Common use of Delivery of Performance Guarantees Clause in Contracts

Delivery of Performance Guarantees. The Terminal Operator shall obtain, at its own cost, from a bank or a financial institution approved by the TNPA, the Performance Guarantees referred to below in this clause 15 (Performance Guarantees), in the form of an on demand guarantee in the format, amount and currencies specified below or in a form mutually agreed between the TNPA and the Terminal Operator. Where applicable, the Terminal Operator shall cede or assign its right, title and interest thereunder and alternatively, where applicable, shall deliver them, to the TNPA on or before the dates specified below.

Delivery of Performance Guarantees. 15.1.1 The Terminal Operator shall obtainobtain or cause to be obtained, at its own cost, from a bank or a financial institution approved by the TNPA, the Performance Guarantees referred to below in this clause 15 (Performance Guarantees), in the form of an on demand guarantee in the format, amount and currencies specified below or in a form mutually agreed between the TNPA and the Terminal Operator. Where applicable, the Terminal Operator shall cede or assign its right, title and interest thereunder and alternatively, where applicable, shall deliver them, to the TNPA on or before the dates specified below.