Common use of Use of Security Clause in Contracts

Use of Security. The Gas Distributor has the right to use, set‐off, appropriate, apply and realize the security, or any part of it, provided to the Gas Distributor by the Gas Vendor upon there occurring an Event of Default of the Gas Vendor under this Agreement or under any Incorporated Agreement by doing any one or more of the following: (i) taking possession of the security and any cash deposits by any method permitted by law; (ii) setting off or otherwise dealing with the security and any cash deposits; (iii) drawing on letters of credit; (iv) demanding payment on guarantees; (v) exercising any and all of the rights and remedies granted pursuant to the Personal Property Security Act (Ontario) and any other applicable legislation, or otherwise available at law or in equity; and (vi) filing such proofs of claim and other documents as may be necessary or advisable in order to have its claim lodged in any bankruptcy, winding‐up or other judicial proceedings relating to the Gas Vendor. No right, power or remedy of the Gas Distributor (whether granted herein or otherwise) shall be exclusive of or dependent on or merge in any other right, power or remedy, but all such rights, powers and remedies may from time to time be exercised independently or in combination. The Gas Vendor shall remain liable for all obligations, indebtedness and liabilities owing by it to the Gas Distributor that are outstanding following realization of all or any part of the security.