Common use of Security Fund Clause in Contracts

Security Fund. ‌ 13.8.1 In addition to the Performance Bond required pursuant to Section 13.7 above, Franchisee shall post a security fund with the City in the form of a letter of credit or cash, as determined in the sole discretion of Franchisee, in the amount of Ten Thousand Dollars ($10,000) (the “Security Fund”). A letter of credit shall be in a form reasonably acceptable to the City. The Security Fund shall be used to: (i) ensure the faithful performance by Franchisee of its obligations under this Agreement and compliance with all orders, permits, and directions of any agency of the City having jurisdiction over Franchisee’s acts or defaults under the Cable Code;

Security Fund. ‌ 13.8.1 In addition to the Performance Bond required pursuant to Section 13.7 above, Franchisee shall post a security fund with the City in the form of a letter of credit or cash, as determined in the sole discretion of Franchisee, in the amount of Ten Thousand Dollars ($10,000) (the “Security Fund”). A letter of credit shall be in a form reasonably acceptable to the City. The Security Fund shall be used to: (i) ensure the faithful performance by Franchisee of its obligations under this Agreement and compliance with all orders, permits, and directions of any agency of the City having jurisdiction over Franchisee’s acts or defaults under the Cable Code;

Security Fund. ‌ 13.8.1 In addition to the Performance Bond required pursuant to Section 13.7 above, Franchisee shall post a security fund with the City in the form of a letter of credit or cash, as determined in the sole discretion of Franchisee, in the amount of Ten Thousand Dollars ($10,000) (the “Security Fund”). A letter of credit shall be in a form reasonably acceptable to the City. The Security Fund shall be used to: (i) ensure the faithful performance by Franchisee of its obligations under this Agreement and compliance with all orders, permits, and directions of any agency of the City having jurisdiction over Franchisee’s acts or defaults under the Cable Code;Code;