Common use of Calling on Bank Guarantee Clause in Contracts

Calling on Bank Guarantee. (a) The Council may call on the Bank Guarantee in the event that the Developer: (i) fails to make a payment of any part of the Monetary Contributions in accordance with the Schedule or any other amount payable under this Deed by its due date for payment; or (j) breaches any other term or condition of this Deed, and fails to remedy the relevant failure or breach within 7 days after the Council’s notice. (b) If the Council calls on the Bank Guarantee as a result of the Developer’s failure to pay any amount due under this Deed, then the Council will apply the amount received pursuant to its claim on the Bank Guarantee in satisfaction of the Developer’s obligation to pay the relevant amount.

Calling on Bank Guarantee. (a) The Council may call on the Bank Guarantee in the event that the Developer: (i) fails to make a payment of any part of the Monetary Contributions Development Contribution in accordance with the Schedule or any other amount payable under this Deed Agreement by its due date for payment; or (jii) breaches any other term or condition of this DeedAgreement, and fails to remedy the relevant failure or breach within 7 days after the Council’s notice. (b) If the Council calls on the Bank Guarantee as a result of the Developer’s failure to pay any amount due under this DeedAgreement, then the Council will apply the amount received pursuant to its claim on the Bank Guarantee in satisfaction of the Developer’s obligation to pay the relevant amount.

Calling on Bank Guarantee. (a) The Council may call on the Bank Guarantee in the event that the Developer: (i) fails to make a payment of any part of the Monetary Development Contributions in accordance with the Schedule this Agreement or any other amount payable under this Deed Agreement by its due date for paymentpayment ; or (jii) breaches any other term or condition of this DeedAgreement, and fails to remedy the relevant failure or breach within 7 days after the Council’s notice. (b) If the Council calls on the Bank Guarantee as a result of the Developer’s failure to pay any amount due under this DeedAgreement, then the Council will apply the amount received pursuant to its claim on the Bank Guarantee in satisfaction of the Developer’s obligation to pay the relevant amount.

Calling on Bank Guarantee. (a) The Council may call on the Bank Guarantee in the event that the Developer: (i) fails to make a payment of any part of the Monetary Contributions Development Contribution in accordance with the Schedule this Agreement or any other amount payable under this Deed Agreement by its due date for payment; or (jii) breaches any other term or condition of this DeedAgreement, and fails to remedy the relevant failure or breach within 7 days after the Council’s notice. (b) If the Council calls on the Bank Guarantee as a result of the Developer’s failure to pay any amount due under this DeedAgreement, then the Council will apply the amount received pursuant to its claim on the Bank Guarantee in satisfaction of the Developer’s obligation to pay the relevant amount.

Calling on Bank Guarantee. (a) The Council may call on the Bank Guarantee in the event that the Developer: (i) fails to make a payment of deliver any part of the Monetary Contributions Development Contribution in accordance with this Agreement and the Schedule Schedules to it, or any other amount payable under this Deed Agreement by its due date for payment; or (jii) breaches any other term or condition of this DeedAgreement, and fails to remedy the relevant failure or breach within 7 days after the Council’s notice. (b) If the Council calls on the Bank Guarantee as a result of the Developer’s breach or failure to pay any amount due under this DeedAgreement as referred to in 9.2(a), then the Council will apply be entitled to claim any loss or damages sustained as a result of the amount received pursuant to its claim Developer or Owner’s breach or failure under this Agreement, on the Bank Guarantee in satisfaction of the Developer’s obligation to pay the relevant amountwithout further notice.

Calling on Bank Guarantee. (a) The Council may call on the Bank Guarantee in the event that the Developer: (i) fails to make a payment of any part of the Monetary Contributions in accordance with the Schedule 3 or any other amount payable under this Deed Agreement by its due date for payment; or (jii) breaches any other term or condition of this DeedAgreement, and fails to remedy the relevant failure or breach within 7 days after the Council’s noticenotice requiring its rectification. (b) If the Council calls on the Bank Guarantee as a result of the Developer’s failure to pay any amount due under this DeedAgreement, then the Council will apply the amount received pursuant to its claim on the Bank Guarantee in satisfaction of the Developer’s obligation to pay the relevant amount.

Calling on Bank Guarantee. (a) The Council may call on the Bank Guarantee in the event that the Developer: (i) fails to make a payment of any part of the Monetary Contributions in accordance with the Schedule 2 or any other amount payable under this Deed by its due date for payment; or (jii) breaches any other term or condition of this Deed, and fails to remedy the relevant failure or breach within 7 days after the Council’s notice. (b) If the Council calls on the Bank Guarantee as a result of the Developer’s failure to pay any amount due under this Deed, then the Council will apply the amount received pursuant to its claim on the Bank Guarantee in satisfaction of the Developer’s obligation to pay the relevant amount.