Article 2 DEFINITIONS AND INTERPRETATION
2.01 Definitions Except where the context otherwise requires, the following terms have the following meanings wher- ever used in these General Conditions or in the Legal Agreement:
(a) “Authorized Representative” means the person or entity named as such in the Legal Agreement that is duly authorized to represent the Borrower or Guarantor and to take any binding action on behalf of the Borrower or Guarantor in connection with the Legal Agreement; (b) “Authorized Signatory” means a person who is designated by the Borrower or the Authorized Representative to approve and/or sign withdrawal applications or take any other action on behalf of the Borrower; (c) “Board” means the Governing Board of OPEC Fund; (d) “Borrower” means the sovereign or other eligible legal entity that the OPEC Fund extends a loan to, as specified in the Legal Agreement signed with such entity. Where the context requires, this shall include the recipient of a loan and grant under a Financing Agreement; (e) “Business Day” means a day: (i) on which commercial banks and foreign exchange markets settle payments in Dollars in New York; (ii) (in relation to the fixing of an inter- est rate) which is a US Government Securities Business Day; and (iii) on which the OPEC Fund is open for business in Vienna, Austria; (f) “Closing Date” means the date specified in the Legal Agreement as the date on which the Borrower’s right to request withdrawals from the Loan Account shall terminate, or any extension of such date as OPEC Fund may determine pursuant to Section 6.08; (g) “Coercive Practice” means impairing or harming, or threatening to impair or harm, directly or indirectly, any party or the property of the party in order to influence improperly the actions of a party; (h) “Collusive Practice” means an arrangement between two or more parties designed to achieve an improper purpose, including influencing improperly the actions of another party; (i) “Contract” means any contract for the procurement of a certain class of Goods, including, inter alia , works, equipment, or professional services and other services; (j) “Corrupt Practice” means the offering, giving, receiving or soliciting directly or indirectly anything of value to influence improperly the action of other party in the procurement of Goods or the execution of a Contract, and includes, inter alia , bribery, extortion or coer- cion that involve threat of injury to person, property or reputation; (k) “Date of the Agreement” means the date on which the Legal Agreement is signed by the parties; (l) “Date of Effectiveness” means the date defined in Section 3.01; (m) “Disbursement Letter” means the letter issued by the OPEC Fund to the Borrower pursu- ant to Section 6.01; (n) “Electronic Means” means the generation, sending, receiving, storing or otherwise pro- cessing of a document or of any information by electronic, magnetic, optical or similar
OPEC FUND GENERAL CONDITIONS FOR PUBLIC SECTOR LOANS
8
Powered by FlippingBook