Construction Security Sample Clauses
Construction Security. 12.4.1.1 On or before Financial Closing, the Seller shall provide to the Purchaser security ("Construction Security") in the amount of [] to secure Seller’s obligations in the period between the Effective Date and the Commercial Operation Date (“Construction Period Security”). The Construction Security shall be an unconditional and irrevocable direct pay letter of credit issued by a bank acceptable to the Purchaser in form and substance satisfactory to the Purchaser. The Construction Security may be applied to the payment of liquidated damages or other Damages and accrued interest thereon as set forth in Clause 12.5.
12.4.1.2 If at any time prior to the Commercial Operation Date, the amount of Construction Period Security is reduced as a result of Purchaser’s draw upon such Construction Period Security to less than the amount of Construction Period Security required to be provided by Seller through the period ending on the Commercial Operation Date, Seller shall replenish such Construction Period Security to the amount of Construction Period Security required to be provided by Seller through the period ending on the Commercial Operation Date within five (5) days of that draw.
12.4.1.3 Purchaser shall return any undrawn amount of the Construction Period Security to Seller within thirty (30) days after Purchaser’s receipt of the full amount of the Operating Period Security.
12.4.1.4 There shall be no discontinuity between the expiration of the Construction Security and the effectiveness of the Operations Security (defined below), and the Construction Security shall be returned to the Seller promptly following delivery to the Purchaser of the Operations Security and the occurrence of the effective date of the Operations Security.
Construction Security. The Developer shall post with the Town Construction Security in the amount set out in Schedule “E”.
Construction Security. The Developer may request release/reduction of Securities at the following points of the development:
Construction Security. Prior to the commencement of Phase 2, Lessee shall furnish the requisite security. Said security must be in favor of Lessor to protect Lessor against any and all loss due to Xxxxxx’s failure to complete construction in accordance with the Construction Plan; payment of any amount of Rent that is past due and owing to Lessor pursuant to this Lease; or, if security remains following reclamation and payment of owed Rent, Xxxxxx’s failure to pay contractors, subcontractors, or others who provided goods and services to Lessee in relation to the Leased Premises. The period of liability of the Phase 2 security shall not be terminated until the completion of construction of all Improvements to be constructed, and any other work to be performed on the Leased Premises under the Construction Plan, or completion of reclamation of all affected areas; the expiration of the timeframe under applicable law for filing of lien claims with respect to such construction; written notice by Lessee to Lessor certifying the satisfaction of such events; and the written consent of Lessor regarding release of such security, which consent will not be unreasonably withheld. Following the period of liability of the Phase 2 security, the applicable security will be released by Xxxxxx.
Construction Security. 11.1 For the purpose of securing the Construction Phase namely the terms of commencement of construction works based on construction permit and Commencement of Operation of the Facility defined by the Annex 3 of the MOU, the Company shall on the day of signing the Agreement provide the GOG with Construction Security in an amount of 100.000 USD/MW of the Facility if the installed capacity is 100 MW or less and 50.000 USD/MW of the Facility if the installed capacity is more than 100 MW. Construction Security provided by the Company shall remain in force until the date falling 5 (five) months after the date of Commencement of Operation of the Facility as defined by the Annex 3 of the MOU. The Construction Security submitted by the Company shall be issued by any bank licensed by State or the OECD member countries. Once the Construction Security is provided by the Company, the Preconstruction Security shall be duly returned to the Company within 30 (thirty) days.
11.2 The violation by the Company of the term of commencement of construction works based on Construction Permit defined by the Annex 3 of the MOU shall cause the penalization of the Company, in an amount of 1.5 (one point five) % of the Construction Security, for each delayed day. Herewith the imposed fine shall be paid by the Company within 15 (fifteen) days from receiving the request from the Ministry. In case fine is paid by the Company, the respective Construction Security shall be reduced in accordance with the amount paid by the Company.
11.3 The violation by the Company of the term of Commencement of Operation defined by the Annex 3 of the MOU shall cause the penalization of the Company, in an amount of 1.5 (one point five) % of the Construction Security, for each delayed day. Herewith the imposed fine shall be paid by the Company within 15 (fifteen) days from receiving the request from the Ministry. In case fine is paid by the Company, the Construction Security shall be reduced in accordance with the amount paid by the Company.
11.4 The GOG is entitled to redeem the Construction Security, claim and receive the full or partial amount under such Construction Security in following cases and under following conditions:
a) If the Company refuses to pay the fine imposed on it according to Articles 11.2 and 11.3 of the MOU, the GOG shall be entitled to redeem an amount equal to the unpaid fine from the Construction Security.
b) If GOG terminates the MOU according to Article 18 of the MOU, the GOG sha...
Construction Security a) On or prior to the Effective Date and with effect therefrom Seller shall provide to Purchaser the Construction Security;
b) If the Full Commercial Operation Date has not occurred by the Required Full Commercial Operation Date then for each day occurring after the Required Full Commercial Operation Date and until such day as the Full Commercial Operation Date occurs, Purchaser shall be entitled to draw from the Construction Security the Daily Liquidated Damages Sum;
c) If the Full Commercial Operation Date does not occur by the Long Stop Full Commercial Operation Date, then Purchaser shall be entitled to draw the balance remaining on the Construction Security; and
d) If the Full Commercial Operation Date occurs before the Long Stop Full Commercial Operation Date, the Construction Security shall be returned by Purchaser to Seller, in full or as partially drawn upon in accordance with this Clause 3.3.
Construction Security. (a) The Producer hereby agrees to grant a payment security compliant with the provisions of this Clause 10.3 in favour of the Buyer as security for its obligations to pay the Delay Liquidated Damages (the Construction Security).
(b) The Construction Security shall be [Option 1 (LC): a letter of credit, substantially in the form attached in Annex°3, with the following characteristics:
(i) it is unconditional, payable on first demand and of an autonomous nature;
(ii) it has a minimum duration of [[l] days] as from the date of its issuance and which shall be either renewed or extended at the latest 30 days before its date of expiry as long as the Commissioning Date has not been reached;
(iii) it is issued by a bank acceptable to the Buyer;
(iv) it amounts at any time to EUR [Delay Liquidated Damages cap + default interest];
(v) it may be called by the Buyer if the Producer fails to pay whole or part of the Delay Liquidated Damages, up to the unpaid amount.] [Option 2 (parent company guarantee): a parent company guarantee, with the following characteristics:
(i) it is payable on first demand and of an autonomous nature;
(ii) its duration is equal to [l];
(iii) it is issued by [l], the parent company of the Producer, meaning a "controlling company" within the meaning of article L.233-3-I of the French Code de Commerce, having as of the date hereof a rating satisfactory to the Buyer;
(iv) it secures all amounts due by the Producer in respect of the Delay Liquidated Damages, up to an annual amount of EUR [Delay Liquidated Damages cap + default interest];
(v) if any of the requirements set out in this Clause, including with respect to the rating of the parent company, are no longer satisfied (unless they are waived by the Buyer), it shall be replaced by a letter of credit substantially in the form of Annex°3, within 20 days of occurrence of such event.;
(vi) it may be called by the Buyer if the Producer fails to pay whole or part of the Delay Liquidated Damages, up to the unpaid amount.]
(vii) In the event of non-payment of the Delay Liquidated Damages, the Buyer shall be entitled to call up the Construction Security in payment of the unpaid invoice and all related default interest.
Construction Security. Prior to the commencement of construction of any facilities or improvements on the Leased Premises, Lessee shall furnish good and sufficient payment and performance bonds, letters of credit, cash or certificate of deposit, all subject to approval by Lessor in Lessor’s discretion. Any such bonds, letters of credit, cash or certificates of deposit shall be in an amount prorated for that portion of the contracted construction activity to take place in or upon the Leased Premises and shall be one- hundred twenty five percent (125%) of the full contract amount required for all such construction activities of facilities and improvements on the Leased Premises; said security shall be in favor of Lessor to protect Lessor against any and all loss due to Lessee’s failure to complete such construction in accordance with the Plan or Lessee’s failure to pay contractors, subcontractors or others who may provide goods and services to Lessee. Any bond, letter of credit, cash or certificate of deposit accepted by Lessor pursuant to this Lease shall be made payable to Lessor upon demand or presentment for payment. The period of liability to maintain the security shall not be terminated until the completion of construction of all facilities and improvements to be constructed on the Leased Premises under the applicable contract for construction as determined by Lessor; the expiration of the timeframe under applicable law for filing of lien claims with respect to such construction has expired; and upon the prior written notice by Lessee to Lessor certifying the satisfaction of such events, and the written consent of Lessor to release such security, which consent shall not be unreasonably withheld.
Construction Security. Prior to commencement of construction of the Public Improvements, the Developer will furnish the City a list of all Public Improvements and an estimated cost of such Public Improvements, attached hereto as Exhibit B, for approval by the City Engineer. Based on those approved costs, Developer will furnish the Construction Security in the form of one of the following: (i) cash to be held in escrow, (ii) an irrevocable Letter of Credit, or (iii) a bond approved by the City Attorney, the total amount of which must be equal to 150% of the estimated project costs for the Public Improvements.
Construction Security. 10.1.1 The Concessionaire shall submit to the Grantor, no later than on the Commencement Date, an unconditional and irrevocable on-demand bank guarantee, issued by a bank reasonably acceptable to the Grantor and with a credit rating of at least BBB under the Standards and Poor's rating or with Baa2 under the Xxxxx'x rating for an amount of twenty-five million US Dollars (USD 25,000,000) and in the form set out in Appendix 9 (Security Forms) to secure the due performance of the Concessionaire's obligations under this Agreement during the Construction Period (the "Construction Security"). If the rating of the bank issuing the Construction Security falls at any time below the minimum-required rating specified in this Article, the Concessionaire shall, as soon as possible, issue a new Construction Security for the same amount remaining at the time of such occurrence, with a bank of a rating complying with this Article.
10.1.2 The Concessionaire shall maintain the Construction Security in full force and effect from the date on which it was issued until the date on which the Completion Certificate is validly
10.1.3 If the Construction Security is scheduled to expire prior to the aforementioned date, then at least twenty-two (22) Business Days prior to the scheduled expiry of the Construction Security, the Concessionaire shall arrange for an extension or replacement of the Construction Security. If the Concessionaire fails to extend or replace the Construction Security by such date, the Grantor shall be entitled to draw on the Construction Security, and a Concessionaire Event of Default shall be deemed to have occurred.
10.1.4 The Grantor shall have the right to draw on the Construction Security and claim the amount guaranteed on demand upon the Concessionaire's failure to honor any of its obligations, responsibilities or commitments during the Construction Period or in respect of any amount due from the Concessionaire to the Grantor. The withdrawal by the Grantor of the entire amount of the Construction Security prior to the delivery of the Completion Certificate shall constitute a Concessionaire Event of Default.
10.1.5 If this Agreement is terminated prior to the Service Commencement Date for any reason other than the occurrence of a Concessionaire Event of Default, the Construction Security shall be duly discharged and released to the Concessionaire, subject to the Grantor's right to receive any amounts to meet the Concessionaire's accrued liabilities as on s...