Deemed Performance Guarantee Sample Clauses

Deemed Performance Guarantee. The Parties expressly agree that at least 15 (fifteen) days prior to release of the Performance Guarantee in accordance with the provisions of Article 4.3, a substitute Performance Guarantee for the same amount Rs. 17,90,00,000 (Rupees Seventeen Crore Ninety Lakh only)shall be deemed to be created under this Article 4.4, as if it is a Performance Guarantee under Article 4.1 for and in respect of the entire remaining Concession Period after COD (the “Deemed Performance Guarantee”). The Deemed Performance Guarantee shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 9, constitute the first and exclusive charge including to the exclusion of the Senior Lenders on an amounts Rs. 17,90,00,000 (Rupees Seventeen Crore Ninety Lakh only) in the Escrow Account. Upon occurrence of a Concessionaire Default or failure to make any payment which becomes due and payable to the Authority under and in accordance with this Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the amounts due and payable including amounts towards liquidated damages as Damages from the Deemed Performance Guarantee after COD for such Concessionaire Default or failure to pay such amounts which are due and payable by the Concessionaire to the Authority under and in accordance with the provisions of this Agreement. It is clarified that upon such encashment and appropriation of the Deemed Performance Guarantee after COD, the Concessionaire shall be liable to replenish the Deemed Performance Guarantee after COD to the full amount at each event of encashment of the same by the Concessioning Authority. This shall be done within 30 (thirty) Days of any such encashment failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 16. Upon such replenishment or furnishing of a fresh Performance Guarantee, as the case may be, the Concessoning Authority may, in its sole discretion, grant any additional cure period to the Concessionaire for remedying the Concessionaire Default, and in the event of the Concessionaire not curing Concessionaire Default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Guarantee as Damages, and to terminate this Agreement in in accordance with Article 16. For Avoidance of doubt, no amounts shall be earmarked, frozen or withheld in the Escrow Acc...
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Deemed Performance Guarantee. The Parties expressly agree that at least 15 (fifteen) days prior to release of the Performance Guarantee in accordance with the provisions of Article 4.1, a substitute Performance Guarantee for the same amount shall be deemed to be created under this Article 4.2, as if it is a Performance Guarantee under Article 4.1 for and in respect of the entire remaining Concession Period (the “Deemed Performance Guarantee”). The Deemed Performance Guarantee shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 9.6, constitute the first and exclusive charge on an equivalent balance in the Escrow Account and the payments accrued or payments due and payable subsequently, as the case may be, to the Concessionaire under this Agreement and over which the Concessioning Authority shall have the first and exclusive charge, including to the exclusion of the Senior Lenders, and shall be entitled to appropriate any amount therefrom as if it is an appropriation from the Deemed Performance Guarantee under Article 4.2. For avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account for securing payment of any potential Damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Concessioning Authority under and in accordance with the provisions of this Agreement shall be liable to appropriation hereunder.
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Related to Deemed Performance Guarantee

  • Performance Guarantee 9.4.1 The Concessionaire shall, for the performance of its obligations hereunder during the Concession Period, provide to the Authority no later than [90] days prior to expiry of the Performance Security, an irrevocable and unconditional guarantee from a Bank for a sum equivalent to Rs. ***** crore (Rupees ***** crore)7 in the form set forth in Schedule-FF (the “Performance Guarantee”). Until such time the Performance Guarantee is provided by the Concessionaire pursuant hereto and the same comes into effect, notwithstanding anything contained in clause 9.3 the Performance Security shall remain in force and effect, and upon such provision of the Performance Guarantee pursuant hereto, the Authority shall release the Performance Security to the Concessionaire.

  • Performance Guarantees Contractor agrees to provide the County the performance guarantees specified in Attachment A and to pay any penalties incurred in accordance with the terms of Attachment A.

  • Payment and Performance Bond Prior to the execution of this Contract, City may require Contractor to post a payment and performance bond (Bond). The Bond shall guarantee Contractor’s faithful performance of this Contract and assure payment to contractors, subcontractors, and to persons furnishing goods and/or services under this Contract.

  • Service Guarantee 8.1. All pesticides used by Prokill are approved under the Control of Pesticides Regulations and have been assessed for any hazard under C.O.S.H.H. (Information on request). You are covered by our Unique Service Promise, which means if we do not deliver the minimum contracted annual visits, we {Ref: YCM/00251276-3} will refund 100% of that years’ Service Agreement subject to payment terms being met.

  • Payment and Performance Bonds The Contractor shall comply with the following minimum bonding requirements:

  • The Service Guarantee Due to circumstances beyond the control of the Service, particularly delays in handling and posting payments by Billers or financial institutions, some transactions may take longer to be credited to your account. The Service will bear responsibility for any late payment related charges up to $50.00 should a payment post after its Due Date as long as the payment was scheduled in accordance with the Section 2 of the Bill Payment Terms (Payment Scheduling).

  • Continued Performance The Contractor and Contractor Parties shall continue to Perform their obligations under the Contract while any dispute concerning the Contract is being resolved.

  • Excused Performance 6.1 Notwithstanding the occurrence of a Force Majeure Event, in which case Clause 17 will govern, BT will not be liable for any failure or delay to perform any of its obligations under this Agreement (including any of its obligations to meet any Service Levels) to the extent that BT’s failure or delay in performing arises as a result of:

  • Assignment and Performance Neither this Agreement nor any right or interest herein shall be assigned, transferred, or encumbered without the written consent of the other party. In addition, Contractor shall not subcontract any portion of the Work required by this Agreement, except as provided in the Schedule of Subcontractor Participation. City may terminate this Agreement, effective immediately, if there is any assignment, or attempted assignment, transfer, or encumbrance, by Contractor of this Agreement or any right or interest herein without City’s prior written consent. Contractor represents that each person who will render services pursuant to this Agreement is duly qualified to perform such services by all appropriate governmental authorities, where required, and that each such person is reasonably experienced and skilled in the area(s) for which he or she will render his or her services. Contractor shall perform Contractor’s duties, obligations, and services under this Agreement in a skillful and respectable manner. The quality of Contractor’s performance and all interim and final product(s) provided to or on behalf of City shall be comparable to the best local and national standards. In the event Contractor engages any subcontractor in the performance of this Agreement, Contractor shall ensure that all of Contractor’s subcontractors perform in accordance with the terms and conditions of this Agreement. Contractor shall be fully responsible for all of Contractor’s subcontractors’ performance, and liable for any of Contractor’s subcontractors’ non-performance and all of Contractor’s subcontractors’ acts and omissions. Contractor shall defend at Contractor’s expense, counsel being subject to City’s approval or disapproval, and indemnify and hold City and City’s officers, employees, and agents harmless from and against any claim, lawsuit, third party action, fine, penalty, settlement, or judgment, including any award of attorney fees and any award of costs, by or in favor of any of Contractor’s subcontractors for payment for work performed for City by any of such subcontractors, and from and against any claim, lawsuit, third party action, fine, penalty, settlement, or judgment, including any award of attorney fees and any award of costs, occasioned by or arising out of any act or omission by any of Contractor’s subcontractors or by any of Contractor’s subcontractors’ officers, agents, or employees. Contractor’s use of subcontractors in connection with this Agreement shall be subject to City’s prior written approval, which approval City may revoke at any time.

  • Bid and Performance Security The Contractor hereby and herewith deposits with and delivers to the Minister, as security of the due fulfilment of the Contract, one of the following, which shall remain in effect for a minimum of 30 days after tender closing:

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