Reserve Deposit. At the time this Contract is signed by Xxxxx, Xxxxx shall deposit with Seller a performance bond from a surety company acceptable to Seller in the amount of $ . Buyer shall also deposit with Seller cash (the “Deposit”) and a payment bond from a surety company acceptable to Seller, which, together, shall total the amount of $ . The bonds (the “Bonds”) and the Deposit shall assure compliance with applicable laws, rules and regulations and the provisions of this Contract. DRAFT Seller shall hold the Bonds and the Deposit until Buyer has, to the satisfaction of the appropriate office of the State of Oregon, complied with the state laws and regulations relating to snag and slash disposal, and has, to the satisfaction of Seller, complied with all provisions of this Contract. Upon such compliance, the Deposit with no interest accrued thereto shall be refunded promptly to Buyer. If Buyer defaults in prompt compliance with snag and slash disposal or with any other Contract provisions, Seller may, without prejudice to other remedies, perform the same and charge the expense to Buyer. Thereupon Seller shall apply the Deposit toward said expense and return any balance to Buyer and/or Seller may exercise its rights under the Bonds and retain the Deposit.
Reserve Deposit. A. If principle defaults on a contract or has a material adverse change to its financial condition, SURETY shall deem it necessary to establish or to increase a reserve to cover any possible liability or loss for which the PRINCIPAL or INDEMNITORS will be obligated to indemnify SURETY under the terms of this Agreement, or to establish a collateral depositin connection with the issuance or procurement of any BOND for PRINCIPAL, the PRINCIPAL or INDEMNITORS will deposit with SURETY, immediately upon demand, a sum of money equal to such reserve and any increase thereof as collateral security to SURETY for such liability or loss. SURETY shall have the right to use the deposit, or any part thereof, in payment or settlement of any liability, loss, expense or other matter for which the PRINCIPAL or INDEMNITORS would be obligated to indemnify SURETY under the terms of this Agreement. SURETY shall have no obligation to invest, or to provide a return or interest on the deposit. SURETY'S demand shall be sufficient if sent by registered or certified mail to the PRINCIPAL or INDEMNITORS at the addresses stated herein or at the addresses of the PRINCIPAL or INDEMNITORS last known to SURETY, regardless of whether such demand is actually received by the PRINCIPAL or INDEMNITORS.
B. SURETY may seek a mandatory injunction to compel the deposit of such collateral together with any other remedy at law or in equity that SURETY may have. SURETY shall have the right to retain such collateral until SURETY has received satisfactory evidence of SURETY'S complete discharge and exoneration from any claim or potential claim under all BONDS and until SURETY has been fully reimbursed for any and all liability incurred from claims, demands, damages, costs, loss, expense, attorney's fees, or other items for which PRINCIPAL and INDEMNITORS are liable hereunder.
Reserve Deposit. Concurrently with the request for a Revolving Loan, the Borrower shall deposit an amount equal to ten percent (10%) of the requested Revolving Loan (the “Reserve Amount”) in a segregated deposit account with the Bank (the “Reserve Account”). All amounts on deposit in the Reserve Account shall serve as additional Collateral for the Loans. The Borrower shall use the funds in the Reserve Account as a last option to make payment of the Obligations, in whole or in part, as necessary. If the Borrower shall fail to do so, the Bank has the option to use funds in the Reserve Account for payment of the Obligations. If the Borrower shall have repaid all Obligations with respect to a given Revolving Loan (which, for purposes of this Section 3.6, shall require the repayment of all Obligations with respect to any Term Loan into which such Revolving Loan has been converted), the Bank shall promptly, upon written request to do so by the Borrower, remit the Reserve Amount with respect to such Revolving Loan to the Borrower. Funds remaining in the Reserve Account on the Term Loan Facility Termination Date will be promptly returned to the Borrower after all Obligations to the Bank have been indefeasibly paid to the Bank in full.
Reserve Deposit. (NON-ADMITTED REINSURER): ----------------------------------------- With respect to the premium derived from any jurisdiction in which an insured risk is located and in which the Reinsurer is not admitted, the Company shall be entitled to require from the Reinsurer any one or a combination of the following; (1) a Letter of Credit complying with 11 NYCRR 79 (Regulation 133), (2) A Security Trust complying with 11 NYCRR 126 (Regulation 114) and/or (3) Cash as security for the payment of the latter's Obligations hereunder. The amount required shall initially equal the amount shown in the Schedule(s). The amount shall be adjusted to equal the Reinsurer's Obligations. Upon default by the Reinsurer of sums due and owing to the Company, the Company may appropriate as much of the Letter of Credit, Security Trust and/or Cash as necessary to eliminate the default. The Company may, however, at its discretion, require payment of any sum in default, and it shall be no defense to any such claim that the Company might have had recourse to the Letter of Credit, Security Trust and/or Cash. The Company and the Reinsurer hereby agree that the Letter of Credit, Security Trust and/or Cash, provided pursuant to this Agreement may be drawn upon at any time, notwithstanding any other provisions herein contained. The Letter of Credit, Security Trust and/or Cash may be utilized by Company or any successor by operation of law, including, without limitation, any liquidator, rehabilitator, receiver or conservator of the Company for any of the following reasons:
(i) To reimburse the Company for the Reinsurer's share of premiums returned to the owners of the Policy(ies) reinsured hereunder due to cancellations of said Policy(ies);
(ii) To reimburse the Company for the Reinsurer's share of surrenders and benefits or losses paid by the Company under the terms and provisions of the Policy(ies) reinsured hereunder;
(iii) To fund an account with the Company in an amount at least equal to the deduction, for reinsurance ceded, from the Company's liabilities for Policy(ies) ceded hereunder. Such amount shall include, but not be limited to, amounts for policy reserves, reserves for claims and losses incurred (including IBNR, Allocated Loss Expenses and Unearned Premiums); and
(iv) To pay any other amounts due to the Company under this Agreement. All of the foregoing apply without diminution because of the insolvency of the Company or the Reinsurer. ARTICLE Xl
Reserve Deposit. As security for the obligations of the Merchant arising in terms of this Agreement, SIB may retain a minimum amount as mentioned in Master Service Agreement from out of the amounts payable to the Merchant in terms of Clause 3.1 hereof. The Merchant agrees that from time to time SIB may impose on it additional Reserve Deposit amounts, in order to reduce SIB’ reasonable apprehension of risk of loss under varying circumstances arising out of the Transaction conducted through the Payment Mechanism.
Reserve Deposit. Dry Bulk Australia shall have deposited the Reserve Deposit with the Facility Agent.
Reserve Deposit. Procure that Dry Bulk Australia shall deposit the Reserve Deposit with the Facility Agent prior to the Initial Advance under Tranche 2 and maintain the Reserve Deposit with the Facility Agent until the Newbuilding’s Delivery Date.
Reserve Deposit. Lessee shall deposit with Lessor at the time of execution of this Lease the amount of Five Thousand Four Hundred Fifty-Six and no/100 ($5,456.00) Dollars as a reserve deposit (hereinafter the "Reserve Deposit"), to be held by Lessor in an interest-bearing account, said interest, less any administrative fee to which Lessor is entitled by law (which fee shall not exceed one percent of the Reserve Deposit), to be credited or paid to Lessee on an annual basis, in order to secure Lessor against any damages arising from Lessee's breach of any of the terms, covenants or conditions of this Lease, including but not limited to Lessee's failure to pay its proportionate shares of increases in Operating Costs, Electricity Costs and Real Estate Taxes payable pursuant to Article 3 below, or any other additional rent. The Reserve Deposit, plus any accrued but unpaid interest, shall be held by Lessor until such damages, if any, arising from Lessee's breach have been assessed. It is hereby expressly understood that Lessor is entitled to hold the Reserve Deposit until the expiration of the period within which Lessee must pay additional rental amounts arising from any increases in Operating Costs, Electricity Costs and Real Estate Taxes, as set forth in Article 3 below, and that, in the event of sale of the Building, Lessor shall have the right to transfer any and all amounts being held by it as Reserve Deposits to the new owner of the Building following any such sale, and, in the case of any such transfer, Lessor shall be relieved of any obligations to Lessee or otherwise with respect to said amounts, in accordance with Article 32, below.
Reserve Deposit. Required Repair Item Amount
Reserve Deposit. As security for the obligations of the Merchant arising in terms of this Terms and Conditions, Worldline may retain a minimum amount as decided by Worldline from out of the amounts payable to the Merchant in terms of Clause 7.1 hereof. The Merchant agrees that from time to time Worldline may impose on it additional Reserve Deposit amounts, in order to reduce Worldline’ reasonable apprehension of risk of loss under varying circumstances arising out of the Transaction conducted through the Payment Mechanism.
