Increase in Security. If at any time the City’s Development Engineer determines, in his or her opinion and at his or her discretion, the cost of constructing the Public Improvements may exceed the Security, the Subdivider shall provide an updated Cost Estimate prepared by a professional engineer within thirty (30) days after notice and demand, for approval by the Development Engineer; if the approved, updated Cost Estimate demonstrates that the cost of constructing the Public Improvements may exceed the Security, the Subdivider shall provide additional Security in an amount equal to the additional estimated cost within thirty (30) days after the Development Engineer’s approval of the updated Cost Estimate.
Increase in Security. If, for a period of fifteen (15) -------------------- consecutive days, the fair market value of the Stock falls below all sums due under the Note, then Pledgor will be required to transfer to Pledgee, upon receipt of Pledgee's written request, additional security, in any form acceptable to Pledgee, in an amount equal to the difference between all sums due under the Note and the fair market value of the Stock.
Increase in Security. If Tenant is in default under this Lease more than two (2) times during any twelve (12) month period, irrespective of whether such default is cured, then, without limiting Landlord’s other rights and remedies provided for in this Lease or at law or equity, the Security will automatically be increased to an amount equal to the greater of: (i) one hundred fifty percent (150%) of the original Security, and (ii) three (3) months then current Basic Rent. Tenant shall pay the amount of such increase in the Security to Landlord upon demand.
Increase in Security. QR has sought to increase the security amount from an amount equal to 12 weeks’ access charges to 'at least 6 months’ access charges'. NHG opposes this amendment on the basis that:
(a) this increased amount of security is unnecessary if QR appropriately monitors its access agreements given the obligation of the access holder to replenish security when it has been called upon by QR (and Access Holders should not be required to expend additional sums of money on larger bank guarantees where QR can manage the risk more appropriately);
(b) for shorter term access agreements, this will be an unduly high proportion of the total contract liability being secured (and given QR's approach to tariffs and renewal rights it seems likely that short term arrangements will become more common);
(c) there is no criteria provided for when such security can be requested, or even reference to QR having regard to the criteria in the SAA which apply when a review of security occurs; and
(d) there is no apparent maximum amount – 6 months appears to be expressed as a minimum, such that there is no cap on the amount which QR can ask for which is clearly contrary to the purpose of the SAA providing a reasonable 'safe harbour' for negotiations.
Increase in Security. In the event that the contract amounts for the Development Work are increased by change order, contract modification or by other circumstances, foreseen or unforeseen, the City may require that the amount of the Security be increased by an amount equal to 125% of the increased costs for the Development Work.
Increase in Security. If the County determines the cost of constructing the Improvements exceeds the posted Security, within thirty (30) days after notice and demand, the Subdivider shall provide additional Security in an amount equal to the additional estimated cost.
Increase in Security. In the event it is necessary for the Airport to increase security because special threats or Federal mandates beyond the control of the Airport, the Airport Commission may establish fees or charges that are shared by all the Airport users, above and beyond the existing security surcharge on all fuel dispensed at the Airport.
Increase in Security. Notwithstanding any provision of the Existing Lease to the contrary, upon execution of this Amendment Tenant shall pay Landlord Forty-Two Thousand Seven Hundred Sixty-Four and 16/100 Dollars ($42,764.16) to be held by Landlord to increase the amount of the Security required in Section 1.01(14) of the Existing Lease, from the amount of One Hundred Forty-Four Thousand and Ninety-Nine Dollars ($144,099.00) to the amount of One Hundred Eighty-Six Thousand Eight Hundred Sixty-Three and 16/100 Dollars ($186,863.16), which greater amount is the Security hereafter required under the Lease.
Increase in Security. At the time that all of the Conditions to this Amendment to Leases, as defined in Section 12 below, are satisfied, Landlord shall deliver to Tenant the entirety of the cash security deposits paid by Tenant ($66,018.89). Tenant shall, at the time that it executes and delivers this Amendment to Landlord, deliver to Landlord an Irrevocable Standby Letter of Credit ("Letter of Credit") which shall be (1) in the form attached hereto as Exhibit B, (2) issued by a bank reasonably acceptable to Landlord with minimum assets of Ten Billion Dollars ($10,000,000,000.00), upon which presentment may be made in Boston, Massachusetts (the "Issuing Bank"), (3) in an amount ("Letter of Credit Amount") equal to One Hundred Eighty-Five Thousand Two Hundred Ninety-Nine ($185,299.00) Dollars, and (4) for a term of one (1) year, subject to extension in accordance with the terms of this Section 3. Notwithstanding the foregoing sentence to the contrary, by its execution hereof, Landlord hereby accepts and approves Boston Private Bank and Trust Company as the Issuing Bank. If a Letter of Credit Increase Event, as hereinafter defined, occurs, Tenant shall, within fifteen (15) business days of the occurrence of such Event, deliver to Landlord: (i) an amendment to the Letter of Credit, in form reasonably acceptable to Landlord, increasing the Letter of Credit Amount to Five Hundred Fifty-Five Thousand Eight Hundred Ninety-Seven and 66/100 ($555,897.66) Dollars, or (ii) deliver to Landlord an increased Letter of Credit satisfying the requirements of this Section 3.1 in the amount of Five Hundred Fifty-Five Thousand Eight Hundred Ninety-Seven and 66/100 ($555,897.66) Dollars in exchange the Letter of Credit which Landlord is then holding. Tenant's failure timely to deliver such amendment to the Letter of Credit or to deliver to Landlord an increased Letter of Credit, as aforesaid, shall be considered to be an event of default by Tenant under both the 1995 Lease and the 2001 Lease, permitting Landlord to terminate each of said Leases without further notice to Tenant. A "Letter of Credit Increase Event" shall be defined as the first time that Tenant's Cash Holdings, as defined in Section 4.3 below, are less than or equal to Fifteen Million ($15,000,000.00) Dollars.
Increase in Security. (a) Without limiting the operation of Clauses 28.1 to 28.6, Tetra Tech’s entitlement to Security will be adjusted to reflect any net increases in the Contract Price in accordance with the percentage stated in Item 16 of Annexure Part A. Tetra Tech may conduct a review of the required Security at any time and notify the Contractor of the required increase in Security by written notice.
(b) Where Tetra Tech has provided the notice required in Clause 28.7(a) to the Contractor, the Contractor must provide Tetra Tech with the Additional Security required within 10 Business Days of that notice.
(c) The Additional Security must comply in all respects with Clause 28.1.
