|
|
 | | | |
- close
- close
- close
- close
This excerpt taken from the KEM 8-K filed Oct 27, 2008. Assignment for guarantee purposes (Art. 2)
In order to guarantee the fulfilment of the Guaranteed Obligations, the Assignors assign all the credits as specified in the deed of Assignment of Credit to the Lending Party with recourse. All the sums collected by the Assignor in relation to the Assigned Credits shall have to be paid into a specific current account open at the Agent Bank.
The Credit Accounts shall have to be registered in the name of the Assignors, who undertake to grant the Agent Bank, at the same time this deed is entered into, appropriate irrevocable authority to use the sums credited therein to satisfy all the Guaranteed Obligations. The Assignor shall have to forward to the Agent Bank, on a quarterly basis, the account statement of the Credit Account. Until the occurrence of a Significant Event, the Assignor may freely use the amounts paid into the Credit Account and the Lending Party will have to make the afore-mentioned amounts paid into the Credit Account available immediately to the Assignor.
|
| |||||||
