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A.I.D. Loan No. 497-H-018
AMENDMENT NO. 2 to
LOlli'\ AGREEMENT BETWEEN THE
REPUBLIC OF INDONESIA
ａＬＮｾｄ＠
P.
T. SEMEN GRESIK
AND
THE
UNITED STATES OF, AMERICA
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THIS
ａｬｾｅｎｄｍｅｎｔ＠NO. 2, entered into this 21st day
of May, 1974 between the GOVERNMENT OF INDONESIA ("Borrower"),
P.T. Semen Gresik (PERSERO) ("Beneficiary"), and the UNITED
STATES OF AMERICA, acting through the AGENCY _'OR INTEfu"\JATIONAL
DEVELOPMENT ("A.I.D."), to amend the loan agreement dated
· July 25, 1969 as amended by Amendment No. 1 dated March 22,
1971 (hereafter referred to as the LOAN AGREEMENT) among
the same parties (A.I.D. Loan No. 497-H-018).
Borrower, Beneficiary and A.I.D. hereby agree that
the Loan Agreement is hereby amended as follows:
1.
Article III of the Loan Agreement is hereby
amended by adding a new section to follow Section 3.4 as
follows:
SECTION 3.5.
Condition Precedent to Execution of
Amendment No. 2:
Unless A.I.D. otherwise agrees in writing,
prior to or at the time of signing of this amendn1ent the
Borrower or the Beneficiary, as appropriate, shall furnish
A.I.D., in form and substance satisfactory to A.I.D.:
(a)
an opinion of the Minister of Justice of the
Borrower that this Amendment No. 2 has been duly authorized
or ratified by, and executed on behalf of, the Borrower
and is a valid and legally binding obligation of the Borrower
in accordance with its terms.
(b)
an opinion of the principal legal officer of
the Beneficiary, or of other legal counsel satisfactory to
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-2-or ratified by, and executed on behalf of, the Beneficiary and
is a valid and legally binding obligation of the Beneficiary in
accordance with its terms.
(c) The names of the persons who will act as the
representatives of the Borrower and the Beneficiary pursuant
to Section 10.1 hereof, if other than the persons designated
in said Section, together with evidence of their authority
and a specimen signature of each such person, certified as to
its authenticity by either the persons rendering the legal
opinions pursuant to Sections 3.l(a) and 3.l(b) or the persons
executing this .Amendment.
2.
Article IX of the Loan Agreement is hereby amended ,by deleting the present article and substituting the following
new Article IX:
"ARTICLE IX . SECTION 9.1
Beneficiary Repayment Terms
Principal Repayments and Interest Payments
by the Beneficiary .
(a) The Borrower shall relend the proceeds of the loan
provided for herein to the Beneficiary. The Beneficiary shall
repay the Borrower the proceeds of the loan in Indonesian
currency in accordance with Section 9.2 hereof. Interest shall
accrue on the unrepaid Indonesian currency debt hereunder at the
rate of twelve percent (12%) per ｡ｮｮｵＮＮｾＬ＠ computed on the basis
of a three hundred sixty-five (365) day year. Interest shall
accrue from the dates of the respective disbursements hereunder.
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-the first disbursement. The first inl:erest payment, covering
the interest which has accrued during the previous six (6)
months, shall be payable three and one-half Ｈｾ Ｍ ｾＩ＠ years after
the first disbursement. Interest payments covering the interest
whi ch has ｡ｾ｣ｲｵ･､＠ during the previous six (6) months shall be
payable semi-annually thereafter. The deferred interest shall
be payable on the same date as the last semi-annual installment
of principal. The Beneficiary shall repay the principal within
seven (7) years from the date of first disbursement hereunder
in eleven (11) level semi-annual installments of principal,
the first inst.:illmcnt to be due and payable two (2) years from
the date of first clisbursement hereunder. The first two (2)
semi-annual installments of principal shall be paid without
semi-annual interest installment payments. Thereafter, both
principal and interest other than the deferred interest, shall
be paid in level semi-annual installments. Principal and
interest due but not paid on any semi-annual payment date shall
accrue interest until fully paid. Interest shall not accrue
on deferred interest.
(b) The Beneficiary shall have the right to prepay,
without penalty, all or any part of the local currency debt
due the Borrower on any date on which interest and/or principal
is due and payable. Any such payment shall be applied first
to payment of any unpaid interest which is due and payable,
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-4-order of their maturity and finally to the de ferred interest.
SECTION 9.2. Cal culation of Principal Repayments and
Intere st Payments .
(a) Principal repayments and interest payments payable :
to the Borrower by the Beneficiary pursuant to Section 9.1 of
this Loan Agreement shall be based on the total disbursed, but
not repaid, principal amount of the loan in Indonesian currency
computed in accordance with subsection (b).
(b) The amount of Indonesian currency equivalent to
the United States dollar amount disbursed shall be computed
for erich disbursement on the basis of the rate of exchange
prescribed in subsection (d) for the date of such disbursement.
(c) In the event there is no prescribed rate of
exchange on the date of a disbursement, the amount of Indonesian
currency equivalent to the United States dollar amount disbursed
shall be computed on the basis of the prescribed rate of exchange
existing on the date nearest preceding the date of disbursement
on which such a rate can be ascertained.
(d) For purposes of this Section, the prescribed rate
of exchange between Indonesian currency and United States dollars
on any particular date shall be the effective rate of exchange
at which United States dollars are sold or offered for sale on
that date in exchange for Indonesian currency to residents in
the Republic of Indonesia, exclusive of Government entities,
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-5-(1) the payment of ｩｮｾ･ｲ･ｳｴ＠ and ｲ ･ ｰ｡ｹｭ･ｾｾ＠ of principal
on loans;
(2) the transfer of divic ei-ids and oth er forms 0£
ean1ings on.capital investments in the Republic of Indonesia;
and
(3) the transfer of investment capital;
provided that there is only one such rate in the Republic of
Indonesia for such transactions; provided that A.I.D. and
the Republic of Indonesia may agree in writing on a rate of
exchange applicable to this agreement; and provided, further,
that so long as there is an established Bonus Export rate
under which essential commodities are imported into the
Republic of Indonesia, that rate shall be the prescribed rate
of exchange . In the absence of such a Bonus Export. rate, if
there is no written agreement between A.I.D. and the Republic
of Indonesia on the rate of exchange applicable to this
agree-ment, and if there is no such single rate of exchange applicable
to all of the three categories of transactions referred to in
the preceding sentence, the applicable rate of exchange on
any particular date shall be the highest (i.e., the largest
number of units of Indonesian currency per United States
dollar) effective rate of exchange at which United States
dollars are sold or ｯｦｾ･ｲ･､＠ for sale on that date to residents
of the Republic of Indonesia, exclusive of Government entities,
to effect transactions within any of the three categories
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-6-Except as hereinabove expressly amended, the loan
agreement dated July 25, 1969 (A.I.D. Loan No. 497-H-018)
as amended by Amendment No. 1 dated March 22, 1971 is
confirmed and continued in full f i rce and effect in
accordance with all of its terms. I
IN WITNESS WHEREOF, the parties to said agreement
have caused this amendment to be executed by their duly
authorized representatives.
By:
THE REPtlaLIC OF INDONESIA
Signed
onagoro
neral f
ｯｾ＠Foreign
Relations, ad interim
P. T. SEMEN" GRESiK (PERSERO)
Signed
ｾｓＭｯｾｴｾｩＭｯＭｮＭＭＺａＭｲｾ､ｾｪＭ｡｟ｮ｟ｧ｟ｧｾｩｾｾｾｾｾｾｾｾｾ＠
President Director (Direktur Utama)
UNITED STATES OF AMERICA
Signed
By:
］ｋｾ･Ｍｰ｟ｮ｟･｟ｴｾｨｾｍｾＮＭＭＮＬＬＬｋｾ｡ＭｵｾｦｾｦＭﾥ｟｡｟ｵｾｾｾｾｾｾＭＭＭＭ
A c
1:::in g Director
USAID Mission to Indonesia
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