Financial Bank Guarantee Sample Clauses

Financial Bank Guarantee. The LICENSEE shall submit a Financial Bank Guarantee (FBG), valid for one year, from any Scheduled Bank or Public Financial Institution duly authorized to issue such Bank Guarantee, in the prescribed Performa annexed. Initially, the financial bank guarantee shall be for an amount of Rs. 50 / 25 / 5 Crore (for category ‘A’ / ‘B’ / ‘C’ service areas respectively) which shall be submitted before signing the Licence agreement. Subsequently, the amount of FBG shall be equivalent to the estimated sum payable equivalent to license fee for two quarters and other dues not otherwise securitised and any additional amount as deemed fit by the Licensor. The amount of FBG shall be subject to periodic review by the Licensor and shall be renewed from time to time till final clearance of all dues..
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Financial Bank Guarantee. The Licensee shall submit Financial Bank Guarantee (FBG) separately for each service and service area for the amount as per Annexure-II, subject to a maximum of Rs 44 Crore initially before signing the License Agreement or subsequent authorization of service(s), as the case may be, valid for one year, from any Scheduled Bank or Public Financial Institution duly authorized to issue such Bank Guarantee, in the prescribed Proforma at Annexure IV of this license agreement. Subsequently, the amount of FBG shall be equivalent to the estimated sum payable equivalent to License fee for two quarters and other dues not otherwise securitized. The amount of FBG shall be subject to periodic review on six monthly basis by the Licensor and shall be renewed from time to time.
Financial Bank Guarantee.  The Shipper who has to provide a Financial Bank Guarantee must, five (5) Business Days before the Service Start Date and until the Service End Date of any Service Confirmation, have an unconditional and irrevocable Financial Bank Guarantee issued by a bank licensed by the Belgian Financial Services & Market Authority (or by an equivalent body in one of the Members States of the European Union), for an amount equal to two times the Monthly Capacity Charge. If the LNG Service has a duration of less than thirty (30) Days, the Shipper shall pay to the Terminal Operator at the latest on the date of subscription of the LNG Service, the expected invoice amount (VAT included).  Shipper must demonstrate annually and at the latest on the anniversary date of the subscribed LNG Services, with a term of at least thirty (30) Days left to run, that the financial institution, or the equivalent body that meets the requirements stipulated in GC 8, which has issued the Financial Bank Guarantee, has extended the Financial Bank Guarantee’s term and has amended the amount thereof to correspond to the amount as specified in GC 8.2.  The Financial Bank Guarantee shall at all times have a validity of at least one (1) Month after the expiry of the Service End Date, as specified in the relevant Services Confirmation. If more than one Service Confirmation has been entered into, the Services Confirmation with the most remote Service End Date shall apply for the purposes of this GC 8.2.3  Without prejudice to GC 16, if Shipper fails for whatever reason to pay any invoiced amount by the Due Date, Terminal Operator shall notify Shipper and if such invoice plus accrued interest is not thereafter paid within fourteen (14) Days after receipt of such notice, Terminal Operator may immediately make a claim under the Financial Bank Guarantee provided by Shipper.  If Terminal Operator has drawn on the Financial Bank Guarantee pursuant to GC 8.2 Shipper shall, within fifteen (15) Business Days as from the date of such drawdown (i) demonstrate that the financial institution which provided the Financial Bank Guarantee, has adjusted the amount to the level of the Financial Bank Guarantee as specified in GC 8.2 or (ii) provide a new Financial Bank Guarantee that complies with the conditions stipulated in of GC 8.2. In case of default, the LNG Services may be suspended in accordance with GC 16.
Financial Bank Guarantee. The LICENSEE company shall submit Financial Bank Guarantee (FBG) of Rs. 20 crores within one year from the Effective Date of licence agreement or before the commencement of service whichever is earlier in the prescribed Proforma (ANNEXURE - E) given in the Licence Agreement. The FBG shall be valid for a period of one year and shall be renewed from time to time for such amount as may be directed by the Licensor. The amount of FBG shall be equivalent to the estimated sum payable for two quarters towards licence fee.
Financial Bank Guarantee. 14.2.1. The Financial Bank Guarantee, referred to in attachment H of the Access Code for Storage, shall be entered into at a bank approved by the Financial Services & Markets Authority (or a similar body in one of the EU Member States) for the amount of an average invoice amount of two (2) Months (VAT included) calculated for the next Storage Year and with a remaining duration of not less than thirty (30) days. If the Service has a duration of less than thirty (30) days, the Storage User shall pay to the Storage Operator at the latest on the date of Subscription of the Service, the expected invoice amount (VAT included). Any modification of Storage User’s Subscribed Service(s), lower or higher, during the Storage Year covered by the Financial Bank Guarantee, shall automatically entail the adjustment of the amount of the Financial Bank Guarantee accordingly. The Storage Operator shall be entitled at any time during the Storage Year covered by the Financial Bank Guarantee to request Storage User to demonstrate within fifteen (15) Business Days after the notification by Storage Operator that the Financial Bank Guarantee is in fact compliant with this Article 14 of this attachment. On a yearly basis and at the latest on the first day of the Storage Year and to the extent the Storage User has subscribed a Services Confirmation, the Storage User shall provide proof to the Storage Operator that the Financial Bank Guarantee still complies with the requirements set in Article 14 of this attachment. The Financial Bank Guarantee shall at all times have a validity of at least two (2) Months after the expiry of the Service End Date, as specified in the relevant Services Confirmation.
Financial Bank Guarantee. 8.2.1 The Shipper who has to provide a Financial Bank Guarantee must, five (5) Business Days before the Service Start Date and until the Service End Date of any Service Confirmation, have an unconditional and irrevocable Financial Bank Guarantee issued by a bank licensed by the Belgian Financial Services & Market Authority (or by an equivalent body in one of the Members States of the European Union), for an amount equal to two times the Monthly Capacity Charge. If the LNG Service has a duration of less than thirty (30) Days, the Shipper shall pay to the Terminal Operator at the latest on the date of subscription of the LNG Service, the expected invoice amount (VAT included).
Financial Bank Guarantee. The Licensee shall submit Financial Bank Guarantee (FBG) separately for each service and service area as per Annexure-II, initially before signing the License Agreement or subsequent authorization of service(s), as the case may be, valid for one year, from any Scheduled Bank or Public Financial Institution duly authorized to issue such Bank Guarantee, in the prescribed Proforma at Annexure-III of this license agreement. Subsequently, the amount of FBG shall be equivalent to 20% of the estimated sum payable (of License fee for two quarters and other dues not otherwise securitized). The amount of FBG shall be subject to periodic review on six monthly basis by the Licensor, i.e. CCAs/ DoT and shall be renewed from time to time. Initially, the Bank Guarantee (FBG) shall be valid for a period of one year and shall be renewed from time to time. The Licensee, on its own, shall extend the validity period of the Bank Guarantees at least one month prior to date of its expiry without any demand or notice from the Licensor on year to year basis. Any failure to do so, shall amount to violation of the terms of the License and entitle the Licensor to encash the Bank Guarantees and to convert into a cash security without any reference to the Licensee at his risk and cost. No interest or compensation whatsoever shall be paid/ payable by the Licensor on such encashment.
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Financial Bank Guarantee. 9.2.1 The Shipper who has to provide a Financial Bank Guarantee must, five (5) Business Days before the Service Start Date, have an unconditional and irrevocable Financial Bank Guarantee issued by a bank approved by the Financial Services & Market Banking (or by an equivalent body in one of the Members States of the European Union), for an amount of Shipper’s Capacity Charge for the next Month with a minimum of one hundred thousand Euros (EUR 100,000). This amount shall however be rounded upwards to the first thousand Euros (EUR 1000). If the LNG Redelivery Service has a duration of less than thirty (30) Days, the Shipper shall pay to the Terminal Operator at the latest on the date of subscription of the LNG Redelivery Service, the expected invoice amount (VAT included).
Financial Bank Guarantee. The LICENSEE company shall submit Financial Bank Guarantee (FBG) of Rs. 1 crores within one year from the Effective Date of licence agreement or before the commencement of service whichever is earlier in the prescribed Proforma (ANNEXURE
Financial Bank Guarantee. The licensee shall submit a Financial Bank Guarantee (FBG), valid for one year, from any scheduled bank in India, or Indian Public Financial Institution (IPFI) in the prescribed format at Annexure V. The amount of FBG shall be Rupees one lakh or an amount equivalent to the license fee of the last two quarters of the previous year and other dues not otherwise securitised, which ever is higher, The FBG will be valid initially for one year and is to be maintained for the entire period of the License Agreement till final clearance of all such dues. The amount of FBG shall be subject to periodic review by the Licensor.
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