MAINTENANCE GUARANTEE REQUIRED Sample Clauses

MAINTENANCE GUARANTEE REQUIRED. To ensure that the grading, landscaping and the Services will be properly maintained for a period of one (1) year from issuance of the Letter of Completion and that all failed plantings, if any, and erosion, if any, will be replaced and/or repaired, the Owner shall, prior to the release by the Town of the Performance Guarantee(s), lodge with the Town a “Maintenance Guarantee” consisting of an irrevocable bank letter of credit, cash, or certified cheque in an amount equal to such amount as the Town may reasonably require. If a letter of credit, the Owner covenants and agrees that the letter of credit shall be maintained in full force and effect for a period of one (1) year from date the Letter of Completion is issued by the Town.
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MAINTENANCE GUARANTEE REQUIRED. In order to ensure that the Works and Utilities will be properly maintained and that all defects will be replaced and/or repaired, the Owner shall, prior to the release by the Municipality of the Performance Guarantee, lodge with the Municipality a "Maintenance Guarantee" consisting of an irrevocable bank letter of credit in an amount equal to Fifteen Percent (15%) of the Works and Utilities Cost Estimate. The form and wording of the Maintenance Guarantee shall be in the form attached hereto as Schedule "L". The Owner covenants and agrees that the letter of credit shall be maintained in full force and effect until the Certificate of Assumption is issued by the Municipality.
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Related to MAINTENANCE GUARANTEE REQUIRED

  • Collateral and Guarantee Requirement Clause (ii) of the Collateral and Guarantee Requirement shall have been satisfied.

  • Corporate Trustee Required There shall at all times be a Trustee hereunder with respect to the Securities. The Trustee shall be a corporation organized and doing business under the laws of the United States or of any state thereof, authorized to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by Federal or state authority and having an office within the United States. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of such supervising or examining authority, then, for the purposes of this Section 6.1, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 6.1, it shall resign immediately in the manner and with the effect hereinafter specified in this Article VI.

  • Grantee Repayment System Agency may withhold payments to Grantee to satisfy any recoupment or liquidated damage imposed by System Agency under this Article. System Agency may take repayment from funds available under this Contract, active or expired, or any subsequent renewal, in amounts necessary to fulfill Grantee’s repayment obligations.

  • Servicer to Maintain Perfection and Priority The Servicer covenants that, in order to evidence the interests of CNHCR and Issuing Entity under this Agreement, Servicer shall take such action, or execute and deliver such instruments as may be necessary or advisable (including, without limitation, such actions as are requested by Issuing Entity) to maintain and perfect, as a first priority interest, Issuing Entity’s security interest in the Receivables. Servicer shall, from time to time and within the time limits established by law, prepare and present to Issuing Entity for Issuing Entity to authorize the Servicer to file all financing statements, amendments, continuations, financing statements in lieu of a continuation statement, terminations, partial terminations, releases or partial releases, or any other filings necessary or advisable to continue, maintain and perfect the Issuing Entity’s security interest in the Receivables as a first-priority interest (each a “Filing”). Issuing Entity shall promptly authorize in writing Servicer to, and Servicer shall, effect such Filing under the Uniform Commercial Code without the signature of CNHCR or Issuing Entity where allowed by applicable law.

  • Corporate Trustee Required; Eligibility There shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, state, territorial, or District of Columbia authority. If such corporation or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10.