The President of the Export-Import Bank ( Pierson ) to the President of the National Bank of Haiti ( Williams )
Dear Mr. Williams: Please be advised that the Export-Import Bank has, in response to the recent request of the Haitian Government, established a line of credit of $500,000 available to Banque Nationale de la Republique d’Haiti until September 30, 1943, advances thereunder to be conditioned, in each case, upon a satisfactory showing of necessity.
Each advance under the credit shall be evidenced by the promissory note of your Bank, payable to the order of Export-Import Bank, and the principal amount thereof shall be payable as follows: 25% on or before one year from date of the note and the balance of 75% on or before two years from date of the note.
The notes shall be in form satisfactory to Export-Import Bank and shall bear interest on the principal balance at the rate of 3.6% per annum, payable quarterly.[Page 470]
The granting of this line of credit to your Bank is premised upon the assumption that the Government of Haiti will endeavor to reduce its budget in every way possible and it is understood that the unused portion of the line of credit shall be subject to cancellation upon ten days’ notice.