This Undertaking is valid until [•] or the termination of the Agreement in accordance with its terms, whichever is earlier, and shall survive, inter alia, the insolvency, bankruptcy, dissolution, reorganization, merger and/or amalgamation of the Agency, any assignment of the Agreement by the Agency, and the divestment or other privatization of the Agency.
This Undertaking shall remain valid and shall not be released, discharged or otherwise adversely affected by reason of the termination, invalidity, or unenforceability of the Agreement or any of the agreements contemplated thereby or of any provision thereof, caused by an Agency Event of Default or other reason directly attributable to the Agency.
This Undertaking is in addition to and shall not impair, discharge, or prejudice or be impaired, discharged, or prejudiced by any security or any other right or remedy you may have against the Agency or the Republic or any of its instrumentalities or agencies and shall not be discharged by any intermediate payment or settlement. However, any payment to be made by the Republic or any of its instrumentalities or agencies to the Company or its lenders pursuant to other valid security or guarantee arrangements shall reduce and be deducted from the amount payable by the Republic in this Undertaking. The obligations of the Republic in Sections 1 and 2 hereof shall remain in full force and effect until the Guaranteed Obligations have been fully discharged or (without prejudice to any portion of the Guaranteed Obligations being incurred with respect to periods preceding such termination) this Undertaking has terminated in accordance with its terms.
This Undertaking shall not be adversely impaired, affected or discharged by reason of any forbearance or waiver by you in favor of the Agency (whether as to payment, time or otherwise) of the Guaranteed Obligations or any deferment, financing or other arrangement entered into or composition accepted by you modifying (by operation of law or otherwise) your rights and remedies under the Agreement, provided that the Republic's obligations hereunder shall thereupon relate to the Guaranteed Obligations as affected by such waiver, forbearance, deferment, financing or other arrangement or composition.