Common use of Performance Undertaking Clause in Contracts

Performance Undertaking. (a) The Performance Undertaking Provider hereby agrees for the benefit of each of the Beneficiaries to cause each Performance Party to pay and perform its Obligations when and as due in accordance with the Transaction Documents. (b) If any Performance Party fails to pay or perform any of its Obligations when and as due in accordance with the Transaction Documents, then the Performance Undertaking Provider shall, subject to a Responsible Officer of the Performance Undertaking Provider receiving notice from any Beneficiary of or otherwise being aware of such failure and subject to any grace period applicable to the Obligations in accordance with the Transaction Documents, immediately perform, or cause the performance of, such Obligations, and shall, subject to such grace period, immediately pay to the Administrative Agent for the account of the relevant Beneficiaries, in same day funds, any such Obligations for the payment of money.