Common use of Conditions of Guarantee Clause in Contracts

Conditions of Guarantee. DOE hereby waives diligence, presentment, protest, demand, notice and any requirement that the Administrative Agent or the Holders exhaust any right or remedy or take any action against or give notice to the Borrower or DOE, except for the written Demand for payment by the Administrative Agent on DOE required under Section 4.02. To the fullest extent permitted by applicable law, DOE waives and agrees that it will not assert against the Holders any defense to payment under the Guarantee (including, without limitation, fraud in the inducement) which it might otherwise have based solely upon the conduct of the Borrower.