English translation: half of the directly enforceable securities
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German to English translations [PRO] Bus/Financial - Law: Contract(s)
German term or phrase:hälftige selbstschuldnerische Bürgschaften
Für die Dauer der Kreditvereinbarung verpflichten sich die Gesellschaftergruppen, Herr XXX sowie das Unternehmen XXX auf unsere erste Anforderung hin zur Sicherung unserer Ansprüche aus obigem Darlehen jeweils hälftige selbstschuldnerische Bürgschaften zu übernehmen, falls Ihr Generalmieter, das Unternehmen XXX, mit seinen Mietzahlungen in Rückstand gerät.
Explanation: You may need to rephrase a bit. The "jeweils hälftig" refers to the two guarantors (Mr. x and xxx company) - each covers half of the loan.
selbstschuldnerische Bürgschaft f
(Re) absolute guaranty
– guaranty of payment
– (GB) absolute suretyship
(ie, Bürge kann nach 773 I 1 BGB auf die Einrede der Vorausklage, qv (= defense of preliminary proceedings against the principal debtor) verzichten; Gläubiger kann sich nach s–r Wahl an den Hauptschuldner od an den Bürgen halten; oft sagt Bürge Zahlung auf erstes Anfordern zu; guarantor (= Bürge) has primary liability, ie, his liability is fixed when the debt is due and principal does not pay; he often promises to pay at creditor's first request)
A couple of examples:
A frequent area of dispute that arises after the default of a debtor is the liability of a guarantor on the underlying debt. A contract of guaranty is the promise to answer for the payment of some debt or the performance of some obligation by a third person on the default of that third person. The law distinguishes between types of guaranties. The various types of guaranties to be considered include general vs. special; conditional vs. absolute and continuing. A "general" guarantee may be enforced by any party to whom it is presented. A "special" guaranty is one addressed to a particular person, firm, or corporation. An "absolute guaranty" is one that does not attach conditions for enforcement. A "conditional" guaranty is one which is not enforceable until certain conditions precedent have been met. A "continuing" guaranty is one that remains in effect until revoked. A discussion regarding the types of guaranties will ensue, followed by a discussion of drafting tips. www.flabar.org/newflabar/publicmediainfo/TFBJournal/01jun-6...
The individual Defendants executed an absolute, irrevocable, and unconditional Guaranty simultaneously with Defendant Diamond Enterprises' execution of the Promissory Note. In addition to providing for an absolute guaranty of payment under the Promissory Note, the Guaranty also provides:
No set-off, counterclaim, reduction or diminution of any obligation, or any defense of any kind or nature (other than performance by any Guarantor of its obligations hereunder) which the Guarantor has or may have with respect to a claim under this Guaranty, shall be available hereunder to the Guarantor against the Lender. www.courts.state.ny.us/nycdlr/issue3-4/vottis.HTM
Hope this helps steer you in the right direction...
Ulrike Lieder Local time: 02:59 Native speaker of: German PRO pts in category: 31