DEPOSIT OF GUARANTEES Sample Clauses

DEPOSIT OF GUARANTEES. The Lessee grants to the Lessor, as of this day, which fact is accepted by the above-named representatives, and without engaging the liability of the undersigned Notary, a guarantee deposit in the amount of TWO MILLION EUROS (2,000,000.00 €), which was submitted on this day in the form of a check, as acknowledged by the Lessor, which issues good and valid receipt therefor, subject, however, to the collection thereof. Consequently, it is expressly agreed by and between the parties that: • no payment by the LESSOR shall be made prior to collection of the above-cited guarantee deposit check; • non-collection of the guarantee deposit check within a period of TEN (10) days counting from this date shall entail rescission of the lease contract, if the LESSOR so wishes. The Lessor shall open a special account in its books, in the name of the Lessee, corresponding to the above-mentioned deposit which was granted and accepted, and is intended to track the relations between the Lessor and the Lessee on the occasion of the depositing of this guarantee. Starting from the collection thereof, this guarantee deposit, which is not subject to amortization, with a maximum term of 10 years counting from the entry into rental under the lease contract, shall be paid off quarterly, at the end of the period, based on the simple MMR. MMR = MONEY MARKET AVERAGE MONTHLY RATE. (monthly average of weighted average rates in euros TEMPE or EONIA). The MMR adopted for computing said interest shall be the arithmetic average of the three MMRs published for the months M-3 to M-1, M being the month that interest is payable. The guarantee deposit shall be repaid to the Lessee upon proof of the submission to the Lessor of the security deposit, with a sworn translation into French, from LYDALL Inc., in the amount of TWO MILLION EUROS (2,000,000.00 €), for a period of ten (10) years counting from the effective date of the lease contract, to which the prior period concerning the duration of the construction of the building should be added. This security will be accompanied by the production of the customary certificate. Failing this, this guarantee deposit shall be held by the Lessor from the date of execution of the contract for a period of 10 years counting from the entry into rental of the lease contract. In case of rescission of the lease contract by the Lessee or in case of the premature exercise of the purchase option, the guarantee deposit shall be returned to the Lessee either on the day ...
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Related to DEPOSIT OF GUARANTEES

  • AMENDMENT OF GUARANTY No term or provision of this Guaranty shall be amended, modified, altered, waived or supplemented except in a writing signed by Guarantor and Counterparty.

  • DISCLAIMER OF GUARANTEE Nothing in this Contract and nothing in Attorneys’ statements to Client will be construed as a promise or guarantee about the outcome of Client’s matter. Attorneys make no such promises or guarantees. Attorneys’ comments about the outcome of Client’s matter are expressions of opinion only.

  • Nature of Guaranty This Guaranty Agreement is an absolute, irrevocable, completed and continuing guaranty of payment and not a guaranty of collection, and no notice of the Liabilities or any extension of credit already or hereafter contracted by or extended to Borrower need be given to Guarantor. This Guaranty Agreement may not be revoked by Guarantor and shall continue to be effective with respect to debt under the Liabilities arising or created after any attempted revocation by Guarantor and shall remain in full force and effect until the Liabilities are paid in full and the Commitments are terminated, notwithstanding that from time to time prior thereto no Liabilities may be outstanding. Borrower and the Lenders may modify, alter, rearrange, extend for any period and/or renew from time to time the Liabilities, and the Lenders may waive any Default or Events of Default without notice to the Guarantor and in such event Guarantor will remain fully bound hereunder on the Liabilities. This Guaranty Agreement shall continue to be effective or be reinstated, as the case may be, if at any time any payment of the Liabilities is rescinded or must otherwise be returned by any of the Lenders upon the insolvency, bankruptcy or reorganization of Borrower or otherwise, all as though such payment had not been made. This Guaranty Agreement may be enforced by the Agent and any subsequent holder of any of the Liabilities and shall not be discharged by the assignment or negotiation of all or part of the Liabilities. Guarantor hereby expressly waives presentment, demand, notice of non-payment, protest and notice of protest and dishonor, notice of Default or Event of Default, notice of intent to accelerate the maturity and notice of acceleration of the maturity and any other notice in connection with the Liabilities, and also notice of acceptance of this Guaranty Agreement, acceptance on the part of the Agent for the benefit of the Lenders being conclusively presumed by the Lenders’ request for this Guaranty Agreement and delivery of the same to the Agent.

  • Daily Guarantee (a) Subject to the provisions of subsection (c), an employee reporting for a scheduled shift on the call of the Employer, shall receive the employee's regular hourly rate of pay for the entire period spent at the place of work, with a minimum of two (2) hours' pay at the regular hourly rate.

  • Weekly Guarantee Apprentices must be employed a minimum of forty (40) hours per week.

  • WARRANTIES/GUARANTEES 17.1 The Company guarantees that:

  • The Guarantee Each Guarantor hereby jointly and severally with the other Guarantors guarantees, as a primary obligor and not merely as a surety to each Secured Party and their respective permitted successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the principal of and interest (including any interest, fees, costs or charges that would accrue but for the provisions of (i) the Title 11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the United States Code and (ii) any other Debtor Relief Laws) on the Loans made by the Lenders to, and the Notes held by each Lender of, the Borrower, and all other Secured Obligations from time to time owing to the Secured Parties by any Loan Party or any Subsidiary under any Loan Document or any Secured Hedge Agreement or any Treasury Services Agreement, in each case strictly in accordance with the terms thereof (such obligations, including any future increases in the amount thereof, being herein collectively called the “Guaranteed Obligations”); provided, however, that Guaranteed Obligations shall exclude all Excluded Swap Obligations. The Guarantors hereby jointly and severally agree that if the Borrower or other Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal.

  • Basis of Guaranteed Maximum Price The Design-Builder shall include with the GMP Proposal a written statement of its basis, which shall include:

  • Payment of Funds; Waiver Borrower must pay Lender the Funds for Escrow Items unless Lender waives this obligation in writing. Lender may waive this obligation for any Escrow Item at any time. In the event of such waiver, Borrower must pay directly, when and where payable, the amounts due for any Escrow Items subject to the waiver. If Lender has waived the requirement to pay Lender the Funds for any or all Escrow Items, Lender may require Borrower to provide proof of direct payment of those items within such time period as Lender may require. Borrower’s obligation to make such timely payments and to provide proof of payment is deemed to be a covenant and agreement of Borrower under this Security Instrument. If Borrower is obligated to pay Escrow Items directly pursuant to a waiver, and Borrower fails to pay timely the amount due for an Escrow Item, Lender may exercise its rights under Section 9 to pay such amount and Borrower will be obligated to repay to Lender any such amount in accordance with Section 9. Lender may withdraw the waiver as to any or all Escrow Items at any time by giving a notice in accordance with Section 16; upon such withdrawal, Borrower must pay to Lender all Funds for such Escrow Items, and in such amounts, that are then required under this Section 3.

  • Additional Obligations of Applicant Section 8.1.

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