Common use of Restoration of Fund Clause in Contracts

Restoration of Fund. Within thirty (30) calendar days after the City gives Grantee written notice that an amount has been withdrawn from the security fund, the Grantee must deposit a sum of money in the security fund sufficient to restore it to the original amount. If Grantee fails to do so, such failure to restore shall be a material breach of this Franchise.

Restoration of Fund. Within thirty (30) calendar days after the City gives Grantee written notice that an amount has been withdrawn from the security fundSecurity Fund, the Grantee must deposit a sum of money in the security fund Security Fund sufficient to restore it to the original amount. If Grantee fails to do so, such failure to restore shall be a material breach of this Franchise.

Restoration of Fund. Within thirty (30) calendar days after the City gives Grantee written notice that an amount has been withdrawn from the security fundSecurity Fund, the Grantee must deposit a sum of money in the security fund Security Fund sufficient to restore it to the original amount. If Grantee fails to do so, the entire Security Fund amount needed to meet the Grantee's obligations to the community and City may be withdrawn, up to the entire remaining amount, and such failure to restore shall be a material breach of this Franchise.