Publication: Magyar Közlöny
Issue: MK-2009-192 (Year: 2009, Number: 192)
Era: 2004-2010
Section: A Kormány 306/2009. (XII. 28.) Korm. rendelete
Paragraph Index: 461

c) Eximbank confirms in writing the export contract approved by the Party of Vietnam. 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 MOF 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, up to the amount of credit line agreed in this Agreement, concessional credit to MOF 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. Commercial and political risks of the tied aid credit will be insured by the Hungarian Export Credit Insurance Pte. Ltd. (further on: MEHIB). Eximbank and MEHIB, in accordance with the international obligations, notify beforehand their intention to lend tied aid credit related to the particular project. After successful execution of the procedure of approval Eximbank gives notes to the importer/buyer and the exporter, and the Contracting Parties, respectively. Article 7 Conditions of the individual credit agreement The Government of the Socialist Republic of Vietnam based on the signed individual credit agreement shall secure the repayment obligation as agreed by the Contracting Parties and 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 the amounts to be paid cannot be decreased by the tax levied by the Socialist Republic of Vietnam or other amounts arising as a result of other payment obligations. Regarding any taxes relevant for this Agreement and the individual credit agreement the Agreement on Avoiding Double Taxation between the Socialist Republic of Vietnam and the Republic of Hungary should be respected. 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 The individual credit agreement shall be governed by the laws of the Republic of Hungary. Article 11 Closing Provisions

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