Common use of Credit Arrangements Clause in Contracts

Credit Arrangements. Prior to any of the Services being provided under this Agreement, the Client will comply with at least one of the following credit arrangements (as specified by QBT): (a) the Client must provide to QBT, in a form approved by QBT, an irrevocable, unconditional and non-expiring bank guarantee (in a form satisfactory to QBT), or a security deposit to be maintained and available at all times, for an amount of not less than the Guaranteed Sum. QBT may from time to time and at its sole discretion apply some or all of the bank guarantee or security deposit in respect of any Fees or other money which may from time to time be due and payable by the Client to QBT. The amount of the bank guarantee or security deposit may be reduced if QBT so agrees and must be increased should QBT so require as the amount of Product expected to be the subject of this Agreement decreases or increases. If the Client has an obligation to provide a bank guarantee or security deposit under more than one agreement with QBT, it may provide the one bank guarantee or security deposit to meet the requirements of all agreements it has with QBT, so long as the total security provided is sufficient to cover the amounts required in each of the agreements; or (b) the Client will have the benefit of the 30 day payment terms for the payment of Fees in Clause 4,5,6 and 7, provided that the Client otherwise complies with all of its obligations pursuant to this Agreement and any other agreement with QBT or its Related Bodies Corporate and makes payment to QBT in respect of any service charges or any other moneys which may from time to time be due and payable by the Client to QBT under this or any other Agreement with QBT or its Related Bodies Corporate. (c) the Client pre-pays the fees set out in clause 6 for the Services provided by QBT in respect of each Consignment. Following a request from the Client, QBT will provide an estimate of the amount to be paid for such Services and the estimated amount will be paid by the Client prior to provision of the Services. For clarification, if QBT's estimate exceeds the actual Fees for the Services subsequently provided, QBT will reimburse the excess amount to the Client. Similarly, if QBT's estimate is less than the actual Fees for the Services, the Client must pay the difference notified by QBT.

Credit Arrangements. Prior to any of the Services being provided under this Agreement, the Client will comply with at least one of the following credit arrangements (as specified by QBT): (a) the Client must provide to QBT, in a form approved by QBT, an irrevocable, unconditional and non-expiring bank guarantee (in a form satisfactory to QBT), or a security deposit to be maintained and available at all times, for an amount of not less than the Guaranteed Sum. QBT may from time to time and at its sole discretion apply some or all of the bank guarantee or security deposit in respect of any Fees or other money which may from time to time be due and payable by the Client to QBT. The amount of the bank guarantee or security deposit may be reduced if QBT so agrees and must be increased should QBT so require as the amount of Product expected to be the subject of this Agreement decreases or increases. If the Client has an obligation to provide a bank guarantee or security deposit under more than one agreement with QBT, it may provide the one bank guarantee or security deposit to meet the requirements of all agreements it has with QBT, so long as the total security provided is sufficient to cover the amounts required in each of the agreements; or (b) the Client will have the benefit of the 30 14 day payment terms for the payment of Fees in Clause 4,5,6 and 7, provided that the Client otherwise complies with all of its obligations pursuant to this Agreement and any other agreement with QBT or its Related Bodies Corporate and makes payment to QBT in respect of any service charges or any other moneys which may from time to time be due and payable by the Client to QBT under this or any other Agreement with QBT or its Related Bodies Corporate.; (c) the Client pre-pays the fees set out in clause 6 for the Services provided by QBT in respect of each Consignment. Following a request from the Client, QBT will provide an estimate of the amount to be paid for such Services and the estimated amount will be paid by the Client prior to provision of the Services. For clarification, if QBT's estimate exceeds the actual Fees for the Services subsequently provided, QBT will reimburse the excess amount to the Client. Similarly, if QBT's estimate is less than the actual Fees for the Services, the Client must pay the difference notified by QBT.