Common use of Spain Clause in Contracts

Spain. Our subsidiary DAV is party to a finance lease agreement in the amount of approximately Euro 4.6 million dated as of 29 July 2011, by and between DAV and Banco de Sabadell, S.A. concerning the construction and lease of a new site in Espluges de Llobregat, outside Barcelona. As part of the finance lease agreement, Banco de Sabadell, S.A. pre-funded construction expenses for the new site. Furthermore, on 29 July 2012, the finance lease agreement was amended to include a further disbursement by Banco de Sabadell in the amount of Euro 3.5 million for expansion of the facility. The duration of the finance lease agreement is until 29 July 2031. At maturity of the lease, DAV will have the option to acquire the site from Banco de Sabadell, S.A. for the amount of Euro 19,700. The interest rate on the amounts disbursed by Banco de Sabadell, S.A. was initially set at a fixed interest rate and then reset at three month EURIBOR plus a margin.

Spain. Our subsidiary DAV is party to a finance lease agreement in the amount of approximately Euro €4.6 million dated as of 29 July 2011, by and between DAV and Banco de Sabadell, S.A. concerning the construction and lease of a new site in Espluges de Llobregat, outside Barcelona. As part of the finance lease agreement, Banco de Sabadell, S.A. pre-funded construction expenses for the new site. Furthermore, on 29 July 2012, the finance lease agreement was amended to include a further disbursement by Banco de Sabadell in the amount of Euro €3.5 million for expansion of the facility. The duration of the finance lease agreement is until 29 July 2031. At maturity of the lease, DAV will have the option to acquire the site from Banco de Sabadell, S.A. for the amount of Euro approximately €19,700. The interest rate on the amounts disbursed by Banco de Sabadell, S.A. was initially set at a fixed interest rate and then reset at three month EURIBOR plus a margin.