Bank Guaranty. With the execution of this Lease Agreement, the Landlord has received from the Tenant, a Bank Guaranty issued by the National Bank of Paris, for the sum in Euros equivalent to two hundred and fifty thousand dollars, at the exchange rate of the issuance date of the guaranty, which shall serve as a guaranty for the compliance of Tenant's obligations under the Lease Agreement, as well as a guaranty for the compliance of Tenant's obligations under an independent lease agreement between the parties for the lease of a manufacturing area of two thousand five hundred and twenty (2520) square meters (approximately 27,125 square feet). The Bank Guarantee shall remain valid from the date of execution of the first of any of these leases, and until one month after the termination of the last one, and shall survive any assignment, as well as any other lease of Tenant with Landlord. Upon termination of the Lease, Landlord will withhold from the Security Deposit any unpaid obligations of Tenant to Landlord under the Lease Agreement, including utilities, and refund to Tenant the balance of the Security Deposit within sixty (60) days, as established in Section 2.04
Bank Guaranty. At or prior to the Closing Time, the Bank Guaranty will have been duly authorized by the Bank Guarantors; at or prior to the Closing Time, the Bank Guaranty will have been duly executed and delivered by, and will be the valid and binding agreements of, the Bank Guarantors, enforceable in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors' rights generally or by general principles of equity.
Bank Guaranty. Within the four months following the Date at which the Contract comes into force, the “Contracting Party” will provide to the Operating Committee an irrevocable bank guaranty in favour of the “DRC” issued by a first ranking bank for an amount of one hundred and fifty thousand US dollars (US$ 150.000). This guaranty will be cashed in case of non-execution by the “Contracting Party” of the Minimum Work Programme of the first relating sub-period as defined in Article 7.1.1.1 and in accordance with the modalities of said guaranty. The guaranty must obligatory contain the following stipulations: ● The Date at which the Contract is coming into force; ● The duration of one year. Nevertheless, it has been specified that it is the completion of the Minimum Work Programme of the first period of one year as defined in Article 7 that the “Contracting Party” agreed to achieve and not the expenses corresponding to estimated costs of this work which will determine that the “Contracting Party” has fulfilled its obligations set for in the Contract. Without prejudice to Article 26 of the Contract, the “DRC” will call the bank guaranty issued in its favour in the two following hypothesis.
Bank Guaranty. The $400,000 Payment will be guaranteed by a bank guaranty ("Bank Guaranty"). Payments under the Bank Guaranty shall be subject to Section (3)(d) or as otherwise expressly provided for in this Agreement. No Payments shall be made under the Bank Guaranty in the event Xxxxxxx is terminated for Cause (as defined in his Employment Agreement referred to in Section 7(c)(ii)). The terms and conditions of the Bank Guaranty shall be governed by the Bank Guaranty dated the date hereof and attached as Exhibit (4) to this Agreement.
Bank Guaranty. 18.1 In order to guarantee all of the obligations of the Lessee pursuant to this Agreement including, and without derogating from the rest of the obligations of the Lessee, that the Premises are vacated by the Lessee on time; that all damage caused to the Premises is paid for; and that Lease Fees and other payments incumbent on the Lessee pursuant to this Agreement are paid. The Lessee shall deposit a bank bond for a period of up to 120 days after the end of the Lease Period with Attorney Matari, hereinafter, "the Trustee," for purposes of this deposit at the time this Agreement is signed.
18.2 The Trustee shall deliver the said bank bond to the Lessor if the Lessee does not fulfill any obligation pursuant to this Agreement, including if the Lessee does not vacate the Premises on time, and/or does not make any payment of Lease Fees and payments incumbent upon the Lessee pursuant to this Agreement, as well as if the Lessee does not pay for the damage caused to the Premises.
18.3 The Lessee promises to present the signature of its managers on the bank bond, as specified in Clause 28 herein.
Bank Guaranty. The Seller's obligations under this Agreement and the Warranty Agreement are guaranteed by Bank Societe Generale pursuant to the duly executed bank guaranty in an initial amount of three million Francs (FF 3,000,000) in force for a period of three (3) years from the Closing Date which the Seller and Mr. Perouse have delivered herewith to the Purchaser in the form of Annex E-2 attached hereto (the "Bank Guaranty").
Bank Guaranty. The amount of the bank guaranty specified in 12.1 of the General Stipulations shall hereby be set between the Parties at E.
Bank Guaranty. Any Issuing Lender shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether such Issuing Lender has made or will make an LC Disbursement or Bank Guaranty Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse any Issuing Lender and the Revolving Credit Lenders with respect to any such LC Disbursement or Bank Guaranty Disbursement.
Bank Guaranty. 10.1 The Sellers shall provide the Purchaser at Sellers' sole expense with their individual irrevocable bank surety bond/2/ or guaranty from a German bank in the total face amount of DM 1.5 Million (in each case proportional to the amount of purchase price they receive) which shall be in force from the Closing Date until December 31, 2001 guarantying the full and punctual payment of any amounts due by Sellers, or any of the ------------------- /2/ Translator's note: the German term is Burgschaft, roughly comparable to a surety bond, in that the bank can assert defenses from the underlying transaction. Cf. the guaranty in Section 6.11, which calls for an independent guaranty of the bank. Sellers, to Purchaser, including, without limitation, any amounts payable by reason of a breach of the representations and warranties or other contractual duties. The costs of the surety bond or guaranty shall be borne by Sellers. Before calling the guaranties, or surety bonds, as the case may be, the Purchaser shall use good faith efforts to come to an amicable solution with the Sellers. After expiration of the warranty period, the Sellers are entitled to reduce the amount of the bank guaranties and surety bonds to a total of DM 750,000, except to the extent that pending claims which are the subject of a lawsuit or are about to be the subject of a lawsuit, exceed DM 750,000.
10.2 The Stiftung has delivered to the purchaser a letter from the Sparkasse Zollernalb dated as of September 26, 1996, pursuant to which the Stiftung has irrevocably ordered the Sparkasse Zollernalb to issue a surety bond for the Stiftung, which conforms the requirements of Section 10.
1. The Stiftung is required to cause the original surety bond in the amount of DM 550,000 pursuant to Section 10.1 to be delivered to the Purchaser no later than January 15, 1997.
10.3 The Seller Xxxxxxxxx xxx Xxxx and Xxxx Xx. Xxxxx xxx Xxxx shall, on or before December 20, 1996, deliver original bank guaranties/3/ meeting the requirements of Section
10.1. If the Purchaser has not received such original bank guaranties by December 20, 1996, the Purchaser may deduct pro rata the face amount of the guaranty pursuant to Section 10.1 from the purchase price payable pursuant to -------------- /3/ In this case, a guaranty, not a Burgschaft. Sections 3.1 - 3.3 to the Sellers Xxxxxxxxx xxx Xxxx and Xx. Xxxxx xxx Xxxx. If the original bank guarantees are later delivered by the Sellers Xxxxxxxxx xxx Xxxx and Xx. Xxxxx xxx Xxxx o...
Bank Guaranty. 1. As a surety for the compliance with this agreement and for the payment of all sums the tenant is due to the lessor or to his rightful claimants at any time, including damages, interests and expenses, the tenant will pay into the hands of the lessor a guaranty for number 10, supplied by a certified bank and approved by the lessor in accordance with the existing model, for an amount of 34,069.- DFL (thirty-four thousand and sixty-nine guilders).This payment shall be made no later than on the day on which this agreement comes into force. In case the tenant does not comply with this obligation, he is due a penalty to the lessor for each day the tenant is in default. This penalty amounts to 1% of the amount of the bank guaranty that is to be given to the lessor. The lessor will claim this penalty as additional rent being due.
2. At the expiry of the tenancy agreement, the bank guaranty is returned to the tenant after the leased property has been returned in good condition and the tenant has complied with al his obligations as per this agreement.
3. The tenant must immediately pay up the bank guaranty as soon as the lessor has called upon this bank guaranty. In case the guaranty has not been paid up 14 days after the lessor has summoned the tenant to do so, the penalty clause stated in this article will come into force.
4. During the term of the agreement the tenant can not request that any amount due to the lessor will be balanced against this bank guaranty.
5. During the full term of this agreement, the lessor has the authority to claim at any moment that the amount mentioned in the bank guaranty be adapted to the annual rent which is in force.
