Tinga Fund Sample Clauses

Tinga Fund. (a) For the implementation of Part 2.3(b) of the Project: (i) the Recipient shall, through the Tinga Fund, provide, on a revolving basis, reimbursable grants to CEET and off-gird distributors (each a “Reimbursable Grant”), for the financing of the provision and installation of the equipment needed by eligible households to access electricity services either through grid or off- grid solutions, which is provided to said eligible households by CEET and/or off-gird distributors at a reduced upfront cost; and (ii) CEET and off-gird distributors shall transfer to the Tinga Fund determined portions of the payments made by the eligible household for its electricity consumption to CEET or for the rental or acquisition of its standalone system to the off-grid distributor agreed between the Tinga Fund and the CEET or off-gird distributor as payment of amounts due to repay the Reimbursable Grant, up to a maximum number of years, as defined in the Tinga Fund Operations Manual and agreed between the Tinga Fund and CEET or the off-gird distributors in respective Tinga Fund Protocols. (b) The Recipient shall cause the Tinga Fund: (i) to be incorporated as a legal entity distinct from the Recipient, with a two-tier board structure, including a five voting-member-supervisory board and a five member- board of directors, and a chief executive officer acting as managing director of the Tinga Fund through the adoption of articles of incorporation and the designation of the members of the supervisory board and the board of directors and the appointment of the chief executive director, all in a manner consistent with applicable laws (collectively, the set of documents establishing the above bodies and capital are referred to as the “Tinga Fund Statutes”); (ii) to develop its operational manual which shall include: (A) procedures and guidelines for the financial management of the Tinga Fund and its procurement activities; (B) a description of the methodology to be followed and the selection criteria to be applied for the review of applications for reimbursable grants to support the access to electricity of eligible households, the contractual arrangements to be entered into for the provision of reimbursable grants; as well as the monitoring, verification and evaluation of the implementation of the activities to be financed by the reimbursable grants and the repayments of reimbursable grants, including the establishment and operation of a digital platform for monitoring, reporting...