Reasonable Recovery Efforts Clause Samples

Reasonable Recovery Efforts. (a) Notwithstanding section 8.04, and before payment of a claim by Ex-Im Bank pursuant to Section 8.05, the Lender shall use all reasonable measures to prevent or minimize losses hereunder, and take all reasonable steps to effect recoveries of amounts due, which shall include informing Ex-Im Bank if the Lender considers it advisable to take enforcement action with regard to any Security, any Other Instrument, any Local Currency Deposit or Timely Currency Application, or to institute legal proceedings against either the Borrower or any Guarantor, or both, provided, however, that (i) Lender shall not take enforcement action with regard to any Security, any Other Instrument, any Local Currency Deposit or Timely Currency Application, or institute legal proceedings against either the Borrower or any Guarantor, or both, without prior written consent of Ex-Im Bank and at its expense, and (ii) that the failure to meet the requirements of this Section 9.10 shall not constitute the basis for Ex-Im Bank to deny paying a claim hereunder. The preceding sentence shall not authorize the Lender to take actions that otherwise require Ex-Im Bank’s consent pursuant to the terms and conditions set forth elsewhere in this Agreement. For purposes of this Section 9.10, such measures and steps shall be deemed reasonable hereunder if the Lender uses the same degree of care and skill which it would normally exercise in administering export finance transactions held entirely for its own account without guarantee support from Ex-Im Bank. (b) After payment of a claim by Ex-Im Bank pursuant to Section 8.05, upon Ex-Im Bank’s reasonable request and at its expense, the Lender shall execute and deliver such further instruments and documents and take such further action required in order for Ex-Im Bank to obtain the benefits of the assignment executed by the Lender pursuant to Section 8.03 hereof.