Payment SecurityMechanism Sample Clauses

Payment SecurityMechanism. LetterofCredit(LC): a) shallprovidetotheSPG,inrespectofpaymentofitsMonthlyBillsand/or Supplementary Bills, a monthly unconditional, revolving and irrevocableletter of credit (“Letter of Credit”), opened and maintained which may be drawnupon bytheSPGinaccordancewith thePPA. b) Notlaterthanone(1)Monthbeforethestartofsupply,throughascheduledbankope naLetterofCreditinfavouroftheSPG,tobemadeoperative from a date prior to the Due Date of its first Monthly Bill under thisAgreement. The Letter of Credit shall have a term of twelve (12) Months andshallberenewed annually,foranamountequalto: i. forthefirstContractYear,equaltotheestimatedaveragemonthlybilling; ii. for each subsequent Contract Year, equal to the average of the monthlybillingoftheprevious ContractYear. c) Provided that the SPG shall not draw upon such Letter of Credit prior to the DueDate of the relevant Monthly Bill and/or Supplementary Bill, and shall not makemorethanonedrawal ina Month. d) Provided further that if at any time, such Letter of Credit amount falls short ofthe amount specified above due to any reason whatsoever, shall restoresuch shortfallwithinfifteen(15)days. e) shallcausethescheduledbankissuingtheLetterofCredittointimatetheSPG, inwritingregardingestablishingofsuchirrevocableLetterofCredit. f) shall ensure that the Letter of Credit shall be renewed not later than itsexpiry. g) All costs relating to opening, maintenance of the Letter of Credit shall be bornebythe SPG. h) If fails to pay undisputed Monthly Bill or Supplementary Bill or a partthereof within and including the Due Date, then, subject to above, the SPG maydraw upon the Letter of Credit, and accordingly the bank shall pay without anyreference or instructions from , an amount equal to such Monthly Bill orSupplementary Bill or part thereof, in accordance with above, by presenting tothescheduled bankissuingtheLetterofCredit,thefollowingdocuments: i. a copy of theMonthly Bill or Supplementary Bill which has remainedunpaidto SPGand; ii. a certificate from the SPG to the effect that the bill at item (a) above, orspecifiedpartthereof,isinaccordancewiththeAgreement, is not disputedandhasremainedunpaidbeyondtheDueDate;
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Related to Payment SecurityMechanism

  • Payment Security To secure all of CAISO’s payment obligations to Owner under this Agreement, CAISO agrees to grant Owner a security interest and lien in the following collateral (collectively, the “Collateral”): (a) all past, present and future accounts and other amounts Responsible Utility owes CAISO at any time pursuant to Section 41 of the CAISO Tariff attributable to invoices submitted by Owner under this Agreement (collectively, the “Accounts”), (b) the RMR Owner Facility Trust Account, all funds in the RMR Owner Facility Trust Account at any time, and all funds paid on account of any Accounts, (c) all proceeds of the Collateral, if any, and (d) all of CAISO’s right, title and interest in the Collateral. CAISO represents and warrants to Owner that (a) CAISO has the authority to grant such security interest, (b) CAISO will have good, marketable and exclusive title to all of the Collateral, (c) such security interest and lien will at all times be a valid, enforceable and first-priority lien on the Collateral, and (d) such security interest will be duly perfected by the filing of a financing statement under the California Uniform Commercial Code describing the Collateral in the office of the Secretary of State of California and the delivery of a written notice of Owner’s security interest to the bank with which the RMR Owner Facility Trust Account is maintained. If CAISO defaults on its obligation to pay under this Agreement, Owner shall be entitled to enforce such securityinterest, to exercise its rights in the Collateral, to collect the Accounts from Responsible Utility, to collect all funds in the RMR Owner Facility Trust Account, and to exercise all other rights and remedies under the California Uniform Commercial Code. CAISO agrees to promptly execute and deliver all financing statements and other documents Owner reasonably requests, including but not limited to a written notice of Owner’s security interest in the Collateral to the bank with which the RMR Owner Facility Trust Account is maintained, in order to maintain, perfect and enforce such security interest.

  • MANAGEMENT SECURITY Section 1. The Federation hereby accepts liability for any damage to or loss of state property that is the proximate cause of action by striking employees of this bargaining unit, provided however, that liability under this section shall be restricted to include any alleged loss of revenue or other incidental or punitive damage sought by the Employer.

  • Replacement Securities If the Holder of a Security claims that the Security has been mutilated, destroyed, lost or stolen, the Corporation may issue and the Trustee shall authenticate a replacement Security of the same series with identical terms as the Securities exchanged if the requirements of Section 8-405 of the Uniform Commercial Code (or any successor provision) are met. Such Holder shall furnish an indemnity bond sufficient in the judgment of the Corporation and the Trustee to protect the Corporation, the Trustee, the Paying Agent, the Registrar and any co-registrar from any loss that any of them may suffer if a Security is replaced. The Corporation and the Trustee may charge for their expenses in replacing a Security. In case any such mutilated, destroyed, lost or stolen Security has become due and payable, the Corporation in its discretion may, instead of issuing a new Security, pay such Security (without surrender thereof, except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Corporation, the Trustee, the Paying Agent, the Registrar and any co-registrar for such Security such security or indemnity as may be required by them to hold each of them harmless, and in case of destruction, loss or theft, evidence satisfactory to the Corporation, the Trustee, the Paying Agent, the Registrar and any co-registrar, and any agent of any of them, of the destruction, loss or theft of such Security and the ownership thereof. Upon the issuance of any new Security under this Section, the Corporation may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses in connection therewith (including all fees and expenses of the Trustee, the Paying Agent, the Registrar and any co-registrar for such Security). Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security or in exchange for any mutilated Security, shall constitute an original additional obligation of the Corporation, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of the same series. The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

  • Government Securities 16 Guarantee................................................... 16 Guarantor................................................... 17 Holder...................................................... 17 Incur....................................................... 17

  • Employment Security 28.1 The parties to this agreement agree to maximise the continuity of employment for existing and future employees and to ensure that permanent employment opportunities and the opportunity for promotion transfer and re-training or upskilling are not eliminated, reduced or eroded. 28.2 The Employer recognises that the use of subcontractors and labour hire may affect the job security of current and future employees covered by this Agreement. 28.3 As soon as practicable after being awarded a contract and prior to engaging subcontractors to perform work in the classifications covered by this agreement, the employer shall inform the Union Delegate (where applicable) which subcontractors it intends to use for the project. 28.4 The application of this Employment Security clause shall recognise geographical and commercial circumstances. In these circumstances the Employer and the Union may agree to vary the requirements of clause 28 on a project-by-project basis. Negotiations are to be conducted in good faith and agreement will not be unreasonably withheld.