Common use of Completion Guarantees Clause in Contracts

Completion Guarantees. In connection with any Project Debt Financing, each Shareholder Group shall provide the Completion Guarantee until Completion, if required, in order to implement the Project Debt Financing in the same proportion (severally, but not jointly) as their respective holdings of Shares. Completion Guarantees from each Shareholder Group shall be provided by each entity within each Shareholder Group, including without limitation the Parent of such Shareholder Group. Completion Guarantees of the entities forming part of the Korean Consortium will be provided on a several basis, based on their interests in the Korean Consortium, subject to the requirement that if any entity that is member of the Korean Consortium is not acceptable to the Financial Institutions providing Project Debt Financing to the Corporation, the Completion Guarantees of the Korean Consortium shall be joint and several among members of the Korean Consortium in respect of the obligations of any such unacceptable Korean Consortium member.

Completion Guarantees. In connection with any Project Debt Financing, each Shareholder and each Shareholder Group shall provide the Completion Guarantee Guarantees until Completion, if required, in order to implement the Project Debt Financing in the same proportion (severally, but not jointly) as their respective holdings of Shares. Completion Guarantees from each Shareholder Group shall be provided by each entity within each Shareholder Group, including without limitation Baja Mining and each of the Parent members of such Shareholder Groupthe Korean Consortium. Completion Guarantees of the entities forming part of Parties comprising the Korean Consortium will be provided on a several basis, based on their interests in the Korean Consortium, subject to the requirement that if any entity Party that is member of the Korean Consortium is not acceptable to the Financial Institutions providing Project Debt Financing to the Corporation, the Completion Guarantees of the Korean Consortium shall be joint and several among members of the Korean Consortium in respect of the obligations of any such unacceptable Korean Consortium member. Such acceptance by the Financial Institutions of a Party shall only be required once and is irrevocable.