Change in Security Clause Samples

The Change in Security clause establishes the procedures and requirements for modifying the security measures or protocols in place under an agreement. Typically, this clause outlines how parties must notify each other of proposed changes, the process for reviewing and approving such changes, and any obligations to maintain a certain level of security. For example, if a service provider needs to update its data protection methods due to new threats or regulations, this clause would govern how those updates are communicated and implemented. Its core function is to ensure that both parties remain aligned on security standards throughout the relationship, thereby minimizing risks associated with uncoordinated or insufficient security practices.
Change in Security. Any change in the manner of creation of security of details of documentation for the said Bonds shall be only with the prior written approval of the Beneficial Owner(s)/Trustee.
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Change in Security. 15 5.2 FALSE INFORMATION................................................... 15 5.3 FAILURE TO DELIVER DOCUMENTS........................................ 15 5.4 INABILITY TO MEET CONDITION BY CLOSING DATE......................... 15
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Change in Security. Tenant’s security is increased to $618,837.93, and, on or before April 1, 2009, Tenant shall deliver to Landlord an amendment to the existing letter of credit in form and content reasonably acceptable to Landlord and in accordance with the subparagraph B. of Insert 37.2. to the Lease, whereby the total amount of said letter of credit is increased to said amount;
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Change in Security. (a) On or before each anniversary of the Rent Commencement Date, Tenant shall provide Landlord with the audited financial statements of Tenant outlined below in this Section 35.5(a) which are adequate to permit Landlord to determine the status of satisfaction of the Financial Conditions (as hereinafter defined). Provided and on condition that (the "Conditions") (i) Tenant has not previously defaulted in its obligation to pay Fixed Rent, Tenant's Operating Payment and Tenant's Tax Payment to Landlord within the time periods set forth in this Lease and Landlord has not given two or more notices of any such default in the 12-month period preceding any Reduction Anniversary, (ii) no Event of Default then exists, (iii) Tenant has net income, determined in accordance with generally accepted accounting principles, consistently applied ("GAAP"), of at least $20 million for the calendar year immediately preceding (a "Preceding Year") a Reduction Anniversary (as defined below), (iv) Tenant has cash and cash equivalents at the end of the Preceding Year at least equal to the greater of (x) 25% of Tenant's total annual expenses for the Preceding Year (less depreciation, amortization and compensation (including benefits) paid to its managing directors), all determined in accordance with GAAP, and (y) $2,500,000 and (v) Tenant provides Landlord with audited financial statements which are certified as true and correct by its outside certified public accountants which are adequate to permit Landlord to confirm satisfaction of the conditions referred to in items (iii) and (iv) above (the "Financial Conditions"), then, provided that Tenant complies with the provisions of this Section 35.5, the Security Deposit shall be reduced on the following dates (each a "Reduction Anniversary") as follows: (A) on the date which is the first anniversary of the Rent Commencement Date that Tenant satisfies the Conditions, the Security Deposit shall be reduced to $1,207,584, (B) provided the Security Deposit shall have previously been reduced pursuant to the preceding clause (A), then on the date which is the date thereafter which is an anniversary of the Rent Commencement Date that Tenant satisfies the Conditions, the Security Deposit shall be reduced to $805,056, and (C) provided the Security Deposit shall have previously been reduced pursuant to the preceding clauses (A) and (B), then on the date which is the date thereafter which is an anniversary of the Rent Commencement Date that Tenan...
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Change in Security. Any changes in the manner of creation of security or details of documentation for the said Debentures shall be only with the prior written approval of the Debenture Holders.
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Related to Change in Security

  • Change in Structure Except as expressly permitted under Section 6.3, no Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, amend any of its Organization Documents in any respect materially adverse to Agent or Lenders.

  • Change in Status ‌ In the event of any substantive change in its legal status, organizational structure, or fiscal reporting responsibility, Contractor will notify HCA of the change. Contractor must provide notice as soon as practicable, but no later than thirty (30) calendar days after such a change takes effect.

  • Succession upon Default With respect to the Trust Fund, each of the following events shall constitute an Event of Default by ▇▇▇▇▇▇ ▇▇▇: (i) any failure by ▇▇▇▇▇▇ Mae to distribute to Holders of Certificates of any Class any payment required to be made under the terms hereof which continues for a period of fifteen days after the date upon which written notice of such failure, requiring the same to be remedied, shall have been given to ▇▇▇▇▇▇ ▇▇▇ by the Holders of Certificates of such Class representing Certificate Balances aggregating not less than 5% of the related Class Balance; or (ii) failure on the part of ▇▇▇▇▇▇ Mae duly to observe or perform in any material respect any other of the covenants or agreements on the part of ▇▇▇▇▇▇ ▇▇▇ in the Certificates or in this Trust Agreement which continues unremedied for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to ▇▇▇▇▇▇ Mae by the Holders of Certificates of any Class representing Certificate Balances aggregating not less than 25% of the aggregate of the Class Balances; or (iii) a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against ▇▇▇▇▇▇ ▇▇▇ and such decree or order shall have remained in force undischarged or unstayed for a period of 60 days; or (iv) ▇▇▇▇▇▇ Mae shall consent to the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings relating to ▇▇▇▇▇▇ ▇▇▇ or to all or substantially all of its property; or (v) ▇▇▇▇▇▇ Mae shall admit in writing its inability to pay its debts generally as they become due, file a petition to invoke any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations. Upon the occurrence of an Event of Default, and so long as such Event of Default shall not have been remedied, the Holders of Certificates of any Class representing Certificate Balances aggregating not less than 25% of the related Class Balance may (a) terminate all obligations and duties of ▇▇▇▇▇▇ ▇▇▇ hereunder in its corporate capacity (other than its continuing guaranty obligations as set forth in Section 3.03) and as Trustee, and (b) name and appoint a successor or successors (in case such Holders of Certificates shall appoint a separate Person to act as Trustee) to succeed to and assume all of such obligations (other than its guaranty obligations as set forth in Section 3.03) and duties and to the legal title to the Underlying REMIC Certificates and other assets comprising the Trust Fund. Such actions shall be effected by notice in writing to ▇▇▇▇▇▇ Mae and shall become effective upon receipt of such notice by ▇▇▇▇▇▇ ▇▇▇ and the acceptance of such appointment by such successor or successors. On and after the receipt by ▇▇▇▇▇▇ Mae of such written notice and the acceptance by the successor or successors to ▇▇▇▇▇▇ ▇▇▇, all obligations (other than its continuing obligations as set forth in Section 3.03) and duties imposed upon ▇▇▇▇▇▇ Mae in its corporate capacity and in its capacity as Trustee under this Trust Agreement shall pass to and vest in the successor or successors named in the notice, and such successor or successors shall be authorized, and hereby are authorized, to take all such action and execute and deliver all such instruments and documents on behalf of ▇▇▇▇▇▇ ▇▇▇, as attorney in fact or otherwise, as may be necessary and appropriate to effect the purposes of such written notice, including, without limitation, the transfer of legal title in and to the Underlying REMIC Certificates comprising the Trust Fund and all proceeds and avails thereof then held by ▇▇▇▇▇▇ Mae.

  • Change in Name The Purchaser shall intimate the Seller of any change in its name (on account reasons other than a change in its Control), immediately upon occurrence of name change. The Parties shall thereafter take necessary steps to record such change in the name of the Purchaser in the books and records of the Seller and shall also execute an amendment agreement to the Agreement to record such name change.

  • Change in Scope For substantial modifications in authorized Project scope, and/or substantial modifications of drawings and/or specifications previously accepted by City, when requested by City and through no fault of Consulting Engineer/Architect, the Consulting Engineer/Architect shall be compensated for time and expense required to incorporate such modifications at Consulting Engineer/Architect's standard hourly rates per Exhibit B; provided, however, that any increase in contract price or contract time must be approved through a written change order. Consulting Engineer/Architect shall correct or revise any errors or deficiencies in its designs, drawings or specifications without additional compensation when due to Consulting Engineer/Architect's negligence or other actionable fault.