Security Fund. (A) During the Term of this PPA, Seller shall fund and maintain security in favor of Company, at Seller’s expense, to secure Seller’s obligations to Company under this PPA (the “Security Fund”), in accordance with this Article 11.
Security Fund. (A) Seller shall establish Seller’s Security Fund at a level of $[**] no later than thirty (30) Days following satisfaction (or if applicable, waiver by Company) of the conditions precedent set forth in Article 6 above, and shall maintain Seller’s Security Fund throughout the remainder of the Term; provided, however, that Seller shall have no obligation to replenish Seller’s Security Fund; provided, further, however, that Seller shall increase Seller’s Security Fund by a one-time amount equal to $[**] no later than thirty (30) Days following the earliest to occur of (i) the Credit Rating of the issuer of Seller’s Security Fund being downgraded below Investment Grade, (ii) the closing of any Pending Facility Transaction or (iii) the delivery by Company to Seller of an Option Exercise Notice (as defined in the Option Agreement) in strict accordance with the requirements of Section 2.1 of the Option Agreement.
Security Fund. 14.18 In addition to the Performance Bond required pursuant to Section 13.7 above, Franchisee shall post a security fund with the Town in the form of a letter of credit or cash, as determined in the sole discretion of Franchisee, in the amount of Twenty Thousand Dollars ($20,000) (the “Security Fund”). A letter of credit shall be in a form reasonably acceptable to the Town. The Security Fund shall be used to: (i) ensure the faithful performance by Franchisee of its obligations under this Agreement and compliance with all orders, permits, and directions of any agency of the Town having jurisdiction over Franchisee’s acts or defaults under the Cable Code; (ii) payment of any claims, liens, and taxes due to the Town that arise by reason of the operation or maintenance of the Cable System; (iii) failure of Franchisee to pay the Town sums due under the provisions of this Agreement and the Cable Code; (iv) reimbursement of costs borne by the Town to correct Franchisee violations not corrected by Franchisee after notice and the opportunity to cure as provided herein; and (v) monetary remedies, penalties, or damages assessed against Franchisee due to Franchisee violations. If the Franchise is revoked for cause by reason of the default of Franchisee under the Cable Code and Section 14.10 of this Agreement, the Security Fund deposited under this Section shall become the property of the Town. If there is no outstanding default by Franchisee at the end of one hundred eighty (180) days after the termination of the Franchise, Franchisee shall be entitled to the return of all or any part of the Security Fund that remains on deposit and to any accrued interest.
Security Fund. Franchisee’s security fund under Section 14.410 of the Cable Law shall be in the amount of Five Thousand Dollars ($5,000) and may be in the form of cash or a irrevocable letter of credit in form and substance reasonably satisfactory to the LFA, as determined in the sole discretion of Franchisee (the “Security Fund”). The LFA may not draw on the Security Fund until thirty (30) days have passed after the LFA has provided Franchisee with written notice of its intent to make such withdrawal and the amount and the reasons therefor. In the event that the Security Fund is in the form of cash, amounts withdrawn from the Security Fund pursuant to this Section shall be replenished by Franchisee by delivering to the LFA or its designee for deposit in the Security Fund a cash amount equal to the amount so withdrawn within thirty (30) days of its receipt of notice from the LFA of the date and amount of such withdrawal. In the event the Security Deposit is in the form of a irrevocable letter of credit, Franchisee shall replenish the Security Fund by establishing a new irrevocable letter of credit within thirty (30) days of its receipt of notice from the LFA of the date and amount of such withdrawal. Within thirty (30) days of receipt of the new irrevocable letter of credit, the LFA shall return the previously issued irrevocable letter of credit to Franchisee.
Security Fund. Unless such information is already on file with the City, within ten (10) calendar days of the Effective Date, Wave shall provide the required performance bond and security fund set forth in Sections 12.4 and 12.5 of the Franchise.
Security Fund. (a) In accordance with Section 5.12.260 of the Calabasas Municipal Code, Effective Date of this Agreement, Grantee shall establish and provide to Grantor a security fund, as security for the faithful performance by Grantee of all material provisions of this Agreement. The security fund shall be in the amount of Fifteen Thousand Dollars ($15,000) and shall, at Grantee’s election, either be in the form of an irrevocable letter of credit, or a cash deposit established in a local bank in an interest-bearing account payable to the order of the Grantor as trustee for Grantee, with all interest distributed to the Grantee. The security fund shall be maintained at the Fifteen Thousand Dollar ($15,000) level throughout the term of this Agreement, provided that at intervals no more often than each three (3) years, Grantor shall have the right to require that this amount be increased to reflect changes in the Los Angeles Metropolitan Area Consumer Price Index during the prior three (3) year period.
Security Fund. During the Term of this PPA, Seller shall fund and maintain security in favor of Company, at Seller’s expense, to secure Seller’s obligations to Company under this PPA (the “Security Fund”), in accordance with this Article 11. Seller shall establish and fund the initial Security Fund in the amount of [insert $125/kW multiplied by the number of kW in the Facility Nameplate Capacity], no later than 30 Days following the date of the execution of this PPA. Within 5 Business Days following COD, the amount of the Security Fund shall be reduced to [insert $75/kW multiplied by the number of kW in the Facility Nameplate Capacity]. Company may draw from the Security Fund such amounts as are necessary to recover amounts owing to Company pursuant to this PPA, including any Liquidated Delay Damages, Actual Damages, liquidated damages for failure to achieve COD, and any amounts for which Company is entitled to indemnification under this PPA. Company may, in its sole discretion, draw all or any part of such amounts from any form of security to the extent available pursuant to this Article 11 and in any sequence Company may select. Company’s failure or delay to draw any amount from the Security Fund in any instance shall not prejudice Company’s rights to subsequently recover such amount from the Security Fund or in any other manner. Company shall notify Seller within 5 Business Days following any draw on the Security Fund by Company, including the amount thereof and the basis therefor.
Security Fund. To ensure the performance of its obligations under this Agreement, the Licensee shall establish a security fund in the form of a letter of credit in favor of the County, as beneficiary, in an amount equal to that of the annual License Fee. The letter of credit shall be in a form that is substantially similar to Exhibit D, and acceptable to the County. The letter of credit shall be issued by a bank located in Northern Virginia. Presentment and payment shall be authorized to be made at such bank or a branch thereof in Northern Virginia. In lieu of a letter of credit, the County may accept a deposit of funds with the Treasurer, in an amount equal that of the annual License Fee, to be held in trust for the benefit of the County. The letter of credit or deposit of funds shall be submitted to the County prior to the execution of the License Agreement by the County.
Security Fund. The Company shall have deposited the Security Fund with an approved financial institution pursuant to Section 13.2 hereof;
Security Fund. (A) Seller shall establish, fund, and maintain a security fund, pursuant to the provisions of this Article 11 (“Security Fund”), which shall be available to (i) pay any amount due EPE pursuant to this Agreement, whether arising before, on, or after the Commercial Operation Date or termination of this Agreement, (ii) provide EPE security that Seller will construct the Facility to meet the Construction Milestones, and (iii) provide security to EPE to cover damages, including Replacement Energy Costs, should the Facility fail to achieve the Commercial Operation Date or otherwise not operate in accordance with this Agreement. Seller shall establish the Security Fund at a level of twenty dollars per kilowatt ($20/kW) of Designed Maximum Output no later than thirty (30) Days following the Execution Date. Seller shall increase the Security Fund by twenty dollars per kilowatt ($20/kW) of Designed Maximum Output, to a total level of forty dollars per kilowatt ($40/kW) within thirty (30) Days of the later of (y) obtaining construction permits or (z) execution of the Interconnection Agreement, but in no event later than June 1, 2010. Seller shall increase the Security Fund by twenty dollars per kilowatt ($20/kW) of Designed Maximum Output, to a total level of sixty dollars per kilowatt ($60/kW) of Designed Maximum Output, at least thirty (30) days prior to the Commercial Operation Date. Seller shall maintain the Security Fund at such required level throughout the remainder of the Term. Seller shall replenish the Security Fund to the applicable required level within ten (10) Business Days after any draw on the Security Fund by EPE. ****=Confidential treatment has been requested for the redacted portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as ****. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.
