Common use of Preliminary Demand Clause in Contracts

Preliminary Demand. 1.5.1 Notwithstanding that this Guarantee is the unconditional obligation of the Guarantor, before taking steps to enforce this Guarantee and demand payment from the GOB, the Company agrees to make demand in writing for payment from BPDB, as the case may be, with a copy of such demand delivered by the Company to the Guarantor. After thirty (30) Days from the date payment was due, the Company may notify the GOB in writing that payment from BPDB, is past due and make a demand for payment from the GOB under this Guarantee, and the GOB shall make payment within thirty (30) Days thereafter. Late payments hereunder shall bear interest at an annual rate equal to that established for late payment in the applicable agreement (the Power Purchase Agreement or the Implementation Agreement, as the case may be). 1.5.2 Except as provided in Section 1.5.1, the Company shall not be obliged before taking steps to enforce this Guarantee to exercise any other remedies that may be available to it under or in respect of the Power Purchase Agreement or the Implementation Agreement, as the case may be, or to initiate any proceedings or obtain judgment against BPDB thereon.