GUARANTEES AND WITHHOLDINGS Sample Clauses

GUARANTEES AND WITHHOLDINGS. This Agreement does not provide for withholdings. To secure timely, proper and complete performance of this Agreement and those ancillary to it, MVC will deliver to DET, at the latest, within the period of 30 calendar days from the date of this Agreement, a Bank Performance Bond for the sum equivalent to U.F. 10,000 (ten thousand Unidades de Fomento), which will be maintained throughout the entire term of this Agreement and until 12 months following its termination. The Bank Performance Bond will be issued in Spanish and by a bank of first class, to the satisfaction of DET. This security may be called upon, in administrative form, without legal proceedings, free of all obligation to MVC, solely upon demand by DET, in cases where MVC does not comply with its obligations pursuant to this Agreement. This guarantee may also cover any sum required to be paid by MVC to DET for penalties, fines, damages, invoices or payment statements, or otherwise due pursuant to this Agreement, with only the demand being sufficient and without legal proceedings on the part of DET. DET also may realize on the Guarantee, in the same form as set out above, in those cases where it has to pay on behalf of MVC, any sum resulting from a fraudulent or criminal act attributed to the latter. The above is without prejudice to the actions which DET may exercise separate and independently to claim the corresponding indemnification of damages in virtue of this Agreement and applicable Chilean law. If DET realizes on the security, on the conditions set out above, MVC is required to renew the guarantee up to its total initial value, within a maximum period of 30 days, from the date of the realization. In the case that MVC does not comply with this obligation, it will be considered a material breach of this Agreement.
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Related to GUARANTEES AND WITHHOLDINGS

  • Damages and Withholding Notwithstanding any other remedial action by the State, Contractor shall remain liable to the State or appropriate Purchasing Entity for any damages sustained by the State or Purchasing Entity in connection with any breach by Contractor, and the Purchasing Entity may withhold payment to Contractor for the purpose of mitigating the Purchasing Entity’s damages. A Purchasing Entity may withhold any amount that may be due Contractor as the Purchasing Entity deems necessary to protect itself against loss including, without limitation, loss as a result of outstanding liens and costs incurred by the Purchasing Entity in procuring from third parties replacement Work as cover.

  • Withholding Taxes The Company may withhold from any amounts payable under this Agreement such Federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

  • Withholding Rights Each of the Surviving Corporation and Parent shall be entitled to deduct and withhold from the consideration otherwise payable pursuant to this Agreement to any holder of Shares such amounts as it is required to deduct and withhold with respect to the making of such payment under the Code, or any provision of state, local or foreign tax law. To the extent that amounts are so withheld by the Surviving Corporation or Parent, as the case may be, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of the Shares in respect of which such deduction and withholding was made by the Surviving Corporation or Parent, as the case may be.

  • Withholding of Payments Notwithstanding anything to the contrary herein, the Grantee acknowledges that payments due under this Contract may be withheld or permanently suspended, in whole or in part, if Grantee fails to comply with any federal or state law, administrative rule, or regulation applicable to the services provided herein, or if Grantee fails to perform its duties and responsibilities in accordance with the terms and conditions of this Contract.

  • Withholding Requirements In the event that any jurisdiction imposes any withholding or other tax on any payment made by Xxxxxxx Mac (or its agent, the Exchange Administrator, or any other person potentially required to withhold) with respect to a Note, Xxxxxxx Mac (or its agent, the Exchange Administrator, or such other person) will deduct the amount required to be withheld from such payment, and Xxxxxxx Mac (or its agent, the Exchange Administrator, or such other person) will not be required to pay additional interest or other amounts, or redeem or repay the Notes prior to the Maturity Date, as a result.

  • Tax Withholding The Company shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement.

  • Income Tax Withholding You must indicate on distribution requests whether or not federal tax should be withheld. Distribution requests without a federal withholding statement require the Custodian to withhold federal tax in accordance with IRS regulations. State withholding may also apply for distribution requests received without a withholding statement.

  • Withholding of Payment City reserves the right to withhold, in whole or in part, payment for any and all work that: (i) has not been completed by Contractor; (ii) is inadequate or defective and has not been remedied or resolved in a manner satisfactory to the City Project Manager; or (iii) which fails to comply with any term, condition, or other requirement under this Agreement. Any payment withheld shall be released and remitted to Contractor within THIRTY (30) calendar days of the Contractor’s remedy or resolution of the inadequacy or defect.

  • TAX LIMITATION OBLIGATIONS In order to receive and maintain the limitation authorized by Section 2.4, Applicant shall:

  • Withholding Tax To the extent required by any applicable law, the Administrative Agent may withhold from any interest payment to any Lender an amount equivalent to any applicable withholding tax. If the Internal Revenue Service or any authority of the United States or other jurisdiction asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstances that rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason), such Lender shall indemnify the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) fully for all amounts paid, directly or indirectly, by the Administrative Agent as tax or otherwise, including penalties and interest, together with all expenses incurred, including legal expenses, allocated staff costs and any out of pocket expenses.

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