(b) Cancellation by OPEC Fund. OPEC Fund may, by notice to the Borrower and Guarantor, partially or fully terminate the Borrower’s right to make withdrawals from the Loan if: (i) the Borrower’s right to make withdrawals under the Legal Agreement (or any other agreement with OPEC Fund) has been suspended for a continuous period of thirty (30) days; (ii) an extraordinary situation arises which makes it improbable for the Project to be successfully carried out or for the Borrower or Guarantor to be able to perform its obligations under the Legal Agreement; (iii) there remains any undisbursed amount of the Loan after Project completion or after the Closing Date; or (iv) the Guarantor cancels the Guarantee Agreement or any of its payment obligations under the Guarantee Agreement. (c) Cancellation of Loan for Failure to Sign Agreements. By notice to the Borrower and Guarantor, OPEC Fund may cancel the Loan if the Legal Agreements and any document connected thereto are not signed within twelve (12) months from the date OPEC Fund approved the Loan. At the Borrower’s or Guarantor’s request, but at its sole discretion, OPEC Fund may exceptionally extend the period within which signature shall take place. (d) Application of Cancellation. Unless otherwise agreed between the Borrower and OPEC Fund, upon cancellation of any part of the Loan, the several maturities of the principal amount of the Loan shall be reduced in the same proportion as the cancellation bears to the full amount of the Loan before such cancellation. 9.03 Loan Acceleration If any of the events specified under this Section occur, then at any subsequent time during the con- tinuance of that event, OPEC Fund may by notice to the Borrower and Guarantor declare all or part of the principal of the Loan then outstanding to be due and payable immediately together with the interest, Service Charges, front-end and/or commitment fees and any other fees or charges thereon, and in that case the principal, together with the interest and all charges and fees, shall become due and payable immediately: (a) any event specified in Section 9.01 (a) through (e), and (h) through (j) or Section 9.02 (b) (i), (ii) and (iv) occur; (b) OPEC Fund declares the principal of a loan then outstanding under another legal agree- ment between the Borrower or Guarantor and OPEC Fund, or under a legal agreement guaranteed by the Borrower, to be due and payable immediately, together with the inter- est, Service Charges, front-end and/or commitment fees and any other fees or charges; or (c) any other event specified in the Legal Agreement for the purposes of this Section has occurred and continues for the period, if any, specified in the Legal Agreement. 9.04 Effectiveness of Provisions after Suspension, Cancellation or Acceleration Notwithstanding any suspension, cancellation or acceleration of the Loan under Article 9 of these General Conditions, all the provisions of the Legal Agreements shall continue in full force and effect except as otherwise agreed to by OPEC Fund. 9.05 Amounts Subject to Special Commitment Cancellation or suspension of the Borrower’s withdrawal rights shall not apply to amounts subject to irrevocable Special Commitment but shall apply to amounts subject to any other kind of Special Commitment unless otherwise stated in the instrument of Special Commitment.
OPEC FUND GENERAL CONDITIONS FOR PUBLIC SECTOR LOANS
21
Powered by FlippingBook