Other Security Arrangements Clause Samples
The "Other Security Arrangements" clause defines the parties' ability to establish additional forms of security beyond those specifically outlined in the main agreement. This may include collateral, guarantees, or other financial assurances that provide further protection for one or both parties in case of default or non-performance. By allowing for supplementary security measures, this clause enhances the overall risk management of the contract and ensures that parties have flexibility to address unique circumstances or requirements not covered by standard provisions.
Other Security Arrangements. The Company at its discretion may deem appropriate, from time to time, other forms of security other than a Performance Bond with an Approved Credit Rating. Alternative arrangements will be considered where:
4.3.1 the Service Provider’s parent company has a suitable credit rating;
4.3.2 the Service Provider’s parent company is of significant commercial standing; or
4.3.3 where the ownership structure is appropriate such as a semi state company. These alternative arrangements can take the form of:
(i) a Letter of Credit;
(ii) a guarantee in such form as is reasonably acceptable to the Company issued by an entity with an Approved Credit Rating (a “Qualifying Guarantee”);
(iii) a cash deposit in an interest bearing account in the name of the Company at a bank that satisfies the criteria as outlined in the definition of Letter of Credit (an “Escrow Account”). Interest on the Escrow Account will accrue for the benefit of the Service Provider, after the deduction of any bank charges or tax; or
(iv) another deposit arrangement deemed acceptable by the Company.
Other Security Arrangements. The Company at its discretion may deem appropriate, from time to time, other forms of security other than a Performance Bond with an Approved Credit Rating.
4.3.1 the Service Provider’s parent company has a suitable credit rating;
4.3.2 the Service Provider’s parent company is of significant commercial standing; or
4.3.3 where the ownership structure is appropriate such as a semi state company. These alternative arrangements can take the form of:
(i) a Letter of Credit;
(ii) a guarantee in such form as is reasonably acceptable to the Company issued by an entity with an Approved Credit Rating (a “Qualifying Guarantee”);
Other Security Arrangements. Custody Deed Investor Security Deed
(i) the Units in respect of that Investor Trust;
(ii) all rights and property interests attaching to or arising out of or otherwise in respect of the ownership of the Units in respect of that Investor Trust by the Grantor which are acquired by the Grantor after the date of this deed including any Prepaid Interest paid or payable in respect of the Units but excluding the Beneficial Interest in the Portion of the Delivery Assets; and
(iii) amounts held in a deposit which are referable to that Investor Trust; and all the present and future right, title, benefit and interest of the Grantor in respect of that Investor Trust under, pursuant to or in connection with any bank account and the proceeds (within the meaning of the PPSA Law) of any such Charged Property to which the PPSA Law applies, but excluding the Beneficial Interest in the Portion of the Delivery Assets (the “Charged Property”). The Charged Property is secured as security for the payment of:
(i) all monies which the relevant Investor (or any Acceptor in respect of the obligations of the relevant Investor) is, or at any time may become, actually or contingently liable to pay to the Secured Party under or in relation to the Loan, the Investor Security Deed, the Custody Deed, this PDS and any other Transaction Document as agreed between the Grantor and Secured Party in connection with that Investor Trust;
(ii) all monies which the Grantor is, or at any time may become, actually or contingently liable to pay to the Secured Party under the Investor Security Deed in connection with that Investor Trust; and
(iii) any fees, costs, liabilities, taxes and expenses which the Secured Party incurs in connection with the Investor Security Deed including the costs of enforcement; (the “Secured Monies”) and the due and punctual performance of all other obligations of the Grantor and each Investor under the Investor Security Deed, Custody Deed, PDS and any other Transaction Document as agreed between the Grantor and Secured Party (together with the Secured Monies, the “Secured Obligations”). The Grantor may receive all distributions in respect of the Charged Property unless an Event of Default occurs and is permitted to give the direction in the Terms that any amounts payable to the Investor including any Coupons or Final Coupon payments will be made directly to the beneficiary of the Investor Trust. The Grantor must not create or allow to exist or agree to any Security Interest...
Other Security Arrangements. The Parties agree that other than the Lessee Credit Support and the Owner Credit Support no further security, guarantees or credit covenants (including, in the case of Lessee, any security over the LNG or the LNG proceeds) shall be offered by any Party to the others, unless as may subsequently be agreed by the Parties.