Common use of Failure to Deposit Clause in Contracts

Failure to Deposit. (a) If BTG Energy fails to make a deposit with the AER pursuant to Section 9.06(a) by the deadline for such payment under Section 9.06(a) then Captus GP shall have the right, but not the obligation, to make such deposit on behalf of BTG Energy and BTG Energy acknowledges and agrees that Captus GP shall be BTG Energy’s agent with full power and authority to make such deposit for and on behalf of BTG Energy. BTG Energy shall reimburse Captus GP for the amount of any such deposit made by Captus GP (up to the amount required to be deposited or repaid to the AER under Section 9.06(a) and pay interest on the amount of such deposit at an annual rate equal to the Prime Rate plus 5% from the date on which Captus GP paid such deposit to the date on which the reimbursement for such deposit and the corresponding interest is made in full. In addition to all other rights that may be available to Captus GP for the collection of such amounts from BTG Energy, Captus GP shall have the right to set-off the amount of any such deposit, including interest as provided in this Section 9.07, against any monies payable by the Purchaser to BTG Energy pursuant to this Agreement. To the extent the Law restricts the ability of Captus GP to pay any deposit required under this Section 9.07 directly to the AER, BTG Energy and Purchaser covenant and agree to cooperate and use commercially reasonable efforts to facilitate the payment of such deposit by Captus GP, for and on behalf of BTG Energy, to the AER in accordance with the terms hereof. (b) If Captus GP (or the Purchaser, on Captus GP’s behalf) fails to make a deposit with the AER pursuant to Section 9.06(b) by the deadline for such payment under Section 9.06(b), then BTG Energy shall have the right, but not the obligation, to make such deposit on behalf of Captus GP and Purchaser acknowledges and agrees that BTG Energy shall be Captus GP’s agent with full power and authority to make such deposit for and on behalf of Captus GP. Purchaser shall or shall cause Captus GP to reimburse BTG Energy for the amount of any such deposit made by BTG Energy (up to the amount required to be deposited or repaid to the AER under Section 9.06(b) and pay interest on the amount of such deposit at an annual rate equal to the Prime Rate plus 5% from the date on which BTG Energy paid such deposit to the date on which the reimbursement for such deposit and the corresponding interest is made in full. In addition to all other rights that may be available to BTG Energy for the collection of such amounts from Purchaser or Captus GP, BTG Energy shall have the right to set-off the amount of any such deposit, including interest as provided in this Section 9.07, against any monies payable by BTG Energy to the Purchaser pursuant to this Agreement. To the extent the Law restricts the ability of BTG Energy to pay any deposit required under this Section 9.07 directly to the AER, BTG Energy and Purchaser covenant and agree to cooperate and use commercially reasonable efforts to facilitate the payment of such deposit by BTG Energy, for and on behalf of Captus GP, to the AER in accordance with the terms hereof.

Failure to Deposit. (a) If BTG Energy West Lake fails to make a deposit with the AER pursuant to Section 9.06(a10.06(a) by the deadline for such payment under Section 9.06(a10.06(a) then Captus GP shall have the right, but not the obligation, to make such deposit on behalf of BTG Energy West Lake and BTG Energy West Lake acknowledges and agrees that Captus GP shall be BTG EnergyWest Lake’s agent with full power and authority to make such deposit for and on behalf of BTG EnergyWest Lake. BTG Energy West Lake shall reimburse Captus GP for the amount of any such deposit made by Captus GP (up to the amount required to be deposited or repaid to the AER under Section 9.06(a10.06(a) and pay interest on the amount of such deposit at an annual rate equal to the Prime Rate plus 5% from the date on which Captus GP paid such deposit to the date on which the reimbursement for such deposit and the corresponding interest is made in full. In addition to all other rights that may be available to Captus GP for the collection of such amounts from BTG EnergyWest Lake, Captus GP shall have the right to set-off the amount of any such deposit, including interest as provided in this Section 9.0710.07, against any monies payable by the Purchaser to BTG Energy West Lake pursuant to this Agreement. To the extent the Law restricts the ability of Captus GP to pay any deposit required under this Section 9.07 10.07 directly to the AER, BTG Energy West Lake and Purchaser covenant and agree to cooperate and use commercially reasonable efforts to facilitate the payment of such deposit by Captus GP, for and on behalf of BTG EnergyWest Lake, to the AER in accordance with the terms hereof. (b) If Captus GP (or the Purchaser, on Captus GP’s behalf) fails to make a deposit with the AER pursuant to Section 9.06(b10.06(b) by the deadline for such payment under Section 9.06(b10.06(b), then BTG Energy West Lake shall have the right, but not the obligation, to make such deposit on behalf of Captus GP and Purchaser acknowledges and agrees that BTG Energy West Lake shall be Captus GP’s agent with full power and authority to make such deposit for and on behalf of Captus GP. Purchaser shall or shall cause Captus GP to reimburse BTG Energy West Lake for the amount of any such deposit made by BTG Energy West Lake (up to the amount required to be deposited or repaid to the AER under Section 9.06(b10.06(b) and pay interest on the amount of such deposit at an annual rate equal to the Prime Rate plus 5% from the date on which BTG Energy West Lake paid such deposit to the date on which the reimbursement for such deposit and the corresponding interest is made in full. In addition to all other rights that may be available to BTG Energy West Lake for the collection of such amounts from Purchaser or Captus GP, BTG Energy West Lake shall have the right to set-off the amount of any such deposit, including interest as provided in this Section 9.0710.07, against any monies payable by BTG Energy West Lake to the Purchaser pursuant to this Agreement. To the extent the Law restricts the ability of BTG Energy West Lake to pay any deposit required under this Section 9.07 10.07 directly to the AER, BTG Energy West Lake and Purchaser covenant and agree to cooperate and use commercially reasonable efforts to facilitate the payment of such deposit by BTG EnergyWest Lake, for and on behalf of Captus GP, to the AER in accordance with the terms hereof.