Guarantee Payment Clause Samples
The Guarantee Payment clause establishes an obligation for one party, typically a guarantor, to ensure that payment is made to another party if the primary obligor fails to do so. In practice, this means that if a borrower defaults on a loan or fails to pay for goods or services, the guarantor must step in and fulfill the payment obligations. This clause is commonly used in loan agreements, commercial contracts, or leases to provide additional security to the party expecting payment. Its core function is to mitigate the risk of non-payment by providing a secondary source of payment, thereby increasing the confidence of the party receiving payment.
Guarantee Payment. (1) Subject to the provisions of the second paragraph of this Section, at the expiration of one (1) year after the Fund has accepted all the work covered by the Contract, the Contractor shall prepare and submit to the Fund and the Consultant, for their approval, a guarantee application for payment, which the Fund, within thirty (30) days after its approval of same, shall pay. Such application and payment shall be in an amount equal to the monies retained by the Fund for the Contractor's guarantee obligations under the Agreement, less any monies deducted by the Fund under this Section. The Contractor shall not be entitled to any interest on the monies retained by the Fund pursuant to subdivision c of Section 4.18 of the Agreement.
(2) In the event the Contractor does not, in accordance with the terms and provisions of the Contract, complete all corrective work or comply with and fulfill its contractual obligations, the Fund may use and apply all or any part of the monies retained by it to have such work or obligations performed or fulfilled by a person, firm or corporation other than the Contractor. The obligations of the Contractor, under the terms and provisions of the Contract, shall not, however, be limited to the monies retained by the Fund pursuant to the provisions of the Contract.
(3) No payments may be made under this agreement for work completed more than 365 days after the completion date unless the date/duration listed on page A-1, is extended in writing by the Fund.
Guarantee Payment. (a) Subject to the terms herein, the Guarantor unconditionally guarantees to the Security Agent for the benefit of the Creditors, the prompt and complete payment when due of the Guaranteed Obligations. This is a guarantee of payment and not of collection.
(b) When and at such time as an Event of Default shall have occurred and be continuing, the Security Agent shall be entitled to make a Payment Demand to the Guarantor in accordance with Section 2.04 for the payment of all due and unpaid Guaranteed Obligations, subject to the provisions of Section 2.02. The Guarantor shall pay such Guaranteed Obligations to the Security Agent within five (5) Business Days of receipt of such Payment Demand.
(c) When and at such time as a NEG Trigger Event (whether or not an Event of Default is then continuing) shall have occurred and be continuing, the Security Agent shall be entitled (to the extent that a Payment Demand has not been made pursuant to paragraph (b) of this Section) to make a Payment Demand for the payment of the Guarantee Draw Amount. The Guarantor shall pay the Guarantee Draw Amount to the Security Agent within five (5) Business Days of receipt of such Payment Demand.
(d) If an Event of Default is continuing at any time after payment of the Guarantee Draw Amount is made pursuant to paragraph (c) of this Section, the Security Agent shall be entitled to make a Payment Demand in an amount equal to the Maximum Guarantee Amount applicable at such time less any amount previously paid by the Guarantor pursuant to paragraph (c) of this Section. The Guarantor shall pay such amount to the Security Agent within five (5) Business Days of receipt of such Payment Demand.
Guarantee Payment. For any Measurement Period in which there is a Guarantee Shortfall, ENGIE Services U.S. will pay to District, within thirty (30) calendar days after the acceptance by District of the Energy Savings Report for such Measurement Period, the Guarantee Payment for that Measurement Period.
Guarantee Payment. For each Site, at the end of the True-up Period: If the ∑ Annual Deficits > 0, then Provider shall pay to Customer an amount equal to the product of (i) the Annual Deficit and (ii) the Avoided Energy Price per kWh for each Guarantee Year, with each product then aggregated for the Guarantee Years comprising such True-Up Period (a “Guarantee Payment”); Provider shall provide Customer with a report detailing the calculations set forth in the “Guaranteed Output Calculations” and the “Guarantee Payment” sections incorporated into the Construction NTP for each Site. This report shall contain sufficient information for the Customer to be able to determine the accuracy of Provider’s conclusion as the amount, if any, of Guarantee Payment. All Guarantee Payments, if due, shall be paid to Customer within ninety (90) days of the end of the True-Up Period for each Site.
Guarantee Payment. (a) Subject to the terms herein, the Guarantor unconditionally guarantees to the Administrative Agent for the benefit of the Secured Parties, the prompt and complete payment when due of the Guaranteed Obligations. This is a guarantee of payment and not of collection.
(b) When and at such time as an Equity Non-Payment Event shall have occurred and be continuing, the Administrative Agent shall be entitled to make a Payment Demand to the Guarantor in accordance with Section 2.04 for the payment of all due and unpaid Guaranteed Obligations, subject to the provisions of Section 2.02. The Guarantor shall pay such Guaranteed Obligations to the Administrative Agent within five (5) Business Days of receipt of such Payment Demand.
(c) When and at such time as a NEG Trigger Event shall have occurred and be continuing, the Administrative Agent shall be entitled to make a Payment Demand for the payment of an amount equal to the then current Available Equity Commitment. The Guarantor shall pay such amount to the Administrative Agent within five (5) Business Days of receipt of such Payment Demand.
Guarantee Payment. For any Measurement Period in which there is a Guarantee Shortfall, OpTerra Energy Services will pay to ConFire, within forty-five (45) calendar days after the acceptance by ConFire of the Energy Savings Report for such Measurement Period, the Guarantee Payment for that Measurement Period.
Guarantee Payment. For any Measurement Period in which there is a Guarantee Shortfall, Chevron Energy Solutions will pay to Manhattan Beach USD, within thirty (30) calendar days after the acceptance by Manhattan Beach USD of the Energy Savings Report for such Measurement Period, the Guarantee Payment for that Measurement Period.
Guarantee Payment. (a) Subject to the terms herein, the Guarantor unconditionally guarantees to the Security Agent for the benefit of the Lenders, the prompt and complete payment when due of the Guaranteed Obligations. This is a guarantee of payment and not of collection.
(b) When and at such time as a NEG Trigger Event shall have occurred and be continuing, the Security Agent shall be entitled to make a Payment Demand to the Guarantor (with a copy to the Company) in accordance with Section 2.04 for the payment of all due and unpaid Guaranteed Obligations. The Guarantor shall pay such Guaranteed Obligations to the Security Agent within five (5) Business Days of receipt of such Payment Demand.
Guarantee Payment. Consistent with paragraph 15(c) of the Agreement, Licensee shall forfeit the Guarantee paid to date of ***** dollars ***** The omitted portions of this exhibit have been filed with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 promulgated under the Securities Act of 1933. (US$*****), and shall immediately pay the remaining Guarantee of ***** dollars (US$*****), equaling a total Guarantee payment by Licensee to Fox of ***** dollars (US$*****) (“Guarantee Forfeiture Payment”). The Guarantee Forfeiture Payment may be recouped from Licensee’s sales of the IN HER SHOES Wireless Product and the IDIOCRACY Wireless Product, as set forth in Paragraphs 2(a)(ii) and 2(b)(i) of this Amendment. Furthermore, pursuant to Paragraph 2(c)(ii) of this Amendment, Licensee shall pay to Fox an additional minimum recoupable guarantee of ***** dollars (US$*****).
Guarantee Payment. (a) The Company shall immediately on demand reimburse the Guarantor for any payment it makes under the Guarantee.
(b) The Company irrevocably and unconditionally authorises the Guarantor to pay any claim made or purported to be made under the Guarantee.