Closing Security Sample Clauses
The "Closing Security" clause defines the security interests or collateral arrangements that must be in place at the time a transaction is finalized. Typically, this clause outlines the specific assets or rights that the borrower must pledge or assign to the lender as security before the closing date, such as mortgages, charges, or guarantees. Its core practical function is to ensure that the lender has enforceable security interests from the outset, thereby mitigating credit risk and protecting the lender’s position in the event of default.
Closing Security. The Developer has delivered the Closing Security to the District and the Closing Security has become fully effective in accordance with its terms.
Closing Security. The Closing Security shall have been executed and delivered to the Department and shall have become fully effective in accordance with its terms.
Closing Security. At the Execution Date, the Concessionnaire shall issue in favor of the Contracting Authority the Closing Security. The Closing Security shall be:
Closing Security. The Smithsonian and the Developer acknowledge and 804 agree that as of the Execution Date, the Developer delivered to the Smithsonian [one or more 805 standby letter(s) of credit or demand guarantees in the form of Exhibit 26 of the RFP] in an 806 aggregate amount equal to Twenty Million Dollars ($20,000,000.00) (the “Closing Security”), 807 which is attached hereto as Exhibit O. The Closing Security designates the Smithsonian as the 808 beneficiary.
Closing Security. The Concessionaire acknowledges that it has provided to the Authority the Closing Security as security for the Concessionaire’s commitment to achieve the Closing, and the Authority acknowledges that it has received the Closing Security from the Concessionaire. The Authority has the right to immediately draw on the Closing Security in full, upon presentation of a sight draft and a certificate confirming that the Authority has the right to draw under the Closing Security if, and only if, this Agreement is terminated prior to the Closing Date due to a Concessionaire Default. The Authority will return to the Concessionaire the Closing Security marked “cancelled” at the Time of Closing.8