Financial Guaranty Sample Clauses
A Financial Guaranty clause establishes that one party guarantees the financial obligations of another party under a contract. Typically, this means that if the primary party fails to make required payments or meet financial commitments, the guarantor is legally responsible for fulfilling those obligations. For example, a parent company may guarantee the debts of its subsidiary to reassure lenders or counterparties. The core function of this clause is to provide assurance and reduce financial risk for the party expecting payment, ensuring that contractual obligations will be met even if the original obligor defaults.
Financial Guaranty. Section 2, paragraph 2 of the Original Agreement, specifically the information regarding the financial guaranty, is amended to read: Type of Financial Guaranty: Amount: $ Name of Financial Institution or Surety providing Guaranty: Date City first able to call Guaranty (Construction Completion Deadline): If Guaranty is a Letter of Credit or Loan Reserve, then last day City able to call Guaranty is: Additional information:
Financial Guaranty. Subdivider will provide a financial guaranty in an amount of not less that 125% of the cost of constructing the sidewalk improvements within the Subdivision, as determined by the City. The financial guaranty must be irrevocable and may be in the form of a City-approved bond, letter of credit, escrow deposit or loan reserve letter issued by a Federally Insured Financial Institution; a bond issued by a surety qualified to do business in New Mexico; or other pledge of liquid assets which meets all City requirements. The City must be able to call the financial guaranty at any time within the sixty (60) days immediately following the Sidewalk Construction Deadline. To meet the Subdivision Ordinance requirements, the Subdivider has provided the following "Financial Guaranty":
Financial Guaranty. If final plat approval is not requested prior to construction of the Subdivision, a financial guaranty is not required. If final plat approval is requested, the Subdivider must provide the City with a financial guaranty in an amount of not less than 125% of the estimated cost of constructing the Improvements, as approved by the City Engineer. The financial guaranty must be irrevocable and may be in the form of a letter of credit, escrow deposit, or loan reserve letter issued by a Federally Insured Financial Institution; a bond issued by a surety qualified to do business in New Mexico; or other pledge of liquid assets which meets all City requirements. The City must be able to call the financial guaranty at any time within the sixty (60) days immediately following the Construction Completion Deadline. To meet the City’s S.O. requirements, the Subdivider has acquired, or is able to acquire, the following Financial Guaranty: Type of Financial Guaranty: Amount: $ Name of Financial Institution or Surety providing Guaranty: Date City first able to call Guaranty (Construction Completion Deadline): If Guaranty is a Letter of Credit or Loan Reserve, then last day City able to call Guaranty is: Additional information:
Financial Guaranty. Guarantor hereby irrevocably and unconditionally guarantees to Contractor, as primary obligor and not as a surety, the punctual payment in full of all Pre-Financial Closing Date Payment Obligations in accordance with the terms and conditions of the EPC Agreement (subject to any rights and defenses of Owner thereunder, other than any rights and defenses arising out of the matters described in Section 4 hereof) and agrees that if for any reason whatsoever Owner shall fail duly, punctually and fully to pay any Pre-Financial Closing Date Payment Obligations, Guarantor shall, upon receipt of written notice from Contractor of such failure, immediately pay each and every such obligation, or cause each and every such obligation to be paid, without regard to any exercise or nonexercise by Contractor of any right, remedy, power or privilege under or in respect of the EPC Agreement against Owner or under or in respect of any other guaranty or security relating thereto. In addition, Guarantor agrees to reimburse Contractor on demand for any and all reasonable expenses (including, without limitation, attorneys' fees and disbursements) incurred by Contractor in enforcing or attempting to enforce any rights under this Financial Guaranty.
Financial Guaranty. Insurance Company shall have issued a policy of municipal bond insurance guaranteeing payment of the full amount of principal of and interest on the Bonds; and
Financial Guaranty. Section 5 of the Original Agreement, specifically the information regarding the financial guaranty, is amended to read: Type of Financial Guaranty: ________________________________________ Amount: $_______________________________________________________ Name of Financial Institution or Surety providing Guaranty: _______________________________________________________________ Date City first able to call Guaranty (Construction Completion Deadline): _______________________________________________________________ If Guaranty is a Letter of Credit or Loan Reserve, then last day City able to call Guaranty is: _____________________________________________________ Additional information: ____________________________________________
Financial Guaranty. The Developer must provide the City with a financial guaranty in an amount of not less than 125% of the estimated cost of constructing the Improvements, as approved by the City Engineer. The financial guaranty must be irrevocable and may be in the form of a letter of credit, escrow deposit or loan reserve letter issued by a federally insured financial institution; a bond issued by a surety qualified to do business in New Mexico and approved in Circular 570 as published by the U. S. Treasury Department; or other pledge of liquid assets which meets all City requirements. The City must be able to call the financial guaranty at any time within sixty (60) days immediately following the Construction Completion Deadline. To meet this requirement, the Developer has acquired or is able to acquire the following Financial Guaranty: Type of Financial Guaranty: Amount: $ Name of Financial Institution or Surety providing Guaranty: Date City first able to call Guaranty (Construction Completion Deadline): If Guaranty is a Letter of Credit or Loan Reserve, then last day City able to call Guaranty is: Additional information:
Financial Guaranty. If final plat approval is not requested prior to construction of the Subdivision, a financial guaranty is not required. If final plat approval is requested, the Subdivider must provide the City with a financial guaranty in an amount of not less than 125% of the estimated cost of constructing the Improvements, as approved by the City Engineer. The financial guaranty must be irrevocable and may be in the form of a letter of credit, escrow deposit, or loan reserve letter issued by a Federally Insured Financial Institution; a bond issued by a surety qualified to do business in New Mexico; or other pledge of liquid assets which meets all City requirements. The City must be able to call the financial guaranty at any time within the sixty (60) days immediately following the Construction Completion Deadline. To meet the City’s S.O. requirements, the Subdivider has acquired, or is able to acquire, the following Financial Guaranty: Type of Financial Guaranty: __________________________________________ Amount: $________________________________________________________ Name of Financial Institution or Surety providing Guaranty: _________________________________________________________________ Date City first able to call Guaranty (Construction Completion Deadline): _________________________________________________________________ If Guaranty is a Letter of Credit or Loan Reserve, then last day City able to call Guaranty is: _______________________________________________________ Additional information: ______________________________________________ _________________________________________________________________
Financial Guaranty. 7.1 Holdings is an instrumentality of the AUTHORITY which was formed to act as the owner of units assisted under Section 202 of the Housing Act of 1959 which are located in Unit 3, Convent Hill Condominium, Milwaukee, Wisconsin, identified as PIN 36012750000 (“Unit 3”). As the owner of Unit 3 Holdings will be required to enter into certain agreements with the United States Department of Housing and Urban Development (“HUD”) and to demonstrate Holdings financial responsibility to HUD. In order to allow Holdings to demonstrate financial responsibility to HUD, the AUTHORITY agrees to execute a guaranty of Holding’s financial obligations in an amount up to $ . The form and substance of such guaranty shall be responsibility acceptable to AUTHORITY’S Secretary-Executive Director.
Financial Guaranty. Pursuant to Section 18.60.300 of the Clovis City Code, the Subdivider must provide the City with a financial guaranty equal to the estimated cost of construction of the improvements, as approved by the City Engineer. The financial guaranty shall be irrevocable and may be in the form set out in the ordinance. The City must be able to call the financial guaranty at any time up to and including sixty (60) days immediately following the Construction Completion Deadline. To meet the Subdivision Ordinance requirements, the Subdivider designates the following method(s) for meeting the financial guaranty requirements: Performance of Property Bond Private or Public Escrow Agreement Letter of Credit Assignment of Receivables Deposit of Certified Funds or Surety Agreement (“The appropriate documents shall be submitted in original form for approval by the City prior to the issuance of a work order and the commencement of construction of any of the improvements).