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910
ΕΠΙΣΗΜΗ ΕΦΗΜΕΡΙΔΑ ΤΗΣ 2ας ΑΥΓΟΥΣΤΟΥ
1984
funds aval1able to the Borrower will be lnadequate to rneet the
estlmated expendltures requlred for the carrylng out of the
Project, to make arrangements, satlsfactory to the Bank, promptly
to provlde the Borrower or cause the Borrower to be provlded with
such funds as are needed to meet such expendltures.
ART1CLE 111
Other Covenants
Sectlon
3.01.
(a) It 18 the po11cy of the Bank,
ίη
making
loans to,
οι
with the guarantee of, its members not to seek,
Ιη
normal c1rcumstances, speclfic security from the member concerned
but
(ο
ensure that
ηο
other external debt shall have prtority
over its loans
ίη
the allocation, realization
οι
distribution of
foreign exchange held under the control or
ίοι
the benef1t of
such member.
Το
that end, if any lien shall be created
οη
any
public assets (a8 herelnafter deflned),
βΒ
securlty for any
external debt , whichwill
οι
might result
1η
d
prlorlty for the
beneftt
οί
the credltor
ο!
such external debt
ίη
the al10catlon,
reallzation
οι
distribution of forelgn exchange, such lien shall,
unless the Bank shal1 otherwise agree, ipso facto, and at
ηο
COSt
to the Bank, equally and ratahly secure the principal of, and
lnterest and other charges
οη,
the Loan, and the Guarantor,
1η
creatlng
οι
perml t tlng the creat
10η
of such lien, shal1 make
eΧΡreSΘ ριονίΒ10η (ο
that effect; prov1ded, however, that,
Ιί
for
any constltutional
οι
other legal reason such
ριονlΒ10η
cannot be
made with respect to any lien created
οη
assets of any of lt8
pollt1cal
οι
adminlstratlve subd1visions, the Guarantor shal1
promptly and at
ηο
cost to the Bank secure the principal
οί,
and
lnterest and other charges on, the Loan by
βΩ
equivalent lien
οη
other publlc assets satlsfactory to the Bank.
(b) The foregolng undertaklng shall not apply to: (1) any
lien
create~ οη
property, at the t1me
οί
purchase thereof, solely
θ8
security for payment of the purchase prlce of such property or
βΒ
security for the payment of debt 1ncurred for the purpose of
flnancing the purcha8e of 8uch property; and (11) an, l1en ar18-
ing
1η
the ordinary course of bank1ng transact10ns and securlng a
debt maturlng not more than one year after lts date.
(c)
As
used
1η
this Sect10n, the term "publ1c assets" mean8
assets
ο!
the Guarantor,
οί
any politlcal or admlnlstrat1ve sub–
d1vls10n thereof and of
θηΥ
entlty owned
οι
control1ed by, or
operatlng
ίοι
the account
οι
beneflt of, the Guarantor
οι
any
such subdlvlslon, lncludlng gold and fore1gn exchange assets held
by any lnstltutton performlng the functlons of a central bank or
exchange stabl11zatlon fund, or slmilar functlons. for the
Guarantor.
AJιTICLE ιν
Representatlve of the Guarantor;
λddresaea
Sectlon
4.01.
The Mlnister cjf Flnance
οί
the Guarantor 18
des1gnated
Ββ
representat1ve of the Guarantor for the purposes of
Sectlon
11.03
of the General Cond1t1ons.