Annex to
Guarantee Issuance Application dated
, Ref.
TERMS AND CONDITIONS OF GUARANTEES SECURED BY ACCOUNT TURNOVER
1. Unless stated otherwise herein, the capitalized terms used in the present
Terms and Conditions, the Application and the General Terms and
Conditions of Guarantees will carry the same meaning, unless stated
otherwise in these Terms and Conditions. Explanation of some terminology
used in the Terms and Conditions:
Late
the penalty for delay in payment of Interest and/or Fee
Penalty
at the rate of 0.16% per day of the amount of Interest
and/or Fee past due for the period of delay.
Late
the charge for using the Debt Amount after the time
Interest
limit set forth in Clause 4.3.4 at the rate of 0.16% per
day of the Debt Amount past due for the period of
delay.
Debt
the funds lent by the Bank to the Customer by paying
Amount
the Beneficiary the amount stated in the Payment
Demand.
Interest
the charge for using the Debt Amount.
2. By signing the present Terms and Conditions, the Customer assumes
contractual obligations with the Bank and agrees to perform the obligations
set forth in the Application, in the General Terms and Conditions of
Guarantees and the present Terms and Conditions.
3. The present Terms and Conditions form an integral part of the
Application, are binding on the Customer and do not alter or replace the
General Terms of Guarantees (unless expressly stated otherwise in the
present Terms and Conditions).
4. The procedure for disbursement and repayment of the Debt Amount:
4.1. If funds in the Customer’s accounts with the Bank are not sufficient to
satisfy the Payment Demand, the Bank will satisfy the Payment Demand in
the place and stead of the Customer out of the Bank’s own funds and will
notify the Customer thereof.
4.2. Any payment made by the Bank to the Beneficiary out of the Bank’s
own funds on the basis of a Payment Demand shall be treated as the Debt
Amount.
4.3. The Debt Amount shall be subject to the following terms:
4.3.1. The payment of the Debt Amount will be entered in the Bank’s
record-keeping system as a loan to the Customer equivalent to the Debt
Amount. The reference number assigned to the Debt Amount in the Bank’s
record-keeping system may differ from the reference number of the
Guarantee.
4.3.2. The Customer shall pay the Bank a management fee of EUR 150 for
registering and paying the Debt Amount on the day when the Customer
repays to the Bank the Debt Amount but in any event not later than on the
10th business day as from the day when the Bank paid the Debt Amount to
the Beneficiary.
4.3.3. The Customer shall pay Interest to the Bank for using the amount of
the Debt at the rate of 16% per annum of the amount of the Debt on the
basis of a year of 360 days and the number of calendar days in a month.
Interest shall be paid by the Customer on the day when the Customer
repays the Debt Amount to the Bank but in any event no later than on the
10th business day as from the day when the Bank paid the Debt Amount to
the Beneficiary.
4.3.4. The Customer shall repay the Debt Amount to the Bank no later than
on the 10th business day as from the day when the Bank paid the Debt
Amount to the Beneficiary.
4.3.5. Should the Customer fail to repay the Debt Amount to the Bank
within the time limit set forth in Clause 4.3.4, the Customer shall pay Late
Interest to the Bank for the period of time as from the day that follows the
day when the Debt Amount became due and payable by the Customer to
the Bank until the day when the Customer repays the Debt Amount to the
Bank in full. Repayment of the Debt Amount shall not release the Customer
from the obligation to make other payments due according to the
Application.
4.3.6. In case of a failure by the Customer to pay the Debt Amount to the
Bank on or before the day stated in Clause 4.3.4 hereof, the Bank shall
have the right to demand payment of all and any amounts due and payable
to the Bank according to the Application.
5. The Customer shall pay Late Penalty to the Bank for failure to comply
with the time limits for payment of any Fee. The Customer shall pay Late
Interest to the Bank for failure to comply with the time limits for payment of
the Debt Amount.
6. The Bank will have the right to demand early payment by the Customer
of any due amounts set forth in the Application and to demand that funds
equivalent to the Guarantee Amount be credited by the Customer to the
Cash Collateral Account in the following events:
1) the Customer’s payments set forth in the Application are more than 14
days past due;
2) the Customer has knowingly furnished false information or supplied
forged documents to the Bank;
3) any indication of the Customer’s insolvency is established or the
insolvency proceedings application is filed with court;
4) third-party claims are brought against the Customer;
5) any event, or a series of events, occurs which, in the reasonable opinion
of the Bank, has a material adverse effect on the Customer’s business,
assets, financial transactions or financial standing or the ability of the
Customer to perform the obligations arising from the Application (including,
without limitation, a material adverse change in the business operations of
the Customer as compared to the situation at the time of signing the
Application);
6) the Bank, pursuant to any agreements existing between the Bank and
the Customer, or any company of the Bank’s Group pursuant to
agreements existing between the Customer and such a Group company, or
Swedbank AB (registered with the Swedish Companies Registry under No.
502017-7753) pursuant to any agreements existing between Swedbank AB
or the Customer, or any company in which Swedbank AB directly or
indirectly holds a participating interest, pursuant to any agreements existing
between such a company and the Customer, becomes entitled to
unilaterally withdraw from the respective agreement and to demand early
performance thereof by the Customer.
7. If the Bank exercises its rights laid down in Clause 6, the Bank shall
notify the Customer thereof in writing. The Customer shall have a duty,
within 7 days of being notified by the Bank, to transfer funds equivalent to
the Guarantee Amount to the Cash Collateral Account specified by the
Bank and to repay all and any monies due to the Bank pursuant to the
Application, including any penalties in the events stipulated in the
Application.
PRINCIPAL (CUSTOMER)
Name
Address
Registration No.
SIGNATURE AND STAMP OF THE PRINCIPAL (CUSTOMER)
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01.09.2015.