Common use of Special Accounts Clause in Contracts

Special Accounts. 1. The Borrower shall open and maintain in FCFA in a commercial bank, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment four special deposit accounts, namely: (a) Special Account A for the proceeds of the Credit allocated to the financing of Part B. 2 of the Project; (b) Special Account B for the proceeds of the Credit allocated to the financing of Parts A, B.1, C and D of the Project; (c) Special Account C for the proceeds of the Grant allocated to the financing of Part B. 2 of the Project; and (d) Special Account D for the proceeds of the Grant allocated to the financing of Parts A, B.1, C and D of the Project. Except as the Association may otherwise specify by notice to the Borrower, all withdrawals from the Financing Accounts shall be deposited by the Association into the respective Special Account in accordance with the provisions of this Schedule. Payments out of each Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Borrower out of a Special Account, the Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures. 2. Except as the Association shall otherwise agree, after the Association has received evidence satisfactory to it that a Special Account have been duly opened, withdrawals from the relevant Financing Account of amounts to be deposited into the said Special Account shall be made as follows: (a) Each application for withdrawal from the Financing Accounts shall be supported by a Financial Monitoring Report. (b) Upon receipt of each application for withdrawal of an amount of the Financing, the Association shall, on behalf of the Borrower, withdraw from the relevant Financing Account and deposit into the said Special Account an amount equal to the lesser of: (i) the amount so requested; and (ii) the amount which the Association has determined, based on the Financial Monitoring Report accompanying said application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such report; provided, however, that the amount so deposited, when added to the amount indicated by said report to be remaining in the said Special Account, shall not exceed the equivalent of CFAF 300,000,000 in respect of Special Account A, CFAF 1.2 billion in respect of Special Account B, CFAF 250,000,000 CFAF in respect of Special Account C, and CFAF 900,000,000 CFAF in respect of Special Account D. Each such deposit into said Special Account shall be withdrawn by the Association from the relevant Financing Account under one or more Categories of said Special Account’s Eligible Expenditures. 3. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into any Special Account: (a) if the Association determines at any time that any Financial Monitoring Report does not adequately provide the information required pursuant to Section 4.02 of this Agreement; (b) if the Association determines at any time that all further withdrawals should be made by the Borrower directly from the Financing Accounts; or (c) if the Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (i) the records and accounts for any of the Special Accounts, or (ii) the records and accounts reflecting expenditures with respect to which withdrawals were made on the basis of Financial Monitoring Reports. 4. The Association shall not be required to make further deposits into any of the Special Accounts in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Borrower of its intention to suspend in whole or in part the right of the Borrower to make withdrawals from the Financing Accounts pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into a Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Borrower of its determination. (a) If the Association determines at any time that any payment out of a Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the said Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. (b) If the Association determines at any time that any amount outstanding in a Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount. (c) The Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in a Special Account. (d) Refunds to the Association made pursuant to sub-paragraph (a), (b) or (c) of this paragraph 5 shall be credited to the relevant Financing Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Development Financing Agreement. 1. For the purposes of this Annex:

Special Accounts. 1. The Borrower shall open and maintain in FCFA in a commercial bank, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment four two special deposit accounts, namely: : (a) Special Account A for the proceeds of the Credit allocated to the financing of Part B. 2 of the Project; ; and (b) Special Account B for the proceeds of the Credit allocated to the financing of Parts A, B.1, C and D of the Project; (c) Special Account C for the proceeds of the Grant allocated to the financing of Part B. 2 of the Project; and (d) Special Account D for the proceeds of the Grant allocated to the financing of Parts A, B.1, C and D of the Project. Except as the Association may otherwise specify by notice to the Borrower, all withdrawals from the Financing Accounts Credit Account shall be deposited by the Association into the respective Special Account in accordance with the provisions of this Schedule. Payments out of each Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Borrower out of a Special Account, the Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditureseligible expenditures. 2. Except as the Association shall otherwise agree, after the Association has received evidence satisfactory to it that a Special Account have been duly opened, withdrawals from the relevant Financing Credit Account of amounts to be deposited into the said Special Account shall be made as follows: (a) Each application for withdrawal from the Financing Accounts Credit Account shall be supported by a Financial Monitoring Project Management Report. (b) Upon receipt of each application for withdrawal of an amount of the FinancingCredit, the Association shall, on behalf of the Borrower, withdraw from the relevant Financing Credit Account and deposit into the said Special Account an amount equal to the lesser of: : (i) the amount so requested; and (ii) the amount which the Association has determined, based on the Financial Monitoring Project Management Report accompanying said application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such report; provided, however, that the amount so deposited, when added to the amount indicated by said report to be remaining in the said Special AccountAccounts, shall not exceed the equivalent of CFAF 300,000,000 in respect of Special Account A, A and CFAF 1.2 billion in respect of Special Account B, CFAF 250,000,000 CFAF in respect of Special Account C, and CFAF 900,000,000 CFAF in respect of Special Account D. B. Each such deposit into the said Special Account Accounts shall be withdrawn by the Association from the relevant Financing Credit Account under one or more Categories of the said Special Account’s Accounts’ Eligible ExpendituresCategories. 3. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into any Special Account: (a) if the Association determines at any time that any Financial Monitoring Project Management Report does not adequately provide the information required pursuant to Section 4.02 of this Agreement; (b) if the Association determines at any time that all further withdrawals should be made by the Borrower directly from the Financing AccountsCredit Account; or (c) if the Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii4.01(b)(ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (i) the records and accounts for any of the a Special AccountsAccount, or (ii) the records and accounts reflecting expenditures with respect to which withdrawals were made on the basis of Financial Monitoring Project Management Reports. 4. The Association shall not be required to make further deposits into any of the Special Accounts in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Borrower of its intention to suspend in whole or in part the right of the Borrower to make withdrawals from the Financing Accounts Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into a Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Borrower of its determination. (a) If the Association determines at any time that any payment out of a Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the said Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. (b) If the Association determines at any time that any amount outstanding in a Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount. (c) The Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in a Special Account. (d) Refunds to the Association made pursuant to sub-paragraph (a), (b) or (c) of this paragraph 5 shall be credited to the relevant Financing Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Development Financing Credit Agreement. 1. For the purposes of this Annex:

Special Accounts. 1. The Borrower shall open and maintain in FCFA CFAF in a commercial bank, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment four two special deposit accounts, namely: : (a) Special Account A for the proceeds of the Credit allocated to the financing of Part B. 2 Parts A, B and C of the Project; ; and (b) Special Account B for the proceeds of the Credit allocated to the financing of Subprojects under Parts A, B.1, C A and D of the Project; (c) Special Account C for the proceeds of the Grant allocated to the financing of Part B. 2 of the Project; and (d) Special Account D for the proceeds of the Grant allocated to the financing of Parts A, B.1, C and D B of the Project. Except as the Association may otherwise specify by notice to the Borrower, all withdrawals from the Financing Accounts Credit Account shall be deposited by the Association into the respective Special Account in accordance with the provisions of this Schedule. Payments out of each Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Borrower out of a Special Account, the Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditureseligible expenditures. 2. Except as the Association shall otherwise agree, after the Association has received evidence satisfactory to it that a Special Account have has been duly opened, withdrawals from the relevant Financing Credit Account of amounts to be deposited into the said Special Account shall be made as follows: (a) Each each application for withdrawal from the Financing Accounts Credit Account shall be supported by a Financial Monitoring Project Management Report.; and (b) Upon upon receipt of each application for withdrawal of an amount of the FinancingCredit, the Association shall, on behalf of the Borrower, withdraw from the relevant Financing Credit Account and deposit into the said Special Account an amount equal to the lesser of: (i) the amount so requested; and or (ii) the amount which the Association has determined, based on the Financial Monitoring Project Management Report accompanying said application, is required to be deposited in order to finance Eligible amount which the Association has determined, based on the Project Management Report accompanying said application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such report; provided, however, that the amount so deposited, when added to the amount indicated by said report to be remaining in the said Special AccountAccounts, shall not exceed the equivalent of CFAF 300,000,000 2,000,000,000 in respect of Special Account A, A and CFAF 1.2 billion 60,000,000 in respect of Special Account B, CFAF 250,000,000 CFAF in respect of Special Account C, and CFAF 900,000,000 CFAF in respect of Special Account D. B. Each such deposit into the said Special Account Accounts shall be withdrawn by the Association from the relevant Financing Credit Account under one or more Categories of the said Special Account’s Accounts’ Eligible ExpendituresCategories. 3. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into any Special Account: (a) if the Association determines at any time that any Financial Monitoring Project Management Report does not adequately provide the information required pursuant to Section 4.02 of this Agreement; (b) if the Association determines at any time that all further withdrawals should be made by the Borrower directly from the Financing AccountsCredit Account; or (c) if the Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (i) the records and accounts for any of the a Special Accounts, Account; or (ii) the records and accounts reflecting expenditures with respect to which withdrawals were made on the basis of Financial Monitoring Project Management Reports. 4. The Association shall not be required to make further deposits into any of the Special Accounts in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Borrower of its intention to suspend in whole or in part the right of the Borrower to make withdrawals from the Financing Accounts Credit Account pursuant to Section 6.02 5.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into a Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Borrower of its determination. (a) If the Association determines at any time that any payment out of a Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the said Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. (b) If the Association determines at any time that any amount outstanding in a Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount. (c) The Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in a Special Account. (d) Refunds to the Association made pursuant to sub-paragraph (a), (b) or (c) of this paragraph 5 shall be credited to the relevant Financing Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Development Financing Credit Agreement. 1. For the purposes of this Annex the term “Authorized Allocation” means: (i) in respect of Special Account A, an amount equivalent to CFAF 2,000,000,000 to be withdrawn from the Credit Account and deposited into such Special Account pursuant to paragraph 2 of this Annex:; provided, however, that, unless the Association shall otherwise agree, said Authorized Allocation shall be limited to an amount equivalent to CFAF 1,000,000,000, until the aggregate amount of withdrawals from the Credit Account of amounts allocated to said Special Account’s Eligible Categories, plus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions in respect of amounts allocated to said Categories, shall equal or exceed the equivalent of SDR 12,000,000; and (ii) in respect of Special Account B, an amount equivalent to CFAF 60,000,000 to be withdrawn from the Credit Account and deposited into such Special Account pursuant to paragraph 2 of this Annex; provided, however, that, unless the Association shall otherwise agree, said Authorized Allocation shall be limited to an amount equivalent to CFAF 30,000,000, until the aggregate amount of withdrawals from the Credit Account of amounts allocated to said Special Account’s Eligible Categories, plus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions in respect of amounts allocated to said Categories, shall equal or exceed the equivalent of SDR 4,000,000.

Special Accounts. 1. The Borrower shall open and maintain in FCFA dollars in a commercial bankits Central Bank, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment four two special deposit accounts, namely: : (ai) Special Account A for the proceeds of the Credit allocated to the financing of Parts A through F and Part B. 2 G.2 of the Project; ; and (bii) Special Account B for the proceeds of the Credit allocated to the financing of Parts A, B.1, C and D of the Project; (c) Special Account C for the proceeds of the Grant allocated to the financing of Part B. 2 of the Project; and (d) Special Account D for the proceeds of the Grant allocated to the financing of Parts A, B.1, C and D G.1 of the Project. Except as the Association may otherwise specify by notice to the Borrower, all withdrawals from the Financing Accounts Credit Account shall be deposited by the Association into the respective Special Account in accordance with the provisions of this Schedule. Payments out of each Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Borrower out of a Special Account, the Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures. 2. Except as the Association shall otherwise agree, after the Association has received evidence satisfactory to it that a Special Account have has been duly opened, withdrawals from the relevant Financing Credit Account of amounts to be deposited into the said Special Account shall be made as follows: (a) Each application for withdrawal from the Financing Accounts Credit Account shall be supported by a Financial Monitoring Project Management Report. (b) Upon receipt of each application for withdrawal of an amount of the FinancingCredit, the Association shall, on behalf of the Borrower, withdraw from the relevant Financing Credit Account and deposit into the said Special Account an amount equal to the lesser of: : (i) the amount so requested; and (ii) the amount which the Association has determined, based on the Financial Monitoring Project Management Report accompanying said application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such report; provided, however, that the amount so deposited, when added to the amount indicated by said report to be remaining in the said Special Account, shall not exceed the equivalent of CFAF 300,000,000 $4,000,000 in respect of Special Account A, CFAF 1.2 billion A and $4,000,000 in respect of Special Account B, CFAF 250,000,000 CFAF in respect of Special Account C, and CFAF 900,000,000 CFAF in respect of Special Account D. B. Each such deposit into the said Special Account shall be withdrawn by the Association from the relevant Financing Credit Account under one or more Categories of the said Special Account’s Eligible ExpendituresCategories. 3. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into any Special Account: (a) if the Association determines at any time that any Financial Monitoring Project Management Report does not adequately provide the information required pursuant to Section 4.02 of this Agreement; (b) if the Association determines at any time that all further withdrawals should be made by the Borrower directly from the Financing AccountsCredit Account; or (c) if the Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b4.01(b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (iA) the records and accounts for any of the Special AccountsAccount, or (iiB) the records and accounts reflecting expenditures with respect to which withdrawals were made on the basis of Financial Monitoring Project Management Reports. 4. The Association shall not be required to make further deposits into any of the Special Accounts Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Borrower of its intention to suspend in whole or in part the right of the Borrower to make withdrawals from the Financing Accounts Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into a the Special Account Accounts may be made and what procedures should be followed for making such deposits, and shall notify the Borrower of its determination. (a) If the Association determines at any time that any payment out of a Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the said Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. (b) If the Association determines at any time that any amount outstanding in a Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount. (c) The Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in a Special Account. (d) Refunds to the Association made pursuant to sub-paragraph (a), (b) or (c) of this paragraph 5 shall be credited to the relevant Financing Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Development Financing Credit Agreement. 1. For the purposes of this Annex: