Recourse to Initial Security Sample Clauses

Recourse to Initial Security. (a) SFV may only draw on the Initial Security if LTES Operator has failed to: (i) pay the Termination Amount in accordance with clause 15.4 (“Termination payment”); or (ii) provide a replacement Initial Security to SFV where required under clause 4.2 (“Replacement of Initial Security”). (b) If SFV draws on the Initial Security in accordance with subparagraph (a)(ii), then SFV will: (i) hold that amount on trust for LTES Operator and SFV; and (ii) promptly pay the amounts held on trust to LTES Operator (including any interest) if LTES Operator provides a replacement Initial Security in accordance with clause 4.2 (“Recourse to Initial Security”) (disregarding any timing requirements in clause 4.2). (c) If SFV is holding an amount on trust pursuant to paragraph (b) and is entitled to draw on the Initial Security in accordance with subparagraph (a)(i), then SFV may retain those funds (including any interest) to which it is entitled for its own benefit.
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Related to Recourse to Initial Security

  • Additional Security This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party.

  • Physical Security Contractor shall ensure that Medi-Cal PII is used and stored in an area that is physically safe from access by unauthorized persons during working hours and non- working hours. Contractor agrees to safeguard Medi-Cal PII from loss, theft or inadvertent disclosure and, therefore, agrees to: A. Secure all areas of Contractor facilities where personnel assist in the administration of the Medi-Cal program and use or disclose Medi-Cal PII. The Contractor shall ensure that these secure areas are only accessed by authorized individuals with properly coded key cards, authorized door keys or access authorization; and access to premises is by official identification. B. Ensure that there are security guards or a monitored alarm system with or without security cameras 24 hours a day, 7 days a week at Contractor facilities and leased facilities where a large volume of Medi-Cal PII is stored. C. Issue Contractor personnel who assist in the administration of the Medi-Cal program identification badges and require County Workers to wear the identification badges at facilities where Medi-Cal PII is stored or used. D. Store paper records with Medi-Cal PII in locked spaces, such as locked file cabinets, locked file rooms, locked desks or locked offices in facilities which are multi-use (meaning that there are personnel other than contractor personnel using common areas that are not securely segregated from each other.) The contractor shall have policies which indicate that Contractor and their personnel are not to leave records with Medi-Cal PII unattended at any time in vehicles or airplanes and not to check such records in baggage on commercial airlines. E. Use all reasonable measures to prevent non-authorized personnel and visitors from having access to, control of, or viewing Medi-Cal PII.

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