Magyar közlöny, 2009. június (75-91. szám)

2009-06-03 / 75. szám

Commercial and political risks of the tied aid credit will be insured by the Hungarian Export Credit Insurance Pte. Ltd. (further on: MEHIB). Article 7 General preconditions of the individual credit agreements According to the relevant international obligations, individual tied aid credit financing a particular project shall be notified to; and accepted by the OECD and the EU. After successful execution of this procedure, written notice is sent to the buyer, the exporter, and the Contracting Parties, respectively. The borrower under the individual credit agreements shall be the Ministry of Finance of the Lao People’s Democratic Republic, as the authorised representative of the Government of the Lao People’s Democratic Republic. In the individual credit agreements the Ministry of Finance of the Lao People’s Democratic Republic shall undertake the repayment of the credit, the payment of interests and additional charges based on the present tied aid credit line in the case of the project specified in the Appendix I. The Lao People’s Democratic Republic shall set aside the amount of its payment obligation in the actual year in its state budget. Eximbank and MEHIB shall conclude a credit insurance contract complying with the conditions fixed by the Hungarian law in force. Article 8 Taxes, fees The Contracting Parties are obliged to pay the taxes, fees and other public charges arising on the basis of the execution of this Agreement in their own country. These costs cannot be paid from the individual tied aid credits and they cannot be separated. Costs arising during the individual credit agreement shall be paid by the parties of the credit agreement in their own country and they cannot be charged on the individual tied aid credit. During the reimbursement of the loan and the payment of the interest the amounts to be paid cannot be decreased by the tax levied by the Lao People’s Democratic Republic or other amounts arising as a result of other payment obligations. Article 9 Dispute Settlement The Contracting Parties shall settle any dispute in connection with this Agreement in the course of direct negotiations. Article 10 Governing Law and Arbitration The individual credit agreement shall be governed by the laws of the Republic of Hungary. All disputes arising from or in connection with the individual credit agreement shall be settled first by amicable negotiations in good faith. In case the said disputes are not settled within 60 (sixty) calendar days, the said disputes shall be finally settled under the Rules of Conciliation and Arbitration of the International Chamber of Commerce (ICC), Paris, by 3 (three) arbitrators. The arbitration shall be conducted in English language. Place of arbitration shall be Paris, France. Article 11 Closing Provisions a) This Agreement shall be valid for two years from the date of its coming into force. b) Provisions of this Agreement, even after their expiry, shall be applicable for projects accepted and financed on the basis of the individual credit agreement concluded according to this Agreement. c) The Contracting Parties shall notify each other in writing through diplomatic channels that they have fulfilled the internal legal prescriptions necessary for the coming into force of this Agreement. The present Agreement shall come into force on the day of receipt of such a note later on. d) This Agreement may be cancelled in writing through diplomatic channels without explanation by either Contracting Party. In this case the Agreement shall abate on the 30th (thirtieth) day of the other Contracting Party’s receipt of the notification about cancellation. e) The Contracting Parties may amend or supplement this Agreement at their common will and agreement through the way of exchange of diplomatic notes. These amendments and supplements shall come into force according to point c) of this Article. Signed in Vientiane on the 06 day of March in 2009. in English language, in two originals. on behalf of the Government of the Republic of Hungary on behalf of the Government of the Lao People’s Democratic Republic

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