Utility security definition
Utility security means any note, draft, debenture, bond, share of stock, certificate, collateral trust
Utility security means any note, draft, debenture, bond, share of stock, certificate, collateral trust certificate, preorganization certificate or subscription, transferable share, investment contract, receiver's or trustee's certificate or any other instrument or interest commonly known as a security which is issued, assumed or guaranteed by any public utility or any company which would be a public utility if the facilities owned or operated by it were within the Commonwealth, or any company substantially engaged in the ownership of any of the aforesaid securities or in supplying management or advice to any of the aforesaid companies; or any certificate of deposit for, voting trust certificate for, certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, assumption of liability on, or warrant or right to subscribe to or purchase or acquire, any of the aforesaid securities.
Examples of Utility security in a sentence
On the Commercial Operations Date, the Company shall provide to Utility security (the “Operations Security”) in the amount of [AMOUNT] to ensure the completion and proper operation and maintenance of the Complex The Operations Security shall be an unconditional and irrevocable direct pay letter of credit issued by a bank acceptable to Utility in form and substance satisfactory to Utility.
Utility security deposits, if any, shall, at the direction of Buyer with the concurrence of each utility, either be retained by Seller without adjustment or delivered to Buyer and reimbursed in full to Seller.