Operating Security Clause Samples
Operating Security. Seller shall post “Operating Security” (separate from Delay Security) of [[INSERT]] United States dollars ($ ) in the form of Cash, Letter of Credit, Guaranty, or other form of Credit Support Security acceptable to Avista. Operating Security shall be posted prior to Commercial Operation and shall be renewed in one year increments such that it is continuous over the remaining Term of the Agreement. If on or following the sixtieth (60th) day prior to the expiration date of such Letter of Credit, Avista has not received from the issuing bank an amendment renewing the Letter of Credit for a subsequent year, or has not been provided a replacement Letter of Credit from a Qualified Institution in substantially the same form as the existing Letter of Credit, Avista will be permitted to draw on the Letter of Credit up to the face amount of the Letter of Credit in accordance with the terms and conditions of such Letter of Credit. Operating Security shall be posted before the Commercial Operation Date of this Agreement. If Operating Security is posted in the form of a Letter of Credit, such Operating Security shall be posted substantially in the form of Exhibit O attached hereto.
Operating Security. Prior to the Commercial Operation Date or the Initial Delivery Date, as applicable, Seller shall have posted Operating Security in compliance with Section 17.
Operating Security. Within five (5) Days from the Operations Start Date, the Company shall provide and deliver to the Agency a surety bond callable on demand in the form set out in Schedule 7 (Form of Performance Security) as security for the performance by the Company of all of its obligations under this Agreement from the Provisional Operations Start Date until the Termination Date (the “Operating Security”), including:
Operating Security. Within five (5) Days from the Operations Start Date, the Company shall provide and deliver to the LGU a surety bond callable on demand in the form set out in Schedule D (Form of Performance Security) as security for the performance by the Company of its obligations under this Agreement from the Provisional Operations Start Date until the Termination Date (the “Operating Security”). The Operating Security shall have a value equivalent to PHP[] and shall be issued by a Performance Security Issuer in favor of the LGU. The Company shall ensure that the Operating Security is always valid and regularly renewed or extended.
Operating Security. As a condition of Buyer's continuing obligation under this Agreement, Supplier shall provide to Buyer, as security for the performance of Supplier's obligations hereunder, either (a) a letter of credit from a Qualified Financial Institution in the form attached hereto as Exhibit 17 or (b) a cash deposit, in either case, in an amount equal to One Million Four Hundred Twenty Six Thousand Seven Hundred and No/100 Dollars ($1,426,700) (the "Operating Security"); provided, however, that if the Annual Supply Amount is increased pursuant to Section 3.7.1, 3.7.4 or 3.7.5, then the amount of the required Operating Security will be increased to be an amount that is equal to the product of (i) the total number of MWh comprising the Annual Supply Amount as so adjusted, and (ii) USD $20.00. The Operating Security shall be posted no later than five (5) Business Days after the PUCN Approval Date or, if Commercial Operation occurs after the PUCN Approval Date, then five (5) Business Days after the Generating Facility achieves Commercial Operation. Buyer shall have the right to draw upon the Operating Security, at Buyer's sole discretion, (a) as a non-exclusive remedy available to Buyer under Article 23, (b) in the event Supplier fails to make any payments owing under this Agreement or (c) if Supplier fails to reimburse Buyer for costs, including Replacement Costs, PC Replacement Costs and Penalties that Buyer has incurred or may incur as a result of Supplier's failure to perform under this Agreement. Any such drawing on the Operating Security by Buyer shall give rise to an obligation of Supplier to replenish the Operating Security to its original amount (or increased amount, if applicable) within three (3) Business Days. In the event that no amounts are due and owing by Supplier to Buyer under this Agreement, the Operating Security shall be released to Supplier upon the earlier of the fifteenth (15th ) Business Day after (x) termination of this Agreement in accordance with its terms or (y) the expiration of the Term.
Operating Security. Within five (5) Days from the In-Service Date, the Company shall provide and deliver to the Agency a surety bond callable on demand in the form set out in Schedule D (Form of Performance Security) as security for the performance by the Company of its obligations under this Agreement from the Provisional In-Service Date until the Termination Date (the “Operating Security”). The Operating Security shall have a value equivalent to PHP[] and shall be issued by a Performance Security Issuer in favor of the Agency. The Company shall ensure that the Operating Security is always valid and regularly renewed or extended.
Operating Security. 8.1 The Customer undertakes to implement and maintain all industry standard security procedures and measures, and those required in the OASIS Manual, to prevent unauthorised access to or use of OASIS and to protect OASIS Communications against the risk of alteration, delay, disruption or loss.
8.2 If the Customer becomes aware of any unauthorised access to or use of OASIS, it shall promptly notify GSB and take such other steps as may be set out in the OASIS Manual.
8.3 If GSB becomes aware of any unauthorised access to or use of OASIS which adversely affect the Customer, it shall promptly notify the Customer and take such reasonable steps to remedy such access or use as may be set out in the OASIS Manual.
8.4 If through OASIS the Customer obtains or receives unauthorised access to information concerning another user of OASIS, or receives an OASIS Communication sent to another user of OASIS, the Customer shall promptly inform GSB, delete such information or communication and make no further use thereof.
8.5 The Customer shall not, and shall not attempt to, download, delete, modify or knowingly damage or access for any purpose any computer coding comprised in OASIS or installed on any equipment forming part of OASIS.
8.6 The Customer shall not access or use OASIS in any way which might significantly reduce or otherwise affect the performance of OASIS.
Operating Security. As a condition of Buyer's continuing obligation under this Agreement, Supplier shall provide to Buyer, as security for the performance of Seller's obligations hereunder, either (a) a letter of credit from a Qualified Financial Institution in the form attached hereto as Exhibit 17 or (b) a cash deposit, in either case, in an amount equal to [***] (the "Operating Security"). Buyer shall have the right to draw upon the Operating Security, at Buyer's sole discretion, in the event Supplier falls to make any payments owing under this Agreement or to reimburse Buyer for costs, including Replacement Costs, PC Replacement Costs and Penalties, that Buyer has incurred or may incur as a result of Supplier's failure to perform under this Agreement. The Operating Security shall be posted no later than five (5) Business Days after the Generating Facility achieves Commercial Operations. In the event that no amounts are due and owing by Supplier to Buyer under this Agreement, the Operating Security shall be released to Supplier upon the earlier of (x) termination of this Agreement in accordance with its terms or (y) on the fifteenth (15th) Business Day after the expiration of the Term.