Replacement of Performance Bonds Sample Clauses

Replacement of Performance Bonds. On or before September 30, 1996, Intek or its assigns shall provide all letters of credit, guaranties and performance bonds as shall be necessary for Intek to obtain the release of MIC and its Affiliates from the guaranties, letters of credit, or performance bonds set forth on Schedule 8.2 (collectively, the "Performance Guarantees"). 8.3
Sample 1
AutoNDA by SimpleDocs
Replacement of Performance Bonds. The Seller or the Subsidiaries have in relation to the Business, provided for certain performance bonds to be issued by several banks, as shown in the Schedule 6.6, which relate to ongoing obligations under the Contracts being transferred to the Purchaser under this Agreement. Purchaser shall use its commercially reasonable efforts (subject to the consent and approval of the customers of the Business) to replace by Closing these performance bonds with similar performance bonds, as required under the respective Contracts being transferred to Purchaser at Closing to which the performance bonds pertain. In the event that Purchaser is unable to obtain the consent of any third party to replace any performance bonds (the “remaining performance bonds”), Seller will continue to maintain the applicable remaining performance bond until the later of (1) six months from the Effective Date and (2) the date on which Purchaser is able to obtain a replacement letter of credit or performance bond. Purchaser shall indemnify and hold Seller harmless for (a) Seller’s out-of-pocket expenses related to maintaining such remaining performance bonds and (b) any draws made by the respective third parties on the remaining performance bonds for reasons or causes which have occurred after the Closing.
Sample 1
Replacement of Performance Bonds. Core FL and Horizons 5 have posted certain performance bonds with certain third parties as listed on Schedule 4.03 attached hereto (collectively, the “Bonds”). PSLA (or any affiliate designated by it) hereby agrees to replace at maturity (without renewal based on evergreen provisions), substitute or obtain the termination of, each of the Bonds with replacement or substitute performance bonds or cash collateral (as determined by Core FL in its sole discretion) at maturity or sooner if reasonably practicable after the Effective Date (collectively, the “Replacement Bonds”) and to instruct the person or legal entity which is holding the replaced Bond to return the original of such replaced bond to Core FL. Core FL shall have no liability with respect to and PSLA hereby assumes liability with respect to: (i) the Bonds after the date hereof or (ii) any of the Replacement Bonds. In the event the person or legal entity which is holding the applicable Bonds fails to permit a replacement or substitution of any Bond for any reason or for no reason. notwithstanding the good faith efforts of PSLA (or any affiliate designated by it), then PSLA shall indemnify Core FL so long as there is no Event of Default under this Agreement (if it results in a termination of this Agreement) or any document executed incidental thereto. The foregoing liability of PSLA shall terminate as to Bonds relating to property owned by any entities for which the pledges referenced in Section 2.04 are avoided.
Sample 1
Replacement of Performance Bonds. COMSAT has delivered to Buyer or Able a correct and complete copy of each performance or surety bond posted by or on behalf of COMSAT in connection with the Assigned Contracts (the "Existing Performance Bonds"). On and subject to the terms and conditions of this Agreement, Able and Buyer shall use good faith, commercially reasonable efforts to (i) post or cause to be posted performance or surety bonds (the "Replacement Performance Bonds") in an amount equal, and on terms comparable, to the Existing Performance Bonds or, in the case of the Assigned Construction Contracts, in such amounts and on such terms as may be required by TXDOT, and (ii) cause COMSAT and Seller to be released from any continuing obligation under the Existing Performance Bonds. Prior to the execution and delivery of this Agreement, Able and Buyer delivered to COMSAT and Seller the Commitment Letter. Able and Buyer will advise COMSAT and Seller in the event that the Commitment Letter is terminated, revoked or modified for any reason.
Sample 1
Replacement of Performance Bonds. ‌ The parties agree that the bank performance bond for UF 10.000 referred to in letter B) of the ninth clause of this Agreement, will replace the two bonds currently in place pursuant to the terms of the contracts N° CT-E-5960 y N° CT-E-9500, for the sum of UF 4.500 y UF 1.587, respectively. This replacement will be completed, at the latest, with the period of 30 calendar days form the date of this Agreement, as so expressly written.
Sample 1

Related to Replacement of Performance Bonds

  • Payment of Performance Shares Payment of any Performance Shares that become earned as set forth herein will be made in the form of Common Shares, in cash, or in a combination of the two, as determined in the sole discretion of the Committee. Payment will be made as soon as practicable after the receipt of audited financial statements of the Corporation relating to the last fiscal year of the Performance Period and with respect to Covered Employees, the determination by the Committee of the level of attainment of the Management Objectives. Performance Shares will be forfeited if they are not earned at the end of the Performance Period and, except as otherwise provided in this Agreement, if the Grantee ceases to be employed by the Corporation or a Subsidiary at any time prior to such shares becoming earned.

  • Timing of Payment of Performance When the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (other than as described in the definition of Interest Period) or performance shall extend to the immediately succeeding Business Day.

  • Manner of Performance Subject to the provisions of Article XII hereof, the Contractor shall perform all of the Work described in the Statement of Work, or cause such Work to be performed in an efficient and expeditious manner and in accordance with all of the terms and provisions of this Agreement. The Contractor shall perform the Work in accordance with the current professional standards and with the diligence and skill expected for the performance of work of the type described in the Statement of Work. The Contractor shall furnish such personnel and shall procure such materials, machinery, supplies, tools, equipment and other items as may reasonably be necessary or appropriate to perform the Work in accordance with this Agreement.

  • Guaranty of Performance Each Guarantor also guaranties the full, prompt and unconditional performance of all obligations and agreements of every kind owed or hereafter to be owed by the Borrower to the Agent or the Lenders under the Credit Agreement and the other Loan Documents to which the Borrower is a party. Every provision for the benefit of the Agent or the Lenders contained in this Guaranty shall apply to the guaranty of performance given in this paragraph.

  • Grant of Performance Shares Pursuant to the provisions of the Plan and this Agreement, the Company on the Grant Date has granted and hereby evidences the grant to the Participant, subject to the terms and conditions set forth herein, in the Plan and the Addendum with Additional Country Specific Terms and Conditions attached as Exhibit A, all of which are made part of this Agreement, an award of <shares_awarded> Performance Shares (this “Award”).

  • Grant of Performance Units Capital One hereby grants to you an award of Units with a Target Award, as indicated on the Grant Notice. The maximum payout for this award is 150% of the Target Award plus accrued dividends pursuant to Section 6. The Units shall vest and the underlying shares of common stock of Capital One, $.01 par value per share (such underlying shares, the “Shares”), shall be issuable only in accordance with the provisions of this Agreement and the Plan.

  • Performance Bonds Buyer shall have obtained, or caused to be obtained, in the name of Buyer, replacements for Seller’s and/or Seller’s Affiliates’ bonds, letters of credit and guarantees, and such other bonds, letters of credit and guarantees to the extent required by Section 7.05.

  • Time, Place and Manner of Performance The Consultant shall be available for advice and counsel to the officers and directors of the Client as such reasonable and convenient times and places as may be mutually agreed upon. Except as aforesaid, the time, place and manner of performance of the services hereunder, including the amount of time to be allocated by the Consultant to any specific service, shall be determined at the sole discretion of the Consultant.

  • PERIOD OF PERFORMANCE The period of performance for this contract begins , and ends . ARTICLE 4.

  • Suspension of Performance Disbursement Into Court If at any time, there shall exist any dispute between the Company and the Investor(s) with respect to holding or disposition of any portion of the Escrow Funds or any other obligations of Escrow Agent hereunder, or if at any time Escrow Agent is unable to determine, to Escrow Agent's sole satisfaction, the proper disposition of any portion of the Escrow Funds or Escrow Agent's proper actions with respect to its obligations hereunder, or if the parties have not within thirty (30) days of the furnishing by Escrow Agent of a notice of resignation pursuant to Section 9 hereof, appointed a successor Escrow Agent to act hereunder, then Escrow Agent may, in its sole discretion, take either or both of the following actions:

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