Buyer Security Sample Clauses

Buyer Security. Upon request of Seller, Buyer shall be required to post security in the form of a letter of credit in favor of and reasonably acceptable to Seller within ten (10) days of Seller's request if the rating of both Xxxxx'x and Standard & Poor's of UCU (or its successor or replacement entity pursuant to the operation of Section 12.4) the co-obligor under this Agreement, falls below Investment Grade. Such letter of credit shall be in an amount equal the next six (6) months Capacity Charges if such rating is one Rating Category below Investment Grade, or twelve (12) months Capacity Charges if such rating is two or more Rating Categories below Investment Grade, upon which Seller may draw any amounts due from Buyer hereunder and not timely paid. Any six month Capacity Charge letter of credit shall have a term of not less than 180 days. Any twelve month Capacity Charge letter of credit shall have a term of not less than 364 days. If such letter of credit is not renewed at least thirty (30) days prior to expiration, Seller may draw the full amount of such letter of credit and hold such amounts to offset against liability (including future liability) of Buyer under this Agreement. If one or both rating agencies restores UCU's (or its successor or replacement entity pursuant to the operation of Section 12.4) long term debt rating to Investment Grade, than Buyer may request that Seller surrender the letter of credit to Buyer, and Seller will do so within three Business Days of such request.
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Buyer Security. Letter re NAVL Loan;
Sample 1
Buyer Security. Buyer must maintain an Investment Grade rating for the term of the PPA. In the event that Buyer fails to maintain an Investment Grade credit rating, Buyer shall promptly (but no less than 5 Business Days after such failure) deliver to Seller security in an aggregate amount equal to $ per MW of anticipated Nameplate Capacity. Buyer shall maintain such security in favor of Seller until it again receives an Investment Grade rating. Promptly following: (i) the earlier to occur of the end of the Term, or the termination of this PPA (except for termination by Seller due to an Event of Default by Buyer), and (ii) the payment of all amounts owing by Buyer to Seller under this PPA, Seller shall release Buyer’s security (including any accumulated interest, if applicable) to Buyer. In the event that this PPA is terminated by Seller due to an Event of Default by Xxxxx, Seller may retain an amount of the Buyer’s security required to satisfy any and all damages that may be due to Seller, including (but not limited to) Actual Damages. Buyer’s security shall be maintained at Buyer’s expense and shall be in the form of one or more of the following instruments described below: (A) An irrevocable standby letter of credit or a performance bond, in the form of Exhibit K or otherwise in form and substance acceptable to Seller, issued by a Financial Institution meeting the minimum criteria as describe under the definition of Financial Institution. Security provided in this form shall be consistent with this PPA and include a provision for at least thirty (30) Days advance Notice to Seller of any expiration or earlier termination of the security so as to allow Seller sufficient time to exercise its rights under said security if Buyer fails to extend or replace the security. The form of such security must meet Seller’s requirements to ensure that claims or draw-downs can be made unilaterally by Seller in accordance with the terms of this PPA. Such security must be issued for a minimum term of three hundred and sixty (360) Days. Buyer shall cause the renewal or extension of the security for additional consecutive terms of three hundred and sixty (360) Days or more (or, if shorter, the remainder of the Term of this PPA) no later than thirty (30) Days prior to each expiration date of the security. If the security is not renewed or extended as required herein, or if the Financial Institution ceases to meet the minimum criteria hereof and Buyer fails to provide a replacement form of se...
Sample 1

Related to Buyer Security

  • Cyber Security Insurance for loss to the Owner due to data security and privacy breach, including costs of investigating a potential or actual breach of confidential or private information. (Indicate applicable limits of coverage or other conditions in the fill point below.) « »

  • User Security You agree to take every precaution to ensure the safety, security and integrity of your account and transactions when using Mobile Banking. You agree not to leave your Device unattended while logged into Mobile Banking and to log off immediately at the completion of each access by you. You agree not to provide your username, password or other access information to any unauthorized person. If you permit other persons to use your Device, login information, or other means to access Mobile Banking, you are responsible for any transactions they authorize and we will not be liable for any damages resulting to you. You agree not to use any personally identifiable information when creating shortcuts to your Account. We make no representation that any content or use of Mobile Banking is available for use in locations outside of the United States. Accessing Mobile Banking from locations outside of the United States is at your own risk.

  • Server Security Servers containing unencrypted PHI COUNTY discloses to 4 CONTRACTOR or CONTRACTOR creates, receives, maintains, or transmits on behalf of COUNTY 5 must have sufficient administrative, physical, and technical controls in place to protect that data, based 6 upon a risk assessment/system security review.

  • EMPLOYER SECURITY 4.1 The Union agrees that during the life of this Agreement it will not cause, encourage, participate in or support any strike, slow-down or other interruption of or interference with the normal functions of the Employer.

  • Tender Security 18.1 The Tenderer shall furnish as part of its Tender, either a Tender-Securing Declaration or a Tender Security, as specified in the TDS, in original form and, in the case of a Tender Security, in the amount and currency specified in the TDS. 18.2 A Tender Securing Declaration shall use the form included in Section IV, Tendering Forms. 18.3 If a Tender Security is specified pursuant to ITT 18.1, the Tender Security shall be a demand guarantee in any of the following forms at the Tenderer option: i) cash; ii) a bank guarantee; iii) a guarantee by an insurance company registered and licensed by the Insurance Regulatory Authority listed by the Authority; or

  • Other Security To the extent that the Obligations are now or hereafter secured by property other than the Collateral or by the guarantee, endorsement or property of any other person, firm, corporation or other entity, then the Secured Party shall have the right, in its sole discretion, to pursue, relinquish, subordinate, modify or take any other action with respect thereto, without in any way modifying or affecting any of the Secured Party’s rights and remedies hereunder.

  • E7 Security The Authority shall be responsible for maintaining the security of the Authority premises in accordance with its standard security requirements. The Contractor shall comply with all security requirements of the Authority while on the Authority premises, and shall ensure that all Staff comply with such requirements.

  • Insurer security Whilst we make every endeavour to place your insurances with insurers that are financially sound, we do not guarantee or otherwise warrant the solvency of any insurer we place your insurances with. If you have any concerns regarding any insurer chosen to meet your insurance requirements you should inform us as soon as possible and we will discuss them with you. A liability for the premium, whether in full or pro rata, may arise under policies where a participating insurer becomes insolvent.

  • JOB SECURITY 23.01 Subject to the willingness and capacity of individual employees to accept relocation and retraining, the Employer will make every reasonable effort to ensure that any reduction in the work force will be accomplished through attrition.

  • Actively Traded Security The Common Stock is an “actively traded security” excepted from the requirements of Rule 101 of Regulation M under the Exchange Act by subsection (c)(1) of such rule.

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