MRVC definition
Examples of MRVC in a sentence
The Requesting Licensee acknowledges that NLT has offered the charges set out above on the condition that the MVC and the MRVC are met, and the Requesting Licensee hereby agrees to pay an additional payment in the event that the Requesting Licensee fails to meet the MRVC at the end of the Initial Term (or such earlier date of cessation of the Agreement pursuant to termination by the Requesting Licensee) (the “Additional Payment”).
The Borrower, through the MOR, shall, and shall ensure that Maharashtra and the MRVC shall, monitor and evaluate the progress of the Project, and cause the Project Reports to be prepared in accordance with the provisions of Section 5.08 of the General Conditions and on the basis of indicators agreed with the Bank.
To this end, the Borrower shall, through the MOR, carry out the relevant activities under the Project and shall ensure that the relevant activities under the Project are carried out by Maharashtra and the MRVC, all in accordance with the provisions of Article V of the General Conditions and the Project Agreements.
The RL acknowledges that NLT has offered the Tender Rebate and MRC set out in Annex 2 on the condition that the MRVC is met, and the RL hereby agrees to pay an additional payment in the event that the RL fails to meet the MRVC at the end of the Term (or such earlier date of cessation of the Agreement pursuant to termination by the RL) (the “Additional Payment”).
Carrying out of strategic studies and programs for the benefit of the MOR and MRVC, including studies related to sustainable expansion of Mumbai suburban rail services, development of the IR long-term strategy for suburban rail, improvement of the financial situation of the Mumbai suburban rail operation, improvement of passenger convenience and information, safety and environmental management of rail operations, increased operational efficiency, and project management, implementation and monitoring.
The RL acknowledges that NLT has offered the Bid Rebate and Reduced MRC set out in Annex 2 on the condition that the MRVC is met, and the RL hereby agrees to pay an additional payment in the event that the RL fails to meet the MRVC at the end of the Term (or such earlier date of cessation of the Agreement pursuant to termination by the RL) (the “Additional Payment”).
The Borrower shall carry out the relevant activities under the Project through the MOR, and shall ensure the relevant activities under the Project are carried out by Maharashtra, the MRVC.
Any action required or permitted to be taken, and any document required or permitted to be executed, under this Agreement on behalf of MRVC may be taken or executed by its Managing Director or such other person or persons as the Managing Director shall designate in writing, and the Managing Director shall furnish to the Bank sufficient evidence of the authority and the authenticated specimen signature of each such person.
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 Maharashtra and MRVC pursuant to Section 2.03 of the Maharashtra Project Agreement and MRVC Project Agreement, respectively.
The following event is specified as an additional condition to the effectiveness of the Development Credit Agreement within the meaning of Section 12.01 (b) of the General Conditions, namely, that the MRVC Subsidiary Financing Agreement, MSRDC Subsidiary Financing Agreement and MCGM Subsidiary Financing Agreement have been executed on behalf of their respective parties.