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22 United Nations — Treaty Series 1972

(c) The Borrower or any other authority having jurisdiction shall have taken any action for the dissolution or disestablishment of FACT or for the suspension of its operations.

Section 7.03. For the purposes of Section 7.01 of the General Conditions, the following additional event is specified, namely, the event specified in Section 7.02 {a) or (c) of this Agreement shall occur and shall continue for a period of sixty days after notice thereof shall have been given by the Association to the Borrower and FACT.

Article VIII

Effeciwe Datę ; Termination

Section 8.01. The following events are specified as additional conditions to the effectiveness of the Development Credit Agreement within the meaning of Section 10.01 (b) of the General Conditions :

(a)    The execution and delivery of the Project Agreement on behalf of FACT have been duły authorized or ratified by all necessary corporate and governmental action.

(b)    The execution and delivery of the Subsidiary Loan Agreement on behalf of the Borrower and FACT, respectively, have been duły authorized or ratified by all necessary corporate and governmental action.

(c)    The Cochin Port Trust shall have agreed to providc such terminal facilities as are reąuired by FACT to complete the Project and to operate the Cochin II Plant thereafter.

(d)    FACT shall have entered into agreements to obtain process licenses, plant designs and consultant services from such entities and upon such terms and conditions as are satisfactory to the Association.

(e)    The Borrower and FACT shall have renegotiated arrears of payments due on FACTs debt to the Borrower at the commencement of Indian fiscal year 1972 to provide for repayment of the arrears over a five-year period following thereafter.

Section 8.02. The following are specified as additional matters, within the meaning of Section 10.02 (b) of the General Conditions, to be included in the opinion or opinions to be furnished to the Association:

(ia) That the Project Agreement has been duły authorized or ratified by, and executed and delivered on behalf of, FACT, and constitutes a valid and binding obligation of FACT in accordance with its terms;

(b) That the Subsidiary Loan Agreement has been duły authorized or ratified by, and executed and delivered on behalf of, the Borrower and FACT, respectively, and constitutes a valid and binding obligation of the Borrower and FACT in accordance with its terms;

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