Common use of Disbursement Application Clause in Contracts

Disbursement Application. EBRD shall have received an original of the Borrower’s timely application for such Disbursement substantially in the form of Exhibit A which shall include, without limitation: (1) information about the identity and status of a Local Subsidiary to which the proceeds of such Disbursement will be onlent in accordance with this Agreement and the application Sub-Loan Agreement(s); (2) information about the amount of working capital required by that Local Subsidiary for the purposes of its Core Business; (3) information about the Sub-Loan Agreement(s) pursuant to which the proceeds of the Disbursement will be onlent to that Local Subsidiary; (4) the representations and warranties by the Borrower that: (A) it and the relevant Local Subsidiary have corporate power to enter into and perform their respective obligations under the relevant Sub-Loan Agreement(s); (B) it and the relevant Local Subsidiary have obtained all Authorisations in respect of the applicable Sub-Loan Agreement(s); (C) the obligations expressed to be assumed by it and by the relevant Local Subsidiary in the applicable Sub-Loan Agreement(s) constitute valid and legally binding and enforceable obligations of the Borrower and of that Local Subsidiary; (D) the entry into and performance by it and by the relevant Local Subsidiary of the obligations under the applicable Sub-Loan Agreement(s) will not conflict with the Borrower’s or the relevant Local Subsidiary’s Charter, any law or regulation applicable to any of them or any agreement or instrument to which the Borrower or such Local Subsidiary is a party or by which the Borrower or such Local Subsidiary or any of their assets is bound; and (E) the payment obligations of the relevant Local Subsidiary under the applicable Sub-Loan Agreement(s) rank at least pari passu with claims of all of its other unsecured creditors of that Local Subsidiary, except for claims mandatorily preferred by laws applicable to companies generally.