Ifc Policy Covenants Sample Clauses
The IFC Policy Covenants clause requires the contracting party to comply with specific policies and standards set by the International Finance Corporation (IFC) throughout the duration of the agreement. This typically includes adherence to environmental, social, and governance (ESG) requirements, as well as ongoing reporting and monitoring obligations to demonstrate compliance. The core function of this clause is to ensure that the project or activity financed by the IFC aligns with its sustainability and ethical standards, thereby managing reputational and operational risks for both parties.
Ifc Policy Covenants. 11.1. HCARE hereby accepts and agrees to be fully bound by and subject to all the covenants, terms and conditions set forth in SCHEDULE 3.
11.2. Without prejudice to Clause 11.1 above, any consent to be sought by the Promoters and/or the Company and/or the Subsidiaries from HCARE under Clause 10.3 of the HCARE IRA or any other provisions of the Transaction Documents (“HCARE Consent”) shall be substantially in the form set out in SCHEDULE 7 of this Agreement.
Ifc Policy Covenants. The Company and the Shareholders (other than IFC) (to the extent required pursuant to paragraph (a) of Schedule 11 (IFC Policy Covenants)) shall comply with IFC’s standard policies on environment, social, anti-corruption, anti-money laundering and insurance issues, as provided in Schedule 11 (IFC Policy Covenants).
Ifc Policy Covenants. (i) The Company shall promptly notify IFC upon becoming aware of:
(a) any litigation or investigations or proceedings which have or may reasonably be expected to have a material adverse effect; or
(b) any criminal investigations or proceedings against the Company or any Affiliates, and any such notification shall specify the nature of the action or proceeding and any steps that the Company proposes to take in response to the same.
(ii) Upon IFC’s request, and with reasonable prior notice to the Company, the Company shall permit representatives of IFC and the CAO, during normal office hours, to:
(a) visit any of the sites and premises where the business of the Company or its Subsidiaries is conducted;
(b) inspect any of the offices, branches and other facilities of the Company or its Subsidiaries;
(c) have access to the books of account and all records of the Company and its Subsidiaries; and
(d) have access to those employees, agents, contractors and subcontractors of the Company and its Subsidiaries who have or may have knowledge of matters with respect to which IFC or the CAO seeks information, provided, that: (A) no such reasonable prior notice shall be necessary if special circumstances so require; and (B) in the case of the CAO, such access shall be for the purpose of carrying out the CAO’s Role.
(iii) The Company shall, and shall ensure that each of its Subsidiaries will:
(a) within ninety (90) days after the end of each fiscal year, deliver to IFC (A) a self-declaration note confirming the compliance of the Company or the relevant Subsidiary of the Company with the labor laws in each jurisdiction that the Company or such Subsidiary operates in and the lack of disputes submitted to court against the Company or the relevant Subsidiary of the Company in relation to Applicable S&E Law, and (B) information necessary to measure the ongoing development results of IFC’s investment in the Company against the indicators identified in Exhibit G and such other information as IFC shall reasonably require in order to measure the ongoing development results of IFC’s investment in the Company (which information IFC may hold and use in accordance with IFC’s Access to Information Policy, dated January 1, 2012, which is available ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇/wps/wcm/connect/98d8ae004997936f9b7bffb2b4b33c15/IFCPolicyDisclosureInformation.pdf?MOD=AJPERES); and
(b) within three (3) days after its occurrence, notify IFC of any social, labor, health and safety, security or environme...
Ifc Policy Covenants. The Borrower and each Co-Borrower and their respective Subsidiaries shall:
Ifc Policy Covenants. (a) The Company and its Subsidiaries shall:
(i) undertake their Operations in compliance with (i) the Action Plan and (ii) the IFC Performance Standards;
(ii) periodically review the form of the Annual Monitoring Report and advise IFC as to whether revision of the form is necessary or appropriate in light of changes to the Operations of the Company or any Subsidiary, or in light of environmental or social risks identified by the Company’s S&E Management System, and revise the form as agreed with IFC;
(iii) use all reasonable efforts to ensure the continuing operation of the S&E Management System to assess and manage the social and environmental performance of the Operations in compliance with the IFC Performance Standards;
(iv) within sixty (60) days after the end of each fiscal year, deliver to IFC an Annual Monitoring Report confirming compliance with the Action Plan, the social and environmental covenants set forth in this Section 5.7 and Applicable S&E Law or, as the case may be, identifying any non-compliance or failure, and the actions taken to remedy any such deficiency, in form and substance satisfactory to IFC; provided the Company may supplement any Annual Monitoring Report with such information as may be useful to enhance its clarity and/or to better illustrate the Company’s performance over time (e.g., charts, graphs);
(v) within three days after its occurrence, notify IFC of any social, labor, health and safety, security or environmental incident, accident or circumstance having, or which could reasonably be expected to have, any material impact on the implementation or operation of the Operations in compliance with the IFC Performance Standards or a Material Adverse Effect, specifying in each case the nature of the incident, accident, or circumstance and the impact or effect arising or likely to arise therefrom, and the measures the Company is taking or plans to take to address them and to prevent any future similar event; and keep IFC informed of the on-going implementation of those measures;
(vi) not amend the Action Plan in any material respect without the prior written consent of IFC; and
(vii) not undertake, or invest in any Person engaged in, any of the activities set forth on Annex B.
(b) The Company hereby agrees that no party hereto shall make (and no party hereto shall authorize or permit any Affiliate or any other Person acting on its behalf to make) any Prohibited Payment. Each of the parties hereto further covenants that should I...
Ifc Policy Covenants. Sanctionable Practices
(a) HCARE hereby agrees that it shall not engage in (nor authorize or permit any Affiliate or any other Person acting on its behalf to engage in) any Sanctionable Practice with respect to the Company or any transaction contemplated by this Agreement;
(b) HCARE further covenants that should it become aware of any violation of Section 2(a) above, it shall promptly notify IFC; and
(c) If IFC notifies the Company and/or HCARE of its concern that there has been a violation of Section 2(a) above, the Company and HCARE shall cooperate in good faith with IFC and its representatives in determining whether such a violation has occurred, and shall respond promptly and in reasonable detail to any notice from IFC, and shall furnish documentary support for such response upon IFC’s request.
Ifc Policy Covenants