Common use of Project Sponsor’s Obligations Clause in Contracts

Project Sponsor’s Obligations. If the Subsidy is not used in compliance with the terms of this Agreement, the Application, or the applicable requirements of the AHP Regulations, then, unless such noncompliance is cured by the Project Sponsor or Borrower within a reasonable time, as determined by the Bank, or the circumstances of such noncompliance are eliminated through an approved modification of the Application in accordance with the applicable provisions of the AHP Regulations and Paragraph 11 of this Agreement, the following shall apply, as determined by the Bank in its sole discretion: (i) the Member shall recover the Subsidy (plus interest as required by the Bank consistent with the Bank’s AHP Policies and Procedures) from the Project Sponsor or the Borrower, or both, and then the Member shall repay such amount to the Bank; or (ii) the Project Sponsor shall repay, or cause the Borrower to repay the Subsidy (plus interest as required by the Bank consistent with the Bank’s AHP Policies and Procedures) directly to the Bank.

Project Sponsor’s Obligations. If the Subsidy is not used in compliance with the terms of this Agreement, the Application, or the applicable requirements of the AHP Regulations, then, unless such noncompliance is cured by the Project Sponsor or Borrower within a reasonable time, as determined by the Bank, or the circumstances of such noncompliance are eliminated through an approved modification of the Application in accordance with the applicable provisions of the AHP Regulations and Paragraph 11 of this Agreement, the following shall apply, as determined by the Bank in its sole discretion: (i) the Member shall recover the Subsidy (plus interest as required by the Bank consistent with the Bank’s AHP Policies and Procedures) from the Project Sponsor or the Borrower, or bothSponsor, and then the Member shall repay such amount to the Bank; or (ii) the Project Sponsor shall repay, or cause the Borrower to repay the Subsidy (plus interest as required by the Bank consistent with the Bank’s AHP Policies and Procedures) directly to the Bank.

Project Sponsor’s Obligations. If the Project Sponsor causes, as a result of the Project Sponsor’s actions or omissions, Subsidy is to not be used in compliance with the terms of this Agreement, the Application, or the applicable requirements of the AHP Regulations, then, unless such noncompliance is cured by the Project Sponsor or Borrower within a reasonable time, as determined by the Bank, or the circumstances of such noncompliance are eliminated through an approved modification of the Application in accordance with the applicable provisions of the AHP Regulations and Paragraph 11 of this Agreement, the following shall apply, as determined by the Bank in its sole discretion: (i) the Member shall recover the Subsidy (plus interest as required by the Bank consistent with the Bank’s AHP Policies and Procedures) from the Project Sponsor or the Borrower, or bothSponsor, and then the Member shall repay such amount to the Bank; or (ii) the Project Sponsor shall repay, or cause the Borrower to repay the Subsidy (plus interest as required by the Bank consistent with the Bank’s AHP Policies and Procedures) directly to the Bank.