Common use of Interpretation Clause in Contracts

Interpretation. In this Agreement, a reference to a specified Article, Section or Schedule shall, except where stated otherwise in this Agreement, be construed as a reference to that specified Article or Section of, or Schedule to, this Agreement. (a) The Bank agrees to lend to the Borrower, on the terms and conditions set forth or referred to in this Agreement, the amount of up to EUR 18,000,000 (eighteen million Euros). (b) The Loan shall consist of two Tranches, as follows: (1) Tranche 1 in the amount of up to EUR 14,000,000 (fourteen million Euros); and (2) Tranche 2 in the amount of up to EUR 4,000,000 (four million Euros). (c) Notwithstanding anything to the contrary expressed or implied in this Agreement: (1) Tranche 1 is committed from the date of the effectiveness of this Agreement; and (2) Tranche 2 is uncommitted and will become committed only upon the Bank’s determining in its absolute discretion, no later than 31 December 2022, that it is prepared to make Tranche 2 available, provided the following conditions precedent are fulfilled, in form and substance satisfactory to the Bank: (A) the Bank shall have received a written request for the commitment of Tranche 2; (B) the technical environmental and social due diligence on Part 2 of the Project by the Bank and its external consultants has been completed, and revised Environmental and Social Action Plan has been agreed, in a manner satisfactory to the Bank; and (C) the Bank shall have notified the Borrower in writing that Tranche 2 has been committed.