OBJECTIVES OF THE GUARANTEE Sample Clauses

OBJECTIVES OF THE GUARANTEE. The objective of the present guarantee mechanism shall be to facilitate the renewal of the existing financing of Dexia and to enable it, by its intermediation activity, to contribute to the financing of the economic activity. Having regard to point 27 of the European Commission Communication “on the application of the State aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis” (OJEC 2008, C 270, p. 8), Dexia undertakes, until the date of the entry into force of the decision to be taken by the European Commission concerning the restructuring plan of Dexia, (a) not to abuse the competitive situation resulting from the guarantee and shall among other things refrain from using the guarantee for purely arbitrage transactions or in any advertising campaign emphasising the existence of the guarantee; (b) to limit the growth of its balance sheet (as compared with the situation as at 30 June 2008) to the highest of (i) the average of the growth of the Belgian, French and Luxembourg GDP during the year 2007, (ii) the average of the annual balance sheet growth of the Belgian, French and Luxembourg financial sector in the period 1987-2007 and (iii) the balance sheet growth of the European financial sector in the period April-September 2008; and (c) not to offer remuneration terms for deposits from individuals that would rank among the three most attractive remunerations offered by the ten banks occupying the most important market share for deposits from individuals in each of the three States individually. Starting from the date of the decision to be taken by the European Commission concerning the restructuring plan of Dexia and the decision to be taken concerning the extension of the Guarantee, Dexia shall comply with potential behavioral obligations imposed or reiterated by these decisions.
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OBJECTIVES OF THE GUARANTEE. The objective of the present guarantee mechanism shall be to facilitate the renewal of the existing financing of Dexia and to enable it, by its intermediation activity, to contribute to the financing of the economic activity. Having regard to point 27 of the European Commission Communication “on the application of the State aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis” (OJEC 2008, C 270, p. 8), Dexia undertakes (a) not to abuse the competitive situation resulting from the guarantee and shall among other things refrain from using the guarantee for purely arbitrage transactions or in any advertising campaign emphasising the existence of the guarantee; (b) to limit the growth of its balance sheet (as compared with the situation as at 30 June 2008) to the highest of (i) the average of the growth of the Belgian, French and Luxembourg GDP during the year 2007, (ii) the average of the annual balance sheet growth of the Belgian, French and Luxembourg financial sector in the period 1987-2007 and (iii) the balance sheet growth of the European financial sector in the period April-September 2008; and (c) not to offer remuneration terms for deposits from individuals that would rank among the three most attractive remunerations offered by the ten banks occupying the most important market share for deposits from individuals in each of the three States individually.

Related to OBJECTIVES OF THE GUARANTEE

  • The Guarantee Each Guarantor hereby jointly and severally with the other Guarantors guarantees, as a primary obligor and not merely as a surety to each Secured Party and their respective permitted successors and assigns, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the principal of and interest (including any interest, fees, costs or charges that would accrue but for the provisions of (i) the Title 11 of the United States Code after any bankruptcy or insolvency petition under Title 11 of the United States Code and (ii) any other Debtor Relief Laws) on the Loans made by the Lenders to, and the Notes held by each Lender of, the Borrower, and all other Secured Obligations from time to time owing to the Secured Parties by any Loan Party or any Subsidiary under any Loan Document or any Secured Hedge Agreement or any Treasury Services Agreement, in each case strictly in accordance with the terms thereof (such obligations, including any future increases in the amount thereof, being herein collectively called the “Guaranteed Obligations”); provided, however, that Guaranteed Obligations shall exclude all Excluded Swap Obligations. The Guarantors hereby jointly and severally agree that if the Borrower or other Guarantor(s) shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal.

  • Guarantee The Guarantor irrevocably and unconditionally agrees to pay in full to the Holders the Guarantee Payments (without duplication of amounts theretofore paid by the Issuer), as and when due, regardless of any defense, right of set-off or counterclaim that the Issuer may have or assert. The Guarantor's obligation to make a Guarantee Payment may be satisfied by direct payment of the required amounts by the Guarantor to the Holders or by causing the Issuer to pay such amounts to the Holders.

  • Daily Guarantee (a) Subject to the provisions of subsection (c), an employee reporting for a scheduled shift on the call of the Employer, shall receive the employee's regular hourly rate of pay for the entire period spent at the place of work, with a minimum of two (2) hours' pay at the regular hourly rate.

  • Financial Guarantee 30.1 By derogation from article 30 of the General Conditions, no pre-financing guarantee is required.

  • Weekly Guarantee Apprentices must be employed a minimum of forty (40) hours per week.

  • Additional Indebtedness This Indenture does not restrict the Corporation from incurring additional indebtedness for borrowed money or other obligations or liabilities (including Senior Indebtedness) or mortgaging, pledging or charging its properties to secure any indebtedness or obligations or liabilities.

  • Guaranty Each Guarantor hereby absolutely and unconditionally, jointly and severally guarantees, as primary obligor and as a guaranty of payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all Secured Obligations (for each Guarantor, subject to the proviso in this sentence, its “Guaranteed Obligations”); provided that (a) the Guaranteed Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor and (b) the liability of each Guarantor individually with respect to this Guaranty shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable provisions of any applicable state law. Without limiting the generality of the foregoing, the Guaranteed Obligations shall include any such indebtedness, obligations, and liabilities, or portion thereof, which may be or hereafter become unenforceable or compromised or shall be an allowed or disallowed claim under any proceeding or case commenced by or against any debtor under any Debtor Relief Laws. The Administrative Agent’s books and records showing the amount of the Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon each Guarantor, and conclusive for the purpose of establishing the amount of the Secured Obligations. This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Secured Obligations or any instrument or agreement evidencing any Secured Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Secured Obligations which might otherwise constitute a defense to the obligations of the Guarantors, or any of them, under this Guaranty, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing.

  • Use of Proceeds of the Grant Section 3.01. The Recipient shall cause the proceeds of the Grant to be applied to the financing of expenditures on the Project in accordance with the provisions of this Grant Agreement.

  • Guarantees The Note will be entitled to the benefits of certain Guarantees made for the benefit of the Holders. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the Guarantors, the Trustee and the Holders.

  • GUARANTEE AND INDEMNITY Each Guarantor irrevocably and unconditionally jointly and severally:

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