Common use of Recourse to Security Clause in Contracts

Recourse to Security. (a) A Security may be called upon by Queensland Rail in any circumstance where the Access Holder or Operator (as the case may be): (i) fails to pay, on or before the due date, any amount that is payable by the Access Holder or Operator (as the case may be) to Queensland Rail under this agreement; or (ii) Queensland Rail otherwise suffers or incurs a Loss in respect of which the Access Holder or Operator (as the case may be) is required to indemnify Queensland Rail in accordance with this agreement. (b) If Queensland Rail calls on a Security, the Access Holder or Operator (as the case may be) must deliver to Queensland Rail a further Security for the amount called upon, or a replacement Security for the remaining amount of the existing Security plus the amount called upon in exchange for the existing Security, within five Business Days after Queensland Rail calls on the Security so that the Security held by Queensland Rail is equal to the Security Amount. (c) If an Insolvency Event occurs, or Queensland Rail (acting reasonably) suspects that an Insolvency Event has occurred, in relation to the Access Holder or Operator (as the case may be), Queensland Rail may: (i) in respect of any amounts due but unpaid by the Access Holder or Operator (as the case may be) under this agreement: (A) decline payment from the Access Holder or Operator (as the case may be)of all or part of those amounts; and (B) immediately call upon the Security for those amounts for which payment was so declined; or (ii) in respect of any amounts paid by the Access Holder or Operator (as the case may be) under this agreement after the time when the Insolvency Event occurred or Queensland Rail (acting reasonably) suspects that an Insolvency Event occurred: (A) refund all or part of those amounts to the Access Holder or Operator (as the case may be); and (B) immediately call upon the Security for the amounts so refunded.

Recourse to Security. (a) A Subject to clause 15.1, a Security may be called upon by Queensland Rail in any circumstance where the Access Holder or Operator (as the case may be): (i) ): fails to pay, on or before the due date, any amount that is payable by the Access Holder or Operator (as the case may be) to Queensland Rail under this agreement; or (ii) or Queensland Rail otherwise suffers or incurs a Loss in respect of which the Access Holder or Operator (as the case may be) is required to indemnify Queensland Rail in accordance with this agreement. (b) . If Queensland Rail calls on a Security, the Access Holder or Operator (as the case may be) must deliver to Queensland Rail a further Security for the amount called upon, or a replacement Security for the remaining amount of the existing Security plus the amount called upon in exchange for the existing Security, within five Business Days after Queensland Rail calls on the Security so that the Security held by Queensland Rail is equal to the Security Amount. (c) If . Subject to clause 15.1, if an Insolvency Event occurs, or Queensland Rail (acting reasonably) suspects that an Insolvency Event has occurred, in relation to the Access Holder or Operator (as the case may be), Queensland Rail may: (i) : in respect of any amounts due but unpaid by the Access Holder or Operator (as the case may be) under this agreement: (A) : decline payment from the Access Holder or Operator (as the case may be)of be) of all or part of those amounts; and (B) and immediately call upon the Security for those amounts for which payment was so declined; or (ii) or in respect of any amounts paid by the Access Holder or Operator (as the case may be) under this agreement after the time when the Insolvency Event occurred or Queensland Rail (acting reasonably) suspects that an Insolvency Event occurred: (A) : refund all or part of those amounts to the Access Holder or Operator (as the case may be); and (B) and immediately call upon the Security for the amounts so refunded.

Recourse to Security. ‌ (a) A Subject to clause 15.1, a Security may be called upon by Queensland Rail in any circumstance where the Access Holder or Operator (as the case may be): (i) fails to pay, on or before the due date, any amount that is payable by the Access Holder or Operator (as the case may be) to Queensland Rail under this agreement; or (ii) Queensland Rail otherwise suffers or incurs a Loss in respect of which the Access Holder or Operator (as the case may be) is required to indemnify Queensland Rail in accordance with this agreement. (b) If Queensland Rail calls on a Security, the Access Holder or Operator (as the case may be) must deliver to Queensland Rail a further Security for the amount called upon, or a replacement Security for the remaining amount of the existing Security plus the amount called upon in exchange for the existing Security, within five Business Days after Queensland Rail calls on the Security so that the Security held by Queensland Rail is equal to the Security Amount. (c) If Subject to clause 15.1, if an Insolvency Event occurs, or Queensland Rail (acting reasonably) suspects that an Insolvency Event has occurred, in relation to the Access Holder or Operator (as the case may be), Queensland Rail may: (i) in respect of any amounts due but unpaid by the Access Holder or Operator (as the case may be) under this agreement: (A) decline payment from the Access Holder or Operator (as the case may be)of be) of all or part of those amounts; and (B) immediately call upon the Security for those amounts for which payment was so declined; or (ii) in respect of any amounts paid by the Access Holder or Operator (as the case may be) under this agreement after the time when the Insolvency Event occurred or Queensland Rail (acting reasonably) suspects that an Insolvency Event occurred: (A) refund all or part of those amounts to the Access Holder or Operator (as the case may be); and (B) immediately call upon the Security for the amounts so refunded.

Recourse to Security. (a) A Subject to clause 15.1, Aa Security may be called upon by Queensland Rail in any circumstance where the Access Holder or Operator (as the case may be): (i) ): fails to pay, on or before the due date, any amount that is payable by the Access Holder or Operator (as the case may be) to Queensland Rail under this agreement; or (ii) or Queensland Rail otherwise suffers or incurs a Loss in respect of which the Access Holder or Operator (as the case may be) is required to indemnify Queensland Rail in accordance with this agreement. (b) . If Queensland Rail calls on a Security, the Access Holder or Operator (as the case may be) must deliver to Queensland Rail a further Security for the amount called upon, or a replacement Security for the remaining amount of the existing Security plus the amount called upon in exchange for the existing Security, within five Business Days after Queensland Rail calls on the Security so that the Security held by Queensland Rail is equal to the Security Amount. (c) If . Subject to clause 15.1, Iif an Insolvency Event occurs, or Queensland Rail (acting reasonably) suspects that an Insolvency Event has occurred, in relation to the Access Holder or Operator (as the case may be), Queensland Rail may: (i) : in respect of any amounts due but unpaid by the Access Holder or Operator (as the case may be) under this agreement: (A) : decline payment from the Access Holder or Operator (as the case may be)of be) of all or part of those amounts; and (B) and immediately call upon the Security for those amounts for which payment was so declined; or (ii) or in respect of any amounts paid by the Access Holder or Operator (as the case may be) under this agreement after the time when the Insolvency Event occurred or Queensland Rail (acting reasonably) suspects that an Insolvency Event occurred: (A) : refund all or part of those amounts to the Access Holder or Operator (as the case may be); and (B) and immediately call upon the Security for the amounts so refunded.

Recourse to Security. (a) A Security may be called upon by Queensland Rail in any circumstance where :the Access Holder or Operator (as the case may be): (i) ): the Operator fails to pay, on or before the due date, any amount that is payable by the Access Holder or Operator (as the case may be) to Queensland Rail under this agreement; or (ii) or Queensland Rail otherwise suffers or incurs a Loss in respect of which the Access Holder or Operator (as the case may be) is required to indemnify Queensland Rail in accordance with this agreement. (b) . If Queensland Rail calls on a Security, the Access Holder or Operator (as the case may be) must deliver to Queensland Rail a further Security for the amount called upon, or a replacement Security for the remaining amount of the existing Security plus the amount called upon in exchange for the existing Security, within five Business Days after Queensland Rail calls on the Security so that the Security held by Queensland Rail is equal to the Security Amount. (c) . If an Insolvency Event occurs, or Queensland Rail (acting reasonably) suspects that an Insolvency Event has occurred, in relation to the Access Holder or Operator (as the case may be), Queensland Rail may: (i) : in respect of any amounts due but unpaid by the Access Holder or Operator (as the case may be) under this agreement: (A) decline payment from the Access Holder or Operator (as the case may be)of all or part of those amounts; and (B) immediately call upon the Security for those amounts for which payment was so declined; or (ii) or in respect of any amounts paid by the Access Holder or Operator (as the case may be) under this agreement after the time when the Insolvency Event occurred or Queensland Rail (acting reasonably) suspects that an Insolvency Event occurred: (A) refund all or part of those amounts to the Access Holder or Operator (as the case may be); and (B) immediately call upon the Security for the amounts so refunded.