TREATIES AND OTHER INTERNATIONAL ACTS SERIES 12-710.1 ______
LOAN GUARANTEE
Agreement Between the UNITED STATES OF AMERICA and TUNISIA
Signed at Washington June 8, 2012
with
Annexes
NOTE BY THE DEPARTMENT OF STATE
Pursuant to Public Law 89—497, approved July 8, 1966 (80 Stat. 271; 1 U.S.C. 113)—
“. . .the Treaties and Other International Acts Series issued under the authority of the Secretary of State shall be competent evidence . . . of the treaties, international agreements other than treaties, and proclamations by the President of such treaties and international agreements other than treaties, as the case may be, therein contained, in all the courts of law and equity and of maritime jurisdiction, and in all the tribunals and public offices of the United States, and of the several States, without any further proof or authentication thereof.”
TUNISIA
Loan Guarantee
Agreement signed at Washington June 8, 2012; Entered into force July 10, 2012. With annexes.
LOAN GUARANTEE AGREEMENT BETWEEN THE UNITED STATES OF AMERICA AND THE REPUBLIC OF TUNISIA
This Agreement ("Agreement") is between the United States of America (the "United States Government") and the Republic of Tunisia (''Government ofTunisia" or the "Borrower'') (together "the Parties"). ARTICLE I: Purpose Section 1.01. Purpose. The United States Government, acting through the United States Agency for International Development ("USAID"), plans to provide guarantees ("Loan Guarantees") for certain payment obligations with regard to new debt that the Government of Tunisia, acting through the Central Bank of Tunisia, is expected to incur. This guarantee assistance program will support the Government of Tunisia's economic transition and reform initiatives, so that a stable, democratic Tunisia can provide broader economic opportunity for its citizens. The purpose of this Agreement is to set forth the rights and obligations of the Parties with respect to the guarantee assistance program described herein. ARTICLE II: The Loan Guarantee Section 2.01. Loan Guarantee Obligations. Subject to the terms herein and during a period beginning on the date this Agreement enters into force and ending one year later, unless otherwise agreed to by the Parties in writing, USAID shall issue Loan Guarantees with respect to the payment obligations of the Borrower for Eligible Loans and Eligible Notes (as defined in Section 2.02 below) for which USAID's budget cost, consistent with the Federal Credit Reform Act of 1990, shall be up to U.S. $30,000,000. The United States Government will calculate the amount of Eligible Loans for which US AID can issue Loan Guarantees consistent with its existing, internal methods and procedures. The Loan Guarantees, as agreed by the Parties, may guarantee up to one hundred percent (100%) of the Borrower's repayment of principal and interest due under the Eligible Loans and the Eligible Notes for a period up to seven years from the date of issuance. The Loan Guarantees shall be issued in accordance with Title lll of the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2012, Division I ofPublic Law 112-74 (''the Act"), and shall constitute, as a matter of domestic U.S. law, obligations of the -2-
United States of America, and the full faith and credit of the United States of America shall be pledged for the full payment and performance of such guarantee obligations. The Standard Tenns and Conditions of Loan Guarantees issued hereunder shall be mutually agreed upon and shall be published by the United States in Title 22, Chapter ll, of the United States Code ofFederal Regulations for the benefit of the holders of"Eligible Notes" as defined in Section 2.02 ("Noteholders"). Section 2.02. Eligible Loans. Notes, and Loan Terms. "Eligible Loans" are those loans made to the Borrower: (a) for the purposes ofthis Agreement. (b) by "Eligible Underwriters," as defined in Section 2.03, and (c) under such terms and conditions and agreements ("Loan Agreements"), including for distribution and servicing, as are in form and substance mutually agreed upon by USAID and the Borrower. Except as otherwise agreed in writing, Eligible Loans shall have a term between five ( 5) and seven (7) years with interest paid on a regular basis and a principal repayment schedule. "Eligible Notes" are notes, bonds, or other evidence of indebtedness issued by the Central Bank of Tunisia on behalf of the Borrower that reflect the terms of Eligible Loans and are made pursuant to mutually approved documentation, including without limitation, note purchase agreements and/or offering circulars. Section 2.03. Eligible Underwriters. Except as otherwise agreed in writing, "Eligible Underwriters" are those institutions that: (a) purchase Eligible Notes from the Borrower with a view toward distribution, (b) maintain a principal place ofbusiness in the United States and are subject to regulation under the laws of the United States (including registration as a broker-dealer under the Securities and Exchange Act and membership in the Financial Industry Regulatory Authority), and (c) are financially capable of serving as an underwriter for the issuance ofEligible Notes. Section 2.04. Loan Installment. Except as otherwise agreed in writing, the Eligible Loans and Eligible Notes and the Loan Guarantees issued hereunder shall each be made in one ( 1) installment. Section 2.05. Final Date for Borrowing. Unless otherwise agreed by the Parties in writing, the final date for entering into any Loan Agreement and issuing Eligible Notes for FJigible Loans (the "Loan Closing Date") shall be one year after the entry into force of this Agreement, and the fmal date to request the issuance of Loan Guarantees under this Agreement sha11 be ten days before the Loan Closing Date. No Loan Guarantees shall be issued after the Loan Closing Date. ARTICLE ill. Fiscal Agent Section 3.01. Fiscal Agent. The fiscal agent for the Borrower shall be approved by USAID and shall perform its duties pursuant to the terms of a fiscal agency agreement that is agreed to by the Borrower, the fiscal agent, and USAID. The costs for such services shall be paid by the Borrower and may be paid from the proceeds of the Eligible Loans made available at the Loan Closing Date. ARTICLE IV. Conditions Precedent Section 4.01. Borrower's Conditions Precedent. -3-
(a) Procedmal Requirements and Documentation. No later than ten (10) days prior to the Loan Closing Date and except as otherwise agreed by USAID in writing, the Borrower shall deliver, in form and substance satisfactory to USAID, the following: (i) a legal opinion from the Conseiller Juridique et de la Legislation du Gouvernement ( "Adviser on Legal Affairs and Legislation to the Government") attesting to the validity and enforceability of the Loan Agreements and related agreements, if any, and stating that such agreements have been duly authorized, executed and delivered and constitute legal, valid and binding obligations ofthe Borrower; (ii) all documents required by the terms of the Loan Agreements and any related agreements to satisfy the conditions precedent therein; (iii) the duly completed and signed Certificate and Request for Issuance of the Loan Guarantees in the form of Annex I, which shall be transmitted in only the English language; (iv) a statement of the name of the person holding the office specified in Section 6.06 and of any additional representatives, together with a specimen signature of each person so designated; and (v) such other documents and representations as USAID may reasonably request with respect to the transactions contemplated by this Agreement (b)Additional Conditions. Additional conditions precedent to the issuance of any Loan Guarantees are attached as Annex 2, which constitutes an integral part ofthis Agreement. Section 4.02. United States Government's Conditions Precedent On or prior to the issuance of the Loan Guarantees, USAID shall deliver, in form and substance satisfactory to the Borrower and/or the Eligible Underwriters, such documents, certificates and opinions as may be reasonably required by the Loan Agreements. Section 4.03. Satisfaction of Conditions Precedent and Notification. The issuance of the Loan Guarantees shall be subject to the satisfaction ofthe conditions precedent set forth in Sections 4.01 and 4.02 above. ARTICLE V. Special Covenants Section 5.01. Reimbursement and Subrogation. The Borrower agrees that ifUSAID makes any payment on the Borrower's behalf to or for the benefit of the Noteholders pursuant to a guarantee, whether or not the Noteholders have applied to USAID for such payment and whether or not an event of default has occurred under the terms of a Loan Agreement, the Borrower shall promptly reimburse USAID for such -4- payment. In the event of a default, by operation of this Agreement and any existing applicable common law rights as may exist, USAID shall become subrogated to all the rights of the Noteholders against the Borrower. Section 5.02. Late Payment Charge. In the event of a late payment of amounts due USAID, either directly or by way of reimbursement for amounts USAID has paid on behalf of the Borrower, a late payment charge shall accrue on all such amounts. This late payment charge shall accrue to USAID under the same terms and conditions as late payment charges due the Noteholders as such charges, if any, are prescribed in the Eligible Notes. Section 5.03. Use of Loan Proceeds. The Borrower agrees that the proceeds from the issuance of Eligible Loans shall not be used for military or paramilitary purposes. ARTICLE VI. General Provisions Section 6.01. Consultation. The Parties sball coc:>perate to assure that the purpose of this Agreement will be accomplished. With respect to matters relating to the selection ofEligible Underwriters, the issuance of Eligible Notes, the Loan Agreements and related matters, the Parties shall consult through their representatives identified in Section 6.06. The Parties shall settle any issues that arise from the interpretation or implementation ofthis Agreement through consultations and negotiations through diplomatic channels. Section 6.02. Rqx>rts. Books and Records, Audit and .lnsj?ection. The Borrower shall: {a) furnish to the United States Government such information and reports relating to the Eligible Notes, the Loan Agreements, the Loan Guarantees and this Agreement as may be reasonably requested. · {b) maintain in accordance with generally accepted accounting principles and practices consistently applied in Tunisia books and records relating to the Eligible Notes, the Loan Agreements, and this Agreement. Such books and records sball be reviewed by the Commissaires aux Comptes (''Commissioners ofAccounts") for the Central Bank ofTunisia to the extent provided in the applicable laws ofTunisia and shall be maintained for a minimum ofthree years after the Eligible Loans have been fully repaid by the Borrower. (c) afford authorized representatives of the United States Government the opportunity at all reasonable times to inspect such books, records and other documents. Section 6.03. Other Payments. The Borrower affirms that no payments or other benefits have been or shall be received by any official of the Borrower in comiection with the procurement of goods or services financed under the Eligible Loans except fees, taxes, or similar payments legally established in the territory ofthe Borrower.
Section 6.04. Remedies. Ifthe United States Government determines that the terms of this Agreement have been breached or that the conditions precedent for issuing Loan Guarantees set forth in this Agreement or any annex hereto are not satisfied, the United States Government may suspend or terminate the issuance of Loan Guarantees -5- not yet issued after providing notice to the Borrower. The issuance of any guarantee by USAID, the payment by USAID to the Noteholders of any amounts pursuant to any Loan Guarantee, the delay or failure ofUSAID to make any claim for payment, or the delay or failure ofUSAID to give its written approval to any acceleration ofloans by the Noteholders (if such a right of acceleration is provided for in the Eligible Notes) shall not operate as a waiver by USAID of any rights accruing to USAID under this Agreement, the Loan Agreement or any Loan Guarantee. Section 6.05. ImplementationLetters. USAID may from time to time issue Implementation Letters further describing applicable procedures concerning its implementation of this Agreement, or recording the agreement ofthe Parties on details of implementation ofthis Agreement. Section 6.06. Representatives. (a) For purposes relevant to the immediate implementation of the technical and financial aspects of this Agreement, up to and including the issuance ofthe Eligible Notes, the Borrower shall be represented by the Directorate-General at the Central Bank of Tunisia indicated in section 6.07. (b) For purposes relevant to the ongoing management of the technical and financial aspects of this Agreement, including the ongoing management of Borrower's obligations under the Eligible Notes, the Borrower shall be represented by the Directorate-General of the Ministry of Finance indicated in section 6.07.
(c) The United States Government shall be represented in all regards relating to the implementation of this Agreement by the individual holding or acting in the office of Director, Office of Development Credit, USAID.
(d) Each Party, by written notice, may designate additional representatives. Either Party may accept as authorized any instrument signed by such representatives of the other Party in implementation of this Agreement, until receipt of written notice of revocation oftheir authority.
Section 6.07. Communications. Any notice, request, document or other communication submitted by either Party to the other Party under this Agreement shall be in writing or by telegram or cable, shall refer to Tunisia\ USAID Loan Guarantee Commitment No. and shall be deemed duly given or sent when delivered to such Party at the following addresses: To the Borrower: Ministry ofFinance contacts: Ministere des Finances Direction generale de Ia: dette et de la cooperation financiere Place du Gouvemement, La Kasbah, 1030 Tunis-Tunisia. Tel : +216 71 571 842 II fax: +216 71 562 415 -6-
and Central Bank of Tunisia contacts: Banque Centrale de Tunisie Direction generale des paiements et :financement exterieurs 25 Rue Hedi Nouira- BP 777 1080 Tunis cedex- Tunisie Tel: +216 71 352 191 II Fax: +216 71 340 575
To the United States Government: United States Agency for International Development Office ofDevelopment Credit, Room 2.10 1300 Pennsylvania Avenue, Washington. D.C. 20523-0214 and
United States Agency for International Development Office ofthe Middle East, Room 4.9-A 1300 Pennsylvania Avenue, Washington. D.C. 20523-0214
All communications shall be in English. unless the Parties otherwise agree in writing. Section 6.08. Taxation and Duties. This Agreement, the Eligible Notes, and the loan proceeds shall be free from any taxation or fees imposed l.Ulder laws in effect in Tunisia. Section 6.09. Entire Agreement. This Agreement, together with any Annexes hereto, sets forth the entire agreement ofthe Parties with respect to the implementation of the loan guarantee program. ARTICLE VIT. Entry into Force
Section 7.01. Entry Into Force. This Agreement shall enter into force following signature of the Agreement on the date of the later notification in an exchange of written notifications between the Parties in which the Parties notify each other that their respective domestic legal requirements for entry into force of the Agreement have been fulfilled. -7-
DONE at W#J~1k , in duplicate, this a:--= day of June 2012, in the English and Arab c languages, both texts bemg equally authentic.
FOR TilE UNITED STAlES FOR TIIE REPUBUC OF AMERICA OF TUNISIA
By:A.u__~ By: A-f'IJ, Ms?Mara Rudman H.E. Mohamed all Tekaya Assistant Administrator Ambassador of the Republic of Middle East Bureau, USAID Tunisia to the United States of America ANNEX I Republic ofTunisia USAID Loan Guarantee Commitment No. --- CERTIFICATE AND REQUEST FOR ISSUANCE OF LOAN GUARANTEES The Government of the Republic of Tunisia ("Borrower"), pursuant to the Loan Guarantee Commitment Agreement dated as of 2012, between the Borrower and the United States of America (the "Agreement") hereby requests the issuance ofLoan Guarantees (as defined in the Agreement) covering the principal amount of$ and related interest. The estimated date for this action is . In connection with this request, the Borrower hereby certifies that it is in full compliance with the terms of the Agreement.
Republic of Tunisia
BY: ______TITLE: ______DATE: ______ANNEX II to the LOAN GUARANTEE AGREEMENT BETWEEN THE REPUBUC OF TUNISIA AND THE UNITED STATES OF AMERICA Whereas this Loan Guarantee Agreement is intended by the Parties to support economic reform that will help revitalize economic activity and broaden economic opportunities for Tunisia's citizens; and
Recognizing that Loan Guarantees issued under this Agreement would have the greatest effect ifthey are part of a broader reform initiative coordinated by the Government of Tunisia;
The following economic reform conditions address transparency in governance, streamline administrative procedures, strengthen the financial sector, and promote the establishment of a solid macroeconomic framework. These conditions shall be satisfied no later than fourteen days prior to the Loan Closing Date and the issuance of Loan Guarantees:
1. The Government of Tunisia shall affirm in writing to USAID that at least two Tunisian government ministries will begin monitoring indicators related to social spending and performance outcomes in at least three governorates each. The Government of Tunisia shall also affirm that the data on performance outcomes relating to these indicators will be made easily accessible to the public by the end of 2012 and updated at least annually. At least six distinct performance indicators shall be included in each written affmnation.
2. The Ministry of Finance shall affirm in writing to USAID that it will submit to the Government of Tunisia by September, 30, 2012, its final repOrt on the Ministry of Finance's on-going efforts to streamline Finance Ministry procedUles.
3. To advance the implementation of new governance rules for credit institutions under Circular 2011-06, the Central Bank of Tunisia shall affmn in writing to USAID that it has completed its internal evaluation of road maps received from all deposit-collecting institutions. The written affmnation shall also (1) provide the date by which the Central Bank of Tunisia shall have evaluated the road maps of all other Tunisian financial institutions, and (2) commit the Central Bank ofTunisia to respond by August 1, 2012, to all deposit-taking institutions whose road maps are inadequate with respect to positioning their institutions to comply with Circular 2011-06. 4. The Central Bank of Tunisia shall cooperate with the International Monetary Fund (IMF) with regard to the .completion of an IMF Article IV assessment, providing full access to information requested by the IMF for the assessment, and shall consent to the public release of the IMF's Concluding Statement ofthe 2012 Article IV Consultation Mission. Such consent shall be affirmed in writing from the Central Bank of Tunisia to USAID. ~
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