O&M Performance Security definition

O&M Performance Security means a security in the form of a financial guarantee issued by a scheduled commercial bank operating in Pakistan acceptable to the Primary Implementing Agency (with a minimum credit rating of ‘A-’any reputable credit rating agency like JCR-VIS, PACRA, etc., rating scale for financial institutions) or from an Insurance company and in the amounts equivalent to 5% of the O&M Cost of the relevant O&M Year.
Sample 1
O&M Performance Security means the irrevocable, unconditional and on-demand bank guarantee (and any replacement thereof), in favour of GoS, in an amount equal to Pakistani Rupees five hundred million only (PKR 500,000,000/-), issued by an Acceptable Bank in the form set out in part 2 of appendix 6;
Sample 1
O&M Performance Security means a first demand irrevocable and unconditional guarantee, issued by a scheduled bank in Pakistan with a minimum credit rating of at least ‘AA’ acceptable to the Authority in the form of a demand guarantee or a standby letter of credit (being in an amount equal to two percent (2%) of the estimated total project cost, as indicated in the Financial Proposal of the Successful Bidder, that shall be replaced every year so as to ensure that it remains valid throughout the O&M Period, provided by the Concessionaire to the Authority in the form of the instrument attached herewith as Schedule 2 – Annex B (Form of O&M Performance Security).
Sample 1

Examples of O&M Performance Security in a sentence

  • The O&M Performance Security shall be renewed every year with the change in Annual Concession Fee.

  • The O&M Performance Security shall be released on successful completion of the Concession Period.

  • Once the Construction Completion Certificate is issued, the Concessionaire shall submit the O&M Performance Security to the Concessioning Authority and Construction Performance Security shall be returned. The Operation and Maintenance Performance Security: The Concessionaire shall, at the time of issuance of Construction Completion Certificate from the Authority, The bidder has to submit the O&M Performance Security in form of the Bank Guarantee.

  • It is hereby clarified that the Operator will supplement/enhance the O&M Performance Security at the time of Handover Date of the Project if the actual project cost (as determined and informed by the Authority to the Operator) exceeds the Estimated Project Cost so that the O&M Performance Security is at least 5% of the actual project cost.

  • The amount for the Operation & Maintenance (O&M) Performance Security shall be escalated by 15% on compounding basis every 3 (three) years.No interest shall be payable on the Operation & Maintenance (O&M) Performance Security.

  • Each Obligor is duly qualified to do business and is in good standing as a foreign entity in each jurisdiction in which such Obligor owns property or conducts operations to the extent that failure to be so qualified or in good standing could reasonably be expected to have a Material Adverse Effect.

  • All costs, expenses, fees and other charges of any nature, in each case, associated with the issuance, maintenance and encashment of the O&M Performance Security are solely on account of the Sponsors.

  • Upon replenishment or furnishing of a fresh O&M 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 Concessioning Authority shall be entitled to encash and appropriate such O&M Performance Security as Damages, and to terminate this Agreement in accordance with Article 19.

  • The O&M Performance Security provided in the first instance shall become effective simultaneously upon return of the Construction Performance Security to the Concessionaire by the GoS and thereafter, each O&M Performance Security provided prior to commencement of an Operational Year shall become automatically become effective simultaneously upon return of the O&M Performance Security for the previous Operational Year.

  • The Operation and Maintenance Performance Security: The Successful Bidder shall, at the time of issuance of Letter of Award from the Authority, has to submit the O&M Performance Security in form of the irrevocable Bank Guarantee issued from Schedule Bank in India.


More Definitions of O&M Performance Security

O&M Performance Security means the performance security, in the form of a bank guarantee or a standby letter of credit, issued by a scheduled bank in Pakistan (with a minimum credit rating of at least ‘AA-’ as rated by JCR VIS or an equivalent rating by PACRA) acceptable to the GoS, being in an amount equal to fifteen percent (15%) of the O&M Costs for the Operational Year or an amount equal to PKR 50,000,000/- (Pakistani Rupees Fifty Million only) escalated at 7.5% per annum whichever is higher, to which it pertains, furnished from time to time by the Concessionaire to the GoS in accordance with Section 11.3 (O&M Performance Security), in case of a bank guarantee, the same shall be in form and substance as attached hereto as SCHEDULE M (Form of O&M Performance Security) Technical teams to comments on the quantum of the O&M Performance Security. It is significantly higher than precedent transactions Not agreed.
Sample 1
O&M Performance Security shall have the meaning set forth in Clause 9.1; “Political Event” shall have the meaning set forth in Clause 17.4;
Sample 1

Related to O&M Performance Security

  • Additional Performance Security shall have the meaning set forth in Clause 7.1;

  • Performance Security means monetary guarantee to be furnished by the successful Tenderer for due performance of the contract placed on it. Performance Security is also known as Security Deposit or Performance Bank Guarantee.

  • Energy Performance Score means the numeric rating generated by Portfolio Manager that compares the Energy usage of the building to that of similar buildings.

  • Interest Free Security Deposit/ Performance Security means interest free amount to be deposited by the Licensee with DMRC as per terms and conditions of License Agreement as a security against the performance of the License Agreement.

  • Cash Performance Award means an Award that is denominated by a cash amount to an Eligible Person under Section 10 hereof and payable based on or conditioned upon the attainment of pre-established business and/or individual Performance Goals over a specified performance period.

  • Qualified Performance-Based Award means an Award intended to qualify for the Section 162(m) Exemption, as provided in Section 11.

  • Capacity Performance Resource means a Capacity Resource as described in Tariff, Attachment DD, section 5.5A(a).

  • Long-Term Performance Award means an award under Section 10 below. A Long-Term Performance Award shall permit the recipient to receive a cash or stock bonus (as determined by the Committee) upon satisfaction of such performance factors as are set out in the recipient's individual grant. Long-Term Performance Awards will be based upon the achievement of Company, Subsidiary and/or individual performance factors or upon such other criteria as the Committee may deem appropriate.

  • energy performance contracting means a contractual arrangement between the beneficiary and the provider of an energy efficiency improvement measure, verified and monitored during the whole term of the contract, where investments (work, supply or service) in that measure are paid for in relation to a contractually agreed level of energy efficiency improvement or other agreed energy performance criterion, such as financial savings;

  • Control Performance Standard or “CPS” shall mean the reliability standard that sets the limits of a Balancing Authority’s Area Control Error over a specified time period.

  • Key Performance Indicator means a measure that captures the performance of a critical variable to expand and improve community-based corrections programs to promote offender success, ensure accountability, enhance public safety, and reduce recidivism.

  • Performance Stock Unit means a right granted to a Participant pursuant to Section 8.2, to receive Stock, the payment of which is contingent upon achieving certain Performance Goals or other performance-based targets established by the Committee.

  • Key Performance Indicators or “KPIs” means the performance measurements and targets set out in Part 3 of Schedule 1 (Services) of this Framework Agreement;

  • Performance Share Unit or “PSU” means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 6;

  • Extreme performance coating means coatings designed for harsh exposure or extreme environmental conditions.

  • Performance-Based Restricted Stock means Shares issued or transferred to an Eligible Individual under Section 9.2.

  • Basket Performance means a decimal number calculated by applying the following formula: BP = ∑ W ×iX ⎛⎜⎜i=1 ⎝ Underlyingi,FINAL ⎞⎟⎠Underlyingi,INITIAL ⎟ where: BP = Basket Performance X = 4 Wi = Weighting of the relevant Underlying Underlying i,FINAL Underlying i,INITIAL= Reference Price of the relevant Underlying with respect to the Valuation Date = Initial Price of the relevant Underlying

  • Annual performance report means a written appraisal of the teaching staff member's performance prepared by the teaching staff member’s designated supervisor based on the evaluation rubric for his or her position.

  • Performance Assurance means collateral in the form of cash or letters of credit, or other security acceptable to the requesting Party.

  • Performance Unit Award means an Award granted under Article XI of the Plan under which, upon the satisfaction of predetermined Performance Goals, a cash payment shall be made to the Holder, based on the number of Units awarded to the Holder.

  • Worst Performance (final means the Performance of the Basket Componentj (final) specified as follows:Performance of the Basket Componentj (final) = mini= 1, ..., N [Ki (final) / Ki (initial)]

  • Performance Stock Award means a Stock Award granted under the terms and conditions of Section 6(c)(i).

  • Performance Award means any right granted under Section 6(d) of the Plan.

  • Qualifying Performance Criteria means any one or more of the following performance criteria, either individually, alternatively or in any combination, applied to either the Company as a whole or to a business unit, Parent, Subsidiary or business segment, either individually, alternatively or in any combination, and measured either annually or cumulatively over a period of years, on an absolute basis or relative to a pre-established target, to previous years’ results or to a designated comparison group, and on a pre-tax or after-tax basis, in each case as specified by the Committee in the Award: (i) cash flow (including operating cash flow or free cash flow); (ii) earnings (including gross margin, earnings before interest and taxes, earnings before taxes, and net earnings); (iii) earnings per share; (iv) growth in earnings or earnings per share; (v) stock price; (vi) return on equity or average stockholders’ equity; (vii) total stockholder return; (viii) return on capital; (ix) return on assets or net assets; (x) return on investment; (xi) revenue; (xii) income or net income; (xiii) operating income or net operating income; (xiv) operating profit or net operating profit; (xv) operating margin; (xvi) return on operating revenue; (xvii) market share; (xviii) contract awards or backlog; (xix) overhead or other expense reduction; (xx) growth in stockholder value relative to the moving average of the S&P 500 Index or a peer group index; (xxi) credit rating; (xxii) strategic plan development and implementation (including individual performance objectives that relate to achievement of the Company’s or any business unit’s strategic plan); (xxiii) improvement in workforce diversity; (xxiv) expenses; (xxv) economic value added; (xxvi) product quality; (xxvii) number of customers; (xxviii) objective customer indicators; (xxix) customer satisfaction; (xxx) new product invention or innovation; (xxxi) profit after taxes; (xxxii) pre-tax profit; (xxxiii) working capital; (xxxiv) sales; (xxxv) advancement of the Company’s product pipeline; (xxxvi) consummation of strategic transactions; (xxxvii) reduction in cash utilization; and (xxxviii) addition of technologies and products. The Committee may appropriately adjust any evaluation of performance under a Qualifying Performance Criteria to exclude any of the following events that occurs during a performance period: (A) asset write-downs; (B) litigation or claim judgments or settlements; (C) the effect of changes in tax law, accounting principles or other such laws or provisions affecting reported results; (D) accruals for reorganization and restructuring programs; and (E) any gains or losses classified as extraordinary or as discontinued operations in the Company’s financial statements.

  • Performance Stock means a Target Number of Shares granted pursuant to Section 10(a) of the Plan.

  • Performance Bond means the financial security for performance a USF Service Provider must furnish in accordance with section 54 of this RFA;