Common use of Buyer Defaults Clause in Contracts

Buyer Defaults. The occurrence of any one or more of the following events shall constitute an event of default by Buyer hereunder (a “Buyer Event of Default”): 18.2.1 Buyer fails to pay to Supplier any payment required under this Agreement which is not in dispute, and such failure continues for ten (10) days after receipt of Written Notice of such failure; 18.2.2 Any representation or warranty of Buyer contained in this Agreement shall prove to be false or misleading at the time such representation or warranty is made and has a material adverse affect on either Party’s ability to perform its obligations hereunder, and such false or misleading representation or warranty and material adverse effect continues uncured for thirty (30) days after receipt of Written Notice from Supplier; 18.2.3 Buyer or Buyer Parent voluntarily commences bankruptcy, insolvency, reorganization, stay, moratorium or similar debtor-relief proceedings, or shall have become insolvent or generally does not pay its debts as they become due, or admits in writing its inability to pay its debts, or makes an assignment for the benefit of creditors and, with respect to Buyer Parent, Buyer has not delivered to Supplier another guaranty, bank bond or a letter of credit in a form reasonably acceptable to Supplier to replace the Buyer Parent Guaranty; 18.2.4 Insolvency, receivership, reorganization, bankruptcy, or a similar proceeding shall have been commenced against Buyer or Buyer Parent and such proceeding remains undismissed or unstayed for a period of ninety (90) days and, with respect to Buyer Parent, Buyer has not delivered to Supplier another guaranty, bank bond or a letter of credit in a form reasonably acceptable to Supplier to replace the Buyer Parent Guaranty; 18.2.5 Buyer Parent disavows its obligations under the Buyer Parent Guaranty or Buyer fails to cause the Buyer Parent Guaranty to be maintained in full force and effect in accordance with its terms and such disavowal or failure continues for ten (10) days after receipt of Written Notice of such disavowal or failure and Buyer has not delivered to Supplier another guaranty, bank bond or a letter of credit in a form reasonably acceptable to Supplier to replace the Buyer Parent Guaranty; 18.2.6 Except as otherwise expressly provided for in this Section , Buyer is in material breach of its obligations under this Agreement and such material breach continues uncured for thirty (30) days after receipt of Written Notice from Supplier; 18.2.7 The Collateral or any part thereof is sold, transferred, assigned, or otherwise disposed of in any manner by Buyer prior to payment in full of the Contract Price unless, prior to such sale or transfer, Buyer has provided to Supplier alternate liquid security reasonably acceptable to Supplier; or 18.2.8 The Collateral or any part thereof is seized or otherwise attached by anyone pursuant to any legal process or other means, including distress, enforcement, execution or any other step or proceeding with similar effect, other than as a result of a breach by Supplier of its representations, warranties or obligations hereunder and other than Liens permitted pursuant to Section , and the same is not released, bonded, satisfied, discharged or vacated within the shorter of a period of (a) fifteen (15) Business Days or (b) ten (10) Business Days less than such period as would permit such property or any part thereof to be sold pursuant thereto.

Buyer Defaults. The occurrence of any one or more of the following events shall constitute an event of default by Buyer hereunder (a “Buyer Event of Default”): 18.2.1 4.2.1 Buyer fails to pay to Supplier any payment required under this Agreement which is not in dispute, and such failure continues for ten (10) days after receipt of Written Notice of such failure; 18.2.2 4.2.2 Buyer denies Supplier the access required by Section for reasons not attributable to a Force Majeure Event, and such access is not granted within ten (10) days after receipt of Written Notice thereof from Supplier; 4.2.3 Any representation or warranty of Buyer contained in this Agreement shall prove to be false or misleading at the time such representation or warranty is made and has a material adverse affect effect on either Party’s ability to perform its obligations hereunder, and such false or misleading representation or warranty and material adverse effect continues continue uncured for thirty (30) days after receipt of Written Notice from Supplier; 18.2.3 4.2.4 Buyer or Buyer Parent voluntarily commences bankruptcy, insolvency, reorganization, stay, moratorium or similar debtor-relief proceedings, or shall have become insolvent or generally does not pay its debts as they become due, or admits in writing its inability to pay its debts, or makes an assignment for the benefit of creditors and, with respect to Buyer Parent, Buyer has not delivered to Supplier another guaranty, bank bond or a letter of credit in a form reasonably acceptable to Supplier to replace the Buyer Parent Guaranty; 18.2.4 4.2.5 Insolvency, receivership, reorganization, bankruptcy, or a similar proceeding shall have been commenced against Buyer or Buyer Parent and such proceeding remains undismissed or unstayed for a period of ninety (90) days and, with respect to Buyer Parent, Buyer has not delivered to Supplier another guaranty, bank bond or a letter of credit in a form reasonably acceptable to Supplier to replace the Buyer Parent Guaranty; 18.2.5 4.2.6 Buyer Parent disavows its obligations under the Buyer Parent Guaranty or Buyer fails to cause the Buyer Parent Guaranty to be maintained in full force and effect in accordance with its terms and such disavowal or failure continues for ten (10) days after receipt of Written Notice of such disavowal or failure and Buyer has not delivered to Supplier another guaranty, bank bond or a letter of credit in a form reasonably acceptable to Supplier to replace the Buyer Parent Guaranty; 18.2.6 4.2.7 Except as otherwise expressly provided for in this Section , Buyer is in material breach of its obligations under this Agreement and such material breach continues uncured for thirty (30) days after receipt of Written Notice from Supplier; 18.2.7 The Collateral or any part thereof is sold, transferred, assigned, or otherwise disposed of in any manner by Buyer prior to payment in full of the Contract Price unless, prior to such sale or transfer, Buyer has provided to Supplier alternate liquid security reasonably acceptable to Supplier; or 18.2.8 The Collateral 4.2.8 A default in respect of Buyer shall have occurred and be continuing beyond the applicable cure period therefor under the Wind Turbine Supply Agreement or any part thereof is seized or otherwise attached by anyone pursuant to any legal process or other means, including distress, enforcement, execution or any other step or proceeding with similar effect, other than as a result of a breach by Supplier of its representations, warranties or obligations hereunder and other than Liens permitted pursuant to Section , and the same is not released, bonded, satisfied, discharged or vacated within the shorter of a period of (a) fifteen (15) Business Days or (b) ten (10) Business Days less than such period as would permit such property or any part thereof to be sold pursuant theretoService Agreement.

Buyer Defaults. The occurrence of any one or more of the following events shall constitute an event of default by Buyer hereunder (a “Buyer Event of Default”): 18.2.1 10.2.1 Buyer fails to pay to Supplier any payment required under this Agreement which is not in dispute, and such failure continues for ten (10) days after receipt of Written Notice of such failure; 18.2.2 10.2.2 Buyer denies Supplier the access required by Section 4.1 for reasons not attributable to a Force Majeure Event, and such access is not granted within ten (10) days after receipt of Written Notice thereof from Supplier; 10.2.3 Any representation or warranty of Buyer contained in this Agreement shall prove to be false or misleading at the time such representation or warranty is made and has a material adverse affect effect on either Party’s ability to perform its obligations hereunder, and such false or misleading representation or warranty and material adverse effect continues continue uncured for thirty (30) days after receipt of Written Notice from Supplier; 18.2.3 10.2.4 Buyer or Buyer Parent voluntarily commences bankruptcy, insolvency, reorganization, stay, moratorium or similar debtor-relief proceedings, or shall will have become insolvent or generally does not pay its debts as they become due, or admits in writing its inability to pay its debts, or makes an assignment for the benefit of creditors and, with respect to Buyer Parent, Buyer has not delivered to Supplier another guaranty, bank bond or a letter of credit in a form reasonably acceptable to Supplier to replace the Buyer Parent Guarantycreditors; 18.2.4 10.2.5 Insolvency, receivership, reorganization, bankruptcy, or a similar proceeding shall have been commenced against Buyer or Buyer Parent and such proceeding remains undismissed or unstayed for a period of ninety (90) days and, with respect to Buyer Parent, Buyer has not delivered to Supplier another guaranty, bank bond or a letter of credit in a form reasonably acceptable to Supplier to replace the Buyer Parent Guarantydays; 18.2.5 Buyer Parent disavows its obligations under the Buyer Parent Guaranty or Buyer fails to cause the Buyer Parent Guaranty to be maintained in full force and effect in accordance with its terms and such disavowal or failure continues for ten (10) days after receipt of Written Notice of such disavowal or failure and Buyer has not delivered to Supplier another guaranty, bank bond or a letter of credit in a form reasonably acceptable to Supplier to replace the Buyer Parent Guaranty; 18.2.6 10.2.6 Except as otherwise expressly provided for in this Section 10.2, Buyer is in material breach of its obligations under this Agreement and such material breach continues uncured for thirty (30) days after receipt of Written Notice from Supplier; 18.2.7 The Collateral or any part thereof is sold, transferred, assigned, or otherwise disposed of in any manner by Buyer prior to payment in full of the Contract Price unless, prior to such sale or transfer, Buyer has provided to Supplier alternate liquid security reasonably acceptable to Supplier; or 18.2.8 The Collateral 10.2.7 A default in respect of Buyer shall have occurred and be continuing beyond the applicable cure period therefor under the Wind Turbine Supply Agreement or any part thereof is seized or otherwise attached by anyone pursuant to any legal process or other means, including distress, enforcement, execution or any other step or proceeding with similar effect, other than as a result of a breach by Supplier of its representations, warranties or obligations hereunder and other than Liens permitted pursuant to Section , and the same is not released, bonded, satisfied, discharged or vacated within the shorter of a period of (a) fifteen (15) Business Days or (b) ten (10) Business Days less than such period as would permit such property or any part thereof to be sold pursuant theretoWarranty Agreement.

Buyer Defaults. The occurrence of any one or more of the following events shall constitute an event of default by Buyer hereunder (a “Buyer Event of Default”): 18.2.1 a) Buyer fails to pay pay, or cause to Supplier be paid, any payment required under amount due hereunder as it becomes due in accordance with the terms of this Agreement which and such payment is not in disputemade within five (5) Business Days after written notice thereof to Buyer by Seller; (b) Buyer fails to punctually and properly perform any other covenant, agreement, representation, obligation, term or condition contained herein and such failure continues for ten a period of fifteen (1015) days after receipt by Buyer of Written Notice of such failurewritten notice thereof from Seller; 18.2.2 Any representation (c) Buyer terminates or warranty of Buyer contained in cancels this Agreement shall prove to be false or misleading at the time such representation or warranty is made and has a material adverse affect on either Party’s ability to perform its obligations any portion thereof, except as expressly permitted hereunder, and such false or misleading representation or warranty and material adverse effect continues uncured for thirty (30) days after receipt of Written Notice from Supplier; 18.2.3 (d) Buyer shall (i) apply for or Buyer Parent voluntarily commences consent to the appointment of a receiver, trustee, custodian, intervener or liquidator for itself or for all or a substantial part of Buyer's assets, (ii) file a voluntary petition in bankruptcy, insolvency, reorganization, stay, moratorium or similar debtor-relief proceedings, or shall have admit in writing that Buyer is unable to pay Buyer's debts as they become insolvent due or generally does not pay its debts as they become due, or admits in writing its inability to pay its debts, or makes an (iii) make a general assignment for the benefit of creditors, (iv) file a petition or answer seeking reorganization or an arrangement with creditors andor seeking to take advantage of any bankruptcy or insolvency laws, with respect to (v) file an answer admitting the material allegations of, or consent to, or default in answering, a petition filed against Buyer Parentin any bankruptcy, Buyer has not delivered to Supplier another guaranty, bank bond reorganization or a letter insolvency proceeding or (vi) take corporate action for the purpose of credit in a form reasonably acceptable to Supplier to replace effecting any of the Buyer Parent Guarantyforegoing; 18.2.4 Insolvency, receivership, reorganization, bankruptcy, or a similar (e) An involuntary proceeding shall have been be commenced against Buyer seeking bankruptcy or reorganization of Buyer Parent or the appointment of a receiver, custodian, trustee, liquidator or other similar official of Buyer, or all or substantially all of its assets, and such proceeding remains undismissed or unstayed for a period of ninety (90) days and, with respect to Buyer Parent, Buyer has shall not delivered to Supplier another guaranty, bank bond or a letter of credit in a form reasonably acceptable to Supplier to replace the Buyer Parent Guaranty; 18.2.5 Buyer Parent disavows its obligations under the Buyer Parent Guaranty or Buyer fails to cause the Buyer Parent Guaranty to be maintained in full force and effect in accordance with its terms and such disavowal or failure continues for ten (10) days after receipt of Written Notice of such disavowal or failure and Buyer has not delivered to Supplier another guaranty, bank bond or a letter of credit in a form reasonably acceptable to Supplier to replace the Buyer Parent Guaranty; 18.2.6 Except as otherwise expressly provided for in this Section , Buyer is in material breach of its obligations under this Agreement and such material breach continues uncured for have been dismissed within thirty (30) days after receipt of Written Notice from Supplier; 18.2.7 The Collateral or any part thereof is sold, transferred, assigned, or otherwise disposed of in any manner by Buyer prior to payment in full of the Contract Price unlessfiling thereof; or an order, prior to such sale order for relief, judgment or transferdecree shall be entered by any court of competent jurisdiction or other competent authority approving a petition or complaint seeking reorganization of Buyer or appointing a receiver, custodian, trustee, liquidator or other similar official of Buyer has provided to Supplier alternate liquid security reasonably acceptable to Supplieror of all or substantially all of its assets; or 18.2.8 The Collateral (f) This Agreement shall, subsequent to the effectiveness hereof, cease to be a legal, valid, binding agreement enforceable against Buyer in accordance with its terms, or shall in any part thereof is seized way be terminated (prior to a scheduled expiration) or otherwise attached by anyone pursuant become or be declared ineffective or inoperative, or shall in any way whatsoever cease to give or provide to Seller the respective rights, titles, interests, remedies, powers or privileges intended to be created hereby for any legal process or other meansreason whatsoever, including distress, enforcement, execution or excluding any other step or proceeding with similar effect, other than as a result of the foregoing arising from a breach by Supplier Seller of any of its representations, warranties or obligations hereunder and other than Liens permitted pursuant to Section , and the same is not released, bonded, satisfied, discharged or vacated within the shorter of a period of (a) fifteen (15) Business Days or (b) ten (10) Business Days less than such period as would permit such property or any part thereof to be sold pursuant theretohereunder.

Buyer Defaults. The occurrence of any one or more of the following events shall constitute an event of default by Buyer hereunder (a “Buyer Event of Default”): 18.2.1 16.2.1 Buyer fails to pay to Supplier any payment or issue any credit required under this Agreement which is not in dispute, and such failure continues for ten (10) days _____* Business Days after receipt of Written Notice written notice of such failure; 18.2.2 16.2.2 Any representation or warranty of Buyer contained in this Agreement shall prove to be false or misleading at the time such representation or warranty is made and has a material adverse affect effect on either Party’s ability to perform its obligations hereunder, and such false or misleading representation or warranty and material adverse effect continues uncured for thirty (30) _____* days after receipt of Written Notice written notice from Supplier; 18.2.3 16.2.3 Buyer or Buyer Parent voluntarily commences bankruptcy, insolvency, reorganization, stay, moratorium or similar debtor-relief proceedings, or shall have become insolvent or generally does not pay its debts as they become due, or admits in writing its inability to pay its debts, or makes an assignment for the benefit of creditors and, with respect to Buyer Parent, Buyer has not delivered to Supplier another guaranty, bank bond or a letter of credit in a form reasonably acceptable to Supplier to replace the Buyer Parent Guarantycreditors; 18.2.4 16.2.4 Insolvency, receivership, reorganization, bankruptcy, or a similar proceeding shall have been commenced against Buyer or Buyer Parent and such proceeding remains undismissed or unstayed for a period of ninety (90) days and, with respect to Buyer Parent, Buyer has not delivered to Supplier another guaranty, bank bond or a letter of credit in a form reasonably acceptable to Supplier to replace the Buyer Parent Guaranty_____* days; 18.2.5 Buyer Parent disavows its obligations under the Buyer Parent Guaranty or 16.2.5 Buyer fails to maintain, or cause the Buyer Parent Guaranty to be maintained maintained, in full force and effect any Payment Security in accordance with its terms Section 4.13 and such disavowal or failure continues for ten (10) _____* days after receipt of Written Notice written notice of such disavowal or failure and Buyer has not delivered to Supplier another guaranty, bank bond or a letter of credit in a form reasonably acceptable to Supplier to replace the Buyer Parent Guarantyfailure; 18.2.6 16.2.6 Any Assignment by Buyer not in conformity with Section 19.3; or 16.2.7 Except as otherwise expressly provided for in this Section 16.2, Buyer is in material breach of its obligations under this Agreement and such material breach continues uncured for thirty (30) _____* days after receipt of Written Notice written notice from Supplier; 18.2.7 The Collateral or any part thereof is sold, transferred, assigned, or otherwise disposed of in any manner by Buyer prior to payment in full of the Contract Price unless, prior to such sale or transfer, Buyer has provided to Supplier alternate liquid security reasonably acceptable to Supplier; or 18.2.8 The Collateral or any part thereof is seized or otherwise attached by anyone pursuant to any legal process or other means, including distress, enforcement, execution or any other step or proceeding with similar effect, other than as a result of a breach by Supplier of its representations, warranties or obligations hereunder and other than Liens permitted pursuant to Section , and the same is not released, bonded, satisfied, discharged or vacated within the shorter of a period of (a) fifteen (15) Business Days or (b) ten (10) Business Days less than such period as would permit such property or any part thereof to be sold pursuant thereto.