Common use of Conditions to the Initial CIF Disbursement Clause in Contracts

Conditions to the Initial CIF Disbursement. Each of the following conditions precedent must have been met to MCC’s satisfaction prior to the initial CIF Disbursement: (a) MCA-Philippines will have delivered to MCC a complete, correct, and fully executed Disbursement Request for the relevant Disbursement Period, in form and substance satisfactory to MCC and submitted in accordance with the Reporting Guidelines. Each Disbursement Request will include the following reference number: GR10PHL10010. (b) (i) Each Activity being funded by such CIF Disbursement will facilitate implementation of the Compact, (ii) there has been no violation of, and the use of the requested funds for the purposes requested will not violate, the limitations on the use or treatment of (1) MCC Funding, as set forth in this Compact, including under Section 2.7, or (2) Compact Implementation Funding, and (iii) no material breach of any covenant, obligation, or responsibility of the Government or MCA-Philippines under this Compact, the Program Implementation Agreement, any supplemental agreement, or any Program Guidelines has occurred or is continuing. (c) The Government will have published the Establishment Decree, and such decree will remain in full force and effect, without modification, alteration, rescission, or suspension of any kind unless otherwise agreed by MCC. Without limitation of the foregoing, MCA- Philippines will have delivered to MCC (i) evidence of the adoption and publication of the Establishment Decree, and (ii) an up-to-date extract from the state registry verifying that MCA- Philippines is a fully-formed and registered public institution under the laws of the Philippines. (d) MCA-Philippines will be sufficiently mobilized in order for MCA-Philippines to be able to fully perform its obligations and to act on behalf of the Government. (e) MCA-Philippines will have adopted a Procurement Plan, in form and substance satisfactory to MCC, with respect to the Compact Implementation Funding, and such Procurement Plan remains in full force and effect. (f) MCA-Philippines will have adopted a Fiscal Accountability Plan, in form and substance satisfactory to MCC, and such Fiscal Accountability Plan remains in full force and effect. (g) The Government will have adopted and published such decrees and regulations as necessary to implement the tax assumption mechanisms set forth in the Program Implementation Agreement, and such decrees and regulations will remain in full force and effect without modification, alteration, rescission, or suspension of any kind, unless otherwise agreed by MCC. (h) The Fiscal Agent will have been duly appointed, and MCA-Philippines will have duly executed the Fiscal Agent Agreement, and such agreement will be in full force and effect without modification, alteration, rescission, or suspension of any kind, unless otherwise agreed by MCC, and no material breach has occurred or is continuing thereunder. (i) The Procurement Agent will have been duly appointed, and MCA-Philippines will have duly executed an agreement with the Procurement Agent, and such agreement will be in full force and effect without modification, alteration, rescission, or suspension of any kind, unless otherwise agreed by MCC, and no material breach has occurred or is continuing thereunder. (j) The Bank will have been duly appointed, and MCA-Philippines and the Fiscal Agent will have duly executed the Bank Agreement, and such agreement will be in full force and effect without modification, alteration, rescission, or suspension of any kind, unless otherwise agreed by MCC, and no material breach has occurred or is continuing thereunder. (k) The Permitted Account will be established. (l) Prior to the deployment of the resident tax administration technical assistance lead advisor, the IMF resident advisor will be designated as a senior advisor to the head of the BIR’s Project Implementation & Monitoring Office. Said resident advisor will coordinate all tax administration-related technical assistance from all donors.