Bank Guarantee. In addition to the Common Articles, it is specified that: In order to guaranty the proper execution of its contractual obligations pursuant to the Contract and/or Order(s), the Supplier shall issue in favor of the Purchaser a first demand and irrevocable performance bond from a first class bank or other financial institutes agreed by the Purchaser, to guaranty good performance by the Supplier of its obligations under the Contract. The Supplier shall issue the bond within thirty (30) days after issuance of the SPC or of the Order. Each performance bond shall amountto fifteen per cent (15%) of the total value of the concerned SPC and / or Order. Each performance bond shall expire when the relevant services have been fully performed in compliance with the Contract.
Bank Guarantee. (a) Prior to the issue of a Construction Certificate the Developer must provide to the Council a Bank Guarantee in the amount of $150,000.00 to secure completion of the Works.
(b) The Council may reject any Bank Guarantee that contains errors, or if it has received the Bank Guarantee, require at any time the Developer to obtain a replacement Bank Guarantee that rectifies any such errors or otherwise obtain rectification of the errors. The Developer must provide the replacement Bank Guarantee, or otherwise obtain rectification of the errors, within 5 Business Days of receiving the Council’s request.
(c) The Council may call on a Bank Guarantee provided under this clause if:
(i) the Developer is in material or substantial breach of this agreement and has failed to rectify the breach within a reasonable period of time after having been given reasonable notice (which must not be less than 21 Business Days) in writing to do so in accordance with clause 11.1 of this agreement; or
(ii) the Developer becomes Insolvent.
(d) Within 20 Business Days of each anniversary of a Bank Guarantee provided under clause (a), the Developer must provide Council with one or more replacement Bank Guarantees (Replacement Bank Guarantee) in an amount calculated in accordance with the following: A = C Where: A is the amount of the Replacement Bank Guarantee, B is the amount of the Bank Guarantee to be replaced, C is the CPI for the quarter ending immediately before the date of the Bank Guarantee to be replaced, D is the CPI for the quarter ending immediately before the date of the Replacement Bank Guarantee, provided A is greater than B.
(e) On receipt of a Replacement Bank Guarantee provided under clause 11.2(d), the Council must release and return to the Developer, as directed, the Bank Guarantee that has been replaced as soon as reasonably practicable.
(f) At any time following the provision of a Bank Guarantee under this clause, the Developer may provide the Council with one or more replacement Bank Guarantees totalling the amount of all Bank Guarantees required to be provided under this clause for the time being. On receipt of such replacement Bank Guarantee, the Council must release and return to the Developer, as directed, the Bank Guarantee(s) which it holds that have been replaced as soon as reasonably practicable.
(g) Subject to clause 11.2(c), the Council may apply the proceeds of a Bank Guarantee in satisfaction of:
(i) any obligation of the Developer under this agreement...
Bank Guarantee. (See Clause 7)
Bank Guarantee. 1. In case the SHIPPER, following one of the Auctions provided for in the Auction Procedure, will be awarded some Sublet Hourly Flow Rate, ENI will send to SHIPPER an Individual Contract in the form of Annex D, specifying, inter alia, Guarantee Date 1 and Guarantee Date 2.
2. Within the Guarantee Date 1, the SHIPPER shall provide ENI with a credit guarantee on first demand issued by an internationally Primary Bank (the "Bank Guarantee") for an amount equivalent to 3 (three) monthly Subletting Fees as per Article 9. The Bank Guarantee must be conformed to the form herein attached as Annex B. The Bank Guarantee shall be in force until the date specified in clause 5 of Annex B and shall guarantee all the payments due under the Contract.
3. Should the SHIPPER fail to make available to ENI the Bank Guarantee as specified in Article 16.2 by the Guarantee Date 1, or should the Bank Guarantee result not enforceable, ENI shall be entitled to suspend the execution of the related Individual Contract (in any case the SHIPPER shall be obliged to fulfil its obligation under Article 10) until and including the Day that follows the receipt of the valid Bank Guarantee. Should the SHIPPER fail to make available to ENI the Bank Guarantee as specified in Article 16.2 by the Guarantee Date 2, or should the Bank Guarantee result not enforceable, ENI shall be entitled to terminate the related Individual Contract and the SHIPPER shall pay to ENI a penalty equal to 10% of the Subletting Fee which would have been due and payable for the entire life of the related Individual Contract if the Individual Contract had not been terminated. Any termination of this Individual Contract shall be without prejudice to the rights of the Parties accrued up to the date of termination. In such case ENI may enforce the Bid Bond as partial payment for the above mentioned penalty.
4. In case the SHIPPER fails to promptly comply with its obligations to pay under this Contract, ENI shall be entitled to enforce the Bank Guarantee under Article 16.2 above offsetting the relevant credit.
Bank Guarantee. 18.1 In order to secure the obligations of the Company under clause 17.2 of this document to pay liquidated damages, the Company must on or before the Licensing Date provide to the State an unconditional guarantee or letter of credit issued by a bank or banks acceptable to the State's Nominated Representative and in such form approved by the State's Nominated Representative to pay to the State on demand up to $25 000 000.
18.2 Unless demand under the Bank Guarantee has been previously made and has not been satisfied, the Bank Guarantee will be returned to the Company 18 months after the Melbourne Casino Complex has been Completed.
Bank Guarantee. If specifically requested by UNRWA, prior to the signature of the Contract, the Contractor shall provide a banker’s guarantee from a bank acceptable to UNRWA in the form, amount and manner prescribed by UNRWA.
Bank Guarantee. 16.1 This general condition only applies if the applicable box in the particulars of sale is checked.
16.2 In this general condition:
(a) “bank guarantee” means an unconditional and irrevocable guarantee or undertaking by a bank in a form satisfactory to the vendor to pay on demand any amount under this contract agreed in writing, and
Bank Guarantee. 4.1 On or before 1 January 2000, the Company must provide to the State an unconditional guarantee or letter of credit issued by a bank or banks acceptable to the State's Nominated Representative and in a form approved by the State's Nominated Representative to pay to the State on demand up to $25 000 000.
4.2 The guarantee or letter of credit required under clause 4.1 is to be provided in substitution for the Bank Guarantee currently provided to the State under clause 18.1 of the Management Agreement, and will be the Bank Guarantee for the purposes of clause 18.2 of the Management Agreement.
4.3 A breach by the Company of clause 4.1 shall be taken to be a breach of the Management Agreement for the purposes of clause 25.2 of the Management Agreement.
Bank Guarantee. (See Clause 7) SCHEDULE OF SURETIES
Bank Guarantee. Borrower shall provide to MFGT a valid, unconditional and irrevocable bank guarantee for payment issued by a certified credit institution accepted by MFGT, of which: - the exclusive beneficiary shall be MFGT, and which - shall be in the amount: covering the market value of the Natural Gas Lent, that is EUR which shall be calculated using the following formula: CEGH* Quantity Lent (MWh) where: CEGH: Market price on which the bank guarantee is based, being the higher value of the following: (i) 30 EUR/MWh; (ii) 150% of the daily “Settlement Price” published on the day MFGT receives the Borrower’s request for the conclusion of the Gas Loan contract, in the "CEGH AT VTP Front Month Single Day Select” section for the month following the base month, rounded to 3 decimal digits in EUR/MWh. If on the day MFGT receives the Borrower’s request for the conclusion of the Gas Loan contract, no daily “Settlement Price” is published in the "CEGH AT VTP Front Month Single Day Select” section for the month following the base month, 150% of the last daily “Settlement Price” published in the "CEGH AT VTP Front Month Single Day Select" section for the month following the base month. In as far as the Borrower uses other storage service(s) and offered a bank guarantee as a payment collateral, the bank guarantee securing the fee of other storage services may not be set off from the bank guarantee amount due pursuant to this contract.
a) The bank guarantee shall be valid until 30 September 2022. If Borrower fails to return the Natural Gas Lent according to the Schedule set forth in Chapter VII, Section 2 or Chapter VII, Section 3 – that is until 31 August 2022, or until the date specified in the Notification sent by MFGT in case of Mandatory Return –, or if the Borrower commits any other material breach of contract as per Section XV of this Contract, MFGT shall become entitled to call upon the full amount of the bank guarantee following it becomes aware of (i) even the slightest deviation from the schedule, or (ii) the material breach of contract. After the settlement of the amount required for procuring the missing gas quantity and the arising costs, the remaining part of the amount called shall be re-transferred to the Borrower.
b) Any fee or cost related to the bank guarantee shall be borne by the Borrower.
c) The early termination or the inappropriate modification of the bank guarantee shall qualify as material breach of contract.
d) If under the duration of the contract, 150%...
