AEG 21604 G Bedienungsanleitung PDF herunterladen (Seite 87)

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Risks Related to the Guarantee

The existing liabilities of the Guarantor together with its liabilities under the Guarantee may exceed its

assets; the Guarantee may therefore prove less valuable or even valueless.

The Guarantor is the borrower of certain loans. In addition, the Guarantor has guaranteed certain bank

facilities of its subsidiaries. These facilities include borrowings, receivable discounting and performance

bonds. These existing liabilities of the Guarantor together with its liabilities under the Guarantee may

exceed its assets. If the Guarantor is required to fulfil some or all of these obligations, the Guarantee may

prove less valuable or even worthless if the other creditors have equal rank with or priority over the Note-

holders. The Guarantor could grant security for certain other liabilities, including for capital market in-

debtedness. In an insolvency of the Guarantor the Noteholders face the risk that their claims under the

Guarantee will not be satisfied because the remaining assets of the Guarantor may have been pledged as

collateral and will be used for satisfying the claims of the secured creditors prior to satisfying the claims

of Noteholders. Thus, secured creditors, even those who became creditors after the issue of the Notes,

would have a priority claim to the assets of the Guarantor in which they had a security claim.

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