, including the first, is subject to the following conditions:
a)
that the Bank has received, in form and substance satisfactory to it, on or before the date falling 6 (six) Business Days before the Scheduled Disbursement Date (and, in the case of deferment under
, the Requested Deferred Disbursement Date or the Agreed Deferred Disbursement Date, respectively) for the proposed Tranche, of the following documents or evidence:
(i)
a certificate from the Borrower in the form of Schedule E.1 signed by an authorised representative of the Borrower and dated no earlier than the date falling 15 (fifteen) Business Days before the Scheduled Disbursement Date (and, in the case of deferment under
, the Requested Deferred Disbursement Date or the Agreed Deferred Disbursement Date, respectively);
(ii)
documents demonstrating, to the Bank’s satisfaction, that the Borrower and/or Promoter:
(1)
will have incurred by 180 (one hundred and eighty) days following the Scheduled Disbursement Date for the relevant Tranche, Qualifying Expenditure in an amount at least equal to the 80% of the amount of the relevant Tranche to be disbursed; and
(2)
has incurred Qualifying Expenditure in an amount at least equal to the aggregate of the 80% of the amount of the last disbursed Tranche, if any, and 100% of the amounts of all the Tranches, if any, disbursed prior to the last Disbursement; and
(iii)
a copy of a building permit or other document relevant for the construction under laws of Republic of Serbia to be provided by the Promoter, concerning the construction of any component of the Project that will be funded by the proposed Tranche; and
(iv)
evidence to the Bank’s satisfaction, that the Promoter has obtained all necessary environmental permits and screening decisions issued by the competent authority concerning the parts of the Project to be funded by the proposed Tranche; and
(v)
evidence to be provided by the Promoter that the Environmental and Social Impact Assessment Study in relation to the parts of the Project to be funded by the proposed Tranche has been obtained, if required by the competent authority and under Serbian laws; and
(vi)
written confirmation to be provided by the Promoter whether any land acquisition has been required for the construction of the Project component to be funded by the proposed Tranche, and if so, confirmation that no involuntary resettlement was caused for such purpose; and
(vii)
a copy of any other authorisation or other document, opinion or assurance which the Bank has notified the Borrower is necessary or desirable in connection with the entry into and performance of, and the transactions contemplated by, this Contract or the legality, validity, binding effect or enforceability of the same; and
b)
that on the Scheduled Disbursement Date (and, in the case of deferment under
no event or circumstance which constitutes or would with the passage of time or the giving of notice or the making of any determination under this Contract (or any combination of the foregoing) constitute:
(1)
an Event of Default; or
(2)
a Prepayment Event
has occurred and is continuing unremedied or unwaived or would result from the disbursement of the proposed Tranche.