Common use of FIMAT’s Remedies Upon Default Clause in Contracts

FIMAT’s Remedies Upon Default. 1. Customer absolutely and unconditionally agrees that upon the occurrence of an Event of Default, FIMAT, on behalf of itself and as agent for any Affiliate, may exercise any one or more of the following remedies (except that, upon the occurrence of any Event of Default set forth in Section IV.C.(3) above, the remedies specified in subparagraphs a, b, c, and g below shall thereupon be deemed for all purposes to have been exercised, immediately and without action by FIMAT), with only such notice as is required by Applicable Law and cannot be waived, without prejudice to any other remedies: a. FIMAT, on its own behalf and/or on behalf of any of its Affiliates, may terminate any or all of FIMAT’s and/or any Affiliates obligations to Customer for future performance; b. FIMAT, on its own behalf and/or on behalf of any of its Affiliates, may treat any or all of Customer’s Liabilities and/or Customer’s obligations to any Affiliates, including credit or debit balances, as immediately due, and may treat all limits, margin facilities and call tolerance facilities in place as revoked; c. FIMAT, on its own behalf and/or on behalf of any of its Affiliates, may consolidate Customer’s Account(s) or any of them at FIMAT and/or any Affiliates; d. FIMAT, on its own behalf and/or on behalf of any of its Affiliates, may sell any or all non-cash Collateral held long by FIMAT and/or any Affiliates; e. FIMAT, on its own behalf and/or on behalf of any of its Affiliates, may close out or hedge for Customer’s Account(s) any or all open positions in Customer’s Account(s) at FIMAT and/or any Affiliates pursuant to Section III.O above or otherwise, in any manner it deems reasonable under the circumstances; f. FIMAT, on its own behalf and/or on behalf of any of its Affiliates, may borrow, lend, sell or buy from any party, including itself and/or any Affiliates, any property necessary to cover or hedge any or all positions in Customer’s Account(s) at FIMAT and/or any Affiliates; and g. FIMAT, on its own behalf and/or on behalf of any of its Affiliates, may offset the proceeds of the sale of non-cash Collateral, cash Collateral, and sums owing Customer by FIMAT and/or Affiliates (including any sums arising from the operation of this Section D), against Customer’s Liabilities and Customer’s obligations to any Affiliates, without prejudice to FIMAT’s right to recover the balance of Customer’s Liabilities and any Affiliates’ right to recover the balance of Customer’s obligations to them. Customer appoints FIMAT as Customer’s agent to sign, complete, and deliver any and all documents necessary or desirable to carry out the foregoing. None of FIMAT nor any of its Affiliates, nor any of its agents or representatives will be responsible for losses or lost profits, accrued or anticipated, resulting from any position or transaction entered to enforce the foregoing remedies. Customer waives the right of set off in any action brought by FIMAT to collect amounts owned by Customer to FIMAT. Customer will indemnify and hold harmless FIMAT and its Affiliates, and their respective agents and representatives from any liabilities, penalties, losses, costs and expenses, including but not limited to reasonable attorney fees (whether the reasonable fees and charges of external legal counsel and/or the costs and charges, if any, allocated by internal legal department), which FIMAT and/or any Affiliates incur in connection with (i) the exercise of any remedy hereunder or under any Other Agreement, (ii) the care or custody of the Collateral and defending or asserting the rights and claims of FIMAT and/or any Affiliates in respect thereof, and (iii) meeting any obligation of FIMAT and/or any Affiliates which would otherwise fail to be performed by reason of an Event of Default.

FIMAT’s Remedies Upon Default. 1. Customer absolutely and unconditionally agrees that upon the occurrence of an Event of Default, FIMAT, on behalf of itself and as agent for any Affiliate, may exercise any one or more of the following following: remedies (except that, upon the occurrence of any Event of Default set forth in Section IV.C.(3) above, the remedies specified in subparagraphs a, b, c, and g below shall thereupon be deemed for all purposes to have been exercisedexcised, immediately and without action by FIMAT), FIMAT with only such notice as is required by Applicable Law law and cannot be waived, without prejudice to any other remedies: a. FIMAT, on its own behalf and/or on behalf of any of its Affiliates, may terminate any or all of FIMAT’s 's and/or any Affiliates obligations to Customer for future performance; b. FIMAT, on its own behalf and/or on behalf of any of its Affiliates, may treat any or all of Customer’s 's Liabilities and/or Customer’s 's obligations to any Affiliates, including credit or debit balances, ; as immediately due, and may treat all limits, margin facilities and call tolerance facilities in place as revoked; c. FIMAT, on its own behalf and/or on behalf of any of its Affiliates, may consolidate Customer’s Account(s's Accounts) or any of them at FIMAT and/or any Affiliates; d. FIMAT, on its own behalf and/or on behalf of any of its Affiliates, ; may sell any or all non-cash Collateral held field long by FIMAT and/or any Affiliates; e. FIMAT, on its own behalf and/or on behalf of any of its Affiliates, ,' may close out or hedge for Customer’s Customers Account(s) any or all open positions in Customer’s 's Account(s) at FIMAT and/or any Affiliates pursuant to Section III.O 111.0 above or otherwise, ; in any manner it deems reasonable under the circumstances; f. FIMAT, FIMAT on its own behalf and/or on behalf of any of its ins Affiliates, may borrow, lend, sell or buy from any party, including itself and/or any Affiliates, any property necessary to cover or hedge any airy or all all. positions in Customer’s Account(s's Accounts) at FIMAT and/or any Affiliates; and g. FIMAT, on its own behalf and/or on behalf of any of its ins Affiliates, ; may offset the proceeds of the sale of non-cash Collateral, cash Collateral, and sums owing Customer by FIMAT and/or Affiliates (including any sums arising from the operation of this Section D), Section-t against Customer’s 's Liabilities and Customer’s 's obligations to any Affiliates, ; without prejudice to FIMAT’s 's right to recover the balance of Customer’s 's Liabilities and any Affiliates’ ' right to recover the balance of Customer’s 's obligations to them. Customer appoints FIMAT as Customer’s 's agent to sign, complete, and deliver any and all documents necessary or desirable to carry catty out the foregoing. None of FIMAT nor any of its Affiliates, nor any of its agents or representatives will be responsible for losses or lost profits, accrued or anticipated, resulting from any airy position or transaction entered to enforce the foregoing remedies. Customer waives the right of set off in any action brought by FIMAT to collect amounts owned by Customer to FIMAT. Customer will indemnify and hold harmless FIMAT and its Affiliates, and their respective agents and representatives from any liabilities, penalties, losses, ; costs and expenses, ; including but not limited to reasonable attorney fees (whether the reasonable fees and charges of external legal counsel and/or the costs and charges, if any, allocated by internal legal department), which FIMAT and/or any Affiliates incur in connection with (i) the exercise of any remedy hereunder or under any Other Agreement, (ii) the care or custody of the Collateral and defending defending: or asserting the rights and claims of FIMAT and/or any Affiliates in respect thereof, and arid (iii) meeting mating any obligation of FIMAT and/or any Affiliates which would otherwise fail to be performed by reason of an Event of Default.