Performance Bond/Letter of Credit. A Performance Bond or an Irrevocable Standby Letter of Credit in the form reasonably acceptable to Hawaiian Electric shall be furnished by Seller and deposited with Hawaiian Electric in the amount of FIVE MILLION DOLLARS ($5,000,000.00), guaranteeing Seller’s full compliance with and performance under this Contact. The Performance Bond or Irrevocable Standby Letter of Credit shall remain in effect from the Effective Date until the end of the term of this Contract. Said Bond is to be submitted to Hawaiian Electric no later than thirty (30) Days following the Effective Date.
Performance Bond/Letter of Credit. A Performance Bond or an Irrevocable Standby Letter of Credit in the form reasonably acceptable to HECO shall be furnished by Supplier and deposited with HECO in the amount of five million dollars ($5,000,000.00), guaranteeing Supplier’s full compliance with and performance under this Contact. The Performance Bond or Irrevocable Standby Letter of Credit shall remain in effect from the Effective Date until the end of the Term. Said Bond is to be submitted to HECO no later than thirty (30) days following the Effective Date.
Performance Bond/Letter of Credit. A Performance Bond or an Irrevocable Standby Letter of Credit in the form reasonably acceptable to the Companies shall be furnished by SELLER and deposited with the Companies in the amount of $ , guaranteeing SELLER’s full compliance with and performance under this Contract. The Performance Bond or Irrevocable Standby Letter of Credit shall remain in effect from the Effective Date until the end of the Original Term or through any contract Extensions. Said Bond or Letter of Credit is to be submitted to the Companies no later than thirty (30) Days following the Effective Date. No special payments shall be made by the Companies to SELLER in respect to premiums for a bond or letter of credit.
Performance Bond/Letter of Credit. Palcare shall provide evidence of security for completion of the Capital Expansion in the form of either (a) or (b) below:
(a) (i) a labor and materials bond in the form required by Cal. Civil Code Section 3248 and in an amount equal to one hundred percent (100%) of the amount of the Palcare construction contract, to guarantee payment of wages for services engaged and of bills contracted for materials, supplies, and equipment used in performance of the construction contract; and (ii) a performance bond equal to one hundred percent (100%) of the amount of the Palcare construction contract scope of work, to guarantee faithful performance and completion of the Capital Expansion, both of which shall be in substantially the form attached hereto as Exhibit B. Corporate sureties on these bonds must be legally authorized to engage in business of furnishing surety bonds in State of California. Sureties must be satisfactory to the City; or
(b) A letter of credit in the amount of the Airport Contribution, naming the City as beneficiary, and in form satisfactory to City’s City Attorney. The expiration or termination date of such letter of credit shall extend to the end of construction of the Capital Expansion. Palcare shall cause the bank issuing such letter of credit to give the City notice in writing by registered mail at least forty-five (45) days prior to the expiration date or termination of such letter of credit of its intention not to renew such letter of credit or to terminate such letter of credit prior to the end of construction of the Capital Expansion.
Performance Bond/Letter of Credit. A Performance Bond or an Irrevocable Standby Letter of Credit in the form reasonably acceptable to the Companies shall be furnished by Seller and deposited with the Companies in the amount of ($ ), guaranteeing Seller’s full compliance with and performance under this Contact. The Performance Bond or Irrevocable Standby Letter of Credit shall remain in effect from the Effective Date until the end of the Original Term. Said Bond is to be submitted to the Companies no later than thirty (30) Days following the Effective Date.
Performance Bond/Letter of Credit. The County shall require Palcare to provide evidence of security for completion of the Capital Expansion in the form of either (a) or (b) below:
(a) (i) a labor and materials bond in the form required by Cal. Civil Code Section 3248 and in an amount equal to one hundred percent (100%) of the amount of the Palcare construction contract, to guarantee payment of wages for services engaged and of bills contracted for materials, supplies, and equipment used in performance of the construction contract; and (ii) a performance bond equal to one hundred percent (100%) of the amount of the Palcare construction contract scope of work, to guarantee faithful performance and completion of the Capital Expansion, both of which shall be in substantially the form attached hereto as Exhibit B. Corporate sureties on these bonds must be legally authorized to engage in business of furnishing surety bonds in State of California. Sureties must be satisfactory to the City; or
(b) A letter of credit in the amount of the Contribution, naming the City as beneficiary, and in form satisfactory to City’s City Attorney. The expiration or termination date of such letter of credit shall extend to the end of construction of the Capital Expansion. The County shall require Palcare to cause the bank issuing such letter of credit to give the City notice in writing by registered mail at least forty-five (45) days prior to the expiration date or termination of such letter of credit of its intention not to renew such letter of credit or to terminate such letter of credit prior to the end of construction of the Capital Expansion.
Performance Bond/Letter of Credit. Prior to commencement of the On-Site Infrastructure Improvements, USM shall cause to be furnished to the City a performance bond in conformity with § 2.2-4337 of the Code or letter of credit in conformity with § 2.2-4338 of the Code payable to the City and in the amount of the OSI Construction Costs. The performance bond or letter of credit shall be conditioned upon the faithful performance of this Agreement in strict conformity with the terms and conditions of this Agreement. If a surety bond, the bond shall be executed by one or more surety companies selected by USM which are licensed and legally authorized to conduct the business of insurance, including surety, within the Commonwealth of Virginia.
Performance Bond/Letter of Credit. The Contractor shall be required to furnish to the CVWMA, and keep current during the term of the Agreement, including all renewal time frames if applicable, a performance bond for the performance of the Contract and all obligations arising thereunder in an amount stipulated in the Contract. It shall be executed by a surety company licensed to do business in the Commonwealth of Virginia having an "A-" or better rating by A. M. Best or Standard and Poor’s and included on the list of surety companies approved by the Treasurer of the United States. The performance bond shall be in a form acceptable to the CVWMA covering the faithful, legal and complete performance of the Contract. The CVWMA may allow an irrevocable letter of credit in lieu of the performance bond with a banking institution and on terms and conditions acceptable to the CVWMA. Should the financial condition of the surety or banking institution become unacceptable to the CVWMA, the Contractor(s) shall be notified in writing of that unacceptability, with a copy to the Participating Local Jurisdictions. Within sixty (60) days of receipt of said notification Contractor shall furnish such additional bond or substitute letter of credit at the Contractor’s expense as may be required by the CVWMA to protect its interests. The Contract shall be subject to termination by the CVWMA at any time if said bond or letter of credit shall be canceled or the surety thereon relieved from liability for any reason. Notice of cancellation of the bond or letter of credit must be served upon the CVWMA one hundred and twenty (120) days prior to the effective date of said cancellation. The Contract will not be terminated if within five (5) working days of receipt of such notice, the Contractor files with the CVWMA a similar bond or letter of credit to be effective for the balance of the Contract(s) period. CVWMA will forward a copy of Contractor’s notice of cancellation to Participating Local Jurisdictions within ten (10) business days of receipt.
Performance Bond/Letter of Credit. 20.1 The CONTRACTOR shall deliver to the CLIENT a letter of credit of first requirement issued by a top ranking bank in Spain for 10% of the Agreed Price against the payment of that same amount by the CLIENT to secure the performance of the Works (the “Performance Bond”), as attached in Annex VIII. This Performance Bond shall be valid and effective without any obligation by the CLIENT to return it until the earlier of (i) the termination of this Agreement under Clauses 18.5.(ii)(c), 31.1 (ii) or 31.2, or (ii) the date when the Parties agree in writing to proceed with Milestones 12 and 15. Then the CLIENT will return the Performance Bond to the CONTRACTOR against delivery of a new letter of credit of first requirement issued by a top ranking bank in Spain for 3% of the Agreed Price to secure the performance of the outstanding Milestones. This new letter of credit will be valid and effective until the earlier of (i) the date of signature of the PAC of the Subsea cable and Underwater Substation ‘Pod’ or (ii) the termination of this Agreement under Clauses 31.1 (ii) or 31.2.
20.2 The CONTRACTOR shall grant a letter of credit of first requirement issued by a top ranking bank in Spain for 5% of the Agreed Price against payment of the same amount upon performance of Milestone number 3. This letter of credit shall secure the supply of the equipment covered by that Milestone and shall be valid and effective until the earlier of (i) delivery of the respective equipment or (ii) termination of the Agreement under Clauses 18.5.(ii)(c), 31.1 (ii) or 31.
Performance Bond/Letter of Credit. Upon the execution of this Concession and prior to commencing operations under this Concession, CONCESSIONAIRE shall provide ENGLAND AUTHORITY with an irrevocable bank letter of credit, cash deposit, or performance bond in the amount of Sixty Thousand Dollars ($60,000.00). The letter of credit, cash deposit or performance bond shall be held by the ENGLAND AUTHORITY throughout the Term and may be applied by the ENGLAND AUTHORITY against any debt owed to it by CONCESSIONAIRE.
