Common use of Implementation Covenants Clause in Contracts

Implementation Covenants. 1. The Recipient shall ensure that at all times, the DIFK and the Deposit Insurance Scheme operate, and the DIFK Fund is used, in accordance with the provisions of DIFK’s Legislation and this Agreement. 2. The Recipient shall ensure that the DIFK does not amend, suspend, repeal, abrogate or waive the regulations or directives adopted by the DIFK as referenced in paragraph B.1 (b) (ii) of Section IV of this Schedule in a manner that materially and adversely affects the financial management and other fiduciary procedures and standards applicable to the DIFK. 3. The Recipient shall ensure that the DIFK and the CBK do not amend, suspend, repeal, abrogate or waive the agreement entered into by them as referenced in paragraph B.1 (b) (iii) of Section IV of this Schedule in a manner that materially and adversely affects the services in relation to financial management and other fiduciary procedures being provided by the CBK to the DIFK. 4. The Recipient, through the CBK, shall, prior to evaluating the technical requirements and preparing the bidding documents for procurement under Part IV of the Project, hire an information technology expert, with the qualifications, experience and terms of reference satisfactory to the Association, to assist the CBK with such procurement.