rights or powers of any holder of the Notes under the Mortgage and Pledge may be exercised by such trustee or trustees or fiduciaries.
Section 4.03. The President of the Board of Directors (Presidente del Directorio) and the Manager (Gerente) of the Borrower are designated jointly as authorized representatives of the Borrower for the purposes of Section 6.12 (a) of the Loan Regulations.
Article V
Particular Covenants
Section 5.01. (a) The Borrower shall carry out the Project with due diligence and efficiency and in conformity with sound engineering and financial practices. To that end the Borrower shall employ competent and experienced contractors and a competent and experienced supervising or consulting engineer, all mutually acceptable to the Borrower and the Bank on terms and conditions mutually satisfactory to the Borrower and the Bank.
(b) The Borrower shall furnish to the Bank, promptly upon their preparation, the plans and specifications for the Project and any material modifications subsequently made therein.
(c) The Borrower shall maintain records adequate to identify the goods financed out of the proceeds of the Loan, to disclose the use thereof in the Project, to record the progress of the Project (including the cost thereof) and to reflect in accordance with consistently maintained sound accounting practices the financial condition and operations of the Borrower; shall enable the Bank's representatives to inspect the Project, the goods and any relevant records and documents; and shall furnish to the Bank all such information as the Bank shall reasonably request concerning the expenditure of the proceeds of the Loan, the Project, the goods, and the financial condition and operations of the Borrower.
Section 5.02. (a) The Borrower shall at all times maintain its existence and right to carry on operations and shall, except as the Bank shall otherwise agree, acquire, maintain and renew all rights, powers, privileges and franchises necessary or useful in the operation of its business.
(b) The Borrower shall maintain its plants, equipment and property and from time to time make all necessary renewals and repairs thereof, all in accordance with sound business and engineering standards; shall employ an experienced and competent plant manager mutually acceptable to the Borrower and the Bank; and shall at all times operate its plants and equipment and maintain its financial position in accordance with sound business, financial and engineering standards.
Section 5.03. The Borrower shall promptly call for the payment of unpaid portions of its outstanding shares of capital stock as and when funds are needed for the carrying out of the Project.
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