ECTEL definition
Examples of ECTEL in a sentence
The Bank and the Borrower hereby agree that the obligations set forth in Sections 9.04, 9.05, 9.06, 9.07, 9.08 and 9.09 of the General Conditions (relating to insurance, use of goods and services, plans and schedules, records and reports, maintenance and land acquisition, respectively) shall be carried out by ECTEL pursuant to Section 2.03 of the Project Agreement.
Pursuant to Section 7.01 (k) of the General Conditions, the following additional events are specified, namely, that any event specified in paragraphs (a), (c), (d), and (e) of Section 5.01 of this Agreement shall occur and shall continue for a period of 60 days after notice thereof has been given by the Bank to the Borrower and ECTEL.
This Agreement and all obligations of the Bank and of ECTEL thereunder shall terminate on the date on which the Loan Agreements and Credit Agreements shall terminate in accordance with their terms, and the Bank shall promptly notify ECTEL thereof.
ECTEL declares its commitment to the objectives of the Project as set forth in Schedule 2 of the Loan Agreements and shall carry on its operations and conduct its affairs in accordance with sound administrative, financial, and technical practices under the supervision of qualified and experienced management, including a Project manager, assisted by competent staff in numbers and with qualifications and experience satisfactory to the Bank.
ECTEL shall at all times operate and maintain its equipment and other property, and from time to time, promptly as needed, make all necessary repairs and renewals thereof, all in accordance with sound engineering, financial, and technical practices.