Common use of Replacement Bank Guarantee Clause in Contracts

Replacement Bank Guarantee. (a) If a Bank Guarantee has an expiry date, the Study Funder must, at least 20 Business Days prior to the expiry of that Bank Guarantee, deliver to Aurizon Network a replacement Bank Guarantee in exchange for the existing Bank Guarantee. (b) If the Study Funder fails to provide a replacement Bank Guarantee as required by clause 12.4(a), then: (i) Aurizon Network may draw down on the existing Bank Guarantee prior to its expiry, and hold the cash drawn down as a cash security in place of the Bank Guarantee; and (ii) the provisions of this clause 12 will apply to the cash security with any necessary amendments. (c) The Study Funder will be entitled to recover from Aurizon Network the amount of the cash security held by Aurizon Network under

Replacement Bank Guarantee. (a) If a Bank Guarantee has an expiry date, the Study Funder must, at least 20 Business Days prior to the expiry of that Bank Guarantee, deliver to Aurizon Network a replacement Bank Guarantee in exchange for the existing Bank Guarantee. (b) If the Study Funder fails to provide a replacement Bank Guarantee as required by clause 12.4(a), then: (i) Aurizon Network may draw down on the existing Bank Guarantee prior to its expiry, and hold the cash drawn down as a cash security in place of the Bank Guarantee; and (ii) the provisions of this clause 12 will apply to the cash security with any necessary amendments. (c) The Study Funder will be entitled to recover from Aurizon Network the amount of the cash security held by Aurizon Network underunder clause 12.4(b) at any time upon delivery to Aurizon Network of a Bank Guarantee for the then current Bank Guarantee Amount.

Replacement Bank Guarantee. (a) If a Bank Guarantee has an expiry date, the Study Funder must, at least 20 Business Days prior to the expiry of that Bank Guarantee, deliver to Aurizon Network a replacement Bank Guarantee in exchange for the existing Bank Guarantee.to (b) If the Study Funder fails to provide a replacement Bank Guarantee as required by clause 12.4(a11.4(a), then: (i) Aurizon Network may draw down on the existing Bank Guarantee prior to its expiry, and hold the cash drawn down as a cash security in place of the Bank Guarantee; and (ii) the provisions of this clause 12 11 will apply to the cash security with any necessary amendments. (c) The Study Funder will be entitled to recover from Aurizon Network the amount of the cash security held by Aurizon Network underunder clause 11.4(b) at any time upon delivery to Aurizon Network of a Bank Guarantee for the then current Bank Guarantee Amount.