Financial Security Requirements. (a) Every applicant for issuance or renewal of a first-line business partner or first-line service provider permit shall submit the bond required by Vehicle Code section 1685(b)(2)(C) to the department on a Business Partner Automation Surety Bond (Vehicle Code Section 1685) form, REG 866 (Rev. 11/2008), which is hereby incorporated by reference. The conditions of the bond shall be incorporated in the REG 866 form.
Financial Security Requirements. The Bonded Web User, through the application process to participate in the Bonded Web User Program, shall provide and maintain an acceptable method of financial security. Acceptable methods are a bond executed by a California admitted surety insurer on an IRP Bonded Web User Surety Bond form, which is incorporated by reference and made a part of this Agreement. The State of California shall be identified as the beneficiary. The Surety Bond shall be in the amount of $50,000.00 throughout the term of this Agreement if they are processing IRP applications for interstate registration of commercial vehicles. Surety Bond must be from a bonding company. The Bonded Web User shall provide and maintain a financial surety bond in the amount of $50,000.00 throughout the term of this Agreement if processing IRP registration renewal transactions. The Bonded Web User shall submit the bond to the DMV Bonded Web User Program Administrator. The bond shall be assessed for the following: A Bonded Web User shall hold the State of California and any political subdivision thereof, or any of it officers, agents, or employees harmless for monetary losses caused by the Bonded Web User’s misuse of the information obtained from DMV or obtained from customers for transactions processed by the Bonded Web User and secured by the bond. DMV monies collected by the Bonded Web User are due to DMV. Any loss or damage suffered by the State of California, or any political subdivision thereof, by reason of any act of the Bonded Web User, its agents or employees arising out of or related to the Bonded Web User’s duties, functions or obligations as a Bonded Web User, in any amount up to the maximum amount secured under the bond when any of the following conditions occur:
Financial Security Requirements. As a condition precedent to formation of this Agreement and before any obligation by Utility to perform, Customer shall, as a material obligation of this Agreement, provide Utility with financial security in the form of a duly executed Irrevocable Letter of Credit in favor of Utility with a financial institution having an investment grade credit rating, or some other form of financial security acceptable to Utility (“Financial Security”). A decline in the credit rating of any financial institution or other entity providing Financial Security on behalf of Customer below investment grade or its equivalent must be cured within twenty (20) calendar days of written notice by Utility to Customer of such decline. The Parties expressly acknowledge and agree that the failure of Customer to furnish Utility with a new or replacement Financial Security within such twenty (20) day period shall be deemed an act of default and constitute a material breach of this Agreement. If a breach has occurred as aforementioned, Utility has the right to (1) draw against the Financial Security for the partial or full amount, the proceeds of which shall be considered payment for Utility’s Incremental Natural Gas Facilities, and (2) terminate this Agreement without further obligation. Such Financial Security shall be in an initial amount of FIVE HUNDRED TEN THOUSAND SEVEN HUNDRED SIXTY-THREE U.S. DOLLARS ($510,763), and/or as modified for reasonably anticipated or actual construction costs and shall be in a form acceptable to Utility. Utility may request assurances of payment or additional security and failure to provide such assurances or security is grounds for termination of this Agreement. Upon written request from Customer, Utility hereby agrees to review Customer’s account to verify compliance with Article V. A). of the Agreement for the purpose of reducing the amount of Financial Security. Upon written confirmation from Utility that Customer has complied with Article V. A). to the satisfaction of Utility, Customer shall be permitted to reduce the Financial Security in accordance with Table 1 and if necessary, Utility shall provide a written statement to the financial institution or other entity which issued the Financial Security consenting to the specified reduction of the Financial Security. Table 1 - Financial Security Requirements Contract Year Security Amount Prior to Commencement of Construction $510,763 1 $510,763 2 $408,610 3 $306,458 4 $204,305 5 $102,153 The Financial ...
Financial Security Requirements. In order to secure claims arising from non-performance or improper performance of the wholesale roaming resale access agreement, Access Seeking Entity will provide Orange security in the form agreed by the Parties and specified in the agreement. Forms of security approved by Orange under the contract liabilities are:
