Type and amount of security Sample Clauses

Type and amount of security. Prior to commencing any work the Developer shall deposit with the Township cash, or an irrevocable standby letter of credit from a Canadian chartered bank or credit union acceptable to the Township and in a form approved by the Township based upon Form 2 attached to this Agreement [the “security”] to secure and guarantee to the Township due performance of the Developer’s obligations, including, without limitation, those obligations relating to the provision of municipal services and all financial obligations of the Developer, present and future, pursuant to this Agreement and the security shall be in an original sum of not less than 100% of the value of the municipal and engineering services and rough grading required by this Agreement plus applicable taxes. In the event that a letter of credit is provided then the Township shall be named as beneficiary/secured party therein. If a Pre-servicing Agreement has been entered into, the amount of securities required by this Agreement shall be as per Article 10.3 namely an amount equal to one hundred and fifteen (115%) percent of the cost of work remaining to be completed plus ten (10%) percent of the completed work costs, as estimated by the Developer’s Engineers and verified by the Township Engineer. The Developer’s engineer shall determine the amount of the remaining work which shall be verified by the Township Engineer. In order to guarantee site servicing and the due performance of its covenants for this Agreement, the Developer shall provide a current security financial report (Securities Reconciliation Report) for each project phase in the development, the Township’s Engineer shall certify the amount of securities and the Township accept the required amount of securities for inclusion in Schedule “F” of this agreement. Prior to registration of this Agreement and during the term of this Agreement, the Developer shall maintain a Letter of Credit (“Letter of Credit”) or cash security in the amount of $1,000,000.00. This irrevocable letter of credit will be maintained on a go forward basis to provide assurance for security for this agreement and future phases of the Developer’s residential development projects. As new phases come forward for development and as infrastructure within each phase of the developments are completed, the amount of securities required will increase and decrease from time to time. If the aggregate amount of the total securities required to satisfy the Township’s assurance of the Develo...
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Type and amount of security. Prior to commencing any work the Developer shall deposit with the Township cash, or an irrevocable standby letter of credit from a Canadian chartered bank acceptable to the Township and in a form approved by the Township based upon Form 2 attached to this Agreement [the “security”] to secure and guarantee to the Township due performance of the Developer’s obligations relating to the provision of municipal services and all financial obligations of the Developer, present and future, pursuant to this Agreement and the security shall be in an original sum of not less than 100% of the value of the municipal and engineering services required by this Agreement plus applicable taxes. In the event that a letter of credit is provided then the Township shall be named as beneficiary/secured party therein.
Sample 1
Type and amount of security. The Developer shall deposit with the Town cash, or an irrevocable standby letter of credit from a Canadian chartered bank acceptable to the Town and in a form approved by the Town based upon Form 2 attached to this Agreement [the “security”] to secure and guarantee to the Town due performance of the Developer’s obligations under this Agreement and the security shall be in an amount equal to either: • One hundred and (110%) of the cost of Required External Services based on the Total Estimated Cost of such services as outlined in Schedule “B” including all applicable taxes, engineering fees, and contingency allowances, but would exclude the Town’s Portion of the project. This security amount equates to $361,292.74. • The amount of Security held may be reduced upon the completion of components of the project, as approved by the Town’s Engineer, but is not to be reduced to less than 10% of the Total Estimated Cost for a 1 year maintenance period after this project has been completed. Upon the expiration of the maintenance period and the project being accepted by the Town, the remaining security amount will be released. In the event that a letter of credit is provided then the Town shall be named as beneficiary/secured party therein.
Sample 1

Related to Type and amount of security

  • Another type of security fraud problem This is where there was another security or fraud problem, such as: o There was some other unauthorized access to your account. o Your password or PIN was compromised.

  • Return of Security Aurizon Network must return to the Access Holder (and, where appropriate, give the Access Holder any necessary releases in relation to) any Security provided by the Access Holder under this clause 6:

  • Grant of Security Each Grantor hereby grants to the Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in such Grantor’s right, title and interest in and to the following, in each case, as to each type of property described below, whether now owned or hereafter acquired by such Grantor, wherever located, and whether now or hereafter existing or arising (collectively, the “Collateral”):

  • Warranty of Security Unless otherwise agreed in writing, the Contractor and its subcontractors will not perform any of the services from outside of the United States, and the Contractor will not allow any State of Florida data to be sent by any medium, transmitted, or accessed outside of the United States. The Contractor agrees that a violation of items listed above will result in immediate and irreparable harm to the Customer and will entitle the Customer to a credit as provided in the Contract documents. This credit is intended only to cover the Customer’s internal staffing and administrative costs as well as the diminished value of services provided under the Contract and will not preclude the Customer from recovering other damages it may suffer as a result of such violation. For purposes of determining the damages due hereunder, a group of violations relating to a common set of operative facts (e.g., same location, same time period, same off-shore entity) will be treated as a single event. A violation of this provision will also entitle the Customer to recover any damages arising from a breach of this section and constitutes an event of default. The Contractor must notify the Department and the Customer as soon as possible, in accordance with the requirements of section 501.171, F.S., if applicable, and in all events within one (1) business day in the event Contractor discovers any data is breached, any unauthorized access of data occurs (even by persons or companies with authorized access for other purposes), any unauthorized transmission of data occurs, or of any credible allegation or suspicion of a material violation of the above. This notification is required regardless of the number of persons or type of data affected. The notification must be clear and conspicuous and include a description of the following:

  • Provision of Security At least thirty (30) Calendar Days prior to the commencement of the procurement, installation, or construction of a discrete portion of a Connecting Transmission Owner’s Attachment Facilities, Developer shall provide Connecting Transmission Owner, at Developer’s option, a guarantee, a surety bond, letter of credit or other form of security that is reasonably acceptable to Connecting Transmission Owner and is consistent with the Uniform Commercial Code of the jurisdiction identified in Article 14.2.1 of this Agreement. Such security for payment shall be in an amount sufficient to cover the cost for the Developer’s share of constructing, procuring and installing the applicable portion of Connecting Transmission Owner’s Attachment Facilities, and shall be reduced on a dollar-for-dollar basis for payments made to Connecting Transmission Owner for these purposes. In addition:

  • REFUND OF SECURITY DEPOSIT MANAGEMENT agrees to refund the security deposit to RESIDENT upon satisfaction of all lease provisions, and all of the following conditions, or as otherwise required by applicable Virginia Law.

  • Return of Security Deposit (a) We must return your security deposit and any accrued interest in the following circumstances:

  • Enforcement of Security On and at any time after the occurrence of an Event of Default the Security Agent may, and shall if so directed by the Majority Lenders, take any action which, as a result of the Event of Default or any notice served under Clause 25.20 (Acceleration), the Security Agent is entitled to take under any Finance Document or any applicable law or regulation.

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