Base Security definition

Base Security shall have the meaning set forth in the MPUC’s RFP.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Base Security means a security (which is a FDI, including, without limitation, a warrant, a note or a participation certificate) which is linked to or otherwise tracks the performance of (i) one or more constituent securities of the relevant Underlying Index and/or (ii) such other security or securities as may be designated by the Manager.

Base Security means either: (a) cash; (b) an irrevocable Letter of Credit that unconditionally obligates the issuer to honor claims or drafts thereunder within ten (10) Business Days after notice to the issuer of such irrevocable letter of credit; or (c) other security acceptable to T&D.

Examples of Base Security in a sentence

• Conversely, if, during the term of this Agreement, the Credit Rating of the Provider Guarantor is upgraded, then the Guaranty Cap and the Base Security amounts applicable to the Provider shall be those reflecting the improved Credit Rating.

• If the Excess Market Exposure Security amount is less than zero, the Provider may request, and the T&D must return within three (3) Business Days of Provider’s request, an amount of Provider’s security equal to the absolute value of the Excess Market Exposure Security amount; provided, however, under no circumstances shall the T&D be required to return an amount of security that would result in the Current Security amount equaling less than the applicable Base Security amount.

• The Order designating Provider as a Standard Offer Provider will indicate the form or forms of financial security that Provider initially will furnish to T&D in order to satisfy the Base Security requirements, including whether the Base Security amounts will decline during the Term of Service.

• To the extent that the applicable Guaranty Cap is greater than the Base Security amount, but less than the Excess Market Exposure Security amount plus the Base Security amount, then the Provider may increase the corporate guaranty to the Guaranty Cap amount, and furnish a letter of credit or cash to secure the amount that the Excess Market Exposure Security amount plus the Base Security amount exceeds the Guaranty Cap amount.

• Within five (5) Business Days after execution of this Agreement, Seller shall deliver to T&D Base Security that equals the Base Security Amount.

More Definitions of Base Security

Base Security is defined in the DDA.

Base Security means a security which is linked to or otherwise tracks the performance of (i) one or more constituent securities of the relevant Underlying Index and/or (ii) such other security or securities as may be designated by the Manager.

Base Security shall be [$250,000.00 (for CMP’s Large Class)] [$100,000.00 (for BHE’s Large Class)] and shall not decrease over the Term of Service.

Base Security means the initial amount and form of financial security set forth in Annex 1.

Base Security means a Security which is a financial derivative (including, without limitation, a warrant, a note, or a participation certificate) which tracks the performance of an Index Share or a Basket.

Base Security shall be as specified in the applicable RFP and shall not decrease over the Term of Service.

Base Security means a Corporate Guaranty or other Adequate Security delivered to the Agency in accordance with Section 26.2 that secures Developer’s payment and performance of all of its’ obligations under this DDA, including but not limited to its payment of Agency Costs and Community Benefits Payments and its’ Indemnification obligations;