Common use of Security Fund Clause in Contracts

Security Fund. To ensure the performance of its obligations under this Agreement, the Licensee shall establish a security fund in the form of a letter of credit in favor of the County, as beneficiary, in an amount equal to that of the annual License Fee. The letter of credit shall be in a form that is substantially similar to Exhibit D, and acceptable to the County. The letter of credit shall be issued by a bank located in Northern Virginia. Presentment and payment shall be authorized to be made at such bank or a branch thereof in Northern Virginia. In lieu of a letter of credit, the County may accept a deposit of funds with the Treasurer, in an amount equal that of the annual License Fee, to be held in trust for the benefit of the County. The letter of credit or deposit of funds shall be submitted to the County prior to the execution of the License Agreement by the County. 13.2.1. If the Licensee fails to make timely payment of any monetary amount payable by the Licensee under the terms of this Agreement, the County shall give the Licensee written notice of the failure to make timely payment. If the Licensee has not remedied such failure within fifteen (15) Days of such notice, the County may withdraw the amount thereof from the security deposit. 13.2.2. Within three (3) Days after a withdrawal from a cash security deposit, the County shall mail to the Licensee, by certified mail, return receipt requested, written notification of such withdrawal. 13.2.3. Upon termination of the Agreement, the balance then remaining in any deposited cash security deposit shall be returned to the Licensee, or in the case of a letter of credit, such letter shall be released by the County, within ninety (90) Days of such termination, provided that there is then no outstanding sum due from the Licensee.

Security Fund. 13.2.1. To ensure the performance of its obligations under this Agreement, the Licensee shall establish a security fund in the form of a letter of credit in favor of the County, as beneficiary, in an amount equal to that of the annual License Fee. The letter of credit shall be in a form that is substantially similar to Exhibit D, and acceptable to the County. The letter of credit shall be issued by a bank located in Northern Virginia. Presentment and payment shall be authorized to be made at such bank or a branch thereof in Northern Virginia. In lieu of a letter of credit, the County may accept a deposit of funds with the Treasurer, in an amount equal that of to the annual License Fee, to be held in trust for the benefit of the County. The letter of credit or deposit of funds shall be submitted to the County prior to the execution of the License Agreement by the County. 13.2.113.2.2. If the Licensee fails to make timely payment of any monetary amount payable by the Licensee under the terms of this Agreement, the County shall give the Licensee written notice of the failure to make timely payment. If the Licensee has not remedied such failure within fifteen (15) Days of such notice, the County may withdraw the amount thereof thereof, as well as interest and any penalties, from the security depositfund. 13.2.213.2.3. Within three (3) Days after a withdrawal from a cash security depositfund, the County shall mail to the Licensee, by certified mail, return receipt requested, written notification of such withdrawal. 13.2.313.2.4. Upon termination of the Agreement, the balance then remaining in any deposited cash security deposit fund shall be returned to the Licensee, or in the case of a letter of credit, such letter shall be released by the County, within ninety (90) Days of such termination, provided that there is then no outstanding sum due from the Licensee. 13.2.5. If at the time of a withdrawal from the letter of credit by the County, the amounts available are insufficient to provide the total payment towards which the withdrawal is directed, the balance of such payment shall continue as the obligation of the Licensee to the County until it is paid. Within thirty (30) Days of being notified in writing that any amount has been withdrawn by the County, the Licensee shall restore the letter of credit to the full face amount of the letter of credit specified above.

Security Fund. 13.2.1. To ensure the performance of its obligations under this Agreement, the Licensee shall establish a security fund in the form of a letter of credit in favor of the County, as beneficiary, in an amount equal to that 200% of the annual License Fee. The letter of credit shall be in a form that is substantially similar to Exhibit D, and acceptable to the County. The letter of credit shall be issued by a bank located in Northern Virginia. Presentment and payment shall be authorized to be made at such bank or a branch thereof in Northern Virginia. In lieu of a letter of credit, the County may accept a deposit of funds with the Treasurer, in an amount equal that to 200% of the annual License Fee, to be held in trust for the benefit of the County. The letter of credit or deposit of funds shall be submitted to the County prior to the execution of the License Agreement by the County. 13.2.113.2.2. If the Licensee fails to make timely payment of any monetary amount payable by the Licensee under the terms of this Agreement, the County shall give the Licensee written notice of the failure to make timely payment. If the Licensee has not remedied such failure within fifteen (15) Days of such notice, the County may withdraw the amount thereof thereof, as well as interest and any penalties, from the security depositfund. 13.2.213.2.3. Within three (3) Days after a withdrawal from a cash security depositfund, the County shall mail to the Licensee, by certified mail, return receipt requested, written notification of such withdrawal. 13.2.313.2.4. Upon termination of the Agreement, the balance then remaining in any deposited cash security deposit fund shall be returned to the Licensee, or in the case of a letter of credit, such letter shall be released by the County, within ninety (90) Days of such termination, provided that there is then no outstanding sum due from the Licensee. 13.2.5. If at the time of a withdrawal from the letter of credit by the County, the amounts available are insufficient to provide the total payment towards which the withdrawal is directed, the balance of such payment shall continue as the obligation of the Licensee to the County until it is paid. Within thirty (30) Days of being notified in writing that any amount has been withdrawn by the County, the Licensee shall restore the letter of credit to the full face amount of the letter of credit specified above.