AND JUDGEMENT, MAY CAUSE A MATERIAL ADVERSE CHANGE
IN OR HAVE A MATERIAL ADVERSE EFFECT ON:
(I) THE PERUVIAN FINANCIAL SYSTEM,
(II) THE INTERNATIONAL FINANCIAL SYSTEM, (III) THE NATIONAL OR INTERNATIONAL
22
CAPITAL MARKETS; (IV) PERU'S POLITICAL AND ECONOMIC CLIMATE, (V) THE PERUVIAN
TAX AND MONETARY POLICIES, ITS LAWS AND REGULATIONS; PROVIDED IN EACH ONE OF
THESE CASES, THE SAME COULD REASONABLY HAVE A MATERIAL ADVERSE EFFECT ON THE
ABILITY OF ALL THE BANKS TO COMPLY WITH THEIR OBLIGATIONS ASSUMED UNDER THIS
CREDIT LINE AGREEMENT
9.5
NON-EXISTENCE OF MATERIAL ADVERSE EFFECT AND MATERIAL ADVERSE
CHANGE IN DRP AND/OR AFFILIATES:
THAT NO CIRCUMSTANCE OR SITUATION HAS ARISEN
SINCE THE DATE OF THE LAST AUDITED FINANCIAL STATEMENTS, THAT IN THE BANKS'
MAJORITY REASONABLE OPINION AND JUDGEMENT MAY CAUSE A MATERIAL ADVERSE CHANGE IN
OR MAY HAVE A MATERIAL ADVERSE EFFECT ON:
(I) DRP'S AND/OR ITS AFFILIATES'
ABILITY TO REPAY THE LOANS, OR ON (II) DRP'S AND/OR ITS AFFILIATES' BUSINESS,
OPERATIONS, PROPERTY, ASSETS OR LIABILITIES.
9.6
FULFILMENT OF OBLIGATIONS BY DRP:
THAT DRP IS IN COMPLIANCE WITH
HIS OBLIGATIONS ESTABLISHED IN THIS CREDIT LINE AGREEMENT, INCLUDING ITS
FINANCIAL OBLIGATIONS, EXCEPT FOR THE PROVISIONS SET FORTH IN THE SECOND
PARAGRAPH OF SUBCLAUSE 11.17 OF CLAUSE ELEVEN HEREOF.
9.7
NON-EXISTENCE OF GOVERNMENT ACTION:
THAT THE PERUVIAN GOVERNMENT
HAS NOT ENACTED LEGISLATION OR TAKEN ANY ACTION WHATSOEVER THAT IN THE BANKS'
MAJORITY OPINION AND JUDGEMENT, MAY LIMIT THE EXPORTATION, BY DRP, OF ITS
PRODUCTS.
9.8
NON-EXISTENCE OF ANY EVENT OF DEFAULT:
THAT, AS OF THE DATE OF
THE RESPECTIVE DISBURSEMENT, NO EVENT OF DEFAULT WHATSOEVER HAS OCCURRED.
9.9
REPRESENTATIONS AND WARRANTIES:
THAT THE REPRESENTATIONS AND
WARRANTIES MADE BY DRP IN CLAUSE TEN OF THIS CREDIT LINE AGREEMENT, AND IN THE
SECURITY AGREEMENTS, ARE CORRECT AND TRUE AS OF THE DATE THEY WERE MADE AS
REGARDS ALL MATERIAL ASPECTS, UNLESS A MISSTATEMENT IN SAID REPRESENTATION OR
GUARANTEE CANNOT REASONABLY HAVE A MATERIAL ADVERSE EFFECT ON DRP'S SITUATION,
AND PROVIDED THAT SUCH REPRESENTATION OR WARRANTY WAS TRUE AND COMPLETE AS
REGARDS ALL ITS ASPECTS ON THE DATE IT WAS MADE.
9.10
COMPLIANCE WITH THE PAMA:
THAT, ON THE DISBURSEMENT DATE, DRP MUST
BE IN COMPLIANCE WITH THE PAMA, IN ACCORDANCE WITH THE AGREEMENTS ENTERED INTO
WITH THE COMPETENT GOVERNMENT AUTHORITIES, AS THEY MAY BE PERIODICALLY AMENDED.
THE AGENT HEREBY ACKNOWLEDGES THAT DRP HAS NOT BEEN COMPLYING WITH ITS
OBLIGATIONS INCLUDED IN THE PAMA FOR THE COBRIZA MINE, SINCE THE TERM OF THE
SAME HAS ALREADY EXPIRED.
HOWEVER, IN THE CASE OF THE COBRIZA MINE, DRP SHALL
ABIDE BY THE PROVISIONS SET FORTH IN SUPREME DECREE NO. 022-2002-EM, EXCEPT FOR
THE PROVISIONS SET FORTH IN THE SECOND PARAGRAPH CLAUSE ELEVEN, SUBCLAUSE 11.17
HEREOF.
9.11
AUTHORIZATIONS AND APPROVALS:
IF REQUIRED, THAT ALL GOVERNMENT
AUTHORIZATIONS AND APPROVALS NECESSARY TO CARRY OUT DRP'S OPERATIONS HAVE BEEN
OBTAINED AND ARE IN FULL FORCE AND EFFECT, EXCEPT THOSE WHICH ABSENCE (NOT
OBTAINED OR EXPIRED) CANNOT CAUSE A MATERIAL ADVERSE EFFECT.
LIKEWISE, THAT ALL
SUBSTANTIAL CONTRACTS, SUBSTANTIAL CONCESSIONS AND NECESSARY LICENSES TO CARRY
OUT