means acceptable to OPEC Fund, including but not limited to, electronic data inter- change, electronic mail, telecopy or the OPEC Fund client portal; (o) “Eligible Expenditure” means any expenditure financed out of the proceeds of the Loan; provided that OPEC Fund has ascertained that the payment for such expenditure is: (i) for financing reasonable cost of Goods as described in Schedule 2 of the applicable Legal Agreement; and (ii) made on or after the Eligible Expenditure Commencement Date and prior to the Project Completion Date; (p) “Eligible Expenditure Commencement Date” means the date on which the Loan is approved by the Board or any other date specified in the applicable Legal Agreement, being the date after which any expenditure for financing reasonable cost of Goods shall prima facie constitute Eligible Expenditure; (q) “Excluded Expenditure” means any activity contained on the OPEC Fund’s environmental and social exclusion list, as may be modified from time to time by the OPEC Fund; (r) “Executing Agency” means, where the Borrower is a sovereign entity, the government department or other legal entity or institution identified in the Legal Agreement as the agency that will execute the Project; (s) “External Debt” means any debt which is or may become payable other than in Local Currency; 1 (t) “Financing Agreement” means the agreement signed between the OPEC Fund and the recipient of a loan and grant; (u) “Fraudulent Practice” is any act or omission, including misrepresentation, that knowingly or recklessly misleads, or attempts to mislead, a party to obtain financial or other benefit or to avoid an obligation; (v) “Goods” means equipment, supplies, works and professional and other services required for the execution of the Project activities; (w) “Government” means the central government of the Project Country; (x) “Guarantee Agreement” means the agreement entered into between the OPEC Fund and the Project Country guaranteeing the Loan provided to a state-owned entity, sub-na- tional, political sub-division, or similar eligible legal entity; (y) “Guarantor” means the Project Country that is party to the Guarantee Agreement; (z) “Internal Debt” means the Borrower’s local debt or debt which is or may become payable in Local Currency; (aa) “Legal Agreement” means the Loan Agreement, Financing Agreement, Guarantee Agreement, or such other agreement signed with respect to a financing; (bb) “Lien” means, inter alia , mortgages, pledges, charges, privileges and priority of any kind; (cc) “Loan” means the loan provided for in the Legal Agreement; (dd) “Loan Administrator” means the financial institution named in the Legal Agreement, which shall administer the Loan on such terms as may be agreed upon between such loan administrator and OPEC Fund; (ee) “Loan Agreement” means the loan agreement between OPEC Fund and the Borrower,
1 This definition may not apply in cases where the Borrower adopts/uses a foreign currency as Local Currency. In such cases, OPEC Fund and the Borrower will agree on a definition for the purpose of the specific Loan.
OPEC FUND GENERAL CONDITIONS FOR PUBLIC SECTOR LOANS
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