Delivery of the Performance Bond of the Concession Contract Sample Clauses

Delivery of the Performance Bond of the Concession Contract a) In order to guarantee compliance with each and every one of the obligations of the CONCESSIONAIRE, including the payment of penalties and administrative sanctions, set forth in this CONTRACT; the CONCESSIONAIRE shall deliver to the GRANTOR on the CLOSING DATE, a PERFORMANCE BOND OF THE CONCESSION CONTRACT, which shall be unconditional, irrevocable, without benefit of excussion or division and of automatic performance, which shall be attached as Annex No. 1, which shall remain in force, by virtue of its successive renewals, from the CLOSING DATE until the first quarter following the expiration of the TERM OF CONCESSION. The PERFORMANCE BOND OF THE CONCESSION CONTRACT shall be issued for an amount equivalent to Forty-Four Million United States Dollars (US$ 44,000,000.00) and shall be maintained for such amount from the CLOSING DATE until compliance with the deployment of the MANDATORY INVESTMENT COMMITMENTS is evidenced to the GRANTOR'S satisfaction. Thereafter, and until the first quarter following the expiration of the TERM OF CONCESSION, the CONCESSIONAIRE may request the reduction, in accordance with the following paragraph, of the PERFORMANCE BOND OF THE CONCESSION CONTRACT. Compliance with the MANDATORY INVESTMENT COMMITMENTS is evidenced by the execution of the CERTIFICATE OF ACCEPTANCE of the total number of BENEFICIARY COMMUNITIES. After such compliance, the CONCESSIONAIRE may request the reduction of 45% of the initial amount of the PERFORMANCE BOND OF THE CONCESSION CONTRACT, given the fulfillment of the deployment of the MANDATORY INVESTMENT COMMITMENT "Implementation of 4G Networks"; and may request the additional reduction of 20% of the initial amount of the PERFORMANCE BOND OF THE CONCESSION CONTRACT, given the fulfillment of the deployment of the MANDATORY INVESTMENT COMMITMENT "Connectivity to the Valley of the Apurimac, Ene and Mantaro Rivers (VRAEM) and Jungle Zone of the country".
Sample 1
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Related to Delivery of the Performance Bond of the Concession Contract

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