AFICIAL DOCUMENTS The World Bank 1818 H Street N.W. (202) 473-1000 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Washington, D.C. 20433 Cable Address: INTBAFRAD INTERNATIONAL DEVELOPMENT ASSOCIATION U.S.A Cable Address: INDEVAS I A Jr l ,2 57 Hon. Tom Murdoch Minister Ministry of Finance and Economic Development P.O. Box 67 Bairiki, Tarawa KIRIBATI Dear Minister IDA Grant No. D035-KI/Amendment Grant H645-KI (Kiribati Road Rehabilitation Project) Additional Instructions: Disbursement I refer to the Financing Agreement ("Agreement") between Republic of Kiribati ("Recipient") and the International Development Association ("Association"), for the above- referenced Project, dated / 6 Al r'. I , 2015. The Agreement provides that the Association may issue additional instructions regarding the withdrawal of the proceeds IDA Grant No. D035-KI/Amendment Grant H645-KI ("Grants"). This letter ("Disbursement Letter"), as revised from time to time, constitutes the additional instructions. The attached World Bank Disbursement Guidelines for Projects, dated May 1, 2006, ("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 Financing 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. I. Disbursement Arrangements (i) Disbursement Methods (section 2). The following Disbursement Methods may be used under the Grant: * Reimbursement * Advance * Direct Payment * Special Commitment (ii) Disbursement Deadline Date (subsection 3.7). The Disbursement Deadline Date is four (4) months after the Closing Date specified in the Financing Agreement. Any changes to this date will be notified by the Association. -2- (iii) Disbursement Condition (subsection 3.8). Please refer to the disbursement condition in the Grant Agreement. II. Withdrawal of Financing Proceeds (i) Authorized Signatures (subsection 3.1). An authorized signatory letter in the Form attached (Attachment 2) should be furnished to the Association at the address indicated below providing the name(s) and specimen signature(s) of the official(s) authorized to sign Applications: The World Bank Level 19, 14 Martin Place CML Building Sydney NSW 2000, Australia Attention: Franz Drees-Gross, Country Director (ii) Applications (subsections 3.2 - 3.3). Please provide completed and signed applications for withdrawal, together with supporting documents to the address indicated below: The World Bank 261 Floor, One Global Place 51 Avenue corner 251 Street, Bonifacio Global City Taguig City, Philippines Attention: Loan Department (iii) Electronic Delivery (subsection 3.4) The Association may permit the Recipient to electronically deliver to the Association Applications (with supporting documents) through the Association's Client Connection, web-based portal. The option to deliver Applications to the Association by electronic means may be effected if: (a) the Recipient has designated in writing, pursuant to the terms of subparagraph (i) of this Section, its officials who are authorized to sign and deliver Applications and to receive secure identification credentials ("SIDC") from the Association for the purpose of delivering such Applications by electronic means; and (b) all such officials designated by the Recipient have registered as users of Client Connection. If the Association agrees, the Association will provide the Recipient 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 Recipient may continue to exercise the option of preparing and delivering Applications in paper form. The Association reserves the right and may, in its sole discretion, temporarily or permanently disallow the electronic delivery of Applications by the Recipient. (iv) Terms and Conditions of Use of SIDC to Process Applications. By designating officials to use SIDC and by choosing to deliver the Applications electronically, the Recipient confirms through the authorized signatory letter its agreement to: (a) abide by the Terms and Conditions of Use ofSecure Identification Credentials in connection with Use ofElectronic Means to Process Applications and Supporting Documentation ("Terms and Conditions of Use of Secure Identification Credentials") provided in Attachment 3; 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 Reimbursement, Direct Payment and Special Commitment is AUD 100,000. -3- (vi) Advances (sections 5 and 6). * Type of Designated Account (subsection 5.3): One Segregated Account * Currency ofDesignated Account (subsection 5.4): Australian Dollar (AUD) * Financial Institution at which the Designated Account Will Be Opened (subsection 5.5): Financial institution acceptable to the Association * Ceiling (subsection 6.1): AUD 500,000 III. Reporting on Use of Financing Proceeds (i) Supporting Documentation (section 4). Supporting documentation should be provided with each application for withdrawal as set out below: * For requests for Reimbursement " List of payments against contracts that are subject to the Association's prior review, in the form attached (Attachment 4) o Statement of Expenditure in the form attached (Attachment 5) for all other expenditures/ contracts. o Records evidencing eligible expenditures (e.g., copies of receipts, supplier invoices) for payments against contracts that are subject to prior review. * For reporting eligible expenditures paid from the Designated Account: o List of payments against contracts that are subject to the Association's prior review, in the form attached (Attachment 4) o Statement of Expenditure in the form attached (Attachment 5) for all other expenditures/ contracts. o Records evidencing eligible expenditures (e.g., copies of receipts, supplier invoices) for payments against contracts that are subject to prior review. o Designated Account reconciliation in the form attached (Attachment 6) and related bank statement. * For requestsfor Direct Payment: records evidencing eligible expenditures, e.g., copies of receipts, supplier invoices (ii) Frequency ofReporting Eligible Expenditures Paid from the Designated Account (subsection 6.3): Quarterly or more often if needed. -4- IV. Other Disbursement Instructions The Designated Account will be managed by MFED. The existing Bank account for the original IDA grant H6450 could be used for this Additional Financing. Sub-ledger accounts need to be maintained to record receipts and uses of the Grant proceeds. V. Other Important Information For additional information on disbursement arrangements, please refer to the Disbursement Handbook available on the Association's public website at https://www.worldbank.org and its secure website "Client Connection" at https://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 (https://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 . If you have any queries in relation to the above, please contact World Bank Loan Department at loa-eap@worldbank.org using the above reference. Sincerely, Franz R. Drees-Gross Country Director Timor-Leste, Papua New Guinea & Pacific Islands East Asia and Pacific Region Attachments 1. World Bank Disbursement Guidelines for Projects, dated May 1, 2006 2. Sample Form for Authorized Signatures 3. Terms and Conditions of Use of Secure Identification Credentials in connection with Use of Electronic Means to Process Applications and Supporting Documentation, dated March 1, 2013 4. Sample Form of Statement of Expenditures 5. Sample Form of Payments Against Contracts Subject to the Bank's Prior Review 6. Sample Form of Designated Account Reconciliation Statement Attachment 1 l--THE WORLD BANK DISBURSEMENT GUIDELINES FOR PROJECTS MAY 2006 WORLD BANK DISBURSEMENT GUIDELINES FOR PROJECTS LOAN DEPARTMENT May 1, 2006 Copyright : 2(MO> The International llaik for Itteonstriutioi arid I)evelopimentI TiHE VOllI) BANK 1818 Il Street, N.W. Nashiìgtont. I).. 20433. .S-A Iirst PriItiig: July 20M6 CONTENTS page 1. Purpose ............................. ............n 2. Disbursement Methods ............6.........6 3. Withdrawal of Loan Proceeds ..................... 6 4. Supporting Documentation Requirements ... ......... 9 5. Designated Accounts........................... 10 6. Terms and Conditions Applicable to Advances ........... 12 7. Ineligible Expenditures ..................... 14 8. Refunds ................................. ..... 15 31 World Bank Disbursement Guidelines for Projects May 1, 2006 1. Purpose 1.1 The pirpose of these Guidelines is to set olt the Bank's procedures for disbursement of Ioan proce-eds for projects.' Specifically, the Cuidelines explaiin (a) the different netlLods used by the Bank to disburse Ioan proceeds., (b) thle require- nents for withdrawal from the Loan Account, (c) the types of supporting documentation that the borrower may be re- quired to provide to denionstrate the use of Ioan proceeds for eligible expendlitures. (d) the criteria for establishing des- igiated acCounts, (e) the terins and conditions applicable to advances. (f) the types of actions that the Bank may take if it detennines that Ioan procceds are not needed or have been ised for ineligible purposes. and (g) the consequence of refunds. "Ilaik" include, 111111) and I)A: ilan" intcludi Credit and grant. -Xr- rower" includes the borrower of an IBl) loan. II)A credit, or Project Prepa- ration acilit advance and tie rcipient of a grant: and "Iman Agreenent" includes thle agrelnet witl the tlank providing for a credit, grant. or ad- vancm. -Ihese l)isbursemuent Cuidelines appl. to all loanms, credits. advancs under tle Project PreparatVion Faility. and grats Fmanced tunder the In- stitutional l)evelopmient Fund aud Clolml .nvironment lacility unlts oth- erwisc provided in Operational Policv 10.20. cloMil Enronnåe aitty O)pr minDe (fortheoming). Ihese G(uidelies also apply to otiher recipient- execut4ed granits finamced from trust funds unlæs. exceptionally. the terims of tihe agreemni t with the donor make provision for differelt requiremients. I hey do not apply to I)velopmenrlt Policv hlns 5 l 2. Disbursement Methods 2.1 The Bank establishes disbursement arrangements for an op- eration in consultation with the borrower and taking into consideration. imter alia. an assessment of the borrower's financial mianagemenit and procurement arrangements. the procurentiit planl aid cash flow needs of the operation. and its disbursemeit experience with the borrower. 2.2 The Bank disburses proceeds from the Loan Account estab- lished for each loan, to or on the order of the borrower, usiig one or more of the disburseient methods set forth below. as determined by the Bank. (a) Reimbursement: The Bank may reimburse the bor- rower for expeni(litures eligible for financing pursuant to the Loan Agreement ("cligible expenditures-) that the borrower has prefimianced from its own resources. (b) Advance: The Bank may advance loan proceeds into a designated account of the borrower to finance eligible expenditures as they are incurred anid for which sup- porting documents will be provided at a later date (see section 5. "Designated Accounts"). (c) Direct Payment: The Bank may make payments, at the borrower's request. directly to a third party (e.g.. supplier. contractor. coiisultant) for eligible expendi- tures (d) Special Commitment: The Bank may pay amounts to a third party for eligible expenditures uider special connitimerits entered into. iii writing, at the borrower's request anid on terms aid conditions agreed between the Bank and the borrower. 3. Withdrawal of Loan Proceeds 3.1 Authorized Signatures. Before loan proceeds may be withdrawn or coninitted from the Loani Account. the au- 16 m m . I.4 *, \ )i i si? i i x Ni .1. x* thorized represent ative of the borrower (as designated in the Loan Agreemenit ) imist furnish to the Bank (a) the nane(s) of the official(s) authorized to sign applications for with- drawal and applications for a special cormnitment (collec- tivelv. -A)I)licatioins"). and (b) the authenticated specimen signature(s) of the official(s). The borrower must indicate clearly if more than one signature is required on Applica- tions and must notify the Bank promptly of any changes in signature auithority. 3.2 Applications. Applications niust xe provided to the Bank in such form and include such information as the Bank may reasonably request. Application forms are available online from the Client Connection Web site at http:chcnfronme- tion. u x- -. -a T - eeg l )au Mk 1,2191 (a) Segregated Account: this is ani account of the borrower iito which oily proceeds of the loani ya be dep()osit(; or (b) Pooled Account: this is an acrouiit of the borrower into which the loan proceds and proceeds of other fi- iancing for the operation (e.g.. borrower resources and/ or flnancing by other development partners) may be de- posited. 5.4 Currency of the Designated Account. Designated Ac- (ouits inist be in a currency acceptable to the Bank. In countries that have a freely convertible cirrency, Designated Accouits may be held in the currency of the borrower or any freelv convertible currency. The Bank may also agree to local currency Iesigiated Accounts when. inte r ala. the country's currency (even if not freelv coiivertil>le) is stable and the expendit ures to be fimanced are primarily in lo- cal currency. The borrower bears all risks associated with foreign exehange fluctuations between (a) the currenev of denomination of the loan and that of the borrower's Desig- itated Account . and (b) the currenvcy of d(enlorination of the borrower's Designated Account aid the currencv or curren- cies of projet expenditures. 5.5 Financial Institution. I)esignated Accounts must be opened and maintained in a fiaicial institution accept- able to the Bank o terms and ronditions acept able to the Bank. To be acceptable to the Bank. the fluaricial institution proposed by the borrower should generallv meet all the fol- lowing requirements: (a) be financially sound: (b) be aiithorized to maintain the Designated Accouit iii the currericy agreed betwen the Bank and the bor- rower; (c) be audited regularly, and receive satisfactory audit re- ports: 11 1 (d) be able to execute a large nurnier of transactions promp)tlN : (e) be able to perform a wide range of bankhig services sat- isfactorilV: (f) bc able to provide a detailed statement of the D-sig- nated Account: (g) be part of a satisfactory correspondent bianking network; and (h) charge reasonable fees for its services. 5.6 The Bank reserves the right not to accept a financial insti- tution for the opening and/or maintenance of a Designated Account if such institution has asserted or asserts a claim to set off. seize, or attach the prrrower must promptly take the action requested: (a) Provide the additional evidence requested by the Bank: (b) I)eposit an equivalent amount into the )esignated Ac- coliit: I 14 (c) Refund an equivalent amount to the Bank; or (d) Exceptionally, provide substitute documentation evi- dencing other cligible expenditures. 8. Refunds 8.1 Borrower Decision to Refund. The borrower may. upon notice to the Bank. refund all or ainy amount of the loan on deposit in the Designated Account to the 13ank for credit to the Loan Account. 8.2 Consequence of Refunds. The Bank shall determine whether refunds made to the Bank in accordance with see- tions 6 and 7 and subsection 8.1 of these Disbursement Guidelines will be credited to the Loan Account for subse- quent withdrawal or for cancellation. Borrowers should be aware that refunds of loan proceeds may result in swap ter- inination fees and/or unwinding costs for amounts for which the interest rate basis or currency has been converted or hedged. 8.3 Other Obligations Unaffected by Refunds. Refunds of amounts of the loan do not affect any remedies of the Bank under the Loan Agreement. 15 I I l Ill WORI) BANK 'I he I n11 Depart ime nt World Bank 18 Il Strcet, N\V Washingtn, IC 20433 Attachment 2 Form of Authorized Signatory Letter [Letterhead] Ministry of Finance [Street address] [City] [Country] [DATE] The World Bank Level 19, 14 Martin Place CML Building Sydney NSW 2000, Australia Attention: Country Director Re: IDA Grant No. XXX Kiribati Road Rehabilitation Project I refer to the Financing Agreement between the Republic of Kiribati(the "Recipient") and the International Development Association (the "Association"), for the above-referenced project, dated (Date of Signing). For the purposes of Section 2.03 of the General Conditions as defined in the Agreement, any '[one] of the persons whose authenticated specimen signatures appear below is authorized on behalf of the Recipient to sign applications for withdrawal [and applications for a special commitment] under this Financing. For the purpose of delivering Applications to the Association, 2[each] of the persons whose authenticated specimen signatures appears below is authorized on behalf of the Recipient, acting 3[individually] 4[ointly], to deliver Applications, and evidence in support thereof on the terms and conditions specified by the Association. 5[This confirms that the Recipient is authorizing such persons to accept Secure Identification Credentials (SIDC) and to deliver the Applications and supporting documents to I Instruction to the Recipient: Stipulate if more than one person needs to sign Applications, and how many or which positions, and if any thresholds apply. Please delete this footnote in final letter that is sent to the Association. 2 Instruction to the Recipient: Stipulate if more than one person needs to jointly sign Applications, if so, please indicate the actual number. Please delete this footnote in final letter that is sent to the Association. 3 Instruction to the Recipient: Use this bracket if any one of the authorized persons may sign; if this is not applicable, please delete. Please delete this footnote in final letter that is sent to the Association. 4 Instruction to the Recipient: Use this bracket only if several individuals must jointly sign each Application; if this is not applicable, please delete. Please delete this footnote in final letter that is sent to the Association. the Association by electronic means. In full recognition that the Association shall rely upon such representations and warranties, including without limitation, the representations and warranties contained in 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 SIDC"), the Recipient represents and warrants to the Association that it will cause such persons to abide by those terms and conditions.] This Authorization replaces and supersedes any Authorization currently in the Association records with respect to this Agreement. [Name], [position] Specimen Signature: [Name], [position] Specimen Signature: [Name], [position] Specimen Signature: Yours truly, / signed/ MOF Minister Instruction to the Recipient: Add this paragraph if the Recipient wishes to authorize the listed persons to accept Secure Identification Credentials and to deliver Applications by electronic means; if this is not applicable, please delete the paragraph. Please delete this footnote in final letter that is sent to the Association. Attachment 3 Terms and Conditions of Use of Secure Identification Credentials in connection with Use of Electronic Means to Process Applications and Supporting Documentation March 1, 2013 The World Bank (Bank)6 will provide secure identification credentials (SIDC) to permit the Borrower' to deliver applications for withdrawal and applications for special commitments under the Agreement(s) and supporting documentation (such applications and supporting documentation together referred to in these Terms and Conditions of Use as Applications) to the Bank electronically, on the terms and conditions of use specified herein. SIDC can be either: (a) hardware-based (Physical Token), or (b) software-based (Soft Token). The Bank reserves the right to determine which type of SIDC is most appropriate. A. Identification of Users. 1. The Borrower will be required to identify in a completed Authorized Signatory Letter (ASL) duly delivered to and received by the Bank each person who will be authorized to deliver Applications. The Bank will provide SIDC to each person identified in the ASL (Signatory), as provided below. The Borrower shall also immediately notify the Bank if a Signatory is no longer authorized by the Borrower to act as a Signatory. 2. Each Signatory must register as a user on the Bank's Client Connection (CC) website (https://clientconnection.worldbank.org) prior to receipt of his/her SIDC. Registration on CC will require that the Signatory establish a CC password (CC Password). The Signatory shall not reveal his/her CC Password to anyone or store or record the CC Password in written or other form. Upon registration as a CC user, the Signatory will be assigned a unique identifying account name. B. Initialization of SIDC. 1. Prior to initialization of SIDC by a Signatory, the Signatory will acknowledge having read, understood and agreed to be bound by these Terms and Conditions of Use. 2. Where a Physical Token is to be used, promptly upon receipt of the Physical Token, the Signatory will access CC using his/her account name and CC Password and register his/her Physical Token and set a personal identification number (PIN) to be used in connection with the use of his/her Physical Token, after which the Physical Token will be initialized for use by the Signatory exclusively for purposes of delivering Applications. Where a Soft Token is to be used, the Signatory will access CC using his/her account name and CC Password and set a personal identification number (PIN) to be used in connection with the use of his/her Soft Token, after which the Soft Token will be initialized for use by the Signatory exclusively for purposes of delivering Applications. Upon initialization of the SIDC, the Signatory will be a "SIDC User". 6 "Bank" includes IBRD and IDA. "Borrower" includes the borrower of an IBRD loan, IDA credit, or Project Preparation Facility advance and the recipient of a grant. The Bank will maintain in its database a user account (Account) for each SIDC User for purposes of managing the SIDC of the SIDC User. Neither the Borrower nor the SIDC User will have any access to the Account. 3. Prior to first use of the SIDC by the SIDC User, the Borrower shall ensure that the SIDC User has received training materials provided by the Bank in use of the SIDC. C. Use of SIDC. 1. Use of the SIDC is strictly limited to use in the delivery of Applications by the SIDC User in the manner prescribed by the Bank in the Agreement(s) and these Terms and Conditions. Any other use of the SIDC is prohibited. 2. The Bank assumes no responsibility or liability whatsoever for any misuse of the SIDC by the SIDC User, other representatives of the Borrower, or third parties. 3. The Borrower undertakes to ensure, and represents and warrants to the Bank (such representation and warranty being expressly relied upon by the Bank in granting SIDC) that each SIDC User understands and will abide by, these Terms and Conditions of Use, including without limitation the following: 4. Security 4.1. The SIDC User shall not reveal his/her PIN to anyone or store or record the PIN in written or other form. 4.2. The SIDC User shall not allow anyone else to utilize his/her SIDC to deliver an Application to the Bank. 4.3. The SIDC User shall always logout from CC when not using the system. Failure to logout properly can create a route into the system that is unprotected. 4.4. If the SIDC User believes a third party has learned his/her PIN or has lost his/her Physical Token he/she shall immediately notify clientconnection&worldbank.or . 4.5. The Borrower shall immediately notify the Bank at clientconnectionAworldbank.org of any lost, stolen or compromised SIDC, and take other reasonable steps to ensure such SIDC are disabled immediately. 5. Reservation of Right to Disable SIDC 5.1. The Borrower shall reserve the right to revoke the authorization of a SIDC User to use a SIDC for any reason. 5.2. The Bank reserves the right, in its sole discretion, to temporarily or permanently disable a SIDC, de-activate a SIDC User's Account or both. 6. Care of Physical Tokens 6.1. Physical Tokens will remain the property of the Bank. 6.2. The Bank will physically deliver a Physical Token to each Signatory designated to receive one in a manner to be determined by and satisfactory to the Bank. 6.3. Physical Tokens contain delicate and sophisticated instrumentation and therefore should be handled with due care, and should not be immersed in liquids, exposed to extreme temperatures, crushed or bent. Also, Physical Tokens should be kept more than five (5) cm from devices that generate electromagnetic radiation (EMR), such as mobile phones, phone-enabled PDAs, smart phones and other similar devices. Physical Tokens should be carried and stored separate from any EMR device. At close range (less than 5 cm), these devices can output high levels of EMR that can interfere with the proper operation of electronic equipment, including the Physical Token. 6.4. Without derogating from these Terms and Conditions of Use, other technical instructions on the proper use and care of Physical Tokens are available at http://www.rsa.com. 7. Replacement 7.1. Lost, damaged, compromised (in terms of 4.5, above) or destroyed Physical Tokens will be replaced at the expense of the Borrower. 7.2. The Bank reserves the right, in its sole discretion, not to replace any Physical Token in the case of misuse, or not to reactivate a SIDC User's Account. Attachment 5 Statement of Expenditures (SOE) Payments made during the period from - to Date: Application No.: IDA Credit No.: Category No.: SOE No.: 1 2 3 4 5 6 7 8 9 10 11 Amount Paid - Total amount Invoice 0 Contract or Purchase Brief Description of i c c o From Z Name and Address 0 o invoices covered Amount order No. & Date (or Goods, Works or UE - .ai Designated E of Suppliers othe re.)Srvcse by application Eligible for Acon(i a ote0e. evcst Account (if f l oe (net of retention) Financing . 5any) TOTALS Supporting documents for this SOE retained at: _(insert location) Attachment 4 Payments Made during Reporting Period Against Contracts Subject to the World Bank's Prior Review Date of N ha Date Asnoutsh Contract Oble.eti Note: There have been no payments exceeding the total contract value for contracts subject to prior review. Attachment 6 DESIGNATED ACCOUNT RECONCILIATION STATEMENT Grant NUMBER ACCOUNT NUMBER WITH (BANK) 1. TOTAL ADVANCED BY WORLD BANK (OR COFINANCIER) $ 2 LESS: TOTAL AMOUNT RECOVERED BY WORLD BANK - $ 3. EQUALS PRESENT OUTSTANDING AMOUNT ADVANCED TO THE DESIGNATED ACCOUNT (NUMBER 1 LESS NUMBER 2) = $ 4. BALANCE OF DESIGNATED ACCOUNT PER ATTACHED BANK STATEMENT AS OF DATE $ 5. PLUS: TOTAL AMOUNT CLAIMED IN THIS APPLICATION NO. + $ * 6. PLUS: TOTAL AMOUNT WITHDRAWN AND NOT YET CLAIMED REASON: + $ * 7. PLUS: AMOUNTS CLAIMED IN PREVIOUS APPLICATIONS NOT YET CREDITED AT DATE OF BANK STATEMENTS APPLICATION NO. AMOUNT* SUBTOTAL OF PREVIOUS APPLICATIONS NOT YET CREDITED + $ 8. MINUS: INTEREST EARNED - $ * 9. TOTAL ADVANCE ACCOUNTED FOR (NO. 4 THROUGH NO. 9) = $ 10. EXPLANATION OF ANY DIFFERENCE BETWEEN THE TOTALS APPEARING ON LINES 3 AND 9: 11. DATE: SIGNATURE: TITLE: * ALL ITEMS SHOULD BE INDICATED ON THE BANK STATEMENT