Common use of PROJECT COST REDUCTION Clause in Contracts

PROJECT COST REDUCTION. If the total cost of the Project falls below the figure stated in Recital (b) so that the amount of the Credit exceeds: (a) 50% (fifty per cent.); and/or (b) when aggregated with the amount of any other funds from the European Union made available for the Project, 90% (ninety per cent.), of such total cost of the Project, the Bank may forthwith, by notice to the Borrower, cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan up to the amount by which the Credit exceeds the limits referred to in (a) or (b) above. The Borrower shall effect payment of the amount demanded on the date specified by the Bank, such date being a date falling not less than 30 (thirty) days from the date of the demand.

PROJECT COST REDUCTION. If the total cost of the Project falls below the figure stated in Recital (b) so that the amount of the Credit exceeds: (a) 50% (fifty per cent.); and/or (b) when aggregated with the amount of any other funds from the European Union made available for the Project, 90% (ninety per cent.), of such total cost of the Project, the Bank may forthwith, by notice to the Borrower, cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan up to the amount by which the Credit exceeds the limits referred to in (a) or (b) above. The Borrower shall effect payment of the amount demanded on the date specified by the Bank, such date being a date falling not less than 30 (thirty) days from the date of the demand.

PROJECT COST REDUCTION. If the total cost of the Project falls below the figure stated in Recital (bc) so that the amount of the Credit exceeds: (a) 50% (fifty per cent.); and/or (b) when aggregated with the amount of any other funds from the European Union made available for the Project, 90% (ninety per cent.), of such total cost of the Project, the Bank may forthwith, by notice to the Borrower, cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan up to the amount by which the Credit exceeds the limits referred to in (a) or (b) above. The Borrower shall effect payment of the amount demanded on the date specified by the Bank, such date being a date falling not less than 30 (thirty) days from the date of the demand.