Ownership and Operation of the Project by Owner Sample Clauses
Ownership and Operation of the Project by Owner
Use and Operation 3.1 Permitted Use ......................................................................................................
Execution of the Project (a) The Borrower declares its commitment to the objectives of the Project as set forth in Schedule 2 to this Agreement and, to this end, shall, through the FMWR, carry out Parts C.1, C.2 only insofar as dams covered thereunder fall within the ownership of the Borrower, and D.1 of the Project, and cause the Participating States, through their respective SWAs, to carry out Parts A, B, C.2, and D.2 of the Project, all with due diligence and efficiency and in conformity with appropriate administrative, financial, engineering, water supply, and environmental practices, and shall provide or cause the Participating States to provide, as the case may be, promptly as needed, the funds, facilities, services and other resources required for the Project. (b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Association shall otherwise agree, the Borrower shall, through the FMWR, carry out, and cause the Participating States, through their SWAs, to carry out, the Project in accordance with the Implementation Program set forth in Schedule 4 to this Agreement. (c) The Borrower shall make the proceeds of the Credit available to the Participating States under a Subsidiary Credit Agreement to be entered into between the Borrower and each Participating State, under terms and conditions which shall have been approved by the Association. (d) The Borrower shall exercise its rights under the Subsidiary Credit Agreement in such manner as to protect the interests of the Borrower and the Association and to accomplish the purposes of the Credit, and, except as the Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Credit Agreement or any provision thereof. Section 3.02. Without limitation upon the provisions of paragraph (a) of Section 3.01 of this Agreement, and except as the Borrower and the Association shall otherwise agree, the Borrower shall: (a) open and thereafter maintain, until completion of the Project, in NGN, in a commercial bank acceptable to the Association, an FPA, under terms and conditions acceptable to the Association, including appropriate protection against set-off, seizure or attachment; (b) (i) deposit into the FPA an initial amount in accordance with the provisions of Article 6.01 (a); and (ii) thereafter, on a quarterly basis, replenish the FPA by an amount equivalent to $50,000 to finance the Borrower’s contribution for expenditures under the Project other than those financed from the proceeds of the Credit; and (c) ensure that funds deposited into the FPA in accordance with the provisions of paragraph (b) of this Section shall be used exclusively to finance expenditures under the Project other than those financed from the proceeds of the Credit. Section 3.03. The Borrower shall, until completion of the Project, cause each Participating State to: (a) open and thereafter maintain, until completion of the Project, in NGN, in a commercial bank acceptable to the Association, an SPA (SPA A, B, and C, respectively, for Kaduna, Kano, and Ogun States), under terms and conditions acceptable to the Association, including appropriate protection against, set-off, seizure or attachment; (b) (i) deposit into its respective SPA an initial amount in accordance with the provisions of Article 6.01 (c); and (ii) thereafter, on a quarterly basis, replenish its respective SPA by the amount required to finance the respective Participating State’s contribution for expenditures under the Project other than those financed from the proceeds of the Credit by issuing an irrevocable letter of authority to the Federal Ministry of Finance to deduct such amount from the allocation due to the respective Participating State out of the Federation Account and to transfer such amount into the respective SPA; and (c) ensure that funds deposited into the respective SPA in accordance with the provisions of paragraph (b) of this Section shall be used exclusively to finance each Participating State’s contribution for expenditures under the Project.
Maintenance and Operation Member-Generator agrees to maintain their system and facilities in accordance with applicable manufacturer's recommended maintenance schedule and standard prudent engineering practices. Member-Generator covenants and agrees to operate their system, facilities and equipment so as to minimize the likelihood for a malfunction or other disturbance, damaging or otherwise affecting or impairing Cooperative’s electrical system. Member-Generator shall comply with all applicable laws, regulations, zoning, building codes, safety rules and other environmental regulations or restrictions applicable to the design, installation, operation and maintenance of the Member-Generator's System.
Application and Operation 5 PART 2 - DISPUTE RESOLUTION AND CONSULTATION 12