Common use of Security Fund Amount Clause in Contracts

Security Fund Amount. The Security Fund shall be in the form of a cash security fund to be held by the City in an interest-bearing account, separate from any other funds. The initial amount required to be deposited into the Fund by the Company, which initial amount shall be payable to the City for deposit into the Security Fund as a condition to the occurrence of the Effective Date (the “Initial Security Fund Deposit”), shall be equal to one year’s annual payment due pursuant to Section I. of Appendix D of this Agreement. Thereafter, the minimum funding level the Company shall be required to maintain in the Security Fund shall always be equal to the sum of (a) one year’s annual payment due pursuant to Section I. of Appendix D, plus (b) $250 per Street Operations Pole which is a Reserved Pole reserved for the Company and $16 per Street Utility Pole for which DoITT has received the Street Utility Pole owner’s written approval for the company to use the Street Utility Pole. , except that said $250 per Reserved Pole amount shall be subject to the following adjustments: