Appropriation of Bank Guarantee Sample Clauses

Appropriation of Bank Guarantee. The Solar Power Project shall be commissioned within 12 (twelve) months from the Effective Date (as defined in the Draft PPA). In case of failure to achieve this milestone, KSPDCL shall encash the full Performance Bank Guarantee. In case of further delay, KSPDCL shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to terminate this Agreement as per Clause 12 (Termination).
Sample 1Sample 2See All (10)
Appropriation of Bank Guarantee. The Solar Power Project shall be commissioned within 13 months from the date of signing of PPA by SPD. In case of failure to achieve this milestone and failure by SPD to reinstate/renew LC amount not later than 30 days from its drawl/expiry, KSPDCL shall encash the Performance Bank Guarantee on per day basis and proportionate to the Capacity not commissioned/proportionate to the capacity for which Annual O&M Charges not paid subject to maximum of 5 months delay. In case of further delay and the project is not commissioned within 18 months from the date of signing of PPA, KSPDCL shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to terminate this Agreement and also the Land Sub Lease Agreement in accordance with the provisions of Article 12.2 & 12.3 of this agreement.
Sample 1
Appropriation of Bank Guarantee. The Solar Power Project shall be commissioned within 15 months from the date of the signing of PPA. Unless extended by UPNEDA/UPPCL, in case of failure to achieve this milestone, LSPDCL shall en-cash the Performance Bank Guarantee on per day basis and proportionate to the Capacity not commissioned, with 100% encashment for 6 months delay. In case of further delay and the project is not commissioned within 21 months from the date of signing of PPA, LSPDCL shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to terminate this Agreement.
Sample 1
Appropriation of Bank Guarantee. The Solar Power Project shall be commissioned within 13 months from the date of signing of PPA. In case of failure to achieve this milestone, APSPCL shall encash the Performance Bank Guarantee on per day basis and proportionate to the Capacity not commissioned, with 100% encashment for 150 days delay. In case the project is not commissioned within the period stipulated by NTPC/MNRE and extension for COD is not granted by NTPC/MNRE, APSPCL shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to terminate this Agreement and also the Land Lease Agreement without any liability to APSPCL.
Sample 1
Appropriation of Bank Guarantee. Upon occurrence of lessee event of Default, the NRDA shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Bank Guarantee as Lessee event of Default, Upon such encashment and appropriation from the Bank Guarantee , the Lessee shall, within 30 (thirty) days thereof furnish a top up Bank Guarantee or replenish the Bank Guarantee in case of partial appropriation in the manner such that the aggregate value of the Bank Guarantees equals to the required value. The NRDA shall be entitled to encash and appropriate such Bank Guarantees in event of lessee event of Default, and terminate this Agreement in accordance with Clause 38.
Sample 1
Appropriation of Bank Guarantee. Upon occurrence of lessee event of Default, the NRDA shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Bank Guarantee as Lessee event of Default, Upon such encashment and appropriation from the Bank Guarantee , the Lessee shall, within 30 (thirty) days thereof furnish a top up Bank Guarantee or replenish the Bank Guarantee in case of partial appropriation in the manner such that the aggregate value of the Bank Guarantees equals to the required value. The NRDA shall be entitled to encash and appropriate such Bank Guarantees in event of lessee event of Default, and terminate this Agreement in accordance with Clause38. 12 The Lessee shall be responsible for construction and maintenance of necessary hutments for its labours within the project site along with providing power, drinking water, sanitation and other facilities at its own cost. The Lessee shall demolish all such hutments and remove the debris from site before completion of project at its own cost 13 The terms and conditions based on which the Tenderer is selected for allotment of plot shall be an integral part of the lease deed. 14 The lessee shall be responsible for obtaining all the statutory approvals/ permits/ License / permission including diversion of the land, environmental clearance, approval from tourism dept. etc. as required for the construction, development and operation and maintenance of the facilities on the plot at his own cost as required under the applicable laws.
Sample 1

Related to Appropriation of Bank Guarantee

  • Substitution of Banks Upon the receipt by the Borrower from any Bank (an "AFFECTED BANK") of a claim for compensation pursuant to Section 3.01 or Section 3.03, or a notice to the Borrower through the Administrative Agent under Section 3.02(a), unless the Borrower and the Affected Bank have reached an agreement or are negotiating toward reaching an agreement relative to alleviating the impact of such claim for compensation or such notice on the Borrower, the Borrower may: (i) request one or more of the other Banks to acquire and assume all or part of such Affected Bank's Advances and Revolving Commitment, which request may be granted or denied in such Bank's sole discretion; or (ii) designate a replacement bank or financial institution (the "Substitute Bank") to acquire and assume all or part of such Affected Bank's Advances and Revolving Commitment. Any such designation of a Substitute Bank under clause (ii) shall be subject to the prior written consent of the Administrative Agent (which consent shall not be unreasonably withheld). In the event of the replacement of an Affected Bank, such Affected Bank agrees to assign without recourse its rights and obligations hereunder to the Substitute Bank upon payment by the Substitute Bank to the Affected Bank of the principal amount of such Affected Banks's outstanding Advances and any accrued and unpaid interest thereon, and any other amounts owed to such Affected Bank and to execute and deliver to the Administrative Agent an assignment and acceptance in form and substance reasonably satisfactory to the Administrative Agent and such Affected Bank evidencing such assignment and the acceptance by the Substitute Bank of such Affected Bank's obligations hereunder. The designation of a Substitute Bank shall not affect the Borrower's obligations to such Affected Bank hereunder.

  • Substitution of Bank If (i) the obligation of any Bank to make Euro-Dollar Loans has been suspended pursuant to Section 8.02 or (ii) any Bank has demanded compensation under Section 8.03 or 8.04, the Company shall have the right, with the assistance of the Agent, to seek a mutually satisfactory substitute bank or banks (which may be one or more of the Banks) to purchase the Note and assume the Commitment of such Bank, which agrees in such event to sell its Note and transfer its Commitment.

  • Location of Bank Accounts Schedule 6.01(v) sets forth a complete and accurate list as of the Effective Date of all deposit, checking and other bank accounts, all securities and other accounts maintained with any broker dealer and all other similar accounts maintained by each Loan Party, together with a description thereof (i.e., the bank or broker dealer at which such deposit or other account is maintained and the account number and the purpose thereof).

  • Discretion of Bank as to Manner of Funding Notwithstanding any other provision of this Agreement, each Bank shall be entitled to fund and maintain its funding of all or any part of its Loans in any manner it sees fit, it being understood, however, that for the purposes of this Agreement all determinations hereunder shall be made as if each Bank had actually funded and maintained each Eurodollar Loan through the purchase of deposits in the eurodollar interbank market having a maturity corresponding to such Loan’s Interest Period and bearing an interest rate equal to LIBOR for such Interest Period.

  • Continuation of Banking Business For the period commencing the first banking Business Day after Bank Closing and ending no earlier than the first anniversary of Bank Closing, the Assuming Institution will provide full service banking in the trade area of the Failed Bank. Thereafter, the Assuming Institution may cease providing such banking services in the trade area of the Failed Bank, provided the Assuming Institution has received all necessary regulatory approvals. At the option of the Assuming Institution, such banking services may be provided at any or all of the Bank Premises, or at other premises within such trade area. The trade area shall be determined by the Receiver. For the avoidance of doubt, the foregoing shall not restrict the Assuming Institution from opening, closing or selling branches upon receipt of the necessary regulatory approvals, if the Assuming Institution or its successors continue to provide banking services in the trade area. Assuming Institution will pay to the Receiver, upon the sale of a branch or branches within the year following the date of this agreement, fifty percent (50%) of any franchise premium in excess of the franchise premium paid by the Assuming Institution with respect to such branch or branches.

  • Discretion of Banks as to Manner of Funding Notwithstanding any provision of this Agreement to the contrary, each Bank shall be entitled to fund and maintain its funding of all or any part of its Loans in any manner it sees fit, it being understood, however, that for the purposes of this Agreement all determinations hereunder shall be made as if such Bank had actually funded and maintained each Eurodollar Loan during each Interest Period for such Loan through the purchase of deposits having a maturity corresponding to such Interest Period and bearing an interest rate equal to the Eurodollar Rate for such Interest Period.

  • Replacement of Banks If any Bank becomes a Defaulting Bank, (y) upon the occurrence of any event giving rise to the operation of Section 1.10(a)(ii) or (iii), Section 1.10(c), Section 2.05 or Section 4.04 with respect to any Bank which results in such Bank charging to the Borrower increased costs in a material amount in excess of those being generally charged by the other Banks or (z) in the case of a refusal by a Bank to consent to a proposed change, waiver, discharge or termination with respect to this Agreement which has been approved by the Required Banks as provided in Section 13.12(b), the Borrower shall have the right, in accordance with Section 13.04(b), if no Default or Event of Default then exists or would exist after giving effect to such replacement, to replace such Bank (the "Replaced Bank") with one or more other Eligible Transferee or Transferees, none of whom shall constitute a Defaulting Bank at the time of such replacement (collectively, the "Replacement Bank") and each of whom shall be reasonably acceptable to the Administrative Agent or, at the option of the Borrower, to replace only (a) the Revolving Loan Commitment (and outstandings pursuant thereto) of the Replaced Bank with an identical Revolving Loan Commitment provided by the Replacement Bank or (b) in the case of a replacement as provided in Section 13.12(b) where the consent of the respective Bank is required with respect to less than all Tranches of its Loans or Commitments, the Commitments and/or outstanding Loans of such Bank in respect of each Tranche where the consent of such Bank would otherwise be individually required, with identical Commitments and/or Loans of the respective Tranche provided by the Replacement Bank; PROVIDED that:

  • VARIATION OF AGREEMENT 6.1 Subject to clauses 3.2, 6.2 and 6.3, this Agreement may be varied at any time if agreed between the Administrator and the Sector Association. 6.2 The facilities to which this Agreement applies may be varied in accordance with Rules 9 and 10. 6.3 This Agreement may be varied at any time by the Administrator to take account of changes to the terms specified in the Regulations.

  • Variation of the Agreement The Agreement may be amended at any time by agreement in writing between the Organisation and the Ministry.

  • Event of Bankruptcy In addition to, and in no way limiting the other remedies set forth herein, Landlord and Tenant agree that if Tenant ever becomes the subject of a voluntary or involuntary bankruptcy, reorganization, composition, or other similar type proceeding under the federal bankruptcy laws, as now enacted or hereinafter amended, then: (a) “adequate assurance of future performance” by Tenant pursuant to Bankruptcy Code Section 365 will include (but not be limited to) payment of an additional/new security deposit in the amount of three times the then current Base Rent payable hereunder; (b) any person or entity to which this Lease is assigned, pursuant to the provisions of the Bankruptcy Code, shall be deemed, without further act or deed, to have assumed all of the obligations of Tenant arising under this Lease on and after the effective date of such assignment, and any such assignee shall, upon demand by Landlord, execute and deliver to Landlord an instrument confirming such assumption of liability; (c) notwithstanding anything in this Lease to the contrary, all amounts payable by Tenant to or on behalf of Landlord under this Lease, whether or not expressly denominated as “Rent”, shall constitute “rent” for the purposes of Section 502(b)(6) of the Bankruptcy Code; and (d) if this Lease is assigned to any person or entity pursuant to the provisions of the Bankruptcy Code, any and all monies or other considerations payable or otherwise to be delivered to Landlord or Agent (including Base Rent, Additional Rent and other amounts hereunder), shall be and remain the exclusive property of Landlord and shall not constitute property of Tenant or of the bankruptcy estate of Tenant. Any and all monies or other considerations constituting Landlord’s property under the preceding sentence not paid or delivered to Landlord or Agent shall be held in trust by Tenant or Tenant’s bankruptcy estate for the benefit of Landlord and shall be promptly paid to or turned over to Landlord.