Common use of Security Schedule Clause in Contracts

Security Schedule. The Developer shall provide security as follows: i. Commencing on the Effective Date and until December 31, 2011, collectively BD Village and ▇▇ ▇▇▇▇▇▇ shall provide security of three million dollars ($3,000,000.00). To meet this obligation, BD Village and ▇▇ ▇▇▇▇▇▇ shall collectively provide to the City a letter of credit in a form reasonably acceptable to the City evidencing cash or other liquid assets in the minimum amount of two million dollars ($2,000,000.00). BD Village shall also provide a first position deed of trust to the City on King County Parcel Nos. 0221069024, 0221069030, and 1121069006 of at least one million dollars ($1,000,000.00) no later than the Effective Date (the “Deed of Trust”) in the form attached hereto as Exhibit D. ii. For the calendar year 2012, following the Annual Review in year 2011 and until December 31, 2013, BD Village and ▇▇ ▇▇▇▇▇▇ collectively shall provide a letter of credit to the City totaling 125% of its projected annual City Staffing Shortfalls and MDRT Costs less consultant costs. The City shall automatically release the Deed of Trust when this letter of credit is renewed on December 31, 2011. iii. Thereafter, the City and Developer shall negotiate renewed and extended security in an amount equal to at least 100% of the projected annual City Staffing Shortfalls and MDRT Costs less consultant costs up to a maximum of two million dollars ($2,000,000.00), after consideration of the extent of development completed at that time.