Payment Security means an acceptable bond, irrevocable letter of credit or other similar security acceptable to Authority in an amount equal to the estimate of three (3) months’ Rents, tax assessments, and charges, payable by Company under this Agreement, to guarantee the faithful performance by Company of its obligations under this Agreement and the payment of all Rents, tax assessments and charges due under this Agreement, the Resolution, or Company’s Basic Agreement, as applicable.

Payment Security shall have the meaning set forth in Section 4.4. SAMPLE

Payment Security shall have the meaning ascribed thereto in Article 10.4 of this Mechanism” Agreement;

Examples of Payment Security in a sentence

If such renewal or replacement Payment Security is not provided within thirty days prior to cancellation, the Authority may draw upon such Payment Security and hold such funds as Payment Security hereunder.
Such Payment Security will require notice by the surety to the Authority at least sixty (60) days prior to any cancellation.
Company will be obligated to maintain such Payment Security in effect until the expiration of eighteen (18) consecutive months during which Company commits no default under this Agreement.
Such Payment Security will be in a form and with a company acceptable to the Authority and licensed to do business in the State of Florida.
Unless Company has maintained an agreement similar to this Agreement with the Authority during the eighteen (18) months prior to the Effective Date without the occurrence of any failure to pay within sixty (60) days or more of the due date under such prior agreement, Company will provide the Authority on or before the Effective Date of this Agreement with acceptable Payment Security.

More Definitions of Payment Security

Payment Security has the meaning ascribed to it in Clause 6.8.

Payment Security means security in the form of a bank guarantee as per the format mentioned under Schedule VI, which the Concessionaire shall provide to CoC for the payment of Concession Fee in accordance with Article 6.1.1.

Payment Security means security to guarantee payment for labor and materials under a construction contract. “Performance security” is defined as security to guarantee the performance of a construction contract. Security is usually provided by a contractor in the form of a surety bond.

Payment Security means security to guarantee payment to the 9 utility contractor, subcontractors, and suppliers that provide labor, materials, or

Payment Security means support for Buyer’s payment obligation as described in Section

Payment Security. Parties often put in place mechanisms to prevent interruptions to the projected stream of payments under the PPA.