Security of Payment Act Sample Clauses

Security of Payment Act. (a) The Contractor may withhold any amount that is less than or equal to the amount claimed to be owed under a payment withholding request served on the Contractor pursuant to Division 2A of the Building and Construction Industry Security of Payment Act 1666 (NSW) (“SOP Act”).
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Security of Payment Act. 6.2. [Force majeure] If in Premium’s opinion, it is prevented from or delayed in performing an obligation under the Agreement by a Force Majeure Event, then the obligation is suspended during the period of the Force Majeure Event and such further period as reasonable in the circumstances.
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Security of Payment Act. (a) The Managing Contractor irrevocably chooses The Institute of Arbitrators & Mediators, Australia as the authorised nominating authority for the purposes of section 17.3 of the SOP Act.
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Security of Payment Act. 18.1 If the Principal becomes aware that a subcontractor to the Hirer is entitled to suspend work under section 62 of the Security of Payment Act, the Principal may (in its absolute discretion) pay the subcontractor such money that is, or may be, owing to the subcontractor for work forming part of the Services. The Principal may recover from the Hirer each amount paid as a debt.
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Security of Payment Act. 18.1 For the purposes of this clause 18, “Security of Payment Act” means the Construction Contracts Act 2004 (WA)or the equivalent legislation as applicable in the relevant jurisdiction, each as amended from time to time.
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Security of Payment Act. (a) To the extent that Works constitutes ‘construction work’ carried out within the Australian Capital Territory, or involves the supply of ‘related goods and services’ (both as defined in the Building and Construction Industry (Security of Payment) Xxx 0000 (ACT)), this paragraph (19) will apply.
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Security of Payment Act. If the 'Security of Payment Act’ applies: the Contractor must ensure that, within 24 hours after any notice is given or received under the Security of Payment Act by the Contractor or any subcontractors, a copy of that notice is given to the Principal; the amount (if any) set out in a payment certificate or payment schedule is the amount of the 'progress payment' (as defined in the Security of Payment Act) which the Contractor is entitled to be paid; and the parties agree that for the purpose of the Security of Payment Act, the authorised nominating authority shall be the Resolution Institute under section 42 of the Security of Payment Act to nominate persons to determine the adjudication application. If the Principal becomes aware that a subcontractor is entitled to suspend work pursuant to the Security of Payment Act, the Principal may (in its absolute discretion) pay the subcontractor such money that is or may be owing to the Subcontractor in respect of that work, and any amount paid by the Principal shall be a debt due from the Contractor to the Principal. The Contractor shall indemnify the Principal against all damage, expense (including legal costs), loss (including consequential and economic loss) or liability of any nature suffered or incurred by the Principal arising out of:
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Security of Payment Act 
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Related to Security of Payment Act

  • Priority of Payments (a) Each Note shall be of equal priority, and no portion of any Note shall have priority or preference over any portion of any other Note or security therefor. All amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof, whether received in the form of Periodic Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other collateral or instrument securing the Mortgage Loan or Insurance and Condemnation Proceeds (other than proceeds, awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower in accordance with the terms of the Mortgage Loan Documents) shall be applied by the Lead Securitization Note Holder (or its designee) to the Notes on a Pro Rata and Pari Passu Basis; provided, that (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents to be held as reserves or escrows or received as reimbursements on account of recoveries in respect of property protection expenses or Servicing Advances then due and payable or reimbursable to the Trustee or any Servicer under the Lead Securitization Servicing Agreement shall be applied to the extent set forth in, and in accordance with the terms of, the Mortgage Loan Documents; and (y) all amounts that are then due, payable or reimbursable to any Servicer, with respect to the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement and any other compensation payable to it thereunder (including without limitation, any additional expenses of the Trust Fund relating to the Mortgage Loan (but subject to the second paragraph of Section 5(d) hereof) reimbursable to, or payable by, such parties and any Special Servicing Fees, Liquidation Fees, Workout Fees and Penalty Charges (to the extent provided in the immediately following paragraph) but excluding (i) any P&I Advances (and interest thereon) on the Lead Securitization Note, which shall be reimbursed in accordance with Section 2(b) hereof, and (ii) any Master Servicing Fees due to the Master Servicer in excess of the Non-Lead Securitization Note’s pro rata share of that portion of such servicing fees calculated at the “primary servicing fee rate” applicable to the Mortgage Loan as set forth in the Lead Securitization Servicing Agreement, which such excess shall not be subject to the allocation provisions of this Section 3) shall be payable in accordance with the Lead Securitization Servicing Agreement. For clarification purposes, Penalty Charges paid on each Note shall first, be used to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to pay the Master Servicer, the Trustee or the Special Servicer for any interest accrued on any Servicing Advances and reimbursement of any Servicing Advances in accordance with the terms of the Lead Securitization Servicing Agreement, second, be used to reduce the respective amounts payable on each Note by the amount necessary to pay the Master Servicer, Trustee, the Non-Lead Master Servicer or the Non-Lead Trustee for any interest accrued on any P&I Advance made with respect to such Note by such party (if and as specified in the Lead Securitization Servicing Agreement or the Non-Lead Securitization Servicing Agreement, as applicable), third, be used to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to pay additional expenses of the Trust Fund (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to the Mortgage Loan (as specified in the Lead Securitization Servicing Agreement) and finally, shall be paid to the Master Servicer and the Special Servicer as additional servicing compensation as provided in the Lead Securitization Servicing Agreement. Any proceeds received from the sale of the primary servicing rights with respect to the Mortgage Loan shall be remitted, promptly upon receipt thereof, to the Note Holders on a Pro Rata and Pari Passu Basis. Any proceeds received by any Note Holder from the sale of master servicing rights with respect to its Note shall be for its own account.

  • Security Requirements 11.1 The Supplier shall comply, and shall procure the compliance of the Suppliers Personnel, with the Security Policy and the Security Plan and the Supplier shall ensure that the Security Plan produced by the Supplier fully complies with the Security Policy.

  • Security of Data a. Each of the parties shall:

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