SURETY DEFICIENCY Sample Clauses

SURETY DEFICIENCY. In the event that, pursuant to the terms of this Agreement, the City has the right to draw against any Surety, and in the event that the funds available thereunder are deficient in amount to pay or reimburse City the amounts due from Developer as required herein, Developer agrees that upon being billed by City, Developer will pay said deficient amount to the City within thirty (30) days of said billing to Developer. If there should be an overage in the amount of utilized security City will, upon making said determination, within a reasonable time period refund to Developer any monies which City has in its possession which are in excess of the Surety needed by City. All Surety money deposited with City shall be used by City for the purposes for which the Surety was given.
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SURETY DEFICIENCY. In the event that, pursuant to the terms of this Agreement, the City has the right to draw against the Surety, and in the event that the funds available thereunder are deficient in amount to pay or reimburse City the amounts due from Developer as required herein, Developer agrees that upon being billed by City, Developer will within thirty (30) days of said billing to Developer (i) pay said deficient amount to the City or (ii) provide a replacement surety. If there should be an overage in the amount of utilized security, City will, upon making said determination, within a reasonable time period refund to Developer any monies which City has in its possession which are in excess of the Surety needed by City. All Surety money deposited with City shall be used by City for the purposes set forth in this Agreement for which the Surety was given.
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SURETY DEFICIENCY. In the event that, pursuant to the terms of this Agreement, the City has the right to draw against any Surety, and in the event that the funds available thereunder are deficient in amount to pay or reimburse City the amounts due from Developer as required herein, Developer agrees that upon being billed by City, Developer will pay said deficient amount to the City within thirty
Sample 1
SURETY DEFICIENCY. In the event that, pursuant to the terms of this Agreement, the City has the right to draw against the Project Land Surety, and in the event that the funds available thereunder are deficient in amount to pay or reimburse City the amounts due from Project Land Owner as required herein, Project Land Owner agrees that upon being billed by City, Project Land Owner will within thirty (30) days of said billing to Project Land Owner (i) pay said deficient amount to the City or (ii) provide a replacement surety. If there should be an overage in the amount of utilized security, City will, upon making said determination, within a reasonable time period refund to Project Land Owner any monies which City has in its possession which are in excess of the Project Land Surety needed by City. All Project Land Surety money deposited with City shall be used by City only for the purposes set forth in this Agreement for which the Project Land Surety was given.
Sample 1
SURETY DEFICIENCY. In the event that, pursuant to the terms of this Agreement, the City has the right to draw against the Retained Property Surety, and in the event that the funds available thereunder are deficient in amount to pay or reimburse City the amounts due from Owner as required herein, Owner agrees that upon being billed by City, Owner will within thirty (30) days of said billing to Owner (i) pay said deficient amount to the City or (ii) provide a replacement surety. If there should be an overage in the amount of utilized security, City will, upon making said determination, within a reasonable time period refund to Owner any monies which City has in its possession which are in excess of the Retained Property Surety needed by City. All Retained Property Surety money deposited with City shall be used by City only for the purposes set forth in this Agreement for which the Retained Property Surety was given.
Sample 1

Related to SURETY DEFICIENCY

  • Obtain Deficiency If Lender chooses to sell any or all of the Collateral, Lender may obtain a judgment against Grantor for any deficiency remaining on the Indebtedness due to Lender after application of all amounts received from the exercise of the rights provided in this Agreement. Grantor shall be liable for a deficiency even if the transaction described in this subsection is a sale of accounts or chattel paper.

  • Waiver; Deficiency Each Grantor waives and agrees not to assert any rights or privileges which it may acquire under Section 9-112 of the New York UCC. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay its Obligations and the fees and disbursements of any attorneys employed by the Administrative Agent or any Lender to collect such deficiency.

  • No Existing Default No Default or Event of Default shall have occurred and be continuing (i) on the borrowing, continuation or conversion date with respect to such Loan or after giving effect to the Loans to be made, continued or converted on such date or (ii) on the issuance or extension date with respect to such Letter of Credit or after giving effect to the issuance or extension of such Letter of Credit on such date.

  • Borrowing Base Deficiency If at any time there exists a Borrowing Base Deficiency the Borrower shall cure same in accordance with Section 2.06 hereof.

  • Servicing Default If any one of the following events ("Servicing Default") shall occur and be continuing:

  • Property Defined The Land, the Improvements, the Personal Property, the Leases and the Intangibles are hereinafter sometimes referred to collectively as the "Property."

  • Deficiency Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay its Obligations and the fees and disbursements of any attorneys employed by the Administrative Agent or any Lender to collect such deficiency.

  • Bankruptcy Defaults When any Event of Default described in subsections (j) or (k) of Section 9.1 hereof has occurred and is continuing, then all outstanding Notes shall immediately become due and payable together with all other amounts payable under the Loan Documents without presentment, demand, protest or notice of any kind, the obligation of the Lenders to extend further credit pursuant to any of the terms hereof shall immediately terminate and the Borrower shall immediately pay to the Administrative Agent the full amount then available for drawing under all outstanding Letters of Credit, the Borrower acknowledging and agreeing that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Lenders, and the Administrative Agent on their behalf, shall have the right to require the Borrower to specifically perform such undertaking whether or not any draws or other demands for payment have been made under any of the Letters of Credit.

  • Notification of Event of Default Borrower shall notify Agent immediately of the occurrence of any Event of Default.

  • No Event of Default No Default or Event of Default has occurred and is continuing.

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