Climate Contract Playbook Edition 3
113
5. CONDITIONS PRECEDENT FOR FIRST DISBURSEMENT 5.1 The Company shall have adopted a Sustainability Standard and Sustainability Goals satisfactory to the [Shareholder] [Lender] [Guarantor]. 5.2 The Company shall have appointed a member of the Board to be the CSO. 5.3 [Insert any climate risk mitigation measures required and not addressed during DD phase e.g. climate risk insurance] 6. CONDITIONS PRECEDENT FOR SUBSEQUENT DRAWDOWNS AND REPEATING REPRESENTATIONS 6.1 The Company continues to have in place a Sustainability Standard and Sustainability Goals satisfactory to the [Shareholder] [Lender] [Guarantor]. 6.2 The Company continues to have a CSO. 6.3 No Material Climate Breach has occurred in the twelve months preceding the date of [this Agreement. 6.4 The Company shall comply with the Climate Change Standard set out in Schedule [●] as amended from time to time; and shall implement such policies, procedures and systems as may be required to monitor compliance with the Climate Change Standard and to prevent liability under any Applicable Law. 6.5 The Company is in compliance with its climate reporting obligations under clause [2] and clause [8]. 6.6 [Any Others] 7. INSPECTIONS 7.1 The Company shall, if deemed necessary by the [Shareholder] [Lender] [Guarantor] (acting reasonably), permit representatives of the [Shareholder] [Lender] [Guarantor], their accountants and their other advisors free access to all premises, persons, documents and other information at all reasonable times and on reasonable notice to carry out climate monitoring visits/audits and/or investigations into any failure or potential failure by the Company to comply with the Sustainability Management Standard, the Sustainability Goals or the Climate Change Standard at the Company’s cost, unless such visits or investigations do not reveal any material non- compliance by the Company. 7.2 The Company shall cooperate in good faith with the representatives of [Shareholder] [Lender] [Guarantor], its accountants and its other advisors to assist any such representatives in preparing reports for the [Shareholder] [Lender] [Guarantor] on [climate matters] in connection with the Project; and shall implement the recommendations of such representatives in order to address any non-compliance with [climate matters] by the Company.
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