SECURITY AND APPLICATION Clause Samples

The 'Security and Application' clause defines the requirements and procedures for providing security, such as deposits or guarantees, and specifies how these securities are to be applied or used under the agreement. Typically, this clause outlines the types of security acceptable (for example, cash deposits or bank guarantees), the conditions under which the security may be drawn upon, and the process for returning or releasing the security once obligations are fulfilled. Its core function is to protect the interests of the party receiving the security by ensuring there are clear rules for both the provision and use of security, thereby reducing the risk of non-performance or default.
SECURITY AND APPLICATION. 16.1 The Borrower hereby undertakes with the Lender to execute, deliver and perform the provisions of, and procure the execution, delivery and performance by the other parties thereto (other than the Lender) of, the Security Documents and the provisions thereof at the times and in the manner provided in this Agreement and in the Security Documents so that all such documents shall both at the date of such execution and delivery and at all times during the Security Period be valid and binding obligations of the Borrower and such other parties enforceable in accordance with their respective terms. 16.2 All moneys received by the Lender under or pursuant to this Agreement or any of the Security Documents and expressed to be applicable in accordance with the provisions of this Clause 16.2 shall (unless the Lender otherwise requires) be applied by the Lender in the following manner: FIRST: in or towards satisfaction of any amounts as are then accrued due and payable under this Agreement, the Master Agreement and the Security Documents (or any of them) or are then due and payable by virtue of payment demanded under this Agreement, the Master Agreement and the Security Documents (or any of them) in such order of application as the Lender shall think fit; SECONDLY: at the option of the Lender (i) in retention of an amount equal to any amounts which are not then accrued due and payable under this Agreement, the Master Agreement and the Security Documents (or any of them) or are not then due and payable by virtue of payment demanded under this Agreement, the Master Agreement and the Security Documents (or any of them) but which (in the sole and absolute opinion of the Lender) will or may become due and payable in the future and, upon the same becoming due and payable, in or towards satisfaction thereof in accordance with the foregoing provisions of this Clause 16.2 and/or (ii) in or towards prepayment of the Loan in accordance with sub-clauses (d) and (e) of Clause 4.2; and
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SECURITY AND APPLICATION. 32 17 COMMUNICATIONS......................................................33 18 ASSIGNMENTS.........................................................34 19 MISCELLANEOUS.......................................................35
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Related to SECURITY AND APPLICATION

  • Security and Access The Executive agrees and covenants (a) to comply with all Company security policies and procedures as in force from time to time including without limitation those regarding computer equipment, telephone systems, voicemail systems, facilities access, monitoring, key cards, access codes, Company intranet, internet, social media and instant messaging systems, computer systems, e-mail systems, computer networks, document storage systems, software, data security, encryption, firewalls, passwords and any and all other Company facilities, IT resources and communication technologies (“Facilities Information Technology and Access Resources”); (b) not to access or use any Facilities and Information Technology Resources except as authorized by the Company; and (iii) not to access or use any Facilities and Information Technology Resources in any manner after the termination of the Executive’s employment by the Company, whether termination is voluntary or involuntary. The Executive agrees to notify the Company promptly in the event he learns of any violation of the foregoing by others, or of any other misappropriation or unauthorized access, use, reproduction or reverse engineering of, or tampering with any Facilities and Information Technology Access Resources or other Company property or materials by others.

  • Security and Charge 11.1 In consideration of the Seller agreeing to supply the Goods, the Client charges all of its rights, title and interest (whether joint or several) in any land, realty or other assets capable of being charged, owned by the Client either now or in the future, to secure the performance by the Client of its obligations under these terms and conditions (including, but not limited to, the payment of any money). 11.2 The Client indemnifies the Seller from and against all the Seller’s costs and disbursements including legal costs on a solicitor and own client basis incurred in exercising the Seller’s rights under this clause. 11.3 The Client irrevocably appoints the Seller and each director of the Seller as the Client’s true and lawful attorney/s to perform all necessary acts to give effect to the provisions of this clause 11 including, but not limited to, signing any document on the Client’s behalf.

  • Security and Privacy Security and privacy policies for the Genesys Cloud Service addressing use of Customer Data, which are incorporated by reference and may be updated from time to time in accordance with Section 10.12 of the Agreement, are located at ▇▇▇▇▇://▇▇▇▇.▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/articles/purecloud-security-compliance/.

  • Security and Safety A. The Contractor warrants it is and shall remain in compliance with all applicable local, state and federal laws, regulations, codes and ordinances relating to fire, construction, building, health, food service and safety, including but not limited to the Hotel and Motel Fire Safety Act of 1990, Public Law 101-391. The Judicial Council may terminate this Agreement, pursuant to the termination for cause provision set forth herein, without penalty or prejudice if the Contractor fails to comply with the foregoing requirements. B. The Contractor shall assure that each Attendee is advised of all the appropriate precautions that should be taken to provide for the Attendee’s safety while on the Property. The Contractor shall take every reasonable precaution to provide for the security of Attendees and their belongings. C. The Contractor shall immediately advise the Judicial Council’s staff of any known problems that involve the Attendees during the Program including, but not limited to, assaults, burglaries, accidents, and/or illnesses.

  • Security and Data Transfers Party shall comply with all applicable State and Agency of Human Services' policies and standards, especially those related to privacy and security. The State will advise the Party of any new policies, procedures, or protocols developed during the term of this agreement as they are issued and will work with the Party to implement any required. Party will ensure the physical and data security associated with computer equipment, including desktops, notebooks, and other portable devices, used in connection with this Agreement. Party will also assure that any media or mechanism used to store or transfer data to or from the State includes industry standard security mechanisms such as continually up-to-date malware protection and encryption. Party will make every reasonable effort to ensure media or data files transferred to the State are virus and spyware free. At the conclusion of this agreement and after successful delivery of the data to the State, Party shall securely delete data (including archival backups) from Party’s equipment that contains individually identifiable records, in accordance with standards adopted by the Agency of Human Services. Party, in the event of a data breach, shall comply with the terms of Section 7 above.