Calls on security Clause Samples

Calls on security. If this clause 12.21 applies in accordance with clause 12.20, the Distributor may, on 2 Working Days’ notice to the Retailer (or immediately in the case of deemed Cash Deposit under clause 12.23), call on the security as follows: (a) if the Retailer provided a Cash Deposit (which includes a deemed Cash Deposit), the Distributor may draw down and apply the amount owed (including Default Interest) from the Cash Deposit and full beneficial ownership of that amount (plus Default Interest) will automatically transfer solely to the Distributor before the draw down; (b) if the Retailer arranged for a third party to provide security, the Distributor may call on the provider of a third party security to pay the amount owed in accordance with the security; and (c) in either case, the Distributor will immediately notify the Retailer that it has called on the security.

Calls on security. If this clause 1.20 applies in accordance with clause 1.19, the Distributor may, on two Working Days’ notice to the Network User (or immediately in the case of deemed Cash Deposit), call on the security as follows: (a) if the Network User provided a Cash Deposit (which includes a deemed Cash Deposit), the Distributor may draw down and apply the amount owed (including Default Interest) from the Cash Deposit and full beneficial ownership of that amount (plus Default Interest) will automatically transfer solely to the Distributor before the draw down; (b) if the Network User arranged for a third party to provide security, the Distributor may call on the provider of a third party security to pay the amount owed in accordance with the security; and (c) in either case, the Distributor will immediately notify the Network User that it has called on the security.

Calls on security. The Distributor may, on 2 Working Days’ notice to the Retailer (or immediately in the case of deemed Cash Deposit under clause 8.25), call on the security as follows: (a) if the Retailer provided a Cash Deposit (which includes a deemed Cash Deposit), the Distributor may draw down and apply the amount owed (including Default Interest) from the Cash Deposit and full beneficial ownership of that amount (plus Default Interest) will automatically transfer solely to the Distributor before the draw down; (b) if the Retailer arranged for a third party to provide security, the Distributor may call on the provider of a third party security to pay the amount owed in accordance with the security; and (c) in either case, the Distributor will immediately notify the Retailer that it has called on the security.

Calls on security. If this clause applies in accordance with clause 12.20, the Distributor may, on 2 Working Days' notice to the Retailer (or immediately in the case of deemed Cash Deposit under clause 12.23), call on the security as follows: if the Retailer provided a Cash Deposit (which includes a deemed Cash Deposit), full beneficial ownership of the amount owing (plus Default Interest) of the Cash Deposit will automatically transfer solely to the Distributor effective from the expiry of the 2 Working Day notice period or immediately (as applicable) and the Distributor may then draw down and apply the amount owed (including Default Interest) from the Cash Deposit; if the Retailer arranged for a third party to provide security, the Distributor may call on the provider of a third party security to pay the amount owed in accordance with the security; and in either case, the Distributor will immediately notify the Retailer that it has called on the security. Requirement to maintain security: To avoid doubt, if the Distributor draws down some or all of a Cash Deposit held by the Distributor under this agreement, or calls on the provider of a third party security, the Retailer will within 5 Working Days take all steps necessary to ensure that the Retailer maintains acceptable security of the value specified in clause 12.6 and the value of any Additional Security required by clause 12.7 (as such may be reviewed by the Distributor in accordance with clause 12.10), as required by clause 12.1(b).

Calls on security. If the Retailer fails to pay an amount pursuant to this agreement, the Distributor may on 2 Working Days’ notice to the Retailer draw down and apply the amount owing (plus Default Interest) from the Cash Deposit, or enforce in accordance with its terms any guarantee, letter of credit or bond which has been provided under this agreement.

Calls on security. If this clause 12.22 applies in accordance with clause 12.21, the Distributor may, on 2 Working Days’ notice to the Retailer, call on the security as follows: (a) NOT USED (b) if the Retailer arranged for a third party to provide security, the Distributor may call on the provider of a third party security to pay the amount owed in accordance with the security; and (c) the Distributor will immediately notify the Retailer that it has called on the security.

Calls on security. The Distributor may, on 2 Working Days notice to the Retailer (or immediately in the case of deemed Cash Deposit under clause 6.4.

Calls on security. If this clause applies in accordance with clause 10.22, the Distributor may, on 2 Working Days' notice to the Retailer (or immediately in the case of deemed Cash Deposit under clause 10.25, call on the security as follows: