11.02 Failure to Exercise Rights No delay by OPEC Fund in exercising, or any omission to exercise, any right under the Legal Agreement upon any default, shall impair any such right or be construed as a waiver thereof; nor shall OPEC Fund’s action in respect of any default affect or impair any of its rights in respect of any other or sub- sequent default. 11.03 Notices and Requests Any notice or request required or permitted to be given or made under the Legal Agreement or any document executed in connection therewith shall be in writing. Such notice or request shall be deemed to have been duly given or made by the relevant party to the Legal Agreement when it has been delivered by hand, mail or Electronic Means to the party to which it is required to be given or made, at the party’s address specified in the Legal Agreement or at any other address as the party shall have specified in writing to the party giving the notice or making the request. 11.04 Authority to Take Action Any action required or permitted to be taken, and any documents required or permitted to be exe- cuted under the Legal Agreement on behalf of the Borrower or Guarantor shall be taken or executed by the Authorized Representative of the Borrower or Guarantor, or any other person authorized in writing by such Authorized Representative. To this end, the Borrower and Guarantor shall submit sat- isfactory evidence to OPEC Fund confirming the authority of the person or persons who will take any action or sign any document pursuant to the Legal Agreement on its behalf, including authenticated specimen signature or electronic validation of such person or persons. 11.05 Amendment Any modification of the Legal Agreement may be proposed by either party and shall be agreed to on behalf of the Borrower or Guarantor by written instrument executed by the Authorized Representative of such party or in any other manner as OPEC Fund may determine. 11.06 English Language Any document delivered pursuant to the Legal Agreement shall be in the English language. Documents in any other language shall be accompanied by an English language translation thereof certified as being an approved translation and such approved translation shall be conclusive. Termination for Failure to Become Effective. The Legal Agreement and all obligations of the parties thereto shall terminate if it does not become effective within the period speci- fied in the Legal Agreement, unless OPEC Fund, after consideration of the reasons for the delay, extends the period within which the Legal Agreement shall become effective. (b) Termination for Failure to Make First Disbursement. The Legal Agreement and all obliga- tions of the parties thereto shall terminate if the first disbursement has not been made within twelve (12) months from the Date of Effectiveness, unless otherwise agreed by OPEC Fund in writing. (c) Termination on Full Payment. When the entire principal amount of the Loan withdrawn, accrued interest, Service Charges, front-end and/or commitment fees and any other fees or charges payable thereon have been fully paid and received into OPEC Fund Account, the Legal Agreement(s) and all obligations of the parties thereunder (except confidenti- ality obligations) shall forthwith terminate. 11.07 Termination (a)
OPEC FUND GENERAL CONDITIONS FOR PUBLIC SECTOR LOANS
24
Powered by FlippingBook