Selanjutnya
GUARANTEE
__ . ._ ______ . . AGREEMENT
ﾷ
ＭｩＺＮｾＬ｟＠
dated May 29, 1968,
betvreen
KREDITANSTALT FUR WIEDERAUFBAU
and the
REPUBLIC OF INDONESIA
to the Loan Agreement dated May 29, 1968,
betv1een Kredi tanstal t flir Wiederaufbau and
B3nlc Negara Indonesia, Djakarta,
for DM
50 . 500 . 000,--
(Commodities VI)
between
KREDITANSTALT FUR WIEDERAUFBAU, Frankfurt/Ma.i.n ,
, hereinafter referred to as "Kreditanstalt")
and the
REPUBLIC OF INDONESIA
(hereinafter referred to as "Guarantor 11 )o
P R E A MB L E
--------------By Agreement of May 29, 1968,
(hereinafter
referred to as "Loan Agreement") Kreditanstalt has
undertaken to extend to the Bank Negara Indonesia,
Djakarta, (hereinafter referred to as "Borrovrnr"),
a loan not exceeding
DH
5o o500oOOO ---------------i--
(Fifty million five hundred thousand Deutsche Mark )
on condition that the Guarantor will give a guarantee
in respect of the Borrowervs obligations under the
Loan Agreement as follows:
- 2 -
- 2 -
i:..ssent
Tho Guarantor hereby approves all provisions of the Loan
Agreement and agrees to grant any permissions which may be
necessary for the implementation of the Loan Agreement .
(1) Waiving all objections and defences arising from the
Loan Agreement, the Guarantor hereby extends to Kredite.nstalt the independent and irrevocable guarantee for
the due fulfilment of all obligations of payment under
the Loan Agreemento
(2) Accordingly the Guarantor undertakes to make any payment
due from the Borrower under the Loan Agreement upon first
demand by Kreditanstalt if and as far as such payment due
from the Borrower is not effected as and when due . The
Guarantor 1 s obligations shall not depend on Kreditunstalt1s first giving notice to or demanding payment
from the ｂｯｲｾ･＠
or on Kreditanstalt bringing action
or taking any other step against the Borrower or on
Kreditanstalt proving that the Borrower is in default .
( 3 ) All payments shall be effected in no other currency than
Deutsche Mark and shall be Yemitted to Kreditanstalt's
account No 10/1555 with Deutsche Bundesbank 9 Frankfurt/
hlain, no set-off against such payments being permitted .
- 3 -
- 3 -
_
Article
III
_,._....._ __ _.__,_
In addition to the payment guarantee given under Article II
of this Agreement 7 the Guarantor hereby agrees to permit
the Borroner to purchase and to transfer such amounts jn
Deutsche hlark, or, as the case may be , to make available
such amounts of Deutsche Mark against payment in local
currency, as shall be required for the proper fulfilment of
all claims of Kreditanstalt under the Loan Agreement.
Article IV
--------Tho Guaran·tor undertakes to endorse all pronissory no·tes
l3sucd by the Borrower pursuant to Article VI of the Loan
,\.groomont"
Clause
-Non-Discrimination
-- -- --·-·------·-·- ---- ---(1) The Guarantor declares not to have furnished any mortgage
or pledge of any kind covering other long-·term external
debts. Therefore, no mor t gage 0n pJedge sh.!31] ba ｦ ＺｮＮ ｮＬ ｊ［ｾ｢ﾷＺ＾
ＨＡ＠
for this Guarantee < In the event that the Guarantor
should provide any mortgage or pledge for any other longterm external debts in the future he shall furnish Kredit&ns tal t a mortgage or pledge of equal value ,
( 2) '.i:he term "mortgage or pledge" as used in
shall mean any right enabling a creditor
to obtain preferential satisfac·tion from
or revenue of the Guarantor? the Central
his aGencies or en·terprises .
paragraph ( 1 \ above?
of the Guarantor
specific asse·ts
Bank 5 or any of
- 4 -
- 4 (3) The term "long-term external debt " as used in paragraph ｾＱＩＬ＠
above, shall mean any debt which shall be payable in a
currency other than t hat of the Guarantor and shall fall
due not earlier than one year after the date on which it
was incurredo
Article VI
( ·1) no delay or omission in exercising any of Kredi tanstal t 1 s
rights under this Agreemen·t shall be construed as a waiver
thereof or as acquiescence in a default o Any exercise
o:f only part of the rights or any exercise in part of any
of the rights shall not preclude subsequent enforcement
of any such rights which have not or not fully been exercised. The invalidity of one or more of the provisions
of this Guarantee Agreement or of the Loan Agreement shall
not affect the validity of this Guaran·tee Agreement or of
the other provisions of this Guarantee Agreement o
(2) Amendments or additions to the Loan Agreement shall only
be subject to the Guarantor ' s approval in so far as they
affect the payment obligations guaranteed in Article II,
above o
(3) Any statement or notice made or given in connection with
this Agreemen·t between the contracting par·ties shall be made
or given in writing.
Any such statement or notice shall be
deemed to have been duly received as soon as it has been
- 5 -
- 5 -
delivered at the following addresses of the respective contracting party:
For Kreditanstalt:
postal address:
cable address:
for the Guarantor:
postal address:
cable address:
Kreditanstalt ftir Wiederaufbau
Lindenstrasse 27?
6 Frankfurt/Main,
(Federal Republic of Germany)
Kreditanstalt Frankfurtmain
Ministry of Finance
Lapangan Banteng 2,
Djakarta,
(Republic of Indonesia)
Ministry of Finance, Djakarta
Any change of the above addresses shall only be effective
when it has been received by the other contracting party .
i) The f.Tinister of :E'inance and any persons empowered by him ,
( 1
in \·Iri ting to represent him vis--a-vis Kredi tanstal t shall
be authorized to deliver and to accept all statements and
to undertake all activities for and on behalf of the
Guarantor in connection with the implementation of this
Guarantee Agreement. The power of attorney of such persons
shall also extend to additions to and amendments of this
Agreement unless the Guarantor shall make statements to the
contrary vis-a-vis Kredit8nstalt. The power of attorney
shall only expire when its express revocation has been
received by KreditAnstalt. The Guarantor shall furnish duly
in advance of the first disbursement legalized specimen
sigm.tures of authorized persons.
(5) This Agreement with the exception of the transfer guarantee
given under Article III shall be governed by German law.
The place of performance shall be Frankfurt am Main.
In case of doubt as to the proper interpretation of
this Agreement, the German text shall prevail.
- 6 -
- 6 (6) All disputes arising from this Agreement including
disputes on the vqlidity of this Agreement and of the
Arbitration Agreement which cannot be settled amicably
between the contracting parties shall be submitted to
arbitration in accordance with the Arbitration Agreement
forming an integral part of this Agreement o
DONE at
this
Frankfurt/Main
May 29, 1968,
in qua.druplica te, two texts each in the German and the
English languages o
KHEDITANSTALT FUR WIEDERAUFBAU
Signed
Signed
REPUBLIC OF.,.,... INDONESIA
Signed
ARBITRATION AGREEMENT
---------------------
Vii th reference to the provision of Article XI Paragraph ( 6)
of the Loan Agreement between
KREDITANSTALT FUR WIEDERAUFBAU, Frankfurt/Main
(hereinafter referred to as "Kreditanstalt")
and the
BANK NEGARA INDONESIA
(hereinafter referred to as "Borrower")
dated
Nay 29, 1968,
for DM 5on500oOOo,-and with reference to the provision of Article VI
Paragraph (6) of the Guarantee Agreement between
Kreditanstalt
and the
REPUBLIC OF INDONESIA
(hereinafter referred to as "Guarantor ")
dated
May, 29, 1968,
(Commodities VI)
the Kreditanstalt, the Borrower, and the Guarantor hereby
agree on the following:
- 2 -
- 2 -
__ ___
ｊｾｲｴｩ｣ｬ･＠
ａｬ
'-'
1
._.._ ..-
Ｎｾ＠
disputes arising from the Loan Agreement and/or the
C1ro.Iantee Agreement including disputes on the validity of the
Loan Agreement, the Guarantee Agreement or this Arbitration
Agreement which cannot be settled amicably by the parties shB,11
finally and exclusively be decided by an Arbitration Tribunal ,
The parties to such arbitration shall be the Guarantor and/or
the Borrower on the one part, and Kreditanstalt on the
other part. Kreditanstalt shall have the right to ini tiate
arbitration proceedings against the Guarantor and the Tievelop
ment B-.mk separately or jointly . Similarly the Guarantor and
the Borrouer shall be entitled separately or jointly to initiate
arbitration proceedings against Kreditanstalt.
1) If the parties do not agree on a single arbitrator, the
Arbitration Tribunal shall consist of three arbitrators
appointed as follows: one arbitrator shall be appointed
by the Guarantor alone or, if the latter does not, or not
yet, participate in the proceedings, by the Borrower , a second
arbitrator by Kreditanstalt, and a third arbitrator (hereinafter called "Chairman") shall be appointed by agreement
of both parties or, if they shall not agree within 60 days
after receipt of the request for arbitration by the defendant 9
on application of either party by the President of the International Chamber of Commerce or, failing appointment by him,
by the Chairman of the Swiss National Committee of the
International Chamber of Commerce . If either side shall
fail to appoint an arbitrator, such arbitrator shall be
appointed by the Chairman
- 3 -
- 3
ｾ＠
(2) In case any arbitrator appointed pursuant to the
foregoing provisions shall resign or ｢･｣ｯｮｾ＠
unable to
act as arbitrator, his successor shall be appointed in
the same manner as the original arbitrator , The successor
shall have all the powers and duties of such original
arbitrator
ｾＺﾣｴｨＮＱ｟ﾱ＠
(1) An arbitration proceeding may be instituted by the
service of a written request for arbitration by one
party to the other Such request shall state the nature
of the claim, the remedy or compensation requested and
the name of the arbitrator to be appointed by the cl
__ . ._ ______ . . AGREEMENT
ﾷ
ＭｩＺＮｾＬ｟＠
dated May 29, 1968,
betvreen
KREDITANSTALT FUR WIEDERAUFBAU
and the
REPUBLIC OF INDONESIA
to the Loan Agreement dated May 29, 1968,
betv1een Kredi tanstal t flir Wiederaufbau and
B3nlc Negara Indonesia, Djakarta,
for DM
50 . 500 . 000,--
(Commodities VI)
between
KREDITANSTALT FUR WIEDERAUFBAU, Frankfurt/Ma.i.n ,
, hereinafter referred to as "Kreditanstalt")
and the
REPUBLIC OF INDONESIA
(hereinafter referred to as "Guarantor 11 )o
P R E A MB L E
--------------By Agreement of May 29, 1968,
(hereinafter
referred to as "Loan Agreement") Kreditanstalt has
undertaken to extend to the Bank Negara Indonesia,
Djakarta, (hereinafter referred to as "Borrovrnr"),
a loan not exceeding
DH
5o o500oOOO ---------------i--
(Fifty million five hundred thousand Deutsche Mark )
on condition that the Guarantor will give a guarantee
in respect of the Borrowervs obligations under the
Loan Agreement as follows:
- 2 -
- 2 -
i:..ssent
Tho Guarantor hereby approves all provisions of the Loan
Agreement and agrees to grant any permissions which may be
necessary for the implementation of the Loan Agreement .
(1) Waiving all objections and defences arising from the
Loan Agreement, the Guarantor hereby extends to Kredite.nstalt the independent and irrevocable guarantee for
the due fulfilment of all obligations of payment under
the Loan Agreemento
(2) Accordingly the Guarantor undertakes to make any payment
due from the Borrower under the Loan Agreement upon first
demand by Kreditanstalt if and as far as such payment due
from the Borrower is not effected as and when due . The
Guarantor 1 s obligations shall not depend on Kreditunstalt1s first giving notice to or demanding payment
from the ｂｯｲｾ･＠
or on Kreditanstalt bringing action
or taking any other step against the Borrower or on
Kreditanstalt proving that the Borrower is in default .
( 3 ) All payments shall be effected in no other currency than
Deutsche Mark and shall be Yemitted to Kreditanstalt's
account No 10/1555 with Deutsche Bundesbank 9 Frankfurt/
hlain, no set-off against such payments being permitted .
- 3 -
- 3 -
_
Article
III
_,._....._ __ _.__,_
In addition to the payment guarantee given under Article II
of this Agreement 7 the Guarantor hereby agrees to permit
the Borroner to purchase and to transfer such amounts jn
Deutsche hlark, or, as the case may be , to make available
such amounts of Deutsche Mark against payment in local
currency, as shall be required for the proper fulfilment of
all claims of Kreditanstalt under the Loan Agreement.
Article IV
--------Tho Guaran·tor undertakes to endorse all pronissory no·tes
l3sucd by the Borrower pursuant to Article VI of the Loan
,\.groomont"
Clause
-Non-Discrimination
-- -- --·-·------·-·- ---- ---(1) The Guarantor declares not to have furnished any mortgage
or pledge of any kind covering other long-·term external
debts. Therefore, no mor t gage 0n pJedge sh.!31] ba ｦ ＺｮＮ ｮＬ ｊ［ｾ｢ﾷＺ＾
ＨＡ＠
for this Guarantee < In the event that the Guarantor
should provide any mortgage or pledge for any other longterm external debts in the future he shall furnish Kredit&ns tal t a mortgage or pledge of equal value ,
( 2) '.i:he term "mortgage or pledge" as used in
shall mean any right enabling a creditor
to obtain preferential satisfac·tion from
or revenue of the Guarantor? the Central
his aGencies or en·terprises .
paragraph ( 1 \ above?
of the Guarantor
specific asse·ts
Bank 5 or any of
- 4 -
- 4 (3) The term "long-term external debt " as used in paragraph ｾＱＩＬ＠
above, shall mean any debt which shall be payable in a
currency other than t hat of the Guarantor and shall fall
due not earlier than one year after the date on which it
was incurredo
Article VI
( ·1) no delay or omission in exercising any of Kredi tanstal t 1 s
rights under this Agreemen·t shall be construed as a waiver
thereof or as acquiescence in a default o Any exercise
o:f only part of the rights or any exercise in part of any
of the rights shall not preclude subsequent enforcement
of any such rights which have not or not fully been exercised. The invalidity of one or more of the provisions
of this Guarantee Agreement or of the Loan Agreement shall
not affect the validity of this Guaran·tee Agreement or of
the other provisions of this Guarantee Agreement o
(2) Amendments or additions to the Loan Agreement shall only
be subject to the Guarantor ' s approval in so far as they
affect the payment obligations guaranteed in Article II,
above o
(3) Any statement or notice made or given in connection with
this Agreemen·t between the contracting par·ties shall be made
or given in writing.
Any such statement or notice shall be
deemed to have been duly received as soon as it has been
- 5 -
- 5 -
delivered at the following addresses of the respective contracting party:
For Kreditanstalt:
postal address:
cable address:
for the Guarantor:
postal address:
cable address:
Kreditanstalt ftir Wiederaufbau
Lindenstrasse 27?
6 Frankfurt/Main,
(Federal Republic of Germany)
Kreditanstalt Frankfurtmain
Ministry of Finance
Lapangan Banteng 2,
Djakarta,
(Republic of Indonesia)
Ministry of Finance, Djakarta
Any change of the above addresses shall only be effective
when it has been received by the other contracting party .
i) The f.Tinister of :E'inance and any persons empowered by him ,
( 1
in \·Iri ting to represent him vis--a-vis Kredi tanstal t shall
be authorized to deliver and to accept all statements and
to undertake all activities for and on behalf of the
Guarantor in connection with the implementation of this
Guarantee Agreement. The power of attorney of such persons
shall also extend to additions to and amendments of this
Agreement unless the Guarantor shall make statements to the
contrary vis-a-vis Kredit8nstalt. The power of attorney
shall only expire when its express revocation has been
received by KreditAnstalt. The Guarantor shall furnish duly
in advance of the first disbursement legalized specimen
sigm.tures of authorized persons.
(5) This Agreement with the exception of the transfer guarantee
given under Article III shall be governed by German law.
The place of performance shall be Frankfurt am Main.
In case of doubt as to the proper interpretation of
this Agreement, the German text shall prevail.
- 6 -
- 6 (6) All disputes arising from this Agreement including
disputes on the vqlidity of this Agreement and of the
Arbitration Agreement which cannot be settled amicably
between the contracting parties shall be submitted to
arbitration in accordance with the Arbitration Agreement
forming an integral part of this Agreement o
DONE at
this
Frankfurt/Main
May 29, 1968,
in qua.druplica te, two texts each in the German and the
English languages o
KHEDITANSTALT FUR WIEDERAUFBAU
Signed
Signed
REPUBLIC OF.,.,... INDONESIA
Signed
ARBITRATION AGREEMENT
---------------------
Vii th reference to the provision of Article XI Paragraph ( 6)
of the Loan Agreement between
KREDITANSTALT FUR WIEDERAUFBAU, Frankfurt/Main
(hereinafter referred to as "Kreditanstalt")
and the
BANK NEGARA INDONESIA
(hereinafter referred to as "Borrower")
dated
Nay 29, 1968,
for DM 5on500oOOo,-and with reference to the provision of Article VI
Paragraph (6) of the Guarantee Agreement between
Kreditanstalt
and the
REPUBLIC OF INDONESIA
(hereinafter referred to as "Guarantor ")
dated
May, 29, 1968,
(Commodities VI)
the Kreditanstalt, the Borrower, and the Guarantor hereby
agree on the following:
- 2 -
- 2 -
__ ___
ｊｾｲｴｩ｣ｬ･＠
ａｬ
'-'
1
._.._ ..-
Ｎｾ＠
disputes arising from the Loan Agreement and/or the
C1ro.Iantee Agreement including disputes on the validity of the
Loan Agreement, the Guarantee Agreement or this Arbitration
Agreement which cannot be settled amicably by the parties shB,11
finally and exclusively be decided by an Arbitration Tribunal ,
The parties to such arbitration shall be the Guarantor and/or
the Borrower on the one part, and Kreditanstalt on the
other part. Kreditanstalt shall have the right to ini tiate
arbitration proceedings against the Guarantor and the Tievelop
ment B-.mk separately or jointly . Similarly the Guarantor and
the Borrouer shall be entitled separately or jointly to initiate
arbitration proceedings against Kreditanstalt.
1) If the parties do not agree on a single arbitrator, the
Arbitration Tribunal shall consist of three arbitrators
appointed as follows: one arbitrator shall be appointed
by the Guarantor alone or, if the latter does not, or not
yet, participate in the proceedings, by the Borrower , a second
arbitrator by Kreditanstalt, and a third arbitrator (hereinafter called "Chairman") shall be appointed by agreement
of both parties or, if they shall not agree within 60 days
after receipt of the request for arbitration by the defendant 9
on application of either party by the President of the International Chamber of Commerce or, failing appointment by him,
by the Chairman of the Swiss National Committee of the
International Chamber of Commerce . If either side shall
fail to appoint an arbitrator, such arbitrator shall be
appointed by the Chairman
- 3 -
- 3
ｾ＠
(2) In case any arbitrator appointed pursuant to the
foregoing provisions shall resign or ｢･｣ｯｮｾ＠
unable to
act as arbitrator, his successor shall be appointed in
the same manner as the original arbitrator , The successor
shall have all the powers and duties of such original
arbitrator
ｾＺﾣｴｨＮＱ｟ﾱ＠
(1) An arbitration proceeding may be instituted by the
service of a written request for arbitration by one
party to the other Such request shall state the nature
of the claim, the remedy or compensation requested and
the name of the arbitrator to be appointed by the cl