Special Account. 1. The Recipient may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment. 2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Account of amounts to be deposited into the Special Account shall be made as follows: (a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and (b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1. 3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures. 4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account: (a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements; (b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the Grant Account; or (c) if the Recipient shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be. 5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination. (a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be. (b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the Association, refund to the Association such outstanding amount. (c) The Recipient may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account. (d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Agreement.
Appears in 2 contracts
Sources: Development Grant Agreement, Development Grant Agreement
Special Account. 1. The Recipient may Borrower may, for the purposes of the Project open and maintain in Dollars a special deposit account in Bank Indonesia or in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including including, in the case of a commercial bank, appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of paragraph 2 of Part B.2 B of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in paragraph 4 of Part A.5 A of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii4.01(b)(ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: :
(A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of paragraph 2 of Part B.2 B of this Schedule if1, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph sub-paragraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $4,500,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Bank the documents and other evidence required pursuant to paragraph 3 of Part B of Schedule 1 for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Association from the Loan Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Loan Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
Appears in 2 contracts
Sources: Loan Agreement, Loan Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient ECTEL shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this the Project Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $55,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Loan Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.5 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports. The objective of the Project is to assist the Participating Countries in improving public access to and the quality and use of telecommunications and information and communications technology (ICT) services, in support of socio-economic development among the Participating Countries. The Project consists of the following parts, subject to such modifications thereof as the Borrower and the Bank may agree upon from time to time to achieve such objective: Part A: Legal and Regulatory Reforms Provision of technical assistance to ECTEL and the Participating Countries’ National Telecommunications Regulatory Commissions (NTRCs) to:
1. strengthen national and regional regulatory frameworks to promote competition in the telecommunications and ICT services sector; 2 establish a regional forum to build consensus and facilitate resolution of commercial and public policy issues related telecommunications and ICT services;
3. establish guidelines and a standard model for alternative dispute resolution facilities;
Appears in 2 contracts
Sources: Loan Agreement, Loan Agreement
Special Account. 1. The Recipient may Borrower may, for the purposes of the Project, cause BANSEFI to open and maintain in Dollars a special deposit account in a commercial on behalf of the Borrower, either: in
(i) the Borrower’s Central Bank acceptable to the Association, on terms and conditions satisfactory to the AssociationBank; (ii) in BANSEFI on terms and conditions satisfactory to the Bank, including appropriate protection against set-off, seizure and attachment; or (iii) in a commercial bank on terms and conditions satisfactory to the Bank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower, through BANSEFI, out of the Special Account, the Recipient Borrower, through BANSEFI, shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower, through BANSEFI, shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of two million two hundred thousand Dollars ($2,200,000) to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 2 contracts
Sources: Loan Agreement, Loan Agreement
Special Account. 1. The Recipient may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-Report- based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the Grant Account; or
(c) if the Recipient shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $3,000,000 to be withdrawn from the Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 2 contracts
Sources: Development Grant Agreement, Development Grant Agreement
Special Account. 1. The Recipient Upon receipt of a notification from the Bank allowing the establishment of the Special Account and to facilitate the carrying out of the Project, the Borrower through PVD may open and maintain in Dollars a separate special deposit account in a commercial Bank acceptable to the AssociationBanco de la Nación, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, through PVD, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower, through PVD, shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower, through PVD, shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower, through PVD, shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $2,000,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower, through PVD, shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower, through PVD, shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Loan Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.5 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports. The objective of the Project is to improve through decentralization at the regional level the prioritization, efficiency and effectiveness of regional transport interventions so as to contribute to regional development and poverty alleviation by enhancing transport conditions in the Borrower’s territory. The Project consists of the following parts, subject to such modifications thereof as the Borrower and the Bank may agree upon from time to time to achieve such objective:
Appears in 2 contracts
Sources: Loan Agreement, Loan Agreement
Special Account. 1. The Recipient may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the GEF Trust Fund Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the GEF Trust Fund Grant Account; or
(c) if the Recipient shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the GEF Trust Fund Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the GEF Trust Fund Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the GEF Trust Fund Grant Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of US$ 400,000 to be withdrawn from the GEF Trust Fund Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 2 contracts
Sources: Trust Fund Grant Agreement, Global Environment Facility Trust Fund Grant Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars Francs CFA a special deposit account in a commercial Bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-Report- based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Development Credit Agreement.
Appears in 2 contracts
Sources: Development Credit Agreement, Development Credit Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars FCFA a special deposit account in a commercial Bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-Report- based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Development Credit Agreement.
Appears in 2 contracts
Sources: Development Credit Agreement, Development Credit Agreement
Special Account. 1. The Recipient may Borrower shall open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the said Special Account shall be made as follows:
(a) if until the Recipient is not making Bank shall have received: (i) the first Project Management Report-based Disbursements; and (ii) a request from the Borrower for withdrawal on the basis of Project Management Reports, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if upon receipt by the Recipient is making Report-based DisbursementsBank of a Project Management Report pursuant to Section 4.02 of this Agreement, accompanied by a request from the Borrower for withdrawal on the basis of Project Management Reports, all further withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the Association, Bank determines at any time, is time that any Project Management Report does not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursementspursuant to Section 4.02 of this Agreement;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may beProject Management Reports.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower and the Guarantor of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower and the Guarantor of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $20,000,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 2 contracts
Sources: Loan Agreement, Loan Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient ECTEL shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this the Project Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (Ai) the records and accounts for the Special Account; or (Bii) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $55,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Loan Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.5 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports. The objective of the Project is to assist the Participating Countries in improving public access to and the quality and use of telecommunications and information and communications technology (ICT) services, in support of socio-economic development among the Participating Countries. The Project consists of the following parts, subject to such modifications thereof as the Borrower and the Bank may agree upon from time to time to achieve such objective: Part A: Legal and Regulatory Reforms Provision of technical assistance to ECTEL and the Participating Countries’ National Telecommunications Regulatory Commissions (NTRCs) to:
1. strengthen national and regional regulatory frameworks to promote competition in the telecommunications and ICT services sector; 2 establish a regional forum to build consensus and facilitate resolution of commercial and public policy issues related to telecommunications and ICT services;
3. establish guidelines and a standard model for alternative dispute resolution facilities;
Appears in 2 contracts
Sources: Loan Agreement, Loan Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient ECTEL shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this the Project Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: :
(A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $55,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Loan Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.5 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports. The objective of the Project is to assist the Participating Countries in improving public access to and the quality and use of telecommunications and information and communications technology (ICT) services, in support of socio-economic development among the Participating Countries. The Project consists of the following parts, subject to such modifications thereof as the Borrower and the Bank may agree upon from time to time to achieve such objective: Part A: Legal and Regulatory Reforms Provision of technical assistance to ECTEL and the Participating Countries’ National Telecommunications Regulatory Commissions (NTRCs) to:
1. strengthen national and regional regulatory frameworks to promote competition in the telecommunications and ICT services sector; 2 establish a regional forum to build consensus and facilitate resolution of commercial and public policy issues related telecommunications and ICT services;
3. establish guidelines and a standard model for alternative dispute resolution facilities;
Appears in 2 contracts
Sources: Loan Agreement, Loan Agreement
Special Account. 1. The Recipient may Borrower shall open and maintain in Dollars United States dollars a special deposit account account, in a commercial Bank acceptable to the Associationits Central Bank, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachmentBank.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if until the Recipient is not making Report-based DisbursementsBank shall have received (i) the first Project Management Report referred to in Section 4.02(b) of this Agreement, and (ii) a request from the Borrower for withdrawal on the basis of Project Management Reports, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if upon receipt by the Recipient is making Report-based DisbursementsBank of a Project Management Report pursuant to Section 4.02(b) of this Agreement, accompanied by a request from the Borrower for withdrawal on the basis of Project Management Reports, all further withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the Association, Bank determines at any time, is time that any Project Management Report does not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursementspursuant to Section 4.02 of this Agreement;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, Bank within the period of time specified in Section 4.01 (b) (ii4.01(b)(ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: of (A) the records and accounts for the Special Account; Account or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may beProject Management Reports.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph sub-paragraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex:
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Credit Agreement.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient may Borrower may, for the purposes of the Project open and maintain in Dollars a special deposit account in Bank Indonesia or in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including including, in the case of a commercial bank, appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of paragraph 2 of Part B.2 B of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in paragraph 4 of Part A.5 A of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii4.01(b)(ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of paragraph 2 of Part B.2 B of this Schedule if1, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph sub-paragraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement. Annex A to SCHEDULE 1 Operation of Special Account When Withdrawals Are Not Report-based Disbursements
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $4,500,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 A.6 of this Schedule 1 adequately provide the information required for Report-Report- based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Credit Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means an amount equivalent to $2,000,000 to be withdrawn from the Credit Account and deposited into the Special Account pursuant to paragraph 2 of this Annex, provided, however, that unless the Association shall otherwise agree, the Authorized Allocation shall be limited to an amount equivalent to $1,000,000 until the aggregate amount of withdrawals from the Credit Account plus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall be equal to or exceed the equivalent of SDR 2,700,000.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Association a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Association requests for deposit into the Special Account at such intervals as the Association shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Association the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Association from the Credit Account under one or more of the Eligible Categories.
3. The Association shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Credit minus the total amount of all outstanding special commitments entered into by the Association pursuant to Section
5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Credit Account of the remaining unwithdrawn amount of the Credit shall follow such procedures as the Association shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Association shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Credit Account shall be deposited by the Association into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Association from the Credit Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Credit, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Association has determined, based on the reports referred to in Part A.6 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient may Borrower shall open and maintain in Dollars dollars a special deposit account in a commercial Bank acceptable to the Associationits Central Bank, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachmentBank.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if until the Recipient is not making Report-based DisbursementsBank shall have received: (i) the first Project Management Report referred to in Section 4.02 (b) of this Agreement; and (ii) a request from the Borrower for withdrawal on the basis of Project Management Reports, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if upon receipt by the Recipient is making Report-based DisbursementsBank of a Project Management Report pursuant to Section 4.02 (b) of this Agreement, accompanied by a request from the Borrower for withdrawal on the basis of Project Management Reports, all further withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the Association, Bank determines at any time, is time that any Project Management Report does not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursementspursuant to Section 4.02 of this Agreement;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, Bank within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may beProject Management Reports.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph subparagraphs (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal withdrawals or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means an amount equal to $7,500,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex, provided, however, that unless the Bank shall otherwise agree, the Authorized Allocation shall be limited to an amount equal to $3,800,000 until the aggregate amount of withdrawals from the Loan Account, plus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal or exceed $25,500,000.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient may Borrower shall open and maintain in Dollars Dirhams a special deposit account in a commercial Bank acceptable to the Association, Guarantor’s general treasury (“Trésorerie Générale du Royaume”) on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachmentBank.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this ScheduleSchedule 1, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 A.3 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii4.01(b)(ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: :
(A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may beDisbursements.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule 1 if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-six (6) month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph sub-paragraphs (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the Association, Bank at any time, time is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (Ai) the records and accounts for the Special Account; or (Bii) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower and the Guarantor of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower and the Guarantor of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $3,000,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex, provided, however, that unless the Bank shall otherwise agree, the Authorized Allocation shall be limited to the amount of $2,000,000 until the aggregate amount of withdrawals from the Loan Account plus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall be equal to or exceed $9,000,000.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Loan Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures. SCHEDULE 1
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.5 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports. The Project consists of the following parts, subject to such modifications thereof as the Borrower and the Bank may agree upon from time to time to achieve such objectives:
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars Euro a special deposit account in the National Bank of Poland or in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including including, in the case of a commercial bank, the obligation of appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;; or
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the Grant Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: :
(A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph sub-paragraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of EUR 6,000,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Loan Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (i) the amount so requested; and (ii) the amount which the Bank has determined, based on the reports referred to in Part A.5 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower and the Guarantor of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower and the Guarantor of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of five million Dollars ($5,000,000) to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the AssociationAdministrator, on terms and conditions satisfactory to the AssociationAdministrator, including appropriate protection against set-off, seizure and attachment.
2. After the Association Administrator has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the DFID Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1Schedule; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1Schedule.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association Administrator shall reasonably request, furnish to the Association Administrator such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Administrator shall not be required to make further deposits into the Special Account:
(a) if the AssociationAdministrator, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Administrator determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the DFID Grant Account; or
(c) if the Recipient shall have failed to furnish to the AssociationAdministrator, within the period of time specified in Section 4.01 (b) (ii4.01(b)(ii) of this Agreement, any of the audit reports required to be furnished to the Association Administrator pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Administrator shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Administrator shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the DFID Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Administrator shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association Administrator determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationAdministrator, the Recipient shall, promptly upon notice from the AssociationAdministrator, provide such additional evidence as the Association Administrator may request, or deposit into the Special Account (or, if the Association Administrator shall so request, refund to the AssociationAdministrator) an amount equal to the amount of such payment. Unless the Association Administrator shall otherwise agree, no further deposit by the Association Administrator into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Administrator determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the AssociationAdministrator, refund to the Association Administrator such outstanding amount.
(c) The Recipient may, upon notice to the AssociationAdministrator, refund to the Association Administrator all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Administrator made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the DFID Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Credit Agreement.
1. For the purposes of this ▇▇▇▇▇, the term “Authorized Allocation” means the amount of $2,400,000 to be withdrawn from the DFID Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Recipient shall furnish to the Administrator a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Administrator shall, on behalf of the Recipient, withdraw from the DFID Grant Account and deposit into the Special Account such amount as the Recipient shall have requested.
(b) For replenishment of the Special Account, the Recipient shall furnish to the Administrator requests for deposit into the Special Account at such intervals as the Administrator shall specify. Prior to or at the time of each such request, the Recipient shall furnish to the Administrator the documents and other evidence required pursuant to Part B.3 of the Schedule to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Administrator shall, on behalf of the Recipient, withdraw from the DFID Grant Account and deposit into the Special Account such amount as the Recipient shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Administrator from the DFID Grant Account under one (1) or more of the Eligible Categories.
3. The Administrator shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Credit minus the total amount of all outstanding special commitments entered into by the Administrator pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the DFID Grant Account of the remaining unwithdrawn amount of the Credit shall follow such procedures as the Administrator shall specify by notice to the Recipient. Such further withdrawals shall be made only after and to the extent that the Administrator shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the DFID Grant Account shall be deposited by the Administrator into the Special Account in accordance with the provisions of the Schedule to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Administrator from the DFID Grant Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Credit, the Administrator shall, on behalf of the Borrower, withdraw from the DFID Grant Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Administrator has determined, based on the reports referred to in Part A.5 of this Schedule applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the three-month period following the date of such reports.
Appears in 1 contract
Sources: Dfid Trust Fund Grant Agreement
Special Account. 1. The Recipient may open and maintain in Dollars N$ a special deposit account in a commercial Bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the GEF Trust Fund Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the GEF Trust Fund Grant Account; or
(c) if the Recipient shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the GEF Trust Fund Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the GEF Trust Fund Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the GEF Trust Fund Grant Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means an amount equivalent to N$3,500,000 to be withdrawn from the GEF Trust Fund Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex, provided, however, that unless the Bank shall otherwise agree, the Authorized Allocation shall be limited to an amount equivalent to N$2,000,000 until the aggregate amount of withdrawals from the GEF Trust Fund Grant Account plus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall be equal to or exceed the equivalent of US$1,000,000.
Appears in 1 contract
Sources: Trust Fund Grant Agreement
Special Account. 1. The Recipient may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the AssociationState Treasury of Hungary, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the GEF Trust Fund Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the Grant Account; or
(cb) if the Recipient shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: :
(A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the GEF Trust Fund Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph sub-paragraph (a), (b) or (c) of this paragraph 6 shall be credited to the GEF Trust Fund Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the GEF Trust Fund Grant Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $1,250,000 to be withdrawn from the GEF Trust Fund Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Global Environment Facility Trust Fund Grant Agreement
Special Account. 1. The Recipient may open and maintain in Dollars or in Colombian Pesos a special deposit account in a commercial Bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the GEF Trust Fund Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the GEF Trust Fund Grant Account; or
(c) if the Recipient shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the GEF Trust Fund Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the GEF Trust Fund Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the GEF Trust Fund Grant Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $540,000 to be withdrawn from the GEF Trust Fund Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Trust Fund Grant Agreement
Special Account. 1. The Recipient may shall open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Associationbank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant GEF Trust Fund Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if until the Bank shall have received (i) the first Project Management Report referred to in Section 4.02(b) of this Agreement and (ii) a request from the Recipient is not making Report-based Disbursementsfor withdrawal on the basis of Project Management Reports, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if upon receipt by the Bank of a Project Management Report pursuant to Section 4.02(b) of this Agreement, accompanied by a request from the Recipient is making Report-based Disbursementsfor withdrawal on the basis of Project Management Reports, all further withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the Association, Bank determines at any time, is time that any Project Management Report does not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursementspursuant to Section 4.02 of this Agreement;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the Grant GEF Trust Fund Account; or
(c) if the Recipient shall have failed to furnish to the Association, Bank within the period of time specified in Section 4.01 (b) (ii4.01(b)(ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: of (A) the records and accounts for the Special Account; Account or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may beProject Management Reports.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the Grant GEF Trust Fund Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph sub-paragraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant GEF Trust Fund Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant this Agreement.
1. For the purposes of this Annex:
Appears in 1 contract
Sources: Global Environment Facility Trust Fund Grant Agreement
Special Account. 1. The Recipient may Borrower shall open and maintain in Dollars Mexican Pesos a special deposit account in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 A. 4 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower and the Guarantor of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower and the Guarantor of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank (including, but not limited to, the Recipient evidence referred to in paragraphs 2 (d), (e), (f) and (g) of Part A of this Schedule, and the evidence related to physical outputs referred to in paragraph 2 (c) of Part A of this Schedule), the Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $10,000,000 to be withdrawn from the Loan Account and thereafter deposited in Mexican Pesos into the Special Account pursuant to paragraph 2 of this Annex, provided, however, that an amount higher than $10,000,000 equivalent may at any point be contained in the Special Account, but only as a consequence of exchange rate fluctuations between the Dollar and the Mexican Peso subsequent to the deposit of the Authorized Allocation in the Special Account.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-Report- based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Credit Agreement.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-Report- based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the Grant Account; or
(c) if the Recipient shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $3,000,000 to be withdrawn from the Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex provided, however, that unless the Association shall otherwise agree, the Authorized Allocation shall be limited to an amount equivalent to$1,500,000 until the aggregate amount of withdrawals from the Grant Account plus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall be equal to or do not exceed the equivalent of SDR 4,000,000.
Appears in 1 contract
Sources: Development Grant Agreement
Special Account. 1. The Recipient may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-Report- based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the Grant Account; or
(c) if the Recipient shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $2,000,000 to be withdrawn from the Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Development Grant Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of seven hundred thousand Dollars ($700,000) to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient may Borrower shall open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.Banco de
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if until the Recipient is not making Report-based DisbursementsBank shall have received: (i) the first Project Management Report referred to in Section 4.02 (b) of this Agreement; and (ii) a request from the Borrower for withdrawal on the basis of Project Management Reports, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if upon receipt by the Recipient is making Report-based DisbursementsBank of a Project Management Report pursuant to Section 4.02 (b) of this Agreement, accompanied by a request from the Borrower for withdrawal on the basis of Project Management Reports, all further withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the Association, Bank determines at any time, is time that any Project Management Report does not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursementspursuant to Section 4.02 of this Agreement;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, Bank within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may beProject Management Reports.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph sub-paragraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means an amount equal to $1,500,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars Euro a special deposit account in the National Bank of Poland or a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;; or
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the Grant Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of €20,000,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex, provided, however, that unless the Bank shall otherwise agree, the Authorized Allocation shall be limited to the amount of €10,000,000 until the aggregate amount of withdrawals from the loan account plus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall be equal to or exceed the equivalent of €20,000,000.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Loan Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.5 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports. The objective of the Project is to protect the population in the Odra River Basin against loss of life and damage to property caused by severe flooding, particularly by: (i) reducing the extreme flood peaks through storage in a dry polder on the Odra River upstream of Raciborz town and thus enabling a reduction of the flood peak downstream of the reservoir and allowing better control of the operation of the river system; and (ii) increasing the flood carrying capacity of the Odra River channels through and around Wroclaw. The Project consists of the following parts, subject to such modifications thereof as the Borrower and the Bank may agree upon from time to time to achieve such objectives:
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars Euro a special deposit account in a commercial Bank bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of paragraph 2 of Part B.2 B of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in paragraph 5 of Part A.5 A of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of paragraph 2 of Part B.2 B of this Schedule if, at any time, the Association shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph subparagraphs (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant this Agreement.
1. For the purposes of this ▇▇▇▇▇, the term “Authorized Allocation” means the amount of □310,000 to be withdrawn from the Credit Account and deposited into the Special Account pursuant to paragraph 2 of this Annex, provided, however, that unless the Association shall otherwise agree, the Authorized Allocation shall be limited to an amount equivalent to □190,000 until the aggregate amount of withdrawals from the Credit Account plus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall be equal to or exceed the equivalent of SDR 660,000.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient may Borrower shall open and maintain in Dollars a special deposit account account, in its Central Bank or a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including (in the case of a commercial bank) appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if until the Recipient is not making Report-based DisbursementsBank shall have received: (i) the first FMR referred to in Section 4.02 (b) of this Agreement; and (ii) a request from the Borrower for withdrawal on the basis of FMRs, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if upon receipt by the Recipient is making Report-based DisbursementsBank of a FMR pursuant to Section 4.02 (b) of this Agreement, accompanied by a request from the Borrower for withdrawal on the basis of FMRs, all further withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the Association, Bank determines at any time, is time that any FMR does not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursementspursuant to Section 4.02 of this Agreement;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, Bank within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may beFMRs.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph subparagraphs (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex the term “Authorized Allocation” means an amount of $1,000,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex; provided, however, that unless the Bank shall otherwise agree, the Authorized Allocation shall be limited to an amount equal to $500,000 until the aggregate amount of withdrawals from the Loan Account, plus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal or exceed $4,000,000.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient may Borrower shall open and maintain in Dollars dollars a special deposit account in a commercial Bank acceptable to the AssociationBangladesh Bank, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After Except as the Association has received evidence satisfactory may otherwise specify by notice to it that the Special Account has been openedBorrower, all withdrawals from the Grant Credit Account of amounts to shall be deposited by the Association into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3Schedule. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
42. Except as the Association shall otherwise agree, after the Association has received evidence satisfactory to it that the Special Account has been duly opened, withdrawals from the Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) Each application for withdrawal from the Credit Account shall be supported by a Project Management Report.
(b) Upon receipt of each application for withdrawal of an amount of the Credit, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account an amount equal to the lesser of:
(i) the amount so requested; and
(ii) the amount which the Association has determined, based on the Project Management Report accompanying said application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such report; provided, however, that the amount so deposited, when added to the amount indicated by said report to be remaining in the Special Account, shall not exceed the equivalent of $ 6,400,000. Each such deposit into the Special Account shall be withdrawn by the Association from the Credit Account under one or more of the Special Account’s Eligible Categories.
3. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, Association determines at any time, is time that any Project Management Report does not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursementspursuant to Section 4.02 of this Agreement;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, Association within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: of (A) the records and accounts for the Special Account; Account or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may beProject Management Reports.
54. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph sub-paragraph (a), (b) or (c) of this paragraph 6 5 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Development Credit Agreement. The objectives of the Project are: (a) to accelerate the Borrower’s integration into the world economy by expanding export production through product and market diversification; (b) to improve the entrepreneurial skills of exporters; and (c) to remove critical business environment constraints to product and market diversification, including increased value added to industry and commerce through enhancing capacity and implementing reforms in trade policy and revenue administration. The Project consists of the following parts subject to such modifications thereof as the Borrower and the Association may agree upon from time to time to achieve such objectives. Part A: Product and Market Development Support
1. Establishment and operation of a Matching Grant AgreementFacility, which shall provide Matching Grants consisting of:
(a) Service User Matching Grants to exporters for enhancing export competitiveness; and
(b) Service Development Matching Grants to export service providers for building capacity to supply export development services.
2. Provision of management and advisory services to the Matching Grant Facility.
3. Identification and implementation of activities to strengthen selected private, public and joint private and public initiatives to support export product and market development services.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars Euro a special deposit account in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachmentattachments.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: :
(A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower and the Guarantor of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower and the Guarantor of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of EUR 3,100,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars FCFA a special deposit account in a commercial Bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower and the Guarantor of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower and the Guarantor of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Credit Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of FCFA 550,000,000 to be withdrawn from the Credit Account and deposited into the Special Account pursuant to paragraph 2 of this Annex, provided, however, that unless the Association shall otherwise agree, the Authorized Allocation shall be limited to an amount equivalent to FCFA 300,000,000 until the aggregate amount of withdrawals from the Credit Account plus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall be equal to or exceed the equivalent of SDR 1,400,000.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient may shall open and maintain in Dollars FCFA a special deposit account in a commercial Bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the GEF Trust Fund Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the GEF Trust Fund Grant Account; or
(c) if the Recipient shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient and the Guarantor of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the GEF Trust Fund Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient and the Guarantor of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the GEF Trust Fund Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant this Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of FCFA 250,000,000 equivalent to be withdrawn from the GEF Trust Fund Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex, provided, however, that unless the Bank shall otherwise agree, the Authorized Allocation shall be limited to an amount equivalent to FCFA 125,000,000 until the aggregate amount of withdrawals from the GEF Trust Fund Grant Account plus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall be equal to or exceed the equivalent of $960,000.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Recipient shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts, which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Recipient, withdraw from the GEF Trust Fund Grant Account and deposit into the Special Account such amount, as the Recipient shall have requested.
(b) For replenishment of the Special Account, the Recipient shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Recipient shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Recipient, withdraw from the GEF Trust Fund Grant Account and deposit into the Special Account such amount as the Recipient shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the GEF Trust Fund Grant Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the GEF Trust Fund Grant minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the GEF Trust Fund Grant Account of the remaining unwithdrawn amount of the GEF Trust Fund Grant shall follow such procedures, as the Bank shall specify by notice to the Recipient. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures. SCHEDULE 1 Operation of Special Account The Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement shall deposit withdrawals from the GEF Trust Fund Grant Account. Each such deposit into the Special Account shall be withdrawn by the Bank from the GEF Trust Fund Grant Account under one or more of the Eligible Categories. Upon receipt of each application for withdrawal of an amount of the GEF Trust Fund Grant, the Bank shall, on behalf of the Recipient, withdraw from the GEF Trust Fund Grant Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.4 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports. SCHEDULE 2 Description of the Project The objective of the Project is to strengthen the Recipient’s institutional framework and build human resource capacity to protect and sustainably manage its coastal and biological resources. The Project consists of the following Parts, subject to such modifications thereof as the Recipient and the Bank may agree upon from time to time to achieve such objectives:
Appears in 1 contract
Sources: Trust Fund Grant Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in Bank Indonesia or in a commercial Bank bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-set- off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-Report- based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (iib)(ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower and the Guarantor of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower and the Guarantor of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Credit Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $5,000,000 to be withdrawn from the Credit Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Association, Royal Monetary Authority on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the GEF Trust Fund Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the GEF Trust Fund Grant Account; or
(c) if the Recipient shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii4.01(b)(ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the GEF Trust Fund Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the GEF Trust Fund Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the GEF Trust Fund Grant Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $500,000 to be withdrawn from the GEF Trust Fund Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Recipient shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Recipient, withdraw from the GEF Trust Fund Grant Account and deposit into the Special Account such amount as the Recipient shall have requested.
(b) For replenishment of the Special Account, the Recipient shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Recipient shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Recipient, withdraw from the GEF Trust Fund Grant Account and deposit into the Special Account such amount as the Recipient shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the GEF Trust Fund Grant Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the GEF Trust Fund Grant minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the GEF Trust Fund Grant Account of the remaining unwithdrawn amount of the GEF Trust Fund Grant shall follow such procedures as the Bank shall specify by notice to the Recipient. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures. SCHEDULE 1
1. Withdrawals from the GEF Trust Fund Grant Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the GEF Trust Fund Grant Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the GEF Trust Fund Grant, the Bank shall, on behalf of the Recipient, withdraw from the GEF Trust Fund Grant Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.5 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports.
Appears in 1 contract
Sources: Trust Fund Grant Agreement
Special Account. 1. The Recipient may Borrower shall open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After Except as the Association has received evidence satisfactory Bank shall otherwise specify by notice to it that the Special Account has been openedBorrower, all withdrawals from the Grant Loan Account of amounts to shall be deposited by the Bank into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3Schedule. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
42. Except as the Bank shall otherwise agree, after the Bank has received evidence satisfactory to it that the Special Account has been duly opened, withdrawals from the Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) Each application for withdrawal from the Loan Account shall be supported by a Project Management Report.
(b) Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (i) the amount so requested; and (ii) the amount which the Bank has determined, based on the Project Management Report accompanying said application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such report; provided, however, that the amount so deposited, when added to the amount indicated by said report to be remaining in the Special Account, shall not exceed the amount of $10,000,000. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
3. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the Association, Bank determines at any time, is time that any Project Management Report does not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursementspursuant to Section 4.02 of the Project Agreement;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, Bank within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; , or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may beProject Management Reports.
54. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph sub-paragraph (a), (b) or (c) of this paragraph 6 5 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of this Agreement. The objectives of the Grant AgreementProject are to: (a) improve the water and sewerage services in the territory of the Borrower and the sanitary conditions of the Borrower’s poorest population; (b) facilitate the environmental cleanup of water bodies surrounding the territory of the Borrower (Cartagena Bay, the Caribbean beaches and the Cienaga de la Virgen lake); and (c) improve the sustainability of water and sewerage services in the Borrower’s territory through a private sector participation model. The Project consists of the following parts, subject to such modifications thereof as the Borrower and the Bank may agree upon from time to time to achieve such objectives:
Part A: Water Supply System Carrying out of the following activities for the expansion of the water supply system in the territory of the Borrower: (i) expansion and improvement of the water production system; (ii) expansion of the water service coverage; (iii) replacement of primary distribution mains; (iv) mitigation of adverse effects of water treatment sludge; (v) installation of remote control systems; and (vi) carrying out of a plan to reduce unaccounted water.
Part B: Sewerage System Carrying out of the following activities for the expansion of the sewerage system in the Cienaga de ▇▇ ▇▇▇▇▇▇ basin: (i) enhancement of the conveyance capacity of the existing sewage collectors in the southwest, southeast and central parts of the Borrower’s territory which currently drain into the Cienaga de ▇▇ ▇▇▇▇▇▇ basin; (ii) expansion of the secondary sewerage network in those parts of the Borrower’s territory, and in the Boquilla area, which currently drain into such basin; (iii) construction of new pressure lines and pumping stations; and (iv) construction of new gravity collectors in residential areas. Part C: Wastewater Conveyance System Construction of the main wastewater conveyance system consisting of a 72" reinforced concrete cylindrical pressure pipe with a total length of about 23.85 kilometers, including upgrading of the Paraíso pumping station, construction of the pipeline from such station to the treatment plant site, and construction of the effluent pipeline from the treatment plant to the submarine outfall under Part E of the Project. Part D: Wastewater Treatment Construction of wastewater treatment facilities to remove floatable materials, grease, oil, sand and grit. The facilities will include the following or equivalent installations: (i) six rotary screens which will remove rags, floatable materials and large solids, with an expected volume of screenings of about 8.5 cubic meters per day; and (ii) two vortex-type grit ▇▇▇▇▇▇▇▇ which will remove about 5.1 cubic meter per day of sand and grit. Part E: Submarine Outfall Construction of a submarine outfall for the safe discharge of pre-treated effluents into the Caribbean sea near Punta Canoa. The outfall will be constructed using a 72" reinforced concrete pipe, will have a length of about 2,850 meters and its discharge point will be submerged at a depth of 20 meters.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Association, Royal Monetary Authority on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-Report- based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower and the Guarantor of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower and the Guarantor of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Credit Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $1,000,000 to be withdrawn from the Credit Account and deposited into the Special Account pursuant to paragraph 2 of this Annex, provided, however, that unless the Association shall otherwise agree, the Authorized Allocation shall be limited to an amount of $500,000 until the aggregate amount of withdrawals from the Credit Account, plus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall equal or exceed SDR1,700,000.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Associationits Central Bank, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachmentBank.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of three million Dollars ($3,000,000) to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Associationits Central Bank, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 B. 2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (Ai) the records and accounts for the Special Account; or (Bii) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may beDisbursements.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower and the Guarantor of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower and the Guarantor of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant this Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $1,625,000 equivalent to be withdrawn from the Credit Account and deposited into the Special Account pursuant to paragraph 2 of this Annex, provided, however, that unless the Association shall otherwise agree, the Authorized Allocation shall be limited to an amount equivalent to $812,500 until the aggregate amount of withdrawals from the Credit Account plus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall be equal to or exceed the equivalent of SDR 1,700,000.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in the Maldives Monetary Authority or in a commercial Bank bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-Report- based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (iib)(ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were made on the basis of Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Credit Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of one million United States dollars ($1,000,000) to be withdrawn from the Credit Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: :
(A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $800,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Loan Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of:
(a) the amount so requested; and
(b) the amount which the Bank has determined, based on the reports referred to in Part A.4 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient Borrower, through the MOF, may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Associationbank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-which can not be the subject of set off, seizure and or attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph subparagraphs (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount not exceeding $15,000,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Loan Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (i) the amount so requested; and (ii) the amount which the Bank has determined, based on the reports referred to in Part A.5 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports. The objective of the Project is to increase access to financial services in Ukraine, for, among others, rural small and medium-enterprises. The Project consists of the following parts, subject to such modifications thereof as the Borrower and the Bank may agree upon from time to time to achieve such objectives: Part A: Access to Finance
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were made on the basis of Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower and the Guarantor of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower and the Guarantor of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $20,000,000 to be withdrawn from the Credit Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the Grant Account; or
(c) if the Recipient shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $800,000 to be withdrawn from the Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Recipient shall furnish to the Association a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Association shall, on behalf of the Recipient, withdraw from the Grant Account and deposit into the Special Account such amount as the Recipient shall have requested.
(b) For replenishment of the Special Account, the Recipient shall furnish to the Association requests for deposit into the Special Account at such intervals as the Association shall specify. Prior to or at the time of each such request, the Recipient shall furnish to the Association the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Association shall, on behalf of the Recipient, withdraw from the Grant Account and deposit into the Special Account such amount as the Recipient shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Association from the Grant Account under one or more of the Eligible Categories.
3. The Association shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Grant minus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Grant Account of the remaining unwithdrawn amount of the Grant shall follow such procedures as the Association shall specify by notice to the Recipient. Such further withdrawals shall be made only after and to the extent that the Association shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures. SCHEDULE 1
1. Withdrawals from the Grant Account shall be deposited by the Association into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Association from the Grant Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Grant, the Association shall, on behalf of the Recipient, withdraw from the Grant Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Association has determined, based on the reports referred to in Part A.5 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports.
Appears in 1 contract
Sources: Development Grant Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars Euro a special deposit account in a commercial the National Bank acceptable to of the AssociationRepublic of Macedonia, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachmentcentral bank of the Borrower.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: :
(A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, through the SAGW, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower, through the SAGW, has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph subparagraphs (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this ▇▇▇▇▇, the term “Authorized Allocation” means the amount of □1,000,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower, through the SAGW, shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Borrower, through the SAGW, shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Loan Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.4 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the three-month period following the date of such reports. The objective of the Project is to build an efficient and effective real estate cadastre and registration system, contributing to the development of efficient land and real estate markets in the territory of the Borrower. The Project consists of the following parts, subject to such modifications thereof as the Borrower and the Bank may agree upon from time to time to achieve such objectives: Part A: Completing the Real Estate Cadastre (REC) and Registration of Rights
1. Operational support for completion of the REC, including:
(a) base mapping;
(b) re-survey and updating of cadastral maps;
(c) systematic adjudication and registration of real estate rights, and rationalization of registration procedures; and
(d) rationalization and streamlining of procedures of systematic registration, sporadic registration and conversion of land cadastre to the REC.
2. Support for a public awareness campaign for the REC (systematic registration), including support for mediation and legal advice in order to facilitate the participation of property owners in the systematic and sporadic registration procedures. Part B: Institutional Development and Improving Service Delivery
1. Provision for institutional development and capacity building for the SAGW with focus on developing the SAGW into an efficient and public service oriented agency with the goal of self-financing.
2. Provision for promoting transparency and accountability in the SAGW through the issuance of a “customer bill of rights”, the establishment of a telephone hotline for customer complaints, and strengthening internal investigation of corruption and misconduct.
3. Provision for improving registration services for the public with focus on the SAGW local offices and customer service for secondary transactions, including media relations and regular dissemination of information to the public on the SAGW services.
4. Support for the development of an automated registration and cadastre system.
5. Support for the development of a strategic plan and associated human resource development in the SAGW, including training for private sector surveyors and upgrading of the geodetic engineering education program at Cyrill & Methodius University in Skopje. Part C: Development of Land Policy
1. Support for the development of government capacity to develop policies and a regulatory framework through a consultative process.
2. Support for the formulation of specific land and real estate policies necessary to ensure completion of the real estate cadastre and for the full functioning of land and real estate markets. Part D: Project Management
1. Support to the SAGW to manage the Project through financing the PMU expenses, including contract staff, incremental operating costs, equipment, vehicles and training, as well as provision for the coordination of public relations and information dissemination under Parts A and B of the Project.
2. Support for the establishment of an integrated monitoring and evaluation system for Project implementation, as well as provision for carrying out a socio-economic and environmental impact assessment to measure Project impact. Payment of Principal (Expressed in Date Payment Due Euro) On each May 15 and November 15 beginning November 15, 2010 through November 15, 2021 430,000 On May 15, 2022 410,000
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial the Reserve Bank acceptable to the Associationof India, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) : if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) and if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) : if the Association, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) ; if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) or if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this the Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (Ai) the records and accounts for the Special Account; or (Bii) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Agreement.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower and the Guarantor of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower and the Guarantor of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $3,000,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex provided, however, that unless the Bank shall otherwise agree, the Authorized Allocation shall be limited to the amount of $1,000,000 until the aggregate amount of withdrawals from the Loan Account plus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall be equal to or exceed the equivalent of $2,000,000.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Loan Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.5 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower and the Guarantor of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower and the Guarantor of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Credit Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $1,500,000 to be withdrawn from the Credit Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Association a request or requests for deposit into the Special Account of an amount or amounts, which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account such amount, as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Association requests for deposit into the Special Account at such intervals, as the Association shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Association the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Association from the Credit Account under one or more of the Eligible Categories.
3. The Association shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Credit minus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Credit Account of the remaining unwithdrawn amount of the Credit shall follow such procedures as the Association shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Association shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures. SCHEDULE 1
1. Withdrawals from the Credit Account shall be deposited by the Association into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Association from the Credit Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Credit, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Association has determined, based on the reports referred to in Part A.4 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports. The objectives of the Project are to assist in the implementation of the higher education reform to improve the quality and relevance of instruction; and institutional development of the university and the institutions of higher education (IHEs), through the reinforcement of their pedagogical and financial management. The Project consists of the following parts, subject to such modifications thereof as the Borrower and the Association may agree upon from time to time to achieve such objectives:
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. The Recipient may opt to make disbursements by documenting Eligible Expenditures, or by making Report-based Disbursements. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is does not making opt to make Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 B2(b) of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the Grant Account; or
(c) if the Recipient shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited Granted to the Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $4,000,000 to be withdrawn from the Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Recipient shall furnish to the Association a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Association shall, on behalf of the Recipient, withdraw from the Grant Account and deposit into the Special Account such amount as the Recipient shall have requested. For replenishment of the Special Account, the Recipient shall furnish to the Association requests for deposit into the Special Account at such intervals as the Association shall specify. Prior to or at the time of each such request, the Recipient shall furnish to the Association the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Association shall, on behalf of the Recipient, withdraw from the Grant Account and deposit into the Special Account such amount as the Recipient shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Association from the Grant Account under one or more of the Eligible Categories.
3. The Association shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Grant minus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Grant Account of the remaining unwithdrawn amount of the Grant shall follow such procedures as the Association shall specify by notice to the Recipient. Such further withdrawals shall be made only after and to the extent that the Association shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures. SCHEDULE 1
1. Withdrawals from the Grant Account shall be deposited by the Association into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Association from the Grant Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Grant, the Association shall, on behalf of the Recipient, withdraw from the Grant Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Association has determined, based on the reports referred to in Part A.4 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports.
Appears in 1 contract
Sources: Development Grant Agreement
Special Account. 1. The Recipient may open and maintain in Dollars Taka a special deposit account in a commercial Bank acceptable to the Associationaccount, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachmentAssociation for carrying out the Project.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the Grant Account; or
(c) if the Recipient shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (iib)(ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the this Grant Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of Taka 150,000,000 to be withdrawn from the Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex provided, however, that unless the Association shall otherwise agree, the Authorized Allocation shall be limited to an amount equivalent to Taka 90,000,000 until the aggregate amount of withdrawals from the Grant Account allocated to Categories (1) through (9) plus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall be equal to or exceed the equivalent of SDR 7,000,000.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Recipient shall furnish to the Association a request or requests for deposit into the Special Account of an amount or amounts, which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Association shall, on behalf of the Recipient, withdraw from the Grant Account and deposit into the Special Account such amount as the Recipient shall have requested.
(b) For replenishment of the Special Account, the Recipient shall furnish to the Association requests for deposit into the Special Account at such intervals, as the Association shall specify. Prior to or at the time of each such request, the Recipient shall furnish to the Association the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Association shall, on behalf of the Recipient, withdraw from the Grant Account and deposit into the Special Account such amount as the Recipient shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Association from the Grant Account under one or more of the Eligible Categories.
3. The Association shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Grant minus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Grant Account of the remaining unwithdrawn amount of the Grant shall follow such procedures as the Association shall specify by notice to the Recipient. Such further withdrawals shall be made only after and to the extent that the Association shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures. Annex B to SCHEDULE 1
1. Withdrawals from the Grant Account shall be deposited by the Association into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Association from the Grant Account under one or more of the Eligible Categories.
Appears in 1 contract
Sources: Development Grant Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Associationits Central Bank, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (iib)(ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower and the Guarantor of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-six (6) month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Credit Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of five million United States dollars (US$5,000,000) to be withdrawn from the Credit Account and deposited into the Special Account pursuant to paragraph 2 of this Annex, provided, however, that unless the Association shall otherwise agree, the Authorized Allocation shall be limited to an amount equivalent to United States dollars two million, five hundred thousand (US$2,500,000) until the aggregate amount of withdrawals from the Credit Account plus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall be equal to or exceed the equivalent of seven million, five hundred thousand Special Drawing Rights (SDR 7,500,000).
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient may shall, open and maintain in Dollars FCFA a special deposit account in a commercial Bank acceptable to the Associationbank, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and or attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A B to this Schedule 1; and
(b) if the Recipient is making Report-based Based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-based Based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the Grant Account; or;
(c) if the Recipient shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made Based Disbursements; or
(d) if the Recipient shall have failed to publicly disclose at its central and regional levels on the basis of statements of expenditure, as the case may beeach Annual HIV/AIDS Day all Project related expenditures.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of this Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of FCFA 364,000,000 equivalent to be withdrawn from the Grant AgreementAccount and deposited into the Special Account pursuant to paragraph 2 of this Annex, provided, however, that unless the Association shall otherwise agree, the Authorized Allocation shall be limited to an amount equivalent to FCFA 182,000,000 until the aggregate amount of withdrawals from the Grant Account plus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall be equal to or exceed the equivalent of SDR 940,000.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Recipient shall furnish to the Association a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Association shall, on behalf of the Recipient, withdraw from the Grant Account and deposit into the Special Account such amount as the Recipient shall have requested.
(b) For replenishment of the Special Account, the Recipient shall furnish to the Association requests for deposit into the Special Account at such intervals, as the Association shall specify. Prior to or at the time of each such request, the Recipient shall furnish to the Association the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Association shall, on behalf of the Recipient, withdraw from the Grant Account and deposit into the Special Account such amount as the Recipient shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. The Association shall withdraw each such deposit into the Special Account from the Grant Account under one or more of the Eligible Categories.
3. The Association shall not be required to make further deposits into the Special Account, once the total un-withdrawn amount of the Grant minus the total amount of all outstanding special commitments entered into by the Association pursuant to
Appears in 1 contract
Sources: Development Grant Agreement
Special Account. 1. The Recipient may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Associationits Central Bank, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachmentBank.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the GEF Trust Fund Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the GEF Trust Fund Grant Account; or
(c) if the Recipient shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the GEF Trust Fund Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the GEF Trust Fund Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $700,000 to be withdrawn from the GEF Trust Fund Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Recipient shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Recipient, withdraw from the GEF Trust Fund Grant Account and deposit into the Special Account such amount as the Recipient shall have requested.
(b) For replenishment of the Special Account, the Recipient shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Recipient shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Recipient, withdraw from the GEF Trust Fund Grant Account and deposit into the Special Account such amount as the Recipient shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the GEF Trust Fund Grant Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the GEF Trust Fund Grant Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Recipient. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the GEF Trust Fund Grant Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the GEF Trust Fund Grant Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Recipient, withdraw from the GEF Trust Fund Grant Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.5 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports. The objective of the Project is to assist the Recipient in its efforts to promote: (a) the adoption of economically and environmentally viable integrated production systems among farmers and livestock producers, within a context of holistic ecosystem and natural resources management; and (b) an increased understanding of the role of biodiversity in agricultural landscapes and the potential impact of the various land use practices upon biodiversity and their economic and ecological sustainability. The Project consists of the following parts, subject to such modifications thereof as the Recipient and the Bank may agree upon from time to time to achieve such objective: Part A: Natural Resources and Biodiversity Management
1. Carrying out demand-driven sub-projects (Natural Resource Management Subprojects or NRM Subprojects) consisting of investments and technical assistance to promote the adoption of:
(a) improved natural resources management practices in livestock production systems, with special reference to improved management of natural pastures;
(b) improved cultural practices in dryland agriculture that may improve the conservation and management of soil and water resources; and
(c) improved soil and water resources management systems in irrigated areas, which could include investments to consolidate and expand irrigation development under PRENADER.
2. Carrying out demand-driven sub-projects (Biodiversity Subprojects) to promote biodiversity initiatives, consisting of investments and technical assistance which may include, inter alia:
(a) financing of incremental costs of biodiversity conservation and management, with special reference to native grass species;
(b) engaging in sustainable management of timber and non-timber products from native forests;
(c) engaging in management and conservation of native fauna;
(d) generating silvo-pastoral initiatives; and
(e) developing rural tourism based on native species.
Appears in 1 contract
Sources: Trust Fund Grant Agreement
Special Account. 1. The Recipient may shall open and maintain in Dollars a special deposit account account, in a commercial Bank acceptable to the Associationbank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if until the Bank shall have received: (i) the first Project Management Report referred to in Section 4.02 (b) of this Agreement; and (ii) a request from the Recipient is not making Report-based Disbursementsfor withdrawal on the basis of Project Management Reports, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if upon receipt by the Bank of a Project Management Report pursuant to Section 4.02 (b) of this Agreement, accompanied by a request from the Recipient is making Report-based Disbursementsfor withdrawal on the basis of Project Management Reports, all further withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the Association, Bank determines at any time, is time that any Project Management Report does not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursementspursuant to Section 4.02 of this Agreement;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the Grant Account; or
(c) if the Recipient shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: of (A) the records and accounts for the Special Account; , or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may beProject Management Reports.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph sub-paragraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of this Agreement.
1. For the purposes of this Annex, the term "Authorized Allocation" means an amount equivalent to $500,000 to be withdrawn from the Grant AgreementAccount and deposited into the Special Account pursuant to paragraph 2 of this Annex; provided, however, that, unless the Bank shall otherwise agree, the Authorized Allocation shall be limited to an amount equivalent to $250,000 until the aggregate amount of withdrawals from the Grant Account, plus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions, shall equal or exceed the equivalent of SDR 750,000.
Appears in 1 contract
Sources: Global Environment Facility Trust Fund Grant Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient ECTEL shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this the Project Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: :
(A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Credit Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $55,000 to be withdrawn from the Credit Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the Credit Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Credit minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Credit Account of the remaining unwithdrawn amount of the Credit shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Credit Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Credit Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Credit, the Bank shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.5 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports. The objective of the Project is to assist the Participating Countries in improving public access to and the quality and use of telecommunications and information and communications technology (ICT) services, in support of socio-economic development among the Participating Countries. The Project consists of the following parts, subject to such modifications thereof as the Borrower and the Bank may agree upon from time to time to achieve such objective: Part A: Legal and Regulatory Reforms Provision of technical assistance to ECTEL and the Participating Countries’ National Telecommunications Regulatory Commissions (NTRCs) to:
1. strengthen national and regional regulatory frameworks to promote competition in the telecommunications and ICT services sector; 2 establish a regional forum to build consensus and facilitate resolution of commercial and public policy issues related telecommunications and ICT services;
3. establish guidelines and a standard model for alternative dispute resolution facilities;
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in Bank Indonesia (its Central Bank) or in a state commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including including, in the case of a state commercial bank, appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if Withdrawals from the Recipient is not making Report-based Disbursements, withdrawals Loan Account shall be made deposited by the Bank into the Special Account in accordance with the provisions of Annex A Schedule 1 to this Schedule 1; andAgreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
(b) if Upon receipt of each application for withdrawal of an amount of the Recipient is making Report-Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (i) the amount so requested; and (ii) the amount which the Bank has determined, based Disbursements, withdrawals shall be made on the reports referred to in accordance with the provisions Part A.4 of Annex B to this Schedule 11 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the Grant Account; or
(c) if the Recipient shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Agreement.Part
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the AssociationAdministrator, on terms and conditions satisfactory to the AssociationAdministrator, including appropriate protection against set-off, seizure and attachment.
2. After the Association Administrator has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the DFID Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1Schedule; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1Schedule.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association Administrator shall reasonably request, furnish to the Association Administrator such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Administrator shall not be required to make further deposits into the Special Account:
(a) if the AssociationAdministrator, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Administrator determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the DFID Grant Account; or
(c) if the Recipient shall have failed to furnish to the AssociationAdministrator, within the period of time specified in Section 4.01 (b) (ii4.01(b)(ii) of this Agreement, any of the audit reports required to be furnished to the Association Administrator pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Administrator shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Administrator shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the DFID Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Administrator shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association Administrator determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationAdministrator, the Recipient shall, promptly upon notice from the AssociationAdministrator, provide such additional evidence as the Association Administrator may request, or deposit into the Special Account (or, if the Association Administrator shall so request, refund to the AssociationAdministrator) an amount equal to the amount of such payment. Unless the Association Administrator shall otherwise agree, no further deposit by the Association Administrator into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Administrator determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the AssociationAdministrator, refund to the Association Administrator such outstanding amount.
(c) The Recipient may, upon notice to the AssociationAdministrator, refund to the Association Administrator all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Administrator made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the DFID Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Credit Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $2,400,000 to be withdrawn from the DFID Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Grant Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars Euro a special deposit account in a commercial the National Bank acceptable to of the AssociationRepublic of Macedonia, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachmentcentral bank of the Borrower.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, through the SAGW, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower, through the SAGW, has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph subparagraphs (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement. Annex A
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of €1,000,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the AssociationBCU, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachmentBank.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement. Operation of Special Account
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $5,000,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Loan Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures. Annex B
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.4 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports. The objective of the Project is to upgrade the Borrower’s transport infrastructure to a condition which facilitates the transportation of freight and passengers at a cost-efficient level of service. The Project consists of the following parts, subject to such modifications thereof as the Borrower and the Bank may agree upon from time to time to achieve such objective:
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient may open and maintain a convertible Special Account in Dollars a special deposit account in a commercial Bank acceptable to the AssociationTaka, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachmentfor carrying out the Project.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the Grant Account; or
(c) if the Recipient shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (iib)(ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient and the Guarantor of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient and the Guarantor of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of Taka 150,000,000 to be withdrawn from the Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Recipient shall furnish to the Association a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Association shall, on behalf of the Recipient, withdraw from the Grant Account and deposit into the Special Account such amount as the Recipient shall have requested.
(b) For replenishment of the Special Account, the Recipient shall furnish to the Association requests for deposit into the Special Account at such intervals as the Association shall specify. Prior to or at the time of each such request, the Recipient shall furnish to the Association the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Association shall, on behalf of the Recipient, withdraw from the Grant Account and deposit into the Special Account such amount as the Recipient shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Association from the Grant Account under one or more of the Eligible Categories.
3. The Association shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Grant minus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Grant Account of the remaining unwithdrawn amount of the Grant shall follow such procedures as the Association shall specify by notice to the Recipient. Such further withdrawals shall be made only after and to the extent that the Association shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Grant Account shall be deposited by the Association into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Association from the Grant Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Grant, the Association shall, on behalf of the Recipient, withdraw from the Grant Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Association has determined, based on the reports referred to in Part A.5 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports.
Appears in 1 contract
Sources: Development Grant Agreement
Special Account. 1. The Recipient may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the GEF Trust Fund Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the GEF Trust Fund Grant Account; or
(c) if the Recipient shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii4.01(b)(ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the GEF Trust Fund Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the GEF Trust Fund Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the GEF Trust Fund Grant Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $300,000 to be withdrawn from the GEF Trust Fund Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Recipient shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Recipient, withdraw from the GEF Trust Fund Grant Account and deposit into the Special Account such amount as the Recipient shall have requested.
(b) For replenishment of the Special Account, the Recipient shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Recipient shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Recipient, withdraw from the GEF Trust Fund Grant Account and deposit into the Special Account such amount as the Recipient shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the GEF Trust Fund Grant Account under one or more of the Eligible Category.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the GEF Trust Fund Grant minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the GEF Trust Fund Grant Account of the remaining unwithdrawn amount of the GEF Trust Fund Grant shall follow such procedures as the Bank shall specify by notice to the Recipient. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures. SCHEDULE 1
1. Withdrawals from the GEF Trust Fund Grant Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the GEF Trust Fund Grant Account under one or more of the Eligible Category.
2. Upon receipt of each application for withdrawal of an amount of the GEF Trust Fund Grant, the Bank shall, on behalf of the Recipient, withdraw from the GEF Trust Fund Grant Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.4 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports. The objectives of the Project are:
(a) to assist the Republic of Indonesia, Malaysia, the Republic of Singapore and representatives of some of the large commercial ship owners that use the Strait of Malacca and the Strait of Singapore, to collectively decide whether to establish a marine electronic highway for the entire length of the Straits of Malacca and Singapore; and
(b) to improve maritime safety and reduce environmental damage to the globally-significant shared natural resources of the Straits of Malacca and Singapore. The Project consists of the following parts, subject to such modifications thereof as the Recipient and the Bank may agree upon from time to time to achieve such objectives:
1. System Planning and International Maritime Organization Management
(a) Management of the operational aspects of the Project by the International Maritime Organization.
(b) Development of a system for the management and on-line access and storage of data and information, including links to the MEH Data Centers and financial and economic assessments.
(c) Development of criteria and measurable indicators for Project performance assessment, including the carrying out of a baseline survey to compile and analyze data and information covering a period of about thirty years up to the inception of the Project, as a basis for evaluation of the impact of the MEH system.
Appears in 1 contract
Sources: Trust Fund Grant Agreement
Special Account. 1. The Recipient may Borrower shall open and maintain in Dollars Dirhams a special deposit account in a commercial Bank acceptable to the Association, its general treasury (Trésorerie Générale du Royaume) on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachmentBank.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii4.01(b)(ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph sub-paragraphs (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.4 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the twelve -month (12) period following the date of such reports. The objective of the Project is to assist the Borrower in the implementation of its Program for the development of the education sector in the Project Area. The Project consists of the following parts, subject to such modifications thereof as the Borrower and the Bank may agree upon from time to time to achieve such objectives:
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-Report- based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were made on the basis of Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower and the Guarantor of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower and the Guarantor of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $20,000,000 to be withdrawn from the Credit Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Association a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Association requests for deposit into the Special Account at such intervals as the Association shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Association the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Association from the Credit Account under one or more of the Eligible Categories.
3. The Association shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Credit Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Association shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Association shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Credit Account shall be deposited by the Association into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Association from the Credit Account under one or more of the Eligible Categories.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Associationits central bank, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Account Financing Accounts of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-Report- based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Financing Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (iib)(ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower and the Guarantor of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Credit Account or the Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower and the Guarantor of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Credit Account or the Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Development Financing Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of US$4,300,000 to be withdrawn from the Credit Account or the Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Development Financing Agreement
Special Account. 1. The Recipient may Borrower may, for the purposes of the Project, cause NAFIN to open and maintain in Dollars a special deposit account on behalf of the Borrower, either: (i) in a commercial the Borrower’s Central Bank acceptable to the Association, on terms and conditions satisfactory to the AssociationBank; or (ii) in NAFIN on terms and conditions satisfactory to the Bank, including appropriate protection against set-off, seizure and attachment; or (iii) in a commercial bank on terms and conditions satisfactory to the Bank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: :
(A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible ExpenditureExpenditure (or in the case of a Transfer, was not used by an Eligible School to acquire goods, works or services for purposes of the Project in accordance with the terms of this Agreement), or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $24,000,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Loan Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.4 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient may open and maintain in Dollars Euro a special deposit account in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the GEF Trust Fund Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of paragraph 2 of Part B.2 B of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in paragraph 5 of Part A.5 A of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the GEF Trust Fund Grant Account; or
(c) if the Recipient shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: :
(A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the GEF Trust Fund Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph subparagraphs (a), (b) or (c) of this paragraph 6 shall be credited to the GEF Trust Fund Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Development Credit Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of □600,000 to be withdrawn from the GEF Trust Fund Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex, provided, however, that unless the Bank shall otherwise agree, the Authorized Allocation shall be limited to an amount equivalent to □300,000 until the aggregate amount of withdrawals from the GEF Trust Fund Grant Account plus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall be equal to or exceed the equivalent of $2,000,000.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Recipient shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Recipient, withdraw from the GEF Trust Fund Grant Account and deposit into the Special Account such amount as the Recipient shall have requested.
(b) For replenishment of the Special Account, the Recipient shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Recipient shall furnish to the Bank the documents and other evidence required pursuant to paragraph 3 of Part B of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Recipient, withdraw from the GEF Trust Fund Grant Account and deposit into the Special Account such amount as the Recipient shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the GEF Trust Fund Grant Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the GEF Trust Fund Grant minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the GEF Trust Fund Grant Account of the remaining unwithdrawn amount of the GEF Trust Fund Grant shall follow such procedures as the Bank shall specify by notice to the Recipient. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the GEF Trust Fund Grant Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the GEF Trust Fund Grant Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Credit, the Bank shall, on behalf of the Recipient, withdraw from the GEF Trust Fund Grant Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in paragraph 5 of Part A of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports.
Appears in 1 contract
Sources: Global Environment Facility Trust Fund Grant Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Associationits Central Bank, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-Report- based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (iib)(ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower and the Guarantor of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-six (6) month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Credit Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of two million, five hundred thousand United States dollars (U.S.$2,500,000) to be withdrawn from the Credit Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions provision of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of paragraph 2 of Part B.2 B of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in paragraph 5 of Part A.5 A of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of paragraph 2 of Part B.2 B of this Schedule if, at any time, the Association shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph subparagraphs (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant this Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount equivalent to $1,700,000 to be withdrawn from the Credit Account and deposited into the Special Account pursuant to paragraph 2 of this Annex, provided, however, that unless the Association shall otherwise agree, the Authorized Allocation shall be limited to an amount equivalent to $1,000,000 until the aggregate amount of withdrawals from the Credit Account plus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall be equal to or exceed the equivalent of SDR 5,500,000.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars Euro a special deposit account in the National Bank of Poland or in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including including, in the case of a commercial bank, the obligation of appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;; or
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the Grant Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph sub-paragraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of EUR 6,000,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Loan Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (i) the amount so requested; and (ii) the amount which the Bank has determined, based on the reports referred to in Part A.5 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports. The objectives of the Project are to improve: (i) social cohesion and reduce social exclusion in rural underdeveloped gminas through enhancing the capacity of local governments to identify, plan, and execute social protection strategies under the Social Inclusion Program; and (ii) the efficiency of the ▇▇▇▇ Agency by better information management and the efficiency of its administrative procedures, in particular during its reform process. The Project consists of the following parts, subject to such modifications thereof as the Borrower and the Bank may agree upon from time to time to achieve such objectives: Strengthening of the ▇▇▇▇ Agency’s policies with a view to increase sustainability of the system and improve efficiency, with a special emphasis on supporting the recently-introduced ▇▇▇▇ Agency Informatics and Communications Technology (ICT) Strategy, encompassing:
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient may Borrower shall open and maintain in Dollars a separate special deposit account in a commercial Bank acceptable to the Associationits Central Bank, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachmentBank.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if until the Recipient is not making Report-based DisbursementsBank shall have received: (i) the first Project Management Report referred to in Section 4.02(b) of this Agreement; and (ii) a request from the Borrower for withdrawal on the basis of Project Management Reports, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if upon receipt by the Recipient is making Report-based DisbursementsBank of a Project Management Report pursuant to Section 4.02(b) of this Agreement, accompanied by a request from the Borrower for withdrawal on the basis of Project Management Reports, all further withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the Association, Bank determines at any time, is time that any Project Management Report does not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursementspursuant to Section 4.02 of this Agreement;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, Bank within the period of time specified in Section 4.01 (b) (ii4.01(b)(ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: of (A) the records and accounts for the Special Account; Account or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may beProject Management Reports.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph sub-paragraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex:
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient may Borrower shall open and maintain in Dollars dollars a special deposit account in a commercial the Reserve Bank acceptable to the Association, of India on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if until the Recipient is not making Association shall have received: (i) the first Project Management Report-based Disbursements; and (ii) a request from the Borrower for withdrawal on the basis of Project Management Reports, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if upon receipt by the Recipient is making Association of the first Project Management Report-based Disbursements, accompanied by a request from the Borrower for withdrawal on the basis of Project Management Reports, all further withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, Association determines at any time, is time that any Project Management Report does not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursementspursuant to Section 3.02 of the Maharashtra Project Agreement;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower or Maharashtra shall have failed to furnish to the Association, Association within the period of time specified in Section 4.01 (b) (ii) of this Agreement, or Section 3.01 (b) (ii) of the Maharashtra Project Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section Sections in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records records, accounts and accounts financial statements reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of Project Management Reports or statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant this Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means an amount equivalent to $5,000,000 to be withdrawn from the Credit Account and deposited into the Special Account pursuant to paragraph 2 of this Annex; provided, however, that unless the Association shall otherwise agree, the Authorized Allocation shall be limited to an amount equivalent to $2,500,000 until the aggregate amount of withdrawals from the Credit Account, plus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions, shall equal or exceed the equivalent of SDR 15,000,000.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been openedopened in accordance with Section 2.02 (b) of this Agreement, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1Schedule; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1Schedule.
32. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
43. Notwithstanding the provisions of Part B.2 B.1 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
54. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 B.1 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (Account, or, if the Association shall so request, refund to the Association) , an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 5 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant this Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means an amount equivalent to $15,000,000 to be withdrawn from the Credit Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Association a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Association requests for deposit into the Special Account at such intervals as the Association shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Association the documents and other evidence required pursuant to Part B.2 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Association from the Credit Account under one or more of the Eligible Categories.
3. The Association shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Credit allocated to the Eligible Categories, minus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions, shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Credit Account of the remaining unwithdrawn amount of the Credit shall follow such procedures as the Association shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Association shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Credit Account shall be deposited by the Association into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Association from the Credit Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Credit, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account, an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Association has determined, based on the reports referred to in Part A.5 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower and the Guarantor of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower and the Guarantor of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph subparagraphs (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $8,000,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Loan Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.5 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Loan Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient may Borrower shall open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the AssociationBorrower’s central bank, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachmentBank.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: :
(A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $300,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Loan Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.5 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient may shall, open and maintain in Dollars FCFA a special deposit account in a commercial Bank acceptable to the Associationbank, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and or attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A B to this Schedule 1; and
(b) if the Recipient is making Report-based Based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-based Based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the Grant Account; or;
(c) if the Recipient shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made Based Disbursements; or
(d) if the Recipient shall have failed to publicly disclose at its central and regional levels on the basis of statements of expenditure, as the case may beeach Annual HIV/AIDS Day all Project related expenditures.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of this Agreement. Annex A to SCHEDULE 1 Operation of Special Account
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of FCFA 364,000,000 equivalent to be withdrawn from the Grant AgreementAccount and deposited into the Special Account pursuant to paragraph 2 of this Annex, provided, however, that unless the Association shall otherwise agree, the Authorized Allocation shall be limited to an amount equivalent to FCFA 182,000,000 until the aggregate amount of withdrawals from the Grant Account plus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall be equal to or exceed the equivalent of SDR 940,000.
Appears in 1 contract
Sources: Development Grant Agreement
Special Account. 1. The Recipient may Borrower may, for the purposes of the Project, cause NAFIN to open and maintain in Dollars a special deposit account in a commercial on behalf of the Borrower, either: in
(i) the Borrower’s Central Bank acceptable to the Association, on terms and conditions satisfactory to the AssociationBank; (ii) in NAFIN on terms and conditions satisfactory to the Bank, including appropriate protection against set-off, seizure and attachment; or (iii) in a commercial bank on terms and conditions satisfactory to the Bank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: :
(A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of twenty million Dollars ($20,000,000) to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars Euro a special deposit account in a commercial Bank bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of paragraph 2 of Part B.2 B of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in paragraph 5 of Part A.5 A of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of paragraph 2 of Part B.2 B of this Schedule if, at any time, the Association shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph subparagraphs (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant this Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of €310,000 to be withdrawn from the Credit Account and deposited into the Special Account pursuant to paragraph 2 of this Annex, provided, however, that unless the Association shall otherwise agree, the Authorized Allocation shall be limited to an amount equivalent to €190,000 until the aggregate amount of withdrawals from the Credit Account plus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall be equal to or exceed the equivalent of SDR 660,000.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Association a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Association requests for deposit into the Special Account at such intervals as the Association shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Association the documents and other evidence required pursuant to paragraph 3 of Part B of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Association from the Credit Account under the Eligible Category.
3. The Association shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Credit minus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Credit Account of the remaining unwithdrawn amount of the Credit shall follow such procedures as the Association shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Association shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Credit Account shall be deposited by the Association into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Association from the Credit Account under the Eligible Category.
2. Upon receipt of each application for withdrawal of an amount of the Credit, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Association has determined, based on the reports referred to in paragraph 5 of Part A of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient may Borrower shall open and maintain in Dollars dollars a special deposit account in a commercial the Reserve Bank acceptable to the Association, of India on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachmentBank.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if until the Recipient is not making Report-based DisbursementsBank shall have received: (i) the first Project Management Report referred to in Section 4.02 of this Agreement; and (ii) a request from the Borrower for withdrawal on the basis of Project Management Reports, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if upon receipt by the Recipient is making Report-based DisbursementsBank of a Project Management Report pursuant to Section 4.02 of this Agreement accompanied by a request from the Borrower for withdrawal on the basis of Project Management Reports, all further withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the Association, Bank determines at any time, is time that any Project Management Report does not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursementspursuant to Section 4.02 of this Agreement;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, Bank within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of Project Management Reports or statements of expenditure, as the case may beexpenditures.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex the term “Authorized Allocation” means an amount of $3,000,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient may Borrower shall open and maintain in Dollars Dollars: (a) a special deposit account in a bank acceptable to the Association on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment in the case of a commercial Bank bank; and (b) a separate SGSA for each AA Sub-project to be carried out by an AA for purposes of Part B.1 of the Project in a bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachmentattachment in the case of a commercial bank.
2. After the Association has received evidence satisfactory to it that the Special Account has and the SGSAs have been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account and the SGSAs shall be made as follows:
(a) if until the Recipient is not making Report-based DisbursementsAssociation shall have received: (i) the first Project Management Report referred to in Section 4.02(b) of this Agreement; and (ii) a request from the Borrower for withdrawal on the basis of Project Management Reports, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if upon receipt by the Recipient is making Report-based DisbursementsAssociation of a Project Management Report pursuant to Section 4.02(b) of this Agreement, accompanied by a request from the Borrower for withdrawal on the basis of Project Management Reports, all further withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively either: (a) for Eligible Expenditures; or (b) into SGSAs for payments for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special AccountAccount or a SGSA, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, Association determines at any time, is time that any Project Management Report does not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursementspursuant to Section 4.02 of this Agreement;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or;
(c) if the Recipient Borrower shall have failed to furnish to the Association, Association within the period of time specified in Section 4.01 (b) (ii4.01(b)(ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: of (A) the records and accounts for the Special AccountAccount and SGSAs; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements Project Management Reports; and
(d) for advances to SGSAs, until the Borrower has furnished to the Association such documents and other evidence showing that payments out of expenditure, as the case may beSGSAs were made exclusively for Eligible Expenditures.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association determines at any time that any payment out of the Special Account or a SGSA was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account or a SGSA will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special AccountAccount or SGSAs.
(d) Refunds to the Association made pursuant to subparagraph sub-paragraphs (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Development Credit Agreement.
1. For the purposes of this Annex:
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part Para B.2 of this ScheduleSchedule 1, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part Para A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part Para B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower and the Guarantor of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower and the Guarantor of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Credit Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $6,000,000 to be withdrawn from the Credit Account and deposited into the Special Account pursuant to paragraph 2 of this Annex A.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Association a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Association requests for deposit into the Special Account at such intervals as the Association shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Association the documents and other evidence required pursuant to para B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Association from the Credit Account under one or more of the Eligible Categories.
3. The Association shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Credit minus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Credit Account of the remaining unwithdrawn amount of the Credit shall follow such procedures as the Association shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Association shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures. SCHEDULE 1
1. Withdrawals from the Credit Account shall be deposited by the Association into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Association from the Credit Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Credit, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Association has determined, based on the reports referred to in para A.5 of this Schedule 1 applicable to such withdrawal application accompanying said application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars Euro a special deposit account in the National Bank of Poland or a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;; or
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the Grant Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: :
(A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this ▇▇▇▇▇, the term “Authorized Allocation” means the amount of □20,000,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex, provided, however, that unless the Bank shall otherwise agree, the Authorized Allocation shall be limited to the amount of □10,000,000 until the aggregate amount of withdrawals from the loan account plus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall be equal to or exceed the equivalent of □20,000,000.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Loan Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.5 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports. The objective of the Project is to protect the population in the Odra River Basin against loss of life and damage to property caused by severe flooding, particularly by: (i) reducing the extreme flood peaks through storage in a dry polder on the Odra River upstream of Raciborz town and thus enabling a reduction of the flood peak downstream of the reservoir and allowing better control of the operation of the river system; and (ii) increasing the flood carrying capacity of the Odra River channels through and around Wroclaw. The Project consists of the following parts, subject to such modifications thereof as the Borrower and the Bank may agree upon from time to time to achieve such objectives: Part A: Construction of Raciborz Dry Polder
1. Construction of a dry polder on the Odra River to store flood water with a view to considerably reduce the frequency and severity of future floods, and encompassing an embankment across the Odra valley with right and left bank dikes along the valley and a spillway structure.
2. Resettlement of the displaced persons by the construction of the dry polder and implementation of the RAP.
3. Design, construction supervision, contract management, support for overall Project management and implementation of RAP. Part B: Modernization of the Wroclaw Floodway System Modernization and upgrading of the Wroclaw city flood protection system along the Odra channels passing through and around Wroclaw city and increase of their hydraulic capacity, specifically including:
1. improvements to ▇▇▇▇ ▇▇▇▇▇ and embankments: comprising works to strengthen and raise embankments and retaining walls;
2. improvements to the Odra Channels: comprising improvements designed to increase the hydraulic capacity of the Odra River and consisting of widening and/or deepening of the channels and works for the related hydraulic structures;
3. flood relief through the Widawa Transfer: increase in the design capacity of the existing Odra-Widawa diversion and in the capacity of the Widawa River channel by widening of the flood plain and reconstruction of dikes and structures along the river;
4. design, construction supervision, contract management, support for Project management and implementation of the RPF; and
5. resettlement: of the displaced persons by the activities of the Wroclaw city flood protection system and implementation of the RPF. Part C: Improving Flood Management, Monitoring and Evaluation and Supervision of the EA/EMP and RAP
1. Improving emergency preparedness and flood management plans in the Odra River Basin: including: (i) the establishment of an Odra River Flood Management Center (OFMC) for the upper and middle Odra river basin and a working group consisting of representatives of relevant local governments, concerned agencies and other stakeholders involved in flood forecasting, planning and management; (ii) the review and upgrading of the existing plans for flood management and emergency preparedness and crisis management during and after floods; and (iii) the advancement of the development of the Flood Information Centers (OKI), improvement and implementation of the flood simulation models, and preparation of operational plans for operation and management of major flood storage reservoirs and other hydraulic infrastructure in the Odra river basin.
2. Support to improve the flood forecasting system and to operational effectiveness of the system of hydro-meteorological forecasting.
3. Improvements in the flood protection and management plans and assistance in development of projects in the flood sector: including the preparation of a flood management and protection strategy and the identification of priority projects and their ranking, pre-feasibility level studies and a feasibility study for the highest priority projects.
4. Monitoring and evaluation of the Project’s impact: evaluation of the success in Project implementation and assessment of its physical, hydrological, environmental, social, and economic impacts, with a view to provide feedback to the MIA, MOE and the Project Steering Committee so that corrective actions could be undertaken in a timely manner, and monitoring of the implementation of the Environmental Management Plan and the Resettlement Action Plan.
5. Implementation of works identified under the EA/EMP: carrying out of works identified in the EA/EMP and falling outside the scope of Parts A and B of the Project and the funding of the Odra 2006 Program, such as the enhancement of the ecological corridor in the Odra River. Part D: Project Management, Technical Assistance and Training Provision of support to the Borrower as required for the implementation of the Project and for the preparation of a follow-on project, encompassing provision of technical assistance, operational support for the PCU and institutional strengthening.
1. The following table sets forth the Principal Payment Dates of the Loan and the percentage of the total principal amount of the Loan payable on each Principal Payment Date (Installment Share). If the proceeds of the Loan shall have been fully withdrawn as of the first Principal Payment Date, the principal amount of the Loan repayable by the Borrower on each Principal Payment Date shall be determined by the Bank by multiplying: (a) the total principal amount of the Loan withdrawn and outstanding as of the first Principal Payment Date; by (b) the Installment Share for each Principal Payment Date, such repayment amount to be adjusted, as necessary, to deduct any amounts referred to in paragraph 4 of this Schedule, to which a Currency Conversion applies. Payment Date (Expressed as a %) On each May 15 and November15 Beginning May 15, 2012 through November 15, 2021 5%
2. If the proceeds of the Loan shall not have been fully withdrawn as of the first Principal Payment Date, the principal amount of the Loan repayable by the Borrower on each Principal Payment Date shall be determined as follows:
(a) to the extent that any proceeds of the Loan shall have been withdrawn as of the first Principal Payment Date, the Borrower shall repay the amount withdrawn and outstanding as of such date in accordance with paragraph 1 of this Schedule; and
(b) any withdrawal made after the first Principal Payment Date shall be repaid on each Principal Payment Date falling after the date of such withdrawal in amounts determined by the Bank by multiplying the amount of each such withdrawal by a fraction, the numerator of which shall be the original Installment Share specified in the table in paragraph 1 of this Schedule for said Principal Payment Date (the Original Installment Share) and the denominator of which shall be the sum of all remaining Original Installment Shares for Principal Payment Dates falling on or after such date, such repayment amounts to be adjusted, as necessary, to deduct any amounts referred to in paragraph 4 of this Schedule, to which a Currency Conversion applies.
(a) Withdrawals made within two (2) calendar months prior to any Principal Payment Date shall, for the purposes solely of calculating the principal amounts payable on any Principal Payment Date, be treated as withdrawn and outstanding on the second Principal Payment Date following the date of withdrawal and shall be repayable on each Principal Payment Date commencing with the second Principal Payment Date following the date of withdrawal.
(b) Notwithstanding the provisions of subparagraph (a) of this paragraph 3, if at any time the Bank shall adopt a due date billing system under which invoices are issued on or after the respective Principal Payment Date, the provisions of such subparagraph shall no longer apply to any withdrawals made after the adoption of such billing system.
4. Notwithstanding the provisions of paragraphs 1 and 2 of this Schedule, upon a Currency Conversion of all or any portion of the withdrawn principal amount of the Loan to an Approved Currency, the amount so converted in said Approved Currency that shall be repayable on any Principal Payment Date occurring during the Conversion Period, shall be determined by the Bank by multiplying such amount in its currency of denomination immediately prior to said Conversion by either: (i) the exchange rate that reflects the amounts of principal in said Approved Currency payable by the Bank under the Currency Hedge Transaction relating to said Conversion; or (ii) if the Bank so determines in accordance with the Conversion Guidelines, the exchange rate component of the Screen Rate.
5. If the principal amount of the Loan withdrawn and outstanding from time to time shall be denominated in more than one Loan Currency, the provisions of this Schedule shall apply separately to the am
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Associationat BNR, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachmentBank.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the GEF Trust Fund Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the GEF Trust Fund Grant Account; or
(c) if the Recipient shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the GEF Trust Fund Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the GEF Trust Fund Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the GEF Trust Fund Grant Agreement.
1. For the purposes of this ▇▇▇▇▇, the term “Authorized Allocation” means the amount of $350,000 to be withdrawn from the GEF Trust Fund Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Recipient shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts, which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Recipient, withdraw from the GEF Trust Fund Grant Account and deposit into the Special Account such amount, as the Recipient shall have requested.
(b) For replenishment of the Special Account, the Recipient shall furnish to the Bank requests for deposit into the Special Account at such intervals, as the Bank shall specify. Prior to or at the time of each such request, the Recipient shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Recipient, withdraw from the GEF Trust Fund Grant Account and deposit into the Special Account such amount as the Recipient shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the GEF Trust Fund Grant Account under one or more of the Eligible Categories.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the GEF Trust Fund Grant minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the GEF Trust Fund Grant Account of the remaining unwithdrawn amount of the GEF Trust Fund Grant shall follow such procedures, as the Bank shall specify by notice to the Recipient. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the GEF Trust Fund Grant Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the GEF Trust Fund Grant Account under one or more of the Eligible Categories.
2. Upon receipt of each application for withdrawal of an amount of the GEF Trust Fund Grant, the Bank shall, on behalf of the Recipient, withdraw from the GEF Trust Fund Grant Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.5 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six-month period following the date of such reports.
Appears in 1 contract
Sources: Global Environment Facility Trust Fund Grant Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: :
(A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $20,000,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under the Eligible Category.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Loan Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under the Eligible Category.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.4 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six month period following the date of such reports.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the AssociationState Treasury of Hungary, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the GEF Trust Fund Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the Grant Account; or
(cb) if the Recipient shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the GEF Trust Fund Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph sub-paragraph (a), (b) or (c) of this paragraph 6 shall be credited to the GEF Trust Fund Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the GEF Trust Fund Grant Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $1,250,000 to be withdrawn from the GEF Trust Fund Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Gef Trust Fund Grant Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial the Reserve Bank acceptable to the Associationof India, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachmentBank.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii4.01(b)(ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: :
(A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $15,000,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient may shall open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Associationbank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant GEF Trust Fund Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if until the Bank shall have received (i) the first Project Management Report referred to in Section 4.02(b) of this Agreement and (ii) a request from the Recipient is not making Report-based Disbursementsfor withdrawal on the basis of Project Management Reports, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if upon receipt by the Bank of a Project Management Report pursuant to Section 4.02(b) of this Agreement, accompanied by a request from the Recipient is making Report-based Disbursementsfor withdrawal on the basis of Project Management Reports, all further withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the Association, Bank determines at any time, is time that any Project Management Report does not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursementspursuant to Section 4.02 of this Agreement;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the Grant GEF Trust Fund Account; or
(c) if the Recipient shall have failed to furnish to the Association, Bank within the period of time specified in Section 4.01 (b) (ii4.01(b)(ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: of (A) the records and accounts for the Special Account; Account or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may beProject Management Reports.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the Grant GEF Trust Fund Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Agreement.Section
Appears in 1 contract
Sources: Global Environment Facility Trust Fund Grant Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial the Reserve Bank acceptable to the Associationof India, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making requesting Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making requesting Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1Schedule1.
32. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
43. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-Report- based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this the Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (Ai) the records and accounts for the Special Account; or (Bii) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
54. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 5 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Development Credit Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means an amount equivalent to $13,600,000 to be withdrawn from the Credit Account and deposited into the Special Account pursuant to paragraph 2 of this Annex; provided, however, that, unless the Association shall otherwise agree, the Authorized Allocation shall be limited to an amount equivalent to $6,800,000 until the aggregate amount of withdrawals from the Credit Account, plus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall equal or exceed the equivalent of SDR 15,000,000.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Loan Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 A.4 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Loan Account; or
(c) if the Recipient Borrower shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Loan Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient Borrower shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient Borrower may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Loan Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Loan Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $20,000,000 to be withdrawn from the Loan Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Bank a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Bank requests for deposit into the Special Account at such intervals as the Bank shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Bank the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under the Eligible Category.
3. The Bank shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Loan minus the total amount of all outstanding special commitments entered into by the Bank pursuant to Section 5.02 of the General Conditions shall equal the equivalent of twice the amount of the Authorized Allocation. Thereafter, withdrawal from the Loan Account of the remaining unwithdrawn amount of the Loan shall follow such procedures as the Bank shall specify by notice to the Borrower. Such further withdrawals shall be made only after and to the extent that the Bank shall have been satisfied that all such amounts remaining on deposit in the Special Account as of the date of such notice will be utilized in making payments for Eligible Expenditures.
1. Withdrawals from the Loan Account shall be deposited by the Bank into the Special Account in accordance with the provisions of Schedule 1 to this Agreement. Each such deposit into the Special Account shall be withdrawn by the Bank from the Loan Account under the Eligible Category.
2. Upon receipt of each application for withdrawal of an amount of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and deposit into the Special Account an amount equal to the lesser of: (a) the amount so requested; and (b) the amount which the Bank has determined, based on the reports referred to in Part A.4 of this Schedule 1 applicable to such withdrawal application, is required to be deposited in order to finance Eligible Expenditures during the six month period following the date of such reports.
Appears in 1 contract
Sources: Loan Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in a commercial Bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-Report- based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Development Credit Agreement.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars a special deposit account in Bank Indonesia or a commercial Bank bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in paragraph 4 of Part A.5 A of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (iib)(ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of paragraph 2 of Part B.2 B of this Schedule if, at any time, the Association shall have notified the Recipient Borrower and the Guarantor of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower and the Guarantor of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) . Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Credit Agreement. Annex A
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $7,000,000 to be withdrawn from the Credit Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient Borrower may open and maintain in Dollars CFA Francs a special deposit account in a commercial Bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Credit Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient Borrower is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient Borrower is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient Borrower out of the Special Account, the Recipient Borrower shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-Report- based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient Borrower directly from the Grant Credit Account; or
(c) if the Recipient Borrower shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient Borrower of its intention to suspend in whole or in part the right of the Recipient Borrower to make withdrawals from the Grant Credit Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient Borrower of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient Borrower shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient Borrower has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient Borrower shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient Borrower may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Credit Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Credit Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of CFA Francs 800,000,000 to be withdrawn from the Credit Account and deposited into the Special Account pursuant to paragraph 2 of this Annex, provided, however, that unless the Association shall otherwise agree, the Authorized Allocation shall be limited to an amount equivalent to CFA Francs 400,000,000 until the aggregate amount of withdrawals from the Credit Account plus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions shall be equal to or exceed the equivalent of SDR 1,500,000.
2. Withdrawals of the Authorized Allocation and subsequent withdrawals to replenish the Special Account shall be made as follows:
(a) For withdrawals of the Authorized Allocation, the Borrower shall furnish to the Association a request or requests for deposit into the Special Account of an amount or amounts which in the aggregate do not exceed the Authorized Allocation. On the basis of each such request, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account such amount as the Borrower shall have requested.
(b) For replenishment of the Special Account, the Borrower shall furnish to the Association requests for deposit into the Special Account at such intervals as the Association shall specify. Prior to or at the time of each such request, the Borrower shall furnish to the Association the documents and other evidence required pursuant to Part B.3 of Schedule 1 to this Agreement for the payment or payments in respect of which replenishment is requested. On the basis of each such request, the Association shall, on behalf of the Borrower, withdraw from the Credit Account and deposit into the Special Account such amount as the Borrower shall have requested and as shall have been shown by said documents and other evidence to have been paid out of the Special Account for Eligible Expenditures. Each such deposit into the Special Account shall be withdrawn by the Association from the Credit Account under one or more of the Eligible Categories.
3. The Association shall not be required to make further deposits into the Special Account, once the total unwithdrawn amount of the Credit minus the total amount of all outstanding special commitments entered into by the Association pursuant to Section
Appears in 1 contract
Sources: Development Credit Agreement
Special Account. 1. The Recipient may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the Association, on terms and conditions satisfactory to the Association, including appropriate protection against set-off, seizure and attachment.
2. After the Association has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association shall reasonably request, furnish to the Association such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association shall not be required to make further deposits into the Special Account:
(a) if the Association, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the Grant Account; or
(c) if the Recipient shall have failed to furnish to the Association, within the period of time specified in Section 4.01 (b) (ii) and (f) (ii) of this Agreement, any of the audit reports required to be furnished to the Association pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the Association, the Recipient shall, promptly upon notice from the Association, provide such additional evidence as the Association may request, or deposit into the Special Account (or, if the Association shall so request, refund to the Association) an amount equal to the amount of such payment. Unless the Association shall otherwise agree, no further deposit by the Association into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the Association, refund to the Association such outstanding amount.
(c) The Recipient may, upon notice to the Association, refund to the Association all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $2,100,000, to be withdrawn from the Grant Account and deposited into the Special Account pursuant to paragraph 2 (a) of this Annex, provided, however, that unless the Association shall otherwise agree, the Authorized Allocation shall be limited to an amount equivalent to $1,050,000, until the aggregate amount of withdrawals from the Grant Account, plus the total amount of all outstanding special commitments entered into by the Association pursuant to Section 5.02 of the General Conditions, shall be equal to or exceed the equivalent of SDR 2,120,000.
Appears in 1 contract
Sources: Development Grant Agreement
Special Account. 1. The Recipient may open and maintain in Dollars a special deposit account in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the GEF Trust Fund Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the GEF Trust Fund Grant Account; or
(c) if the Recipient shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii4.01(b)(ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the GEF Trust Fund Grant Account pursuant to the applicable paragraphs of Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the GEF Trust Fund Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the GEF Trust Fund Grant Agreement.
1. For the purposes of this Annex, the term “Authorized Allocation” means the amount of $600,000 to be withdrawn from the GEF Trust Fund Grant Account and deposited into the Special Account pursuant to paragraph 2 of this Annex.
Appears in 1 contract
Sources: Trust Fund Grant Agreement
Special Account. 1. (a) The Recipient may shall open and maintain in Dollars CFAF a special deposit account in the name of UGP in a commercial Bank bank acceptable to the AssociationBank, on terms and conditions satisfactory to the AssociationBank, including appropriate protection against set-off, seizure and attachment; and
(b) one 90-Day Advance Account in Mopti/Sevaré in the name of CMO, in a commercial bank, on terms and conditions satisfactory to the Bank, including appropriate protection against set-off, seizure or attachment.
2. After the Association Bank has received evidence satisfactory to it that the Special Account has been opened, withdrawals from the GEF Grant Account of amounts to be deposited into the Special Account shall be made as follows:
(a) if the Recipient is not making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex A to this Schedule 1; and
(b) if the Recipient is making Report-based Disbursements, withdrawals shall be made in accordance with the provisions of Annex B to this Schedule 1.
3. Payments out of the Special Account shall be made exclusively for Eligible Expenditures. For each payment made by the Recipient out of the Special Account, the Recipient shall, at such time as the Association Bank shall reasonably request, furnish to the Association Bank such documents and other evidence showing that such payment was made exclusively for Eligible Expenditures.
4. Notwithstanding the provisions of Part B.2 of this Schedule, the Association Bank shall not be required to make further deposits into the Special Account:
(a) if the AssociationBank, at any time, is not satisfied that the reports referred to in Part A.5 A.6 of this Schedule 1 adequately provide the information required for Report-based Disbursements;
(b) if the Association Bank determines at any time that all further withdrawals for payment of Eligible Expenditures should be made by the Recipient directly from the GEF Grant Account; or
(c) if the Recipient shall have failed to furnish to the AssociationBank, within the period of time specified in Section 4.01 (b) (ii) of this Agreement, any of the audit reports required to be furnished to the Association Bank pursuant to said Section in respect of the audit of: (A) the records and accounts for the Special Account; or (B) the records and accounts reflecting expenditures with respect to which withdrawals were Report-based Disbursements or were made on the basis of statements of expenditure, as the case may be.
5. The Association Bank shall not be required to make further deposits into the Special Account in accordance with the provisions of Part B.2 of this Schedule if, at any time, the Association Bank shall have notified the Recipient of its intention to suspend in whole or in part the right of the Recipient to make withdrawals from the GEF Grant Account pursuant to Section 6.02 of the General Conditions. Upon such notification, the Association Bank shall determine, in its sole discretion, whether further deposits into the Special Account may be made and what procedures should be followed for making such deposits, and shall notify the Recipient of its determination.
(a) If the Association Bank determines at any time that any payment out of the Special Account or out of the 90-Day Account, as the case may be, was made for an expenditure which is not an Eligible Expenditure, or was not justified by the evidence furnished to the AssociationBank, the Recipient shall, promptly upon notice from the AssociationBank, provide such additional evidence as the Association Bank may request, or deposit into the Special Account (or, if the Association Bank shall so request, refund to the AssociationBank) an amount equal to the amount of such payment. Unless the Association Bank shall otherwise agree, no further deposit by the Association Bank into the Special Account shall be made until the Recipient has provided such evidence or made such deposit or refund, as the case may be.
(b) If the Association Bank determines at any time that any amount outstanding in the Special Account or the 90-Day Account, as the case may be, will not be required to cover payments for Eligible Expenditures during the six-month period following such determination, the Recipient shall, promptly upon notice from the AssociationBank, refund to the Association Bank such outstanding amount.
(c) The Recipient may, upon notice to the AssociationBank, refund to the Association Bank all or any portion of the funds on deposit in the Special Account or in the 90-day Account, as the case may be.
(d) Refunds to the Association Bank made pursuant to subparagraph (a), (b) or (c) of this paragraph 6 shall be credited to the GEF Grant Account for subsequent withdrawal or for cancellation in accordance with the provisions of the Grant this Agreement.
Appears in 1 contract
Sources: Trust Fund Grant Agreement