PARAGRAPH FOUR definition
PARAGRAPH FOUR. In the event of unjustified delay on the payment of invoices not objected in due time by the BUYER, as foreseen in Paragraph Three herein, the BUYER shall pay to the SELLER, as interest rate payable in pesos, the maximum arrears interest rate authorized by the Financial Superintendence during the arrears days effectively elapsed. For purposes of calculating late interests, the amount of dollar invoice(s) in arrears shall be converted first into Colombian pesos, at the market representative exchange rate in force on the date of issuance, as certified by the Financial Superintendence of Colombia. Invoices for interest collection shall be paid by the BUYER thirty (30) calendar days following the receipt thereof by the BUYER. Both the BUYER and the SELLER understand that invoices issued, as well as this Contract shall give right of execution and the BUYER and SELLER expressly waive to the private or legal requisites to be declared in arrears.
PARAGRAPH FOUR. CONCESSIONAIRE may operate backup flights for mixed or exclusive carriage of passengers, cargo, and mail. CLAUSE TWO - CONCESSIONAIRE shall be equipped with personnel, aircrafts, and equipment in a sufficient number to perform the services under the concession within the safety standards required by articles 186, and paragraphs, and 192 of the Brazilian Code of Aeronautics, and according to the agreements set forth in articles 127 through 137 of the Bylaws, and in the corresponding Brazilian Aeronautical Certification Regulation (RBHA), in order to assure the suitability of the provision of such services, pursuant to art. 6 of Law 8987/95. CLAUSE THREE - CONCESSIONAIRE shall submit its operation and maintenance standards to the approval of DAC within such time as may be determined thereto, and also, in advance, any proposed change. The first shall be further bound to allow DAC's accredited agents to directly inspect its maintenance and operation activities at any stage. CLAUSE FOUR - In developing the costs of the operations, CONCESSIONAIRE shall standardize its accountancy according to the rules established by DAC.
PARAGRAPH FOUR. For the effects of the present clause: (i) the date of the withdrawal shall be the date of the Amendment to the Articles of Incorporation that makes effective the withdrawal of the quotaholder; (ii) the date of dissolution or extinction of the corporation shall be the date of the general meeting that approve the dissolution or extinction; (iii) the date of dissolution or extinction of the other companies shall be the date of the amendment of the articles of incorporation or the meeting of quotaholders that approve the dissolution or extinction; and (iv) the date of the reorganization shall be the date of the judicial decision; and (v) the date of bankruptcy shall be the date of the judicial decision.
Examples of PARAGRAPH FOUR in a sentence
The following are causes that authorize the termination of the agreement with the MANAGERS: PARAGRAPH FOUR.
In the event of suspension of the payments set out in PARAGRAPH FOUR of this section, the PUBLIC PROSECUTOR OFFICE and/or CIF, as the case may be, in a reasoned way, may determine the immediate resumption of payments.
PARAGRAPH FOUR: The meetings of TECHNICAL ▇▇▇▇▇▇▇▇ will be registered, with the preparation of minutes indicating the meeting participants, the object of the discussions and deliberations agreed by the participants.
PARAGRAPH FOUR – If the drafts accepted by the FINANCER exceed the open credit, it shall be promptly raised to said value, only for the purposes of judicial collection.
PARAGRAPH FOUR – The noncompliance with the conditions set forth in the previous paragraph shall imply in the ineffectiveness of the PROPOSAL, releasing FINANCER from any payment set forth in this Clause.
More Definitions of PARAGRAPH FOUR
PARAGRAPH FOUR. The parties agree that after four years from the effective commencement date of lease, rent shall be subject to revision in order to be adjusted to applicable market levels.
PARAGRAPH FOUR. The Previous Meeting, in its first calling, shall be installed with the attendance of Contracting Shareholders representing at least fifty percent (50%) plus one (1) share of the totality of the Shares. If the minimum quorum for installation of fifty percent (50%) plus one (1) share of the totality of the Shares is not reached in the first calling, a new Previous Meeting shall be automatically called to be held on the day following the day on which the Previous Meeting should have been held, and, in such case, the Previous Meeting shall be installed with any quorum. PARAGRAPH FIVE – The resolutions of the Contracting Shareholders shall be made through majority of the votes of those attending the Previous Meeting, considering the quantity of Shares held by the attendees. Nevertheless, it shall be understood that, once it is approved, the majority position shall be binding upon all Contracting Shareholders, even if some of them has been absent from the mentioned Previous Meeting, and regardless of the specific vote that was cast at that meeting. PARAGRAPH SIX – Representation shall be admitted at Previous Meetings by an attorney-in-fact, with special powers expressly provided for such purpose, provided that the appointed person is one of the other Contracting Shareholders who are signatory hereof. PARAGRAPH SEVEN – For the purposes of the present Agreement, the Contracting Shareholders agree and undertake to attend all Romi’s general meetings, exercising the right to vote only in the form resolved at the PARAGRAPH EIGHT – The Contracting Shareholders, through this instrument, grant powers to the Secretary of the Agreement to, on their behalf and upon the end of each Previous Meeting, delegate powers to one or more attorneys-in-fact, so that, acting in separate, they attend to the general meetings of Romi and vote on behalf of each Contracting Shareholder, as agreed at the Previous Meeting. Such attorney-in-fact shall necessarily be one of the other Contracting Shareholders, one of Romi’s managers or attorney, and the power-of-attorney shall contain the voting orientation and be specific for each act to be practiced, in compliance with the provisions in paragraph one of article 126, law No. 6.404/76.
PARAGRAPH FOUR. The quotaholders may decide to allocate funds to the creation and funding of a reserve account, observing the quorum for resolutions as set forth in Paragraph Two above.
PARAGRAPH FOUR. The difference between ▇▇▇▇▇ ▇▇▇▇▇▇▇ in Santa ▇▇▇▇▇, Palonegro in Bucaramanga, ▇▇▇▇▇▇ ▇▇▇▇ in Cucuta, Los Garzones in Montería, Yariguies in Barrancabermeja, Matecaña in Pereira, ▇▇▇▇▇▇▇ ▇▇▇▇▇ in Valledupar, Almirante ▇▇▇▇▇▇▇ in Riohacha and ▇▇▇▇▇▇▇ ▇▇▇▇ Airport in Leticia, as well as that of the freight generated by transportation from Facatativá to Leticia, shall be updated according to the annual percentage of variation of the CPI for the period between January and December of the previous year, starting January 1st, 2014. With respect to the fuel supply service at ▇▇▇▇▇▇▇ ▇▇▇▇ Airport in Leticia, it shall be subject to COMPANY’S operation kick off at said airport. PARAGRAPH FIVE: When the monthly consumption at ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ in ▇▇▇▇, ▇▇▇▇▇▇▇ Cortizzos in Barranquilla, ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ in Rionegro, and ▇▇▇▇▇▇ ▇▇▇▇▇ in ▇▇▇▇▇▇▇▇▇, exceeds the average expected in Annex No. 1 herein, the “MA” difference in fuel shall be established in said Annex No. 1 as part of the entire Agreement.
PARAGRAPH FOUR. Resolutions of the Board of Directors shall be made by the majority of the votes of its members, in person or through duly appointed attorneys-in-fact.
PARAGRAPH FOUR. The Mining Operator will determine which payments constitute Capital Investments and which are Operation Costs, for which recourse to the legal criteria established in the Colombian accounting standards.
PARAGRAPH FOUR. The amounts paid as Mandatory Prepayment, as described in Paragraph One of this Section Twenty-Two, shall be deducted from the next principal installment(s), in accordance with this CCB, always considering, for this purpose, its chronological order.