Common use of Customer Default Clause in Contracts

Customer Default. In the event that: (i) Customer defaults on any obligations to Xxxxxxxxxx hereunder or otherwise in respect of any transaction or agreement; (ii) Customer fails to deposit or maintain required margin, fails to pay required premiums or fails to make any other payments required hereunder or otherwise in respect of any Contract; (iii) any representation made by Customer is not or ceases to be accurate and complete in any material respect; (iv) a case in bankruptcy is commenced or a proceeding under any insolvency or other law for the protection of creditors or for the appointment of a receiver, trustee or similar officer is filed by or against Customer, or Customer makes or proposes to make any arrangement or composition for the benefit of its creditors, or Customer or any of its property is subject to any agreement, order or judgment providing for Customer’s dissolution, liquidation or reorganization, or for the appointment of a receiver, trustee or similar officer of Customer or such property; (v) any warrant or order of a attachment is issued against any Account or a judgment is levied against any Account; or (vi) Xxxxxxxxxx reasonably considers it necessary for its protection; then, Xxxxxxxxxx shall have the right, without limitation, to (A) close out any or all of Customer’s open Contracts; (B) cancel any or all of Customer’s outstanding orders; (C) treat any or all of Customer’s obligations due Xxxxxxxxxx as immediately due and payable; (D) set off any obligations of Xxxxxxxxxx to Customer against any obligations of Customer to Collateral or the proceeds of the sale of any Collateral to satisfy Xxxxxxxxxx; (E) sell any Collateral and/or set off and apply any obligations of Customer to Xxxxxxxxxx; (F) borrow or buy any options, securities, Contracts or other property for any Account; and/or (G) terminate any or all of Xxxxxxxxxx’x obligations for future performance to Customer. So long as Xxxxxxxxxx’x rights or position would not be jeopardized thereby, Xxxxxxxxxx shall make a good faith effort to notify Customer of its intention to take any of the actions specified in (A) through (G) above before taking any such action, provided that Xxxxxxxxxx shall not be deemed to have breached any obligation to Customer if no such notice is given. Any sale or purchase hereunder may be made in any manner determined by Xxxxxxxxxx to be commercially reasonable. It is understood that, in all cases, a prior demand or notice shall not be considered a waiver of Xxxxxxxxxx’x right to take any action provided for herein and that Customer shall be liable for the payment of any deficiency remaining in each Account after any such action is taken, together with interest thereon and all costs relating to liquidation and collection (including reasonable attorneys’ fees).

Customer Default. In the event that: (i) Customer defaults on any obligations to Xxxxxxxxxx hereunder or otherwise in respect of any transaction or agreement; (ii) Customer fails to deposit or maintain required margin, fails to pay required premiums or fails to make any other payments required hereunder or otherwise in respect of any Contract; (iii) any representation made by Customer is not or ceases to be accurate and complete in any material respect; (iv) a case in bankruptcy is commenced or a proceeding under any insolvency or other law for the protection of creditors or for the appointment of a receiver, trustee or similar officer is filed by or against Customer, or Customer makes or proposes to make any arrangement or composition for the benefit of its creditors, or Customer or any of its property is subject to any agreement, order or judgment providing for Customer’s dissolution, liquidation or reorganization, or for the appointment of a receiver, trustee or similar officer of Customer or such property; (v) any warrant or order of a an attachment is issued against any Account or a judgment is levied against any Account; or (vi) Xxxxxxxxxx reasonably considers it necessary for its protection; then, Xxxxxxxxxx shall have the right, without limitation, to (A) close out any or all of Customer’s open Contracts; (B) cancel any or all of Customer’s outstanding orders; (C) treat any or all of Customer’s obligations due Xxxxxxxxxx as immediately due and payable; (D) set off any obligations of Xxxxxxxxxx to Customer against any obligations of Customer to Collateral or the proceeds of the sale of any Collateral to satisfy Xxxxxxxxxx; (E) sell any Collateral and/or set off and apply any obligations of Customer to Xxxxxxxxxx; (F) borrow or buy any options, securities, Contracts or other property for any Account; and/or (G) terminate any or all of Xxxxxxxxxx’x obligations for future performance to Customer. So long as Xxxxxxxxxx’x rights or position would not be jeopardized thereby, Xxxxxxxxxx shall make a good faith effort to notify Customer of its intention to take any of the actions specified in (A) through (G) above before taking any such action, provided that Xxxxxxxxxx shall not be deemed to have breached any obligation to Customer if no such notice is given. Any sale or purchase hereunder may be made in any manner determined by Xxxxxxxxxx to be commercially reasonable. It is understood that, in all cases, a prior demand or notice shall not be considered a waiver of Xxxxxxxxxx’x right to take any action provided for herein and that Customer shall be liable for the payment of any deficiency remaining in each Account after any such action is taken, together with interest thereon and all costs relating to liquidation and collection (including reasonable attorneys’ fees).

Customer Default. (a) In the event that: (i) Customer defaults on breaches or fails to timely and fully perform any of its obligations to Xxxxxxxxxx hereunder or otherwise in respect of any transaction or agreementContract; (ii) Customer fails to deposit or maintain required margin, fails to pay required premiums or fails to make any other payments required hereunder or otherwise in respect of any Contract; (iii) any representation made by Customer or Advisor (if any) is not or ceases to be accurate and complete in any material respect; (iv) a case in bankruptcy is commenced or a proceeding under any insolvency or other law for the protection of creditors or for the appointment of a receiver, trustee or similar officer is filed by or against Customer, Customer or Customer makes or proposes to make any arrangement or composition for the benefit of its creditors, or Customer or any of its property is subject to any agreement, order or judgment providing for Customer’s dissolution, liquidation or reorganization, or for the appointment of a receiver, trustee or similar officer of Customer or such property; (v) any warrant or order of a attachment is issued against any Account or a judgment is levied against any Account; or (vi) Xxxxxxxxxx Goldman, after notifying Customer and offering Customer the opportunity to provide adequate assurances acceptable to Goldman within a reasonable period of time under the circumstances, reasonably considers it necessary for its protection; then, Xxxxxxxxxx then Goldman shall have the right, without limitation, to (A) close out any or all of Customer’s open Contracts; (B) cancel any or all of Customer’s outstanding orders; (C) treat any or all of Customer’s obligations due Xxxxxxxxxx Goldman as immediately due and payable; (D) set off any obligations of Xxxxxxxxxx Goldman to Customer against any obligations of Customer to Collateral or the proceeds of the sale of any Collateral to satisfy XxxxxxxxxxGoldman; (E) sell any Collateral and/or set off and apply any Collateral or the proceeds of the sale of any Collateral to satisfy any obligations of Customer to XxxxxxxxxxGoldman; (F) borrow or buy any options, securities, Contracts or other property for any Account; and/or (G) terminate any or all of Xxxxxxxxxx’x Xxxxxxx’x obligations for future performance to Customer. So long as Xxxxxxxxxx’x rights or position would not be jeopardized thereby, Xxxxxxxxxx shall make a good faith effort to notify Customer of its intention to take any of the actions specified in (A) through (G) above before taking any such action, provided that Xxxxxxxxxx shall not be deemed to have breached any obligation to Customer if no such notice is given. Any sale or purchase hereunder may be made in any manner determined by Xxxxxxxxxx to be commercially reasonable. It is understood that, in all cases, a prior demand or notice shall not be considered a waiver of Xxxxxxxxxx’x right to take any action provided for herein and that Customer shall be liable for the payment of any deficiency remaining in each Account after any such action is taken, together with interest thereon and all costs relating to liquidation and collection (including reasonable attorneys’ fees).

Customer Default. In the event that: (i) Customer defaults on any obligations to Xxxxxxxxxx R.X. X’Xxxxx hereunder or otherwise in respect of any transaction or agreement; (ii) Customer fails to deposit or maintain required marginmar- gin, fails to pay required premiums or fails to make any other payments pay- ments required hereunder or otherwise in respect of any Contract; (iii) any representation made by Customer is not or ceases to be accurate and complete in any material respect; (iv) a case in bankruptcy bank- ruptcy is commenced or a proceeding under any insolvency or other law for the protection of creditors or for the appointment of a receiver, trustee or similar officer is filed by or against CustomerCustom- er, or Customer makes or proposes to make any arrangement or composition for the benefit of its creditors, or Customer or any of its property is subject to any agreement, order or judgment providing provid- ing for Customer’s dissolution, liquidation or reorganization, or for the appointment of a receiver, trustee or similar officer of Customer Cus- tomer or such property; (v) any warrant or order of a attachment is issued against any Account or a judgment is levied against any Account; or (vi) Xxxxxxxxxx R.X. X’Xxxxx reasonably considers it necessary for its protection; then, Xxxxxxxxxx R.X. X’Xxxxx shall have the right, without limitationlimi- tation, to (A) close out any or all of Customer’s open Contracts; (B) cancel any or all of Customer’s outstanding orders; (C) treat any or all of Customer’s obligations due Xxxxxxxxxx R.X. X’Xxxxx as immediately immedi- ately due and payable; (D) set off any obligations of Xxxxxxxxxx R.X. X’Xxxxx to Customer against any obligations of Customer to Collateral or the proceeds of the sale of any Collateral to satisfy XxxxxxxxxxR.X. X’Xxxxx; (E) sell any Collateral and/or set off and apply any any obligations of Customer to XxxxxxxxxxR.X. X’Xxxxx; (F) borrow or buy any options, securities, Contracts or other property for any AccountAc- count; and/or (G) terminate any or all of Xxxxxxxxxx’x R.X. X’Xxxxx’x obligations for future performance to Customer. So long as Xxxxxxxxxx’x R.X. X’Xxxxx’x rights or position would not be jeopardized thereby, Xxxxxxxxxx R.X. X’Xxxxx shall make a good faith effort to notify Customer of its intention to take any of the actions specified in (A) through (G) above before taking any such action, provided that Xxxxxxxxxx R.X. X’Xxxxx shall not be deemed to have breached any obligation to Customer if no such notice is given. Any sale or purchase hereunder may be made in any manner determined by Xxxxxxxxxx R.X. X’Xxxxx to be commercially reasonable. It is understood that, in all cases, a prior demand or notice shall not be considered a waiver of Xxxxxxxxxx’x R.X. X’Xxxxx’x right to take any action provided for herein and that Customer shall be liable for the payment pay- ment of any deficiency remaining in each Account after any such action is taken, together with interest thereon and all costs relating to liquidation and collection (including reasonable attorneys’ fees).

Customer Default. In An Interconnection Customer shall be in default of this Service Agreement if the event thatInterconnection Customer: (i) fails to make two (2) consecutive Prorated Payments when due or is more than sixty (60) Calendar Days late in providing an Annual Payment; provided that Owner has given the Interconnection Customer defaults on any obligations notice of and the Interconnection Customer has failed to Xxxxxxxxxx hereunder or otherwise in respect of any transaction or agreementcure such late payments consistent with Section V.a; (ii) Customer fails to deposit or maintain required margin, fails to pay required premiums or fails to make any other payments required hereunder or otherwise in respect provide New Security within thirty (30) Calendar Days of any ContractOwner’s demand for New Security; (iii) any representation made by Customer is not or ceases terminates operation of its Generating Facility prior to be accurate and complete in any material respectthe end of the Term of this Service Agreement; (iv) a case is declared to be in bankruptcy is commenced default under its GIA; or a proceeding under any insolvency or other law for the protection of creditors or for the appointment of a receiver, trustee or similar officer is filed by or against Customer, or Customer makes or proposes to make any arrangement or composition for the benefit of its creditors, or Customer or any of its property is subject to any agreement, order or judgment providing for Customer’s dissolution, liquidation or reorganization, or for the appointment of a receiver, trustee or similar officer of Customer or such property; (v) any warrant files a petition or order otherwise commences, authorizes or acquiesces in the commencement of a attachment is issued proceeding or cause of action under any bankruptcy, insolvency, reorganization or similar law, or has any such petition filed or commenced against any Account it, or a judgment is levied against any Account; otherwise becomes bankrupt or insolvent (vi) Xxxxxxxxxx reasonably considers it necessary for its protection; thenhowever evidenced). In the event of default, Xxxxxxxxxx the defaulting Interconnection Customer shall have promptly pay to Owner all Annual Payments and Prorated Payments still owed under this Service Agreement. In the right, without limitation, to (A) close out any or event that an Interconnection Customer does not promptly pay all of Customer’s open Contracts; (B) cancel any or all of Customer’s outstanding orders; (C) treat any or all of Customer’s obligations due Xxxxxxxxxx as immediately amounts due and payable; (D) set off any obligations of Xxxxxxxxxx owing under this Service Agreement to Customer against any obligations of Customer to Collateral or the proceeds Owner, the Owner may draw on the remaining balance of the sale of any Collateral to satisfy Xxxxxxxxxx; (E) sell any Collateral and/or set off and apply any obligations of Customer to Xxxxxxxxxx; (F) borrow or buy any options, securities, Contracts or other property for any Account; and/or (G) terminate any or all of Xxxxxxxxxx’x obligations for future performance to Security provided by that Interconnection Customer. So long This payment or draw on the Security does not limit any and all rights and remedies available to the Owner allowed by law with respect to such default or collecting all amounts owed by that Interconnection Customer for the remaining Term of this Service Agreement. Each Interconnection Customer shall indemnify Owner for reasonable costs, attorney fees and/or expenses incurred with respect to its default or for collecting all amounts owed by that Interconnection Customer for the remaining Term of this Service Agreement, including, as Xxxxxxxxxx’x rights or position would applicable, any tax gross-up obligations under this Service Agreement. For the avoidance of doubt, the liability of each Interconnection Customer under this Service Agreement is several and not be jeopardized thereby, Xxxxxxxxxx shall make a good faith effort to notify Customer of its intention to take any of the actions specified in (A) through (G) above before taking any such action, provided that Xxxxxxxxxx shall not be deemed to have breached any obligation to Customer if no such notice is given. Any sale or purchase hereunder may be made in any manner determined by Xxxxxxxxxx to be commercially reasonable. It is understood that, in all cases, a prior demand or notice shall not be considered a waiver of Xxxxxxxxxx’x right to take any action provided for herein joint and that each Interconnection Customer shall be liable only for the payment its obligations (and not those of any deficiency remaining in each Account after any such action is taken, together with interest thereon and all costs relating to liquidation and collection (including reasonable attorneys’ fees)other Interconnection Customer) under this Service Agreement.

Customer Default. (a) In the event that: (i) Customer defaults on breaches or fails to timely and fully perform any of its obligations to Xxxxxxxxxx hereunder or otherwise in respect of any transaction or agreementContract; (ii) Customer fails to deposit or maintain required margin, fails to pay required premiums or fails to make any other payments required hereunder or otherwise in respect of any Contract; (iii) any representation made by Customer or Advisor (if any) is not or ceases to be accurate and complete in any material respect; (iv) a case in bankruptcy is commenced or a proceeding under any insolvency or other law for the protection of creditors or for the appointment of a receiver, trustee or similar officer is filed by or against Customer, Customer or Customer makes or proposes to make any arrangement or composition for the benefit of its creditors, or Customer or any of its property is subject to any agreement, order or judgment providing for Customer’s 's dissolution, liquidation or reorganization, or for the appointment of a receiver, trustee or similar officer of Customer or such property; (v) any warrant or order of a attachment is issued against any Account or a judgment is levied against any Account; or (vi) Xxxxxxxxxx Goldman, after notifying Customer and offering Customer the opportunity to provide adequate assurances acceptable to Goldman within a reasonable period of time under the circumstances, reasonably considers it necessary for its protection; then, Xxxxxxxxxx THEN Goldman shall have the right, without limitation, to (A) close out any or all of Customer’s 's open Contracts; (B) cancel any or all of Customer’s 's outstanding orders; (C) treat any or all of Customer’s 's obligations due Xxxxxxxxxx Goldman as immediately due and payable; (D) set off any obligations of Xxxxxxxxxx Goldman to Customer against any obligations of Customer to Collateral or the proceeds of the sale of any Collateral to satisfy XxxxxxxxxxGoldman; (E) sell any Collateral and/or set off and apply any Collateral or the proceeds of the sale of any Collateral to satisfy any obligations of Customer to XxxxxxxxxxGoldman; (F) borrow or buy any options, securities, Contracts or other property for any Account; and/or (G) terminate any or all of Xxxxxxxxxx’x Goldman's obligations for future performance to Customer. So long as Xxxxxxxxxx’x rights or position would not be jeopardized thereby, Xxxxxxxxxx shall make a good faith effort to notify Customer of its intention to take any of the actions specified in (A) through (G) above before taking any such action, provided that Xxxxxxxxxx shall not be deemed to have breached any obligation to Customer if no such notice is given. Any sale or purchase hereunder may be made in any manner determined by Xxxxxxxxxx to be commercially reasonable. It is understood that, in all cases, a prior demand or notice shall not be considered a waiver of Xxxxxxxxxx’x right to take any action provided for herein and that Customer shall be liable for the payment of any deficiency remaining in each Account after any such action is taken, together with interest thereon and all costs relating to liquidation and collection (including reasonable attorneys’ fees).

Customer Default. (a) In the event that: (i) Customer defaults on any obligations to Xxxxxxxxxx Goldman hereunder or otherwise in respect of any transaction or agreement; (ii) Customer fails to deposit or maintain required margin, fails to pay required premiums or fails to make any other payments required hereunder or otherwise in respect of any Contract; (iii) any representation made by Customer or Advisor (if any) is not or ceases to be accurate and complete in any material respect; (iv) a case in bankruptcy is commenced or a proceeding under any insolvency or other law for the protection of creditors or for the appointment of a receiver, trustee or similar officer is filed by or against Customer, Customer or Customer makes or proposes to make any arrangement or composition for the benefit of its creditors, or Customer or any of its property is subject to any agreement, order or judgment providing for Customer’s dissolution, liquidation or reorganization, or for the appointment of a receiver, trustee or similar officer of Customer or such property; (v) any warrant or order of a attachment is issued against any Account or a judgment is levied against any Account; or (vi) Xxxxxxxxxx Goldman, after notifying Customer and offering Customer the opportunity to provide adequate assurances acceptable to Goldman within a reasonable period of time under the circumstances, reasonably considers it necessary for its protection; then, Xxxxxxxxxx then Goldman shall have the right, without limitation, to (A) close out any or all of Customer’s open Contracts; (B) cancel any or all of Customer’s outstanding orders; (C) treat any or all of Customer’s obligations due Xxxxxxxxxx Goldman as immediately due and payable; (D) set off any obligations of Xxxxxxxxxx Goldman to Customer against any obligations of Customer to Collateral or the proceeds of the sale of any Collateral to satisfy XxxxxxxxxxGoldman; (E) sell any Collateral and/or set off and apply any Collateral or the proceeds of the sale of any Collateral to satisfy any obligations of Customer to XxxxxxxxxxGoldman; (F) borrow or buy any options, securities, Contracts or other property for any Account; and/or (G) terminate any or all of Xxxxxxxxxx’x Gxxxxxx’x obligations for future performance to Customer. So long as Xxxxxxxxxx’x rights or position would not be jeopardized thereby, Xxxxxxxxxx shall make a good faith effort to notify Customer of its intention to take any of the actions specified in (A) through (G) above before taking any such action, provided that Xxxxxxxxxx shall not be deemed to have breached any obligation to Customer if no such notice is given. Any sale or purchase hereunder may be made in any manner determined by Xxxxxxxxxx to be commercially reasonable. It is understood that, in all cases, a prior demand or notice shall not be considered a waiver of Xxxxxxxxxx’x right to take any action provided for herein and that Customer shall be liable for the payment of any deficiency remaining in each Account after any such action is taken, together with interest thereon and all costs relating to liquidation and collection (including reasonable attorneys’ fees).