Common use of Clauses by inclusion Clause in Contracts

Clauses by inclusion. If the Borrower concludes with any other medium or long term financial creditor a financing agreement that includes a loss-of-rating clause or a covenant or other provision regarding pari passu ranking or cross default that is stricter than the equivalent provision of this Contract, the Borrower shall so inform the Bank and shall, at the request of the Bank, execute an agreement to amend this Contract so as to provide for an equivalent provision in favour of the Bank. 8.1 Information concerning the Project (a) deliver to the Bank: (i) the information in content and in form, and at the times, specified in Schedule A.2 or otherwise as agreed from time to time by the parties to this Contract; and (ii) any such information or further document concerning the financing, procurement, implementation, operation and environmental matters of or for the Project as the Bank may reasonably require within a reasonable time, provided always that if such information or document is not delivered to the Bank on time, and the Borrower does not rectify the omission within a reasonable time set by the Bank in writing, the Bank may remedy the deficiency, to the extent feasible, by employing its own staff or a consultant or any other third party, at the Borrower’s expense and the Borrower shall provide such persons with all assistance necessary for the purpose; (b) submit for the approval of the Bank without delay any material change to the Project, also taking into account the disclosures made to the Bank in connection with the Project prior to the signing of this Contract, in respect of, inter alia, the price, design, plans, timetable or to the expenditure programme or financing plan for the Project; (c) promptly inform the Bank of: (i) any action or protest initiated or any objection raised by any third party or any genuine complaint received by the Borrower or any Environmental Claim that is to its knowledge commenced, pending or threatened against it with regard to environmental or other matters affecting the Project; (ii) any fact or event known to the Borrower, which may substantially prejudice or affect the conditions of execution or operation of the Project; (iii) a genuine allegation, complaint or information with regard to Criminal Offences related to the Project; (iv) any non-compliance by it with any applicable Environmental Law; (v) any suspension, revocation or modification of any Environmental Approval, and set out the action to be taken with respect to such matters; (d) deliver by the dates respectively specified below and in a manner satisfactory to the Bank, documents in English or accompanied by an English translation, evidencing Qualifying Expenditure up to the following respective amounts: (i) within 90 (ninety) days following the disbursement of a Tranche, 75% (seventy-five per cent.) of the amount of that Tranche plus 100% (one hundred per cent.) of all previously disbursed Tranches; and (ii) within 120 (one hundred and twenty) days following the disbursement of a Tranche, 100% (one hundred per cent.) of the amount of that Tranche plus 100% (one hundred per cent.) of all previously disbursed Tranches; and (e) provide to the Bank, if so requested: (i) a certificate of its insurers showing fulfilment of the requirements of Article 6.5(c); and (ii) annually, a list of policies in force covering the insured property forming part of the Project, together with confirmation of payment of the current premiums. 8.2 Information concerning the Borrower (a) ensure that its accounting records fully reflect the operations relating to the financing, execution and operation of the Project; and (b) inform the Bank immediately of: (i) any fact which obliges it to prepay any financial indebtedness or any European Union funding; (ii) any event or decision that constitutes or may result in a Prepayment Event; (iii) any intention on its part to grant any Security over any of its assets in favour of a third party; (iv) any intention on its part to sell, transfer, lease or otherwise dispose of its assets and which could trigger a breach of Article 6.7; (v) any intention on its part to relinquish ownership of any material component of the Project; (vi) any fact or event that is reasonably likely to prevent the substantial fulfilment of any obligation of the Borrower under this Contract; (vii) any Event of Default having occurred or being threatened or anticipated; (viii) any measure taken by the Borrower pursuant to Article 6.5(f) of this Contract; and (ix) any litigation, arbitration or administrative proceedings or investigation which is current, threatened or pending and which might if adversely determined result in a Material Adverse Change. 8.3 Visits by the Bank (a) to visit the sites, installations and works comprising the Project; (b) to interview representatives of the Borrower, and not obstruct contacts with any other person involved in or affected by the Project; and (c) to review the Borrower’s books and records in relation to the execution of the Project and to be able to take copies of related documents to the extent permitted by the law. The Borrower shall provide the Bank, or ensure that the Bank is provided, with all necessary assistance for the purposes described in this Article. The Borrower acknowledges that the Bank may be obliged to communicate information relating to the Borrower and the Project to any competent institution or body of the European Union in accordance with the relevant mandatory provisions of European Union law.

Clauses by inclusion. If the Borrower concludes with any other medium or long term financial creditor a financing agreement that includes a loss-of-rating clause or a covenant or other provision regarding pari passu ranking or cross default that is stricter than the equivalent provision of this Contract, the Borrower shall so inform the Bank and shall, at the request of the Bank, execute an agreement to amend this Contract so as to provide for an equivalent provision in favour of the Bank. 8.1 Information concerning the Project. The Borrower shall: (a) deliver to the Bank: (i) the information in content and in form, and at the times, specified in Schedule A.2 or otherwise as agreed from time to time by the parties to this Contract; and (ii) any such information or further document concerning the financing, procurement, implementation, operation and environmental matters of or for the Project as the Bank may reasonably require within a reasonable time, ; provided always that if such information or document is not delivered to the Bank on time, and the Borrower does not rectify the omission within a reasonable time set by the Bank in writing, the Bank may remedy the deficiency, to the extent feasible, by employing its own staff or a consultant or any other third party, at the Borrower’s expense and the Borrower shall provide such persons with all assistance necessary for the purpose; (b) submit for the approval of the Bank without delay any material change to the Project, also taking into account the disclosures made to the Bank in connection with the Project prior to the signing of this Contract, in respect of, inter alia, the price, design, plans, timetable or to the expenditure programme or financing plan for the Project; (c) promptly inform the Bank of: (i) any action or protest initiated or any objection raised by any third party or any genuine complaint received by the Borrower or any material Environmental Claim that is to its knowledge commenced, pending or threatened against it with regard to environmental or other matters affecting the Project;; and (ii) any fact or event known to the Borrower, which may substantially prejudice or affect the conditions of execution or operation of the Project; (iii) a genuine allegation, complaint or information with regard to Criminal Offences related to the Project; (iv) any non-compliance by it with any applicable Environmental Law;; and (viv) any suspension, revocation or modification of any Environmental Approval, and set out the action to be taken with respect to such matters; (d) deliver by the dates respectively specified below and in a manner satisfactory to the Bank, documents in English or accompanied by an English translation, evidencing Qualifying Expenditure up to the following respective amounts: (i) within 90 (ninety) days following the disbursement of a Tranche, 75% (seventy-five per cent.) of the amount of that Tranche plus 100% (one hundred per cent.) of all previously disbursed Tranches; and (ii) within 120 (one hundred and twenty) days following the disbursement of a Tranche, 100% (one hundred per cent.) of the amount of that Tranche plus 100% (one hundred per cent.) of all previously disbursed Tranches; and (e) provide to the Bank, if so requested: (i) a certificate of its insurers showing fulfilment of the requirements of Article 6.5(c); and (ii) annually, a list of policies in force covering the insured property forming part of the Project, together with confirmation of payment of the current premiums. 8.2 Information concerning the Borrower (a) ensure that its accounting records fully reflect the operations relating to the financing, execution and operation of the Project; and (b) inform the Bank immediately of: (i) any fact which obliges it to prepay any financial indebtedness or any European Union funding; (ii) any event or decision that constitutes or may result in a Prepayment Event; (iii) any intention on its part to grant any Security over any of its assets in favour of a third party; (iv) any intention on its part to sell, transfer, lease or otherwise dispose of its assets and which could trigger a breach of Article 6.7; (v) any intention on its part to relinquish ownership of any material component of the Project; (vi) any fact or event that is reasonably likely to prevent the substantial fulfilment of any obligation of the Borrower under this Contract; (vii) any Event of Default having occurred or being threatened or anticipated; (viii) any measure taken by the Borrower pursuant to Article 6.5(f) of this Contract; and (ix) any litigation, arbitration or administrative proceedings or investigation which is current, threatened or pending and which might if adversely determined result in a Material Adverse Change. 8.3 Visits by the Bank (a) to visit the sites, installations and works comprising the Project; (b) to interview representatives of the Borrower, and not obstruct contacts with any other person involved in or affected by the Project; and (c) to review the Borrower’s books and records in relation to the execution of the Project and to be able to take copies of related documents to the extent permitted by the law. The Borrower shall provide the Bank, or ensure that the Bank is provided, with all necessary assistance for the purposes described in this Article. The Borrower acknowledges that the Bank may be obliged to communicate information relating to the Borrower and the Project to any competent institution or body of the European Union in accordance with the relevant mandatory provisions of European Union law.,