Subsidiary Loan Agreements. 1. To facilitate the carrying out of Part 1.A of the Project by the Project Implementing Entity, the Borrower shall make the proceeds of the Loan allocated from time to time to Category 1 of the table set forth in Section IV.A.2 of this Schedule and the proceeds of the AFD Co-financing, the AfDB Co-financing I, the AfDB Co-financing II, the EIB Co-financing, and the KfW Co-financing I available to the Project Implementing Entity as a loan or loans under one or more subsidiary loan agreements between the Borrower and the Project Implementing Entity, under terms and conditions approved by the World Bank (“Subsidiary Loan Agreements”), including the commitments of the Project Implementing Entity set forth or referred to in this Agreement and the right of the Borrower to suspend disbursements under such Subsidiary Loan Agreements in case of non compliance by the Project Implementing Entity.
2. The Borrower shall exercise its rights and shall cause the Project Implementing Entity to exercise its rights under the Subsidiary Loan Agreements in such manner as to accomplish the purposes of the Loan. Except as the World Bank shall otherwise agree, the Borrower shall: (i) not assign, abrogate or waive any of the Subsidiary Loan Agreements or any of their respective provisions; (ii) cause the Project Implementing Entity not to assign, abrogate or waive any of the Subsidiary Loan Agreements or any of their respective provisions. The Borrower shall not amend, and shall cause the Project Implementing Entity not to amend any of the Subsidiary Loan Agreements or any of their respective provisions without the prior approval of the World Bank. Such prior approval shall be deemed to have been granted by the World Bank in the absence of response from the World Bank within fifteen (15) days from the date on which a request for prior approval shall have been communicated by the Borrower to the World Bank.
Subsidiary Loan Agreements. Hunan shall
Subsidiary Loan Agreements. The Project Implementing Entity shall relend the portions of the proceeds of the Loan, which was allocated to it pursuant to paragraph 1 of Section I of Schedule 2 to the Loan Agreement to each of the Project Companies under a subsidiary loan agreement to be entered into between the Project Implementing Entity and said Project Company for the purposes of carrying out each Project Company’s Respective Parts of the Project (“Subsidiary Loan Agreement”): (i) on the principal terms set forth in paragraphs 1 through 3 of Annex A to this Schedule; and
Subsidiary Loan Agreements. (a) The Borrower, through MOF and MHCS, shall enter into agreements with the Selected Utilities for the purpose of carrying out Parts A.1, A.3, B, C and D.2 of the Project, and with the Utilities to be Selected for the purposes of carrying out Part C of the Project, all under terms and conditions which shall have been agreed upon with the Bank (the Subsidiary Loan Agreements) and which shall include, inter alia:
(i) Except as the Bank and the Borrower shall otherwise agree, the provisions set forth or referred to in this provision shall apply for the purposes of Section 3.01 (c) of this Agreement.
(ii) The principal amount of the Subsidiary Loan repayable to the Borrower under the Subsidiary Loan Agreement shall: (i) be denominated in Dollars; and (ii) be the equivalent in Dollars (determined as of the date or respective dates of repayment of the principal amount of the Loan specified in Schedule 3 to this Agreement) of the value of the currency or currencies withdrawn from the Loan Account or paid out of the Special Accounts for Parts A.1, A.3, B, C and D.2 of the Project on account of the cost of works, goods and services for Parts A.1,A.3, B, C and D.2 of the Project, to be financed under a Subsidiary Loan out of the proceeds of the Loan allocated from time to time to Categories (1) to (2).
(iii) The Utilities shall pay to the Borrower: (i) interest on the principal amount of the Subsidiary Loan withdrawn and outstanding from time to time at the rate applicable from time to time to the Loan pursuant to the provisions of Section 2.05 of this Agreement; and (ii) a front-end fee equal to the rate applicable to the Loan pursuant to the provisions of Section 2.04 of this Agreement on the amount of the Subidiary Loan.
(iv) The Utilities shall repay to the Borrower the principal amount of the Subsidiary Loan in accordance with an amortization schedule, as set forth in the Subsidiary Loan Agreement, not exceeding the maturity of the Loan, inclusive of a grace period not exceeding five (5) years.
(v) The Utilities shall at all times function and organize itself pursuant to the organizational principles set forth in paragraph A.1 of the Schedule to the Project Agreement and Subsidiary Loan Agreement, as the case may be.
(b) The Borrower, through the MOF shall exercise its rights under Subsidiary Loan Agreements in such a manner as to protect the interests of the Borrower and the Bank and to accomplish the purposes of the Project, and, except as the Bank shall oth...
Subsidiary Loan Agreements. The Project Implementing Entity shall cause each Project Municipality to relend the portions of the proceeds of the Loan, which was allocated to it pursuant to paragraph 5 of this Schedule for the purposes of carrying out its Respective Part of the Project, to each of the Respective Project Company under a subsidiary loan agreement to be entered into between said Project Municipality and the Respective Project Company: (a) on the principal terms set forth in paragraphs 1 through 4 of Annex A to this Schedule; and (b) under conditions which shall have been approved by the Bank, and which shall include, without limitation, those set forth in paragraphs 5 through 13 of Annex A to this Schedule.
Subsidiary Loan Agreements. 1. For purposes of Part I of the Project, the Recipient, through MOF, shall make part of the proceeds of the Financing available from time to time to Qualified LDIFs as Subsidiary Loans, under terms and conditions acceptable to the Association and in accordance with the provisions of the Project Manual; provided that the Recipient shall not provide a Subsidiary Loan to a Qualified LDIF, using the proceeds of the Credit, for purposes of a Sub-project unless and until:
(a) the Recipient, through MOF, and said LDIF have entered into a Subsidiary Loan Agreement satisfactory to the Association whereby said LDIF undertakes to:
(i) adopt the Project Manual and comply with the provisions thereof in regard to all investments in Sub-projects (including debt and/or equity) using the proceeds of the Credit;
(ii) take all necessary action to maintain a sound financial position and ensure its financial viability, and for that purpose, at all times to meet the financial ratio set forth in Annex 2 to this Schedule 2;
(iii) prepare and furnish to the Recipient, not later than thirty (30) days after the end of each calendar quarter, unaudited interim financial reports covering the quarter, in form and substance satisfactory to the Association, adequate to reflect its operations, resources and expenditures related to Sub-projects for which said LDIF has received a Subsidiary Loan or Loans from the proceeds of the Credit;
(iv) have its annual financial statements covering all of its operations audited in accordance with International Auditing Standards by independent auditors acceptable to the Recipient and the Association; each audit of said LDIF’s annual financial statements to cover the period of one (1) fiscal year and to be furnished to the Recipient and the Association not later than six
Subsidiary Loan Agreements. The Borrower shall execute (a) the DGPC Subsidiary Loan Agreement with DGPC; and (b) the DHPC Subsidiary Loan Agreement, with DHPC, each upon terms and conditions satisfactory to ADB. The Borrower shall obtain all necessary approvals to enter into both such Subsidiary Loan Agreements and make any subloan thereunder, and shall have executed and validly entered into such Subsidiary Loan Agreements.
Subsidiary Loan Agreements between the Borrower and the Project Cities Except as the Bank shall otherwise agree, and for the purposes of the provisions of Section 3.03 (a) of this Agreement, the SLAs shall, inter alia, include the following covenants:
(a) the Project Cities shall take all necessary measures during Project implementation to implement their respective local institutional development action programs (LIDAPs), revenue improvement action plans (RIAPs) and PJMs.
(b) the Project Cities shall periodically review and adjust their charges for solid waste disposal, with a view to obtaining and thereafter maintaining throughout Project implementation, full recovery of the costs of operation and maintenance of their respective solid waste and sanitation programs.
Subsidiary Loan Agreements. 1. Shanghai shall relend the proceeds of the Loan, allocated in accordance with arrangements satisfactory to the Bank for the carrying out the Respective Parts of the Project, under a subsidiary loan agreement to be entered into between Shanghai and each of the Project Companies:
(a) on the principal terms set forth in Section I of Annex A to this Schedule; and
(b) under conditions which shall have been approved by the Bank, and which shall include, without limitation, those set forth in Section II of Annex A to this Schedule.
2. Shanghai shall:
(a) Cause each Project Company to: (i) perform, in accordance with the provisions of its Subsidiary Loan Agreement, all of the obligations of said Project Company therein set forth; (ii) take or cause to be taken all action including, the provision of funds, facilities, services and other resources, necessary or appropriate to enable such Project Company to perform such obligations; and (iii) not take or permit to be taken any action which would prevent or interfere with such performance.
(b) Exercise its rights under each Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower, the Bank and Shanghai, and to accomplish the purposes of the Loan.
(c) Except as the Bank shall otherwise agree, not assign, amend, abrogate or waive any Subsidiary Loan Agreement or any provision thereof.
Subsidiary Loan Agreements. 1. To facilitate the carrying out of the Part A.1 of the Project, the Recipient shall make a part of the proceeds of the Financing available under subsidiary agreements between the Recipient, RRA and each PFI under terms and conditions approved by the Association, including those set forth in Section C.4 below (“Subsidiary Loan Agreement”).
2. The Recipient shall exercise its rights under the Subsidiary Loan Agreements 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 Loan Agreements or any of its provisions.
3. The Recipient shall, in close cooperation with the Association, select PFIs for Part A.1 of the Project in accordance with the eligibility criteria set forth in the Rural Enterprise Investment Guidelines.
4. The Recipient shall ensure that each Subsidiary Loan Agreement with PFIs for Sub-financings shall comply with, but not be limited to, the following terms and conditions:
(a) the amount of Subsidiary Loan to each PFI shall be made available in Dollars or Soum;
(b) the principal amount of the Subsidiary Loan shall be repaid by the concerned PFI in Dollars or in Soum to the Recipient in semi-annual installments over twenty (20) years, including a grace period of five (5) years; and
(c) interest shall be charged on the outstanding balances of the Subsidiary Loans at a rate acceptable to the Association and to be determined as follows: (i) the interest rate for Subsidiary Loans denominated in Dollars shall be variable interest rate based on the reference rate which shall equal to the 6-month LIBOR rate for Dollars; and
