Examples of Default Security in a sentence
To the extent PacifiCorp receives payment from the Default Security, Seller shall, within fifteen (15) days, restore the Default Security as if no such deduction had occurred.
Seller shall deposit in an escrow account established by PacifiCorp in a banking institution acceptable to both Parties, the Default Security.
If Seller has posted Default Security, PacifiCorp may draw upon that security to satisfy any damages, above.
If Seller has not posted Default Security, or if PacifiCorp has exhausted the Default Security, PacifiCorp may collect any remaining amount owing by partially withholding future payments to Seller over a reasonable period of time, which period shall not be less than the period over which the default occurred.
Seller shall post and maintain in an amount equal to the Default Security: (a) a guaranty from a party that satisfies the Credit Requirements, in a form acceptable to PacifiCorp in its discretion, or (b) a Letter of Credit in favor of PacifiCorp.