Terms and Conditions of Sub Clause Samples
The "Terms and Conditions of Sub" clause defines the specific rules and obligations that apply to subcontractors engaged by the primary contractor. It typically outlines the standards, requirements, and procedures that subcontractors must follow, such as compliance with project specifications, timelines, and legal or safety regulations. By clearly establishing these expectations, the clause ensures that all parties understand their responsibilities, thereby reducing the risk of disputes and promoting smooth project execution.
Terms and Conditions of Sub loans and Financing Leases
1. The principal amount of each Sub-loan and Financing Lease made out of the proceeds of the Loan allocated from time to time to Category (1) of the table set forth in paragraph 2 of Section IV.A of this Schedule shall have a maturity of not less than four
Terms and Conditions of Sub loans The principal terms and conditions set forth herein shall apply for the purpose of paragraph I.B.2.(b) of this Schedule.
Terms and Conditions of Sub loans and Financing Leases
1. The principal amount of each Sub-loan or Financing Lease, made out of the proceeds of the Loan allocated from time to time to Category (1) of the table set forth in paragraph 2 of Section IV.A of this Schedule, shall: have a maturity of not less than seven (7) years, including a grace period of minimum one (1) year for a Sub-loan; and have a maturity of not less than four (4) years for a Financing Lease.
2. Each Sub-loan shall be charged interest, on the principal amount thereof withdrawn and outstanding from time to time, at a rate which shall equal the rate specified in Section 2.05 of this Agreement, plus a spread to cover the Borrower’s administrative costs associated with the Loan.
3. Each Financing Lease shall be made on terms and conditions, including those relating to the schedule of lease payments and other charges determined in accordance with the Borrower’s investment and financial leasing policies and practices, satisfactory to the World Bank.
4. Except as the World Bank shall otherwise agree: (a) each Sub-loan or the Financing Lease or the aggregate principal amount under multiple Sub-loans and Financing Leases made to any Renewable Energy Sub-project shall not exceed twenty percent (20%) of the total cost of such Sub-project; and (b) each Sub-loan or the Financing Lease or the aggregate principal amount under multiple Sub-loans and Financing Leases made to any Energy Efficiency Sub-project shall not exceed fifteen percent (15%) of the total cost of such Sub-project.
5. The Borrower shall submit for the World Bank’s approval: (a) the first Energy Efficiency Sub-project; (b) the first Renewable Energy Sub-project; and (c) all Sub- projects which are classified as Category A Sub-projects in accordance with the provisions of the Operational Manual.
6. Each Sub-loan or Financing Lease shall be approved on the basis of:
(i) a description of the Sub-project Sponsor and an appraisal of the Sub-project, including a description of the expenditures proposed to be financed out of the proceeds of the Loan;
(ii) the proposed terms and conditions of the Sub-loan or the Financing Lease, including the schedule of amortization of the Sub-loan or schedule of lease payments under the Financing Lease;
(iii) a business plan incorporating a development plan which shall be evaluated by the Borrower in accordance with established guidelines for project and credit evaluation set forth in the Operational Manual;
(iv) evidence of compliance...
Terms and Conditions of Sub project Memoranda of Agreement
Terms and Conditions of Sub loans
1. Except as the Bank shall otherwise agree, Sub-loans shall be provided only to Investment Enterprises in the private sector of the Borrower, which shall be defined for the purpose to mean any enterprise the majority share capital of which is not held, individually or collectively, by the Borrower, including its political or administrative divisions, or by economic enterprises the majority share capital of which is held by the Borrower.
2. Except as the Bank shall otherwise agree: (a) no Sub-loan shall be provided in an amount less than $500,000 equivalent nor more than $8,000,000 equivalent; (b) no Sub-loan shall be provided by a PCB to an Investment Enterprise if, after the provision of such Sub-loan, (i) the aggregate amount provided by such PCB out of the proceeds of the Loan to such Investment Enterprise shall exceed 10% of the net worth of such PCB, or (ii) the aggregate amount provided by such PCB out of the proceeds of the Loan to such Investment Enterprise and other Investment Enterprises, each of which has a shareholding of 25% or more in such Investment Enterprise, shall exceed 50% of the net worth of such PCB, the net worth of a PCB, for this purpose, being the unimpaired paid-in capital of such PCB plus its surplus and free reserves (including the revaluation fund, if any) and subordinated loans to it; and (c) no Sub-loan shall be provided for the financing of a single Investment Project if, after the provision of such Sub-loan, the aggregate amount provided from the proceeds of the Loan for the financing of such Investment Project shall exceed the equivalent of $20,000,000.
3. Except as the Bank shall otherwise agree, the Borrower shall require each PCB with respect to each Sub-loan to: (a) denominate the Sub-loan in one or more foreign currencies chosen by the borrowing Investment Enterprise from among the five major curren- cies, namely, the Deutsche Mark, the Swiss Franc, the Pound Sterling, the United States Dollar and the Japanese Yen; (b) charge interest on the principal amount of the Sub-loan withdrawn and outstanding at a floating annual rate adjusted every six months so as to be equal to the prevailing 6-month LIBOR plus a spread to be fixed by agreement between the PCB concerned and the borrowing Investment Enterprise; and (c) allow prepayment by the borrowing Investment Enterprise without penalty after the third year of the Sub-loan.
4. In addition to the charges referred to in paragraph 3 above, the Borrower shall require P...