Common use of Payment from XXXX Clause in Contracts

Payment from XXXX. XXXX shall be irrevocably and unconditionally authorised by the Borrower upon the occurrence of an Event of Default to pay any amounts demanded by any GIEK Lender under the GIEK Guarantee forthwith, without any reference or further authorisation from the Borrower and, save for manifest error, without being under any duty or obligation to enquire into the justification or validity thereof and/or dispute whether any claims or demands under the GIEK Guarantee are properly or validly made, and notwithstanding that the Borrower may dispute the validity of any such claim or demand the Guarantors may accept any claim or demand under the GIEK Guarantee as binding upon GIEK as conclusive evidence that they as GIEK thereunder are liable to pay any such amount.

Payment from XXXX. XXXX shall be irrevocably and unconditionally authorised by the Borrower upon the occurrence of an Event of Default to pay any amounts demanded by any GIEK Lender Eksportfinans under the GIEK Guarantee forthwith, without any reference or further authorisation from the Borrower and, save for manifest error, without being under any duty or obligation to enquire into the justification or validity thereof and/or dispute whether any claims or demands under the GIEK Guarantee are properly or validly made, and notwithstanding that the Borrower may dispute the validity of any such claim or demand the Guarantors may accept any claim or demand under the GIEK Guarantee as binding upon GIEK as conclusive evidence that they as GIEK thereunder are liable to pay any such amount.