Withdrawals from Security Fund Clause Samples

Withdrawals from Security Fund. If (A) the Company fails: (i) to make any payment required by this Agreement within the time fixed herein; (ii) to pay to the City, within ten (10) business days after receipt of notice, any Liability payable to the City and relating to the System that is due and unpaid; (iii) to pay to the City, within ten (10) business days after receipt of notice from the Commissioner, any damages, claims, costs or expenses which the City has been compelled to pay or incur by reason of any act or default of the Company; or (iv) to comply, within ten (10) business days after receipt of notice from the Commissioner, with any provision of this Agreement which the Commissioner determines can be remedied by an expenditure of an amount in the Security Fund; and (B) to cure within ten

Withdrawals from Security Fund. (i) After receipt of notice from OCTT that the Company has failed (a) to make any payment required by this Agreement within the time fixed herein; (b) to pay to the District any Liability payable to the District and relating to the System that is due and unpaid; (c) to pay to the District any costs, losses, damages, claims or expenditures (excluding any outside attorneys’ fees for enforcement of this Agreement) which the District has been compelled to pay or incur by reason of any act or default of the Company; or (d) to comply with any provision of this Agreement which OCTT determines can be remedied by an expenditure of an amount in the Security Fund, the Company shall take one (1) of the steps specified in Subsection (ii) of this Section 13.2.04. (ii) Not later than five (5) Business Days after receipt of the notice described in Subsection (i)(a) of this Section 13.2.04 or twenty (20) Business Days after receipt of the notice described in Subsection (i)(b)-(d) of this Section 13.2.04, the Company shall (a) cure such alleged failure and provide to OCTT a written explanation and evidence of such cure; (b) in a written response to OCTT, present facts and arguments in refutation or excuse of such alleged failure; or (c) promptly begin to cure such breach, default or other noncompliance and provide to OCTT a written explanation of why such cure cannot be completed within five (5) or twenty (20) Business Days, as applicable, and a schedule for completing such cure, both of which shall be satisfactory to OCTT. (iii) After the lapse of five (5) or twenty (20) Business Days, as applicable, after OCTT’s provision of notice pursuant to Subsection (i) of this Section 13.2.04, if the Company has failed to take any of the steps specified in Subsection (ii) of this Section 13.2.04 to the satisfaction of OCTT, then OCTT may withdraw the amount specified in such notice from the Security Fund and pay it to the District. (iv) For breaches subject to liquidated damages pursuant to Section 13.3.01 hereof, OCTT may withdraw liquidated damages from the Security Fund, and the procedures set forth in Section 13.3.01 hereof shall apply to such withdrawals instead of the procedures set forth in Subsections (i)-(iii) of this Section 13.2.04.