Common use of Implementation Agreements Clause in Contracts

Implementation Agreements. (a) For purposes of carrying out Parts A.2 and B of the Project, the Recipient shall enter into an agreement (the Subsidiary Agreement) with PRAF under terms and conditions which shall have been approved by the Association which shall include, inter alia, those set forth in Schedule 4 to this Agreement. (b) The Recipient shall exercise its rights and carry out its obligations under the Subsidiary Agreement in such manner as to protect the interests of the Recipient and the Association and to accomplish the purposes of the Financing. Except as the Association shall otherwise agree, the Recipient shall not assign, amend, abrogate, terminate, waive, or fail to enforce the Subsidiary Agreement or any of its provisions. 2. Without limitation to the provisions of Section 4.10 of the General Conditions, and in case PRAF has decided (in consultation with the Association) to replace the existing Financial Institution (in accordance with the terms of the pertinent Financial Institution Agreement) with one or more new Financial Institutions, or to select and contract one or more additional Financial Institutions for purposes of assisting PRAF to carry out Part B of the Project, the Recipient shall cause PRAF to: (a) not later than one hundred and twenty days: (i) prior to the replacement of the existing Financial Institution; or (ii) after the decision to select and contract one or more additional Financial Institutions has been made, select one or more new or additional Financial Institutions (each of which with qualifications and experience acceptable to the Association), as the case may be; and (b) (i) in case PRAF has decided to replace the existing Financial Institution with one or more new Financial Institutions and immediately after the termination of the existing Financial Institution Agreement, enter into a separate new Financial Institution Agreement with each of the selected Financial Institutions, as applicable, all under terms and conditions acceptable to the Association, which terms and conditions shall be identical to those set forth in paragraph C (e) of Schedule 4 to this Agreement; and