Common use of Lower Saxony Guarantees Clause in Contracts

Lower Saxony Guarantees. The Lenders have claims arising from this Agreement guaranteed by the German State of Lower Saxony (represented by PwC Deutsche Revision) by way of the Lower Saxony Guarantees. The unrestricted existence of the relevant Lower Saxony Guarantee is a condition precedent to drawdown of the relevant Tranche as referred to in Clause 2.3.8 and to the maintenance of the Facility in accordance with the terms of this Agreement. The terms and conditions of the Lower Saxony Guarantees are incorporated herein and in so far as they impose terms, conditions and/or obligations on the Agent and/or the Lower Saxony Guarantee Agent and/or the Lenders in relation to the Borrower or any other Obligor then such terms, conditions and obligations are binding on the parties hereto. Further in the event of any conflict between the terms of the Lower Saxony Guarantees and the terms of this Agreement the terms of the Lower Saxony Guarantees shall be paramount and prevail and any breach of those terms as applied to the Borrower or any other Obligor shall be deemed to be an Event of Default. For the avoidance of doubt, the Borrower has no interest or entitlement in the proceeds of the Lower Saxony Guarantees.

Lower Saxony Guarantees. The Lenders have claims arising from this Agreement guaranteed by the German State of Lower Saxony (represented by PwC Deutsche Revision) by way of the Lower Saxony Guarantees. The unrestricted existence of the relevant Lower Saxony Guarantee is a condition precedent to drawdown of the relevant Tranche as referred to in Clause 2.3.8 2.3.9 and to the maintenance of the Facility in accordance with the terms of this Agreement. The terms and conditions of the Lower Saxony Guarantees are incorporated herein and in so far as they impose terms, conditions and/or obligations on the Agent and/or the Lower Saxony Guarantee Agent and/or the Lenders in relation to the Borrower or any other Obligor then such terms, conditions and obligations are binding on the parties hereto. Further in the event of any conflict between the terms of the Lower Saxony Guarantees and the terms of this Agreement the terms of the Lower Saxony Guarantees shall be paramount and prevail and any breach of those terms as applied to the Borrower or any other Obligor shall be deemed to be an Event of Default. For the avoidance of doubt, the Borrower has no interest or entitlement in the proceeds of the Lower Saxony Guarantees.