Assignment of rights to SACE. With the implementation (Inanspruchnahme) of the SACE Guarantee, the rights to payment hereunder shall be directly and/or indirectly assigned to SACE either by operation of law or by will of the Lenders to the extent of any payments made by SACE under the SACE Guarantee as more closely described in the SACE Guarantee. It is hereby agreed that such assignment of rights is accepted by the Borrowers and will not require any other consent from them.
Appears in 2 contracts
Sources: Loan Agreement (Iii to I Maritime Partners Cayman I Lp), Loan Agreement (Iii to I Maritime Partners Cayman I Lp)