Financial Bank Guarantee definition

Financial Bank Guarantee means the financial security on first demand a Client may be required to provide in accordance with the provisions of the GC of the LNG Agreement for Truck Loading.
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Financial Bank Guarantee means a bank guarantee issued by a bank approved by the Authority for Financial Services and Markets (or a similar organism from one of the Member States of the European member states of the European Union).
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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 Annexure-V. Initially, the financial bank guarantee shall be for an amount of Rs. 10 / 1 lakh (for category ‘A’ & category ‘B’ service areas respectively) and which has been 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. The Fees, charges and royalties for the use of spectrum and also for possession of Wireless Telegraphy equipment shall be separately securitised by furnishing FBG of an amount equivalent to the estimated sum payable annually in the proforma annexed, to WPC, valid for a period of one year, renewable from time to time till final clearance of all such dues. The Bank Guarantees PBG and FBG shall be renewed from time to time. The LICENSEE, on its own, shall extend the validity period of the Bank Guarantees for similar terms 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 LICENCE 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 payable by the LICENSOR on such encashment. Without prejudice to its rights of any other remedy, LICENSOR may encash Bank Guarantee (FBG as well as PBG) in case of any breach in terms & conditions of the LICENCE by the LICENSEE.
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Examples of Financial Bank Guarantee in a sentence

  • The successful bidder should submit a Performance/ Financial Bank Guarantee for an amount equivalent to 3% of the value of contract (i.e12 month value of contract) within 15 days from the date of issue of work order.

  • 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 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.

  • 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.

  • The applicant company shall submit Financial Bank Guarantee (FBG) of Rs. 20 crores one year after the date of signing the licence agreement or before the commencement of service whichever is earlier in the prescribed Proforma given in the Licence Agreement.

  • The EMD is to be submitted in the shape of Financial Bank Guarantee from any Scheduled Commercial Bank valid for minimum 225 Days from the date of Bid Submission Date.

  • 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.

  • However Bids would be opened even in the absence of any or all of theBidders representatives.11Performance GuaranteePerformance/ Financial Bank Guarantee for an amount equivalent to ONE month value of each contract within 15 days from the date of issue of work order.

  • Payment of due instalment and renewal of Financial Bank Guarantee (FBG) shall be done by the successful bidder as per the schedule without the necessity for the DoT to raise any demand or notice for the same.

  • The successful bidder shall securitize the annual instalment for the deferred payment through a Financial Bank Guarantee (FBG) of an amount of one annual instalment.

Related to Financial Bank Guarantee

  • Bank Guarantee means an irrevocable and unconditional undertaking by a trading bank approved by the Council to pay the Development Contribution amount on demand without an expiry or end date and containing terms and conditions acceptable to Council and in accordance with clause 9 of this Agreement;

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

  • Performance Bank Guarantee means the irrevocable unconditional bank guarantee to be submitted by the successful bidder as per Section 3.9.

  • Performance Bank Guarantee/ Security Deposit means interest free amount to be deposited by the Contractor with NMRC as per terms and conditions of Contract Agreement as a security against the performance of the Contract agreement

  • International Borrower In connection with any Mortgage Loan, a borrower who is (a) a United States citizen employed in a foreign country, (b) a non-permanent resident alien employed in the United States or (c) a citizen of a country other than the United States with income derived from sources outside the United States.

  • financial instrument means those instruments specified in Section C of Annex I;

  • Financial Instrument Obligations means obligations arising under:

  • financial holding company means a financial holding company as defined in point (20) of Article 4(1) of Regulation (EU) No 575/2013;

  • Commercial Bank means a bank, defined as a scheduled bank under section 2(e) of the Reserve Bank of India Act, 1934.

  • Facility Letter means the facility letter and the other letters of offer or other letters which may from time to time be issued by the Bank to the Borrower in relation to the Facilities.

  • International Financial Institution means any bank in the top 1,000 (together with their affiliated companies) as measured by "Tier 1" capital or any broker/dealer in the top 100 as measured by capital.

  • Financial guarantee means a performance bond, maintenance bond, surety bond, irrevocable letter of credit, or similar guarantees submitted to the [administering authority] by the responsible party to assure that requirements of the ordinance are carried out in compliance with the storm water management plan.

  • Financial Bid means Envelope II of the Bid, containing the Bidder‟s Quoted Tariff as per the Format 4.7 of this RFP;

  • Financial aid means loans and/or grants to needy students

  • Credit Provider means a Person providing Credit Link Documents, in form and substance acceptable to the Administrative Agent in its sole discretion, of the obligations of an Investor to make Capital Contributions.

  • Commercial Letter of Credit means any Letter of Credit issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by a Loan Party in the ordinary course of business of such Loan Party.

  • Facility Letter of Credit means a Letter of Credit issued by an Issuer pursuant to Section 2.15.

  • International banking institution means an international financial institution of which the United States is a member and whose securities are exempt from registration under the Securities Act of 1933.

  • Financial Insolvency means, with respect to any Named Entity covered under any Coverage Part designated as “included” in the Declarations attached hereto:

  • Financial Instruments means commodities, securities, and derivatives of all types, including, without limitation, stocks and other equity instruments, bonds and other debt instruments, commodities and futures, forwards, swaps, and options that derive their value from bonds, equities, commodities or indices thereof. EXHIBIT C

  • Financial Contract of a Person means (i) any exchange-traded or over-the-counter futures, forward, swap or option contract or other financial instrument with similar characteristics or (ii) any Rate Management Transaction.

  • Financial Package means the financing package indicating the total capital cost of the Project and the means of financing thereof, as set forth in the Financial Model and approved by the Lenders, and includes Equity and all financial assistance specified in the Financing Agreements;

  • Bank Levy means the bank levy which is imposed under section 73 of, and schedule 19 to, the Finance Xxx 0000 (the “UK Bank Levy”) and any levy or Tax of an equivalent nature imposed in any jurisdiction in a similar context or for a similar reason to that in and/or which the UK Bank Levy has been imposed by reference to the equity and liability of a financial institution or other person carrying out financial transactions.

  • UK Financial Institution means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the obligations of the Borrower to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.