Handover Security definition
Handover Security means the security specified in Article 10.3. "HOC" has the meaning given in Appendix 6 (Tariffs).
Handover Security means one or more on-demand letters of credit (in such form as may be reasonably required by the District) for the benefit of the District provided by the company in respect of the Reinstatement Work valid for a period of ninety (90) days after the Expiry Date in an aggregate amount that is 20% higher than the Reinstatement Amount to be delivered no later than seven days after agreement of the Reinstatement Proposal or determination in accordance with the Dispute Resolution Procedure, but in any event not earlier than 18 months before the Expiry Date, and is described in APPENDIX F—“SUMMARY OF CERTAIN PROVISIONS OF THE OPERATION AND MAINTENANCE CONTRACT” herein.
Handover Security has the meaning given to it in Attachment 14 (Handover and Reinstatement Work Procedures).
Examples of Handover Security in a sentence
If the rating of the bank issuing the Handover Security falls at any time below the minimum-required rating specified in this Article, the Concessionaire shall, as soon as possible, issue a new Handover Security for the same amount remaining at the time of such occurrence, with a bank of a rating complying with this Article.
If the rating of the bank issuing the Handover Security falls at any time below the rating required under this Article 10.3.1, the Concessionaire shall, as soon as possible, issue a new Handover Security for the same amount remaining at the time of such occurrence, with a bank of a rating complying with the rating required under this Article 10.3.1.