Completion Guarantee. (a) subject to sub-paragraph (c) below, (i) each Shareholder agrees to procure that the Borrower will not abandon the Project and to procure that Completion is achieved by not later than the Scheduled Completion Date and (ii) each Shareholder shall indemnify each Bank and keep each Bank indemnified against any losses, damages, liabilities, costs and expenses (including, without limitation, legal costs on a full indemnity basis) suffered by that Bank if Completion is not achieved by the Scheduled Completion Date and which would not have been suffered if Completion had been so achieved;
Completion Guarantee. 18.1. The Producer agrees to pay the fee due to the Completion Guarantor set out in the Completion Guarantee from the first Instalment.
Completion Guarantee. The Administrative Agent shall have received a fully executed Completion Guarantee which shall be in form and substance satisfactory in all respects to the Administrative Agent.
Completion Guarantee. The Administrative Agent shall have received an executed counterpart of the Completion Guarantee.
Completion Guarantee. Letter(s) of credit or surety bond(s) (collectively and alternatively, the “Security”) shall be posted in favor of, and provided to the County in the amount of 125% of the County-approved Cost Estimate of the Wyndfields S.R. 56 Western Segment, the Wyndfields S.R. 56 Eastern Segment, and Wyndfields Boulevard Northern Segment Roadway Improvements specified in Paragraphs 5 and 6 at the times specified therein. Security for Xxxxxxx Road and Wyndfields Boulevard Southern Segment, if necessary, shall be posted prior to the deadlines set forth in this Agreement. Failure to post, revise, update, and keep effective the required Security shall be considered a default of this Agreement, entitling the County to stop the issuance of building permits. The Security must be drawable upon demand upon an acceptable issuer/surety having a local office in Tampa Bay, Florida, or by facsimile if no local office is available, which is authorized to do business in the State of Florida, and the Security must be in a form acceptable to the County Attorney’s Office. Developer shall be entitled, on each renewal date of the Security, to reduce the Security, provided an updated Cost Estimate for the remainder of the applicable construction obligations is provided to and approved by the County, and provided that the Security is not reduced below 125% of the County-approved Cost Estimate for such remaining work.
Completion Guarantee. In consideration of the Guarantor Banks agreeing, at the request of CSM and ATE, to make available to the Borrower the guarantee and term loan facility referred to in Recital (A) above and the Lending Banks agreeing, at the request of CSM and ATE, to make available to the Borrower the term loan facility referred to in Recital (A) above and/or the Secured Parties (or any of them) acting under or in connection with the Credit Agreement:-
Completion Guarantee. Letter(s) of credit or surety bond(s) (collectively and alternatively, the “Security”) shall be posted in favor of, and provided to the County, in the amount of 125% of the County-approved Cost Estimate for the PD&E Study on or before December 31, 2005, and in the amount of 125% of the County-approved Cost Estimate of the S. R. 56of the Wyndfields S.R. 56 Western Segment, the Wyndfields S.R. 56 Eastern Segment, and Wyndfields Boulevard Northern Segment Roadway Improvements specified in Paragraph 6.c., prior to the approval by the Pasco County Board of County Commissioners of the first final subdivision plat within the MPUDParagraphs 5 and 6 at the times specified therein. Security for Xxxxxxx Road and Wyndfields Boulevard Southern Segment, if necessary, shall be posted prior to the deadlines set forth in this Agreement. The Security shall be acceptable to and approved by the County to guarantee performance of the PD&E Study andS.R. 56 Improvements, and all terms and conditions of this Agreement. Failure to post, revise, update, and keep effective the required Security shall be considered a default of this Agreement, entitling the County to stop the issuance of building permits. The Security shall be with a bank, surety, or other financial institution acceptable to the Countymust be drawable upon demand upon an acceptable issuer/surety having a local office in Tampa Bay, Florida, or by facsimile if no local office is available, which is authorized to do business in the State of Florida, and which has an “A” policy holder rating and a financial rating of at least Class VII in accordance with the most current of Best’s Key Rating Guide. The Security shall be in the amount of 125% of the amount secured and the Security must be in a form acceptable to the County Attorney’s Office. For the construction of the S.R. 56 Improvements, Developer shall post initial Security in the amount of 125% of the County approved Cost Estimate to complete design, permitting, and construction of such project. OnDeveloper shall be entitled, on each renewal date of the Security, to reduce the Security may be reduced, provided an updated Cost Estimate for the remainder of the applicable construction obligations is provided to and approved by the County, and provided that the Security is not reduced below 125% of the County-approved Cost EstimatesEstimate for such remaining work.
Completion Guarantee. 9.1 If for any reason whatsoever, the Borrower (i) fails or neglects to complete construction of the Project and the Improvements contemplated by and described in this Agreement on or before January 31, 2001, (ii) fails to prosecute with diligence and continuity the construction of the Project and the Improvements in accordance with this Agreement, (iii) commits or permits to exist an Event of Default as defined in Section 8 of this Agreement, or (iv) is unable to satisfy any condition precedent to obtaining an advance of the Loans under this Agreement, then in any such event the Bank, in addition to the Bank's other rights, remedies and recourse whether existing hereunder, under any Loan Document, or otherwise, may proceed in accordance with the terms of this Section 9. Within five (5) days from the date that the Bank notifies the Borrower of the Borrower's failure to satisfy any condition enumerated in the first part of this Paragraph 9.1, the Borrower hereby bind itself, at its sole cost and expense, to commence completion of construction of the Project and the Improvements and to diligently pursue such construction in order to complete the Project and the Improvements within the time and in the manner specified in this Agreement. The Borrower shall pay all costs and expenses in connection with such construction and shall indemnify and hold harmless the Bank from any and all losses, costs, liabilities or expenses incurred in connection with such completion.
Completion Guarantee. 53 11.2 Schedule Liquidated Damages. ..................................................................... 53 11.3
Completion Guarantee. (a) Contractor hereby guarantees that Substantial Completion will occur no later than the Guaranteed Completion Date. (b) Subject to Company’s other rights as set forth in this Agreement and subject to the provisions of this Section 11.1, in the event that Substantial Completion occurs after the Guaranteed Completion Date but Contractor achieves Substantial Completion within sixty (60) Days after the Guaranteed Completion Date, Contractor shall pay and Company shall accept as its sole remedy for each and every day of such delay after the Guaranteed Completion Date the Schedule Liquidated Damages described in Section 11.2. (c) If and in the event Contractor fails to achieve Substantial Completion within sixty (60) Days of the Guaranteed Completion Date, then (i) Contractor shall be considered in default, and may, at Company’s sole and exclusive discretion, be terminated in accordance with Article XV of this Agreement, and (ii) Contractor shall continue to pay the Schedule Liquidated Damages described in Section 11.2 until the exhaustion of the aggregate amount of Schedule Liquidated Damages, payable by Contractor hereunder in accordance with Section 11. 4(c). 11.2
