First Demand Guarantee definition

First Demand Guarantee means a first demand guarantee provided by a User, which is issued by a branch located in Italy or in another country member of the European Union, of the European Economic Area or of the European Free Trade Association of an Approved Guarantor, pursuant to clause III.10.1 (d) of chapter III, or pursuant to clause 10.2.1, 10.2.3 or 10.3.1 of chapter III, and which shall be substantially in the form provided at, and subject to the conditions set out in, Part II of Annex (b). [“Garanzia a Prima Richiesta” in the Italian text]

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First Demand Guarantee means a first demand guarantee provided by a User, which is issued by an Italian branch of an Approved Issuing Institution pursuant to clause 10.1 (d) of chapter III, or pursuant to clause 10.2.1, 10.2.3 or 10.3.1 of chapter III, and which shall be substantially in the form provided at, and subject to the conditions set out in, Part II of Annex (b). [“Garanzia a Prima Richiesta” in the Italian text]

First Demand Guarantee means the first demand guarantee dated on or about the date of this Lease between the Security Agent (on behalf of the Tax Investors) and Inco and each other first demand guarantee entered into pursuant to that first demand guarantee.

Examples of First Demand Guarantee in a sentence

• In any event, and in accordance with the terms of Clause 36.3, the enforcement of the in rem security referred to thereunder and of the First Demand Guarantee, shall require the prior agreement of the Majority Lenders (thus without enforcement being possible by the individual decision of a Lender, not even in the cases provided for under Clauses 15, 16 and 20.2.2 above).

• Any claim by the Guarantor vis-a-vis the Borrower as a result of any payment under the First Demand Guarantee shall be deemed fully subordinated to the Lenders’ claims against the Borrower under the Finance Documents.

• The rights corresponding to each of the Lenders in this First Demand Guarantee shall be proportional to the participation that each of them holds at any given time in the Secured Obligations.

• This First Demand Guarantee shall be governed by and shall be construed in accordance with French law (and shall not be construed as a cautionnement under articles 2288 et seq.

• To the extent that the Guarantor or any of its assets has or hereafter may acquire any right to immunity from set-off, legal proceedings, attachment prior to judgement, other attachment or execution of judgement on the grounds of sovereignty or otherwise, it hereby irrevocably waives such rights to immunity in respect of its obligations arising under or relating to this Guarantee Agreement or this First Demand Guarantee.

• All notices under this First Demand Guarantee shall be in writing, and shall be delivered by hand, by an internationally recognized commercial overnight delivery service, by U.S. first class mail or by telecopy, delivered, addressed or transmitted, if to the Bank, at its address or telecopy number set forth in the Loan Agreement, and if to the Guarantor, at its address or telecopy number set out below its signature in this First Demand Guarantee.

• The Beneficiary may not assign or transfer in whole or in part its rights under this First Demand Guarantee to any person but a New Lender.

• On 9 December 2008, the States and Dexia entered into a First Demand Guarantee Agreement (the “Agreement”), implementing the principles set forth in the Protocol of 9 October 2008 between the States on the one hand and Dexia on the other hand.

• Notwithstanding any other provision of this First Demand Guarantee, the total amount to be paid by the Guarantor pursuant to this First Demand Guarantee shall not exceed 60% of its net assets (which at the date hereof is a negative net worth) at the time of any payment.

• The Guarantor agrees that its obligations under this First Demand Guarantee are independent from the Obligations.

More Definitions of First Demand Guarantee

First Demand Guarantee means any irrevocable, unconditional, first demand guarantee in a form acceptable to the Service Provider, acting reasonably, issued in favor of the Service Provider by an Acceptable Bank and valid for a term of no less than 12 (twelve) months, in the form of Schedule 13.

First Demand Guarantee dated [—] issued by MANITOU to the Beneficiary in an amount of EUR [— ] (the “First Demand Guarantee”)

First Demand Guarantee means the first demand guarantee dated the date hereof given by the Guarantor in relation to the obligations of any Borrower and any Additional Borrower under the Finance Documents.

First Demand Guarantee means a first demand guarantee provided by a User, which is issued by an Italian branch of an Approved Issuing Institution pursuant to clause 10.1