Financial Guarantee. 30.1 By derogation from article 30 of the General Conditions, no pre-financing guarantee is required.
Financial Guarantee. Before any grading is started on any site, all erosion control measures as shown on the approved erosion control plan, which is part of the Plans, shall be installed pursuant thereto. If the Developer has provided a financial security pursuant to City Code, Chapter 14, Article IV, for a grading permit for the Property prior to the execution of this Agreement (hereinafter referred to as the “Grading Security”), then, either: (i) the Grading Security amount shall be deducted from the amount required for the Escrow Items Surety; or (ii) the Developer may replace the Grading Security with the full amount of the Escrow Items Surety. The Grading Security and Escrow Items Surety shall be held to insure, among other things, compliance with this Agreement and City Code and policies during construction. The Grading Security shall not be returned to Developer until all disturbed areas have permanent surfacing, buildings or permanent vegetation re-established. In the event permanent surfacing, buildings or vegetation are not placed or re- established upon any disturbed area within the time established therefor by the City, City shall provide written notice of such failure to Developer, and Developer shall cure such default within thirty (30) days thereafter. Developer agrees that, if Developer fails to cure such default within such 30- day period, City is hereby granted permission to enter the Property and use the Grading Security and/or the Escrow Items Surety to place vegetation on said disturbed area in the manner prescribed by the approved landscaping plans, or in any other manner the City reasonably deems appropriate. Developer further agrees that should the Grading Security and/or Escrow Item Surety be insufficient to defray all of City’s costs related to such action, Developer will promptly pay City any additional and reasonable costs related thereto. City shall promptly return any portion of the Grading Security remaining after City has reimbursed itself for all reasonable costs related to City’s placement of vegetation pursuant to this Section.
Financial Guarantee. 19.1. Prior to the issuance of the first invoice, if required by ENEL, the SUPPLIER must submit one or more on first demand financial guarantees in favour of ENEL (according to the model included in the appendix of this Contract subject to local legislation and enforced in the country affected by this Annex, granted by a local high-level Bank or a branch of a foreign bank domiciled there, which has been previously accepted by ENEL, for a minimum value equal 20% of the total Contract value (or any other value expressly indicated therein) to ensure the fulfilment of all the obligations derived from the Contract, including the applicable compensations or penalties attributable to it. In case that another date is established in the Contract, the guarantee or guarantees submitted by the SUPPLIER shall be available up to thirty (30) calendar days after the expiry of the Warranty Period or, if applicable, of the Final Acceptance and, consequently, they shall be returned upon written request by the SUPPLIER and once ENEL has made the relevant discounts and checks. In the case that financial guarantees due to expire on an earlier date are submitted, the SUPPLIER shall extend their validity to meet the required period, renewals shall be carried out with at least forty-five (45) calendar days in advance, otherwise, it will be understood as a contract breach in accordance with clause 16.3.1 m) of the General Part of these General Terms and Conditions of Contract. In the cases in which the SUPPLIER does not submit the guarantees in the required deadlines, and notwithstanding any other legal action that may be instituted, ENEL may opt to terminate the Contract or suspend their effects until the presentation of a guarantee approved by ENEL, as well as accept other equivalent guarantees offered by the SUPPLIER. In any case, ENEL shall be entitled pursuant to law to allocate all payments due to the SUPPLIER until the 10% of the total Contract value is reached as soon as the SUPPLIER fulfils its obligation of submitting the required guarantees.
19.2. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract.
19.3. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract.
19.4. According to the wording in the paragraph of the same name in the General Part of the General Terms and Conditions of Contract.
Financial Guarantee.
1. The ACO must have the ability to repay all Shared Losses and Other Monies Owed for which it may be liable under the terms of this Agreement and shall provide a financial guarantee for each Performance Year in accordance with the terms set forth in Appendix L.
2. The ACO shall submit such documentation of such financial guarantee for the first Performance Year to CMS by a date determined by CMS, and thereafter in accordance with Appendix L.
3. Any changes made to a financial guarantee must be approved in advance by CMS.
4. Nothing in this Agreement or its Appendices shall be construed to limit the ACO’s liability to pay any Shared Losses or Other Monies Owed in excess of the amount of the financial guarantee.
Financial Guarantee. 30.1 [When the pre-financing requested is equal to or below EUR 300 000 and subject to a positive risk assessment7 by the contracting authority, by derogation from Article 30 of the general conditions no pre-financing guarantee is required.]
Financial Guarantee. A. The ACO must have the ability to repay all Shared Losses and Other Monies Owed for which it may be liable under the terms of the Agreement and shall provide a financial guarantee in accordance with terms set forth in Appendix H.
B. The ACO shall submit documentation of such financial guarantee in accordance with Appendix H.
C. Any changes made to a financial guarantee must be approved in advance by CMS.
D. Nothing in the Agreement or its Appendices shall be construed to limit the ACO’s liability to pay any Shared Losses or Other Monies Owed in excess of the amount of the financial guarantee.
Financial Guarantee. If requested by the Company, Contractor shall be obliged to provide a financial guarantee in favour of the Company as indicated in the Agreement, as a guarantee for the obligations arising from the Agreement. The existence of a guarantee does not mean that the Contractor’s liability is limited to the amount or period of validity thereof. If the total value of the Agreement were to increase during its execution, the Company may ask the Contractor to provide a complementary financial guarantee with the same conditions indicated in the preceding sub-clauses. The costs of the financial guarantee shall be borne by Contractor.
Financial Guarantee. 30.1 Subject to a positive risk assessment4 by the contracting authority, by derogation from article 30 of the general conditions no pre-financing guarantee is required.
Financial Guarantee. 11.1. In order to secure any potential claims of EUS against the Shipper under this Contract and Individual Contract, the Parties have agreed that Shipper shall provide EUS with and shall maintain the financial guarantee in the form of (i) an irrevocable, unconditional bank guarantee in favour of EUS payable on first demand or (ii) a cash collateral. The financial security shall be provided no later than on June 26, 2019. The bank guarantee shall not expire sooner than two months after the expiration of the last Booked daily transmission capacity. All costs related to this bank guarantee shall be covered by the Shipper. The bank guarantee must be issued, and if relevant confirmed, by a bank with Xxxxx’x long term credit rating of not less than Baa2 or Standard & Poor's BBB. The language of the document is English or Slovak. If the bank guarantee does not cover the overall required period the Shipper shall extend the bank guarantee until 60th day preceding the expiry of the currently valid bank guarantee. Financial guarantee in the form of collateral is payable to the following collateral bank account of EUS: IBAN XX00 0000 0000 0000 0000 0000 with the bank VÚB, a.s., Bratislava branch, SWIFT: XXXXXXXX. Financial guarantee in the form of collateral shall not be considered as a down payment for transmission services. EUS shall return unspent financial resources of the cash collateral without any bank interests to the Shipper not later than two (2) months after the expiration of this Contract.
11.2. The Shipper shall provide and maintain a sufficient level of the financial guarantee in favour of EUS. A sufficient level of the financial guarantee shall be considered based on Shipper’s creditworthiness, the amount which is at least: Rating grade (n) monthly payment* Xxxxx'x Standard & Poor's Fitch Ratings Aaa - Baa3 AAA - BBB- AAA - BBB- 2 Ba1 - Ba3 BB+ - BB- BB+ - BB- 4 B1 - C B+ - D B+ - D 6 Without rating 6 In case there is no Shipper’s credit rating, the credit rating of the Shipper’s parent company shall be considered provided that the parent’s company share on the Shipper is at least 51 %.
11.3. The Shipper is obliged to inform EUS of any change in the Shipper´s credit rating and/or, if it ceases to have a credit rating. If any change in the Shipper´s credit rating occurs or if it ceases to have a credit rating or any market event detrimentally affecting (in the reasonable opinion of EUS) the creditworthiness of the Shipper occurs, EUS shall have the righ...
Financial Guarantee. 7.1 The Service Provider shall provide to Transnet on or before the Effective Date, a Financial Guarantee in the form agreed to and included in Attachment F. This Financial Guarantee shall be the sum of
7.2 The Service Provider may, with prior notification to Transnet, substitute the form of Financial Guarantee provided to Transnet with a Parent Guarantee in a form agreed to and included in Attachment F. For the avoidance of doubt, Transnet must remain in an equal or better position by such substitution. The Service Provider shall not be entitled to substitute the form of Financial Guarantee after any event envisaged in clause 7.4 has occurred giving Transnet the right to encash the Financial Guarantee and Transnet has given the Call Notice envisaged in clause 7.4 to the Service Provider.
7.3 The Service Provider shall not be absolved of any of its obligations and liabilities under this Agreement by virtue of it having obtained a Financial Guarantee or Parent Guarantee, as applicable, and shall at all times remain liable to Transnet for the performance of the Services described herein in accordance with the terms of this Agreement.
7.4 Transnet shall be entitled on not less than 21 (twenty one) days written notice (the Call Notice) to the Service Provider to encash the Financial Guarantee or Parent Guarantee, as applicable, in accordance with the terms and conditions set out in Attachment F if:
7.4.1 an event occurs in respect of which this Agreement permits Transnet to recover a penalty or Service Credit from the Service Provider and the Service Provider fails to pay such penalty or Service Credit when it is due in terms of this Agreement 30 (thirty) days after having received written a demand from Transnet; or
7.4.2 the Service Provider materially breaches this Agreement and such breach is irremediable; or
7.4.3 the Service Provider materially breaches this Agreement, such breach is reasonably capable of being remedied and the Service Provider fails to remedy such breach in accordance with clause 50.2.
7.5 In the event that the Service Provider is unable to furnish the Financial Guarantee on the Effective Date in accordance with clause 7.1, Transnet shall withhold an amount of due to the Service Provider from the mobilization costs for Transition as detailed in Attachment G2.
7.6 The amount in clause 7.5 shall be retained solely in lieu of the Financial Guarantee and will be released to the Service Provider within 30 (thirty) days from presentation of th...
