Subsidiary Agreement. 1. To facilitate the carrying out of the Project Implementing Entity’s Respective Part of the Project, the Borrower shall make part of the proceeds of the Loan available to the Project Implementing Entity under a subsidiary agreement between the Borrower and the Project Implementing Entity (“Subsidiary Agreement”), under terms and conditions approved by the Bank, which shall include the following: the principal amount of the Loan made available under the Subsidiary Agreement (“Subsidiary Loan”) shall be: (a) denominated and repayable in Euros; and (b) made in no less favorable terms than the terms of the Loan.
Subsidiary Agreement. 1. To facilitate the carrying out of the Project, the Borrower shall make the proceeds of the Loan available to the Project Implementing Entity under a subsidiary agreement between the Borrower and the Project Implementing Entity, under terms and conditions approved by the Bank, which shall include the following: (a) the principal amount of the Loan made available to the Project Implementing Entity shall be made available to it as a non- reimbursable grant, or as a loan, or partly as a non-reimbursable grant and partly as a loan; (b) if the principal amount of the Loan, or any part thereof , shall be made available to the Project Implementing Entity as a loan, such loan shall be made in no less favorable terms than the terms of the Loan; and (c) no repayment shall be due to the Borrower for a given period, if, when the payment is due for the given period, or if as a result of the payment being made for said given period, the DIF Assets shall be equivalent to less than 3% of the insured deposits, based on average of the calendar quarter prior to the period for which payment is due (“Subsidiary Agreement”).