Sub-projects. 1. The Project Implementing Entity shall not finance any Sub-projects unless the Association has confirmed in writing that all of the following conditions have been met: (i) the Project Implementing Entity has opened a Sub-Account with a financial institution acceptable to the Association; (ii) the Project Implementing Entity has established a financial management system and a procurement system in form and substance satisfactory to the Association, and with functions and resources satisfactory to the Association, including staff with qualifications, experience, and terms of reference satisfactory to the Association and recruited in accordance with the provisions of Section III of Schedule 2 of the Financing Agreement; (iii) the Project Agreement has been executed by the Project Implementing Entity; (iv) the Subsidiary Agreement has been executed on behalf of the Recipient and the Project Implementing Entity; and (v) a legal opinion satisfactory to the Association from counsel acceptable to the Association shall have confirmed that: (A) the Subsidiary Agreement has been duly authorized or ratified by the Recipient and the Project Implementing Entity and is legally binding upon the Recipient and the Project Implementing Entity in accordance with its terms; and (B) the Project Agreement has been duly authorized or ratified by the Project Implementing Entity and is legally binding upon the Project Implementing Entity in accordance with its terms.
Appears in 6 contracts
Samples: Project Agreement, Project Agreement, Project Agreement
