SECURITY PROVISION the Lessee:
(a) fails to comply with any obligation on its part contained in clause 25 to provide Additional Security for its obligations hereunder within the time provided in that clause; or
(b) fails to give any notice of termination required to be given under, and within the time period specified in, the relevant sub-clauses of clause 25; or
(c) fails to perform its obligations under clauses 25.8.2 and 25.8.3 within the time period provided in those clauses; or
(d) the Lessor services a notice on the Lessee pursuant to clauses 25.10.1 or 25.10.2;
SECURITY PROVISION. Simultaneously with the execution and delivery of this Lease, Tenant will deposit with Landlord the sum of Seventeen Thousand Fifteen and No/100 Dollars ($17,015.00)*, as security for the full and faithful performance by Tenant of each and every term, covenant, condition and agreement of this Lease on Tenant’s part to be performed (“Security Deposit”). In the event that Tenant defaults in respect of any of the terms, provisions, covenants, conditions or agreements of this Lease, including but not limited to payment of any Rent or Additional Rent or any other sum payable by Tenant under this Lease, Landlord may, but shall not be required to, use, apply, or retain the whole or any part of the Security Deposit for the payment of any such Rent or other payment in default or for any other sum which Landlord may expend or be required to expend by reason of Tenant’s default, including any damages or deficiency in the reletting of the Leased Premises, whether such damages or deficiency may accrue before or after summary proceedings or other re-entry by Landlord. Whenever and as often as the amount of the Security Deposit held by Landlord shall be diminished by Landlord’s application thereof, Tenant shall upon demand immediately deposit additional money with Landlord sufficient to restore the Security Deposit to the original amount set forth in this Paragraph. In the event that Tenant shall fully and faithfully comply with all the terms, provisions, covenants, conditions and agreements of this Lease, the Security Deposit or any balance thereof shall be returned to Tenant within sixty (60) days after this Lease expires. In the absence of evidence satisfactory to Landlord of any assignment of the right to receive the Security Deposit, or the remaining balance thereof, Landlord may return the Security Deposit to the original Tenant, regardless of one or more assignments of this Lease itself. If Landlord shall sell or lease the Complex or otherwise assign or dispose of this Lease, Landlord shall have the right to transfer the Security Deposit to the assignee for the benefit of Tenant and Landlord shall then be released by Tenant from all liability for the Security Deposit and Tenant shall thereafter not have any claim against Landlord hereunder. No holder of a mortgage or any other interest shall be responsible in connection with the Security Deposit deposited hereunder, by way of credit or payment of any Rent or otherwise, unless such holder actually shall have receiv...
SECURITY PROVISION. The Landlord acknowledges the receipt of Twelve Thousand One Hundred Forty Six and 66/100 Dollars ($12,146.66) (the "Security Deposit), which the Landlord is to retain as security for the faithful performance of all of the covenants, conditions and agreements of this Lease, but in no event shall the Landlord be obliged to apply the same upon rents or other charges in arrears or upon damages for the Tenant's failure to perform the said covenants, conditions, and agreements for non-payment of rent or for any other default. Tenant's obligation to pay rent shall not in any event be affected by reason of the fact that the Landlord holds the Security Deposit. The Security Deposit, if not applied toward the payment of damages of rent in arrears or toward the payment of damages suffered by the Landlord by reason of the Tenant's breach of the covenants, conditions, and agreements of this Lease, is to be returned to the Tenant within thirty (30) days after this Lease is terminated, according to these terms, and in no event is the Security Deposit to be returned until the tenant has vacated the Premises and delivered possession to the Landlord. In the event that the Landlord repossesses itself of the Premises because of the Tenant's default or because of the Tenant's failure to carry out the covenants, conditions and agreements of this Lease, the Landlord may apply said Security Deposit upon all damages suffered to the date of said repossession and may retain the Security Deposit to apply upon such damages as may be suffered or shall accrue thereafter by reason of the Tenant's default or breach. The Landlord shall not be obliged to keep the Security Deposit as a separate fund, but may mix the Security Deposit with Landlord's funds.
SECURITY PROVISION. 1. A Payment Tracking Account, an illustration of which is made a part of this AGREEMENT as Exhibit 2, shall be established on the DATE OF COMMERCIAL OPERATION to define the cumulative difference between the projected payments to be made by PSE&G to VENTURE under this AGREEMENT (Projected Contract Payment) and the projected payments which would have been made if such payments were based on the PJM Billing Rate for energy and the PJM Capacity Deficiency Rate for capacity (hereinafter referred to as the PJM Price), as shown in Exhibit 2. The Payment Tracking Account shall not be funded, and any balance in the Payment Tracking Account shall accrue interest at a rate equal to the Prime Rate of The Chase Manhattan Bank, N.A., New York, New York, on January lst of each year but in no event shall the interest rate applied to this account exceed thirteen percent (13%).
2. For each twelve (12) MONTH period (Period) after the DATE OF COMMERCIAL OPERATION, the Payment Tracking Account shall be calculated by PSE&G pursuant to Exhibit 2 as follows:
(a) The difference (Difference Value) between the Projected Contract Payment (Rate A) and the PJM Price (Rate B) shown in column headed Rate A - Rate B, is fixed, for the term of the AGREEMENT, as shown for each year.
(b) The Energy column is shown for illustrative purposes only, and twenty- four and two tenths percent (24.2%) of the actual NET ELECTRICAL ENERGY delivered and sold to PSE&G for each Period will be used to calculate the annual amount to be included in the Payment Tracking Account.
(c) The interest rate shown in the Cumulative column is shown for illustrative purposes only. The interest rate to be applied annually to the balance in the Cumulative column is specified in Paragraph 1 of this Section F.
(d) The Cumulative amount in the Payment Tracking Account at the end of the first Period will be determined by multiplying the Difference Value (cents/kWh) for year one (1) by twenty-four and two tenths percent (24.2%) of the NET ELECTRICAL ENERGY actually delivered and sold to PSE&G during the Period.
(e) The Cumulative amount for each subsequent Period will be the algebraic sum of the (i) Cumulative amount in the Payment Tracking Account at the start of each Period; (ii) interest rate multiplied by the cumulative amount in the Payment Tracking Account from (i) above; (iii) Difference Value for that Period from (a), multiplied by twenty- four and two tenths percent (24.2%) of the NET ELECTRICAL ENERGY actually deli...
SECURITY PROVISION. 42 SECTION 26.1. SECURITY.................................................42 ARTICLE XXVII. MISCELLANEOUS................................................42
SECURITY PROVISION. 43:01 The Government remains committed to ensuring the safety of all Crown Attorneys. As such, the Government agrees not to alter or eliminate any existing security practices without meaningful consultation with the Association.
43:02 It is agreed that any change to existing security practices may form the basis for a grievance which may be referred to arbitration. Nothing in the definition of LF3-S prevents a LF4 from occupying a Team Leader or in-scope Section Head position.
SECURITY PROVISION. 1. In order to ensure all the claims of the landlord against the tenant resulting from this contract, the tenant shall provide a security deposit in the amount of 2 months rent, plus applicable value-added tax. The landlord shall allow the tenant, in place of this security deposit, to provide an unlimited, absolute, irrevocable guarantee of a major German bank in the amount of the security deposit, in which the guarantor also relinquishes the rights from §§ 768, 770, 771 of the Federal Civil Code, and in which the right to deposit funds is excluded.
2. If during the term of the lease the rental amount should change substantially, the parties to the contract have the right to demand a corresponding adjustment in the security provision. Decisive in the scope of these determinations is considered an increase or decrease in basic rent of 10% from the time at which the lease agreement was concluded, or from the time of the most recent change.
3. The security provision shall be returned upon expiration of the lease and fulfillment of all obligations by the tenant, but no earlier than 3 months after said time.
4. If the tenant does not provide the agreed-upon security at the latest at the time the rented property is to be turned over, then the landlord has the right to terminate the lease.
SECURITY PROVISION. 43:01 The parties agree that the security provisions and measures that were in place as of July 1, 2011 shall continue to be in place for the duration of the 2014 to 2019 Collective Agreement.
43:02 The parties also agree that if any changes to the security provisions and measures are considered during the life of the agreement that prior to implementing the changes the employer will invite input from the Association.
43:03 Any changes to the security provisions that were in place as of July 1, 2011 that are made or implemented without prior invitation to the Association for input are subject to the grievance process as set out in the Agreement.
43:04 The parties agree that this article shall expire on March 29, 2019 unless expressly extended by mutual consent of the parties. This agreement has been executed by the Minister responsible for The Civil Service Act on behalf of the Province of Manitoba and by the President of the Manitoba Association of Crown Attorneys on behalf of the Manitoba Association of Crown Attorneys.
SECURITY PROVISION. ITC Great Plains states that pursuant to the GIA, Iron Star will provide ITC Great Plains with an irrevocable letter of credit in an amount equal to $15.3 million. ITC Great Plains explains that, effective upon the expiration of the eleventh year under the Service Agreement, the security will be reduced by an amount equal to the total amount of payments received by ITC Great Plains from Iron Star for the immediately preceding year, and will continue to be reduced each year thereafter by the total amount of payments received by ITC Great Plains from Iron Star for the immediately preceding year throughout the remaining term of the Service Agreement. ITC Great Plains states that this provision is necessary to better reflect the total financial risk to ITC Great Plains, which is equal to the estimated revenue requirement for the network upgrades over the term of the Service Agreement. ITC Great Plains states that the security term represents a negotiated compromise between ITC Great Plains and Iron Star which mitigates a 11 United Gas Pipe Line Co. v. Mobile Gas Serv. Corp., 350 U.S. 332 (1956); FPC
SECURITY PROVISION. On or before the date of Closing for Parcel 1, the CDA shall execute a promissory note evidencing its obligation to pay the balance of the Consideration not paid in cash at Closing, that balance being $960,000. The promissory note shall be made payable to the Army and its terms shall conform to the schedule set forth in Section 4.2. The executed promissory note shall be backed by an irrevocable letter of credit (ILC) issued by a federally insured financial institution to the Army as security for such obligation. A copy of the ILOC shall be provided to the Army and included as “Exhibit L – Payment Security.”
