~ Ts!!~10YY2.'!~a!,~NK OFFICIAL October 26, 2017 DOCUMENTS Honourable Dr. Ralph Gonsalves Prime Minister, Minister for Finance and Economic Planning Office of the Prime Minister Administrative Center Bay Street Kingstown, Saint Vincent and the Grenadines Re: Saint Vincent and the Grenadines: IDA Credit No. 4986-VC; SCF-PPCR Grant No. TFOI0206; SCF-PPCR Loan No. TFOl 1132 (Regional Disaster Vulnerability Reduction Project) Additional Instructions: AMENDED Disbursement Letter Excellency: I refer to the Financing Agreement between the International Development Association (the "Association") and Saint Vincent and the Grenadines (the "Recipient"), the SCF Loan Agreement between the Recipient and the International Bank for Reconstruction and Development (the "World Bank") acting as implementing Entity of the Strategic Climate Fund, and the Grant Agreement between the Recipient and the World Bank acting as an implementing Entity of the Pilot Program for Climate Resilience under the SCF for the above-referenced project, all dated September 9, 2011. The Financing Agreement, the SCF Loan Agreement, and the PPCR Grant Agreement, respectively, provide that the Association/World Bank may issue additional instructions regarding the withdrawal of the proceeds ofIDA Financing 4986-VC ("Financing"), the SCF Loan No. TF 11132 ("Loan") and the PPCR Grant No. TF 10206 ("Grant"). This letter ("Disbursement Letter"), as revised from time to time, constitutes the additional instructions. This is the second amendment of the Disbursement Letter dated September 9, 2011 and amended on October 28, 2013 for the above referenced project. This letter restates Section II (vi) increasing the Designated Account ceiling, Section III (i) updating the Reporting Requirements for the Project and replacing Attachment 1 with the revised Disbursement Guidelines for Investment Project Financing dated February 2017. All other provisions and attachments of the Disbursement Letter, except as amended, shall remain in force and effect. The attached World Bank Disbursement Guidelines for Investment Project Financing, dated February 2017, ("Disbursement Guidelines") (Attachment 1), are an integral part of the Disbursement Letter. The manner in which the provisions in the Disbursement Guidelines apply to the Loan is specified below. Sections and subsections in parentheses below refer to the relevant sections and subsections in the Disbursement Guidelines and, unless otherwise defined in this letter, the capitalized terms used have the meanings ascribed to them in the Disbursement Guidelines. 1 I. Disbursement Arrangements (i) Disbursement Methods (section 2). The following Disbursement Methods may be used under the Financing, Loan and Grant: • Advance • Direct Payment • Reimbursement (ii) Disbursement Deadline Date (subsection 3. 7). The Disbursement Deadline Date is four months after the Closing Date specified in the Financing Agreement, SFC Loan Agreement and the Grant Agreement. Any changes to this date will be notified by the Association. (iii) Disbursement Conditions (subsection 3.8). Please refer to the Withdrawal Condition(s) in Schedule 2, Section IV (B) of the Financing Agreement. II. Withdrawal of Financing, Loan & Grant Proceeds (i) Authorized Signatures (subsection 3.1). A letter should be furnished to the Association/World Bank at the address indicated below providing the name(s) and specimen signature(s) of the official(s) authorized to sign Applications: The World Bank 1818 H Street, N.W. Washington, DC 204 33 Unites States of America Attention: Mrs. Tahseen Sayed, Country Director Country Management Unit (ii) Applications (subsections 3.2 - 3.3). Please provide completed and signed Applications, together with supporting documents to the address indicated below: Banco Mundial Sector Comercial Norte Quadra 02, Lote A Edificio Corporate Financial Center 7° andar 70712-900 Brasilia, D.F. Brazil Attention: Loan Operations (iii) Electronic Delivery (subsection 3.4). The Bank may permit the Borrower to electronically deliver to the Bank Applications (with supporting documents) through the Bank's Client Connection, web-based portal. The option to deliver Applications to the Bank by electronic means may be effected if: (a) the Borrower has designated in writing, pursuant to the terms of subparagraph (i) of this Section, its officials who are authorized to sign and deliver Applications 2 and to receive secure identification credentials ("SIDC") from the Bank for the purpose of delivering such Applications by electronic means; and (b) all such officials designated by the Borrower have registered as users of Client Connection. If the Bank agrees, the Bank will provide the Borrower with SIDC for the designated officials. Following which, the designated officials may deliver Applications electronically by completing Form 2380, which is accessible through Client Connection (https://clientconnection.worldbank.org). The Borrower may continue to exercise the option of preparing and delivering Applications in paper form. The Bank reserves the right and may, in its sole discretion, temporarily or permanently disallow the electronic delivery of Applications by the Borrower. (iv) Terms and Conditions of Use of Tokens to Process Applications. By designating officials to use SIDC and by choosing to deliver the Applications electronically, the Borrower confirms through the authorized signatory letter its agreement to: (a) abide by the Terms and Conditions of Use of Secure Identification Credentials in connection with Use of Electronic Means to Process Applications and Supporting Documentation ("Terms and Conditions of Use of Secure Identification Credentials"); and (b) to cause such official to abide by those terms and conditions. (v) Minimum Value of Applications (subsection 3.5). The Minimum Value of Applications for Direct Payment and Reimbursement is United States Dollars (US$) 100,000 equivalent. (vi) Advances (sections 5 and 6) for Part A (Category 1) to the Central Planning Division (CPD) of the Saint Vincent's Ministry of Finance. • Type of Designated Account (subsection 5.3): Pooled. • Currency of Designated Account (subsection 5.4): United States Dollars (USD). • Financial Institution at which the Designated Account Will Be Opened (subsection 5.5): Bank of Saint Vincent and the Grenadines. • Ceiling (subsection 6.1): US$ 2,000,000. III. Reporting on Use of Financing, Loan & Grant Proceeds (i) Supporting Documentation (section 4). Supporting documentation should be provided with each Application as set out below: • For requests/or Direct Payment: o Records evidencing eligible expenditures, (e.g., copies of receipts, supplier invoices). • For requests/or Reimbursement and/or reporting eligible expenditures paid from the Designated Account: o Statement of Expenditure evidencing eligible expenditures for Works, Goods, Non-Consulting Services, Consultants Services, Training and Operating Costs. 3 o Designated Account Bank Statement(s) and Reconciliation applicable only when reporting eligible expenditures paid from the Designated Accounts. (ii) Frequency of Reporting Eligible Expenditures Paid from the Designated Account (subsection 6.3). Quarterly. IV. Other Important Information For additional information on disbursement arrangements, please refer to the Disbursement Handbook available on the Association's public website at http://www.worldbank.org and its secure website "Client Connection" at http://clientconnection.worldbank.org. Print copies are available upon request. If you have not already done so, the Association recommends that you register as a user of the Client Connection website (http://clientconnection.worldbank.org). From this website you will be able to prepare and deliver Applications, monitor the near real-time status of the Financing, and retrieve related policy, financial, and procurement information. All Recipient officials authorized to sign and deliver Applications by electronic means are required to register with Client Connection before electronic delivery can be effected. For more information about the website and registration arrangements, please contact the Association by email at clientconnection@worldbank.org. If you have any queries in relation to the above, please contact Tatiana de Abreu, Finance Officer, at tdeabreu@worldbank.org, with copy to Patricia Melo, Finance Analyst at pmelo@worldbank.org using the above Project Name and respective financing number as a reference. Yours sincerely, ~ Tatiana de A b ~ Finance Officer WF ALA - Loan Operations 4 Attachments: I. World Bank Disbursement Guidelines for Investment Project Financing, dated February, 2017. 5 Attachment 1 Disbursement Guidelines for Investment Project Financing February 2017 @woRLD BANK GROUP 6 CONTENTS PAGE 1. Put'POSe 1 2. Disbursement :Methods 1 3. Withdrawal of Funds from Financing Account 2 4. Supporting Documentation Requirements 3 5. Designated Accounts 4 6. Te1·ms and Conditions Applicable to Advances 6 7. Ineligible Expenditures 7 8. Refunds 8 7 1. Purpose 1.1 The pwpose of the Disbursement Guidelines for In.vestment Project Financing (the guidelines) is to set out the World Bank's procedures and requirements for disbursement of funds in projects. 1 Specifically, the guidelines set out (a) the different ammgcments used by the World Bank to disburse funds from the Financing Account 2, (b) the mtuircmeo:ts for withdrawal from the Financing Account, (c) the types of supporting documentation that the borrower may be required to provide to demonstrate the use of fuods of the Financing Accomt for eligible expeuditu.Rs, (d) the criteria for establishing Designated Accomts 3, (e) the terms and conditions applicable to advances, (f) the types of disbursement-related actions that the World Bank may take if it dete:nnines that funds of the Financing Account are not needed or have been used for ineligible purposes, and (g) the disbursement consequence of refunds. 2. Disbonement l\Iethods 2.1 The World Bank establishes disbursement arrangements for a project m consultation with the borrower, taking into Fonsideration. among other things, an assessment of the borrower's financial management and procuremcut arrangements, the cash flow needs oft.he project, and its disbursement cxperieDce with the borrower. Those ammgcments are stated in the Financing Agreement4 and additional infonnation is provided in the Disbursement Letter. 5 2.2 The World Bank disburses foods ftom the Financing Acc01D1t established for each loan, to or on the order of the borrower, using one or mo~ of the following disbursement methods, as detennined by the World Bank. 1 In this documm the World Bank includes the International Bank fur Recoostruction and DeveJopmmt (IBRD) and the Inm:m.tional Developmm Associatim (IDA). whether acting on ils own acoomrt ar in the capacity as administrator of trust fimds funded by dmors. Financing or Bank loan includes any loan, credit, ar grant made by the Wadd Bank from its own RSOUR:eS, from trust funds flmded by other donors and administsed by the World Bank. ar from a cormination of the9e. Bom,ww means a bouower or recipient of a Bank loan for a project and any other entity im'Oh'ed in tire ~lememation of the project financed by the Bank lom These guidelines apply to all Bank loans for an Inw:stmeot Project Fioancing They do not apply to Program.Far-Results Financing and Developmmt Policy Financing or fer gmts mw by the World BIIDk from trust fuDm funded by other donors and administered by the World Bank, when, exceptionally, the terms of the agreemmt with the donorpro\'ide fur different IeqUiadDellts .. 2 The Fimncing Account rem to the account opened by the Wodd Bank in its accomiing system in the nmie of the bcmower to which the llDOllDt of the financing is aedited. 3 A D«signat«l ...fccoamt is a bank account ido which the Wadd Bank may deposit IUDCUDls withdrawn from the Financing Accwnt to pay for eligwle espeodihRs as they are incmred. 4 The Filtan€ing A.g,wmen.t is the agreemeot behwen the World Bank and the Bonower providing for the Bank Joan. ' The Dubunemmt Letrer cootains additional instructions desmoing the disbursemem mangements for withdrawing procttds from the Financing Account undft- a particular im'eStmmt project 8 (a) Rti1ttb11nm1t11t: The World Bank may reimburse the borrower for expenditures eligible for financing pursuant to the Financing Agreement (eligible expenditures) that the borrower has prefinmced from its own resources. {b) .4th•ar,ce: The World Bank may advance funds from the Financing Accouot into a Designated Account of the borrower to finance eligil>le expenditures as they are incuned and for which supporting documents will be provided at a later date (see section 5, Designated Accouots). (c) DiT«t Pll)·mt11t The World Bank may make payments, at the borrower's request, directly to a third party (for example. supplier, contractor, or consultant) for eligible expenditures. (d) Special Com111itmt11t The World Bank may pay amouots to a third party for eligible expenditures tmder special commitments entered into, in writing, at the borrower's request and on tenns and conditions agreed between the World Bank and the borrower. 3. ,Yitbdnwal of Funds f1·01n the Financing Account 3.1 .411tltori:td Signat11rts. Before funds from the Financing Acc01D1t may be withdrawn or committed, the authorized representative of the borrower (as designated in the Financing Agreement) must furnish to the World Bank, electronically through the Client Connection website (bttp://clientcoonection.wmkdbank.oq), or through an authorized signatory designation letter, the name(s) of the official(s) authorized (a) to sign and submit applications for withdrawal and applications for a special commitment (collectively, Applications), and {b) to receive Secure Identification Credentials (SIDC) from the World Bank. The borrower must notify the World Bank: of any changes in signature authority. either electronically in Client Connection or through an updated authorized signatory designation letter. 3.2 Tn11u and Conditions of l"'st of Stcllrt Idt11tificatio11 Crtdtntials (SIDC) to Process Applicatio11S. By designating officials to use SIDC and by choosing to submit the applications electronically, the borrower confirms its agreement to abide by the tmns and conditions of use of SIDC. 6 3.3 Applications. Applications must be provided to the World Bank in such form as is required to access t\mds from the Financing Account and must include such information as the World Bank: may reasonably request. 3.4 Applications and necessary supporting documents (see section 4 Supporting Documentation Requirements) should be submitted to the World Bank electronically, in a 6 Terms and cooditions of use ofSIDC are provided in the Disbursemmt Letter. 9 manner and on tmns and conditions specified by the World BanJc, through the Client Connection website at http://clientconnection_worldbankorg_ The World Bank may, at its discretion, temporarily or pennanently, disallow the electronic submission of applications by the borrower_ The World Bank may pennit the borrower to complete and submit applications manually in paper form_ Paper applications forms can be found in the Client Connection website at http://clientconnection_worldbankorg or may be obtained from the World Bank upon request. 3_5 Jlini,nu,n 1"al11t of Applications. The World BanJc establishes a minimmn value for applications for reimbursement, direct payment, and special commitment. The World Bank m;erves the right not to accept applications that are below such minimum value_ 3_6 Loan Disbursing Period. The World Bank processes Applications only after the Financing Agreement bas been declared effective in accordance with the tmns of the Financing Agreement The expenditures for which the Applications are made must be: (a) Paid for on or after the date of the Financing Agreement, or altmiatively, in the case of projects that pmnit retroactive financing, on or after the earlier date specified in the Financing Agreement for that purpose; and (b) l11c11"td on or before the closing date specified or referred to in the Financing Agreement (the Closing Date), except as otherwise specifically agreed with the World BanJc_ 3_ 7 The loan disbursing period ends on the final date established by the World Bank for receipt by the World Bank of applications for withdrawal and supporting documentation (the Disbmsement Deadline Date). The Disbursement Deadline Date may be the same as the Closing Date, or up to four months after the Closing Date. To support ordffly project completion and closure of the Financing Account, the World Bank does not accept applications for withdrawal or supporting documentation received after the Disbursement Deadline Date_ The borrower must promptly infolDl the World Bank of any expected implementation delays or exceptional administrative issues before those dates_ The World Bank notifies the borrower of any exception that the World Bank may make to the Disbursement Deadline Date. 3.8 Disb11rstmt11t Conditio11s. If the Financing Agreement contains a disbursement condition for a specific expenditure category, the World Bank will disburse funds from the Financing AccoWit for that category only after the disbursement condition has been fulfilled and the World BanJc bas notified the borrower to that effect. 4. Supporting Documentation Requil.·ements 4.1 The borrower provides supporting documentation to the World Bank to show that fimds from the Financing Accouot have been or are being used to finance eligible expenditures. 3 10 4.2 For special commitments, the commercial bank provides its confumation directly to the World Bank that conditions for the release of pa)'Dlents committed for withdrawal have been met. 4.3 1}pn of S11pporti11g D«11'll1mtatio11. The World Bank requires either copies of the original documents evidencing eligible expenditures (Records) or summary reports of expenditure (Summary Reports) in such fo:rm and substance as the World Bank may specify. Records include such documents as invoices and receipts. A Summary Report may be either (a) the interim unaudited financial report required under the Financing Agreement (Interim Financial Report) or (b) a statement of apeoditure summarizing eligible expenditutts paid during a stated period (Statement of Expenditure). In all cases, the borrower is responsible for retaining the original documents evidencing eligible expenditures and making them avail.able for audit or inspection. 4.4 The World Bank determines the types of supporting documentation that the borrower must provide, taking into consideration the disbursement method used. The supporting documentation may be the following: (a) For applkalimu for Rei111b11rse111n1t (i) Interim Financial Reports, (ii) Statements of Expenditure, or (iii) Records (b) For reporting 011 the mt of Ath•a11us: (i) Interim Financial Reports, (ii) Statements of Expenditure, or (iii) Records (c) For applications for Dirtct Pay111t11n: (i) Records such as copies of supplier invoices; (ii) a bank guarantee for advance or retention pa)'Dlent (d) For applicatio11s for Sptcial Co111111itmmt: Copy of the Letter of Credit (with valid expiry date) that the commercial bank, known as the opening bank, has issued. For payment, a SWIFT (Society for Worldwide Interbank Telecommunication) message must be scot by the commcn:ial bank;and (e) Any other supporting documentation that the World Bank may request by notice to the borrower or as specified in the Disbursement Letter. 4.5 Fail11rt to Prm•idt .4111iittd Financial Statt111e11ts. If the borrower fails to provide any of the audited financial statements required in accordance with, and within the period of time specified in, the Financing Agreement, the World Bank may, at its discretion. decide not to accept applications for withdrawal supported by Summary Reports, even if such reports are accompanied by Records. 5. Designated Accounts 11 5.1 The borrower may open one or more designated accounts into which the World Bank may, at the borrower's request, deposit amounts withdrawn from the Financing Account for the pmpose of paying for elig1l>le expenditures as they are incurred. Before the World Bank authorizes establishment of a Designated Account, the borrower must have adequate administrative capability, intemal controls, and accounting and auditing procedures to ensure effective use of the Designated Account. 5.2 The World Bank may decide not to permit the use of Designated Accounts in new projects if the boaower bas failed to refund undocumented advances in the Designated Accouot of any other loan to, or guaranteed by, the borrower with.in two months after the Disbursement Deadline Date for that loan. 5.3 Typr of IHsignatrd At't'o11nt. A Designated Account may be established in one of two ways - as a segregated account or pooled account as appropriate for the project coocemed, and as detennined and notified by the World Bank. (a) S~tgatrd At't'ount An account of the borrower into which only proceeds of the Financing Account may be deposit~ (b) Pooltd Auo1111t An account of the borrower into which the funds from the Financing Account and funds of other financing for the project (such as borrower resources or financing by other development partners) may be deposited. 5.4 C11"ntQ' of thr Drsignatrd .4.cco1111t. Designated Accounts must be in a currency acceptable to the World Bank. In countries that have a freely convertible currency, Designated Accounts maybe held in the currency of the borrower or any freely convertible currency. The World Bank may also agree to local ctllreDCY Designated Accounts when, among other things, the country's currency (even if not ftcely conveml>le) is stabk and the expenditures to be financed are primarily in local cuncncy. The borrower bears all risks associated with foreign exchange fluctuations between (a) the C'llfmlCY of denomination of the loan and that of the borrower's Designated Account, and (b) the currency of denomination of the borrower's Designated Account and the currency or currencies of project expenditures. 5.5 Financial lnstill1tio11. Designated Accounts must be opened and maintained in a financial institution7 selected by the borrower and acceptable to the World Bank. A financial institution is acceptable if it meets all the following requirements: (a) It is financially sound; (b) It is in good standing (c) It is authorized to maintain the Designated Account in the currency agreed between the World Bank and the borrower; (d) It is audited regularly, and receive satisfactory audit reports; 7 A finm:ial institulim may be the country's cemnl bank, a local developmmt bank ar a cOIDIJ:lelcial bank. 12 (e) It can execute a large m.1mbcr of transactions promptly; (f) It can satisfactorily perform a wide range of banking services (g) It can provide a detailed statement of the Designated Account; (h) It is part of a satisfactory correspondent banking network; (i) It charges reasonable fees for its services. 5.6 The World Bank reseJVCS the right not to transfer timds to a financial institution if that institution has asserted or asserts a claim to set off, seize, or attach the proceeds of any Bank loan on deposit in a Designated Account maintained by the institution. 6. Terms and Conditions Applkable to AdYances 6.1 Crili11g. The World Bank notifies the borrower of the maximum amount of funds from the Financing Accomit that may be on deposit in a Desigoated Account (the Ceiling). The World Bank, at its discretion, may establish the Ceiling as either (a) a fixed amount, or (b) an amount that is adjusted from time to time during project implementation on the basis of periodic forecasts of project cash flow needs. 6.2 Applicado11s for .4dt•anc~,. The borrower may apply for an advance in an amount up to the Ceiling less the aggregate amolDlt of those advances previously received by the botrower for which the borrower has not yet provided supporting documentation. Normally, to support orderly closure of the Financing Account, the World Bank does not advance :funds from the Financing AccolDlt into the Designated Account after the Closing Date. 6.3 Fr~q11t1IC)' of Rq,ort111g Eligibl~ E.,p~11dil11res Paid fro,n th~ lhsignated Acco11nt. The borrower reports on the use of funds from the Financing Account advanced to the Designated Account at inteivals specified by the World Bank by notice to the borrower. The borrower must ensure that all amounts deposited into the Designated Account are accounred for and that their use is reported prior to the Disbursement Deadline Date. After that date, the borrower must refimd to the World Bank any advances still uoaccouoted for or remaining in the Designated Accmmt. 6.4 Withholding .4dt•a11ces. The World Bank is not required to make any deposit into the Designated Account if any of the following conditions apply: (a) The World Bank determines that payment of the deposit would result in exceeding the Ceiling (see subsection 6.2, Applications for Advmces); (b) The World Bank is not satisfied that the borrower's planned project expenditures justify the deposit. The World Bank may adjust the amount it deposits or withhold further deposits into the Designated Account until it is satisfied that the financial needs of the project warrant further deposits: 6 13 (c) The borrower fails to take the adion required pursuant to the determinations made by the World Bank under subsections 7.1 and 7.2 of these guidelines; (d) The borrower fails to provide any of the audited financial statements required in accordance with, and within the period of time specified in, the Financing Agreement; (e) The World Bank determines that all further withdrawals of funds from the Financing Account should be made by the borrower directly from the Financing Account; or (t) The World Bank has notified the borrower of its intention to suspend in whole or in part the borrower's right to m*e withdrawals from the Financing Account. 6.5 E.wtss .4dt•anus. If at any time the World Bank detennines that :my amount deposited in the Designated Account will not be required to cover further payments for eligible expenditures (the Excess Amouot), it may, at its discretion, require the borrower to take one of the following two disbursement-related actions: (a) Provide evidence satisfactory to the Wortd Bank wi1hin a period specified by the Wortd Bank that the Excess Amount will be used to pay for eligil>le expenditures. If the evidence is not furnished within the time period specified, the borrower must promptly refund the Excess Amount to the World Bank; or (b) Refund the Excess Amount promptly. The borrower must perform the action requested promptly after receiving notification from the World Bank that it must do so. 7. Ineligible Expenditures 7.1 Indigiblt E.v,tntlitl"ts Gt11tralt, If the World Bank dctennines that any 0 • amount of the funds from the Financing Account was used to pay for an expenditure that is not eligible pursuant to the Financing Agreement (an ineligible expenditure), the World Bank may, at its discretion, require the borrower to 1*e one of the following two disbursement-related actions. without prejudice to the Bank's right to exercise remedies lDlder the General Conditions 8 or Standard Conditions9 and Financing Agreement. (a) Refund an equivalent amount to the World Bank (b) Exceptionally, provide substitute documentation evidencing other eligil>le expenditures. The borrower must perform the action requested promptly after receiving notification from the World Bank that it must do so. • The Genm1I Conditions set forth certain lfflm and conditions gemnll)· applicable to IBRD lOIDS mi IDA mdits and grams. ' The Standard Conditions set forth certain tams and condi1ioos that ae gensally applicable to trust funds mi advances made by the Bank under the Project Preparatim Facility. 7 14 1-2 lneUgible Expemlitllres Paid fro111 the Desig11ated -4cco1111t. If the World Bank: detamincs that any payment out of the Designated Account was not justified by the evidence furnished to the Wocld Bank: or was made for an ineligible expenditure, the World Bank: may, at its discretion, require the borrower to take one of the following actions. (a) Provide the additional evidence requested by the World Bank (b) Deposit an equivalent amount into the Designated Accouot (c) Reftmd an equivalent amount to the World Bank: (d) Exceptionally, provide substitute documentation evidencing other eligible expenditures. The borrower must perform the action requested promptly after receiving notification from the World Bank: that it must do so. 8. Refunds 8.1 Bo"ow" Decision to Reftmd. The borrower may, upon notice to the World Bank, refund all or any amount of the loan on deposit in the Designated Account to the World Bank: for credit to the Financing Account. 8.2 Consequmce of Reftmds. The World Bank: shall determine whether refunds made to the World Bank: in accordance with sections 6 and 7 and subsection 8.1 of these guidelines will be credited to the Financing Account. Reftmds of ftmds into the Financing Account may RSU!t in (a) swap tennination fees (b) unwinding costs for amotmts for which the interest rate basis or currency has been converted or hedged (c) both. 8.3 Other Rights a11d Obligatio,u enaffected ~" Reftmds. Refunds of l03P. amounts do not affect other legal rights and obligations of the parties under the Financing Agreement. s 15 For official use only: Prepared by: Tatiana de Abreu, WFALA Cleared with and cc: Tiguist Fisseha, GSUI 0 Jacqueline Veloz, LEGLE 16