CONTRIBUTIONS TO THE PROGRAM Sample Clauses

CONTRIBUTIONS TO THE PROGRAM. Section 1. Contributions and Payment of Contributions (a) The contribution of each Member shall be the amount indicated in Annex I, which will be revised periodically to include the contributions from new Members. As soon as possible after signing the present Agreement, but in no case more than sixty days after signing, each Member shall agree with the Administrator upon a schedule for the payment of the contribution referred to in Article II, Section 2 (i) (hereinafter “Contribution Schedule”). Payment of the contribution shall be made effective in dollars or in any other freely convertible currency acceptable to the Administrator during the Initial Period and thereafter during the relevant Renewable Quinquennial Periods. At least one quota shall be paid annually, in accordance with the corresponding Contribution Schedule. (b) The contributions of Members, and the contributions contemplated under Article II, Section 2 (ii), shall constitute a common fund of Intangible Capital that will generate income flows. Under the provisions of this Agreement, this income shall be used to finance regional agricultural research activities, which will be selected and prioritized by the Program Members themselves. (c) Members may make additional contributions in cash following the procedures described in the present Agreement for initial contributions. Similarly, the Program may accept the contributions in kind mentioned in Section 2 (iii) infra. (d) In addition to its services as Trustee and Administrator of the Program, during the Initial Period and thereafter during the relevant Renewable Quinquennial Periods, the Bank will finance certain technical and administrative services, in accordance with Article VI herein and with the Administration Agreement attached as Annex II. The Bank will not make contributions as a Member. (e) The initial contribution of each Member shall not be less than US$500,000, or its equivalent, unless the minimum contribution of the international and non-governmental organizations signing the Agreement on this date should amount to US$100,000 or equivalent. Payments made under the provisions of this Article shall be deposited in the bank accounts designated by the Administrator. In order to facilitate administration of the Program resources, the Administrator may convert the contributions into other currencies.