Owner Security Clause Samples
Owner Security. (a) Owner shall be required to post Credit Support in the amount of $4,983,480.00 (“Owner Security”) to secure Owner’s obligations under this Agreement in the period beginning on the Effective Date and continuing through and including the date that all of Owner’s obligations under this Agreement are satisfied. Fifty percent (50%) of the Owner Security shall be provided to Distribution Company within three (3) Business Days following the Execution Date; and the remaining fifty percent (50%) shall be provided to Distribution Company within fifteen (15) Business Days after receipt of the Regulatory Approval.
(b) If at any time during the Term of this Agreement, the amount of Credit Support is reduced as a result of Distribution Company’s draw upon such Credit Support, Owner shall replenish such Credit Support to the total amount required under this Section 16.1 within five (5) Business Days of that draw, provided that any replenishment obligation shall be subject to the limitations on total liability set forth in Section 14.7.
(c) Any Cash provided by Owner as Credit Support under this Agreement shall be held in an account selected by Distribution Company in its reasonable discretion. Interest shall accrue on that Cash deposit at the daily Federal Funds Rate and shall be remitted to Owner upon written request to Distribution Company, with such request not more often than on a quarterly basis, and Distribution Company shall remit such accrued interest to the Owner within a reasonable time following receipt of such request. Owner agrees to comply with the commercially reasonable requirements of Distribution Company in connection with the receipt and retention of any Cash provided as Credit Support under this Agreement.
(d) Any unused Credit Support provided under this Agreement shall be returned to Owner only after any such Credit Support has been used to satisfy any outstanding obligations of Owner in existence at the time of the expiration or termination of this Agreement. Provided such obligations have been satisfied, such Credit Support shall be returned to Owner within thirty (30) days after the expiration or earlier termination of this Agreement.
Owner Security. Owner Building Security requires sign-in/sign-out at the front desk, as a procedure, and is not intended to provide security for the conferencing center.
Owner Security. (a) In order to secure Owner’s obligations under this Agreement in the period beginning on the Effective Date and continuing through and including the date that all of Owner’s obligations under this Agreement are satisfied, Owner shall be required to post Credit Support (i) prior to the Commercial Operation Date, prior to the Assignment Effective Date in the amount of $4,983,480 and on and after the Assignment Effective Date in the amount of $9,555,480 and (ii) on and after the Commercial Operation Date, in the amount of $4,983,480 (“Owner Security”). $2,491,740 of the Owner Security shall be provided to Distribution Company within three (3) Business Days following the Execution Date; $2,491,740 of the Owner Security shall be provided to Distribution Company within fifteen
Owner Security. The Owner shall establish for the benefit of the Program Manager, a letter of credit or equivalent escrow account (the "Owner Security") on terms and with a bank reasonably acceptable to the Program Manager as security for payment of the Reimbursable Costs. The Owner Security shall be issued and outstanding at all times during performance of the Services in an amount necessary to meet the monthly cash-flow requirements set forth in Exhibit M hereto. Prior to exercising any rights against the Owner Security, the Program Manager shall notify the Owner that the Owner has failed to pay, within the period specified for such payment, an amount due and payable to the Program Manager in respect of a Reimbursement Invoice duly submitted by the Program Manager in accordance with this Section 7. The Owner shall, to the extent that no Event of Default nor other event entitling the Owner to withhold payments to the Program Manager has occurred and is continuing, reimburse the requested amount to the Program Manager by the close of business on the [REDACTED] next succeeding the Program Manager's notice, whereupon the Owner's failure to do so, shall entitle the Program Manager to draw upon the Owner Security in the amount of such outstanding payment.
Owner Security. The Owner shall establish for the benefit of the Program Manager, a letter of credit or equivalent escrow account (the "Owner Security") on terms and with a bank reasonably acceptable to the Program Manager as security for payment of the Reimbursable Costs. The Owner Security shall be issued and outstanding at all times during performance of the Services in an amount necessary to meet the monthly cash-flow requirements set forth in Exhibit M hereto. Prior to exercising any rights against the Owner Security, the Program Manager shall notify the Owner that the Owner has failed to pay, within the period specified for such payment, an amount due and payable to the Program Manager in respect of a Reimbursement Invoice duly submitted by the Program Manager in accordance with this Section 7. The Owner shall, to the extent that no Event of Default nor other event entitling the Owner to withhold payments to the Program Manager has occurred and is continuing, reimburse the requested amount to the Program Manager by the close of business on the [REDACTED] next succeeding the Program Manager's notice, whereupon the Owner's failure to do so, shall entitle the Program Manager to draw upon the Owner Security in the amount of such outstanding payment.