Common use of Revocation of Borrower’s Payment Clause in Contracts

Revocation of Borrower’s Payment. Notwithstanding the provisions of Section 4.04, the Guarantee issued in connection with any Approved Credit shall continue to be binding on Ex-Im Bank with respect to any payment, or any part thereof, of principal or interest on any Debt Document that is rescinded or must otherwise be returned by the Lender or a Debt Holder if such rescission or return of payment has been compelled by law as the result of the bankruptcy or insolvency of the Borrower or any Guarantor, or if such rescission or return of payment is a result of any law, regulation or decree applicable to the Borrower or any Guarantor. A demand on Ex-Im Bank for payment pursuant to the Guarantee of any such returned amount must be made promptly but in no event later than thirty (30) days after the Lender or a Debt Holder has actually returned such amount. At least fifteen (15) days prior to making such demand on Ex-Im Bank, the Lender or affected Debt Holder shall have made demand for payment on the Borrower or any such Guarantor, whichever is the party unaffected by the rescission action.

Revocation of Borrower’s Payment. Notwithstanding the provisions of Section 4.04, the Guarantee issued in connection with any Approved Credit shall continue to be binding on Ex-Im Bank with respect to any payment, or any part thereof, of principal or interest on any Debt Document Note that is rescinded or must otherwise be returned by the Lender or a Debt Holder Noteholder if such rescission or return of payment has been compelled by law as the result of the bankruptcy or insolvency of the Borrower or any Guarantor, or if such rescission or return of payment is a result of any law, regulation or decree applicable to the Borrower or any Guarantor. A demand on Ex-Im Bank for payment pursuant to the Guarantee of any such returned amount must be made promptly but in no event later than thirty (30) days after the Lender or a Debt Holder Noteholder has actually returned such amount. At least fifteen (15) days prior to making such demand on Ex-Im Bank, the Lender or affected Debt Holder Noteholder shall have made demand for payment on the Borrower or any such Guarantor, whichever is the party unaffected by the rescission action.

Revocation of Borrower’s Payment. Notwithstanding the provisions of Section 4.04, the Guarantee issued in connection with any Approved Credit shall continue to be binding on Ex-Im Bank with respect to any payment, or any part thereof, of principal or interest on any Debt Document Note that is rescinded or must otherwise be returned by the Lender or a Debt Holder Noteholder if such rescission or return of payment has been compelled by law as the result of the bankruptcy or insolvency of the Borrower or any Guarantor, or if such rescission or return of payment is a result of any law, regulation or decree applicable to the Borrower or any Guarantor. A demand on Ex-Im Bank for payment pursuant to the Guarantee of any such returned amount must be made promptly but in no event later than thirty (30) days after the Lender or a Debt Holder Noteholder has actually returned such amount. At least fifteen (15) days prior to making such demand on Ex-Im Bank, the Lender or affected Debt Holder Noteholder shall have made demand for payment on the Borrower or any such Guarantor, whichever is the party each Guarantor unaffected by the rescission action.

Revocation of Borrower’s Payment. Notwithstanding the provisions of Section 4.044.09, the Political Risk Guarantee issued in connection with any Approved Credit shall continue to be binding on Ex-Im Bank with respect to any payment, or any part thereof, of principal or interest on any Debt Document Note that is rescinded or must otherwise be returned by the Lender or a Debt Holder Noteholder if such rescission or return of payment has been compelled by law as the result of the bankruptcy or insolvency of the Borrower or any Guarantor, or if such rescission or return of payment is a result of any law, regulation or decree applicable to the Borrower or any Guarantor. A demand on Ex-Im Bank for payment pursuant to the Political Risk Guarantee of any such returned amount must be made promptly but in no event later than thirty (30) days after the Lender or a Debt Holder Noteholder has actually returned such amount. At least fifteen (15) days prior to making such demand on Ex-Im Bank, the Lender or affected Debt Holder shall have made demand (or caused the affected Noteholder to make demand) for payment on the Borrower or any such Guarantor, whichever is the party each Guarantor unaffected by the rescission action.