Adjustments to Security Sample Clauses
The "Adjustments to Security" clause defines the conditions and procedures under which the amount or form of security provided by a party—such as a deposit, guarantee, or letter of credit—may be changed during the course of an agreement. This clause typically outlines triggers for adjustment, such as changes in creditworthiness, project milestones, or regulatory requirements, and specifies the process for increasing, reducing, or substituting the security. Its core practical function is to ensure that the level of security remains appropriate to the evolving risks of the contract, thereby protecting the interests of the parties and maintaining financial assurance throughout the agreement.
Adjustments to Security. The Security provided by Interconnection Customer at or before execution of the Interconnection Service Agreement (a) shall be reduced as portions of the work are completed, and/or (b) shall be increased or decreased as required to reflect adjustments to Interconnection Customer’s cost responsibility, as determined in accordance with Section 217, to correspond with changes in the Scope of Work developed in accordance with Transmission Provider’s scope change process for interconnection projects set forth in the PJM Manuals.
Adjustments to Security. The Security provided by Project Developer at or before execution of the Generation Interconnection Agreement (a) shall be reduced as portions of the work are completed, and/or (b) shall be increased or decreased as required to reflect adjustments to Project Developer’s cost responsibility, as determined in accordance with GIP, section [to be determined], to correspond with changes in the Scope of Work developed in accordance with Transmission Provider’s scope change process for interconnection projects set forth in the PJM Manuals.
Adjustments to Security. The Security provided by each Project Developer at or before execution of the applicable GIA, Construction Service Agreement or other relevant NUCRAs the Project Developer is a party to shall be increased or decreased in accordance with the provisions of the applicable GIA, Construction Service Agreement or other relevant NUCRAs the Project Developer is a party to, , and consistent with the Project Developer’s cost responsibility set forth in Schedule B of this NUCRA.
Adjustments to Security. The Security provided by Interconnection Customer at or before execution of the Interconnection Service Agreement
Adjustments to Security. The Security provided by New Service Upgrade Customer at or before the Effective Date of this Upgrade CSA shall be: (a) reduced as portions of the work on Direct Assignment Facilities or Customer-Funded Upgrades, identified in Appendix I to this Upgrade CSA, are completed; and/or
Adjustments to Security. The Security provided by Developer Party at or before the Effective Date of this CSA shall be: (a) reduced as portions of the work on Network Upgrades, identified in Appendix I to this CSA, are completed; and/or (b) increased or decreased as required to reflect adjustments to Developer Party’s cost responsibility, to correspond with changes in the Scope of Work developed in accordance with Transmission Provider’s scope change process for projects set forth in the PJM Manuals.
Adjustments to Security. The Security provided by Interconnection CustomerDeveloper Party at or before executionthe Effective Date of the Interconnection Service Agreement (a) this CSA shall be: (a) reduced as portions of the work on Network Upgrades, identified in Appendix I to this CSA, are completed,; and/or (b) shall be increased or decreased as required to reflect adjustments to Interconnection Customer’sDeveloper Party’s cost responsibility, as determined in accordance with Section 217, to correspond with changes in the Scope of Work developed in accordance with Transmission Provider’s scope change process for interconnection projects set forth in the PJM Manuals.