Purchaser Payment Security Sample Clauses

Purchaser Payment Security. (a) The Purchaser shall, within thirty (30) days of the execution of this Agreement, establish and maintain in effect for the remainder of the Term an Escrow Account, in the form of an irrevocable, revolving, stand-by letter of credit or similar facility reasonably acceptable to Seller, in the amount of One Million US Dollars (US$1,000,000), which amount shall be maintained at all times except for the allowed period for replenishment following any valid Seller draw. The Escrow Account shall provide payment security for amounts due to Seller, and shall have an associated Escrow Agreement with an Escrow Agent, by which Purchaser shall maintain in effect an automatic replenishment mechanism for the Escrow Account from customer payments that are paid directly to the Escrow Agent by Purchaser’s customers in the normal course of business. The Escrow Agent shall be a licensed bank in Afghanistan that is authorized to receive payments due for electricity services from Purchaser, and that each month for the then-prior six (6) months has received on average at least the equivalent of US Dollars (US$ [figures]) for electricity services on behalf of Purchaser. [Note: Figure to be inserted before execution to equal three (3) times the amount Purchaser would owe to Seller each month for Net Electrical Output and NPMV, on average, during an Agreement Year, calculated as the product of the Tariff multiplied by the Degraded Output Threshold (in kWh), or 3/12 * Tariff * 19,500,000kWh.]
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Purchaser Payment Security a. The Purchaser shall, within thirty (30) days of the execution of this Agreement, establish and maintain in effect for the remainder of the Term an Escrow Account, in the form of an irrevocable, revolving, stand-by letter of credit or similar facility reasonably acceptable to Seller, in the amount of (US$ ) which amount shall be maintained at all times except for the allowed period for replenishment following any valid Seller draw. The Escrow Account shall provide payment security for amounts due to Seller, and shall have an associated Escrow Agreement with an Escrow Agent, by which Purchaser shall maintain in effect an automatic replenishment mechanism for the Escrow Account from customer payments that are paid directly to the Escrow Agent by Purchaser’s customers in the normal course of business.
Sample 1

Related to Purchaser Payment Security

  • Payment Security To secure all of CAISO’s payment obligations to Owner under this Agreement, CAISO agrees to grant Owner a security interest and lien in the following collateral (collectively, the “Collateral”): (a) all past, present and future accounts and other amounts Responsible Utility owes CAISO at any time pursuant to Section 41 of the CAISO Tariff attributable to invoices submitted by Owner under this Agreement (collectively, the “Accounts”), (b) the RMR Owner Facility Trust Account, all funds in the RMR Owner Facility Trust Account at any time, and all funds paid on account of any Accounts, (c) all proceeds of the Collateral, if any, and (d) all of CAISO’s right, title and interest in the Collateral. CAISO represents and warrants to Owner that (a) CAISO has the authority to grant such security interest, (b) CAISO will have good, marketable and exclusive title to all of the Collateral, (c) such security interest and lien will at all times be a valid, enforceable and first-priority lien on the Collateral, and (d) such security interest will be duly perfected by the filing of a financing statement under the California Uniform Commercial Code describing the Collateral in the office of the Secretary of State of California and the delivery of a written notice of Owner’s security interest to the bank with which the RMR Owner Facility Trust Account is maintained. If CAISO defaults on its obligation to pay under this Agreement, Owner shall be entitled to enforce such securityinterest, to exercise its rights in the Collateral, to collect the Accounts from Responsible Utility, to collect all funds in the RMR Owner Facility Trust Account, and to exercise all other rights and remedies under the California Uniform Commercial Code. CAISO agrees to promptly execute and deliver all financing statements and other documents Owner reasonably requests, including but not limited to a written notice of Owner’s security interest in the Collateral to the bank with which the RMR Owner Facility Trust Account is maintained, in order to maintain, perfect and enforce such security interest.

  • MANAGEMENT SECURITY Section 1. The Federation hereby accepts liability for any damage to or loss of state property that is the proximate cause of action by striking employees of this bargaining unit, provided however, that liability under this section shall be restricted to include any alleged loss of revenue or other incidental or punitive damage sought by the Employer.

  • Payment Security Requirements A. Unless Company has maintained an agreement similar to this Agreement with Authority during the 18 months prior to the effective date of this Agreement without the occurrence of any act or omission that would have been a default under this Agreement, Company will provide Authority on or before the commencement date of this Agreement with an acceptable bond, irrevocable letter of credit or other similar security acceptable to Authority in an amount equal to the estimate of three months’ Rents, fees and charges, payable by Company under this Agreement, to guarantee the faithful performance by Company of its obligations under this Agreement and the payment of all Rents, fees, tax assessments, and charges due hereunder (hereinafter referred to as “Payment Security”). Company will be obligated to maintain such Payment Security in effect until the expiration of 18 consecutive months during which Company commits no default under this Agreement. Such Payment Security will be in a form and with a company acceptable to Authority and licensed to do business in the State of Florida. In the event that any such Payment Security is for a period less than the full period required under this Agreement or if such Payment Security is canceled, Company will provide a renewal or replacement Payment Security for the remaining required period at least 60 days prior to the date of such expiration or cancellation. Such Payment Security will require notice by the surety to Authority at least 60 days prior to any cancellation.

  • Payment Security Mechanism Letter of Credit (LC):

  • Employment Security 28.1 The parties to this agreement agree to maximise the continuity of employment for existing and future employees and to ensure that permanent employment opportunities and the opportunity for promotion transfer and re-training or upskilling are not eliminated, reduced or eroded.

  • Cash Payment The Employee shall make cash payments by wire transfer, certified or bank check or personal check, in each case payable to the order of the Company; the Company shall not be required to deliver certificates for Option Shares until the Company has confirmed the receipt of good and available funds in payment of the purchase price thereof.

  • Payment of Settlement Amount (1) Within thirty (30) days of the Date of Execution, the Settling Defendants shall pay the Settlement Amount to Siskinds LLP, for deposit into the Trust Account.

  • Asset Purchase Price (a) All Assets and assets of the Failed Bank subject to an option to purchase by the Assuming Institution shall be purchased for the amount, or the amount resulting from the method specified for determining the amount, as specified on Schedule 3.2, except as otherwise may be provided herein. Any Asset, asset of the Failed Bank subject to an option to purchase or other asset purchased for which no purchase price is specified on Schedule 3.2 or otherwise herein shall be purchased at its Book Value. Loans or other assets charged off the Accounting Records of the Failed Bank before the Bid Valuation Date shall be purchased at a price of zero.

  • Agreement Settlement Agreement Settlement will be used to confirm the offer and delivery of A&D 63 Services by County and determine satisfaction of the minimum performance requirements and quality measures, based on data properly reported in accordance with Section 3., “Special Reporting Requirements” above.

  • Settlement Payment If the resulting net amount is positive, it shall be payable by the Defaulting Party to the Non-Defaulting Party, and if it is negative, then the absolute value of such amount shall be payable by the Non-Defaulting Party to the Defaulting Party.

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