ASSIGNMENT TO OPIC Sample Clauses

ASSIGNMENT TO OPIC. Within sixty days after OPIC notifies the Investor of the amount of compensation OPIC will pay under expropriation or political violence coverage, and concurrent with payment, the Investor shall transfer to OPIC (a) for expropriation, all interests attributable to the insured investment (Sec. 4.01) or funds (Sec.4.02) as of the date the expropriatory effect commences, including claims arising out of the expropriation, or (b) for political violence, claims arising out of the loss due to political violence (Sec. 6.01). The Investor shall transfer the interests and claims free and clear of, and shall agree to indemnify OPIC against, claims, defenses, counterclaims, rights of setoff and other encumbrances (except defenses relating to the expropriation). In connection with an inconvertibility claim, immediately upon receipt of instructions from OPIC together with notification that it intends to pay such claim, the Investor shall deliver the local currency to OPIC by draft subject to collection (or, at OPIC's option, in cash), or, if the Investor is unable legally to deliver the local currency or if OPIC so requests, shall instead deliver an assignment of the Investor's rights with respect to the payment that is the subject of the claim. OPIC may decline all or any portion of the Investor's interests or claims; if so, the Investor's right to compensation shall be affected only as provided in Sec. 5.03.4(b).
Sample 1
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ASSIGNMENT TO OPIC. Within sixty days after OPIC notifies the Investor of the amount of compensation which OPIC will pay under expropriation, political violence or interference with operations coverage, and, concurrently with such payment, the Investor shall transfer to OPIC: 1. With respect to a claim under Section 4.01 or Section 8.01, all interests attributable to the Insured Portion of the Investment, 2. With respect to a claim under Section 4.02.1, all interests attributable to the expropriated funds, 3. With respect to a claim under Section 4.02.2, all interests attributable to the Insured Portion of the Covered Property, 4. With respect to a claim under Section 6.01, all claims arising out of the loss due to political violence. In the event of a transfer under Section 10.02.1, Section 10.02.2, or Section 10.02.3, the interests to be transferred shall be determined as of the date the related compensable event commenced and shall include, in the case of an expropriation, claims arising out of the expropriation. If OPIC, in connection with an assignment under section 10.02.1, requires the Investor to transfer to OPIC a beneficial interest in the Loan and related rights, in exchange for reimbursement of reasonable out-of- pocket expenses, OPIC may require the Investor to take any action with regard to such Loan and related rights as OPIC may reasonably direct, provided that such action is unlikely to result in a substantial detriment to the Investor's interests. In such event the Investor shall not consent to any rescheduling of the Loan without OPIC's consent. The Investor shall transfer the interests and claims free and clear of, and shall indemnify OPIC against, all claims, defenses, counterclaims, rights of setoff, and other encumbrances (except defenses relating to the expropriation, political violence, and or interference with operations). In connection with an inconvertibility claim, immediately upon receipt of instructions from OPIC, the Investor shall deliver the Local Currency to OPIC (in cash or, at OPIC's option, by draft subject to collection) or the Investor's rights to receive or obtain U.S. dollars (Section 2.01). OPIC may decline all or any portion of the Investor's interests or claims. If OPIC so declines, the Investor's right to compensation shall be affected only as provided in Section 5.04.4(b).
Sample 1
ASSIGNMENT TO OPIC 
Sample 1

Related to ASSIGNMENT TO OPIC

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