Annex "A" of this Agreement .
- 2 -
ARTICLE II.
Borrower Repayment Terms and Interest
SECTION 2.1.
Interest.
The Bor·rower shall pay semi-annually
+.o A.I.D. in United States dollars on the unpaid Principal, interest
which shall accrue from the dates of the rezpective disbursements hereunder, the first such jnterest payment to be due and payable no later
than six (6) months after the first such disbursement on a date to be
specified by A.I.D.
Principal and interest due but not paid shall
accrue interest at the maximum rate hereunder until fully paid.
Interest shall accrue at the rate of two percent
ten
(2%) per annum :for
(10) years after the first disbursement hereunder and at a rate
of three percent
(3%) per annum thereafter, computed on the basis of
a three hundred sixty-five (365) day year .
shall be deemed to occur on the date on
Disbursements
ｷｨｩ｣ｾ＠
ｨ･ｲｵｮｾ＠
payment by A.I.D.
made either directly to the Boi•rower or its designee or to a
ｨｾ［ｲｊ
ｩｾ＠
､ｮｧ＠
institution pur·suan-G to a commitment document.
SEC'rION 2.2.
Princ:ipa.L
Borrower sha.11 repay the Principal
to A.I.D. in United Staten dollars within forty (40) years from the
date of first
､ｩｳ｢ｵｲ･Ｎｮｾｴ＠
hereunder in sixty-one (61) level semi-
annual installm.ents of pri.ncl.p&l and interest, the first insta.11.ment
.J
be due and payab) e 1-;.ine and one-half (9-1/2) years after the first
interest pa.ymant is •tua.
- 3 SECTION 2.3.
Application and Place of Payment.
All payments
shall be applied first to the payment of any interest due and unpaid
and then to the repayment of Principal.
All payments shall be .made to
the Controller, United States Agency for International Development
.hereinafter called "USAID"), Djakarta, Indonesia, or to such other
payee or at such other address as A.I.D. may designate, and shall be
deemed to have been paid when there received.
SECTION 2 . 4 .
Prepayment.
The Borrower shall have the right
to prepay, without penalty, on any date on which interest is due, all
or any part of the Principal.
Any prepayment shall be applied first
to the payment of any accrued and unpaid interest and then to the
remaining installments of' Principal in the inverse order of their maturity.
ARTICLE III.
Conditions Precedent
SECTION 3.1.
Conditions Precedent to Initial
ｆｩｮ｡
ｮｾＺ
ｾ＠
Unless A.I.D. otherwise agrees in writing, prior to tha
ｩｳｵｾ
first letter of commitment or other commitment
fc:.:· engineering
､ｯ｣｜
ｾ Ｎｭ･ｮ
ｴ＠
ＮＢＺＱＧ
･＠
of the
services, the Borrower or the Beneficiary, as appropriate, shall
furnish A.I.D., in form and substance satisfactory to A.I.D. :
(a) An opinion of the Minister of Justice of the Borrower
that this Loan Agreement has been duly authorized or
ratified by, and executed on behalf' of, the Borrower
and is a valid and legally binding obligation of the
Borrower in accordance with its terms;
- 4(b)
An opinion of the principal legal officer of the
Beneficiary, or of other legal counsel satisfactory
to A. I.D., that this Loan Agreement has been duly
authorized or ratified by, and executed on behalf of,
the Beneficiary and is a valid and legally binding
obligation of the Beneficiary in accordance with its terms;
(c)
The names oi' the persons who will act as the representatives
of the Borrower and the Beneficiary pursuant to
10.1
ｓ･｣ｴｩｯｾ＠
hereof, together with evidence of their authority and a
specimen signature of each such person,
｣･ｲｴｩｾ､＠
as to its
authenticity by either the persons rendering the legal
opinions pursuant to Section 3.1(a) and 3.l(b) or the persons
executing this Loan Agreement;
( d)
A draft contract between Benefi cia1·y and a cor;.s .r.ve ｾｩｮｧ＠
engineering firm.
The selection of said f:i rm e.r_cl the
terms of said contract shall be in accordance ·.ith A.I.D.
Capital Project Guidelines for Engineering Services.
ｓｅｃｔｾｏｎ＠
3 . 2. Conditions Precedent to Financing Construction
Services and Procurement .
Unless A.I.D. otherwise agrees in writing,
prior to the issuance of letters of commitment or other commitment
documents for construction services and the procurement of other Eligible
Items, the Borrower or Beneficiary, as appropriate, shall have met -the
conditions precedent in Section 3.1, and in addition Borrower or
- 5 Beneficiary, as 'be a dequate to scow :
(a)
L.:.;;.: receipt and use made of EligibJ.e, Items;
(b)
the pro.sr.'ess of the Project;
( c ｾ＠
curr·ent data covering operation,; a.nd
(d)
financial condit ion of the Beneficiary.
Such books and records shall be regularly audited
':;y
independent public
accountants acc ep tabl e to A. I.D., in accordance witn sound auditing standards,
- 17 on an annual basis or for such period and at such intervals as A. I.D.
may require , and s hall be maintained for five years after the date of
t he last di sbursement by
Loan Agreement have been
SECTI ON 6 . 10 .
ｰ｡ｩ､ｾ＠
ａＮｉｄｾ＠
or until all stun.s due A.I.D. u..11der t.his
w"hichever date shall first occur.
RBports.
Tha Bar:cawer and the Beneficiary will
furnish A.I.D. wi th such information and repor·ts :re ' ating +,o the Project,
Eligible It ems , and the Loan provided for herein as A.I.D.
'l!J.8,y
reasona,bly
request.
SECTION 6 .11.
Investment ｇｵ｡ｲｾｴ［｣｟＠
Project Approval by Borrower.
The Borrower a gr ees that the construction work to be financed under thi s
Agreement is a project approved by the Borrower pursuant to t h e Agreement
between the Gov ernrnent of Indonesia and the United States of America on
the sub j ec t of i nvestment gua ranties , and no further appro,raJ.
Bor rowe r shal l be required to permit the Gove:r·nment of the
of America under that Agreement to issue investment
ｧｵＮ｡
Ｎ ｲ｡ｮｴｩ･
ｕｮＮ
Ｚ ＡＺ Ｚｾ
Ｍ ｾｾ
the
｢ｾｲ＠
Ｑ Ｎ＠
States
covering
a cont ractor ' s investment in that project .
ARTICLE VII.
Covenants Concerning Procur,'£llent
SECTION 7 .1.
Procurement ｓｯｵｲｾ＠
a_nd O:rigi_n .
(a)
Except as
A.I.D . may otherwise agree in writing and exeept as provided in Section
7. 6 her ein for marine insurance, all Eligible It.ems, including transportati on
s ervi c es, shall have both their source and origin in those count,ries noted
a s eli g ible under Cod.e 9ln of the A. I. D. ({-9ographic Code Book as in effect
a t the t ime orders are placed or contracts are entered into ror such
- 18 Eligible Items.
Transportation services shall be deemed to have their source
and origin in such countries if procured from a flag carrier registered in
any of such countries.
(b)
All other goods and
ｳ･ｲｶｩ｣ｾ＠
obtained for the Proj6ct but
.10t financed by A.I.D.) except transportatjcn serv1ces, shall have thsir
source and origin i n countries includ.e1 L. Code 935 of the A.I.D . Geographic
Code Book as in effect at the time such goods
ｯｾ＠
services are procured.
In addition to the ocean shipment requi:rero.ent oi' Section 7. 5 hereunder,
all Eligible Items shall be transported to Indonesia on carriers of
countries included in the said Code 935 as in effect at t!le time such
transportation is procured.
This covenant shall be construed in accordance
with A.I.D. regulations as from time to time a.mended.•
SECTION 7.2.
Date of Proc-...1rement.
F.xcept as A.l.D. '!IlEiY
otherwise agree in writing, no goods er services may be
ｦｩｮ｡｣ｾ
Ｚ＠
2€re-
under which arise out of orders or contracts firra.ly placed or ::::::'.te:rcd
into prior to the date of this Loan Agreement.
SECTION 7. 3.
Port Charges.
With :respect to
ｩﾷ Ｌ ＺＡＧＱｭｾｰｯ
ｲｴ｡ｩｯｮ＠
services tbat consti t11te Elit,;ible Items, A. I.D. ·will finance under the
Loan ninety percent
Ｈｾｯｻ
Ｉ＠
of all ocean freight c0sts of each shipment,
and ninety-eight percent (98%) of such costs on any shipment unde!'
free-out terms.
The ｲ･ｾｩ｡ｮｧ＠
ten percent (10-%), or two percent (2%)
of free-out shipments, repi·es and tarJi,:ers) ｷｨｩ｣ｾＱ＠
shs.11 be transported on
ocean vessels shall be transport;et'l. on p::dvatel:r owned Uni tea States flag
commercial vessels.
No goo·Is ru&;y oe .::.'ina.nce1
transported on any ocean vessel
01·
which a.re
ｲｾ･ｳｵｮ､＠
aircraft (a) which A.I.D. in e r.:,tice
to the BorrowEr and tre Beneficiary has de.: t';na::ea. e:s ineligibl, ana_ upon any such declaration, unless the
'lefault may be cured and is cur·ed within sixty (60) days thereafter,
such principal and all interest accrued thereon shall become immediately
due and payable.
The Borrowe1n, if the Beneficiary is in default, at its option,
may declare all or any part of the unrepaid principal under the Loa.n
from the Bor·rower to the B8nefi ciary pursuant to Sec ti on 9 . 1 hereof
·- 23 to be due and payable immediately, and upon any such declaration,
unless the default may be cured and is cured within sixty (60) days
thereafter, such principal and all interest accrued thereon shall
become due and payable immediately.
The Borrower shall not exercise
the right set forth in the preceding senter.ce hereunder without the
prior written concurrence of A. I. D.
SECTION 8. 2.
Goods to A.I.D.
(a)
Te:rmination of Disbursements; Transfer of
In the event that at any time:
an Event of Default has occurred and has not been
remedied as provided above;
(b)
an event occurs that A.I.D. determines to be an
extraordinary situation which makes it improbable
that the purposes of the Loan provided for herein
will be attained or that the Borrower or the
Beneficiary will be able to or will perform itE'
obligations hereunder; or
(c)
any disbursement would be in violation of the
legislation governing A.I.D.;
then A. I.D . at its option, after notice to the Borrower and the
Beneficiary; may (i) decline to issue further letters of commitment
other commitment documents, (ii) suspend or cancel outstanding
letters of commitment or other commitment docurnents to the extent that
they have not been utilized through the issuance of irrevocable letters
of credit or through bank payments made other than under irrevocable
letters of credit, giving notice to the Borrower and the Beneficiary
..
'·
- 24 thereof , (iii ) decl ine to make disburs ements other than under l etters
of commi tment; and (iv) at A.I.D. ' s expense, direct that title to
ａ
goods f i nanced under disbursements hereunder shall be transferred to
Ｎ ｾ
Ｎｄ＠
at cost to the Beneficiary, provided the goods are from a
source outside the Republic of Indonesia., are in a d.e.l.iverable state
and have not been off-J.oaded in ports of entry of the Republic of
Indonesia .
To the extent that any costs connected with the purchase
and transportati on of these goods hav-e l)een financed hereunder , these
amounts shall be deducted from Principal .
SECTION 8. 3.
Refunds.
I f A. I. D. determines that any dis··
bursement is not supported by valid clocumer.tation in accordance with the
terms of this Loan Agreement, or is not ma.de or used 1.n accordance wi th
the terms of thi s Loan Agreement, or was at the tirae of disbursement in
violation of the l egi slation governir_g A. I.D . , A. I.D . , at its o:· ｩＺＭ
may , notwithstandi ng the avai labi l i ty of any other remedy
ｰｲｯｶＺＡＮｾ＠
ｾ Ｌ＠
-;d. for
under t his Loan Agreement or the exerci se of the remedy provid,=-.d for in
Section 8 .1 , r equire the Borrower to pay to A.I.D. in United States
dollars withi n thirty (30) days after receipt of a. request therefor,
an amount not to exceed !;he amount of such disb.:irse:ment, and the
Benefi ciary, if it is responsible for the
ｩｭｰｲｯ･ｾ＠
documentation or
,. ·e of the disbursement, shell pay tLe Borr ower :..n Indones i an currency
the equivalent, as computed in accordance with Section 9.2 hereunder,
of the amount to be pai.d to A.I.D. unde:c this Section; provided that
such r equest by A. I.D. shall be :m.ade not later than five (5 ) years
aft er the date of the final disbuxsement hereunder.
Any such refund
,...,.,..
-
received
C..,;
-
sheJJ .. '.Je ar.p l},:;rl I·i:rsc to any acc:nnd interest,
｢ｾＬＧａＮｉｄ＠
and then to ir..ste.llr..ern,s o:f P:c incipal in inverse order of their .maturity.
SECTION 8 . l+ .
Waivers.
No dela;{ in exercisir:g or omission
to exercise any right, power or remedy accruing to A.I.D. under this
....oan Agreement shalJ be construed as e. waiver of any such right,
power or remedy.
SECTION [3. '.) .
Kxr:ie11ses of Collection.
All reasonable costs
incurred by A.I. D. (other than salaries of its staff) after an Event
of Default has occurred, in connection with the collection of a.mounts
due under this Loan Agreem.enL, m.B..y be charged to the Borrower and
reimbursed as A.I.D. shall specify.
ARTICLE IX.
Borrower Contribution to Beneficiary
SECTION 9.1.
Terms of Contribution.
Borrower will
the proceeds of this Loan to Beneficiary on terms to be
･ｳｴ｡｢ｬｾｨ､＠
not later than t.J.a.y 22, 1973, or such other time as may be
in writing by A.I.D .
ｺﾷ｣ＭＡＮ｟ｦｾ､＠
｡ｧＺｲｾ･､Ｎ＠
to
Borrower, Beneficiary and. A. I .D. will cons ult
together, and Borrower shaJ l establish, with the concurrence of
Beneficiary and A.I.D., appropriate terms for 1-!j c reloan based upon.
Beneficiary ' s financial cond.iti.on as of' the date of such con.finltations
:tnd agreement,
ｴ｡ｫｩｮｾ＠
into account the recolD!D.e:1dations of the manage.u.ent
consultant under Section 2.02(b) of the Project Agree.ment and the program
for i mplementing the rae:omuendations agreed to b/ Beneficiary) Borrower,
the International Devdopment Association, and A. :c. D.
Under the re2a1-
ment terms agreed upon, which terms may be made :retrcactive to the
date of this agreement:
...,
-
(a)
t:::U -
Beneficiary will have the right to prepay, without
penal ty, all or any part of the debt to the Borrower
on any date on which Beneficiary ' s interest payments
are due and payable .
Any such payment will be applied
first to payment of any accrued interest and then to
the ramaining
ｩｮｳｴ｡ｬＺｭｾ＠
of principal in the inve:rse
order of' maturity.
(b )
A "m.aintena.nce of val"t:e" sect:.on, in the form of
Section 9.2 below, will be included.
(c)
All repay.!l'..ents made by Beneficiary to Borrower shall
be used for the development budget of the Borrower or
for su'!h other economic developmer..t purposes as A. I.D .
ILAY e.gree •
SECTION 9.2.
Rate of Ex.:;hanee:.. Hith respect to p:r·ir:. ［Ｚ
repayments and interast
pursuant to Section
(a )
ｰ｡ｹｭＺｾｮｴｳ＠
ｳｾ
Ｚ＠
made to the Borrower by t,he :: .J.eficiary
9.1 of this Loan Agreement:
The a.mot.r.t of' Indonesian currency equivale:nt to the
United S ca.tes clcllar amount for 11hich pa.ym&nt is due
shall be C·'Jlli.J:IUte 1 on the basis ot'
presc:c ｩＮ｢ｾ､＠
ｴｨｾ＠
iate of exchange
in sul)section ( c) of thie Section applicable
to such pay:r.er;t; provided that in an;>' case where payment
is made after the due date fer +.hat payment A. I.D. may
require that it be coropt;.ted en the basis of the pr·escribed
rate of exchange existing on the date of payment .
- 2'{ -
(b)
In the event there is no prescribed rate of' exchange
on the due date for a payment, the a.mount of Indonesian
currency equiｶ｡Ｎｬ･ｲｾｴ＠
to the United St.ates dollar amount
of the obl.i.gation for uhich payment is due shall be
computed and patd on the basis cf the pre.scribed :rate
of excha.i.ge exist:i.ng on the date nearest p:ceceding the
due date for· the payment on which such a rate can be
ascertained.
Within
ｳｩｾ｣ｴｹ＠
(60) days after the first
date after such due date on which a current prescribed
rate of exchange can be ascertained, the Beneficiary
shall, upon the request of A. I.D . , make prompt payment
to the Borrowe:r, or the Bcrrcwa·, upon the request of
ａＮｉｄｾ＠
shall make prompt reimbursenient to the
Beneficiary of the 2J0.o;mt of In-::1.cnesian currenc;y
required t.o make the total payment of
ｉＡｬ､ｯｮＺ･ｳｩ＼ｾＧＮ＠
curre:ncy equivalent in value to the United
ｓｴｦ
ＮＢ ｾ･ｳ＠
dollar amount of the obligation e.gainst which the
payment was made, computed on the ·oasis of the
p:r.esc;cibe·i rate of exchange existing on the fi:cst date
follcming sn:'!h due date on which
ｳｵＮ･ｬｾ＠
e. rate can be
ascertained..
(c)
Fc:r· pt.r_poses of this Section, the r)rescribed rate of
exchange be'.:;1.eeL Ind.onesian currency and Uni tect States
dollars on c..rw particular d[;..tE: shall be the effective
rate of exchange at which United States dollars are sold
- 28 or offered for sale on that date in exchange for
Indonesian currency to residents of the Republic of
Indonesia, exclusive of C-overnm.ent entities, for
effecting:
(1) the payment of interest and repayment of principal
on loans; (2)
the
ｴＺｲ｡ＮｮｾｩＧ･＠
of dividends and other for.ms
of earnings on capital
Indonesia.; and (3)
in the Republic of
ｩｮｶ･ｳﾷｾｭｴ＠
·che t::car!.sfe1· of investment capital;
p:rovideJ. t!:lat there is only one such rate in the
Republic of Indonesia ior such
pTovided
ｴｲ･ｾｳ｡｣ｩｯｮ［＠
that A.I.D. and the Rep1blic of Indonesia may agr·ee in
writing on a rate of exchange s.pplicable to this
agreement.
If there is r:.o w:ritten s.greement bet ·%:i
A. I. D. and the Republk of IndoH:sia on the re.
exchange applicable to this
｡ｧｲ･ｭｮ
ｴ ｾ＠
e..:id " f
=ＮＭ Ｎｾ･
c:f
ｲ･＠
is no such single rate of exchange applicc.,,, =- to a.11
of the thrt::·3 categories of t:i...ｾ＠ nr.m.ctions referred to in
the preceding sentence the a:pplicl?..ble i-ate of exchange
on any parcicular date shall be the highest (i.e., the
largest number of units of Indonesian currency per
United States dollar) effective rate of exchange at
which United States dollars are sold or offered fo:r sale
on tr..a.t
､｡ｾ＠
to
ｲｾｳｩ､･ｮｴ＠
of the Republic of Indonesia,
- 29 exclusive of Government entities , to effect transactions
within any of the three categories referred to in the
preceding sentence •
.AF.T ICLE X.
Mi :::'.;::oe.llaneou.s .
Desi.anat..:i.c1"t
SECTIOU J O.l.
ｾｦ＠
ｦｯ］ｾｐＬｲ･ｳ＼ＢＧｬｴ｡ｩｶ
Ｎ＠
(a ) A: l a.ct.ions required or pei::.m.itted to be pe:rform.ed
".)!'
taken
uLdE.:c thi.s Loan Agree:::i.e.ct by thf': Borrower, the Benei'lc::'..ary
or A. I.D. tre,y be performed by their r·espective duly
authorized rep'.!'esente_tives .
(b )
The ｂｯｮｾｷＺｲ＠
he:!·eby desigr:.aces Prof'. nidjojo ｎｩｴｳ｡ｾｯＬ＠
ｬｾｮｩＮｳｴ･Ｑﾷ＠
State
for Iratione.1
ｄｾｶ･ｊＮｯｰｲｴｮ＠
and
ｐｬ｡ｮｩｧｾ＠
Chai:c'nie.u of' the Nationa.l Pl.&x. . ning Board ( "Bappen"< s vi) e,Dd
the Bt::m-et:L... ia1'J heraby ::lesigr..i:tes :r. Abdul F.Ef-':: ,
ＢｦｩＧ［ｲｾＭ_
_
ｮ ..ｾ ｉ Ｇ .....
ＢＧｴＺｯﾷｲ＠
o.: . 1,
.. . J
their l'esp(-; Ｍｾｴｩｶ･＠
dealings
in or
ｰｾｬＺＮｴＧｭ
•
,
Pe:i:·t1srhc.a"'
I1•str·1·k·
a ""
ｾ＠
t..i.
Ｑ
｡ｮｴＮ＠
ｔｾＺＮ＠
,. ,....., ., 1.1·ci1.\
r. ,..... J\
ｾ Ｍ .... c;.-...
rE:presentatives with
A. I.D.
ｾｩｴｨ＠
.
｡ｵｴＡＺ［ｾＮＭ＠
i
,,
a
;,...
· :f to
The represe:-.. +,;e.tives designe,ted
to the preceding
ｾﾷｭｴ･ｮ｣Ｌ＠
unless A. I. !).
i s given notice otherwise, shall have authority to agree,
on behalf of the Borrower and t;he Beneficiary respectively,
to ang m.odif'ication of this I.Joan Agreement which does
no-c sul: stax1.tial.ly ic.ex·e:ase .i.:;he:ir obl iga:t;ions hereunder.
- 30 Until receipt by A. I. D. of llri tten notice of revocation
of the at.thority of any such representative, A.I.D . may
accept tr... e signature: of such representative on any
instrume:nt as conc l usiv e evic.ence that any action
effected. by such :tnstrwnen-t, is authorized by the party
on whose behalf suci.> :rep'l"eRentative purports to ac-t.
I.mpJementati.on Letters. A.I.D. shall from
SECTION 10.2.
,dme to time issue I.mplemente.t ion J,et-ce:rs
ｾｨ｡ｴ＠
will prescribe the
procedures applicable hereunder in connection with the implementation
of this Loan Agreement.
:;orrL"l'lllnlca.tions .
SECTIOH 1.0.3.
Any communication or
､ｯ｣ｵｭ･ｲｾｴ＠
gi v en, .ma.le or sent l.y i-h.a Bol'rower, the Benef5ciary or A.I.D. pursuant
to this Loa.rt
W1.en
ａｧｲ
ﾷ｡ ･ｲＮＱｾ
Ａｴ＠
sLe.11 te irl urlt:L"!J ana. sha.ll ba deemed · ') h"'YU
it shall be deli vere1i by ho,nd or by mail,
ｴ･ｬＬ［ｲ｣ＧＮｾ＠
radiogram t;o s ucl1 pe.1-t.1 at it.s fol.lowing add.cess:
T..) the Bor!'Oi·ie:r:
Mail Addres -".l ;
Depa rtener" J..uc..:r .Nei?.;.=;1•1
Djl. SingaJn.ane;aradja 2
Djakarta, Indonesia
Cabl e Address :
Dep_u Djakarta.
es..ble or
- 31 To the Beneficiary:
Mail Address:
Perusahaan List:rik Negara (PLN)
Djl. Trunodjojo Blok MI/135
Kebajuran Baru, Djakarta
Cable Address:
PLN PST, Djakarta
To A. I.D.:
Mail Address:
United States Agency for Inte:.:nationul D
I
A.I.D. Loan No . 497-H-025
LOAN AGRE EMENT
(Indonesia:
Ketenger Transmission and Distribution Rehabilitation )
GOVERNMENT OF INDONESIA
AND
l'ERUSAfIAAN LISTRIK NEGARA
AND THE
UNITED STATES OF AMERICA
TABLE OF CONTENTS
Section Number
ARTICLE I
SECTION 1.1
SECTION 1.2
ARTICLE II
SECTION
SECTION
SECTION
SECTION
2. 1
2 .2
2 .3
2 .4
ARTICLE III
SECTION 3.1
SECTION 3 .2
SECTION 3 .3
SECTION 3. l.j.
ARTI CLE DI
SECTION 4.1
SECTION 4 . 2
SECTION 4.3
ARTI CLE V
SECTION 5 . 1
SECTION 5 . 2
ARTI CLE VI
SECTION
SECT ION
SECTION
SECTION
SECTION
SECTION
SECTION
SECTION
6 .1
6 .2
6 .3
6.4
6 .5
6 .6
6. 7
6 .8
The Loan
1
The Loan
Project
1
Borrower Repayment Terms and Interest
2
1
Interest
Principal
Application and Place of Payment
Prepayment
Condi tions Precedent
Conditions Precedent to
Conditions Precedent to
Construction Services
Terminal Dates for ｾｵｬｦｩｭ･ｮｴ＠
Conditions Precedent
Notification of Meeting
Precedent
2
2
3
3
3
Initial Financing
Financing
and Procurement
of
3
4
6
of Conditions
7
Disbursements
7
Requests for Letters of Commitment
Other Forms of Disbursement
Terminal Date for Requests for Conunitment
Doc1unents and for Disbursements
7
7
8
Particular Covenants and Warranties
Concerning the Pr oject
8
8
Borrower ' s Covenants
Beneficiary's Covenants
10
General Covenants, Warranties and
Agreements
13
Utilization of Eligible I tems
Informat ion and Marking
Notice of Mat erial Developments
Inspections
TaJCes and Duties
Conunissions, Fees and Other Payments
Renegotiation of Terms
Insurance
i
13
13
13
14
14
15
15
16
Section Number
SECTION 6.9
SECTION 6 .10
SECTION 6 .11
ARTICLE VII
SECTION
SECTION
SECTION
SECTION
SECTION
SECTION
SECTION
7 .1
7.2
7 .3
7.4
7.5
7.6
7.7
ARTICLE VIII
SECTION 8.1
SECTION 8.2
SECTION 8.3
SECTION 8.4
SECTION 8 . 5
ARTICLE IX
SECTION 9.1
SECTION 9. 2
ARTICLE X
SECTION 10 .1
SECTION 10.2
SECTION 1 0 . 3
Maintenance and Audit of Records
Reports
Investment Guaranty Project Approval by
Borrower
16
17
Covenants Concerning Procurement
17
Procurement Source and Origin
Date of Procurement
Port Charges
Small Business Notification
Ocean Shipment
Marine Insurance
Employment of Contract Personnel
17
18
18
19
19
19
Remedies of A.I.D.
20
Events of Default; Acceleration
Termination of Disbursements; Transfer of
Goods to A.I.D.
Refunds
Waivers
Expenses of Collection
20
23
24
25
25
Borrower Contribution to Beneficiary
25
Terms of Contribution
Rate of Exchange
25
26
Miscellaneous
29
Designation of Representatives
Implementation Letters
Communications
30
30
17
20
29
A-1
ANNEX "A"
ii
LOAN AGREEMENT
AGREEMENT, dated the
3 l't>l
day of/Jo llet'M.b.e,R_, 1971
between the GOVERNMENT OF INDONESIA (hereinafter called the "Borrower"),
PERUSAHAAN LISTRIK NEGARA (hereinafter called the "Beneficiary"), and
the UNITED STATES OF AMERICA, acting through the AGENCY FOR INTERNATIONAL
D.t!:VELOPMENT (hereinafter called "A.I.D. ").
ARTICLE I.
The Loan
SECTION 1 .1.
The Loan.
A.I.D. hereby agrees to lend to the
Borrower, for the use of and, under Section 9.1 hereunder, to be reloaned
to the Beneficiary pursuant to the Foreign Assistance Act of 1961, as
amended, up to twenty one million United States dollars ($21,000,000)
to assist in financing the reasonable foreign exchange dollar costs
of certain goods and services required for the Project as defined. in
Section 1.2 hereof.
Goods and services financed hereunder are herein-
after referred to as "Eligible Items," and the aggregate amount disbursed
hereunder is hereinafter referred to as "Principal."
SECTION 1. 2.
Project.
As used in this Agreement, the "Project"
shall mean the construction of a 150 kilovolt (kv) transmission system
and the rehabilitation and construction of distribution facilities in
the Ketenger Electrical System the western part of Central Java Province,
ｒｾｰｵ｢ｬｩ｣＠
of Indonesia,
related thereto.
ｴＩｧｾｨ･ｲ＠
with technical assistance and training
A more detailed description of the Project is set forth
in Annex "A" of this Agreement .
- 2 -
ARTICLE II.
Borrower Repayment Terms and Interest
SECTION 2.1.
Interest.
The Bor·rower shall pay semi-annually
+.o A.I.D. in United States dollars on the unpaid Principal, interest
which shall accrue from the dates of the rezpective disbursements hereunder, the first such jnterest payment to be due and payable no later
than six (6) months after the first such disbursement on a date to be
specified by A.I.D.
Principal and interest due but not paid shall
accrue interest at the maximum rate hereunder until fully paid.
Interest shall accrue at the rate of two percent
ten
(2%) per annum :for
(10) years after the first disbursement hereunder and at a rate
of three percent
(3%) per annum thereafter, computed on the basis of
a three hundred sixty-five (365) day year .
shall be deemed to occur on the date on
Disbursements
ｷｨｩ｣ｾ＠
ｨ･ｲｵｮｾ＠
payment by A.I.D.
made either directly to the Boi•rower or its designee or to a
ｨｾ［ｲｊ
ｩｾ＠
､ｮｧ＠
institution pur·suan-G to a commitment document.
SEC'rION 2.2.
Princ:ipa.L
Borrower sha.11 repay the Principal
to A.I.D. in United Staten dollars within forty (40) years from the
date of first
､ｩｳ｢ｵｲ･Ｎｮｾｴ＠
hereunder in sixty-one (61) level semi-
annual installm.ents of pri.ncl.p&l and interest, the first insta.11.ment
.J
be due and payab) e 1-;.ine and one-half (9-1/2) years after the first
interest pa.ymant is •tua.
- 3 SECTION 2.3.
Application and Place of Payment.
All payments
shall be applied first to the payment of any interest due and unpaid
and then to the repayment of Principal.
All payments shall be .made to
the Controller, United States Agency for International Development
.hereinafter called "USAID"), Djakarta, Indonesia, or to such other
payee or at such other address as A.I.D. may designate, and shall be
deemed to have been paid when there received.
SECTION 2 . 4 .
Prepayment.
The Borrower shall have the right
to prepay, without penalty, on any date on which interest is due, all
or any part of the Principal.
Any prepayment shall be applied first
to the payment of any accrued and unpaid interest and then to the
remaining installments of' Principal in the inverse order of their maturity.
ARTICLE III.
Conditions Precedent
SECTION 3.1.
Conditions Precedent to Initial
ｆｩｮ｡
ｮｾＺ
ｾ＠
Unless A.I.D. otherwise agrees in writing, prior to tha
ｩｳｵｾ
first letter of commitment or other commitment
fc:.:· engineering
､ｯ｣｜
ｾ Ｎｭ･ｮ
ｴ＠
ＮＢＺＱＧ
･＠
of the
services, the Borrower or the Beneficiary, as appropriate, shall
furnish A.I.D., in form and substance satisfactory to A.I.D. :
(a) An opinion of the Minister of Justice of the Borrower
that this Loan Agreement has been duly authorized or
ratified by, and executed on behalf' of, the Borrower
and is a valid and legally binding obligation of the
Borrower in accordance with its terms;
- 4(b)
An opinion of the principal legal officer of the
Beneficiary, or of other legal counsel satisfactory
to A. I.D., that this Loan Agreement has been duly
authorized or ratified by, and executed on behalf of,
the Beneficiary and is a valid and legally binding
obligation of the Beneficiary in accordance with its terms;
(c)
The names oi' the persons who will act as the representatives
of the Borrower and the Beneficiary pursuant to
10.1
ｓ･｣ｴｩｯｾ＠
hereof, together with evidence of their authority and a
specimen signature of each such person,
｣･ｲｴｩｾ､＠
as to its
authenticity by either the persons rendering the legal
opinions pursuant to Section 3.1(a) and 3.l(b) or the persons
executing this Loan Agreement;
( d)
A draft contract between Benefi cia1·y and a cor;.s .r.ve ｾｩｮｧ＠
engineering firm.
The selection of said f:i rm e.r_cl the
terms of said contract shall be in accordance ·.ith A.I.D.
Capital Project Guidelines for Engineering Services.
ｓｅｃｔｾｏｎ＠
3 . 2. Conditions Precedent to Financing Construction
Services and Procurement .
Unless A.I.D. otherwise agrees in writing,
prior to the issuance of letters of commitment or other commitment
documents for construction services and the procurement of other Eligible
Items, the Borrower or Beneficiary, as appropriate, shall have met -the
conditions precedent in Section 3.1, and in addition Borrower or
- 5 Beneficiary, as 'be a dequate to scow :
(a)
L.:.;;.: receipt and use made of EligibJ.e, Items;
(b)
the pro.sr.'ess of the Project;
( c ｾ＠
curr·ent data covering operation,; a.nd
(d)
financial condit ion of the Beneficiary.
Such books and records shall be regularly audited
':;y
independent public
accountants acc ep tabl e to A. I.D., in accordance witn sound auditing standards,
- 17 on an annual basis or for such period and at such intervals as A. I.D.
may require , and s hall be maintained for five years after the date of
t he last di sbursement by
Loan Agreement have been
SECTI ON 6 . 10 .
ｰ｡ｩ､ｾ＠
ａＮｉｄｾ＠
or until all stun.s due A.I.D. u..11der t.his
w"hichever date shall first occur.
RBports.
Tha Bar:cawer and the Beneficiary will
furnish A.I.D. wi th such information and repor·ts :re ' ating +,o the Project,
Eligible It ems , and the Loan provided for herein as A.I.D.
'l!J.8,y
reasona,bly
request.
SECTION 6 .11.
Investment ｇｵ｡ｲｾｴ［｣｟＠
Project Approval by Borrower.
The Borrower a gr ees that the construction work to be financed under thi s
Agreement is a project approved by the Borrower pursuant to t h e Agreement
between the Gov ernrnent of Indonesia and the United States of America on
the sub j ec t of i nvestment gua ranties , and no further appro,raJ.
Bor rowe r shal l be required to permit the Gove:r·nment of the
of America under that Agreement to issue investment
ｧｵＮ｡
Ｎ ｲ｡ｮｴｩ･
ｕｮＮ
Ｚ ＡＺ Ｚｾ
Ｍ ｾｾ
the
｢ｾｲ＠
Ｑ Ｎ＠
States
covering
a cont ractor ' s investment in that project .
ARTICLE VII.
Covenants Concerning Procur,'£llent
SECTION 7 .1.
Procurement ｓｯｵｲｾ＠
a_nd O:rigi_n .
(a)
Except as
A.I.D . may otherwise agree in writing and exeept as provided in Section
7. 6 her ein for marine insurance, all Eligible It.ems, including transportati on
s ervi c es, shall have both their source and origin in those count,ries noted
a s eli g ible under Cod.e 9ln of the A. I. D. ({-9ographic Code Book as in effect
a t the t ime orders are placed or contracts are entered into ror such
- 18 Eligible Items.
Transportation services shall be deemed to have their source
and origin in such countries if procured from a flag carrier registered in
any of such countries.
(b)
All other goods and
ｳ･ｲｶｩ｣ｾ＠
obtained for the Proj6ct but
.10t financed by A.I.D.) except transportatjcn serv1ces, shall have thsir
source and origin i n countries includ.e1 L. Code 935 of the A.I.D . Geographic
Code Book as in effect at the time such goods
ｯｾ＠
services are procured.
In addition to the ocean shipment requi:rero.ent oi' Section 7. 5 hereunder,
all Eligible Items shall be transported to Indonesia on carriers of
countries included in the said Code 935 as in effect at t!le time such
transportation is procured.
This covenant shall be construed in accordance
with A.I.D. regulations as from time to time a.mended.•
SECTION 7.2.
Date of Proc-...1rement.
F.xcept as A.l.D. '!IlEiY
otherwise agree in writing, no goods er services may be
ｦｩｮ｡｣ｾ
Ｚ＠
2€re-
under which arise out of orders or contracts firra.ly placed or ::::::'.te:rcd
into prior to the date of this Loan Agreement.
SECTION 7. 3.
Port Charges.
With :respect to
ｩﾷ Ｌ ＺＡＧＱｭｾｰｯ
ｲｴ｡ｩｯｮ＠
services tbat consti t11te Elit,;ible Items, A. I.D. ·will finance under the
Loan ninety percent
Ｈｾｯｻ
Ｉ＠
of all ocean freight c0sts of each shipment,
and ninety-eight percent (98%) of such costs on any shipment unde!'
free-out terms.
The ｲ･ｾｩ｡ｮｧ＠
ten percent (10-%), or two percent (2%)
of free-out shipments, repi·es and tarJi,:ers) ｷｨｩ｣ｾＱ＠
shs.11 be transported on
ocean vessels shall be transport;et'l. on p::dvatel:r owned Uni tea States flag
commercial vessels.
No goo·Is ru&;y oe .::.'ina.nce1
transported on any ocean vessel
01·
which a.re
ｲｾ･ｳｵｮ､＠
aircraft (a) which A.I.D. in e r.:,tice
to the BorrowEr and tre Beneficiary has de.: t';na::ea. e:s ineligibl, ana_ upon any such declaration, unless the
'lefault may be cured and is cur·ed within sixty (60) days thereafter,
such principal and all interest accrued thereon shall become immediately
due and payable.
The Borrowe1n, if the Beneficiary is in default, at its option,
may declare all or any part of the unrepaid principal under the Loa.n
from the Bor·rower to the B8nefi ciary pursuant to Sec ti on 9 . 1 hereof
·- 23 to be due and payable immediately, and upon any such declaration,
unless the default may be cured and is cured within sixty (60) days
thereafter, such principal and all interest accrued thereon shall
become due and payable immediately.
The Borrower shall not exercise
the right set forth in the preceding senter.ce hereunder without the
prior written concurrence of A. I. D.
SECTION 8. 2.
Goods to A.I.D.
(a)
Te:rmination of Disbursements; Transfer of
In the event that at any time:
an Event of Default has occurred and has not been
remedied as provided above;
(b)
an event occurs that A.I.D. determines to be an
extraordinary situation which makes it improbable
that the purposes of the Loan provided for herein
will be attained or that the Borrower or the
Beneficiary will be able to or will perform itE'
obligations hereunder; or
(c)
any disbursement would be in violation of the
legislation governing A.I.D.;
then A. I.D . at its option, after notice to the Borrower and the
Beneficiary; may (i) decline to issue further letters of commitment
other commitment documents, (ii) suspend or cancel outstanding
letters of commitment or other commitment docurnents to the extent that
they have not been utilized through the issuance of irrevocable letters
of credit or through bank payments made other than under irrevocable
letters of credit, giving notice to the Borrower and the Beneficiary
..
'·
- 24 thereof , (iii ) decl ine to make disburs ements other than under l etters
of commi tment; and (iv) at A.I.D. ' s expense, direct that title to
ａ
goods f i nanced under disbursements hereunder shall be transferred to
Ｎ ｾ
Ｎｄ＠
at cost to the Beneficiary, provided the goods are from a
source outside the Republic of Indonesia., are in a d.e.l.iverable state
and have not been off-J.oaded in ports of entry of the Republic of
Indonesia .
To the extent that any costs connected with the purchase
and transportati on of these goods hav-e l)een financed hereunder , these
amounts shall be deducted from Principal .
SECTION 8. 3.
Refunds.
I f A. I. D. determines that any dis··
bursement is not supported by valid clocumer.tation in accordance with the
terms of this Loan Agreement, or is not ma.de or used 1.n accordance wi th
the terms of thi s Loan Agreement, or was at the tirae of disbursement in
violation of the l egi slation governir_g A. I.D . , A. I.D . , at its o:· ｩＺＭ
may , notwithstandi ng the avai labi l i ty of any other remedy
ｰｲｯｶＺＡＮｾ＠
ｾ Ｌ＠
-;d. for
under t his Loan Agreement or the exerci se of the remedy provid,=-.d for in
Section 8 .1 , r equire the Borrower to pay to A.I.D. in United States
dollars withi n thirty (30) days after receipt of a. request therefor,
an amount not to exceed !;he amount of such disb.:irse:ment, and the
Benefi ciary, if it is responsible for the
ｩｭｰｲｯ･ｾ＠
documentation or
,. ·e of the disbursement, shell pay tLe Borr ower :..n Indones i an currency
the equivalent, as computed in accordance with Section 9.2 hereunder,
of the amount to be pai.d to A.I.D. unde:c this Section; provided that
such r equest by A. I.D. shall be :m.ade not later than five (5 ) years
aft er the date of the final disbuxsement hereunder.
Any such refund
,...,.,..
-
received
C..,;
-
sheJJ .. '.Je ar.p l},:;rl I·i:rsc to any acc:nnd interest,
｢ｾＬＧａＮｉｄ＠
and then to ir..ste.llr..ern,s o:f P:c incipal in inverse order of their .maturity.
SECTION 8 . l+ .
Waivers.
No dela;{ in exercisir:g or omission
to exercise any right, power or remedy accruing to A.I.D. under this
....oan Agreement shalJ be construed as e. waiver of any such right,
power or remedy.
SECTION [3. '.) .
Kxr:ie11ses of Collection.
All reasonable costs
incurred by A.I. D. (other than salaries of its staff) after an Event
of Default has occurred, in connection with the collection of a.mounts
due under this Loan Agreem.enL, m.B..y be charged to the Borrower and
reimbursed as A.I.D. shall specify.
ARTICLE IX.
Borrower Contribution to Beneficiary
SECTION 9.1.
Terms of Contribution.
Borrower will
the proceeds of this Loan to Beneficiary on terms to be
･ｳｴ｡｢ｬｾｨ､＠
not later than t.J.a.y 22, 1973, or such other time as may be
in writing by A.I.D .
ｺﾷ｣ＭＡＮ｟ｦｾ､＠
｡ｧＺｲｾ･､Ｎ＠
to
Borrower, Beneficiary and. A. I .D. will cons ult
together, and Borrower shaJ l establish, with the concurrence of
Beneficiary and A.I.D., appropriate terms for 1-!j c reloan based upon.
Beneficiary ' s financial cond.iti.on as of' the date of such con.finltations
:tnd agreement,
ｴ｡ｫｩｮｾ＠
into account the recolD!D.e:1dations of the manage.u.ent
consultant under Section 2.02(b) of the Project Agree.ment and the program
for i mplementing the rae:omuendations agreed to b/ Beneficiary) Borrower,
the International Devdopment Association, and A. :c. D.
Under the re2a1-
ment terms agreed upon, which terms may be made :retrcactive to the
date of this agreement:
...,
-
(a)
t:::U -
Beneficiary will have the right to prepay, without
penal ty, all or any part of the debt to the Borrower
on any date on which Beneficiary ' s interest payments
are due and payable .
Any such payment will be applied
first to payment of any accrued interest and then to
the ramaining
ｩｮｳｴ｡ｬＺｭｾ＠
of principal in the inve:rse
order of' maturity.
(b )
A "m.aintena.nce of val"t:e" sect:.on, in the form of
Section 9.2 below, will be included.
(c)
All repay.!l'..ents made by Beneficiary to Borrower shall
be used for the development budget of the Borrower or
for su'!h other economic developmer..t purposes as A. I.D .
ILAY e.gree •
SECTION 9.2.
Rate of Ex.:;hanee:.. Hith respect to p:r·ir:. ［Ｚ
repayments and interast
pursuant to Section
(a )
ｰ｡ｹｭＺｾｮｴｳ＠
ｳｾ
Ｚ＠
made to the Borrower by t,he :: .J.eficiary
9.1 of this Loan Agreement:
The a.mot.r.t of' Indonesian currency equivale:nt to the
United S ca.tes clcllar amount for 11hich pa.ym&nt is due
shall be C·'Jlli.J:IUte 1 on the basis ot'
presc:c ｩＮ｢ｾ､＠
ｴｨｾ＠
iate of exchange
in sul)section ( c) of thie Section applicable
to such pay:r.er;t; provided that in an;>' case where payment
is made after the due date fer +.hat payment A. I.D. may
require that it be coropt;.ted en the basis of the pr·escribed
rate of exchange existing on the date of payment .
- 2'{ -
(b)
In the event there is no prescribed rate of' exchange
on the due date for a payment, the a.mount of Indonesian
currency equiｶ｡Ｎｬ･ｲｾｴ＠
to the United St.ates dollar amount
of the obl.i.gation for uhich payment is due shall be
computed and patd on the basis cf the pre.scribed :rate
of excha.i.ge exist:i.ng on the date nearest p:ceceding the
due date for· the payment on which such a rate can be
ascertained.
Within
ｳｩｾ｣ｴｹ＠
(60) days after the first
date after such due date on which a current prescribed
rate of exchange can be ascertained, the Beneficiary
shall, upon the request of A. I.D . , make prompt payment
to the Borrowe:r, or the Bcrrcwa·, upon the request of
ａＮｉｄｾ＠
shall make prompt reimbursenient to the
Beneficiary of the 2J0.o;mt of In-::1.cnesian currenc;y
required t.o make the total payment of
ｉＡｬ､ｯｮＺ･ｳｩ＼ｾＧＮ＠
curre:ncy equivalent in value to the United
ｓｴｦ
ＮＢ ｾ･ｳ＠
dollar amount of the obligation e.gainst which the
payment was made, computed on the ·oasis of the
p:r.esc;cibe·i rate of exchange existing on the fi:cst date
follcming sn:'!h due date on which
ｳｵＮ･ｬｾ＠
e. rate can be
ascertained..
(c)
Fc:r· pt.r_poses of this Section, the r)rescribed rate of
exchange be'.:;1.eeL Ind.onesian currency and Uni tect States
dollars on c..rw particular d[;..tE: shall be the effective
rate of exchange at which United States dollars are sold
- 28 or offered for sale on that date in exchange for
Indonesian currency to residents of the Republic of
Indonesia, exclusive of C-overnm.ent entities, for
effecting:
(1) the payment of interest and repayment of principal
on loans; (2)
the
ｴＺｲ｡ＮｮｾｩＧ･＠
of dividends and other for.ms
of earnings on capital
Indonesia.; and (3)
in the Republic of
ｩｮｶ･ｳﾷｾｭｴ＠
·che t::car!.sfe1· of investment capital;
p:rovideJ. t!:lat there is only one such rate in the
Republic of Indonesia ior such
pTovided
ｴｲ･ｾｳ｡｣ｩｯｮ［＠
that A.I.D. and the Rep1blic of Indonesia may agr·ee in
writing on a rate of exchange s.pplicable to this
agreement.
If there is r:.o w:ritten s.greement bet ·%:i
A. I. D. and the Republk of IndoH:sia on the re.
exchange applicable to this
｡ｧｲ･ｭｮ
ｴ ｾ＠
e..:id " f
=ＮＭ Ｎｾ･
c:f
ｲ･＠
is no such single rate of exchange applicc.,,, =- to a.11
of the thrt::·3 categories of t:i...ｾ＠ nr.m.ctions referred to in
the preceding sentence the a:pplicl?..ble i-ate of exchange
on any parcicular date shall be the highest (i.e., the
largest number of units of Indonesian currency per
United States dollar) effective rate of exchange at
which United States dollars are sold or offered fo:r sale
on tr..a.t
､｡ｾ＠
to
ｲｾｳｩ､･ｮｴ＠
of the Republic of Indonesia,
- 29 exclusive of Government entities , to effect transactions
within any of the three categories referred to in the
preceding sentence •
.AF.T ICLE X.
Mi :::'.;::oe.llaneou.s .
Desi.anat..:i.c1"t
SECTIOU J O.l.
ｾｦ＠
ｦｯ］ｾｐＬｲ･ｳ＼ＢＧｬｴ｡ｩｶ
Ｎ＠
(a ) A: l a.ct.ions required or pei::.m.itted to be pe:rform.ed
".)!'
taken
uLdE.:c thi.s Loan Agree:::i.e.ct by thf': Borrower, the Benei'lc::'..ary
or A. I.D. tre,y be performed by their r·espective duly
authorized rep'.!'esente_tives .
(b )
The ｂｯｮｾｷＺｲ＠
he:!·eby desigr:.aces Prof'. nidjojo ｎｩｴｳ｡ｾｯＬ＠
ｬｾｮｩＮｳｴ･Ｑﾷ＠
State
for Iratione.1
ｄｾｶ･ｊＮｯｰｲｴｮ＠
and
ｐｬ｡ｮｩｧｾ＠
Chai:c'nie.u of' the Nationa.l Pl.&x. . ning Board ( "Bappen"< s vi) e,Dd
the Bt::m-et:L... ia1'J heraby ::lesigr..i:tes :r. Abdul F.Ef-':: ,
ＢｦｩＧ［ｲｾＭ_
_
ｮ ..ｾ ｉ Ｇ .....
ＢＧｴＺｯﾷｲ＠
o.: . 1,
.. . J
their l'esp(-; Ｍｾｴｩｶ･＠
dealings
in or
ｰｾｬＺＮｴＧｭ
•
,
Pe:i:·t1srhc.a"'
I1•str·1·k·
a ""
ｾ＠
t..i.
Ｑ
｡ｮｴＮ＠
ｔｾＺＮ＠
,. ,....., ., 1.1·ci1.\
r. ,..... J\
ｾ Ｍ .... c;.-...
rE:presentatives with
A. I.D.
ｾｩｴｨ＠
.
｡ｵｴＡＺ［ｾＮＭ＠
i
,,
a
;,...
· :f to
The represe:-.. +,;e.tives designe,ted
to the preceding
ｾﾷｭｴ･ｮ｣Ｌ＠
unless A. I. !).
i s given notice otherwise, shall have authority to agree,
on behalf of the Borrower and t;he Beneficiary respectively,
to ang m.odif'ication of this I.Joan Agreement which does
no-c sul: stax1.tial.ly ic.ex·e:ase .i.:;he:ir obl iga:t;ions hereunder.
- 30 Until receipt by A. I. D. of llri tten notice of revocation
of the at.thority of any such representative, A.I.D . may
accept tr... e signature: of such representative on any
instrume:nt as conc l usiv e evic.ence that any action
effected. by such :tnstrwnen-t, is authorized by the party
on whose behalf suci.> :rep'l"eRentative purports to ac-t.
I.mpJementati.on Letters. A.I.D. shall from
SECTION 10.2.
,dme to time issue I.mplemente.t ion J,et-ce:rs
ｾｨ｡ｴ＠
will prescribe the
procedures applicable hereunder in connection with the implementation
of this Loan Agreement.
:;orrL"l'lllnlca.tions .
SECTIOH 1.0.3.
Any communication or
､ｯ｣ｵｭ･ｲｾｴ＠
gi v en, .ma.le or sent l.y i-h.a Bol'rower, the Benef5ciary or A.I.D. pursuant
to this Loa.rt
W1.en
ａｧｲ
ﾷ｡ ･ｲＮＱｾ
Ａｴ＠
sLe.11 te irl urlt:L"!J ana. sha.ll ba deemed · ') h"'YU
it shall be deli vere1i by ho,nd or by mail,
ｴ･ｬＬ［ｲ｣ＧＮｾ＠
radiogram t;o s ucl1 pe.1-t.1 at it.s fol.lowing add.cess:
T..) the Bor!'Oi·ie:r:
Mail Addres -".l ;
Depa rtener" J..uc..:r .Nei?.;.=;1•1
Djl. SingaJn.ane;aradja 2
Djakarta, Indonesia
Cabl e Address :
Dep_u Djakarta.
es..ble or
- 31 To the Beneficiary:
Mail Address:
Perusahaan List:rik Negara (PLN)
Djl. Trunodjojo Blok MI/135
Kebajuran Baru, Djakarta
Cable Address:
PLN PST, Djakarta
To A. I.D.:
Mail Address:
United States Agency for Inte:.:nationul D