Continuing Project undertakings. The Borrower shall, and ensure that the Promoter shall (as applicable):
(a) Maintenance: maintain, repair, overhaul and renew all property forming part of the Project as required to keep it in good working order;
(b) Project assets: unless the Bank shall have given its prior consent in writing retain title to and possession of all or substantially all the assets comprising the Project or, as appropriate, replace and renew such assets and maintain the Project in substantially continuous operation in accordance with its original purpose; the Bank may withhold its consent only where the proposed action would prejudice the Bank's interests as lender to the Borrower or would render the Project ineligible for financing by the Bank under its Statute or under article 309 of the Treaty on the Functioning of the European Union;
(c) Insurance: insure all works and property forming part of the Project with first class insurance companies in accordance with the most comprehensive relevant industry practice;
Continuing Project undertakings. The Borrower shall, and ensure that the Promoter shall (as applicable):
Continuing Project undertakings. So long as the Loan is outstanding, the Borrower shall:
(i) Maintenance: maintain, repair, overhaul and renew all property forming part of the Project as required to keep it in good working order;
(ii) Project assets: unless the Bank shall have given its prior consent in writing, retain title to and possession of all or substantially all the assets comprising the Project or, as appropriate, replace and renew such assets and maintain the infrastructure forming part of the Project in continuous operation in accordance with its original purpose; provided that the Bank may withhold its consent only where the proposed action would prejudice the Bank's interests as lender to the Borrower or would render the Project ineligible for financing by the Bank under the Statute or under Article 267 of the Treaty of Rome;
(iii) Insurance: insure all works and property forming part of the Project with first class insurance companies in accordance with the most comprehensive relevant industry practice;
(iv) Rights and Permits: maintain in force all rights of way or use and all permits necessary for the execution and operation of the Project; and
(v) Environment and EU law:
a) Environment: implement and operate the Project in conformity with those laws of the European Union and the Republic of Croatia save for any derogation made by the Bank for the purpose of this Contract, as well as applicable international treaties, of which a principal objective is the preservation, protection or improvement of the Environment; for which purpose ‘‘Environment’’ means the following, in so far as they affect human well-being: (a) fauna and flora; (b) soil, water, air, climate and landscape; and (c) cultural heritage and the built environment; and
b) undertake to ensure that:
(i) all approvals by, and authorisations from, the competent environmental authorities in the Republic of Croatia required for the purpose of Article 6.05 (v) (a) will be secured and maintained;
(ii) the Project will not have significant negative effects on any site of nature conservation importance and that no materials or substances which could have adverse effects on the environment will be used or disposed of in the construction and, so long as the Loan is outstanding, the operation and maintenance of the Project; and (iii) so long as the Loan is outstanding, all maintenance and rehabilitation works which may be required by the competent environmental authorities will be carried out on the facilities of the Projec...
Continuing Project undertakings. The Borrower shall, and ensure that the Promoter shall (as applicable): Maintenance: maintain, repair, overhaul and renew all property forming part of the Project as required to keep it in good working order; Project assets: unless the Bank shall have given its prior consent in writing retain title to and possession of all or substantially all the assets comprising the Project or, as appropriate, replace and renew such assets and maintain the Project in substantially continuous operation in accordance with its original purpose; the Bank may withhold its consent only where the proposed action would prejudice the Bank's interests as lender to the Borrower or would render the Project ineligible for financing by the Bank under its Statute or under article 309 of the Treaty on the Functioning of the European Union; Insurance: insure all works and property forming part of the Project with first class insurance companies in accordance with the most comprehensive relevant industry practice; Rights and Permits: maintain in force all rights of way or use and all Authorisations necessary for the execution and operation of the Project; Environment and Social: implement and operate the Project in compliance with Environmental and Social Standards; and obtain, maintain and comply with requisite Environmental or Social Approvals for the Project; EU law: execute and operate the Project in accordance with the relevant laws of Republic of Serbia and the relevant standards of EU law, save for any general derogation made by the European Union; and Accounts: ensure that the Promoter requests any disbursements from the Borrower, and the Borrower makes any payments to the Promoter in relation with the Project to a bank account in the name of the Promoter held with a duly authorised financial institution in the jurisdiction where the Promoter is located or where the Project is undertaken by the Promoter.
Continuing Project undertakings. So long as the Loan is outstanding, the Promoter shall:
1. Maintenance: maintain, repair, overhaul and renew all works and property forming part of the Project as required to keep it in good working order and secure adequate funds for the said purposes;
2. Project assets: unless the Bank shall have given its prior consent in writing, retain title to and possession of all or substantially all the assets comprising the Project or, as appropriate, replace and renew such assets and maintain the Project in substantially continuous operation in accordance with its original purpose; provided that the Bank may withhold its consent only where the proposed action would prejudice the Bank's interests as lender to the Borrower or would render the Project ineligible for financing by the Bank under the Statute or under Article 267 of the Treaty of Rome; and
3. Insurance: insure all works and property forming part of the Project with first class insurance companies in accordance with the most comprehensive relevant industry practice;
4. Rights and permits: maintain in force all rights of way or use and all permits necessary for the execution and operation of the Project; and
5. Environment: implement and operate the Project in conformity with those laws of the European Union to the extent implemented by the law of the Republic of Serbia or specified by the Bank prior to the date of this Contract, as well as applicable international treaties, of which a principal objective is the preservation, protection or improvement of the Environment; for which purpose ‘‘Environment’’ means the following: (a) human living conditions; (b) fauna and flora; (c) soil, water, air, climate and the landscape; and (d) cultural heritage and the built environment; and includes working conditions of workers engaged on the Project and its social effects; and
6. General law: execute and operate the Project with the aim of conforming to the principles of EU law directly applicable to the Borrower and the Project, as implemented in the laws of the Borrower.
Continuing Project undertakings. The Borrower shall cause the Final Beneficiary to:
(a) Maintenance: maintain, repair, overhaul and renew all property forming part of the relevant Sub-Project as required to keep it in good working order. In case of schemes of the Project generating significant addi- tional operation and maintenance cost, the MRDFWM shall include terms in its financing agreement with the Final Be- neficiary aimed at ensuring operational sustainability and an appropriate level of cost recovery;
(b) Project assets: unless the Bank shall have given its prior consent in writing, retain title to and possession of all or substantially all the assets comprising the re- levant Sub-Project or, as appropriate, replace and renew such assets and maintain the relevant Sub-Project in substantially continuous operation in accordance with its original purpose; provided that the Bank may with- hold its consent only where the proposed action would prejudice the Bank’s interests as lender to the Borrower or would render the Project ineligible for financing by the Bank under its Statute or under Article 309 of the Treaty on the Functioning of the European Union;
(c) Insurance: insure all works and property forming part of the relevant Sub-Project to the satisfaction of the Bank in accordance with normal practice for similar works of public interest in Croatia;
Continuing Project undertakings. The Borrower shall, and shall ensure that the Promoters will: implement and operate the Project in compliance with Environmental and Social Standards; and; obtain, maintain and comply with requisite Environmental Approvals for the Project;
Continuing Project undertakings. The Borrower shall: Maintenance: maintain, repair, overhaul and renew all property forming part of the Project as required to keep it in good working order; Project assets: unless the Bank shall have given its prior consent in writing retain title to and possession of all or substantially all the assets comprising the Project or, as appropriate, replace and renew such assets and maintain the Project in substantially continuous operation in accordance with its original purpose; provided that the Bank may withhold its consent only where the proposed action would prejudice the Bank's interests as lender to the Borrower or would render the Project ineligible for financing by the Bank under its Statute or under article 309 of the Treaty on the Functioning of the European Union; Insurance: insure all works and property forming part of the Project with first class insurance companies in accordance with the most comprehensive relevant industry practice; Rights and Permits: maintain in force all rights of way or use and all Authorisations necessary for the execution and operation of the Project; and Environment: implement and operate the Project in compliance with Environmental Law; obtain and maintain requisite Environmental Approvals for the Project; and comply with any such Environmental Approvals. Integrity: take, within a reasonable timeframe, appropriate measures in respect of any member of its management bodies who has been convicted by a final and irrevocable court ruling of a Criminal Offence perpetrated in the course of the exercise of his/her professional duties, in order to ensure that such member is excluded from any Borrower’s activity in relation to the Loan or the Project; Integrity Audit Rights: ensure that all contracts under the Project to be procured after the date of signature of this Contract in accordance with EU Directives on procurement provide for: the requirement that the relevant contractor promptly informs the Bank of a genuine allegation, complaint or information with regard to Criminal Offences related to the Project; the requirement that the relevant contractor keeps books and records of all financial transactions and expenditures in connection with the Project; and the Bank’s right, in relation to an alleged Criminal Offence, to review the books and records of the relevant contractor in relation to the Project and to take copies of documents to the extent permitted by law.
Continuing Project undertakings. The Borrower shall: