Security Required Clause Samples
The 'Security Required' clause establishes the obligation for one party, typically a borrower or lessee, to provide security or collateral to the other party as assurance for fulfilling contractual obligations. This security can take various forms, such as a cash deposit, bank guarantee, or a lien on property, and is usually specified in the agreement along with the conditions under which it must be provided and may be released. The core function of this clause is to protect the interests of the party receiving the security by reducing the risk of non-performance or default by the other party.
Security Required. (a) Developer shall file with the District prior to the date the District signs the Final Map/Parcel Map, and the Improvement Plans and prior to the date of Developer obtaining permits from the District to construct the sanitary sewer and recycled water improvements for the subject property, a good and sufficient improvement security in an amount not less than the estimated cost of the work and improvements for the faithful performance of the terms and conditions of this Agreement and a good and sufficient security for payment of labor and materials equal to the amount of the faithful performance bond to secure the claims to which reference is made in Title 15 of Part 4 of Division 3 of the Civil Code of the State of California (commencing with Section 3082).
(b) Acceptable types of security are:
(1) A bond or bonds by one or more duly authorized corporate sureties: or
(2) A deposit with the District of cash or negotiable bonds of the kind approved for securing deposits of public moneys; or
(3) An instrument of credit, in a form acceptable to the District's counsel, from an agency of the State, Federal, or local government when any such agency provides at least twenty percent of the financing for the portion of the act or agreement requiring security, or from one or more financial institutions subject to regulation by the state or federal government pledging that the funds necessary to carry out the agreement are on deposit and guaranteed for payment.
(4) A letter of credit, in a form acceptable to the District's counsel, issued by a financial institution that is subject to regulation by the state or federal government guaranteeing that all or any portion of the funds available pursuant to the letter of credit will be paid upon written demand of the District and that such written demand need not present documentation of any kind as a condition of payment, including proof of loss.
(c) Developer, if the improvement security is a bond and if the sureties, either on the Faithful Performance Bond or on the Bond securing payment of Labor and Materials, or both, or the amount of said bonds, in the reasonable opinion of the District becomes insufficient, agrees to renew each and every said bond or bonds with good and sufficient sureties or increase the amount of said bonds, or both, within ten (10) business days after being notified by the District that the sureties or amount are insufficient. Notwithstanding any other provision herein, if Developer fails to take ...
Security Required. (a) To the extent any cession is made hereunder on a coinsurance basis, the Reinsurer shall secure its obligations with respect to the Coinsured Liabilities by, at its option, either (i) posting a “clean”, irrevocable, unconditional and evergreen letter of credit issued by a bank acceptable to the Ceding Company in its sole discretion that meets the requirements of Applicable Law and would permit the Ceding Company full credit as admitted reinsurance of the Coinsured Liabilities (a “Letter of Credit”), (ii) establishing and funding a reinsurance trust account (the “Reinsurance Trust Account”) for the benefit of the Ceding Company, which Reinsurance Trust Account shall consist only of cash (United States legal tender), certificates of deposit (issued by a United States bank and payable in United States legal tender) and/or investments of the types permitted by Article 3.10, § (d), or Article 5.75-1, § (d) of the Texas Insurance Code and permitted by investment guidelines mutually agreed between the Ceding Company and the Reinsurer, provided, that such investments are issued by an institution that is not the parent, Subsidiary or other Affiliate of either the Ceding Company or the Reinsurer (“Authorized Investments”), deposited pursuant to a trust agreement in form and substance, and with a third party trustee, in each case satisfactory to the Ceding Company in its sole discretion that, at all times, meets the requirements of any Applicable Law, and that would permit the Ceding Company full credit as admitted reinsurance of the Coinsured Liabilities, or (iii) a combination of both a Letter of Credit and Reinsurance Trust Account. Assets deposited into the Reinsurance Trust Account shall be valued according to their current Fair Market Value.
(b) The Reinsurer shall maintain the face amount of the Letter of Credit plus the Fair Market Value of Reinsurance Trust Account Authorized Investments (“Collateral Value”) at an amount no less than the then-applicable Required Balance. The Required Balance shall be adjusted as of the end of each Accounting Period. “Required Balance” means, with respect to any Accounting Period, an amount equal to the Coinsured Liabilities as of the end of the most recent Accounting Period plus, to the extent required, any additional amount necessary to provide the Ceding Company full credit for reinsurance for the Coinsured Liabilities under Applicable Law.
Security Required. The LESSEE MUST contract through the TOWN a Silverhill Police Officer as security to be present during any event at the Silverhill Community Center where alcoholic beverages are served. Lessee must be 21 years of age, copy of Driver’s License is required to rent the building and to serve alcoholic beverages to those in attendance and anyone that will be consuming any alcohol, this is monitored and those in violation will be dismissed. Failure to comply forfeits any deposits on hand with Town Hall.
Security Required. In order to secure the construction and installation of the public and other required Subdivision improvements, whether on-site or off-site, above described and as shown in the Subdivision Final Plat for the Property and all accompanying documents, drawings and plans submitted for the Approved for Construction drawings, for which the Developer is responsible, and in accordance with Section 17.21.100 of the Fruita Municipal Code, the Developer shall furnish the City with: (a) cash to be deposited in an escrow account that is acceptable to the City pursuant to the Escrow and Disbursement Agreement attached hereto as Exhibit "_C_" and incorporated herein by this reference; or (b) an irrevocable standby letter of credit that is acceptable to the City; or (c) a performance bond issued by a surety approved by the City, in an amount equal to one hundred ten percent (110%) of the estimated cost of said facilities.
Security Required. Is security required on execution from the Customer? (clause 21 of the Standard Conditions) Amount of security required : $[ ] or N/A Amount of insurance required : 9. Is the Guarantee and Indemnity Required? $[ ] or N/A Is Guarantee and Indemnity required (Schedule 4) Yes/No
Security Required. Police Officer(s) are required for rentals. The number of officers required will depend on the number of guest expected and the serving of alcohol. There is a four-hour minimum for each officer. Quinceanera party or celebration requires three (3) officers, independent of guest number or whether alcohol is served.
Security Required. To ensure that the work covered by the improvement agreement will be completed, improvement security shall be furnished, in an amount, form, and manner consistent with the Act and/or as approved by the Review Authority based on a recommendation(s) of the City Engineer, to guarantee the faithful performance of any act or agreement.
Security Required. In addition to (and without taking away from) any security already held by the Bank (or which in future may be held by the Bank), the security and security documents stated in SCHEDULE 2 must be provided and perfected for the Obligors’ obligations before any Facilities may be used or drawn-down.
Security Required. Police Officer(s) are required for rentals. The number of officers required will depend on the number of guest expected and the serving of alcohol. There is a four-hour minimum for each officer.
Security Required. In order to secure the construction and installation of the public and other required Development improvements, whether on-site or off-site, above described and as shown in the development plan for the Property and all accompanying documents, drawings and plans submitted for the Development Plat, for which Developer is responsible, and in accordance with Section 17.21.100 of the Fruita Municipal Code, Developer shall furnish the City with: (a) cash to be deposited in an escrow account that is acceptable to the City pursuant to the Escrow and Disbursement Agreement attached hereto as Exhibit "C" and incorporated herein by this reference; or (b) an irrevocable standby letter of credit that is acceptable to the City; or (c) a performance bond issued by a surety approved by the City, in an amount equal to one hundred ten percent (110%) of the estimated cost of said facilities.