Common use of PARAGRAPH FOUR Clause in Contracts

PARAGRAPH FOUR. Non-compliance with ▇▇▇▇▇▇ ▇▇▇ of this Clause is considered to be characterized in the following hypotheses: I - when the statement submitted to the BNDES, pursuant to item III, items "a", "b" and "d" of Clause Twenty Two (Client Statements)ceases to be true, consistent, correct or sufficient, as provided for in Paragraph One of Clause Twenty Two (Client Statements)/ II - when the statement referred to in item I above is requested and not submitted to the BNDES within the period provided for in Paragraph Two of Clause Twenty Two (Client Statements); III - non-existence or loss of validity and/or effectiveness of any of the environmental licenses, duly issued by the competent environmental agency, necessary for the implementation and/or operation of the project, according to the stage of the Project; or IV - existence of an administrative or judicial decision that (i) results in the suspension, invalidity or extinction of the environmental licensing of the project or (ii) determines the environmental irregularity of the project, provided that, in both cases, the effects of the decision are not suspended.