Examples of Counter-guarantee in a sentence
The Board, having duly considered the request by Chinalco for the provision of the Counter Guarantee, believes that as the Simandou Project is beneficial to the strategic growth of the Company, it is in the interest of the Company and its shareholders as a whole to grant the Counter Guarantee in favor of Chinalco.
The Board has also approved the formation of the Independent Board Committee to advise the Independent Shareholders in respect of the granting of the Counter Guarantee and the appointment of an independent financial adviser to provide independent financial advice to the Independent Board Committee and the Independent Shareholders in respect of the granting of the Counter Guarantee.
The proposed principal terms of the Counter Guarantee are set out as follows: Grantor: The CompanyGrantee: Chinalco Nature of the Counter Guarantee: Unconditional and irrevocable Counter Guaranteed Obligations: The Company guarantees that it shall dulyperform its obligations under the Simandou Joint Development Agreement.
The Counter Guarantee is subject to approval by the Independent Shareholders at the AGM.
On 25 October 2010, at the Fifth Meeting of the Fourth Session of the Board, all Directors including the independent non-executive Directors (other than Mr. Xiong Weiping and Mr. Lv Youqing, who had abstained from voting by reason of their holding management positions in Chinalco), having considered Chinalco’s request, approved the provision of the Counter Guarantee by the Company to Chinalco.