Publication: Magyar Közlöny
Issue: MK-2009-75 (Year: 2009, Number: 75)
Era: 2004-2010
Section: 
Paragraph Index: 15

c) Eximbank confirms in writing the export contract approved by the Ministry of Finance of Lao People’s Democratic Republic. Article 6 Disbursement of the tied aid credit Detailed conditions of the tied aid credit provided to finance the project accepted by the Contracting Parties is to be stipulated in the individual credit agreement between the borrower authorised by the Government of the Lao People’s Democratic Republic in accordance with the provisions laid down in Article 7 on the one part and Eximbank as the lender on the other. Eximbank, for the account of its own resources, lends tied aid credit, up to the amount of credit line agreed in this Agreement, in the form of mixed credit to the borrower authorised by the Government of the Lao People’s Democratic Republic for the realisation of the accepted project. The measure of the financing is 100 per cent of the value of the accepted project and the amount of the grant element. 2009/75. 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

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