Common use of Requirements of Bank Guarantee Clause in Contracts

Requirements of Bank Guarantee. A Bank Guarantee required to be provided under this Agreement must: (a) be an unconditional and irrevocable bank guarantee in favour of Aurizon Network; (b) be issued by an authorised deposit-taking institution under the Banking Act 1959 (Cth) which holds a long-term credit rating by Standard & Poors Rating Services of at least BBB (or the equivalent rating by another internationally recognised ratings agency) (Issuer); (c) require the Issuer to pay on demand by Aurizon Network, without recourse to the Study Funder or any other person, an amount or amounts up to the amount specified in the Bank Guarantee; (d) have no expiry date, or have an expiry date no earlier than 12 Months after the date of issue of the Bank Guarantee; (e) state that it is assignable by Aurizon Network to an assignee from Aurizon Network under clause 19 (subject to the relevant authorised deposit-taking institution and the Study Funder being given notice of the identity of the assignee); and (f) otherwise be in a form, and upon terms, acceptable to Aurizon Network (acting reasonably).

Requirements of Bank Guarantee. A Bank Guarantee required to be provided under this Agreement must: (a) be an unconditional and irrevocable bank guarantee in favour of Aurizon Network; (b) be issued by an authorised deposit-taking institution under the Banking Act 1959 (Cth) which holds a long-term credit rating by Standard & Poors Rating Services of at least BBB (or the equivalent rating by another internationally recognised ratings agency) (Issuer); (c) require the Issuer to pay on demand by Aurizon Network, without recourse to the Study Funder Customer or any other person, an amount or amounts up to the amount specified in the Bank Guarantee; (d) have no expiry date, or have an expiry date no earlier than 12 Months after the date of issue of the Bank Guarantee; (e) state that it is assignable by Aurizon Network to an assignee from Aurizon Network under clause 19 18 (subject to the relevant authorised deposit-taking institution and the Study Funder Customer being given notice of the identity of the assignee); and (f) otherwise be in a form, and upon terms, acceptable to Aurizon Network (acting reasonably).

Requirements of Bank Guarantee. A Bank Guarantee required to be provided under this Agreement must: (a) be an unconditional and irrevocable bank guarantee in favour of Aurizon Network; (b) be issued by an authorised deposit-taking institution under the Banking Act 1959 (Cth) which holds a long-term credit rating by Standard & Poors Rating Services of at least BBB (or the equivalent rating by another internationally recognised ratings agency) (Issuer); (c) require the Issuer to pay on demand by Aurizon Network, without recourse to the Study Funder or any other person, an amount or amounts up to the amount specified in the Bank Guarantee; (d) have no expiry date, or have an expiry date no earlier than 12 Months after the date of issue of the Bank Guarantee; (e) state that it is assignable by Aurizon Network to an assignee from Aurizon Network under clause 19 18 (subject to the relevant authorised deposit-taking institution and the Study Funder being given notice of the identity of the assignee); and (f) otherwise be in a form, and upon terms, acceptable to Aurizon Network (acting reasonably).