Paragraph 14. Insert as the final sentence: "Lender shall release any and all security interest upon full payment of any amounts due Lender from Borrower."
Paragraph 14. “The contracting party concerned shall notify” Before Article XVIII was re-drafted at the Review Session of 1954-55, Article XVIII permitted the institution or maintenance of certain measures but only on the condition that a contracting party “shall notify” the existing or proposed measures in question. The 1949 Report of the Working Party on “Notifications of Existing Measures and Procedural Questions” studied the question of notification under Article XVIII. The question was raised whether “existing legislation” covered by the derogation to Part II of the General Agreement in the Protocol of Provisional Application or accession protocols (see the chapter in this Index on provisional application) had to be notified or whether it could be retained even if not notified. In response, the Working Party concluded “that there is no obligation on the part of a contracting party to notify a measure permitted by sub-paragraph 1(b) of the Protocol of Provisional Application or sub-paragraph 1(a)(ii) of the Annecy Protocol”.79 In the Interpretative Note to paragraphs 13 and 14 it is recognized “that, before deciding on the introduction of a measure and notifying the CONTRACTING PARTIES in accordance with paragraph 14, a contracting party may need a reasonable period of time to assess the competitive position of the industry concerned”. With respect to this Interpretative Note and its reference to “a reasonable period of time”, the Report of the Review Working Party on “Quantitative Restrictions” noted: “it is recognized that this period should normally not exceed two years”.80 See also the Note Ad paragraph 19 of Article XVIII. A Questionnaire on “Information to accompany notifications under Section C, and applications under Section D, of Article XVIII” was approved on 15 October 1958 for the guidance of contracting parties.81 In 1958, a Panel on Article XVIII considered certain notifications by Ceylon of measures under Article XVIII:C. The Panel noted that the Ceylon Government had imposed temporary import controls on certain products in anticipation of the concurrence of the CONTRACTING PARTIES. “…The Panel recognized that these measures, which had not been notified to the CONTRACTING PARTIES before they were put into force, were of the type contemplated in the proviso to paragraph 14 of Article XVIII: it [expressed] the hope that if the need for similar temporary measures should arise in the future, the Ceylon Government would inform the CONTRACTING PARTIES befor...
Paragraph 14. 8.1 shall not apply if the fair value of the relevant asset or assts is, in relation to Opco, ZAR5,000,000 (Indexed) or less, or in relation to Holdco or Plateau, ZAR1,000,000 (Indexed) or less.
Paragraph 14 b. of the Agreement shall be amended by deleting the paragraph in its entirety and replacing it with the following: "An Escrow Account shall have been established at F&M Bank, into which will be deposited the proceeds from the Offering. As funds are raised for the Offering, there will be Closings held, which are expected to be weekly but will not be held unless there is at least a minimum of Fifty Thousand Dollars ($50,000) of funds raised. Only one legal opinion will be required for the offering as a whole. At each Closing, the Placement Agent shall pay out the proceeds to be distributed at the Closing in the following manner: (i) the applicable commission, expense allowance and fees set out in paragraph 6.c to the Placement Agent and Xxxxxxxx, Xxxxx & Company (or other firm, as selected above) and (ii) the remainder of the funds shall be divided one third (the "First Proceeds Amount", i.e., the gross proceeds raised minus commissions, expense allowance and fees) and two thirds (the "Second Proceeds Amount"). The First Proceeds Amount shall be immediately released to Polar who in turn will loan one third of that amount to Xxxxxxx and the remainder will be retained by Polar. The Second Proceeds Amount shall remain in the Escrow Account until such time as the Company shall provide to the Placement Agent, verifiable evidence of enforceable contracts which indicate sales in a minimum amount of One Million Five Hundred Thousand Dollars ($1,500,000), as indicated in the Memorandum, for the first 12 months following the Offering, said revenues being capable of reasonable verification by Placement Agent (it is expected that the verifiable evidence shall be an executed and enforceable Purchase Order). Upon receipt by the Placement Agent of the said verifiable evidence, the Placement Agent shall release the Second Proceeds Amount from the Escrow Account to the Company which in turn will loan one third of that amount to Xxxxxxx and the remainder shall be retained by the Company.
Paragraph 14. 4 shall not apply to the extent that the Target Company in question makes a balancing payment to the member of the Retained Group in question in the amount (including any interest) that would otherwise be due to the Seller under paragraph 14.4. Part C : Withholdings, Gross Up, Reliefs and VAT
Paragraph 14. 3.4 of this term does not apply if the court makes an order for possession on Ground A or B (the redevelopment grounds) of the estate management grounds (and on no other ground).
Paragraph 14
