Letter of Guarantee. China Hydroelectric Corporation:
Letter of Guarantee. The Letter of Guarantee shall: (a) be payable to Custom House, (b) be drawn on a Custom House approved financial institution, and (c) have a maturity date a minimum of fourteen (14) Days after the Value Date of the Forward Contract.
Letter of Guarantee. As of the AMR Submission Date and during the period from the AMR Submission Date through the Closing, the Letter of Guarantee shall have been and remained duly issued by the Purchaser Guarantor in favor of Seller, shall be and remain in full force and effect, shall constitute the legal, valid and binding obligation of the Purchaser Guarantor, enforceable in accordance with its terms, and shall not have been amended, withdrawn or rescinded in any respect. As of the AMR Submission Date and during the period from the AMR Submission Date through the Closing, no event shall have occurred which, with or without notice, lapse of time or both, would constitute a default on the part of the Purchaser Guarantor under the Letter of Guarantee. Purchaser has not received any written notice of cancellation or any other indication that the Letter of Guarantee is no longer in full force or effect or that the Purchaser Guarantor is not willing or able to perform its obligations thereunder, and, no event has occurred that will result in the cancellation or termination of the Letter of Guarantee.
Letter of Guarantee. (L/G)
10.1 Fully indemnify Gulf Bank on Gulf Bank’s first demand for any damages that may incur to Gulf Bank as a result of the beneficiary’s request to confiscate/ liquidate the L/G amount whether partially or in full. The Customer undertakes full responsibility for any damages resulting therefrom.
10.2 The Customer hereby authorizes Gulf Bank finally and irrevocably to retain all funds and properties, of whatsoever kind, whether cash, deposits, bonds, promissory notes, precious metals, or any other properties that may be deposited with, or kept by Gulf Bank in the Customer’s name(s) or in the Customer’s favor. Gulf Bank may keep those properties as collateral to repay the Customer’s debt to Gulf Bank, relating to the issuance of the L/G (whether arising from the principal amount, interest, fees, commissions, or in any other manner, even if the debt is a variable or other kinds of balances), without warning, notice, or any legal or accountancy action in this respect. The Customer also hereby authorizes Gulf Bank to receive all funds due to the Customer from the beneficiaries of this L/G, as a payment of any liability which may arise towards Gulf Bank by virtue of the L/G.
10.3 The Customer hereby irrevocably authorizes Gulf Bank to extend the validity period of the said L/G whenever the beneficiary requests this prior to the expiry date of the L/G, and for any period(s) to be specified by the beneficiary. GB 944 D October 2020
10.4 It is agreed that Gulf Bank is not obliged to obtain the Customer’s prior consent to pay any amount arising from the beneficiary’s request or its representatives to liquidate the L/G amount. Furthermore, Gulf Bank is not obliged to notify the Customer prior to the payment, whereas the beneficiary’s submitted request to Gulf Bank grants Gulf Bank the right to pay the L/G amount directly to the beneficiary regardless of the Customer’s relation with the beneficiary and/or any disputes that may arise between the Customer and the beneficiary or objection raised by the Customer in this concern. From now on, the Customer hereby waives its right to object on Gulf Bank’s payment of any amount or expenses that may arise from the L/G payment, without obtaining the Customer’s prior approval or notice. The Customer hereby acknowledges that upon Gulf Bank’s first demand and within five days from the date of Gulf Bank’s notification, the Customer shall provide Gulf Bank with cash cover to the L/G equals to 110% of its amount. In case of the C...
Letter of Guarantee. 1. At the latest sixty (60) days since signing the Agreement and in any case prior to the Starting Date, as per article 2 to the present Agreement, the Transmission User is responsible to provide the Operator with an irrevocable Due Payment and Good Performance Letter of Guarantee to his benefit (the Transmission User) which shall ensure the satisfaction of his obligations as per the Agreement. In case of non submission of the Letter of Guarantee, the Operator shall address a written notification to the User, defining an express date for its submission. In case such deadline lapses and no action is taken:
a) the Operator reserves the right not to sign the Agreement, notifying the User in writing with regards to the rejection of his relevant application to enter a Transmission Agreement, based on the above grounds, or b) in case that the Agreement is already signed, then it is terminated ipso jure.
Letter of Guarantee. 1. At the latest sixty (60) days since the signing of the Agreement and in any case prior to the Starting Date, as per article 2 to the present Agreement, the LNG User is responsible to provide the Operator with an irrevocable Due Payment and Good Performance Letter of Guarantee to his benefit (the LNG User) which shall ensure the satisfaction of his obligations as per the Agreement. In case of non submission of the Letter of Guarantee, the Operator shall address a written notification to the LNG User, defining an express date for its submission. In case such deadline lapses and no action is taken:
a) the Operator reserves the right not to sign the Agreement, notifying the LNG User in writing with regards to the rejection of his relevant application to enter an LNG Agreement, based on the above grounds, or
b) in case that the Agreement is already signed, then it is terminated ipso jure.
2. The Due Payment and Good Performance Letter of Guarantee shall be issued by a bank approved by the Operator and its content shall be in accordance with the sample attached hereto in Annex 3. The Letter of Guarantee shall be irrevocable, shall include waiver from any discussion rights and shall be forfeited by the Operator, upon initial request, without any reservation, and as per a written statement of the latter defining a breach on the LNG User’s part of any of the contractual terms of the Agreement. The amount of the Letter of Guarantee equals 30% of the annual capacity charges corresponding to the Booked LNG Re-gasification Capacity of the LNG User, as calculated in the NGTS Usage Invoice, when the Agreement has a term greater than, or equal to (12) consecutive calendar months. When the term of the Agreement is less than twelve (12) calendar months the amount of the Letter of Guarantee shall equal 50% of the capacity charges that correspond to the Booked LNG Re-gasification Capacity of the LNG User, as calculated in the NGTS Usage Invoice.
3. In case of partial or total forfeiture of the Letter of Guarantee, the LNG User is responsible to issue directly and deliver to the Operator, at the latest within five (5) working days, a new Letter of Guarantee, so that the amount stated in the initial Letter of Guarantee is always covered.
Letter of Guarantee. 11.1. Sixty (60) days at the latest from the making hereof and in any case before the Starting Date under clause 3, the User must provide to the Operator an irrevocable Payment and Good Performance Letter of Guarantee in favor of the same (the User) by which the performance of its obligations hereunder shall be secured. Where such Letter of Guarantee is not furnished, the Operator shall send a written notice to the User establishing a reasonable deadline for furnishing such Letter of Guarantee. Such deadline may not be past the Starting Date. If no action is taken by such deadline, the Contract shall be automatically terminated.
11.2. The Payment and Good Performance Letter of Guarantee shall be issued by a bank accepted by the Operator and its content shall comply with the model attached to Annex A3. The Letter of Guarantee shall become forfeited and be fully payable at first demand when the Operator shall request its forfeiture indicating the violation of the contractual clause invoked.
11.3. In case of full or partial forfeiture of the Letter of Guarantee, the User shall be required to immediately issue and deliver to the Operator within ten (10) business days at the latest a new Letter of Guarantee to ensure that the sum in the first letter of guarantee is fully covered each time.
11.4. Provided that in the meantime there shall be no reason for the Letter of Guarantee to become forfeited, this shall be returned to the Bank past the expiry hereof. The Payment and Good Performance Letter of Guarantee shall not be returned where the Operator has claims towards the User. In such case, and by agreement of the Parties, the Letter of Guarantee may be replaced by the User with another one covering such requirements.
11.5. For the return of the Payment and Good Performance Letter of Guarantee, the User must submit a request in writing to the Operator.
11.6. The amount of the Letter of Guarantee that the User must furnish is set to 25% of the annual transmission capacity charge as established in the Transmission Invoice.
Letter of Guarantee. A letter of guarantee duly executed and delivered by the PARENT and in form and substance satisfactory to the BANK (the "GUARANTEE"); and
Letter of Guarantee. Commission - 0.1% per month or part thereof on the amount guaranteed or issued but subject to a minimum charge of RM50.00, such commission to be payable immediately upon issuance of each guarantee and for every extension thereafter. SCHEDULE 4 ---------- FORM OF REQUEST FOR RINGGIT ADVANCE ----------------------------------- To: BANK BUMIPUTRA MALAYSIA BERHAD [address] For the attention of: [name and title of relevant person] Dear Sirs, Zycon Corporation Sdn. Bhd. RM50,400,000.00 Facility Agreement dated 1996 ----------------------------------
Letter of Guarantee. Dated: -------------------, 2011. We hereby absolutely and unconditionally guarantee to the Myanma Oil and Gas Enterprise, Ministry of Energy, the Government of the Republic of the Union of Myanmar, that CONTRACTOR is financially sound and technically competent and shall perform the tasks such as funding necessary capital, assets and supplying machinery, equipment, tools, technicians, specialists and discharge of expenditure obligations undertaken by it through the Onshore Block ……… (………………... Area) Production Sharing Contract for the exploration, extraction and development works of the Onshore Block ………….(……..Area) of the Republic of the Union of Myanmar and we hereby undertake to discharge all its obligations under this Contract on its failure to perform. This guarantee shall be effective from the Effective Date of this Production Sharing Contract and shall remain in force to the successive limited periods and up to the last exploration period if extended by the consent of the contracting Parties in accordance with Sections 5.3 and 5.4 of this Contract. JSC NOBEL OIL This Annexure “E” is attached to and made an integral part of the Contract between MYANMA OIL AND GAS ENTERPRISE and …………………………………………. Dated: …………………, 2011.
