Common use of S ecurity Clause in Contracts

S ecurity. 5.1 IGX shall provide an unconditional, revolving, standby irrevocable Letter of Credit (“LC”) to Transporter, in accordance with the GTA, in respect of any or all the GTA(s) that it has entered into with the Transporter on behalf of the respective buyers and such LC shall permit the Transporter to draw down amounts either wholly or partially on account of defaults in payments of invoices/ debit notes raised on the Buyer committed under such GTA (s) . 5.2 To ensure timely and appropriate performance of the GTA, IGX shall make a security deposit of the sum specified in the GTA and submit a bank guarantee of the sum specified in the GTA, (from any of the nationalized/scheduled banks acceptable to the Transporter) in favour of the Transporter, wherever required as such by the Transporter.