SECURITY AND PAYMENT Clause Samples

The SECURITY AND PAYMENT clause outlines the requirements and procedures for providing financial security and making payments under an agreement. Typically, this clause specifies the types of security (such as bonds, guarantees, or deposits) that must be provided to ensure performance or payment, and details the timing, method, and conditions for making payments. By clearly defining these obligations, the clause helps to protect the interests of the parties by reducing the risk of non-payment or non-performance and ensuring that financial transactions are handled in a predictable and secure manner.
SECURITY AND PAYMENT. 33 SECTION 11.01. Zero Coupon Bond............................................ .............33 SECTION 11.02. Payment Of Interest; Interest Rights Preserved............................33 SECTION 11.03 Payment of Principal Amount...................................... .........34 SECTION 11.04. Remaining Sums............................................. ..............35
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SECURITY AND PAYMENT. 1. MGA shall have the right to offset any amounts due MGA from PRODUCER against amounts due PRODUCER by MGA. 2. In the event MGA receives an insufficient funds check from PRODUCER, MGA may elect to deem insufficient funds check as breach of contract, which may result in the cancellation of said PRODUCER’S Agreement. MGA, at its discretion, may elect to process any new or renewal business applications from PRODUCER and requests for endorsement of policies in force only if accompanied by a cashiers check, certified check or cash for the gross premium due until such time that PRODUCER pays in full the obligation covered by the insufficient funds check. 3. PRODUCER agrees to refund unearned commission within 30 days to MGA at the same rate that commissions were paid to PRODUCER. 4. PRODUCER ▇▇▇▇▇▇ gives the MGA authorization to direct deposit any commissions due the PRODUCER for policies written by the PRODUCER on behalf of the MGA. The PRODUCER further authorizes the debit/withdrawal of any amounts owned to the MGA by PRODUCER (fees, policy cancellations, return commissions) that remain outstanding
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SECURITY AND PAYMENT. 1. MGA shall have the right to offset any amounts due MGA from PRODUCER against amounts due PRODUCER by MGA. 2. In the event MGA receives an insufficient funds check from PRODUCER, MGA may elect to deem insufficient funds check as breach of contract, which may result in the cancellation of said PRODUCER’S Agreement. MGA, at its discretion, may elect to process any new or renewal business applications from PRODUCER and requests for endorsement of policies in force only if accompanied by a cashiers check, certified check or cash for the gross premium due until such time that PRODUCER pays in full the obligation covered by the insufficient funds check.
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Related to SECURITY AND PAYMENT

  • UNION SECURITY AND DUES CHECK-OFF Section 2.1. The Board agrees to deduct from or check off on the wages of employees for the payment of dues to the Operating Engineers, upon presentation of a written authorization individually executed by any employee. Section 2.2. Payroll deductions shall be direct deposited to the account set up by the Treasurer and Financial Secretary of Local #95. Section 2.3. The Board further agrees to continue to honor present dues deduction authorization executed by the employee in favor of the Operating Engineers, and to notify the local in case of any changes in deductions. Section 2.4. The Operating Engineers agree to indemnify and save the Board harmless against any and all claims that may arise out of or by reason of action taken by the Board in reliance upon any authorization cards submitted by the Operating Engineers to the Board. Section 2.5. Dues deduction authorization shall be irrevocable for a period of one (1) year. Union dues or fair share fees shall be deducted in twenty-four (24) installments commencing with the first full pay in July. The Union Financial Secretary shall, by June 20th of each year, provide the Boards Treasurer's office the new amount needed to be deducted. No charges shall be made for this service. Section 2.6. The Board shall deduct monthly membership dues, permit fees, fair share fees and if appropriate, initiation fees payable to the Union, upon receipt of a voluntarily written individual authorization from any bargaining unit employee on a form provided by the Union. When an employee transfers from one appointing authority to another within the bargaining unit, the dues deduction notice or fair share notice, if one has been submitted, will be transferred to the new appointing authority. Each employee covered by this Agreement who fails voluntary to acquire or maintain membership in the Union shall be required to pay to the Union a fair share fee as a condition of employment. All employees in the bargaining unit pursuant to Section 4117.09 (C) of the Ohio Revised Code who do become, or do not remain, members in the Union shall, during a such period of non-membership, be required as a condition of employment to pay to the Union a fair share fee of an equal to the dues uniformly required of it’s members. The deduction of the fair share fee from the payroll checks of the bargaining unit employees shall be automatic within thirty (30) days of employment, or within thirty (30) days of the effective date of this Agreement and does not require authorization by the non-member employee. The Board is limited to deducting only Union dues, or fair share fees for the exclusive representation of the bargaining unit unless stated in this Agreement. Section 2.7. The Board shall be obligated under this Article to terminate the employment of any employee by reason of his/hers failure to obtain or maintain membership in the Union as required by the Article upon receipt of written request for such termination from the Union. Upon termination the Board will post and fill the position with another contract person. The Union shall indemnify and hold the Board harmless from any action brought against the Board as a result of the provisions of this Section.

  • UNION SECURITY AND DUES DEDUCTION Section 1 The Employer agrees to notify all new employees covered by this Agreement that the Union is the sole exclusive bargaining representative. It shall be a condition of employment that all employees of the Employer covered by this Agreement who are members of the Union in good standing on the effective date of this Agreement or on the date upon which this Agreement is signed, whichever is later, shall remain members in good standing and those who are not members on the effective date of this Agreement or the date upon which this Agreement is signed, whichever is later, shall on the sixty-first (61st) day following the effective date of this Agreement or the date upon which this Agreement is signed, whichever is later, become and remain members in good standing in the Union, or they shall pay service fees in accordance with the by-laws of the Union for the duration of the Agreement and any extensions thereof. It shall also be a condition of employment that all employees covered by this Agreement and hired on or after its effective date or the date upon which this Agreement is signed, whichever is later, shall on the sixty-first (61st) day following the beginning of such employment become and remain members in good standing in the Union or shall pay a service fee as stated above; and in the event an employee covered by the Agreement shall refuse and fail to become a Union member or to pay the service fee, the Employer shall terminate said employee’s employment, subject to conditions specified in Section 4 of this Article. A. The Union will furnish the School district with deduction authorization cards signed in triplicate by the employee involved as or before each employee completes his/her probationary period. These cards will authorize the Board to make the necessary deductions each month on each employee following completion of his/her probationary period in accordance with the requirements of the National Labor Relations Act of 1947 and amendments thereto. B. A form comparable to the authorization for dues check-off shall be available for signature by employees who elect to have their equivalent service fees deducted, rather than membership dues. C. Upon signed authorization of the employee, the Employer agrees to make all authorized deductions on the first pay period of each month and shall pay same to the Secretary-Treasurer of the MEA prior to the end of the month. D. The Union will furnish the Employer with a check-off list in alphabetical order in duplicate each month, indication thereon the amount due for each employee. One copy of this list shall be returned with the stipulated amount to the Union prior to the end of the month. Section 3 The Union agrees to indemnify and save the Board of Education, including such individual school board members and the administration, harmless against any and all claims, demands, suits or other forms of liability that shall arise out of or by reason of action by the Board of Education for the purpose of complying with this Article. Section 4 The Union shall notify the Employer and the employee by certified mail of any employee who is thirty (30) working days in arrears in the payment of membership dues or service fees. In the event the employee fails to pay either membership dues or service fees pursuant to the employee’s prior election, said employee shall be discharged by the Employer within thirty (30) working days of said notice. However, no employee will be terminated during the pendency of any appeal relative to the level of service fees. Section 5 Non-bargaining unit employees will not perform bargaining unit work that would deprive bargaining unit employees of their regularly scheduled work day.

  • Grant of Security and Secured Obligations SECTION 3.1. Pledge; Grant of Security Interest 9 SECTION 3.2. Secured Obligations 10 SECTION 3.3. Security Interest 10

  • Separate Grants of Security and Separate Classifications Each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, acknowledges and agrees that (a) the grants of Liens pursuant to the Senior Collateral Documents and the Second Priority Collateral Documents constitute separate and distinct grants of Liens and (b) because of, among other things, their differing rights in the Shared Collateral, the Second Priority Debt Obligations are fundamentally different from the Senior Obligations and must be separately classified in any plan of reorganization proposed or adopted in an Insolvency or Liquidation Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that any claims of the Senior Secured Parties and the Second Priority Debt Parties in respect of the Shared Collateral constitute a single class of claims (rather than separate classes of senior and junior secured claims), then each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, hereby acknowledges and agrees that all distributions shall be made as if there were separate classes of senior and junior secured claims against the Grantors in respect of the Shared Collateral (with the effect being that, to the extent that the aggregate value of the Shared Collateral is sufficient (for this purpose ignoring all claims held by the Second Priority Debt Parties), the Senior Secured Parties shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of post-petition interest (whether or not allowed or allowable) before any distribution is made in respect of the Second Priority Debt Obligations, with each Second Priority Representative, for itself and on behalf of each Second Priority Debt Party under its Second Priority Debt Facility, hereby acknowledging and agreeing to turn over to the Designated Senior Representative amounts otherwise received or receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the claim or recovery of the Second Priority Debt Parties.

  • Separate Grants of Security and Separate Classification The New First Lien Collateral Agent, each New First Lien Secured Party, each ABL Secured Party and the ABL Collateral Agent each acknowledge and agree that (i) the grants of Liens pursuant to the ABL Security Documents on the one hand and the New First Lien Security Documents on the other hand constitute separate and distinct grants of Liens and the New First Lien Secured Parties’ claims against the Company and/or any Grantor in respect of Common Collateral constitute junior claims separate and apart (and of a different class) from the senior claims of the ABL Secured Parties against the Company and the Grantors in respect of Common Collateral and (ii) because of, among other things, their differing rights in the Common Collateral, the New First Lien Obligations are fundamentally different from the ABL Obligations and must be separately classified in any plan of reorganization proposed or adopted in an Insolvency Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that the claims of the ABL Secured Parties and any New First Lien Secured Parties in respect of the Common Collateral constitute only one secured claim (rather than separate classes of senior and junior secured claims), then the ABL Secured Parties and the New First Lien Secured Parties hereby acknowledge and agree that all distributions shall be made as if there were separate classes of ABL Obligation claims and New First Lien Obligation claims against the Grantors (with the effect being that, to the extent that the aggregate value of the Common Collateral is sufficient (for this purpose ignoring all claims held by the New First Lien Secured Parties), the ABL Secured Parties shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of post-petition interest at the relevant contract rate, before any distribution is made in respect of the claims held by the New First Lien Secured Parties from such Common Collateral), with the New First Lien Secured Parties hereby acknowledging and agreeing to turn over to the ABL Secured Parties amounts otherwise received or receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the aggregate recoveries.