Performance Assurance Provider definition

Performance Assurance Provider means a person or entity providing performance assurance in respect of a Party’s obligations under this Agreement in favor of the requiring Party

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Performance Assurance Provider means Shipper, its Affiliated Guarantor or any third party which is providing a Performance Assurance for or on behalf of such Shipper;

Performance Assurance Provider means, if Producer has elected to become an Owner, an Affiliated Guarantor of Producer or of a proposed assignee of Producer pursuant to Section 7.1, or if Producer has elected to become a Shipper, an Affiliated Guarantor or other third Person which is providing a Performance Assurance for or on behalf of Producer or of a proposed assignee of Producer pursuant to Section 7.1;

Examples of Performance Assurance Provider in a sentence

If at any time within the Term there is a change in the financial resources of the Buyer or its Performance Assurance Provider which gives Seller reasonable grounds for believing that Buyer has ceased to have the financial resources to meet its obligations contained in this Agreement, the Seller may give Notice to the Buyer stating its grounds for insecurity with respect to the Buyer’s performance, and requesting adequate assurances of performance in a form acceptable to Seller.
Within thirty (30) days of the delivery of the Performance Assurance, Provider agrees to take such action as CPE reasonably requires in order to perfect a first-priority security interest in, and lien on (and right of setoff against), such Performance Assurance and any proceeds resulting therefrom or from the liquidation thereof.
If Producer or its Performance Assurance Provider is unable or unwilling to provide a Performance Assurance which is satisfactory to the Operator within thirty (30) Days of Receipt of the Operator's notice, then the Owners shall have the right thereafter to terminate this Agreement with immediate effect by causing the Operator to provide a termination notice to Producer.
Where the notice of termination relates to Producer or its Controlling Party or any Performance Assurance Provider that is an Affiliate of Producer, then the termination of this Agreement will be effective upon delivery of such notice.
For clarity, the foregoing shall not include any voluntary proceeding for the purpose of amalgamation, arrangement, reconstruction or reorganization unless such proceeding is taken at the request of, or to meet the requirements of, the creditors of Producer or its Controlling Party or any Performance Assurance Provider or, if Producer is a partnership, any of its partners (other than limited partners).
Where the notice of termination relates to a Performance Assurance Provider that is not an Affiliate of Producer, then the termination of this Agreement will be effective upon the expiry of ten (10) Business Days from the date of delivery of such termination notice unless, within such period, Producer has provided another Performance Assurance to Operator which is satisfactory to the Operator.

More Definitions of Performance Assurance Provider

Performance Assurance Provider means either Seller or Buyer, which is the provider of a Performance Assurance, as applicable.