Claims under Bank Guarantees Sample Clauses

Claims under Bank Guarantees. (a) The Minister may: (i) call upon the Security where the Developer has failed to pay a Contribution Amount for the Development on or after the date for payment under this deed; and (ii) retain and apply such monies towards the Contribution Amount and any costs and expenses incurred by the Minister in rectifying any default by the Developer under this deed. (b) Xxxxx to calling upon the Security the Minister must give the Developer not less than 10 Business Days written notice of his or her intention to call upon the Security. (c) If: (i) the Minister calls upon the Security; and (ii) applies all or part of such monies towards the Contribution Amount and any costs and expenses incurred by the Minister in rectifying any default by the Developer under this deed; and (iii) has notified the Developer of the call upon the Security in accordance with clause (b) of this Schedule 5, then the Developer must provide to the Minister a replacement Security to ensure that at all times until the date that the Security is released in accordance with clause 4 of this Schedule, the Minister is in possession of Security for a face value equivalent to the Security Amount.
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Claims under Bank Guarantees a. The Council may: i. call upon the Security where the Proponent has failed to pay a Contribution Amount; and ii. retain and apply such monies towards the Contribution Amount and any costs and expenses incurred by the Council in rectifying any default by the Proponent under this Agreement. b. Prior to calling upon the Security the Council must give the Proponent not less than 10 Business Days written notice of its intention to call upon the Security. c. If the Council calls upon the Security and applies all or part of such monies towards the Contribution Amount and any costs and expenses incurred by the Council in rectifying any default by the Proponent under this deed, then the Proponent must provide a replacement Security.
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Claims under Bank Guarantees. (a) The Developer agrees that the Council may, after giving at least 10 Business Days prior written notice to the Developer, make claims (in full or in part) under the Enforcement Guarantee in the event that the Developer breaches its obligation to pay any instalment or part of the Monetary Contribution in accordance with this Deed prior to the provision of the Monetary Contribution Guarantee. (b) The Developer agrees that the Council may, after giving at least 10 Business Days prior written notice to the Developer, make claims (in full or in part) under the Monetary Contribution Guarantee in the event that the Developer breaches its obligation to pay any part of the Monetary Contribution in accordance with this Deed, and a notice has been issued by Council requiring the Developer to remedy the breach in accordance with the requirements of Schedule 6, and the breach remains unremedied following the expiry of the rectification period specified in that notice. (c) The Developer agrees that the Council may, after giving at least 10 Business Days prior written notice to the Developer, make claims (in full or in part) under the Works Guarantee, in the event that the Developer breaches its obligation to: (i) carry out and complete any Item of Contribution Works in accordance with this Deed; or (ii) transfer the Contribution Land in accordance with this Deed; and a notice has been issued by Council requiring the Developer to remedy the breach in accordance with the requirements of Schedule 6, and the breach remains unremedied following the expiry of the rectification period specified in that notice. (d) The Developer agrees that the Council may, after giving at least 10 Business Days prior written notice to the Developer, make claims (in full or in part) under the Defects Guarantee in the event that the Developer breaches its obligation to rectify defects in or maintain any Item of Contribution Works in accordance with Schedule 4, and a notice has been issued by Council requiring the Developer to remedy the breach in accordance with the requirements of Schedule 6, and the breach remains unremedied following the expiry of the rectification period specified in that notice. (e) The Council may retain and use as much of the money it has obtained by making a claim under this clause as is necessary: (i) to compensate or reimburse the Council for Costs reasonably incurred by Council as a result of the Developer’s breach of any obligations under this Deed, including by m...
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Claims under Bank Guarantees. (a) The Minister may call upon a Bank Guarantee where: (1) the Developer has failed to deliver the Contributions on or before the date for payment under this Deed; or (2) the Developer has failed to provide one or more Bank Guarantees to ensure that at all times the value of the security held by the Minister is for a face value equivalent to $20,000, (3) and retain and apply such monies towards the costs and expenses incurred by the Minister in rectifying any default by the Developer under this Deed. (b) Prior to calling upon a Bank Guarantee the Minister must give the Developer not less than 10 Business Days written notice. (c) If : (1) the Minister calls upon the Bank Guarantee; and (2) applies all or part of such monies towards the costs and expenses incurred by the Minister in rectifying any default by the Developer under this Deed; and (3) has notified the Developer of the call upon the Bank Guarantee in accordance with clause 16.3(b), then the Developer must provide to the Minister a replacement Bank Guarantee to ensure that at all times until the date that the Developer has delivered the Contributions in full, the Minister is in possession of a Bank Guarantee for a face value equivalent to $20,000.
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Claims under Bank Guarantees. (a) The Council may: (i) call upon the Security where the Developer has failed to pay a Contribution Amount for the Development on or after the date for payment under this deed; and (ii) retain and apply such monies towards the Contribution Amount and any costs and expenses incurred by the Council in rectifying any default by the Developer under this deed. (b) Xxxxx to calling upon the Security the Council must give the Developer not less than 10 Business Days written notice of his or her intention to call upon the Security. (c) If: (i) the Council calls upon the Security; and (ii) applies all or part of such monies towards the Contribution Amount and any costs and expenses incurred by the Council in rectifying any default by the Developer under this deed; and (iii) has notified the Developer of the call upon the Security in accordance with clause (b) of this Schedule 5, then the Developer must provide to the Council a replacement Security to ensure that at all times until the date that the Security is released in accordance with clause 4 of this Schedule, the Council is in possession of Security for a face value equivalent to the Security Amount.
Sample 1
Claims under Bank Guarantees. (a) The Minister may call upon the Base Bank Guarantee or a Supplementary Bank Guarantee where: (i) the Developer has failed to pay a Contribution Amount on or before the date for payment under this deed; or (ii) the Developer has failed to provided one or more Bank Guarantees to ensure that at all times the value of the security held by the Minister is for a face value equivalent to the Security Amount, and retain and apply such monies towards the costs and expenses incurred by the Minister in rectifying any default by the Developer under this deed. (b) The Minister may call upon the Environmental Offset Contribution Bank Guarantee where the Developer has failed to pay an instalment of the Environmental Contribution Amount when payable and the Minister may retain and apply such monies towards the costs and expenses incurred by the Minister in rectifying the default.
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Claims under Bank Guarantees. If any claim or demand is made under a Bank Guarantee being or purporting to be in accordance with its terms, the Agent shall promptly notify CIH and each Bank, specifying: (A) the Bank Guarantee in respect of which the claim or demand has been made; (B) the date on which payment is to be made; and (C) the aggregate amount and currency of the claim or demand and each Bank's participation in such amount. If CIH fails to pay any amount to the Agent on demand under Section 2.10.5, the Agent shall promptly notify each of the Banks. Each of the Banks shall, if so notified under this paragraph, pay in accordance with Section 2.10.5 and by way of indemnity to the Agent for the Agent's account, not later than 12:00 noon, London time on the due date for payment under the relevant Bank Guarantee in immediately available funds, its Revolving Credit Ratable Share of the amount which CIH has so failed to pay.
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Related to Claims under Bank Guarantees

  • Conditions to Obligations of Each Party Under This Agreement The respective obligations of each party to effect the Merger and the other transactions contemplated herein shall be subject to the satisfaction at or prior to the Effective Time of the following conditions, any or all of which may be waived, in whole or in part, to the extent permitted by applicable Law:

  • Additional Conditions to the Obligations of the Company The obligation of the Company to consummate and effect the Merger shall be subject to the satisfaction at or prior to the Closing Date of each of the following conditions, any of which may be waived, in writing, exclusively by the Company:

  • Conditions to Each Party’s Obligations under this Agreement The respective obligations of each party under this Agreement shall be subject to the fulfillment at or prior to the Closing Date of the following conditions, none of which may be waived:

  • Conditions of Underwriters’ Obligations The obligations of the several Underwriters hereunder are subject to the accuracy of the representations and warranties of the Company contained herein or in certificates of any officer of the Company or any of its subsidiaries delivered pursuant to the provisions hereof, to the performance by the Company of its covenants and other obligations hereunder, and to the following further conditions:

  • AMOUNTS AND TERMS OF THE ADVANCES AND THE LETTERS OF CREDIT SECTION 2.01. The Advances and the Letters of Credit.

  • Amounts and Terms of the Advances and Letters of Credit SECTION 2.01. The Advances and Letters of Credit.

  • Conditions to the Obligations of the Company The obligations of the Company to consummate the Merger are subject to the satisfaction or waiver (where permissible) of the following additional conditions:

  • Conditions Precedent to the Obligations of the Company The obligation hereunder of the Company to issue and sell the shares of Common Stock to the Investor incident to each Closing is subject to the satisfaction, or waiver by the Company, at or before each such Closing, of each of the conditions set forth below.

  • Conditions Precedent to Loans and Letters of Credit 32 Section 3.1 Conditions To Effectiveness.................................................32 Section 3.2 Each Credit Event...........................................................33 Section 3.3 Delivery of Documents.......................................................34

  • Conditions Precedent to Obligations of the Company The obligations of the Company to effect the Merger and otherwise consummate the transactions contemplated by this Agreement are subject to the satisfaction, at or prior to the Closing, of the following conditions: