Common use of Recourse to Security Clause in Contracts

Recourse to Security. Aurizon Network may have recourse to the Security in respect of any amount which the Access Holder fails to pay under or in connection with this Agreement: (a) if the Access Holder fails to pay the amount by the due date for payment under this Agreement, Aurizon Network notifies the Access Holder of the payment default and the Access Holder fails to remedy the payment default within 10 Business Days after the date the notice is given, following the expiry of such period; (b) if the amount is not payable by a specified date and the Access Holder fails to make payment within 10 Business Days after Aurizon Network has requested payment of such amount, following the expiry of such period; or (c) if the amount is the subject of a Dispute, in accordance with clause 5.4(c)(i).

Recourse to Security. ‌ Aurizon Network may have recourse to the Security in respect of any amount which the Access Holder fails to pay under or in connection with this Agreement: (a) if the Access Holder fails to pay the amount by the due date for payment under this Agreement, Aurizon Network notifies the Access Holder of the payment default and the Access Holder fails to remedy the payment default within 10 Business Days after the date the notice is given, following the expiry of such period; (b) if the amount is not payable by a specified date and the Access Holder fails to make payment within 10 Business Days after Aurizon Network has requested payment of such amount, following the expiry of such period; or (c) if the amount is the subject of a Dispute, in accordance with clause 5.4(c)(i).

Recourse to Security. Aurizon Network may have recourse to the Security in respect of any amount which the Access Holder fails to pay under or in connection with this Agreement: (a) if the Access Holder fails to pay the amount by the due date for payment under this Agreement, Aurizon Network notifies the Access Holder of the payment default and the Access Holder fails to remedy the payment default within 10 Business Days after the date the notice is given, following the expiry of such period; (b) if the amount is not payable by a specified date and the Access Holder fails to make payment within 10 Business Days after Aurizon Network has requested payment of such amount, following the expiry of such period; or (c) if the amount is the subject of a Dispute, in accordance with clause 5.4(c)(i).