Provision of Bank Guarantee. (a) Subject to clause 8.8, prior to the issue of a Construction Certificate, the Developer must deliver to the Council a Bank Guarantee, which must be:
Provision of Bank Guarantee. (a) On the date of this Agreement the Developer must deliver to the Council a bank guarantee (“Bank Guarantee”), which must be:
Provision of Bank Guarantee. (a) Subject to clause 8.8, prior to the issue of any Construction Certificate that relates to any building work, other than demolition, excavation, piling, shoring and ancillary work for construction purposes including site hoardings and temporary site sheds that relates to works contained in DA-152/2021/B, the Developers must deliver to the Council a Bank Guarantee, which must be:
Provision of Bank Guarantee. (a) Prior to the issue of a Construction Certificate for works above ground level (as determined at the time of the Development Consent), the Developer must deliver to the Council a Bank Guarantee, which must be:
Provision of Bank Guarantee. As soon as Development Consent issues and before any application for any Construction Certificate the Developer must deliver to the Council a bank guarantee (“Bank Guarantee”), which must be: irrevocable and unconditional; with no expiry date; issued in favour of the Council; for an amount equivalent to the Monetary Contribution set out in Item 5 of the Schedule; drafted to cover all of the Developer’s obligations under this Deed; at the expiry of each 12 month period during which the bank guarantee is provided to the Council, adjusted by the increase or decrease in CPI index over the last 12 month period; and on the terms otherwise satisfactory to the Council and in a form and from an institution approved by the Council. The Developer acknowledges that the Council enters into this Deed in consideration of the Developer providing the Bank Guarantee as a security for the performance of all of the Developer’s obligations under this Deed, including without limitation the delivery of the Development Contribution by the Development Contribution Date to the Council in accordance with this Deed. Calling on Bank Guarantee The Council may call on the Bank Guarantee in the event that the Developer: fails to make a payment of any part of the Development Contribution by the Development Contribution Date or any other amount payable under this Deed by its due date for payment; or breaches any other term or condition of this Deed, and fails to remedy the relevant failure or breach within 7 days after the Council’s notice; or in the event of the Developer becoming insolvent or an application is made for bankruptcy or winding up of the Developer. If the Council calls on the Bank Guarantee as a result of the Developer’s failure to pay any amount due under this Deed, then the Council will apply the amount received pursuant to its claim on the Bank Guarantee in satisfaction of the Developer’s obligation to pay the relevant amount. Return of Bank Guarantee Provided that the Developer has complied with its obligations under this Deed including payment of the Development Contribution the Council will return the Bank Guarantee to the Developer. If required by the Council because it has called on the Bank Guarantee amount, the Developer shall immediately replace the Bank Guarantee with another Bank Guarantee for the full amount of the original Bank Guarantee. Enforcement in a court of competent jurisdiction Without limiting any other provision of this Deed, the Parties may enforce...
Provision of Bank Guarantee. The Developer must promptly deliver to the Council a bank guarantee (“Bank Guarantee”), which must be: irrevocable and unconditional; with no expiry date; issued in favour of the Council; for an amount equivalent to the Development Contribution set out in the Schedule; drafted to cover all of the Developer’s obligations under this Deed; at the expiry of each 12 month period during which the bank guarantee is provided to the Council, adjusted by the increase or decrease in CPI index over the last 12 month period; and on the terms otherwise satisfactory to the Council and in a form and from an institution approved by the Council. The Developer acknowledges that the Council enters into this Deed in consideration of the Developer providing the Bank Guarantee as a security for the performance of all of the Developer’s obligations under this Deed, including without limitation the delivery of the Development Contribution by the Development Contribution Date to the Council in accordance with this Deed. The amount of the Bank Guarantee shall be $xx being the agreed value of the Approved Works/ Land to be dedicated to Council in accordance with this Deed as at the date of this Deed. Notwithstanding any other provision herein, the Council shall be entitled to retain any Bank Guarantee until all Development Contributions are delivered to Council and all the Developer’s obligations including, at the Council’s discretion, in relation to rectifying Defects whether during the Defect Liability Period or otherwise are met to the satisfaction of Council. Note: Council may negotiate a replacement Bank Guarantee for less than the original Bank Guarantee for the defect liability period and beyond until all obligations are met. This will depend on the nature of the Approved Works and potential Defects.
Provision of Bank Guarantee. The Contractor must, no less than five (5) months prior to the Services Commencement Date and on or prior to the commencement of any Further Period, procure the issue to the Principal of an unconditional bank guarantee:
Provision of Bank Guarantee. As soon as possible after entering into this Agreement and in any event prior to the issue of any Construction Certificate, the Developer must deliver to the Council a Bank Guarantee, which must be: in a form and from an institution approved by the Council; irrevocable and unconditional; with no expiry date; issued in favour of the Council; for an amount equivalent to the Development Contribution set out in Item 6 of the Schedule; drafted to cover all of the Developer’s obligations under this Agreement; and on the terms otherwise satisfactory to the Council. The Developer acknowledges that the Council is provided with the Bank Guarantee as a security for the performance of all of the Developer’s obligations under this Agreement, including without limitation the delivery of the Development Contribution to the Council in accordance with this Agreement. Should payment of the Development Contribution or surrender of the Development Consent occur on the date of this Agreement and prior to issue of a Construction Certificate, then there will be no obligation to provide the Bank Guarantee in accordance with this clause.
Provision of Bank Guarantee. PIC agrees to apply for, request, and authorise The Standard Bank of South Africa Limited (“Standard Bank”), or any other reputable commercial bank acceptable to the Third-Party Lender, to issue a bank guarantee in favour of the Third-Party Lender in the amount of one hundred million United States Dollars (US$100,000,000) or such lesser amount as may be agreed by the Parties, which Guarantee shall be in a form as attached hereto as Exhibit A, or such other form as may be reasonably acceptable to PIC for a period of 3 (three) years (the “Guarantee”). In conjunction thereto, PIC agrees to provide to the issuing bank such indemnity and/or other undertaking as may reasonably be requested by such bank.
Provision of Bank Guarantee. (a) The Land Owner must deliver the Guarantee for $3,226,500 before the issue of the first Construction Certificate for the Proposed Development.
