(f) The second sentence of Section 7.02 shall read as follows:
"Such obligations shall not be subject to any prior notice to, demand upon or action against the Borrower or to any prior notice to or demand upon the Guarantor with regard to any default by the Borrower, and shall not be impaired by any of the following: any extension of time, forbearance or concession given to the Borrower; any assertion of, or failure to assert, or delay in asserting, any right or remedy against the Borrower or in respect of any security for the Loan; any modification or amplification of the provisions of the Loan Agreement contemplated by the terms thereof; any failure of the Borrower to comply with any requirement of any law, regulation or order of the Guarantor or of any political subdivision or agency of the Guarantor.
(g) Paragraph (j) of Section 7.04 shall read as follows:
"(j) The provisions for arbitration set forth in this Section shall be in lieu of any other procedure for the determination of controversies between the parties to the Loan Agreement and the Guarantee Agreement or any claim by any such party against any other such party arising thereunder or under the Bonds; provided, however, that nothing herein shall be deemed to preclude the Bank or any holder of Bonds from exercising, or instituting any legal or equitable action to enforce, any right or claim arising out of or pursuant to the Mortgage or the Assignment, and submission to arbitration hereunder shall not be deemed to be a condition precedent or in any way to prejudice such exercise or enforcement of any such right or claim."
(h) The following two new sub-paragraphs shall be added after sub-paragraph (20) of Section 10.01:
"(21) The term 'Mortgage' shall have the meaning set forth in Section 1.02 of the Loan Agreement.
(22) The term 'Assignment' shall have the meaning set forth in Section 1.02 of the Loan Agreement."
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
LOANS REGULATIONS No. 4, DATED 15 FEBRUARY 1955
Regulations Applicable to Loans Made by the Bank to Borrowers other than Member Governments
[Not published herein. See p. 160 of this volume.]
