Disbursement. 3.1 Requesting disbursements. As soon as all conditions precedent to disbursement pursuant to Article 3.3 (Conditions precedent to disbursement) hereof are fulfilled, KfW will disburse the Loan in accordance with the progress of the Programme and upon request of the Borrower, in this regard represented by the MCTI. Disbursements will be made in accordance with the Disbursement Schedule contained in Annex 1 (Disbursement Schedule) to this Loan Agreement. KfW will make disbursements only up to the maximum amounts determined for each disbursement period specified in Annex 1. To the extent the Borrower requests disbursement of lower amounts within any such period the undisbursed amounts may be requested in any of the next ensuing periods. With the exception of the last disbursement, KfW is not obligated to make disbursements of less than EUR 200,000.00. 3.2 Deadline for requesting disbursements. KfW has the right to refuse to make disbursements after 30 June 2026. KfW and the Borrower may agree on an extension of this deadline in writing by way of an exchange of letters. 3.3 Conditions precedent to disbursement. KfW is obligated to make disbursements under this Loan Agreement only if the following conditions precedent have been fulfilled in a manner satisfactory to KfW in form and substance: a) The Borrower will have demonstrated to the satisfaction of KfW, by presenting a legal opinion the content of which is essentially in conformity with the specimen in Annex 2 (Form of Legal Opinion of the Ministry of Justice of the Republic of Serbia) hereof and by presenting certified copies (each with an official translation into the language of this Loan Agreement) of all documents to which such legal opinion refers, that the Loan Agreement is legally effective and enforceable and, in particular, that (i) the Borrower has met all requirements under its constitutional law and other applicable legal provisions for the valid assumption of all its obligations under this Loan Agreement, and (ii) KfW is exempted from all taxes on income from interest earnings and all levies, commissions and similar costs in the Republic of Serbia when granting the Loan; b) KfW is in possession of an original of this Loan Agreement and the Separate Agreement, each signed with legally binding force; c) the specimen signatures mentioned in Article 13.1 (Representation of the Borrower) hereof have been received by KfW;
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement
Disbursement. 3.1 Requesting disbursements. As soon as all conditions precedent to disbursement pursuant to Article 3.3 (Conditions precedent to disbursement) hereof are fulfilled, KfW will disburse the Loan in accordance with the progress of the Programme Project and upon request of the Borrower, in this regard represented by Borrower through the MCTIProject Coordinating Agency. Disbursements will be made in accordance with the Disbursement Schedule contained in Annex 1 (Disbursement Schedule) to this Loan Agreement. KfW will make disbursements only up to the maximum amounts determined for each disbursement period specified in Annex 1. To the extent the Borrower through the Project Coordinating Agency requests disbursement of lower amounts within any such period the undisbursed amounts may be requested in any of the next ensuing periods. With the exception of the last disbursement, KfW is not obligated to make disbursements of less than EUR 200,000.00300,000.00.
3.2 Deadline for requesting disbursements. KfW has the right to refuse to make disbursements after 30 June 202631 March, 2025. KfW and the Borrower may agree on an extension of this deadline in writing by way of an exchange of letters.
3.3 Conditions precedent to disbursement. KfW is obligated to make disbursements under this Loan Agreement only if the following conditions precedent have been fulfilled in a manner satisfactory to KfW in form and substance:
a) The Borrower will have demonstrated to the satisfaction of KfW, by presenting a legal opinion the content of which is essentially in conformity with the specimen in Annex 2 (Form of Legal Opinion of the Ministry of Justice of the Republic of Serbia) hereof and by presenting certified copies (each with an official translation into the language of this Loan Agreement) of all documents to which such legal opinion refers, that the Loan Agreement is legally effective and enforceable and, in particular, that (i) the Borrower has met all requirements under its constitutional law and other applicable legal provisions for the valid assumption of all its obligations under this Loan Agreement, and (ii) KfW is exempted from all taxes on income from interest earnings and all levies, commissions and similar costs in the Republic of Serbia when granting the Loan;
b) KfW is in possession of an original of this Loan Agreement and the Separate Agreement, each signed with legally binding force;
c) the specimen signatures mentioned in Article 13.1 (Representation of the Borrower) hereof have been received by KfW;
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement
Disbursement. 3.1 Requesting disbursements. As soon as all conditions precedent to disbursement pursuant to Article 3.3 (Conditions precedent to disbursement) hereof are fulfilled, KfW will disburse the Loan in accordance with the progress of the Programme and upon request of the Borrower, in this regard represented by the MCTI. Disbursements will be made in accordance with the Disbursement Schedule disbursement schedule contained in Annex 1 (Disbursement Schedule) to this Loan Agreement. KfW will make disbursements only up to the maximum amounts determined for each disbursement period specified in Annex 1half-year. To the extent the Borrower requests disbursement of lower amounts within any such period half-year the undisbursed amounts may be requested in any of the next ensuing half-year periods. With the exception of the last disbursement, KfW is not obligated to make disbursements of less than EUR 200,000.0010,000.00.
3.2 Deadline for requesting disbursements. KfW has the right to may refuse to make disbursements after 30 June 2026December 2021. If the execution of the Programme is delayed, KfW will examine after prior consultation with the Borrower whether and under what conditions this deadline may be extended. In such case KfW and the Borrower may agree by means of an exchange of letters on an extension of this deadline in writing by way of an exchange of lettersthe deadline.
3.3 Conditions precedent to disbursement. KfW is obligated to make disbursements under this Loan Agreement only if the following conditions precedent have been fulfilled in a manner satisfactory to KfW in form and substance:
a) The Borrower will have demonstrated to the satisfaction of KfW, by presenting a legal opinion the content of which is essentially in conformity with the specimen in Annex 2 (Form of Legal Opinion of the Ministry of Justice of the Republic of Serbia) hereof and by presenting certified copies (each with an official translation into the language of this Loan Agreement) of all documents to which such legal opinion Legal Opinion refers, that the Loan Agreement is legally effective and enforceable and, in particular, that (i) the Borrower has met all requirements under its constitutional law and other applicable legal provisions for the valid assumption of all its obligations under this Loan Agreement, and (ii) KfW is exempted from all taxes on income from interest earnings and all levies, commissions and similar costs in the Republic of Serbia when granting the Loan;
b) KfW is in possession of an original of this Loan Agreement and the Separate AgreementAgreements, each signed with legally binding force;
c) the specimen signatures mentioned in Article 13.1 (Representation of the Borrower) hereof have been received by KfW;
d) the Guarantee from the Federal Republic of Germany mentioned in Article 8 is in force and effect without any restriction. KfW will inform the Borrower once the Guarantee has been issued. The form of confirmation letter to be provided by KfW will be enclosed as Annex 3 to this Loan Agreement;
e) the Borrower has paid the Management Fee set forth in Article 4.2 hereof;
f) no reason for termination pursuant to Article 12.1 has occurred, nor has an incident occurred that would become a reason for termination pursuant to Article 12.1 by notification or expiration or ascertainment or fulfilment of a condition (potential reason for termination);
g) no extraordinary circumstances have arisen that preclude or seriously jeopardise the implementation, the operation, or the purpose of the Programme, or the performance of the payment obligations assumed by the Borrower under this Loan Agreement and
h) the Borrower through the MCTI has submitted certified translations of the Trilateral Contracts mentioned in Article 2.2. KfW has the right prior to any disbursement from the Loan to demand such further documents and evidence as it deems necessary at its discretion (acting reasonably) to ascertain the conditions precedent for disbursement specified in this section. 3.4 Details of the disbursement procedure. The Borrower, through the MCTI each Municipalitiy, its Project Executing Agency and KfW will determine the details of the disbursement procedure, including specific conditions precedent to disbursement by the Separate Agreements and, in particular, the evidence that has to be furnished by the Borrower through the MCTI proving that the requested Loan amounts are being used for the agreed purpose and investments.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement
Disbursement. 3.1 Requesting disbursements2.1 Request for disbursement. As soon as all conditions precedent to disbursement pursuant to Article 3.3 (Conditions precedent to disbursement) hereof 2.3 are fulfilled, KfW will disburse the Loan in accordance with the progress of the Programme and Project upon request of the Borrower, in this regard represented by the MCTI. Disbursements Disbursement will be made effected in accordance with the Disbursement Schedule disbursement schedule contained in Annex 1 (Disbursement Schedule) to this Loan Agreement. KfW will make disbursements only up to the maximum amounts determined for each disbursement period specified in Annex 1half-year. To the extent the Borrower requests disbursement of lower amounts within any such period half-year the undisbursed amounts may be requested in any of the next ensuing periodssubsequent half-year period. With the exception of the last disbursement, KfW is not obligated to make effect disbursements in an amount of less than EUR 200,000.00150,000.-.
3.2 2.2 Deadline for requesting disbursementsdisbursement. KfW has the right to refuse to make may deny disbursements after 30 June 2026. KfW and the Borrower may agree on an extension of this deadline in writing by way of an exchange of letters30.12.2017.
3.3 2.3 Conditions precedent Precedent to disbursementDisbursement. KfW is obligated to make disbursements of any amount under this Loan Agreement only if upon fulfillment of the following conditions precedent have been fulfilled in a manner satisfactory to KfW in form and substancecontent acceptable to KfW:
a) The the Borrower will have demonstrated to the satisfaction of KfW, by presenting a legal opinion substantially in the content of which is essentially in conformity with the specimen form set forth in Annex 2 (Form of Legal Opinion of the Ministry of Justice of the Republic of Serbia) hereof 3 and by presenting certified copies (each with an official translation into the language of this Loan Agreementa German or English translation) of all documents to which such this legal opinion refers, refers that the Loan Agreement is legally effective and enforceable and, in particular, that (iaa) the Borrower has met fulfilled all requirements under its constitutional law and other applicable legal provisions for the valid assumption of all its obligations under this Loan Agreement, and (iibb) KfW is exempted from all taxes on income from interest earnings and all leviesinterest, commissions charges, fees and similar costs in the Republic Repubic of Serbia when granting the Loan;
b) KfW is in possession of has received an executed original of this Loan Agreement and the Separate Agreement, each signed with legally binding force;
c) the specimen signatures mentioned in Article 13.1 12.1 (Representation of the Borrower) hereof have been received submitted;
d) the Guarantee from the Federal Republic of Germany mentioned in Article 7 is in force and effect without any restriction.
e) the Borrower has paid the management fee mentioned in Article 3.2;
f) no reason for termination has occurred or is threatening; and
g) no extraordinary circumstances have arisen that preclude or seriously jeopardise the implementation, the operation, or the purpose of the Project, or the performance of the payment obligations assumed by KfW;the Borrower under this Loan Agreement. Prior to disbursement from the Loan KfW has the right to demand such further documents and evidence as it reasonably deems necessary.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement
Disbursement. 3.1 Requesting disbursements. As soon as all conditions precedent to disbursement pursuant to Article 3.3 (Conditions precedent to disbursement) hereof are fulfilled, KfW will disburse the Loan in accordance with the progress of the Programme Project and upon request of the Borrower, in this regard represented by Borrower through the MCTIProject Coordinating Agency. Disbursements will be made in accordance with the Disbursement Schedule contained in Annex 1 (Disbursement Schedule) to this Loan Agreement. KfW will make disbursements only up to the maximum amounts determined for each disbursement period specified in Annex 1. To the extent the Borrower through the Project Coordinating Agency requests disbursement of lower amounts within any such period the undisbursed amounts may be requested in any of the next ensuing periods. With the exception of the last disbursement, KfW is not obligated to make disbursements of less than EUR 200,000.00250,000.00.
3.2 Deadline for requesting disbursements. KfW has the right to refuse to make disbursements after 30 June 202630.12.2024. KfW and the Borrower may agree on an extension of this deadline in writing by way of an exchange of letters.
3.3 Conditions precedent to disbursement. KfW is obligated to make disbursements under this Loan Agreement only if the following conditions precedent have been fulfilled in a manner satisfactory to KfW in form and substance:
a) The Borrower will have demonstrated to the satisfaction of KfW, by presenting a legal opinion the content of which is essentially in conformity with the specimen in Annex 2 (Form of Legal Opinion of the Ministry of Justice of the Republic of Serbia) hereof and by presenting certified copies (each with an official translation into the language of this Loan Agreement) of all documents to which such legal opinion refers, that the Loan Agreement is legally effective and enforceable and, in particular, that (i) the Borrower has met all requirements under its constitutional law and other applicable legal provisions for the valid assumption of all its obligations under this Loan Agreement, and (ii) KfW is exempted from all taxes on income from interest earnings and all levies, commissions and similar costs in the Republic of Serbia when granting the Loan;
b) KfW is in possession of an original of this Loan Agreement and the Separate Agreement, each signed with legally binding force;
c) the specimen signatures mentioned in Article 13.1 (Representation of the Borrower) hereof have been received by KfW;
d) the guarantee from the Federal Republic of Germany mentioned in Article 8 (Guarantee from the Federal Republic of Germany) is in force and effect without any restriction. KfW will inform the Borrower once such guarantee is in force and effect. The form of confirmation letter to be provided by KfW is enclosed as Annex 3 to this Loan Agreement.
e) the Borrower has paid the Management Fee set forth in Article 0
f) no reason for termination has occurred, nor has an incident occurred that would become a cause for termination by notification or expiration or ascertainment or fulfilment of a condition (potential reason for termination);
g) no extraordinary circumstances have arisen that preclude or seriously jeopardise the implementation, the operation, or the purpose of the Project, or the performance of the payment obligations assumed by the Borrower under this Agreement;
h) KfW has received a certified English translation of the Trilateral Agreements in accordance with Article 2.2 hereof. Prior to the first disbursement and any further disbursements a copy of further Trilateral Agreements in accordance with Article 2.2 hereof has been received by KfW. This condition shall not apply to disbursements exclusively related to the Engineering Services. KfW has the right prior to any disbursement from the Loan to demand such further documents and evidence as it deems necessary at its discretion (acting reasonably in accordance with regulations and policies applicable to KfW and/or international banking practise) to ascertain the conditions precedent for disbursement specified in this section. 3.4 Details of the disbursement procedure. The Borrower in this respect represented by the Project Coordinating Agency and KfW will determine the details of the disbursement procedure by the Separate Agreement and, in particular, the evidence that has to be furnished by the Borrower, through the Project Coordinating Agency, documenting that the requested Loan amounts are being used for the agreed purpose.
Appears in 1 contract
Samples: Loan Agreement
Disbursement. 3.1 Requesting disbursements. As soon as all conditions precedent to disbursement pursuant to Article 3.3 (Conditions precedent to disbursement) hereof are fulfilled, KfW will disburse the Loan in accordance with the progress of the Programme Project and upon request of the Borrower, in this regard represented by Borrower through the MCTIProject Coordinating Agency. Disbursements will be made in accordance with the Disbursement Schedule contained in Annex 1 (Disbursement Schedule) to this Loan Agreement. KfW will make disbursements only up to the maximum amounts determined for each disbursement period specified in Annex 1. To the extent the Borrower through the Project Coordinating Agency requests disbursement of lower amounts within any such period the undisbursed amounts may be requested in any of the next ensuing periods. With the exception of the last disbursement, KfW is not obligated to make disbursements of less than EUR 200,000.00250,000.00.
3.2 Deadline for requesting disbursements. KfW has the right to refuse to make disbursements after 30 June 202630.12.2024. KfW and the Borrower may agree on an extension of this deadline in writing by way of an exchange of letters.
3.3 Conditions precedent to disbursement. KfW is obligated to make disbursements under this Loan Agreement only if the following conditions precedent have been fulfilled in a manner satisfactory to KfW in form and substance:
a) The Borrower will have demonstrated to the satisfaction of KfW, by presenting a legal opinion the content of which is essentially in conformity with the specimen in Annex 2 (Form of Legal Opinion of the Ministry of Justice of the Republic of Serbia) hereof and by presenting certified copies (each with an official translation into the language of this Loan Agreement) of all documents to which such legal opinion refers, that the Loan Agreement is legally effective and enforceable and, in particular, that (i) the Borrower has met all requirements under its constitutional law and other applicable legal provisions for the valid assumption of all its obligations under this Loan Agreement, and (ii) KfW is exempted from all taxes on income from interest earnings and all levies, commissions and similar costs in the Republic of Serbia when granting the Loan;
b) KfW is in possession of an original of this Loan Agreement and the Separate Agreement, each signed with legally binding force;
c) the specimen signatures mentioned in Article 13.1 (Representation of the Borrower) hereof have been received by KfW;
Appears in 1 contract
Samples: Loan Agreement
Disbursement. 3.1 2.1 Requesting disbursements. As soon as all conditions precedent to disbursement pursuant to Article 3.3 2.3 (Conditions precedent to disbursement) hereof are fulfilled, KfW will disburse the Loan in accordance with the progress of the Programme Project and upon request of the Borrower, in this regard represented by the MCTIthe Project Executing Agency. Disbursements will be made in accordance with the Disbursement Schedule contained in Annex 1 (Disbursement Schedule) to this Loan Agreement. KfW will make disbursements only up to the maximum amounts determined for each disbursement period specified in Annex 11 (Disbursement Schedule). To the extent the Borrower requests disbursement of lower amounts within any such period the undisbursed amounts may be requested in any of the next ensuing periods. With the exception of the last disbursement, KfW is not obligated to make disbursements of less than EUR 200,000.00200,000,00.
3.2 2.2 Deadline for requesting disbursements. KfW has the right to refuse to make disbursements after 30 June 202630.12.2027. KfW and the Borrower may agree on an extension of this deadline in writing by way of an exchange of letters.
3.3 2.3 Conditions precedent to disbursement. KfW is obligated to make disbursements under this Loan Agreement only if the following conditions precedent have been fulfilled in a manner satisfactory to KfW in form and substance:
a) The Borrower will have demonstrated to the satisfaction of KfW, by presenting a legal opinion the content of which is essentially in conformity with the specimen in Annex 2 (Form of Legal Opinion of the Ministry of Justice of the Republic of Serbia) hereof and by presenting certified copies (each with an official translation into the language of this Loan Agreement) of all documents to which such legal opinion refers, that the Loan Agreement is legally effective and enforceable and, in particular, that (i) the Borrower has met all requirements under its constitutional law and other applicable legal provisions for the valid assumption of all its obligations under this Loan Agreement, and (ii) KfW is exempted from all taxes on income from interest earnings and all levies, commissions and similar costs in the Republic of Serbia when granting the Loan;
b) KfW is in possession of an original of this Loan Agreement and the Separate Agreement, each signed with legally binding force;
c) the specimen signatures mentioned in Article 13.1 12.1 (Representation of the Borrower) hereof have been received by KfW;
d) the guarantee from the Federal Republic of Germany mentioned in Article 7 (Guarantee from the Federal Republic of Germany) (the “Guarantee”) is in force and effect without any restriction. KfW will inform the Borrower once the Guarantee is in force and effect. The form of confirmation letter to be provided by KfW will be enclosed as Annex 3 to this Loan Agreement;
e) the Borrower has paid the Management Fee set forth in Article 3.2
f) no reason for termination has occurred, nor has an incident occurred that would become a cause for termination by notification or expiration or ascertainment or fulfilment of a condition (potential reason for termination);
g) no extraordinary circumstances have arisen that preclude or seriously jeopardise the implementation, the operation, or the purpose of the Project, or the performance of the payment obligations assumed by the Borrower under this Loan Agreement;
h) upon each disbursement KfW has received from the Borrower a written confirmation that any financial benefits arising in connection with and as a consequence from the Project, in particular funds generated or saved due to a reduction of energy consumption, will neither be invested in any military equipment nor military facilities of any kind, nor in any civilian that also serves military purposes at the same time. KfW has the right prior to any disbursement from the Loan to demand such further documents and evidence as it deems necessary at its discretion (acting reasonably in accordance with regulations and policies applicable to KfW and/or international banking practice) to ascertain the conditions precedent for disbursement specified in this section.
2.4 Details of the disbursement procedure. The Borrower in this respect represented by the Project Executing Agency and KfW will determine the details of the disbursement procedure by the Separate Agreement and, in particular, the evidence that has to be furnished by the Borrower through the Project Executing Agency documenting that the requested Loan amounts are being used for the agreed purpose.
Appears in 1 contract
Samples: Loan Agreement
Disbursement. 3.1 Requesting disbursements. As soon as all conditions precedent to disbursement pursuant to Article 3.3 (Conditions precedent to disbursement) hereof are fulfilled, KfW will disburse the Loan in accordance with the progress of the Programme Program and upon request of the Borrower, in this regard represented by the MCTI. Disbursements will be made in accordance with the Disbursement Schedule disbursement schedule contained in Annex 1 (Disbursement Schedule) to this Loan Agreement. KfW will make disbursements only up to the maximum amounts determined for each disbursement period specified in Annex 1half- year. To the extent the Borrower requests disbursement of lower amounts within any such period half-year, the undisbursed amounts may be requested in any of the next ensuing half-year periods. With the exception of disbursements for the Engineering Services and of the last disbursementdisbursement for the Investments, KfW is not obligated to make disbursements of less than EUR 200,000.00.
3.2 Deadline for requesting disbursements. KfW has the right to may refuse to make disbursements after 30 June 2026December 2021. KfW and the Borrower may agree on an extension of this deadline in writing by way of an exchange of letters.
3.3 Conditions precedent to disbursement. KfW is obligated to make disbursements under this Loan Agreement only if the following conditions precedent have been fulfilled in a manner satisfactory to KfW in form and substance:
a) The Borrower will have demonstrated to the satisfaction of KfW, by presenting a legal opinion the content of which is essentially in conformity with the specimen in Annex 2 (Form of Legal Opinion of the Ministry of Justice of the Republic of Serbia) hereof and by presenting certified copies (each with an official translation into the language of this Loan Agreement) of all documents to which such legal opinion Legal Opinion refers, that the Loan Agreement is legally effective and enforceable and, in particular, that (i) the Borrower has met all requirements under its constitutional law and other applicable legal provisions for the valid assumption of all its obligations under this Loan Agreement, and (ii) KfW is exempted from all taxes on income from interest earnings and all levies, commissions and similar costs in the Republic of Serbia when granting the Loan;
b) KfW is in possession of an original of this Loan Agreement and the Separate Agreement, each signed with legally binding force;
c) the specimen signatures mentioned in Article 13.1 (Representation of the Borrower) hereof have been received by KfW;
d) the guarantee from the Federal Republic of Germany mentioned in Article 8 is in force and effect without any restriction. KfW will inform the Borrower once the Guarantee is in force and effect. The form of confirmation letter to be provided by KfW will be enclosed as Annex 3 to this Loan Agreement;
e) the Borrower has paid the Management Fee set forth in Article 4.2 hereof;
f) no reason for termination has occurred, nor has an incident occurred that would become a cause for termination by notification or expiration or ascertainment or fulfilment of a condition (potential reason for termination);
g) no extraordinary circumstances have arisen that preclude or seriously jeopardise the implementation, the operation, or the purpose of the Program or the performance of the payment obligations assumed by the Borrower under this Loan Agreement; and
h) KfW has received a certified English translation of the Trilateral Agreements in accordance with Article 2.1 hereof, whereby this condition shall not apply to disbursements exclusively related to the Engineering Services as set out in Article 2.2 hereof. KfW has the right prior to any disbursement from the Loan to demand such further documents and evidence as it deems necessary at its discretion (acting reasonably in accordance with regulations and policies applicable to KfW and/or international banking practise) to ascertain the conditions precedent for disbursement specified in this section. 3.4 Details of the disbursement procedure. The Borrower, through the MoME, and KfW will determine the details of the disbursement procedure by the Separate Agreement and, in particular, the evidence that has to be furnished by the Borrower through the MoME documenting that the requested Loan amounts are being used for the agreed purpose.
Appears in 1 contract
Samples: Loan Agreement
Disbursement. 3.1 2.1 Requesting disbursements. As soon as all conditions precedent to disbursement pursuant to Article 3.3 2.3 (Conditions precedent to disbursement) hereof are fulfilled, KfW will disburse the Loan in accordance with the progress of the Programme Project and upon request of the Borrower, in this regard represented by the MCTIthe Project Executing Agency. Disbursements will be made in accordance with the Disbursement Schedule contained in Annex 1 (Disbursement Schedule) to this Loan Agreement. KfW will make disbursements only up to the maximum amounts determined for each disbursement period specified in Annex 11 (Disbursement Schedule). To the extent the Borrower requests disbursement of lower amounts within any such period the undisbursed amounts may be requested in any of the next ensuing periods. With the exception of the last disbursement, KfW is not obligated to make disbursements of less than EUR 200,000.00200,000,00.
3.2 2.2 Deadline for requesting disbursements. KfW has the right to refuse to make disbursements after 30 June 202630.12.2027. KfW and the Borrower may agree on an extension of this deadline in writing by way of an exchange of letters.
3.3 2.3 Conditions precedent to disbursement. KfW is obligated to make disbursements under this Loan Agreement only if the following conditions precedent have been fulfilled in a manner satisfactory to KfW in form and substance:
a) The Borrower will have demonstrated to the satisfaction of KfW, by presenting a legal opinion the content of which is essentially in conformity with the specimen in Annex 2 (Form of Legal Opinion of the Ministry of Justice of the Republic of Serbia) hereof and by presenting certified copies (each with an official translation into the language of this Loan Agreement) of all documents to which such legal opinion refers, that the Loan Agreement is legally effective and enforceable and, in particular, that (i) the Borrower has met all requirements under its constitutional law and other applicable legal provisions for the valid assumption of all its obligations under this Loan Agreement, and (ii) KfW is exempted from all taxes on income from interest earnings and all levies, commissions and similar costs in the Republic of Serbia when granting the Loan;
b) KfW is in possession of an original of this Loan Agreement and the Separate Agreement, each signed with legally binding force;
c) the specimen signatures mentioned in Article 13.1 12.1 (Representation of the Borrower) hereof have been received by KfW;
Appears in 1 contract
Samples: Loan Agreement