Execution of the Project. (a) The Borrower declares its commitment to the objectives of the Project, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV to perform in accordance with the provisions of the Project Agreement all the obligations therein set forth, shall take or cause to be taken all actions, including the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance. (b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement. (c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions: (d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof. Section 3.02. Except as the Bank shall otherwise agree, procurement of goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project Agreement. Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV ECEPUC to perform in accordance with the provisions of the Project Agreement all the obligations of ECEPUC therein set forth, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable ECEPUC to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan)ECEPUC, under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV ECEPUC, under terms and conditions which shall have been approved by satisfactory to the Bank including the following: (i) ECEPUC shall repay the Subsidiary Loan over a period not to exceed twenty years, including a period of grace of five years, (ii) ECEPUC shall pay to the Borrower a commitment charge on the principal amount of the Subsidiary Loan not withdrawn from time to time at the rate stated in Section 2.04 of this Agreement, (iii) ECEPUC shall pay interest, on the principal amount of the Subsidiary Loan withdrawn and which outstanding from time to time, calculated in accordance with Section 2.05 of this Agreement, and (iv) ECEPUC shall include inter alia, bear all foreign exchange risks between the following conditions:currency of the Borrower and the Bank’s currency pool.
(dc) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, ECEPUC pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, the Borrower shall cause HV SEDAPAL to perform all its obligations set forth in accordance with the provisions of the Project Agreement all the obligations therein set forthAgreement, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable SEDAPAL to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), SEDAPAL under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV SEDAPAL, under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:Bank.
(dc) The Borrower shall exercise its rights under the First Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate abrogate, terminate or waive the First Subsidiary Loan Agreement or any provision thereof.
Section 3.02(d) The Borrower through its Ministry of Presidency, shall enter into annual Management Agreements with SEDAPAL as long as SEDAPAL has not awarded the Concession Contract. The Borrower shall duly perform all of its obligations under the Management Agreements. Except as the Bank shall otherwise agree, procurement of goodsthe Borrower shall not amend, works assign, abrogate, terminate, waive or fail to enforce the Management Agreements or any provision thereof.
Section 3.02. The Borrower shall participate with SEDAPAL and consultants’ services required for the Bank in the Project reviews referred to in Sections 2.09 and to be financed out 2.10 of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project Agreement. As part of such reviews the Bank may require that the Borrower and SEDAPAL, separately or jointly, prepare an action plan, satisfactory to the Bank, action plan, or a joint action plan with SEDAPAL, the Borrower shall furnish such action plan to the Bank not later than thirty days after the conclusion of the review in question and shall thereafter carry out, or cause to be carried out, such action plan in accordance with its terms.
Section 3.03. The Borrower shall implement, or cause to be implemented, the plan referred to in Section 6.01 (e) of this Agreement in a manner satisfactory to the Bank until the Concession Contract shall have become effective in accordance with its terms.
Section 3.04. The Borrower shall amend the SEDAPAL Bylaws, in form and substance satisfactory to the Borrower hereby agree that Bank, to adapt such bylaws to the obligations set forth Services Law prior to the review referred to in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 2.10 of the Project Agreement.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the Project, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV Henan to perform in accordance with the provisions of the Project Agreement all the obligations of Henan therein set forth, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable Henan to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon The Borrower shall make the provisions proceeds of paragraph the Loan available to Henan on the following principal terms:
(ai) The principal amount shall be made available in Dollars (determined on the date, or respective dates, of withdrawal from the Loan Account or of payment out of the Special Account) of this the value of the currency or currencies so withdrawn or paid out.
(ii) The following shall be recovered over a period of twenty (20) years, inclusive of a grace period of five (5) years: (A) the principal amount so made available; and (B) an amount equal to the fee paid pursuant to Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to 2.04 of this Agreement.
(ciii) For Interest shall be charged on such principal amount withdrawn and outstanding from time to time at a rate equal to the purpose rate of implementing Parts A, B, and C.2, the Borrower shall relend the proceeds of the Loan to HV, allocated interest applicable from time to time to Categories (1), (2) and (3) in the table in paragraph 1 Loan pursuant to the provisions of Schedule 1 to Section 2.06 of this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:Agreement.
(div) The Borrower A commitment fee shall exercise its rights under the Subsidiary Loan Agreement in be charged on such manner as to protect the interests principal amount of the Borrower Loan so made available and the Bank and not withdrawn from time to accomplish the purposes time at a rate equal to three fourths of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereofone percent (3/4 of 1%) per annum.
Section 3.02. (a) Except as the Bank shall otherwise agree, procurement of goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project Agreement, as said provisions may be further elaborated in the Procurement Plan.
(b) The Borrower shall update the Procurement Plan in accordance with guidelines acceptable to the Bank, and furnish such update to the Bank not later than twelve (12) months after the date of the preceding Procurement Plan, for the Bank’s approval.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, Henan pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV TCZB to perform in accordance with the provisions of the Project Agreement all the obligations of TCZB therein set forth, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable TCZB to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), TCZB under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV TCZB, under terms and conditions which shall have been approved by agreed upon between the Bank Borrower and which shall include inter alia, the following conditions:Bank.
(dc) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
(d) The Borrower shall provide TCZB with equity contribution at a level which shall enable TCZB to maintain an appropriate ratio of net worth to average total assets.
Section 3.02. The Borrower shall cause MAFRA to conclude the MAFRA Protocol with TCZB, and to assign to the Project area the staff required for the implementation of the monitoring and evaluation activities under the Project.
Section 3.03. The Borrower shall cause MAFRA to: (a) audit, at least once every two fiscal years, the accounts and financial statements of the TKK and the individual cooperatives partici- pating in the provision of credit under Part B of the project in accordance with appropriate auditing principles consistently applied, and (b) furnish to TCZB the report of such audit not later than nine months after the end of the fiscal year in which such audit was undertaken.
Section 3.04. The Borrower shall carry out at least an annual review of the appopriateness of agricultural interest rates on an agreed basis.
Section 3.05. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to Section 2.03 of the Project Agreement.
Section 3.033.06. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 9.06 and 9.09 9.07 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, schedules and records and reports, maintenance and land acquisition, respectivelyrespec- tively) shall be carried out by HV, through SPSC, TCZB pursuant to Section 2.03 2.04 of the Project Agreement.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) Section 3.01. The Borrower declares its commitment to the objectives of the Project, and, to this end, without any limitation or restriction upon any of its other obligations under shall carry out the Loan Agreement, shall cause HV to perform in accordance Project through INAFED (with the provisions assistance of NAFIN and Project States) with due diligence and efficiency and in conformity with appropriate administrative, financial, environmental and technical practices, and shall provide, promptly as needed, the Project Agreement all the obligations therein set forth, shall take or cause to be taken all actions, including the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performanceresources required for the Project.
(ba) Without limitation upon The Borrower, through SHCP and INAFED, shall enter into a contract (Contrato xx Xxxxxxx) with NAFIN, satisfactory to the provisions Bank, whereby:
(i) NAFIN agrees to act as financial agent of the Borrower with regard to the Loan, meaning that, inter alia, NAFIN agrees to represent the Borrower vis-à-vis the Bank for purposes of submitting Loan withdrawal applications to the Bank in form and substance sufficient to justify disbursement by the Bank to the Borrower of Loan proceeds, agrees to maintain and operate the Special Account in compliance with the terms of this Agreement, agrees to ensure that the obligations set forth in Article IV of this Agreement are complied with as pertain to the Special Account and agrees to participate in the periodic reviews referred to in Section 3.08 (c) of this Agreement; and
(ii) the Borrower agrees that, through INAFED, the Borrower shall cooperate fully with NAFIN to ensure that NAFIN is able to comply with all of NAFIN’s obligations referred to in paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this AgreementSection.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:
(db) The Borrower shall exercise its rights and carry out its obligations under the Subsidiary Loan Agreement NAFIN Contract in such a manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except . Except as the Bank shall may otherwise agree, the Borrower shall not assign, amend, abrogate amend or waive the Subsidiary Loan Agreement or fail to enforce any provision thereofof the NAFIN Contract. In case of any conflict between the terms of the NAFIN Contract and those of this Agreement, the terms of this Agreement shall prevail.
Section 3.02. Except as (a) The Borrower, through INAFED, shall issue an operational manual, satisfactory to the Bank shall otherwise agreeBank, procurement of goods, works setting forth rules and consultants’ services required procedures for the Project and to be financed carrying out of the proceeds Part A of the Loan shall be governed Project, such manual to include, inter alia: detailed rules and procedures for the selection, design, environmental screening, assessment and mitigation, approval, implementation, auditing, monitoring and evaluation of Subprojects, and record-keeping and procurement pertaining thereto, using a community-driven development approach whereby Subproject proposals emanate from community groups in Eligible Municipalities and those Subprojects are financed up to a minimum of ten percent (10%) of their cost, in cash or in kind, by the provisions community group in question; a provision limiting the cost of Schedule 1 any individual Subproject to no more than $50,000 equivalent ($100,000 equivalent in the Project Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04case of a potable water, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 of the Project Agreement.sewerage or drainage Subproject); and
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) Section 3.01. The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan this Agreement, shall cause HV PNOC-EDC to carry out the Project and to perform in accordance with the provisions of the Project Agreement all the obligations of PNOC- EDC therein set forth, all with due diligence and efficiency and in conformity with appropriate economic, energy, engineering, financial, administrative and environmental practices, and shall promptly take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, resources necessary or appropriate appropriate, to enable PNOC-EDC to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the entire proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), PNOC-EDC under a Subsidiary Loan Agreement to be entered into between the Borrower and HV PNOC-EDC, under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:Bank.
(db) The Borrower shall exercise its rights and obligations under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank Bank, and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement Agreement, or any provision thereof.
Section 3.023.03. Except The Borrower shall take all action necessary to ensure that: (a) any adverse environmental impact of the Project, or any part thereof, is mitigated in a timely manner which is acceptable to the Bank; and (b) adequate measures are promptly adopted and carried out for the resettlement and rehabilitation of the persons involuntarily displaced as a result of the Project, or any part thereof, all in accordance with a resettlement plan previously approved by the Bank.
Section 3.04. Without limitation or restriction upon the provisions of Section 9.01 of the General Conditions, beginning on June 30, 1994, the Borrower shall furnish to the Bank: (a) quarterly Project procurement progress reports and quarterly Project implementation progress reports, of such scope and detail as the Bank shall otherwise agreereasonably request, procurement of goods, works and consultants’ services required for covering the Project and to be financed out of the proceeds of the Loan shall be governed progress achieved by the provisions of Schedule 1 to Borrower and PNOC-EDC during the Project Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 of the Project Agreement.immediately preceding quarter; and
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the Project, Project as set forth in Schedule 2 to this Agreement and, to this end:
(i) shall carry out, through MNRI, Parts A and C of the Project with due diligence and efficiency and in conformity with appropriate administrative and financial practices and shall provide, promptly as needed, the funds, facilities, services and other resources required for such Part of the Project; and
(ii) without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, the Borrower: (A) shall cause HV EAGB to perform all its respective obligations set forth in accordance with the provisions of the EAGB Project Agreement all the obligations therein set forthAgreement, (B) shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable EAGB to perform such obligations, and (C) shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph paragraph
(a) of this Section and except as the Borrower Association and the Bank Borrower shall otherwise agree, the Borrower shall cause HV to carry out Parts A and C of the Project in accordance with the Implementation Program set forth in Schedule 4 5 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan Credit necessary to HV, allocated from time carry out Part B of the Project to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), EAGB under a subsidiary loan agreement (the EAGB Subsidiary Loan Agreement to be entered into Agreement) between the Borrower and HV EAGB, under terms and conditions which shall have been approved by the Bank and Association, which shall include provide, inter alia, that the following conditions:proceeds of the Credit shall be relented at an interest rate of 7.7% per annum, for a term of twenty years, including a five-year grace period, with the exchange risk between the currency of payment and the currency of repayment to be borne by EAGB.
(d) The Borrower shall exercise its rights under the EAGB Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the Loan, Credit and, except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the EAGB Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for Parts A and C of the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
Section 3.03. The Bank Borrower shall: (a) not later than June 30, 1995, furnish to the Association a plan, satisfactory to the Association, describing the actions and measures required to ensure the utilization of the electro-mechanical equipment of the Nova Central electric power plant; and (b) thereafter, proceed to implement such plan in accordance with the time table and other modalities specified therein.
Section 3.04. The Borrower shall: (a) modify, in consultation with EAGB, EAGB’s tariff indexation formula not later than June 30, 1992 in a manner satisfactory to the Association, (b) annually review such formula with the Association, and (c) only further amend such formula with the agreement of the Association. Prior to such modification in 1991, the Borrower shall only permit EAGB’s tariffs to increase from their March 1, 1991 levels if, and only to the extent that, the domestic price of petroleum increases.
Section 3.05. The Borrower shall, no earlier than January 1, 1993 and no later than December 31, 1993, carry out jointly with the Association a mid-term review of the progress made in carrying out the Project.
Section 3.06. The Borrower and the Borrower Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Part B of the Project shall be carried out by HV, through SPSC, EAGB pursuant to Section 2.03 of the EAGB Project Agreement.
Section 3.07. The Borrower shall take all actions necessary to cause its entities and agencies to settle promptly, each month, their bills for electricity and water consumption.
Section 3.08. The Borrower shall: (a) not later than September 30, 1995 adopt a financial restructuring plan for EAGB, which shall be acceptable to the Association, including an assessment of the working capital needs of EAGB; and (b) thereafter proceed to implement such financial restructuring plan in accordance with the time table and other modalities specified therein.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV DHE and NDC to perform in accordance with the provisions of the DHE Project Agreement and the NDC Project Agreement, respectively, all the obligations of DHE and NDC therein set forth, shall take or cause to be taken the actions provided for in the Implementation Program set forth in Schedule 5 to this Agreement, and all actionsother action, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable DHE and NDC to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend a portion of the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), DHE under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV DHE, under terms and conditions which shall have been approved by the Bank and which shall include inter aliathose set forth in Schedule 7 to this Agreement.
(c) The Borrower shall relend a portion of the proceeds of the Loan to NDC under a subsidiary loan agreement to be entered into between the Borrower and NDC, under terms and conditions which shall have been approved by the following conditions:Bank which shall include those set forth in Schedule 7 to this Agreement.
(d) The Borrower shall exercise its rights under the DHE Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the DHE Subsidiary Loan Agreement or any provision thereof.
(e) The Borrower shall exercise its rights under the NDC Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the NDC Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement of goods, works the goods and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 4 to the Project this Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of: (a) Part A of the Project shall be carried out by HV, through SPSC, DHE pursuant to Section 2.03 of the DHE Project Agreement.; and
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement: (i) undertakes that the Municipalidad, acting through EMPAGUA, shall cause HV to perform in accordance with the provisions of the Project Agreement all the obligations of the Municipalidad therein set forth, forth with respect of the Project; and (ii) shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable the Municipalidad, acting through EMPAGUA, to perform such obligations, obligations and shall not take or permit to be taken any action which would prevent or interfere with such performance.;
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), Municipalidad under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV the Municipalidad, for the purpose of having the Municipalidad carry out the Project and under terms and conditions which shall have been approved by the Bank Bank, which terms and which conditions shall include provide, inter alia: (i) an amortization schedule coinciding with the amortization schedule set forth in Schedule 3 to this Loan Agreement; (ii) that the Subsidiary Loan be denominated, disbursed and repaid in Quetzales; and (iii) a mechanism whereby the following conditions:Municipalidad shall be required to repay the Subsidiary Loan and to pay interest and other charges to the Borrower in amounts sufficient to enable the Borrower to repay that portion of the Loan corresponding to the Subsidiary Loan, together with interest and other charges, at the exchange rate prevailing at the time of payment.
(dc) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not not. assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, agree procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions provisions. of Schedule 1 to the Project Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HVthe Municipalidad, acting through SPSCEMPAGUA, pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan this Agreement, shall cause HV assist Lviv and LVK to perform in accordance with the provisions of carry out the Project Agreement all with due diligence and efficiency and in conformity with appropriate financial, engineering, environmental, and technical practices, and shall provide, promptly as needed, the obligations therein set forth, shall take or cause to be taken all actions, including the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performanceresources required for the Project.
(b) Without limitation upon For the provisions purposes of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agreeProject, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower through MOF shall relend the proceeds of the Loan to HV, allocated from time to time to Categories LVK under an agreement (1the Subsidiary Loan Agreement), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower MOF and HV LVK under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditionsincluding provisions whereby:
(di) the principal amount of the Subsidiary Loan shall be repaid by LVK to the MOF in Dollars in semi‑annual installments over twenty years, including a grace period of five years;
(ii) a commitment fee shall be charged on the undisbursed amount of the Subsidiary Loan at a rate equal to the rate payable by the Borrower from time to time pursuant to Section 2.05 of this Agreement; and
(iii) interest shall be charged on the principal amount of the Subsidiary Loan withdrawn and outstanding from time to time at a rate equal to the rate payable by the Borrower from time to time in respect of the Loan pursuant to Section 2.06 (a) of this Agreement plus up to one percent (1%).
(c) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the LoanProject, and, and except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
(d) For the purpose of the Project, the Borrower through MOF, shall enter into a Guarantee Agreement with Lviv providing that Lviv will promptly and fully fulfill all obligations of the LVK to MOF in case of failure by LVK to fulfill its obligations under the Subsidiary Loan Agreement.
Section 3.02. Except as The Borrower shall: (a) ensure that each Additional Investment or Expenditure is selected in accordance with the Bank shall otherwise agree, procurement procedures and selection criteria set forth in Schedule 2 of goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project Agreement; and (b) take all necessary administrative and regulatory measures to facilitate the implementation of the Environmental Mitigation Plan.
Section 3.03. The Bank Borrower and the Borrower Bank hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, LVK pursuant to Section 2.03 2.06 (a) of the Project Agreement.
Section 3.04. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for of the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project Agreement.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan this Agreement, shall cause HV KONEBA and PUSRI to perform in accordance with the provisions of the KONEBA and PUSRI Project Agreement Agreements, respectively, all the obligations of KONEBA and PUSRI therein set forth, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable KONEBA and PUSRI to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend part of the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), KONEBA under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV KONEBA, under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditionsfollowing:
(di) interest shall be payable at a rate of 13.5% per annum on the principal amount of the subsidiary loan withdrawn and outstanding from time to time; and
(ii) the subsidiary loan shall be repaid over a period of fifteen years, including a grace period of five years.
(b) The Borrower shall exercise its rights under the KONEBA Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the KONEBA Subsidiary Loan Agreement or any provision thereof.
(a) The Borrower shall relend part of the proceeds of the Loan to PUSRI under a subsidiary loan agreement to be entered into between the Borrower and PUSRI, under terms and conditions which shall have been approved by the Bank which shall include the following:
(i) interest shall be payable at a rate of 13.5% per annum on the principal amount of the subsidiary loan withdrawn and outstanding from time to time;
(ii) the subsidiary loan shall be repaid over a period of ten years, including a grace period of four years.
(b) The Borrower shall exercise its rights under the PUSRI Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the PUSRI Subsidiary Loan Agreement or any provision thereof.
Section 3.023.04. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 4 to the Project this Agreement.
Section 3.033.05. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Part A of the Project, shall be carried out by HV, through SPSC, KONEBA pursuant to Section 2.03 of the KONEBA Project Agreement, and in respect of Part B of the Project, shall be carried out by PUSRI pursuant to Section 2.03 of the PUSRI Project Agreement.
Section 3.06. The Borrower shall, for purposes of Part A of the Project, maintain the Board of Commissioners, with powers and responsibilities satisfactory to the Bank, consisting of representatives from the Borrower’s Ministry of Mines and Energy, from PUSRI and from other shareholders of KONEBA, and such other representatives as the Borrower may from time to time select, to give policy guidance to XXXXXX.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without shall carry out Part B of the Project with due diligence and efficiency and in conformity with appropriate administrative, financial, and technical practices, and shall provide, promptly as needed, the funds, facilities, services and other resources required for the Project.
(b) Without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, the Borrower shall cause HV SII to carry out Part A of the Project and to perform in accordance with the provisions of the Project Agreement all the obligations of SII therein set forth, shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable SII to perform such other obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(bc) Without any limitation or restriction upon the provisions of paragraph paragraph
(a) of this Section Section, and except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV to carry out Part B of the Project in accordance with the Implementation Program set forth in Schedule 4 3 to this Agreement.
(cd) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend make a portion of the proceeds of the Loan Credit available to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan)SII on a grant basis, under a Subsidiary Loan Agreement to be entered into between the Borrower and HV SII, under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:Association.
(de) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower Association and the Bank Borrower and to accomplish the purposes purpose of the LoanCredit, and, and except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for Part B of the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
Section 3.03. The Bank Association and the Borrower hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Part A of the Project shall be carried out by HV, through SPSC, SII pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall shall, through DCGTx, cause HV the Project Entities to perform perform, in accordance with the provisions of the Project Agreement Agreement, all the obligations of the Project Entities therein set forth, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable the Project Entities to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the The Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.shall:
(ci) For the purpose relend to BNDA of implementing Parts A, B, and C.2, the Borrower shall relend the proceeds of the Loan to HV, as may be allocated from time to time to Categories (1) (b), (2) and (3) in of the table set forth in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan)the Loan Agreement, under a Subsidiary Loan Agreement an Accord de Retrocession to be entered into between the Borrower and HV BNDA, under terms and conditions which shall have been approved by the Bank and which shall include inter aliaan interest rate equal to the Bank’s interest rate on the Loan repayment by BNDA of amounts so relent in equal semiannual installments over a period of twenty years, including a grace period of five years, and bearing by the following conditions:Borrower of the risk of fluctuations in the value of currencies so relent to BNDA; and
(dii) make available to SAPH and HEVEGO for the purposes of Parts A through F (1) and F (2) of the Project, respectively, such amounts out of the proceeds of the Loan as may be allocated from time to time to Categories (1) (a), (4), (5) and (6) and Category (7), respectively, of the table set forth in paragraph 1 of Schedule 1 to the Loan Agreement, on the terms and conditions set forth in the Contracts.
(c) The Borrower shall exercise its rights under the Subsidiary Loan Contracts, the BNDA Agreement and the Accord de Retrocession in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Contracts on the BNDA Agreement or the Accord de Retrocession or any provision thereof.
(d) The Borrower appoints DCGTx for the monitoring and evaluation, supervision and control of the execution of the Project by the Project Entities.
Section 3.02. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Parts A, B, C, D, E and F of the Project shall be carried out by HV, through SPSC, the Project Entities pursuant to Section 2.03 of the Project Agreement.
Section 3.04. The Borrower shall:
(a) amend the BNDA Agreement to include loans to outgrowers under Parts A, B and C of the Project, and to specify the terms and conditions upon which the Borrower shall grant to BNDA throughout the execution of the Project a minimum spread of 3% taking into account BNDA’s resource mobilization costs;
(b) amend its existing Contract with SAPH to extend the duration and to include the works to be managed by SAPH under Parts A, B, C, D, E and F (1) of the Project; and
(c) amend its existing Contract with HEVEGO to include the works to be managed by HEVEGO under Part F (2) of the Project.
Section 3.05. Pursuant to the provisions of Section 3.01 of this Agreement, but without any limitations thereon, the Borrower shall:
(a) for the purposes of the Project, open Project Accounts in the name of SAPH, HEVEGO and BNDA at CAA on terms and conditions satisfactory to the Bank;
(b) make, out of its own resources, an initial deposit of CFAF 25,000,000 in the BNDA account; and
(c) make, out of its own resources and at least quarterly, such further deposits on the basis of estimated cash requirement forecasts made by SAPH, HEVEGO and BNDA, respectively, and reviewed by the Borrower through DCGTx, as shall be required to meet these entities’ expenditures for the Project for the immediately following six-month period.
Section 3.06. The Borrower shall:
(a) prepare and issue a legal framework for the establishment of agricultural investors groups to develop, inter alia, medium-scale rubber plantations; and
(b) cause SAPH to conclude contractual arrangements, acceptable to the Bank, with the agricultural investors group (GMPH) to be established under such framework which shall include, inter alia, provisions for the execution of Part C of the Project under the terms and conditions of the Project Agreement applicable to Part C of the Project.
Section 3.07. The Borrower shall employ at all times during the execution of the Project an agro-economist, with qualifications and terms and conditions of employment satisfactory to the Bank, to strengthen DCGTx in carrying out studies, and the monitoring, evaluation, supervision and control of the execution of the Project.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV HWW to perform in accordance with the provisions of the Project Agreement all the obligations of HWW therein set forth, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable HWW to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), HWW under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV HWW, under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditionsprovisions pursuant to which:
(di) HWW shall carry out Part A of the Project;
(ii) HWW shall repay to the Borrower the proceeds of the Subsidiary Loan denominated in German Marks over a term of 14 years, including a grace period of four years at IBRD variable interest rate plus 1 percent.
(iii) HWW shall pay to the Borrower the equivalent in German Marks (determined as of the respective dates of payment by the Borrower) of the commitment charge and interest paid by the Borrower pursuant to Sections 2.04 and 2.05 of this Agreement on the dates specified in Section 2.06 of this Agreement; and
(iv) the principal amount of the Subsidiary Loan shall be denominated and repaid by HWW in German Marks; such principal amount shall be the equivalent (determined as of the date or respective dates of withdrawal) of the value of the currency or currencies withdrawn from the Loan Account expressed in terms of United States Dollars at the time of withdrawal.
(c) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Borrower and the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof; and
(d) The Borrower shall carry out Part B of the Project through the Ministry of Environment with due diligence and efficiency and in conformity with appropriate administrative, financial and environmental practices, and shall provide, promptly as needed, the funds, facilities, services and other resources required for such Parts of the Project.
Section 3.02. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for Part A of the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Part A of the Project shall be carried out by HV, through SPSC, pursuant to HWW.
Section 2.03 3.04. Without limitation upon the provisions of Article IX of the Project AgreementGeneral Conditions, the Borrower shall:
(a) prepare, based on guidelines acceptable to the Bank, and furnish to the Bank, not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Bank, a plan, of such scope and in such detail as the Bank shall reasonably request, for the future operation of the Project;
(b) afford the Bank a reasonable opportunity to exchange views with the Borrower on the said plan; and
(c) thereafter, carry out the said plan with due diligence and efficiency and in accordance with appropriate practices, taking into account the Bank’s comments thereon.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, shall cause HV the Federation and MWSU to perform in accordance with the provisions of the Project Agreement all the obligations of the Federation and MWSU, therein set forth, shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable the Federation and MWSU to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan Credit to HV, allocated from time the Federation which shall on-lend the proceeds of the Credit to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), MWSU under a Subsidiary Loan Credit Agreement to be entered into between the Borrower Borrower, the Federation and HV MWSU, under terms and conditions which shall have been approved by the Bank and Association which shall include inter alia, the following conditionsfollowing:
(di) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive relend to the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as Federation which shall then onlend to MWSU an amount in Dollars equivalent to the Bank shall otherwise agree, procurement of goods, works and consultants’ services required for the Project and to be financed out amount of the proceeds of Credit allocated from time to time to the Loan shall be governed by Categories set forth in the provisions table in paragraph A.1 of Schedule 1 to this Agreement;
(ii) the Project Agreement.term of the Subsidiary Credit shall be 35 years, including a 10-year grace period;
Section 3.03. The Bank and (iii) the Borrower hereby agree that shall charge the obligations set forth in Sections 9.04Federation which shall charge the MWSU a commitment charge at a rate equal to the rate payable under Section 2.04 of this Agreement, 9.05, 9.06, 9.07, 9.08 and 9.09 on the principal amount to of the General Conditions Subsidiary Credit not withdrawn from time to time;
(relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectivelyiv) interest shall be carried out by HV, through SPSC, pursuant to Section 2.03 charged on the outstanding balance of the Project Subsidiary Credit at a rate equal to the rate of the service charge payable by the Borrower under Section 2.05 of this Agreement.;
(v) the principal amount of the Subsidiary Credit shall be repaid by the Federation and MWSU in Dollars and shall be the equivalent in Dollars (determined as of the date or respective dates of repayment) of the value of currency or currencies withdrawn from the Credit Account on account of expenditures for the Project; and
(vi) the Borrower shall have the right to require modification in the repayment terms of the Subsidiary Credit in conformity with the provisions of Section
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV to perform in accordance with the provisions carry out Part C.1 (b) of the Project Agreement and shall cause NRL to carry out the other parts of the Project, all the obligations therein set forthwith due diligence and efficiency and in conformity with appropriate administrative, financial and engineering practices, and shall take provide, or cause to be taken all actionsprovided, including promptly as needed, the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performanceresources required for the Project.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower Bank and the Bank Borrower shall otherwise agree, the Borrower shall carry out, and shall cause HV NRL to carry out out, the Project in accordance with the Implementation Program set forth in Schedule 4 5 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend $19,200,000 equivalent out of the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), NRL under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV NRL, under terms and conditions which shall have been approved by the Bank and which shall include inter aliaan interest rate per annum equal to the interest rate applicable to the Loan at any given time, a fee equal to the following conditions:guarantee fee payable by the Borrower to the Guarantor, a repayment period of fifteen years including a grace period of five years, and a provision that NRL shall bear the foreign exchange risk.
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement of goods, works the goods and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 4 to the Project this Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 of the Project Agreement.and
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV KSWSE to perform in accordance with the provisions of the Project Agreement all the obligations of KSWSE therein set forth, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable KSWSE to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), KSWSE under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV KSWSE, under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditionsprovisions pursuant to which:
(di) KSWSE shall repay to the Borrower the proceeds of the Subsidiary Loan over a term of 20 years, including a grace period of five years;
(ii) KSWSE shall pay to the Borrower the equivalent in the currency or currencies in which the Subsidiary Loan is denominated (determined as of the respective dates of payment by the Borrower) of the commitment charge and interest paid by the Borrower pursuant to Sections 2.04 and 2.05 of this Agreement; and
(iii) KSWSE shall repay to the Borrower the principal amount of the Subsidiary Loan the equivalent in the currency or currencies in which the Subsidiary Loan is denominated (determined as of the respective dates of repayment by the Borrower) of the equivalent in dollars (determined as of the respective dates of withdrawal from the Loan Account) of the value of the currency or currencies so withdrawn from the Loan Account.
(c) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Borrower and the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof; and
(d) the Borrower shall carry out Part B of the Project through its Ministry of Environmental Protection with due diligence and efficiency and in conformity with appropriate administrative, financial and environmental practices, and shall provide, promptly as needed, the funds, facilities, services and other resources required for such Parts of the Project.
Section 3.02. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project Agreement.
Section 3.03. The Borrower shall ensure that the Project is carried out in accordance with an implementation schedule and performance indicators agreed with the Bank.
Section 3.04. The Borrower shall through its Ministry of Environmental Protection ensure that the Project is carried out in accordance with sound environmental policies and procedures, including, inter alia, the implementation of an environmental mitigation and monitoring plan for the Project satisfactory to the Bank.
Section 3.05. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, . 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Part A of the Project shall be carried out by HV, through SPSC, pursuant to KSWSE.
Section 2.03 3.06. Without limitation upon the provisions of Article IX of the Project Agreement.General Conditions, the Borrower shall:
(a) prepare and furnish to the Bank, not later than six
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, shall carry out Part A of the Project with due diligence and efficiency and in conformity with appropriate administrative, financial, and engineering practices, and shall provide, promptly as needed, the funds, facilities, services and other resources required for Part A of the Project.
(b) The Borrower shall, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV CNPC and SPA to perform all their respective obligations set forth in accordance with the provisions of the Project Agreement all the obligations therein set forthAgreement, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable CNPC and SPA to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) CNPC and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), SPA under a Subsidiary Loan Agreement separate subsidiary loan agreements to be entered into between the Borrower and HV CNPC and the Borrower and SPA, under terms and conditions which shall have been approved agreed to by the Bank and which shall include inter aliainclude: (i) the proceeds of each subsidiary loan shall be repaid over a period of twenty years, including five years of grace; (ii) CNPC and SPA shall each pay interest on the following conditions:principal amount of its subsidiary loan withdrawn and outstanding from time to time at the rate calculated in accordance with Section 2.05 of this Agreement; (iii) CNPC and SPA shall each pay to the Borrower a commitment charge on the principal amount of its subsidiary loan not withdrawn from time to time at the rate stated in Section 2.04 of this Agreement; and (iv) CNPC and SPA shall each bear the foreign exchange risk in respect of its subsidiary loan.
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement Agreements in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement Agreements or any provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement of goods, works the goods and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 4 to the Project this Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Part E.2 and Parts B, C, D, and E.1 of the Project shall be carried out by HV, through SPSC, CNPC and SPA respectively pursuant to Section 2.03 of the Project Agreement.
Section 3.04. The Borrower shall carry out the Sichuan Gas Pricing and Allocation Reform Action Plan, agreed with the Bank, in a manner satisfactory to the Bank.
Section 3.05. The Borrower shall revise and adopt accounting standards for the oil and gas sector consistent with internationally accepted accounting standards.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV to perform in accordance with the provisions of carry out the Project Agreement all with due diligence and efficiency and in conformity with appropriate administrative, financial, engineering and environmental practices, and shall provide, promptly as needed, the obligations therein set forth, shall take or cause to be taken all actions, including the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performanceresources required for the Project.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For Without limitation upon the purpose provisions of implementing Parts A, B, paragraphs (a) and C.2(b) of this Section, the Borrower shall relend the proceeds shall: (i) carry out Part A.1 of the Loan to HVProject through IFC in accordance with the PCG Framework Agreement and the PCG Facility Agreements, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under on terms and conditions acceptable to the Association; (ii) perform all its obligations and take all actions necessary on its part to enable IFC to perform all IFC’s obligations under said agreements; (iii) not take or permit to be taken any action which shall have been approved by the Bank would prevent or interfere with such performance; and which shall include inter alia, the following conditions:
(div) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive waive, or permit to be assigned, amended, abrogated or waived the Subsidiary Loan Agreement said agreements or any provision thereof.
Section 3.02. (a) Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to this Agreement, as said provisions may be further elaborated in the Procurement Plan.
(b) The Borrower shall update the Procurement Plan in accordance with guidelines acceptable to the Project AgreementAssociation, and furnish such update to the Association, for the Association’s approval.
Section 3.03. The Bank Without limitation upon the provisions of paragraph (a) of Section 3.01 of this Agreement, and except as the Borrower and the Association shall otherwise agree, the Borrower hereby agree shall:
(a) open an account in Cedi in the Bank of Ghana (the Project Account), and thereafter maintain the Project Account under terms and conditions acceptable to the Association until the completion of the Project;
(b) deposit into the Project Account: (i) an initial amount of 200,000,000 Cedi; and (ii) thereafter, at quarterly intervals, replenish the Project Account by the amounts required to finance the Borrower’s contribution for expenditures under the Project other than those financed from the proceeds of the Credit, as shall be agreed upon between the Borrower and the Association; and
(c) ensure that funds deposited into the obligations set forth Project Account in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 accordance with paragraph (b) of this Section shall be used exclusively to finance expenditures under the Project other than those financed from the proceeds of the Credit.
Section 3.04. For the purposes of Section 9.06 of the General Conditions and without limitation thereto, the Borrower shall:
(relating a) prepare, on the basis of guidelines acceptable to insurancethe Association, use of goods and servicesfurnish to the Association not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Association, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant a plan designed to Section 2.03 ensure the continued achievement of the Project AgreementProject’s objectives; and
(b) afford the Association a reasonable opportunity to exchange views with the Borrower on said plan.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV to perform in accordance with the provisions of carry out the Project Agreement all with due diligence and efficiency and in conformity with appropriate administrative, financial and environmental practices and shall provide, promptly as needed, the obligations therein set forth, shall take or cause to be taken all actions, including the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performanceresources required for the Project.
(b) Without limitation upon to the provisions of paragraph (a) of this Section Section, and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 5 to this Agreement.
(ca) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend make available out of the proceeds of the Loan to HV, the amounts allocated from time to time to Categories (1), ) (a) and (2) and (3a) in of the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), to Participating Local Governments and Participating PDAMs under a Subsidiary Loan Agreement to be subsidiary loan agreements entered into between the Borrower and HV each Participating Local Government and the Borrower and, each Participating PDAM, respectively, under terms and conditions which shall have been approved by the Bank and Bank, which shall include include, inter alia, the following principal terms and conditions:: (i) the amount repayable under each Subsidiary Loan shall be the Rupiah equivalent at the time of withdrawal of such proceeds of the Loan; (ii) the interest on the principal amount withdrawn and outstanding of a Subsidiary Loan shall be payable at a fixed annual rate of 11.75%; (iii) the commitment charge shall be payable on the amount so on-lent but not yet withdrawn from time to time at the rate payable by the Borrower in accordance with Section 2.04 of this Agreement; and (iv) the repayment period of each Subsidiary Loan shall be up to twenty (20) years, including a grace period of up to five (5) years.
(b) The Borrower shall make available out of the proceeds of the Loan to the Participating Local Governments and Participating PDAMs, on a grant basis, the amount allocated from time to time to Categories (1)(b), (2)(b), and (3)(b) of the table in paragraph 1 of Schedule 1 to this Agreement, in accordance with terms and conditions which shall have been approved by the Bank.
(c) The Borrower shall enter into a provincial program implementation memorandum with East Java on terms and conditions satisfactory to the Bank including those set forth in Part A.1 of Schedule 5 to this Agreement.
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement Agreements and Provincial Program Implementation Memorandum in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, Project and except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive any of the Subsidiary Loan Agreement Agreements or the Provincial Program Implementation Memorandum or any provision thereof.
Section 3.023.03. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 4 to the Project this Agreement.
Section 3.033.04. The Bank and For the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, purposes of Section 9.08 and 9.09 of the General Conditions and without limitation thereto, the Borrower shall:
(relating a) prepare, on the basis of guidelines acceptable to insurancethe Bank, use of goods and servicesfurnish to the Bank not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Bank, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 a plan for the future operation of the Project AgreementProject; and
(b) afford the Bank a reasonable opportunity to exchange views with the Borrower on said plan.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end:
(i) shall carry out Part A of the Project with due diligence and efficiency and in conformity with appropriate administrative, environmental and financial practices and shall provide, promptly as needed, the funds, facilities, services and other resources required for said Part; and
(ii) without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, the Borrower shall cause HV NIB to perform all its obligations set forth in accordance with the provisions of the Project Agreement all the obligations therein set forthAgreement, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable NIB to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section Section, and except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV to shall: (i) coordinate the overall implementation of the Project, and (ii) carry out Part A of the Project Project, in accordance with the Implementation Program set forth in Schedule 4 3 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend make available the proceeds of the Loan Credit to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), NIB under a Subsidiary Loan Agreement subsidiary financing agreement to be entered into between the Borrower and HV NIB, under terms and conditions which shall have been approved by the Bank Association and which shall include inter alia, the following conditions:those set forth in paragraph 2 of Schedule 3 to this Agreement.
(d) The Borrower shall exercise its rights under the Subsidiary Loan Financing Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, and except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Financing Agreement or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of goods, works the goods and consultants’ services required for Part B of the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 2 to the Project Agreement.
Section 3.03. The Bank For the purposes of Section 9.07 of the General Conditions and without limitations thereto, the Borrower shall:
(a) prepare or cause to be prepared, on the basis of guidelines acceptable to the Association, and furnish to the Association not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Association, a plan for the future operation of the Project; and
(b) afford the Association a reasonable opportunity to exchange views with the Borrower on said plan.
Section 3.04. The Borrower and the Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Part B of the Project shall be carried out by HV, through SPSC, NIB pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, shall cause HV the Project Provinces to perform in accordance with the provisions of the Project Agreement all the of their respective obligations therein set forth, shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable the Project Provinces to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) For the purpose of carrying out each Project Province’s Respective Part of the Project, the Borrower shall make available to said Project Province part of the proceeds of the Credit on the following principal terms:
(i) the principal amount so made available to said Project Province shall be the equivalent in terms of SDRs (determined as of the date, or respective dates, of withdrawal from the Credit Account) of the value of the currency or currencies so withdrawn on account of the cost of items required for said Project Province’s Respective Part of the Project and to be financed out of the proceeds of the Credit (the Credit Amount);
(ii) the Borrower shall recover the Credit Amount from said Project Province in dollars (determined as of the date or dates of recovery) in semi-annual installments over a period of 17 years, inclusive of a grace period of 5 years;
(iii) the Borrower shall charge said Project Province a service charge on the Credit Amount withdrawn and outstanding from time to time, at a rate which shall not exceed the charge payable by the Borrower from time to time pursuant to Section 2.05 of this Agreement; and
(iv) the Borrower shall charge said Project Province a commitment fee on the principal amount of the Credit so made available and not withdrawn from time to time at a rate which shall not exceed one half of one percent (0.5%) per annum.
(c) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV to carry out take the Project in accordance with the Implementation Program actions set forth or referred to in Schedule 4 to this Agreement.
(c) For , in order to ensure the purpose of implementing Parts A, B, and C.2, the Borrower shall relend the proceeds proper implementation of the Loan to HV, allocated from time to time to Categories (1), (2) Project and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests achievement of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision objectives thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 to the Project Agreement.
Section 3.03. The Bank Borrower and the Borrower Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, each Project Province in respect of its Respective Part of the Project pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower Recipient declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan this Agreement, shall cause HV HBOR to perform in accordance with the provisions of the Project Agreement all the obligations of HBOR therein set forth, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, and cause to be taken all action, necessary or appropriate to enable HBOR to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) The Recipient shall: (i) make the proceeds of the GEF Trust Fund Grant available to HBOR under a HBOR GEF Grant Implementation Agreement to be entered into between the Recipient and HBOR, under terms and conditions which shall have been approved by the Bank; (ii) exercise its rights under the HBOR GEF Grant Implementation Agreement in such manner as to protect the interests of the Recipient and the Bank and to accomplish the purposes of the GEF Trust Fund Grant , and, except as the Bank shall otherwise agree, the Recipient shall not assign, amend, abrogate or waive the HBOR GEF Grant Implementation Agreement or any provision thereof.
(c) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower Recipient and the Bank shall otherwise agree, the Borrower Recipient shall cause HV HBOR to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 2 to this the Project Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:
(d) The Borrower Recipient shall exercise its rights ensure that EPEEF enters into an agreement with HBOR, the EPEEF-HBOR Project Implementation Agreement, under terms acceptable to the Subsidiary Loan Agreement in such manner as to protect the interests Bank.
(e) Upon completion of the Borrower Project, the Recipient and the Bank shall decide on the use of the outstanding balance of funds, if any, in the Contingent Loan Facility to be refunded by HBOR to the Recipient. The Bank and to accomplish the Recipient shall ensure that any such outstanding fund will be used in accordance with the objectives of GEF and for the purposes of protecting the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereofglobal environment and promoting environmentally sound and sustainable economic development.
Section 3.02. (a) Except as the Bank shall otherwise agree, procurement of goods, works consulting services and consultants’ services training required for Part A of the Project and to be financed out of the proceeds of the Loan GEF Trust Fund Grant shall be governed by the provisions of Schedule 1 to the Project Agreement, as said provisions may be further elaborated in the Procurement Plan. Procurement of consulting services required for the Renewable Energy Sub-project under Part B of the Project and to be financed out of the proceeds of the GEF Trust Fund Grant shall be governed by the provisions of the PIP.
(b) The Recipient shall, together with HBOR, update the Procurement Plan in accordance with guidelines acceptable to the Bank, and furnish such update to the Bank not later than 12 months after the date of the preceding Procurement Plan, for the Bank’s approval.
Section 3.03. The Bank and the Borrower Recipient hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 9.07 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, HBOR pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Global Environment Facility Trust Fund Grant Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the Project, Project as set forth in Schedule 2 to this Agreement and, to this end: (i) shall carry out Part G of the Project with due diligence and efficiency and in conformity with appropriate financial and administrative practices, and shall provide, promptly as needed, the funds, facilities, services and other resources required for Part G of the Project; and (ii) without any limitation or restriction upon any of its other obligations under the Loan this Agreement, shall cause HV BOG to perform in accordance with the provisions of the Project Agreement all the obligations of BOG therein set forth, shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, resources necessary or appropriate to enable BOG to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions The Borrower shall, out of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend the proceeds of the Loan Credit, make available to HV, allocated from time to time to Categories (1), (2) and (3) in BOG an amount not exceeding the table in paragraph 1 equivalent of Schedule 1 to this Agreement (Subsidiary Loan), SDR 14,840,000 under a subsidiary administration agreement (the Subsidiary Loan Agreement Administration Agreement) to be entered into between the Borrower and HV BOG under terms and conditions which shall have been approved by the Bank Association and which shall include inter alia, that the following conditions:Borrower bears the foreign exchange risk.
(dc) The Borrower shall exercise its rights under the Subsidiary Loan Sub- sidiary Administration Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, and except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Administration Agreement or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, :
(a) procurement of goods, works the goods and consultants’ services required for Part G of the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to this Agreement; and
(b) procurement of the goods and consultants’ services required for Parts B through F of the Project and to be financed out of the proceeds of the Credit shall be governed by the provi- sions of Schedule 3 to the Project Agreement.
Section 3.03. The Bank Borrower and the Borrower Association hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.03 through 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Parts A through F of the Project shall be carried out by HV, through SPSC, BOG pursuant to Section 2.03 2.04 of the Project Agreement.
Section 3.04. The Borrower shall cause the Association of Rural Banks to submit, not later than September 30, 1989, and September 30, 1990, respectively, to the Association for its review and comments its annual work program for the following year.
Section 3.05. The Borrower shall implement, not later than December 31, 1990, the recommendations of the studies under Part D of the Project acceptable to the Association.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan AgreementDevelopment Credit Agreement shall: (i) carry out Part A of the Project with due diligence and efficiency and in conformity with appropriate administrative, financial, engineering and forestry practices, and shall provide, promptly as needed, the funds, facilities, services, and other resources required for the Project; (ii) carry out Part A of the Project in accordance with an Operational Action Plan satisfactory to the Association; and (iii) cause HV BLC to perform in accordance with the provisions of the Project Agreement all the obligations of BLC therein set forth, shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable BLC to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan Credit to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), BLC under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV BLC, under terms and conditions which shall have been approved by the Bank Association and which shall include include, inter alia, the following conditionsfollowing:
(di) the Borrower shall charge BLC an annual interest rate of 12%;
(ii) repayment period shall be within 9 years inclusive of a grace period of 2 years; and
(iii) BLC shall bear the foreign exchange risk.
(c) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, and except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank Association and Switzerland shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit and the Swiss Contribution shall be governed by the provisions of the Schedule 1 to the Project Agreement.
Section 3.03. The Bank Borrower and the Borrower Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Parts B through H of the Project shall be carried out by HV, through SPSC, BLC pursuant to Section 2.03 of the Project Agreement.
Section 3.04. In order to evaluate the achievement of Project objectives, the Borrower, BLC, the Association and Switzerland shall, by December 31, 1990, carry out a mid-term review of the implementation of the Project.
Section 3.05. For the purposes of effective coordination of all projects in the forestry sector, the Borrower shall:
(a) organize, at least once a year, a joint review of said projects among donors, BLC and FD under the chairmanship of the Planning Commission of the Borrower; and
(b) hold an annual workshop, timed with the joint review mentioned in the preceding paragraph, to be attended by the managers of the various forestry projects and to be chaired by the Ministry of Agriculture of the Borrower.
Section 3.06. The Borrower shall cause the Project Coordinator to prepare and furnish to the Association with the following reports:
(a) semiannual Project progress report not later than March 31 and September 30 of each year of Project implementation; and
(b) a mid-term Project review report to be furnished not later than September 30, 1990.
Section 3.07. By November 30 of each year, the Borrower shall instruct BLC regarding the cutting area priorities for the following year.
Section 3.08. In order to assist in carrying out Part A of the Project, the Borrower shall appoint to its FD by April 30, 1988:
(a) one additional ranger and two additional foresters to assist in carrying out the pest management and research program; and
(b) four additional foresters to carry out markings of trees in the priority areas for cutting by BLC.
Section 3.09. By December 31, 1988, or such other date agreed with the Association, the Borrower shall carry out: (a) a pre-harvest inventory; (b) a waste and defect study; and (c) furnish the findings of (a) and (b) to the Association for its review and comments.
Section 3.10. In order to assist the Borrower in carrying out Part A of the Project, the Borrower shall employ consultants whose qualifications, experience and terms and conditions of employment shall be satisfactory to the Association. Such consultants shall be selected in accordance with principles and procedures satisfactory to the Association on the basis of the "Guidelines for the Use of Consultants by World Bank Borrowers and by the World Bank as Executing Agency" published by the Bank in August 1981.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, shall cause HV AWSC to perform in accordance with the provisions of the Project Agreement all the obligations of AWSC therein set forth, shall take or and cause to be taken all actionsaction, including the provision of fundsfunds to meet AWSC’s expenses which cannot be met by revenues collected by AWSC, provision of facilities, services and other resources, necessary or appropriate to enable AWSC to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the The Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend re-lend the proceeds of the Loan Credit to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), AWSC under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV AWSC, under terms and conditions conditions, which shall have been approved by the Bank and Association, which shall include inter alia, the following conditionsinclude:
(di) the principal amount of the Subsidiary Loan shall be repaid by AWSC to the Borrower in equal semi-annual installments over forty (40) years, including a grace period of ten (10) years;
(ii) the principal amount of the Subsidiary Loan repayable by AWSC shall be the equivalent in Drams (determined as of the date, or respective dates, of repayment) of the value of the currency or currencies withdrawn from the Credit Account in respect of the above-mentioned Categories;
(iii) interest shall be charged on the principal amount of the Subsidiary Loan withdrawn and outstanding from time to time at a rate equivalent to the rate payable by the Borrower to the Association according to the provisions of Section 2.05 of this Agreement.
(c) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. The Borrower shall open, pursuant to Section 6.01(d) of this Agreement, and thereafter maintain in a commercial bank acceptable to the Association, an account (Project Account), wherein it shall deposit an amount from its own resources sufficient to cover the portion of counterpart financing requirements for local expenditures for which the Borrower is responsible under the Project financing plan and which are projected to be made under the Project in the three months succeeding. The balance in the Project Account, as of the first day of each quarter, shall not be less than $160,000 equivalent, or such other amount as may be approved by the Association on the basis of criteria agreed upon with the Borrower.
Section 3.03. Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
Section 3.033.04. The Bank and For the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 purposes of Section 9.06 of the General Conditions and without limitation thereto, the Borrower shall:
(relating a) prepare, on the basis of guidelines acceptable to insurancethe Association, use of goods and servicesfurnish to the Association not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Association, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 a plan for the future operation of the Project AgreementProject; and
(b) afford the Association a reasonable opportunity to exchange views with the Borrower on said plan.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall shall: (i) carry out Parts A and B of the Project, and take all action required on its part to cause HV the Participating Subsidiaries to perform carry out such Parts of the Project, with due diligence and efficiency and in accordance with the provisions of appropriate administrative, environmental, financial, social and technical standards and practices, and to enable the Project Agreement all Participating Subsidiaries to perform their obligations under the obligations therein set forthSubsidiary Loan Agreements; (ii) provide, shall take or cause to be taken all actionspromptly as needed, including the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligations, resources required for the purpose; and shall (iii) not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and and, except as the Borrower Bank and the Bank Borrower shall otherwise agreeagree otherwise, the Borrower shall cause HV to carry out Parts A and B of the Project, or cause Parts A and B of the Project to be carried out, in accordance with the Implementation Program set forth in Schedule 4 5 to this Agreement.
(c) For the purpose of implementing carrying out Parts A, B, A and C.2B of the Project, the Borrower shall relend onlend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), Participating Subsidiaries under a Subsidiary Loan Agreement subsidiary loan agreements to be entered into between the Borrower and HV each of the Participating Subsidiaries, under the terms and conditions which shall have been approved by the Bank Bank, and which shall include inter aliainclude, the following conditions:without limitation, those set forth in Schedule 8 to this Agreement.
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement Agreements in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive any of the Subsidiary Loan Agreement Agreements or any provision thereof.
Section 3.02. (a) Except as the Bank shall otherwise agree, procurement of goods, works and consultants’ services required for Parts A and B of the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 4 to this Agreement.
(b) Notwithstanding the above or anything provided in this Agreement, in the event that the Bank determines that there is a breach of any of the obligations set forth in Schedule 9 to this Agreement by any of the Participating Subsidiaries in respect of any one or more of the Project Mines, the Bank may decide not to finance from the proceeds of the Loan the portion of any contract for goods or works that was allocated to such Project Mine or Mines. The Bank shall notify the Borrower of such decision after the Bank receives the bid evaluation report pursuant to paragraph 2(c) of Appendix 1 to the Project AgreementGuidelines.
Section 3.03. The Bank and For the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, purposes of Section 9.08 and 9.09 of the General Conditions and without limitation thereto, the Borrower shall:
(relating a) prepare, on the basis of guidelines acceptable to insurancethe Bank, use of goods and servicesfurnish to the Bank not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Bank, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 a plan for the future operation of the Project Agreementand designed to ensure the continued achievement of the Project’s objectives; and
(b) afford the Bank a reasonable opportunity to exchange views with the Borrower on said plan.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV FETF through the Federation and RETF through the Republika Srpska to perform in accordance with the provisions respectively carry out Part A and Part B of the Project Agreement all the obligations therein set forthwith due diligence and efficiency and in conformity with appropriate administrative, economic, financial, managerial and environmental practices, shall take or cause to be taken all actions, including the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligationsenable FETF and RETF to carry out their respective part of the Project, and shall not take or permit to be taken any action which would prevent or interfere with such performanceFETF and RETF carrying out their respective part of the Project.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV FETF through the Federation and RETF through the Republika Srpska to carry out their respective part of the Project in accordance with the provisions of the Implementation Program set forth in Schedule 4 5 to this Agreement.
(ca) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend on-lend the proceeds of the Loan Credit to HV, allocated from time to time to Categories (1), (2) the Federation and (3) in Republika Srpska for purposes of the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), Project under a Subsidiary Loan Agreement separate subsidiary financing and project implementation agreements to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter aliaBorrower, the following conditions:Federation and FETF and the Borrower, Republika Srpska and RETF in accordance with the provisions of the Implementation Program set forth in Schedule 5 to this Agreement.
(db) The Borrower shall exercise its rights under the FETF Subsidiary Loan Financing and Project Implementation Agreement and RETF Subsidiary Financing and Project Implementation Agreement in such a manner so as to protect the interests of the Borrower and the Bank Association, and to accomplish the purposes of the LoanCredit and the objectives of FETF and RETF, and, except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the FETF Subsidiary Loan Financing and Project Implementation Agreement or RETF Subsidiary Financing and Project Implementation Agreement, or any provision thereof.
Section 3.023.03. Except as the Bank Association shall otherwise agree, procurement of goods, works the goods and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the Project, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV Sevastopol CSA and Sevteploservis to perform in accordance with the provisions of the Project Agreement all the obligations of Sevastopol CSA and Sevteploservis therein set forth, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable Sevastopol CSA and Sevteploservis to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan to HV, allocated from time Sevastopol CSA for on-lending to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), Sevteploservis under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower Ministry of Finance, acting as the Representative of the Borrower, and HV Sevastopol CSA, under terms and conditions which shall have been approved agreed by the Bank. Except as the Bank shall otherwise agree, such terms and which conditions shall include inter alia, the following conditionsfollowing:
(di) the principal amount of the Subsidiary Loan shall be denominated in Dollars and shall be repaid by Sevastopol CSA to the Borrower in semi-annual installments over twenty (20) years, including a grace period of five (5) years;
(ii) a fee in an amount equal to one percent (1%) of the amount of the Subsidiary Loan shall be charged and shall be payable upon the date of effectiveness of the Subsidiary Loan;
(iii) interest shall be charged on the principal amount of the Subsidiary Loan withdrawn and outstanding from time to time at a rate equal to the rate payable by the Borrower from time to time pursuant to Section 2.06 (a) of this Agreement plus a margin of up to one percent (1%); and
(iv) a commitment fee shall be charged on the undisbursed amount of the Subsidiary Loan at a rate equal to the rate payable by the Borrower from time to time pursuant to Section 2.05 of this Agreement.
(c) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement of goods, works the goods and consultants’ services required for Parts A, B.1 (a), B.2 (a) and B.3 of the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of the Schedule 1 to the Project Agreement.
Section 3.03. For the purposes of Section 9.08 of the General Conditions and without limitation thereto, the Borrower shall:
(a) prepare, on the basis of guidelines acceptable to the Bank, and furnish to the Bank not later than six (6) months after the Closing Date, or such later date as may be agreed for this purpose between the Borrower and the Bank, a plan for the future operation of the Project; and
(b) afford the Bank a reasonable opportunity to exchange views with the Borrower on said plan.
Section 3.04. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Parts A, B.1 (a), B.2 (a) and B.3 of the Project shall be carried out by HV, through SPSC, Sevteploservis pursuant to Section 2.03 3.03 of the Project Agreement.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV each of the Project Provinces to perform in accordance with the provisions of the Project Agreement all the obligations of said Project Province therein set forth, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable said Project Province to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon The Borrower shall make available to each Project Province its Respective Part of the provisions Proceeds of the Loan on the following principal terms:
(i) Each Project Province shall repay a principal amount equal to the sum of: (A) the amount equivalent in Dollars (determined on the dates of withdrawal from the Loan Account, or payment out of the respective Special Account) of the value of the currency or currencies so withdrawn or paid out, and (B) an amount equal to a pro-rata portion of the amount of the Front-end Fee based on its Respective Part of the Proceeds of the Loan;
(ii) said Project Province shall repay, in Dollars, the principal amount referred to in paragraph (b)(i) above over a period of twenty (20) years, inclusive of a grace period of five (5) years;
(iii) said Project Province shall pay interest on such principal amount withdrawn and outstanding from time to time at a rate equal to the rate of interest applicable from time to time to the Loan pursuant to Section 2.06 (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.; and
(civ) For the purpose of implementing Parts A, B, and C.2, the Borrower said Project Province shall relend the proceeds of the Loan to HV, allocated pay a commitment charge on such principal amount not withdrawn from time to time at a rate equal to Categories three-fourths of one percent (3/4 of 1), (2%) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereofper annum.
Section 3.02. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, each Project Province in respect of its Respective Part of the Project pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Credit Agreement, shall within the limits of its constitutional powers through FMPS cause HV BPE and NEPA to perform in accordance with the provisions of the their respective Project Agreement Agreements all the obligations of BPE and NEPA therein set forth, and shall take or cause to be taken all actions, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable BPE and NEPA to perform such obligationsthe obligations set forth in their respective Project Agreements; and upon unbundling of NEPA, to enable TransysCo and the respective GENCOS and DISCOS to perform their respective obligations to be set forth in the respective Project Agreements to be entered into with the Association upon establishment of TransysCo and the respective GENCOS and DISCOS, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) The Borrower shall grant to BPE the proceeds of the Credit allocated to Categories (2) (a), (3) (a), and (4) (a) set forth in the table in Part A.1 of Schedule 1 to this Agreement under a Subsidiary Grant Agreement, and shall lend to NEPA the proceeds of the Credit allocated to Categories (1), (2) (b), (3) (b), (4) (b), and (5) set forth in the table in Part A.1 of Schedule 1 to NEPA under a Subsidiary Credit Agreement, all under terms and conditions which shall have been approved by the Association;
(c) The Borrower shall exercise its rights under the Subsidiary Grant Agreement and the Subsidiary Credit Agreement in such manner as to protect the interests of the Borrower and the Association and to accomplish the purposes of the Credit and, upon unbundling of NEPA, the Borrower shall assign the NEPA Subsidiary Credit Agreement to a holding company to be established as successor to NEPA, upon terms and conditions satisfactory to the Association; and
(d) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV to through FMPS carry out the Project in accordance with the Program, Project Implementation Manual, CREST, Market Rules and Grid Code, Procurement Procedures Manual, the Environmental and Social Management Framework, the Resettlement Policy Framework, and the Implementation Program set forth in Schedule 4 to this Agreement.
(ca) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to this Agreement, as said provisions may be further elaborated in the Procurement Plan.
(b) The Borrower shall through FMPS update the Procurement Plan in accordance with guidelines acceptable to the Project AgreementAssociation, and furnish such update to the Association not later than 12 months after the date of the preceding Procurement Plan, for the Association’s approval.
Section 3.03. The Bank Borrower shall cause NEPA to:
(a) open and maintain an account (the “Project Account”) in Naira in a commercial bank acceptable to the Association and the Borrower hereby agree on terms and conditions satisfactory to the Association and the Borrower;
(b) promptly thereafter, make an initial deposit into such account, in an amount equivalent to $1,000,000, to finance NEPA’s contribution to the costs of the Project;
(c) thereafter deposit into the Project Account, semi-annually, the amount required to replenish the Project Account up to NEPA's contribution to the costs of the Project; and
(d) use the funds in the Project Account exclusively to finance expenditures under the Project and not otherwise financed out of the proceeds of the Credit.
Section 3.04. The Borrower shall through FMPS, prior to any displacement of any Affected Persons from works to be carried out under the Project:
(a) undertake the acquisition of all necessary land and other property, compensation therefore and resettlement for such works in accordance with the principles and institutional procedures established in the Resettlement Policy Framework;
(b) ensure that Affected Persons from such works shall be compensated, resettled and rehabilitated in accordance with the obligations set forth Resettlement Policy Framework;
(c) prepare and furnish to the Association, a detailed resettlement action plan acceptable to the Association documenting the implementation arrangements for resettlement arising from such works, including compensation, relocation and rehabilitation of Affected Persons;
(d) complete the implementation of such resettlement action plan in Sections 9.04a manner satisfactory to the Association; and
(e) prepare and furnish to the Association, 9.05an Environmental Management Plan, 9.06satisfactory to the Association, 9.07, 9.08 and 9.09 thereafter implement such Plan accordingly.
Section 3.05. For the purposes of Section 9.06 of the General Conditions and without limitation thereto, the Borrower shall through FMPS:
(relating a) prepare, on the basis of guidelines acceptable to insurancethe Association, use and furnish to the Association not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Association, a plan for the future operation of goods the Project; and
(b) afford the Association a reasonable opportunity to exchange views with the Borrower on said plan.
Section 3.06. Upon incorporation of the distribution business units into separate companies, upon incorporation of the generation companies, and servicesupon incorporation of the transmission and operation company, plans the Borrower through FMPS will cause the DISCOS, GENCOS and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant TransysCo to Section 2.03 enter into Project Agreements with the Association thereby assuming NEPA’s respective obligations for implementation of the Project Agreementset forth in the Project Agreement of even date herewith between NEPA and the Association.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end:
(i) shall carry out Part A.5 of the Project, jointly with FPEPB, with due diligence and efficiency and in conformity with appropriate administrative, financial, and engineering practices and shall provide, promptly as needed, the funds, facilities, services and other resources required for such part of the Project; and
(ii) without any limitation or restriction upon any of its other obligations under the Loan Agreement, the Borrower shall cause HV FPEPB to perform all its obligations set forth in accordance with the provisions of the Project Agreement all the obligations therein set forthAgreement, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable FPEPB to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan)FPEPB, under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV FPEPB, under terms and conditions which shall have been approved by satisfactory to the Bank and which shall include inter alia, including the following conditions:
following: (di) The Borrower shall exercise its rights under the term of the Subsidiary Loan Agreement in such manner as to protect shall be twenty years, including five years grace, (ii) FPEPB shall pay interest on the interests principal amount of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as withdrawn and outstanding from time to time at a rate equal to the rate payable by the Borrower to the Bank pursuant to Section 2.05 of this Agreement, (iii) FPEPB shall otherwise agree, procurement of goods, works and consultants’ services required for pay to the Project and to be financed out Borrower a commitment charge on the principal amount of the proceeds Subsidiary Loan not withdrawn from time to time at the rate stated in Section 2.04 of this Agreement, and (iv) FPEPB shall bear all foreign exchange risks and shall repay the principal amount of the Subsidiary Loan equivalent to the principal amount of the Loan shall be governed repayable by the provisions of Schedule 1 Borrower to the Project Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 of the Project Agreement.Section
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) Section 3.01. The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, :
(a) (i) shall cause HV to perform in accordance with the provisions Part A of the Project Agreement to be carried out by the Federation and shall cause Part B of the Project to be carried out by Republika Srpska, all the obligations therein set forthwith due diligence and efficiency and in conformity with appropriate administrative, financial, forestry and environmental practices; (ii) shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligations, enable the Federation to carry out Part A of the Project and to enable Republika Srpska to carry out Part B of the Project; and (iii) shall not take or permit to be taken any action which would prevent or interfere with such performance.the carrying out of said parts of the Project by the Federation and Republika Srpska, respectively;
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank Administrator shall otherwise agree, the Borrower shall cause HV the Federation to carry out Part A of the Project and Republika Srpska to carry out Part B of the Project in accordance with the provisions of the Implementation Program set forth in Schedule 4 5 to this Agreement.
(ca) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend on-lend the proceeds of the Loan Interim Fund Credit to HV, allocated from time to time to Categories (1), (2) the Federation and (3) in Republika Srpska for purposes of the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), Project under a Subsidiary Loan Agreement separate subsidiary credit agreements to be entered into between the Borrower and HV under terms the Federation and conditions which shall have been approved by the Bank Borrower and which shall include inter alia, Republika Srpska in accordance with the following conditions:provisions of the Implementation Program set forth in Schedule 5 to this Agreement.
(db) The Borrower shall exercise its rights under the Subsidiary Loan Agreement Credit Agreements in such a manner as to protect the interests of the Borrower and the Bank Administrator and to accomplish the purposes of the LoanInterim Fund Credit, and, and except as the Bank Administrator shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement Credit Agreements or any provision thereof.
Section 3.023.03. Except as the Bank Administrator shall otherwise agree, procurement of goods, works and consultants’ services the goods required for the Project and to be financed out of the proceeds of the Loan Interim Fund Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
Section 3.033.04. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 shall cause each of the General Conditions (relating Federation and Republika Srpska to insuranceemploy, use by September 30, 1998, procurement agents under terms of reference satisfactory'to the Administrator to assist the Federation and Republika Srpska in the procurement of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried required for the carrying out by HV, through SPSC, pursuant to Section 2.03 of the Project AgreementProject.
Appears in 1 contract
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, shall carry out: (i) Part D.2 of the Project through MME with due diligence and efficiency and in conformity with appropriate administrative, financial, engineering, environmental, resettlement and technical practices, and shall provide, promptly as needed, the funds, facilities, services and other resources required for the Project; and (ii) its obligations under the Management Contract, and ensure that STEE and the Management Contractor carry out their respective obligations without undue interference.
(b) Without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, the Borrower shall cause HV STEE to perform in accordance with the provisions of the Project Agreement all the obligations of STEE therein set forth, and shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable STEE to perform such its obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(bc) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV to carry out Part D.2 of the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(cd) For the purpose purposes of implementing Parts A, B, C and C.2D.1 of the Project, the Borrower shall relend the proceeds of the Loan to HV, allocated Credit from time to time allocated to Categories 1, 2, and 3 (1), (2b) and (3) in of the table in paragraph 1 of Schedule 1 to of this Agreement (Subsidiary Loan), to STEE under a Subsidiary Loan Agreement to be entered into between the Borrower and HV STEE, under terms and conditions which shall have been approved by the Bank Association and which shall include inter aliathe following: the principal amount of the subsidiary loan shall be repaid by STEE in FCFA to the Borrower in annual installments over twenty-two (22) years, including a grace period of seven (7) years; the following conditions:principal amount of the subsidiary loan repayable by STEE shall be the equivalent in FCFA of the value of the currency or currencies withdrawn from the Credit Account in respect of the above mentioned categories, determined as of the date, or respective dates of repayment; interest shall be charged on the outstanding balance of the subsidiary loan at an annual interest rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount for the first seven (7) years and seven percent (7%) thereafter, provided, however, that the principal amount of the subsidiary loan allocated to the water sector shall be repaid by STEE to the Borrower in annual installments over forty (40) years, including a grace period of ten (10) years, with interest charged on the outstanding balance of the subsidiary loan at an annual interest rate of three-fourths of one percent (3/4 of 1%) per annum; and the Borrower shall bear the foreign exchange risks.
(de) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
Section 3.03. The Bank For the purposes of Section 9.06 of the General Conditions and without limitation thereto, the Borrower shall:
(a) prepare, on the basis of guidelines acceptable to the Association, and furnish to the Association not later than six (6) months before the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Association, a plan for the future operation of the Project and the carrying out of the Second Phase of the Investment Program; and
(b) afford the Association a reasonable opportunity to exchange views with the Borrower on said plan.
Section 3.04. The Borrower and the Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Parts A, B, C and D.1 of the Project shall be carried out by HV, through SPSC, STEE pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Trust Fund Credit Agreement, shall cause HV the Federation to perform in accordance with the provisions of carry out the Project Agreement all the obligations therein set forthwith due diligence and efficiency and in conformity with appropriate engineering, administrative, financial and environmental practices, and to this end shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligations, enable the Federation to carry out the Project and shall not take or permit to be taken any action which would prevent or interfere with such performancethe carrying out of the Project by the Federation.
(b) Without limitation upon For purposes of the provisions carrying out by the Federation of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2Project, the Borrower shall relend the proceeds of the Loan Credit to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), Federation under a Subsidiary Loan Finance Agreement to be entered into between the Borrower and HV the Federation under terms and conditions which shall have been approved by the Bank and Trustee, which shall include inter aliathose described in the Implementation Program set forth in Schedule 4 to this Trust Fund Credit Agreement, as such Implementation Program shall be modified from time to time by the following conditions:agreement of the Borrower and the Trustee.
(dc) The Borrower shall exercise its rights under the Subsidiary Loan Finance Agreement in such a manner as to protect the interests of the Borrower and the Bank Trustee and to accomplish the purposes of the LoanCredit, and, except as the Bank Trustee shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Finance Agreement or any provision thereofof any such agreement.
Section 3.02. Except as the Bank Trustee shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
Section 3.03. The Bank and For the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 purposes of Section 9.07 of the General Conditions Conditions, and without limitation thereto, the Borrower shall, or shall cause the Federation to:
(relating a) prepare, on the basis of guidelines acceptable to insurancethe Trustee, use of goods and servicesfurnish to the Trustee not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Trustee, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant a plan designed to Section 2.03 ensure the continued achievement of the Project AgreementProject’s objectives; and
(b) afford the Trustee a reasonable opportunity to exchange views with the Borrower on said plan.
Appears in 1 contract
Samples: Trust Fund Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan this Agreement, shall cause HV assist Lviv and LVK to perform in accordance with the provisions of carry out the Project Agreement all with due diligence and efficiency and in conformity with appropriate financial, engineering, environmental, and technical practices, and shall provide, promptly as needed, the obligations therein set forth, shall take or cause to be taken all actions, including the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performanceresources required for the Project.
(b) Without limitation upon For the provisions purposes of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agreeProject, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower through MOF shall relend the proceeds of the Loan to HV, allocated from time to time to Categories LVK under an agreement (1the Subsidiary Loan Agreement), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower MOF and HV LVK under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditionsincluding provisions whereby:
(di) the principal amount of the Subsidiary Loan shall be repaid by LVK to the MOF in Dollars in semi-annual installments over twenty years, including a grace period of five years;
(ii) a commitment fee shall be charged on the undisbursed amount of the Subsidiary Loan at a rate equal to the rate payable by the Borrower from time to time pursuant to Section 2.05 of this Agreement; and
(iii) interest shall be charged on the principal amount of the Subsidiary Loan withdrawn and outstanding from time to time at a rate equal to the rate payable by the Borrower from time to time in respect of the Loan pursuant to Section 2.06 (a) of this Agreement plus up to one percent (1%).
(c) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the LoanProject, and, and except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
(d) For the purpose of the Project, the Borrower through MOF, shall enter into a Guarantee Agreement with Lviv providing that Lviv will promptly and fully fulfill all obligations of the LVK to MOF in case of failure by LVK to fulfill its obligations under the Subsidiary Loan Agreement.
Section 3.02. Except as The Borrower shall: (a) ensure that each Additional Investment or Expenditure is selected in accordance with the Bank shall otherwise agree, procurement procedures and selection criteria set forth in Schedule 2 of goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project Agreement; and (b) take all necessary administrative and regulatory measures to facilitate the implementation of the Environmental Mitigation Plan.
Section 3.03. The Bank Borrower and the Borrower Bank hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, LVK pursuant to Section 2.03 2.06 (a) of the Project Agreement.
Section 3.04. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for of the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project Agreement.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan this Agreement, shall cause HV WAJ to perform in accordance with the provisions of carry out the Project Agreement all with due diligence and efficiency and in conformity with appropriate administrative, financial, engineering, and environmental practices, and shall provide, promptly as needed, the obligations therein set forth, shall take or cause to be taken all actions, including the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performanceresources required for the Project.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the The Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend on-lend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), WAJ under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under on terms and conditions which shall have been approved by the Bank and Bank, which shall include inter aliainclude, without limitation, terms whereby: (i) the following conditions:principal amount thereof shall be the equivalent in Jordanian Dinars determined on the date of repayment of the amounts due under the Loan; (ii) the principal amount so made available shall be recovered over a period of 17 years, including a grace period of 4 years; (iii) interest shall be charged on the principal amount so made available and withdrawn and remaining unrecovered from time to time, at a rate equal to the rate of interest applicable from time to time to the Loan pursuant to Section 2.05 of this Agreement.
(dc) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement of the goods, works works, and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 2 to the Project Agreement.
Section 3.03. The Bank Borrower and the Borrower Bank hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, WAJ pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, end without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, shall cause HV the Executing Agency to perform in accordance with the provisions of the Project Agreement Convention all the obligations of the Executing Agency therein set forth, shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable the Executing Agency to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation For the purpose of carrying out the Project, the Borrower shall enter into an agreement or agreements with the Executing Agency (the Convention) on terms and conditions satisfactory to the Association which shall include, inter alia:
(i) provisions for the transfer of the proceeds of the Credit on a non reimbursable basis: (A) for purposes of financing expenditures incurred by Imple- xxxxxxx Entities in the carrying out of SubProjects; (B) for operating costs and equipment of the Executing Agency, including the obligation of the Executing Agency to return all of its equipment to the Borrower upon completion of the provisions Project or the day before its dissolution in accordance with the statutes of paragraph the Executing Agency, whatever happens first; and (aC) for the activities to be carried out under Part B of this Section the Project;
(ii) the obligation of the Executing Agency to take all measures necessary to ensure that the Project is carried out with due diligence and except as efficiency and in accordance with appropriate administrative, technical and financial practices;
(iii) the Xxxxxx de Procedures specifying the obligations of the Executing Agency relating to the execution of the Project, selection of Sub- Projects, procurement and preparation of evidence required for withdrawal requests and replenishment of the Special Account;
(iv) the obligation of the Executing Agency to keep the positions of General Manager, Technical Director and Financial Director filled with employees with adequate experience and qualifications;
(v) the obligation of the Executing Agency to promptly inform the Borrower and the Bank shall otherwise agreeAssociation of any condition which interferes, or threatens to interfere, with the progress of the Project and Sub- Projects, the accomplishment of the purposes of the Credit, or the performance of the Executing Agency of its obligations under the Convention, or the performance of the Executing Agency and Implementing Entities under the Sub- Project Contracts;
(vi) the obligation of the Executing Agency to provide by the fifteenth day of each month reports of such scope and in such detail as the Borrower or the Association shall cause HV reasonably request;
(vii) a sample Sub-Project Contract;
(viii) a sample Beneficiary Agreement; and
(ix) the obligation of the Executing Agency to carry out submit to the Project in accordance with Association, not later than October 15, 1990, a new program of proposed Sub-Projects aggregating the Implementation Program set forth in Schedule 4 estimated cost of $7,5 million satisfactory to this Agreementthe Association.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement Convention in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, and except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement Convention or any provision thereof.
(d) Without limitation upon the provisions of Sec- tion 3.01 (a) of this Agreement the Borrower shall:
(i) cause the Executing Agency to execute new SubProjects aggregating the equivalent of $5 million before June 30, 1992, out of which Sub-Projects aggregating the equivalent of at least $2,5 million shall be completed before June 30, 1991; and
(ii) make available to the Executing Agency out of its own resources all the necessary funds needed for the execution of the Sub-Projects referred to in sub- paragraph (i) of this Section.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of Without any limitation to or restriction upon its other reporting requirements under the General Conditions (relating and this Agreement, the Borrower shall exchange views, and shall cause the Executing Agency to insuranceexchange views, use of goods with the Association, at all such times as the Association shall reasonably request, but in any event not later than January 31, 1991, or such other date as the Borrower and servicesthe Association shall agree, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant with regard to Section 2.03 the progress of the Project Agreementand Sub-Projects, the management of the operations of the Executing Agency, the performance by the Executing Agency of its obligations under the Convention, (including procurement procedures) and the performance by the Executing Agency and Implementing Enterprises of their respective obligations under Sub-Project Agreements, and other matters relating to the purposes of the Credit.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without shall carry out Part B of the Project with due diligence and efficiency and in conformity with appro- priate administrative, financial, public health management, nutrition and family planning practices and shall provide, or cause to be provided, promptly as needed, the funds, facilities, services and other resources required for the Project.
(b) Without any limitation or restriction upon any of its other obligations under the Loan Agreement, the Borrower shall within the limits of its constitutional powers, cause HV Imo State to perform in accordance with the provisions of the Project Agreement all the obligations of Imo State therein set forth, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable Imo State to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(bc) Without limitation or restriction upon the provisions of paragraph (a) of this Section Section, the Borrower shall: (i) under a specific sub-head of estimate in the budget provide amounts sufficient to cover the Borrower’s counterpart contribution to the costs of the Project, (ii) open and except as maintain a project account (the FMOH Project Account) to be used exclusively to meet expenditures for Part B of the Project, and (iii) thereafter promptly pay each quarter of the year: (A) into the Imo State Project Account, the Borrower’s counterpart contribution to the costs for that quarter of Part A of the Project, and (B) into the FMOH Project Account, the Borrower’s counterpart contribution to the costs for that quarter for Part B of the Project. The said quarterly payments shall commence in the quarter immediately following the quarter in which the Loan becomes effective and shall be made no later than the first month of the quarter. The Borrower and the Bank shall otherwise agree, presently estimate the Borrower shall cause HV Borrower’s counterpart contribution to carry out the costs of the Project in accordance with to amount to $4,300,000 equivalent over the Implementation Program set forth in Schedule 4 to this Agreementproject period.
(cd) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend to Imo State out of the proceeds of the Loan an amount equivalent to HV, twenty-two million three hundred thousand dollars ($22,300,000) or such other amounts as shall be allocated from time to time to Categories (1), (2), (3), (4) and (36) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV Imo State, under terms and conditions which shall have been approved by the Bank and which shall include inter aliaprovisions requiring (i) repayment of principal in 20 years (including 5 years of grace), (ii) annual interest at the following conditions:
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement variable rate provided for in such manner as to protect the interests Section 2.05 of the Borrower and the Bank and to accomplish the purposes of the Loanthis Agreement, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement of goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, end shall cause HV the MSIF to perform in accordance with the provisions of carry out the Project Agreement all with due diligence and efficiency and in conformity with appropriate administrative, financial, and social services practices, and shall provide, promptly as needed, the obligations therein set forth, shall take or cause to be taken all actions, including the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performanceresources required for the Project.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV the MSIF to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend make the proceeds of the Loan Credit available to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), MSIF under a Subsidiary Loan the Implementation Agreement to be entered into between the Borrower and HV the MSIF, under terms and conditions which shall have been approved by the Bank and which shall include inter aliaAssociation, the following conditions:including those set forth in paragraph 1 of Schedule 4 to this Agreement.
(d) The Borrower shall exercise its rights under the Subsidiary Loan Implementation Agreement in such a manner as to protect the interests of the Borrower and the Association and to accomplish the purposes of the Credit, and, except as the Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive, the Implementation Agreement or any provision thereof.
(e) For the purposes of Parts A and B of the Project, the Borrower, through the MSIF, shall make a portion of the proceeds of the Credit available to eligible Beneficiaries under a grant agreement (the Grant Agreement) to be entered into between the MSIF and each Beneficiary, under terms and conditions which shall have been approved by the Association and which shall include those set forth in Schedule 5 to this Agreement.
(f) The Borrower, through the MSIF, shall exercise its rights under each Grant Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan a Grant Agreement or any provision thereof.
Section 3.02. Without limitation upon any of its obligations under Section 3.01 of this Agreement, the Borrower shall: (a) maintain the Project Account referred to in Section 6.01 (c) of this Agreement, and shall replenish said account promptly every quarter with sufficient funds to enable the Borrower to meet its obligations under Section 3.01 of this Agreement for such period; (b) use the amount in said Project Account for financing the Xxxxxxxx’s contribution to Project expenditures; and (c) ensure that sufficient annual allocations will be made in the Borrower’s budget for the Borrower’s counterpart contribution to the costs of the Project.
(a) Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to this Agreement, as said provisions may be further elaborated in the Procurement Plan.
(b) The Borrower shall update the Procurement Plan in accordance with guidelines acceptable to the Project AgreementAssociation, and furnish such update to the Association not later than 12 months after the date of the preceding Procurement Plan, for the Association’s approval.
Section 3.033.04. The Bank and For the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 purposes of Section 9.06 of the General Conditions and without limitation thereto, the Borrower shall:
(relating a) prepare, on the basis of guidelines acceptable to insurancethe Association, use of goods and servicesfurnish to the Association not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Association, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 a plan for the future operation of the Project AgreementProject; and
(b) afford the Association a reasonable opportunity to exchange views with the Borrower on said plan.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower Recipient declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under shall cause CNE, pursuant to the Loan Subsidiary Agreement, shall cause HV to perform carry out the Project with due diligence and efficiency and in conformity with appropriate administrative, financial, engineering, and environmental practices, and in accordance with the provisions of the Project Agreement all the obligations therein set forthOperational Manual, and shall take or cause to be taken all actions, including the provision of funds, facilities, services and other resources, resources necessary or appropriate for CNE to perform such obligationscarry out the Project, and shall not take or permit to be taken any action which would prevent or interfere with such performancethe carrying out of the Project by CNE.
(b) Without limitation upon The Recipient shall make the provisions proceeds of paragraph the Grant available on a grant basis to CNE under an agreement (a) of this Section the Subsidiary Agreement), to be entered between the Recipient and except as CNE, under terms and conditions satisfactory to the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this AgreementBank.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:
(d) The Borrower Recipient shall exercise its rights rights, and carry out its obligations, under the Subsidiary Loan Agreement in such a manner as to protect the interests of the Borrower Recipient and the Bank and to accomplish the purposes of the LoanGrant, and, except as the Bank shall otherwise agree, the Borrower Recipient shall not assign, amend, abrogate abrogate, waive or waive fail to enforce the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as (i) For purposes of carrying out Parts B.2 through B.5 of the Project, the Recipient shall cause CNE to make available to an Eligible Commercial Bank, through an agreement (Commercial Bank shall otherwise agreeAgreement), procurement of goods, works and consultants’ services the required for amounts from the Project and Grant to be financed on-lent to Electricity Providers under another agreement (the Electricity Provider Credit Agreement) to be entered into between the said Eligible Commercial Bank and each Electricity Provider on terms and conditions which shall have been approved by the Bank, to finance the carrying out of the proceeds a Subproject by such Electricity Provider; and for purposes of carrying out Parts B.1 through B.5 of the Loan Project, the Recipient shall be governed by cause CNE to make available to Electricity Providers (except the provisions of Schedule 1 to the Project Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HVSBCS Providers), through SPSCan agreement (the Electricity Provider Subsidy Agreement), pursuant the required amounts from the Grant to Section 2.03 subsidize the carrying out of the Project Agreement.a Subproject by such Electricity Provider;
Appears in 1 contract
Samples: Trust Fund Grant Agreement
Execution of the Project. (a) Section 3.01. The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end:
(a) shall carry out Part D of the Project, through INCIENSA, with due diligence and efficiency and in conformity with appropriate administrative, health, scientific, environmental and financial practices and shall provide, promptly as needed, the funds, facilities, services and other resources required for such Part of the Project;
(b) without any limitation or restriction upon any of its other obligations under the Loan Agreement, the Borrower shall cause HV CCSS to perform all its obligations set forth in accordance with the provisions of the Project Agreement all the obligations therein set forthAgreement, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable CCSS to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.;
(c) For without limitation or restriction to the purpose of implementing Parts A, B, provisions in the above paragraphs (a) and C.2(b), the Borrower Borrower, through MF, shall relend make available part of the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), CCSS under a Subsidiary Loan Agreement to be entered into between the Borrower and HV an agreement under terms and conditions which shall have been approved by the Bank including provisions for the cancellation of the outstanding debt of the Borrower with CCSS and which for the full and timely compliance with the Borrower’s future payment obligations with CCSS related to the health insurance (Seguro de Enfermedad y Maternidad). The Borrower shall include inter alia, authorize the following conditions:respective annual budgetary allocations to ensure that MF is able to comply with the provisions of the above agreement;
(d) The without limitation or restriction to the provisions in the above paragraphs (a) and (b), the Borrower shall annually transfer to CCSS all necessary funds to cover the costs of operating the Health Centers and Health Posts to be transferred from MH to CCSS under the Programa de Integracion. Without limitation or restriction to the above provision, the estimated amounts to be transferred, which include the salaries and fringe benefits of the personnel to be transferred, are the following: $3,400,000 equivalent in Fiscal Year 1995; $8,500,000 equivalent in Fiscal Year 1996; $15,500,000 equivalent in Fiscal Year 1997 and thereafter; and
(e) the Borrower shall duly perform all of its obligations and exercise all of its rights under the Subsidiary Loan Agreement and the Convenio in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except . Except as the Bank shall otherwise agree, the Borrower shall not assigntake or concur in any action which would have the effect of assigning, amendamending, abrogate abrogating or waive waiving the Subsidiary Loan Agreement Agreement, the Convenio or any provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 4 to the Project this Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Parts A, B, C and E of the Project shall be carried out by HV, through SPSC, CCSS pursuant to Section 2.03 of the Project Agreement.
Section 3.04. The Borrower shall:
(a) not later than August 31 of each year during the execution of the Project, prepare and furnish to the Bank, for its review and approval, a proposed annual implementation plan for the upcoming year covering in detail the implementation and cost schedule of Part D of the Project;
(b) not later than June 30 and December 31 of each year during the execution of the Project, prepare and furnish to the Bank a progress report, of such scope and detail as the Bank may reasonably request, on the progress achieved in the implementation of Part D of the Project; and
(c) participate in the annual reviews referred to in Section 2.06 of the Project Agreement and take all necessary action to implement, or to enable CCSS to implement, any remedial actions to be taken as a result of the referred annual reviews.
Section 3.05. The Borrower shall maintain in INCIENSA an organizational structure, functions and staffing, satisfactory to the Bank, for the implementation of Part D of the Project.
Section 3.06. The Borrower shall transfer to CCSS, in a timely fashion, all necessary funds to cover the full costs of health care for the Indigent Population; such costs to be calculated in accordance with a methodology satisfactory to the Bank.
Section 3.07. The Borrower shall, through INCIENSA: (a) carry out, not later than June 30, 1995, the study under Part D.1 of the Project; (b) promptly after its completion, submit to the Bank a copy of the study for its review; (c) not later than October 1, 1995 submit to the Bank an action plan, satisfactory to the Bank, based on the results and recommendations of the study and the Bank’s comments thereon; and (d) implement such action plan in a manner satisfactory to the Bank.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV each of TEPGC and NCPGC to perform in accordance with the provisions of the its respective Project Agreement all the of its obligations therein set forth, shall take or cause to be taken all actions, including the provision of funds, facilities, services and other resources, resources necessary or appropriate to enable each of TEPGC and NCPGC to perform such obligations, obligations and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the portion of the proceeds of the Loan to HV, allocated from time to time to Categories (1), (21)(a) and (32)(a) in the table in paragraph 1 of Schedule 1 to this Agreement TEPGC and to Categories (Subsidiary Loan)1)(b) and (2)(b) to NCPGC, under a Subsidiary Loan Agreement subsidiary loan agreements to be entered into between the Borrower and HV TEPGC and NCPGC, respectively, and under terms and conditions which shall have been approved agreed by the Bank and which shall include inter aliawithout limitation, the following conditionsterms whereby:
(di) The principal amount of each Subsidiary Loan so relent shall be denominated and repayable in Dollars and shall be repaid over a period not exceeding twenty (20) years, inclusive of a grace period not exceeding five (5) years; and
(ii) each Subsidiary Loan shall be charged: (a) interest on the principal amount thereof withdrawn and outstanding from time to time, at a rate equal to the rate applicable to the Loan pursuant to Section 2.05 of the Loan Agreement; and (b) a commitment charge on the principal amount thereof not withdrawn from time to time at a rate equal to three fourths of one percent (3/4 of 1%) per annum.
(c) The Borrower shall exercise its rights under the each Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the either Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement of goods, works the goods and consultants’ services required for Parts A and B of the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the TEPGC Project AgreementAgreement and the NCPGC Project Agreement respectively.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, TEPGC and NCPGC pursuant to Section 2.03 of the Project AgreementAgreements.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end:
(i) shall carry out Part D.1 of the Project with due diligence and efficiency and in conformity with appropriate administrative, financial, engineering, environmental, and technical practices, and shall provide, promptly as needed, the funds, facilities, services and other resources required for the Project; and
(ii) without any limitation or restriction upon any of its other obligations under the Loan this Agreement, shall cause HV each of Armenergo, HVENC and YDC to perform in accordance with the provisions carry out their respective Parts of the Project Agreement all the obligations therein set forthwith due diligence and efficiency and in conformity with appropriate administrative, financial, engineer-ing, environmental, and technical practices, and shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable Armenergo, HVENC and YDC to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall carry out Part D.1 of the Project and shall cause HV Armenergo, HVENC and YDC to carry out their respective Parts of the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(ca) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan to HVCredit, except the portion thereof allocated from time to time to Categories (1), for Part D.1 of the Project under Category (2) and (3) in of the table shown in paragraph 1 of Schedule 1 to this Agreement (Agreement, to Armenergo, HVENC and YDC under the Armenergo Subsidiary Loan)Loan Agreement, under a HVENC Subsidiary Loan Agreement to and the YDC Subsidiary Loan Agreement, respectively, which shall all be entered into between the Borrower and HV under on terms and conditions which shall have been approved by agreed upon with the Bank and which shall include inter aliaAssociation, the following conditions:including those set forth in Schedule 6 to this Agreement.
(db) The Borrower shall exercise its rights under the Subsidiary Loan Agreement Agreements in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement Agreements or any provision thereof.
Section 3.023.03. The Borrower, acting through PIU, shall (a) establish a Project Account in a commercial bank to be exclusively used for financing expenditures incurred under the Project in the currency of the Borrower and not financed from the proceeds of the Credit; and (b) maintain amounts on deposit in the Project Account at all times at a level equivalent to not less than the estimate of such expenditures for the following three-month period.
Section 3.04. Except as the Bank Association shall otherwise agree, procurement of goods, works the goods and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
Section 3.033.05. The Bank Borrower and the Borrower Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSCYDC with respect to its respective activities under the Project, pursuant to Section 2.03 of the YDC Project Agreement.
Section 3.06. For the purposes of Section 9.07 of the General Conditions and without limitation thereto, the Borrower shall:
(a) prepare, on the basis of guidelines acceptable to the Association and furnish to Association not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Association, a plan designed to ensure the continued achievement of the objectives of the Project and the Program; and
(b) afford the Association a reasonable opportunity to exchange views with the Borrower on said plan.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, shall cause HV AGAIB-Savanes and AGAIB-Maritime to perform in accordance with the provisions of the AGAIB-Savanes Project Agreement and the AGAIB-Maritime Project Agreement all the respective obligations of AGAIB-Savanes and AGAIB-Maritime therein set forth, shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable AGAIB-Savanes and AGAIB-Maritime to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV to carry assist AGAIB-Savanes and AGAIB-Maritime in the carrying out of the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
Section 3.03. The Bank For the purposes of Section 9.07 of the General Conditions and without limitation thereto, the Borrower shall take steps, or cause AGAIB-Savanes and AGAIB-Maritime to take steps, to:
(a) prepare, on the basis of guidelines acceptable to the Association, and furnish to the Association not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Association, a plan, of such scope and in such detail as the Association shall reasonably request, for the future operation of the Project; and
(b) afford the Association a reasonable opportunity to exchange views with the Borrower on said plan.
Section 3.04. The Borrower and the Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.06 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, AGAIB-Savanes pursuant to Section 2.03 of the AGAIB-Savanes Project Agreement and by AGAIB-Maritime pursuant to Section 2.03 of the AGAIB-Maritime Project Agreement.
(a) The Borrower shall conclude:
(i) an agreement with XXXXX-Xxxxxxx (hereinafter referred to as the AGAIB-Savanes Convention), under which it shall transfer to AGAIB-Savanes part of the proceeds of the Credit allocated from time to time to Categories 1(a), 2(a), 3(a), 4(a) and 5(a) of the table in paragraph 1 of Schedule 1 to this Agreement on a non-reimbursable basis and on such other terms and conditions as shall be acceptable to the Association; including, but without being limited to, the provisions set forth in Part A of Schedule 4 to this Agreement; and
(ii) an agreement with AGAIB-Maritime (hereinafter referred to as the AGAIB-Maritime Convention), under which it shall transfer to AGAIB-Maritime part of the proceeds of the Credit allocated from time to time to Categories 1(b), 2(b), 3(b), 4(b) and 5(b) of the table in paragraph 1 of Schedule 1 to this Agreement on a non-reimbursable basis and on such other terms and conditions as shall be acceptable to the Association; including, but without being limited to, the provisions set forth in Part A of Schedule 4 to this Agreement; and
(b) The Borrower shall exercise its rights under the respective AGAIB-Savanes and AGAIB-Maritime Conventions in such manner as to protect the interests of the Borrower and the Association and to accomplish the purposes of the Credit, and except as the Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the AGAIB-Savanes or AGAIB-Maritime Conventions or any provision thereof.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV to perform in accordance with the provisions carry out Part C of the Project Agreement through the Implementing Agencies, and: (i) cause TPA to carry our Part C.1 of the Project; (ii) cause SUMATRA to carry out Part C.2, C. and C.4 of the Project, with the assistance of TRA for Part C.2 and TANROADS for Part C.3 of the Project, respectively; all with due diligence and efficiency and in conformity with appropriate administrative, financial, engineering, technical and environmental practices, and shall provide, promptly as needed, the obligations therein set forth, shall take or cause to be taken all actions, including the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performanceresources required for the Project.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV the Implementing Agencies to carry out Part C of the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend make the proceeds of the Loan Credit available to HV, allocated from time to time to Categories (1), (2) TPA and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan)SUMATRA as a grant, under a respective Subsidiary Loan Agreement Financing Agreements to be entered into between between: (i) the Borrower and HV TPA; and (ii) the Borrower and SUMATRA, respectively, all under terms and conditions which shall have been approved by the Bank Association, including the terms and which shall include inter alia, the following conditions:conditions set forth in paragraph 6 of Schedule 4 to this Agreement.
(d) The Borrower shall exercise its rights under the each Subsidiary Loan Financing Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the any Subsidiary Loan Financing Agreement or any provision thereof.
Section 3.02. (a) Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to this Agreement, as said provisions may be further elaborated in the Procurement Plan.
(b) The Borrower shall update the Procurement Plan in accordance with guidelines acceptable to the Project AgreementAssociation, and furnish such update to the Association not later than 12 months after the date of the preceding Procurement Plan, for the Association’s approval.
Section 3.03. The Bank and For the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 purposes of Section 9.06 of the General Conditions and without limitation thereto, the Borrower shall:
(relating a) cause the Implementing Agencies to insuranceprepare, use on the basis of goods guidelines acceptable to the Association, and servicesfurnish to the Association not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Association, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 a plan for the future operation of the Project AgreementProject; and
(b) afford the Association a reasonable opportunity to exchange views with the Borrower on said plan.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the Project, Project as set forth in Schedule 2 to this Agreement and, to this end: (i) shall carry out Parts B.2 and B.3 of the Project through MPED and MWMD respectively, with due diligence and efficiency and in conformity with appropriate administrative and financial practices, and shall provide, promptly as needed, the funds, facilities, services and other resources required for the Project; and (ii) without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, shall cause HV NWSC to perform in accordance with the provisions of ’ the Project Agreement all the obligations of NWSC therein set forth, shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable NWSC to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon The Borrower shall: (i) make available to NWSC the provisions equivalent of paragraph (a) 50% of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend SDR 43,900,000 from the proceeds of the Loan Credit in the form of an equity contribution to HV, allocated from time to time to Categories (1), (2) NWSC’s capital; and (3ii) in relend the table in paragraph 1 equivalent of Schedule 1 50% of SDR 43,900,000 from the proceeds of the Credit to this Agreement (Subsidiary Loan), NWSC under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV NWSC, under terms and conditions which shall have been approved by the Bank and Association which shall include inter aliarepayment of principal in 25 years, including five years of grace, and interest at a rate equal to the following conditions:prevailing minimum rate charged by commercial banks in Uganda for commercial loans to companies, plus 3%, as such rate may be adjusted from time to time by the Borrower.
(dc) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the Loan, Credit and, except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
(d) The Borrower shall cause NWSC to open and maintain in a commercial bank, until the completion of the Project, a Project Account, and shall deposit therein an initial amount of the Uganda Shillings equivalent of one hundred thousand dollars ($100,000). Thereafter, the Borrower shall at the beginning of each quarter, deposit the amount estimated to be required to cover 50% of the expenditures for Parts A and B.1 of the Project during such quarter which are not covered by withdrawals from the Credit Account, grants or loans from the Cofinanciers and which may not have been covered by the initial deposit referred to above.
Section 3.02. Except as the Bank Association shall otherwise agree, : (a) procurement of the goods, works and consultants’ services required for Parts A and B.1 of the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 to the Project Agreement; and (b) works, vehicles and office equipment required for Part B.2 of the Project may be procured under contracts awarded on the basis of competitive bidding, advertised locally, in accordance with procedures, satisfactory to the Association, and consistent with Part E, Section I of Schedule 1 to the Project Agreement.
Section 3.03. The Bank Borrower shall take all measures necessary to ensure that the Borrower’s ministries and parastatal bodies pay NWSC for water charges promptly after the billing date and in any event to settle any arrears by the end of each fiscal year.
Section 3.04. The Borrower shall take all measures necessary to carry out Part B.3 of the Project, and revise its water legislation by July 1, 1992. To this end, the Borrower shall promptly appoint a consultant, with qualifications and terms of reference satisfactory to the Association, who shall review existing water legislation, and prepare a comprehensive report including proposed revisions, by not later than July 31, 1991. The Borrower shall afford the Association an opportunity to review and comment on the consultant’s report and proposed revision of legislation, prior to promulgation.
Section 3.05. The Borrower and the Borrower Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Parts A and B.1 of the Project shall be carried out by HV, through SPSC, NWSC pursuant to Section 2.03 of the Project Agreement.
Section 3.06. The Borrower shall: (a) continue to maintain the Project Coordination Unit under MPED with duly qualified and experienced staff, including a Coordinator, as head of the Unit, two water engineers, two urban planners, an accountant and appropriate support staff; and (b) cause PCU to, inter alia, assist NWSC in the implementation of Parts A and B.1 of the Project.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, shall cause HV the Federation and Republika Srpska to perform in accordance with the provisions of the Federation Project Agreement and the RS Project Agreement, respectively, all of the obligations of the Federation and Republika Srpska therein set forth, shall take or and cause to be taken all actions, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable the Federation and Republika Srpska to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon For the provisions purposes of paragraph (a) Part A of this Section and except as the Borrower and the Bank shall otherwise agreeProject, the Borrower shall cause HV to carry out the Project in accordance enter into a subsidiary financing and project implementation agreement with the Federation and the Federation LDF (the Subsidiary Financing and Project Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank Association. Except as the Association shall otherwise agree, such terms and conditions shall include the following:
(i) the Borrower shall relend to the Federation and the Federation shall relend to the Federation LDF an amount in Dollars equivalent to the amount of the Credit allocated from time to time to Categories A (1), (2), (3) and (4) set forth in the table in paragraph A.1 of Schedule 1 to this Agreement;
(ii) the term of the Federation Subsidiary Credit and the Sub-credit, respectively, shall be 35 years, including a 10-year grace period;
(iii) the Borrower shall charge the Federation and the Federation shall charge the Federation LDF a commitment charge at a rate equal to the rate payable under Section 2.04 of this Agreement, on the principal amount of the Federation Subsidiary Credit not withdrawn from time to time;
(iv) the Borrower shall charge the Federation a service charge on the principal amount of the Subsidiary Credit and the Federation shall charge the Federation LDF a service charge on the principal amount of the Sub-credit withdrawn and outstanding from time to time at a rate equal to the rate payable under Section 2.05 of this Agreement;
(v) the principal amount of the Subsidiary Credit and the principal amount of the Sub-credit shall be repayable in Dollars and shall be the equivalent in Dollars (determined as of the date or respective dates of repayment) of the value of currency or currencies withdrawn from the Credit Account on account of expenditures for the Project; and
(vi) the Borrower shall have the right to require modification in the repayment terms of the Federation Subsidiary Credit in conformity with the provisions of Section 2.07 (b) of this Agreement and the Federation shall have the right to require modification in the repayment terms of the Sub-credit in conformity with the provisions of Section 2.07 (b) of this Agreement.
(c) For the purposes of Part B of the Project, the Borrower shall enter into a subsidiary financing and project implementation agreement with Republika Srpska and the RS LDF (the Subsidiary Financing and Project Implementation Agreement) under terms and conditions which shall have been approved by the Association. Except as the Association shall otherwise agree, such terms and conditions shall include inter aliathe following:
(i) the Borrower shall relend to Republika Srpska and Republika Srpska shall relend to RS LDF an amount in Dollars equivalent to the amount of the Credit allocated from time to time to Categories B (5), (6), (7) and (8) set forth in the following conditions:table in paragraph A.1 of Schedule 1 to this Agreement;
(ii) the term of the RS Subsidiary Credit and the Sub-credit, respectively, shall be 35 years, including a 10-year grace period;
(iii) the Borrower shall charge Republika Srpska and Republika Srpska shall charge the RS LDF a commitment charge at a rate equal to the rate payable under Section 2.04 of this Agreement, on the principal amount of the RS Subsidiary Credit not withdrawn from time to time;
(iv) the Borrower shall charge Republika Srpska a service charge on the principal amount of the Subsidiary Credit and Republika Srpska shall charge RS LDF a service charge on the principal amount of the Sub-credit withdrawn and outstanding from time to time at a rate equal to the rate payable under Section 2.05 of this Agreement;
(v) the principal amount of the Subsidiary Credit and the principal amount of the Sub-credit shall be repayable in Dollars and shall be the equivalent in Dollars (determined as of the date or respective dates of repayment) of the value of currency or currencies withdrawn from the Credit Account on account of expenditures for the Project; and
(vi) the Borrower shall have the right to require modification in the repayment terms of the RS Subsidiary Credit in conformity with the provisions of Section 2.07 (b) of this Agreement and Republika Srpska shall have the right to require modification in the repayment terms if the Sub-credit in conformity with the provisions of Section 2.07 (b) of this Agreement.
(d) The Borrower shall exercise its rights under the Federation Subsidiary Loan Financing and Project Implementation Agreement and the RS Subsidiary Financing and Project Implementation Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Federation Subsidiary Loan Financing and Project Implementation Agreement or the RS Subsidiary Financing and Project Implementation Agreement or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of the goods, works works, and consultants’ services required for Part A of the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 2 to the Federation Project Agreement and procurement of the goods, works and consultants’ services required for Part B of the Project and to be financed out of the proceeds of the Credit shall be governed by the provisions of Schedule 2 to the RS Project Agreement.
Section 3.03. The Bank Borrower and the Borrower Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Part A of the Project shall be carried out by HV, through SPSC, the Federation LDF pursuant to Section 2.03 2.05 (a) of the Federation Project Agreement and in respect of Part B of the Project shall be carried out by RS LDF pursuant to Section 2.05 (a) of the RS Project Agreement.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) Section 3.01. The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without shall carry out, or cause to be carried out, the Project with due diligence and efficiency and in conformity with appropriate administrative, financial and housing practices, and shall provide, promptly as needed, the funds, facilities, services and other resources required for the Project.
(a) Without any limitation or restriction upon any of its other obligations under the Loan Agreement, the Borrower shall cause HV NHMFC and NHA to perform in accordance with the provisions of the NHMFC Project Agreement and the NHA Project Agreement, respectively, all the obligations of NHMFC and NHA therein set forth, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable NHMFC and NHA, respectively, to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend $80,000,000 equivalent of the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), NHMFC under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV NHMFC under terms and conditions satisfactory to the Bank which shall have been approved include the terms and conditions set out in Schedule 5 hereto, to carry out Part B of the Project.
(c) The Borrower shall make available $5,000,000 equivalent of the proceeds of the loan to entities designated by agreement between the Bank and which shall include inter aliaHUDCC, under terms and conditions agreed between the following conditions:Bank and the Borrower, to carry out Part C of the Project.
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.023.03. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 4 to the Project this Agreement.
Section 3.033.04. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 of the Project Agreement.and
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan AgreementBorrower shall carry out the Project, through the Ministry acting through SUCAM, with due diligence and efficiency and in conformity with appropriate administrative, financial and public health practices, and shall cause HV to perform in accordance with provide, promptly as needed, the provisions of the Project Agreement all the obligations therein set forth, shall take or cause to be taken all actions, including the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performanceresources required for the Project.
(b) Without limitation upon As part of the foregoing, the Borrower, through SUCAM, shall enter: (A) into State Convenios with each of the States, such State Convenios to contain, inter alia, provisions for: (i) the adherence of paragraph the respective State to the objectives and description of the Project, and to the SUDS; (aii) the commitment of this Section providing such space for laboratories as shall be necessary to install adequately all equipment specified in such State Convenio to be acquired for the purposes of its operation by such State and except as of Part A.1 of the Borrower Project; and (iii) the terms and conditions for the taking over by the respective State of the activities of diagnosis, therapy and surveillance presently being carried on by SUCAM; and (B) not later than December 31, 1988, into Termos Aditivos to the FIOCRUZ Convenio and the Bank shall otherwise agreePAHO Convenio, satisfactory to the Borrower shall cause HV Bank, pursuant to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreementterms and conditions of said Convenios.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except Except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive any of the Subsidiary Loan Agreement State Convenios or any provision thereofthereof regarding the description or execution of the Project or any obligation of the Borrower set forth or referred to in this Agreement.
(d) The Borrower shall, through SUCAM, exercise all its rights under the FIOCRUZ Convenio and the PAHO Convenio, and any Termo Aditivo to either one, and, except as the Bank shall otherwise agree, shall not assign, amend, abrogate or waive any of such Convenios or Termo Aditivo, or any provision thereof regarding the description or execution of the Project or any obligation of the Borrower set forth or referred to in this Agreement.
(e) Without limitation or restriction to the provisions of paragraph (a) of this Section, the Borrower, through SUCAM, shall take all necessary measures to:
(i) enable SUCAM to hire a substantial number of the staff required for the Project and to do it with due regard to their qualifications and experience so as to ensure adequate Project execution;
(ii) obtain from each State, under the corresponding State Convenio, or each Municipality, under separate agreements to be entered between SUCAM and such Municipality, the commitment thereof to hire, if warranted, the remainder of the other staff required to perform services in respect of the Project in each such State or Municipality which has not been hired by SUCAM or the State in question, as the case may be; and
(iii) ensure that in the case Other staff is hired in accordance with (ii) above by a State or a Municipality, SUCAM shall reimburse the State or Municipality in question from the proceeds of the Loan.
(f) The Borrower shall ensure that the Project Manager is at all times a person whose qualifications and experience are adequate for purposes of the Project, and shall afford the Bank a reasonable opportunity to express its views on the qualifications and experience of any candidate for said position.
Section 3.02. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 4 to the Project this Agreement.
Section 3.03. The Bank Borrower shall, not later than July 31, 1988, complete, under terms of reference agreed between SUCAM and the Borrower hereby agree that the obligations set forth Bank, a KAP (knowledge, attitudes and practices) survey, including socio-economic data, on endemic disease control in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 of the Project AgreementArea.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end:
(i) shall carry out Part B of the Project, through MOE, with due diligence and efficiency and in conformity with appropriate administrative, environmental and financial practices and shall provide, promptly as needed, the funds, facilities, services and other resources required for such Part of the Project; and
(ii) without any limitation or restriction upon any of its other obligations under the Loan Agreement, the Borrower shall cause HV Pusan City to perform all its obligations set forth in accordance with the provisions of the Project Agreement all the obligations therein set forthAgreement, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable Pusan City to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph paragraph
(a) of this Section Section, and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out Part B of the Project in accordance with the Implementation Program set forth in Schedule 4 5 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend to Pusan City the equivalent in Dollars (determined on the date or respective dates of withdrawal from the Loan Account) of the value of the currency or currencies so withdrawn or paid out on account of the cost of goods for Part A of the Project to be financed out of the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph Category 1 of Schedule 1 to this Agreement (Subsidiary Loan)Agreement, under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV Pusan City, under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditionsprincipal terms and conditions whereby Pusan City shall:
(i) pay interest on the principal amount of the Subsidiary Loan withdrawn and outstanding from time to time, at a rate per annum equal to the rate applicable from time to time to the Loan pursuant to Section 2.05 of this Agreement;
(ii) pay a commitment charge on the principal amount not withdrawn from time to time equal to the charge applicable from time to time to the Loan pursuant to Section 2.04 of this Agreement; and
(iii) repay the principal amount of the Subsidiary Loan within 15 years, including five years of grace.
(d) The Borrower shall, through MOE, entrust EMC with the construction and operation of the facilities provided under Part B of the Project under a contract to be entered into between the Borrower, through MOE, and EMC under terms and conditions which shall have been approved by the Bank.
(e) The Borrower shall exercise its rights under the Subsidiary Loan Agreement and the Kunsan Plant Contract in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or the Kunsan Plant Contract or any of their provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement of goods, works and consultants’ services the goods required for Part B of the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 4 to the Project this Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Part A of the Project shall be carried out by HV, through SPSC, Pusan City pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this endend shall carry out Part B of the Project with due diligence and efficiency and in conformity with appropriate administrative, without financial, engineering and public utility practices, and shall provide, or cause to be provided, promptly as needed, the funds, facilities, services and other resources required for said Part B of the Project.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Association shall otherwise agree, the Borrower shall carry out Part B of the Project in accordance with the Implementation Program for such Part B of the Project set forth in Schedule 3 to this Agreement.
(c) Without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, the Borrower shall cause HV PWC to perform in accordance with the provisions provi- sions of the Project Agreement all the obligations of PWC therein set forth, shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable PWC to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(bd) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend $11,200,000 equivalent of the proceeds of the Loan Credit to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), PWC under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV PWC under terms and conditions which shall have been approved by the Bank Association, including terms pursuant to which PWC shall be required to: (i) repay the equivalent in terms of Yemeni Dinars of the proceeds of the Credit so relent (such equivalent to be determined as of the respective date of withdrawal of the proceeds of the Credit from the Credit Account or payment out of the Special Account) in approxi- mately equal semiannual installments over a period of twenty-five (25) years, including a grace period of seven (7) years; and which shall include inter alia, (ii) pay interest on the following conditions:principal amount of the Subsidiary Loan outstanding from time to time at the rate of eight percent (8%) per annum.
(de) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, and except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for Part B of the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 2 to the Project Agreement.
Section 3.03. The Bank Borrower and the Borrower Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, PWC pursuant to Section 2.03 of the Project Agreement.
Section 3.04. The Borrower shall bear any losses incurred by the Public Corporation for Electric Power and PWC from the sale and purchase, respectively, of desalinated water produced at the Hiswa Power and Desalination Plant.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan this Agreement, shall cause HV RPGCL and LPGL to perform in accordance with the provisions of the RPGCL and LPGL Project Agreement Agreements, respectively, all the obligations of RPGCL and LPGL therein set forth, shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable RPGCL and LPGL to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend part of the proceeds of the Loan Credit to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), RPGCL under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV RPGCL, under terms and conditions which shall have been approved by the Bank and Association which shall include inter aliathe following: (i) interest on the Subsidiary Loan shall be payable at the rate of 10% per annum; (ii) the Subsidiary Loan shall be repaid over a period of fifteen years, including a grace period of five years; and (iii) the following conditions:foreign exchange risk shall be borne by RPGCL.
(c) The Borrower shall relend part of the proceeds of the Credit to LPGL under a subsidiary loan agreement to be entered into between the Borrower and LPGL, under terms and conditions which shall have been approved by the Association which shall include the folowing: (i) interest on the Subsidiary Loan shall be payable at the rate of 10% per annum; (ii) the Subsidiary Loan shall be repaid over a period of fifteen years, including a grace period of five years; and (iii) the foreign exchange risk shall be borne by LPGL.
(d) The Borrower shall exercise its rights under the RPGCL and LPGL Subsidiary Loan Agreement Agreements in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, and except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the RPGCL and LPGL Subsidiary Loan Agreement Agreements or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
Section 3.03. The Bank Borrower and the Borrower Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, RPGCL and LPGL pursuant to Section 2.03 of the RPGCL and LPGL Project Agreements, respectively.
Section 3.04. Without any limitation or restriction upon Section 3.01 of this Agreement, the Borrower shall:
(a) review annually, but not later than March 31 in each year, commencing March 31, 1992, the transfer and retail prices of LPG, and, thereafter, make any adjustments to such prices, in a manner satisfactory to the Association, to comply with the financial viability objectives referred to in Section 3.06 of this Agreement, and with the economic efficiency criteria agreed with the Association; and
(b) by June 30, 1994, cause the transfer price of LPG from LPG producers to LPG bottlers to be uniform throughout Bangladesh.
Section 3.05. Without any limitation or restriction upon Section 3.01 of this Agreement, the Borrower shall finance, as the Borrower’s equity contribution to RPGCL, all future CNG feasibility and pilot projects carried out by RPGCL on behalf of the Borrower.
Section 3.06. Without any limitation or restriction upon Section 3.01 of this Agreement, the Borrower shall:
(a) price NGL products so as to enable RPGCL to earn revenues from the sale of NGL products sufficient to cover its operating expenses, debt service, additional working capital requirements, and contribution to investments of not less than 35%; and
(b) price LPG so as to enable LPGL to earn revenues from the sale of LPG sufficient to cover its operating expenses, debt service, additional working capital requirements, and a contribution to investments of not less than 35%.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV SPA to perform in accordance with the provisions of the Project Agreement all the obligations of SPA therein set forth, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable SPA to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan under Subsidiary Loan Agreements to HVbe entered into: (i) between the Borrower and SM; and (ii) between SM and SPA under terms and conditions satisfactory to the Bank including the following:
(A) the term of the Subsidiary Loans shall be twenty years, allocated including five years of grace;
(B) interest, at the rate of ninety percent (90%) of the rate specified in Section 2.05 (a) of this Agreement, shall be payable on the principal amount of each of the Subsidiary Loans withdrawn and outstanding from time to time;
(C) a commitment charge shall be paid on the principal amount of each of the Subsidiary Loans not withdrawn from time to time to Categories (1), (2) and (3) at the rate specified in the table in paragraph 1 Section 2.04 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:Agreement; and
(dD) the foreign exchange risk shall be borne by SPA.
(c) The Borrower shall exercise its rights, and cause its rights to be exercised, under each of the Subsidiary Loan Agreement Agreements in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement Agreements or any provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, SPA pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the time objectives of the Project, Project as set forth in Schedule 2 to this Agreement and, to this end, without shall carry out Part B of the Project through the Regies, with due diligence and efficiency and in conformity with appropriate administrative, financial engineering and public utility practices, and shall provide or cause to be provided, promptly as needed, the funds, facilities, services and other resources required for said Part of the Project.
(b) Without any limitation or restriction upon any of its other obligations under the Loan Agreement, the Borrower shall cause HV RAD to perform in accordance with the provisions of the Project Agreement all the obligations of RAD therein set forth, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, resources necessary or appropriate to enable RAD to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2carrying out part A of the Project, the Borrower shall relend to RAD the proceeds of the Loan to HV, allocated from time to time to Categories Category (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV RAD, under terms and conditions which shall have been approved by the Bank, and which shall include, without limitation, those set forth in Schedule 5 to this Agreement.
(d) For the purpose of carrying out Part B of the Project, the Borrower shall relend to each of the Regies the proceeds of the Loan allocated from time to time to Category (2) under a subsidiary loan agreement to be entered into between the Borrower and the Regie concerned, under terms and conditions which shall have been approved by the Bank and which shall include inter aliainclude, the following conditions:without limitation, those set forth in Schedule 5 to this Agreement.
(de) The Borrower shall shall: (i) exercise its rights under each of the Subsidiary Loan Agreement Agreements in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement Agreements or any provision thereof; and (ii) cause each of the Regies to perform in accordance with the provisions of its Subsidiary Loan Agreement all the obligations of the Regie therein set forth and shall take all action necessary or appropriate to enable the Regie to perform such obligations, and shall not take or permit to be taken any such action which would prevent or interfere with such performance.
Section 3.02. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 6 to the Project this Agreement.
Section 3.03. (a) The Bank and the Borrower hereby agree shall take all measures necessary to ensure that the obligations set forth Regies shall: (i) not later than November 1, 1987, or such later date as the Bank may agree, employ consultants whose qualifications, experience and terms of reference shall be satisfactory to the Bank, to assist the Regies in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 carrying out the studies included in Part B of the General Conditions Project; (relating ii) furnish to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 the Borrower’s Ministry of the Project Agreement.Interior and to the Bank bi-monthly reports prepared by said consultants on the progress of said studies; and
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end:
(i) shall carry out Part E of the Project with due diligence and efficiency and in conformity with appropriate administrative and financial practices and shall provide, promptly as needed, the funds, facilities, services and other resources required for said Part of the Project; and
(ii) without any limitation or restriction upon any of its other obligations under the Development Credit Agreement or the Loan Agreement, shall cause HV each Participating Municipality to perform all of its respective obligations set forth in accordance with the provisions of the Project Agreement all the obligations therein set forthAgreement, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable said Participating Municipality to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) The Borrower shall make available to each Participating Municipality an amount of the Credit and an amount of the Loan under arrangements satisfactory to the Association and the Bank, which shall include, without limitation, terms whereby:
(i) the principal amount so made available shall be the equivalent in Dollars (determined on the date or respective dates of withdrawal from the Credit Account or Loan Account or payment out of the respective Special Account) of the value of the currency or currencies so withdrawn or paid out, on account of the cost of housing, goods and services required for said Participating Municipality’s respective Part of the Project to be financed out of the proceeds of the Credit and/or of the Loan;
(ii) the Borrower shall recover from said Participating Municipality the principal amount so made available over a period of 20 years, inclusive of a grace period of 5 years; and
(iii) the Borrower shall charge interest on the principal amount so made available and withdrawn and outstanding from time to time at a rate equal to 87% of the rate of interest applicable from time to time to the Loan pursuant to Section 2.05 of the Loan Agreement.
Section 3.02. Without limitation upon the provisions of paragraph (a) Section 3.01 of this Section Agreement, and except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV to carry out take the Project in accordance with the Implementation Program measures set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 5 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement in order to be entered into between ensure the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests efficient carrying out of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereofProject.
Section 3.023.03. Except as the Bank Association shall otherwise agree, procurement of of
(a) the goods, works and consultants’ services required for the Project other than the Housing Loan Programs and to be financed out of the proceeds of the Credit and (b) all of the goods, works and consultants services required for the Housing Loan Programs, regardless of their sources of financing, shall be governed by the provisions of Schedule 1 4 to the Project this Agreement.
Section 3.033.04. The Bank Borrower and the Borrower Association hereby agree that each Participating Municipality shall carry out the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSCin respect of its respective Part of the Project, pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) Section 3.01. The Borrower declares its commitment to the objectives of the Project, and, to this end, without any limitation or restriction upon any shall carry out:
(a) Part A of its other obligations under the Loan AgreementProject, shall cause HV to perform in accordance through CNA; and
(b) Part B of the Project, through CNA, with the provisions assistance of an Organismo Operador (pursuant to the Project Agreement Subproject Agreement), all with due diligence and efficiency and in conformity with the obligations therein set forthOperational Manual and with appropriate environmental, administrative, managerial, financial and social practices, and shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable CNA to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(ba) Without limitation upon The Borrower, through SHCP and CNA, shall enter into a contract (Contrato xx Xxxxxxx) with BANSEFI, satisfactory to the provisions Bank, whereby:
(i) BANSEFI agrees to act as financial agent of the Borrower with regard to the Loan, meaning that, inter alia, BANSEFI agrees to represent the Borrower vis-à-vis the Bank for purposes of submitting Loan withdrawal applications to the Bank in form and substance sufficient to justify disbursement by the Bank to the Borrower of Loan proceeds and agrees to maintain and operate the Special Account in compliance with the terms of this Agreement; and
(ii) the Borrower agrees that, through SHCP and CNA, the Borrower shall cooperate fully with BANSEFI to ensure that BANSEFI is able to comply with all of BANSEFI’s obligations referred to in paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this AgreementSection.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:
(db) The Borrower shall exercise its rights and carry out its obligations under the Subsidiary Loan Contrato xx Xxxxxxx and (through CNA) under each Subproject Agreement in such a manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except . Except as the Bank shall may otherwise agree, the Borrower Borrower, through SHCP or CNA (as the case may be), shall not assign, amend, abrogate amend or waive the Subsidiary Loan Agreement or fail to enforce any provision thereofof the Contrato xx Xxxxxxx or of any Subproject Agreement. In case of any conflict between the terms of the Contrato xx Xxxxxxx or a Subproject Agreement and those of this Agreement, the terms of this Agreement shall prevail.
Section 3.02. (a) Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 4 to this Agreement, as said provisions may be further elaborated in the Procurement Plan.
(b) The Borrower, through CNA, shall update the Procurement Plan in accordance with guidelines acceptable to the Bank, and furnish such update to the Bank not later than 12 months after the date of the preceding Procurement Plan, for the Bank’s approval.
(a) The Borrower, through CNA, shall maintain an operational manual, satisfactory to the Bank, containing, inter alia, specific provisions on detailed arrangements for the carrying out of the Project, including: (i) the procurement, financial management and disbursement requirements thereof; (ii) the criteria for the selection, approval, implementation and monitoring of Subprojects; (iii) a model to be used in the preparation of FMRs; (iv) a model Subproject Agreement; (v) the Monitoring Indicators; and (vi) institutional arrangements for Project coordination.
(b) If any provision of the Operational Manual is inconsistent with a provision of this Agreement, the provision of this Agreement shall prevail.
Section 3.033.05. The Bank At all times during Project implementation the Borrower, through CNA, shall maintain within CNA a team operating in accordance with the Operational Manual, responsible for overall Project planning, coordination, implementation, supervision, monitoring and evaluation.
Section 3.06. For the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 purposes of Section 9.07 of the General Conditions and without limitation thereto, the Borrower shall:
(relating a) through CNA, prepare, on the basis of guidelines acceptable to insurancethe Bank, use and furnish to the Bank not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Bank, a plan for the future sustainability of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectivelythe Project; and
(b) shall be carried out by HVafford the Bank a reasonable opportunity to exchange views with the Borrower on said plan.
Section 3.07. The Borrower, through SPSCCNA, pursuant shall:
(a) maintain policies and procedures adequate to Section 2.03 enable it to monitor and evaluate on an ongoing basis, in accordance with the Monitoring Indicators, the carrying out of the Project and the achievement of the objectives thereof;
(b) prepare, under terms of reference satisfactory to the Bank, and furnish to the Bank, for each year during the implementation of the Project, semi-annual reports integrating the results of the monitoring and evaluation activities (including the status of the procurement and disbursements under the Project) performed pursuant to paragraph
(a) of this Section, on the progress achieved in the execution of the Project during the period preceding the date of each said reports and setting out the measures recommended to ensure the efficient carrying out of the Project and the achievement of the objective thereof during the period following such date; and
(c) review with the Bank, by March 31 and September 30 of each year during the implementation of the Project or such later date as the Bank shall request, each report referred to in paragraph (b) of this Section, and, thereafter, take all measures required to ensure the efficient completion of the Project and the achievement of the objective thereof, based on the conclusions and recommendations of said report and the Bank’s views on the matter.
(a) Prior to the approval of any proposed civil work(s) under a Subproject, the Borrower, through CNA, shall, or shall cause the Organismo Operador (pursuant to the Subproject Agreement) to:
(i) carry out an environmental screening and assessment of such proposed civil work(s); and
(ii) prepare recommendations for the prevention, mitigation and remediation of any potential environmental damage arising from the implementation of such proposed civil work(s).
(b) During the implementation of any civil work(s), the Borrower, through CNA shall, or shall cause the Organismo Operador (pursuant to the Subproject Agreement) to have the recommendations of the environmental screening and assessment referred to in subparagraph (a) (i) above carried out.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV SONEDE and ONAS to perform perform, respectively, in accordance with the provisions of the SONEDE Project Agreement and the ONAS Project Agreement all the obligations of SONEDE and ONAS therein set forth, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable SONEDE and ONAS to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon For the provisions purposes of paragraph (a) carrying out Part B of this Section and except as the Borrower and the Bank shall otherwise agreeProject, the Borrower shall cause HV promptly make the proceeds of the Loan allocated from time to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 time to this AgreementCategories (1)(a) and (2)(a) available to SONEDE on a grant basis through budgetary allocations.
(c) For the purpose purposes of implementing carrying out Parts AC, BD.4 and D.5 (iii), (iv) and C.2(v) of the Project, the Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (11)(b), (22)(b), (2)(c) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), ONAS under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV ONAS, under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:those set forth in Schedule 4 to this Agreement.
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except The Borrower shall:
(a) Implement the Performance Contract with due diligence and efficiency and at all times take all necessary action to achieve the objectives thereof;
(b) Monitor and evaluate, in accordance with performance indicators, the carrying out of the Project and the achievement of SONEDE’s Financial, Investment and Operational Targets and ONAS’ Financial, Investment and Operational Targets;
(c) Prepare and furnish to the Bank: (i) not later than the 30th day after the end of each semester in each Fiscal Year; and (ii) not later than June 30 in each Fiscal Year, a report, of such scope and in such detail as the Borrower and the Bank shall otherwise agreeestablish, procurement of goods, works and consultants’ services required for on the progress achieved by the Borrower in carrying out the Project and the conclusions and recommendations resulting from the monitoring and evaluation activities performed pursuant to paragraph (b) above, together with any revisions proposed to be financed out introduced into SONEDE’s Financial, Investment and Operational Targets and ONAS’ Financial, Investment and Operational Targets; and
(d) Exchange views with the Bank on said reports, and, thereafter, undertake the remedial measures which the Borrower and Bank shall have agreed are necessary to ensure the proper execution of the proceeds Project and the efficient management of the Loan shall be governed by the provisions of Schedule 1 to the Project AgreementSONEDE and ONAS.
Section 3.03. The Bank Borrower shall:
(a) Not later than December 31, 1997, transmit for the Bank’s review and comments a proposed draft performance contract between the Borrower and SONEDE designed to further the achievement of progress in the financial, investment and operational performance of SONEDE during Fiscal Years 1997 through 2001; and
(b) Thereafter, take all action required to sign said performance contract during Fiscal Year 1998.
(a) The Borrower shall prepare and furnish to the Bank, not later than December 31, 1998: (i) a report, of such scope and in such detail as the Borrower and the Borrower hereby agree that Bank shall establish, on, inter alia: (A) the obligations review of SONEDE’s investment and maintenance policy for rural water supply; (B) the Borrower’s measures undertaken to assist SONEDE in carrying out measures on tariff policies as set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 Section 5.05 of the General Conditions (relating SONEDE Loan Agreement and in utilizing and further implementing the cost-accounting system referred to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to in Section 2.03 5.06 of the Project SONEDE Loan Agreement.; and
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, the Borrower shall:
(i) carry out Part A of the Project, through MTPT, with due diligence and efficiency and in conformity with appropriate administrative and financial practices and shall provide, promptly as needed, the funds, facilities, services and other resources required for such Part of the Project; and
(ii) cause HV TELKOM to perform all its obligations set forth in accordance with the provisions of the Project Agreement all the obligations therein set forthAgreement, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable TELKOM to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out Part A of the Project in accordance with the Implementation Program set forth in Schedule 4 5 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend to TELKOM out of the proceeds of the Loan to HV, the amounts allocated from time to time to Categories (1), ) and (2) and (3) in of the table set forth in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan)Agreement, under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV TELKOM, under terms and conditions which shall have been approved by the Bank and which shall include include, inter alia, the following conditionsfollowing:
(i) TELKOM shall pay interest on the principal amount of the Subsidiary Loan withdrawn and outstanding from time to time of the rate payable under Section 2.05 of this Agreement and an additional one-half of one percent (1/2 of 1%);
(ii) TELKOM shall pay commitment charges at the rate payable under Section 2.04 of this Agreement;
(iii) TELKOM shall repay the principal amount of the Subsidiary Loan over 20 years including five years grace; and
(iv) the principal amount of the Subsidiary Loan repaid by TELKOM shall be the equivalent in dollars (determined as of the respective dates of repayment) of the amounts withdrawn from the Loan Account under said Categories (1) and (2).
(d) The Borrower shall exercise its rights under the Subsidiary Subsi- diary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except In order to assist MTPT in carrying out Part A of the Project:
(a) The Borrower shall procure consultants’ services under contracts awarded in accordance with the provisions of the "Guidelines for the Use of Consultants by World Bank Borrowers and by the World Bank as Executing Agency" published by the Bank in August 1981 (the Consultants Guidelines). For complex, time-based assignments, such contracts shall be based on the standard form of contract for consultants’ services issued by the Bank, with such modifications thereto as shall have been agreed by the Bank. Where no relevant standard contract documents have been issued by the Bank, other standard forms acceptable to the Bank shall otherwise agree, procurement of goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by used.
(b) Notwithstanding the provisions of Schedule 1 paragraph (a) of this Section, the provisions of the Consultant Guidelines requiring prior Bank review or approval of budgets, short lists, selection proce-dures, letters of invitation, proposals, evaluation reports and contracts, shall not apply to:
(i) contracts for the employment of consulting firms estimated to cost less than one hundred thousand dollars ($100,000) equivalent each; or
(ii) contracts for the Project Agreementemployment of individual consultants estimated to cost less than fifty thousand dollars ($50,000) equivalent each. However, said exceptions to prior Bank review shall not apply to:
(A) the terms of reference for such contracts;
(B) single-source selection of consulting firms;
(C) assignments of a critical nature, as rea- sonably determined by the Bank;
(D) amendments to contracts for the employment of consulting firms raising the contract value to one hundred thousand dollars ($100,000) equivalent or above; or
(E) amendments to contracts for the employment of individual consultants raising the contract value to fifty thousand dollars ($50,000) equivalent or above.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Parts B and C of the Project shall be carried out by HV, through SPSC, TELKOM pursuant to Section 2.03 2.03(a) of the Project Agreement.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV to perform in accordance with the provisions (i) carry out Part A of the Project Agreement all the obligations therein set forthwith due diligence and efficiency and in conformity with appropriate financial, shall take or cause to be taken all actionsadministrative, including the provision engineering and environmental practices; and (ii) conclude, for purposes of funds, facilities, services and other resources, necessary or appropriate to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend the proceeds Part B of the Loan to HVProject, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter aliaBank, the following conditionsa Subsidiary Agreement with IPO whereby:
(dA) the Borrower shall relend to IPO the proceeds of the Loan allocated from time to time for the carrying out of Part B of the Project under Category (2) (b);
(B) IPO shall repay the principal amount withdrawn by it under the Subsidiary Agreement over the same period specified for the amortization of the Loan according to Schedule 3 to this Agreement, with commitment charge and commission at the same annual rates applicable to the Loan from time to time pursuant to Sections 2.04 and 2.05 of this Agreement, respectively;
(C) IPO shall assume the foreign exchange risks with respect to amount onlent to it under the Subsidiary Agreement; therefore, amounts withdrawn under the Subsidiary Agreement shall be denominated in their equivalent, on the respective dates of withdrawal, in any internationally used currency agreed upon between the Borrower and IPO, and shall be repaid by IPO, together with the commitment charge and commission due thereon in their Rial equivalent, determined on the respective dates of debt service payment under the Subsidiary Agreement, according to the official rates of exchange applicable to the Subsidiary Agreement; and
(D) IPO shall be required to carry out the studies included in Part B of the Project in accordance with the arrangements set forth in Section 2.02 of the Guarantee Agreement.
(b) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. The Borrower shall:
(a) ensure the continuing employment of the engineering consultants required to assist the Borrower in the carrying out of Part A of the Project until the completion thereof;
(b) ensure that adequate measures are taken during the design, construction and operation of the power plant referred to in Part A of the Project, to comply with the environmental standards of the Guarantor and the Borrower regarding stack emission, ambient air quality, water quality, effluent treatment, discharge of water and noise pollution;
(c) ensure that no equipment procured under Part A of the Project shall use polychlorinated biphenyls (PCB); and
(d) develop, on the basis of technical standards satisfactory to the Bank, procedures for dealing with spills, fire or other emergency situations and for removal of hazardous materials.
Section 3.03. Except as the Bank shall otherwise agree, procurement of goods, works the goods and consultants’ services required for Part A of the Project and to be financed out of from the proceeds of the Loan shall be governed by the provisions of Schedule 1 4 to the Project this Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV to perform in accordance with the provisions of carry out the Project Agreement all with due diligence and efficiency and in conformity with appropriate financial, administrative and educational practices, and shall provide, promptly as needed, the obligations therein set forth, shall take or cause to be taken all actions, including the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performanceresources required for the Project.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(ca) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 3 to this Agreement, as said provisions may be further elaborated in the Procurement Plan.
(b) The Borrower shall update the Procurement Plan in accordance with guidelines acceptable to the Association, and furnish such update to the Association not later than 12 months after the date of the preceding Procurement Plan, for the Association’s approval.
(a) The Borrower shall open and maintain an account (the Pooled Account) in Kenya Shillings in a commercial bank acceptable to the Association on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure or attachment wherein it shall deposit development partners’ financial contribution to the Project. Deposits into, and payments out of, this Pooled Account shall be made in accordance with the provisions of Part B of Schedule 1 to this Agreement and the relevant provisions of the JFA where applicable.
(b) All funds deposited into the Special Account in accordance with Part B of Schedule 1 of this Agreement shall be promptly deposited into the Pooled Account.
(c) The funds from the Pooled Account may be withdrawn in accordance with the provisions of Part B of Schedule 1 to this Agreement and the relevant provisions of the JFA, where applicable for expenditures made (or, if the Association shall so agree, to be made) in respect of the reasonable cost of goods, works and services required for the Project Agreementand to be financed out of the proceeds of the Credit, loans and grants from the Pooled Account.
Section 3.033.04. The Bank and For the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 purposes of Section 9.06 of the General Conditions and without limitation thereto, the Borrower shall: prepare, on the basis of guidelines acceptable to the Association, and furnish to the Association not later than six (relating to insurance6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Association, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 a plan for the future operation of the Project AgreementProject; and afford the Association a reasonable opportunity to exchange views with the Borrower on said plan.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, end without any limitation or restriction upon any of its other obligations under this Agreement:
(i) for purposes of Parts A, B and C of the Loan AgreementProject, shall cause HV Sarajevogas to perform in accordance with the provisions of the Project Agreement all of the obligations of Sarajevogas therein set forth, shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resourcessources, necessary or appropriate to enable Sarajevogas to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance; and
(ii) for purposes of Part D of the Project, shall cause Toplane-Sarajevo to perform in accordance with the provisions of Schedule 4 to this Agreement all of the obligations of Toplane-Sarajevo therein set forth, shall take and cause to be taken all action, including the provision of funds, facilities, services and other sources, necessary or appropriate to enable Toplane-Sarajevo to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the The Borrower shall cause HV to carry out the Project in accordance enter into a subsidiary credit agreement with the Implementation Program set forth in Schedule 4 to this Agreement.Federation and Sarajevogas under terms and conditions which shall have been approved by the Association, which shall include the following:
(ci) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend to the proceeds Federation and the Federation shall relend to Sarajevogas an amount equivalent to the amount of the Loan to HV, Credit allocated from time to time to Categories (11)(a), (21) (b), (2)(a), (3) and (34) specified in the table set forth in the table in paragraph 1 of Schedule 1 to this Agreement Agreement;
(ii) the term of the Subsidiary Loan)Credit and the Sub-credit, under respectively, shall be 35 years, including a Subsidiary Loan Agreement to be entered into between 10-year grace period;
(iii) the Borrower shall charge the Federation and HV the Federation shall charge Sarajevogas a commitment charge at a rate equal to the rate payable under terms Section 2.04 of this Agreement on the principal amount of the Subsidiary Credit and conditions which the Sub-credit not withdrawn from time to time;
(iv) the Borrower shall charge the Federation a service charge on the principal amount of the Subsidiary Credit and the Federation shall charge Sarajevogas a service charge on the principal amount of the Sub-credit withdrawn and outstanding from time to time at a rate equal to the rate payable under Section 2.05 of this Agreement;
(v) the principal amount of the Subsidiary Credit and the principal amount of the Sub-credit shall be repayable in Dollars and shall be the equivalent in Dollars (determined as of the date or respective dates of repayment) of the value of currency or currencies withdrawn from the Credit Account on account of expenditures for Parts A, B and C of the Project; and
(vi) the Borrower shall have been approved by the Bank right to require modification in the repayment terms of the Subsidiary Credit in conformity with the provisions of Section 2.07(b) of this Agreement and which the Federation shall include inter alia, have the following conditions:right to require modification in the repayment terms of the Sub-credit in conformity with the provisions of Section 2.07(b) of this Agreement.
(dc) The Borrower shall exercise its rights under the Subsidiary Loan Credit Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Credit Agreement or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, :
(a) procurement of the goods, works and consultants’ services required for Parts A, B (except for Parts B.1(f) and B.2(f)) and C of the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 to the Project Agreement;
(b) procurement of the works required for Parts B.1(f) and B.2(f) of the Project and to be financed out of the proceeds of the Credit shall be governed by the provisions of Section I.B.1 of Schedule 3 to the Development Credit Agreement dated July 31, 1996 (Credit No. 2905 BOS) for the Emergency Landmines Clearance Project between Bosnia and Herzegovina and the International Development Association, except that with respect to the first two contracts for works under said Parts B.1(f) and B.2(f) of the Project, the procedures set forth in paragraphs 2 and 3 of Appendix 1 of the Guidelines pertaining to prior review shall apply; and
(c) procurement of the goods and works required for Part D of the Project and to be financed out of the proceeds of the Credit shall be governed by the provisions of Schedule 3 to the EDHRP Agreement.
Section 3.03. The Bank Borrower and the Borrower Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Parts A, B and C of the Project shall be carried out by HV, through SPSC, Sarajevogas pursuant to Section 2.03 2.02 of the Project Agreement.
Section 3.04. The Borrower shall:
(a) by October 31, 1998, carry out and complete under Part C(2) of the Project, a study on restructuring the natural gas sector and a study on the appropriate levels of gas tariffs, both under terms of reference satisfactory to the Association;
(b) furnish to the Association for review and comment the conclusions and recommendations of such studies; and
(c) thereafter put into effect the measures agreed with the Association on the basis of the aforementioned studies.
Section 3.05. The Borrower shall take all measures necessary to ensure that all licenses, permits and approvals required for the rapid reconstruction of the transmission and distribution systems under Part B of the Project are granted to Sarajevogas on a timely basis.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end:
(i) shall carry out Part A of the Project with due diligence and efficiency and in conformity with appropriate administrative and financial practices and shall provide, promptly as needed, the funds, facilities, services and other resources required for such Part of the Project; and
(ii) without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, shall cause HV RCB to perform all its obligations set forth in accordance with the provisions of the Project Agreement all the obligations therein set forthAgreement, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable RCB to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend a portion of the proceeds of the Loan to HV, Credit allocated from time to time to Categories Category (1), (2) and (3) in of the table set forth in paragraph 1 (1) of Schedule 1 to this Agreement (Subsidiary Loan), to RCB under a Subsidiary Loan Agreement to be entered into between the Borrower and HV RCB, under terms and conditions which shall have been approved by the Bank Association, and which shall include inter alia, the following conditionsthat:
(di) the principal amount of the Subsidiary Loan shall be denominated in Dollars;
(ii) RCB shall pay interest on the amount of the Subsidiary Loan withdrawn and outstanding from time to time, at a rate equal to LIBOR plus 0.5%, calculated annually, in accordance with guidelines acceptable to the Association;
(iii) the Subsidiary loan shall be repaid over a period not to exceed 10 years; and
(iv) the principal amount of the Subsidiary Loan repayable by RCB shall be equivalent in Dollars (determined as of the date or respective dates of withdrawal) of the value of the currency or currencies withdrawn from the Credit Account or paid out of the Special Account on account of the Sub-loans.
(c) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, and except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. The Borrower shall take all necessary actions required on its part for:
(a) the preparation of a financial restructuring and privatization plan for RCB satisfactory to the Association not later than December 31, 1996, and the implementation of the said plan thereafter; and
(b) the maintenance of APD and TSU with staffing and functions acceptable to the Association.
Section 3.03. The Borrower shall:
(a) maintain policies and procedures adequate to enable it to monitor and evaluate on an ongoing basis, in accordance with indicators satisfactory to the Association, the carrying out of the Project and the achievement of the objectives thereof;
(b) prepare, under terms of reference satisfactory to the Association, and furnish to the Association, on or about June 30, 1997: (i) a report integrating the results of the monitoring and evaluation activities performed pursuant to paragraph
(a) of this Section, on the progress achieved in the carrying out of the Project during the period preceding the date of said report and setting out the measures recommended to ensure the efficient carrying out of the Project and the achievement of the objectives thereof during the period following such date; and (ii) a strategy for the promotion of private farmersþ associations; and
(c) review with the Association, by July 31, 1997, or such later date as the Association shall request, the report and the strategy referred to in paragraphs (b) (i) and (ii) of this Section, and, thereafter, take all measures required to ensure the efficient completion of the Project and the achievement of the objectives thereof, based on the conclusions and recommendations of the said report and the Associationþs views on the matter.
Section 3.04. Without limitation upon the provisions of Section 9.07 of the General Conditions, and without limitation thereto, the Borrower shall:
(a) prepare, on the basis of guidelines acceptable to the Association, and furnish to the Association not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Association, a plan for the future operation of the Project; and
(b) afford the Association a reasonable opportunity to exchange views with the Borrower on said plan.
Section 3.05. Except as the Bank Association shall otherwise agree, procurement of goods, works the goods and consultants’ consultantsþ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 to the Project 3 of this Agreement.
Section 3.033.06. The Bank Borrower and the Borrower Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Part B of the Project shall be carried out by HV, through SPSC, RCB pursuant to Section 2.03 2.04 of the Project Agreement.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV the Hokimiyat of Tashkent to perform in accordance with the provisions of the Project Agreement all the obligations of the Hokimiyat of Tashkent therein set forth, shall take or cause to be taken all actions, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable the Hokimiyat of Tashkent to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose purposes of implementing Parts A, B, and C.2the Project, the Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 Hokimiyat of Schedule 1 to this Agreement (Subsidiary Loan), Tashkent under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV the Hokimiyat of Tashkent under terms and conditions which shall have been approved by the Bank. Except as the Bank shall otherwise agree, such terms and which conditions shall include inter alia, the following conditionsfollowing:
(di) the principal amount of the Subsidiary Loan shall be repaid by the Hokimiyat of Tashkent in Sum to the Borrower in equal semi-annual installments over twelve years, including a grace period of three years;
(ii) interest shall be charged on the outstanding balance of the Subsidiary Loan at a rate equal to 12.5%; and
(iii) A commitment charge at the rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount of the Subsidiary Loan not withdrawn from time to time.
(c) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement of goods, works and consultants’ services the goods required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 2 to the Project Agreement.
Section 3.03. The Bank Borrower and the Borrower Bank hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, the Hokimiyat of Tashkent pursuant to Section 2.03 2.02 of the Project Agreement.
Section 3.04. For the purposes of Section 9.08 of the General Conditions and without limitation thereto, the Borrower shall:
(a) prepare, on the basis of guidelines acceptable to the Bank and furnish to the Bank not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Bank, a plan for the future operation of the Project; and
(b) afford the Bank a reasonable opportunity to exchange views with the Borrower on said plan.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, shall (i) carry out Part A of the Project through EECC with due diligence and efficiency and in conformity with appropriate financial, technical, environmental and administrative practices and shall provide promptly as needed, the funds, facilities, services and other resources required for the Project; and (ii) cause HV KenGen and KPLC to perform in accordance with the provisions of the Project Agreement all the obligations of KenGen and KPLC therein set forth, shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable KenGen and KPLC to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV to carry out Part A of the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend make the proceeds of the Loan Credit allocated to HV, allocated from time to time to Categories (1), (2) and Category (3) in of the table in paragraph 1 of Schedule 1 to this the Agreement (Subsidiary Loan), not exceeding the equivalent of US$25,000,000 available to KenGen under a Subsidiary Loan Agreement subsidiary financing agreement to be entered into between the Borrower and HV KenGen, under terms and conditions which shall have been approved by the Bank and Association which shall include inter aliainclude, but without being limited to, the following conditions:provisions set forth in Part A of Schedule 4 to this Agreement.
(d) The Borrower shall exercise its rights under the Subsidiary Loan Financing Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Financing Agreement or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of goods, works and consultants’ services the goods required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
Section 3.03. The Bank For the purposes of Section 9.07 of the General Conditions and without limitation thereto, the Borrower shall take steps, and/or cause KenGen to take steps, to:
(a) prepare, on the basis of guidelines acceptable to the Association, and furnish to the Association not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Association, a plan for the future operation of the Project; and
(b) afford the Association a reasonable opportunity to exchange views with the Borrower on said plan.
Section 3.04. The Borrower and the Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 of the Project Agreement.9.07 and
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, shall cause HV WAPDA to perform in accordance with the provisions of the Project Agreement all the obligations of WAPDA therein set forth, shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable WAPDA to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Credit and the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), WAPDA under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV WAPDA, under terms and conditions which shall have been approved by the Bank Association and the Bank, which shall include inter alia, the following principal terms and conditions:: (i) the principal amount of the Subsidiary Loan repayable by WAPDA shall be the equivalent in Rupees (determined as of the date or respective dates of withdrawal from the Credit Account or the Loan Account) of the currency or currencies withdrawn from the Credit Account or the Loan Account; (ii) the Subsidiary Loan shall be repaid by WAPDA in thirty equal installments over twenty years (including five years of grace); (iii) WAPDA shall pay the Borrower interest on the principal amount of the Subsidiary Loan withdrawn and outstanding from time to time at the rate of eleven percent (11%) per annum; and (iv) WAPDA shall repay to the Borrower all amounts paid by the Borrower to the Association and the Bank in respect of commitment charges on the proceeds of the Credit and the Loan.
(dc) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower Borrower, the Association and the Bank and to accomplish the purposes of the LoanCredit, and, and except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 to the Project Agreement.
Section 3.03. The Bank Borrower and the Borrower Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, WAPDA pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall shall: (i) carry out Part C of the Project and conduct its operations and affairs in accordance with sound financial standards and practices, with qualified management and personnel, and in accordance with the Charter and the Statement of Policy; (ii) cause HV RBI to perform in accordance with the provisions of the Project Agreement all the obligations of RBI therein set forth, shall ; (iii) take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable RBI to perform such obligations, ; and shall (iv) not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the The Borrower shall cause HV to enter into and carry out a Pass Through Agreement (Backstop Facility Loan) with RBI, on terms and conditions satisfactory to the Project in accordance Bank, setting out the Borrower's and RBI’s respective responsibilities with regard to on-lending of the Implementation Program set forth in Schedule 4 proceeds of the Backstop Facility Loan to this AgreementEBs.
(c) For The Borrower shall enter into Facility Draw Down Agreements with EBs upon terms and conditions satisfactory to the purpose Bank, including the following:
(i) EBs shall pay an annual Facility Fee to the Borrower, which shall be a percentage, not less than 0.25% of implementing Parts Athe principal amount of the Backstop Loan to be provided by the Borrower to the concerned EB pursuant to the Facility Draw Down Agreement, Bto be determined through a competitive process based on offered price, and C.2, satisfactory to the Bank; and
(ii) the Borrower shall relend make Backstop Loans to EBs, pursuant to the proceeds Facility Draw Down Agreements, on the basis of the Loan to HVprior instructions in writing from RBI, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under on terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement of goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 satisfactory to the Project Agreement.
Section 3.03. The Bank and Bank, including the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 of the Project Agreement.following:
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end:
(i) shall carry out Parts C and D of the Project through MEMD and ERA and cause Parts A.2 and A.3 (b) of the Project to be carried out by the Transmission Company with due diligence and efficiency and in conformity with appropriate administrative, financial and energy sector practices, and shall provide, promptly as needed, the funds, facilities, services and other resources required for such parts of the Project; and
(ii) without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, shall cause HV the Generation Company to perform in accordance with the provisions of the Project Agreement all the obligations of the Generation Company therein set forth, shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable the Generation Company to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan to HV, Credit allocated from time to time to Categories (1), (2) and (34) (a) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), to the Generation Company under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV the Generation Company, under terms and conditions which shall have been approved by the Bank and Association which shall include inter aliainclude: (i) repayment of principal in 15 years, including a grace period of 3 years, payment of interest at the following conditions:rate of 7.1 percent per annum; and (ii) the exchange risk to be borne by the Generation Company.
(dc) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
(d) Notwithstanding the provisions of paragraph (c) of this Section, when, in the implementation of the Program, the Borrower proceeds to privatize: the power generation and distribution functions of the Generation Company and the Distribution Company respectively, in accordance with the Letter of Policy, the Borrower shall keep the Association fully informed of such developments, and thereafter take all such measures as may be necessary or required, to ensure that all arrangements for such privatization are satisfactory to the Association.
(e) The Borrower shall take all such measures as may be necessary or required, to ensure that the Transmission Company shall have adequate capacity, satisfactory to the Association, to: (i) carry on its operations and conduct its affairs in accordance with sound administrative, financial, electric utility and engineering practices under the supervision of qualified and experienced management assisted by competent staff in adequate numbers; and (ii) carry out the implementation of Parts A.2 and A.3 (b) of the Project.
(f) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Association shall otherwise agree, the Borrower shall carry out Parts C and D of the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
Section 3.03. The Bank For the purposes of Section 9.06 of the General Conditions and without limitation thereto, the Borrower shall:
(a) with respect to Parts C and D of the Project, prepare, on the basis of guidelines acceptable to the Association, and furnish to the Association not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Association, a plan designed to ensure the continued achievement of the objectives of the Project; and
(b) afford the Association a reasonable opportunity to exchange views with the Borrower on said plan.
Section 3.04. The Borrower and the Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Parts A and B of the Project shall be carried out by HV, through SPSC, the Generation Company pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, :
(i) shall cause HV to perform in accordance with the provisions supervise COFIDE’s execution of Part A of the Project Agreement and carry out Parts B, C and D of the Project through the PCU and Part E of the Project through INADE with due diligence and efficiency and in conformity with appropriate administrative, irrigation, engineering, environmental, ecological and financial practices and shall provide, promptly as needed, the funds, facilities, services and other resources required for such Parts of the Project; and
(ii) shall cause COFIDE to perform all its obligations set forth in the obligations therein set forthProject Agreement, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable COFIDE to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section Section, and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out Parts B, C and D of the Project through the PCU and carry out Part E of the Project through INADE in accordance with the Implementation Program set forth in Schedule 4 5 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend transfer a portion of the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), COFIDE under a Subsidiary Loan Agreement subsidiary agreement to be entered into between the Borrower and HV COFIDE, under terms and conditions which shall have been approved by the Bank Bank, which shall include the establishment by COFIDE of the Rehabilitation Fund and which shall also include inter alia, as an annex a complete credit manual for the following conditions:execution of Part A of the Project.
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement procure- ment of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 4 to the Project this Agreement.
Section 3.03. For the purposes of Section 9.08 of the General Conditions and, without limitation thereto, the Borrower, through the PCU, shall:
(a) prepare, on the basis of guidelines acceptable to the Bank, and furnish to the Bank not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Bank, a plan, for the future operation of Parts B, C, D and E of the Project; and
(b) afford the Bank a reasonable opportunity to exchange views with the Borrower on said plan.
Section 3.04. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 of the Project Agreement.and
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end:
(i) shall, through the PCU, coordinate all Parts of the Project and carry out Parts A, C and E of the Project with due diligence and efficiency and in conformity with appropriate administrative, transportation, engineering, financial and environmental practices and shall provide, promptly as needed, the funds, facilities, services and other resources required for such Parts of the Project; and
(ii) without any limitation or restriction upon any of its other obligations under the Loan Agreement, the Borrower shall cause HV ENAFER and MLM to perform in accordance with all their obligations set forth in, respectively, the provisions of the ENAFER Project Agreement all and the obligations therein set forthMLM Project Agreement, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable ENAFER and MLM to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend a portion of the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) ENAFER and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), MLM under a Subsidiary Loan Agreement subsidiary loan agreements to be entered into between the Borrower and, respectively, ENAFER and HV MLM, under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:Bank.
(dc) The Borrower shall exercise its rights under the ENAFER Subsidiary Loan Agreement and the MLM Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the ENAFER Subsidiary Loan Agreement or the MLM Subsidiary Loan Agreement, or any provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for Parts A, C and E of the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 4 to the Project this Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Parts B and D of the Project shall be carried out by HVby, through SPSCrespectively, ENAFER and MLM pursuant to Section 2.03 of the Project Agreements.
Section 3.04. The Borrower shall maintain in MTCC the project coordination unit with staff in sufficient numbers and with qualifications and experience acceptable to the Bank in accordance with terms of reference for the PCU acceptable to the Bank, which shall include, inter alia, responsibility for overall Project coordination (including the preparation of the reports referred to in Section 3.07 (a) below, processing of disbursement requests and management of the Special Account) and for the execution of Parts A, C and E of the Project (including the procurement of goods, works and services, progress monitoring, supervision of suppliers, contractors and consultants, and management of the account referred to in Section 4.02 of this Agreement).
(a) The Borrower shall ensure proper coor- dination of the activities under Part C of the Project with the operations of CORPAC at Lima Airport and, to that end, shall establish a coordinating committee to be chaired by the Minister or Vice-Minister of MTCC.
(b) Prior to signing the construction contract for the runway rehabilitation of Lima Airport under Part C (1) of the Project, the Borrower shall: (i) engage an independent expert to advise the Minister or the Vice- Minister for Transport; and (ii) engage consultants for construction supervision.
(a) The Borrower shall require all contractors carrying out works under Part A of the Project to use an environ- mental manual acceptable to the Bank, said manual to include, inter alia: (i) the applicable environmental and natural resource legislation and regulations;
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV to perform in accordance with the provisions of carry out the Project Agreement all through DGLT, DGBM and DKI-Jakarta with due diligence and efficiency and in conformity with appropriate administrative, financial and engineering practices, and shall provide, promptly as needed, the obligations therein set forth, shall take or cause to be taken all actions, including the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performanceresources required for the Project.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 5 to this Agreement.
Section 3.02. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 4 to this Agreement.
(ca) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend part of the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), DKI-Jakarta under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV DKI-Jakarta under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditionsfollowing:
(di) interest shall be payable on the principal amount of the Subsidiary Loan, withdrawn and outstanding from time to time, at a rate per annum equal to ten percent (10%); and
(ii) the principal amount shall be repaid over a period of twenty (20) years, including a grace period of five (5) years.
(b) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, and except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision portion thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement of goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreementshall carry out Parts A, shall cause HV to perform in accordance with the provisions C and D of the Project Agreement through MOA and PIU, and shall cause the PFIs to carry out Part B of the Project, all with due diligence and efficiency and in conformity with appropriate financial, engineering, credit and administrative practices, and shall provide, promptly as needed, the obligations therein set forth, shall take or cause to be taken all actions, including the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performanceresources required for the Project.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan to HV, Credit allocated from time to time to Categories (1), under Category (2) and (3) in of the table shown in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), for the provision of subloans under a Part B of the Project to the PFIs under Subsidiary Loan Agreement Agreements to be entered into between the Borrower and HV the PFIs, under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:Association including those set forth in Part C (3) of Schedule 4 to this Agreement.
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement Agreements in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, and except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the any Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for Parts A, C and D of the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
Section 3.03. The Bank and For the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 purposes of Section 9.07 of the General Conditions and without limitation thereto, the Borrower shall:
(relating a) prepare, on the basis of guidelines acceptable to insurancethe Association, use of goods and servicesfurnish to the Association not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Association, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 a plan for the future operation of the Project AgreementProject; and
(b) afford the Association a reasonable opportunity to exchange views with the Borrower on said plan.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end:
(i) shall carry out Part A of the Project through PCU with due diligence and efficiency and in conformity with appropriate administrative and financial practices and shall provide, promptly as needed, the funds, facilities, services and other resources required for such Part of the Project; and
(ii) without any limitation or restriction upon any of its other obligations under the Loan Interim Fund Development Credit Agreement, shall the Borrower shall: (A) cause HV AGETIPE-MALI, EDM and ACI to perform carry out Parts B, C, D and E of Project, respectively; (B) cause AGETIPE-MALI, EDM and ACI to perform, in accordance with the provisions of the AGETIPE-MALI Project Agreement, the EDM Project Agreement and the ACI Project Agreement, respectively, all the obligations of AGETIPE-MALI, EDM and ACI therein set forth, ; (C) shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable AGETIPE-MALI, EDM and ACI to perform such obligations, ; and (D) shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section Section, and except as the Borrower and the Bank Administrator shall otherwise agree, the Borrower shall carry out Part A of the Project, and shall cause HV AGETIPE-MALI, EDM and ACI to carry out Parts B and C, D, and E of the Project Project, respectively, all in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loanmake available, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement of goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by Interim Fund Credit, the provisions of Schedule 1 amount allocated to the Project Agreement.
Section 3.03. The Bank Categories (1) (a) and the Borrower hereby agree that the obligations set forth in Sections 9.04(b), 9.05(2) (b), 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively3) shall be carried out by HV, through SPSC, pursuant to Section 2.03 of the Project Agreement.(b),
Appears in 1 contract
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 3 to this Agreement, and, to this end:
(i) shall carry out Part A of the Project with due diligence and efficiency and in conformity with appropriate administrative, environmental and financial practices and shall provide, promptly as needed, the funds, facilities, services and other resources required for said Part; and
(ii) without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, the Borrower shall cause HV NBE to perform all its obligations set forth in accordance with the provisions of the Project Agreement all the obligations therein set forthAgreement, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable NBE to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section Section, and except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV to (i) coordinate the overall implementation of the Project, and (ii) carry out Part A of the Project Project, in accordance with the Implementation Program set forth in Schedule 4 3 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend make available the proceeds of the Loan Credit to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), NBE under a Subsidiary Loan Agreement subsidiary financing agreement to be entered into between the Borrower and HV NBE, under terms and conditions which shall have been approved by the Bank Association and which shall include inter alia, the following conditions:those set forth in paragraph 2 of Schedule 4 to this Agreement.
(d) The Borrower shall exercise its rights under the Subsidiary Loan Financing Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, and except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Financing Agreement or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of goods, works the goods and consultants’ services required for Part B of the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 2 to the Project Agreement.
Section 3.03. The Bank For the purposes of Section 9.07 of Article IX of the General Conditions and without limitations thereto, the Borrower shall:
(a) prepare or cause to be prepared, on the basis of guidelines acceptable to the Association, and furnish to the Association not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Association, a plan for the future operation of the Project; and
(b) afford the Association a reasonable opportunity to exchange views with the Borrower on said plan.
Section 3.04. The Borrower and the Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 of the Project Agreement.9.07 and
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, shall:
(i) carry out Parts A, B and C of the Project with due diligence and efficiency and in conformity with appropriate administrative, financial and urban development practices, and shall provide, promptly as needed, the funds, facilities, services and other resources required for the Project; (ii) without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV the Authority to perform in accordance with the provisions of the Project Agreement all the obligations of the Authority therein set forth, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable the Authority to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the equivalent of $14,500,000 of the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), Authority under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV the Authority, under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:those outlined in Schedule 7 to this Agreement.
(dc) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
(d) Without limitation upon the provisions of paragraph (a) (i) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall carry out those Parts of the Project referred to in the said paragraph (a) (i) of this Section in accordance with the Implementation Program set forth in Schedule 5 to this Agreement.
Section 3.02. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 4 to the Project this Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Parts D and E of the Project shall be carried out by HV, through SPSC, the Authority pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan this Agreement, shall cause HV MUB to perform in accordance with the provisions of the Project Agreement all of the obligations of MUB therein set forth, shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, resources necessary or appropriate to enable MUB to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan Credit to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), MUB under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV MUB (the MUB Subsidiary Loan Agreement) under terms and conditions which shall have been approved by the Bank Association. Such terms and which conditions shall include inter alia, the following conditionsfollowing:
(di) the principal amount of the MUB Subsidiary Loan repayable by MUB shall be the equivalent in SDR (determined as of the date, or respective dates, of withdrawal) of the value of the currency or currencies withdrawn from the Credit Account;
(ii) the principal amount of the MUB Subsidiary Loan shall be repaid by MUB to the Borrower in Dollars in semi-annual installments over forty years, including a grace period of 10 years; and
(iii) interest shall be charged on the outstanding balance of the MUB Subsidiary Loan at a rate equal to 1% per annum;
(iv) the Borrower shall charge a commitment charge on such principal amount, not withdrawn from time to time at the rate set forth in Section 2.04(a) of the Development Credit Agreement.
(c) The Borrower shall exercise its rights under the MUB Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the MUB Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement of goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project Agreement.
Section 3.03. The Bank Borrower and the Borrower Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, MUB pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the Project, and, to this end:
(i) shall cause EEAA to carry out Part A of the Project with due diligence and efficiency and in conformity with appropriate administrative, environmental and financial practices and shall provide, promptly as needed, the funds, facilities, services and other resources required for said Part; and
(ii) without any limitation or restriction upon any of its other obligations under the Loan this Agreement, the Borrower shall cause HV NBE to perform in accordance with the provisions of the Project Agreement all the obligations of NBE therein set forth, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable NBE to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section Section, and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to EEAA to: (i) coordinate the overall implementation of the Project; and (ii) carry out Part A of the Project in accordance with the Implementation implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend re-lend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), NBE under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV NBE, under terms and conditions satisfactory to the Bank, including, inter alia: (i) payment of interest, charges and premium; and repayment of such amount in accordance with Article II of this Agreement; (ii) payment of any other charges which shall have been approved may be required by the Bank Borrower; and which shall include inter alia, the following conditions:(iii) foreign exchange risk to be borne by NBE.
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement of goods, works and consultants’ services the goods required for the Project Sub-projects and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project Agreement.
Section 3.03. The For the purposes of Section 9.07 of the General Conditions and without limitation thereto, the Borrower shall cause EEAA to:
(a) prepare, on the basis of guidelines acceptable to the Bank, and furnish to the Bank not later than six (6) months after the Closing Date, or such later date as may be agreed for this purpose between the Borrower and the Bank, a plan for the continued achievement of the objectives of the Project; and
(b) afford the Bank a reasonable opportunity to exchange views with the Borrower, EEAA and NBE on said plan.
Section 3.04. The Borrower and the Bank hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, NBE pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV to perform perform, in accordance with the provisions of the Project Agreement Agreement, all the obligations of HV therein set forth, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, resources necessary or appropriate to enable HV to perform such obligations, obligations and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories HV (1), (2the Subsidiary Loan for the purposes of this paragraph) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter aliainclude, without limitation, the following conditionsfollowing:
(di) the principal amount of the Subsidiary Loan shall be denominated in Deutsche Marks and shall be repaid by HV to the Borrower in Deutsche Marks in equal semi-annual installments over fifteen years, including a grace period of five years;
(ii) an interest shall be charged on the outstanding balance of the Subsidiary Loan at a rate equivalent to the rate paid by the Borrower to the Bank in accordance with the provisions of Section 2.05 of this Agreement; and
(iii) a commitment charge shall be charged on the principal amount of the Subsidiary Loan not withdrawn from time to time at a rate equivalent to the rate established in Section 2.04 of this Agreement, minus any waiver.
(c) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank Bank, and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement of the goods, works works, and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project Agreement.
Section 3.03. The Bank and For the purposes of carrying out Part C of the Project, the Borrower hereby agree that shall:
(a) maintain, with adequate staff and resources, the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) Quality Assurance Unit which shall be carried out by HV, through SPSC, pursuant to Section 2.03 of responsible for: (i) setting the Project Agreement.standards for Mine clearing works;
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan this Agreement, shall cause HV EDM to perform perform, in accordance with the provisions of the Project Agreement Agreement, all the its obligations therein set forth, shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable EDM to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend out of the proceeds of the Loan to HV, Credit the amount allocated from time to time to Categories (1), (2), (3) (a) and (34) in (b) of the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), to EDM under a Subsidiary Loan Agreement an agreement to be entered into between the Borrower and HV EDM, under terms and conditions which shall have been approved by the Bank Association and which shall include inter aliainclude: (i) a repayment period of twenty five years, including a grace period not to exceed five (5) years, (ii) an interest rate of 7.7 percent per annum, and (iii) provisions requiring EDM to bear the foreign exchange risk.
(c) The Borrower shall make available, out of the proceeds of the Credit, the following conditions:amount allocated to Categories (3) (b) and (4) (a) of the table in paragraph 1 of Schedule 1 to this Agreement, to EDM, on grant basis, under an agreement to be entered into between the Borrower and EDM, and under terms and conditions which shall have been approved by the Association.
(d) The Borrower shall exercise its rights under the Subsidiary Loan Financing Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the Loan, Credit and, except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate abrogate, or waive the Subsidiary Loan Agreement Financing Agreement, or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 to the Project Agreement.
Section 3.03. The Bank Borrower and the Borrower Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 of the Project Agreement.9.07 and
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV UMG to perform in accordance with the provisions of the Project Agreement all the obligations of UMG therein set forth, shall take or cause to be taken all actions, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable UMG to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), UMG under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between assumed by the Borrower and HV from Kazakhoil with UMG, under terms and conditions which shall have been approved by the Bank and which shall include inter alia, including the following conditionsfollowing:
(di) the term of the Subsidiary Loan shall be twelve (12) years, including a four (4) year grace period;
(ii) the Borrower shall charge a commitment fee at a rate equal to the rate of commitment charge payable under Section 2.04 of this Agreement;
(iii) the Borrower shall charge interest on the principal amount of the Subsidiary Loan withdrawn and outstanding from time to time at the rate not less than payable by the Borrower under Section 2.05 of this Agreement; and
(iv) the principal amount of the Subsidiary Loan shall be the equivalent in Dollars (determined as of the date or respective dates of repayment) of the value of currency or currencies withdrawn from the Loan Account on account of expenditures for the Project.
(c) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement of the goods, works (including Technical Services), and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, UMG pursuant to Section 2.03 of the Project Agreement.
Section 3.04. The Borrower shall, jointly with UMG, implement the Short-term Working Capital Financing Plan, in a manner satisfactory to the Bank.
Section 3.05. Except as the Bank shall otherwise agree, the Borrower shall: (a) prepare a Privatization Implementation Plan based on terms of reference agreed with the Bank; and (b) implement the said plan in a manner satisfactory to the Bank.
Section 3.06. The Borrower shall take all reasonable steps to ensure that UMG crude oil is marketed in a commercially appropriate manner.
Appears in 1 contract
Samples: Loan Assumption Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV AGEOPPE to perform in accordance with the provisions of carry out the Project Agreement all the obligations therein set forthwith due diligence and efficiency and in conformity with appropriate financial, administrative, engineering, environmental and technical practices, shall take or cause to be taken taken, all actions, including the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligationsenable AGEOPPE to carry out the Project, and shall not take or permit to be taken any action which would prevent or interfere with such performancethe carrying out of the Project by AGEOPPE.
(b) For the purpose of carrying out the Project, the Borrower shall enter into an agreement with AGEOPPE (the Subsidiary Agreement), on terms and conditions satisfactory to the Association, which shall include, inter alia:
(i) delegation of authority for all procurement actions and for award, signature and payment of contracts;
(ii) provision for the transfer of the proceeds of the Credit;
(iii) the methods and procedures applicable to the passing of the Credit proceeds to AGEOPPE;
(iv) the obligation of AGEOPPE to promptly inform the Borrower and the Association of any condition which interferes, or threatens to interfere, with the progress of the Project, the accomplishment of the purposes of the Credit, or the performance by AGEOPPE of its obligations under the Subsidiary Agreement;
(v) the obligation of AGEOPPE to provide semiannual reports of such scope and in such detail as the Borrower and the Association shall reasonably request; and
(vi) the obligation of AGEOPPE to take all measures necessary to ensure that the Project is carried out with due diligence and efficiency and in accordance with appropriate administrative, technical, environmental and financial practices.
(c) The Borrower shall exercise its rights under the Subsidiary Agreement in such manner as to protect the interests of the Borrower and the Association and to accomplish the purposes of the Credit and, except as the Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Agreement or any provision thereof.
(d) Without limitation upon the provisions of paragraph paragraph
(a) of this Section and except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV AGEOPPE to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend the proceeds terms and provisions of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 Manual of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereofProcedures.
Section 3.02. Without any limitation upon any of its obligations under Section 3.01 of this Agreement, the Borrower shall:
(a) establish and maintain a Project Account in pesos in a commercial bank on terms and conditions satisfactory to the Association to be used exclusively for the purposes of meeting the Borrower’s counterpart expenditures for the Project; and
(b) in addition to the initial deposit referred to in Section 7.01 (c) of this Agreement, deposit into the Project Account, promptly before each fiscal semester, sufficient funds to pay the Borrower’s contribution to the financing of the Project required for such fiscal semester, as estimated by the Borrower in consultation with the Association and AGEOPPE.
Section 3.03. Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
Section 3.033.04. The Bank Association and the Borrower hereby agree that the obligations set forth in Sections 9.04, . 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HVAGEOPPE.
Section 3.05. The Borrower shall: (a) not later than December 31, through SPSC1997, pursuant to Section 2.03 carry out jointly with the Association a midterm review of the Project, during which they shall exchange views generally on the progress achieved in the carrying out of the Project Agreement.and the performance by the Borrower of its obligations under this Agreement and, in particular, the overall performance of AGEOPPE as measured against the performance monitoring indicators setforth in the Manual of Procedures;
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without shall carry out Part A.1 of the Project through its Ministry of Agriculture with due diligence and efficiency and in conformity with appropriate administrative, financial and technical irrigation practices, and shall provide, promptly as needed, the funds, facilities, services and other resources required for the Project.
(b) Without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, the Borrower shall cause HV ON and BNDA to perform in accordance with the provisions of the Project Agreement all the obligations of ON and BNDA therein set forth, shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable ON and BNDA to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall shall: (i) relend the proceeds of the Loan to HVAfrican Facility Credit, allocated which may from time to time be allocated to Categories 1 (1)a) , 2 (2a) , 2 (b) , 2 (d) , 3 (a) , 3 (c) and (3) in 4 of the table set forth in paragraph 1 of Schedule 1 I to this Agreement (Subsidiary Loan)Agreement, to ON under a Subsidiary Loan Agreement to be entered into between the Borrower and HV ON, under terms and conditions which shall have been approved by the Bank Administrator and which shall include inter aliainterest at a rate of three percent (3%) per annum and a thirty year repayment period including a grace period of ten years; and (ii) make the proceeds of the African Facility Credit which may from time to time be allocated to Categories I (b), 2 (c), 2 (e), 3 (b) , and 5 of the following conditions:table mentioned above available to ON on a grant basis.
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank Administrator and to accomplish the purposes of the Loan, Credit and, except as the Bank Administrator shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank Administrator shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan African Facility Credit shall be governed by the provisions of Schedule 1 I to the Project Agreement.
Section 3.03. The Bank Borrower shall take all necessary measures required on its part to:
(a) ensure that ON: (i) at all times buys paddy and sells rice in accordance with the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 provisions of the General Conditions Contract-plan; (relating ii) charges custom- mill services at full cost at all times; (iii) collects water charges at the rate of CFAF 28,000 per hectare on all rehabilitated perimeters commencing with the first crop harvested on said perimeters after their rehabilitation; and (iv) increases water charges each year by a percentage agreed upon with the Association so as to insurance, use achieve: (A) on any rehabilitated perimeter three years after its rehabilitation an overall increase of goods 25% over and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 above the level of charges collected on such perimeters as of the Project Agreement.first year of its rehabilitation, plus the required adjustment for inflation determined by the Borrower’s consumer price index or any other measure of inflation satisfactory to the Association; and (B) on any rehabilitated perimeter seven years after its rehabilitation an overall increase of 70% over and above the level of charges collected on such perimeter as of the first year of its rehabilitation, plus the required adjustment for inflation determined as provided in subparagraph (A) above;
(b) further to the provisions of sub-paragraph (a) (iv) above cause ON to increase water charges no later than January 1 of each subsequent year so as to generate funds sufficient to cover ON’s costs attributable to water distribution operations;
(c) not later than September 30, 1988, conclude with ON an agreement satisfactory to the Administrator to determine the legal, financial and accounting regime of fixed assets belonging to the public domain but whose operation and maintenance is entrusted to ON, including a detailed inventory of such assets;
(d) cause ON to: (i) implement the Contract-plan; and
Appears in 1 contract
Samples: African Facility Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any shall carry out the Project through SGJ and with the assistance of its other obligations under the Loan AgreementExecuting Agencies and applicable Municipalities, shall cause HV to perform with due diligence and efficiency and in conformity with appropriate engineering, economic, financial, administrative and environmental practices, and in accordance with the provisions of Operational Manual, and shall provide, promptly as needed, the Project Agreement all the obligations therein set forth, shall take or cause to be taken all actions, including the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performanceresources required for the Project.
(bi) Without limitation upon to the provisions of paragraph (a) of this Section above, the Borrower, through SGJ, shall enter into an agreement (a Participation Agreement) with each Executing Agency under terms and conditions satisfactory to the Association, including those set forth in the Operational Manual and the SINREC Agreement; and (ii) except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV not amend, assign, abrogate, suspend, terminate, waive or fail to carry enforce any Participation Agreement or any provision thereof.
(i) Without limitation to the provisions of paragraphs (a) and (b) above, the Borrower, through SGJ, shall, prior to carrying out any activity in each Municipality, enter into an agreement (a Municipality Agreement) with such Municipality under terms and conditions satisfactory to the Project in accordance with the Implementation Program Association, including those set forth in Schedule 4 to this Agreement.
the Operational Manual; and (cii) For except as the purpose of implementing Parts A, B, and C.2Association shall otherwise agree, the Borrower shall relend not amend, assign, abrogate, suspend, terminate, waive or fail to enforce any Municipality Agreement or any provision thereof.
(a) For the proceeds purposes of the Loan providing assistance to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower as a procurement agent and HV advisor, the Borrower may enter into an agreement with a Procurement Agent, under terms and conditions which shall have been approved by satisfactory to the Bank and which shall include inter alia, Association (the following conditions:Procurement Agreement).
(di) The Borrower shall exercise its rights and carry out its obligations under the Subsidiary Loan Procurement Agreement in such a manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the Loan, Credit; and,
(ii) except as the Bank shall Association may otherwise agree, the Borrower shall not assign, amend, abrogate abrogate, suspend, waive, terminate or waive fail to enforce the Subsidiary Loan Procurement Agreement or any provision thereof.
Section 3.023.03. Except as the Bank Association shall otherwise agree, procurement of the goods, works works, non-consultant technical services and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
(a) The Borrower, through SGJ, shall issue an operational manual (the Operational Manual), satisfactory to the Association, setting forth rules and procedures for the carrying out of the Project, such manual to include, inter alia:
(i) an environmental management plan;
(ii) an indigenous peoples development plan;
(iii) a resettlement process framework;
(iv) the form of Municipality Agreement; and
(v) the standard bidding documents for procurement of non- consultant technical services;
(vi) the specific land regularization procedures applicable under Part B of the Project; and
(vii) the procedures referred to in Section 3.033.11 of this Agreement, including, but not limited to, procedures to provide adequate access by indigenous groups to legal advice and training and to set up a transparent mechanism for conflict resolution and decision-making.
(b) The Operational Manual may be amended by SGJ from time to time with the prior approval of the Association. In the case of any conflict between the terms of the Operational Manual and those of this Agreement, the terms of this Agreement shall prevail.
Section 3.05. The Bank Borrower shall, throughout the course of Project implementation:
(a) maintain, during Project implementation, a Project coordination unit (the PCU) assigned to SGJ, with functions, staffing and responsibilities satisfactory to the Association, including, but not limited to, a technical unit responsible for overseeing the day-to-day implementation of Project activities;
(b) establish and maintain, during Project implementation, a high-level Council of Governors, with functions and responsibilities satisfactory to the Association, which shall be chaired by SGJ, and include representatives of each of the Executing Agencies and of civil society; and
(c) establish and maintain, during Project implementation, a Technical Steering Committee with functions and responsibilities satisfactory to the Association, including representatives of Executing Agencies and selected independent advisors to ensure proper coordination of Project activities at the field level and to provide specialized advice to the Council of Governors referred to in (b) above.
Section 3.06. The Borrower hereby agree that shall:
(a) maintain policies and procedures adequate to enable it to monitor and evaluate on an ongoing basis, in accordance with the obligations indicators set forth in Sections 9.04the Implementation Letter, 9.05the carrying out of the Project and the achievement of the objectives thereof;
(b) prepare, 9.06under terms of reference satisfactory to the Association, 9.07and furnish to the Association, 9.08 not later than six months after the Effective Date and 9.09 semestrally thereafter during the period of Project implementation, a report integrating the results of the monitoring and evaluation activities performed pursuant to paragraph
(a) of this Section, on the progress achieved in the carrying out of the Project during the period preceding the date of said report and setting out the measures recommended to ensure the efficient carrying out of the Project and the achievement of the objectives thereof during the period following such date; and
(c) review with the Association not later than two months after the date of such report, or such later date as the Association shall request, each report referred to in paragraph (b) of this Section, and, thereafter, take all measures required to ensure the efficient completion of the Project and the achievement of the objectives thereof, based on the conclusions and recommendations of the said report and the Association’s views on the matter.
Section 3.07. For the purposes of Section 9.06 of the General Conditions and without limitation thereto, the Borrower shall:
(relating a) prepare, on the basis of guidelines acceptable to insurancethe Association, use of goods and servicesfurnish to the Association not later than six (6) months before the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Association, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 a plan for the future operation of the Project; and
(b) afford the Association a reasonable opportunity to exchange views with the Borrower on said plan.
Section 3.08. Without limitation to the Borrower’s obligations in Section 3.01 of this Agreement, the Borrower shall:
(a) carry out an environmental management plan, acceptable to the Association, in accordance with its terms;
(b) carry out an indigenous peoples development plan, acceptable to the Association, in accordance with its terms;
(c) in the event that an activity under the Project Agreement.requires resettlement of population, prior to the initiation of any such activity: (i) prepare (in accordance with the principles and guidelines set forth in the Operational Manual) and furnish to the Association a resettlement plan for such population, satisfactory to the Association; and
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end:
(i) shall carry out Parts B and C of the Project with due diligence and efficiency, and in conformity with appropriate administrative, agricultural marketing and financial practices, and shall provide, promptly as needed, the funds, facilities, services and other resources required for the Project; and
(ii) without any limitation or restriction upon any of its other obligations under the Loan this Agreement, shall cause HV RBM to perform perform, in accordance with the provisions of the Project Agreement Agreement, all the obligations of RBM therein set forth, forth and shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable RBM to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and Section, and, except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 5 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend make available to RBM the Malawi kwacha equivalent of $15,500,000 from the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan)Credit, under a Subsidiary Loan the RBM Agreement to be entered into between the Borrower and HV RBM under terms and conditions which shall have been approved by the Bank Association and which shall include inter aliainclude:
(i) an undertaking by RBM to make loans to Partici- pating Banks and SEDOM under Participating Bank Agreements and the SEDOM Agreement to be entered into by RBM with each Participating Bank and SEDOM, respectively, for financing Investment Projects under terms and conditions specified in the following conditions:Project Agreement; and
(ii) an undertaking by RBM to promptly transfer to the Borrower all payments of interest and repayments of principal made by Participating Banks and SEDOM under Participating Bank Agreements and the SEDOM Agreement, respectively.
(d) The Borrower shall exercise its rights under the Subsidiary Loan RBM Agreement in such manner as to protect the interests of the Borrower and the Bank Association, and to accomplish the purposes of the LoanCredit, and, except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan RBM Agreement or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of goods, works the goods and consultants’ services services, required for Parts B and C of the Project and to be financed out of the proceeds of the Loan Credit, shall be governed by the provisions of Schedule 1 4 to the Project this Agreement.
Section 3.03. The Bank Borrower and the Borrower Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Part A of the Project shall be carried out by HV, through SPSCRBM, pursuant to Section 2.03 2.04 of the Project Agreement.
Section 3.04. The Borrower undertakes to annually review and, if necessary, revise interest rates to ensure that the rates charged by Participating Banks and SEDOM on Sub-loans and SEDOM credits, respectively, are:
(i) in line with the overall interest rate structure in the Borrower’s territory; and
(ii) adequate to permit the attainment of the objectives of the Project.
Section 3.05. The Borrower shall, not later than March 31, 1989, submit to the Association, for its review, terms of reference and a work program for the implementation of a pilot credit scheme.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV to perform in accordance with the provisions of carry out the Project Agreement all through the obligations therein set forthPMT with due diligence and efficiency and in conformity with appropriate administrative, urban management, financial, technical and environmental practices, and shall take or cause to be taken all actionsprovide, including promptly as needed, the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performanceresources required for the Project.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program implementation program set forth in Schedule 4 to this Agreement and the Operational Manual, and shall cause the PMT, as well the Entities and the PITs, to perform their respective obligations under the Project in accordance with the provisions of the implementation program set forth in Schedule 4 to this Agreement and the Operational Manual, as well as the Federation Project Agreement and the RS Project Agreement, respectively.
(c) For The Borrower shall make available to the purpose Federation, from the proceeds of implementing Parts Athe Credit, Ban amount equivalent to nine million seven hundred thousand Special Drawing Rights (SDR 9,700,000), and C.2and, for such purposes, the Borrower shall relend enter into a subsidiary credit agreement with the proceeds of Federation (the Loan to HV, allocated from time to time to Categories (1), (2Federation Subsidiary Credit Agreement) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank Association. Except as the Association shall otherwise agree, such terms and which conditions shall include inter alia, the following conditionsfollowing:
(i) the term of the Subsidiary Credit shall be 20 years, including a 10-year grace period;
(ii) the Borrower shall charge the Federation a commitment charge at a rate equal to the rate payable under Section 2.04 of this Agreement, on the principal amount of the Subsidiary Credit not withdrawn from time to time;
(iii) the Borrower shall charge the Federation a service charge on the principal amount of the Subsidiary Credit withdrawn and outstanding from time to time at a rate equal to the rate payable under Section 2.05 of this Agreement; and
(iv) the principal amount of the Subsidiary Credit shall be repayable in KM and shall be the equivalent in Euro (determined as of the date or respective dates of repayment) of the value of currency or currencies withdrawn from the Credit Account on account of expenditures for the Project.
(d) The Borrower shall make available to Republika Srpska, from the proceeds of the Credit, an amount equivalent to four million one hundred thousand Special Drawing Rights (SDR 4,100,000), and, for such purposes, the Borrower shall enter into a subsidiary credit agreement with Republika Srpska (the RS Subsidiary Credit Agreement) under terms and conditions which shall have been approved by the Association. Except as the Association shall otherwise agree, such terms and conditions shall include the following:
(i) the term of the Subsidiary Credit shall be 20 years, including a 10-year grace period;
(ii) the Borrower shall charge Republika Srpska a commitment charge at a rate equal to the rate payable under Section 2.04 of this Agreement, on the principal amount of the Subsidiary Credit not withdrawn from time to time;
(iii) the Borrower shall charge Republika Srpska a service charge on the principal amount of the Subsidiary Credit withdrawn and outstanding from time to time at a rate equal to the rate payable under Section 2.05 of this Agreement; and
(iv) the principal amount of the Subsidiary Credit shall be repayable in KM and shall be the equivalent in Euro (determined as of the date or respective dates of repayment) of the value of currency or currencies withdrawn from the Credit Account on account of expenditures for the Project.
(e) The proceeds of the Subsidiary Credits shall be relent by each Entity to its respective Participating Utilities, Participating Cantons, and Participating Municipalities, as the case may be, under a Subsidiary Financing Agreement to be entered into between the relevant Entity and the relevant Participating Utility, Participating Canton, and Participating Municipality, as the case may be, under terms and conditions which shall have been approved by the Association. Except as the Association shall otherwise agree, such terms and conditions shall include the following:
(i) the Subsidiary Financing provided by the Entity to the relevant Participating Utility, Participating Canton, or Participating Municipality under the Subsidiary Financing Agreement to carry out the Project shall be denominated in KM;
(ii) the term of the Subsidiary Financing shall be 20 years, including a 8- year grace period;
(iii) the Entity shall charge the relevant Participating Utility, Participating Canton, and Participating Municipality a commitment charge at a rate equal to the rate payable by the Borrower under Section 2.04 of this Agreement, on the principal amount of the Subsidiary Financing not withdrawn from time to time;
(iv) the Entity shall charge the relevant Participating Utility, Participating Canton, and Participating Municipality a service charge on the principal amount of the Subsidiary Financing withdrawn and outstanding from time to time at a rate equal to two percent (2%) per annum; and
(v) the principal amount of the Subsidiary Financing shall be repayable in KM.
(f) The Borrower shall exercise its rights under the Subsidiary Loan Agreement Credit Agreements in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive either of the Subsidiary Loan Agreement Credit Agreements or any provision of either one thereof.
Section 3.02. (a) Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of this Section 3.02 and Schedule 1 2 to the Project AgreementAgreements, as said provisions may be further elaborated in the Procurement Plan.
Section 3.03(b) The Borrower shall update the Procurement Plan in accordance with terms of reference acceptable to the Association, and furnish such update to the Association not later than twelve (12) months after the date of the preceding Procurement Plan, for the Association’s approval. The Bank and Promptly following each approval by the Association of the updated Procurement Plan, the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 shall provide a copy of such update to each of the General Conditions Entities.
(relating c) In respect of the procurement of goods, works and consultants’ services required for the Project and to insurancebe awarded on the basis of National Competitive Bidding, use the following provisions of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectivelythis paragraph (c) shall be carried out by HV, through SPSC, pursuant to Section 2.03 of the Project Agreement.apply:
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the Project, Project as set forth in Schedule 2 to this Agreement and, to this end:
(i) shall carry out, through MNRI, Parts A and D.2 of the Project with due diligence and efficiency and in conformity with appropriate administrative and financial practices and shall provide, promptly as needed, the funds, facilities, services and other resources required for such Part of the Project; and
(ii) without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, the Borrower: (A) shall cause HV DICOL and EAGB to perform all their respective obligations set forth in accordance with the provisions of the DICOL Project Agreement all and the obligations therein set forthEAGB Project Agreement, respectively, (B) shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable DICOL and EAGB to perform such obligations, and (C) shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower Association and the Bank Borrower shall otherwise agree, the Borrower shall cause HV to carry out Parts A and D.2 of the Project in accordance with the Implementation Program set forth in Schedule 4 6 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan following to HVDICOL, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include Association, including, inter alia, that the following conditionsproceeds of the Credit shall be relent at an interest rate of 8.5% per annum, with the exchange risk between the currency of payment and the currency of repayment to be borne by DICOL:
(i) the proceeds of the Credit necessary to carry out Part B of the Project shall be relent to DICOL under a subsidiary loan agreement (the DICOL Subsidiary Loan Agreement) to be entered into between the Borrower and DICOL for a term of twenty years, including a five-year grace period; and
(ii) the proceeds of the Credit necessary to carry out Part D.1 of the Project shall be relent to DICOL under a separate subsidiary loan agreement (the Petroleum Facility Subsidiary Loan Agreement) to be entered into between the Borrower and DICOL for a term of ten years, including a three-year grace period.
(d) The Borrower shall relend the proceeds of the Credit necessary to carry out Part C of the Project to EAGB under a subsidiary loan agreement (the EAGB Subsidiary Loan Agreement) to be entered into between the Borrower and EAGB, under terms and conditions which shall have been approved by the Association which shall provide, inter alia, that the proceeds of the Credit shall be relent at an interest rate of 7.7% per annum, for a term of twenty years, including a five-year grace period, with the exchange risk between the currency of payment and the currency of repayment to be borne by EAGB.
(e) The Borrower shall exercise its rights under each of the Subsidiary Loan Agreement Agreements in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the Loan, Credit and, except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive any of the Subsidiary Loan Agreement Agreements or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for Parts A and D.2 of the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
Section 3.03. The Bank Borrower shall implement in a timely manner the Competitive Distribution Plan, the DICOL Financial Restructuring Plan, the DICOL Management Plan, the DICOL Financing Plan, the EAGB Financing Plan and the MNRI Financing Plan.
Section 3.04. The Borrower shall, not later than December 31, 1991, cause Pescarte to enter into an agreement with DICOL, on reasonable commercial terms, pursuant to which DICOL shall obtain for a period of no less than 3 years the nonexclusive right to use the 45-ton barge and pusher tug owned by Pescarte.
Section 3.05. The Borrower shall, through DGE, transfer for fair consideration to EAGB, not later than December 31, 1992, all its rights relating to the 4.2 MW Nova Central Electrica generating station currently under construction (including all rights under the related construction and installation contracts).
Section 3.06. The Borrower shall: (a) modify, in consultation with EAGB, EAGB’s tariff indexation formula not later than December 31, 1991 in a manner satisfactory to the Association, (b) annually review such formula with the Association, and (c) only further amend such formula with the agreement of the Association. Prior to such modification in 1991, the Borrower shall only permit EAGB’s tariffs to increase from their March 1, 1991 levels if, and only to the extent that, the domestic price of petroleum increases.
Section 3.07. The Borrower shall, no earlier than January 1, 1993 and no later than March 31, 1993, carry out jointly with the Association a mid-term review of the progress made in carrying out the Project.
Section 3.08. The Borrower and the Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of: (a) Parts B and D.1 of the Project shall be carried out by HV, through SPSC, DICOL pursuant to Section 2.03 of the DICOL Project Agreement, and (b) Part C of the Project shall be carried out by EAGB pursuant to Section 2.03 of the EAGB Project Agreement.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, shall cause HV Electrodispetcherizatsia and Electrogadatsema to perform perform, with the assistance of PSO, in accordance with the provisions of the ED Project Agreement and EG Project Agreement, respectively, all the obligations of Electrodispetcherizatsia and Electrogadatsema therein set forth, shall take or cause to be taken the actions provided for in the Implementation Program set forth in Schedule 4 to this Agreement, and all actionsother action, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable Electrodispetcherizatsia and Electrogadatsema to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) The Borrower shall relend a portion of the proceeds of the Credit to Electrodispetcherizatsia under a subsidiary loan agreement (the ED Subsidiary Loan Agreement) to be entered into between the Borrower and Electrodispetcherizatsia, under terms and conditions which shall have been approved by the Association which shall include those set forth in Schedule 5 to this Agreement.
(c) The Borrower shall relend a portion of the proceeds of the Credit to Electrogadatsema under a Subsidiary Loan Agreement (the EG Subsidiary Loan Agreement) to be entered into between the Borrower and Electrogadatsema, under terms and conditions which shall have been approved by the Association which shall include those set forth in Schedule 5 to this Agreement.
(d) The Borrower shall exercise its rights under the ED Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Association and to accomplish the purposes of the Credit, and, except as the Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the ED Subsidiary Loan Agreement or any provision thereof.
(e) The Borrower shall exercise its rights under the EG Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Association and to accomplish the purposes of the Credit, and, except as the Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the EG Subsidiary Loan Agreement or any provision thereof.
(f) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:
(d) Section 3.02. The Borrower shall exercise its rights under maintain the Subsidiary Loan Agreement Management Contracts in such manner as to protect the interests respect of the Borrower Electrogadatsema, Electrodispetcherizatsia, and the Bank and Wholesale Electricity Market with independent, private sector service providers, satisfactory to accomplish the purposes of Association, throughout the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereofProject implementation.
Section 3.023.03. The Borrower shall take all necessary measures to ensure that the Wholesale Electricity Market, Electrodispetcherizatsia and Electrogadatsema are able to meet their financial obligations as they fall due, including those under the Management Contracts.
Section 3.04. Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
Section 3.033.05. For the purposes of Section 9.07 of the General Conditions and without limitation thereto, the Borrower shall:
(a) prepare, on the basis of guidelines acceptable to the Association, and furnish to the Association not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Association, a plan for the future operation of the Project; and
(b) afford the Association a reasonable opportunity to exchange views with the Borrower on said plan.
Section 3.06. The Bank Association and the Borrower hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of: (a) the activities of Electrogadatsema under Parts A, C, D, E and F of the Project shall be carried out by HV, through SPSC, Electrogadatsema pursuant to Section 2.03 of the EG Project Agreement; and (b) the activities of Electrodispetcherizatsia under Parts B, C, E and F of the Project shall be carried out by Electrodispetcherizatsia pursuant to Section 2.03 of the ED Project Agreement.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, shall cause HV XUAR to perform in accordance with the provisions of the Project Agreement all the obligations of XUAR therein set forth, shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable XUAR to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the The Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend make the proceeds of the Loan Credit available to HVXUAR on the following principal terms:
(i) the principal amount so made available to XUAR shall be the equivalent in terms of dollars (determined as of the date, allocated or respective dates, of withdrawal from the Credit Account or payment out of the Special Account, as the case may be) of the value of the currency or currencies so withdrawn or paid out on account of the cost of items required for the Project and to be financed out of the proceeds of the Credit (the Credit Amount), and shall be recovered by the Borrower in dollars;
(ii) the Borrower shall recover the Credit Amount from XUAR in semi-annual installments over a period of 17 years, inclusive of a grace period of 5 years;
(iii) the Borrower shall charge interest on the Credit Amount withdrawn and outstanding from time to time, at a rate which shall not exceed the charge payable by the Borrower from time to time pursuant to Categories (1), (2) and (3) in the table in paragraph 1 Section 2.05 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:Agreement; and
(div) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall charge a commitment fee on the Credit Amount not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereofwithdrawn from time to time at a rate which shall not exceed 0.5% per annum.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 to the Project Agreement.
Section 3.03. The Bank Borrower and the Borrower Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, XUAR pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, shall cause HV ARRA to perform in accordance with the provisions of the ARRA Project Agreement all the obligations of ARRA therein set forth, shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable ARRA to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend make available as a grant the proceeds of the Loan to HV, Credit allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), to ARRA under a Subsidiary Loan Agreement subsidiary agreement to be entered into between the Borrower and HV under ARRA (the Subsidiary Agreement) and on terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:Association.
(dc) The the Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of the goods, works works, and consultants’ services required for Parts C, D, E, and F of the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 to the Project Agreement.
Section 3.03. The Bank Borrower shall maintain the Project Account during the execution of the Project and deposit, semiannually, an amount in Manat equivalent to $250,000 into such account.
Section 3.04. The Borrower shall: (a) maintain, until the completion of the Project, the Demining Agency, to be responsible for the identification of mined areas, implementation of demining contracts and a mine awareness program, staffed at all times by personnel with qualifications, terms of reference and functions at all times satisfactory to the Association; and (b) ensure that all Mine clearance activities are carried out and all Mines cleared are promptly destroyed in accordance with appropriate safety standards and guidelines.
Section 3.05. The Borrower shall maintain until the completion of the Project, the Relocation Agency staffed at all times by personnel with qualifications, terms of reference and functions satisfactory to the Association.
Section 3.06. The Borrower shall make adequate arrangements with Xxxxxxxx to ensure: (a) that the IDPs will not be charged for their electricity consumption during the first year following their relocation up to 2,000 kWh per capita; and (b) that the charges for the IDPs’ electricity consumption will progressively be increased so as to reach the level of charges by other consumers by the end of the fourth year following their relocation.
Section 3.07. The Borrower shall cause Xxxxxxxx to: (a) prepare and furnish to the Association by June 30, 1999, a study of options for cost recovery by Xxxxxxxx for the services provided under the Project; and (b) thereafter exchange views with the Association to determine the most appropriate option and steps to be taken for the implementation of the said study.
Section 3.08. The Borrower shall take all measures necessary to enable the Service Providers to have access to relevant sites in Project Areas.
Section 3.09. The Borrower shall take all measures necessary to ensure that the right of IDPs to the land that they are relocated shall be protected through the issuance of land titles pursuant to the provisions of Law Xx. 000 XX xxx Xxx Xx. 000.
Section 3.10. The Borrower and the Borrower Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of the Project shall be carried out by HV, through SPSC, ARRA pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the Project, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV Jiangxi to perform in accordance with the provisions of the Project Agreement all the obligations of Jiangxi therein set forth, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable Jiangxi to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of To this Section and except as the Borrower and the Bank shall otherwise agree, end the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend make the proceeds of the Loan available to HVJiangxi under the following principal terms and conditions:
(i) the principal amount so made available to Jiangxi shall be the equivalent in terms of Dollars (determined as of the date of, allocated or respective dates of withdrawal from the Loan Account or payment out of the Special Account, as the case may be) of the value of the currency or currencies so withdrawn or paid out on account of the cost of items required for the Project and to be financed out of the proceeds of the Loan, and shall be recovered by the Borrower in Dollars (the Loan Amount);
(ii) the Borrower shall recover the Loan Amount from Jiangxi in semi-annual installments over a period of twenty (20) years, inclusive of a grace period of five (5) years;
(iii) the Borrower shall charge Jiangxi interest on the Loan Amount withdrawn and outstanding from time to time to Categories (1), (2) and (3) in at a rate which shall not exceed the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between rate payable by the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:from time to time pursuant to Section 2.06 of this Agreement; and
(div) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall charge Jiangxi: (A) a commitment fee on the principal amount of the Loan so made available and not assign, amend, abrogate or waive withdrawn from time to time at a rate which shall not exceed three of fourths of one percent (3/4 of 1%) per annum; and (B) an additional fee in an amount equal to the Subsidiary Loan Agreement or any provision thereofamount payable by the Borrower pursuant to Section 2.04 of this Agreement.
Section 3.02. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, Jiangxi pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the Project, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV TSKB and TKB to perform in accordance with the provisions of the Project Agreement Agreements all the obligations of TSKB and TKB therein set forth, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable TSKB and TKB to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon For the provisions purposes of paragraph (a) Part A and Part B of this Section and except as the Project, the Borrower shall enter into a subsidiary loan agreement with each TSKB (the TSKB Subsidiary Loan Agreement) and TKB (the TKB Subsidiary Loan Agreement) under terms and conditions which shall have been approved by the Bank. Except as the Bank shall otherwise agree, such terms and conditions shall include the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, following: the Borrower shall relend to each TSKB and TKB, an amount in Dollars equal to the proceeds amount of the Loan to HV, allocated from time to time to Categories Category (1)) (a) in case of TSKB, and to Category (21) and (3b) in case of TKB, set forth in the table in paragraph 1 of Schedule 1 to this Agreement Agreement; the Borrower shall charge, each TSKB and TKB, semi-annually, on the principal amount thereof withdrawn and outstanding from time to time, interest at a rate equal to the rate payable under Section 2.06 of this Agreement; the Borrower shall charge, each TSKB and TKB, an additional fee pursuant to Law No. 4749; the Borrower shall charge, each TSKB and TKB, a commitment charge at a rate equal to the rate payable under Section 2.05 of this Agreement, on the principal amount of the Subsidiary Loans not withdrawn from time to time; each TSKB and TKB shall pay to the Borrower a front-end fee in an amount equal to one percent (1%) of the amount of its respective Subsidiary Loan), under a ; and each TSKB and TKB shall repay its respective Subsidiary Loan Agreement to be entered into between in accordance with the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:provision set forth in Section 2.08 of this Agreement.
(dc) The Borrower shall exercise its rights under the Subsidiary Loan Agreement Agreements in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement Agreements or any provision thereof.
Section 3.02. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project AgreementAgreements.
Section 3.03. For the purposes of Section 9.07 of the General Conditions and without limitation thereto, the Borrower shall cause TSKB and TKB to:
(a) prepare, on the basis of guidelines acceptable to the Bank, and furnish to the Bank not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Bank, a plan designed to ensure the continued achievement of the Project’s objectives; and
(b) afford the Bank a reasonable opportunity to exchange views with the Borrower on said plan.
Section 3.04. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HVTSKB and TKB, through SPSCrespectively, pursuant to Section 2.03 2.04 of the Project AgreementAgreements.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the Project, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreementshall carry out Parts A, shall cause HV to perform in accordance with the provisions B, D and E of the Project Agreement through RRA, and shall cause PFIs to carry out Part C of the Project, all with due diligence and efficiency and in conformity with appropriate administrative, financial, engineering, agricultural and environmental practices, and shall provide, promptly as needed, the obligations therein set forth, shall take or cause to be taken all actions, including the provision of funds, facilities, services and other resources, necessary or appropriate to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performanceresources required for the Project.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 5 to this Agreement.
(c) For the purpose purposes of implementing Parts A, B, and C.2Part C of the Project, the Borrower shall relend the proceeds of the Loan allocated to HV, allocated from time to time to Categories Category (1), (24) and (3) in of the table in paragraph 1 Part A of Schedule 1 to this Agreement (Subsidiary Loan), to PFIs under a Subsidiary Loan Agreement to be entered into between the Borrower Borrower, each PFI and HV RRA under terms and conditions which shall have been approved by the Bank and which shall include inter aliaBank, the following conditions:including those set forth in Schedule 5 to this Agreement.
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement Agreements in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement Agreements or any provision thereof.
Section 3.02. Without limitation upon any of its obligations under Section 3.01 of this Agreement, the Borrower shall: (
a) open the Project Account in a commercial bank acceptable to the Bank, and deposit into said Account an initial amount equivalent to three hundred thousand Dollars ($300,000); (b) thereafter maintain the Project Account, and replenish said Account promptly before the beginning of each calendar semester with funds sufficient to enable the Borrower to meet its obligations under Section 3.01 of this Agreement for such period; (c) use the amount in the Project Account exclusively for financing the Borrower’s contribution to Project expenditures; and (d) ensure that sufficient annual allocations will be made, including in the Borrower’s budget, for the Borrower’s counterpart contribution to the costs of the Project.
Section 3.03. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 4 to the Project this Agreement.
Section 3.033.04. The Bank and For the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 purposes of Section 9.07 of the General Conditions and without limitation thereto, the Borrower shall:
(relating a) prepare, on the basis of guidelines acceptable to insurancethe Bank, use of goods and servicesfurnish to the Bank not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Bank, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 a plan for the future operation of the Project AgreementProject; and
(b) afford the Bank a reasonable opportunity to exchange views with the Borrower on said plan.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without shall carry out Part A.6 of the Project with due diligence and efficiency and in conformity with appropriate administrative, financial, public utility and environmental practices, and shall provide, promptly as needed, the funds, facilities, services and other resources required for the Project.
(b) Without any limitation or restriction upon any of its other obligations under the Loan this Agreement, the Borrower shall cause HV WASA to perform in accordance with the provisions of the Project Agreement all the obligations of WASA therein set forth, shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable WASA to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan Credit to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), WASA under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV WASA, under terms and conditions which shall have been approved by the Bank and Association which shall include inter aliaa term of 17 years (including 4 years grace), the following conditions:an interest rate of 8% per annum, and denomination of proceeds in East Caribbean Dollars.
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, and except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 to the Project Agreement.
Section 3.03. The Bank Borrower and the Borrower Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, pursuant to Section 2.03 in respect of the Project Agreement.Part
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) Section 3.01. The Borrower declares its commitment to the objectives of the Project, and, to this end, without any limitation or restriction upon any shall carry out:
(a) Part A of its other obligations under the Loan AgreementProject, shall cause HV to perform in accordance through CNA; and
(b) Part B of the Project, through CNA, with the provisions assistance of an Organismo Operador (pursuant to the Project Agreement Subproject Agreement), all with due diligence and efficiency and in conformity with the obligations therein set forthOperational Manual and with appropriate environmental, administrative, managerial, financial and social practices, and shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable CNA to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(ba) Without limitation upon The Borrower, through SHCP and CNA, shall enter into a contract (Contrato xx Xxxxxxx) with BANSEFI, satisfactory to the provisions Bank, whereby:
(i) BANSEFI agrees to act as financial agent of the Borrower with regard to the Loan, meaning that, inter alia, BANSEFI agrees to represent the Borrower vis-à-vis the Bank for purposes of submitting Loan withdrawal applications to the Bank in form and substance sufficient to justify disbursement by the Bank to the Borrower of Loan proceeds and agrees to maintain and operate the Special Account in compliance with the terms of this Agreement; and
(ii) the Borrower agrees that, through SHCP and CNA, the Borrower shall cooperate fully with BANSEFI to ensure that BANSEFI is able to comply with all of BANSEFI’s obligations referred to in paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this AgreementSection.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:
(db) The Borrower shall exercise its rights and carry out its obligations under the Subsidiary Loan Contrato xx Xxxxxxx and (through CNA) under each Subproject Agreement in such a manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except . Except as the Bank shall may otherwise agree, the Borrower Borrower, through SHCP or CNA (as the case may be), shall not assign, amend, abrogate amend or waive the Subsidiary Loan Agreement or fail to enforce any provision thereofof the Contrato xx Xxxxxxx or of any Subproject Agreement. In case of any conflict between the terms of the Contrato xx Xxxxxxx or a Subproject Agreement and those of this Agreement, the terms of this Agreement shall prevail.
Section 3.02. (a) Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 4 to this Agreement, as said provisions may be further elaborated in the Procurement Plan.
(b) The Borrower, through CNA, shall update the Procurement Plan in accordance with guidelines acceptable to the Bank, and furnish such update to the Bank not later than 12 months after the date of the preceding Procurement Plan, for the Bank’s approval.
(a) The Borrower, through CNA, shall maintain an operational manual, satisfactory to the Bank, containing, inter alia, specific provisions on detailed arrangements for the carrying out of the Project, including: (i) the procurement, financial management and disbursement requirements thereof; (ii) the criteria for the selection, approval, implementation and monitoring of Subprojects; (iii) a model to be used in the preparation of FMRs; (iv) a model Subproject Agreement; (v) the Monitoring Indicators; and (vi) institutional arrangements for Project coordination.
(b) If any provision of the Operational Manual is inconsistent with a provision of this Agreement, the provision of this Agreement shall prevail.
Section 3.033.05. The Bank At all times during Project implementation the Borrower, through CNA, shall maintain within CNA a team operating in accordance with the Operational Manual, responsible for overall Project planning, coordination, implementation, supervision, monitoring and evaluation.
Section 3.06. For the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 purposes of Section 9.07 of the General Conditions and without limitation thereto, the Borrower shall:
(relating a) through CNA, prepare, on the basis of guidelines acceptable to insurancethe Bank, use and furnish to the Bank not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Bank, a plan for the future sustainability of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectivelythe Project; and
(b) shall be carried out by HVafford the Bank a reasonable opportunity to exchange views with the Borrower on said plan.
Section 3.07. The Borrower, through SPSCCNA, pursuant shall:
(a) maintain policies and procedures adequate to Section 2.03 enable it to monitor and evaluate on an ongoing basis, in accordance with the Monitoring Indicators, the carrying out of the Project and the achievement of the objectives thereof;
(b) prepare, under terms of reference satisfactory to the Bank, and furnish to the Bank, for each year during the implementation of the Project, semi-annual reports integrating the results of the monitoring and evaluation activities (including the status of the procurement and disbursements under the Project) performed pursuant to paragraph (a) of this Section, on the progress achieved in the execution of the Project during the period preceding the date of each said reports and setting out the measures recommended to ensure the efficient carrying out of the Project and the achievement of the objective thereof during the period following such date; and
(c) review with the Bank, by March 31 and September 30 of each year during the implementation of the Project or such later date as the Bank shall request, each report referred to in paragraph (b) of this Section, and, thereafter, take all measures required to ensure the efficient completion of the Project and the achievement of the objective thereof, based on the conclusions and recommendations of said report and the Bank’s views on the matter.
(a) Prior to the approval of any proposed civil work(s) under a Subproject, the Borrower, through CNA, shall, or shall cause the Organismo Operador (pursuant to the Subproject Agreement.) to: carry out an environmental screening and assessment of such proposed civil work(s); and
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the Project, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan Agreement, shall cause HV Guangxi to perform in accordance with the provisions of the Project Agreement all the obligations of Guangxi therein set forth, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable Guangxi to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon For the provisions purposes of paragraph (a) of this Section and except as carrying out the Borrower and the Bank shall otherwise agreeProject, the Borrower shall cause HV make available to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the Borrower shall relend Guangxi the proceeds of the Loan on the following principal terms:
(i) the principal amount so made available to HVGuangxi shall be the equivalent in terms of Dollars (determined as of the date, allocated or respective dates of withdrawal from the Loan Account or payment out of the Special Account, as the case may be) of the value of the currency or currencies so withdrawn or paid out on account of the cost of items required for the Project and to be financed out of the proceeds of the Loan, and shall be recovered by the Borrower in Dollars (the Loan Amount);
(ii) the Borrower shall recover the Loan Amount from Guangxi in semi-annual installments over a period of 20 years, inclusive of a grace period of 5 years;
(iii) the Borrower shall charge Guangxi interest on the Loan Amount withdrawn and outstanding from time to time, at a rate equal to the rate payable by the Borrower from time to time pursuant to Categories (1), (2) and (3) in the table in paragraph 1 Section 2.06 of Schedule 1 to this Agreement (Subsidiary Loan), under a Subsidiary Loan Agreement to be entered into between the Borrower and HV under terms and conditions which shall have been approved by the Bank and which shall include inter alia, the following conditions:Agreement;
(div) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Loan, and, except as the Bank shall otherwise agree, the Borrower shall charge Guangxi: (A) a commitment fee on the principal amount of the Loan so made available and not assign, amend, abrogate or waive withdrawn from time to time at a rate which shall not exceed three-fourths of one percent (0.75%) per annum; and (B) an additional fee in an amount equal to 1% of the Subsidiary Loan Agreement or any provision thereofAmount.
Section 3.02. Except as the Bank shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan shall be governed by the provisions of Schedule 1 to the Project Agreement.
Section 3.03. The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by HV, through SPSC, Guangxi pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Loan Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, shall carry out:
(i) Part D.2 of the Project through MME with due diligence and efficiency and in conformity with appropriate administrative, financial, engineering, environmental, resettlement and technical practices, and shall provide, promptly as needed, the funds, facilities, services and other resources required for the Project; and (ii) its obligations under the Management Contract, and ensure that STEE and the Management Contractor carry out their respective obligations without undue interference.
(b) Without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, the Borrower shall cause HV STEE to perform in accordance with the provisions of the Project Agreement all the obligations of STEE therein set forth, and shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable STEE to perform such its obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(bc) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV to carry out Part D.2 of the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(cd) For the purpose purposes of implementing Parts A, B, C and C.2D.1 of the Project, the Borrower shall relend the proceeds of the Loan to HV, allocated Credit from time to time allocated to Categories 1, 2, and 3 (1), (2b) and (3) in of the table in paragraph 1 of Schedule 1 to of this Agreement (Subsidiary Loan), to STEE under a Subsidiary Loan Agreement to be entered into between the Borrower and HV STEE, under terms and conditions which shall have been approved by the Bank Association and which shall include inter alia, the following conditionsfollowing:
(di) the principal amount of the subsidiary loan shall be repaid by STEE in FCFA to the Borrower in annual installments over twenty-two (22) years, including a grace period of seven (7) years;
(ii) the principal amount of the subsidiary loan repayable by STEE shall be the equivalent in FCFA of the value of the currency or currencies withdrawn from the Credit Account in respect of the above mentioned categories, determined as of the date, or respective dates of repayment;
(iii) interest shall be charged on the outstanding balance of the subsidiary loan at an annual interest rate of three-fourths of one percent (3/4 of 1%) per annum on the principal amount for the first seven (7) years and seven percent (7%) thereafter, provided, however, that the principal amount of the subsidiary loan allocated to the water sector shall be repaid by STEE to the Borrower in annual installments over forty (40) years, including a grace period of ten (10) years, with interest charged on the outstanding balance of the subsidiary loan at an annual interest rate of three-fourths of one percent (3/4 of 1%) per annum; and
(iv) the Borrower shall bear the foreign exchange risks.
(e) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
Section 3.03. The Bank For the purposes of Section 9.06 of the General Conditions and without limitation thereto, the Borrower shall:
(a) prepare, on the basis of guidelines acceptable to the Association, and furnish to the Association not later than six (6) months before the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Association, a plan for the future operation of the Project and the carrying out of the Second Phase of the Investment Program; and
(b) afford the Association a reasonable opportunity to exchange views with the Borrower on said plan.
Section 3.04. The Borrower and the Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Parts A, B, C and D.1 of the Project shall be carried out by HV, through SPSC, STEE pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end, without any limitation or restriction upon any of its other obligations under the Loan this Agreement, shall shall: (i) carry out Part A of the Project through MAWR; (ii) carry out Part B of the Project through the PSC, OVSC and SMC; (iii) carry out Part C (1) of the Project through ASC; and (iv) with respect to Part C (2) of the Project, cause HV GAC to perform in accordance with the provisions of the Project Agreement all the obligations of GAC therein set forth, all with due diligence and efficiency and in conformity with appropriate administrative, environmental, and agricultural practices, and shall take or and cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, resources required for the Project and necessary or appropriate to enable GAC to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank Administrator shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend the proceeds of the Loan to HV, Interim Fund Credit allocated from time to time to Categories (1), Category (2) and (3b) in of the table set forth in paragraph Paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), to GAC under a Subsidiary Loan Agreement subsidiary loan agreement to be entered into between the Borrower and HV GAC, under terms and conditions which shall have been approved by the Bank Administrator and which shall include inter alia, the following terms and conditions:: (i) the Borrower shall relend said proceeds in Yemeni Rials, converted at the market rate of exchange in effect on the date of disbursements under the Subsidiary Loan, (ii) repayments of principal under the Subsidiary Loan Agreement shall be made in twenty-six equal semi-annual installments, commencing on April 15, 1999, and ending on October 15, 2012; and (iii) interest charges shall be paid on the principal amount of the Subsidiary Loan withdrawn and outstanding from time to time at a market rate of interest equal to the rate of the longest term of Treasury Securities issued by the Government of Yemen plus a premium of 0.25 percent and on the same dates stipulated under Section 2.06 of this Agreement.
(d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank Administrator and to accomplish the purposes of the LoanCredit, and, and except as the Bank Administrator shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank Administrator shall otherwise agree, procurement of the goods, works works, and consultants’ services required for the Project and to be financed out of the proceeds of the Loan Interim Fund Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
Section 3.03. The Bank For the purposes of Section 9.07 of the General Conditions and without limitation thereto, the Borrower shall:
(a) prepare, on the basis of guidelines acceptable to the Administrator, and furnish to the Administrator not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Administrator, a plan for the future operation of the Project; and
(b) afford the Administrator a reasonable opportunity to exchange views with the Borrower on said plan.
Section 3.04. The Borrower and the Administrator hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Part C (2) of the Project shall be carried out by HV, through SPSC, GAC pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end:
(i) shall carry out Part C of Schedule 2 of the Project with due diligence and efficiency and in conformity with appropriate administrative and financial practices and shall provide, promptly as needed, the funds, facilities, services and other resources required for such Part of the Project; and
(ii) without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, the Borrower shall cause HV KT to perform all its obligations set forth in accordance with the provisions of the Project Agreement all the obligations therein set forthAgreement, shall take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable KT to perform such obligations, and shall not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Bank shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend in Dollars a portion of the proceeds of the Loan Credit to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), KT under a Subsidiary Loan Agreement to be subsidiary loan agreement entered into between the Borrower and HV KT, under terms and conditions which shall have been approved by acceptable to the Bank and Association which shall include inter aliaa variable interest rate equal to the current IBRD lending rate, adjustable each six months, a grace period of five years followed by a repayment period of 15 years and the following conditions:foreign exchange risk to be borne by KT.
(dc) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, and except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of goods, works the goods and consultants’ services required for Part C of the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
Section 3.03. The Bank Borrower and the Borrower Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Parts A and B of the Project shall be carried out by HV, through SPSC, KT pursuant to Section 2.03 of the Project Agreement.
Appears in 1 contract
Samples: Development Credit Agreement
Execution of the Project. (a) The Borrower declares its commitment to the objectives of the ProjectProject as set forth in Schedule 2 to this Agreement, and, to this end:
(i) shall carry out Part D of the Project through MOTCA with due diligence and efficiency and in conformity with appropriate administrative and financial practices and shall provide, promptly as needed, the funds, facilities, services and other resources required for such Part of the Project; and
(ii) without any limitation or restriction upon any of its other obligations under the Loan Development Credit Agreement, shall the Borrower shall: (A) cause HV MR, MR(M) and MLS to perform all their obligations set forth in accordance with the provisions of the MR Project Agreement, MR(M) Project Agreement all the obligations therein set forthand MLS Project Agreement, shall respectively, (B) take or cause to be taken all actionsaction, including the provision of funds, facilities, services and other resources, necessary or appropriate to enable MR, MR(M) and MLS, respectively, to perform such obligations, and shall (C) not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Without limitation upon the provisions of paragraph paragraph
(a) of this Section Section, and except as the Borrower and the Bank Association shall otherwise agree, the Borrower shall cause HV to carry out the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement.
(c) For the purpose of implementing Parts A, B, and C.2, the The Borrower shall relend onlend an amount not exceeding the equivalent of fifteen million four hundred thousand dollars ($15,400,000) to MR(M) and an amount not exceeding the equivalent of seven hundred sixty thousand dollars ($760,000) to MLS from the proceeds of the Loan to HV, allocated from time to time to Categories (1), (2) and (3) in the table in paragraph 1 of Schedule 1 to this Agreement (Subsidiary Loan), Credit under a Subsidiary Loan Agreement subsidiary loan agreements to be entered into between the Borrower and HV MR(M) and MLS, respectively, under terms and conditions which shall have been approved by the Bank Association, including the payment of interest at the rate of 7.1 percent per annum and which the repayment of principal in 13 years including five years of grace. The exchange risk shall include inter aliabe borne by MR(M) and MLS, the following conditions:respectively.
(d) The Borrower shall exercise its rights under the MR(M) Subsidiary Loan Agreement and the MLS Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Bank Association and to accomplish the purposes of the LoanCredit, and, and except as the Bank Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the MR(M) Subsidiary Loan Agreement or any provision thereofthe MLS Subsidiary Loan Agreement.
Section 3.02. Except as the Bank Association shall otherwise agree, procurement of the goods, works and consultants’ services required for Parts B and C of the Project and to be financed out of the proceeds of the Loan Credit shall be governed by the provisions of Schedule 1 3 to the Project this Agreement.
Section 3.03. The Bank Borrower and the Borrower Association hereby agree that the obligations set forth in Sections 9.03, 9.04, 9.05, 9.06, 9.07, 9.07 and 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) in respect of Parts A, B and C of the Project shall be carried out by HVMR, through SPSCMR(M) and MLS, respectively, pursuant to Section 2.03 2.02 of the MR Project Agreement.Agreement and Section
Appears in 1 contract
Samples: Development Credit Agreement
