The Parent Guarantee Lease Agreement is a critical document used in commercial leasing transactions where additional security is required beyond the tenant's own covenant. This document is particularly relevant in situations where a subsidiary company is the tenant, but the landlord requires the financial backing of the parent company. Under Dutch law, this agreement combines elements of lease law (huurrecht) and guarantee law (borgtochtrecht), creating a legally binding commitment from the parent company to fulfill the tenant's obligations if the tenant defaults. The document is commonly used in high-value commercial leases, corporate expansions, or when dealing with newly established subsidiaries. The Parent Guarantee Lease Agreement typically includes detailed provisions about the scope of guaranteed obligations, enforcement mechanisms, and compliance with Dutch legal requirements regarding both corporate guarantees and property leasing.
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1. Parties: Identification of the Landlord, Tenant, and Parent Company Guarantor, including full legal names, registration details, and addresses
2. Background: Context of the lease agreement and the reason for the parent guarantee, including reference to the main lease agreement
3. Definitions: Defined terms used throughout the agreement, including 'Guaranteed Obligations', 'Lease Agreement', 'Guarantee Period'
4. Scope of Guarantee: Detailed description of the obligations being guaranteed, including rent, service charges, and other tenant obligations
5. Nature of Guarantee: Specification that this is an independent, continuing, and irrevocable guarantee, including the legal basis under Dutch law
6. Guarantor's Obligations: Specific commitments of the parent company, including payment obligations and performance guarantees
7. Duration and Extent: Term of the guarantee and any limitations on the guaranteed amount
8. Enforcement and Claims: Process for making claims under the guarantee and enforcement procedures
9. Representations and Warranties: Guarantor's confirmations regarding capacity, authority, and financial condition
10. Payment Mechanics: Details of how and when payments must be made under the guarantee
11. Notices: Communication requirements and contact details for all parties
12. Governing Law and Jurisdiction: Confirmation of Dutch law application and jurisdiction of Dutch courts
1. Tax Provisions: Specific provisions regarding tax liabilities and VAT, required if the lease involves taxable supplies
2. Financial Covenants: Requirements for guarantor to maintain certain financial metrics, useful for long-term or high-value leases
3. Step-In Rights: Landlord's rights to require guarantor to take over the lease, relevant for critical commercial properties
4. Corporate Requirements: Specific provisions for corporate governance and shareholder approval, needed for listed or regulated guarantors
5. Currency Provisions: Required if lease payments are in a currency different from guarantor's primary operating currency
6. Information Rights: Landlord's rights to receive financial information from guarantor, useful for long-term commitments
1. Schedule 1 - The Property: Detailed description of the leased property, including address and cadastral details
2. Schedule 2 - The Lease: Copy or summary of the main lease agreement terms being guaranteed
3. Schedule 3 - Guaranteed Obligations: Itemized list of all obligations covered by the guarantee
4. Schedule 4 - Form of Demand: Template for making claims under the guarantee
5. Schedule 5 - Corporate Authorizations: Copies of relevant board resolutions and powers of attorney
6. Appendix A - Financial Reporting Requirements: Format and frequency of financial reports required from guarantor
7. Appendix B - Payment Instructions: Bank account details and payment procedures
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