Article 6 WITHDRAWAL OF LOAN PROCEEDS
6.01 Withdrawal of Loan Proceeds After the Legal Agreement has been declared effective, and unless the Borrower and OPEC Fund otherwise agree, the Loan may be disbursed from time to time in accordance with the Disbursement Letter as well as relevant provisions of these General Conditions, the Legal Agreement and the Loan Handbook. 6.02 Application for Withdrawal Applications for withdrawal of the Loan Proceeds shall be prepared in conformity with the Loan Handbook and submitted in such a manner as OPEC Fund shall advise the Borrower. Where the Loan is administered by a Loan Administrator, applications for withdrawal shall be prepared: (a) in two original conformed copies, one of which shall be submitted to OPEC Fund by the Authorized Representative or Authorized Signatory of the Borrower and the other to the Loan Administrator; or (b) in such other manner as the OPEC Fund may request. Every withdrawal application shall be accompanied with such documents and other evidence sufficient in form and substance to satisfy OPEC Fund and, where applicable, the Loan Administrator, that the Borrower is entitled to withdraw the amount applied for and that the amount shall be used exclusively to cover the cost of Eligible Expenditure. 6.03 Withdrawal Conditions Notwithstanding any contrary provision in these General Conditions or the Legal Agreement, no dis- bursement shall be made unless all the disbursement conditions or requirements specified in the Legal Agreement, Disbursement Letter and/or Loan Handbook have been fulfilled to OPEC Fund’s satisfac- tion. 6.04 Currency of Withdrawal Except as OPEC Fund shall otherwise agree, Loan disbursements may be made in the currencies in which Eligible Expenditures have been paid or are payable. Where a withdrawal is requested in a cur- rency other than the Loan Currency, the disbursement shall be effected on the basis of the actual Loan Currency cost incurred by OPEC Fund in meeting the request. OPEC Fund shall act in the purchase of currencies as the Borrower’s agent. Disbursements for Eligible Expenditure in the Local Currency, if any, shall be made in the Loan Currency according to the official rate of exchange as of that date, and in the absence of such a rate, according to a reasonable rate as OPEC Fund shall, from time to time, decide upon. 6.05 Special Commitment At the Borrower’s request, OPEC Fund may, at its sole discretion, enter into special commitments in writing and on such terms and conditions as the Borrower and OPEC Fund shall agree upon to make eligible payments under the Loan in line with applicable provisions of the Loan Handbook (“Special Commitment”). 6.06 Refund After Withdrawal The Borrower shall, upon OPEC Fund’s request, refund to OPEC Fund Account any part of the with- drawn amount used to finance non-Eligible Expenditure or Excluded Expenditures within sixty (60) days of such request. 6.07 Sanctions OPEC Fund shall be under no obligation to make any disbursement under the Loan if: (a) such dis- bursement is prohibited or restricted by a decision of the United Nations Security Council or a deci- sion of any international or regional organization (and the Borrower shall notify OPEC Fund thereon);
OPEC FUND GENERAL CONDITIONS FOR PUBLIC SECTOR LOANS
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