Bank Guarantees. The "DEVELOPER" has given following Bank Guarantees before execution of this agreement. S. No. Particulars Amount Validity Period 1.
Bank Guarantees. By agreement of the Lender and the Borrowers and pursuant to such supplemental documentation as the Lender may request, the Borrowers may utilize the L/C Commitment in the form of bank guarantees issued by the Lender as an alternative to utilizing it for the issuance of Letters of Credit.
Bank Guarantees. 22.1 The licensee shall submit a Financial Bank Guarantee (FBG), valid for one year, from any Scheduled Bank or Public Financial Institution duly authorized to issue such Bank Guarantee, in the prescribed Performa annexed. Initially, the financial bank guarantee shall be for an amount of Rs. 50, 25 & 5 Crore for category ‘A’ ‘B’ & ‘C’ service areas respectively which shall be submitted before signing the Licence agreement. Subsequently, the amount of FBG shall be equivalent to the estimated sum payable annually towards the Licence fee and other dues not otherwise securitised. The amount of FBG shall be subject to periodic review by the Licensor. The bidder shall also submit Performance Bank Guarantee (PBG) of amount equal to Rs. 20, 10 and 2 Crores for category ‘A’ ‘B’ & ‘C’ service areas before signing the Licence. The licensee shall be permitted to reduce the value of the PBG by 50% after the coverage criteria prescribed in this Licence is fulfilled.
Bank Guarantees. (a) To secure the completion of the Civic Space Works the Developer must, prior to the issue of a Construction Certificate for the Demolition Works or if no Construction Certificate is required, prior to commencement of the Demolition Works, provide to the Council a Bank Guarantee or Bank Guarantees in an amount equivalent to the estimated costs of the Civic Space Works determined by a qualified Quantity Surveyor, having regard to the detailed design for those Works prepared and approved by Council in accordance with the Construction Terms and any Development Consent.
Bank Guarantees. 21.1 Performance Bank Guarantee: Performance Bank Guarantee (PBG) in prescribed format shall be submitted for amount equal to Rs. 20 / 10 / 2 crores (for category ‘A’ / ‘B’ / ‘C’ service areas) before signing the Licence Agreement. Further on completion of one year from the effective date of licence and after meeting the coverage criteria stipulated for first year, the PBG shall be reduced to Rs. 10/5/1 crores for category `A’/`B’/`C’ service areas on self- certification provided by the Licensee. Further on fulfilling the roll out obligations as stipulated in Clause 34, the balance PBG shall be released on receipt of test certificate/ test certificates issued by TEC in respect of coverage.