Payment and Performance definition

Payment and Performance. Bonds shall mean any and all payment and performance bonds issued by a company or companies reasonably acceptable to the obligee and co-obligee(s) named thereunder naming and indemnifying the Borrower, and the Lenders with respect to any cost or damage arising from the failure by the Contractors and/or Subcontractors to pay for material or labor or to perform under the Contracts and insuring (i) payment to all persons supplying labor and materials and (ii) performance of the Contracts and Subcontractors. Payment Date shall mean a date on which principal or interest is payable under the Notes. Permitted Encumbrances shall mean, as of any particular time, (i) liens for ad valorem taxes and general and special assessments not then due or delinquent, (ii) utility, access, drainage and other easements and rights-of-way, mineral rights, restrictions and exceptions none of the foregoing of which, individually or in the aggregate, in the reasonable judgment of counsel to the Lenders, materially interfere with or impair the use of the Project for the purpose for which it was acquired or is held, (iii) such other minor defects, irregularities, encumbrances, easements, rights-of- way and clouds on title (including zoning and other similar restrictions and regulations) as in the reasonable judgment of counsel to the Lenders customarily exist with respect to properties similar in character to the Project and do not in the aggregate materially impair the title or interest of the Borrower in the Project or the use of the Project for the purpose for which it was acquired or is held. Anything herein to the contrary notwithstanding, Lenders, in their sole discretion, may require affirmative coverage by title insurance over such title exceptions before they shall be deemed to be "permitted". Permitted Encumbrances shall also include any lien, security interest or charge on after-acquired project equipment and acquired by Borrower soley with funds from sources other than Lenders, except that no such encumbrance shall be deem "permitted" with respect to replacements or proceeds of Project Equipment originally acquired in whole or part with Lenders' funds.
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Examples of Payment and Performance in a sentence

  • Should the Bid, Payment and Performance Bonds be issued by co-sureties, each surety listed on the bond shall meet the requirements in paragraphs a.

  • Payment and Performance Bonds are required on all Public Works Improvement Projects per the ISPWC and the City of Meridian Supplemental Specifications & Drawings to the ISPWC, which by this reference are made a part hereof.

  • Pursuant to ORS 279C.830(2), in addition to the Payment and Performance bonds, before starting work on this Contract or any subcontract hereunder, Contractor and all subcontractors, unless exempt under ORS 279C.836(4), (7), (8), or (9), must have on file with the Construction Contractors Board a public works bond with a corporate surety authorized to do business in the State of Oregon in the minimum amount of $30,000.

  • The Contractor shall provide Payment and Performance bonds to the City in the amount of 100% of the Contract price and no less.

  • As a condition of Owner's termination rights provided for in this paragraph, CM shall be released and discharged from all obligations arising by, through or under the terms of this Agreement, and the Payment and Performance Bond shall be terminated.

  • On signing this contract Contractor shall deliver to Public Agency for approval good and sufficient Payment and Performance Bonds with sureties, in amount(s) specified in the specifications or special provisions, guaranteeing Contractor’s faithful performance of this contract and Contractor’s payment for all labor and materials hereunder.

  • Contractor shall deliver to Owner Insurance and Payment and Performance Bonds to be attached hereto as Exhibit A.

  • Contactor shall furnish labor and materials Payment and Performance Bonds and shall be 100% of the negotiated Contract Sum.

  • Costs of premium adjustments, consequent upon changes ordered, for Payment and Performance Bonds are allowable for the prime Contractor only.

  • Department may assign all or part of its right, title and interest in and to Preconstruction Services Contract, including rights with respect to the Payment and Performance Bond, any Guaranty and any other performance security provided, to any Person with the prior written approval of Construction Manager.

Related to Payment and Performance

  • Guaranteed Liabilities means all moneys, obligations and liabilities expressed to be guaranteed by the Guarantor in clause 2.1;

  • Secondary Obligations means all Obligations other than Primary Obligations.

  • Related Secured Obligations means, as of any date, the outstanding principal amount of the Related Equipment Notes issued under each Related Indenture, the accrued and unpaid interest (including, to the extent permitted by applicable law, post-petition interest and interest on any overdue amounts) due thereon in accordance with such Related Indenture as of such date, the Related Make-Whole Amount, if any, with respect thereto due thereon in accordance with such Related Indenture as of such date, and any other amounts payable as of such date under the “Operative Documents” (as defined in each Related Indenture).

  • Canadian Obligations means the “Obligations” as defined in the Canadian Credit Agreement.

  • Monetary Obligations means Rent and all other sums payable by Tenant under this Lease to Landlord, to any third party on behalf of Landlord or to any Indemnitee.