Parental Guarantee Sample Clauses
A Parental Guarantee clause requires a parent company to assume responsibility for the obligations of its subsidiary under a contract. In practice, this means that if the subsidiary fails to fulfill its contractual duties—such as making payments or delivering goods—the parent company is legally bound to step in and perform or cover those obligations. This clause provides assurance to the other contracting party that they have recourse to a financially stronger entity, thereby reducing the risk of non-performance or default by the subsidiary.
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Parental Guarantee. (a) Berkshire hereby unconditionally and irrevocably guarantees (the “Parental Guarantee”) NICO’s full and prompt payment and, in the case of the obligations set forth in (ii) below (the “Collateral Obligations”), performance when due of NICO’s obligations for: (i) the payment of all Ultimate Net Loss due and owing by NICO, pursuant to and in accordance with the applicable provisions of the Reinsurance Agreement, subject always to the Aggregate Limit; and (ii) the transfer and assignment of assets into the Trust Account when required, including upon the occurrence of a Collateral Triggering Event or a Reinsurance Credit Event, pursuant to and in accordance with the applicable provisions of the Reinsurance Agreement and the Trust Agreement (such obligations, collectively, the “Guaranteed Obligations”).
(b) Except as set forth in Article III, the Beneficiary shall be entitled to proceed against Berkshire under this Parental Guarantee Agreement only following the occurrence of a Trigger Event. If NICO, after any of the events listed under (i), (ii) or (iii) below (the “Trigger Events”) has occurred, has not timely paid (or, in the case of Collateral Obligations, performed) a Guaranteed Obligation within thirty (30) days after the due date of such Guaranteed Obligation, the Beneficiary may proceed directly and at once, upon written notice to NICO and Berkshire, against Berkshire to obtain payment (or, in the case of Collateral Obligations, performance) of the full amount or any portion of the Guaranteed Obligation that is then due and payable and has not been paid (or, in the case of Collateral Obligations, performed) by NICO, together with interest on any such payments at the Interest Rate accrued from the applicable due date until the date of such payment (“Interest”). Following the occurrence of a Trigger Event, the Beneficiary shall be entitled to so proceed directly against Berkshire without first proceeding against or joining NICO or any other Person. The Trigger Events are as follows:
(i) any dissolution, liquidation, conservation, rehabilitation, bankruptcy, statutory reorganization, receivership, compulsory composition or similar statutory or delinquency proceeding involving NICO;
(ii) a final arbitration award, court order, decision or judgment with no appeal or stay pending (A) has been issued against NICO in favor of a Reinsured under the Reinsurance Agreement or the Trust Beneficiaries or the Trust Beneficiaries’ Agent under the Trust Agreement an...
Parental Guarantee. Each TENANT listed on Page 1 of this LEASE must provide LANDLORD a legally binding parental or sponsor’s GUARANTEE in a form acceptable to LANDLORD in LANDLORD’s sole and absolute discretion. The GUARANTEE for each TENANT must be delivered to LANDLORD within 7 days of TENANT signing this LEASE. LANDLORD may cancel this LEASE at any time thereafter if TENANT does not provide the GUARANTEE to LANDLORD. TENANT will not be allowed to move-In without a complete LEASE file including the GUARANTEE. If TENANT does not have a signed GUARANTEE form, TENANT is still liable for all LEASE payments for the TERM. It is the LANDLORD’S option as to whether to accept the GUARANTEE or not. It is not the option of the TENANT as to whether or not to have the GUARANTEE completed and returned to LANDLORD.
Parental Guarantee. Each TENANT listed on Page 1 of this LEASE must provide LANDLORD a legally binding parental or sponsor’s GUARANTEE in a form acceptable to LANDLORD. GUARANTEE for each TENANT must be delivered to LANDLORD within 10 days of TENANT signing this LEASE. LANDLORD may cancel this LEASE at anytime thereafter as it relates solely to the specific TENANT that has not provided the LANDLORD with the GUARANTEE.
Parental Guarantee. (a) As of the date of this Agreement, the Guarantor has provided a guarantee to Purchaser for the benefit of the Purchaser with respect to the Seller’s obligations under Section 6.14.
(b) At Closing, the Seller will provide, or cause to be provided, a guarantee from the Guarantor to Purchaser for the benefit of the Purchaser in form attached as Exhibit 6.10 guaranteeing the obligations of the Seller under this Agreement.
Parental Guarantee. (a) Berkshire hereby unconditionally and irrevocably guarantees (the “Parental Guarantee”): (i) NICO’s full and prompt payment and, in the case of the obligations set forth in (B) and (C) below (the “Collateral Obligations”), performance when due of NICO’s obligations for: (A) the payment of all Reinsured Liabilities due and owing by NICO, pursuant to and in accordance with the applicable provisions of the Reinsurance Agreement, subject, in the case of Reinsured Liabilities arising from Ultimate Net Loss, to the Aggregate Limit; (B) the transfer and assignment of assets into the Trust Account when required, including upon the occurrence of a Collateral Triggering Event or a Reinsurance Credit Event, pursuant to and in accordance with the applicable provisions of the Reinsurance Agreement and the Trust Agreement; or (C) the establishment, funding and maintenance of additional trust accounts and/or other collateral when required upon the occurrence of a Reinsurance Credit Event, pursuant to and in accordance with the applicable provisions of the Reinsurance Agreement and the Trust Agreement (such obligations, collectively, the “NICO Guaranteed Obligations”); and
Parental Guarantee. Tenant agrees that his/her parent(s) will sign a Guarantee to ensure the enforcement of this lease. The Guarantee must be signed and returned within 10 days of the signing of the lease. If the Guarantee is not received by the Owners within 10 days, the Owners may exercise the option of invalidating the lease agreement.
Parental Guarantee. The obligations of Contractor under this Agreement shall be secured by a Guarantee in the form of Exhibit J-1 attached hereto and executed and delivered by the Guarantor. Contractor hereby represents and warrants that Guarantor is ***. From the Effective Date until Final Completion of each ▇▇▇▇ ▇ ▇▇▇ ▇▇▇ ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ shall, upon request of Owner, cause Guarantor to deliver to Owner (a) within *** Days following the end of each fiscal year, a copy of Guarantor’s annual report (or, if there is no such report, a copy of such report for its parent company) containing audited, consolidated financial statements for such fiscal year, and (b) within *** Days after the end of each of its first three fiscal quarters of each fiscal year, a copy of Guarantor’s quarterly report (or, if there is no such report, a copy of such report for its parent company) containing unaudited consolidated financial statements for such fiscal quarter. In all cases, the statements shall be prepared in accordance with generally accepted accounting principles. To the extent such quarterly reports are not available, upon the reasonable request of Owner in response to a credit event in the marketplace, Guarantor shall provide unaudited management financial information for such fiscal quarter.
Parental Guarantee. Each Tenant is required to obtain a signed copy of the parental guarantee form. If no parent/guardian is able to sign the parental guarantee, the lease is subject to voidance. ▇▇▇▇▇▇ gives ▇▇▇▇▇▇ & ▇▇▇▇▇ Enterprises/Landlord authority to communicate with parent or guarantor concerning rent owned under this lease agreement and any and all issues regarding my tenancy.
Parental Guarantee. By its signature below, Cyta▇▇▇▇.▇▇▇ ▇▇▇orporated, a New York corporation, unconditionally and irrevocably guarantees full and prompt performance by CollegeLink of (i) its obligations under the terms of this Agreement and (ii) any obligation related to this Agreement that may be imposed upon CollegeLink by a court or governmental entity.
Parental Guarantee. Each Party shall provide a parental guarantee simultaneously with the execution of an Implementation Agreement. Each Party’s provision of a parental guarantee for any Affiliate executing an Implementation Agreement under this Agreement shall be made in the same or substantially similar form as that of Exhibit N.1 (Supplier Guarantee) and Exhibit N.2 (Gap Guarantee), as applicable.