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. 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. 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. ARTICLE 12
Use of Security. The City may draw on the Security to complete work not performed by Xxxxxxxxx, to pay liens on the Property, to reimburse itself for costs incurred in the drafting, execution, administration or enforcement of this Development Agreement, to repair or correct deficiencies or other problems which occur during any warranty period, or to otherwise fulfill the obligations of the Developer under this Development Agreement. The City shall not be under any obligation to cure any breach of the terms of this Development Agreement with the proceeds from the Security, but may, at the City's sole option, cure the breach or retain the proceeds from the Security until Developer cures the breach.
Use of Security. 45. 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. The Developer hereby authorized County to use, redeem, or otherwise obtain payment as applicable, from the security described above for purposes of completing improvements required of the Developer under this agreement in the event that such improvements are not completed within the time provided for by this agreement, or any extension thereof granted by County in its discretion, or in the event such improvements are not completed in accordance with regulatory requirements or specifications imposed by County. In the event Developer fulfills its obligations in the time and manner required by this agreement, then any cash deposit provided as security shall be refunded to Developer within 30 days of completion and acceptance of improvements by County.
Use of Security. Any such Security or guaranty shall hold Lessor, Xxxxxx's Beneficiary, all Affiliates of Lessor's Beneficiary, and the Premises harmless from any damage arising out of the legal proceeding to contest any Imposition or proposed Imposition and shall assure the payment of any judgment. Any Security so deposited and any monies realized under any bond provided as Security hereunder shall be deemed to be held by the recipient for the uses and purposes prescribed by this Lease. Upon the termination of such legal proceedings, Lessee shall promptly and fully discharge (i) any interest and penalties accrued in connection therewith, (ii) the payment, removal and discharge of the Imposition then payable, and (iii) the charges accruing in such legal proceedings, in which case any Security so deposited or realized shall, except as otherwise provided in Section 13.3, to be paid or returned to Lessee. If Lessee shall fail promptly and fully to discharge such amounts, then any Security so deposited or realized shall be applied to (I) any interest and penalties accrued in connection therewith, (2) the payment, removal and discharge of the Imposition then payable, if any, and (3) the charges accruing in such legal proceedings, in that order, and the balance, if any, shall, except as otherwise provided in Section 13.3, be paid or returned to Lessee. In the event that the Security shall be insufficient for this purpose, Lessee shall forthwith pay over to the person holding the Security hereunder an amount of money sufficient, when added to the Security so deposited pursuant to this Section 4.5, to pay the same. In the event (x) Lessor shall reasonably determine that the failure on the part of Lessee to pay any such Imposition while such legal proceedings are pending or the failure by Lessee to diligently pursue such proceedings will no longer prevent the sale of the Premises, Building, any other Improvements or any part thereof or the foreclosure of the lien thereon, or (y) any Event of Default by Lessee occurs under this Lease, Lessor or any other person then holding any Security under this Section 4.5 is authorized upon a demand by Lessor to realize on the Security and apply all or part of the proceeds of such Security to pay such Imposition, or to apply any such Security on account of such Event of Default, or to take such action as may be deemed necessary or advisable to enforce any guaranty, all as determined by Lessor in its sole discretion.
Use of Security. Until an Event of Default has occurred and is continuing, MXE may use, commingle and dispose of any part of the Security in the ordinary course of its business (including without limitation making distributions of income and profits), all subject to the provisions of the Documents.
