FURNISHING OF COLLATERAL. [Delete as applicable.]
A (1) The Lessee shall furnish an ordinary guarantee from a financial institution conducting activities in Norway under a licence granted by the Norwegian authorities, or an alternative guarantee approved by the Lessor, in respect of the timely performance of the obligations of the Lessee under the lease.
FURNISHING OF COLLATERAL. See Clause 8 of the Agreement for which alternative is applicable. The Customer shall furnish an ordinary guarantee from a financial institution conducting activities in Norway under a licence granted by the Norwegian authorities, or an alternative guarantee approved by the Provider, in respect of the timely performance of the obligations of the Customer under the Agreement. The Provider may require a proportional adjustment of the guarantee amount in connection with any Consideration adjustment. The guarantee shall remain in effect, and be irrevocable on the part of the Customer and the guarantor, throughout the Agreement Term, as well as for three months after vacation of the Premises. The guarantee shall not include any preclusive notice periods. The guarantee shall be governed by Norwegian law. Any dispute relating to the guarantee shall be resolved before the courts in the jurisdiction of the Premises. The Customer shall furnish a deposit by paying the deposit amount into an escrow account in the name of the Customer with the bank that receives the Consideration payments. The deposit shall secure the timely performance of the obligations of the Customer under the Agreement. The Provider may require a proportional adjustment of the deposit amount in connection with any adjustment of the Consideration. The Customer may request payment from the bank of any interest accrued on the account. If the Provider is claiming payment from the escrow account due to breach of contract on the part of the Customer, the bank shall notify the Customer of such claim, stating that the amount will be paid to the Provider unless the Customer documents, within five weeks of such notice being sent, that it has brought legal action concerning the claim. Such notice shall be sent to the Customer’s stated address or, if applicable, stated electronic mailbox. If the bank does not receive such documentation within the time limit, and the Provider has not revoked its claim, the bank shall pay the amount to the Provider in final discharge of the obligations of the bank in respect of such amount. If the Customer has brought legal action, the bank may only pay the amount to the Provider in final discharge of the obligations of the bank in respect of such amount with the written consent of the Customer or following a final and binding judgment or other ruling with the same effect as a final and binding judgment. If the Customer, after the expiry of the Agreement, requests payment of th...
