Use of Security. If, under the terms of this Agreement, the Municipality finds it necessary to draw on any of the securities posted, or the Developer fails to renew any securities or provide additional ones where required, then the Municipality shall have the right to treat the Developer as being in breach of this Agreement and, in addition to any other rights under this Agreement, the Municipality shall be entitled to prohibit any further Pre- Servicing Works being carried out on the Lands until the securities have been restored, renewed or increased as required. Further, the Developer acknowledges that irrespective of the manner in which the amount of the security was calculated, the cash or letter of credit has been lodged to secure all obligations of the Developer and the security may be used to complete any aspect of the Pre-Servicing Works to the exclusion of any other aspect thereof, to return the Lands to their pre-construction state if deemed appropriate, or to fulfill any other obligation under this Agreement, irrespective of the manner in which the original value was calculated or the obligation described.
Use of Security. Con Edison may draw upon the security and/or exercise any and all rights in respect of such security as provided in this Agreement and in the security instrument.
Use of Security. The Gas Distributor has the right to use, set‐off, appropriate, apply and realize the security, or any part of it, provided to the Gas Distributor by the Gas Vendor upon there occurring an Event of Default of the Gas Vendor under this Agreement or under any Incorporated Agreement by doing any one or more of the following: (i) taking possession of the security and any cash deposits by any method permitted by law; (ii) setting off or otherwise dealing with the security and any cash deposits; (iii) drawing on letters of credit; (iv) demanding payment on guarantees; (v) exercising any and all of the rights and remedies granted pursuant to the Personal Property Security Act (Ontario) and any other applicable legislation, or otherwise available at law or in equity; and (vi) filing such proofs of claim and other documents as may be necessary or advisable in order to have its claim lodged in any bankruptcy, winding‐up or other judicial proceedings relating to the Gas Vendor. No right, power or remedy of the Gas Distributor (whether granted herein or otherwise) shall be exclusive of or dependent on or merge in any other right, power or remedy, but all such rights, powers and remedies may from time to time be exercised independently or in combination. The Gas Vendor shall remain liable for all obligations, indebtedness and liabilities owing by it to the Gas Distributor that are outstanding following realization of all or any part of the security.
Use of Security. Dominion shall be allowed to collect any funds due and owing by Xxxxxxxxxxxx to Dominion from the performance security provided under this Article 11 that are not paid in a timely manner, and Xxxxxxxxxxxx shall be obligated to replenish the security after any such withdrawal.
Use of Security. Unless otherwise indicated in this Agreement, including Section 12.2, Buyer shall be entitled to draw upon the Collateral posted by Seller for any obligation of Seller arising under this Agreement that is not paid when due, whether or not an Early Termination Date or other termination of this Agreement in compliance with the terms hereof has been declared. Notwithstanding the foregoing, amounts contained in the Delay Damages Escrow Account shall only be drawn upon by Buyer pursuant to Section 5.4(a).
Use of Security. The Owner agrees that, if all the Works and Services or obligations are not completed, installed or performed pursuant to this Agreement, the Municipality may complete or fulfill the Works and Services or obligations at the cost of the Owner, deduct the cost of completion from the Security Deposit, and return the balance, if any, of the Security Deposit to the Owner, less any additional administration fees or costs incurred.
Use of Security. DNCP shall be allowed to collect any funds due and owing by Wxxxxxxxxxxx to DNCP from the performance security provided under this Article 11 that are not paid in a timely manner, and Wxxxxxxxxxxx shall be obligated to replenish the security after any such withdrawal.
Use of Security a. Any Letter of Credit or other security filed with the Municipality is based upon the estimated cost of replacing the system as prescribed by this Agreement. However, the Financial Security received by the Municipality may be used as security for any item or any other matter which under the terms of this Agreement is the responsibility of the Owner subject to Section 4.
b. If the costs of repairing or replacing the system exceed the amount of the Financial Security held by the Municipality, notwithstanding the existence of such Financial Security, the Owner shall pay to the Municipality such excess amount within 30 days after invoicing by the Municipality. All overdue accounts shall bear interest at the rate of the prim e in terest rate of the Royal Bank of Canada plus 2% per annum.
Use of Security. Deduct forthwith from any security posted by the Engager the monies payable under Clause 48:13(B).
Use of Security. Until Pledgee provides written notice to the contrary after an Event of Default has occurred, Pledgor may use, commingle and dispose of any part of the Security in the ordinary course of its business.
