Recovery from Performance Bond or Security Fund Sample Clauses

Recovery from Performance Bond or Security Fund. Grantor shall be entitled to recover upon the performance bond or the security fund for any amounts due Grantor from Company under this Franchise Agreement, including amounts due to Grantor because Company: a. fails to make timely payment to Grantor or its designee or designees of any amount due as a result of this Franchise Agreement; b. fails to make timely payment to Grantor of any penalty due under this Franchise Agreement; c. fails to make timely payment to Grantor of any taxes due; d. fails to repay to Grantor within ten days of notification that such repayment is due, any damages, costs or expenses which Grantor shall be compelled to pay by reason of any act or default of Company in connection with this Franchise Agreement; or e. fails after ten days’ notice of such failure from Grantor to comply with any provision of the Franchise Agreement which Grantor reasonably determines can be remedied by an expenditure of the security fund; In any such event, Grantor may withdraw the amount thereof, with interest, from the security fund, or in the case of a performance bond, may make demand upon the surety for payment of the amount thereof, and utilize the same for any of the aforesaid purposes.
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Related to Recovery from Performance Bond or Security Fund

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