Common use of Obligations of the Bank Clause in Contracts

Obligations of the Bank. 2.1 The Bank hereby undertakes to pay to the Beneficiary, upon Beneficiary’s first demand, any amount requested by the same from time to time up to the Maximum Guaranteed Amount, without any objection, set-off or counterclaim and notwithstanding any objections by the Company or by any third party, also whether raised in the context of any judicial proceeding relating to the Agreement, including, but not limited to, any objection in relation to the existence of the Beneficiary’s claim towards the Company under the Agreement. 2.2 Any payment pursuant to clause 2.1 above shall be made by the Bank by no later than seven business days from the receipt of the written request by the Beneficiary in accordance with the terms of clause 7 below, in which the Beneficiary shall: (a) specify the amount due and payable by the Bank to the Beneficiary; and (b) indicate the bank account on which the relevant payment shall be made by the Bank. 2.3 Upon any payment made by the Bank from time to time pursuant to this Guarantee, the Maximum Guaranteed Amount shall be deemed reduced accordingly. 2.4 Any payment to be performed under this Guarantee shall be made by the Bank (i) in Euro currency, and (ii) in immediately available funds by means of wire transfer to the bank account indicated by the Beneficiary under the relevant request pursuant to clause 2.2 above. 2.5 Any payment made by the Bank to the Beneficiary under the Guarantee shall be made free and clear from, and without any deduction for or on account of any present or future taxes, levies, duties, charges, fees, expenses, other deductions or withholdings of any nature whatsoever and by whomsoever imposed. If any amount must be deducted and/or withheld at any time from any amount paid and/or payable by the Bank to the Beneficiary under this Guarantee, the relevant payment to be made by the Bank to the Beneficiary shall be increased by the amount necessary to ensure that the Beneficiary receives a net amount equal to the full amount which it would have received if no deduction and/or withholding would have been applied or required, as the case may be.