Completion Guarantee. (a) subject to sub-paragraph (c) below, (i) each Shareholder agrees to procure that the Borrower will not abandon the Project and to procure that Completion is achieved by not later than the Scheduled Completion Date and (ii) each Shareholder shall indemnify each Bank and keep each Bank indemnified against any losses, damages, liabilities, costs and expenses (including, without limitation, legal costs on a full indemnity basis) suffered by that Bank if Completion is not achieved by the Scheduled Completion Date and which would not have been suffered if Completion had been so achieved;
Completion Guarantee. 18.1. The Producer agrees to pay the fee due to the Completion Guarantor set out in the Completion Guarantee from the first Instalment.
18.2. The parties agree that the terms of the Completion Guarantee take precedence over the terms of this agreement to the extent of any inconsistency.
18.3. The proceeds of any Claim on the Completion Guarantee must be paid into the relevant Bank Account immediately upon receipt and treated as part of the Budgeted Cost.
Completion Guarantee. The Administrative Agent shall have received a fully executed Completion Guarantee which shall be in form and substance satisfactory in all respects to the Administrative Agent.
Completion Guarantee. The Administrative Agent shall have received -------------------- a Completion Guarantee from an Approved Completion Guarantor.
Completion Guarantee. Letter(s) of credit or surety bond(s) (collectively and alternatively, the “Security”) shall be posted in favor of, and provided to the County, in the amount of 125% of the County-approved Cost Estimate for the PD&E Study on or before December 31, 2005, and in the amount of 125% of the County-approved Cost Estimate of the S. R. 56of the Wyndfields S.R. 56 Western Segment, the Wyndfields S.R. 56 Eastern Segment, and Wyndfields Boulevard Northern Segment Roadway Improvements specified in Paragraph 6.c., prior to the approval by the Pasco County Board of County Commissioners of the first final subdivision plat within the MPUDParagraphs 5 and 6 at the times specified therein. Security for Xxxxxxx Road and Wyndfields Boulevard Southern Segment, if necessary, shall be posted prior to the deadlines set forth in this Agreement. The Security shall be acceptable to and approved by the County to guarantee performance of the PD&E Study andS.R. 56 Improvements, and all terms and conditions of this Agreement. Failure to post, revise, update, and keep effective the required Security shall be considered a default of this Agreement, entitling the County to stop the issuance of building permits. The Security shall be with a bank, surety, or other financial institution acceptable to the Countymust be drawable upon demand upon an acceptable issuer/surety having a local office in Tampa Bay, Florida, or by facsimile if no local office is available, which is authorized to do business in the State of Florida, and which has an “A” policy holder rating and a financial rating of at least Class VII in accordance with the most current of Best’s Key Rating Guide. The Security shall be in the amount of 125% of the amount secured and the Security must be in a form acceptable to the County Attorney’s Office. For the construction of the S.R. 56 Improvements, Developer shall post initial Security in the amount of 125% of the County approved Cost Estimate to complete design, permitting, and construction of such project. OnDeveloper shall be entitled, on each renewal date of the Security, to reduce the Security may be reduced, provided an updated Cost Estimate for the remainder of the applicable construction obligations is provided to and approved by the County, and provided that the Security is not reduced below 125% of the County-approved Cost EstimatesEstimate for such remaining work.
Completion Guarantee. Letter(s) of credit or surety bond(s) (collectively and alternatively, the “Security”) shall be posted in favor of, and provided to the County in the amount of 125% of the County-approved Cost Estimate of the Wyndfields S.R. 56 Western Segment, the Wyndfields S.R. 56 Eastern Segment, and Wyndfields Boulevard Northern Segment Roadway Improvements specified in Paragraphs 5 and 6 at the times specified therein. Security for Xxxxxxx Road and Wyndfields Boulevard Southern Segment, if necessary, shall be posted prior to the deadlines set forth in this Agreement. Failure to post, revise, update, and keep effective the required Security shall be considered a default of this Agreement, entitling the County to stop the issuance of building permits. The Security must be drawable upon demand upon an acceptable issuer/surety having a local office in Tampa Bay, Florida, or by facsimile if no local office is available, which is authorized to do business in the State of Florida, and the Security must be in a form acceptable to the County Attorney’s Office. Developer shall be entitled, on each renewal date of the Security, to reduce the Security, provided an updated Cost Estimate for the remainder of the applicable construction obligations is provided to and approved by the County, and provided that the Security is not reduced below 125% of the County-approved Cost Estimate for such remaining work.
Completion Guarantee. 53 11.2 Schedule Liquidated Damages. ..................................................................... 53 11.3
Completion Guarantee. Contractor hereby guarantees that Substantial Completion will occur no later than the Guaranteed Completion Date.
Completion Guarantee. 9.1 If for any reason whatsoever, the Borrower (i) fails or neglects to complete construction of the Project and the Improvements contemplated by and described in this Agreement on or before January 31, 2001, (ii) fails to prosecute with diligence and continuity the construction of the Project and the Improvements in accordance with this Agreement, (iii) commits or permits to exist an Event of Default as defined in Section 8 of this Agreement, or (iv) is unable to satisfy any condition precedent to obtaining an advance of the Loans under this Agreement, then in any such event the Bank, in addition to the Bank's other rights, remedies and recourse whether existing hereunder, under any Loan Document, or otherwise, may proceed in accordance with the terms of this Section 9. Within five (5) days from the date that the Bank notifies the Borrower of the Borrower's failure to satisfy any condition enumerated in the first part of this Paragraph 9.1, the Borrower hereby bind itself, at its sole cost and expense, to commence completion of construction of the Project and the Improvements and to diligently pursue such construction in order to complete the Project and the Improvements within the time and in the manner specified in this Agreement. The Borrower shall pay all costs and expenses in connection with such construction and shall indemnify and hold harmless the Bank from any and all losses, costs, liabilities or expenses incurred in connection with such completion.
9.2 If the Borrower shall fail to commence completion of the Project and the Improvements and to diligently pursue such construction as provided in Paragraph 9.1, the Bank shall have (in addition to its other remedies under this Agreement, the Loan Documents and applicable law), the following rights and remedies:
(a) If such failure shall occur prior to a foreclosure sale of the Premises, the Bank shall have an immediate right to damages in an amount equal to the Borrower's indebtedness to the Bank arising under or in connection with the Loans, together with the right to obtain immediate judgement against the Borrower in that amount, and the Bank may exercise all remedies available under the laws of the State of New Hampshire for action on a matured contractual indebtedness;
(b) If such failure occurs after a foreclosure sale of the Premises, the Bank shall have an immediate right to damages in an amount which is equal to the sum necessary to complete construction of the Project and the Improvements,...
Completion Guarantee. (a) Peñasquito shall cause the oxide processing circuit at the Peñasquito mine site to operate at a minimum of sixty percent (60%) of the feasibility levels on or before December 31, 2009. If Peñasquito has not caused the oxide processing circuit at the Peñasquito mine site to operate at a minimum of sixty percent (60%) of the feasibility levels set forth in the Peñasquito Project Feasibility Study dated July 31, 2006 on or before December 31, 2009, then Silver Wheaton has the right, by written notice to Peñasquito on or before February 28, 2010, to [ edited text ] an amount equal to: Legal*2702849.8
(i) twenty percent (20%) of the [ edited text ] less
(ii) an amount equal to (1) twenty percent (20%) of the number of ounces of Payable Silver sold by Peñasquito to Silver Wheaton under this Agreement from the Effective Date to and including December 31, 2009, multiplied by (2) the difference between (A) the average per ounce Market Price for the quantity of Payable Silver referred to in (1) above, and (B) the average Silver Purchase Price paid by Silver Wheaton to Peñasquito for such quantity of Payable Silver. In the event Silver Wheaton exercises the right set forth in this Section 20(a), the percentage of Payable Silver contained in each shipment of Minerals delivered by Peñasquito to an Offtaker that Peñasquito is required to sell to Silver Wheaton under this Agreement shall be reduced by twenty percent (20%) of the percentage required to be sold by Peñasquito to Silver Wheaton under Section 3(a) of this Agreement, and this Agreement shall be deemed to be amended accordingly. If Silver Wheaton fails to exercise the right set forth in this Section 20(a) by February 28, 2010, then the right set forth in this Section 20(a) shall expire and terminate.
(b) Peñasquito shall cause the sulfide processing circuit at the Peñasquito mine site to operate at a minimum of 30,000 tonnes per day on or before June 30, 2011. If Peñasquito has not caused the sulfide processing circuit at the Peñasquito mine site to operate at a minimum of 30,000 tonnes per day on or before June 30, 2011, then Silver Wheaton has the right, by written notice to Peñasquito on or before August 31, 2011, [ edited text ] an amount equal to:
(i) fifty percent (50%) of the [ edited text ], less
(ii) an amount equal to (1) fifty percent (50%) of the number of ounces of Payable Silver sold by Peñasquito to Silver Wheaton under this Agreement from the Effective Date to and including June 30, 2011, mu...
