SECTION 46

The guarantor and the counter guarantor shall each have five working days to examine the conformity of the demand for payment with the terms of the autonomous guarantee or autonomous counter guarantee. They may only reject the demand on condition that they give notice of all the irregularities justifying the rejection to the beneficiary or, in the case of counter guarantor, to the guarantor, latest, at the expiration of this time limit. The guarantor shall forward a copy of the beneficiary’s demand for payment and its annexures to the principal or, in the case of a counter guarantee, to the counter guarantor who shall in turn forward them to the principal. The guarantor shall notify the principal or, in the case of a counter guarantee, the counter guarantor, who shall in turn notify the principal of any reduction of the amount of the guarantee and of any other act or event the guarantee to an end other than the date ending its validity.