Project Undertakings. The Beneficiary shall be fully responsible for the implementation of the Project. Without limiting the generality of what is said elsewhere in the Grant Agreement, the Beneficiary specifically warrants, undertakes and covenants that: it shall ensure that the proceeds of the Grant shall be used solely for the payment of reasonable cost of goods, works and/or services required for the implementation of the Project; it shall take, or cause to be taken all actions which are necessary to implement the Project with due diligence and efficiency and in accordance with the Grant Agreement, as well as in conformity with appropriate administrative, financial, engineering, social and environmental practices, in order to ensure that the Project comply with the highest industry standards; it shall take all actions which are necessary to ensure that the property, equipment and/or assets, provided to the Beneficiary through the Grant within the Project, will be used for the intended purpose as described in Annex 1 and remain the property of the Beneficiary for not less than five (5) years from the date of the commissioning of the Project unless otherwise agreed by NEFCO; it shall comply with all applicable laws, statutes and regulations as well as with relevant agreements to which it is a party; it has taken, or shall promptly take action within its powers to approve and provide, or make to be approved and provided, all rights, licenses, filings, registration and authorizations that are necessary for the implementation of the Project; it shall ensure that the scope of the Project is not, and will not be materially changed, unless NEFCO shall otherwise approve in writing; it shall comply with any reporting obligations specified in Annex 1 (the Project Description and Reporting), including in particular the environmental reporting obligations; it shall furnish to NEFCO, or cause to be furnished in a timely manner any reports and information required under Annex 1, as well as any such other reports and information relating to the implementation of the Project as NEFCO or any donor to the Fund may reasonably request, including, without limitation, a final report following the completion of the Project; it shall provide, or cause to be provided access and make other arrangements for NEFCO or NEFCO’s representative(s), including representiatives of the donors to the Fund, to visit all relevant construction and/or other sites of the Project and review all books of account relating to the use of the Grant to ascertain that the proceeds of the Grant are applied in accordance with the Grant Agreement; it shall promptly notify NEFCO of any event or situation that might affect the implementation of the Project or which may require the Parties’ assessment of the need to agree on a modification or an alteration in the scope, character or execution of the Project or in the foreseen financing; it shall ensure that the Project accounts are kept in accordance with generally accepted Ukrainian accounting standards and allow them to be audited and inspected by the State Treasury Service of Ukraine or another body, as from time to time required by law in Ukraine; it shall furnish NEFCO with all such information concerning the Beneficiary’s records, accounts and financial statements under the Grant Agreement, as well as audits, as NEFCO or any donor to the Fund shall from time to time reasonably request; it shall maintain in force, renew and/or obtain all authorizations necessary for the implementation of the Project and for carrying out the Beneficiary’s operations generally, including the fulfilment of its contractual obligations under the Grant Agreement; it shall promptly notify NEFCO of any event or circumstance which may lead to suspension, as specified in Section 7 below, or any other event or circumstance which could have a Material Adverse Effect (as defined in Section 4.2 above); it shall ensure on the construction and/or other sites established for the Project implementation with the support of the Grant, that appropriate visibility is given to the Nordic countries as the donors to the Fund and that where reference is made to the Project, either in official or public information, including promotional material, an acknowledgement is included and made public that the activities were funded with the Grant provided by the Nordic countries, making express reference also to the individual donors to the Fund; at the request of NEFCO, it shall prepare reasonable documentation or material related to the Project implementation to be used by NEFCO and/or the donors to the Fund, at their discretion, for public information and dissemination purposes; it shall not, and shall not authorize or permit any of its officers, directors, authorized employees, affiliates, agents or representatives to engage in, with respect to the Project or any transaction contemplated by the Grant Agreement, any Prohibited Practice (as defined below); it shall use its best effort to monitor and counteract any perceived Prohibited Practice engaged in by any consultants, suppliers and/or other partners taking part in the implementation of the Project:
Appears in 1 contract
Sources: Grant Agreement
Project Undertakings. 1. The Beneficiary Borrower shall be fully responsible for maintain the implementation Operational Manual, the GAAP, and the Social and Environmental Framework in form and content satisfactory to the Bank, shall duly perform all its obligations under said Manual, GAAP and Framework and shall not amend, abrogate or waive the Manual, GAAP, or Framework so as to affect materially and adversely the ability of the Project. Without limiting Borrower, PFIs and the generality of what is said elsewhere in the Grant Agreement, the Beneficiary specifically warrants, undertakes and covenants that: it shall ensure that the proceeds of the Grant shall be used solely for the payment of reasonable cost of goods, works and/or services required for the implementation of the Project; it shall take, or cause to be taken all actions which are necessary Risk Sharing Guarantee Company to implement the Project or to achieve the objectives of the Project.
2. The Borrower shall:
(a) maintain the PMD with due diligence adequate powers, functions, staff and efficiency resources; and
(b) maintain the IAD with adequate powers, functions, staff and in accordance with resources.
3. For the Grant Agreement, as well as in conformity with appropriate administrative, financial, engineering, social and environmental practices, in order to ensure that the Project comply with the highest industry standards; it shall take all actions which are necessary to ensure that the property, equipment and/or assets, provided to the Beneficiary through the Grant within purposes of carrying out of Part A of the Project, will be used for the intended purpose as described Borrower shall:
(a) make Sub-loans to Beneficiary Enterprises on the terms and conditions set forth in Annex 1 the Operational Manual and remain the property of the Beneficiary for not less than five (5) years from the date of the commissioning of the Project unless otherwise agreed by NEFCO; it shall comply with all applicable laws, statutes Social and regulations as well as with relevant agreements to which it is a party; it has taken, or shall promptly take action within its powers to approve and provide, or make to be approved and provided, all rights, licenses, filings, registration and authorizations that are necessary for the implementation of the Project; it shall ensure that the scope of the Project is not, and will not be materially changed, unless NEFCO shall otherwise approve in writing; it shall comply with any reporting obligations specified in Annex 1 (the Project Description and Reporting), including in particular the environmental reporting obligations; it shall furnish to NEFCO, or cause to be furnished in a timely manner any reports and information required under Annex 1, as well as any such other reports and information relating to the implementation of the Project as NEFCO or any donor to the Fund may reasonably request, Environmental Framework including, without limitation, the terms and conditions set forth in Schedule 4 to this Agreement;
(b) exercise its rights in relation to each such Sub-loan in such manner as to protect its interests and the interests of the Bank, comply with its obligations under its respective Sub-loan Agreement and achieve the purposes of the Project;
(c) not assign, amend, abrogate or waive any of its agreements providing for Sub-loans, or any provision thereof, without the prior approval of the Bank;
(d) select PFIs that meet the eligibility criteria set forth in paragraph B.1 of Schedule 3 to this Agreement and provide to the Bank a final copy of the Borrower’s assessment of each selected PFI;
(e) relend to the PFIs, selected in accordance with sub-paragraph (a) above, a portion of the proceeds of the Loan allocated from time to time to Category (1) of the table set forth in paragraph A.2 of Section IV of this Schedule 2 to this Agreement under Participation Agreements to be entered into between the Borrower and each such PFI for the purpose of making Sub-loans, in accordance with procedures, and under terms and conditions which shall have been approved by the Bank, and which shall include without limitation, those set forth in Schedule 3 to this Agreement;
(f) during the period of Project implementation furnish to the Bank annually a certificate in the agreed format showing that each PFI continues to meet the eligibility criteria set forth in paragraph B.1 of Schedule 3 to this Agreement;
(g) appraise PFIs and activities to be financed out of the proceeds of a Sub- loan, and supervise, monitor and report following on the carrying out by the Beneficiary Enterprises of said Sub-loan activities in accordance with the Operational Manual, the GAAP, and the Social and Environmental Framework;
(i) exchange views with and furnish all such information to the Bank as may be reasonably requested by the Bank with regard to the progress of its activities under the Project, the performance of its obligations under Participation Agreements and Sub-loan Agreements, and other matters relating to the purposes of the Project;
(ii) prepare and submit to the Bank semi-annual reports on Subsidiary Loan and Sub-loan disbursements until completion of disbursements under Part A of the Project and annual reports on repayments with respect to Subsidiary Loans and Sub-loans made by the Borrower until the completion of the Project; it shall provideand
(iii) promptly inform the Bank of any condition which interferes or threatens to interfere with the progress of its activities under its respective Sub-loan Agreement;
(i) (i) maintain records and accounts adequate to reflect, or cause to be provided access and make other arrangements for NEFCO or NEFCO’s representative(s), including representiatives of the donors to the Fund, to visit all relevant construction and/or other sites of the Project and review all books of account relating to the use of the Grant to ascertain that the proceeds of the Grant are applied in accordance with sound accounting practices, its operations and financial condition;
(ii) furnish the Grant Agreement; it shall promptly notify NEFCO of any event or situation that might affect the implementation of Bank and the Project or which may require Review Committee annual project financial statements of scope and detail satisfactory to the Parties’ assessment of the need to agree on a modification or an alteration Bank as set out in the scope, character or execution of the Project or in the foreseen financingOperational Manual; it shall ensure that the Project accounts are kept in accordance with generally accepted Ukrainian accounting standards and allow them to be audited and inspected by the State Treasury Service of Ukraine or another body, as from time to time required by law in Ukraine; it shall furnish NEFCO with all and
(iii) such information concerning said records and accounts as the Beneficiary’s records, accounts and financial statements under the Grant Agreement, as well as audits, as NEFCO or any donor to the Fund Bank shall from time to time reasonably request; it shall maintain in force, renew and/or obtain all authorizations necessary for the implementation of the Project and for carrying out the Beneficiary’s operations generally, including the fulfilment of its contractual obligations under the Grant Agreement; it shall promptly notify NEFCO of any event or circumstance which may lead to suspension, as specified in Section 7 below, or any other event or circumstance which could have a Material Adverse Effect (as defined in Section 4.2 above); it shall ensure on the construction and/or other sites established for the Project implementation with the support of the Grant, that appropriate visibility is given to the Nordic countries as the donors to the Fund and that where reference is made to the Project, either in official or public information, including promotional material, an acknowledgement is included and made public that the activities were funded with the Grant provided by the Nordic countries, making express reference also to the individual donors to the Fund; at the request of NEFCO, it shall prepare reasonable documentation or material related to the Project implementation to be used by NEFCO and/or the donors to the Fund, at their discretion, for public information and dissemination purposes; it shall not, and shall not authorize or permit any of its officers, directors, authorized employees, affiliates, agents or representatives to engage in, with respect to the Project or any transaction contemplated by the Grant Agreement, any Prohibited Practice (as defined below); it shall use its best effort to monitor and counteract any perceived Prohibited Practice engaged in by any consultants, suppliers and/or other partners taking part in the implementation of the Project:;
Appears in 1 contract
Sources: Loan Agreement
Project Undertakings. The Beneficiary shall be fully responsible for the implementation of the Project. Without limiting the generality of what is said elsewhere in the Grant Agreement, the Beneficiary specifically warrants, undertakes and covenants that: it shall ensure that the proceeds of the Grant shall be used solely for the payment of reasonable cost of goods, works and/or services required for the implementation of the Project; it shall take, or cause to be taken all actions which are necessary to implement the Project with due diligence and efficiency and in accordance with the Grant Agreement, as well as in conformity with appropriate administrative, financial, engineering, social and environmental practices, in order to ensure that the Project comply with the highest industry standards; it shall take all actions which are necessary to ensure that the property, equipment and/or assets, provided to the Beneficiary through the Grant within the Project, will be used for the intended purpose as described in Annex 1 and remain the property of the Beneficiary for not less than five (5) years from the date of the commissioning of the Project unless otherwise agreed by NEFCO; it shall comply with all applicable laws, statutes and regulations as well as with relevant agreements to which it is a party; it has taken, or shall promptly take action within its powers to approve and provide, or make to be approved and provided, all rights, licenses, filings, registration and authorizations that are necessary for the implementation of the Project; it shall ensure that the scope of the Project is not, and will not be materially changed, unless NEFCO shall otherwise approve in writing; it shall comply with any reporting obligations specified in Annex 1 (the Project Description and Reporting), including in particular the environmental reporting obligations; it shall furnish to NEFCO, or cause to be furnished in a timely manner any reports and information required under Annex 1, as well as any such other reports and information relating to the implementation of the Project as NEFCO or any donor to the Fund may reasonably request, including, without limitation, a final report following the completion of the Project; during Project implementation and not less than five (5) years from the date of commissioning of the Project, it shall provide, or cause to be provided access and make other arrangements for NEFCO or NEFCO’s representative(s), including representiatives of the donors to the Fund, to visit all relevant construction and/or other sites of the Project and review all books of account relating to the use of the Grant to ascertain that the proceeds of the Grant are applied in accordance with the Grant Agreement; it shall promptly notify NEFCO of any event or situation that might affect the implementation of the Project or which may require the Parties’ assessment of the need to agree on a modification or an alteration in the scope, character or execution of the Project or in the foreseen financing; it shall ensure that the Project accounts are kept in accordance with generally accepted Ukrainian accounting standards and allow them to be audited and inspected by the State Treasury Service of Ukraine or another body, as from time to time required by law in Ukraine; it shall furnish NEFCO with all such information concerning the Beneficiary’s records, accounts and financial statements under the Grant Agreement, as well as audits, as NEFCO or any donor to the Fund shall from time to time reasonably request; it shall maintain in force, renew and/or obtain all authorizations necessary for the implementation of the Project and for carrying out the Beneficiary’s operations generally, including the fulfilment of its contractual obligations under the Grant Agreement; it shall promptly notify NEFCO of any event or circumstance which may lead to suspension, as specified in Section 7 below, or any other event or circumstance which could have a Material Adverse Effect (as defined in Section 4.2 above); it shall ensure on the construction and/or other sites established for the Project implementation with the support of the Grant, that appropriate visibility is given to the Nordic countries as the donors to the Fund and that where reference is made to the Project, either in official or public information, including promotional material, an acknowledgement is included and made public that the activities were funded with the Grant provided by the Nordic countries, making express reference also to the individual donors to the Fund; at the request of NEFCO, it shall prepare reasonable documentation or material related to the Project implementation to be used by NEFCO and/or the donors to the Fund, at their discretion, for public information and dissemination purposes; it shall not, and shall not authorize or permit any of its officers, directors, authorized employees, affiliates, agents or representatives to engage in, with respect to the Project or any transaction contemplated by the Grant Agreement, any Prohibited Practice (as defined below); it shall use its best effort to monitor and counteract any perceived Prohibited Practice engaged in by any consultants, suppliers and/or other partners taking part in the implementation of the Project:
Appears in 1 contract
Sources: Grant Agreement