Operations Security Deposit definition
Examples of Operations Security Deposit in a sentence
Upon termination of this Agreement, JPS shall be entitled to retain or collect, as the case may be, from the Operations Security Deposit and any interest accrued thereon, any damages or monies then due or reasonably expected to be due to JPS by the Company, and the remainder of the Operations Security Deposit and accrued interest thereon, if any, shall be paid or returned to the Company.
If, upon the termination of this Agreement, there shall be any Dispute between the Company and JPS that has been referred to an expert for determination or is being arbitrated pursuant to the Agreement, then JPS shall deposit into an escrow account an amount from the Operations Security Deposit equal to the damages or monies that JPS, in its reasonable judgment, deems sufficient to satisfy any amount that may be due to JPS by reason of such Dispute.
In case of inability of the Company to make such payment within the stipulated time period of thirty (30) days, BPDB shall have the right to encash the Operations Security Deposit, if any available, as on that date and appropriate the proceeds of such encashment towards the payment due from the Company.
The amount of the Operations Security Deposit shall be adjusted from time to time in accordance with Schedule 6.
The Company shall ensure that there shall be no discontinuity between the expiration of the Construction Security Deposit and the effectiveness of the Operations Security Deposit.
The Company shall maintain the Operations Security Deposit at the designated level at all times; provided that the Company shall have ten (10) Days from the date JPS gives notice to the Company that it has retained or collected funds from the Operations Security Deposit pursuant to this Clause 9.4.7(c) to replenish the Operations Security Deposit so as to return it to the original level, as adjusted.
The Operations Security Deposit may be applied to (i) the payment of liquidated damages payable by the Company under this Agreement and accrued interest thereon, and (ii) the payment of other Damages and interest that the Company shall be required to pay to JPS; provided that, in the case of the amounts described in sub-clauses (i), and (ii) above, if the Operations Security Deposit is insufficient to satisfy such amounts, then the Company shall immediately pay to JPS on demand the unsatisfied amounts.
The Operations Security Deposit shall be in a similar form to those permitted in Clause 9.4.7(a) for the Construction Security Deposit.
If the Company does not pay to GPL the entire amount of liquidated damages shown on the Final Liquidated Damages Invoice plus accrued interest on the Liquidated Damages Due Date, (a) GPL may immediately deduct any unpaid amount from the Operations Security Deposit, as appropriate, and (b) the Company shall pay GPL interest on any unpaid amount at the Default Rate from the Liquidated Damages Due Date until the date such amount is paid in full.
In the event disputed amounts are not placed in escrow pursuant to the procedure set forth in Article 13.5, EVN shall be entitled to draw the disputed amounts from the Operations Security Deposit for the purpose of placing such amounts in escrow pending resolution of such Dispute.