Handback Security Sample Clauses

Handback Security. 9.3.1 The Private Partner shall submit to the Public Partner an unconditional and irrevocable on-demand bank guarantee issued by a Reliable Bank, substantially in the form of the guarantee letter set out in ANNEX 5 (Requirements for Securities) and together with the relevant agreement on the Handback Security, to secure the due performance of the Private Partner's handback obligations under this Agreement (the "Handback Security"): 9.3.1.1 no later than ten (10) Business Days after receiving the conclusion of the Independent Expert prepared based on the results of the first Handback Condition Survey in accordance with Clause 20.2 for the amount in AMD specified in such conclusion – in case there is no early Termination of the Agreement; 9.3.1.2 no later than ten (10) Business Days after receiving the conclusion of the Independent Expert prepared based on the results of the Handback Condition Survey in accordance with Clause 20.2 for the amount in AMD specified in such conclusion – in case there is an early Termination of the Agreement and the handback is carried out in connection with such early Termination. 9.3.2 If the bank issuing the Handback Security at any time from the date of submitting the Handback Security to the Public Partner fails to meet the requirements to Reliable Banks set out in ANNEX 6 (Requirements to Reliable BanksRequirements to Reliable Banks), the Private Partner shall, as soon as possible, but no later than ten (10) Business Days, obtain a new Handback Security for the same amount remaining at the time of such occurrence, from a bank complying with the requirements to Reliable Banks. 9.3.3 If the Private Partner failed to provide the Public Partner with the Handback Security prior to the term specified in Clauses 9.3.1.1 and 9.3.1.2, the Public Partner shall be entitled to draw on the entire amount of the Operation Security. Private Partner's failure to provide and/or maintain the validity of the Handback Security in accordance with the requirements of this Clause 9.3 for a period of more than thirty three (33) Business Days shall be deemed a Private Partner Event of Default. 9.3.4 The Handback Security shall be valid from its issuance date according to Clause 9.3.1 until the expiry of thirty (30)-day term from the date of signing of the Handback Act according to Clause 20.5. 9.3.5 If the Handback Security is scheduled to expire until the expiry of the period indicated in Clause 9.3.4, the Private Partner shall no later than twenty...
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Handback Security. 45.1 The Concessionaire shall provide the Contracting Authority with the Handback Security (i) no later than a date fourteen (14) days after the date that the Handback Amount is agreed or determined in accordance with Clauses 43.1.3 to 43.1.4 (Initial Inspection - Handback Works), or (ii) in accordance with Clause 44.4 (Handback upon early Termination of the Concession Agreement) above. 45.2 The Handback Security shall be: (a) in the agreed form; (b) an on-demand guarantee issued by a reputable financial institution having a credit rating in respect of its long-term debt from Standard & Poor's of not less than A+ or its equivalent by another rating agency of international reputation (or having been approved by the Contracting Authority and, since such approval, has not suffered a material adverse change in its financial condition); (c) naming the Contracting Authority as the direct beneficiary; (d) in the amount of the Handback Amount; (e) permitting the Contracting Authority to make calls on the Handback Security on demand (without any justification to be provided); and (f) to be released upon the expiry of a period of one hundred twenty (120) days from the Termination Date or the end of the Concession Period, as the case may be and shall be renewed thirty (30) days prior to its expiring for a further period or periods of ninety (90) days until the Handback Certificate is issued, failing which renewal the Contracting Authority shall be entitled to draw on the Handback Security for its full amount. 45.3 If as a result of the Second Inspection the Handback Amount is increased, the Concessionaire shall procure that an additional Handback Security for the additional Handback Amount shall be issued in accordance with Paragraphs (a), (b) and (c) of Clause 45.1 (Handback Security) above and delivered to the Contracting Authority by no later than a date fourteen (14) days after the date that the additional Handback Amount is agreed or determined in accordance with Clause 43.1 (Initial Inspection - Handback Works) for a term expiring no earlier than a date six months after the expiry of the Concession Period. 45.4 If as a result of the Second Inspection the Handback Amount is reduced, the Contracting Authority shall within fourteen (14) days after the date the reduced Handback Amount is agreed or determined in accordance with Clause 43.1 (Initial Inspection - Handback Works) issue a notice to the issuer under the Handback Security reducing the amount of the Handba...
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