Common use of Expiring Development Security Clause in Contracts

Expiring Development Security. In the event that Seller does not extend the Development Security in its full amount, at least 15 (fifteen) days prior to its expiry, CEB may, at any time thereafter, draw upon the Development Security and place the amount so drawn in an escrow account. CEB may only draw amounts from that escrow account in circumstances where it would otherwise be permitted to draw a Development Security under Clauses 3.2.1, 6.2, 8.3.2 and 9.4.1, and Seller shall deposit funds into the escrow account in an amount equal to such permitted drawing within 30 (thirty) Days of such drawing. Until such xxxx Xxxxxx’x obligation to provide a Development Security ceases pursuant to Clause 6.3 or Seller provides a Development Security that complies with Clause 6.1.1, the amount standing to the credit of the escrow account shall be immediately released to Seller.

Expiring Development Security. In the event that Seller does not extend the Development Security in its full amount, at least 15 (fifteen) days prior to its expiry, CEB may, at any time thereafter, draw upon the Development Security and place the amount so drawn in an escrow account. CEB may only draw amounts from that escrow account in circumstances where it would otherwise be permitted to draw a Development Security under Clauses 3.2.1, 6.2, 8.3.2 and 9.4.1, and Seller shall deposit funds into the escrow account in an amount equal to such permitted drawing within 30 (thirty) Days of such drawing. Until such xxxx Xxxxxx’x Xxxxxx‟s obligation to provide a Development Security ceases pursuant to Clause 6.3 or Seller provides a Development Security that complies with Clause 6.1.1, the amount standing to the credit of the escrow account shall be immediately released to Seller.