Letter of Credit or Performance Bond Sample Clauses

Letter of Credit or Performance Bond. Release or Reduction The MSC may release to the Owner, if requested, certain amounts pledged under the Letter of Credit or Performance Bond for the construction of the Electric and Water Infrastructure improvements and appurtenances completed by the Owner, as determined, inspected and approved by the MSC, and set forth in the Partial Release of Letter of Credit or Performance Bond prepared by the MSC. Requests for reduction of the Letter of Credit or Performance Bond shall be made by Owner in writing by submission of the application for reduction of Letter of Credit or Performance Bond worksheet attached hereto. Any and all requests for reduction of a Letter of Credit or Performance Bond shall be considered and reviewed in conjunction with the Owner’s annual written report submission identified within Article 1 of this Agreement. The Request for Partial Release of Letter of Credit or Performance Bond shall specify the construction completed and the amount requested to be released under the Letter of Credit or Performance Bond. Any reduction of a Letter of Credit or Performance Bond is within the sole discretion of the MSC. The amount released shall not exceed seventy-five percent 75% of the approved construction cost estimate for the items(s), as provided in the construction cost estimates provided as set forth herein. In no event shall a Letter of Credit or Performance Bond be reduced below Twenty-Five Per cent (25%) of the aggregate principal amount of the Letter of Credit or Performance Bond until acceptance by the MSC and conveyance by deed to the MSC as set forth in Article 5 herein.
Sample 1
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Letter of Credit or Performance Bond. Prior to the effective date of this Agreement , Green Waste shall provide an irrevocable letter of credit or performance bond (collectively referred to herein as the "Performance Security") from an institution satisfactory to City, on terms acceptable to City and its legal counsel, evidencing an irrevocable commitment to City, in the amount of One Hundred Thousand Dollars ($100,000), guaranteeing GreenWaste 's faithful performance of the terms ofthis Agreement. Such Performance Security shall be maintained in effect throughout the period during which Solid Waste collection services are to be provided pursuant to this Agreement. Upon GreenWaste's failure to timely perform any of its obligations under this Agreement or to pay City any fees or other sums owed under this Agreement, the Performance Security may be assessed by City, for purposes including, but not limited to:
Sample 1
Letter of Credit or Performance Bond. ‌ Contractor(s) agrees that after the execution of any and each Contract(s) developed as a result of this RFP, and one (1) month or more prior to the Commencement Date, the Contractor(s) shall make, execute and deliver to the City-Parish a good and sufficient letter of credit (preferred) or performance bond (alternate) to secure the full, complete and faithful performance of the terms and conditions. Such letter or credit or performance bond shall be in an amount based on six (6) months projected fees for each Service(s) and shall be renewed each year thereafter throughout the term of any Contract(s) developed as a result of this RFP. The letter of credit shall be an irrevocable direct pay letter of credit issued by a U.S. bank whose long- term debt is rated "A" or better by a Rating Service and which maintains a banking office in the State of Louisiana. The letter of credit shall be continuously renewed, extended or replaced so that it remains in effect over the life of any Contract(s) developed as a result of this RFP including initial and all renewal terms and until one hundred and eighty (180) calendar days after the termination of any Contract(s) developed as a result of this RFP and shall be issued in the form acceptable to the City- Parish. Contractor may offer a performance bond as an alternate to a letter of credit. The performance bond shall be signed by the President or General Officer of the Contractor, together with the signature of the corporate secretary and the corporate seal. The surety shall be a surety company duly authorized to do business in the State of Louisiana; having an “A” or better rating by A. M. Best or Standard and Poors; included on the list of surety companies approved by the Treasurer of the United States of America; and acceptable to the Contractor and the City-Parish.
Sample 1
Letter of Credit or Performance Bond. A. Within five (5) Business Days of CCCSWA’s notification to Contractor that CCCSWA has executed this Agreement, Contractor shall deposit with CCCSWA an irrevocable letter of credit in the amount of [insert dollar value equal to approximately [twenty‐five percent (25%) of estimated annual Gross Receipts] . The letter of credit must be issued by an FDIC insured banking institution chartered to do business in the State of California, consistent with the Uniform Customs and Practice for Documentary Credits, then‐current revision or similar uniform convention approved by CCCSWA, in CCCSWA’s name, and be callable at the discretion of CCCSWA. The letter of credit shall be structured so that, in the event funds are drawn by CCCSWA, the balance of [amount] is restored within two (2) Business Days.
Sample 1
Letter of Credit or Performance Bond. Prior to the effective date of this Agreement, GreenWaste shall provide an irrevocable Letter of Credit or Performance Bond (collectively referred to herein as the “Performance Security”) from an institution satisfactory to County, on terms acceptable to the County and its legal counsel, evidencing an irrevocable commitment to County, in the amount of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00), guaranteeing GreenWaste’s faithful performance of the terms of this Agreement. Such Letter of Credit or Bond shall be maintained in effect throughout the period during which Solid Waste collection services are to be provided pursuant to this Agreement. Upon GreenWaste’s failure to timely perform any of its obligations under this Agreement or to pay the County any fees or other sums owed under this Agreement, the Letter of Credit or Bond may be assessed by the County, for purposes including, but not limited to:
Sample 1

Related to Letter of Credit or Performance Bond

  • Letter of Credit Fees The Borrower shall pay to the Administrative Agent for the account of each Revolving Credit Lender in accordance, subject to Section 2.16 with its Applicable Revolving Credit Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate times the daily amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be (i) due and payable on the first Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request of the Required Revolving Lenders, while any Event of Default exists, all past due Letter of Credit Fees shall accrue at the Default Rate.

  • Letters of Credit for Payment Bond Notwithstanding the provisions of B4.3, Purchaser may use letters of credit in lieu of a surety bond for payment bond purposes when approved by Contracting Officer.

  • Performance/Bid Bond and Letter Of Credit There are no bonds required for the Contract resulting from this Solicitation. In accordance with Appendix B, section 45, Performance/Bid Bond, the Commissioner of OGS has determined that no performance, payment or Bid bond, or negotiable irrevocable letter of credit or other form of security for the faithful performance of the Contract shall be required at any time during the initial term, or any renewal term, for the resulting Contract and Authorized User Agreements.

  • Letter of Credit Upon execution of this Lease, Tenant shall deliver to Landlord a clean, irrevocable letter of credit (the “Letter of Credit”) established in Landlord’s (and its successors’ and assigns’) favor in the Letter of Credit Amount, issued by a federally insured banking or lending institution (i.e., insured by the FDIC) with a retail banking branch located within the continental United States reasonably acceptable to Landlord and in other form and substance reasonably acceptable to Landlord. The Letter of Credit shall specifically provide for partial draws, shall be self-renewing annually as an “Evergreen” letter of credit, without amendment, for additional one-year periods, shall have a term that is self-renewing until sixty (60) days after the expiration of the Term of the Lease and shall by its terms be transferable by the beneficiary thereunder for a transfer fee not to exceed $250.00 payable by Tenant. If Tenant fails to make any payment of rent or other charges due to Landlord under the terms of the Lease, or otherwise defaults hereunder, beyond any applicable notice and cure period, Landlord, at Landlord’s option, may make a demand for payment under the Letter of Credit in an amount equal to the amounts then due and owing to Landlord under the Lease. In the event that Landlord draws upon the Letter of Credit, Tenant shall present to Landlord a replacement Letter of Credit in the full Letter of Credit Amount satisfying all of the terms and conditions of this Section within ten (10) days after receipt of notice from Landlord of such draw. Tenant’s failure to do so within such 10-day period will constitute a default hereunder (Tenant hereby waiving any additional notice and grace or cure period), and upon such default Landlord shall be entitled to immediately exercise all rights and remedies available to it hereunder, at law or in equity. In the event that the Letter of Credit is terminated by the issuer thereof prior to the date that is sixty (60) days after the expiration date of this Lease, as set forth above, and Tenant has not presented to Landlord a replacement Letter of Credit which complies with the terms and conditions of the Lease on or before thirty (30) days prior to the expiration date of any such Letter of Credit then held by Landlord, then Tenant shall be deemed in default hereunder and Landlord, in addition to all other rights and remedies provided for hereunder, shall have the right to draw upon the Letter of Credit then held by Landlord and any such amount paid to Landlord by the issuer of the Letter of Credit shall be held in a segregated account by Landlord as security for the performance of Tenant’s obligations hereunder. Any interest earned on such amounts shall be the property of Landlord. Landlord’s election to draw under the Letter of Credit and to hold the proceeds of the drawing under the Letter of Credit in a segregated account shall not be deemed a cure of any default by Tenant hereunder and shall not relieve Tenant from its obligation to present to Landlord a replacement Letter of Credit which complies with the terms and conditions of this Lease. Tenant acknowledges that any proceeds of a draw made under the Letter of Credit and thereafter held in a segregated account by Landlord may be used by Landlord to cure or satisfy any obligation of Tenant hereunder as if such proceeds were instead proceeds of a draw made under a Letter of Credit that remained outstanding and in full force and effect at the time such amounts are applied by Landlord to cure or satisfy any such obligation of Tenant. Tenant hereby affirmatively disclaims any interest Tenant has, may have, claims to have, or may claim to have in any proceeds drawn by Landlord under the Letter of Credit and held in accordance with the terms hereof. Without limiting the generality of the foregoing, Tenant expressly acknowledges and agrees that at the end of the Term of the Lease (whether by expiration or earlier termination hereof), and if Tenant is not then in default under this Lease, Landlord shall return to the issuer of the Letter of Credit or its successor (or as such issuer may direct in writing) any remaining and unapplied proceeds of any prior draws made under the Letter of Credit, and Tenant shall have no rights, residual or otherwise, in or to such proceeds. In addition to the foregoing, Landlord will have the right to require Tenant to have a new Letter of Credit issued in accordance with the above requirements from a different Issuer if either the original Issuer is placed on an FDIC “watch list”, if the FDIC or similar state or federal banking regulatory agency is appointed as receiver or conservator for such Issuer or if Landlord analyzes such Issuer’s capitalization, asset quality, earnings, and/or liquidity and in Landlord’s sole and absolute discretion, disapproves of such Issuer’s financial wherewithal and ability to remain as the issuer of the Letter of Credit. Such new Letter of Credit must comply with the foregoing requirements and must be issued within thirty (30) days of Landlord’s demand therefor. Provided Tenant is not then in default (regardless of any notice and cure periods) and has not been in default under this Lease beyond any applicable notice and cure periods during the prior twelve (12) months, the Letter of Credit Amount shall reduce during the Term of this Lease on the first date of the respective Lease Year as set forth below: Date of Reduction Amount of Reduction of Letter of Credit Remaining Letter of Credit Amount after Reduction First day of the 2nd Lease Year of the Term $ 13,148.44 $ 52,593.76 First day of the 3rd Lease Year of the Term $ 13,148.44 $ 39,445.32 First day of the 4th Lease Year of the Term $ 13,148.44 $ 26,296.88 First day of the 5th Lease Year of the Term $ 13,148.44 $ 13,148.44 Should Tenant be in default (regardless of any notice and cure periods) as of the specified reduction date, or if Tenant otherwise has been in default as specified above beyond any applicable notice and/or cure periods, no reduction shall occur as of such applicable date. The Letter of Credit shall specifically provide that the Letter of Credit is subject to reduction in accordance with the terms of the Lease. If Tenant is then or has been in default and the Letter of Credit balance is not or was not reduced, then at the first date of the next scheduled reduction Lease Year, the Letter of Credit Amount will only be reduced by the next scheduled reduction amount and will not skip to the otherwise applicable Lease Year.

  • Letters of Credit (a) The Letter of Credit Commitment.

  • Performance Bond Unless otherwise prohibited by law, the Department may require the Contractor to furnish, without additional cost to the Department, a performance bond or irrevocable letter of credit or other form of security for the satisfactory performance of work hereunder. The Department shall determine the type and amount of security.

  • Standby Letter of Credit To ensure payment by Seller of all costs and expenses incurred by Company (i) in excess of the Total Estimated Interconnection Cost paid in connection with the Company-Owned Interconnection Facilities to be provided and/or constructed by Company described in Section 3 (Seller Payment To Company for Company-Owned Interconnection Facilities and Review Of Facility) of this Attachment G (Company-Owned Interconnection Facilities), and (ii) if applicable, in excess of the Total Estimated Relocation Costs paid in connection with the relocation of the Company-Owned Interconnection Facilities as provided in Section 5 (Relocation of Company-Owned Interconnection Facilities) of this Attachment G (Company-Owned Interconnection Facilities), Seller shall obtain an Irrevocable Standby Letter of Credit with no Documentary Requirement ("Standby Letter of Credit") in accordance with the requirements of Section 6(b) (Requirements of the Standby Letter of Credit) of this Attachment G (Company-Owned Interconnection Facilities), wherein Company shall receive payment from the bank upon request by Company.

  • Total Credit Award GO-Biz, upon approval by the Committee and conditioned upon the requirements set forth in this Agreement, will award Taxpayer a California Competes Tax Credit ("CCTC") in the amount of one hundred thousand dollars ($100,000.00) (“Credit”). Specifically, Taxpayer is receiving a CCTC against the “net tax” as defined in RTC section 17039, or the “tax” as defined in RTC section 23036, as applicable, pursuant to RTC section 17059.2 or 23689, as applicable.

  • Line of Credit Subject to the terms and conditions of this Agreement, Bank hereby agrees to make advances to Borrower from time to time up to and including April 2, 2015, not to exceed at any time the aggregate principal amount of One Million Five Hundred Thousand Dollars ($1,500,000.00) (“Line of Credit”), the proceeds of which shall be used to finance Borrower’s working capital requirements. Borrower’s obligation to repay advances under the Line of Credit shall be evidenced by a promissory note dated as of May 1, 2012 (“Line of Credit Note”), all terms of which are incorporated herein by this reference.

  • Performance Bank Guarantee 4.2.1 The Performance Bank Guarantee furnished by Power Producer to GUVNL shall be for guaranteeing the commissioining / commercial operation of the project up to the Contracted Capacity within SCOD.

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