Recipient Contribution. 1. The Recipient shall: (a) no later than one (1) month after the Effective Date, establish, and thereafter maintain at all times during Project implementation, in Guinean Francs, in a commercial bank acceptable to the Association, an account under terms and conditions acceptable to the Association, including appropriate protection against seizure, set-off, or attachment; (b) deposit into said account, no later than the dates specified in the Municipal Contracts, the amounts specified in said Contracts required to finance its contribution for expenditures under the Project other than those financed from the proceeds of the Financing; and (c) ensure that funds deposited into said account in accordance with the provisions of paragraph (b) of this Section shall be used exclusively to finance its contribution to expenditures under the Project.
Appears in 2 contracts
Sources: Financing Agreement, Financing Agreement