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").
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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.
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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.
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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.
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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.
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Related to Replacement of Performance Bonds

  • 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.

  • Commencement of Performance This Agreement is of no force and effect until signed by both parties and all JBE-required approvals are secured. Any commencement of performance prior to Agreement approval shall be at Contractor's own risk.

  • Continuity of Performance In the event of a dispute between the Party and the State, each party will continue to perform its obligations under this Agreement during the resolution of the dispute until this Agreement is terminated in accordance with its terms.

  • Monitoring of Performance Vendor shall continuously monitor and record its performance to ensure that all of Vendor's responsibilities and obligations hereunder are being met and fulfilled. Citizens may conduct programmatic and other administrative contract monitoring during the term of this Agreement. The purpose of this monitoring is to ensure that all of Vendor's responsibilities and obligations are being met and fulfilled. Such monitoring may include on-site visits, report reviews, invoice reviews, compliance reviews, and a review of any other areas reasonably necessary. Vendor acknowledges and agrees that Citizens may also monitor and record Vendor Staff communications to the extent they occur within or are connected to any Citizens’ resource, such as electronic or telecommunications systems.

  • Review of Performance The Board of Directors shall periodically review and evaluate the performance of Employee under this Employment Agreement with Employee.

  • Guaranty of Performance Each Guarantor also guarantees the full, prompt and unconditional performance of all obligations and agreements of every kind owed or hereafter to be owed by the Companies and the Guarantors to Purchasers and Agent under the Purchase Agreement, the Notes, and the other Transaction Documents. Every provision for the benefit of Purchasers and Agent contained in this Guaranty shall apply to the guaranty of performance given in this paragraph.

  • Grant of Performance Shares Pursuant to the provisions of (i) the Plan, (ii) the individual Award Agreement governing the grant, and (iii) these Terms and Conditions, the Employee may be entitled to receive Performance Shares. Each Performance Share that becomes payable shall entitle the Employee to receive from the Company one share of the Company's common stock (“Common Stock”) upon the expiration of the Incentive Period, as defined in Section 2, except as provided in Section 13. The actual number of Performance Shares an Employee will receive will be calculated in the manner described in these Terms and Conditions, including Exhibit A, and may be different than the Target Number of Performance Shares set forth in the Award Agreement.

  • Release of Performance Security (i) The Authority shall return the Performance Security to the Contractor within 60 (sixty) days of the expiry of the Maintenance Period or the Defects Liability Period, whichever is later, under this Agreement. Notwithstanding the aforesaid, the Parties agree that the Authority shall not be obliged to release the Performance Security until all Defects identified during the Defects Liability Period have been rectified. (ii) The Authority shall return the Additional Performance Security to the Contractor within 28 (twenty eight) days from the date of issue of Completion Certificate under Article 12 of this Agreement. (iii) The Authority shall be liable to pay interest @ 9% (nine per cent) per annum for any delay in the return of Performance Security and Additional Performance Security, if any, beyond the period prescribed above for the period of delay.

  • 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.

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