Payment and Performance Guaranty Sample Clauses
A Payment and Performance Guaranty clause requires a third party, typically a guarantor, to ensure that the obligations of payment and performance under a contract are fulfilled if the primary party fails to do so. In practice, this means that if the original contracting party defaults on payments or does not complete the required work, the guarantor is legally responsible for covering the payment or completing the performance. This clause is commonly used in construction and service contracts to provide additional security to the party receiving goods or services. Its core function is to mitigate the risk of non-payment or non-performance, offering assurance that contractual obligations will be met even in the event of default.
Payment and Performance Guaranty. The Partnership unconditionally, absolutely, continually and irrevocably guarantees, as principal and not as surety, to HFRM the punctual and complete payment in full when due of all amounts due from HEP Operating under this Agreement (collectively, the “HEP Operating Payment Obligations”) and the punctual and complete performance of all other obligations of HEP Operating under this Agreement (collectively, the “HEP Operating Performance Obligations”, together with the HEP Operating Payment Obligations, the “HEP Operating Obligations”). The Partnership agrees that HFRM shall be entitled to enforce directly against the Partnership any of the HEP Operating Obligations.
Payment and Performance Guaranty. ▇▇▇▇▇ unconditionally, absolutely, continually and irrevocably guarantees, as principal and not as surety, to HEP Tulsa and HEP Storage-Tulsa the punctual and complete payment in full when due of all amounts due from ▇▇▇▇▇ Tulsa under the Agreement (collectively, the “▇▇▇▇▇ Tulsa Payment Obligations”). ▇▇▇▇▇ agrees that HEP Tulsa and HEP Storage-Tulsa shall be entitled to enforce directly against ▇▇▇▇▇ any of the ▇▇▇▇▇ Tulsa Payment Obligations.
Payment and Performance Guaranty. Each of the Partnership and the Operating Partnership unconditionally, absolutely, continually and irrevocably guarantees, as principal and not as surety, to ▇▇▇▇▇ Tulsa the punctual and complete payment in full when due of all amounts due from HEP Tulsa and HEP Storage-Tulsa under the Agreement (collectively, the “HEP Tulsa Payment Obligations”). Each of the Partnership and the Operating Partnership agrees that ▇▇▇▇▇ Tulsa shall be entitled to enforce directly against the Partnership and the Operating Partnership any of the HEP Tulsa Payment Obligations.
Payment and Performance Guaranty. ▇▇▇▇▇ unconditionally, absolutely, continually and irrevocably guarantees, as principal and not as surety, to Buyer the punctual and complete payment in full when due of all Buyer Indemnified Costs by the Indemnifying Party under the Agreement (collectively, the “Payment Obligations”). ▇▇▇▇▇ agrees that Buyer shall be entitled to enforce directly against ▇▇▇▇▇ any of the Payment Obligations.
Payment and Performance Guaranty. ▇▇▇▇▇ unconditionally, absolutely, continually and irrevocably guarantees, as principal and not as surety, to the Partnership Entities the punctual and complete payment in full when due of all amounts due from Navajo Refining under the Agreement (collectively, the “Navajo Refining Payment Obligations”). ▇▇▇▇▇ agrees that the Partnership Entities shall be entitled to enforce directly against ▇▇▇▇▇ any of the Navajo Refining Payment Obligations.
Payment and Performance Guaranty. Each of the Partnership and the Operating Partnership unconditionally, absolutely, continually and irrevocably guarantees, as principal and not as surety, to Frontier El Dorado the punctual and complete payment in full when due of all amounts due from El Dorado Logistics under the Agreement (collectively, the “El Dorado Logistics Payment Obligations”). Each of the Partnership and the Operating Partnership agrees that Frontier El Dorado shall be entitled to enforce directly against the Partnership and the Operating Partnership any of the El Dorado Logistics Payment Obligations.
Payment and Performance Guaranty. HFC unconditionally, absolutely, continually and irrevocably guarantees, as principal and not as surety, to Buyer the punctual and complete payment in full when due of all Buyer Indemnified Costs by the Indemnifying Party under the Agreement (collectively, the “Payment Obligations”). HFC agrees that Buyer shall be entitled to enforce directly against HFC any of the Payment Obligations.
Payment and Performance Guaranty. Each of the Partnership and the Operating Partnership unconditionally, absolutely, continually and irrevocably guarantees, as principal and not as surety, to the HollyFrontier Entities the punctual and complete payment in full when due of all amounts due from the Partnership Entities under the Agreement (collectively, the “HEP Payment Obligations”) and the punctual and complete performance of all other obligations of the Partnership Entities under this Agreement (collectively, the “HEP Performance Obligations”, together with the HEP Payment Obligations, the “HEP Obligations”). Each of the Partnership and the Operating Partnership agrees that the HollyFrontier Entities shall be entitled to enforce directly against the Partnership and the Operating Partnership any of the HEP Obligations.
Payment and Performance Guaranty. The Partnership unconditionally, absolutely, continually and irrevocably guarantees, as principal and not as surety, to the Applicable Refinery Owner the punctual and complete payment in full when due of all amounts due from HEP Operating under this Agreement (collectively, the “HEP Operating Payment Obligations”) and the punctual and complete performance of all other obligations of HEP Operating under this Agreement (collectively, the “HEP Operating Performance Obligations”, together with the HEP Operating Payment Obligations, the “HEP Operating Obligations”). The Partnership agrees that the Applicable Refinery Owner shall be entitled to enforce directly against the Partnership any of the HEP Operating Obligations.
Payment and Performance Guaranty. Each of the Partnership and the Operating Partnership unconditionally, absolutely, continually and irrevocably guarantees, as principal and not as surety, to Frontier Cheyenne the punctual and complete payment in full when due of all amounts due from Cheyenne Logistics under the Agreement (collectively, the “Cheyenne Logistics Payment Obligations”). Each of the Partnership and the Operating Partnership agrees that Frontier Cheyenne shall be entitled to enforce directly against the Partnership and the Operating Partnership any of the Cheyenne Logistics Payment Obligations.