Security Provided to City Clause Samples

Security Provided to City. As security for its obligations hereunder, the Company, prior to making the initial disbursement request as contemplated under Sections 9 and 10. hereunder (the “Initial Disbursement Request”), shall deliver to the City a letter of credit, performance bond, or other security agreed to by the State and City, in a form acceptable to the City and State, in an amount equal to the amount of the Initial Disbursement Request (the “Initial Security”), which shall remain in effect until this Agreement is terminated pursuant to Section 17 hereof; provided however that the Company may replace the Initial Security with such other security from time to time as may be expressly agreed to by the Company, the City, and State. As security for its obligations thereafter, the Company, prior to the receipt of additional City and/or State LEDA Funds pursuant to Sections 9 and 10 above (the “Additional Disbursements”), shall deliver to the City a letter of credit, performance bond, or other security agreed to by the State and City, in a form acceptable to the City and State, in the amount equal to at least the Additional Disbursements (the “Additional Security”, and combined with the Initial Security, the “Security”), which shall remain in effect until this Agreement is terminated pursuant to Section 17 hereof; provided however that the Company may replace the Security with such other security from time to time as may be expressly agreed to by the Company, the City, and State. The City may draw on the Security in order to satisfy any unpaid Clawback that become due and payable.
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