Zakon o potvrđivanju Ugovora o garanciji EPS Revitalizacija Vlasinskih HE između Republike Srbije i Evropske banke za obnovu i razvoj

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Zakon o potvrđivanju Ugovora o garanciji EPS Revitalizacija Vlasinskih HE između Republike Srbije i Evropske banke za obnovu i razvoj

ARTICLE II - GUARANTEE; OTHER OBLIGATIONSČl. Section 2.01.–Section 2.04.
Section2.01.

Guarantee

The Guarantor hereby unconditionally guarantees, as primary obligor and not as surety merely, the due and punctual payment of any and all sums due under the Loan Agreement, whether at stated maturity, by acceleration or otherwise, and the punctual performance of all other obligations of the Borrower, all as set forth in the Loan Agreement.
Section2.02.

Project Completion

Whenever there is reasonable cause to believe that the funds available to the Borrower will be inadequate to meet the estimated expenditures required for the carrying out of the Project, the Guarantor shall promptly take measures satisfactory to the Bank to provide the Borrower, or cause the Borrower to be provided, with such funds as are needed to meet such expenditures and requirements.
Section2.03.

Other Obligations

a)
The Guarantor shall exempt from taxes (including, without limitation, VAT) and duties (including, without limitation, any customs duties) all goods, works and services (including consultancy services), procured by the Borrower for the Project and financed from the proceeds of the Loan or any technical cooperation funds made available by the Bank, or provide for their reimbursement.
b)
The Guarantor shall ensure that appropriate state budget allocations are made and maintained in sufficient amounts to cover the payment obligations arising under the Loan Agreement and this Agreement in a timely manner, so as to ensure the punctual performance of the obligations under the Loan Agreement and this Agreement.
c)
The Guarantor shall procure that the Borrower timely performs all of its obligations under the Loan Agreement.
Section2.04.

Effectiveness of the Guarantee

This Agreement shall become effective in accordance with Article 9.01 of the Standard Terms and Conditions.