Notice of Withdrawals. Within one (1) week after any withdrawals from the Security Fund, the City shall confirm by written notice to the Company of the date and amount thereof, provided, however, that the City shall not make any withdrawals from the Security Fund by reason of any breach or default of this Agreement (including, without limitation, non-payment of compensation or of other amounts payable hereunder) unless such breach or default has ripened into an Event of Default, and shall not make any withdrawals from the Security Fund for any reason other than a breach or default unless the City notifies the Company in advance of such impending withdrawal and at least ten (10) days have elapsed after such notice. The withdrawal of amounts from the Security Fund shall constitute a credit against the amount of the applicable liability of the Company to the City but only to the extent of said withdrawal. The right to make withdrawals from the Security Fund shall not be construed as the City’s right to greater compensation than the Company is obligated to pay pursuant to the terms of this Agreement.
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