Common use of Conditions Precedent to First Disbursement Clause in Contracts

Conditions Precedent to First Disbursement. The first disbursement of the resources of the Loan shall be subject to the fulfillment of the following requirements to the satisfaction of the Bank: (a) The Bank shall have received one or more well-founded legal opinions which establish, with citations of the pertinent constitutional, legal, and regulatory provisions, that the obligations undertaken by the Borrower in this Contract, and those of the Guarantor, if any, in the Guarantee Contract, are valid and enforceable. Such opinions shall also refer to any other legal question that the Bank may reasonably deem relevant. (b) The Borrower, directly or through the Executing Agency, if any, shall have designated one or more officials to represent it in all acts relating to the implementation of this Contract and shall have furnished the Bank with authentic copies of the signatures of said representatives. Should two or more officials be designated, the designation shall indicate whether such officials may act separately or must act jointly. (c) The Borrower, either directly or through the Executing Agency, if any, shall have demonstrated to the Bank that sufficient resources have been allocated to cover, at least during the first calendar year, the execution of the Project in accordance with the investment schedule referred to in the following paragraph. If the Loan finances a continuation of the same lending operation, the earlier stage or stages of which the Bank is financing, the obligation set forth in this paragraph shall not be applicable. (d) The Borrower, either directly or through the Executing Agency, as the case may be, shall have presented to the Bank an initial report prepared in the form indicated by the Bank which, in addition to such other information as the Bank may reasonably request pursuant to the provisions of this Contract, shall set forth: (i) a plan for implementation of the Project including the plans and specifications deemed necessary by the Bank, except with respect to a program for the granting of credits; (ii) a calendar or schedule of work or granting of credits, as the case may be; (iii) a table of the source and use of funds setting forth a detailed schedule of investments in accordance with the categories of investment established in this Contract and an indication of the annual contributions needed from the various sources of funds from which the Project will be financed; and (iv) the content that the progress reports referred to in Article 8.03 of these General Conditions shall have. If this Contract permits the recognition of expenditures made prior to its entry into effect, the initial report shall include a statement of the investments and, in accordance with the objectives of the Project, a description of works carried out under the Project or a statement as to credits granted, as the case may be, up to a date immediately preceding the report. (e) The Borrower or Executing Agency shall have demonstrated to the Bank that it has an adequate financial information system and internal control structure for the purposes indicated in this Contract.

Conditions Precedent to First Disbursement. The first disbursement of the resources of the Loan Financing shall be subject to the fulfillment of the following requirements to the satisfaction of the Bank: (a) The Bank shall have received one or more well-founded legal opinions which establish, with citations of the pertinent constitutional, legal, and regulatory provisions, that the obligations undertaken by the Borrower in this Contract, and those of the Guarantor, if any, in the Guarantee Contract, are valid and enforceable. Such opinions shall also refer to any other legal question that the Bank may reasonably deem relevant. (b) The Borrower, directly or through the Executing Agency, if any, shall have designated one or more officials to represent it in all acts relating to the implementation of this Contract and shall have furnished the Bank with authentic copies of the signatures of said representatives. Should two or more officials be designated, the designation shall indicate whether such officials may act separately or must act jointly. (c) The Borrower, either directly or through the Executing Agency, if any, shall have demonstrated to the Bank that sufficient resources have been allocated to cover, at least during the first calendar year, the execution of the Project in accordance with the investment schedule referred to in the following paragraph. If the Loan finances this Financing constitutes a continuation of the same lending operation, the earlier stage or stages of which the Bank is financing, the obligation set forth in this paragraph shall not be applicable. (d) The Borrower, either directly or through the Executing Agency, as the case may be, shall have presented to the Bank an initial report prepared in the form indicated by the Bank which, in addition to such other information as the Bank may reasonably request pursuant to the provisions of this Contract, shall set forth: (i) a plan for implementation of the Project including the plans and specifications deemed necessary by the Bank, except with respect to a program for the granting of credits; (ii) a calendar or schedule of work or granting of credits, as the case may be; (iii) a table of the source and use of funds setting forth a detailed schedule of investments in accordance with the categories of investment established in this Contract and an indication of the annual contributions needed from the various sources of funds from which the Project will be financed; and (iv) the content that the progress reports referred to in Article 8.03 7.03 of these General Conditions shall have. If this Contract permits the recognition of expenditures made prior to its entry into effect, the initial report shall include a statement of the investments and, in accordance with the objectives of the ProjectFinancing, a description of works carried out under the Project or a statement as to credits granted, as the case may be, up to a date immediately preceding the report. (e) The Borrower or Executing Agency shall have demonstrated to the Bank that it has an adequate financial information system and internal control structure for the purposes indicated in this Contract.

Conditions Precedent to First Disbursement. The first disbursement of the resources of the Loan Contribution shall be subject to the fulfillment of the following requirements to the satisfaction of the Bank: (a) The Bank shall have received one or more well-founded legal opinions which establish, with citations of the pertinent constitutional, legal, and regulatory provisions, that the obligations undertaken by the Borrower Beneficiary in this Contract, and those of the Guarantor, if any, in the Guarantee Contract, Agreement are valid and enforceable. Such opinions shall also refer to any other legal question that the Bank may reasonably deem relevant. (b) The BorrowerBeneficiary, either directly or through the Executing Agency, if any, shall have designated one or more officials to represent it in all acts relating to the implementation of this Contract Agreement and shall have furnished the Bank with authentic copies of the signatures of said representatives. Should two or more officials be designated, the designation shall indicate whether such officials may act separately or must act jointly. (c) The BorrowerBeneficiary, either directly or through the Executing Agency, if any, shall have demonstrated to the Bank that sufficient resources have been allocated to cover, at least during the first calendar year, the execution of the Project in accordance with the investment schedule referred to in the following paragraph. If the Loan Contribution finances a continuation of the same lending financing operation, the earlier stage or stages of which the Bank is financing, the obligation set forth in this paragraph shall not be applicable. (d) The BorrowerBeneficiary, either directly or through the Executing Agency, as the case may be, shall have presented to the Bank an initial report prepared in the form indicated by the Bank which, in addition to such other information as the Bank may reasonably request pursuant to the provisions of this ContractAgreement, shall set forth: (i) a plan for implementation of the Project including the plans and specifications deemed necessary by the Bank, except with respect to a program for the granting of credits; (ii) a calendar or schedule of work or granting of creditswork, as the case may be; (iii) a table of the source and use of funds setting forth a detailed schedule of investments in accordance with the categories of investment established in this Contract Agreement and an indication of the annual contributions needed from the various sources of funds from which the Project will be financed; and (iv) the content that the progress reports referred to in Article 8.03 7.03 of these General Conditions shall have. If this Contract Agreement permits the recognition of expenditures made prior to its entry into effect, the initial report shall include a statement of the investments and, in accordance with the objectives of the Project, a description of works carried out under the Project or a statement as to credits granted, as the case may be, up to a date immediately preceding the report. (e) The Borrower Beneficiary or Executing Agency shall have demonstrated to the Bank that it has an adequate financial information system and internal control structure for the purposes indicated in this ContractAgreement.

Conditions Precedent to First Disbursement. The first disbursement This Agreement shall come into effect on the date hereof; provided, however, that the Lender shall be under no obligation hereunder and no Disbursement hereunder will be made by the Lender, unless the Lender has received the following documents (c), (d), (e) and (f) on the date hereof, and the following documents (a), (b), (g) and (h) by five Business Days prior to the date of the resources of the Loan shall be subject first Disbursement, each in form and substance reasonably satisfactory to the fulfillment of the following requirements to the satisfaction of the Bankit: (a) The Bank shall have received one this Agreement or more well-founded legal opinions which establish, with citations of the pertinent constitutional, legal, and regulatory provisions, that the obligations undertaken counterparts hereof duly executed by the Borrower in this Contractas of the date hereof, and those delivered to the Lender, together with all annexes and exhibits hereto, and duly executed versions of any other related documents; (b) the legal opinion of an independent legal counsel to the Borrower, in the form set out in Annex C and otherwise in form and substance reasonably acceptable to the Lender; (c) evidence documenting the authority of each person (i) who has signed this Agreement on behalf of the GuarantorBorrower, and (ii) who will act as representative of the Borrower in relation to the implementation and administration of this Agreement, including the signing and/or certification of any information and documentation regarding the Borrower as required by this Agreement (such documentary evidence to include the specimen of signature of each such person and certificate of incumbency); (d) a copy of the articles of incorporation, by-laws and other constituent documents of the Borrower, certified as true, complete and up-to-date by a duly authorized officer of the Borrower; (e) a copy of the resolutions of the Borrower’s board of directors approving and authorizing the execution and implementation by the Borrower of this Agreement, which copy shall be certified as true and complete by a duly authorized officer of the Borrower; (f) [Intentionally Omitted] (g) evidence that all fees and expenses (including all stamp duties) then due and payable by the Borrower under this Agreement, if any, in the Guarantee Contract, are valid and enforceable. Such opinions shall also refer to any other legal question that the Bank may reasonably deem relevant.have been paid; (bh) The Borrowersuch other documents, directly evidence, materials and information (financial or through the Executing Agency, if any, shall have designated one or more officials to represent it in all acts relating to the implementation of this Contract and shall have furnished the Bank with authentic copies of the signatures of said representatives. Should two or more officials be designated, the designation shall indicate whether such officials may act separately or must act jointly. (cotherwise) The Borrower, either directly or through the Executing Agency, if any, shall have demonstrated to the Bank that sufficient resources have been allocated to cover, at least during the first calendar year, the execution of the Project in accordance with the investment schedule referred to in the following paragraph. If the Loan finances a continuation of the same lending operation, the earlier stage or stages of which the Bank is financing, the obligation set forth in this paragraph shall not be applicable. (d) The Borrower, either directly or through the Executing Agency, as the case may be, shall have presented to the Bank an initial report prepared in the form indicated by the Bank which, in addition to such other information as the Bank Lender may reasonably request pursuant in relation to this Agreement or the provisions of this Contract, shall set forth: Borrower; (i) a plan for implementation of at least 10 days prior to the Project first disbursement, the Lender shall have received all documentation and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations (including the plans and specifications PATRIOT Act if deemed necessary applicable by the Bank, except with respect to a program for the granting of creditsLender); (ii) a calendar or schedule of work or granting of credits, as the case may be; (iii) a table of the source and use of funds setting forth a detailed schedule of investments in accordance with the categories of investment established in this Contract and an indication of the annual contributions needed from the various sources of funds from which the Project will be financed; and (iv) the content that the progress reports referred to in Article 8.03 of these General Conditions shall have. If this Contract permits the recognition of expenditures made prior to its entry into effect, the initial report shall include a statement of the investments and, in accordance with the objectives of the Project, a description of works carried out under the Project or a statement as to credits granted, as the case may be, up to a date immediately preceding the report. (ej) The Borrower or Executing Agency shall have demonstrated to the Bank that it no Exemption Event has an adequate financial information system occurred and internal control structure for the purposes indicated in this Contractis continuing.

Conditions Precedent to First Disbursement. The first disbursement of the resources of the Loan Financing shall be subject to the fulfillment of the following requirements to the satisfaction of the Bank: (a) The Bank shall have received one or more well-founded legal opinions which establish, with citations of the pertinent constitutional, legal, and regulatory provisions, that the obligations undertaken by the Borrower in this Contract, and those of the Guarantor, if any, in the Guarantee Contract, are valid and enforceable. Such opinions shall also refer to any other legal question that the Bank may reasonably deem relevant. (b) The Borrower, directly or through the Executing Agency, if any, shall have designated one or more officials to represent it in all acts relating to the implementation of this Contract and shall have furnished the Bank with authentic copies of the signatures of said representatives. Should two or more officials be designated, the designation shall indicate whether such officials may act separately or must act jointly. (c) The BorrowerBorro;er, either directly or through the Executing Agency, if any, shall have demonstrated to the Bank that sufficient resources have been allocated to cover, at least during the first calendar year, the execution of the Project in accordance with the investment schedule referred to in the following paragraph. If the Loan finances this tfinancing constitutes a continuation of the same lending operation, the earlier stage or stages of which the Bank is financing, the obligation set forth in this paragraph shall not be applicable. (d) The Borrower, either directly or through the Executing Agency, as the case may beif any, shall have presented to the Bank an initial report prepared in the form indicated by the Bank whichBank, which shall serve as the basis for the preparation and evaluation of the progress reports referred to in Article 7.03(a)(i) of these General Conditions. In addition to such other information as the Bank may reasonably request pursuant to the provisions of this Contract, the initial report shall set forth: (i) a plan for implementation of the Project including the plans and specifications deemed necessary by the Bankincluding, except with respect to a program for the granting of credits, the plans and specifications deemed necessary by the Bank; (ii) a calendar or schedule of work or granting of credits, as the case may be; and (iii) a table of the source and use of funds setting forth a detailed schedule of investments in accordance with the categories of investment established in Annex A of this Contract and an indication of the annual contributions needed from the various sources of funds from which the Project will be financed; and (iv) the content that the progress reports referred to in Article 8.03 of these General Conditions shall have. If this Contract permits the recognition of expenditures made prior to its entry into effectsignature or to that of the Resolution authorizing the Financing, the initial report shall include a statement of the investments and, in accordance with the objectives of the Project, Financing. a description of works carried out under the Project or a statement as to credits granted, as the case may be, up to a date immediately preceding to the report. (e) The Borrower or Executing Agency shall have demonstrated presented to the Bank that it has an adequate financial information system the plan, catalog or code of accounts referred to in Article 7.01 of these General Conditions. (f) The official auditing agency referred to in the Special Conditions shall have agreed to perform the auditing function foreseen in Article 7.03(b) of these General Conditions and internal control structure for in the purposes indicated in this ContractSpecial Conditions, or the Borrower or the Executing Agency shall have agreed with the Bank with respect to a firm of independent public accountants to perform the above functions.

Conditions Precedent to First Disbursement. The first disbursement of the resources of the Loan Financing shall be subject to the fulfillment of the following requirements to the satisfaction of the Bank: (a) The Bank shall have received one or more well-founded legal opinions which establish, with citations of the pertinent constitutional, legal, and regulatory provisions, that the obligations undertaken by the Borrower in this Contract, and those of the Guarantor, if any, in the Guarantee Contract, are valid and enforceable. Such opinions shall also refer to any other legal question that the Bank may reasonably deem relevant. (b) The Borrower, directly or through the Executing Agency, if any, shall have designated one or more officials to represent it in all acts relating to the implementation of this Contract and shall have furnished the Bank with authentic copies of the signatures of said representatives. Should two or more officials be designated, the designation shall indicate whether such officials may act separately or must act jointly. (c) The Borrower, either directly or through the Executing Agency, if any, shall have demonstrated to the Bank that sufficient resources have been allocated to cover, at least during the first calendar year, the execution of the Project in accordance with the investment schedule referred to in the following paragraph. If the Loan finances this Financing constitutes a continuation of the same lending operation, the earlier stage or stages of which the Bank is financingFinancing, the obligation set forth in this paragraph shall not be applicable. (d) The Borrower, either directly or through the Executing Agency, as the case may beif any, shall have presented to the Bank an initial report prepared in the form indicated by the Bank whichBank, which shall serve as the basis for the preparation and evaluation of the progress reports referred to in Article 7.03(a)(i) of these General Conditions. In addition to such other information as the Bank may reasonably request pursuant to the provisions of this Contract, the initial report shall set forth: (i) a plan for implementation of the Project including the plans and specifications deemed necessary by the Bankincluding, except with respect to a program for the granting of credits, the plans and specifications deemed necessary by the Bank; (ii) a calendar or schedule of work or granting of credits, as the case may be; and (iii) a table of the source and use of funds setting forth a detailed schedule of investments in accordance with the categories of investment established in this Contract and an indication of the annual contributions needed from the various sources of funds from which the Project will be financed; and (iv) the content that the progress reports referred to in Article 8.03 of these General Conditions shall have. If this Contract permits the recognition of expenditures made prior to its entry into effectsignature or to the date of the Resolution authorizing the Financing, the initial report shall include a statement of the investments and, in accordance with the objectives of the ProjectFinancing, a description of works carried out under the Project or a statement as to credits granted, as the case may be, up to a date immediately preceding the report. (e) The Borrower or Executing Agency shall have demonstrated presented to the Bank that it has an adequate financial information system the plan, catalog or code of accounts referred to in Article 7.0l of these General Conditions. (f) The official auditing agency referred to in the Special Conditions shall have agreed to perform the auditing function foreseen in Article 7.03(b) of these General Conditions and internal control structure in the Special Conditions, or the Borrower or the Executing Agency shall have agreed with the Bank with respect to a firm of independent public accountants to perform the above functions. (g) The Bank shall have received a letter duly signed by the Borrower, with the express written conformity of the Guarantor, if applicable, confirming either its decision to maintain the interest rate alternative originally selected for the purposes indicated Financing as determined in this Contract.Sections 1.02(b) and 2.02 (a) of the Special Conditions, or its decision to elect to change the interest rate alternative of the Financing as determined in Section