Common use of Illegality of Participation Clause in Contracts

Illegality of Participation. If, after the date of the disbursement of the IFC D Loan, any change made in any applicable law or regulation or official directive (or its interpretation or application by any Authority charged with its administration) (the “Relevant Change”) makes it unlawful for any Participant to continue to maintain or to fund its Participation: (a) the Borrower and Co-Borrowers shall, upon request by any Lender (but subject to any applicable Authorization having been obtained), prepay in full that part of the Loans that such Lender advises corresponds to that Participation; (b) concurrently with the prepayment of the part of the Loans corresponding to the Participation affected by the Relevant Change, the Borrower and Co-Borrowers shall pay all accrued interest, Increased Costs (if any) on that part of the Loans (and, if that prepayment is not made on an Interest Payment Date, any amount payable in respect of the prepayment under Section 2.10 (Unwinding Costs)); (c) the Borrower and Co-Borrowers agree to take all reasonable steps to obtain, as quickly as possible after receipt of any Lender’s request for prepayment, the Authorization referred to in Section 2.14(a) if any such Authorization is then required; and (d) the Borrower and Co-Borrowers shall have no further right to disbursement of the undisbursed portion of the Loans corresponding to that Participation after it has received a Lender’s request for prepayment under this Section.

Appears in 2 contracts

Samples: Loan Agreement (China Education Investment Holding), Loan Agreement (Baring Asia Private Equity Fund v Co-Investment L.P.)

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Illegality of Participation. If, after the date of the disbursement of the IFC D Loanthis Agreement, any change made in any applicable law or regulation or official directive (or its interpretation or application by any Authority charged with its administration) (herein the “Relevant Change”) makes it unlawful for any Participant to continue to maintain or to fund its Participation: (a) the Borrower and Co-Borrowers shall, upon request by any Lender IFC (but subject to any applicable Authorization having been obtained), on the earlier of (x) the next Interest Payment Date and (y) the date that IFC advises the Borrower is the latest day permitted by the Relevant Change, prepay in full that part of the Loans a B Loan that such Lender IFC advises corresponds to that Participation; (b) concurrently with the prepayment of the part of the Loans a B Loan corresponding to the Participation affected by the Relevant Change, the Borrower and Co-Borrowers shall pay all accrued interest, Increased Costs (if any) on that part of the Loans such B Loan (and, if that prepayment is not made on an Interest Payment Date, any amount payable in respect of the prepayment under Section 2.10 2.11 (Unwinding Costs)); (c) the Borrower and Co-Borrowers agree agrees to take all reasonable steps to obtain, as quickly as possible after receipt of any LenderIFC’s request for prepayment, the Authorization referred to in Section 2.14(a2.16(a) if any such Authorization is then required; and (d) the Borrower and Co-Borrowers shall have no further right to disbursement of the undisbursed portion of the Loans a B Loan corresponding to that Participation after it has received a LenderIFC’s request for prepayment under this Section.

Appears in 2 contracts

Samples: Loan Agreement (Canuelas Mill S.A.C.I.F.I.A.), Loan Agreement (Canuelas Mill S.A.C.I.F.I.A.)

Illegality of Participation. If, If IFC has sold a Participation and after the date of the disbursement of the IFC D Loanthis Agreement, any change made in any applicable law or regulation or official directive (or its interpretation or application by any Authority charged with its administration) (herein the "Relevant Change") makes it unlawful for any the Participant acquiring that Participation to continue to maintain or to fund its that Participation::  (a) the Borrower and Co-Borrowers shall, upon request by any Lender IFC (but subject to any applicable Authorization having been obtained), on the earlier of (x) the next Interest Payment Date and (y) the date that IFC advises the Borrower is the latest day permitted by the Relevant Change, prepay in full that part of the Loans Loan that such Lender IFC advises corresponds to that Participation;;  (b) concurrently with the prepayment of the part of the Loans Loan corresponding to the Participation affected by the Relevant Change, the Borrower and Co-Borrowers shall pay all accrued interest, Increased Costs (if any) on that part of the Loans Loan (and, if that prepayment is not made on an Interest Payment Date, any amount payable in respect of the prepayment under Section 2.10 3.11 (Unwinding Costs));; and  (c) the Borrower and Co-Borrowers agree agrees to take all reasonable steps to obtain, as quickly as possible after receipt of any Lender’s IFC's request for prepayment, the Authorization referred to in Section 2.14(a3.16 (a) if any such Authorization is then required; and (d) the Borrower and Co-Borrowers shall have no further right to disbursement of the undisbursed portion of the Loans corresponding to that Participation after it has received a Lender’s request for prepayment under this Section.. 

Appears in 2 contracts

Samples: Supplemental Agreement, Supplemental Agreement (Vaalco Energy Inc /De/)

Illegality of Participation. If, If IFC has sold a Participation and after the date of the disbursement of the IFC D Loanthis Agreement, any change made in any applicable law or regulation or official directive (or its interpretation or application by any Authority charged with its administration) (herein the “Relevant Change”) makes it unlawful for any the Participant acquiring that Participation to continue to maintain or to fund its that Participation: (a) the Borrower and Co-Borrowers shall, upon request by any Lender IFC (but subject to any applicable Authorization having been obtained), on the earlier of (x) the next Interest Payment Date and (y) the date that IFC advises the Borrower is the latest day permitted by the Relevant Change, prepay in full that part of the Loans GTLP Facility that such Lender IFC advises corresponds to that Participation; (b) concurrently with the prepayment of the part of the Loans GTLP Facility corresponding to the Participation affected by the Relevant Change, the Borrower and Co-Borrowers shall pay all accrued interest, Increased Costs (if any) on that part of the Loans GTLP Facility (and, if that prepayment is not made on an Interest Payment Date, any amount payable in respect of the prepayment under Section 2.10 2.11 (Unwinding Costs)); ; and (c) the Borrower and Co-Borrowers agree agrees to take all reasonable steps to obtain, as quickly as possible after receipt of any LenderIFC’s request for prepayment, the Authorization referred to in Section 2.14(a2.13 (a) if any such Authorization is then required; and (d) the Borrower and Co-Borrowers shall have no further right to disbursement of the undisbursed portion of the Loans corresponding to that Participation after it has received a Lender’s request for prepayment under this Section.

Appears in 1 contract

Samples: Loan Agreement

Illegality of Participation. If, after the date of the disbursement of the IFC D Loanthis Agreement, any change made in any applicable law or regulation or official directive (or its interpretation or application by any Authority charged with its administration) (herein the “Relevant Change”) makes it unlawful for any Participant to continue to maintain or to fund its Participation: (a) the Borrower and Co-Borrowers shall, upon request by any Lender IFC (but subject to any applicable Authorization having been obtained), on the earlier of (x) the next Interest Payment Date and (y) the date that IFC advises the Borrower is the latest day permitted by the Relevant Change, prepay in full that part of the Loans B Loan that such Lender IFC advises corresponds to that Participation; (b) concurrently with the prepayment of the part of the Loans B Loan corresponding to the Participation affected by the Relevant Change, the Borrower and Co-Borrowers shall pay all accrued interest, Increased Costs (if any) on that part of the Loans B Loan (and, if that prepayment is not made on an Interest Payment Date, any amount payable in respect of the prepayment under Section 2.10 3.12 (Unwinding Costs)); (c) the Borrower and Co-Borrowers agree agrees to take all reasonable steps to obtain, as quickly as possible after receipt of any LenderIFC’s request for prepayment, the Authorization referred to in Section 2.14(a3.17 (a) if any such Authorization is then required; and (d) the Borrower and Co-Borrowers shall have no further right to disbursement of the undisbursed undishursed portion of the Loans B Loan corresponding to that Participation after it has received a LenderIFC’s request for prepayment under this Section.

Appears in 1 contract

Samples: Loan Agreement (Cascal B.V.)

Illegality of Participation. If, after the date of the disbursement of the IFC D Loanthis Agreement, any change made in any applicable law or regulation or official directive (or its interpretation or application by any Authority charged with its administration) (the “Relevant Change”) makes it unlawful for any Participant to continue to maintain or to fund its Participation: (a) the Borrower and Co-Borrowers shall, upon request by any Lender IFC (but subject to any applicable Authorization having been obtained), prepay in full that part of the Loans that such Lender IFC advises corresponds to that Participation; (b) concurrently with the prepayment of the part of the Loans corresponding to the Participation affected by the Relevant Change, the Borrower and Co-Borrowers shall pay all accrued interest, Increased Costs (if any) on that part of the Loans (and, if that prepayment is not made on an Interest Payment Date, any amount payable in respect of the prepayment under Section 2.10 2.11 (Unwinding Costs)); (c) the Borrower and Co-Borrowers agree to take all reasonable steps to obtain, as quickly as possible after receipt of any LenderIFC’s request for prepayment, the Authorization referred to in Section 2.14(a2.16(a) if any such Authorization is then required; and (d) the Borrower and Co-Borrowers shall have no further right to disbursement of the undisbursed portion of the Loans corresponding to that Participation after it has received a LenderIFC’s request for prepayment under this Section.

Appears in 1 contract

Samples: Loan Agreement (Ambow Education Holding Ltd.)

Illegality of Participation. If, after the date of the disbursement of the IFC D Loanthis Agreement, any change made in any applicable law or regulation or official directive (or its interpretation or application by any Authority charged with its administration) (herein the "Relevant Change") makes it unlawful for any Participant to continue to maintain or to fund its Participation: (a) the Borrower and Co-Borrowers shall, upon request by any Lender IFC (but subject to any applicable Authorization having been obtained), on the earlier of (i) the next Interest Payment Date and (ii) the date that IFC advises the Borrower is the latest day permitted by the Relevant Change, prepay in full that part of the Loans B Loan that such Lender IFC advises corresponds to that Participation; (b) concurrently with the prepayment of the part of the Loans B Loan corresponding to the Participation affected by the Relevant Change, the Borrower and Co-Borrowers shall pay all accrued interest, Increased Costs (if any) on that part of the Loans B Loan (and, if that prepayment is not made on an Interest Payment Date, any amount payable in respect of the prepayment under Section 2.10 3.12 (Unwinding Costs)); (c) the Borrower and Co-Borrowers agree agrees to take all reasonable steps to obtain, as quickly as possible after receipt of any Lender’s IFC's request for prepayment, the Authorization referred to in Section 2.14(a3.16 (a) if any such Authorization is then required; and (d) the Borrower and Co-Borrowers shall have no further right to disbursement of the undisbursed portion of the Loans B Loan corresponding to that Participation after it has received a Lender’s IFC's request for prepayment under this Section.. Amended and Restated Loan Agreement

Appears in 1 contract

Samples: Loan Agreement (Genesee & Wyoming Inc)

Illegality of Participation. If, If IFC has sold a Participation and after the date of the disbursement of the IFC D Loanthis Agreement, any change made in any applicable law or regulation or official directive (or its interpretation or application by any Authority charged with its administration) (herein the “Relevant Change”) makes it unlawful for any the Participant acquiring that Participation to continue to maintain or to fund its that Participation: (a) the Borrower and Co-Borrowers shall, upon request by any Lender IFC (but subject to any applicable Authorization having been obtained), on the earlier of (x) the next Interest Payment Date and (y) the date that IFC advises the Borrower is the latest day permitted by the Relevant Change, prepay in full that part of the Loans GTLP Facility that such Lender IFC advises corresponds to that Participation; (b) concurrently with the prepayment of the part of the Loans GTLP Facility corresponding to the Participation affected by the Relevant Change, the Borrower and Co-Borrowers shall pay all accrued interest, Increased Costs (if any) on that part of the Loans GTLP Facility (and, if that prepayment is not made on an Interest Payment Date, any amount payable in respect of the prepayment under Section 2.10 2.11 (Unwinding Costs));; and (c) the Borrower and Co-Borrowers agree agrees to take all reasonable steps to obtain, as quickly as possible after receipt of any LenderIFC’s request for prepayment, the Authorization referred to in Section 2.14(a2.13 (a) if any such Authorization is then required; and (d) the Borrower and Co-Borrowers shall have no further right to disbursement of the undisbursed portion of the Loans corresponding to that Participation after it has received a Lender’s request for prepayment under this Section.

Appears in 1 contract

Samples: Loan Agreement (Grupo Financiero Galicia Sa)

Illegality of Participation. (a) If, after the date of the disbursement of the IFC D Loanthis Agreement, any change is made in any applicable law or regulation or official directive (directive, or its interpretation or application by any Authority charged with its administration) (the “Relevant Change”) administration makes it unlawful for any Participant to continue to maintain or to fund its Participation: (a) , then the Borrower and Co-Borrowers shall, upon request by any Lender (but subject to any applicable Authorization having been obtained)IFC, prepay on the next Interest Payment Date (or upon such earlier date as IFC may notify the Borrower is the latest day permitted by the relevant change of law, regulation or official directive or relevant interpretation or application, in which case Section 3.12 shall apply) in full that part of the Loans that such Lender B Loan which IFC advises corresponds to that such Participation; (b) concurrently , together with the prepayment of the part of the Loans corresponding to the Participation affected by the Relevant Change, the Borrower and Co-Borrowers shall pay all accrued interest, Increased Costs interest and Maintenance Amount (if any) on that part of the Loans (andB Loan. In addition, if that prepayment is not made on an Interest Payment Dateupon receipt of such request from IFC, any amount payable in respect of the prepayment under Section 2.10 (Unwinding Costs)); (c) the Borrower and Co-Borrowers agree to take all reasonable steps to obtain, as quickly as possible after receipt of any Lender’s request for prepayment, the Authorization referred to in Section 2.14(a) if any such Authorization is then required; and (d) the Borrower and Co-Borrowers shall will have no further right to disbursement of the undisbursed portion part of the Loans B Loan corresponding to that Participation after it has received a Lender’s request for such Participation. (b) Following any prepayment or termination of rights under this Section, IFC will (if so requested in writing by the Borrower) undertake commercially reasonable efforts, at the expense of the Borrower, to find a new Participant or Participants to take a Participation or Participations in an amount 44 - 39 - equivalent to the amount of the B Loan which has been prepaid and/or, as the case may be, the amount of the B Loan the right to whose disbursement has been terminated; provided, that IFC shall have no liability to the Borrower or any other person as a result of such efforts or the failure of them.

Appears in 1 contract

Samples: Loan Agreement (Phoenix Resource Companies Inc)

Illegality of Participation. If, If IFC has sold a participation in the Loan and after the date of the disbursement of the IFC D Loanthis Agreement, any change made in any applicable law or regulation or official directive (or its interpretation or application by any Authority charged with its administration) (herein the "Relevant Change") makes it unlawful for any Participant the participant acquiring that participation to continue to maintain or to fund its Participationthat participation: (a) the The Borrower and Co-Borrowers shall, upon request by any Lender IFC (but subject to any applicable Authorization having been obtained), on the earlier of (x) the next Interest Payment Date and (y) the date that IFC advises the Borrower is the latest day permitted by the Relevant Change, prepay in full that part of the Loans Loan that such Lender IFC advises corresponds to that Participationparticipation; (b) concurrently with the prepayment of the part of the Loans Loan corresponding to the Participation participation affected by the Relevant Change, the Borrower and Co-Borrowers shall pay all accrued interest, Increased Costs (if any) on that part of the Loans Loan (and, if that prepayment is not made on an Interest Payment Date, any amount payable in respect of the prepayment under Section 2.10 2.12 (Unwinding Costs)); (c) the The Borrower and Co-Borrowers agree agrees to take all reasonable steps to obtain, as quickly as possible after receipt of any Lender’s IFC's request for prepayment, the Authorization referred to in Section 2.14(a2.17 (a) (Illegality of Participation) if any such Authorization is then required; and (d) the Borrower and Co-Borrowers there shall have be no further right to disbursement of the undisbursed portion of the Loans corresponding to that Participation after it has received prepayment penalty resulting from a Lender’s request for prepayment under this SectionSection 2.17 (Illegality of Participation).

Appears in 1 contract

Samples: Loan Agreement (Ultrapetrol Bahamas LTD)

Illegality of Participation. If, If OFID has sold a participation in the Loan and after the date of the disbursement of the IFC D Loanthis Agreement, any change made in any applicable law or regulation or official directive (or its interpretation or application by any Authority charged with its administration) (herein the "Relevant Change") makes it unlawful for any Participant the participant acquiring that participation to continue to maintain or to fund its Participationthat participation: (a) the The Borrower and Co-Borrowers shall, upon request by any Lender OFID (but subject to any applicable Authorization having been obtained), on the earlier of (x) the next Interest Payment Date and (y) the date that OFID advises the Borrower is the latest day permitted by the Relevant Change, prepay in full that part of the Loans Loan that such Lender OFID advises corresponds to that Participationparticipation; (b) concurrently with the prepayment of the part of the Loans Loan corresponding to the Participation participation affected by the Relevant Change, the Borrower and Co-Borrowers shall pay all accrued interest, Increased Costs (if any) on that part of the Loans Loan (and, if that prepayment is not made on an Interest Payment Date, any amount payable in respect of the prepayment under Section 2.10 (Unwinding Costs)2.12); (c) the The Borrower and Co-Borrowers agree agrees to take all reasonable steps to obtain, as quickly as possible after receipt of any Lender’s OFID's request for prepayment, the Authorization referred to in Section 2.14(a2.17 (a) if any such Authorization is then required; and (d) the Borrower and Co-Borrowers there shall have be no further right to disbursement of the undisbursed portion of the Loans corresponding to that Participation after it has received prepayment penalty resulting from a Lender’s request for prepayment under this SectionSection 2.17.

Appears in 1 contract

Samples: Loan Agreement (Ultrapetrol Bahamas LTD)

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Illegality of Participation. If, If IFC has sold a participation in the Loans and after the date of the disbursement of the IFC D Loanthis Agreement, any change made in any applicable law or regulation or official directive (or its interpretation or application by any Authority charged with its administration) (herein the “Relevant Change”) makes it unlawful for any Participant the participant acquiring that participation to continue to maintain or to fund its Participationparticipation: (a) the Borrower and Co-Borrowers shall, upon request by any Lender IFC (but subject to any applicable Authorization having been obtained), on the earlier of (x) the next Interest Payment Date and (y) the date that IFC advises the Borrowers is the latest day permitted by the Relevant Change, prepay in full that part of the Loans that such Lender IFC advises corresponds to that Participationparticipation; (b) concurrently with the prepayment of the part of the Loans corresponding to the Participation participation affected by the Relevant Change, the Borrower and Co-Borrowers shall pay all accrued interest, Increased Costs (if any) on that part of the Loans (and, if that prepayment is not made on an Interest Payment Date, any amount payable in respect of the prepayment under Section 2.10 2.11 (Unwinding Costs));; and (c) the Borrower and Co-Borrowers agree to take all reasonable steps to obtain, as quickly as possible after receipt of any LenderIFC’s request for prepayment, the Authorization referred to in Section 2.14(a2.16 (a) if any such Authorization is then required; and (d) the Borrower and Co-Borrowers shall have no further right to disbursement of the undisbursed portion of the Loans corresponding to that Participation after it has received a Lender’s request for prepayment under this Section.

Appears in 1 contract

Samples: Loan Agreement (BPZ Resources, Inc.)

Illegality of Participation. If, If IFC has sold a Participation and after the date of the disbursement of the IFC D Loanthis Agreement, any change made in any applicable law or regulation or official directive (or its interpretation or application by any Authority charged with its administration) (herein the "Relevant Change") makes it unlawful for any the Participant acquiring that Participation to continue to maintain or to fund its that Participation: (a) the Borrower and Co-Borrowers shall, upon request by any Lender IFC (but subject to any applicable Authorization having been obtained), on the earlier of (x) the next Interest Payment Date and (y) the date that IFC advises the Borrower is the latest day permitted by the Relevant Change, prepay (without prepayment premium referred to in Section 2.06 (Prepayment)) in full that part of the Loans Loan that such Lender IFC advises corresponds to that Participation; provided that, only with respect to any such prepayment required under clause (x) above, default interest under Section 2.04 (Default Rate Interest) shall not begin to accrue in respect of such prepayment amount if not paid when due until the tenth (10th) day after the Borrower receives such request for prepayment from IFC; (b) concurrently with the prepayment of the part of the Loans Loan corresponding to the Participation affected by the Relevant Change, the Borrower and Co-Borrowers shall pay all accrued interest, Increased Costs (if any) on that part of the Loans Loan (and, if that prepayment is not made on an Interest Payment Date, any amount payable in respect of the prepayment under Section 2.10 2.11 (Unwinding Costs));, but without prepayment premium referred to in Section 2.06 (Prepayment); and (c) the Borrower and Co-Borrowers agree agrees to take all reasonable steps to obtain, as quickly as possible after receipt of any LenderIFC’s request for prepayment, the Authorization referred to in Section 2.14(a2.15 (a) if any such Authorization is then required; and (d) the Borrower and Co-Borrowers shall have no further right to disbursement of the undisbursed portion of the Loans corresponding to that Participation after it has received a Lender’s request for prepayment under this Section.

Appears in 1 contract

Samples: Mortgage Loan Agreement (Sunpower Corp)

Illegality of Participation. If, If IFC has sold a Participation and after the date of the disbursement of the IFC D Loanthis Agreement, any change made in any applicable law or regulation or official directive (or its interpretation or application by any Authority charged with its administration) (herein the “Relevant Change”) makes it unlawful for any the Participant acquiring that Participation to continue to maintain or to fund its that Participation: (a) the Borrower and Co-Borrowers shall, upon request by any Lender IFC (but subject to any applicable Authorization having been obtained), on the earlier of (x) the next Interest Payment Date and (y) the date that IFC advises the Borrower is the latest day permitted by the Relevant Change, prepay in full that part of the Loans Loan that such Lender IFC advises corresponds to that Participation; (b) concurrently with the prepayment of the part of the Loans Loan corresponding to the Participation affected by the Relevant Change, the Borrower and Co-Borrowers shall pay all accrued interest, Increased Costs (if any) on that part of the Loans Loan (and, if that prepayment is not made on an Interest Payment Date, any amount payable in respect of the prepayment under Section 2.10 3.11 (Unwinding Costs));; and (c) the Borrower and Co-Borrowers agree agrees to take all reasonable steps to obtain, as quickly as possible after receipt of any LenderIFC’s request for prepayment, the Authorization referred to in Section 2.14(a3.16 (a) if any such Authorization is then required; and (d) the Borrower and Co-Borrowers shall have no further right to disbursement of the undisbursed portion of the Loans corresponding to that Participation after it has received a Lender’s request for prepayment under this Section.

Appears in 1 contract

Samples: Loan Agreement (Vaalco Energy Inc /De/)

Illegality of Participation. If, If IFC has sold a participation in the Loan and after the date of the disbursement of the IFC D Loanthis Agreement, any change made in any applicable law or regulation or official directive (or its interpretation or application by any Authority charged with its administration) (herein the "Relevant Change") makes it unlawful for any Participant the participant acquiring that participation to continue to maintain or to fund its Participationthat participation: (a) the Borrower and Co-Borrowers shall, upon request by any Lender IFC (but subject to any applicable Authorization having been obtained), on the earlier of (x) the next Interest Payment Date and (y) the date that IFC advises the Borrowers is the latest day permitted by the Relevant Change, prepay in full that part of the Loans Loan that such Lender IFC advises corresponds to that Participationparticipation; (b) concurrently with the prepayment of the part of the Loans Loan corresponding to the Participation participation affected by the Relevant Change, the Borrower and Co-Borrowers shall pay all accrued interest, Increased Costs (if any) on that part of the Loans Loan (and, if that prepayment is not made on an Interest Payment Date, any amount payable in respect of the prepayment under Section 2.10 2.12 (Unwinding Costs)); (c) the Borrower and Co-Borrowers agree to take all reasonable steps to obtain, as quickly as possible after receipt of any Lender’s IFC's request for prepayment, the Authorization referred to in Section 2.14(a2.17 (a) (Illegality of Participation) if any such Authorization is then required; and (d) the Borrower and Co-Borrowers there shall have be no further right to disbursement of the undisbursed portion of the Loans corresponding to that Participation after it has received prepayment penalty resulting from a Lender’s request for prepayment under this SectionSection 2.17 (Illegality of Participation).

Appears in 1 contract

Samples: Loan Agreement (Ultrapetrol Bahamas LTD)

Illegality of Participation. If, after the date of the disbursement of the IFC D Loanthis Agreement, any change made in any applicable law or regulation or official directive (or its interpretation or application by any Authority charged with its administration) (herein the "Relevant Change") makes it unlawful for any Participant to continue to maintain or to fund its Participation: (a) the Borrower and Co-Borrowers shall, upon request by any Lender IFC (but subject to any applicable Authorization having been obtained), on the earlier of (x) the next Interest Payment Date and (y) the date that IFC advises the Borrowers is the latest day permitted by the Relevant Change, prepay in full that part of the Loans Loan that such Lender IFC advises corresponds to that Participation; (b) concurrently with the prepayment of the part of the Loans Loan corresponding to the Participation affected by the Relevant Change, the Borrower and Co-Borrowers shall pay all accrued interest, Increased Costs (if any) on that part of the Loans B Loan (and, if that prepayment is not made on an Interest Payment Date, any amount payable in respect of the prepayment under Section 2.10 2.12 (Unwinding Costs)); (c) the Borrower and Co-Borrowers agree to take all reasonable steps to obtain, as quickly as possible after receipt of any Lender’s IFC's request for prepayment, the Authorization referred to in Section 2.14(a2.17(a) if any such Authorization is then required; and (d) the Borrower and Co-Borrowers shall have no further right to disbursement of the undisbursed portion of the Loans Loan corresponding to that Participation after it has received a Lender’s IFC's request for prepayment under this Section.

Appears in 1 contract

Samples: Loan Agreement (Ultrapetrol Bahamas LTD)

Illegality of Participation. If, after the date of the disbursement of the IFC D Loanthis Agreement, any change made in any applicable law or regulation or official directive (or its interpretation or application by any Authority charged with its administration) (herein the "Relevant Change") makes it unlawful for any Participant to continue to maintain or to fund its Participation: (a) the Borrower and Co-Borrowers shall, upon request by any Lender OFID (but subject to any applicable Authorization having been obtained), on the earlier of (x) the next Interest Payment Date and (y) the date that OFID advises the Borrowers is the latest day permitted by the Relevant Change, prepay in full that part of the Loans Loan that such Lender OFID advises corresponds to that Participation; (b) concurrently with the prepayment of the part of the Loans Loan corresponding to the Participation affected by the Relevant Change, the Borrower and Co-Borrowers shall pay all accrued interest, Increased Costs (if any) on that part of the Loans Loan (and, if that prepayment is not made on an Interest Payment Date, any amount payable in respect of the prepayment under Section 2.10 2.12 (Unwinding Costs)); (c) the Borrower and Co-Borrowers agree to take all reasonable steps to obtain, as quickly as possible after receipt of any Lender’s OFID's request for prepayment, the Authorization referred to in Section 2.14(a2.17(a) if any such Authorization is then required; and (d) the Borrower and Co-Borrowers shall have no further right to disbursement of the undisbursed portion of the Loans Loan corresponding to that Participation after it has received a Lender’s OFID's request for prepayment under this Section.

Appears in 1 contract

Samples: Loan Agreement (Ultrapetrol Bahamas LTD)

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