Cash Deposit on Insolvency Event. If an Insolvency Event occurs in relation to the Trader: the Trader will not be entitled to a return of the Cash Deposit, other than as set out in 10.26(f); and if the Trader fails or has failed to pay an amount owing under this Agreement, full beneficial ownership of that amount (plus Default Interest) of the Cash Deposit (or if the Cash Deposit is less than the amount owing, the full amount of the Cash Deposit) will automatically transfer solely to the Distributor and the Distributor will be entitled to draw down that amount (plus Default Interest), on 2 Working Days' notice to the Trader.
Cash Deposit on Insolvency Event. If an Insolvency Event occurs in relation to the Retailer: the Retailer will not be entitled to a return of the Cash Deposit, other than as set out in 12.24(f); and if the Retailer fails or has failed to pay an amount owing under this agreement, full beneficial ownership of that amount (plus Default Interest) of the Cash Deposit (or if the Cash Deposit is less than the amount owing, the full amount of the Cash Deposit) will automatically transfer solely to the Distributor and the Distributor will be entitled to draw down that amount (plus Default Interest), on 2 Working Days' notice to the Retailer. Reduction of third party security: If the Distributor decreases the value of third party security required in accordance with this agreement, the Retailer may arrange for the issuing of new third party security for the lesser value, in satisfaction of clause 12.1(b)(ii), which will replace the earlier third party security. When the Distributor may make a call on security: The Distributor may make a call on security in accordance with clause 12.21 if: the Retailer has provided acceptable security in accordance with clause 12.1(b); the Retailer fails to pay an amount due under this agreement; and the amount is not subject to a genuine dispute.
Cash Deposit on Insolvency Event. If an Insolvency Event occurs in relation to the Retailer: the Retailer will not be entitled to a return of the Cash Deposit, other than as set out in clause 12.24(f); and if the Retailer fails or has failed to pay an amount owing under this agreement, full beneficial ownership of that amount (plus Default Interest) of the Cash Deposit (or if the Cash Deposit is less than the amount owing, the full amount of the Cash Deposit) will automatically transfer solely to the Distributor and the Distributor will be entitled to draw down that amount (plus Default Interest), on 2 Working Days’ notice to the Retailer. Reduction of third party security: If the Distributor decreases the value of third party security required in accordance with this agreement, the Retailer may arrange for the issuing of new third party security for the lesser value, in satisfaction of clause 12.1(b)(ii), which will replace the earlier third party security. When the Distributor may make a call on security: The Distributor may make a call on security in accordance with clause 12.21 if: the Retailer has provided acceptable security in accordance with clause 12.1(b); the Retailer fails to pay an amount due under this agreement; and the amount is not subject to a genuine dispute. Calls on security: If this clause 12.21 applies in accordance with clause 12.20, the Distributor may, on 2 Working Days’ notice to the Retailer (or immediately in the case of deemed Cash Deposit under clause 12.23), call on the security as follows: if the Retailer provided a Cash Deposit (which includes a deemed Cash Deposit), the Distributor may draw down and apply the amount owed (including Default Interest) from the Cash Deposit and full beneficial ownership of that amount (plus Default Interest) will automatically transfer solely to the Distributor before the draw down; if the Retailer arranged for a third party to provide security, the Distributor may call on the provider of a third party security to pay the amount owed in accordance with the security; and in either case, the Distributor will immediately notify the Retailer that it has called on the security. Requirement to maintain security: To avoid doubt, if the Distributor draws down some or all of a Cash Deposit held by the Distributor under this agreement, or calls on the provider of a third party security, the Retailer will within 5 Working Days take all steps necessary to ensure that the Retailer maintains acceptable security of the value specified in cl...
