Suspension of Disbursements. The Bank, by written notice to the Borrower, may suspend disbursements if any of the following circumstances occurs and so long as it continues:
(a) Delay in the payment of any sums owed by the Borrower to the Bank for principal, fees, interest, return of resources of the Loan used for ineligible expenditures, or for any other reason, under this Contract or any other contract entered into between the Bank and the Borrower, including another loan contract or Derivative Contract.
(b) Nonfulfillment by the Guarantor, if any, of any payment obligation set forth in the Guarantee Contract; any other contract entered into between the Guarantor, as Guarantor, and the Bank; or any Derivative Contract entered into with the Bank.
(c) Noncompliance by the Borrower, the Guarantor, if any, or the Executing Agency, as the case may be, of any other obligation set forth in any contract entered into with the Bank for the financing of the Project, including this Contract, the Guarantee Contract, or any Derivative Contract entered into with the Bank, as well as noncompliance by the Borrower or the Executing Agency, as the case may be, with any contract they enter into for the execution of the Project.
(d) Withdrawal or suspension from membership in the Bank of the country in which the Project is to be executed.
(e) When, in the opinion of the Bank, the objective of the Project or the Loan may be adversely affected or the execution of the Project may be improbable owing to:
(i) any restriction, modification, or alteration of the legal capacity, functions, or assets of the Borrower or the Executing Agency, as the case may be; or (ii) any modification or change made without the written concurrence of the Bank of any condition fulfilled before the approval of the Loan by the Bank.
(f) Any extraordinary circumstance which, in the opinion of the Bank: (i) makes it unlikely that the Borrower, the Executing Agency, or the Guarantor, as the case may be, will be able to fulfill the obligations established in this Contract or the Guarantee Contract, respectively; or (ii) prevents the fulfillment of the Project’s development objectives.
(g) Whenever the Bank determines that an employee, agent, or representative of the Borrower, the Executing Agency, or the Contracting Agency, as the case may be, has engaged in a Prohibited Practice in connection with the Project.
Suspension of Disbursements. The Bank, by written notice to the Borrower, may suspend disbursements if any of the following circumstances occurs and so long as it continues:
(a) Delay in the payment of any sums owed by the Borrower to the Bank for principal, fees, interest, return of Advances of Funds or for any other reason, under this Contract or any other Loan Contract entered into between the Bank and the Borrower.
(b) Nonfulfillment by the Borrower of any other obligation set forth in this Contract or in any other Contract entered into with the Bank for the Financing of the Project.
(c) Withdrawal or suspension from membership in the Bank of the country in which the Project is to be executed.
(d) The Project or the purposes of the Financing may be affected by: (i) any restriction, modification or alteration of the legal capacity, functions or assets of the Borrower or the Executing Agency; or (ii) any modification or change made without the written concurrence of the Bank of the basic conditions fulfilled before the approval of the Resolution authorizing the Financing or the signature of the Contract. In such cases, the Bank will have the right to require the Borrower and the Executing Agency to provide reasoned and detailed information. Only after hearing the Borrower or the Executing Agency and weighing the information or clarification received, or if the Borrower and the Executing Agency fail to respond, may the Bank suspend disbursements if it considers that the modifications made affect the Project substantially and unfavorably or make its execution impossible.
(e) The non-compliance on the part of the Guarantor, if any, of any obligation set forth in the Guarantee Contract.
(f) When the Borrower is not a member country, any extraordinary circumstance which, in the opinion of the Bank, makes it unlikely that the Borrower will be able to comply with the obligations established in this Contract or to fulfill the purposes for which it was entered into.
(g) If it is determined at any stage that evidence is sufficient to support a finding that an employee, agent, or representative of the Borrower, Executing Agency or Contracting Agency, has engaged in a Prohibited Practice during a bidding process, negotiation of a contract, or the execution of a contract.
Suspension of Disbursements. 1. The Financial Mechanism Committee may decide to suspend disbursements of the Grant if:
(a) the conditions for disbursement in accordance with Article 4.2 have not been met,
(b) credible information indicates that the implementation or the progress of the Project does not correspond to the Project Implementation Plan or is not in compliance with the Grant Agreement,
(c) reports referred to in Article 3.5 or any other information requested has not been provided or include incomplete information,
(d) access required under Chapter 6 is restricted,
(e) the financial management of the Project has not been in accordance with internationally recognised accounting principles,
(f) it becomes aware of suspected or actual cases of irregularities or fraud, or if such cases have not been adequately reported, investigated or remedied,
(g) the implementation of the Project is deemed to be in violation of Community law,
(h) a fundamental change of circumstances occurs and said circumstances constitute an essential basis for the Grant Agreement or the contribution from the EEA Financial Mechanism 2004-2009 to the Project,
(i) it becomes aware of any misrepresentation of facts in any information given by or on behalf of the Focal Point affecting, directly or indirectly the implementation of the Grant Agreement,
(j) interests generated on the designated bank account of the Paying Authority have not been accounted for according to Article 3.2 of the Disbursement Guidelines,
(k) an adjustment of the Grant is required in order to comply with the grant rate referred to in this Grant Agreement or the requirements referred to in Article 3.2 of the Rules and Procedures, or
(l) any other obligation stipulated in the Grant Agreement is not complied with by the Focal Point.
2. If possible, the Focal Point shall be given an opportunity to provide its views before the Financial Mechanism Committee takes a decision to suspend disbursements.
3. The decision to suspend disbursements shall be reasoned and immediately effective. The Focal Point shall be notified as soon as possible but no later than 7 workings days from the date of the decision.
4. The Focal Point can at any time present documents or other evidence showing that the conditions in paragraph 1 (a) to (l) no longer apply or do not justify suspension of disbursements, and request that the Financial Mechanism Committee reviews its decision to suspend payments.
5. When the Financial Mechanism Committee finds that the conditions d...
Suspension of Disbursements. The Bank, by written notice to the Borrower, may suspend disbursements if any of the following circumstances occurs and so long as it continues:
(a) Delay in the payment of any sums owed by the Borrower to the Bank for principal, fees, interest, return of Advances of Funds or for any other reason, under this Contract or any other contract entered into between the Bank and the Borrower, including another Loan Contract or Derivatives Contract.
Suspension of Disbursements. Notwithstanding anything herein to the contrary, the City shall not be obligated to disburse any monies under the Grant after the Cutoff Date, and no disbursements shall be made under the Grant for any purpose without the written consent of the City Manager during any period as to which an event of default hereunder shall exist nor during any period as to which either Lexington County, JEDA or any agency of the State shall have notified the Grantee that disbursements under the Term Loan have been terminated or suspended. It shall be within the sole discretion of the City to determine whether an event of default hereunder or a cessation of disbursements under the Term Loan will give rise to termination of this Agreement or whether the City will resume advances hereunder.
Suspension of Disbursements. The Trustee and the Bank shall not be obligated to approve of any disbursement which is requested pursuant to Section 1 above, which otherwise would be subject to such approval, if at that time, any of the following have occurred or are occurring:
(a) Any Event of Default under the Agreement; (b) Any occurrence which, solely with the passage of time or the giving of notice (or both), would be such an Event of Default; (c) Substantial suspension of the prosecution of the Project to completion for a period of thirty (30) or more consecutive days, other than by reason of strike, fire, Act of God, or other cause beyond the control of the Borrower; (d) Determination by the Trustee or the Bank that the then remaining principal balance of the Project Fund is not sufficient to cover the costs to be incurred to complete the Project.
Suspension of Disbursements. The Bank, by written notice to the Beneficiary, may suspend disbursements if any of the following circumstances occurs and so long as it continues:
(a) Non-fulfillment by the Beneficiary of any other obligation set forth in this Agreement or in any other Contract entered into with the Bank for the financing of the Project.
(b) Withdrawal or suspension from membership in the Bank of the country in which the Project is to be executed.
(c) The Project or the purposes of the Contribution may be affected by: (i) any restriction, modification or alteration of the legal capacity, functions or assets of the Beneficiary or the Executing Agency; or (ii) any modification or change made without the written concurrence of the Bank of the basic conditions fulfilled before the approval of the Resolution authorizing the Contribution or the signature of this Agreement. In such cases, the Bank will have the right to require the Beneficiary to provide reasoned and detailed information. Only after hearing the Beneficiary and weighing the information or clarification received, or if the Beneficiary fail to respond, may the Bank suspend disbursements if it considers that the modifications made affect the Project substantially and unfavorably or make its execution impossible.
(d) When the Beneficiary is not a member country, any extraordinary circumstance which, in the opinion of the Bank, makes it unlikely that the Beneficiary will be able to comply with the obligations established in this Agreement or to fulfill the purposes for which it was entered into.
(e) If it is determined, in accordance with the sanctions procedures of the Bank, that an employee, agent, or representative of the Beneficiary, Executing Agency or Contracting Agency, has engaged in a Prohibited Practice during the procurement process or during the execution of a contract.
(f) In the event of suspension and/or termination of the Contribution Agreement entered into Between the Bank and the European Union referred to in the Special Conditions of this Agreement.
Suspension of Disbursements. 1. The PP shall accept the right of the PO to take the necessary measures to investigate and remedy any deficiencies/irregularities in the Project implementation.
2. The PP shall confirm and accept the right of the FMC to suspend disbursement of the Grant under terms of the Articles 12.1 and 12.6 of the Regulation and Article 5.2 of the Programme Agreement, in case of deficiencies in the Project implementation that are not remedied.
3. Suspension due to deficiencies in the Project shall be proportionate to the scope and extent of the breach.
4. The PP/PO can present documents or other relevant evidence and request that the FMC reviews its decision to suspend payments.
5. When the FMC finds that the conditions for suspension no longer apply, it shall take a decision to continue payments.
Suspension of Disbursements. A.I.D. may suspend disbursements into the Dollar Separate Account upon prompt written notice to the Grantee if either (a) the Grantee is not in compliance with the terms and conditions of this Agreement, or (b) such disbursements would be in violation of any law or regulation governing A.I.D. Such a suspension will not affect the responsibilities of either party with respect to any portion of the Grant disbursed before the suspension.
Suspension of Disbursements. In the event any material environmental, building, subdivision, use, zoning or other permits relating to the Premises or the construction or operation of the Project are revoked, rescinded, suspended or materially adversely affected by any preliminary or final injunction or decision by any court or other body issuing such permit or otherwise having jurisdiction, PIDA may refuse to make further advances under this Agreement until the matter is resolved to PIDA's reasonable satisfaction, whether or not PIDA has declared an Event of Default hereunder or such revocation, rescission, suspension, or material adverse effect would comprise an Event of Default hereunder.
