Bonding Guarantee definition

Bonding Guarantee means any of the following financial instruments which have been issued in accordance with the terms of this Agreement: a standby letter of credit or a bond (including in either case a bid, advance payment, or retention payment or performance bond (including for the avoidance of doubt a Financial Guarantee and a Hybrid Guarantee), or any performance related instrument as set out in the definition of “instrument” in paragraphs 1 and 2 of the Basle Agreement), a surety, a guarantee, a first demand guarantee (including, in respect of any of the foregoing, instructions to issue such instruments and counter-guarantees to a local issuing or correspondent bank);
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Examples of Bonding Guarantee in a sentence

  • The outstandings of the Banks under the existing bonding guarantee facility of 29 August 2003 (with the exception of the bonding guarantees relating to the T&D business transferred in January 2004) at the time of the establishment of the New Bonding Guarantee Facility, will be transferred to the New Bonding Guarantee Facility.

  • No further Bonding Guarantees shall be issued and no amendment shall be made to any outstanding Bonding Guarantee, the effect of which would be to increase any Bank’s Outstandings, in each case following the Final Issue Date.

  • The obligations of each Tranche A Participating Bank in this Clause 16 do not extend to any of the Applicants’ obligations to provide cash cover to a Tranche A Issuing Bank in any of the circumstances provided for in the Finance Documents, but this exception shall not exonerate the Tranche A Participating Banks from their ultimate indemnity or participation obligations to the Tranche A Issuing Banks in respect of the relevant Tranche A Bonding Guarantee pursuant to this Clause 16.

  • Following notice from the Facility Agent under Clause 8.5(b) that an amendment may be effected, the Issuing Bank shall amend any Bonding Guarantee as soon as reasonably practicable, and in the case of a direct issue of a Bonding Guarantee, within 5 Business Days of the date of such notice.

  • The Company shall also pay any and all reasonable and customary administrative and other charges applied by Issuing Banks in connection with amendments or other events over the period during which each Bonding Guarantee is outstanding as invoiced to the Company by each Issuing Bank.

  • Each Party acknowledges that, as contemplated by Clause 48.1, certain updating and conforming amendments and in particular for consistency with corresponding provisions in the Subordinated Debt Facility are still required to be made to the Bonding Guarantee Facility Agreement.

  • The Company is entering into this Deed on behalf of itself and as agent for each of the Guaranteed Subsidiaries in accordance with Clause 39.l(a) of the Bonding Guarantee Facility Agreement.

  • In the case of a local issuance or re-issuance in connection with a Bonding Guarantee, the Company shall pay all fees and expenses charged by the relevant correspondent bank (and on demand reimburse such fees and expenses, if any, incurred by the Issuing Bank), provided that the relevant Issuing Bank shall use reasonable endeavours to agree such fees and expenses in advance with the Company.

  • Each Guaranteed Subsidiary shall be deemed to ratify and confirm all acts which the Company performs on its account in connection with any Finance Document or any Bonding Guarantee.

  • On the date on which the Facility Agent receives notice from an Issuing Bank that it has agreed to issue a Bonding Guarantee pursuant to Clause 5.3(a) the Facility Agent shall determine whether or not the Euro Amount of such Proposed Bonding Guarantee exceeds the Available Commitments and whether the issue of such Proposed Bonding Guarantee would otherwise cause Clause 2.2 to be contravened.