Provider's Security as Collateral Sample Clauses

Provider's Security as Collateral. The Commission and Provider agree that the Provider’s Security shall serve as collateral and security in the hands of the Commission to be drawn upon for the applicable amount in the event of any amount owed by Provider to the Commission including any of the following: (a) Provider’s failure to perform any of its obligations in respect of the Services under this Agreement by reason of becoming insolvent; (b) non-performance by Provider of its obligations regarding the Services which renders Provider to be in breach of this Agreement which breach was not remedied within any applicable cure period (or if no such cure period is specifically provided hereunder, then which has not been remedied within thirty (30) days, it being acknowledged and understood that such thirty (30) day grace period applies solely for purposes of this Section 18.2), (c) Provider is liable to the Commission for Transition Credits pursuant to Section 3.1.6 or SLA Credits in accordance with Section 5.6, and such Transition Credits or SLA Credits remain due and payable ten (10) days after the due date for payment and notice of default from the Commission , (d) Provider owes amounts to the Commission due to (i) a Net Income Shortfall Payment in accordance with Section 5.3.4, (ii) an overcharge and related audit costs in accordance with Sections 11.4.2 and/or 11.6, (iii) a budget surplus in accordance with Section 10.3.2 (iv) a 13.6.4 Settlement Proposal made in accordance with Section 13.6.4 and/or (v) a Re-Bid Cost in accordance with Section 13.8.2, and such amounts remain due and payable ten (10) days after the due date for payment and notice o f default from the Commission, (e) any amount related to the exercise of a ny right or remedy in respect of the occurrence of an Event of Default and/or (f) Provider owes amounts to the Commission pursuant to Article 15. (Each of clauses (a) through (f) above shall be called “Trigger Events” and such amounts also called “Provider Owed Amounts”.) The Provider’s Security shall serve as security for the payment of amounts owed by Provider to the Commission including against any Trigger Events and Provider Owed Amounts. Prior to the Commission’s draw upon the Provider’s Security, Commission shall provide written notice as to the occurrence of a Trigger Event (or any other event to which a draw relates) and the amount which the Commission intends to draw under the Provider’s Security. Provider shall have ten (10) days from its receipt of such written ...
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Related to Provider's Security as Collateral

  • Collateral The Collateral for this Note includes the Funding Agreement and the Guarantee specified on the face hereof.

  • Security Instruments (i) The Administrative Agent shall fail to have an Acceptable Security Interest in any portion of the Collateral or (ii) any Security Instrument shall at any time and for any reason cease to create the Lien on the Property purported to be subject to such agreement in accordance with the terms of such agreement, or cease to be in full force and effect, or shall be contested by the Borrower, any Guarantor or any of their respective Subsidiaries;

  • Assets as Collateral Prohibited Grantees will not encumber equipment purchased with System Agency funds without prior written approval from the System Agency.

  • UNION SECURITY AND CHECK-OFF 5.01 All present seniority employees who are currently members of the Union will be required to continue to be members of the Union as a condition of employment for the duration of this Agreement.

  • Security Audits Each Contract Year, County may perform or have performed security reviews and testing based on an IT infrastructure review plan. Such testing shall ensure all pertinent County security standards as well as any customer agency requirements, such as federal tax requirements or HIPPA.

  • Credit Union Lien and Security Interest To the extent you owe the Credit Union money as a borrower, guarantor, indorser or otherwise, the Credit Union has a lien on any or all of the funds in any account in which you have an ownership interest at the Credit Union, regardless of the source of the funds. The Credit Union may apply these funds in any order to pay off your indebtedness without further notice to you. If the Credit Union chooses not to enforce its lien, the Credit Union does not waive its right to enforce the lien at a later time. In addition, you grant the Credit Union a consensual security interest in your accounts and agree the Credit Union may use the funds from your accounts to pay any debt or amount owed the Credit Union, except obligations secured by your dwelling, unless prohibited by applicable law. All accounts are nonassignable and nontransferable to third parties.

  • SEPARATE DOCUMENT OF TITLE In the event that the separate document of title to the Property has been or is issued whether prior to, on or after the auction sale.

  • CREDIT AND COLLATERAL EXCEPTIONS (1) Within ninety (90) days the Board shall obtain current and satisfactory credit information on all loans lacking such information, including those listed in the XXX, in any subsequent Report of Examination, in any internal or external loan review, or in any listings of loans lacking such information provided to management by the National Bank Examiners at the conclusion of an examination.

  • Security Rule Obligations The following provisions of this section apply to the extent that Business Associate creates, receives, maintains or transmits Electronic PHI on behalf of Covered Entity.

  • Security Audit Customer agrees that PROS’ Audit Report will be used to satisfy any audit or inspection requests by or on behalf of Customer, and PROS will make Audit Reports available to Customer upon request. PROS will promptly remediate any material weaknesses or significant control deficiencies identified in any Audit Reports. In the event that an audit opinion is qualified and the qualification has not been remediated by the date of the Audit Report, PROS shall (i) provide Customer with PROS remediation plan; and (ii) execute such plan in accordance with its terms.

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