Conditions Precedent for the Energy Project Sample Clauses

Conditions Precedent for the Energy Project. (a) Prior to the initial Disbursement of MCC Funding under the Energy Project the Government will have passed the 2015 Electricity Law of Liberia, in form and substance satisfactory to MCC. (b) By February 1, 2016, and prior to any Disbursement of MCC Funding under the Energy Project on or after such date, the Government must have communicated in writing to MCC, a selected management arrangement for LEC, and MCC and the Government will have agreed on such arrangement. (c) By March 15, 2016, and prior to any Disbursement of MCC Funding under the Energy Project on or after such date, the Government must have submitted to MCC a management implementation plan approved and adopted by the board of directors of LEC with a schedule of milestones for the implementation of the selected management arrangement, including any required interim arrangement for the management of LEC prior to the implementation of the selected management arrangement, in form and substance satisfactory to MCC. (d) Prior to each Disbursement of MCC Funding under the Energy Project following the adoption of the management implementation plan, the Government must have submitted evidence, in form and substance satisfactory to MCC, that LEC is implementing such plan and is in compliance with the requirements of the plan. (e) Prior to any Disbursement of MCC Funding for the Mt. Coffee Support Activity on or after the commencement of year three (3) of the Compact Term, the Government will have provided evidence of LEC’s commitment to absorb the funding of the additional LEC full time permanent staff positions funded under the Mt. Coffee Support Activity so that prior to the commencement of the fourth year of the Compact, LEC will be responsible for solely funding such positions.
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Conditions Precedent for the Energy Project. (i) Prior to the first Disbursement of Program Funding for the Energy Project, a planning determination (as defined in the statute that governs the procurement of regulated services, including power) that supports at least 110 MW of solar energy prior to 2030 will be issued. (ii) Prior to the first Disbursement of Program Funding for the Energy Project, the World Bank loan for a battery energy storage system will have been approved by the World Bank and Belize. (iii) Prior to the first Disbursement of Program Funding that will exceed $16,000,000 of cumulative Program Funding disbursed for the Energy Project, the PUC must have published a tariff structure that encourages flexibility in electricity demand to more efficiently manage the changes in net load (total load minus variable renewable generation) resulting from increased variable renewable generation, including the option for consumers to adopt time-variant feed-in and consumption tariffs reflective of the marginal cost of power for residential, commercial, and industrial distributed generation.
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Related to Conditions Precedent for the Energy Project

  • General conditions precedent The agreement of the Finance Parties referred to in clause 2 (Agreement of the Finance Parties) shall be further subject to: (a) the representations and warranties in clause 4 (Representations and warranties) being true and correct on the Effective Date as if each was made with respect to the facts and circumstances existing at such time; and (b) no Event of Default or Default having occurred and continuing at the time of the Effective Date.

  • Conditions precedent documents A Request may not be given until the Facility Agent has notified the Company and the Lenders that it has received all of the documents and evidence set out in Schedule 2 (Conditions precedent documents) in form and substance satisfactory to the Facility Agent. The Facility Agent must give this notification to the Company and the Lenders promptly upon being so satisfied.

  • Conditions Precedent to EFFECTIVENESS OF SECTIONS 2.01 AND 2.03. Sections 2.01 and 2.03 of this Agreement shall become effective on and as of the first date (the "EFFECTIVE DATE") on which the following conditions precedent to the initial Advance by any Lender have been satisfied: (a) There shall exist no action, suit, investigation, litigation or proceeding affecting the Company or any of its Consolidated Subsidiaries pending or threatened before any court, governmental agency or arbitrator that (i) could be reasonably likely to have a Material Adverse Effect or (ii) purports to affect the legality, validity or enforceability of this Agreement or any Note or the consummation of the transactions contemplated hereby. (b) Nothing shall have come to the attention of the Lenders during the course of their due diligence investigation to lead them to believe that the Information Memorandum was or has become misleading, incorrect or incomplete in any material respect; without limiting the generality of the foregoing, the Lenders shall have been given such access to the management, records, books of account, contracts and properties of the Company and its Consolidated Subsidiaries as they shall have reasonably requested as a basis for making its decision to enter into its commitment hereunder. (c) All governmental and third party consents and approvals necessary in connection with the transactions by the Company contemplated hereby shall have been obtained (without the imposition of any conditions that are not acceptable to the Lenders) and shall remain in effect, and no law or regulation shall be applicable in the reasonable judgment of the Lenders that restrains, prevents or imposes materially adverse conditions upon the transactions contemplated hereby. (d) The Company shall have notified the Agent in writing as to the proposed Effective Date. (e) The Company shall have paid all accrued fees and expenses of the Agent and the Lenders (including the invoiced accrued fees and expenses of counsel to the Agent). (f) On the Effective Date, the following statements shall be true and the Agent shall have received for the account of each Lender a certificate signed by a duly authorized officer of the Company, dated the Effective Date, stating that: (i) The representations and warranties contained in Section 4.01 are correct on and as of the Effective Date, and (ii) No event has occurred and is continuing that constitutes a Default. (g) The Agent shall have received on or before the Effective Date the following, each dated such day, in form and substance satisfactory to the Agent and (except for the Revolving Credit Notes) in sufficient copies for each Lender: (i) The Revolving Credit Notes of the Company to the order of the Lenders to the extent requested by any Lender pursuant to Section 2.16. (ii) Certified copies of the resolutions of the Board of Directors of the Company approving this Agreement and the Notes to be delivered by it, and of all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to this Agreement and the Notes to be delivered by it. (iii) A certificate of the Secretary or an Assistant Secretary of the Company certifying the names and true signatures of the officers of the Company authorized to sign this Agreement and the Notes to be delivered by it and the other documents to be delivered by it hereunder. (iv) A favorable opinion of Nicholas J. Camera, General Counsel of the Compa▇▇, ▇▇▇ ▇▇ ▇leary, Gottlieb, Steen & Hamilton, counsel for the Company, substan▇▇▇▇▇y in the form of Exhibits D-1 and D-2 hereto, respectively. (v) A favorable opinion of Shearman & Sterling, counsel for the Agent, in form and substance satisfactory to the Agent. (h) The termination of the commitments of the Lenders and the payment in full of all Debt outstanding under the bilateral credit agreements and other confirmed lines of credit listed on Schedule 3.01(h).

  • CONDITIONS PRECEDENT TO OBLIGATIONS OF DEVELOPER The obligations of Developer under this Agreement are conditioned upon the following:

  • Evidence of Compliance with Conditions Precedent The Guarantor shall provide to the Guarantee Trustee such evidence of compliance with such conditions precedent, if any, provided for in this Guarantee Agreement that relate to any of the matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion required to be given by an officer pursuant to Section 314(c)(1) may be given in the form of an Officers' Certificate.