CTCM » Topics » 3. SURETY TERM AND TERMINATION

These excerpts taken from the CTCM 10-K filed Feb 29, 2008.

3. SURETY TERM AND TERMINATION

 

3.1. The Surety shall be issued for the entire duration of the Agreement.

The Principal, however, may not present its demand to the Surety to pay any amounts under section 1.1. hereof after December 31, 2010.

3.2. The Surety shall terminate:

a) in respect of the obligations under section 1.1. hereof  if no demand for payment of the respective amounts is presented to the Surety by the Principal by December 31, 2010;

b) if the Principal refused to accept proper performance under the Agreement and/or Supplementary Agreement No. 1 as offered by the Agent or the Surety (this provision shall apply only in respect of the Surety for a specific obligation of the Agent, which the Principal has refused to accept and shall not terminate the Surety Deed in its entirety);

c) in the event the Agent has properly performed all of its obligations under the Agreement secured by the Surety; and

d) in other cases provided by the law.

 

3. SURETY TERM AND TERMINATION



 



3.1.
The Surety shall be issued for the entire duration of the Agreement.



The Principal, however, may not present its demand to
the Surety to pay any amounts under section 1.1. hereof after December 31,
2010.



3.2.
The Surety shall terminate:



a)
in respect of the obligations under section 1.1. hereof  if no demand for payment of the respective
amounts is presented to the Surety by the Principal by December 31, 2010;



b) if the Principal refused to accept proper
performance under the Agreement and/or
Supplementary
Agreement No. 1
as offered by the Agent or the Surety (this provision
shall apply only in respect of the Surety for a specific obligation of the
Agent, which the Principal has refused to accept and shall not terminate the
Surety Deed in its entirety);



c)
in the event the Agent has properly performed all of its obligations under the
Agreement secured by the Surety; and



d)
in other cases provided by the law.



 



This excerpt taken from the CTCM 10-Q filed Jul 31, 2007.

3. SURETY TERM AND TERMINATION

3.1. The Surety shall be issued for the entire duration of the Agreement.

The Principal, however, may not present its demand to the Surety to pay any amounts under section 1.1. hereof after December 31, 2013.

3.2.  The Surety shall terminate:

a) in respect of the obligations under section 1.1. hereof– if no demand for payment of the respective amounts is presented to the Surety by the Principal by December 31, 2013;

b) if the Principal refused to accept proper performance under the Agreement as offered by the Agent or the Surety (this provision shall apply only in respect of the Surety for a specific obligation of the Agent, which the Principal has refused to accept and shall not terminate the Surety Deed in its entirety);

c) in the event the Agent has properly performed all of its obligations under the Agreement secured by the Surety; and

d) in other cases provided by the law.

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