Examples of Spanish Guarantor in a sentence
Further, the maximum amount of any guarantee provided by a Spanish Obligor shall be limited to the amount that would make the net worth of the Spanish Guarantor reduce to two thirds of its share capital, or, in any case, to the amount that would render the Spanish Obligor unable to pay its debts as they fall due or need to enter into negotiations with its creditors and/or file for the opening of bankruptcy (concurso) proceedings minus one euro.
For the sake of clarity, any Spanish Guarantor acknowledges that the guarantee provided by it under this Section 10.01 must be construed as a first demand guarantee (garantía a primera demanda) and not as a guarantee (fianza) and, therefore, the benefits of preference (excusión), order (orden) and division (división) shall not be applicable.
Without limiting the foregoing, any Spanish Guarantor acknowledges that the guarantee provided by it under this Clause 2.1 must be construed as a first demand guarantee (garantía a primera demanda) and not as a performance bond (fianza) and, therefore, the benefits of preference (excusión), order (orden) and division (división) shall not be applicable.