Common use of Interpretation Clause in Contracts

Interpretation. In this Agreement, a reference to a specified Article, Section or Schedule shall, except where stated otherwise in this Agreement, be construed as a reference to that specified Article or Section of, or Schedule to, this Agreement. (a) The Bank agrees to lend to the Borrower, on the terms and conditions set forth or referred to in this Agreement, the amount of EUR 550 million. (b) The Loan shall consist of six tranches (each a "Tranche"), as follows: (1) Tranche 1 in an amount of up to EUR 60 million for Part 1 of the Project to finance the Stalac-Djunis Lot 2 Sub-Section ("Tranche 1 Loan"), to be committed from the date of effectiveness of the Loan Agreement; (2) Tranche 2 in the amount of EUR 140 million for Part 2 of the Project to finance the Belgrade Center-Velika Plana Sub-Section ("Tranche 2 Loan"); (3) Tranche 3 in the amount of EUR 85 million for Part 2 of the Project to finance the Velika Plana-Paracin Sub-Section ("Tranche 3 Loan"); (4) Tranche 4 in the amount of EUR 100 million for Part 2 of the Project to finance the Paracin-Medjurovo Sub-Section ("Tranche 4 Loan"); (5) Tranche 5 in the amount of EUR 55 million for Part 2 of the Project to finance the Belgrade and Nis railway nodes Sub-Section ("Tranche 5 Loan"); and (6) Tranche 6 in the amount of EUR 110 million for Part 2 of the Project to finance the Signalling/Telecommunications contract ("Tranche 6 Loan"). Each of the Tranches set out in (2) to (6) above (an "Uncommitted Loan Tranche") is uncommitted at signing but may be committed by the Bank in its sole discretion following receipt of a written request from the Borrower and the satisfaction or waiver at the Bank’s discretion of the conditions precedent set out in Section 5.03. The Bank will provide a written notice in each case confirming its decision to commit each Tranche (such notice being a "Commitment Notice") with the amounts so committed forming part of the Available Amount from the date of the respective Commitment Notice. (c) The Borrower shall pay to the Bank a Commitment Charge of 0.5% per annum on the Available Amount as follows: (1) Tranche 1 Loan: The Commitment Charge in respect of the Tranche 1 Loan shall be calculated based on the Available Amount for such tranche and shall accrue from the date sixty (60) days after the date of the Loan Agreement; and (2) Uncommitted Loan Tranches: The Commitment Charge in respect of each of the Uncommitted Loan Tranches shall be calculated based on the Available Amount for such tranche and shall accrue from the date sixty (60) days after the date of the respective Commitment Notice. The Commitment Charge shall accrue and be calculated on the same basis as interest under Section 3.04(b)(ii) of the Standard Terms and Conditions and shall be payable on each Interest Payment Date (even though no interest may be payable on such date) commencing on the first Interest Payment Date following the Effective Date (for the Tranche 1 Loan) or the first Interest Payment Date following the Commitment Notice (for each of the Uncommitted Loan Tranches).