Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project. (b) The Borrower shall: (i) have its records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (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, 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 financial statements, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reports, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures; (ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Association’s representatives to examine such records and documents; and (iv) ensure that such 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 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 Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its financial management system for the Project in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shall: (i) (A) set forth actual sources and applications of funds for the 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 proceeds 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; (A) describe progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain variances between actual and previously forecast implementation targets; and (iii) set forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 2 contracts
Samples: Development Credit Agreement, Development Credit Agreement
Financial Covenants. (a) The Borrower Recipient shall maintain a financial management system, including records and accounts, and prepare financial statements in a format accordance with consistently applied accounting standards acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower Recipient shall:
(i) have its records, accounts and the financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year (or other period agreed to by the Association), audited, in accordance with appropriate consistently applied auditing standards acceptable to the Association, 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 (6) nine months after the end of each such year, year (or such other period agreed to by the Association): (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year (or other period agreed to by the Association), as so audited, ; and (B) an opinion on such statement and report of such audit, statements by said auditors, of such in scope and in such detail as satisfactory to the Association shall have reasonably requestedAssociation; and
(iii) furnish to the Association such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereofof such financial statements, and concerning said auditors, as the Association may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Grant Account were made on the basis of reports referred to in Part A.4 of Schedule 1 to this Agreement (Report-based Disbursements) or on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower Recipient shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for for, or covering, the Fiscal Year fiscal year in which the last withdrawal from the Credit Grant Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iiiii) enable the Association’s representatives to examine such records and documentsrecords; and
(iviii) ensure that such records, documents reports and accounts statements of expenditure are included in the annual audit for each fiscal year (or other period agreed to by the Association), 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 withdrawalsSection.
Section 4.02. (a) Without limitation upon the provisions Recipient’s progress reporting obligations set out in paragraph D of Section 4.01 of Schedule 4 to this Agreement, Agreement the Borrower Recipient shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its financial management system for the Project a Financial Monitoring Report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportGrant, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast planned Project implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than ninety (90) days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Association not later than ninety (90) days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 2 contracts
Samples: Development Grant Agreement, Development Grant Agreement
Financial Covenants. (a) The Borrower shall establish and maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions Borrower’s progress reporting obligations set out in paragraph 8 of Section 4.01 of Schedule 4 to this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportCredit, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Association not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 2 contracts
Samples: Development Credit Agreement, Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain in SEC a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the AssociationBank, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the AssociationBank, consistently applied, by independent auditors acceptable to the AssociationBank;
(ii) furnish to the Association 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 the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, ; and (B) an opinion on such statement statements, records and accounts and report of such audit, by said auditors, of such scope and in such detail as the Association Bank shall have reasonably requested; and
(iii) furnish to the Association Bank such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association Bank may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Loan Account were made on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association Bank has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Loan Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Borrower’s progress reporting obligations set out in Section 4.01 3.04 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its Bank a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the AssociationBank, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, showing separately funds provided under the Loan and projected sources explains variances between the actual and applications planned uses 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 proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Bank not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Bank not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement
Financial Covenants. (a) The Borrower shall establish and maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions Borrower’s progress reporting obligations set forth in paragraph 8 of Section 4.01 of Schedule 4 to this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its financial management system for the Project a Financial Monitoring Report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportCredit, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first Financial Monitoring Report shall be furnished to the Association not later than thirty (30) days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter thereafter, each Financial Monitoring Report shall be furnished to the Association not later than thirty (30) days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 2 contracts
Samples: Development Credit Agreement, Development Credit Agreement
Financial Covenants. (a) The Borrower Recipient shall maintain a financial management system, including records and accounts, and prepare financial statements in a format accordance with consistently applied accounting standards acceptable to the AssociationBank, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower Recipient shall:
(i) have its records, accounts and the financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year (or other period agreed to by the Bank), audited, in accordance with appropriate consistently applied auditing standards acceptable to the Association, consistently appliedBank, by independent auditors acceptable to the AssociationBank;
(ii) furnish to the Association Bank as soon as available, but in any case not later than six (6) months after the end of each such yearyear (or such other period agreed to by the Bank), (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year (or other period agreed to by the Bank), as so audited, and (B) an opinion on such statement and report of such audit, statements by said auditors, of such in scope and in such detail as satisfactory to the Association shall have reasonably requestedBank; and
(iii) furnish to the Association Bank such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereofof such financial statements, and concerning said auditors, as the Association Bank may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit GEF Trust Fund Grant Account were made on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower Recipient shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association Bank has received the audit report for for, or covering, the Fiscal Year in which the last withdrawal from the Credit GEF Trust Fund Grant Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iiiii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iviii) ensure that such records, documents reports and accounts statements of expenditure are included in the annual audit for each Fiscal Year (or other period agreed to by the Bank), 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 withdrawalsSection.
Section 4.02. (a) Without limitation upon the provisions Recipient’s progress reporting obligations set out in paragraphs 4 and 5 of Section 4.01 of Schedule 4 to this Agreement, the Borrower Recipient shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its financial management system for the Project Bank a Financial Monitoring Report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the AssociationBank, each of which shall:
(i) (A) set which: sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportGEF Trust Fund Grant, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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;
(A) describe such funds; describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set and sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Bank not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Bank not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 2 contracts
Samples: Trust Fund Grant Agreement, Trust Fund Grant Agreement
Financial Covenants. (a) The Borrower shall through ERTU maintain a financial management systemin respect of the Project, including records and accounts, and prepare financial statements in a format acceptable to the Association, accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures related to the Projectexpenditures.
(b) The Borrower and BM shall:
(i) have its records, the records and accounts and financial statements referred to in paragraph paragraph
(a) of this Section and the records and accounts including those for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, principles consistently applied, by independent auditors acceptable to the Association;
(ii) furnish to the Association Association, as soon as available, but in any case not later than six (6) months after the end of each such year, (A) a certified copies copy 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 Association shall have reasonably requested; and
(iii) furnish to the Association such other information concerning said records, accounts and financial statements, and the audit thereof, and concerning said auditors, thereof as the Association may 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 or Project Management Reportsexpenditure, the Borrower and BM shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its financial management system for the Project in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shall:
(i) (A) set forth actual sources and applications of funds for the 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 proceeds 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;
(A) describe progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain variances between actual and previously forecast implementation targets; and
(iii) set forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 2 contracts
Samples: Development Credit Agreement, Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions Borrower’s progress reporting obligations set out in paragraph 21 of Section 4.01 of Schedule 4 to this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportCredit, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Association not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Section 4.03. The Borrower shall make publicly available, and agrees that the Association may also make publicly available, each final audit report referred to in Section 4.01 of this Agreement, promptly after its issuance by the independent auditors referred to therein.
Appears in 2 contracts
Samples: Development Credit Agreement, Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including and cause to be maintained records and 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 related to in respect of Part A of the Project.
(b) The Borrower shall:
(i) have its records, the records and accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts including those for the Special Account Accounts for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (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 Association shall have reasonably requested; and
(iii) furnish to the Association such other information concerning said records, accounts records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its quarterly financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for Part A of the 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 showing separately expenditures financed out of the proceeds of the Credit during the period covered by said report report, and expenditures proposed to be financed out explains variances between the actual and previously forecast uses of the proceeds of the Credit during the six-month period following the period covered by said reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out Part A of the proceeds of the CreditProject, as at the end of the period covered by said report.
Appears in 2 contracts
Samples: Development Credit Agreement, Development Credit Agreement
Financial Covenants. (a) The Borrower shall establish and maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the AssociationBank, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the AssociationBank, consistently applied, by independent auditors acceptable to the AssociationBank;
(ii) furnish to the Association Bank as soon as available, but in any case not later than six four (64) months after the end of each such year, : (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, ; and (B) an opinion on such statement statements, records and accounts and report of such audit, by said auditors, of such scope and in such detail as the Association Bank shall have reasonably requested; and
(iii) furnish to the Association Bank such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association Bank may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Loan Account were made on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association Bank has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Loan Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Borrower’s progress reporting obligations set out in Section 4.01 3.07 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its Bank a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the AssociationBank, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, showing separately funds provided under the Loan and projected sources explains variances between the actual and applications planned uses 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 proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Bank not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Bank not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the AssociationBank, adequate to reflect reflect, separately, the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the AssociationBank, consistently applied, by independent auditors acceptable to the AssociationBank;
(ii) furnish to the Association 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 the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and report of such audit, by said auditors, of such scope and in such detail as the Association Bank shall have reasonably requested; and
(iii) furnish to the Association Bank such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association Bank may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Loan Account were made on the basis of Financial Monitoring Reports or statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association Bank has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Loan Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 Financial Monitoring Reports or 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 Borrower’s progress reporting obligations set out in paragraph 7 (b) of Section 4.01 of Schedule 5 to this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its financial management system for the Project Bank a Financial Monitoring Report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the AssociationBank, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportLoan, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first Financial Monitoring Report shall be furnished to the Bank not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each Financial Monitoring Report shall be furnished to the Bank not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement
Financial Covenants. (a) The Borrower Recipient shall maintain a financial management system, including records and accounts, and prepare financial statements in a format accordance with consistently applied accounting standards acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower Recipient shall:
(i) have its records, accounts and the financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year (or other period agreed to by the Association), audited, in accordance with appropriate consistently applied auditing standards acceptable to the Association, 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 (6) months after the end of each such year, year (or such other period agreed to by the Association): (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year (or other period agreed to by the Association), as so audited, ; and (B) an opinion on such statement and report of such audit, statements by said auditors, of such in scope and in such detail as satisfactory to the Association shall have reasonably requestedAssociation; and
(iii) furnish to the Association such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereofof such financial statements, and concerning said auditors, as the Association may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Grant Account were made on the basis of reports referred to in Part A.4 of Schedule 1 to this Agreement (Report-based Disbursements) or on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower Recipient shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for for, or covering, the Fiscal Year fiscal year in which the last withdrawal from the Credit Grant Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iiiii) enable the Association’s representatives to examine such records and documentsrecords; and
(iviii) ensure that such records, documents reports and accounts statements of expenditure are included in the annual audit for each fiscal year (or other period agreed to by the Association), 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 withdrawalsSection.
Section 4.02. (a) Without limitation upon the provisions Recipient’s progress reporting obligations set out in paragraph D of Section 4.01 of Schedule 4 to this Agreement, Agreement the Borrower Recipient shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportGrant, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than forty- five (45) days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Association not later than forty-five (45) days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 2 contracts
Samples: Development Grant Agreement, Development Grant Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the AssociationBank, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account Accounts for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the AssociationBank, consistently applied, by independent auditors acceptable to the AssociationBank;
(ii) furnish to the Association 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 the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and report of such audit, by said auditors, of such scope and in such detail as the Association Bank shall have reasonably requested; and
(iii) furnish to the Association Bank such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association Bank may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Loan Account were made on the basis of Financial Monitoring Reports or statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association Bank has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Loan Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of Borrower’s progress reporting obligations set out in Schedule 5 to this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its financial management system for the Project Bank a Financial Monitoring Report (FMR), in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the AssociationBank, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportloan, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Bank not later than forty-five
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, accounts adequate to reflect the operations, resources in accordance with sound accounting practices its operations and expenditures related to the Projectfinancial condition.
(b) The Borrower shall:
(i) have its records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, principles consistently applied, by independent auditors acceptable to the AssociationBank;
(ii) furnish to the Association 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 the its financial statements referred to in paragraph (a) of this Section, for such year as so audited, ; and (B) an opinion on such statement and the report of such audit, audit by said auditors, of such scope and in such detail as the Association Bank shall have reasonably requested; and
(iii) furnish to the Association Bank such other information concerning said records, accounts and financial statements, and statements as well as the audit thereof, and concerning said auditors, thereof as the Association may Bank shall from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Loan Account were made on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintainedmaintain, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association Bank has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Loan Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its financial management system for the Project in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shall:
(i) (A) set forth actual sources and applications of funds for the 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 proceeds 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;
(A) describe progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain variances between actual and previously forecast implementation targets; and
(iii) set forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement
Financial Covenants. (a) The Borrower shall establish and maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the AssociationBank, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account Accounts for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the AssociationBank, consistently applied, by independent auditors acceptable to the AssociationBank;
(ii) furnish to the Association Bank as soon as available, but in any case not later than six four (64) months after the end of each such year, : (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, ; and (B) an opinion on such statement statements, records and accounts and report of such audit, by said auditors, of such scope and in such detail as the Association Bank shall have reasonably requested; and
(iii) furnish to the Association Bank such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association Bank may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Loan Account were made on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association Bank has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Loan Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Borrower’s progress reporting obligations set out in Section 4.01 3.08 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its Bank a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the AssociationBank, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, showing separately funds provided under the Loan and projected sources explains variances between the actual and applications planned uses 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 proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Bank not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Bank not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement
Financial Covenants. (a) The Borrower Recipient shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the AssociationAdministrator, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower Recipient shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the AssociationAdministrator, consistently applied, by independent auditors acceptable to the AssociationAdministrator;
(ii) furnish to the Association Administrator as soon as available, but in any case not later than six four (64) months after the end of each such year, :
(A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, ; and (B) an opinion on such statement statements, records and accounts and report of such audit, by said auditors, of such scope and in such detail as the Association Administrator shall have reasonably requested; and
(iii) furnish to the Association Administrator such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association Administrator may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Grant Account were made on the basis of Project Management Reports or statements of expenditure or Project Management Reportsexpenditure, the Borrower Recipient 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 Association Administrator has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Grant Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationAdministrator’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 Project Management Reports or 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 Section 4.01 of this Agreement, the Borrower Recipient shall carry out a time-bound action plan acceptable to the Association Administrator for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the BorrowerRecipient, not later than April 1December 31, 20022001, or such later date as the Association Administrator shall agree, to prepare quarterly Project Management Reportsmanagement reports, acceptable to the AssociationAdministrator, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of funds for the Project for the sixthree-month period following the period covered by said report, ; and (B) show shows separately expenditures financed out of the proceeds of the Credit Grant during the period covered by said report and expenditures proposed to be financed out of the proceeds of the Credit Grant during the sixfour-month period following the period covered by said report;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, ; and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditGrant, as at the end of the period covered by said report.
Appears in 2 contracts
Samples: Trust Fund Grant Agreement, Trust Fund Grant Agreement
Financial Covenants. (a) The Borrower Borrower, through CNBS, shall establish and maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) four months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Borrower’s progress reporting obligations set out in Section 4.01 3.08 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shall:
(i) (A) set which: sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportCredit, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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;
(A) describe such funds; describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set and sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Association not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account Accounts for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, : (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, ; and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 Project Management Reports or statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 or the Project Management Reports 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 Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the Borrower, not later than April March 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds 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;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, ; and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 Financial Monitoring Reports and statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 Financial Monitoring Reports and 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 Borrower’s progress reporting obligations set out in paragraph 7 (a), (b) and (c) of Section 4.01 of Schedule 4 to this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its financial management system for the Project in order to enable the Borrower, not later than April 145 days after the end of the first calendar quarter after the Effective Date, 2002and thereafter not later than 45 days after each calendar quarter, or a Financial Monitoring Report for such later date as period, in form and substance satisfactory to the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shallwhich:
(i) (A) set sets forth actual and projected sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, showing separately funds provided under the Credit, and explains variances between the projected and actual sources and applications uses 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 proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between actual and the previously forecast and actual implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Association not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including within MFB separate records and accounts, and prepare financial statements in a format acceptable to the Association, accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures related to of the Borrower in respect of Parts C through E of the Project.
(b) The Borrower shall:
(i) have its records, the records and accounts and financial statements referred to in paragraph paragraph
(a) of this Section and the records and accounts including those for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, principles consistently applied, by independent auditors acceptable to the Association;
(ii) furnish to the Association Association, as soon as available, but in any case not later than six (6) months after the end of each such year, (A) a certified copies copy 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 Association shall have reasonably requested; and
(iii) furnish to the Association such other information concerning said records, accounts and financial statements, and the audit thereof, and concerning said auditors, thereof as the Association may 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 or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its financial management system for the Project in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shall:
(i) (A) set forth actual sources and applications of funds for the 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 proceeds 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;
(A) describe progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain variances between actual and previously forecast implementation targets; and
(iii) set forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph paragraph
(a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, 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 Association has received the audit report for the Fiscal Year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;; and
(iii) enable the Association’s representatives to examine such records and documents; andrecords;
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the Borrower, not later than April October 1, 20022000, or such later date as the Association shall agree, to prepare quarterly Project Management Reportsmanagement reports, acceptable to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds 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;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain in SESAB a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the AssociationBank, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account Accounts for each Fiscal Year audited, in accordance with appropriate auditing standards acceptable to the AssociationBank, consistently applied, by independent auditors acceptable to the AssociationBank;
(ii) furnish to the Association 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 the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, ; and (B) an opinion on such statement statements, records and accounts and report of such audit, by said auditors, of such scope and in such detail as the Association Bank shall have reasonably requested; and
(iii) furnish to the Association Bank such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association Bank may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Loan Account were made on the basis of statements of expenditure or Project Management Reportsexpenditure, 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 Association Bank has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Loan Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Borrower’s progress reporting obligations set out in Section 4.01 3.04 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its Bank a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the AssociationBank, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, showing separately funds provided under the Loan and projected sources explains variances between the actual and applications planned uses 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 proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Bank not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Bank not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Loan Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the Borrower, not later than April 1, 200218 months, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds 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;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management systemand cause MRHC, including MR and the MCC Company to maintain, records and accounts, and prepare financial statements in a format acceptable to the Association, accounts adequate to reflect reflect, in accordance with sound accounting practices, the operations, resources and expenditures related to of MTC, MWS, MRHC, MR and the MCC Company in respect of the Project.
(b) The Borrower shall, and shall cause MRHC, MR and the MCC Company to:
(i) have its records, the records and accounts and financial statements referred to in paragraph paragraph
(a) of this Section and the records and accounts Section, including those for the Special Account Account, for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, principles consistently applied, by independent auditors acceptable to the Association;
(ii) furnish to the Association Association, as soon as available, but in any case not later than six (6) months after the end of each such year, (A) for MRHC, MR and the MCC Company, and nine months after the end of each such year for MTC and MWS, a certified copies copy 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 Association shall have reasonably requested; and
(iii) furnish to the Association such other information concerning said records, accounts and financial statements, and the audit thereof, and concerning said auditors, thereof as the Association may 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 or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received completion of the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing as evidence of such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents records and accounts are included in the annual audit referred to in paragraph (b) of this Section 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 Except as the provisions of Section 4.01 of this AgreementAssociation shall otherwise agree, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its financial management system for the Project in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shallcause MR to:
(i) (A) set forth actual sources and applications maintain, in respect of funds for the Projectits lake service operations, both cumulatively and for the period covered by said report, and projected sources and applications a ratio of funds for the Project for the six-month period following the period covered by said report, and (B) show separately expenditures financed out total operating expenses to total operating revenues of the proceeds 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;not higher than:
(A) describe progress in Project implementation, both cumulatively and 100% for the period covered by said report, and fiscal year 1988/89;
(B) explain variances between actual and previously forecast implementation targets95% for the fiscal year 1989/90; and
(iiiC) 90% for each of its subsequent fiscal years until completion of the Project; and
(ii) restructure its lake passenger-service operations with a view to progressively eliminating, in respect of such operations, all losses by no later than June 30, 1991.
(b) before December 31 in each of its fiscal years, the Borrower shall cause MR, on the basis of forecasts prepared by MR and satisfactory to the Association, to review whether it would meet the requirements set forth in paragraph (a) above in respect of such year and the status following fiscal year, and shall furnish to the Association the results of procurement under such review upon its completion.
(c) If any such review shows that MR would not meet the Project and expenditures under contracts financed out requirements set forth in paragraph (a) above for MR’s fiscal years covered by such review, the Borrower shall promptly take, or as appropriate, cause MR to take, all necessary measures (including, without limitation, adjustments of the proceeds structure or levels of its rates and the Creditfrequency of its services) in order to meet such requirements.
(d) For the purposes of this Section:
(i) The term "total operating expenses" means all expenses related to operations, as at the end including administration, adequate maintenance, taxes and payments in lieu of the period covered by said reporttaxes, but excluding interest, depreciation and other charges on debt.
(ii) The term "total operating revenues" means revenues from all sources related to operations.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall establish and maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions Borrower’s progress reporting obligations set forth in paragraphs 13 and 14 of Section 4.01 of Schedule 4 to this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportCredit, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first Financial Monitoring Report shall be furnished to the Association not later than forty five (45) days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each Financial Monitoring Report shall be furnished to the Association not later than forty five (45) days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the AssociationBank, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the AssociationBank, consistently applied, by independent auditors acceptable to the AssociationBank;
(ii) furnish to the Association 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 the financial statements referred to in paragraph (a) of this Section, Section as audited for such year as so auditedand certified by such auditors, and (B) an opinion on such statement statements, records and accounts and report of such audit, by said auditors, of such scope and in such detail as the Association Bank shall have reasonably requested; and
(iii) furnish to the Association Bank such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association Bank may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Loan Account were made on the basis of statements of expenditure or Project Management Reportsexpenditure, 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 Association Bank has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Loan Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan Action Plan acceptable to the Association Bank for the strengthening of its financial management system for the Project in order to enable the Borrower, not later than April 1, 2002twelve (12) months after effectiveness of the present Agreement, or such later date as the Association Bank shall agree, to prepare quarterly Project Management Reports, acceptable to the AssociationBank, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds of the Credit Loan during the period covered by said report and expenditures proposed to be financed out of the proceeds of the Credit Loan during the six-month period following the period covered by said report;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditLoan, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Loan Agreement
Financial Covenants. (a) The Borrower recipient shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower recipient shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account Accounts for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Grant Account were made on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower Recipient shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Grant Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 Recipient’s progress reporting obligations set forth in Schedule 4 of this Agreement, the Borrower Recipient shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its financial management system for the Project a Financial Monitoring Report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportGrant, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than forty- five (45) days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Association not later than forty-five (45) days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Development Grant Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Account were Report-based Disbursements or were made on the basis of statements of expenditure or Project Management Reportsexpenditure, 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 or the reports referred to in Part A.4 of Schedule 1 to this Agreement, as the case may be, 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 Borrower’s progress reporting obligations set out in paragraph 9 of Section 4.01 of Schedule 4 to this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportCredit, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first Financial Monitoring Report shall be furnished to the Association not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each Financial Monitoring Report shall be furnished to the Association not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Section 4.03. The Borrower shall make publicly available, promptly after their finalization, and agrees that the Association may also make publicly available, each final audit report referred to in Section 4.01 of this Agreement, promptly after its issuance by the independent auditors referred to therein.
Appears in 1 contract
Samples: Development Credit Agreement
Financial 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 a financial management systemor cause to be maintained in accordance with sound accounting practices, including records and accountsaccounts reflecting such expenditures;
(ii) ensure that all records (contracts, orders, invoices, bills, receipts and prepare financial statements 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 a format acceptable to which the last withdrawal from the Credit Account was made; and such records.
(iii) enable the Association, adequate ’s representatives to reflect the operations, resources and expenditures related to the Project.examine
(b) The Borrower shall:
(i) have its records, the records and accounts and financial statements referred to in paragraph (a) (i) of this Section and the records and accounts those for the Special Account Accounts for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of year 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 Association shall have reasonably requested; and
(iii) furnish to the Association such other information concerning said records, accounts and financial statements, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reports, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documents; and
(iv) ensure that such 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 including 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 Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its financial management system for the Project in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shall:
(i) (A) set forth actual sources and applications of funds for the 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 proceeds 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;
(A) describe progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain variances between actual and previously forecast implementation targets; and
(iii) set forth furnish to the status 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. The Borrower shall take all necessary steps to raise average retail electricity tariffs, according to a progressive schedule satisfactory to the Association, to a level of procurement under $0.07/kilowatt hour no later than March 1, 2001.
(a) The Borrower shall cause EVN to: (i) not later than June 30, 2000, based on methodology and calculations acceptable to the Project Association, complete and expenditures under contracts financed out incorporate into its accounting and auditing system a current valuation of all its fixed assets in operation; and (ii) thereafter, revalue its fixed assets periodically in accordance with a schedule acceptable to the proceeds Association, based on methodology and procedures satisfactory to the Association.
(b) For purposes of this Section, the Creditterm “fixed assets in operation” means all tangible assets, as at including but without limitation, land, buildings, plan and equipment, held for the end production of the period covered by said reportgoods or services, or for administrative purposes.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower BNR shall cause DPM to maintain a financial management system, including records procedures and accounts, and prepare financial statements in a format acceptable to the Association, accounts adequate to reflect monitor and record the operationsprogress of Parts A and C.3 of the Project and of each Investment Project (including its cost and the benefits to be derived from it) and to reflect, resources in accordance with consistently maintained sound accounting practices, its operations and expenditures related to the Projectfinancial condition.
(b) The Borrower shallBNR shall cause DPM to:
(i) have its records, accounts and financial statements referred to in paragraph (abalance sheets, statements of income and expenses and related statements) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, : (A) certified copies of the its financial statements referred to in paragraph (a) of this Section, for such year as so audited, ; and (B) an opinion on such statement and the report of such audit, 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 financial statements, and statements as well as the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, the Borrower BNR shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account or payment out of the Special Account A was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 4.023.02. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower BNR shall carry out a time-bound action plan acceptable take such steps satisfactory to the Association for as shall be necessary to protect itself against risk of loss resulting from changes in the strengthening rates of exchange between the various currencies, including Rwandese Franc, used in its financial management system for the Project in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shall:
(i) (A) set forth actual sources and applications of funds for the 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 proceeds 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;
(A) describe progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain variances between actual and previously forecast implementation targets; and
(iii) set forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said reportoperations.
Appears in 1 contract
Samples: Project Agreement
Financial Covenants. (a) The Borrower shall establish and maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year annually audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, :
(A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and ; and
(B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this AgreementBorrower’s progress reporting obligations, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportCredit, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Association not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, ,
(A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and and
(B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the Borrower, not later than April 1November 30, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reportsmanagement reports, acceptable to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds 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;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 Project Management Reports or statements of expenditure or Project Management Reportsexpenditure, 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 Project Management Reports or 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 Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the Borrower, not later than April 1June 30, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reportsmanagement reports, acceptable to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds 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;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower Recipient shall maintain a financial management system, including records and accounts, and prepare financial statements in a format accordance with consistently applied accounting standards acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower Recipient shall:
(i) have its records, accounts and the financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year (or other period agreed to by the Association), audited, in accordance with appropriate consistently applied auditing standards acceptable to the Association, 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 (6) months after the end of each such year, year (or such other period agreed to by the Association): (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year (or other period agreed to by the Association), as so audited, ; and (B) an opinion on such statement and report of such audit, statements by said auditors, of such in scope and in such detail as satisfactory to the Association shall have reasonably requestedAssociation; and
(iii) furnish to the Association such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereofof such financial statements, and concerning said auditors, as the Association may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Grant Account were made on the basis of reports referred to in Part A.4 of Schedule 1 to this Agreement (Report-based Disbursements) or on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower Recipient shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for for, or covering, the Fiscal Year fiscal year in which the last withdrawal from the Credit Grant Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iiiii) enable the Association’s representatives to examine such records and documentsrecords; and
(iviii) ensure that such records, documents reports and accounts statements of expenditure are included in the annual audit for each fiscal year (or other period agreed to by the Association), 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 withdrawalsSection.
Section 4.02. (a) Without limitation upon the provisions Recipient’s progress reporting obligations set out in paragraph D of Section 4.01 of Schedule 4 to this Agreement, Agreement the Borrower Recipient shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shall:
(i) (A) set which: sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportGrant, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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;
(A) describe such funds; describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set and sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than forty-five (45) days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Association not later than forty-five (45) days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Development Grant Agreement
Financial Covenants. (a) The Borrower shall maintain or cause to be maintained a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions Borrower’s progress reporting obligations set out in paragraph 1 (a) of Section 4.01 of Schedule 4 to this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportCredit, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first Financial Monitoring Report (FMR) shall be furnished to the Association not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Association not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall establish and maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) four months after the end of each such year, : (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, ; and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Borrower’s progress reporting obligations set out in Section 4.01 3.09 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportCredit, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Association not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account Accounts for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 Project Management Reports or statements of expenditure or Project Management Reportsexpenditure, 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 or the Project Management Reports 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 Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the Borrower, not later than April October 1, 20022000, or such later date as the Association shall agree, to shall prepare quarterly Project Management Reports, acceptable to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the ProjectProject , 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 shows separately expenditures financed out of the proceeds 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;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall cause PMU to establish and at all times maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shallshall cause PMU to:
(i) have its records, the records and accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts including those 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 Association;
(ii) furnish to the 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, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and report of such audit, 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, records and accounts and financial statements, and the audit thereof, thereof and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;; and
(iii) enable the Association’s representatives to examine such records and documents; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the Borrower, not later than April 1December 30, 20022000, or such later date as the Association shall agree, to prepare quarterly Project Management Reportsproject management reports, acceptable to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds 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;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, ; and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including or cause to be maintained records and accounts, and prepare financial statements in a format acceptable to the Association, accounts adequate to reflect reflect, in accordance with sound accounting practices the operations, resources and expenditures related to in respect of the ProjectProject of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof.
(b) The Borrower shall:
(i) have its records, the records and accounts and financial statements referred to in paragraph para- graph (a) of this Section and the records and accounts Section, including those for the Special Account for each Fiscal Year auditedfiscal year, audited in accordance with appropriate auditing standards acceptable to the Association, 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 (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 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, records and accounts and financial statements, and the audit thereof, and concerning said auditors, thereof as the Association may 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 or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its financial management system for the Project in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shall:
(i) (A) set forth actual sources and applications of funds for the 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 proceeds 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;
(A) describe progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain variances between actual and previously forecast implementation targets; and
(iii) set forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, ,
(A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and and
(B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the The Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said report, and (B) show separately expenditures financed out of the proceeds 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 reportCredit;
(Aii) describe describes progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association no later than January 31, 2003, covering the period from the incurrence of the first expenditure under the Project through the end of December 31, 2002, and semi-annually thereafter.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph paragraph
(a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, 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 Association has received the audit report for the Fiscal Year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;; and
(iii) enable the Association’s representatives to examine such records and documents; andrecords;
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its financial management system for the Project in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shall:
(i) (A) set forth actual sources and applications of funds for the 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 proceeds 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;
(A) describe progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain variances between actual and previously forecast implementation targets; and
(iii) set forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower IGA shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower IGA shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Escrow Account and the Revolving Project Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 Project Management Reports or statements of expenditure or Project Management Reportsexpenditure, the Borrower IGA 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 Project Management Reports or 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 4.023.02. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower IGA shall carry out a time-bound action plan acceptable to the Association for the strengthening of its financial management system for the Project in order to enable the BorrowerIGA, not later than April 1December 31, 2002, 2000 or such later date as the Association shall agree, to prepare quarterly Project Management Reportsmanagement reports, acceptable to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds 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;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Project Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including or cause to be maintained records and accounts, and prepare financial statements in a format acceptable to the Association, accounts adequate to reflect in accordance with consistently maintained sound accounting practices the operations, resources and expenditures related to financed out of the Projectproceeds of the Credit.
(b) The Borrower shall:
(i) have its records, the records and accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts including those for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) a certified copies copy 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 Association shall have reasonably requested; and
(iii) furnish to the Association such other information concerning said records, records and accounts and financial statements, and the audit thereof, and concerning said auditors, thereof as the Association may 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 or Project Management Reportsexpenditure, 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents, or customs certificates, as appropriate) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents records and accounts are included in the annual audit audits 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 Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its financial management system for the Project in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shall:
(i) (A) set forth actual sources and applications of funds for the 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 proceeds 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;
(A) describe progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain variances between actual and previously forecast implementation targets; and
(iii) set forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management and accounting system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, consistently applied, by independent auditors acceptable to the Association;by
(ii) furnish to the 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, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 Financial Monitoring Reports and statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 Financial Monitoring reports and 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 Borrower’s progress reporting obligations set out in paragraph 6 (a), (b) and (c) of Section 4.01 of Schedule 4 to this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its financial management system for the Project in order to enable the Borrower, not later than April 145 days after the end of the first calendar quarter after the Effective Date, 2002and thereafter not later than 45 days after each calendar quarter, or a Financial Monitoring Report for such later date as the Association shall agreeperiod, to prepare quarterly Project Management Reports, acceptable in form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual and projected sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, showing separately funds provided under the Credit, and explains variances between the projected and actual sources and applications uses 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 proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between actual and the previously forecast and actual implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Association not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower Recipient shall establish and maintain a financial management system, including records and accounts, and prepare financial statements in a format accordance with consistently applied accounting standards acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower Recipient shall:
(i) have its records, accounts and the financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year (or other period agreed to by the Association) audited, in accordance with appropriate consistently applied auditing standards acceptable to the Association, 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 (6) months after the end of each such yearyear (or such other period agreed to by the Association), (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year (or other period agreed to by the Association), as so audited, and (B) an opinion on such statement and report of such audit, statements by said auditors, of such in scope and in such detail as satisfactory to the Association shall have reasonably requestedAssociation; and
(iii) furnish to the Association such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereofof such financial statements, and concerning said auditors, as the Association may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Grant Account were made on the basis of reports referred to in Part A.6 of Schedule 1 to this Agreement (Report-based Disbursements) or on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower Recipient shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for for, or covering, the Fiscal Year fiscal year in which the last withdrawal from the Credit Grant Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iiiii) enable the Association’s representatives to examine such records and documentsrecords; and
(iviii) ensure that such records, documents reports and accounts statements of expenditure are included in the annual audit for each fiscal year (or other period agreed to by the Association), 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 withdrawalsSection.
Section 4.02. (a) Without limitation upon the provisions of Section 4.01 of this AgreementRecipient’s progress reporting obligations set out in Schedule 4, the Borrower Recipient shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its financial management system for the Project a Financial Monitoring Report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, showing separately funds provided under the Grant and projected sources explains variances between the actual and applications planned uses 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 proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first Financial Monitoring Report shall be furnished to the Association no later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each Financial Monitoring Report shall be furnished to the Association not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Development Grant Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account Accounts for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 the first such year and thereafter 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, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 Project Management Reports or statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 Project Management Reports or 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 Section Section
4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the Borrower, not later than April 1, 2002the Mid-term Review referred to in paragraph 9 of Schedule 4 to this Agreement, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds 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;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) three months after the end of each such year, ,
(A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and and
(B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;; and
(iii) enable the Association’s representatives to examine such records and documents; andrecords;
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the Borrower, not later than April 1December 31, 20022001, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds 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;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including or cause to be maintained records and accounts, and prepare financial statements in a format acceptable to the Association, accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures related to in respect of Bangladesh Bank, responsible for carrying out the Project.
(b) The Borrower shall:
(i) have its records, the records and accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts including those for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, principles consistently applied, by independent auditors acceptable to the Association;
(ii) furnish to the Association 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 Association shall have reasonably requested; and
(iii) furnish to the Association such other information concerning said records, records and accounts and financial statements, and the audit thereof, and concerning said auditors, thereof as the Association may 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 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the The Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its financial management system for the Project prepare, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, accordance with guidelines acceptable to the Association, and furnish to the Association not later than 45 days after the end of each of which shallcalendar quarter, a Project Management Report for such period, which:
(ia) (Ai) set forth actual sources and applications of funds for the 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 proceeds 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;
(A) describe progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain variances between actual and previously forecast implementation targets; and
(iii) set forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the AssociationBank, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the AssociationBank, consistently applied, by independent auditors acceptable to the AssociationBank;
(ii) furnish to the Association 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 the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and report of such audit, by said auditors, of such scope and in such detail as the Association Bank shall have reasonably requested; and
(iii) furnish to the Association Bank such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association Bank may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Loan Account were made on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association Bank has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Loan Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association Bank for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the Borrower, not later than April 1June 30, 2002, or such later date as the Association Bank shall agree, to prepare quarterly Project Management Reports, acceptable to the AssociationBank, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds of the Credit Loan during the period covered by said report and expenditures proposed to be financed out of the proceeds of the Credit Loan during the six-month period following the period covered by said report;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditLoan, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Loan Agreement
Financial Covenants. (a) The Borrower Recipient shall maintain a financial management system, including or cause to be maintained records and accounts, and prepare financial statements in a format acceptable to the Association, separate accounts adequate to reflect the in accordance with sound accounting practices its operations, resources and expenditures related to in respect of the Project.
(b) The Borrower Recipient shall:
(i) have its records, the records and accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts Section, including those for the Special Account Accounts for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, principles consistently applied, by independent auditors acceptable to the AssociationTrustee, such audit to include a sample, satisfactory to the Trustee, of a physical inspection of goods and works in the field and supporting documentation for procurement decisions;
(ii) furnish to the Association Trustee 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 Association Trustee shall have reasonably requested; and;
(iii) furnish to the Association Trustee monthly certified statements of the Special Accounts;
(iv) furnish to the Trustee such other information concerning con-cerning said records, records and accounts and financial statements, and the audit thereof, and concerning said auditors, thereof as the Association may Trustee shall from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit RFT Grant Account and from the CEC Grant Account were made on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower Recipient shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association Trustee has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit RFT Grant Account was and from the CEC Grant Account were made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationTrustee’s and the European Community’s representatives to examine such records and documentsas the Trustee or the CEC shall from time to time reasonably request; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its financial management system for the Project in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shall:
(i) (A) set forth actual sources and applications of funds for the 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 proceeds 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;
(A) describe progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain variances between actual and previously forecast implementation targets; and
(iii) set forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Grant Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the AssociationBank, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the AssociationBank, consistently applied, by independent auditors acceptable to the AssociationBank;
(ii) furnish to the Association 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 the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, ; and (B) an opinion on such statement statements, records and accounts and report of such audit, by said auditors, of such scope and in such detail as the Association Bank shall have reasonably requested; and
(iii) furnish to the Association Bank such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association Bank may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Loan Account were made on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association Bank has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Loan Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Borrower’s progress reporting obligations set out in Section 4.01 of this Agreement, 3.08 the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its financial management system for the Project Bank a Financial Monitoring Report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the AssociationBank, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportLoan, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Loan Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including or cause to be maintained records and accounts, and prepare financial statements in a format acceptable to the Association, accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures related to in respect of the ProjectProject of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof.
(b) The Borrower shall:
(i) have its records, the records and accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts including those for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, principles consistently applied, by independent auditors acceptable to the Association;
(ii) furnish to the Association Association, as soon as available, but in any case not later than six (6) eight months after the end of each such year, (A) a certified copies copy 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 Association shall have reasonably requestedrequested and (B) consolidated copies of the audit reports furnished to the Borrower by each Project Province pursuant to the provisions of Part B.9 of the Annex to Schedule 4 to this Agreement; and
(iii) furnish to the Association such other information concerning said records, accounts and financial statements, and the audit thereof, and concerning said auditors, thereof as the Association may 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 or Project Management Reportsexpenditure, 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account or payment out of the Special Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its financial management system for the Project in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shall:
(i) (A) set forth actual sources and applications of funds for the 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 proceeds 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;
(A) describe progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain variances between actual and previously forecast implementation targets; and
(iii) set forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, : (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, ; and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the Borrower, not later than April 1June 30, 20022001, or such later date as the Association shall agree, to prepare quarterly Project Management Reportsmanagement reports, acceptable to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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, repor; and (B) show shows separately expenditures financed out of the proceeds 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;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, ; and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
(b) Upon the completion of the action plan referred to in paragraph (a) of this Section, the Borrower shall prepare, in accordance with guidelines acceptable to the Association, and furnish to the Association not later than 45 days after the end of each calendar quarter a Project Management Report for such period.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shallshall through FSDC:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, :
(A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and ; and
(B) an opinion on such statement financial statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 Financial Monitoring Reports or statements of expenditure or Project Management Reportsexpenditure, the Borrower shallshall through FSDC:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 Financial Monitoring Reports or 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 Section 4.01 reporting obligations set forth in Sections 3.04 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable through FSDC prepare and furnish to the Association for the strengthening of its Bank financial management system for the Project monitoring reports, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the AssociationBank, each of which shallwhich:
(i) (A) set forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportLoan, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall at all times maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the AssociationBank, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the AssociationBank, consistently applied, by independent auditors acceptable to the AssociationBank;
(ii) furnish to the Association 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 the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and report of such audit, by said auditors, of such scope and in such detail as the Association Bank shall have reasonably requested; and
(iii) furnish to the Association Bank such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association Bank may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Loan Account were made on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association Bank has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Loan Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section Section
4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association Bank for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the Borrower, not later than April 1July 31, 20022001, or such later date as the Association Bank shall agree, to prepare quarterly Project Management Reports, semi-annual reports in accordance with the provisions of Section C of Schedule 5 to this Agreement and acceptable to the Association, each of which shall:
(i) (A) set forth actual sources and applications of funds for the 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 proceeds 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;
(A) describe progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain variances between actual and previously forecast implementation targets; and
(iii) set forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said reportBank.
Appears in 1 contract
Samples: Loan Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format accordance with consistently applied accounting standards acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its records, accounts and the financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year (or such other period agreed to by the Association) audited, in accordance with appropriate consistently applied auditing standards acceptable to the Association, 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 (6) months after the end of each such yearFiscal Year (or such other period agreed to by the Association), (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year (or other period agreed to by the Association) as so audited, and (B) an opinion on such statement and report of such audit, statements by said auditors, of such in scope and in such detail as satisfactory to the Association shall have reasonably requestedAssociation; and
(iii) furnish to the Association such other information concerning said records, accounts records and financial statementsaccounts, and the audit thereofof such financial statements, and concerning said auditors, as the Association may 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 Report-based Disbursements or statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for for, or covering, the Fiscal Year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iiiii) enable the Association’s representatives to examine such records and documentsrecords; and
(iviii) ensure that such records, documents and accounts reports or statements of expenditure are included in the annual audit for each fiscal year (or other period agreed to by the Association), 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 withdrawalsSection.
Section 4.02. (a) Without limitation upon the provisions of Section 4.01 of Borrower’s progress reporting obligations set out in Schedule 4 to this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for Parts A through D of the Project, both cumulatively and for the period covered by said report, showing separately funds provided under the Credit, and explains variances between the actual and planned uses of such funds;
(ii) describes physical progress in implementation of Parts A through D of the 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 proceeds 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;
(A) describe progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast planned Project implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out Parts A through D of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Association not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower AWSA shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, accounts adequate to reflect the in accordance with sound accounting practices its operations, resources and expenditures related to of AWSA in respect of Parts F and G.2 of the ProjectProject (Project Accounts).
(b) The Borrower AWSA shall:
(i) have its records, accounts and financial state- ments (balance sheets, statements referred to in paragraph (aof income and expenses and related statements) of this Section including the Project Accounts and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) twelve months after the end of each of the first two years, and thereafter, not later than nine months after the end of each such year, year (A) certified copies of the its financial statements referred to in paragraph (a) of this Section, and the Project Accounts for such year as so audited, and (B) an opinion on such statement and the report of such audit, audit by said auditors, of such scope and in such detail as the Association shall have reasonably reason- ably requested; and
(iii) furnish to the Association such other information concerning said records, accounts and financial statements, and statements as well as the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, the Borrower AWSA shall:
(i) maintain or cause to be maintained, maintained in accordance with paragraph (a) of this Sectionsound accounting practices, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year in which the last withdrawal from the Credit Account was made, ensure that all records and documents (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 Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 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 Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its financial management system for the Project in order to enable the Borrower, not later than April 1, 2002, or such later date Except as the Association shall otherwise agree, AWSA shall produce for each of its fiscal years after its fiscal year ending on June 30, 1992, total revenues equivalent to prepare quarterly Project Management Reportsnot less than the sum of: (i) its total operating expenses; and (ii) the amount by which debt service requirements exceed the provision for depreciation.
(b) Before June 30 in each of its fiscal years, AWSA shall, on the basis of forecasts prepared by AWSA and satisfactory to the Association, review whether it would meet the requirements set forth in paragraph (a) in respect of such year and the next following fiscal year and shall furnish to the Association the results of such review upon its completion.
(c) If any such review shows that AWSA would not meet the requirements set forth in paragraph (a) for AWSA’s fiscal years covered by such review, AWSA shall promptly take all necessary measures in order to meet such requirement.
(d) For purposes of this Section:
(i) The term "total revenues" means the sum of total operating revenues and net non-operating income.
(ii) The term "total operating revenues" means revenues from all sources related to operations.
(iii) The term "net non-operating income" means the difference between:
(A) revenues from all sources other than those related to operations; and
(B) expenses, including taxes and payments in lieu of taxes, incurred in the generation of revenues in (A) above.
(iv) The term "total operating expenses" means all expenses related to operations, including admin- istration, adequate maintenance, taxes and pay- ments in lieu of taxes, and provision for depre- ciation on a straight-line basis at a rate of about 3% per annum of the average current gross value of AWSA’s fixed assets in operation, or other basis acceptable to the Association, each of which shall:but excluding interest and other charges on debt.
(iv) (A) set forth actual sources and applications of funds for the 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 The average current gross value of the proceeds AWSA’s fixed assets in operation shall be calculated as one half of the Credit during the period covered by said report and expenditures proposed to be financed out sum of the proceeds gross value of AWSA’s fixed assets in operation at the Credit during the six-month period following the period covered by said report;
(A) describe progress in Project implementation, both cumulatively beginning and for the period covered by said report, and (B) explain variances between actual and previously forecast implementation targets; and
(iii) set forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said reportfiscal year.
(vi) The term "debt service requirements" means the aggregate amount of repayments or principal and interest.
Appears in 1 contract
Samples: Project Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Account Financing Accounts were made on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account Financing Accounts was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the Borrower’s progress reporting obligations set out in Schedule 4 to this Agreement, the Borrower shall prepare and furnish to the Association a fFinancial Mmonitoring Rreport, in form and substance satisfactory to the Association, which:
(i) sets forth sources and uses of funds for the Project, both cumulatively and for the period covered by said report, showing separately funds provided under the CreditFinancing, and explains variances between the actual and planned uses of suchof such funds;
(ii) describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and explains variances between the actual and planned Project implementationi ;; and
(iii) sets forth the status of procurement under the Project, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Association not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
(a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the Borrower, not later than April 1, 200218 months, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds 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;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
(b) Upon the completion of the action plan referred to in paragraph (a) of this Section, the Borrower shall prepare, in accordance with guidelines acceptable to the Association, and furnish to the Association not later than 45 days after the end of each calendar quarter a Project Management Report for such period.
Appears in 1 contract
Financial Covenants. (a) The Borrower Recipient shall establish and maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower Recipient shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account Accounts for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Grant Account were Report-based disbursements or were made on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower Recipient shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Grant Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 or the reports referred to in Part A.5 of Schedule 1 to this Agreement, as the case may be, 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 Recipient’s progress reporting obligations set out in Paragraphs F and G of Section 4.01 of Schedule 4 to this Agreement, the Borrower shall carry out a time-bound action plan acceptable Recipient shall, prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shall:
(i) (A) set which: sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, showing separately funds provided under the Financing and projected sources explains variances between the actual and applications planned uses 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 proceeds 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;
(A) describe such funds; describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set and sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first Financial Monitoring Report shall be furnished to the Association not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each Financial Monitoring Report shall be furnished to the Association not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Development Grant Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account Accounts for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, : (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, ; and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 Project Management Reports or statements of expenditure or Project Management Reportsexpenditure, 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;; and
(iii) enable the Association’s representatives to examine such records and documents; andrecords;
(iv) ensure that such records, documents 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 Project Management Reports or 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 Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the Borrower, not later than April 1, 2002eighteen (18) months after the Effective Date, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds 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;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, ; and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including or cause to be maintained records and accounts, and prepare financial statements in a format acceptable to the Association, accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures related to in respect of the ProjectProject of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof.
(b) The Borrower shall:
(i) have its records, the records and accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts including those for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, principles consistently applied, by independent auditors acceptable to the Association;
(ii) furnish to the Association Association, as soon as available, but in any case not later than six eight (6) 8) months after the end of each such year, (A) a certified copies copy 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 Association shall have reasonably requestedrequested and (B) consolidated copies of the audit reports furnished to the Borrower by each Project Entity pursuant to the provisions of paragraph B.8 of the Annex to Schedule 4 to this Agreement; and
(iii) furnish to the Association such other information concerning said records, accounts and financial statements, and the audit thereof, and concerning said auditors, thereof as the Association may 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 or Project Management Reportsexpenditure, 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account or payment out of the Special Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its financial management system for the Project in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shall:
(i) (A) set forth actual sources and applications of funds for the 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 proceeds 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;
(A) describe progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain variances between actual and previously forecast implementation targets; and
(iii) set forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall establish and maintain a financial management system, including records and accounts, and prepare financial statements in a format accordance with consistently applied accounting standards acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its records, accounts and the financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year (or other period agreed to by the Association), audited, in accordance with appropriate consistently applied auditing standards acceptable to the Association, 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 (6) months after the end of each such yearyear (or such other period agreed to by the Association), (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year (or other period agreed to by the Association), as so audited, and (B) an opinion on such statement and report of such audit, statements by said auditors, of such in scope and in such detail as satisfactory to the Association shall have reasonably requestedAssociation; and
(iii) furnish to the Association such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereofof such financial statements, and concerning said auditors, as the Association may 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 reports referred to in Part A.5 of Schedule 1 to this Agreement (Report-based Disbursements) or on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for for, or covering, the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iiiii) enable the Association’s representatives to examine such records and documentsrecords; and
(iviii) ensure that such records, documents reports and accounts statements of expenditure are included in the annual audit for each fiscal year (or other period agreed to by the Association), 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 withdrawalsSection.
Section 4.02. (a) Without limitation upon the provisions of Borrower’s progress reporting obligations set out in Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportCredit, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Association not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall cause NAFIN to maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the AssociationBank, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shallshall cause NAFIN to :
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section Section, and the records and accounts for the Special Account Account, for each Fiscal Year fiscal year audited, in accordance with appropriate generally accepted auditing standards acceptable to the Association, and procedures consistently applied, by independent auditors acceptable to the Associationand qualified auditors;
(ii) furnish to the Association 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 the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, ; and (B) an opinion on such statement financial statements, records and accounts and a report of such audit, audit by said auditors, of such scope and in such detail as the Association Bank shall have reasonably requested; and
(iii) furnish to the Association Bank such other information concerning said records, records and accounts and financial statements, and the audit thereof, and concerning said auditors, thereof as the Association may Bank shall from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Loan Account were made on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower shallshall cause CONAFE to:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association Bank has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Loan Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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.
(d) The Borrower shall cause CONAFE to maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Bank, adequate to reflect the operations, resources and expenditures related to the Project.
(e) The Borrower shall cause CONAFE to:
(i) have the records and accounts referred to in paragraph (d) of this Section 4.02. for each fiscal year audited (including, specifically, an audit - satisfactory to the Bank - of the works executed pursuant to Part C.3.(a) of Schedule 3 to this Agreement), in accordance with generally accepted auditing standards and procedures consistently applied, by independent and qualified auditors;
(ii) furnish to the Bank as soon as available, but in any case not later than six months after the end of such year: (A) certified copies of the financial statements referred to in paragraph (d) of this Section for such year as so audited; and (B) an opinion on such financial statements, records and accounts and a 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 as well as the audit thereof as the Bank shall from time to time reasonably request.
(a) Without limitation upon the provisions of Borrower’s progress reporting obligations set out in Article III (including Section 4.01 3.10) of this Agreement, the Borrower shall carry out a time-bound action plan cause NAFIN to prepare in accordance with guidelines acceptable to the Association for Bank and cause NAFIN to furnish to the strengthening of its Bank a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, form and substance acceptable to the AssociationBank, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportLoan, and (B) show separately expenditures financed out explains variances between the planned and actual uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between actual and previously forecast implementation targetsplanned implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Bank not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Bank not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Loan Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 or Project Management Reports 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 Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the Borrower, not later than April 1, 2002eighteen months after the Effective Date, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each consisting of which shallthree separate, but coherent reports of which:
(i) the financial report: (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds 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;
(ii) the status report: (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, ; and (B) explain explains variances between the actual and previously forecast implementation targets, as the case may be; and
(iii) set the procurement report sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format accordance with consistently applied accounting standards acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its records, accounts and the financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year (or other period agreed to by the Association), audited, in accordance with appropriate consistently applied auditing standards acceptable to the Association, 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 (6) months after the end of each such yearyear (or such other period agreed to by the Association), (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year (or other period agreed to by the Association), as so audited, and (B) an opinion on such statement and report of such audit, statements by said auditors, of such in scope and in such detail as satisfactory to the Association shall have reasonably requestedAssociation; and
(iii) furnish to the Association such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereofof such financial statements, and concerning said auditors, as the Association may 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 reports referred to in Part A.3 of Schedule 1 to this Agreement (Report-based Disbursements) or on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for for, or covering, the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iiiii) enable the Association’s representatives to examine such records and documentsrecords; and
(iviii) ensure that such records, documents reports and accounts statements of expenditure are included in the annual audit for each fiscal year (or other period agreed to by the Association), 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 withdrawalsSection.
Section 4.02. (a) Without limitation upon the provisions Borrower’s progress reporting obligations set out in Section III of Section 4.01 of Schedule 4 to this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report (FMR), in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shall:
(i) (A) set which: sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing funds for provided under the Project for the six-month period following the period covered by said reportCredit, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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;
(A) describe such funds; describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast planned Project implementation targets; and
(iii) set and sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Association not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower Recipient shall maintain a financial management system, including records and accounts, and prepare financial statements in a format accordance with consistently applied accounting standards acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower Recipient shall:
(i) have its records, accounts and the financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year (or other period agreed to by the Association), audited, in accordance with appropriate consistently applied auditing standards acceptable to the Association, 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 (6) months after the end of each such yearyear (or such other period agreed to by the Association), (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year (or other period agreed to by the Association), as so audited, and (B) an opinion on such statement and report of such audit, statements by said auditors, of such in scope and in such detail as satisfactory to the Association shall have reasonably requestedAssociation; and
(iii) furnish to the Association such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereofof such financial statements, and concerning said auditors, as the Association may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Grant Account were made on the basis of reports referred to in Part A.5 of Schedule 1 to this Agreement (Report-based Disbursements) or on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower Recipient shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for for, or covering, the Fiscal Year fiscal year in which the last withdrawal from the Credit Grant Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iiiii) enable the Association’s representatives to examine such records and documentsrecords; and
(iviii) ensure that such records, documents and accounts reports or statements of expenditure are included in the annual audit for each fiscal year (or other period agreed to by the Association), 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 withdrawalsSection.
Section 4.02. (a) Without limitation upon the provisions of Section 4.01 of Recipient’s progress reporting obligations set out in Schedule 4 to this Agreement, the Borrower Recipient shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report (FMR), in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shall:
(i) (A) set which: sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportGrant, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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;
(A) describe such funds; describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set and sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Association not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Development Grant Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the Borrower, not later than April 1, 2002, 18 months after the Effective Date or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds 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;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account Accounts for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts, and 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 such records, accounts and financial statements, and the audit thereof, and concerning said auditors, as the Association may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Account Financing Accounts were made on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account Financing Accounts was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions Borrower’s progress reporting obligations set out in paragraph 1 of Section 4.01 of Schedule 4 to this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportFinancing, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first Financial Monitoring Report shall be furnished to the Association not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each Financial Monitoring Report shall be furnished to the Association not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Development Financing Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, Association 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 (6) months after the end of each such fiscal year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement financial statements, records and accounts and a report of such audit, 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, such records and accounts and financial statements, and the audit thereof, and concerning said auditors, as the Association may 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 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 Project Management Reports submitted during such Fiscal Yeareach 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the The Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its financial management system for the Project prepare, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, accordance with guidelines acceptable to the Association, and furnish to the Association not later than forty-five (45) days after the end of each of which shallcalendar quarter, a Project Management Report for such period which:
(a) (i) (A) set sets forth actual sources and applications of funds for the 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 (Bii) show shows separately expenditures financed out of the proceeds 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;
(Ab) describe (i) describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (Bii) explain explains variances between actual and previously forecast implementation targets; and
(iiic) set sets forth the status of procurement under Parts X, X.0, X, X, X.0, X.0, X.0, X.0, X.0, J and K.1 of the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section Section, and the records and accounts for the Special Account Accounts, for each Fiscal Year auditedYear, audited in accordance with appropriate auditing standards acceptable to the Association, consistently applied, 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 (6) months after the end of each such year, Fiscal Year,
(A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year Fiscal Year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions Borrower’s progress reporting obligations set out in paragraph B (ii) of Section 4.01 of Schedule 4 to this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its financial management system for the Project a Financial Monitoring Report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportCredit, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first Financial Monitoring Report shall be furnished to the Association not later than forty-five days after the end of the first calendar semester after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar semester; thereafter, each Financial Monitoring Report shall be furnished to the Association not later than forty-five days after each subsequent calendar semester, and shall cover such calendar semester.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower Recipient shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the AssociationAdministrator, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower Recipient shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the AssociationAdministrator, consistently applied, by independent auditors acceptable to the AssociationAdministrator;
(ii) furnish to the Association Administrator 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, Section for such year as so audited, ; and (B) an opinion on such statement statements, records and accounts and report of such audit, by said auditors, of such scope and in such detail as the Association Administrator shall have reasonably requested; and
(iii) furnish to the Association Administrator such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association Administrator may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Grant Account were made on the basis of Project Management Reports or statements of expenditure or Project Management Reportsexpenditure, the Borrower Recipient 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 Association Administrator has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Grant Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationAdministrator’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 Project Management Reports or 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 Section 4.01 of this Agreement, the Borrower Recipient shall carry out a time-bound action plan acceptable to the Association Administrator for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the BorrowerRecipient, not later than April 1December 31, 20022001, or such later date as the Association Administrator shall agree, to prepare quarterly Project Management Reportsmanagement reports, acceptable to the AssociationAdministrator, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of funds for the Project for the sixfour-month period following the period covered by said report, ; and (B) show shows separately expenditures financed out of the proceeds of the Credit Grant during the period covered by said report and expenditures proposed to be financed out of the proceeds of the Credit Xxxxx during the sixfour-month period following the period covered by said report;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, ; and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditGrant, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Trust Fund Grant Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the AssociationBank, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section Section, and the records and accounts for the Special Account Account, for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the AssociationBank, consistently applied, by independent auditors acceptable to the AssociationBank;
(ii) furnish to the Association 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 the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, ; and (B) an opinion on such statement statements, records and accounts and report of such audit, by said auditors, of such scope and in such detail as the Association Bank shall have reasonably requested; and
(iii) furnish to the Association Bank such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association Bank may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Loan Account were made on the basis of Project Management Reports or statements of expenditure or Project Management Reportsexpenditure, 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 Association Bank has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Loan Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 Project Management Reports, or statements of expenditure 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 Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association Bank for the strengthening of its the financial management system for the Project referred to in paragraph
(a) of Section 4.01 in order to enable the Borrower, not later than April 1December 31, 20022001, or such later date as the Association Bank shall agree, to prepare quarterly Project Management Reportsmanagement reports, acceptable to the AssociationBank, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds of the Credit Loan during the period covered by said report and expenditures proposed to be financed out of the proceeds of the Credit Loan during the six-month period following the period covered by said report;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, ; and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditLoan, as at the end of the period covered by said report.
(b) Upon the completion of the action plan referred to in paragraph (a) of this Section, the Borrower shall prepare, in accordance with guidelines acceptable to the Bank, and furnish to the Bank not later than forty five (45) days after the end of each calendar quarter a Project Management Report for such period.
Section 4.03. Upon the Bank’s request, the Borrower shall:
(a) have the Deposit Account referred to in paragraph (b) of Section 2.03 of this Agreement audited, in accordance with auditing standards acceptable to the Bank, consistently applied, by independent auditors acceptable to the Bank;
(b) furnish to the Bank as soon as available, but in any case not later than six (6) months after the date of the Bank’s request for such audit, a certified copy of the report of such audit by said auditors, of such scope and in such detail as the Bank shall have reasonably requested; and
(c) furnish to the Bank such other information concerning said Deposit Account and the audit thereof as the Bank shall have reasonably requested.
Appears in 1 contract
Samples: Loan Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, ; and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 Project Management Reports or statements of expenditure or Project Management Reportsexpenditure, 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 Project Management Reports or 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 Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the Borrower, not later than April 1, 2002eighteen months after the Effectiveness Date, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds 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;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall establish and maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph Paragraph (a) of this Section and the records and accounts for the Special Account Accounts for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph Paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and report of such audit, by said auditors, of such scope and in such detail as the Association shall have reasonably requested; and
(iii) and furnish to the Association such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents records and accounts are included in the annual audit referred to in paragraph 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 Borrower’s progress reporting obligations set out in Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report (FMR), in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportCredit, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than forty-five (45) days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Association not later than forty-five (45) days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Borrower’s progress reporting obligations set out in Section 4.01 of this Agreement, 3.03
(b) the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportCredit, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the AssociationBank, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account Accounts for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the AssociationBank, consistently applied, by independent auditors acceptable to the AssociationBank;
(ii) furnish to the Association 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 the financial statements referred to in paragraph paragraph
(a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and report of such audit, by said auditors, of such scope and in such detail as the Association Bank shall have reasonably requested; and
(iii) furnish to the Association Bank such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association Bank may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Loan Account were made on the basis of statements of expenditure or Project Management Reportsexpenditure, 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 Association Bank has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Loan Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association Bank for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the Borrower, not later than April 1June 30, 20022003, or such later date as the Association Bank shall agree, to prepare quarterly Project Management Reportsmanagement reports, acceptable to the AssociationBank, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds of the Credit Loan during the period covered by said report and expenditures proposed to be financed out of the proceeds of the Credit Loan during the six-month period following the period covered by said report;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditLoan, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Loan Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, : (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, ; and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the Borrower, not later than April 1June 30, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds 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;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, ; and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format accordance with consistently applied accounting standards acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its records, accounts and the financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year (or other period agreed to by the Association) audited, in accordance with appropriate consistently applied auditing standards acceptable to the Association, 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 (6) months after the end of each such yearyear (or such other period agreed to by the Association), (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year (or other period agreed to by the Association), as so audited, and (B) an opinion on such statement and report of such audit, statements by said auditors, of such in scope and in such detail as satisfactory to the Association shall have reasonably requestedAssociation; and
(iii) furnish to the Association such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereofof such financial statements, and concerning said auditors, as the Association may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Account and the DFID Grant Account were made on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for for, or covering, the Fiscal Year fiscal year in which the last withdrawal from the Credit Account and the DFID Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iiiii) enable the Association’s representatives to examine such records and documentsrecords; and
(iviii) ensure that such records, documents and accounts statements of expenditure are included in the annual audit for each fiscal year (or other period agreed to by the Association), 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 withdrawalsSection.
Section 4.02. (a) Without limitation upon the provisions Borrower’s progress reporting obligations set out in paragraph 1 of Section 4.01 of this AgreementSchedule 4, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shall:
(i) (A) set which: sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, showing separately funds provided under the Credit and projected sources and applications of funds for the Project for the six-month period following the period covered by said reportDFID Grant, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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;
(A) describe such funds; describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set and sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than forty-five (45) days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Association not later than forty-five (45) days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements statements, all in a format accordance with accounting standards acceptable to the Association, consistently applied, adequate to reflect its operations and financial condition and to register separately the operations, resources and expenditures related to Parts C and D of the Project.
(b) The Borrower shall:
(i) have its records, accounts and financial statements referred to in paragraph (abalance sheets, statements of income and expenses and related statements) of this Section and the records and accounts for the Special Account Accounts for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (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, 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 such records, accounts and financial statements, and the audit thereof, and concerning said auditors, as the Association may 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 Project Management Reports or statements of expenditure 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 Project Management Reports or 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 Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its financial management system for Parts C and D of the Project in order to enable the Borrower, not later than April 1December 31, 20022001, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds 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;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph paragraph
(a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reports, or statements of expenditure, 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;; and
(iii) enable the Association’s representatives to examine such records and documents; andrecords;
(iv) ensure that such records, documents 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 Project Management Reports or 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 Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01, in order to enable the Borrower, not later than April 1, 2002eighteen months after the Effective Date, or such later date as the Association shall agree, to prepare quarterly Project Management Reportsmanagement reports, acceptable to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds 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;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower HYLSA shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, accounts adequate to reflect in accordance with sound accounting practices its operations and financial condition, including separate accounts reflecting the operations, resources and expenditures related to Part C of the Project.
(b) The Borrower HYLSA shall:
(i) have its records, the accounts referred to in (a) above and financial statements referred to in paragraph (abalance sheets, statements of income and expenses and related statements) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate generally accepted auditing standards acceptable to the Association, and procedures consistently applied, by independent auditors acceptable to the Associationand qualified auditors;
(ii) furnish to the Association Bank as soon as available, but in any case not later than six (6) months after the end of each such year, : (A) a certified copies copy of the its financial statements referred to in paragraph (a) of this Section, for such year as so audited, and (B) an opinion on such statement and a certified copy of the report of such audit, audit by said auditors, auditors of such scope and in such detail as the Association Bank shall have reasonably requested; requested and
(iii) furnish to the Association Bank such other information concerning said records, accounts and financial statements, and as well as the audit thereof, and concerning said auditorsrecords, as the Association may Bank shall from time to time reasonably request.
(c) For all expenditures in carrying out Part C of the Project and with respect to which withdrawals from the Credit Loan Account were made on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower HYLSA shall:
(i) maintain maintain, or cause to be maintained, in accordance with paragraph (a) of this Section, separate records and separate accounts reflecting such expenditures;
(ii) retain, or cause to be retained, until at least one (1) year after the Association Bank has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Loan Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents and separate accounts are included in the annual audit audits referred to in paragraph (b) of this Section and that the report thereof contains, in respect of such audit contains separate .accounts, a separate opinion by said auditors as to whether the statements proceeds of expenditure submitted during the Loan withdrawn in respect of such Fiscal Year, together with expenditures were used for the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawalspurposes for which they were provided.
Section 4.02. HYLSA shall take all action as shall be required to: (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out formulate with its creditors a time-bound action debt restructuring plan acceptable to the Association for the strengthening purpose of rescheduling and/or restructuring its financial management system currently outstanding debt and taking into account HYLSA’s financing plan for the Project in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each Part C of which shall:
(i) (A) set forth actual sources and applications of funds for the 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 (Bb) show separately expenditures financed out formalize one or more agreements, satisfactory to the Bank, with such creditors for purposes of the proceeds of the Credit during the period covered by said report implementing such debt restructuring plan 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;
(A) describe progress in Project implementation, both cumulatively and taking into account XXXXX’s financing plan for the period covered by said report, and (B) explain variances between actual and previously forecast implementation targets; and
(iii) set forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said reportproject.
Appears in 1 contract
Samples: Project Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, : (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, ; and (B) an opinion on such statement statements, records and accounts and report of such audit, by said auditors, of such scope and in such detail as the Association shall have reasonably requested, including as part of the information to be provided in each report a management letter concerning internal controls; and
(iii) furnish to the Association such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of Borrower’s progress reporting obligations set out in Schedule 4 to this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportCredit, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than 45 days after the end of the first semester after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first semester; thereafter, each FMR shall be furnished to the Association not later than 45 days after each subsequent semester, and shall cover such semester.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, ,
(A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and and
(B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions Borrower’s progress reporting obligations set out in paragraph 7 of Section 4.01 of this Agreement, the Schedule 4. The Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportCredit, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Association not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management systemmaintain, including through MDU, separate records and accounts, and prepare financial statements in a format acceptable to the Association, accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures related to in respect of the ProjectParts of the Project carried out by the borrower.
(b) The Borrower shall:
(i) have its records, the records and accounts and financial statements referred to in paragraph (a) of this Section including those for CESA and the records and accounts for the Special Account FESA for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, principles consistently applied, by independent auditors acceptable to the AssociationBank;
(ii) furnish to the Association 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 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 Association Bank shall have reasonably requested; and
(iii) furnish to the Association Bank such other information concerning said records, records and accounts and financial statements, and the audit thereof, and concerning said auditors, thereof as the Association may Bank shall from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Loan Account were made on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association Bank has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Loan Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents records and accounts are included in the annual audit referred to in paragraph (b) of this Section 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 Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its financial management system for the Project in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shall:
(i) (A) set forth actual sources and applications of funds for the 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 proceeds 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;
(A) describe progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain variances between actual and previously forecast implementation targets; and
(iii) set forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Loan Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the AssociationBank, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the AssociationBank, consistently applied, by independent auditors acceptable to the AssociationBank;
(ii) furnish to the Association 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 the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, ; and (B) an opinion on such statement statements, records and accounts and report of such audit, by said auditors, of such scope and in such detail as the Association Bank shall have reasonably requested; and
(iii) furnish to the Association Bank such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association Bank may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Loan Account were made on the basis of statements of expenditure or Project Management Reportsexpenditure, 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 Association Bank has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Loan Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 Project Management Reports or 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 Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association Bank for the strengthening of its the financial management system for the Project referred to in paragraph
(a) of said Section 4.01 in order to enable the Borrower, not later than April 1February 15, 2002, or such later date as the Association Bank shall agree, to prepare quarterly Project Management Reportsmanagement reports, acceptable to the AssociationBank, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds of the Credit Loan during the period covered by said report and expenditures proposed to be financed out of the proceeds of the Credit Loan during the six-month period following the period covered by said report;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, ; and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditLoan, as at the end of the period covered by said report.
(b) Upon the completion of the action plan referred to in paragraph (a) of this Section, the Borrower shall prepare, in accordance with guidelines acceptable to the Bank, and furnish to the Bank not later than 45 days after the end of each calendar quarter a Project Management Report for such period.
Appears in 1 contract
Samples: Loan Agreement
Financial Covenants. (a) The Borrower shall establish and maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account Accounts for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions Borrower’s progress reporting obligations set out in paragraph 1 of Section 4.01 of Schedule 4 to this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportCredit, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first Financial Monitoring Report shall be furnished to the Association not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each Financial Monitoring Report shall be furnished to the Association not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 Project Management Reports 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 Section 4.01 of this Agreement, the The Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its financial management system for the Project prepare, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, accordance with guidelines acceptable to the Association, and furnish to the Association not later than 45 days after the end of each of which shallcalendar quarter, a Project Management Report for such period which:
(a) (i) (A) set sets forth actual sources and applications of funds for the 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 proceeds 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;
(A) describe progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain variances between actual and previously forecast implementation targets; and
(iii) set forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower Recipient shall maintain a financial management system, including records and accounts, and prepare financial statements in a format accordance with consistently applied accounting standards acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower Upon the Association’s request, the Recipient shall:
(i) : have its records, accounts and the financial statements referred to in paragraph (a) of this Section and the records and accounts Section, audited, for the Special Account for each Fiscal Year auditedperiod indicated in the Association’s request, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end date of each the Association’s request for such year, audit: (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year period as so audited, ; and (B) an opinion on such statement and report of such auditstatements, by said auditors, of such in scope and in such detail as satisfactory to the Association shall have reasonably requestedAssociation; and
(iii) furnish to the Association such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereofof such financial statements, and concerning said auditors, as the Association may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Grant Account were made on the basis of reports referred to in paragraph 6 of Schedule 1 to this Agreement (Report-based Disbursements) or on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower Recipient shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received end of the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Grant Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable ; furnish to the Association’s representatives to examine Association other relevant information concerning such records as the Association shall have reasonably requested; and documents; and
(iv) ensure that such records, documents and accounts reports or statements of expenditure are included in any audit that the annual audit referred Association may have requested pursuant 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 withdrawalsSection.
Section 4.02. (a) Without limitation upon the provisions Recipient’s progress reporting obligations set out in paragraph B of Section 4.01 of Schedule 4 to this Agreement, Agreement the Borrower Recipient shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its financial management system for the Project a Financial Monitoring Report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shall:
(i) (A) set which: sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportGrant, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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;
(A) describe such funds; describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast planned Project implementation targets; and
(iii) set and sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than 60 days after the end of the first six month period after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first six month period; thereafter, each FMR shall be furnished to the Association not later than 60 days after each subsequent six month period, and shall cover such six month period.
Appears in 1 contract
Samples: Development Grant Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format accordance with consistently applied accounting standards acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its records, accounts and the financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year (or other period agreed to by the Association) audited, in accordance with appropriate consistently applied auditing standards acceptable to the Association, 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 (6) months after the end of each such year, year(or such other period agreed to by the Association): (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year (or other period agreed to by the Association) as so audited, ; and (B) an opinion on such statement and report of such audit, statements by said auditors, of such in scope and in such detail as satisfactory to the Association shall have reasonably requestedAssociation; and
(iii) furnish to the Association such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereofof such financial statements, and concerning said auditors, as the Association may 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 reports referred to in Part A.4 of Schedule 1 to this Agreement (Report-based Disbursements) or on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for for, or covering, the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iiiii) enable the Association’s representatives to examine such records and documentsrecords; and
(iviii) ensure that such records, documents reports and accounts statements of expenditure are included in the annual audit for each fiscal year (or other period agreed to by the Association), 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 withdrawalsSection.
Section 4.02. (a) Without limitation upon the provisions Borrower’s progress reporting obligations set out in paragraph 6 of Section 4.01 of Schedule 4 to this Agreement, the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shall:
(i) (A) set which: sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportCredit, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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;
(A) describe such funds; describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set and sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than forty-five (45) days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Association not later than forty-five (45) days after each subsequent calendar quarter, and shall cover such calendar quarter.
Section 4.03. The Borrower shall make publicly available, and agrees that the Association may also make publicly available, each final audit report referred to in Section 4.01 of this Agreement, promptly after its issuance by the independent auditors referred to therein.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 Project Management Reports or statements of expenditure or Project Management Reportsexpenditure, 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 Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 Project Management Reports or 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 Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan acceptable to the Association for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the Borrower, not later than April 1August 15, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reportsmanagement reports, acceptable to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds 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;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the AssociationBank, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the AssociationBank, consistently applied, by independent auditors acceptable to the AssociationBank;
(ii) furnish to the Association Bank as soon as available, but in any case not later than six months (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section as audited for such year as so auditedand certified by such auditors, and (B) an opinion on such statement statements, records and accounts and report of such audit, by said auditors, of such scope and in such detail as the Association Bank shall have reasonably requested; and
(iii) furnish to the Association Bank such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association Bank may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Loan Account were made on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association Bank has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Loan Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan Action Plan acceptable to the Association Bank for the strengthening of its financial management system for the Project in order to enable the Borrower, not later than April 1, 2002twelve (12) months after the effectiveness of this agreement, or such later date as the Association Bank shall agree, to prepare quarterly Project Management Reports, acceptable to the AssociationBank, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds of the Credit Loan during the period covered by said report and expenditures proposed to be financed out of the proceeds of the Credit Loan during the six-month period following the period covered by said report;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditLoan, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Loan Agreement
Financial Covenants. (a) The Borrower Recipient shall maintain a financial management system, including records and accounts, and prepare financial statements in a format accordance with consistently applied accounting standards acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower Recipient shall:
(i) have its records, accounts and the financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year (or other period agreed to by the Association) audited, in accordance with appropriate consistently applied auditing standards acceptable to the Association, 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 (6) months after the end of each such year, year (or such other period agreed to by the Association): (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year (or other period agreed to by the Association), as so audited, ; and (B) an opinion on such statement and report of such audit, statements by said auditors, of such in scope and in such detail as satisfactory to the Association shall have reasonably requestedAssociation; and
(iii) furnish to the Association such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereofof such financial statements, and concerning said auditors, as the Association may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit NZAID Grant Account were made on the basis of statements reports referred to in Part A.4 of expenditure or Project Management ReportsSchedule 1 to this Agreement (Report-based Disbursements), the Borrower Recipient shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for for, or covering, the Fiscal Year fiscal year in which the last withdrawal from the Credit NZAID Grant Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iiiii) enable the Association’s representatives to examine such records and documentsrecords; and
(iviii) ensure that such records, documents and accounts reports are included in the annual audit for each fiscal year (or other period agreed to by the Association), 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 withdrawalsSection.
Section 4.02. (a) Without limitation upon the provisions Recipient’s progress reporting obligations set out in paragraph 14 of Section 4.01 of this Schedule 4 to the Credit Agreement, the Borrower Recipient shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportNZAID Grant, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementationimplementation of the Project, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first financial monitoring report shall be furnished to the Association not later than forty-five (45) days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each financial monitoring report shall be furnished to the Association not later than forty-five (45) days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Co Financing Grant Agreement
Financial Covenants. (a) The Borrower shall maintain a an accounting and financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Financial Monitoring Reports, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documents; andrecords;
(iv) ensure that such records, documents 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 Financial Monitoring Reports or 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; and
(v) 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. (a) Without limitation upon the provisions Borrower’s progress reporting obligations set out in paragraph 9 of Section 4.01 of Schedule 4 to this Agreement, the Borrower shall carry out a time-bound action plan prepare, in accordance with terms of reference acceptable to the Association for Bank, and furnish to the strengthening of its financial management system for the Project in order to enable the Borrower, Bank not later than April 145 days after the end of the first calendar quarter after the Effective Date, 2002and thereafter not later than 45 days after each calendar quarter, or a Financial Monitoring Report for such later date as the Association shall agreeperiod, to prepare quarterly Project Management Reports, acceptable to the Association, each of which shallwhich:
(ia) (A) set sets forth actual and projected sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, showing separately funds provided under the Credit, and explains variances between the projected and actual sources and applications uses 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 proceeds 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 reportsuch funds;
(Ab) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between actual and the previously forecast and actual implementation targets; and
(iiic) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the AssociationBank, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the AssociationBank, consistently applied, by independent auditors acceptable to the AssociationBank;
(ii) furnish to the Association 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 the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and report of such audit, by said auditors, of such scope and in such detail as the Association Bank shall have reasonably requested; and
(iii) furnish to the Association Bank such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association Bank may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Loan Account were made on the basis of Project Management Reports or statements of expenditure or Project Management Reportsexpenditure, 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 Association Bank has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Loan Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 Project Management Reports or 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 Section 4.01 of this Agreement, the Borrower shall carry out a time-bound action plan Action Plan acceptable to the Association Bank for the strengthening of its financial management system for the Project in order to enable the Borrower, not later than April 1, 2002twelve (12) months after the effectiveness of this Agreement, or such later date as the Association Bank shall agree, to prepare quarterly Project Management Reports, acceptable to the AssociationBank, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the 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 shows separately expenditures financed out of the proceeds of the Credit Loan during the period covered by said report and expenditures proposed to be financed out of the proceeds of the Credit Loan during the six-month period following the period covered by said report;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targets; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditLoan, as at the end of the period covered by said report.
(b) Upon the completion of the Action Plan referred to in paragraph (a) of this Section, the Borrower shall prepare, in accordance with guidelines acceptable to the Bank, and furnish to the Bank not later than forty five (45) days after the end of each calendar quarter a Project Management Report for such period.
Appears in 1 contract
Samples: Loan Agreement
Financial Covenants. (a) The Borrower Recipient shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the AssociationAdministrator, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower Recipient shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the AssociationAdministrator, consistently applied, by independent auditors acceptable to the AssociationAdministrator;
(ii) furnish to the Association Administrator 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, Section for such year as so audited, and ; and
(B) an opinion on such statement statements, records and accounts and report of such audit, by said auditors, of such scope and in such detail as the Association Administrator shall have reasonably requested; and
(iii) furnish to the Association Administrator such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association Administrator may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Grant Account were made on the basis of Project Management Reports or statements of expenditure or Project Management Reportsexpenditure, the Borrower Recipient 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 Association Administrator has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Grant Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationAdministrator’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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 Project Management Reports or 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 Section 4.01 of this Agreement, the Borrower Recipient shall carry out a time-bound action plan acceptable to the Association Administrator for the strengthening of its the financial management system for the Project referred to in paragraph (a) of said Section 4.01 in order to enable the BorrowerRecipient, not later than April 1June 30, 20022001, or such later date as the Association Administrator shall agree, to prepare quarterly Project Management Reports, acceptable to the AssociationAdministrator, each of which shallwhich:
(i) (A) set sets forth actual sources and applications of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of funds for the Project for the sixfour-month period following the period covered by said report, ; and (B) show shows separately expenditures financed out of the proceeds of the Credit Grant during the period covered by said report and expenditures proposed to be financed out of the proceeds of the Credit Grant during the sixfour-month period following the period covered by said report;
(ii) (A) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain variances between actual and previously forecast implementation targets; and
(iii) set forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Trust Fund Grant Agreement
Financial Covenants. (a) The Borrower Recipient shall establish and maintain a financial management system, including records and accounts, and prepare financial statements in a format accordance with consistently applied accounting standards acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower Recipient shall:
(i) have its records, accounts and the financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year (or other period agreed to by the Association) audited, in accordance with appropriate consistently applied auditing standards acceptable to the Association, 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 (6) months after the end of each such yearyear (or such other period agreed to by the Association), (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year (or other period agreed to by the Association), as so audited, and (B) an opinion on such statement and report of such audit, statements by said auditors, of such in scope and in such detail as satisfactory to the Association shall have reasonably requestedAssociation; and
(iii) furnish to the Association such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereofof such financial statements, and concerning said auditors, as the Association may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Grant Account were made on the basis of reports referred to in Part A.6 of Schedule 1 to this Agreement (Report-based Disbursements) or on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower Recipient shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for for, or covering, the Fiscal Year fiscal year in which the last withdrawal from the Credit Grant Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iiiii) enable the Association’s representatives to examine such records and documentsrecords; and
(iviii) ensure that such records, documents reports and accounts statements of expenditure are included in the annual audit for each fiscal year (or other period agreed to by the Association), 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 withdrawalsSection.
Section 4.02. (a) Without limitation upon the provisions of Section 4.01 of this AgreementRecipient’s progress reporting obligations set out in Schedule 4, the Borrower Recipient shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its financial management system for the Project a Financial Monitoring Report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shall:
(i) (A) set which: sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, showing separately funds provided under the Grant and projected sources explains variances between the actual and applications planned uses 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 proceeds 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;
(A) describe such funds; describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set and sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first Financial Monitoring Report shall be furnished to the Association no later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each Financial Monitoring Report shall be furnished to the Association not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Development Grant Agreement
Financial Covenants. (a) The Borrower Recipient shall maintain a financial management system, including records and accounts, and prepare financial statements in a format accordance with consistently applied accounting standards acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower Upon the Association’s request, the Recipient shall:
(i) have its records, accounts and the financial statements referred to in paragraph (a) of this Section and the records and accounts Section, audited, for the Special Account for each Fiscal Year auditedperiod indicated in the Association’s request, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end date of each the Association’s request for such year, audit: (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year period as so audited, ; and (B) an opinion on such statement and report of such auditstatements, by said auditors, of such in scope and in such detail as satisfactory to the Association shall have reasonably requested; andAssociation;
(iii) furnish to the Association such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereofof such financial statements, and concerning said auditors, as the Association may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Grant Account were made on the basis of reports referred to in paragraph 6 of Schedule 1 to this Agreement (Report-based Disbursements) or on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower Recipient shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received end of the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Grant Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iiiii) enable furnish to the Association’s representatives to examine Association other relevant information concerning such records and documentsas the Association shall have requested; and
(iviii) ensure that such records, documents and accounts reports or statements of expenditure are included in any audit that the annual audit referred Association may have requested pursuant 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 withdrawalsSection.
Section 4.02. (a) Without limitation upon the provisions Recipient’s progress reporting obligations set out in paragraph C of Section 4.01 of Schedule 4 to this Agreement, Agreement the Borrower Recipient shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its financial management system for the Project a Financial Monitoring Report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportGrant, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Association not later than 45 days after the end of the first six month period after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first six month period; thereafter, each FMR shall be furnished to the Association not later than 45 days after each subsequent six month period, and shall cover such six month period.
Appears in 1 contract
Samples: Development Grant Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Association, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the Association, 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 (6) months after the end of each such year, (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and 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 such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association may 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 or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the Association’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Borrower’s progress reporting obligations set out in Section 4.01 of this Agreement, 3.03
(b) the Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the Association, each of which shall:
(i) (A) set which: sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportCredit, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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;
(A) describe such funds; describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the Credit, as at the end of the period covered by said report.
Appears in 1 contract
Samples: Development Credit Agreement
Financial Covenants. (a) The Borrower shall maintain a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the AssociationBank, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower shall:
(i) have its the records, accounts and financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year audited, in accordance with appropriate auditing standards acceptable to the AssociationBank, consistently applied, by independent auditors acceptable to the AssociationBank;
(ii) furnish to the Association 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 the financial statements referred to in paragraph (a) of this Section, Section for such year as so audited, and (B) an opinion on such statement statements, records and accounts and report of such audit, by said auditors, of such scope and in such detail as the Association Bank shall have reasonably requested; and
(iii) furnish to the Association Bank such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereof, and concerning said auditors, as the Association Bank may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit Loan Account were made on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association Bank has received the audit report for the Fiscal Year fiscal year in which the last withdrawal from the Credit Loan Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iv) ensure that such records, documents 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. (a) Without limitation upon the provisions of Section 4.01 of this Agreement, the The Borrower shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its Bank a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the AssociationBank, each of which shallwhich:
(i) (A) set sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportLoan, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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 reportsuch funds;
(Aii) describe describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast implementation targetsplanned Project implementation; and
(iii) set sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Bank not later than forty five (45) days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Bank not later than forty five (45) days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Loan Agreement
Financial Covenants. (a) The Borrower Recipient shall maintain a financial management system, including records and accounts, and prepare financial statements in a format accordance with consistently applied accounting standards acceptable to the AssociationBank, adequate to reflect the operations, resources and expenditures related to the Project.
(b) The Borrower Recipient shall:
(i) have its records, accounts and the financial statements referred to in paragraph (a) of this Section and the records and accounts for the Special Account for each Fiscal Year fiscal year (or other period agreed to by the Bank), audited, in accordance with appropriate consistently applied auditing standards acceptable to the Association, consistently appliedBank, by independent auditors acceptable to the AssociationBank;
(ii) furnish to the Association Bank as soon as available, but in any case not later than six (6) months after the end of each such yearyear (or such other period agreed to by the Bank), (A) certified copies of the financial statements referred to in paragraph (a) of this Section, Section for such year (or other period agreed to by the Bank), as so audited, and (B) an opinion on such statement and report of such audit, statements by said auditors, of such in scope and in such detail as satisfactory to the Association shall have reasonably requestedBank; and
(iii) furnish to the Association Bank such other information concerning said records, accounts such records and financial statementsaccounts, and the audit thereofof such financial statements, and concerning said auditors, as the Association Bank may from time to time reasonably request.
(c) For all expenditures with respect to which withdrawals from the Credit GEF Trust Fund Grant Account were made on the basis of statements of expenditure or Project Management Reportsexpenditure, the Borrower Recipient shall:
(i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and separate accounts reflecting such expenditures;
(ii) retain, until at least one (1) year after the Association Bank has received the audit report for for, or covering, the Fiscal Year fiscal year in which the last withdrawal from the Credit GEF Trust Fund Grant Account was made, all records and documents (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures;
(iiiii) enable the AssociationBank’s representatives to examine such records and documentsrecords; and
(iviii) ensure that such records, documents and accounts statements of expenditure are included in the annual audit for each fiscal year (or other period agreed to by the Bank), 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 withdrawalsSection.
Section 4.02. (a) Without limitation upon the provisions Recipient’s progress reporting obligations set out in Part C of Section 4.01 of Schedule 4 to this Agreement, the Borrower Recipient shall carry out a time-bound action plan acceptable prepare and furnish to the Association for the strengthening of its Bank a financial management system for the Project monitoring report, in order to enable the Borrower, not later than April 1, 2002, or such later date as the Association shall agree, to prepare quarterly Project Management Reports, acceptable form and substance satisfactory to the AssociationBank, each of which shall:
(i) (A) set which: sets forth actual sources and applications uses of funds for the Project, both cumulatively and for the period covered by said report, and projected sources and applications of showing separately funds for provided under the Project for the six-month period following the period covered by said reportGEF Trust Fund Grant, and (B) show separately expenditures financed out explains variances between the actual and planned uses of the proceeds 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;
(A) describe such funds; describes physical progress in Project implementation, both cumulatively and for the period covered by said report, and (B) explain explains variances between the actual and previously forecast planned Project implementation targets; and
(iii) set and sets forth the status of procurement under the Project and expenditures under contracts financed out of the proceeds of the CreditProject, as at the end of the period covered by said report.
(b) The first FMR shall be furnished to the Bank not later than 45 days after the end of the first calendar quarter after the Effective Date, and shall cover the period from the incurrence of the first expenditure under the Project through the end of such first calendar quarter; thereafter, each FMR shall be furnished to the Bank not later than 45 days after each subsequent calendar quarter, and shall cover such calendar quarter.
Appears in 1 contract
Samples: Trust Fund Grant Agreement
