PERFORMANCE AND WARRANTY BANK GUARANTEES Sample Clauses

PERFORMANCE AND WARRANTY BANK GUARANTEES. CONTRACTOR shall provide ---------------------------------------- a performance bank guarantee in the amount of twenty percent (20%) of that portion of the Budgeted Cost of the Work performed by CONTRACTOR (excluding design & construction management services) and shall cause each subcontractor and vendor to provide a performance bank guarantee in an amount equal to twenty percent (20%) of that portion of the Budgeted Cost of the Work performed by each subcontractor and vendor and shall provide a warranty bank guarantee in the amount of five percent (5%) of that part of the actual Cost of the Work performed by CONTRACTOR (excluding design & construction management services) and shall cause each subcontractor or vendor to provide a warranty bank guarantee in an amount equal to (i) in the case of a subcontract or purchase order amount exceeding DEM5,000,000, five percent (5%) of the subcontract or purchase order amount, and (ii) in the case of a subcontract or purchase order amount between DEM500,000 and DEM5,000,000, ten percent (10%) of the subcontract or purchase order amount, but in the case of a subcontract or purchase order amount less than DEM500,000, no warranty bank guarantee shall be required. Each bank guarantee shall satisfy the applicable criteria
Sample 1
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PERFORMANCE AND WARRANTY BANK GUARANTEES. CONTRACTOR shall provide a ---------------------------------------- performance bank guarantee in the amount of twenty percent (20%) of that portion of the Budgeted Cost of the Work performed by CONTRACTOR (excluding design & construction management services) and shall cause each subcontractor and vendor to provide a performance bank guarantee in an amount equal to twenty percent (20%) of that portion of the Budgeted Cost of the Work performed by each subcontractor and vendor and shall provide a warranty bank guarantee in the amount of five percent (5%) of that part of the actual Cost of the Work performed by CONTRACTOR (excluding design & construction management services) and shall cause each subcontractor or vendor to provide a warranty bank guarantee in an amount equal to (i) in the case of a subcontract or purchase order amount exceeding DEM5,000,000, five percent (5%) of the subcontract or purchase order amount, and (ii) in the case of a subcontract or purchase order amount between DEM500,000 and DEM5,000,000, ten percent (10%) of the subcontract or purchase order amount, but in the case of a subcontract or purchase order amount less than DEM500,000, no warranty bank guarantee shall be required. Each bank guarantee shall satisfy the applicable criteria for bank guarantees set forth in Schedule 21.6 & 21.7 attached hereto and made a -------------------- part hereof and shall be reasonably satisfactory to COMPANY and to any lender or lenders providing financing for the Project, issued by a bank reasonably satisfactory to COMPANY and to any lender or lenders providing financing for the Project. Each warranty bank guarantee shall be for a period equal to the lesser of (x) two years, and (y) the period of the guarantee and warranty for the items covered by such guarantee (e.g., the guarantee for rotating parts shall have a term of one year) specified in Section 18.1. ------------
Sample 1

Related to PERFORMANCE AND WARRANTY BANK GUARANTEES

  • Conditions Precedent to Initial Loans and Letter of Credit Accommodations Each of the following is a condition precedent to Lender making the initial Loans and providing the initial Letter of Credit Accommodations hereunder:

  • Conditions Precedent to All Advances and Letters of Credit The Lender’s obligation to make each Advance or to cause the issuance of a Letter of Credit shall be subject to the further conditions precedent that:

  • Conditions Precedent to Initial Loans and Letters of Credit The obligation of each Lender to make the Loans requested to be made by it on the Closing Date and the obligation of each Issuer to Issue Letters of Credit on the Closing Date is subject to the satisfaction or due waiver in accordance with Section 11.1 (

  • Performance of Borrowers’ Obligations Agent may, in its discretion at any time and from time to time, at Borrowers’ expense, pay any amount or do any act required of a Borrower under any Loan Documents or otherwise lawfully requested by Agent to (a) enforce any Loan Documents or collect any Obligations; (b) protect, insure, maintain or realize upon any Collateral; or (c) defend or maintain the validity or priority of Agent’s Liens in any Collateral, including any payment of a judgment, insurance premium, warehouse charge, finishing or processing charge, or landlord claim, or any discharge of a Lien. All payments, costs and expenses (including Extraordinary Expenses) of Agent under this Section shall be reimbursed to Agent by Borrowers, on demand, with interest from the date incurred to the date of payment thereof at the Default Rate applicable to Base Rate Revolver Loans. Any payment made or action taken by Agent under this Section shall be without prejudice to any right to assert an Event of Default or to exercise any other rights or remedies under the Loan Documents.

  • Performance on Borrower's Behalf If any Restricted Person fails to pay any taxes, insurance premiums, expenses, attorneys' fees or other amounts it is required to pay under any Loan Document, Administrative Agent may pay the same after notice of such payment by Administrative Agent is given to Borrower. Borrower shall immediately reimburse Administrative Agent for any such payments and each amount paid by Administrative Agent shall constitute an Obligation owed hereunder which is due and payable on the date such amount is paid by Administrative Agent.

  • Conditions Precedent to All Loans and Letter of Credit Accommodations Each of the following is an additional condition precedent to Lender making Loans and/or providing Letter of Credit Accommodations to Borrower, including the initial Loans and Letter of Credit Accommodations and any future Loans and Letter of Credit Accommodations:

  • Conditions to Letters of Credit The issuance of any Letter of Credit hereunder (whether or not the applicable Issuing Lender is obligated to issue such Letter of Credit) is subject to the following conditions precedent:

  • Conditions Precedent to Each Loan and Letter of Credit The obligation of each Lender on any date (including the Closing Date) to make any Loan and of each Issuer on any date (including the Closing Date) to Issue any Letter of Credit is subject to the satisfaction of each of the following conditions precedent:

  • Issuance of and Drawings and Reimbursement Under Letters of Credit (a) The Letter of Credit Commitment.

  • Continuing Accuracy of Representations and Warranties Any obligation of the Agents to use their commercially reasonable efforts to sell the Shares on behalf of the Company as sales agents shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the conditions specified in Section 3 of this Agreement.

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