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.
Sample 1Sample 2See All (6)
AutoNDA by SimpleDocs
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.
Sample 1Sample 2Sample 3See All (5)
Performance Security Failure. (A) 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 ofthe following events which is not cured within j 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 to Buyer:
Sample 1See All (4)
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.
Sample 1Sample 2
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;
Sample 1
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:
Sample 1
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.
Sample 1
AutoNDA by SimpleDocs

Related to Performance Security Failure

  • Performance; No Event of Default The Borrower shall have performed and complied in all respects with all terms and conditions herein required to be performed or complied with by it prior to or at the time hereof, and there shall exist no Default or Event of Default.

  • Performance Condition Notwithstanding the vesting schedule stated in the Award Notification, your Restricted Stock Units 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 Contractor shall perform all work hereunder in a manner consistent with the level of competency and standard of care normally observed by a person practicing in Contractor's profession. County has relied upon the professional ability and training of Contractor as a material inducement to enter into this Agreement. Contractor hereby agrees to provide all services under this Agreement in accordance with generally accepted professional practices and standards of care, as well as the requirements of applicable federal, state and local laws, it being understood that acceptance of Contractor’s work by County shall not operate as a waiver or release. If County determines that any of Contractor's work is not in accordance with such level of competency and standard of care, County, in its sole discretion, shall have the right to do any or all of the following: (a) require Contractor to meet with County to review the quality of the work and resolve matters of concern; (b) require Contractor to repeat the work at no additional charge until it is satisfactory; (c) terminate this Agreement pursuant to the provisions of Article 4; or (d) pursue any and all other remedies at law or in equity.

  • 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 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 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 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.

  • Suspension of Covenants on Achievement of Investment Grade Status If on any date following the Issue Date, the Notes have achieved Investment Grade Status and no Default or Event of Default has occurred and is continuing (a “Suspension Event”), then the Company shall notify the Trustee of this fact and beginning on that day and continuing until the Reversion Date, the following provisions of this Indenture will not apply to such Notes: Sections 4.05, 4.06, 4.08, 4.09, 4.10 and 5.01(a)(3) and, in each case, any related default provision of this Indenture will cease to be effective and will not be applicable to the Company and its Restricted Subsidiaries. Such Sections and any related default provisions will again apply according to their terms from the first day on which a Suspension Event ceases to be in effect. Such Sections will not, however, be of any effect with regard to actions of the Company properly taken during the continuance of the Suspension Event, and Section 4.06 will be interpreted as if it has been in effect since the date of this Indenture except that no default will be deemed to have occurred solely by reason of a Restricted Payment made while Section 4.06 was suspended. On the Reversion Date, all Indebtedness Incurred during the continuance of the Suspension Event will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under Section 4.05(b)(4)(b). In addition, so long as each of Xxxxx’x and S&P (or another Nationally Recognized Statistical Ratings Organization which has provided a rating used to achieve Investment Grade Status) has been notified in advance that such Investment Grade Status will result in such release as set forth in Section 10.02(c)(5), all Liens securing the Notes will be released and all Note Guarantees will be released and terminated upon achievement of an Investment Grade rating, as shall any future obligation to grant further security or Note Guarantees. All such Liens, Note Guarantees and such further obligation to grant Guarantees and security, shall be reinstated upon the Reversion Date.

  • Performance Requirements 1. Neither Party may impose or enforce any of the following requirements, or enforce any commitment or undertaking, in connection with the establishment, acquisition, expansion, management, conduct or operation of an investment of an investor of a Party or of a non-Party in its territory:

  • PERFORMANCE BY INVESTOR Investor shall have performed, satisfied and complied in all respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Investor at or prior to such Closing.

Time is Money Join Law Insider Premium to draft better contracts faster.