The agreement between the Government of the Russian Federation and the Government of the Azerbaijan Republic on renewal of debt on the technical credits in public credit to the Government of the Azerbaijan Republic
of October 21, 1994
The government of the Russian Federation and the Government of the Azerbaijan Republic which are hereinafter referred to as with the Parties proceeding from the Agreement between the Government of the Russian Federation and the Government of the Azerbaijan Republic on settlement of debt obligations and credit requirements and registration of the public debt concluded in Moscow on November 13, 1992 agreed as follows:
The government of the Azerbaijan Republic recognizes as public debt before the Government of the Russian Federation debt on correspondent account of National Bank of the Azerbaijan Republic in the Central bank of the Russian Federation as of January 1, 1993 which consists of debt on the technical (payment) credits obtained by the Azerbaijani Side on correspondent account in the Central bank of the Russian Federation in July-December, 1992 in the amount 14, of 8 billion rubles, and differences for benefit of the Russian Federation in settlement between organizations of the Central bank of the Russian Federation and National Bank of the Azerbaijan Republic as of July 1, 1992 in the amount 15, of 9 billion rubles, and 7 billion rubles in public credit agree to renewal of debt in the amount of 30,, which is considered the issued Government of the Russian Federation and the received Government of the Azerbaijan Republic as of January 1, 1993.
The parties renew also in public credit debt on the technical credit received by the Azerbaijani Side in January-April, 1993 in the Central bank of the Russian Federation, in the amount of 6 billion rubles which is considered the issued Government of the Russian Federation and the received Government of the Azerbaijan Republic as of May 1, 1993.
The total value of the loan granted by the Russian Side constitutes 36, 7 billion rubles and 5 million US dollars on the rate approved for this purpose are considered equivalent 81,.
The questions connected with settlement of difference of the amounts received and returned by the Azerbaijan Republic to the Central bank of the Russian Federation of cash rubles of National bank of the USSR and the Central bank of the Russian Federation of sample of 1961-1992 and also with settlement of the amounts of reciprocal debt of the state companies of the Russian Federation and the Azerbaijan Republic for the inventory items which are actually received by them will be in addition considered and solved by the Parties till March 1, 1995. The total value of the loan granted according to this agreement will be specified taking into account consideration by the Parties of the specified questions.
The public credit is granted to the Azerbaijani Side for up to December 31, 1999. Loan repayment is made by quarterly equal shares, since IV quarter 1995.
Early repayment of the credit is allowed.
The Azerbaijani Side shall pay annually to the Russian Side interests for public credit at the annual interest rate Libor+0,5 rate for 6-month deposits which are charged on the amount of the dollar equivalent of debt determined in Article 1 of this agreement.
Charge of percent is made, since April 1, 1995. Interest payment is made quarterly, since July 1, 1995, by equal shares.
For overdue payments in loan repayment the annual interest rate Libor+1 rate for 6-month deposits is levied.
Repayment of public credit and the percent added on it is made by the Azerbaijani Side payments in rubles of the Russian Federation, freely convertible currency. In case of insufficiency of money the property form of debt repayment is allowed.
In case of repayment by the Azerbaijani Side of public credit and percent on it in rubles of the Russian Federation the amount of payment is determined proceeding from the debt fixed in US dollars and converted into rubles at the Central Bank rate of the Russian Federation on each payment date.
For the purpose of ensuring recoverability of public credit the Azerbaijani Side through the bank authorized by it after refining of the total value of the credit according to Article 1 of this agreement, but no later than April 1, 1995, will place in authorized bank of the Russian Federation security deposit in US dollars in the amount of at least amount of quarter payment on the terms of payment of percent on it in sizes at Libor rate for 3-month deposits.
In case of untimely repayment of principal debt or percent on the credit the Azerbaijani Side grants to the Russian Side right to use of the specified deposit on repayment of overdue debt. The Azerbaijani Side shall fill the used part of the deposit in 3-month time.
The parties charge to the Central bank of the Russian Federation and National Bank of the Azerbaijan Republic to hold negotiations with participation of the Ministries of Finance of the Parties and to sign the Agreement on technical procedure for account management and calculations, registration and accounting of bills of exchange on public credit, charges and interest payments on it.
This agreement becomes effective from the date of the last notification on accomplishment of the interstate procedures by the Parties necessary for its entry into force, and stops the action from the date of complete repayment by the Government of the Azerbaijan Republic of the amounts of principal debt and percent on public credit.
It is made in Moscow on October 21, 1994 in duplicate, everyone in the Russian and Azerbaijani languages, and both texts are equally authoritative.
For the Government of the Russian Federation
For the Government of the Azerbaijan Republic
For the Central bank of the Russian Federation
For National Bank of the Azerbaijan Republic
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