Common use of Financial and Other Covenants Clause in Contracts

Financial and Other Covenants. (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Bank; (ii) furnish to the Bank as soon as available, but in any case not later than six months after the end of each such year, the report of such audit by said auditors, of such scope and in such detail as the Bank shall have reasonably requested; and (iii) furnish to the Bank such other information concerning said records and accounts and the audit thereof as the Bank shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Bank’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. Without limitation upon the provisions of Article IX of the General Conditions, the Borrower shall: (a) prepare, in accordance with guidelines satisfactory 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; (b) afford the Bank a reasonable opportunity to exchange views with the Borrower on said plan; and (c) thereafter, carry out said plan with due diligence and efficiency and in accordance with appropriate practices, taking into account the Bank’s comments thereon.

Financial and Other Covenants. (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Bank; (ii) furnish to the Bank as soon as available, but in any case not later than six months after the end of each such year, the report of such audit by said auditors, of such scope and in such detail as the Bank shall have reasonably requested; and (iii) furnish to the Bank such other information concerning con- cerning said records and accounts and the audit thereof as the Bank shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Bank’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. Without limitation upon the provisions of Article IX of the General Conditions, the The Borrower shall: shall (a) prepare, in accordance prepare and review with guidelines satisfactory to the Bank, and furnish to the Bank not later than six (6) months after the Closing Dateby September 30, or such later date as may be agreed for this purpose between the Borrower and the Bank1992, a plan for the future operation of the Project; (b) afford the Bank a reasonable opportunity to exchange views with the Borrower on said plan; contraceptive marketing and distribution, and (c) thereafter, carry out said plan with due diligence and efficiency and in accordance with appropriate practices, taking into account the Bank’s comments thereon.

Financial and Other Covenants. (a) The Borrower Recipient shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project Program of the departments or agencies of the Borrower Recipient responsible for carrying out the Project Program or any part thereof. (b) The Borrower Recipient shall: (i) have the records and accounts referred to in paragraph (a) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the BankTrustee; (ii) furnish to the Bank Trustee as soon as available, but in any case not later than six months after the end of each such year, the report of such audit by said auditors, of such scope and in such detail as the Bank Trustee shall have reasonably requested; and (iii) furnish to the Bank Trustee such other information concerning con-xxxxxxx said records and accounts and the audit thereof as the Bank Trustee shall from time to time reasonably request. (c) For all expenditures with respect The Recipient shall also furnish to which withdrawals from the Loan Account were made on Trustee as soon as available the basis report of statements audit of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraphrecords and accounts maintained by BTF for each fiscal year. (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Bank’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. Without limitation upon the provisions of Article IX of the General Conditions, the Borrower shall: (a) prepare, in accordance with guidelines satisfactory 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 The Recipient and the BankTrustee shall from time to time, a plan for at the future operation request of either party, exchange views on the Project;progress achieved in carrying out the Program and the actions specified in Schedule 5 to this Agreement. (b) afford Prior to each such exchange of views, the Bank Recipient shall furnish to the Trustee for its review and comment a reasonable opportunity to exchange views with report on the Borrower on said plan; and (c) thereafterprogress achieved in carrying out the Program, carry out said plan with due diligence and efficiency and in accordance with appropriate practices, taking into account such detail as the Bank’s comments thereonTrustee shall reasonably request.

Financial and Other Covenants. (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) of this Section Section, including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the BankAssociation; (ii) furnish to the Bank Association, as soon as available, but in any case not later than six months after the end of each such year, a certified copy of the report of such audit by said auditors, of such scope and in such detail as the Bank Association shall have reasonably requested; and (iii) furnish to the Bank Association such other information concerning said records and records, accounts and the audit thereof as the Bank Association shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Credit Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank has received completion of the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Credit Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the BankAssociation’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. Without limitation upon Until the provisions of Article IX of the General ConditionsClosing Date, the Borrower shall: (a) prepare, in accordance with guidelines satisfactory to the Bank, and furnish to the Bank not later than six (6) months after the Closing Date, by October 31 of each year or such later date as the Association may agree, furnish to the Association for its concurrence, MOCH’s proposed: (i) program for periodic road maintenance over the following five-year period; (ii) program for the routine road maintenance activities to be agreed undertaken during the following year; (iii) program for this purpose between the training of MOCH’s staff in road and equipment maintenance for the following year; and (iv) budgetary allocations for the carrying out of said programs during the following year; and (b) by December 31 of each year or such later date as the Association may agree, ensure that annual budgetary allocations required for the carrying out of the said programs during the following year are made. Section 4.03. The Borrower shall: (a) furnish to the Association for its review and the Bankcomments, a plan for the future operation copy of the Projectstudy referred to under Part C of the Project upon its preparation; (b) afford develop, by April 30, 1989 and thereafter carry out a road master plan for the Bank a reasonable opportunity further development of the borrower’s highway system over the following five-year period agreed to exchange views with by the Borrower and the Association based on the results and conclusions of the said planstudy; and (c) (i) by October 30 of each year thereafter, review, in consultation with the Association, the details of the proposed activities to be undertaken during the next following year pursuant to the said road master plan; and (ii) on the basis of this review, finalize, by December 31 of each such year, provide the budgetary allocations for, and thereafter carry out the said plan activities agreed to by the Borrower and the Association. Section 4.04. The Borrower shall take all measures to ensure that the dimensions and axle loads of vehicles using the roads of its highway system do not exceed limits consistent with due diligence and efficiency and in accordance with appropriate practices, taking into account the Bank’s comments thereondesign standards of such roads.

Financial and Other Covenants. (a) The Borrower GRC shall maintain or cause to be maintained separate records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources its operations and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereoffinancial condition. (b) The Borrower GRC shall: (i) have the records its records, accounts and accounts referred to in paragraph financial statements (abalance sheets, statements of income and expenses and related statements) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the BankAssociation; (ii) furnish to the Bank Association as soon as available, but in any case not later than six months after the end of each such year, (A) certified copies of its financial statements for such year as so audited and (B) the report of such audit by said auditors, of such scope and in such detail as the Bank Association shall have reasonably requested; and (iii) furnish to the Bank Association such other information concerning said records and records, accounts and financial statements as well as the audit thereof thereof, as the Bank Association shall from time to time reasonably request. (ca) For all expenditures with respect to which withdrawals from the Loan Credit Account were made for Part B of the Project on the basis of statements of expenditureexpenditures, the Borrower GRC shall: (i) maintain or cause to be maintained, maintained in accordance with paragraph (a) of this Sectionsound accounting practices, separate records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Account was made, ensure that all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expendituresexpenditures are retained until at least one year after the Association has received the audit report for the fiscal year in which the last withdrawal from the Credit Account was made; (iii) enable the BankAssociation’s representatives to examine such records; and. (ivb) ensure that such GRC shall: (i) have the records and accounts are included in the annual audit referred to in paragraph (ba) (i) of this Section and that those for the Special Account for Part B of the Project for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Association; (ii) furnish to the Association as soon as available, but in any case not later than six months after the end of such year the report of such audit contains by said auditors, of such scope and in such detail as the Association shall have reasonably requested, including a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals; and (iii) furnish to the Association such other information concerning said records and accounts and the audit thereof as the Association shall from time to time reasonably request. Section 4.02. (c) Without limitation upon or restriction on its obligations under Section 4.01 (b) of this Agreement, GRC shall furnish to the provisions Association no later than June 30, 1988, certified copies of Article IX of the General Conditions, the Borrower shall:GRC’s audited financial statements for fiscal year 1986. (a) prepareExcept as the Association shall otherwise agree, in accordance with guidelines satisfactory to the BankGRC shall maintain, and furnish to the Bank not later than six (6) months for each of its fiscal years after the Closing Dateits fiscal year ending on December 31, or such later date as may be agreed for this purpose between the Borrower and the Bank1987, a plan for ratio of total working expenses to total operating revenues not higher than the future operation percentages specified below in respect of the Project; following fiscal years: (bvii) afford the Bank a reasonable opportunity to exchange views with the Borrower on said plan80% in fiscal year 1994; and (c) thereafter, carry out said plan with due diligence and efficiency and in accordance with appropriate practices, taking into account the Bank’s comments thereon.

Financial and Other Covenants. (a) The Borrower Privatization Center shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources its operations and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereoffinancial condition. (b) The Borrower Privatization Center shall: (i) have the records its records, accounts and financial statements (balance sheets, statements of income and expenses and related statements), including separate accounts referred to in paragraph (a) of this Section including those for the Special Account Project Implementation Group, as well as for each Sub-loan, for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Bank; (ii) furnish to the Bank as soon as available, but in any case not later than six (6) months after the end of each such year, : (A) certified copies of its financial statements for such year as so audited; and (B) the report of such audit by said auditors, auditors of such scope and in such detail as the Bank shall have reasonably requested; and; (iii) furnish to the Bank such other information concerning said records and records, accounts and financial statements as well as the audit thereof thereof, as the Bank shall from time to time reasonably request. (c) For all expenditures Section 4.02. The activities of the Privatization Center under the Project shall be carried out in accordance with respect procedures for financial control acceptable to which withdrawals from the Loan Account were made on Bank and under an annual operating budget for the basis of statements of expenditure, Project Implementation Group satisfactory to the Borrower shall: (i) maintain or cause to be maintainedBank, in accordance with paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Bank’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. Without limitation upon the provisions of Article IX of the General Conditions, the Borrower shallfollowing procedures: (a) prepareby September 30 of each year, in accordance with guidelines satisfactory to the BankPrivatization Center shall submit, for review 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 comment by the Bank, a plan proposal for the future operation next annual operating budget of the ProjectProject Implementation Group; (b) afford by December 1 of each year, the Privatization Center shall submit evidence to the Bank a reasonable opportunity that an annual operating budget of the Project Implementation Group satisfactory to exchange views with the Borrower on said planBank has been duly approved by all appropriate action of the MOF; and (c) thereafterby December 1 of each year, carry out said plan with due diligence and efficiency and in accordance with appropriate practices, taking into account the Bank’s comments thereonPrivatization Center shall submit to the Bank the annual operating budget of the Privatization Center. Section 4.03. The Privatization Center shall inform the Bank at least thirty

Financial and Other Covenants. (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of activities related to the Project Project, of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) of this Section including for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Association; (ii) furnish to the Association as soon as available, but in any case not later than nine months after the end of each such year, certified copies of the report of such audit by said auditors, of such scope and in such detail as the Association shall have reasonably requested; and (iii) furnish to the Association such other information concerning said records, accounts and the audit thereof, as the Association shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Credit Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained in accordance with sound accounting practices, records and accounts reflecting such expenditures; (ii) ensure that all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures are retained until at least one year after the Association has received the audit report for the fiscal year in which the last withdrawal from the Credit Account was made; and (iii) enable the Association’s representatives to examine such records. (d) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) (i) of this Section and those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the BankAssociation; (ii) furnish to the Bank Association as soon as available, but in any case not later than six nine months after the end of each such year, year the report of such audit by said auditors, of such scope and in such detail as the Bank Association shall have reasonably requested; and (iii) furnish to the Bank such other information concerning said records and accounts and the audit thereof as the Bank shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Bank’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains including a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. Without limitation upon the provisions of Article IX of the General Conditions, the Borrower shall: (a) prepare, in accordance with guidelines satisfactory 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; (b) afford the Bank a reasonable opportunity to exchange views with the Borrower on said plan; and (ciii) thereafter, carry out furnish to the Association such other information concerning said plan with due diligence records and efficiency accounts and in accordance with appropriate practices, taking into account the Bank’s comments thereonaudit thereof as the Association shall from time to time reasonably request.

Financial and Other Covenants. (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to monitor the progress of Part A of the Project and of each Investment Project (including its cost and the benefits to be derived from it) and to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of Part A of the Project of the departments depart- ments or agencies of the Borrower responsible for carrying out Part A of the Project or any part thereof. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph paragraph (a) of this Section including those for the Special Account Accounts and the financial statements (balance sheets, statements of income and expenses and related state- ments) for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the BankAssociation; (ii) furnish to the Bank Association, as soon as available, but in any case not later than six four months after the end of each such year: (A) certified copies of said financial statements for such year as so audited, and (B) the report of such audit by said auditors, of such scope and in such detail as the Bank Association shall have reasonably requested; and (iii) furnish to the Bank Association such other information concerning said records records, accounts and accounts financial statements and the audit thereof as the Bank Association shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Credit Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain maintain, or cause to be maintained, in accordance with paragraph (a) of this Sectionsound accounting practices, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Account was made, ensure that all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expendituresexpenditures are retained until at least one year after the Association has received the audit report for the fiscal year in which the last withdrawal from the Credit Account was made; (iii) enable the BankAssociation’s representatives to examine such records; and; (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains con- tains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures proce- dures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. Without limitation upon the provisions of Article IX of the General Conditions, the Borrower shall: (a) prepare, in accordance with guidelines satisfactory 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; (b) afford the Bank a reasonable opportunity to exchange views with the Borrower on said plan; and (cv) thereafter, carry out furnish to the Association such other information concerning said plan with due diligence records and efficiency accounts and in accordance with appropriate practices, taking into account the Bank’s comments thereonaudit thereof as the Association shall from time to time reasonably request.

Financial and Other Covenants. (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) of this Section Section, including those for the Special Account Account, for each fiscal year Fiscal Year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Bank; (ii) furnish to the Bank as soon as available, but in any case not later than six (6) months after the end of each such year, the report of such audit by said auditors, of such scope and in such detail as the Bank shall have reasonably requested; and (iii) furnish to the Bank such other information concerning said records and accounts and the audit thereof as the Bank shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank has received the audit report for the fiscal year Fiscal Year in which the last withdrawal from the Loan Account or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Bank’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal yearFiscal Year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. Without limitation upon the provisions of Article IX of the General Conditions, the The Borrower shall: (a) prepare, in accordance with guidelines satisfactory cause the IWG to prepare and submit the Bank, and furnish Institutional Action Plan to the Bank for its review and approval not later than six March 31, 1996; (6b) months after promptly thereafter, approve the Closing Date, or such later date Institutional Action Plan as may be the same shall have been agreed for this purpose upon between the Borrower and the Bank, a plan for the future operation of the Project; (b) afford the Bank a reasonable opportunity to exchange views with the Borrower on said plan; and (c) thereafter, carry out said plan the Institutional Action Plan with due diligence and efficiency and in accordance with appropriate practicestake all actions necessary to ensure the effectiveness thereof, taking into account as follows: (i) not later than June 30, 1998, implement a significant portion of the Institutional Action Plan, as said portion shall have been determined to be acceptable to the Bank’s comments thereon; and (ii) not later than December 31, 2001, implement the Institutional Action Plan in its entirety.

Financial and Other Covenants. (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Bank; (ii) furnish to the Bank as soon as available, but in any case not later than six months after the end of each such year, the report of such audit by said auditors, of such scope and in such detail as the Bank shall have reasonably requested; and (iii) furnish to the Bank such other information concerning said records and accounts and the audit thereof as the Bank shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Bank’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. Without limitation upon the provisions of Article IX of the General Conditions, the The Borrower shall: (a) preparetake all measures necessary to ensure that the Upper Basic Education Development Program shall be carried out with due diligence and efficiency and in conformity with appropriate administrative, financial, economic, engineering and educational practices and shall provide, promptly as needed, the funds, facilities, services and other resources required therefor; (b) maintain operational procedures adequate to enable it to monitor and evaluate, in accordance with guidelines indicators satisfactory to the Bank, the carrying out of the Upper Basic Education Development Program; (c) prepare and furnish to the Bank not later than six (6) months after August 31 of each of its fiscal years during the Closing Date, or such later date as may be agreed for this purpose between execution of the Borrower and the BankUpper Basic Education Development Program, a plan for the future operation report, of the Project; (b) afford such scope and in such detail as the Bank a reasonable opportunity shall reasonably request, on the conclusions and recomendations indicated by the monitoring and evaluation activities performed during the preceding academic year pursuant to exchange views with the Borrower on said plan; and (c) thereafter, carry out said plan with due diligence and efficiency and in accordance with appropriate practices, taking into account the Bank’s comments thereon.paragraph

Financial and Other Covenants. (a) The For all expenditures with respect to which withdrawals from the Credit Account were made on the basis of statements of expenditures, the Borrower shall shall: (i) maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices practices, records and accounts reflecting such expenditures; (ii) ensure that all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures are retained until at least one year after the operations, resources and expenditures Association has received the audit report for the fiscal year in respect of which the Project of last withdrawal from the departments or agencies of Credit Account was made; and (iii) enable the Borrower responsible for carrying out the Project or any part thereofAssociation’s representatives to examine such records. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) (i) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the BankAssociation; (ii) furnish to the Bank Association as soon as available, but in any case not later than six nine months after the end of each such year, year the report of such audit by said auditors, of such scope and in such detail as the Bank Association shall have reasonably requested; and (iii) furnish to the Bank such other information concerning said records and accounts and the audit thereof as the Bank shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Bank’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains including a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals; and (iii) furnish to the Association such other information concerning said records and accounts and the audit thereof as the Association shall from time to time reasonably request. Section 4.02. Without limitation upon The Borrower shall have the provisions of Article IX of the General Conditions, the Borrower shall: (a) prepare, Special Account for each financial year audited in accordance with guidelines satisfactory appropriate auditing principles consistently applied by independent auditors acceptable to the Bank, Association and furnish to the Bank as soon as available, but in any case not later than six (6) months after the Closing Dateend of each year the report of such audit by said auditors, or of 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; (b) afford the Bank a reasonable opportunity to exchange views with the Borrower on said plan; and (c) thereafter, carry out said plan with due diligence and efficiency scope and in accordance with appropriate practices, taking into account such detail as the Bank’s comments thereonAssociation shall have reasonably requested.

Financial and Other Covenants. (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Bank; (ii) furnish to the Bank as soon as available, but in any case not later than six months after the end of each such year, the report of such audit by said auditors, of such scope and in such detail as the Bank shall have reasonably requested; and (iii) furnish to the Bank such other information concerning said records and accounts and the audit thereof as the Bank shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Bank’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. Without limitation upon The Borrower shall present for consideration by the provisions Saeima (the Parliament of Article IX Latvia) legislation which in the opinion of the General Conditions, the Borrower shall: (a) prepare, in accordance with guidelines satisfactory 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 BankBank provides the necessary regulatory framework for the adequate functioning of the banks and other financial institutions, including legislation on secured transactions, loans and collateral regulations by December 1995. Section 4.03. The Borrower shall prepare by March 31, 1995 a plan for of action regarding the future operation administrative procedures for: (i) implementation of the Project; (b) afford the Bank a reasonable opportunity to exchange views with the Borrower on said planbankruptcy and foreclosure legislation; and (cii) thereafterpublic access to the registers of commercial entities, carry out said plan with due diligence titles and efficiency rights, including the data and in accordance with appropriate practices, taking into account information that will be made available to the Bank’s comments thereonpublic.

Financial and Other Covenants. (a) The Borrower shall For all expenditures with respect to which withdrawals from the Credit Account were made on the basis of (i) maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices practices, records and accounts reflecting such expenditures; (ii) ensure that all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures are retained until at least one year after the operations, resources and expenditures Association has received the audit report for the fiscal year in respect of which the Project of last withdrawal from the departments or agencies of Credit Account was made; and (iii) enable the Borrower responsible for carrying out the Project or any part thereofAssociation’s representatives to examine such records. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) (i) of this Section including and those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the BankAssociation; (ii) furnish to the Bank Association as soon as available, but in any case not later than six nine months after the end of each such year, year the report of such audit by said auditors, of such scope and in such detail as the Bank Association shall have reasonably requested; and (iii) furnish to the Bank such other information concerning said records and accounts and the audit thereof as the Bank shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Bank’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains including a separate opinion by said auditors as to whether the statements of expenditure expendi- ture submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals.; and (iii) furnish to the Association such other information concerning said records and accounts and the audit thereof as the Association shall from time to time reasonably request. Section 4.025.01. Without limitation upon the provisions of Article IX Pursuant to Section 6.02 (h) of the General Conditions, the Borrower shallfollowing additional events are specified: (a) prepare, in accordance with guidelines satisfactory Any Project State shall have failed to perform any of its respective obligations under 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;Project Agreement. (b) afford As a result of events which have occurred after the Bank a reasonable opportunity to exchange views with date of this Agreement, an extraordinary situation shall have arisen which shall make it improbable that any Project State will perform its respective obligations under the Borrower on said plan; and (c) thereafter, carry out said plan with due diligence and efficiency and in accordance with appropriate practices, taking into account the Bank’s comments thereonProject Agreement.

Financial and Other Covenants. (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereofEUAD, PEPA and DEPM. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) of this Section including those and the records and accounts for the Borrower’s Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the BankAssociation; (ii) furnish to the Bank Association as soon as available, but in any case not later than six nine months after the end of each such year, a certified copy of the report of such audit by said auditors, of such scope and in such detail as the Bank Association shall have reasonably requested; and (iii) furnish to the Bank Association such other information concerning said records and accounts and the audit thereof as the Bank Association shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Credit Account were made on the basis of statements of expenditureexpenditures, the Borrower shall: (i) maintain or cause to be maintained, maintained in accordance with paragraph paragraph (a) of this Section, Section records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank Associ- ation has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Credit Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the BankAssociation’s representatives to examine such records; and (iv) ensure that such records and accounts are included includ- ed in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors audi- tors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. Without limitation upon The Borrower shall ensure that the provisions of Article IX of the General ConditionsCouncil will hold its initial meeting not later than December 31, the 1992, and will meet regularly thereafter at least twice a year. Section 4.03. The Borrower shall: shall ensure that its Planning Commission will, beginning not later than July 1, 1993, (a) prepare, screen all public development expenditures in accordance with guidelines satisfactory 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 light of the national environmental quality standards to be established under the Project; ; and (b) afford the Bank a reasonable opportunity require all public investors to exchange views comply with the Borrower on said plan; and (c) thereafter, carry out said plan with due diligence and efficiency and EIA procedures to be established under the Project in accordance with appropriate practices, taking into account respect of investments considered likely to adversely affect the Bank’s comments thereonenvironment.

Financial and Other Covenants. (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Bank; (ii) furnish to the Bank as soon as available, but in any case not later than six months after the end of each such year, the report of such audit by said auditors, of such scope and in such detail as the Bank shall have reasonably requested; and (iii) furnish to the Bank such other information concerning said records and accounts and the audit thereof as the Bank shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Bank’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. Without limitation upon the provisions of Article IX of the General Conditions, the Borrower The Seed Certification and Seed Law Agency shall: (a) not later than June 30, 1998, prepare, in accordance with guidelines under terms of reference satisfactory 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 full recovery of the Project;costs of its services through the certification of seed; and (b) afford thereafter finalize the said plan taking into consideration the Bank’s views thereon and ensure recovery of the costs of its services in accordance therewith not later than June 30, 1999. Section 4.03. SIFAT shall: (a) not later than June 30, 1998, prepare, under terms of reference satisfactory to the Bank, and furnish to the Bank a reasonable opportunity to exchange views with plan for the Borrower on said planfull recovery of the costs of its services through the grading of cotton; and (cb) thereafter, carry out thereafter finalize the said plan with due diligence and efficiency and in accordance with appropriate practices, taking into account consideration the Bank’s comments thereonviews thereon and ensure recovery of the costs of its services in accordance therewith not later than June 30, 1999. Section 4.04. UZAGROINFORM shall: (a) not later than June 30, 1997, prepare, under terms of reference satisfactory to the Bank, and furnish to the Bank a plan for the full recovery of the costs of irrigation water; and (b) thereafter finalize the said plan taking into consideration the Bank’s views thereon and ensure recovery of the cost of irrigation water in accordance therewith not later than June 30, 1998.

Financial and Other Covenants. (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources its operations and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereoffinancial condition. (b) The Borrower shall: (i) have its records, accounts and financial statements (balance sheets, statements of income and expenses and related statements) and the records and accounts referred to in paragraph (a) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by the Social Accounting Service or another competent and experienced independent auditors auditing organization acceptable to the Bank; (ii) furnish to the Bank as soon as availablepossible, but in any case not later than six eight months after the end of each such year, , (A) certified copies of its financial statements for such year as so audited and (B) the report of such audit by said auditors, of such scope and in such detail as the Bank shall have reasonably requested; and (iii) furnish to the Bank such other information concerning said records and records, accounts and financial statements as well as the audit thereof as the Bank shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintainedmaintain, in accordance with paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Bank’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.025.02. Without limitation upon the provisions of Article IX Section 5.01 of the General Conditionsthis Agreement, the Borrower shall: (a) prepare, not later than March 15 and September 15 of each year, furnish to the Bank a report, prepared in accordance with guidelines a format satisfactory to the Bank, and furnish to on the Bank financial performance of the Borrower during the preceding calendar semester. Section 5.03. The Borrower shall: (a) not later than six (6) months after December 31, 1990, carry out, on the Closing Date, or such later date as may be agreed for this purpose between the Borrower and basis of terms of reference satisfactory to the Bank, a plan for the future operation study of the Projectits tariff structure; (b) afford the Bank a reasonable opportunity to exchange views with the Borrower on said plan; and (c) thereafter, carry out said plan with due diligence and efficiency and in accordance with appropriate practices, taking into account the Bank’s comments thereon.

Financial and Other Covenants. (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Bank; (ii) furnish to the Bank as soon as available, but in any case not later than six months after the end of each such year, the report of such audit by said auditors, of such scope and in such detail as the Bank shall have reasonably requested; and (iii) furnish to the Bank such other information concerning said records and accounts and the audit thereof as the Bank shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Bank’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. Without limitation upon For the provisions purposes of Article IX cost-containment and to protect the financial viability of the General ConditionsHIF, the Borrower shall: shall take all necessary measures through budget caps and other expenditure controls, to ensure that the aggregate of all expenditures on health services financed through HIF for a given year, including performance-related reimbursements for doctors, hospitals and other health care providers, would not exceed the health services budget of HIF for that year (a) prepare, in accordance with guidelines satisfactory 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 total HIF budget net of the Project; (b) afford the Bank a reasonable opportunity to exchange views with the Borrower on said plan; and (c) thereafter, carry out said plan with due diligence and efficiency and in accordance with appropriate practices, taking into account the Bank’s comments thereoncash benefits financed through health insurance).

Financial and Other Covenants. (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph para- graph (a) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the BankAssociation; (ii) furnish to the Bank Association, as soon as available, but in any case not later than six months after the end of each such year, a certified copy of the report of such audit by said auditors, of such scope and in such detail as the Bank Association shall have reasonably requested; and (iii) furnish to the Bank Association such other information concerning said records and records, accounts and the audit thereof as the Bank Association shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Credit Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank Associa- tion has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Credit Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the BankAssociation’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures proce- dures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. Without limitation or restriction upon the provisions of Article IX Section 9.06 of the General Conditions, the Borrower shall: (a) prepare, through MOA, and cause AIDB, AISCO and PSPI to prepare, semi-annually, in accordance with guidelines a format satisfactory 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 BankAssociation, a plan for report on the future operation of physical and financial progress under the Project; (b) afford furnish, through MOA, to the Bank a reasonable opportunity to exchange views with Association, within two months of the Borrower on said planend of each semi-annual period, such report for review and comment by the Association; and (c) thereafterfurnish, carry out said plan through MOA, to the Association, within six months of Project completion, a Project completion report on the physical and financial aspects of the Project, together with due diligence the trends and efficiency and achievements in accordance with appropriate practices, taking into account a set of indicators agreed with the Bank’s comments thereonAssociation.

Financial and Other Covenants. (a) The Borrower shall maintain or cause to be maintained a financial management system, including records and accounts accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of related to the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereofProject. (b) The Borrower shall: (i) have the records its records, accounts and accounts financial statements referred to in paragraph (a) of this Section including those and the records and accounts for the Special Account for each fiscal year Fiscal Year audited, in accordance with appropriate auditing principles standards acceptable to the Association, consistently applied, by independent auditors acceptable to the BankAssociation; (ii) furnish to the Bank Association as soon as available, but in any case not later than six (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, for such year as so audited, and (B) an opinion on such statement and report of such audit audit, by said auditors, of such scope and in such detail as the Bank Association shall have reasonably requested; and (iii) furnish to the Bank Association such other information concerning said records records, accounts and accounts financial statements, and the audit thereof thereof, and concerning said auditors, as the Bank shall Association may from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Credit Account were made on the basis of statements of expenditureexpenditure or Project Management Reports, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph paragraph (a) of this Section, records and separate accounts reflecting such expenditures; (ii) retain, until at least one (1) year after the Bank Association has received the audit report for the fiscal year Fiscal Year in which the last withdrawal from the Loan Account or payment out of the Special Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the BankAssociation’s representatives to examine such recordsrecords and documents; and (iv) ensure that such records records, documents and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal yearFiscal Year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. (a) Without limitation upon the provisions of Article IX Section 4.01 of the General Conditionsthis Agreement, the Borrower shall: (a) prepare, in accordance with guidelines satisfactory shall carry out a time-bound action plan acceptable to the BankAssociation for the strengthening of its financial management system for the Project in order to enable the Borrower, and furnish to the Bank not later than six (6) months after the Closing DateNovember 15, 2001, or such later date as may be agreed for this purpose between the Borrower Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shall: (i) (A) set forth actual sources and the Bank, a plan applications of funds for the future operation Project, both cumulatively and for the period covered by said report, and projected sources and applications of funds for the Project for the six-month period following the period covered by said report, and (B) show separately expenditures financed out of the Projectproceeds of the Credit during the period covered by said report and expenditures proposed to be financed out of the proceeds of the Credit during the six-month period following the period covered by said report; (bA) afford describe progress in Project implementation, both cumulatively and for the Bank a reasonable opportunity to exchange views with the Borrower on period covered by said planreport, and (B) explain variances between actual and previously forecast implementation targets; and (ciii) thereafterset forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, carry out as at the end of the period covered by said plan with due diligence and efficiency and in accordance with appropriate practices, taking into account the Bank’s comments thereonreport.

Financial and Other Covenants. (a) The Borrower NAR shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources its operations and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereoffinancial condition. (b) The Borrower NAR shall: (i) have the records its records, accounts and accounts referred to in paragraph financial statements (abalance sheets, statements of income and expenses and related statements) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Bank; (ii) furnish to the Bank as soon as available, but in any case not later than six (6) months after the end of each such year, (A) certified copies of its financial statements for such year as so audited and (B) the report of such audit by said auditors, auditors of such scope and in such detail as the Bank shall have reasonably requested; and (iii) furnish to the Bank such other information concerning said records and records, accounts and financial statements as well as the audit thereof thereof, as the Bank shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Account were made on the basis of statements of expenditure, the Borrower Section 4.02. NAR shall: (ia) maintain or cause policies and procedures adequate to be maintainedenable it to monitor and evaluate on an ongoing basis, in accordance with paragraphindicators satisfactory to the Bank, the carrying out of Parts B, C and D 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, on or about March 31, 2000, a report integrating the results of the monitoring and evaluation activities performed pursuant to paragraph (a) of this Section, records on the progress achieved in the carrying out of Parts B, C and accounts reflecting such expenditures; (ii) retain, until at least one year after D of the Bank has received Project during the audit period preceding the date of said report for and setting out the fiscal year in which measures recommended to ensure the last withdrawal from the Loan Account or payment efficient carrying out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts Project and other documents) evidencing the achievement of the objectives thereof during the period following such expenditures; (iii) enable the Bank’s representatives to examine such recordsdate; and (ivc) ensure that review with the Bank, by June 30, 2000, or such records and accounts are included in later date as the annual audit Bank shall request, the report referred to in paragraph (b) of this Section Section, and, thereafter, take all measures required to ensure the efficient completion of Parts B, C and that D of the Project and the achievement of the objectives thereof, based on the conclusions and recommendations of the said report of such audit contains a separate opinion by said auditors as to whether and the statements of expenditure submitted during such fiscal year, together with Bank’s views on the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawalsmatter. Section 4.024.03. Without limitation upon the provisions of Article IX of the General Conditions, the Borrower shall: (a) prepare, in accordance with guidelines satisfactory to NAR shall collect data on axle loads on the Bank, and furnish to the Bank national roads network for twelve (12) consecutive months beginning not later than six (6) months after the Closing DateSeptember 30, 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; (b) afford the Bank a reasonable opportunity to exchange views with the Borrower on said plan1997; and (c) thereafter, carry out said plan with due diligence and efficiency and in accordance with appropriate practices, taking into account the Bank’s comments thereon.

Financial and Other Covenants. (a) The Borrower Sindh, KDA and KMC shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources their respective operations and expenditures financial condition in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereofProject. (b) The Borrower Sindh, KDA and KMC shall: (i) have the such records and accounts referred to in paragraph (a) of this Section including those for the Special Account Accounts for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the BankAssociation; (ii) furnish to the Bank Association as soon as available, but in any case not later than six nine months after the end of each such year, the report of such audit by said auditors, of such scope and in such detail as the Bank Association shall have reasonably requested; and (iii) furnish to the Bank Association such other information concerning said records and accounts and as well as the audit thereof thereof, as the Bank Association shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Credit Account were made on the basis of statements of expenditure, the Borrower Sindh, KDA and KMC shall: (i) maintain or cause to be maintained, in accordance with paragraph paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank Association has received the audit report for the fiscal year in which the last withdrawal disbursement from the Loan Account or payment out of the Special Credit Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the BankAssociation’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure expen- diture submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. Without limitation upon the provisions of Article IX of the General Conditions, the Borrower Sindh shall: : (a) preparenot later than January 31 in each year, beginning 1994, review with the Association compliance by Sindh with its annual budget; and (b) in accordance with an action plan satisfactory to the Association, take measures to eliminate Sindh’s recurrent budget deficit by FY98. Section 4.03. Sindh shall, in accordance with guidelines an action plan satisfactory to the BankAssociation, and furnish complete the revaluation of properties located in Karachi by June 30, 1996, on a basis for property valuation satisfactory 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; (b) afford the Bank a reasonable opportunity to exchange views with the Borrower on said plan; and (c) thereafter, carry out said plan with due diligence and efficiency and in accordance with appropriate practices, taking into account the Bank’s comments thereonAssociation.

Financial and Other Covenants. (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph paragraph (a) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Bank; (ii) furnish to the Bank as soon as available, but in any case not later than six nine (9) months after the end of each such year, the report of such audit by said auditors, of such scope and in such detail as the Bank shall have reasonably requested; and (iii) furnish to the Bank such other information concerning said records and accounts and the audit thereof as the Bank shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expendituresexpen- ditures; (iii) enable the Bank’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. Without limitation upon Except as the provisions of Article IX of Bank and the General ConditionsBorrower shall otherwise agree, the Borrower shall: (a) prepareshall take all measures required on its part to enable EDL to achieve the financial objectives stated in Sections 4.02, in accordance with guidelines satisfactory to the Bank4.03, 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 4.04 of the Project; (b) afford the Bank a reasonable opportunity to exchange views with the Borrower on said plan; and (c) thereafter, carry out said plan with due diligence and efficiency and in accordance with appropriate practices, taking into account the Bank’s comments thereonProject Agreement.

Financial and Other Covenants. (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to monitor the progress of the Project and of each Investment Project (including its cost and the benefits to be derived from it) and to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereofthereof and the operation and financial condition of the Fund and of each Investment Enterprise. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) of this Section including those for the Special Account and the financial statements (balance sheets, statements of income and expenses and related statements) of each Investment Enterprise for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Bank; (ii) furnish to the Bank as soon as available, but in any case not later than six months after the end of each such year: (A) certified copies of said financial statements for such year as so audited, and (B) the report of such audit by said auditors, of such scope and in such detail as the Bank shall have reasonably requested; and (iii) furnish to the Bank such other information concerning said records records, accounts and accounts financial statements and the audit thereof as the Bank shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Bank’s representatives representative to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. Without limitation upon the provisions of Article IX of the General Conditions, the Borrower shall: (a) prepare, The Borrower shall continuously monitor and evaluate the application of the policies set forth in accordance with guidelines satisfactory to the BankStatement of Policy and related documents, and furnish to the Bank shall, not later than six (6) months after June 30, 1996, modify and refine such policies taking into account the Closing Date, or such later date as may be agreed for this purpose between the Borrower and views of the Bank, a plan for the future operation of the Project;. (b) afford the Bank a reasonable opportunity to exchange views with As part of this monitoring and evaluation, the Borrower on said planshall review: (i) its policy of exempting the energy and energy-related infrastructure sector from corporate income tax; andand (ii) the feasibility of rolling over and capitalizing customs duties, the education levy (Iqra) and import taxes, during the construction phase, and of recovering these during the operation phase, of projects. (c) thereafterSection 4.03. The Borrower shall, carry out said plan with due diligence not later than June 30, 1995, reconstitute its Private Sector Energy Development Fund as an autonomous, commercially-oriented Loan Term Credit Fund, and efficiency appoint a board of directors and in accordance with appropriate practicesmanaging director for it, taking into account all to the satisfaction of the Bank’s comments thereon.

Financial and Other Covenants. (a) The Borrower shall maintain maintain, or cause to be maintained maintained, records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of to be executed by the responsible departments or agencies of the Borrower responsible for carrying out the Project or any part thereofBorrower. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) of this Section including those for the Special Account Accounts for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the BankAssociation; (ii) furnish to the Bank Association, as soon as available, but in any case not later than six months after the end of each such year, a certified copy of the report of such audit by said auditors, of such scope and in such detail as the Bank Association shall have reasonably requested; and (iii) furnish to the Bank Association such other information concerning said records and records, accounts and the audit thereof as the Bank Association shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Credit Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain maintain, or cause to be maintained, in accordance with paragraph paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank Association has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Credit Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the BankAssociation’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. Without limitation upon Until the provisions of Article IX completion of the General ConditionsProject, the Borrower shall: (a) prepare, in accordance with guidelines satisfactory on the occasion of the annual public expenditures review 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 undertaken by the Borrower and the BankAssociation, or, in the event that such a plan review does not take place, not later than December 31 of each year, furnish to the Association MOH’s recurrent budget for the future operation of next fiscal year and the Project; (b) afford three-year rolling public investment program in the Bank a reasonable opportunity health sector, all acceptable to exchange views with the Borrower on said plan; and (c) thereafter, carry out said plan with due diligence and efficiency and in accordance with appropriate practices, taking into account the Bank’s comments thereonAssociation.

Financial and Other Covenants. (a) The Borrower shall shall: (i) maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof; and (ii) cause HTPL to maintain records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of Part A.1 and A.2 of the Project. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Bank; (ii) furnish to the Bank as soon as available, but in any case not later than six months after the end of each such year, the report of such audit by said auditors, of such scope and in such detail as the Bank shall have reasonably requested; and (iii) furnish to the Bank such other information concerning said records and accounts and the audit thereof as the Bank shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Bank’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. Without limitation upon (a) The Borrower shall cause OPIC and PNGOPRA to maintain records and accounts adequate to reflect in accordance with sound accounting practices the provisions operations and financial conditions of Article IX of the General ConditionsOPIC and PNGOPRA, the respectively. (b) The Borrower shallshall cause OPIC and PNGOPRA, respectively, to: (ai) preparehave its records, accounts and financial state- ments (balance sheets, statements of income and expenses and related statements) for each fiscal year audited, in accordance with guidelines satisfactory appropriate auditing principles consistently applied, by independent auditors acceptable to the Bank, and ; (ii) furnish to the Bank as soon as available, but in any case not later than six (6) months after the Closing Dateend of each such year, or (A) certified copies of its financial statements for such later date year as may be agreed for this purpose between so audited, and (B) the Borrower report of such audit by said auditors, of such scope and the Bank, a plan for the future operation of the Project; (b) afford in such detail as the Bank a reasonable opportunity to exchange views with the Borrower on said planshall have reasonably requested; and (ciii) thereafterfurnish to the Bank such other information concerning such records, carry out said plan with due diligence accounts and efficiency financial statements and the audit thereof as the Bank shall from time to time reasonably request. Section 4.03. The Borrower shall, after completion of the Project, make funds available to Smallholders under the same terms and conditions as set forth in accordance with appropriate practices, taking into account paragraphs 2 and 3 of Schedule 5 to this Agreement for purposes of maintenance of the Bank’s comments thereonSmallholder plantings established under Part A.1 and A.2 of the Project until such planting reach maturity.

Financial and Other Covenants. (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the BankAssociation; (ii) furnish to the Bank Association, as soon as available, but in any case not later than six nine months after the end of each such year, a certified copy of the report of such audit by said auditors, of such scope and in such detail as the Bank Association shall have reasonably requested; and (iii) furnish to the Bank Association such other information concerning said records and records, accounts and the audit thereof as the Bank Association shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Credit Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank Association has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Credit Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the BankAssociation’s representatives to examine such records; and (iv) ensure that such records and accounts are included dealt with in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. The Borrower shall ensure the issuance, by June 30, 1995, in accordance with the Irrigation and Drainage Law, of regulations providing for the recovery from farmers of the cost of pumps installed at Tertiary Canal Intake over a period not exceeding five years, and of the cost of civil works associated with the construction of Tertiaris (Meskas) over a period of not less than ten years but not more than twenty years, calculated to take into account each xxxxxx’x capacity to pay in accordance with guidelines agreed with the Association. Section 4.03. The Borrower shall ensure: (a) the application of measures to prevent Bilharzia snails from reinfecting the drains; and (b) the preparation, by MPW’s Water Research Center, in collaboration with the Borrower’s Ministry of Health, and the furnishing to the Association of annual reports on the prevalence of the Bilharzia disease and on the use of mulluscicides to destroy Bilharzia snails in the Borrower’s Governorates of Beheira and Kafr El-Sheikh. Section 4.04. Without limitation upon the provisions of Article IX of the General Conditions, the Borrower shall: (a) prepare, in accordance with guidelines satisfactory to the Bank, prepare and furnish to the Bank 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 BankAssociation, a plan plan, prepared on the basis of guidelines satisfactory to the Association, for the future operation of the Project; (b) afford the Bank Association a reasonable opportunity to exchange views with the Borrower on said plan; and (c) thereafter, carry out said plan with due diligence and efficiency and in accordance with appropriate practices, taking into account the BankAssociation’s comments thereon.

Financial and Other Covenants. (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the BankAssociation; (ii) furnish to the Bank Association, as soon as available, but in any case not later than six eight months after the end of each such year, a certified copy of the report of such audit by said auditors, of such scope and in such detail as the Bank Association shall have reasonably requested; and (iii) furnish to the Bank Association such other information concerning said records and records, accounts and the audit thereof as the Bank Association shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Loan Credit Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Bank Association has received the audit report for the fiscal year in which the last withdrawal from the Loan Account or payment out of the Special Credit Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the BankAssociation’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals. Section 4.02. Without limitation upon the provisions of Article IX of the General Conditions, the The Borrower shall: (a) prepare, in accordance with guidelines satisfactory to the Bank, and furnish to the Bank not later than six (6) months after the Closing Date, or until such later date as may be agreed for this purpose between the Borrower and the BankAssociation, a plan for monitor and evaluate the future operation progress achieved in carrying out scientific research and educational activities conducted by the laboratories assisted under the Project in light of performance indicators and targets acceptable to the Project; (b) afford the Bank a reasonable opportunity to exchange views with the Borrower on said plan; and (c) thereafter, carry out said plan with due diligence and efficiency and in accordance with appropriate practices, taking into account the Bank’s comments thereonAssociation.