The Financing. Section 2.01. The Association agrees to make available to the Borrower, on the terms and conditions set forth or referred to in the Development Financing Agreement, the Financing consisting of: an amount in various currencies equivalent to eighteen million eight hundred thousand Special Drawing Rights (SDR 18,800,000) (the Credit); and an amount in various currencies equivalent to seven million eight hundred thousand Special Drawing Rights (SDR 7,800,000) (the Grant). (a) Subject to the provisions of paragraphs (b) and (c) of this Section, the Borrower shall be entitled to withdraw the proceeds of the Financing from the Financing Accounts in support of the Program. (b) Except as the Association may otherwise agree: (i) all withdrawals from the Financing Accounts shall be deposited by the Association into an account in Euros designated by the Borrower and acceptable to the Association; and (ii) the Borrower shall ensure that upon each deposit of an amount of the Financing into said account, an equivalent amount is accounted for in the Borrower’s budget management system, in a manner acceptable to the Association (c) The Borrower undertakes that the proceeds of the Financing shall not be used to finance expenditures excluded pursuant to the provisions of Schedule 1 to this Agreement. If the Association determines at any time that an amount of the Financing was used to make a payment for an expenditure so excluded, the Borrower shall, promptly upon notice from the Association, refund an amount equal to the amount of said payment to the Association. Amounts refunded to the Association upon such request shall be cancelled. Section 2.03. The Closing Date shall be March 31, 2006 or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date. (a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Financing not withdrawn from time to time at a rate to be set by the Association as of June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum. (b) The commitment charge shall accrue: (i) from the date sixty days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Financing Accounts or cancelled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreement. (c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section. Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time. Section 2.06. Commitment charges and service charges shall be payable semiannually on June 15 and December 15 in each year. Section 2.07. (a) Subject to paragraphs (b), (c) and (d) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each June 15 and December 15 commencing on June 15, 2015 and ending on December 15, 2044. Each installment to and including the installment payable on December 15, 2024 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 1 contract
Sources: Development Financing Agreement
The Financing. Section 2.01. The Association agrees to make available extend to the Borrower, on the terms and conditions set forth or referred to in the Development Financing this Agreement, the Financing consisting of: :
(a) an amount in various currencies equivalent to eighteen forty-one million eight Special Drawing Rights (SDR 41,000,000) (the Credit); and
(b) an amount in various currencies equivalent to sixty-one million six hundred thousand Special Drawing Rights (SDR 18,800,000) (the Credit); and an amount in various currencies equivalent to seven million eight hundred thousand Special Drawing Rights (SDR 7,800,00061,600,000) (the Grant).
(a) Subject to the provisions of paragraphs (b) and (c) of this Section, the Borrower shall be entitled to withdraw the proceeds of the Financing from the Financing Accounts in support of the Program.
(b) Except as The Borrower shall open, prior to furnishing to the Association may otherwise agree: (i) all the first request for withdrawal from the Financing Accounts, and thereafter maintain in BOT, a deposit account in Dollars on terms and conditions satisfactory to the Association. All withdrawals from the Financing Accounts shall be deposited by the Association into an account in Euros designated by the Borrower and acceptable to the Association; and (ii) the Borrower shall ensure that upon each deposit of an amount of the Financing into said account, an equivalent amount is accounted for in the Borrower’s budget management system, in a manner acceptable to the AssociationDeposit Account.
(c) The Borrower undertakes that the proceeds of the Financing shall not be used to finance expenditures excluded pursuant to the provisions of Schedule 1 to this Agreement. If the Association determines shall have determined at any time that an amount any proceeds of the Financing was shall have been used to make a payment for an expenditure so excluded, the Borrower shall, promptly upon notice from the Association, refund : (i) deposit into the Deposit Account an amount equal to the amount of said payment payment; or (ii) if the Association shall so request, refund such amount to the Association. Amounts refunded to the Association upon such request shall be cancelledcredited to the Financing Accounts for cancellation.
Section 2.03. The Closing Date shall be March 31June 30, 2006 2005 or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association Association: (i) a commitment charge on the principal amount of the Financing Credit not withdrawn from time to time at a rate to be set by the Association as of June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum; and (ii) a commitment charge on the principal amount of the Grant not withdrawn from time to time at a rate to be set by the Association as of June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The Each commitment charge shall accrue: (i) from the date sixty days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Financing Accounts Credit Account or the Grant Account (as the case may be) or cancelled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreement.
(c) The Each commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on June January 15 and December July 15 in each year.
Section 2.07. (a) Subject to paragraphs (b), (c) and (d) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each June January 15 and December July 15 commencing on June January 15, 2015 and ending on December July 15, 2044. Each installment to and including the installment payable on December July 15, 2024 2024, shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 1 contract
Sources: Development Financing Agreement
The Financing. Section 2.01. The Association agrees to make available to the Borrower, on the terms and conditions set forth or referred to in the Development Financing this Agreement, the Financing consisting of: :
(a) an amount in various currencies equivalent to eighteen twelve million eight six hundred thousand Special Drawing Rights (SDR 18,800,00012,600,000) (the Credit); and and
(b) an amount in various currencies equivalent to seven twenty-three million eight hundred thousand Special Drawing Rights (SDR 7,800,00023,000,000 ) (the Grant).
(a) Subject to the provisions of paragraphs (b) and (c) of this Section, the Borrower shall be entitled to withdraw the proceeds of the Financing from the Financing Accounts in support of the Program.
(b) Except as the Association may otherwise agree: (i) all withdrawals from the Financing Accounts shall be deposited by the Association into an account in Euros designated by the Borrower and acceptable to the Association; and (ii) the Borrower shall ensure that upon each deposit of an The amount of the Financing into said accountCredit may be withdrawn from the Credit Account, an equivalent and the amount is accounted for in of the Borrower’s budget management systemGrant, may be withdrawn from the Grant Account, in a manner acceptable to the Association
(c) The Borrower undertakes that the proceeds of the Financing shall not be used to finance expenditures excluded pursuant to each case in accordance with the provisions of Schedule 1 to this Agreement. If : (i) for expenditures made (or, if the Association determines at any time that an shall so agree, to be made) in respect of the reasonable cost of goods, works, and services required for carrying out the Project and to be financed out of the proceeds of the Credit or the Grant, (ii) for amounts paid (or, if the Association shall so agree, amounts to be paid) on account of withdrawals made under a BDS Grant Agreement and to be financed out of the proceeds of the Credit, or the Grant, to meet 50 percent of the expenditures required for carrying out a BDS Sub-project, and (iii) for amounts paid (or if the Association shall so agree, amounts to be paid) by the Borrower on account of a call under a CEF Guarantee and to be financed out of the proceeds of the Financing;
(b) Promptly after the Effective Date, the Association shall, on behalf of the Borrower, withdraw from the Financing Accounts and pay to itself the amount required to repay the principal amount of the Financing was used Project Preparation Advance withdrawn and outstanding as of such date and to make a payment for an expenditure so excluded, pay all unpaid charges thereon. The unwithdrawn balance of the authorized amount of the Project Preparation Advance shall thereupon be canceled; and
(c) the Borrower shallmay, promptly upon notice from for the purposes of the Project, open and maintain in FCFA two special deposit accounts: the Grant Special Account, and the Credit Special Account, in commercial banks on terms and conditions satisfactory to the Association, refund an amount equal to including appropriate protection against set off, seizure or attachment. Deposits into, and payments out of, the amount of said payment to the Association. Amounts refunded to the Association upon such request Special Accounts shall be cancelledmade in accordance with the provisions of Schedule 5 to this Agreement.
Section 2.03. The Closing Date shall be March 31September 30, 2006 2011 or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Financing Credit not withdrawn from time to time at a rate to be set by the Association as of June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The commitment charge shall accrue: (i) from the date sixty days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Financing Accounts Credit Account or cancelledcanceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on June February 15 and December August 15 in each year.
Section 2.07. (a) Subject to paragraphs (b), (c) and (d) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each June February 15 and December August 15 commencing on June February 15, 2015 and ending on December August 15, 2044. Each installment to and including the installment payable on December August 15, 2024 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 1 contract
Sources: Development Financing Agreement
The Financing. Section 2.01. The Association agrees to make available to the Borrower, on the terms and conditions set forth or referred to in the Development Financing this Agreement, the Financing consisting of: :
(a) an amount in various currencies equivalent to eighteen ten million eight three hundred thousand Special Drawing Rights (SDR 18,800,00010,300,000) (the Credit); and and
(b) an amount in various currencies equivalent to seven thirty-four million eight three hundred thousand Special Drawing Rights (SDR 7,800,00034,300,000) (the Grant).
(a) Subject to the provisions of paragraphs (b) ), and (c) of this Section, the Borrower shall be entitled to withdraw the proceeds of the Financing from the Financing Accounts in support of the Program.
(b) Except as The Borrower shall open, prior to furnishing to the Association may otherwise agree: (i) all the first request for withdrawal from the Financing Accounts, and thereafter maintain in its central bank, a Deposit Account in Dollars on terms and conditions satisfactory to the Association. All withdrawals from the Financing Accounts shall be deposited by the Association into an account in Euros designated by the Borrower and acceptable to the Association; and (ii) the Borrower shall ensure that upon each deposit of an amount of the Financing into said account, an equivalent amount is accounted for in the Borrower’s budget management system, in a manner acceptable to the AssociationDeposit Account.
(c) The Borrower undertakes that the proceeds of the Financing shall not be used to finance expenditures excluded pursuant to the provisions of Schedule 1 to this Agreement. If the Association determines shall have determined at any time that an amount any proceeds of the Financing was shall have been used to make a payment for an expenditure so excluded, the Borrower shall, promptly upon notice from the Association, refund : (i) deposit into the Deposit Account an amount equal to the amount of said payment payment; or (ii) if the Association shall so request, refund such amount to the Association. Amounts refunded to the Association upon such request shall be cancelledcredited to the Financing Accounts for cancellation.
Section 2.03. The Closing Date shall be March October 31, 2006 2005 or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association Association: (i) a commitment charge on the principal amount of the Financing Credit not withdrawn from time to time at a rate to be set by the Association as of June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum; and (ii) a commitment charge on the principal amount of the Grant not withdrawn from time to time at a rate to be set by the Association as of June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The Each commitment charge shall accrue: (i) from the date sixty (60) days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Financing Accounts Credit Account or cancelledGrant Account (as the case may be) or canceled; and (ii) at the respective rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The respective rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreement.
(c) The Each commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on June April 15 and December October 15 in each year.
Section 2.07. (a) Subject to paragraphs (b), (c) and (d) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each June April 15 and December 15 October 15, commencing on June April 15, 2015 and ending on December October 15, 2044. Each installment to and including the installment payable on December October 15, 2024 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 1 contract
Sources: Development Financing Agreement
The Financing. Section 2.01. The Association agrees to make available to the Borrower, on the terms and conditions set forth or referred to in the Development Financing this Agreement, the Financing consisting of: :
(a) an amount in various currencies equivalent to eighteen twelve million eight six hundred thousand Special Drawing Rights (SDR 18,800,00012,600,000) (the Credit); and and
(b) an amount in various currencies equivalent to seven twenty-three million eight hundred thousand Special Drawing Rights (SDR 7,800,00023,000,000 ) (the Grant).
(a) Subject to the provisions of paragraphs (b) and (c) of this Section, the Borrower shall be entitled to withdraw the proceeds of the Financing from the Financing Accounts in support of the Program.
(b) Except as the Association may otherwise agree: (i) all withdrawals from the Financing Accounts shall be deposited by the Association into an account in Euros designated by the Borrower and acceptable to the Association; and (ii) the Borrower shall ensure that upon each deposit of an The amount of the Financing into said accountCredit may be withdrawn from the Credit Account, an equivalent and the amount is accounted for in of the Borrower’s budget management systemGrant, may be withdrawn from the Grant Account, in a manner acceptable to the Association
(c) The Borrower undertakes that the proceeds of the Financing shall not be used to finance expenditures excluded pursuant to each case in accordance with the provisions of Schedule 1 to this Agreement. If :
(i) for expenditures made (or, if the Association determines at any time that an shall so agree, to be made) in respect of the reasonable cost of goods, works, and services required for carrying out the Project and to be financed out of the proceeds of the Credit or the Grant, (ii) for amounts paid (or, if the Association shall so agree, amounts to be paid) on account of withdrawals made under a BDS Grant Agreement and to be financed out of the proceeds of the Credit, or the Grant, to meet 50 percent of the expenditures required for carrying out a BDS Sub-project, and (iii) for amounts paid (or if the Association shall so agree, amounts to be paid) by the Borrower on account of a call under a CEF Guarantee and to be financed out of the proceeds of the Financing;
(b) Promptly after the Effective Date, the Association shall, on behalf of the Borrower, withdraw from the Financing Accounts and pay to itself the amount required to repay the principal amount of the Financing was used Project Preparation Advance withdrawn and outstanding as of such date and to make a payment for an expenditure so excluded, pay all unpaid charges thereon. The unwithdrawn balance of the authorized amount of the Project Preparation Advance shall thereupon be canceled; and
(c) the Borrower shallmay, promptly upon notice from for the purposes of the Project, open and maintain in FCFA two special deposit accounts: the Grant Special Account, and the Credit Special Account, in commercial banks on terms and conditions satisfactory to the Association, refund an amount equal to including appropriate protection against set off, seizure or attachment. Deposits into, and payments out of, the amount of said payment to the Association. Amounts refunded to the Association upon such request Special Accounts shall be cancelledmade in accordance with the provisions of Schedule 5 to this Agreement.
Section 2.03. The Closing Date shall be March 31September 30, 2006 2011 or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association a commitment charge on the principal amount of the Financing Credit not withdrawn from time to time at a rate to be set by the Association as of June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The commitment charge shall accrue: (i) from the date sixty days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Financing Accounts Credit Account or cancelledcanceled; and (ii) at the rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreement.
(c) The commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on June February 15 and December August 15 in each year.
Section 2.07. (a) Subject to paragraphs (b), (c) and (d) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each June February 15 and December August 15 commencing on June February 15, 2015 and ending on December August 15, 2044. Each installment to and including the installment payable on December August 15, 2024 shall be one percent (1%) of such principal amount, and each installment thereafter shall be two percent (2%) of such principal amount.
Appears in 1 contract
Sources: Development Financing Agreement
The Financing. Section 2.01. The Association agrees to make available to the Borroweragrees, on the terms and conditions set forth or referred to in this Agreement:
(a) to lend to the Development Financing Agreement, the Financing consisting of: Borrower an amount in various currencies equivalent to eighteen twenty million eight two hundred thousand Special Drawing Rights (SDR 18,800,000) (the Credit20,200,000); and and
(b) to make available to the Borrower an amount in various currencies equivalent to six million seven million eight hundred thousand Special Drawing Rights (SDR 7,800,000) (the Grant6,700,000).
(a) Subject to the provisions of paragraphs (b) and (c) of this Section, the Borrower shall be entitled to withdraw the proceeds of the Financing from the Financing Accounts in support of the Program.
(b) Except as the Association may otherwise agree: (i) all withdrawals from the Financing Accounts shall be deposited by the Association into an account in Euros designated by the Borrower and acceptable to the Association; and (ii) the Borrower shall ensure that upon each deposit of an The amount of the Financing into said account, an equivalent Credit may be withdrawn from the Credit Account and the amount is accounted for in the Borrower’s budget management system, in a manner acceptable to the Association
(c) The Borrower undertakes that the proceeds of the Financing shall not Grant may be used to finance expenditures excluded pursuant to withdrawn from the Grant Account in accordance with the provisions of Schedule 1 to this Agreement. If Agreement for expenditures made (or, if the Association determines at any time that an amount shall so agree, to be made) in respect of the Financing was used reasonable cost of goods and services required for the Project, and amounts paid (or, if the Association shall so agree, to make a payment be paid) under Small Grants, and to be financed out of the proceeds of the Financing.
(b) The Borrower may, for an expenditure so excludedthe purposes of the Project, for NACP, Balochistan, NWFP, Punjab, Sindh and AJK, respectively, open and maintain in dollars separate special deposit accounts in the Borrower shall, promptly upon notice from National Bank of Pakistan on terms and conditions satisfactory to the Association, refund an amount equal to the amount of said payment to the Associationincluding appropriate protection against set-off, seizure or attachment. Amounts refunded to the Association upon such request Deposits into, and payments out of, each respective Special Account shall be cancelledmade in accordance with the provisions of Schedule 5 to this Agreement.
Section 2.03. The Closing Date shall be March December 31, 2006 2008, or such later date as the Association shall establish. The Association shall promptly notify the Borrower of such later date.
(a) The Borrower shall pay to the Association Association: (i) a commitment charge on the principal amount of the Financing Credit not withdrawn from time to time at a rate to be set by the Association as of June 30 of each year, but not to exceed the rate of one-half of one percent (1/2 of 1%) per annum; and (ii) a commitment charge on the principal amount of the Grant not withdrawn from time to time at a rate to be set by the Association as of June 30 of each year, such rate not to exceed the rate of one-half of one percent (1/2 of 1%) per annum.
(b) The Each commitment charge shall accrue: (i) from the date sixty days after the date of this Agreement (the accrual date) to the respective dates on which amounts shall be withdrawn by the Borrower from the Financing Accounts Credit Account or cancelledthe Grant Account (as the case may be), or canceled; and (ii) at the respective rate set as of the June 30 immediately preceding the accrual date and at such other rates as may be set from time to time thereafter pursuant to paragraph (a) above. The rate set as of June 30 in each year shall be applied from the next date in that year specified in Section 2.06 of this Agreement.
(c) The Each commitment charge shall be paid: (i) at such places as the Association shall reasonably request; (ii) without restrictions of any kind imposed by, or in the territory of, the Borrower; and (iii) in the currency specified in this Agreement for the purposes of Section 4.02 of the General Conditions or in such other eligible currency or currencies as may from time to time be designated or selected pursuant to the provisions of that Section.
Section 2.05. The Borrower shall pay to the Association a service charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Credit withdrawn and outstanding from time to time.
Section 2.06. Commitment charges and service charges shall be payable semiannually on June 15 and December 15 in each year.
Section 2.07. (a) Subject to paragraphs (b), (c) and (d) below, the Borrower shall repay the principal amount of the Credit in semiannual installments payable on each June 15 and December 15 15, commencing on June 15, 2015 2013 and ending on December 15, 20442037. Each installment to and including the installment payable on December 15, 2024 2022, shall be one and one-fourth percent (1-1/4%) of such principal amount, and each installment thereafter shall be two and one-half percent (2-1/2%) of such principal amount.
Appears in 1 contract
Sources: Development Financing Agreement