Common use of Binding Guarantees Clause in Contracts

Binding Guarantees. After the issuance of a Guarantee Certificate with respect to a Disbursement or the endorsement of a Guarantee Legend on a Note or the issuance of a Guaranteed Note Certificate with respect to a Note or Note Series, the Guarantee with respect to such Disbursement or such Note or Note Series, as the case may be, shall be binding on Ex-Im Bank even though payment under such Note or any Serial Note of such Note Series is held to be unenforceable, except to the extent provided in Sections 4.04, 4.05, and/or 4.06. Ex-Im Bank acknowledges and agrees that any Borrower’s failure to comply with any of the Guarantee eligibility requirements set forth in Section 3 shall not affect the binding nature of a Guarantee. Ex-Im Bank reserves the right to pursue any or all other available remedies in the event of any such failure.

Binding Guarantees. After the issuance of a Guarantee Certificate with respect to a Disbursement or Disbursement, the endorsement of a Guarantee Legend on a Note or the issuance of a Guaranteed Note Certificate with respect to a Note or Note Series, the Political Risk Guarantee with respect to such Disbursement or such Disbursement, Note or Note Series, as the case may be, shall be binding on Ex-Im Bank even though payment under such Note or any Serial Note of such Note Series is held to be unenforceable, except to the extent provided in Sections 4.044.09, 4.054.10, 4.11 and/or 4.064.12. Ex-Im Bank acknowledges and agrees that any Borrower’s failure to comply with any of the Political Risk Guarantee eligibility requirements set forth in Section 3 shall not affect the binding nature of a Political Risk Guarantee. Ex-Im Bank reserves the right to pursue any or all other available remedies in the event of any such failure.