Subsidiary Agreement. 1. To facilitate the carrying out of the Project, the Recipient shall make the proceeds of the Financing available to the Project Implementing Entity under a subsidiary agreement between the Recipient and the Project Implementing Entity, under terms and conditions approved by the Association (“Subsidiary Agreement”).
2. The Recipient shall exercise its rights under the Subsidiary Agreement in such manner as to protect the interests of the Recipient and the Association and to accomplish the purposes of the Financing. Except as the Association shall otherwise agree, the Recipient shall not assign, amend, abrogate or waive the Subsidiary Agreement or any of its provisions.
Subsidiary Agreement. (a) To facilitate the carrying out of Part C.3 of the Project, the Recipient shall make available to ECSA on a grant basis the proceeds of the Financing allocated from time to time to Category (2), under a subsidiary agreement, between the Recipient and ECSA, under terms and conditions approved by the Association, which shall, inter alia, include the following (“Subsidiary Agreement”):
(i) the requirement that ECSA carry out Part C.3 of the Project with due diligence and efficiency, in conformity with appropriate administrative, financial, technical, environmental and social standards acceptable to the Association, and provide, or cause to be provided, promptly as needed, the facilities, services and other resources required for the purpose;
(ii) the obligation of ECSA to comply with the procedures for procurement of goods, and consultants’ services set forth in Section III of this Schedule 2;
(iii) the requirement that ECSA fully collaborate with the Recipient in order to permit timely compliance with the requirements set forth in Section II.A and II.B of this Schedule 2, including the requirement that ECSA (A) maintain policies and procedures adequate to enable it to monitor and evaluate in accordance with indicators acceptable to the Association, the progress of Part C.3 of the Project and the achievement of its objectives; (B) (1) maintain a financial management system and prepare financial statements in accordance with consistently applied accounting standards acceptable to the Association, both in a manner adequate to reflect the operations, resources and expenditures related to Part C.3 of the Project; and (B) (2) have such financial statements audited annually by independent auditors acceptable to the Association, in accordance with consistently applied auditing standards acceptable to the Association, and promptly furnish the statements as so audited to the Recipient and the Association; (C) enable the Recipient and the Association to inspect Part C.3 of the Project, its operation and any relevant records and documents; and (D) prepare and furnish to the Recipient and the Association all such information as the Recipient or the Association shall reasonably request relating to the foregoing;
(iv) the obligation of ECSA to exchange views with the Recipient and the Association with regard to the progress of Part C.3 of the Project, and the performance of its obligations under the Subsidiary Agreement;
(v) the requirement that ECSA promptly inform the...
Subsidiary Agreement. 1. To facilitate the carrying out by the Project Implementing Entity of the Project, the Recipient shall make the proceeds of the Financing available to the Project Implementing Entity under a subsidiary agreement between the Recipient and the Project Implementing Entity, under terms and conditions approved by the Association, which shall include the following:
a. The obligation of the Recipient to transfer the proceeds of the Credit, required for the implementation of the Project, to the Project Implementing Entity on a non-reimbursable grant basis, and otherwise to take all action necessary to permit the Project Implementing Entity to carry out the Project and ensure the achievement of the objectives thereof.
b. The obligation of the Project Implementing Entity to promptly inform the Recipient of any condition which interferes or threatens to interfere with the implementation of the Project and the achievement of the objectives thereof.
c. The obligation of the Project Implementing Entity, at the request of the Recipient, to exchange views with the Recipient with regard to the progress of the Project and the achievement of the objectives thereof, and the Project Implementing Entity’s performance of its obligations under the Subsidiary Agreement and Procedures Manual.
d. The obligation of the Project Implementing Entity to carry out the Project in accordance with this Agreement, the Project Agreement, the Subsidiary Agreement and Procedures Manual, and at all times to ensure that only Subprojects that comply with the Subsidiary Agreement and Procedures Manual will be financed from the proceeds of the Credit.
e. The obligation of the Recipient to ensure that its ministries and departments responsible for reviewing the AWP shall provide their comments in respect of said AWP within a reasonable period of time after receipt thereof.
f. The mutual obligation of the Recipient and the Project Implementing Entity to comply with the Environmental Procedures Manual and to take steps to ensure that: (a) in the event of the existence of any potential adverse environmental effects arising from the implementation of any Subproject, the environmental action plan shall be carried out in a manner acceptable to the Association and monitored on a regular basis by both the Recipient and the Project Implementing Entity; and (b) adequate operational procedures shall be maintained at all times to enable both the Recipient and the Project Implementing Entity to monitor and evalu...
Subsidiary Agreement. 1. To facilitate the carrying out of the Project, the Recipient shall make the proceeds of the Grant available to the Palestinian Authority under a subsidiary agreement between the Recipient and the Palestinian Authority, under terms and conditions approved by the World Bank.
2. The Recipient shall cause the Palestinian Authority: (i) to perform in accordance with the provisions of the Subsidiary Agreement all of the obligations of the Palestinian Authority therein set forth; (ii) to take all action, including the provision of funds, facilities, services and other resources, necessary or appropriate for the carrying out of the Project; and (iii) not to take or permit to be taken any action which would prevent or interfere with the carrying out of the Project.
3. The Recipient shall exercise its rights under the Subsidiary Agreement in such manner as to protect the interests of the Recipient and the World Bank and to accomplish the purposes of the Grant. Except as the World Bank shall otherwise agree, the Recipient shall not assign, amend, abrogate or waive the Subsidiary Agreement or any of its provisions.
Subsidiary Agreement. 1. To facilitate the carrying out of the Project, the Recipient shall make the proceeds of the Financing available to the Project Implementing Entity under a subsidiary agreement between the Recipient and the Project Implementing Entity (“Subsidiary Agreement”), under terms and conditions approved by the Association, which conditions shall include:
(a) the provision of a local currency denominated credit line for individual subsidiary loans (“Subsidiary Loans”) for up to an aggregate amount equivalent to the amount of this Financing, and with the foreign exchange risk being borne by the Recipient.
(b) an administrative charge payable on the principal amount of each Subsidiary Loan withdrawn and outstanding from time to time at a simple administration charge not greater than one percent (1%) per annum;
(c) a minimum amortization period of ten (10) years, inclusive of a minimum five (5) year grace period;
(d) no penalty for early prepayments of Subsidiary Loans; and
(e) the Recipient’s right to suspend or terminate the credit line set forth in subparagraph (a) above, and/or accelerate any outstanding amounts withdrawn under Subsidiary Loans, upon: (i) MISFA’s failure to perform any of its obligations under the Subsidiary Agreement, or to comply with all legal and regulatory requirements applicable to its operations; or (ii) the Association exercising any of the remedies under Article VI of the General Conditions and/or Article IV of this Agreement.
2. The Recipient shall exercise its rights under the Subsidiary Agreement with respect to each Subsidiary Loan in such manner as to protect the interests of the Recipient and the Association and to accomplish the purposes of the Financing. Except as the Association shall otherwise agree, the Recipient shall not assign, amend, abrogate or waive the Subsidiary Agreement or any of its provisions.
3. The Recipient shall: (a) establish a separate administration account within Da Afghanistan Bank, on terms and conditions satisfactory to the Association (including appropriate protection against set off, seizure or attachment) to be funded with the amortizations, prepayments and the administration charges paid by MISFA with respect to each Subsidiary Loan; and (b) use the proceeds therein so collected, exclusively for purposes of making new Subsidiary Loans to MISFA, for it to on-lend, through MFP Sub-Loan Agreements to eligible MFPs, which in turn shall use such funds to extend Microcredits to MFPs Clients for the carryi...
Subsidiary Agreement. (a) In accordance with the provisions of the Public Service Labour Relations Act there shall be a Subsidiary Agreement for the occupational group which shall form part of this Agreement. The Subsidiary Agreement shall be negotiated by a separate Subsidiary Agreement Bargaining Committee.
(b) The parties agree that the occupational group shall be composed of the following occupations, subject to Section 4 of the Public Service Labour Relations Act:
(i) Accounting Officers (ii) Agriculturists (iii) Architects
Subsidiary Agreement. 1. To facilitate the carrying out of the Project, the Recipient shall make the proceeds of the Financing available to the Project Implementing Entity on a grant basis under a subsidiary agreement between the Recipient and the Project Implementing Entity, under terms and conditions approved by the Association, (“Subsidiary Agreement”). The Subsidiary Agreement shall also specify the terms and conditions for the delegated management of the Project by the Project Implementing Entity on behalf of the Recipient.
2. The Recipient shall exercise its rights under the Subsidiary Agreement in such manner as to protect the interests of the Recipient and the Association and to accomplish the purposes of the Financing. Except as the Association shall otherwise agree, the Recipient shall not assign, amend, abrogate or waive the Subsidiary Agreement or any of its provisions.
Subsidiary Agreement. The Project Implementing Entity shall duly perform all its obligations under the Subsidiary Agreement. Except as the World Bank shall otherwise agree, the Project Implementing Entity shall not take or concur in any action which would have the effect of amending, abrogating, assigning or waiving the Subsidiary Agreement or any provision thereof.
Subsidiary Agreement. 1. To facilitate the carrying out of Parts 1, 2, 3, 4 (a), 5(a), 5(e), 5(f) and 5(g) of the Project by the Project Implementing Entity, the Recipient shall make the proceeds of the Financing allocated to Categories (1), (2), (3)(a), (4), (5)(a), (6)(a), (6)(c), (6)(d) and (7)(a) available to the Project Implementing Entity under a subsidiary agreement between the Recipient and the Project Implementing Entity (“Subsidiary Agreement”) under terms and conditions approved by the Association, which shall include:
(a) the obligation of the Recipient to:
(i) make the proceeds of the Financing available to the Project Implementing Entity in the form of a credit in Dollars, an interest at the rate of 5 percent per annum, and a repayment of principal over a maturity period of 20 years, including a grace period of 5 years; and
(ii) take all actions necessary to permit the Project Implementing Entity to carry out the Project and ensure the achievement of the objectives thereof.
(b) the obligation of the Project Implementing Entity to:
(i) carry out the Project in accordance with this Agreement, the Project Agreement, the Subsidiary Agreement, the Project Implementation Manual, the Anti-Corruption Guidelines and the Safeguard Instruments;
(ii) promptly refund to the Recipient for further refund to the Association any proceeds from the grant not used for purposes of carrying out the Project or for achieving the objectives thereof, or otherwise utilized in a manner inconsistent with the provisions of this Agreement or the Project Agreement;
(iii) at the request of the Recipient or the Association, exchange views with the Recipient and the Association with regard to the progress of the Project and the achievement of the objectives thereof, and the Project Implementing Entity's performance of its obligations under the Subsidiary Agreement, the Project Implementation Manual, the Anti-Corruption Guidelines and the Safeguard Instruments; and
(iv) promptly inform the Recipient of any condition which interferes or threatens to interfere with the implementation of the Project and the achievement of the objectives thereof.
(c) a provision stipulating that, in case of conflict between any of the provisions contained in the Subsidiary Agreement or the Project Implementation Manual, on one hand, and those set forth in this Agreement and the Project Agreement, on the other hand, the provisions of this Agreement and the Project Agreement shall at all times prevail.
2. The Recipient sh...
Subsidiary Agreement. 1. To facilitate the carrying out of the Project, the Recipient shall make the proceeds of the Financing available to the Project Implementing Entity on a non-refundable basis under a subsidiary agreement between the Recipient represented by the Ministry of Finance, the Ministry for Regional Development and Infrastructure and the Project Implementing Entity, under terms and conditions approved by the Association (“Subsidiary Agreement”).
2. The Recipient shall exercise its rights under the Subsidiary Agreement in such manner as to protect the interests of the Recipient and the Association and to accomplish the purposes of the Financing. Except as the Association shall otherwise agree, the Recipient shall not assign, amend, abrogate or waive the Subsidiary Agreement or any of its provisions.
