Common use of Conditions Precedent to First Disbursement Clause in Contracts

Conditions Precedent to First Disbursement. The first disbursement 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, as the case may be, shall have presented to the Bank information regarding the special bank account in which the Bank shall deposit the disbursements of the Loan; and (d) The Borrower, either directly or through the Executing Agency, as the case may be, shall have submitted in writing a disbursement request in accordance with the terms and conditions established in Article 4.03 hereof.

Conditions Precedent to First Disbursement. The first disbursement 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 Borrower or through the Executing Agency, as the case may be, Agency shall have presented to the Bank information regarding the special bank banking account in which the Bank shall deposit the disbursements of the LoanFinancing; and (d) The Borrower, either directly or through the Executing Agency, as the case may beif any, shall have submitted in writing a disbursement request in accordance with the terms and conditions established in Article 4.03 hereof.