Financial Coverage definition

Financial Coverage shall have the meaning ascribed to it in Clause 12.2.1;
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Examples of Financial Coverage in a sentence

  • The Seller shall resume the Contracted Grade of Coal supplies within three (3) days of payment/ adjustment of the outstanding amount together with interest as also the full replenishment of Performance Security and additional performance security, if applicable or Financial Coverage, as the case may be.

  • For removal of doubts, it is clarified that it shall be permissible for the Seller to adjust or recover the interest due in terms of this Clause from the Performance Security and additional performance security, if applicable and/ or the Financial Coverage BG.

  • The Purchaser shall ensure that at all times the amount of the Financial Coverage BG is not less than the estimated As Delivered Price of Coal for thirty (30) days of Coal supplies, i.e. ACQ/12, subject to a minimum amount equivalent to the As Delivered Price of Coal of 1 (one) rake-load of the Contracted Grade of Coal.

  • In case of any increase in the As Delivered Price of Coal pursuant to Clause 12, the amount of the Financial Coverage BG shall be increased commensurately within seven (7) days of such increase.

  • The quantity in any single offer within a month shall not exceed the quantity as per the Financial Coverage in terms of Clause 13.2.1.

  • The Seller shall have the right to suspend supplies of the Contracted Grade of Coal or invoke the Performance Security and additional performance security, if applicable without any notice, in the event that there is no valid and subsisting Financial Coverage BG for the amount stated hereinabove as per Clause 13.2.1 and the Purchaser has not deposited any payment (by banker’s cheque/ demand draft) in lieu of such Financial Coverage BG.

  • In the event of any delay in renewing the Financial Coverage BG, as an interim measure, the Purchaser will be allowed to lift supplies of the Contracted Grade of Coal subject to making payment to the Seller by banker’s cheque/ demand draft or through any other payment mode as notified by the Seller of an amount equivalent to the value of the Financial Coverage BG immediately prior to its expiry.

  • The Purchaser shall ensure renewal at least one (1) month prior to the expiry of the Financial Coverage BG.

  • Without prejudice to the foregoing, in the event the Purchaser fails to pay the overdue amount along with the interest within thirty (30) days, the Seller shall be entitled to invoke the Performance Security and additional performance security, if applicable and/ or the Financial Coverage BG and suspend Coal supplies in accordance with Clause 15.

Related to Financial Coverage

  • Debt Service Coverage Ratio means a ratio for the applicable period in which:

  • Creditable coverage means, with respect to an individual, coverage of the individual provided under any of the following:

  • Minimum Essential Coverage has the meaning given in the Affordable Care Act, 26 U.S.C. §5000A(f).

  • Leverage means the aggregate amount of indebtedness of the Company for money borrowed (including purchase money mortgage loans) outstanding at any time, both secured and unsecured.