Use of Performance Assurance Sample Clauses

Use of Performance Assurance. If Buyer is permitted to hold Performance Assurance pursuant to (b) above, then Buyer will have the right to sell, pledge, rehypothecate, assign, invest, use, commingle or otherwise dispose of, or otherwise use in its business any Performance Assurance it holds, free from any claim or right of any nature whatsoever of Seller. Buyer will be deemed to continue to hold all Performance Assurance regardless of whether Buyer has exercised any rights with respect to any Performance Assurance pursuant to the previous sentence. In the event that Buyer is not entitled to hold Performance Assurance (“Default Event”), Buyer shall be required to deliver, not later than the close of business on the second (2nd) Business Day following such Default Event, all Performance Assurance in its possession or held on its behalf to a Qualified Institution in a segregated, safekeeping or custody account (“Collateral Account”) within such Qualified Institution with the title of the Collateral Account indicating that the property contained therein is being held as Performance Assurance for Buyer; provided, that, if the selected Qualified Institution no longer meets the definition of a Qualified Institution, such Qualified Institution shall in turn deliver all Performance Assurance in its possession to another Qualified Institution as provided above. A Qualified Institution shall serve as a Custodian with respect to the Performance Assurance in the Collateral Account, and shall hold such Performance Assurance in accordance with the terms of this Attachment A of the Confirmation Agreement and for the ownership of Seller, subject to the security interest of Buyer.
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Use of Performance Assurance. Xxxxx is entitled to draw upon the Performance Assurance for any damages arising upon Xxxxx’s declaration of an Early Termination Date in accordance with Section 7.2(b).
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Use of Performance Assurance. Buyer is entitled to draw upon the Performance Assurance for any damages arising upon Buyer’s declaration of an Early Termination Date in accordance with Section 7.2(b).
Sample 1
Use of Performance Assurance. Pursuant to Xxxxx’s rights to the Performance Assurance under Section 10.3 of this Agreement, Buyer may:
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Related to Use of Performance Assurance

  • EXCUSE OF PERFORMANCE Seller shall not be liable for delays in performance or for non-performance due to failure or interruption of computer or telecommunication systems, acts of God, war, riot, fire, terrorism, labor trouble, unavailability of materials or components, explosion, accident, compliance with governmental requests, laws, regulations, orders or actions, or other unforeseen circumstances or causes beyond Seller's reasonable control. In the event of such delay, the time for performance or delivery shall be extended by a period of time reasonably necessary to overcome the effect of the delay.

  • 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.

  • Appropriation of Performance Security Upon occurrence of a Concessionaire Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to invoke, encash and appropriate the relevant amounts from the Performance Security as Damages for such Concessionaire Default. Upon such invocation, encashment and appropriation from the Performance Security, the Concessionaire shall, within [30 (thirty)] days thereof, replenish, in case of partial appropriation, to its original level the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 37. Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of [90 (ninety)] days for remedying the Concessionaire Default, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to invoke, encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 37.

  • Time of Performance Time for performance of the Scope of Services under this Agreement shall begin with receipt of the Notice to Proceed and end no later than December 31, 2026. Consultant shall complete the tasks described in the Scope of Services, within this time or within such additional time as may be extended by the County.

  • Standard of Performance Consultant represents and warrants that it has the qualifications, experience and facilities necessary to properly perform the services required under this Agreement in a thorough, competent and professional manner. Consultant shall at all times faithfully, competently and to the best of its ability, experience and talent, perform all services described herein. In meeting its obligations under this Agreement, Consultant shall employ, at a minimum, generally accepted standards and practices utilized by persons engaged in providing services similar to those required of Consultant under this Agreement.

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