Common use of Surety Requirements Clause in Contracts

Surety Requirements. Licensee shall furnish bond or other satisfactory evidence of financial security in an amount specified as follows to guarantee the payment of any sums which may become due to the Licensor for attachment fees due hereunder and any other charges for work performed for Licensee, by the Licensor, including the removal of Licensee’s facilities upon termination of any authorization issued hereunder. a. Licensee shall furnish a cash deposit, bond, irrevocable Letter of Credit or other security satisfactory to the Licensor in the following amounts: Security in the amount of $20.00, shall be required for each authorized pole attachment. The total amount of security required hereunder shall not exceed $300,000 or be less than $1,000. Security will not be required where Licensee’s total attachment authorizations do not exceed ten (10). b. If the financial security is in the form of a bond or irrevocable Letter of Credit, such instrument shall be issued by a Surety Company or Bank satisfactory to the Licensor. The instrument shall contain a provision that the Surety Company or Bank will pay the Licensor within the dollar limits of the instrument any sum demanded by the Licensor as due under this Agreement, whether or not the Licensee contests its liability to pay such sum, and whether or not the Licensor exercises or has exercised any option it may have to terminate. If any such amounts are paid by the Surety Company or Bank, the Licensee shall restore the Surety Bond or Letter of Credit to the full amount required under this Article, within thirty (30) days after notice of such payment is sent to the Licensee. c. If the security is in the form of a cash deposit, interest at the rate currently paid by the Licensor on deposits shall be credited to the Licensee during the continuance of the deposit. If the Licensee shall fail to pay any sum demanded by the Licensor as due under the provisions of this Agreement, the Licensor shall have the right, without prior notice to the Licensee forthwith to apply any or all amounts on deposit with it to payment of the sum due, whether or not the Licensee contests its liability to pay such sum, and whether or not the Licensor exercises or has exercised any option it may have to terminate. If any such amounts are applied to payment of sums due to the Licensor, Licensee shall restore to its deposit the amounts so applied within thirty (30) days after notice to Licensee of such application. d. The amount of the bond or the financial security shall not operate as a limitation upon the obligations of the Licensee.

Surety Requirements. 12.1 Upon request of Licensor, Licensee shall furnish bond or other satisfactory evidence of financial security in an amount specified as follows in subpart 12.2 to guarantee the payment of any sums which may become due to the Licensor for attachment fees Attachment Fees due hereunder and any other charges for work performed for Licensee, Licensee by the Licensor, including the removal of Licensee’s facilities facility upon termination of any authorization issued hereunder. a. 12.2 Licensee shall furnish a cash deposit, bond, irrevocable Letter of Credit bond or other security satisfactory to the Licensor in the following amounts: Security in the amount of $20.00, 20.00 shall be required for each authorized pole attachment. The total amount of security required hereunder shall not exceed $300,000 or be less than $1,000. Security will not be required where Licensee’s total attachment authorizations do not exceed ten (10). b. 12.3 If the financial security is in the form of a bond or irrevocable Letter of Credit, such instrument shall be issued by a Surety Company surety company or Bank bank satisfactory to the Licensor. The instrument shall contain a provision that the Surety Company surety company or Bank bank will pay the Licensor Licensor, within the dollar limits of the instrument instrument, any sum demanded by the Licensor as due under this the Agreement, whether or not the Licensee contests its liability to pay such sum, and whether or not the Licensor exercises or has exercised any option it may have to terminate. If any such amounts are paid by the Surety Company surety company or Bankbank, the Licensee shall restore the Surety Bond surety bond or Letter of Credit to the full amount required under this Article, within thirty (30) days after notice of such payment is sent to the Licensee. c. If the security is in the form of a cash deposit, interest at the rate currently paid by the Licensor on deposits shall be credited to the Licensee during the continuance of the deposit. If the Licensee shall fail to pay any sum demanded by the Licensor as due under the provisions of this Agreement, the Licensor shall have the right, without prior notice to the Licensee forthwith to apply any or all amounts on deposit with it to payment of the sum due, whether or not the Licensee contests its liability to pay such sum, and whether or not the Licensor exercises or has exercised any option it may have to terminate. If any such amounts are applied to payment of sums due to the Licensor, Licensee shall restore to its deposit the amounts so applied within thirty (30) days after notice to Licensee of such application. d. 12.4 The amount of the bond or the financial security shall not operate as a limitation upon the obligations of the Licensee.

Surety Requirements. 12.1 Upon request of Licensor, Licensee shall furnish bond or other satisfactory evidence of financial security in an amount specified as follows in subpart 12.2 to guarantee the payment of any sums which may become due to the Licensor for attachment fees Conduit Occupancy Fees due hereunder and any other charges for work performed for Licensee, Licensee by the Licensor, including the removal of Licensee’s facilities facility upon termination of any authorization issued hereunder. a. 12.2 Licensee shall furnish a cash deposit, bond, irrevocable Letter of Credit bond or other security satisfactory to the Licensor in the following amounts: Security in the amount of $20.00, 20.00 shall be required for each authorized pole attachmentmanhole authorized. The total amount of security required hereunder shall not exceed $300,000 or be less than $1,000. Security will not be required where Licensee’s total attachment authorizations do conduit occupancy does not exceed ten (10)1000 feet. b. 12.3 If the financial security is in the form of a bond or irrevocable Letter of Credit, such instrument shall be issued by a Surety Company surety company or Bank bank satisfactory to the Licensor. The instrument shall contain a provision that the Surety Company surety company or Bank bank will pay the Licensor Licensor, within the dollar limits of the instrument instrument, any sum demanded by the Licensor as due under this the Agreement, whether or not the Licensee contests its liability to pay such sum, and whether or not the Licensor exercises or has exercised any option it may have to terminate. If any such amounts are paid by the Surety Company surety company or Bankbank, the Licensee shall restore the Surety Bond surety bond or Letter of Credit to the full amount required under this Article, within thirty (30) days after notice of such payment is sent to the Licensee. c. If the security is in the form of a cash deposit, interest at the rate currently paid by the Licensor on deposits shall be credited to the Licensee during the continuance of the deposit. If the Licensee shall fail to pay any sum demanded by the Licensor as due under the provisions of this Agreement, the Licensor shall have the right, without prior notice to the Licensee forthwith to apply any or all amounts on deposit with it to payment of the sum due, whether or not the Licensee contests its liability to pay such sum, and whether or not the Licensor exercises or has exercised any option it may have to terminate. If any such amounts are applied to payment of sums due to the Licensor, Licensee shall restore to its deposit the amounts so applied within thirty (30) days after notice to Licensee of such application. d. 12.4 The amount of the bond or the financial security shall not operate as a limitation upon the obligations of the Licensee.

Surety Requirements. Licensee shall furnish a bond or other satisfactory evidence of financial security in an amount specified as follows to guarantee the payment of any sums which may become due to the Licensor for attachment occupancy fees due hereunder and any other charges for work performed for Licensee, by the Licensor, including the removal of Licensee’s facilities upon termination of any authorization issued hereunder. Termination of this Agreement shall not release the Licensee from any liability obligation under the Agreement. a. Licensee shall furnish a cash deposit, bond, irrevocable Letter of Credit or other security satisfactory to the Licensor in the following amounts: Security in the amount of ($20.00, shall 40,000) for the first 10,000 feet of conduit to be required licensed under this agreement and ($4,000) for each authorized pole attachmentadditional 1,000 feet. The total amount of security required hereunder here under shall not exceed $300,000 or 300,000, nor be less than $1,00040,000. Security will not be required where the total of Licensee’s total attachment authorizations occupancies do not exceed ten two hundred and fifty (10)250) feet. b. If the financial security is in the form of a bond or irrevocable Letter of Credit, such instrument shall be issued by a Surety Company surety company or Bank bank satisfactory to the Licensor. The instrument shall contain a provision that the Surety Company or Bank will pay to the Licensor within the dollar limits of the instrument any sum demanded by the Licensor as due under this Agreement, whether or not the Licensee contests its liability to pay such sum, and whether or not the Licensor exercises or has exercised any option it may have to terminate. If any such amounts are paid by the Surety Company or Bank, the Licensee shall restore the Surety Bond or Letter of Credit to the full amount required under this Article, within thirty (30) days after notice of such payment is sent to the Licensee. c. If the security is in the form of a cash deposit, interest at the rate currently generally paid by the Licensor on deposits shall be credited to the Licensee during the continuance of the deposit. If the Licensee shall fail to pay any sum demanded by the Licensor as due under the provisions of this Agreement, the Licensor shall have the right, without prior notice to the Licensee forthwith to apply any or all amounts on deposit with it to payment of the sum due, whether or not the Licensee contests its liability to pay such sum, and whether or not the Licensor exercises or has exercised any option it may have to terminate. If any such amounts are applied to payment of sums due to the Licensor, Licensee shall restore to its deposit the amounts so applied within thirty (30) days after notice to Licensee of such application. d. The amount of the bond or the financial security shall not operate as a limitation upon the obligations of the Licensee.