Obligation to Provide Security. (a) The Operator must deliver to Aurizon Network, prior to the operation of Train Services, and maintain during the Term security for the performance of the Operator’s obligations under this Agreement in the form of:
(i) an unconditional and irrevocable bank guarantee (or equivalent), for the Security Amount, in favour of Aurizon Network issued by a bank holding a current Australian banking licence and with a credit rating acceptable to Aurizon Network and in the form set out in Schedule 13 or such other form as is reasonably acceptable to Aurizon Network; or
(ii) any other security reasonably acceptable to Aurizon Network, (the “Security”). Aurizon Network shall not unreasonably withhold or delay its acceptance of any security delivered by the Operator for the purposes of this Clause 2.4(a).
(b) Where the Operator has delivered a Security to Aurizon Network in the form of cash, Aurizon Network will pay interest to the Operator annually at the Security Interest Rate published on the day the Security is provided. The Security Interest Rate shall be reset on the first Business Day of each Month (“Reset Date”) for that Month. Such interest shall be capitalised at each Reset Date and such capitalised interest shall itself bear interest at the Security Interest Rate.
(c) The Operator may, with Aurizon Network’s consent, replace any Security provided by the Operator in accordance with this Clause 2.4 with replacement Security. If the Operator replaces any existing Security with a replacement Security then Aurizon Network will release the existing Security in accordance with Clause 2.6(b).
(d) The provision and continuance of the Security (or of any additional or replacement Security provided by the Operator in accordance with Clause 2.4(c) or Clause 2.4(f)) is a condition of the performance by Aurizon Network of its obligations under this Agreement.
(e) If at any time during the Term the Operator is not required to give Aurizon Network a Security in accordance with this Agreement and Aurizon Network does not hold a Security from the Operator, the Operator must provide a Security within fourteen (14) days after receipt of a notice from Aurizon Network where:
(i) an event of default by the Operator in regard to payment of any amount due under this Agreement has occurred, that event of default is not the subject of a bona fide dispute between the Parties and such default continues for seven (7) days after notice of such default from Aurizon Network; or
(ii) in the ...
Obligation to Provide Security. In accordance with Section 1.5.8(j) of Schedule 6 of the Operating Agreement, Designated Entity shall provide Transmission Provider a letter of credit as acceptable to Transmission Provider (Designated Entity Letter of Credit) or cash security in the amount of $11,400, which is three percent of the estimated cost of the Project. Designated Entity is required to provide and maintain the Designated Entity Letter of Credit, as required by Section 1.5.8(j) of Schedule 6 of the Operating Agreement and Section 3.0 of this Agreement. The Designated Entity Letter of Credit shall remain in full force and effect for the term of this Agreement and for the duration of the obligations arising therefrom in accordance with Article 17.0.
Obligation to Provide Security. You agree to execute such further documents and to take such further steps as we may reasonably require to perfect our security interest over and obtain legal title to the Secured Obligations.
Obligation to Provide Security. (a) The End User must deliver to Aurizon Network, prior to the operation of Train Services, and maintain during the Term, security for the performance of the End User’s obligations under this Agreement in the form of:
(i) an unconditional and irrevocable bank guarantee (or equivalent), for the Security Amount, in favour of Aurizon Network issued by a bank holding a current Australian banking licence and with a credit rating acceptable to Aurizon Network in the form set out in Schedule 7 or such other form as is reasonably acceptable to Aurizon Network; or
(ii) any other security reasonably acceptable to Aurizon Network, (the “Security”).
(b) Where the End User has delivered a Security to Aurizon Network in the form of cash, Aurizon Network will pay interest to the End User annually at the Security Interest Rate published on the day the Security is provided. The Security Interest Rate shall be reset on the first Business Day of each Month (“Reset Date”) for that Month. Such interest shall be capitalised at each Reset Date and such capitalised interest shall itself bear interest at the Security Interest Rate.
Obligation to Provide Security. (a) The Operator must deliver to QR Network, prior to the operation of Train Services, and maintain during the Term security for the performance of the Operator’s obligations under this Agreement in the form of:
(i) an unconditional and irrevocable bank guarantee (or equivalent), for the Security Amount, in favour of QR Network issued by a bank holding a current Australian banking licence and with a credit rating acceptable to QR Network and in the form set out in Schedule 13 or such other form as is reasonably acceptable to QR Network; or
(ii) any other security reasonably acceptable to QR Network, (the “Security”). QR Network shall not unreasonably withhold or delay its acceptance of any security delivered by the Operator for the purposes of this Clause 2.4(a).
(b) Where the Operator has delivered a Security to QR Network in the form of cash, QR Network will pay interest to the Operator annually at the Security Interest Rate published on the day the Security is provided. The Security Interest Rate shall be reset on the first Business Day of each Month (“Reset Date”) for that Month. Such interest shall be capitalised at each Reset Date and such capitalised interest shall itself bear interest at the Security Interest Rate.
(c) The Operator may, with QR Network’s consent, replace any Security provided by the Operator in accordance with this Clause 2.4 with replacement Security. If the Operator replaces any existing Security with a replacement Security then QR Network will release the existing Security in accordance with Clause 2.6(b).
(d) The provision and continuance of the Security (or of any additional or replacement Security provided by the Operator in accordance with Clause 2.4(c) or Clause 2.4(f)) is a condition of the performance by QR Network of its obligations under this Agreement.
(e) If at any time during the Term the Operator is not required to give QR Network a Security in accordance with this Agreement and QR Network does not hold a Security from the Operator, the Operator must provide a Security within fourteen (14) days after receipt of a notice from QR Network where:
(i) an event of default by the Operator in regard to payment of any amount due under this Agreement has occurred, that event of default is not the subject of a bona fide dispute between the Parties and such default continues for seven (7) days after notice of such default from QR Network; or
(ii) in the event of an Assignment or at any time during the Term, if QR Network is rea...
Obligation to Provide Security. (a) The Operator and the Access Holder (if the Access Holder is not also the Operator) must (in appropriate cases and having regard to the Parties’ financial capability):
(i) on or before the Commitment Date, provide to Queensland Rail security in the form set out in clause 17.1(b) for the relevant Security Amount respectively; and
(ii) thereafter maintain that security (including for any increased or decreased amount or any top up) in accordance with this clause 17,
(b) Security must be in the form of:
(i) a bank guarantee that:
(A) is unconditional and irrevocable and in favour of Queensland Rail;
(B) is issued by an Australian institution:
(1) authorised to carry on a banking business and entitled to call itself a 'bank' pursuant to the Banking Xxx 0000 (Cth); and
(2) which has an Acceptable Credit Rating;
(C) requires the issuing bank to pay on demand by Queensland Rail:
(1) without recourse to the Operator or the Access Holder (as the case may be) or any other person;
(2) irrespective of the performance or non-performance of the Operator or the Access Holder (as the case may be) or Queensland Rail under this agreement; and
(3) despite any notice or other communication from the Operator or the Access Holder (as the case may be) or any other person, an amount or amounts up to the amount specified in the bank guarantee;
(D) has no expiry date; and
(E) is otherwise in a form acceptable to Queensland Rail; or
(ii) any other form acceptable to Queensland Rail (in its absolute discretion).
Obligation to Provide Security. The Service Provider must ensure that AEMO holds the benefit of the Security for the amount specified in the Contract Details as amended under clause 3.7. The Security must be an obligation in writing that:
(a) is from a Security Provider;
(b) is a guarantee or bank undertaking in a form prescribed by XXXX;
(c) is duly executed by the Security Provider and delivered unconditionally to AEMO;
(d) constitutes valid and binding unsubordinated obligations of the Security Provider to pay to
(e) permits drawings or claims by AEMO up to a stated amount;
(f) has an effective date on or before the date indicated in Condition Precedent 1; and
(g) has an expiry date on or following a date which is 20 Business Days after the date that is 2 months after the Final Condition Precedent Satisfaction Date.
Obligation to Provide Security. (a) (a) The Operator must deliver to QR Network, prior to the operation of Train Services, and maintain during the Term security for the performance of the Operator’s obligations under this Agreement in the form of:
(i) (i) an unconditional and irrevocable bank guarantee (or equivalent), for the Security Amount, in favour of QR Network issued by a bank holding a current Australian banking licence and with a credit rating acceptable to QR Network and in the form set out in Schedule 13 or such other form as is reasonably acceptable to QR Network; or (ii) (ii) any other security reasonably acceptable to QR Network, and containing such terms and conditions as are reasonably acceptable to QR Network (“Security”). (the “Security”). QR Network shall not unreasonably withhold or delay its acceptance of any security delivered by the Operator for the purposes of this Clause 2.4(a).
Obligation to Provide Security. (a) The End User must deliver to QRAurizon Network, prior to the operation of Train Services, and maintain during the Term, security for the performance of the End User’s obligations under this Agreement in the form of:
(i) an unconditional and irrevocable bank guarantee (or equivalent), for the Security Amount, in favour of QRAurizon Network issued by a bank holding a current Australian banking licence and with a credit rating acceptable to QRAurizon Network in the form set out in Schedule 7 or such other form as is reasonably acceptable to Aurizon Network; or
(ii) any other security reasonably acceptable to QRAurizon Network, and containing such terms and conditions as are reasonably acceptable to QR Network (“Security”). (the “Security”).
(b) Where the End User has delivered a Security to QRAurizon Network in the form of cash, QRAurizon Network will pay interest to the End User annually at the Security Interest Rate published on the day the Security is provided. The Security Interest Rate shall be reset on the first Business Day of each Month (“Reset Date”) for that Month. Such interest shall be capitalised at each Reset Date and such capitalised interest shall itself bear interest at the Security Interest Rate.
(c) The End User may, with Aurizon Network’s consent, replace any Security provided by the End User in accordance with this Clause 3.4 with replacement Security.
Obligation to Provide Security. Unless Security is provided pursuant to a Generation Interconnection Customer and Interconnected Transmission Owner:Agreement Developer Party shall provide Security to collateralize Developer Party’s obligation to pay the Costs incurred by Transmission Owner to construct the Network Network Upgrades identified in Appendix I to this CSA, less any Costs already paid by Developer Party, in accordance with Sections 16.1, and GIP, sections [tp be provided]. Developer Party shall deliver such Security to Transmission Provider prior to the Effective Date of this CSA, as described in Appendix III. Unless otherwise specified by the Transmission Provider, such Security shall take the form of a letter of credit, in the amount of $ naming the Transmission Provider and Transmission Owner as beneficiaries.
