Section 3.03. Suspension and Cancellation



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Section 3.03. Suspension and Cancellation



(a) From time to time, IFC may, by notice to the Bor­
rower, suspend or cancel the right of the Borrower to further
Disbursements:

(1) if the first Disbursement has not been made within 6 months following the date of this Agreement; or (2) i f an Event of Default or a Potential Event of Default has oc­curred and is continuing or if the Event of Default specified hereinafter is^in the reasonable opinion of IFC, imminent; or (3) if any event or condition has occurred which has or can reasonably be expected to have a material adverse effect on the Borrower, the Sponsor, the Group or the Project.

(b) Upon the giving of such notice, the right of the Bor­
rower to further Disbursements shall be suspended or can­
celled as indicated in the notice. The exercise by IFC of
the right of suspension shall not preclude IFC from exer­
cising its right of cancellation as provided in this Section
3.03, either for the same or another reason, and shall not
limit any other rights of IFC under the Financing Agree­
ments. Upon any cancellation, the Borrower shall, subject


С. А. Семко, В. В. Сдобников,. С. Н. Чекунова

to paragraph (d) of this Section 3.03, pay to IFC all fees and other amounts accrued (whether or not then due and payable) under this Agreement up to the date of that can­cellation.

(c) Upon written request by the Borrower, IFC shall can­
cel the undisbursed portion of the Loan with effect as of the
date specified in that request (not to be earlier than thirty
(30) days after the date of the request) provided that, sub­
ject to paragraph (d) of this Section 3.03, IFC has received
all fees and other amounts accrued (whether or not then due
and payable) under this Agreement up to such specified date;
and provided further that, if any amount of the Loan is then
outstanding, IFC is reasonably satisfied that the Borrower
has sufficient long-term funding available, on terms satis­
factory to IFC, for timely completion of the Project.

(d) In the case of partial cancellation of the Loan pursu­
ant to paragraph (b) or (c) of this Section 3.03, interest on
the amount then outstanding of the Loan remains payable
as provided for in Section 3.05.

Section 3.05. Interest

(a) Subject to Default Rate Interest provision, the Bor­rower shall, on each Interest Payment Date, pay interest on the principal amount of the Loan outstanding during the immediately preceding Interest Period at the per annum rate of 8 % and LIBOR on the Interest Determination Date for one, two, three or six months (whichever period is closest to the duration of the relevant Interest Period) rounded up­ward to the nearest three decimal places; provided that, with respect to any Disbursement made less than fifteen (15) days before an Interest Payment Date, interest shall be paid on the second Interest Payment Date following the date of that Disbursement. Interest shall accrue from day to day and be calculated on the basis of a 360-day year and the actual number of days in each Interest Period.


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(b) If for any reason LIBOR cannot be determined from
the Telerate Service or any other service that displays BBA
rates, IFC will make such determination by calculating the
arithmetic mean (rounded upward to the nearest three dec­
imal places) of the offered rates for deposits.

(c) The Borrower may, as an alternative to paying interest
at a variable interest rate on all or any portion of the IFC
Loan then outstanding, elect to pay interest at a fixed inter­
est rate on a portion of the IFC Loan:

The Borrower shall exercise such option by notice to IFC not less than five business days prior to the pro­posed date on which the interest will be fixed (the «In­terest Fixing Date»). Such notice shall, unless IFC otherwise agrees, be irrevocable and shall specify the Interest Fixing Date and the date on which the inter­est variable rate shall be converted to a fixed interest rate (the «Interest Conversion Date») selected by the Borrower and the principal amount of the IFC Loan to be converted to a fixed interest rate; Commencing on the Interest Conversion Date, the portion of the IFC Loan being converted (as specified in the Borrower's notice) shall be subject to a fixed interest rate. The fixed interest rate shall be equal to the forward fixed interest rate for the Loan Currency which is available to IFC in the interest swap market on such Interest Fixing Date for the period commenc­ing on such Interest Conversion Date and ending on the final IFC Loan repayment date, taking into ac­count the principal repayment and interest payment schedules for the IFC Loan. IFC shall determine the fixed interest rate on such Interest Fixing Date and promptly give notice thereof to the Borrower; IFC may at any time elect to consolidate all fixed in­terest rates then applicable to portions of the IFC Loan into a single fixed interest rate equal to the weighted


С. А. Семко, В. В. Сдобников, С. Н. Чекунова

average of the fixed interest rates then applicable to portions of the IFC Loan. IFC shall determine such consolidated fixed interest rate and promptly give no­tice thereof to the Borrower. Such consolidated fixed interest rate shall be applicable to all portions of the IFC Loan then bearing interest at fixed interest rates commencing on the Interest Payment Date immedi­ately following the notice from IFC to the Borrower.



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