Construction Security. 12.4.1.1 On or before Financial Closing, the Seller shall provide to the Purchaser security ("Construction Security") in the amount of [] to secure Seller’s obligations in the period between the Effective Date and the Commercial Operation Date (“Construction Period Security”). The Construction Security shall be an unconditional and irrevocable direct pay letter of credit issued by a bank acceptable to the Purchaser in form and substance satisfactory to the Purchaser. The Construction Security may be applied to the payment of liquidated damages or other Damages and accrued interest thereon as set forth in Clause 12.5.
Construction Security. 3.1.2 The Developer shall post with the Town Construction Security in the amount set out in Schedule “E”. Maintenance Security
Construction Security. 3.2.1 The Developer may request release/reduction of Securities at the following points of the development:
Construction Security. 11.1 For the purpose of securing the Construction Phase namely the terms of commencement of construction works based on construction permit and Commencement of Operation of the Facility defined by the Annex 3 of the MOU, the Company shall on the day of signing the Agreement provide the GOG with Construction Security in an amount of 100.000 USD/MW of the Facility if the installed capacity is 100 MW or less and 50.000 USD/MW of the Facility if the installed capacity is more than 100 MW. Construction Security provided by the Company shall remain in force until the date falling 5 (five) months after the date of Commencement of Operation of the Facility as defined by the Annex 3 of the MOU. The Construction Security submitted by the Company shall be issued by any bank licensed by State or the OECD member countries. Once the Construction Security is provided by the Company, the Preconstruction Security shall be duly returned to the Company within 30 (thirty) days.
Construction Security a) On or prior to the Effective Date and with effect therefrom Seller shall provide to Purchaser the Construction Security;
Construction Security. Prior to the commencement of construction of any facilities or improvements on the Leased Premises, Lessee shall furnish good and sufficient payment and performance bonds, letters of credit, cash or certificate of deposit, all subject to approval by Lessor in Lessor’s discretion. Any such bonds, letters of credit, cash or certificates of deposit shall be in an amount prorated for that portion of the contracted construction activity to take place in or upon the Leased Premises and shall be one- hundred twenty five percent (125%) of the full contract amount required for all such construction activities of facilities and improvements on the Leased Premises; said security shall be in favor of Lessor to protect Lessor against any and all loss due to Lessee’s failure to complete such construction in accordance with the Plan or Lessee’s failure to pay contractors, subcontractors or others who may provide goods and services to Lessee. Any bond, letter of credit, cash or certificate of deposit accepted by Lessor pursuant to this Lease shall be made payable to Lessor upon demand or presentment for payment. The period of liability to maintain the security shall not be terminated until the completion of construction of all facilities and improvements to be constructed on the Leased Premises under the applicable contract for construction as determined by Lessor; the expiration of the timeframe under applicable law for filing of lien claims with respect to such construction has expired; and upon the prior written notice by Lessee to Lessor certifying the satisfaction of such events, and the written consent of Lessor to release such security, which consent shall not be unreasonably withheld.
Construction Security. (a) The Producer hereby agrees to grant a payment security compliant with the provisions of this Clause 10.3 in favour of the Buyer as security for its obligations to pay the Delay Liquidated Damages (the Construction Security).
Construction Security. (a) At Financial Closing, the Sponsor shall deliver to the Grantor a demand guarantee (the “Construction Security”) issued by a Qualified Bank having the terms set forth in Schedule 2 and thereafter continuously maintain such Construction Security, or a replacement thereof, in full force and effect in the required amount until the Commercial Operations Date. Upon delivery of the Construction Security, the Grantor shall return the Financing Security to the Sponsor after making any draws thereon that the Grantor is permitted to make pursuant to Section 6.3. In the event that either:
Construction Security. The Construction Security shall consist of the security described in each box checked below (check appropriate box): □ a guaranty (the “Construction Completion Guaranty”) in the form annexed hereto as Exhibit 4, properly completed, signed and acknowledged by (the “Guarantor”). □ a letter of credit (the “Letter of Credit”) in favor of Landlord, in the form annexed hereto as Exhibit 5, issued by a commercial bank that is a member of the New York Clearing House and that has an office in the City [Town/Village] of (the “Bank”) at which the Letter of Credit may be drawn, and in an amount (the “LC Amount”) at least equal to 125% of the Estimated Construction Cost, but no less than $ . The Construction Security shall also include such other security as Landlord may reasonably require.
Construction Security. Prior to obtaining a Building Permit for the vertical construction on the Property, and continuing until the date of the issuance of a final Certificate of Occupancy, the Lessee shall furnish to the Lessor, and maintain in full force and effect, a surety bond, letter of credit, or other irrevocable instrument or account in a form acceptable to the City Attorney in the City Attorney's reasonable discretion, in an amount equal to $300,000.00 (the "Construction Security"). Lessor acknowledges and agrees that: (a) Lessor shall only have the right to draw upon the Construction Security after a default by Lessee under this Lease which continues beyond any app 1icable notice and cure periods and (b) Lessor shall not have the right to utilize the Construction Security without the Construction Lender's prior written consent in order to provide the Construction Lender with the option to complete the Project. The Construction Security shall be released upon Lessor's written certification that the Project is eighty (80%) completed.
