Article 7
PROJECT EXECUTION ......................................................................................................................................... 16 7.01 Execution Standard ................................................................................................................................... 16 7.02 Insurance ......................................................................................................................................................... 17 7.03 Procurement and Use of Goods .......................................................................................................... 17 7.04 Project Documents ..................................................................................................................................... 17 7.05 Project Records, Information, Visits and Audit ............................................................................ 17 7.06 Cooperation and Consultation in Project Implementation ................................................... 18 7.07 Projects in Disputed Areas .................................................................................................................... 18 7.08 Application to Executing Agency ...................................................................................................... 18 7.09 Refund of Unutilized Loan Proceeds ............................................................................................... 19 LOAN ADMINISTRATOR ...................................................................................................................................... 19 8.01 Privileges of Loan Administrator ........................................................................................................ 19 8.02 Consultation in Respect of Loan Administration and the Loan Agreement ................ 19 8.03 Incorporation of Loan Administrator’s Conditions in Loan Agreement ......................... 19 SUSPENSION, CANCELLATION AND ACCELERATION OF MATURITY ..................................... 19 9.01 Suspension .................................................................................................................................................... 19 9.02 Cancellation .................................................................................................................................................. 21 9.03 Loan Acceleration ...................................................................................................................................... 21 9.04 Effectiveness of Provisions after Suspension, Cancellation or Acceleration .............. 22 9.05 Amounts Subject to Special Commitment .................................................................................. 22
Article 8
Article 9
Article 10 PRIORITY OF LEGAL AGREEMENT AND GOVERNING LAW; OBLIGATIONS OF THE GUARANTOR; ENFORCEABILITY;
AND DISPUTE RESOLUTION ........................................................................................................................... 22 10.01 Priority of Legal Agreement and Governing Law ..................................................................... 22 10.02 Obligations of the Guarantor .............................................................................................................. 22 10.03 Enforceability .............................................................................................................................................. 22 10.04 Dispute Resolution ................................................................................................................................... 22 Article 11 MISCELLANEOUS ................................................................................................................................................... 24 11.01 Execution of the Legal Agreement .................................................................................................. 24 11.02 Failure to Exercise Rights ..................................................................................................................... 24 11.03 Notices and Requests ............................................................................................................................. 24 11.04 Authority to Take Action ....................................................................................................................... 24 11.05 Amendment ................................................................................................................................................. 24 11.06 English Language ...................................................................................................................................... 24 11.07 Termination ................................................................................................................................................... 24
OPEC FUND GENERAL CONDITIONS FOR PUBLIC SECTOR LOANS
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