Calling on Bank Guarantee. (a) The Council may call on the Bank Guarantee in the event that the Developer:
(i) fails to make a payment of any part of the Development Contribution in accordance with the Schedule or any other amount payable under this Agreement by its due date for payment; or
(ii) breaches any other term or condition of this Agreement, and fails to remedy the relevant failure or breach within 7 days after the Council’s notice.
(b) If the Council calls on the Bank Guarantee as a result of the Developer’s failure to pay any amount due under this Agreement, then the Council will apply the amount received pursuant to its claim on the Bank Guarantee towards the Developer’s obligation to pay the relevant amount and will deduct that amount from the amount payable. In those circumstances, the Developer will be required to pay to the Council the outstanding balance of the Development Contribution and other amounts payable under this Agreement.
Calling on Bank Guarantee. (a) Notwithstanding any other provision herein, the Council may call on the Bank Guarantee in the event that the Developer:
(i) fails to make the Development Contribution in accordance with this Agreement; or
(ii) breaches any other term or condition of this Agreement and fails to remedy the relevant failure or breach within 7 days after the Council’s notice.
(b) If the Council calls on the Bank Guarantee as a result of the Developer’s failure to comply with its obligations herein at no cost to Council under this Agreement, then the Council will apply the amount received pursuant to its claim on the Bank Guarantee towards:
(i) the Council’s costs and expenses the Developer is responsible to pay under clause 18.2 together with the costs and expenses incurred by Council rectifying any default by the Developer under this Agreement; and
(ii) carrying out any works required to achieve the Public Purpose.
(c) If the Council calls on the Bank Guarantee and the costs incurred in clause 12.3(b) exceed the amount of the Bank Guarantee, then the amount that exceeds the amount of the Bank Guarantee will be a debt owed by the Developer to the Council and payable immediately upon demand.
Calling on Bank Guarantee. (a) The Council may call on the Bank Guarantee in the event that the Developer:
(i) fails to make a payment of any part of the Monetary Contributions in accordance with Schedule 3 or any other amount payable under this Agreement by its due date for payment; or
(ii) breaches any other term or condition of this Agreement, and fails to remedy the relevant failure or breach within 7 days after the Council’s notice requiring its rectification.
(b) If the Council calls on the Bank Guarantee as a result of the Developer’s failure to pay any amount due under this Agreement, then the Council will apply the amount received pursuant to its claim on the Bank Guarantee in satisfaction of the Developer’s obligation to pay the relevant amount.
Calling on Bank Guarantee. The Council may call on the Bank Guarantee in the event that the Developer:
Calling on Bank Guarantee. Without limitation to the Council’s rights under this Agreement and at law arising from a breach of this Agreement by the Developer:
(a) Subject to clause 9.2(b), the Council may call on the Bank Guarantee in the event that the Developer:
(i) fails to make a payment of any part of the Monetary Contribution in accordance with this Agreement by the Development Contribution Date; or
(ii) breaches any other term or condition of this Agreement relating to delivery of the Monetary Contribution, and fails to remedy the relevant failure or breach within 7 business days after the Council’s notice.
(b) The Council is not to call on the Bank Guarantee unless it has first given 20 business days’ written notice to the Developer of its intention to do so and included written particulars of why it intends to call on the Bank Guarantee, and the Developer has failed to remedy the relevant failure or breach within that time.
(c) The Council may call on the Bank Guarantee without notice to the Developer in the event that an Insolvency Event occurs in respect of the Developer, but only if the Monetary Contribution remains wholly or partly unpaid as at the date of the Insolvency Event.
(d) If the Council calls on the Bank Guarantee pursuant to this clause, then the Council will apply the amount received pursuant to its claim on the Bank Guarantee towards the Developer’s obligation to pay the Monetary Contribution and any costs and expenses incurred by Council in rectifying any default by the Developer to pay the Monetary Contribution under this Agreement. In circumstances where Council calls upon the Bank Guarantee and the available amount is insufficient to satisfy the Council’s claim, the Developer will be required to pay to the Council any outstanding balance.
Calling on Bank Guarantee. (a) The Council may call on the Bank Guarantee in the event that the Developer:
(i) fails to make a payment of any part of the Development Contribution by the Development Contribution Date or any other amount payable under this Deed by its due date for payment; or
(ii) breaches any other term or condition of this Deed, and fails to remedy the relevant failure or breach within 7 days after the Council’s notice; or
(iii) in the event of the Developer becoming insolvent or an application is made for bankruptcy or winding up of the Developer.
(b) If the Council calls on the Bank Guarantee as a result of the Developer’s failure to pay any amount due under this Deed, then the Council will apply the amount received pursuant to its claim on the Bank Guarantee in satisfaction of the Developer’s obligation to pay the relevant amount.
Calling on Bank Guarantee. (a) The Council may call on the Bank Guarantee in the event that the Developer:
(i) fails to make the Development Contribution in accordance with this Agreement; or
(ii) breaches any other term or condition of this Agreement and fails to remedy the relevant failure or breach within 20 Business Days after the Council’s notice.
(b) If the Council calls on the Bank Guarantee as a result of the Developer’s failure to dedicate the Road Land at no cost to Council in accordance with clauses 6.2 and 8.2 or pay any amount due in accordance with this Agreement, then the Council will apply the amount received pursuant to its claim on the Bank Guarantee towards the costs of enforcing the Developer’s obligation herein and will deduct that amount from any balance repayable to the Developer. In those circumstances, the Developer will be required to provide to Council a replacement Bank Guarantee up to the amount of the Bank Guarantee in accordance with clause 12.2 in order to continue to secure the Developer’s obligations herein.
Calling on Bank Guarantee. The Council may call on the Bank Guarantee in the event that the Developer: fails to make a payment of any part of the Development Contribution by the Development Contribution Date or any other amount payable under this Deed by its due date for payment; or breaches any other term or condition of this Deed, and fails to remedy the relevant failure or breach within 7 days after the Council’s notice; or in the event of the Developer becoming insolvent or an application is made for bankruptcy or winding up of the Developer. If the Council calls on the Bank Guarantee as a result of the Developer’s failure to pay any amount due under this Deed, then the Council will apply the amount received pursuant to its claim on the Bank Guarantee in satisfaction of the Developer’s obligation to pay the relevant amount. Provided that the Developer has complied with its obligations under this Deed including payment of the Development Contribution the Council will return the Bank Guarantee to the Developer. If required by the Council because it has called on the Bank Guarantee amount, the Developer shall immediately replace the Bank Guarantee with another Bank Guarantee to the full amount of the original Bank Guarantee. Council will promptly return the Bank Guarantee if it resolves to no longer pursue Gazettal Notice in relation to the Planning Proposal.
Calling on Bank Guarantee. The Council may call on the Bank Guarantee in the event that the Developer: fails to make a payment of any part of the Development Contribution in accordance with the Schedule or any other amount payable under this Agreement by its due date for payment; or breaches any other term or condition of this Agreement, and fails to remedy the relevant failure or breach within 7 days after the Council’s notice. If the Council calls on the Bank Guarantee as a result of the Developer’s failure to pay any amount due under this Agreement, then the Council will apply the amount received pursuant to its claim on the Bank Guarantee towards the Developer’s obligation to pay the relevant amount and will deduct that amount from the amount payable. In those circumstances, the Developer will be required to pay to the Council the outstanding balance of the Development Contribution and other amounts payable under this Agreement.
