Selanjutnya
,
ｾ＠
AGREEMENT BETWEEN THE
REPUBLIC OF INDONESIA AND
EXPORT-IMPORT BANK OF WASHINGTON
In accordance with the understandings reached among participating creditor countries at the Paris meetings December 19-20, 1966,
as subsequently modified at the Amsterdam meetings February 22-24, 1967,
the Export-Import Bank of Washington ("Eximbank") and the Government of
Indonesia agree to consolidate 100% of principal of $24,092,571.57 and
100% of interest payments of $7,712,858.01 totalling $31,805,429.58 on
credits granted or insured by Eximbank which were over due as of July 1,
1966, and all such debts falling due during the Consolidation Period,
July l p 1966, through December 31, 1967.
Tables summarizing the credits and payments subject to re scheduling are appended to this Agreement in Annex A and Annex Bl
through Annex B6.
Annex C presents a Schedule of Payments as specified
in this Agreement, and details of the contractual payments not modified
by this Agreement .
In order to effect the understandings, the parties agree as
follows:
1.
Interest Rates.
(a)
Contractual.
Interest rates in the applicable
loan agreements and insured portion of the
Feffer & Simons,
Inc., credit will remain in
force but payment
ｷｩｬｾ＠
be deferred i.n
accordance with the offer. of Lhe United
States to Consolidate fully interest
ｰ｡ｹｾ＠
ments :i.n arrears or due during the Con=
solidation Period.
b.
The int.crest rate to be
ＬｧｯｮｳｬｩｾｊＮＲﾣﾷ＠
applied to the Consolidated Amount
will
be 3% per annum, beginning January 1,
ＱＹＶＸｾ＠
Interest to be accrued on tho Consolidated
Amount of $31,805 9 429.58 durlng tho ｾｲ｡｣･＠
period, January 1 ｾ＠ 1968 ｾ＠ through Doccmhc37 31,
1970, totals $2,865,102.81.
Although the
Consolidation Interest will accrue i.n tho
grace period January 1, 1968,· through
December 31 ｾ＠ 1970, i t will not be collected
during that period and will not be compounded.
This deferred Consolidation
Interest will become payable during the
repayment period following January 1, 1971,
ｾｯｮｳｬｩ､｡ｴ＠
in accordance with the repayment schedule.
Interest after December
ＳＱｾ＠
1970, will he charged and payable at the
rate of 3% per annum on the declining
balance of the Consolidated Amount
in
the years following January 1, 1971.
2.
2.
Repayment Period.
Consolidated Amount shall be repaid during the period
ｔｨｾ＠
January 1, 1971 through December 31, 1978, with semiannual
payments on June 30 and December 31 of each year.
3.
Repayment Schedule.
The Consolidated Amount shall be repaid as follows:
a.
5% of the Consolidated Amount shall be paid
in 1971 in approximately equal semiannual
installments,
b.
10% of the Consolidated Amount shall be paid
in each of the following years:
1972, 1973,
and 1974 in approximately equal semiannual
installments,
c.
15% of the Consolidated Amount shall be paid
in each of the following years:
1975, 1976,
and 1977 in approximately equal semiannual
installments;
d.
20% of the
ｃｯｮｾｬｩ､｡ｴ･＠
Amount shall be paid
in 1978 in approximately equal semiannual
installments;
e.
Consolidation Interest accrued during the
grace period, 1968-1970, will be payable in
accordance with the same percentage schedule:
5% in 1971, 10% in each year, 1972-1974; 15%
in each year) 1975-1977; and 20% in 1978.
3.
4.
Export Credit of Feffer and Simons, Inc . Insured
by Foreign Credit Insurance Association.
The Export-Import Bank assumes the obligation represented by 95% of the principal-amount insured
by the Foreign Credi t Insurance A&sociation of
invoices outstanding as of June 30, 1967, and due
to Feffer and Simons, Inc. on the book contract
entered into between Feffer and Simons, and the
Bank Negara Indonesia.
This insured amount of
$1,195,522.17 and the interest due the ExportImport Bank in the amount $10,487.72 constitutes
the Consolidated Amount for this exporter credit
as shown in Annex B6.
The Government of Indonesia agrees to assume all
of the obligations of the Bank Negara Indonesia
with respect to those letters of credit issued
by the Bank Negara Indonesia for the export sales
made by Feffer and Simons, Inc. which were insured by the Export-Import Bank of Washington
and the Foreign Credit Insurance Association.
Accordingly the Government of Indonesia will pay
the Consolidated Amount of insured debt and
Consolidation Interest as set forth in Annex C,
all as provided for i n Promissory Notes A and B.
4.
5.
In accordance with the non-discriminatory clause
of paragraph 8 of the Agreed Minute drawn up at
the Paris meeting, the United States Government
res'erves the right to alter the· terms of the
rescheduling as stipulated above in the event
Indonesia accords any other creditor country
more favorable rescheduling terms.
6.
The United States Government in no way shall be
responsible for the payment, rescheduling or refinancing of uninsured, unguaranteed loans of
private persons in the United States to the
Government of Indonesia , its agencies or its
nationals.
7.
The Government of Indonesia confirms its acceptance of the f.:;;scheduling terms proposed herein
and its concurrence in the amounts owing on
the subject debts.
As evidence of such debts,
the Govermnent of Indonesia agrees to execut e
two promissory notes.
The first note (Note A)
is in the principal amount of $31,805,429.58
representing the total amount of the Consolidated
Amount, and this note is accepted i n lieu of such
payments scheduled to fall due prior to or during
the Consolidation Period.
This note bears interest
at the rate of 3% per annum and is payable in semiannual installments beginning June 30 , 1971, in
accordance with paragraph 3 (a-d) of this agreement.
5.
The second note (Note B) is in the principal amount
o"f: ·t2·t8o5,102 . 81 and represents interest accrued on
the Consolidated Amount during the grace period
January 1, 1968, to December 31, 1970, and bears
no interest.
This note is payable in semiannual
installments in accordance with paragraph 3(e) of
this agreement .
8.
Installments on those obligations owing Eximbank
which fall due after December 31, 1967, are due
on the dates specified in the original obligations,
and bear interest from the due date of the previous
installment specified in the original obligations
at the rate therein specified and the Government of
Indonesia hereby agrees to pay such installments
when and as due.
9.
The Government of Indonesia agrees to submit evidence
satisfactory to Eximbank, of the authority of the
person or persons who, on behalf of the Government
of Indonesia signs this agreement and who signs
Notes A and B referred to herein.
Dated at Djakarta, this __3_0_t_h__ day of December
GOVERNMENT
ｾ＠
, 1967.
INDONESIA
Signed
j By__ｾＮＭ
Tit le ,
ｅｘｐｏｒｾＭｉｍｔ＠
Mmister of Fi'nance
BANK
By
oi ｗａｓｾｉｎｇｔｏ＠
Signed
Title First Vice President
6.
NOTE A
REPUBLIC OF INDONESIA
PROMISSORY NOTE
U.S. $31,805,429.58
January 1 , 19 71
FOR VALUE RECEIVED , the Government of Indonesia by this promissory
note hereby unconditionally promises to pay to the order of Export-Import
Bank of Washington, at the Federal Reserve Bank of New York , New York ,
the principal sum of Thirty-One Million Eight Hundred Five Thousand, Four
Hundred Twenty-Nine Dollars and Fifty-Eight Cents ($31,805,429.58) in
installments as hereinafter provided and to pay interest on each June 30
and December 31
ｾｦ＠
each year during the life of this note at the rate of
three per cent (3%) per annum from the date of this note on the unpaid
principal balance hereof from time to time outstanding.
Such interest
shall be computed on the basis of the actual number of days , using a
365-day factor.
Installment Due Date
June 30, 1971
December 31, 1971
Principal Amount
$
795 , 135.74
795,135.74
June 30 , 1972
1,590 ' 271.48
December 31, 1972
1 , 590 , 271.48
June 30, 1973
1 , 590 , 271.48
December 31, 1973
1, 5 90 ' 271. 48
June 30, 1974
1,590 , 271.48
December 31, 1974
1,590 , 271.48
- 2-
Installment Due Date
June 30, 1975
.
Principal Amount
$2,385,407 .22
December 31, 1975
2,385,407.22
June 30, 1976
2,385,407.22
December 31, 1976
2,385,407.22
June 30, 1977
2 ,385 A07. 22
December 31, 1977
2p385,407.22
June 30 p 1978
3,180,542.95
December 31, 1978
3,180 , 542.95
!oth principal and interest on this promissory note are payable
in lawful money of the United States of America without deduction for or
on account of any present or future taxes, or other charges levied or
imposed on this note or the proceeds or holder hereof by the Government
of Indonesia or any political subdivision or taxing authority thereof.
The right is reserved to prepay without penalty or premium, all
or part of the principal hereof on any installment due date, any such
prepayment to be applied to the remaining installments of principal in
the inverse order of their maturity.
Upon default in the prompt and full payment of any installment
of principal or interest on this promissory note, the entire unpaid principal
hereof and interest thereon to the date of payment shall immediately
become due and payable at the option and upon demand of the holder hereof .
The failure of the holder hereof to exercise any of its rights
hereunder in any particular instance shall not constitute a waiver thereof
in that or any other instance.
GOVERNMENT OF jlNDONESIA
Signed
.//'1. By_ _
_ _ _ _ _ __
; Title
ｾｲｳｴ･［＠
of
FJance
NOTE B
REPUBLIC OF INDONESIA
PROMISSORY' NOTE
U.S. $2 , 865 1 102.81
January 1, 1971
FOR VALUE RECEIVED 1 the Government of Indonesia by this promi ssory
note hereby unconditionally promises to pay to the Bxder of the
ｅｸｰｯｲｴ
ｾ＠
Import Bank of Washington at the Federal Reserve Bank of New York, New York,
the principal sum of Two Million Eight Hundred and
ｓｩｸｴｹｾｆｶ･＠
Thousand One
Hundred Two Dollars and Eight-One Cents ($2,865,102.81) in installments
as hereinafter provided without interest.
Installment Due Date
June 30 , 1971
December 31, 1971
Principal Amount
$ 71 , 627.57
71,627.57
June 30, 1972
143 , 255.14
December 31, 1972
143 , 255.14
June 30, 1973
143,255.14
December 31, 1973
143 , 255.14
June 30, 1974
143 , 255.14
December 31, 1974
143 , 255.14
June 30, 1975
214 , 882.71
Dec ember 31, 1975
214 , 882. 71
June 30, 1976
214,882.71
December 31, 1976
214,882.71
Installment Due Date
Principal Amount
June 30, 1977
$ 214,882. 71
December 31, 1977
214,882.71
June 30, 1978
286,510.28
December
ＳＱ
ｾ＠
1978
286,510.28
This promissory note is payable in lawful money of the United
States 0f America without deduction for or on account of any present or
future
ｴ｡ｸ･ｳ
ｾ＠
or other charges levied or imposed on this note or the
proceeds of the holder hereef by the Government of Indonesia or any
political subdivision or taxing authority thereof.
The right is reserved to prepay without penalty or premium all
or part of the unpaid amount hereof on any installment due
any
､｡ｴ･ｾ＠
such prepayment to be applied to the remaining installments in the inver se
order of their maturity.
Upon default in the prompt and full payment of any installment
on this promissory
ｮｯｴ･ｾ＠
the entire unpaid amount hereof shall immedia tely
become due and payable at the option and upon demand of the holder hereof.
The failure of the holder hereof to exercise any of its r i ght s
hereunder in any instance shall not constitute a waiver there of in that
or any other instance.
GOVERNMENT OF1 INDONESIA
Signed
ｂｹｾＭ
ｾ
Tit le Minister of Fina9ce
/
ｾＭ
ANNEX A
INDONESIA
SUMMARY OF :::CNSOLIDATED AMOUNT OF PRI NCIFAL AND INTEREST
RESCHEDUL:i, t-QR • L: OUTSTANDING \.:ONTRACT0 BEi'"1iEE}! EXIMBA1f:{
ａｾｬｊ＠
GOV .;..,P.,.'JM!JifT OF I NDONESIA fu.'lD BANK NEGARA INDONESIA
Details in
Ann__ex
L..72
Bl
1073
B2
1/ 15 and 7/15
2,238,084 00
322,606.01
2,560,690.01
1125
BJ
2/10 and 8/10
1, 913 332 .00
1 ,352,321.49
3,265,653.49
1126
B4
5/31 and 11/30
4,426,664 00
3,433,722.59
ＷＬＸＶＰ
1147
B5
3/31 and 9/30
440,000. 00
164,900.54
Feff er and
Simons ' Insured
Export Credit
E'6
Vari ous
Pa:vment Dates
Totals
Principal
$13,878 , 969.40
ＤＲｾ＠
...W95.522.17
, 092 , 571. 57
Total 1Consolidated llmount"
.
Consolidated F.mounts
Interest
3/1 and 9/1
Loan No.
ｾＲＬＴ
ＲＸ
ＱＰ
ｾＴ
Ｎ ＸＱＹ
ＮＶ＠
Ｘ＿ＮＷＲ＠
$7;?.!2,858.01
Total
$16,307,789.06
ＬＳ
ＸＶＮｾ＠
604,900.54
1,206.009.89
$31,805 ,429. 58
ANNEX Bl
Eximbank Loan No. 472
ｾ
ｖ｡ｲｩｯｵｳ＠
Contractually due for Consolidation
Date
Principal Due
Interest Due
$3,469,742.35
$§02,214.19
$3,4692742.35
$602,214 . 19
$3 , 469,742.35
$612,195.64
March 1, 1967
3,469,742 . 35
602,214 .19
September 1, 1967
3,469,742.35
612,195 .64
31, 1967
$10,409,227.05
$1,876,605 .47
Totals
$13,878,969.40
$2,428,819.66
March 1 , 1966
1'otal arrears June 30 , 1966
September 1, 1966
Total Consolidation Period
July 1, 1966 - December
Consolidated Amount of
Principal and Interest
$16,307,789.06
ANNEX B2
Eximbank Loan No. 1073 (Cement Plant Expansion)
Contractually due for Consolidation
Date
January 17, 1966
Principal Due
Interest Due
$559,521.00
ＤｾＷＳ
Ｎ Ｖ＠
$559 2521, 99
Ｄ ＸＱ ＬＹＷＳ
Ｎ Ｖｾ＠
$559,521.00
$78,888.63
January 16, 1967
559,521 .00
81,532 . 94
July 17 , 1967
559 1521.00
80 1210.7..§
1967
$1,678 2563.00
$2401632 .35
Totals
$2 1238,084 .00
$322 1606 .01
Total arrears June 30, 1966
July 15, 1966
Total Consolidation Period
July 1, 1966 - December 31,
Consolidated Amount of
Principal and Interest
$2 1560 1690 . 01
-
ANNEX B3
Eximbank Loan No. 1125
(Electric Power Plant)
Contractually due for Consolidation
Date
Princi2al Due
February 10, 1966
$478,333.00
$318,431.01
$478,333.00
$,218,431.01
$478,333.00
$349,392 . 95
February 10, l'i7
478,333.00
345,061 . 77
August 10, 1967
478 1333.00
139,435.76
1967
$1,434 1999.00
$1, 033 '82.Q._.48
Totals
$11913 , 332.00
$1,352,321 .49
Total arrears June 30, 1966
August 10, 1966
Interest Due
Total Consolidation Period
July 1, 1966 - December 31,
Consolidated Amount of
Principal and Interest
$3,265 1653.49
ANNEX B4
Eximbank Loan No. 1126
(Fertilizer Plant)
Contractually due for Consolidation
Principal Due
Date
May
31' 1966
Total arrears June 30, 1966
ＤＱ
Ｒ
ＱＰＶｾＮ＠
Interest Due
$856 2 463.44
$1z106 2666 .00
$856 z463.44
$1,106,669.00
$860,654.06
31, 1967
1,106,696.00
855,951.03
November 30, 1967
1 1 106 1 '9i.OO
8602654 .06
1967
$3,319!998.00
$2,577 . 259.15
Totals
$4,426 2 664.QQ
$3,433 2 722 . 59
November 30 , 1966
May
Total Consolidation Period
July 1 , 1966 - December 31,
Consolidated Amount of
Principal and Interest
$7,860,386.59
ANNEX BS
Eximbank Loan No. 1147
(Drainage & Irrigation)
Contractually due for Consolidation
Principal Due
Interest Due
$110,000 .00
$40,999.86
$110,000.00
$40,999.86
$110' 000 .00
$41,225 . 14
March 31, 1967
110,000 .00
40,999.86
October 2, 1967
1102000.00
412675.68
1967
$330,000.00
$1232900.68
Tota ls
$440 2000.00
$164,900.54
ｾ＠
March 31, 1966
Total arrears June 30, 1966
September 30, 1966
Total Consolidated Period
July 1, 196i - December
ＳＱ
ｾ＠
Consolidated Amount of
Principal and Interest
$604,900.54
ANNEX B6
Feffer
ｾｮ､＠
Simons, Inc. Insured Book Credit - Consolidated Amount
Insured portion of exporter's credit insured
by FCIA-Eximbank (95% of principal amount of
invoices insured, excluding interest)
$1,195,522 . 17
Interest due Eximbank on principal amount of
claims paid to Feffer and Simons by Eximbank
from date of reimbursement by Eximbank through
December 31, 1967
Consolidated Amount
ＤＱＬｺｯＮＶ［ＦｾＹ＠
10,487.72
ANNEX C
EXIMBANK • INDONESIA
SCHEDULE OF PAYMENTS OF "CONSOLIDATED AMOUNT" AS OF 12/31/67 FOR ALL OUTSTANDING CONTRACTS BETWEEN EXIMBANK AND THE GOVERNMENT OF INDONESIA AND
THE BANK NEGARA INDONESIA
(2)
Due Dates
Payment of Ｂｃｯｮｾ＠
solidated Amount"
of Principal and
Interest {a)
Payment of "Consolidation Inte:r:est" Accrued
@ 3% p.a. in
1968-1970 (b)
I
6/30/71
12/31/71
6/30/72
12/31/72
6/30/73
12/31/73
6/30/74
12/31/74
6/30/75
12/31/75
6/30/76
12/31/76
6/30/77
12/31/77
6/30/78
12/31/78
$
Totals
$312805.429.58
795,135.74
795,135.74
1,590 '271.48
1,590 , 271.48
1,590 ' 271.48
1 , 590 '271.48
1,590 ,271.48
1,590,271.48
2,385,407.22
2,385,407.22
2,385,407.22
2,385,407.22
2,385,407.22
2,385,407.22
3,180,542.95
3.180,542.95
$
71,627.57
71 , 627.57
143,255.14
143 , 255.14
143 , 255.14
143,255.14
143,255.14
143,255.14
214,882.71
214,882.71
214,882.71
214,882.71
214,882.71
214,882.71
286,510.28
286,510.29
$2,865,102.81
(a)
Column 1: Represents payments on principal of $24,092 ,5 71.57 and
interest of $7, 712 ,858 .01 , or $31, 805 ,429 .58 rtconsolidated Amount",
with details as shown in Annex A and Annex Bl through Annex B6;
interest to accrue at the rate of 3 percent per annum on the outstanding balance of the "Consolidated Amount", and to be computed
on the actual number of days.
(b)
Column 2: Represents "Consolidation Interest" of 3% p.a. of
$31,805 .429 .58 "Consolidated Amount" accrued in CY1968-1970. The
aggregate accrual of $2,865,102.81 is due in semiannual payments
of 2-1/2 percent in 1971 ; 5 percent each in 1972-1974; 7-1/2 percent
each in 1975-1977; and 10 percent in 1978.
"
ANNEX C
Page 2.
ORIGINAL CONTRACTUAL PAYMENTS
Principal Outstanding
(3)
(4)
Loan No.
'·72
,73
1125
1126
1147
Feffer and
Simon's Insured Export
Credit (c)
Semiannual Payments
(6)
(5)
As of last
Consolidation date
Amount
Dates
9/1/67
7/17/67
8/10/67
11/30/67
10/2/67
$ 34 Ｌ Ｌ ＨＩＮＹＭ Ｌ Ｑｾ＠ ta.i3 ,..-..5,Q
2,797,605.00
11,904,304.78
29,854,001.68
1,430,000.00
3/1, 9/1
6/30/67
(d)
(c)
See details in Annex B6
(d)
Not applicable
-ＱＯＵ
ｾ ＷＯＱＵ＠
2/10, 11/ 30
5/31, 11/30
3/31, 9/30
(d)
(7)
Next Due
(8)
Interest Rate (d)
3/1/68
1/15/68
2/J,P./68
5/31/68
3/31/68
3- l/2%p.a .
Ｕ ｾ ＳＯＴＥ＠
p.a .
5-3/4% p .a.
5-3/4% p.a.
5- 3/4% p.a .
(d)
(d)
D JAK ART A .
----- -- ----------------------·- 196 ----
MENTER! KEHAKIMAN
REPUBLIK INDONESIA
MEMORANDUM
OF THE MINISTER OF JUSTICE OF THE REPUBLIC OF
INOONESIA ON THE VAUDITY AND LEGALLY BINDING
OF THE AGREEMENT BET\\"'EEN THE REPUBLIK OF IN •
OONESIA AND THE EXPORT-IMPORT BANK OF :ASHING-
TON.
...------
In view of the Agreement concluded on December 30, 1967
between
The Government of the RepublJ.c of Indon sia
and
The Export-Import Bank of t ashington
whereby in article 9 is provided that an opinion of counsel
ia required as regards the legal authority 0£ the Minister
of Finance of the Republic of Indoneaia who signed the
Agreement and who signed the Promissory Notes A and B referred to herein and as regards the validity and legally
binding of the Agreement.
1. the Minister of Justice of the Republic of Ind.one ia do here by certify as follows :
I. The powers vested with the President of the Republic of
Indonesia are among other things stipulated in article 4
section 1, article 11 and article 17 of the Constitution
which read a follows :
Article 4 gection 1
The President shall be vested with the executive power of
the Government in accordance with the Constitution.
Article 11. • ••••••••••
- 2 -
ticle
1th t
esi
ｾ｢＠
11
ction 0£ tha
nt
11
trG ti
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cil of tt
c
•
th r
clu-
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17
l .
2.
:y !ir.ister of
:relicv
b
te .
their duti
s.
h
1
:l.:n char
lead
nt of t
on
II. T
(:...)
T
c
1:i-
•
r
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•
.:ini, t
. . titl. d
tl
(iii)
of
i
i tu:
nt
h
of
•
of In
by x
nt, is
t
Dj ·a.rt:i,
th
lie of Ind.on
'the
t
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nan
ｆｾ＼ａＮ
Ｇｪ＠
3.;
t y
i
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l.
1xty
ight .
A.OJI
s .1 • )
Signed
.
ｾ＠ ﾷｾ＠
.,---,
I
'
\
i
t
.
'
LEGAL
OPINION
C---Pursuant to paragraph 4 f tho Amcndatory A('l'reoment b tween the
f Indonesia nnd. the Exp rt-Icport Bank •f \lnshingten datpd the
3rd day of November, 1952 . I herewith render the follewing opinion •
I"\ ..
ｾ｣ｰｵ｢ｬｩ＠
ＧＱＮ ｾ＠
Ｃ
.f
.....
,I
I
I
' ;»..
ｊ ｾ｜＠
rendered a Legal Opinion
datod the 14th day of September , 1951 , concerning the Agreement between
the Republic of Indonesia and. th Exp rt-Import Bank of Washington dated
the 12th day ef January , 1951.
'
Tho liinister
f Justice has horetofer
Among other documents attached t
.I .
sai d opinion wore the following :
(1)
Pr visional Constitution of the Republic of Indonasio.
(2)
Law Ne . 8 ef the YeGir 1950 authoriizing the Minister •f Finance t e
contract fer a credit orxcredits with th Export-Ioport Bank of
Washington , and te concl ude. agreements relnting thorot• and t e
dele at authority a to de •
Attached hereto as Schedule A is a certified copy •f the originel
English t xt of an Instrument dated ｴｾ･＠
7th day of Decombcr ,1951, uhereby
tho lclinL.'.lter f li'inancc authorized Dr. Ali Sastroanidjojo , Ambnsend r f
the Republic f Indonesia t the United Stat es , to negotiate , conclud
nd sign er dit ｡ｧｲ･ｭｮｴｾ＠
in ad
ｾ＠
AGREEMENT BETWEEN THE
REPUBLIC OF INDONESIA AND
EXPORT-IMPORT BANK OF WASHINGTON
In accordance with the understandings reached among participating creditor countries at the Paris meetings December 19-20, 1966,
as subsequently modified at the Amsterdam meetings February 22-24, 1967,
the Export-Import Bank of Washington ("Eximbank") and the Government of
Indonesia agree to consolidate 100% of principal of $24,092,571.57 and
100% of interest payments of $7,712,858.01 totalling $31,805,429.58 on
credits granted or insured by Eximbank which were over due as of July 1,
1966, and all such debts falling due during the Consolidation Period,
July l p 1966, through December 31, 1967.
Tables summarizing the credits and payments subject to re scheduling are appended to this Agreement in Annex A and Annex Bl
through Annex B6.
Annex C presents a Schedule of Payments as specified
in this Agreement, and details of the contractual payments not modified
by this Agreement .
In order to effect the understandings, the parties agree as
follows:
1.
Interest Rates.
(a)
Contractual.
Interest rates in the applicable
loan agreements and insured portion of the
Feffer & Simons,
Inc., credit will remain in
force but payment
ｷｩｬｾ＠
be deferred i.n
accordance with the offer. of Lhe United
States to Consolidate fully interest
ｰ｡ｹｾ＠
ments :i.n arrears or due during the Con=
solidation Period.
b.
The int.crest rate to be
ＬｧｯｮｳｬｩｾｊＮＲﾣﾷ＠
applied to the Consolidated Amount
will
be 3% per annum, beginning January 1,
ＱＹＶＸｾ＠
Interest to be accrued on tho Consolidated
Amount of $31,805 9 429.58 durlng tho ｾｲ｡｣･＠
period, January 1 ｾ＠ 1968 ｾ＠ through Doccmhc37 31,
1970, totals $2,865,102.81.
Although the
Consolidation Interest will accrue i.n tho
grace period January 1, 1968,· through
December 31 ｾ＠ 1970, i t will not be collected
during that period and will not be compounded.
This deferred Consolidation
Interest will become payable during the
repayment period following January 1, 1971,
ｾｯｮｳｬｩ､｡ｴ＠
in accordance with the repayment schedule.
Interest after December
ＳＱｾ＠
1970, will he charged and payable at the
rate of 3% per annum on the declining
balance of the Consolidated Amount
in
the years following January 1, 1971.
2.
2.
Repayment Period.
Consolidated Amount shall be repaid during the period
ｔｨｾ＠
January 1, 1971 through December 31, 1978, with semiannual
payments on June 30 and December 31 of each year.
3.
Repayment Schedule.
The Consolidated Amount shall be repaid as follows:
a.
5% of the Consolidated Amount shall be paid
in 1971 in approximately equal semiannual
installments,
b.
10% of the Consolidated Amount shall be paid
in each of the following years:
1972, 1973,
and 1974 in approximately equal semiannual
installments,
c.
15% of the Consolidated Amount shall be paid
in each of the following years:
1975, 1976,
and 1977 in approximately equal semiannual
installments;
d.
20% of the
ｃｯｮｾｬｩ､｡ｴ･＠
Amount shall be paid
in 1978 in approximately equal semiannual
installments;
e.
Consolidation Interest accrued during the
grace period, 1968-1970, will be payable in
accordance with the same percentage schedule:
5% in 1971, 10% in each year, 1972-1974; 15%
in each year) 1975-1977; and 20% in 1978.
3.
4.
Export Credit of Feffer and Simons, Inc . Insured
by Foreign Credit Insurance Association.
The Export-Import Bank assumes the obligation represented by 95% of the principal-amount insured
by the Foreign Credi t Insurance A&sociation of
invoices outstanding as of June 30, 1967, and due
to Feffer and Simons, Inc. on the book contract
entered into between Feffer and Simons, and the
Bank Negara Indonesia.
This insured amount of
$1,195,522.17 and the interest due the ExportImport Bank in the amount $10,487.72 constitutes
the Consolidated Amount for this exporter credit
as shown in Annex B6.
The Government of Indonesia agrees to assume all
of the obligations of the Bank Negara Indonesia
with respect to those letters of credit issued
by the Bank Negara Indonesia for the export sales
made by Feffer and Simons, Inc. which were insured by the Export-Import Bank of Washington
and the Foreign Credit Insurance Association.
Accordingly the Government of Indonesia will pay
the Consolidated Amount of insured debt and
Consolidation Interest as set forth in Annex C,
all as provided for i n Promissory Notes A and B.
4.
5.
In accordance with the non-discriminatory clause
of paragraph 8 of the Agreed Minute drawn up at
the Paris meeting, the United States Government
res'erves the right to alter the· terms of the
rescheduling as stipulated above in the event
Indonesia accords any other creditor country
more favorable rescheduling terms.
6.
The United States Government in no way shall be
responsible for the payment, rescheduling or refinancing of uninsured, unguaranteed loans of
private persons in the United States to the
Government of Indonesia , its agencies or its
nationals.
7.
The Government of Indonesia confirms its acceptance of the f.:;;scheduling terms proposed herein
and its concurrence in the amounts owing on
the subject debts.
As evidence of such debts,
the Govermnent of Indonesia agrees to execut e
two promissory notes.
The first note (Note A)
is in the principal amount of $31,805,429.58
representing the total amount of the Consolidated
Amount, and this note is accepted i n lieu of such
payments scheduled to fall due prior to or during
the Consolidation Period.
This note bears interest
at the rate of 3% per annum and is payable in semiannual installments beginning June 30 , 1971, in
accordance with paragraph 3 (a-d) of this agreement.
5.
The second note (Note B) is in the principal amount
o"f: ·t2·t8o5,102 . 81 and represents interest accrued on
the Consolidated Amount during the grace period
January 1, 1968, to December 31, 1970, and bears
no interest.
This note is payable in semiannual
installments in accordance with paragraph 3(e) of
this agreement .
8.
Installments on those obligations owing Eximbank
which fall due after December 31, 1967, are due
on the dates specified in the original obligations,
and bear interest from the due date of the previous
installment specified in the original obligations
at the rate therein specified and the Government of
Indonesia hereby agrees to pay such installments
when and as due.
9.
The Government of Indonesia agrees to submit evidence
satisfactory to Eximbank, of the authority of the
person or persons who, on behalf of the Government
of Indonesia signs this agreement and who signs
Notes A and B referred to herein.
Dated at Djakarta, this __3_0_t_h__ day of December
GOVERNMENT
ｾ＠
, 1967.
INDONESIA
Signed
j By__ｾＮＭ
Tit le ,
ｅｘｐｏｒｾＭｉｍｔ＠
Mmister of Fi'nance
BANK
By
oi ｗａｓｾｉｎｇｔｏ＠
Signed
Title First Vice President
6.
NOTE A
REPUBLIC OF INDONESIA
PROMISSORY NOTE
U.S. $31,805,429.58
January 1 , 19 71
FOR VALUE RECEIVED , the Government of Indonesia by this promissory
note hereby unconditionally promises to pay to the order of Export-Import
Bank of Washington, at the Federal Reserve Bank of New York , New York ,
the principal sum of Thirty-One Million Eight Hundred Five Thousand, Four
Hundred Twenty-Nine Dollars and Fifty-Eight Cents ($31,805,429.58) in
installments as hereinafter provided and to pay interest on each June 30
and December 31
ｾｦ＠
each year during the life of this note at the rate of
three per cent (3%) per annum from the date of this note on the unpaid
principal balance hereof from time to time outstanding.
Such interest
shall be computed on the basis of the actual number of days , using a
365-day factor.
Installment Due Date
June 30, 1971
December 31, 1971
Principal Amount
$
795 , 135.74
795,135.74
June 30 , 1972
1,590 ' 271.48
December 31, 1972
1 , 590 , 271.48
June 30, 1973
1 , 590 , 271.48
December 31, 1973
1, 5 90 ' 271. 48
June 30, 1974
1,590 , 271.48
December 31, 1974
1,590 , 271.48
- 2-
Installment Due Date
June 30, 1975
.
Principal Amount
$2,385,407 .22
December 31, 1975
2,385,407.22
June 30, 1976
2,385,407.22
December 31, 1976
2,385,407.22
June 30, 1977
2 ,385 A07. 22
December 31, 1977
2p385,407.22
June 30 p 1978
3,180,542.95
December 31, 1978
3,180 , 542.95
!oth principal and interest on this promissory note are payable
in lawful money of the United States of America without deduction for or
on account of any present or future taxes, or other charges levied or
imposed on this note or the proceeds or holder hereof by the Government
of Indonesia or any political subdivision or taxing authority thereof.
The right is reserved to prepay without penalty or premium, all
or part of the principal hereof on any installment due date, any such
prepayment to be applied to the remaining installments of principal in
the inverse order of their maturity.
Upon default in the prompt and full payment of any installment
of principal or interest on this promissory note, the entire unpaid principal
hereof and interest thereon to the date of payment shall immediately
become due and payable at the option and upon demand of the holder hereof .
The failure of the holder hereof to exercise any of its rights
hereunder in any particular instance shall not constitute a waiver thereof
in that or any other instance.
GOVERNMENT OF jlNDONESIA
Signed
.//'1. By_ _
_ _ _ _ _ __
; Title
ｾｲｳｴ･［＠
of
FJance
NOTE B
REPUBLIC OF INDONESIA
PROMISSORY' NOTE
U.S. $2 , 865 1 102.81
January 1, 1971
FOR VALUE RECEIVED 1 the Government of Indonesia by this promi ssory
note hereby unconditionally promises to pay to the Bxder of the
ｅｸｰｯｲｴ
ｾ＠
Import Bank of Washington at the Federal Reserve Bank of New York, New York,
the principal sum of Two Million Eight Hundred and
ｓｩｸｴｹｾｆｶ･＠
Thousand One
Hundred Two Dollars and Eight-One Cents ($2,865,102.81) in installments
as hereinafter provided without interest.
Installment Due Date
June 30 , 1971
December 31, 1971
Principal Amount
$ 71 , 627.57
71,627.57
June 30, 1972
143 , 255.14
December 31, 1972
143 , 255.14
June 30, 1973
143,255.14
December 31, 1973
143 , 255.14
June 30, 1974
143 , 255.14
December 31, 1974
143 , 255.14
June 30, 1975
214 , 882.71
Dec ember 31, 1975
214 , 882. 71
June 30, 1976
214,882.71
December 31, 1976
214,882.71
Installment Due Date
Principal Amount
June 30, 1977
$ 214,882. 71
December 31, 1977
214,882.71
June 30, 1978
286,510.28
December
ＳＱ
ｾ＠
1978
286,510.28
This promissory note is payable in lawful money of the United
States 0f America without deduction for or on account of any present or
future
ｴ｡ｸ･ｳ
ｾ＠
or other charges levied or imposed on this note or the
proceeds of the holder hereef by the Government of Indonesia or any
political subdivision or taxing authority thereof.
The right is reserved to prepay without penalty or premium all
or part of the unpaid amount hereof on any installment due
any
､｡ｴ･ｾ＠
such prepayment to be applied to the remaining installments in the inver se
order of their maturity.
Upon default in the prompt and full payment of any installment
on this promissory
ｮｯｴ･ｾ＠
the entire unpaid amount hereof shall immedia tely
become due and payable at the option and upon demand of the holder hereof.
The failure of the holder hereof to exercise any of its r i ght s
hereunder in any instance shall not constitute a waiver there of in that
or any other instance.
GOVERNMENT OF1 INDONESIA
Signed
ｂｹｾＭ
ｾ
Tit le Minister of Fina9ce
/
ｾＭ
ANNEX A
INDONESIA
SUMMARY OF :::CNSOLIDATED AMOUNT OF PRI NCIFAL AND INTEREST
RESCHEDUL:i, t-QR • L: OUTSTANDING \.:ONTRACT0 BEi'"1iEE}! EXIMBA1f:{
ａｾｬｊ＠
GOV .;..,P.,.'JM!JifT OF I NDONESIA fu.'lD BANK NEGARA INDONESIA
Details in
Ann__ex
L..72
Bl
1073
B2
1/ 15 and 7/15
2,238,084 00
322,606.01
2,560,690.01
1125
BJ
2/10 and 8/10
1, 913 332 .00
1 ,352,321.49
3,265,653.49
1126
B4
5/31 and 11/30
4,426,664 00
3,433,722.59
ＷＬＸＶＰ
1147
B5
3/31 and 9/30
440,000. 00
164,900.54
Feff er and
Simons ' Insured
Export Credit
E'6
Vari ous
Pa:vment Dates
Totals
Principal
$13,878 , 969.40
ＤＲｾ＠
...W95.522.17
, 092 , 571. 57
Total 1Consolidated llmount"
.
Consolidated F.mounts
Interest
3/1 and 9/1
Loan No.
ｾＲＬＴ
ＲＸ
ＱＰ
ｾＴ
Ｎ ＸＱＹ
ＮＶ＠
Ｘ＿ＮＷＲ＠
$7;?.!2,858.01
Total
$16,307,789.06
ＬＳ
ＸＶＮｾ＠
604,900.54
1,206.009.89
$31,805 ,429. 58
ANNEX Bl
Eximbank Loan No. 472
ｾ
ｖ｡ｲｩｯｵｳ＠
Contractually due for Consolidation
Date
Principal Due
Interest Due
$3,469,742.35
$§02,214.19
$3,4692742.35
$602,214 . 19
$3 , 469,742.35
$612,195.64
March 1, 1967
3,469,742 . 35
602,214 .19
September 1, 1967
3,469,742.35
612,195 .64
31, 1967
$10,409,227.05
$1,876,605 .47
Totals
$13,878,969.40
$2,428,819.66
March 1 , 1966
1'otal arrears June 30 , 1966
September 1, 1966
Total Consolidation Period
July 1, 1966 - December
Consolidated Amount of
Principal and Interest
$16,307,789.06
ANNEX B2
Eximbank Loan No. 1073 (Cement Plant Expansion)
Contractually due for Consolidation
Date
January 17, 1966
Principal Due
Interest Due
$559,521.00
ＤｾＷＳ
Ｎ Ｖ＠
$559 2521, 99
Ｄ ＸＱ ＬＹＷＳ
Ｎ Ｖｾ＠
$559,521.00
$78,888.63
January 16, 1967
559,521 .00
81,532 . 94
July 17 , 1967
559 1521.00
80 1210.7..§
1967
$1,678 2563.00
$2401632 .35
Totals
$2 1238,084 .00
$322 1606 .01
Total arrears June 30, 1966
July 15, 1966
Total Consolidation Period
July 1, 1966 - December 31,
Consolidated Amount of
Principal and Interest
$2 1560 1690 . 01
-
ANNEX B3
Eximbank Loan No. 1125
(Electric Power Plant)
Contractually due for Consolidation
Date
Princi2al Due
February 10, 1966
$478,333.00
$318,431.01
$478,333.00
$,218,431.01
$478,333.00
$349,392 . 95
February 10, l'i7
478,333.00
345,061 . 77
August 10, 1967
478 1333.00
139,435.76
1967
$1,434 1999.00
$1, 033 '82.Q._.48
Totals
$11913 , 332.00
$1,352,321 .49
Total arrears June 30, 1966
August 10, 1966
Interest Due
Total Consolidation Period
July 1, 1966 - December 31,
Consolidated Amount of
Principal and Interest
$3,265 1653.49
ANNEX B4
Eximbank Loan No. 1126
(Fertilizer Plant)
Contractually due for Consolidation
Principal Due
Date
May
31' 1966
Total arrears June 30, 1966
ＤＱ
Ｒ
ＱＰＶｾＮ＠
Interest Due
$856 2 463.44
$1z106 2666 .00
$856 z463.44
$1,106,669.00
$860,654.06
31, 1967
1,106,696.00
855,951.03
November 30, 1967
1 1 106 1 '9i.OO
8602654 .06
1967
$3,319!998.00
$2,577 . 259.15
Totals
$4,426 2 664.QQ
$3,433 2 722 . 59
November 30 , 1966
May
Total Consolidation Period
July 1 , 1966 - December 31,
Consolidated Amount of
Principal and Interest
$7,860,386.59
ANNEX BS
Eximbank Loan No. 1147
(Drainage & Irrigation)
Contractually due for Consolidation
Principal Due
Interest Due
$110,000 .00
$40,999.86
$110,000.00
$40,999.86
$110' 000 .00
$41,225 . 14
March 31, 1967
110,000 .00
40,999.86
October 2, 1967
1102000.00
412675.68
1967
$330,000.00
$1232900.68
Tota ls
$440 2000.00
$164,900.54
ｾ＠
March 31, 1966
Total arrears June 30, 1966
September 30, 1966
Total Consolidated Period
July 1, 196i - December
ＳＱ
ｾ＠
Consolidated Amount of
Principal and Interest
$604,900.54
ANNEX B6
Feffer
ｾｮ､＠
Simons, Inc. Insured Book Credit - Consolidated Amount
Insured portion of exporter's credit insured
by FCIA-Eximbank (95% of principal amount of
invoices insured, excluding interest)
$1,195,522 . 17
Interest due Eximbank on principal amount of
claims paid to Feffer and Simons by Eximbank
from date of reimbursement by Eximbank through
December 31, 1967
Consolidated Amount
ＤＱＬｺｯＮＶ［ＦｾＹ＠
10,487.72
ANNEX C
EXIMBANK • INDONESIA
SCHEDULE OF PAYMENTS OF "CONSOLIDATED AMOUNT" AS OF 12/31/67 FOR ALL OUTSTANDING CONTRACTS BETWEEN EXIMBANK AND THE GOVERNMENT OF INDONESIA AND
THE BANK NEGARA INDONESIA
(2)
Due Dates
Payment of Ｂｃｯｮｾ＠
solidated Amount"
of Principal and
Interest {a)
Payment of "Consolidation Inte:r:est" Accrued
@ 3% p.a. in
1968-1970 (b)
I
6/30/71
12/31/71
6/30/72
12/31/72
6/30/73
12/31/73
6/30/74
12/31/74
6/30/75
12/31/75
6/30/76
12/31/76
6/30/77
12/31/77
6/30/78
12/31/78
$
Totals
$312805.429.58
795,135.74
795,135.74
1,590 '271.48
1,590 , 271.48
1,590 ' 271.48
1 , 590 '271.48
1,590 ,271.48
1,590,271.48
2,385,407.22
2,385,407.22
2,385,407.22
2,385,407.22
2,385,407.22
2,385,407.22
3,180,542.95
3.180,542.95
$
71,627.57
71 , 627.57
143,255.14
143 , 255.14
143 , 255.14
143,255.14
143,255.14
143,255.14
214,882.71
214,882.71
214,882.71
214,882.71
214,882.71
214,882.71
286,510.28
286,510.29
$2,865,102.81
(a)
Column 1: Represents payments on principal of $24,092 ,5 71.57 and
interest of $7, 712 ,858 .01 , or $31, 805 ,429 .58 rtconsolidated Amount",
with details as shown in Annex A and Annex Bl through Annex B6;
interest to accrue at the rate of 3 percent per annum on the outstanding balance of the "Consolidated Amount", and to be computed
on the actual number of days.
(b)
Column 2: Represents "Consolidation Interest" of 3% p.a. of
$31,805 .429 .58 "Consolidated Amount" accrued in CY1968-1970. The
aggregate accrual of $2,865,102.81 is due in semiannual payments
of 2-1/2 percent in 1971 ; 5 percent each in 1972-1974; 7-1/2 percent
each in 1975-1977; and 10 percent in 1978.
"
ANNEX C
Page 2.
ORIGINAL CONTRACTUAL PAYMENTS
Principal Outstanding
(3)
(4)
Loan No.
'·72
,73
1125
1126
1147
Feffer and
Simon's Insured Export
Credit (c)
Semiannual Payments
(6)
(5)
As of last
Consolidation date
Amount
Dates
9/1/67
7/17/67
8/10/67
11/30/67
10/2/67
$ 34 Ｌ Ｌ ＨＩＮＹＭ Ｌ Ｑｾ＠ ta.i3 ,..-..5,Q
2,797,605.00
11,904,304.78
29,854,001.68
1,430,000.00
3/1, 9/1
6/30/67
(d)
(c)
See details in Annex B6
(d)
Not applicable
-ＱＯＵ
ｾ ＷＯＱＵ＠
2/10, 11/ 30
5/31, 11/30
3/31, 9/30
(d)
(7)
Next Due
(8)
Interest Rate (d)
3/1/68
1/15/68
2/J,P./68
5/31/68
3/31/68
3- l/2%p.a .
Ｕ ｾ ＳＯＴＥ＠
p.a .
5-3/4% p .a.
5-3/4% p.a.
5- 3/4% p.a .
(d)
(d)
D JAK ART A .
----- -- ----------------------·- 196 ----
MENTER! KEHAKIMAN
REPUBLIK INDONESIA
MEMORANDUM
OF THE MINISTER OF JUSTICE OF THE REPUBLIC OF
INOONESIA ON THE VAUDITY AND LEGALLY BINDING
OF THE AGREEMENT BET\\"'EEN THE REPUBLIK OF IN •
OONESIA AND THE EXPORT-IMPORT BANK OF :ASHING-
TON.
...------
In view of the Agreement concluded on December 30, 1967
between
The Government of the RepublJ.c of Indon sia
and
The Export-Import Bank of t ashington
whereby in article 9 is provided that an opinion of counsel
ia required as regards the legal authority 0£ the Minister
of Finance of the Republic of Indoneaia who signed the
Agreement and who signed the Promissory Notes A and B referred to herein and as regards the validity and legally
binding of the Agreement.
1. the Minister of Justice of the Republic of Ind.one ia do here by certify as follows :
I. The powers vested with the President of the Republic of
Indonesia are among other things stipulated in article 4
section 1, article 11 and article 17 of the Constitution
which read a follows :
Article 4 gection 1
The President shall be vested with the executive power of
the Government in accordance with the Constitution.
Article 11. • ••••••••••
- 2 -
ticle
1th t
esi
ｾ｢＠
11
ction 0£ tha
nt
11
trG ti
th
cil of tt
c
•
th r
clu-
•
17
l .
2.
:y !ir.ister of
:relicv
b
te .
their duti
s.
h
1
:l.:n char
lead
nt of t
on
II. T
(:...)
T
c
1:i-
•
r
(!i}
•
.:ini, t
. . titl. d
tl
(iii)
of
i
i tu:
nt
h
of
•
of In
by x
nt, is
t
Dj ·a.rt:i,
th
lie of Ind.on
'the
t
""
nan
ｆｾ＼ａＮ
Ｇｪ＠
3.;
t y
i
•
l.
1xty
ight .
A.OJI
s .1 • )
Signed
.
ｾ＠ ﾷｾ＠
.,---,
I
'
\
i
t
.
'
LEGAL
OPINION
C---Pursuant to paragraph 4 f tho Amcndatory A('l'reoment b tween the
f Indonesia nnd. the Exp rt-Icport Bank •f \lnshingten datpd the
3rd day of November, 1952 . I herewith render the follewing opinion •
I"\ ..
ｾ｣ｰｵ｢ｬｩ＠
ＧＱＮ ｾ＠
Ｃ
.f
.....
,I
I
I
' ;»..
ｊ ｾ｜＠
rendered a Legal Opinion
datod the 14th day of September , 1951 , concerning the Agreement between
the Republic of Indonesia and. th Exp rt-Import Bank of Washington dated
the 12th day ef January , 1951.
'
Tho liinister
f Justice has horetofer
Among other documents attached t
.I .
sai d opinion wore the following :
(1)
Pr visional Constitution of the Republic of Indonasio.
(2)
Law Ne . 8 ef the YeGir 1950 authoriizing the Minister •f Finance t e
contract fer a credit orxcredits with th Export-Ioport Bank of
Washington , and te concl ude. agreements relnting thorot• and t e
dele at authority a to de •
Attached hereto as Schedule A is a certified copy •f the originel
English t xt of an Instrument dated ｴｾ･＠
7th day of Decombcr ,1951, uhereby
tho lclinL.'.lter f li'inancc authorized Dr. Ali Sastroanidjojo , Ambnsend r f
the Republic f Indonesia t the United Stat es , to negotiate , conclud
nd sign er dit ｡ｧｲ･ｭｮｴｾ＠
in ad