Performance Security Failure Sample Clauses

Performance Security Failure. The failure of Seller to maintain or replace the Performance Security in compliance with Section 5.7.
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Performance Security Failure. (i) The failure of Seller to furnish Performance Security by the time set forth in Section 5.6, or the failure of Seller to maintain or replace the Performance Security in compliance with Section 5.6, (ii) the failure of any of the Performance Security to be in full force and effect in accordance with Section 5.6 or (iii) any Person contests the validity or enforceability of the Performance Security or the letter of credit provider denies that it has any liability in respect of any Performance Security and such Performance Security is not replaced in compliance with Section 5.6.
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Performance Security Failure. The failure of Seller to maintain the Performance Security in compliance with Section 5.9, if such failure is not cured within five (5) Business Days after receipt of notice thereof from Buyer.
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Performance Security Failure. The failure of Seller to renew, replace or extend the Performance Security at least fifteen (15) Business Days prior to its expiration unless alternative Performance Security in the form of a letter of credit that complies with the requirements of Section 5.4 or in the form of an Escrow Account, at Seller’s discretion, has been provided within thirty (30) days after notice from Buyer of any such failure; provided however that Buyer may draw on the entire amount of the Performance Security at any time, notwithstanding any cure period in this Agreement, if Seller fails to renew, replace or extend the Performance Security at least fifteen (15) Business Days prior to its expiration and if so drawn by Buyer, Buyer shall deposit the amounts so drawn in an Escrow Account as permitted by Section 5.4. and such failure shall be deemed to be cured, or (B) with respect to any obligor providing the Performance Security for the benefit of Buyer the occurrence of any of the following events which is not cured within thirty (30) days after notice from Buyer by (i) either the obligor curing the applicable failure set forth below; or (ii) Seller delivering replacement Performance Security that complies with the requirements of Section 5.4
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Performance Security Failure. (i) The failure of Seller to furnish Performance Security by the times set forth in Section 5.7, (ii) the failure of Seller to maintain or replace the Performance Security in compliance with Section 5.7, which failure is not cured within five (5) Business Days after the commencement thereof; provided that if such failure is solely due to a failure by the Qualified Issuer to honor a draw request properly made and tendered under the terms of this Agreement, then the five (5) Business Day-cure period shall begin on the date that Seller’s has actual knowledge of the Qualified Issuer’s failure, (iii) the failure of any of the Performance Security to be in full force and effect in accordance with Section 5.7 or (iv) any Person contests the validity or enforceability of the Performance Security or the letter of credit provider denies that it has any liability in respect of any Performance Security and such Performance Security is not replaced in compliance with Section 5.7.
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Performance Security Failure. The failure of Seller to furnish Performance Security by the times set forth in Section 5.7, (ii) the failure of Seller to maintain or replace the Performance Security in compliance with Section 5.7, which failur...
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Performance Security Failure. The failure of Seller to (i) obtain and maintain the Performance Security in compliance with Section 5.4, (ii) replenish the Performance Security within the period provided under Section 5.4(c) or (iii) replace such Performance Security within the applicable time period set forth Section 5.4 and, in any event, at least thirty (30) days prior to its expiration, unless an alternative Performance Security that complies with the requirements of Section 5.4 is provided within ten (10) Business Days after notice sent by Buyer of any such failure; or, with respect to any obligor providing the Performance Security for the benefit of Buyer: (1) the failure of such obligor to honor a drawing or make a payment thereunder; (2) such obligor fails to meet the acceptance of Buyer or there shall have occurred a material adverse effect on the business, assets, operations, condition (financial or otherwise) or prospects of such obligor; (3) the Performance Security issued by such obligor shall fail to be in full force and effect in accordance with the terms of this Agreement prior to the satisfaction of all obligations of Seller under this Agreement and each of the Ancillary Documents; or (4) such obligor shall repudiate, disaffirm, disclaim, or reject, in whole or in part, or challenge the validity of its Performance Security and in any such event, Seller fails to provide a replacement Performance Security.
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Performance Security Failure. The failure of Seller to renew, replace or extend the Performance Security at least fifteen (15) Business Days prior to its expiration unless alternative Performance Security in the form ofa letter of
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Performance Security Failure. The failure of Seller to cause to be issued and thereafter to maintain and replace any Performance Security in compliance with Section 5.4, including, among other requirements thereunder, (1) in the case of a Downgrade Event, the failure of Seller to cause the replacement of the Performance Security as provided in Section 5.4 or (2) with respect to the expiration date of a letter of credit which constitutes Performance Security, the failure of Seller to cause a replacement letter of credit to be delivered prior to such expiration date or to cause such expiration date to be extended, all as provided in Section 5.4, unless payment on such Performance Security shall have been made upon demand by Buyer as provided in Section 5.4; or the failure of Seller to cause a replacement letter of credit to be provided within ten (10) Business Days after written notice to Seller of the occurrence of any of the following: payment thereunder; (i) the failure of Qualified Issuer to honor a drawing or make a (ii) there shall have occurred a material adverse effect on the business, assets, operations, condition (financial or otherwise) or prospects of the Qualified Issuer; (iii) the Performance Security shall fail to be in full force and effect in accordance with the terms of this Agreement prior to the satisfaction of all obligations of Seller under this Agreement, the Option Agreement and each of the Ancillary Documents; or (iv) the Qualified Issuer shall repudiate, disaffirm, disclaim, or reject, in whole or in part, or challenge the validity of its Performance Security and in any such event, Seller fails to provide replacement Performance Security complying with Section 5.4.
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Related to Performance Security Failure

  • Performance Security 47.1 Within twenty-one (21) days of the receipt of Letter of Acceptance from the Procuring Entity, the successful Tenderer, if required, shall furnish the Performance Security in accordance with the GCC 18, using for that purpose the Performance Security Form included in Section X, Contract Forms. If the Performance Security furnished by the successful Tenderer is in the form of a bond, it shall be issued by a bonding or insurance company that has been determined by the successful Tenderer to be acceptable to the Procuring Entity. A foreign institution providing a bond shall have a correspondent financial institution located in Kenya, unless the Procuring Entity has agreed in writing that a correspondent financial institution is not required. 47.2 Failure of the successful Tenderer to submit the above-mentioned Performance Security or sign the Contract shall constitute sufficient grounds for the annulment of the award and forfeiture of the Tender Security. In that event the Procuring Entity may award the Contract to the Tenderer offering the next lowest Evaluated Tender. 47.3 Performance security shall not be required for a contract, if so specified in the TDS.

  • Performance Condition Notwithstanding the vesting schedule stated in the Award Notification, your Restricted Shares shall not vest unless the Company achieves positive Adjusted Net Earnings in any fiscal year during the term of the Award. “Adjusted Net Earnings” means net earnings determined in accordance with GAAP as publicly reported by the Company for a fiscal year, adjusted to eliminate the following: (1) the cumulative effect of changes in GAAP; (2) gains and losses from discontinued operations; (3) extraordinary gains or losses; and (4) any other unusual or nonrecurring gains or losses which are separately identified and quantified, including merger related charges. 

  • Performance Standard The Department’s Grant Manager will review the documentation to verify that the deliverables have been completed as described above. Upon review and written acceptance by the Department’s Grant Manager, the Grantee may proceed with payment request submittal. Payment Request Schedule: The Grantee may submit a payment request for cost reimbursement no more frequently than monthly.

  • Excuse for Nonperformance or Delayed Performance Except with respect to defaults of subcontractors, Contractor/Vendor shall not be in default by reason of any failure in performance of this contract in accordance with its terms (including any failure by Contractor/Vendor to make progress in the prosecution of the work hereunder which endangers such performance) if Contractor/Vendor has notified the Commission or designee within 15 days after the cause of the delay and the failure arises out of causes such as: acts of God; acts of the public enemy; acts of the State and any other governmental entity in its sovereign or contractual capacity; fires; floods; epidemics; quarantine restrictions; strikes or other labor disputes; freight embargoes; or unusually severe weather. If the failure to perform is caused by the failure of a subcontractor to perform or to make progress, and if such failure arises out of causes similar to those set forth above, Contractor/Vendor shall not be deemed to be in default, unless the services to be furnished by the subcontractor were reasonably obtainable from other sources in sufficient time to permit Contractor to meet the contract requirements. Upon request of Contractor, the Commission or designee shall ascertain the facts and extent of such failure, and, if such officer determines that any failure to perform was occasioned by any one or more of the excusable causes, and that, but for the excusable cause, Contractor’s progress and performance would have met the terms of the contract, the delivery schedule shall be revised accordingly, subject to the rights of the State under the clause entitled (in fixed-price contracts, “Termination for Convenience,” in cost-reimbursement contracts, “Termination”). (As used in this Paragraph of this clause, the term “subcontractor” means subcontractor at any tier).

  • Performance; No Default The Company shall have performed and complied with all agreements and conditions contained in this Agreement required to be performed or complied with by it prior to or at the Closing. Before and after giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.14), no Default or Event of Default shall have occurred and be continuing.

  • Performance Delay Time is of the essence in the Vendor’s performance of this Agreement. If at any time it appears to Vendor that it may not meet any of the performance schedules or the scheduled completion date of the services to be performed for any reason, including labor disputes, Vendor shall immediately by verbal means (to be confirmed in writing) notify Customer of the reasons for and the estimated duration of such delay. If requested by Customer, Vendor shall make every effort to avoid or minimize the delay to the maximum extent possible including the expenditure of premium time. Any additional cost caused by these requirements of Customer shall be borne by Vendor, unless the delay in performance arises out of causes beyond the control and without the fault or negligence of Vendor or its subcontractors within the meaning of the Cancellation- Default clause herein. The foregoing requirements are in addition to any of Customer’s other rights and remedies as may be provided by law or this Agreement.

  • Performance Standards The Contractor agrees to perform all tasks and provide deliverables as set forth in the Contract. The Department and the Customer will be entitled at all times, upon request, to be advised as to the status of work being done by the Contractor and of the details thereof.

  • Performance Conditions The Shares shall be issuable only if (and to the extent) that the Performance Criteria, set forth herein, are satisfied during the Performance Period. The Controller of the Company and the Compensation Committee of the Board of Directors of the Company shall certify whether, and to what extent, the Performance Criteria have been achieved. If the minimum performance is not met, no Shares shall be issued and the Award shall be forfeited.

  • PERFORMANCE / BID BOND The Commissioner reserves the right to require a Bidder or Contractor to furnish, without additional cost, a performance, payment or Bid bond, negotiable irrevocable letter of credit, or other form of security for the faithful performance of the Contract. Where required, such bond or other security shall be in the form prescribed by the Commissioner.

  • Performance Vesting Within sixty (60) days following the completion of the Performance Period, the Plan Administrator shall determine the applicable number of Performance Shares in accordance with the provisions of the Award Notice and Schedule I attached thereto.

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