SECURITY AND SECURITY AGREEMENTS Clause Samples
The 'Security and Security Agreements' clause establishes the lender's right to obtain a security interest in specific assets of the borrower as collateral for a loan or other financial obligation. In practice, this clause outlines the types of assets that will be pledged, the process for perfecting the security interest (such as filing financing statements), and the borrower's obligations to maintain the collateral. Its core function is to protect the lender by providing a legal claim to certain assets if the borrower defaults, thereby reducing the lender's risk and increasing the likelihood of recovering the loaned amount.
SECURITY AND SECURITY AGREEMENTS. (A) The provisions of any and all agreements relating to security deposited or agreed to be deposited with Equity covering any employment under this agreement and any contracts of employment are hereby adopted and made part of this agreement and said contracts. This includes agreements on forms now called "Bond," "Security Agreement," "Authority by Principal" and "Producer's Statement."
SECURITY AND SECURITY AGREEMENTS. (A) The provisions of any and all agreements relating to security deposited or agreed to
SECURITY AND SECURITY AGREEMENTS a) The terms and provisions of all agreements for security (bond) deposited or to be deposited with Equity covering any employment and contracts under this Agreement are made part of this Agreement and said contracts.
b) The Producer must file and maintain security as required by Equity. The security will be an amount set by Equity in a form acceptable to Equity.
c) The security is returnable to the Producer or guarantor when all obligations are satisfied, but no earlier than 30 days after the closing of the season or the production as filed with Equity. It will be returned by check unless the guarantor otherwise specifies. Any costs incurred by another specified method are the responsibility of the Producer and/or guarantor.
SECURITY AND SECURITY AGREEMENTS. (A) The provisions of any and all agreements relating to security deposited or agreed to be deposited with Equity covering any employment under this Agreement, and any contracts of employment, are hereby adopted and made part of this Agreement and said employment contracts as though fully set forth herein. This includes agreements on forms now called "Security Agreement" and "Producer's Statement." It is of the essence of this Agreement and of all contracts of employment and a condition precedent to the engagement of the Actor that the Producer shall have filed and maintains with Equity satisfactory security as required by Equity.
(B) Bond. A sum satisfactory to Equity shall be deposited as security with Equity in a form acceptable to Equity. The entire bond is returnable to the guarantor after all the Producer's obligations have been met, but in no event earlier than 30 days after the close of the season as stated in the seasonal closing notice to Equity. The bond shall be returned in the form of a check unless the guarantor otherwise instructs Equity in writing.
SECURITY AND SECURITY AGREEMENTS.
A. At least one (1) week before the commencement of any rehearsal, engagement, series of engagements or tour within or without the United States of America, or at least one (1) week before the ARTIST commences to travel in pursuance of any engagements, series of engagements or tour within or without the United States of America, whichever is earlier, PAC NYC shall deposit with AGMA, at ▇▇▇ ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, cash, certified check, savings account passbook, assigned CD, irrevocable assigned letter of credit, or other acceptable liquid financial instruments assigned to American Guild of Musical Artists for the benefit of the ARTISTS which shall be satisfactory to AGMA.
B. AGMA shall be the sole judge as to whether the form, financial responsibility and amount of such cash, certified check, savings account passbook, assigned CD, irrevocable letter of credit, or other acceptable liquid financial instruments assigned to the American Guild of Musical Artists is satisfactory, and PAC NYC shall not be deemed to have performed its obligation under this Agreement until the same has been approved by AGMA. AGMA agrees that the security bond for established companies will be limited to one (1) week's salary for the members of the company. Proof of the placing of the security bond with AGMA will be posted on the company bulletin board not later than the first (1st) day of each employment period.
C. No Employee shall leave the city of origination for work outside said city unless PAC NYC, prior to the ARTIST'S departure, has provided and paid for the Artist’s transportation and baggage in accordance with this Agreement, including return transportation back to the city of origination. AGMA shall have the right to require PAC NYC to post such bond or bonds or such other security, including money, and in such amount as in its sole discretion AGMA deems necessary to insure the safe transportation and return of the ARTIST.
SECURITY AND SECURITY AGREEMENTS