Selanjutnya
A.I.D. Loan No. 497-H-021
LOAN AGREEMENT
BE'.rWEEN THE
GOVERNMENT OF INDONESIA
AND THE
UNITED STATES OF AMERICA
Dated: Ｎｴ｟ｾ＠
\
- J' - / / C>
•
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.
ARTICLE IV
SECTION 4.1.
SECTION 4.2.
SECTION ｌｾＮ＠ 3 .
ARTICLE V
SECTION 5 .1.
ARTICLE VI
SECTION 6.1.
SECTION 6.2.
SECTION 6.3.
SECTION
SECTION
SECTION
SECTION
SECTION
6. !1.•
6.5.
6.6.
6.7.
6.8.
SECTION 6.9.
SECTION 6.10.
The Loan
1
The Loan
The Project
1
Borrower Repayment Terms and Interest
2
Interest
Principal
Application and Place of
Prepa;ylllent
2
2
l
2
ｐ｡ｹｾ･ｮｴ＠
3
Conditions Precedent
3
Conditions Precedent to Financing
Terminal Dates for Fulfillment of
Conditions Precedent
No·cification of Meeting of Condi tioo.s
Precedent
3
Disbursements
5
Requests for Letter of Commitment
Other Forms of Disbursement
Terminal Date for Requests for Commitment
Documents and for Disbursements
5
5
4
4
5
Particular Covenants and Warran-cies
Concerning the ProJect
5
Borrower's Covenants
5
General Covenants , Warranties and
Agreements
7
Utilization of Eligible Items
Information and Marking
Disclosure of Mai;erial Facts a.nd
Circumstances
Inspections
Truces and Duties
Commissions, Fees and Other Payments
Renegotiation of Terms
Local Sales Agents Commissions and
Service Payments
Maintenance and Audit of Records
Reports
7
8
8
8
9
9
10
10
11
11
.. 2 -
Section Number
ARTICLE VII
SECTION
SECTION
SECTION
SECTION
SECTION
SECTION
SECTION
7.1.
('.2.
7.3.
7.4.
7.5.
7.6.
7.7.
SECTION ?.8.
ARTICLE VIII
SECTION 8.1.
SECTION 8.2.
SECTION 8.3.
SECTION 8.4.
SECTION 8.5.
ARTICLE IX
SECTION 9. l.
SECTION 9.2.
SECTION 9.3.
Page
Covenants Concerning Procurement
12
Procurement Source and Origin
Date of Procurement
Port Charges
Small Business Notification
Ocean Shipment
Discrimination in Marine Insurance
F.mployment of Contract Personnel
Uni·bed States Government Excess Property
12
12
13
13
13
Remedies of A.I.D.
15
Events of Default; Acceleration
Termina"t;ion of Disbursements; Transfer
of Goods to A.I.D.
Refunds
Waivers
Expenses of Collection
15
18
18
:Miscellaneous
18
Designation of Representatives
Implementation Letters
Communications
lG
19
19
ｩｴｾ＠
14
14
16
17
AGREEMKNT, dated the
:2 0
'f)\
day of
R /;f &-hS/.
1970
oetween the GOVERNMENT OF INDONESIA (hereinafter called the "Borrower"),
and the UNITED STATES OF ArriERICA, acting ·chrough the AGENCY FeR INTERNATIONAL ｄｅｖｌｏｾｊｔ＠
(hereinafter called "A.I.D. ") .
ARTICLE I .
The Loan
SECTH>N l.l.
The Loan.
A.I.D. hereby· agrees to lend t o the
Borrower , pursuant 'Go the Foreign Assista.nce Ac·c of 1961, as amended ,
up to eight hundred thousand United States dollars ＨＤＸＰ
ｾＰ
ＰＩ＠
co
assist in financing the reasona•)le U.1ited S,vates dollar cos ·:·.s of
certain goods and services required for ·i.;he Project as defined in
Section 1. 2 hereof.
Goods and services financed hereunder are here ··
inafter referred ·co as "Eligible Items", and the aggregate amount
dis oursed hereunder is hereinafter referred ·co as "Principal" .
SEQTION 1.2.
The Project.
As used in ,.;his agreement, t he
"Project" shall mean the consul·cing engineering services for final
design for approximately fif·cy kilometers of four-lane limited access
highway with provision for expansion to six lanes from Djakart a pas t
Bogor to Tjiawi, Republic of Indonesia.
'
Said engi i1 eering services
shall include the completion of analytical studies with respect to
the location of interchanges and
ｲｩｧｨｴｳＭｯｦｷ｡ｹｾ＠
preparation of
detailed construction cost estimates and construction bid
､ｯ｣ｵｭ･ｮｴｳ
and a refinemenc of a benefit-cost analysis for said highway .
.....
ｾ＠
- 2 ARTICLE II.
Borrower Repayment Terms and Interest
SECTION 2 . 1.
Interest .
The Borrower shall pay semi - annually
to A.I.D. in United States dollars on the unpaid Principal, interest
which shall accrue from the dates of the r espective disbursements
hereunder , the first such int er est payment to be due and payable
no later than s ix (6) months after the first such disbursement on a
date to be s pecified 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 t wo percent ( z;/o) per ｡ｮｵＬｾ＠
for ten (10) years after the first disbursement hereunder and at a
rate of three percent
(3%)
per annum ther eafter , computed on the basis
of a three hundred sixty- five (365) day year .
Disbursements hereunder
shall be deemed to occur on the date on which payment by A.I.D . is
made either directly to the Borrower or its designee or to a banking
inst i tution pursuant to a
SECTION 2 . 2 .
｣ｯｉｔｵ
ｾ ｩｴｭ
･ ｮｴ＠
Principal .
document .
Borrower shall r epay the Principal
to A. I . D. in United States dollars within forty (40 ) years from the
date of first disbursement hereunder in sixty- one
(61)
level semi -
annual installments of principal and interest, the first installment
to be due and payable nine and one - half ( 9-1/2) years after the first
inter est payment is due.
SECTION 2 . 3 .
Application and Place of Payment .
All payments
shall be applied first to the payment of any int erest due and unpaid
t
- 3 and then to the repayment of Principal.
All payments shall be made
to the Controller, United St ates Agency for International Development
(hereinafter called
11
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 pr epayment shall be appli ed
first t o the payment of any accrued and unpai d 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 Financing .
Unless
A.I.D. otherwise agrees in writing, prior to the issuance of the
l etter sof commitment or other commitment documents, the Borrower shall
f urni sh 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 author i zed or ratified
by, and executed on behalf of the Borrower and that it is a valid
and binding obligati on of the Borr ower in accor dance with its terms;
(b)
The name of the person who will act as the repre-
sentative of the Borrower pursuant to Section 9 . 1 hereof, if other
- 4 than the person designated in said Section, together with evidence
of his authority and a specimen signature of said person, certified
as to its authenticii({by the person
rendering the legal opinion
pursuant to Section 3 . l(a) herein, or the person executing this Loan
Agreement;
(c)
Contractual arrangements with an engineering
consultant firm acceptable to A. I . D. ;
(d)
Evidence of the establishment of a reserve fund in
Indonesian currency equal to the total estimated Indonesian currency
cost of the Project.
SECTION 3.2.
Precedent.
.,,
Terminal Dates for Fulfillment of Conditions
Except as A.I.D. may otherwise agree in writing , if the
conditions required by Section 3.1 have not been satisfied within
thlree(3) months after the date of execution of this Loan Agreement,
A.I.D. may at any time thereafter terminate this Agreement by giving
notice to the Borrower .
Upon such termination, and notwithstanding
any other provisions of this Loan Agreement , the Borrower shall repay
to A.I.D. the unpaid Principal, if any, and any accrued interest .
Upon full payment in accordance with the foregoing , all other obligations of the Borrower and A. I . D. under this Agreement shall cease .
SECTION 3 , 3 .
Notification of Meeting of Conditions Precedent .
A. I.;D. shall notify the Borrower upon its determination that the
conditions precedent specified in Section
3.1 have been met .
I
I
I
I
- 5ARTI CLE IV.
Disbursements
SECTION 4 . 1.
Requests for Letter of Commitment .
To obtain
disbursements, the Borrower may request A. I. D. to i ssue , and subject
t o the provisions of this Loan Agreement A. I.D. shall issue , a letter
of commitment to a bank in the United States designated by the Borrower
and satisfactory to A. I . D. , committing A. I . D. to reimburse such bank
for payments made , through letters of credit or otherwise , to the
f
\
Borr ower or any designee of the Borrower, pursuant to such documentation
or r equir ements as A.I.D . may specify.
SECTION 4 . 2 .
Other Forms of Disbursement.
Disbursements may
al so be made through such other means as the Borrower and A.I.D. may
agree in writing.
SECTION 4.3 .
Terminal Date for Requests for Commitment
Documents and for Disbursements.
Except as A. I . D. may otherwise
agree in writing, no letter of commitment or other commitment documents
shall be issued in response to requests received by A.I . D. after
nine (9) months from the date of execution of this Loan Agreement,
and no disbursements shall be made against documentation received
after fourteen (14) months from the date of execution of this Loan
Agreement .
ARI'ICLE V.
Particular Covenants and Warranti es Concerning the Proj ect
SECTION 5.1.
Borrower's Covenants .
The Borrower covenants
.. 6 and agree s thut it shall:
(a. )
Ca.us e ·che Project to be ca.rrie1 out through its
Ministry of Public Works a.nd Ele ctric Powe r ; Direc·cora.tc General of
Highwa.ys (he r e i nafter cn.lled "Bina. Mnrga.");
(b)
Curry out the P.r-.1ject through Bi na. Mnrga with
due diligenc e and efficiency, a.nd i n conformi·i:.y with sound engi neeri ug,
fina.ncia.l and administrative pra.ctices;
(c)
Ca.us e the Project to ·oe carried ou"i;. by Bina. lfnrga.
i n conformi·cy with the coatra.cts
schcr'l.ules a.nd other a.rrangom..;nts , with
all moc1ifica.tions therein , approved by A.I.D. pursu.ant ·co this Agreemon·c;
(:i.)
Mn.kc n.va.ila.blc a.ny I ndonesia.a currency necessary
f or the complct.ioi:.t cf the Project :'!.escribe:-1 i n Section l. 2 herein;
(e )
Ivin.kc nv nilnbl c i n a t imelJ fashi on such rights of way
o.s will be necessary for ·cha
｣ｶｾｮｴｵ｡Ｎｬ＠
construct i on of the highwa.y
describcj in SGc t i on 1 .2 herein:
(f)
fina.l1cing ,
､ｾ
ｳｩｧ ｮ ｩｧ
Ca.use Bina. Mn.rga. to prepare c1etai1Gd plans for the
Ｌ＠
cons ·cruc t i on .::i.r.d mo.intcaa.ncc of a.11 feeder r oa.ds
a.nd related facilities naccssa.ry to permit ·che optimum utilization of
the highway dcscri•Jed in S-.?ction l. 2 herein.
The s e pl ans will provide
for f uture ·cra.ffic r cquiromcnts n.s further rtofir.c'1 by the engineering
consul·i;ing fi r m.
Such pla.nni ng shall be compkte:l 1'1ithin ｳｩｸ
ｾ･ｮ＠
(16) mOi!ths
from the 'l ate of the execution of this Agreement, a11d shall include but ·
not be limit0'1 to :
- 7 ..
(i)
a. ring roa.a. or equivalent ar b:,i r.10.il ; :ccl c;jrn.r.:; co.ol c or r o..J.i o-
0ro.r1 to such Iia.r·c:,r a:\:. U:.s
ｩＧｯ
ｬ
｣ ｍｩｮ
a:l.1ress :
ｾ＠
.-------
To ·\;h e Borr ow or :
Mnil ,\ ｾＭＧｬｲＮＺｳ＠
Dc_pa.r t ci:1cn L unr ｎＮＺｲ ｾ ｵ
ｔ ｎＮｾＧ
Ｇ ﾷ＠ Pc-:l- ja.c.0on 6
Djo.lmr ·ca., I L,bn
LOAN AGREEMENT
BE'.rWEEN THE
GOVERNMENT OF INDONESIA
AND THE
UNITED STATES OF AMERICA
Dated: Ｎｴ｟ｾ＠
\
- J' - / / C>
•
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.
ARTICLE IV
SECTION 4.1.
SECTION 4.2.
SECTION ｌｾＮ＠ 3 .
ARTICLE V
SECTION 5 .1.
ARTICLE VI
SECTION 6.1.
SECTION 6.2.
SECTION 6.3.
SECTION
SECTION
SECTION
SECTION
SECTION
6. !1.•
6.5.
6.6.
6.7.
6.8.
SECTION 6.9.
SECTION 6.10.
The Loan
1
The Loan
The Project
1
Borrower Repayment Terms and Interest
2
Interest
Principal
Application and Place of
Prepa;ylllent
2
2
l
2
ｐ｡ｹｾ･ｮｴ＠
3
Conditions Precedent
3
Conditions Precedent to Financing
Terminal Dates for Fulfillment of
Conditions Precedent
No·cification of Meeting of Condi tioo.s
Precedent
3
Disbursements
5
Requests for Letter of Commitment
Other Forms of Disbursement
Terminal Date for Requests for Commitment
Documents and for Disbursements
5
5
4
4
5
Particular Covenants and Warran-cies
Concerning the ProJect
5
Borrower's Covenants
5
General Covenants , Warranties and
Agreements
7
Utilization of Eligible Items
Information and Marking
Disclosure of Mai;erial Facts a.nd
Circumstances
Inspections
Truces and Duties
Commissions, Fees and Other Payments
Renegotiation of Terms
Local Sales Agents Commissions and
Service Payments
Maintenance and Audit of Records
Reports
7
8
8
8
9
9
10
10
11
11
.. 2 -
Section Number
ARTICLE VII
SECTION
SECTION
SECTION
SECTION
SECTION
SECTION
SECTION
7.1.
('.2.
7.3.
7.4.
7.5.
7.6.
7.7.
SECTION ?.8.
ARTICLE VIII
SECTION 8.1.
SECTION 8.2.
SECTION 8.3.
SECTION 8.4.
SECTION 8.5.
ARTICLE IX
SECTION 9. l.
SECTION 9.2.
SECTION 9.3.
Page
Covenants Concerning Procurement
12
Procurement Source and Origin
Date of Procurement
Port Charges
Small Business Notification
Ocean Shipment
Discrimination in Marine Insurance
F.mployment of Contract Personnel
Uni·bed States Government Excess Property
12
12
13
13
13
Remedies of A.I.D.
15
Events of Default; Acceleration
Termina"t;ion of Disbursements; Transfer
of Goods to A.I.D.
Refunds
Waivers
Expenses of Collection
15
18
18
:Miscellaneous
18
Designation of Representatives
Implementation Letters
Communications
lG
19
19
ｩｴｾ＠
14
14
16
17
AGREEMKNT, dated the
:2 0
'f)\
day of
R /;f &-hS/.
1970
oetween the GOVERNMENT OF INDONESIA (hereinafter called the "Borrower"),
and the UNITED STATES OF ArriERICA, acting ·chrough the AGENCY FeR INTERNATIONAL ｄｅｖｌｏｾｊｔ＠
(hereinafter called "A.I.D. ") .
ARTICLE I .
The Loan
SECTH>N l.l.
The Loan.
A.I.D. hereby· agrees to lend t o the
Borrower , pursuant 'Go the Foreign Assista.nce Ac·c of 1961, as amended ,
up to eight hundred thousand United States dollars ＨＤＸＰ
ｾＰ
ＰＩ＠
co
assist in financing the reasona•)le U.1ited S,vates dollar cos ·:·.s of
certain goods and services required for ·i.;he Project as defined in
Section 1. 2 hereof.
Goods and services financed hereunder are here ··
inafter referred ·co as "Eligible Items", and the aggregate amount
dis oursed hereunder is hereinafter referred ·co as "Principal" .
SEQTION 1.2.
The Project.
As used in ,.;his agreement, t he
"Project" shall mean the consul·cing engineering services for final
design for approximately fif·cy kilometers of four-lane limited access
highway with provision for expansion to six lanes from Djakart a pas t
Bogor to Tjiawi, Republic of Indonesia.
'
Said engi i1 eering services
shall include the completion of analytical studies with respect to
the location of interchanges and
ｲｩｧｨｴｳＭｯｦｷ｡ｹｾ＠
preparation of
detailed construction cost estimates and construction bid
､ｯ｣ｵｭ･ｮｴｳ
and a refinemenc of a benefit-cost analysis for said highway .
.....
ｾ＠
- 2 ARTICLE II.
Borrower Repayment Terms and Interest
SECTION 2 . 1.
Interest .
The Borrower shall pay semi - annually
to A.I.D. in United States dollars on the unpaid Principal, interest
which shall accrue from the dates of the r espective disbursements
hereunder , the first such int er est payment to be due and payable
no later than s ix (6) months after the first such disbursement on a
date to be s pecified 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 t wo percent ( z;/o) per ｡ｮｵＬｾ＠
for ten (10) years after the first disbursement hereunder and at a
rate of three percent
(3%)
per annum ther eafter , computed on the basis
of a three hundred sixty- five (365) day year .
Disbursements hereunder
shall be deemed to occur on the date on which payment by A.I.D . is
made either directly to the Borrower or its designee or to a banking
inst i tution pursuant to a
SECTION 2 . 2 .
｣ｯｉｔｵ
ｾ ｩｴｭ
･ ｮｴ＠
Principal .
document .
Borrower shall r epay the Principal
to A. I . D. in United States dollars within forty (40 ) years from the
date of first disbursement hereunder in sixty- one
(61)
level semi -
annual installments of principal and interest, the first installment
to be due and payable nine and one - half ( 9-1/2) years after the first
inter est payment is due.
SECTION 2 . 3 .
Application and Place of Payment .
All payments
shall be applied first to the payment of any int erest due and unpaid
t
- 3 and then to the repayment of Principal.
All payments shall be made
to the Controller, United St ates Agency for International Development
(hereinafter called
11
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 pr epayment shall be appli ed
first t o the payment of any accrued and unpai d 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 Financing .
Unless
A.I.D. otherwise agrees in writing, prior to the issuance of the
l etter sof commitment or other commitment documents, the Borrower shall
f urni sh 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 author i zed or ratified
by, and executed on behalf of the Borrower and that it is a valid
and binding obligati on of the Borr ower in accor dance with its terms;
(b)
The name of the person who will act as the repre-
sentative of the Borrower pursuant to Section 9 . 1 hereof, if other
- 4 than the person designated in said Section, together with evidence
of his authority and a specimen signature of said person, certified
as to its authenticii({by the person
rendering the legal opinion
pursuant to Section 3 . l(a) herein, or the person executing this Loan
Agreement;
(c)
Contractual arrangements with an engineering
consultant firm acceptable to A. I . D. ;
(d)
Evidence of the establishment of a reserve fund in
Indonesian currency equal to the total estimated Indonesian currency
cost of the Project.
SECTION 3.2.
Precedent.
.,,
Terminal Dates for Fulfillment of Conditions
Except as A.I.D. may otherwise agree in writing , if the
conditions required by Section 3.1 have not been satisfied within
thlree(3) months after the date of execution of this Loan Agreement,
A.I.D. may at any time thereafter terminate this Agreement by giving
notice to the Borrower .
Upon such termination, and notwithstanding
any other provisions of this Loan Agreement , the Borrower shall repay
to A.I.D. the unpaid Principal, if any, and any accrued interest .
Upon full payment in accordance with the foregoing , all other obligations of the Borrower and A. I . D. under this Agreement shall cease .
SECTION 3 , 3 .
Notification of Meeting of Conditions Precedent .
A. I.;D. shall notify the Borrower upon its determination that the
conditions precedent specified in Section
3.1 have been met .
I
I
I
I
- 5ARTI CLE IV.
Disbursements
SECTION 4 . 1.
Requests for Letter of Commitment .
To obtain
disbursements, the Borrower may request A. I. D. to i ssue , and subject
t o the provisions of this Loan Agreement A. I.D. shall issue , a letter
of commitment to a bank in the United States designated by the Borrower
and satisfactory to A. I . D. , committing A. I . D. to reimburse such bank
for payments made , through letters of credit or otherwise , to the
f
\
Borr ower or any designee of the Borrower, pursuant to such documentation
or r equir ements as A.I.D . may specify.
SECTION 4 . 2 .
Other Forms of Disbursement.
Disbursements may
al so be made through such other means as the Borrower and A.I.D. may
agree in writing.
SECTION 4.3 .
Terminal Date for Requests for Commitment
Documents and for Disbursements.
Except as A. I . D. may otherwise
agree in writing, no letter of commitment or other commitment documents
shall be issued in response to requests received by A.I . D. after
nine (9) months from the date of execution of this Loan Agreement,
and no disbursements shall be made against documentation received
after fourteen (14) months from the date of execution of this Loan
Agreement .
ARI'ICLE V.
Particular Covenants and Warranti es Concerning the Proj ect
SECTION 5.1.
Borrower's Covenants .
The Borrower covenants
.. 6 and agree s thut it shall:
(a. )
Ca.us e ·che Project to be ca.rrie1 out through its
Ministry of Public Works a.nd Ele ctric Powe r ; Direc·cora.tc General of
Highwa.ys (he r e i nafter cn.lled "Bina. Mnrga.");
(b)
Curry out the P.r-.1ject through Bi na. Mnrga with
due diligenc e and efficiency, a.nd i n conformi·i:.y with sound engi neeri ug,
fina.ncia.l and administrative pra.ctices;
(c)
Ca.us e the Project to ·oe carried ou"i;. by Bina. lfnrga.
i n conformi·cy with the coatra.cts
schcr'l.ules a.nd other a.rrangom..;nts , with
all moc1ifica.tions therein , approved by A.I.D. pursu.ant ·co this Agreemon·c;
(:i.)
Mn.kc n.va.ila.blc a.ny I ndonesia.a currency necessary
f or the complct.ioi:.t cf the Project :'!.escribe:-1 i n Section l. 2 herein;
(e )
Ivin.kc nv nilnbl c i n a t imelJ fashi on such rights of way
o.s will be necessary for ·cha
｣ｶｾｮｴｵ｡Ｎｬ＠
construct i on of the highwa.y
describcj in SGc t i on 1 .2 herein:
(f)
fina.l1cing ,
､ｾ
ｳｩｧ ｮ ｩｧ
Ca.use Bina. Mn.rga. to prepare c1etai1Gd plans for the
Ｌ＠
cons ·cruc t i on .::i.r.d mo.intcaa.ncc of a.11 feeder r oa.ds
a.nd related facilities naccssa.ry to permit ·che optimum utilization of
the highway dcscri•Jed in S-.?ction l. 2 herein.
The s e pl ans will provide
for f uture ·cra.ffic r cquiromcnts n.s further rtofir.c'1 by the engineering
consul·i;ing fi r m.
Such pla.nni ng shall be compkte:l 1'1ithin ｳｩｸ
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(16) mOi!ths
from the 'l ate of the execution of this Agreement, a11d shall include but ·
not be limit0'1 to :
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a. ring roa.a. or equivalent ar b:,i r.10.il ; :ccl c;jrn.r.:; co.ol c or r o..J.i o-
0ro.r1 to such Iia.r·c:,r a:\:. U:.s
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a:l.1ress :
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