Spanish translation: ...acuerdo/convenio sobre mecanismo de garantía...
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10:51 Aug 30, 2001
English to Spanish translations [PRO] Law/Patents
English term or phrase:guarantee facility agreement
Contrato de facilidad de garantía?
contrato de facilidad de crédito?
The Banks grant to the Obligor, upon the terms and subject to the conditions hereof, the Facility to enable the Guarantee Agreement to be issued hereunder.
3.1 The purpose of the Facility is to enable the provision of the Guarantee Agreement in relation to the financial obligations of the Obligor under the Finance Contract and, accordingly, the Facility may only be used for such purpose.
The Obligor may not at any time deliver the Issue Request hereunder unless prior to such Issue Request the Agent has confirmed to the Obligor (with a copy to each Bank) that each of the conditions precedent listed in Part I of the Third Schedule has been satisfied.
Nature of Banks' Obligations
5.1 The obligations of each Bank hereunder are several and not joint.
5.2 The failure by a Bank to perform its obligations hereunder shall not affect the obligations of the Obligor towards any other party hereto nor shall any other party be liable for the failure by such Bank to perform its obligations hereunder.