Under the third method of obtaining control, as between the issuer guarantor or nominated person paying the proceeds and the secured creditor, the secured creditor is the beneficiary of the independent undertaking.

It may be that, as between the grantor and the secured creditor, the secured creditor has agreed to treat the proceeds as encumbered assets.

The latter reference, to other undertakings, clarifies the independent nature of a counter guarantee from the guarantee that it relates to, and of a confirmation from the stand by letter of credit or independent guarantee that it confirms.

With insurance, patients also participate in cost sharing of health services.

(g) Security agreement means an agreement between a grantor and a creditor, in whatever form or terminology, that creates a security right.

(c) Ensure equitable burden sharing with private creditors

To the extent that the value of the encumbered asset is insufficient to satisfy the secured creditor's claim, the secured creditor may participate as an ordinary unsecured creditor.

The purpose of conflict of laws rules is to determine the law applicable to each of the following issues the creation of a security right the pre default rights and obligations between the secured creditor and the grantor the effectiveness of a security right against third parties the priority of a security right over the rights of competing claimants and the enforcement of a security right.

(b) Is unaffected by the date on which an advance or other obligation secured by the security right is made or incurred (i.e. a security right may secure future advances under a credit facility with the same priority as advances made under the credit facility at the time the security right is made effective against third parties).

I'll vouch for you if you vouch for me.

Accordingly, the focus of the Convention is on the relationship between the guarantor (in the case of an independent guarantee) or the issuer (in the case of a stand by letter of credit) (hereinafter referred to as quot guarantor issuer quot ) and the beneficiary.

(c) To participate in the work of the Contact Group of guarantor States and organizations and to serve as its coordinator

In addition to this, I have known Neff intimately for 11 years... and I personally vouch for him without reservation.

An insurer refers to the insurance company which enters into an insurance contract with an applicant and is obligated to make indemnity or payments of the insurance benefits.

The same may be said of the relationship between a guarantor issuer and its instructing party (the instructing party being, for example, a bank, requesting, on behalf of its customer, the guarantor issuer to issue an independent guarantee).

Such guarantees might take the form of financial security deposits, insurance or bonds.

(jj) Non possessory security right means a security right in (i) tangibles that are not in the actual possession of the secured creditor or another person holding the tangibles for the benefit of the secured creditor, or (ii) intangibles.

(b) Provide a temporal event for ordering priority among secured creditors and between a secured creditor and other classes of competing claimants.

Any such agreement does not affect the relationship between the issuer guarantor or nominated person paying the proceeds and the beneficiary (the secured creditor).

As an English gentleman?

Sponsors?

A certificate of sponsorship issued by the sponsoring State must be attached with this application.

(126) The insolvency law should specify that creditors, both secured and unsecured, are entitled to participate in insolvency proceedings and identify what that participation may involve in terms of the functions that may be performed.

The law should provide that an acquisition security right is subject to the recommendations in this Chapter regarding effectiveness against third parties and priority even if the acquisition financier (i) also has a security right in the goods securing non acquisition obligations of the grantor or (ii) has a security right in other assets of the grantor securing the payment obligation relating to the acquisition security right.

Privatization of basic goods and services such as water was also criticized for reducing, in many instances, the access of the poor.

The law should specify that a security right is created by agreement between the grantor and the secured creditor which is in writing signed by the grantor in accordance with recommendation 12 that evidences the intent of the grantor to grant a security right or is accompanied by delivery of possession pursuant to the agreement and in accordance with recommendation 9.

If the secured creditor is the depositary bank, the depositary bank's security right has priority over any other security right.

Parties, security rights, secured obligations and assets covered

Independent undertakings

Security Interests

Independent undertakings

Note to the Working Group Under the definition of control in the terminology section, the secured creditor has control of an independent undertaking where (i) the issuer guarantor or nominated person paying the proceeds is the secured creditor (ii) the issuer guarantor or nominated person paying the proceeds has acknowledged the security right in the proceeds from the drawing under an independent undertaking or (iii) the secured creditor is the beneficiary.

There was a need to share responsibilities for collective security with other organizations.

If the value exceeds the claim, the secured creditor will not be harmed by the diminution of value until that value becomes insufficient to pay the secured claim.

(b) Security rights securing the obligation of the obligor on the negotiable instrument.

There are currently eight plans in the programme, the premiums of which are shared by the Organization and the participants under different cost sharing formulas.

(e) Debtor means a person that owes performance of the secured obligation and includes secondary obligors, such as guarantors of a secured obligation .

(ii) Possessory security right means a security right in tangibles that are in the actual possession of the secured creditor or of another person (other than the debtor or other grantor) holding the asset for the secured creditor.

1. Sovereign guarantees

I'll stake you.

Without sponsor.

Some speakers pointed out that there should be better coordination among donors and that risk should be shared with private financial institutions in the design of guarantees.

Unless otherwise specified in the contract, in the event that the sum insured is less than the insured value, the insurer shall undertake the obligation for indemnity pro rata of the sum insured to the insured value.

27.3 The primary responsibility, under the Charter of the United Nations, for the security and protection of personnel of the United Nations system lies with the Member States.

(a) The creation of a security right in proceeds is governed by the law of the State whose law governs governing the creation of the security right in the original encumbered asset from which the proceeds arose and