Deemed Performance Guarantee Sample Clauses

Deemed Performance Guarantee. The Parties expressly agree that at least 15 (fifteen) days prior to release of the Performance Guarantee in accordance with the provisions of Article 4.3, a substitute Performance Guarantee for the same amount Rs. 17,90,00,000 (Rupees Seventeen Crore Ninety Lakh only)shall be deemed to be created under this Article 4.4, as if it is a Performance Guarantee under Article 4.1 for and in respect of the entire remaining Concession Period after COD (the “Deemed Performance Guarantee”). The Deemed Performance Guarantee shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 9, constitute the first and exclusive charge including to the exclusion of the Senior Lenders on an amounts Rs. 17,90,00,000 (Rupees Seventeen Crore Ninety Lakh only) in the Escrow Account. Upon occurrence of a Concessionaire Default or failure to make any payment which becomes due and payable to the Authority under and in accordance with this Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the amounts due and payable including amounts towards liquidated damages as Damages from the Deemed Performance Guarantee after COD for such Concessionaire Default or failure to pay such amounts which are due and payable by the Concessionaire to the Authority under and in accordance with the provisions of this Agreement. It is clarified that upon such encashment and appropriation of the Deemed Performance Guarantee after COD, the Concessionaire shall be liable to replenish the Deemed Performance Guarantee after COD to the full amount at each event of encashment of the same by the Concessioning Authority. This shall be done within 30 (thirty) Days of any such encashment failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 16. Upon such replenishment or furnishing of a fresh Performance Guarantee, as the case may be, the Concessoning Authority may, in its sole discretion, grant any additional cure period to the Concessionaire for remedying the Concessionaire Default, and in the event of the Concessionaire not curing Concessionaire Default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Guarantee as Damages, and to terminate this Agreement in in accordance with Article 16. For Avoidance of doubt, no amounts shall be earmarked, frozen or withheld in the Escrow Acc...
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Deemed Performance Guarantee. The Parties expressly agree that at least 15 (fifteen) days prior to release of the Performance Guarantee in accordance with the provisions of Article 4.1, a substitute Performance Guarantee for the same amount shall be deemed to be created under this Article 4.2, as if it is a Performance Guarantee under Article 4.1 for and in respect of the entire remaining Concession Period (the “Deemed Performance Guarantee”). The Deemed Performance Guarantee shall be unconditional and irrevocable, and shall, notwithstanding anything to the contrary contained in Article 9.6, constitute the first and exclusive charge on an equivalent balance in the Escrow Account and the payments accrued or payments due and payable subsequently, as the case may be, to the Concessionaire under this Agreement and over which the Concessioning Authority shall have the first and exclusive charge, including to the exclusion of the Senior Lenders, and shall be entitled to appropriate any amount therefrom as if it is an appropriation from the Deemed Performance Guarantee under Article 4.2. For avoidance of doubt, the Parties agree that no amounts shall be earmarked, frozen or withheld in the Escrow Account for securing payment of any potential Damages that may fall due at a subsequent date, and only the amounts which shall have become due and payable by the Concessionaire to the Concessioning Authority under and in accordance with the provisions of this Agreement shall be liable to appropriation hereunder.
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Related to Deemed Performance Guarantee

  • Performance Guarantee 9.4.1 The Concessionaire shall, for the performance of its obligations hereunder during the Concession Period, provide to the Authority no later than [90] days prior to expiry of the Performance Security, an irrevocable and unconditional guarantee from a Bank for a sum equivalent to Rs. ***** crore (Rupees ***** crore)7 in the form set forth in Schedule-FF (the “Performance Guarantee”). Until such time the Performance Guarantee is provided by the Concessionaire pursuant hereto and the same comes into effect, notwithstanding anything contained in clause 9.3 the Performance Security shall remain in force and effect, and upon such provision of the Performance Guarantee pursuant hereto, the Authority shall release the Performance Security to the Concessionaire.

  • Performance Guaranty Parent hereby guarantees the due, prompt and faithful performance and discharge by, and compliance with, all of the obligations, covenants, terms, conditions and undertakings of Merger Sub under this Agreement in accordance with the terms hereof, including any such obligations, covenants, terms, conditions and undertakings that are required to be performed, discharged or complied with following the Effective Time by the Surviving Corporation.

  • Performance Guarantees Contractor agrees to provide the County the performance guarantees specified in Attachment A and to pay any penalties incurred in accordance with the terms of Attachment A.

  • Payment and Performance Bond Prior to the execution of this Contract, City may require Contractor to post a payment and performance bond (Bond). The Bond shall guarantee Contractor’s faithful performance of this Contract and assure payment to contractors, subcontractors, and to persons furnishing goods and/or services under this Contract.

  • Guaranty of Payment and Performance Guarantor’s obligations under this Guaranty constitute an unconditional guaranty of payment and performance and not merely a guaranty of collection.

  • Payment and Performance The Borrower will pay all amounts due under the Loan Documents in accordance with the terms thereof and will observe, perform and comply with every covenant, term and condition expressed or implied in the Loan Documents. The Borrower will cause each other Loan Party to observe, perform and comply with every such term, covenant and condition in any Loan Document.

  • Continuity of Service and Performance Unless otherwise agreed in writing, the Parties shall continue to provide service and honor all other commitments under this Agreement during the course of a Dispute with respect to all matters not subject to such Dispute.

  • Payment and Performance of Obligations Pay and perform all material Obligations under this Agreement and the other Loan Documents, and pay or perform (a) all taxes, assessments and other governmental charges that may be levied or assessed upon it or any of its property, and (b) all other indebtedness, obligations and liabilities in accordance with customary trade practices; except to the extent that IPT or the Borrower is contesting any item described in clauses (a) or (b) of this Section 7.5 in good faith and is maintaining adequate reserves with respect thereto in accordance with GAAP.

  • Payment and Performance Bonds The Contractor shall comply with the following minimum bonding requirements:

  • Portfolio Expense and Performance Data The Fund shall provide such data regarding each Portfolio’s expense ratios and investment performance as the Company shall reasonably request, to facilitate the registration and sale of the Variable Contracts. Without limiting the generality of the forgoing, the Fund shall provide the following Portfolio expense and performance data on a timely basis to facilitate the Company’s preparation of its annually updated registration statement for the Variable Contracts (and as otherwise reasonably requested by the Company), but in no event later than 75 calendar days after the close of each Portfolio’s fiscal year:

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