Common use of Suspension by the Trustee Clause in Contracts

Suspension by the Trustee. If any of the following events of suspension shall have occurred and be continuing, the Trustee may, by notice to the Borrower, suspend in whole or in part the right of the Borrower to make withdrawals from the Credit Account: (a) The Borrower shall have failed to make payment (notwithstanding the fact that such payment may have been made by a third party) of principal, interest, service charges or any other amount due to the Trustee, the Association or the Bank: (i) under the Trust Fund Credit Agreement; (ii) under any other trust fund credit agreement between the Borrower and the Trustee; (iii) under any development credit agreement between the Borrower and the Association; or (iv) under any loan or guarantee agreement between the Borrower and the Bank. (b) The Borrower shall have failed to perform any other obligation under the Trust Fund Credit Agreement. (c) The Trustee, the Association or the Bank shall have suspended in whole or in part the right of the Borrower to make withdrawals under any trust fund credit agreement with the Trustee, any development credit agreement with the Association or any loan agreement with the Bank, because of a failure by the Borrower to perform any of its obligations under such agreement. (d) As a result of events which have occurred after the date of the Trust Fund Credit Agreement, an extraordinary situation shall have arisen which shall make it improbable that the Project can be carried out or that the Borrower will be able to perform its obligations under the Trust Fund Credit Agreement. (e) The Borrower shall: (i) have ceased to be a member of the International Monetary Fund; (ii) have failed to become a member of the Bank and the Association by December 31, 1996 or such later date as may be agreed by the Trustee, or (iii) having become a member of the Bank and the Association, have ceased to be a member thereof; (f) After the date of the Trust Fund Credit Agreement and prior to the Effective Date, any event shall have occurred which would have entitled the Trustee to suspend the Borrower’s right to make withdrawals from the Credit Account if the Trust Fund Credit Agreement had been effective on the date such event occurred. (g) A representation made by the Borrower, in or pursuant to the Trust Fund Credit Agreement, or any statement furnished in connection therewith, and intended to be relied upon by the Trustee in making the Credit, shall have been incorrect in any material respect. (h) Any other event specified in the Trust Fund Credit Agreement for the purposes of this Section shall have occurred. The right of the Borrower to make withdrawals from the Credit Account shall continue to be suspended in whole or in part, as the case may be, until the event or events which gave rise to suspension shall have ceased to exist, unless the Trustee shall have notified the Borrower that the right to make withdrawals has been restored in whole or in part, as the case may be.

Suspension by the Trustee. If any of the following events of suspension shall have occurred and be continuing, the Trustee may, by notice to the BorrowerRecipient, suspend in whole or in part the right of the Borrower Recipient to make withdrawals from the Credit Grant Account: (a) The Borrower Recipient shall have failed to make payment (notwithstanding the fact that such payment may have been made by a third party) of principal, interest, service charges or any other amount due to the Trustee, the Association or the Bank: (i) under the Trust Fund Credit Agreement; (ii) under any other trust fund credit grant agreement between the Borrower Recipient and the Trustee; , (iiiii) under any development credit agreement between the Borrower Recipient and the Association; , or (iviii) under any loan or guarantee agreement between the Borrower Recipient and the Bank. (b) The Borrower Recipient shall have failed to perform any other obligation under the Trust Fund Credit Grant Agreement. (c) The Trustee, the Association or the Bank shall have suspended in whole or in part the right of the Borrower Recipient to make withdrawals under any trust fund credit agreement with the Trustee, any development credit agreement with the Association or any loan agreement with the Bank, because of a failure by the Borrower Recipient to perform any of its obligations under such agreement. (d) As a result of events which have occurred after the date of the Trust Fund Credit Grant Agreement, an extraordinary situation shall have arisen which shall make it improbable that the Project can be carried out or that the Borrower Recipient will be able to perform its obligations under the Trust Fund Credit Grant Agreement. (e) The Borrower Recipient shall: (i) have been suspended from membership in or ceased to be a member of the Bank, or (ii) have ceased to be a member of the International Monetary Fund; (ii) have failed to become a member of the Bank and the Association by December 31, 1996 or such later date as may be agreed by the Trustee, or (iii) having become a member of the Bank and the Association, have ceased to be a member thereof;. (f) After the date of the Trust Fund Credit Grant Agreement and prior to the Effective Date, any event shall have occurred which would have entitled the Trustee to suspend the BorrowerRecipient’s right to make withdrawals from the Credit Grant Account if the Trust Fund Credit Grant Agreement had been effective on the date such event occurred. (g) A representation made by the BorrowerRecipient, in or pursuant to the Trust Fund Credit Grant Agreement, or any statement furnished in connection therewith, and intended to be relied upon by the Trustee in making the CreditGrant, shall have been incorrect in any material respect. (h) Any other event specified in the Trust Fund Credit Grant Agreement for the purposes of this Section shall have occurred. The right of the Borrower Recipient to make withdrawals from the Credit Grant Account shall continue to be suspended in whole or in part, as the case may be, until the event or events which gave rise to suspension shall have ceased to exist, unless the Trustee shall have notified the Borrower Recipient that the right to make withdrawals has been restored in whole or in part, as the case may be.

Suspension by the Trustee. If any of the following events of suspension shall have occurred and be continuing, the Trustee may, by notice to the BorrowerRecipient, suspend in whole or in part the right of the Borrower Recipient to make withdrawals from the Credit Grant Account: (a) The Borrower Recipient shall have failed to make payment (notwithstanding the fact that such payment may have been made by a third party) of principal, interest, service charges or any other amount due to the Trustee, the Association Trustee or the Bank: (i) under the Trust Fund Credit Agreement; (ii) under any other trust fund credit grant agreement between the Borrower Recipient and the Trustee; , (iiiii) under any development credit agreement between the Borrower Recipient and the Association; Trustee, or (iviii) under any loan or guarantee agreement between the Borrower Recipient and the Bank. (b) The Borrower Recipient shall have failed to perform any other obligation under the Trust Fund Credit Grant Agreement. (c) The Trustee, the Association or the Bank shall have suspended in whole or in part the right of the Borrower Recipient to make withdrawals under any trust fund credit agreement with the Trustee, any development credit agreement with the Association Trustee or any loan agreement with the Bank, because of a failure by the Borrower Recipient to perform any of its obligations under such agreement. (d) As a result of events which have occurred after the date of the Trust Fund Credit Grant Agreement, an extraordinary situation shall have arisen which shall make it improbable that the Project can be carried out or that the Borrower Recipient will be able to perform its obligations under the Trust Fund Credit Grant Agreement. (e) The Borrower Recipient shall: (i) have been suspended from membership in or ceased to be a member of the Bank, or (ii) have ceased to be a member of the International Monetary Fund; (ii) have failed to become a member of the Bank and the Association by December 31, 1996 or such later date as may be agreed by the Trustee, or (iii) having become a member of the Bank and the Association, have ceased to be a member thereof;. (f) After the date of the Trust Fund Credit Grant Agreement and prior to the Effective Date, any event shall have occurred which would have entitled the Trustee to suspend the BorrowerRecipient’s right to make withdrawals from the Credit Grant Account if the Trust Fund Credit Grant Agreement had been effective on the date such event occurred. (g) A representation made by the BorrowerRecipient, in or pursuant to the Trust Fund Credit Grant Agreement, or any statement furnished in connection therewith, and intended to be relied upon by the Trustee in making the CreditGrant, shall have been incorrect in any material respect. (h) Any other event specified in the Trust Fund Credit Grant Agreement for the purposes of this Section shall have occurred. The right of the Borrower Recipient to make withdrawals from the Credit Grant Account shall continue to be suspended in whole or in part, as the case may be, until the event or events which gave rise to suspension shall have ceased to exist, unless the Trustee shall have notified the Borrower Recipient that the right to make withdrawals has been restored in whole or in part, as the case may be.

Suspension by the Trustee. If any of the following events of suspension shall have occurred and be continuing, the Trustee may, by notice to the Borrower, suspend in whole or in part the right of the Borrower to make withdrawals from the Credit Account or the Grant Account: (a) The Borrower shall have failed to make payment (notwithstanding the fact that such payment may have been made by a third party) of principal, interest, service charges or any other amount due to the Trustee, the Association or the Bank: (i) under the Trust Fund Credit Agreement; , (ii) under any other trust fund credit agreement between the Borrower and the Trustee; , (iii) under any development credit agreement between the Borrower and the Association; Association or (iv) under any loan or guarantee agreement between the Borrower and the Bank. (b) The Borrower shall have failed to perform any other obligation under the Trust Fund Credit Agreement. (c) The Trustee, the Association or the Bank shall have suspended in whole or in part the right of the Borrower to make withdrawals under any trust fund credit agreement with the Trustee, any development credit agreement with the Association or any loan agreement with the Bank, because of a failure by the Borrower to perform any of its obligations under such agreement. (d) As a result of events which have occurred after the date of the Trust Fund Credit Agreement, an extraordinary situation shall have arisen which shall make it improbable that the Project can be carried out or that the Borrower will be able to perform its obligations under the Trust Fund Credit Agreement. (e) The Borrower shall: (i) have ceased to be a member of the International Monetary Fund; , (ii) have failed to become a member of the Bank and the Association by December 31, 1996 or such later date as may be agreed by the Trustee, or (iii) having become a member of the Bank and or the Association, have ceased to be a member thereof;. (f) After the date of the Trust Fund Credit Agreement and prior to the Effective Date, any event shall have occurred which would have entitled the Trustee to suspend the Borrower’s right to make withdrawals from the Credit Account or the Grant Account if the Trust Fund Credit Agreement had been effective on the date such event occurred. (g) A representation made by the Borrower, in or pursuant to the Trust Fund Credit Agreement, or any statement furnished in connection therewith, and intended to be relied upon by the Trustee in making the CreditCredit or the Grant, shall have been incorrect in any material respect. (h) Any other event specified in the Trust Fund Credit Agreement for the purposes of this Section shall have occurred. The right of the Borrower to make withdrawals from the Credit Account or the Grant Account shall continue to be suspended in whole or in part, as the case may be, until the event or events which gave rise to suspension shall have ceased to exist, unless the Trustee shall have notified the Borrower that the right to make withdrawals has been restored in whole or in part, as the case may be.

Suspension by the Trustee. If any of the following events of suspension shall have occurred and be continuing, the Trustee may, by notice to the Borrower, suspend in whole or in part the right of the Borrower to make withdrawals from the Credit Account: (a) The Borrower shall have failed to make payment (notwithstanding the fact that such payment may have been made by a third party) of principal, interest, service charges or any other amount due to the Trustee, the Association or the Bank: (i) under the Trust Fund Credit Agreement; , (ii) under any other trust fund credit agreement between the Borrower and the Trustee; , (iii) under any development credit agreement between the Borrower and the Association; , or (iv) under any loan or guarantee agreement between the Borrower and the Bank. (b) The Borrower shall have failed to perform any other obligation under the Trust Fund Credit Agreement. (c) The Trustee, the Association or the Bank shall have suspended in whole or in part the right of the Borrower to make withdrawals under any trust fund credit agreement with the Trustee, any development credit agreement with the Association or any loan agreement with the Bank, because of a failure by the Borrower to perform any of its obligations under such agreement. (d) As a result of events which have occurred after the date of the Trust Fund Credit Agreement, an extraordinary situation shall have arisen which shall make it improbable that the Project can be carried out or that the Borrower will be able to perform its obligations under the Trust Fund Credit Agreement. (e) The Borrower shall: (i) have ceased to be a member of the International Monetary Fund; , (ii) have failed to become a member of the Bank and the Association by December 31, 1996 or such later date as may be agreed by the Trustee, or (iii) having become a member of the Bank and the Association, have ceased to be a member thereof; (f) After the date of the Trust Fund Credit Agreement and prior to the Effective Date, any event shall have occurred which would have entitled the Trustee to suspend the Borrower’s right to make withdrawals from the Credit Account if the Trust Fund Credit Agreement had been effective on the date such event occurred. (g) A representation made by the Borrower, in or pursuant to the Trust Fund Credit Agreement, or any statement furnished in connection therewith, and intended to be relied upon by the Trustee in making the Credit, shall have been incorrect in any material respect. (h) Any other event specified in the Trust Fund Credit Agreement for the purposes of this Section shall have occurred. The right of the Borrower to make withdrawals from the Credit Account shall continue to be suspended in whole or in part, as the case may be, until the event or events which gave rise to suspension shall have ceased to exist, unless the Trustee shall have notified the Borrower that the right to make withdrawals has been restored in whole or in part, as the case may be.

Suspension by the Trustee. If any of the following events of suspension shall have occurred and be continuing, the Trustee may, by notice to the BorrowerRecipient, suspend in whole or in part the right of the Borrower Recipient to make withdrawals from the Credit Grant Account: (a) The Borrower Recipient shall have failed to make payment (notwithstanding the fact that such payment may have been made by a third party) of principal, interest, service charges or any other amount due to the Trustee, the Association or the Bank: (i) under the Trust Fund Credit Grant Agreement; , or (ii) under any other trust fund credit agreement Trust Fund Grant Agreement between the Borrower Recipient and the Trustee; (iii) under any development credit agreement between the Borrower and the Association; or (iv) under any loan or guarantee agreement between the Borrower and the Bank. (b) The Borrower Recipient shall have failed to perform any other obligation under the Trust Fund Credit Grant Agreement. (c) The Trustee, the Association Trustee or the Bank shall have suspended in whole or in part the right of the Borrower Recipient to make withdrawals under any trust fund credit grant agreement with the Trustee, any development credit agreement Trustee or with the Association or any loan agreement with the Bank, Bank because of a failure by the Borrower Recipient to perform any of its obligations under such agreement. (d) As a result of events which have occurred after the date of the Trust Fund Credit Grant Agreement, an extraordinary situation shall have arisen which shall make it improbable that the Project can be carried out or that the Borrower Recipient will be able to perform its obligations under the Trust Fund Credit Grant Agreement. (e) The Borrower shall: (i) have ceased to be a member of the International Monetary Fund; (ii) have failed to become a member of the Bank and the Association by December 31, 1996 or such later date as may be agreed by the Trustee, or (iii) having become a member of the Bank and the Association, have ceased to be a member thereof; (f) After the date of the Trust Fund Credit Grant Agreement and prior to the Effective Date, any event shall have occurred which would have entitled the Trustee to suspend the BorrowerRecipient’s right to make withdrawals from the Credit Grant Account if the Trust Fund Credit Grant Agreement had been effective on the date such event occurred. (gf) A representation made by the BorrowerRecipient, in or pursuant to the Trust Fund Credit Grant Agreement, or any statement furnished in connection therewith, and intended to be relied upon by the Trustee in making the CreditGrant, shall have been incorrect in any material respect. (g) The Recipient or any Project implementation entity shall, without the consent of the Trustee, have (i) assigned or transferred, in whole or in part, any of its obligations arising under the Trust Fund Grant Agreement; or (ii) sold, leased, transferred, assigned, or otherwise disposed of any property or assets financed wholly or in part out of the proceeds of the Grant, except with respect to transactions in the ordinary course of business which, in the opinion of the Trustee, (A) do not materially and adversely affect the ability of the Recipient to perform any of its obligations under the Trust Fund Grant Agreement or to achieve the objectives of the Project, or the ability of the Project implementation entity to perform any of its obligations arising under, or entered into pursuant to, the Trust Fund Grant Agreement, or to achieve the objectives of the Project; and (B) do not materially and adversely affect the financial condition or operation of the Project implementation entity. (h) Any Project implementation entity shall have ceased to exist in the same legal form as that prevailing as of the date of the Trust Fund Grant Agreement. (i) Any action shall have been taken for the dissolution, disestablishment or suspension of operations of any Project implementation entity. (j) In the opinion of the Trustee, the legal character, ownership or control of any Project implementation entity shall have changed from that prevailing as of the date of the Trust Fund Grant Agreement so as to materially and adversely affect: (i) the ability of the Recipient to perform any of its obligations under the Trust Fund Grant Agreement or to achieve the objectives of the Project; or (ii) the ability of the Project implementation entity to perform any of its obligations arising under, or entered into pursuant to, the Trust Fund Grant Agreement, or to achieve the objectives of the Project. (k) Any other event specified in the Trust Fund Credit Grant Agreement for the purposes of this Section shall have occurred. The right of the Borrower Recipient to make withdrawals from the Credit Grant Account shall continue to be suspended in whole or in part, as the case may be, until the event or events which gave rise to suspension shall have ceased to exist, unless the Trustee shall have notified the Borrower Recipient that the right to make withdrawals has been restored in whole or in part, as the case may be.

Suspension by the Trustee. If any of the following events of suspension shall have occurred and be continuing, the Trustee may, by notice to the Borrower, suspend in whole or in part the right of the Borrower to make withdrawals from the Credit Account: (a) The Borrower shall have failed to make payment (notwithstanding the fact that such payment may have been made by a third party) of principal, interest, service charges or any other amount due to the Trustee, ; the Association or the Bank: (i) under the Trust Fund Credit Agreement; (ii) under any other trust fund credit agreement between the Borrower and the Trustee; (iii) under any development credit agreement between the Borrower and the Association; or (iv) under any loan or guarantee agreement between the Borrower and the Bank. (b) The Borrower shall have failed to perform any other obligation under the Trust Fund Credit Agreement. (c) The Trustee, the Association or the Bank shall have suspended in whole or in part the right of the Borrower to make withdrawals under any trust fund credit agreement with the Trustee, any development credit agreement with the Association or any loan agreement with the Bank, because of a failure by the Borrower to perform any of its obligations under such agreement. (d) As a result of events which have occurred after the date of the Trust Fund Credit Agreement, an extraordinary situation shall have arisen which shall make it improbable that the Project can be carried out or that the Borrower will be able to perform its obligations under the Trust Fund Credit Agreement. (e) The Borrower shall: (i) have ceased to be a member of the International Monetary Fund; (ii) have failed to become a member of the Bank and the Association by December 31, 1996 or such later date as may be agreed by the Trustee, ; or (iii) having become a member of the Bank and the Association, have ceased to be a member thereof;. (f) After the date of the Trust Fund Credit Agreement and prior to the Effective Date, any event shall have occurred which would have entitled the Trustee to suspend the Borrower’s right to make withdrawals from the Credit Account if the Trust Fund Credit Agreement had been effective on the date such event occurred. (g) A representation made by the Borrower, in or pursuant to the Trust Fund Credit Agreement, or any statement furnished in connection therewith, and intended to be relied upon by the Trustee in making the Credit, shall have been incorrect in any material respect. (h) Any other event specified in the Trust Fund Credit Agreement for the purposes of this Section shall have occurred. The right of the Borrower to make withdrawals from the Credit Account shall continue to be suspended in whole or in part, as the case may be, until the event or events which gave rise to suspension shall have ceased to exist, unless the Trustee shall have notified the Borrower that the right to make withdrawals has been restored in whole or in part, as the case may be.