EDCF LOAN AGREEMENT

NO.

Loan Agreement

(Name of the Project)

between

(Name of the Borrower)

and

THE EXPORT-IMPORT BANK OF KOREA

(Government Agency for the EDCF)
 TABLE OF CONTENTS
Article Page

Article I Definitions ······················································································· 2

Section 1.01 Loan Agreement ·················································································2
Section 1.02 Definitions ························································································2

Article II The Loan ························································································ 3

Section 2.01 Amount and Purpose of Loan ·································································3
Section 2.02 Use of Proceeds of Loan ······································································3

Article III Repayment and Interest ··································································· 3

Section 3.01 Repayment of Principal ·······································································3
Section 3.02 Payment of Interest ············································································4
Section 3.03 Preferential Interest Rates ·····································································4
Section 3.04 Place of Payment ···············································································5
Section 3.05 Guarantee for Loan ············································································5

Article IV Procurement and Disbursement ························································· 5

Section 4.01 Procurement Procedure ········································································5
Section 4.02 Disbursement Procedure ······································································5
Section 4.03 Service Charge ·················································································6

Article V Particular Covenants ········································································· 6

Section 5.01 Execution of the Project ·······································································6
Section 5.02 Reports and Information ······································································7
Section 5.03 Administration of US Dollar ··································································7

Article VI Miscellaneous ·················································································· 7

Section 6.01 Delegation of Authority ·······································································7
Section 6.02 Addresses ························································································8

Schedule 1 Description of the Project ···································································· 10

Schedule 2 Allocation of Loan Proceeds ································································· 11
1. Allocation ················································································ 11
2. Reallocation ············································································· 12
Schedule 3 Amortization Schedule········································································ 14
Schedule 4 Procurement Procedure ······································································· 15
Schedule 5 Employment of Consultants ································································· 17
Schedule 6 Disbursement Procedures ···································································· 18
 LOAN AGREEMENT

This Loan Agreement entered into this [●] day of [●] 20[●] between [●]
(hereinafter called the "Borrower") and THE EXPORT-IMPORT BANK OF
KOREA (hereinafter called the "Bank") which has been entrusted by THE
GOVERNMENT OF THE REPUBLIC OF KOREA with the operation and
management of the Economic Development Cooperation Fund (hereinafter
called the "EDCF").

WITNESSETH:

WHEREAS, THE GOVERNMENT OF THE REPUBLIC OF KOREA and THE

GOVERNMENT OF [●] (name of the Borrower’s country) entered into the
Agreement dated [●] concerning EDCF Loans to be extended to THE
GOVERNMENT OF [●] (name of the Borrower’s country) or its designated
agency for the implementation of projects to be agreed upon between the two
Governments;

WHEREAS, based upon the above Agreement, THE GOVERNMENT OF THE

REPUBLIC OF KOREA and THE GOVERNMENT OF [●] (name of the Borrower’s
country) entered into the Arrangement dated [●] concerning the EDCF Loan to
finance the implementation of [●] (name of the Project) described in the
Description of the Project attached hereto as Schedule 1 (hereinafter called the
"Project"); and

WHEREAS, in the light of the said Agreement and Arrangement, the Bank has
agreed to extend a loan to the Borrower upon the terms and conditions set forth
in this Loan Agreement;

NOW, THEREFORE, the Borrower and the Bank agree as follows:

1
 ARTICLE I
Definitions

Section 1.01. Loan Agreement

The following documents shall constitute an integral part of this Loan Agreement:
(i) General Terms and Conditions Applicable to EDCF Loan Agreements;
(ii) Guidelines for Procurement under the EDCF Loan;
(iii) Guidelines for Employment of Consultants under the EDCF Loan; and
(iv) Disbursement Procedures under the EDCF Loan.

Section 1.02. Definitions

Unless the context otherwise requires, the several terms defined in the General
Terms and Conditions Applicable to EDCF Loan Agreements (hereinafter called
the “General Terms and Conditions") have the respective meanings therein set
forth and the following additional terms have the following meanings:

"Eligible Source Country(ies)" means the Republic of Korea for foreign

currency portion and [●] (name of the Borrower’s country) for local currency
portion, respectively.

"Interest Payment Date" means each of the dates of [●] 20 and [●] 20 of each
year.

"Loan" means the loan facility to be made available in favor of the Borrower or
the aggregate principal amount of the loan facility disbursed and from time to time
outstanding, as the context may so require.

"Project Completion Date" means the earlier of (i) the date when the final
disbursement under the Loan is made, and (ii) the date when the certification of
completion, such as a final acceptance certificate (FAC) or a defect liability
certificate, etc., is issued.

"Project Executing Agency" means [●] (the name and address of the Project
Executing Agency ) which has been authorized to implement the Project.

“Repayment Date" means each of the [●] semi-annual consecutive dates of [●]
20 and [●] 20 from and including the date which shall be the 20th day of the
month falling [●] months after the date of this Loan Agreement.

 Delete if not applicable.

2
"Supplier(s)" means the supplier(s), contractor(s) or consultant(s) from whom
goods or services to be financed out of the proceeds of the Loan are procured.

ARTICLE II
The Loan

Section 2.01. Amount and Purpose of Loan

(a) The Bank agrees to lend to the Borrower, on the terms and conditions set forth
in this Loan Agreement, an amount in Korean Won not exceeding the equivalent
of [●] US Dollars (US$[●]), to finance the implementation of the Project.

(b) The amount of the Loan shall be denominated in Korean Won and shall be
fixed by the Bank in accordance with Section 3.01 of the General Terms and
Conditions. The Bank shall then notify the Borrower and the Guarantor (if any) of
the amount of the Loan.

Section 2.02. Use of Proceeds of Loan

(a) The Borrower shall cause the proceeds of the Loan to be used for the
purchase of goods and services required for the implementation of the Project
from the Eligible Source Countries. The proceeds of the Loan shall be allocated
in accordance with the Allocation of the Loan Proceeds attached hereto as
Schedule 2.

(b) The final disbursement under this Loan Agreement shall be made within
[●] months after the Effective Date of this Loan Agreement, and no further
disbursement shall be made by the Bank thereafter unless otherwise agreed
upon between the Bank and the Borrower.

ARTICLE III
Repayment and Interest

Section 3.01. Repayment of Principal

(a) The Borrower shall repay the Bank the principal amount of the Loan disbursed
in [●] ([●]) semi-annual installments in Korean Won on each of the Repayment
Dates.

3
(b) The Repayment Date and the Korean Won amount to be repaid on each of
the Repayment Dates shall be specified in the Amortization Schedule in the form
and substance of Schedule 3 attached hereto. The Amortization Schedule shall
be made by the Bank when it fixes the amount of the Loan and the Bank shall
notify the Borrower of the Amortization Schedule when it notifies the Borrower
and the Guarantor (if any) of the amount of the Loan in accordance with
paragraph (b) of Section 2.01 hereof.

Section 3.02. Payment of Interest

The Borrower shall pay the Bank interest on the principal amount of the Loan
disbursed and outstanding at the rate of [●] percent ([●] %) per annum. Such
interest shall be paid in arrears on each Interest Payment Date, provided that
the first interest for any disbursement made within sixty (60) days prior to any
Interest Payment Date may be paid on the next succeeding Interest Payment
Date.

Section 3.03. Preferential Interest Rates

(a) No interest shall accrue on the Loan covering the consulting services
provided by the eligible consultant(s) mentioned in paragraph 3 of Schedule 5.

(b)When the Borrower makes a procurement contract with Korean Small and
Medium Enterprises (SMEs) or Medium-Large Companies, preferential interest
rates shall apply to the Loan covering civil works and procurement of equipment
and facilities as follows:

(i) In case one or more Korean SMEs (including a consortium or joint venture
(JV) by Korean SMEs) enter into the contract, zero percent (0%) interest rate
shall apply.

(ii) In case one or more Korean Medium-Large Companies (including a

consortium or joint venture (JV) by Korean Medium-Large Companies) enter
into the contract, [fifty percent (50%) of the current interest rate shall apply].

(iii) In case the consortium or joint venture (JV) in which one or more Korean
SMEs take at least thirty percent (30%) of the share enter into a contract,**
[fifty percent (50%) of the current interest rate shall apply].

Section 3.04. Place of Payment

 Delete if not applicable

 Delete if not applicable. If the recipient country is a Least Developed Country
classified by the UN, no interest shall accrue.
4
All sums payable by the Borrower to the Bank under this Loan Agreement shall
be paid to the account of the Bank (Account No. [●]) with (the name and address
of a bank in Seoul, Republic of Korea) or to such other account as the Bank shall
designate by written notice to the Borrower.

Section 3.05. Guarantee for Loan

The Borrower shall deliver the Guarantee executed by [●] (hereinafter called the
"Guarantor") to the Bank immediately after the conclusion of this Loan Agreement.

ARTICLE IV
Procurement and Disbursement

Section 4.01. Procurement Procedure

(a) All goods and services to be financed out of the proceeds of the Loan shall be
procured through the Suppliers in accordance with the provisions of the
Procurement Procedure attached hereto as Schedule 4 [and the Employment of
Consultants attached hereto as Schedule 5].

(b) All goods and services to be financed out of the proceeds of the Loan shall be
procured from the Eligible Source Countries, provided that a part of goods and
services may, with the prior consent of the Bank, be procured from the countries
other than the Eligible Source Countries, as specified in Schedule 2.

Section 4.02. Disbursement Procedure

(a) The Loan shall be disbursed in Korean Won by the Bank in accordance with
the provisions of the Disbursement Procedure attached hereto as Schedule 6.

(b) Notwithstanding paragraph (a) above, a part of the Loan not exceeding [●]
percent ([●] %) of the amount of the Loan may be disbursed in **[[US Dollar, if
the currency of payment under the relevant procurement contract for goods and
services or the consultant employment contract is denominated in US Dollar],
[Euro, if the currency of payment under the relevant procurement contract for
goods and services or the consultant employment contract is denominated in
Euro], [[●] if the currency of payment under the relevant procurement contract
for goods and services or the consultant employment contract is denominated in
[●]]].

 Delete if not applicable

 Select the appropriate one

5
(c) Where a part of the Loan is to be disbursed in **[US Dollar, Euro, [●]] in
accordance with the provision of paragraph (b) above, the Borrower shall
determine the amount in **[US Dollar, Euro, [●]] required for the payment of
such procurement and shall request the Bank to purchase the amount. The
Borrower's request shall specify the the amount in **[US Dollar, Euro, [●]] to be
purchased and it shall be included in the Borrower's application for the approval
of the first procurement contract and consulting service contract (if any),
respectively.

(d) The Loan disbursed in **[US Dollar, Euro, [●]] in accordance with the
provisions of paragraphs (b) and (c) above shall be converted into Korean Won
amount pursuant to Section 3.01 of the General Terms and Conditions by using
**[the Purchasing Rate, the Agreed Exchange Rate] as defined in Section 2.01
of the General Terms and Conditions and such Korean Won amount shall be
booked and recorded as the Loan outstanding.

Section 4.03. Service Charge

(a) The Borrower shall pay to the Bank the service charge in the amount equal to
one-tenth of one percent (0.1%) of the amount of each disbursement **[in case
of the Direct Payment Procedure or the Reimbursement Procedure, and/or of the
amount of the letter of commitment in case of the Commitment Procedure].

(b) An amount equal to such service charge shall be financed out of the proceeds
of the Loan. The Bank shall pay such amount to itself as the service charge on
the date of each disbursement [and/or of the issuance of the letter of
commitment]. Such disbursement out of the Loan shall constitute a valid
disbursement of the Loan under this Loan Agreement.

ARTICLE V
Particular Covenants

Section 5.01. Execution of the Project

(a) The Borrower shall implement, or cause the Project Executing Agency to

 Delete if not applicable

 Select the appropriate one

6
implement, the Project with due diligence and efficiency.

(b) The Borrower shall employ, or cause the Project Executing Agency to employ,
consultants for the implementation of the Project.

(c) Should the funds available from the proceeds of the Loan be insufficient for
the implementation of the Project, the Borrower shall make arrangements
promptly to provide such funds as shall be needed.

Section 5.02. Reports and Information

(a) The Borrower shall furnish, or cause the Project Executing Agency to furnish,
the Bank with progress reports for the Project on a quarterly basis (in [●], [●], [●],
and [●] of each year) from the execution of the first procurement contract to the
Project Completion Date in such form and in such detail as the Bank may
reasonably request.

(b) Within six (6) months after the Project Completion Date or such later date as
shall be agreed upon between the Borrower and the Bank, the Borrower shall
furnish, or cause the Project Executing Agency to furnish, the Bank with a project
completion report in such form and in such detail as the Bank may reasonably
request.

(c) The Borrower shall cooperate, or cause the Project Executing Agency to
cooperate, with the Bank for the ex-post evaluation of the Project.

(d) Until all the obligations of the Borrower under this Loan Agreement are fully
performed, the Borrower shall furnish the Bank with such other information as the
Bank may reasonably request concerning the Project or the Loan.

(e) Pertaining to Section 1.08. Fraud and Corruption of the Guidelines for
Procurement under the EDCF Loan and Section 1.09. Fraud and Corruption of
the Guidelines for the Employment of Consultants under the EDCF Loan, if the
Bank learns or is informed of suspected corrupt, fraudulent practices or any other
integrity violations of bidders, suppliers, contractors, and consultants in
competing for, or in executing, a contract to be financed out of the proceeds of
the Loan, the Borrower shall furnish, or, under its responsibility, cause the Project
Executing Agency to furnish the Bank with such information as the Bank may
reasonably request, including all relevant facts regarding such incident if it
involves any official of the government and/or public institutions of the Borrower’s
country.

7
(f) If the Borrower or the Project Executing Agency learns or is informed that any
of the bidders, suppliers, contractors, and consultants have engaged in corrupt,
fraudulent practices or any other integrity violations in competing for, or in
executing, a contract to be financed out of the proceeds of the Loan, the Borrower
should not ignore or suppress, or cause the Project Executing Agency not to
ignore or suppress, this knowledge, but immediately report, or cause the Project
Executing Agency to immediately report, all relevant facts regarding such
practices or violations to the Bank.

(g) Pertaining to Section 5.02 (e) of this Loan Agreement, the Borrower shall not
treat, or shall cause the Project Executing Agency not to treat, unfairly or
unfavorably the person and/or company which provided the information related
to suspected corrupt, fraudulent practices or any other integrity violations of any
of the bidders, suppliers, contractors, and consultants in competing for, or in
executing, a contract to be financed out of the proceeds of the Loan to the Bank,
the Borrower and/or the Project Executing Agency.

Section 5.03. Administration of **[US Dollar, Euro, [●]]

(a) Unless the Bank shall otherwise agree, the Borrower shall not withdraw or
cancel its request to purchase **[US Dollars, Euros, [●]]. Where the Bank has
purchased them the Borrower shall utilize the whole amount.

(b) The Borrower hereby recognizes and confirms that, all of the risks related to
the fluctuation of the exchange rate of Korean Won against **[US Dollar, Euro,
[●]] shall be borne by itself when the Bank purchases **[US Dollar, Euro, [●]] in
accordance with the Borrower's request.

ARTICLE VI
Miscellaneous

Section 6.01. Delegation of Authority

(a) The Borrower hereby designates the Project Executing Agency as its agent
for the purposes of taking any action or entering into any agreement required or
permitted under Sections 4.01, 4.02 and 5.02 of this Loan Agreement.

(b) Any action taken or any agreement entered into by the Project Executing
Agency pursuant to the authority conferred under paragraph (a) of this Section

 Delete if not applicable

 Select the appropriate one
 Delete if not applicable
8
shall be fully binding on the Borrower and shall have the same force and effect
as if taken by the Borrower.

Section 6.02. Addresses

The following addresses are specified for the purposes of Section 12.05 of the
General Terms and Conditions:

For the Bank

Postal address: THE EXPORT-IMPORT BANK OF KOREA

38 Eunhaeng-ro, Yeongdeungpo-gu,
Seoul 07242, Republic of Korea
Attention: Director of [●] Team, EDCF [●] Department
Telephone No.: (82-2) 3779-[●]
Fax No.: (82-2) 3779-[●]
Telex No.: K26595 EXIMBK
SWIFT BIC: EXIKKRSEXXX

For the Borrower

Postal Address:

Attention:
Telephone No.:
Fax No.:
Telex No.:

IN WITNESS WHEREOF, the parties hereto, acting through their duly authorized
representatives, have caused this Loan Agreement to be signed in their
respective names, as of the day and year first above written.

The Export-Import Bank

(The Borrower) of Korea

By By
Name: Name:
Title: Title:

9
 Schedule 1

Description of the Project

1. Outline of the Project

(a) Objectives:

(b) Location:

(c) Project Executing Agency:

2. Scope of the Project

(a) Civil works:

(b) Procurement of equipment and facilities:

(c) Consulting services:

3. Estimated annual fund requirements of the Project

(in Thousands of US Dollars)

EDCF Government of [●]
Year Foreign Local Foreign Local
currency currency currency currency
....
....
....
Total
* The actual disbursement amount may be different from the amounts set out in
this provisional schedule.

4. The Project is expected to be completed by [●].

10
 Schedule 2

Allocation of Loan Proceeds

1. Allocation

(a) The table below sets forth the categories of goods, services and other items
to be financed out of the proceeds of the Loan and the allocation of Loan amounts
to each category:

(in Thousands of US Dollars)

Category Loan Proceeds

(A) Base Cost

Goods & Services
Consulting Services

(B) Service Charge

(C) Contingencies

Total

※ Note : Items not eligible for financing are as shown below:

(1) General administration expense
(2) Taxes and duties
(3) Purchase of land and other real property
(4) Compensation
(5) Other indirect items

(b) The goods and services to be procured from the Republic of Korea of
Consulting Services shall be [●] percent ([●]%) or more of the total cost of
Consulting Services.

(c) The goods and services to be procured from the Republic of Korea of Goods
& Services shall be [●] percent ([●]%) or more of the total cost of Goods &
Services.

(d) Notwithstanding the foregoing, the minimum portion of Korean contents of

Consulting Services and Goods & Services may be allowed to further decrease
up to twenty percent (20%) of the original minimum percentages stipulated in 1.(b)

11
and 1.(c) with the approval of the Bank at the request of the Project Executing
Agency. The Project Executing Agency shall provide related documents validating
the necessity for the decrease on the basis of the contracts for Consultant
Employment and/or Procurement.

(e) Any goods and services to be procured from countries other than the
Eligible Source Countries with the prior consent of the Bank to be financed out of
the loan proceeds of the Consulting Services, shall be up to [●] percent ([●]%) of
the total cost of Consulting Services.

(f) Any goods and services to be procured from countries other than the
Eligible Source Countries with the prior consent of the Bank to be financed out of
the loan proceeds of the Goods & Services, shall be up to [●] percent ([●]%) of
the total cost of Goods & Services.

(g) The Project Executing Agency shall exercise its obligations to ensure that
the procurements of Consulting Services and Goods & Services comply with the
percentage requirements stipulated above in 1.(b), 1.(c), 1.(e) and 1.(f), and shall
submit the related documents to the Bank certifying it has performed its
obligations to check whether the percentage requirements have been fulfilled.

2. Reallocation

(a) If the loan proceeds of items included in any of the categories shall
decrease, the amounts then allocated to and no longer required for such Category,
will be reallocated by the Bank to Category (C).

(b) If the loan proceeds of items included in Category (A) shall increase, the
amounts equal to the portion, if any, of such increase to be financed out of the
Loan amount will be reallocated by the Bank, at the request of the Borrower, from
Category (C) to Category (A).

(c) If any amounts are needed to be reallocated from Category (C) to Category
(A) at the time of executing the initial contracts for Consultant Employment and/or
Procurement, the total contract value including such reallocated amounts shall
factor in the minimum percentage requirements for Korean contents in 1.(b) and
1.(c). Notwithstanding the foregoing, the minimum portion of Korean contents
may be allowed to further decrease up to twenty percent (20%) of the original
minimum percentages in accordance with 1.(d)

 Delete if not applicable

12
 (d) If any amounts are needed to be reallocated from Category (C) to Category
(A) upon any amendment made to the initial contracts for Consultant Employment
and/or Procurement, such reallocated amounts shall not be bound by the
minimum percentage requirements for Korean contents in 1.(b) and 1.(c).

(e) Notwithstanding the foregoing, if any amount reallocated (the “Relevant

Reallocation Amount”) (i) under a contract for Consultant Employment exceeds
twenty percent (20%) of the amount of such contract (after factoring in all
reallocated amounts other than the Relevant Reallocation Amount, if any), the
minimum percentage requirements for Korean contents in 1.(b) shall apply to
such contract (after factoring in all reallocated amounts, including the Relevant
Reallocation Amount) or (ii) under a contract for Goods and Services exceeds
twenty percent (20%) of the amount of such contract (after factoring in all
reallocated amounts other than the Relevant Reallocation Amount, if any), the
minimum percentage requirements for Korean contents in 1.(c) shall apply to
such contract (after factoring in all reallocated amounts, including the Relevant
Reallocation Amount).

13
 Schedule 3

Amortization Schedule

Due Date Amount

(in Korean Won)

※ Note : Each installment will be filled in when the amount of the Loan is fixed
in accordance with Section 3.01 of the General Terms and
Conditions, and will be finalized after the final disbursement in
accordance with paragraph (b) of Section 3.02 and 7.05 of the
General Terms and Conditions.

14
 Schedule 4

Procurement Procedure

1. Except as the Bank may otherwise agree, the procedures referred to in the
following paragraphs of this Schedule shall apply to the procurement of goods
and services to be financed out of the proceeds of the Loan. The term "services"
in this Schedule does not include consulting services.

2. Procurement of goods and services shall be subject to the provisions of the

Bank's "Guidelines for Procurement under the EDCF Loan" (hereinafter called
the "Procurement Guidelines"), as amended from time to time, which have been
furnished to the Borrower.

3. The Supplier(s) shall be nationals of the Republic of Korea or juridical person

incorporated and registered therein.

*4. The Borrower shall carry out Prequalification for the Project in order to ensure
that the invitation to bid is sent to those who have adequate capabilities and
resources.

*5. The Borrower shall procure goods and services to be financed out of the
proceeds of the Loan specified in Schedule 2 above through [Competitive
Bidding, Limited Competitive Bidding, Shopping or Direct Contracting].

*6. Procurement method shall be subject to the Bank’s prior review.

7.The Borrower shall adopt a method of bidding [two-stage bidding, two-

envelope system] for the implementation of the above bidding.

*8. For contracts to be awarded on the basis of **[Competitive Bidding or Limited

Competitive Bidding], procurement actions shall be subject to review of the Bank
in accordance with the procedures set forth in Annex 1 of the Procurement
Guidelines.

*9. For contracts executed through **[Shopping or Direct Contracting], one

certified copy of the contract shall be submitted to the Bank for its review, together
with such other information as the Bank may reasonably request.

 Delete if not applicable.

 Select the appropriate one.

15
*10. All taxes, duties, and levies ** [including but not limited to import duties and
Value-Added Tax] imposed on goods and services in [●] (the name of the
Borrower’s country) provided by the Suppliers **[subcontractors and local
suppliers] under the Loan Agreement for the implementation of the Project shall
either be exempted or borne by the Borrower.

 Delete if not applicable.

** Delete if not applicable
16
 Schedule 5

Employment of Consultants

1. The services of consultants shall be utilized in the carrying out of the Project,
particularly with regard to [the detailed design, project management and
construction supervision].

2. The selection and employment of the consultants shall be subject to the

provisions of this Schedule and the Bank's "Guidelines for the Employment of
Consultants under the EDCF Loan"(hereinafter called the "Consultant
Guidelines"), as amended from time to time, which have been furnished to the
Borrower.

3. The Consultant(s) shall be nationals of the Republic of Korea or juridical person

incorporated and registered therein.

4. The Borrower shall employ the Consultant through **[the Bank’s general
selection procedures, Two-Envelope System or Special Selection Procedure]
specified in the Consultant Guidelines.

5. The terms of reference, evaluation of proposals, and execution of contract shall

be subject to review of the Bank in accordance with the procedures set forth in
Annex 1 of the Consultant Guidelines.

6. The method of selection procedure shall be submitted to the Bank for its review.

*7. All taxes, duties, and levies *[including but not limited to import duties and
Value-Added Tax] imposed on consulting services in [●] (the name of the
Borrower’s country) provided by the Consultants *[subcontractors and local
suppliers] under the Loan Agreement for the implementation of the Project shall
be either exempted or borne by the Borrower.

 Delete if not applicable

 Select the appropriate one.
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 Schedule 6

Disbursement Procedures

1. Disbursement Procedures

(a) Disbursements of the Loan shall be made through **[Commitment Procedure,

Reimbursement Procedure, and/or Direct Payment Procedure].

(b) The Bank's "Disbursement Procedures under the EDCF Loan" (hereinafter
called the "Disbursement Procedures"), which have been furnished to the
Borrower, as amended from time to time, shall be applied to disbursement of the
Loan,
 With the following supplemental stipulations.

[ ]

2. Designation of Banks

With regard to relevant Sections of the Disbursement Procedures, the designated

banks are as follows:

*(a) The Paying Bank referred to in Section 2.01 shall be [●].

*(b) The Issuing Bank referred to in Section 2.02 shall be [●].

 Delete if not applicable.

 Select the appropriate one.
18