Common use of Limitation of responsibility of Existing Lenders Clause in Contracts

Limitation of responsibility of Existing Lenders. 18.4.1 Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: (a) the legality, validity, effectiveness, adequacy or enforceability of the Security Documents, the Lower Saxony Guarantees or any other documents; (b) the financial condition of the Borrower or the German State of Lower Saxony; (c) the performance and observance by any Obligor or the German State of Lower Saxony of its obligations under the Security Documents, the Lower Saxony Guarantees or any other documents; or (d) the accuracy of any statements (whether written or oral) made in or in connection with any Security Document, either Lower Saxony Guarantee or any other document, and any representations or warranties implied by law are excluded. 18.4.2 Each New Lender confirms to the Existing Lender, the Agent and the other Lenders that it: (a) has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and the German State of Lower Saxony and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Security Document or either Lower Saxony Guarantee; and (b) will continue to make its own independent appraisal of the creditworthiness of each Obligor and the German State of Lower Saxony and its related entities whilst any amount is or may be outstanding under the Security Documents or the Lower Saxony Guarantees or any Commitment is in force. 18.4.3 Nothing in any Security Document or either Lower Saxony Guarantee obliges an Existing Lender to: (a) accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Clause 18; or (b) support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Security Documents, the Lower Saxony Guarantees or otherwise.