Treaty Series Recuei dens Traitds - United Nations Treaty Collection

304 United Nations - Treaty Series 1967
304 United Nations - Treaty Series 1967
Section 2.09. (a) The Rdgie shall operate and maintain the Railways, and
from time to time make all necessary renewals and repairs thereof, all in accordance
with sound engineering and railway practices.
(b) The Rdgie shall at all times manage its affairs, plan the development
of the Railways and maintain its financial position all in accordance with sound
engineering, railway, financial and business principles and practices and with
qualified and experienced management.
Section 2.10. The Rdgie shall from time to time take such steps (including,
but without limitation, adjustments in its rates and fares) as shall be required
to provide revenues sufficient, by such date or dates as shall be agreed upon between
the Borrower, the Association and the Rdgie : (a) to ensure a reasonable return
on its net fixed assets, after covering all operating expenses, including adequate
maintenance and depreciation ; and (b) to enable it, out of its cash resources, to
meet debt interest and amortization, to establish and maintain adequate working
capital, and to finance a material part of its capital expenditures.
Section 2.11. (a) The R~gie shall give priority to the carrying out of the
Project and shall, if necessary to ensure the prompt completion of the Project,
defer the carrying out of other works.
(b) The Rdgie shall not make any substantial modification in its Investment
Plan, or until such Investment Plan shall have been carried out, make any substantial
expenditures for capital goods or works other than those provided for in such
Investment Plan, without prior consultation with the Association.
Section 2.12. The Rdgie shall take such action as shall be reasonable in the
circumstances to facilitate railway operations between the territories of the Borrower
and the territories of the Republic of Mali, in accordance with the International
Traffic Agreement, the Customs Agreement and the Railway Convention.
Article III
EFFECTIVE DATE; TERMINATION-
Section 3.01. (a) This Project Agreement shall come into force and effect
on the Effective Date.
(b) If pursuant to Section 6.03 of the Development Credit Agreement, the
Development Credit Agreement shall be terminated, this Project Agreement and
all obligations of the parties hereunder shall also terminate and the Association shall
promptly notify the R~gie thereof.
Section 3.02. This Project Agreement shall terminate and the obligations
of the parties hereunder shall cease and determine: (i) on the date when the
Development Credit Agreement shall terminate in accordance with its terms; or
(ii) 30 years after the date of this Project Agreement, whichever shall be earlier.
No. 8607