NOW THEREFORE, the Parties having agreed to create this surety bond for the Obligee’s guarantee performance benefit, do hereby assent to the following terms:

1. Binding Release / Bond Amount. Parties do hereby bind themselves, jointly and severally, to Obligees, to all the terms contained in this surety bond for payment, in the amount of TWO MILLION EUROS (€ 2,000,000.00), and so bind their assigns, administrators and executors.
2. Benefit Calculation. The fringe benefits assured and guaranteed by this surety bond shall be calculated in the manner and by the rates delineated in the CBA.
3. Time for Payment to Obligee. The payment of benefits assured and guaranteed herein shall be made to the Obligee within thirty (30) days after the Obligee notifies the Surety that the Principal is delinquent in remitting benefits to purchasers who’s package reach maturity covered in the buyer’s agreement contract as delineated by the CBA. Guarantees in this document is for the returm of the premium cost innitiated to activate the accord herein.
4. Notice. All notices, requests, demands, including request for payment of benefit as articulated in paragraph 3, supra, of this surety bond, and other communications hereunder must be in writing and shall be deemed to have been duly given if delivered by email or within the continental location by first class, certified mail, return receipt requested, postage and registry fees prepaid, to the applicable party as follows:
5. Surety’s Right to Terminate. Surety may terminate this surety bond by serving written notice upon the Principal and to inform the Obligee, no less than (30) days prior to the effective date of termination, in the manner delineated herein in paragraph 4. Surety shall remain liable for any of the Principal’s benefit delinquencies that accrued between the date of this surety bond’s creation and the termination date of the same.
6. Surety’s Liability to Obligee. Surety is bound hereunder independently of Principal in the maximum amount of TWO MILLIOM EUROS (€ 2,000,000.00). Obligee may collect from Surety the principal amount of Principal’s benefits, in addition to any applicable interest (rates applied at the time of purchase) and costs awarded by the delinquency, or additional fees above on beyond the principal delinquency amount that are statutorily granted under any pertinent laws.
7. Obligee’s Notifications to Surety. In the event of Principal’s default to the Obligee, the Obligee shall notify the Surety within ninety (90) days after the Obligee shall have had knowledge of such default, and provided further than no suit, action or proceeding shall be brought hereunder, unless the same be instituted within one (1) year after the date of expiration or cancellation of this bond. If time limitations for notice of loss or institution of suit, action or legal proceeding is shorter than that permitted to be fixed by agreement under any statute controlling the construction of this Bond, the shortest permissible statutory limitation of time shall govern and shall supersede the time limitation stated herein. For the purposes of this Surety Bond, the Principal shall be deemed in default upon the issuance of an arbitration award declaring that it owes money to the Funds for disbursements.
8. Partial and Multiple Claims Against Surety Bond. Partial and multiple claims are permitted under this surety bond as long as the claims in the aggregate do not exceed the value of this surety bond. Given the nature of the packages for sale, the aggregate bond may expire six (6) months after maturity of obligations and this bond shall move to guarantee other disbursements and replaced by a newly sold package.
9. Renewal or Modification of CBA’s Effect on Surety Bond: The renewal, extension or modification of the CBA shall not invalidate or otherwise modify this surety bond. The terms of the CBA or any successor agreement may be changed and modified without the knowledge or consent of the Surety. Surety may, however, request a copy of any modified CBA which alters the benefits projected (calculation rates).
10. Estimation of Delinquent Benefits. The Principal’s failure to file purchaser remittance reports as it is required to do by the CBA, shall not impact the Obligee’s rights to collect delinquent Funds from the Surety. Should the Principal fail to file its reports, the Funds are entitled to estimate and set the amount due and collect the same from the Surety.
11. Authority. The undersigned signatories represent and warrant that he, she, or it have the authority to create this surety bond and bind himself, herself, or itself thereto.
12. Counterpart Originals. This surety bond may be executed in their original version or in copies, counterparts, or other such duplicate versions. All signatures need not appear on the same copy, and the parties may execute different copies, so long as they contain identical provisions and all such executed copies shall constitute the complete agreement. Signatures made by facsimile copy shall have the same force and effect as original signatures.
13. Entire Understanding. This surety bond contains the entire understanding between the Parties and supersedes any and all prior agreements between the Parties concerning the subject matter contained herein. No representations, promises, understandings, covenants, or undertakings, oral or otherwise, shall have any force or effect except as set forth in this surety bond. The Parties acknowledge that they are not relying on any representations other than those expressly set forth herein. This surety bond may not be modified except by written instrument executed and acknowledged by all of the parties.
14. Enumerations and Paragraph Titles. The enumerations and boldface descriptions of each paragraph contained herein are for convenience only and have no legal meaning or significance whatsoever.
15. Signatures. This surety bond is hereby agreed to and accepted in substance and in form by and among the parties.