Handover Security Sample Clauses
Handover Security. 10.3.1 Twelve (12) months prior to the Handover Date or immediately after the issuance of a Termination Notice by either Party in case of Early Termination of this Agreement, the Concessionaire shall provide to the Grantor an unconditional and irrevocable on-demand bank guarantee, issued by a bank with a credit rating of at least AA- under the Standard and Poor's rating or with Aa3 under the ▇▇▇▇▇'▇ rating or such other rating as the relevant Public Authority may agree, in accordance with the Applicable Law (the "Handover Security") for an amount in US Dollars equal to the sum of:
(a) the amount of the Operation Security to be issued at that time by the Concessionaire in accordance with the provisions of Article 10.2; and
(b) the amount determined by the Independent Expert in carrying out the first Handover Condition Survey in accordance with Article 45.2.1.1, and in the form set out in Appendix 9 (Security Forms), to secure the due performance of the Concessionaire's handover obligations under Article 45. If the rating of the bank issuing the Handover Security falls at any time below the rating required under this Article 10.3.1, the Concessionaire shall, as soon as possible, issue a new Handover Security for the same amount remaining at the time of such occurrence, with a bank of a rating complying with the rating required under this Article 10.3.1.
10.3.2 The Handover Security shall be valid for a period of twenty-four (24) months following the Handover Date unless cancelled earlier by the Grantor.
10.3.3 Promptly after the Handover Security is issued, the Grantor shall return to the Concessionaire the Operation Security.
10.3.4 Without prejudice to any other right which the Grantor may have under this Agreement, the Grantor shall have the right to draw on the Handover Security and claim the amount guaranteed on demand upon the Concessionaire's failure to honour any of its obligations, responsibilities or commitments contained in, arising from or related to those contained in Article 45.
Handover Security. 10.3.1 Twelve (12) months prior to the Handover Date (or immediately after the issuance of the Termination Notice by either Party in case of Early Termination of this Agreement), the Concessionaire shall provide to the Grantor an unconditional and irrevocable on-demand bank guarantee, issued by a bank reasonably acceptable to the Grantor and with a credit rating of at least BBB under the Standards and Poor's rating or with Baa2 under the ▇▇▇▇▇'▇ rating for the amount which shall be determined by the Independent Expert in the first survey to be prepared in accordance with Article 45.1.2, and in the form set out in Appendix 9 (Security Forms) to secure the due performance of the Concessionaire's handover obligations under Article 45 (the "Handover Security"). If the rating of the bank issuing the Handover Security falls at any time below the minimum-required rating specified in this Article, the Concessionaire shall, as soon as possible, issue a new Handover Security for the same amount remaining at the time of such occurrence, with a bank of a rating complying with this Article.
10.3.2 The Handover Security shall be valid for a period of twenty-four (24) months following the Handover Date unless cancelled earlier by the Grantor.