Demand on Ex-Im Bank. (a) Subject to Section 8.01, the Lender shall be entitled to make a demand on Ex-Im Bank for compensation. In the event that a demand made pursuant to the previous sentence is not for the full amount of the installment(s) of principal and/or interest unpaid as of the date of such demand, the Lender shall be entitled to make a second demand on Ex-Im Bank for compensation with respect to all or any part of the remaining amount. Subject to Section 8.02(b), the Lender may make its initial demand at any time after the end of the period specified in Section 8.01, and the Lender may make any second demand any time after the first demand and within the time period specified in Section 8.02(b)(vi). (b) Each demand by the Lender on Ex-Im Bank must: (i) be in writing and submitted to the Vice President of Ex-Im Bank’s Asset Management Division; (ii) be made only by the Lender; (iii) identify each Note covered by such demand and, with respect to each such Note, the Noteholder and the installment(s) of principal and/or interest unpaid as of the date of such demand; (iv) include the assignments required under Section 8.03(a); (v) include a copy of the Lender’s written demand for payment on the Borrower and any Guarantors with respect to all Notes issued under the relevant Credit (or, in the event such demand was omitted with respect to the Borrower or any Guarantor pursuant to Section 8.01, evidence of (x) such party’s bankruptcy or insolvency, (y) the applicable prohibition and (z) the Lender’s demand for payment on those parties not subject to such prohibition); and (vi) subject to Section 4.07, be made not later than one hundred and fifty (150) calendar days from the due date of the unpaid installment(s) of principal and/or interest on which the Lender’s demand for payment is based. In the event that the Lender’s demand is based upon a failure by the Borrower and any Guarantors to pay interest that is due and payable prior to the first Repayment Date, the item listed in Section 8.02 (b)(iv) above shall not be required, but such demand must be accompanied by a written assignment, satisfactory to Ex-Im Bank, of all of the Lender’s and Noteholder’s respective rights with respect to such overdue interest and the interest accrued thereon. The Lender waives any right to make a demand under the Guarantee of a Credit with respect to any Note evidencing such Credit that is not covered by the two demands the Lender is permitted to make pursuant to this Section 8.02.
Appears in 3 contracts
Samples: Master Guarantee Agreement, Master Guarantee Agreement, Master Guarantee Agreement
Demand on Ex-Im Bank. (a) Subject to Section 8.01, the Lender Agent shall be entitled to make a demand on Ex-Im Bank for compensation. In the event that a demand made pursuant to the previous sentence is not for the full amount of the installment(s) of principal and/or interest unpaid as of the date of such demand, the Lender Agent shall be entitled to make a second demand on Ex-Im Bank for compensation with respect to all or any part of the remaining amount. Subject to Section 8.02(b), the Lender Agent may make its initial demand at any time after the end of the period specified in Section 8.01, and the Lender Agent may make any second demand any time after the first demand and within the time period specified in Section 8.02(b)(vi).
(b) Each demand by the Lender Agent on Ex-Im Bank must:
(i) be in writing and submitted to the Vice President of Ex-Im Bank’s Asset Project and Corporate Portfolio Management Division;
(ii) be made only by the LenderAgent;
(iii) identify each Note covered by such demand and, with respect to each such Note, the Noteholder and relevant Lender(s), the installment(s) of principal and/or interest unpaid as of the date of such demand;
(iv) include the assignments required under Section 8.03(a);
(v) include a copy of the LenderAgent’s written demand for payment on the Borrower and any Guarantors with respect to all Notes issued under the relevant Credit (or, in the event such demand was omitted with respect to the Borrower or any Guarantor pursuant to Section 8.01, evidence of (x) such party’s bankruptcy or insolvency, (y) the applicable prohibition and (z) the LenderAgent’s demand for payment on those parties not subject to such prohibition); and
(vi) subject to Section 4.07, be made not later than one hundred and fifty (150) calendar days from the due date of the unpaid installment(s) of principal and/or interest on which the LenderAgent’s demand for payment is based. In the event that the LenderAgent’s demand is based upon a failure by the Borrower and any Guarantors to pay interest that is due and payable prior to the first Repayment Date, the item listed in Section 8.02 (b)(iv) above shall not be required, but such demand must be accompanied by a written assignment, satisfactory to Ex-Im Bank, of all of the LenderAgent’s and Noteholder’s the relevant Lenders’ respective rights with respect to such overdue interest and the interest accrued thereon. The Lender Agent waives any right to make a demand under the Guarantee of a Credit with respect to any Note evidencing such Credit that is not covered by the two demands the Lender Agent is permitted to make pursuant to this Section 8.02.
Appears in 1 contract
Samples: Master Guarantee Agreement
Demand on Ex-Im Bank. (a) Subject to Section 8.01, the Lender Lessor shall be entitled to make a demand on Ex-Im Bank for compensation. In the event that a demand made pursuant to the previous sentence is not for the full amount of the installment(s) of principal and/or interest unpaid Guaranteed Termination Value as at the scheduled due date of the date first defaulted installment of such demandGuaranteed Rent, the Lender Lessor shall be entitled to make a second demand on Ex-Im Bank for compensation with respect to all or any part of the remaining amount. Subject to Section 8.02(b), the Lender may make its Lessor’s initial demand may be made at any time after the end of the period specified in Section 8.01, 8.01 and the Lender may make any second demand by the Lessor may be made any time after the first demand and within the time period specified in Section 8.02(b)(vi).
(b) Each demand by the Lender Lessor on Ex-Im Bank must:
(i) be in writing and submitted to the Vice President of Ex-Im Bank’s Asset Management Division;
(ii) be made only by the LenderLessor;
(iii) identify each Note Lease Agreement and Lease Supplement covered by such demand and, with respect to each such NoteLease Agreement and Lease Supplement, the Noteholder Interestholders and the installment(s) of principal and/or interest Guaranteed Rent unpaid as of the date of such demanddemand and the unpaid Guaranteed Termination Value as at the scheduled due date of the first defaulted installment of Guaranteed Rent, together with a schedule showing the Guaranteed Rent payable as at each Rent Payment Date;
(iv) include the assignments required under Section 8.03(a);
(v) include a copy of the LenderLessor’s written demand for payment on the Borrower Lessee and any Guarantors with respect to all Notes issued Lease Agreements and Lease Supplements executed under the relevant Credit (or, in the event such demand was omitted with respect to the Borrower Lessee or any Guarantor pursuant to Section 8.01, evidence of (x) such party’s bankruptcy or insolvency, (y) the applicable prohibition and (z) the LenderLessor’s demand for payment on those parties not subject to such prohibition); and
(vi) (subject to Section 4.07, ) be made not later than one hundred and fifty (150) calendar days from the due date of the unpaid installment(s) first defaulted installment of principal and/or interest Guaranteed Rent on which the LenderLessor’s demand for payment is based. In the event that the Lender’s demand is based upon a failure by the Borrower and any Guarantors to pay interest that is due and payable prior to the first Repayment Date, the item listed in Section 8.02 (b)(iv) above shall not be required, but such demand must be accompanied by a written assignment, satisfactory to Ex-Im Bank, of all of the Lender’s and Noteholder’s respective rights with respect to such overdue interest and the interest accrued thereon. The Lender Lessor waives any right to make a demand under the Guarantee of a Credit with respect to any Note evidencing Lease Supplement under such Credit that is not covered by the two (2) demands that the Lender Lessor is permitted to make pursuant to this Section 8.02.
Appears in 1 contract
Samples: Master Guarantee Agreement
Demand on Ex-Im Bank. (a) Subject to Section 8.01, the Lender shall be entitled to make a demand on Ex-Im Bank for compensation. In the event that a demand made pursuant to the previous sentence is not for the full amount of the installment(sInstallment(s) of principal and/or interest unpaid as of the date of such demand, the Lender shall be entitled to make a second demand on Ex-Im Bank for compensation with respect to all or any part of the remaining amount. Subject to Section 8.02(b), the Lender may make its Lender’s initial demand may be made at any time after the end of the period specified in Section 8.01, 8.01 and any second demand by the Lender may make any second demand be made any time after the first demand and within the time period specified in Section 8.02(b)(vi).
(b) Each demand by the Lender on Ex-Im Bank must:
(i) be in writing and submitted to the Vice President of Ex-Im Bank’s Asset Management Division, and specify whether the demand is under the Comprehensive Guarantee and/or the Political Risk Guarantee;
(ii) be made only by the Lender;
(iii) identify each Note Debt Document covered by such demand and, with respect to each such NoteDebt Document, the Noteholder Debt Holder and the installment(sInstallment(s) of principal and/or interest unpaid as of the date of such demand;
(iv) include the assignments required under Section 8.03(a);
(v) include a copy of the Lender’s written demand for payment on the Borrower and any Guarantors with respect to all Notes Debt Documents issued under the relevant Approved Credit (or, in the event such demand was omitted with respect to the Borrower or any Guarantor pursuant to Section 8.01, evidence of (xA) such party’s bankruptcy or insolvency, (yB) the applicable prohibition prohibition, and (zC) the Lender’s demand for payment on those parties not subject to such prohibition); and;
(vi) (subject to Section 4.07, ) be made not later than one hundred and fifty (150) calendar days from the due date of the unpaid installment(sInstallment(s) of principal and/or interest on which the Lender’s demand for payment is based. In ; and
(vii) (A) in the event that case of a demand under the Lender’s demand Political Risk Guarantee where the failure to pay is based upon a failure asserted to be caused by M/T Transfer Risk, be accompanied by:
(1) if the Borrower and all the Guarantors (if any) are not Bank Obligors, evidence satisfactory to Ex-Im Bank that the Borrower or Guarantor(s) has made, with respect to any Guarantors Installment for which demand is made on Ex-Im Bank, a deposit of Local Currency or U.S. Dollars to pay interest that is due and payable prior a Designated Depository in an amount equivalent (at the official exchange rate applicable to the first Repayment DateTransaction on the later of the scheduled due date or the date of irrevocable tender) to the unpaid amount of such Installment (a “Local Currency Deposit”), and that such payment was received by the Designated Depository not later than ninety (90) days after the due date for such Installment; provided, that, the item listed in Section 8.02 amount of the Local Currency Deposit shall be net of all deductions for governmentally imposed charges, such as taxes and commissions; or
(b)(iv2) above shall not be requiredif the Borrower or any Guarantor is a Bank Obligor, but such demand must be accompanied by a written assignment, evidence satisfactory to Ex-Im Bank with respect to any Installment for which demand is made on Ex-Im Bank, of all due diligence by such Bank Obligor, Lender or relevant Debt Holder (as applicable) in pursuing a timely application to the fullest extent possible under applicable law for conversion of Local Currency into U.S. Dollars and/or transfer of U.S. Dollars out of the LenderBorrower’s Country, and Noteholder’s respective rights with respect evidence of the irrevocable transfer of control from the Bank Obligor to Ex-Im Bank of an amount of Local Currency or U.S. Dollars, equivalent (at the official exchange rate applicable to the Transaction on the later of the scheduled due date or the date of transfer of control) to the unpaid amount of such overdue interest Installment (a “Timely Currency Application”); provided, that, the amount of the Timely Currency Application shall be net of all deductions for governmentally imposed charges, such as taxes and the interest accrued thereon. The Lender waives any right to make a demand under the Guarantee of a Credit with respect to any Note evidencing such Credit that is not covered by the two demands the Lender is permitted to make pursuant to this Section 8.02.commissions; or
Appears in 1 contract
Samples: Master Guarantee Agreement
Demand on Ex-Im Bank. (a) Subject to Section 8.01, the Lender shall be entitled to make a demand on Ex-Im Bank for compensation. In the event that a demand made pursuant to the previous sentence Section 8.01 is not for the full amount of the installment(s) of principal and/or interest unpaid as of the date of such demand, the Lender shall be entitled to make a second demand on Ex-Im Bank for compensation with respect to all or any part of the remaining amount. Subject to Section 8.02(b), the Lender may make its initial demand at any time after the end of the period specified in Section 8.01, and the Lender may make any second demand any time after the first demand and within the time period specified in Section 8.02(b)(vi8.02(b)(viii).
(b) Each demand by the Lender on Ex-Im Bank must:
(i) be in writing and submitted to the Vice President of Ex-Im Bank’s Asset Management Division;
(ii) be made only by the Lender;
(iii) identify each Note covered by such demand and, with respect to each such Note, the Noteholder and the installment(s) of principal and/or interest unpaid as of the date of such demand;
(iv) include the assignments required under Section 8.03(a);
(v) include a copy of the Lender’s written demand for payment on the Borrower and any the Guarantors (if any) with respect to all Notes issued under the relevant Credit Credit;
(orvi) except as provided in clause (vii) below, in the event such demand was omitted with respect case of any claim based on Transfer Risk, include evidence of a Local Currency Deposit or Timely Currency Application, as appropriate, in an amount equal to the Borrower or any Guarantor pursuant to Section 8.01, evidence sum of (x) such party’s bankruptcy or insolvency, (y) the applicable prohibition and (z) all unpaid amounts included in the Lender’s demand under this Section 8.02, calculated at the official exchange rate applicable to the Note obligation on the later of the relevant Payment Date for payment such unpaid amounts and the date of the Local Currency Deposit or Timely Currency application, as the case may be; provided that the amount of such deposit or application shall be net of all deductions for governmentally imposed charges, taxes and commissions;
(vii) in the case of a Transfer Risk claim for which a Local Currency Deposit or Timely Currency Application is not required in accordance with Section 4.02(b), include (A) evidence of due diligence by the Borrower, each Guarantor and the Lender (as applicable) in pursuing conversion of Local Currency into U.S. Dollars and/or transfer of U.S. Dollars to the Lender in the United States under existing government procedures and law, and (B) evidence of the irrevocable transfer of control from the Borrower to Ex-Im Bank of an amount of Local Currency or U.S. Dollars, equivalent (in the case of Local Currency, at the official exchange rate applicable to the unpaid installment in default on those parties not subject the later of the relevant Payment Date and the date of transfer of control) to such prohibition)the unpaid amount of the installment in default (without regard to acceleration) for which a claim is made under this Agreement; and
(viviii) subject to Section 4.074.13, be made not later than one hundred and fifty (150) calendar days from the due date of the unpaid installment(s) of principal and/or interest on which the Lender’s demand for payment is based. In the event that the Lender’s demand is based upon a failure by the Borrower and any Guarantors to pay interest that is due and payable prior to the first Repayment Date, the item listed in Section 8.02 (b)(iv) above shall not be required, but such demand must be accompanied by a written assignment, satisfactory to Ex-Im Bank, of all of the Lender’s and Noteholder’s respective rights with respect to such overdue interest and the interest accrued thereon. The Lender waives any right to make a demand under the Guarantee of a Credit with respect to any Note evidencing such Political Risk under a Credit that is not covered by the two demands that the Lender is permitted to make pursuant to this Section 8.02.
Appears in 1 contract
Samples: Master Guarantee Agreement
