GREL definition
Examples of GREL in a sentence
GREL declares its commitment to the objectives of the Project as set forth in Schedule 2 to the Development Credit Agreement and, to this end, shall carry out Part C of the Project with due diligence and efficiency and in conformity with appropriate administrative, financial, engineering, agricultural and environmental practices, and shall provide, or cause to be provided, promptly as needed, the funds, facilities, services and other resources required for Part C of the Project.
If the plantation was partially destroyed and GREL agrees to continue managing the part of the plantation still usable, this contract will be modified to suit the new terms of the two parties.
In the event where the property on the land is destroyed or becomes unusable due to faulty design, incurable disease or pests, vandalism, or due to fire, bad weather, earthquake, civil or world wars, strikes, riots, civil unrest or other causes beyond the control of GREL, this management contract will be terminated immediately through a notification to the SFO by GREL within a period of thirty (30) days after the event causing the destruction or non-use occurred.
GREL shall duly perform all its obligations under the GREL Subsidiary Loan Agreement.
The SFO shall not sell or part with possession or dispose of the rubber to any other person or institution other than GREL except with the consent of GREL in so far as clause 2iv remains in force.
GREL shall take out and maintain with responsible insurers, or make other provision satisfactory to the Association for, insurance against such risks and in such amounts as shall be consistent with appropriate practice.
Any action required or permitted to be taken, and any document required or permitted to be executed, under this Agreement on behalf of GREL may be taken or executed by the Managing Director or such other person or persons as GREL shall designate in writing, and GREL shall furnish to the Association sufficient evidence of the authority and the authenticated specimen signature of each such person.
GREL shall at all times operate and maintain its plant, machinery, 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 agricultural practices.
In order to assist the Borrower and GOPDC, COCOBOD and GREL in carrying out the Project, consultants shall be employed whose qualifications, experience and terms and conditions of employment shall be satisfactory to the Association.
The self finance outgrower (SFO) has requested for support in the form of inputs and services from GREL for the purpose of developing a rubber plantation.