Common use of Other Implementation Arrangements Clause in Contracts

Other Implementation Arrangements. 1. No later than 90 days after the Effective Date, the Recipient, through SAG and SEFIN, shall select, in accordance with the provisions of Section III of Schedule 2 to this Agreement and pursuant to terms of reference previously agreed with the Association, and thereafter use throughout Project implementation for purposes of Part 2 of the Project, a pay agent acceptable to the Association. 2. The Recipient shall maintain throughout Project implementation, a credit guarantee fund satisfactory to the Association, set up with the Recipient’s own resources in an estimated amount of $5 million equivalent, to be used exclusively to guarantee loans made by PFIs under the Project, all in accordance with the structure and procedures set forth in the Operational Manual.