Assignment Of Subcontractors' Warranties And Bank Guarantees Sample Clauses

Assignment Of Subcontractors' Warranties And Bank Guarantees. CONTRACTOR hereby irrevocably assigns without restriction to COMPANY all of CONTRACTOR'S right, title and interest in and to any and all warranty bank guarantees and advance payment bank guarantees that CONTRACTOR holds for the benefit of COMPANY and those provided by any subcontractor or vendor, and any and all warranty claims and claims for performance CONTRACTOR may have against its subcontractors, vendors, architects, building engineers, project planners and any other building tradesmen and persons involved in the Project who have a contractual relationship with CONTRACTOR. CONTRACTOR shall be obligated to provide to COMPANY immediately after receipt all original performance guarantees or warranty guarantees which CONTRACTOR receives from its subcontractors and vendors. COMPANY grants to CONTRACTOR an entitlement, subject to revocation by COMPANY, pursuant to which CONTRACTOR shall be entitled and obligated to assert against all subcontractors and vendors the performance claims and warranty claims under the subcontracts and purchase orders in its own name and at its own cost. COMPANY may revoke this entitlement and obligation upon the occurrence of (i) the filing of a petition for bankruptcy of CONTRACTOR, or (ii) termination of the Contract, and may then itself assert the claims assigned to it against the aforesaid subcontractors, vendors, architects, building engineers, project planners, and other persons involved in the Project. This Section shall not be deemed a waiver in any form whatsoever of any claims against CONTRACTOR under this Agreement, provided any sums collected by COMPANY under this Section 21.8 -------- ------------ shall be set off against COMPANY'S claims against CONTRACTOR. CONTRACTOR shall recognize, and hereby consents to, any assignment by COMPANY of its right, title and interest in such guarantees to any lender or lenders providing financing for the Project. CONTRACTOR shall direct the issuer of any bank guarantee to make all payments directly to COMPANY. In the event of revocation of the entitlement, CONTRACTOR shall hold any such proceeds received by CONTRACTOR in trust for COMPANY and shall promptly pay to COMPANY any such proceeds received by CONTRACTOR.
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Related to Assignment Of Subcontractors' Warranties And Bank Guarantees

  • Actions of Custodian Based on Proper Instructions and Special Instructions So long as and to the extent that the Custodian acts in accordance with (a) Proper Instructions or Special Instructions, as the case may be, and (b) the terms of this Agreement, the Custodian shall not be responsible for the title, validity or genuineness of any property, or evidence of title thereof, received by it or delivered by it pursuant to this Agreement.

  • Assignment of Warranties Lessor has assigned to Lessee all warranties to which Lessor may have rights applicable to the Facility or any portion thereof provided by any manufacturers, designers, and constructors of the Facility or any portion thereof. Lessor agrees to take such other action as may be necessary to effectuate the assignment granted to Lessee pursuant to this Section 2.13.

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  • Conditions Precedent to Each Loan and Letter of Credit The obligation of each Lender on any date (including the Closing Date) to make any Loan and of each Issuer on any date (including the Closing Date) to Issue any Letter of Credit is subject to the satisfaction of each of the following conditions precedent:

  • Conditions Precedent to Obligations of Each Party The obligations of each Party to effect the Merger and otherwise consummate the Contemplated Transactions to be consummated at the Closing are subject to the satisfaction or, to the extent permitted by applicable Law, the written waiver by each of the Parties, at or prior to the Closing, of each of the following conditions:

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  • Incorporation of Representations and Warranties From Credit Agreement The representations and warranties contained in Section 5 of the Credit Agreement are and will be true, correct and complete in all material respects on and as of the First Amendment Effective Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true, correct and complete in all material respects on and as of such earlier date.

  • Reaffirmation of Representations The Borrower hereby repeats and reaffirms all representations and warranties made by the Borrower to the Administrative Agent and the Lenders in the Credit Agreement as amended by this Amendment and the other Credit Documents on and as of the date hereof with the same force and effect as if such representations and warranties were set forth in this Amendment in full.

  • Actions Not Requiring Proper Instructions Unless otherwise instructed by the Trust, the Custodian shall with respect to all Securities held for the Fund:

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