Examples of IBRD Loan Agreement in a sentence
If China fails to make any payments due to IBRD under this Agreement or to perform any of its obligations under this Agreement, and such failure is continuing, IBRD may, by notice to China, suspend or cancel in whole or in part the right of China to make withdrawals under: (a) the IBRD Loan Agreement; and (b) any other loan or credit agreement between China and IBRD.
Retroactive financing will be made available limited to US$20 million, for eligible expenditures under components 2 and 4, and sub-components 1(b), and 1(c), starting on December 2, 2016 but not earlier than 12 months from the date of the IBRD Loan Agreement.
If China fails to make any payments due to the Bank under this Agreement or to perform any of its obligations under this Agreement, and such failure is continuing, the Bank may, by notice to China, suspend or cancel in whole or in part the right of China to make withdrawals under: (a) the IBRD) Loan Agreement; and (b) any other loan or credit agreement between China and the Bank.
The Additional Event of Suspension consists of the following, namely that the loan under the IBRD Loan Agreement has become due and payable prior to its agreed maturity.
The Project Financial Statements have been prepared for the purpose of reporting to the IBRD on the activities of the Project related to funds received for the completion of the Project objectives in accordance with the IBRD Loan Agreement.
Conditions Type DescriptionEffectiveness For the effectiveness of Grenada’s IBRD Loan Agreement for this Project, Grenada shall have taken all measures to properly execute and approve the IDA Financing Agreement between the Association and Grenada for this Project.Type EffectivenessDescriptionFor the effectiveness of Grenada’s IDA Financing Agreement for this Project, Grenada shall have taken all measures to properly execute and approve the IBRDLoan Agreement between the Bank and Grenada for this Project.
A legal covenant to this effect has been negotiated in the IBRD Guarantee and the IBRD Loan Agreement.
Due to exchange rate appreciation of the U.S. dollar versus the euro, which is the loan currency in the IBRD Loan Agreement, the revised loan amount of US$40 million was reduced to US$37.18 million, of which US$33.99 million were disbursed, equating to a disbursement rate of 91.5%.
In addition, a detailed management letter containing the auditor’s assessment of the internal controls, accounting system and compliance with financial covenants in the IBRD Loan Agreement, suggestions for improvement, and management’s response to the auditor’s management letter will be prepared and submitted to management for follow-up actions.
Project procurement will be carried out in accordance with the World Bank’s procurement and consultant guidelines, as well as provisions stipulated in the IBRD Loan Agreement.