ratification of the Loan Agreement by the Parliament of the Republic of Serbia;

the Project Agreement, in form and substance satisfactory to the Bank, have been executed and delivered by the respective parties thereto and all conditions precedents to their effectiveness, except only the effectiveness of the Loan Agreement, have been fulfilled;

legal opinion in form and substance acceptable to the Bank from the Ministry of Justice confirming that the Loan Agreement has been duly authorised by the Borrower and constitute valid and legally binding obligations of the Borrower;

legal opinions in form and substance acceptable to the Bank from the Ministry of Justice confirming that the Project Agreement has been duly authorised by the Borrower acting through the MEP and constitute valid and legally binding obligations of the Borrower acting through the MEP; and

provision of each signed Subsidiary Agreement.

the PIU has been established by the Borrower, acting through the MEP as the Project Entity, with adequate resources and suitably qualified personnel, in form and substance satisfactory to the Bank, and is operational;

for each Sub-Project, appointment of an independent engineer by the Borrower, acting through the MEP as the Project Entity, to supervise construction works of each Sub-Project; and

the PIU has prepared a report on the update of the implementation of the Environmental and Social Action Plan, in particular the actions required to be completed prior to the First Draw-Down, in form and substance satisfactory to the Bank.

For purposes of Section 9.03(a) of the Standard Terms and Conditions, the opinion or opinions of counsel shall be given on behalf of the Borrower by the Minister of Justice.

For purposes of Section 9.03(c) of the Standard Terms and Conditions, the opinions of counsel shall be given on behalf of the Project Entity by the Minister of Justice.