Immediate Payment. Notwithstanding the period for payment stipulated in Clause 11.1: (a) if legal proceedings shall be commenced by any third party for the bankruptcy or liquidation or winding up of the Customer, unless the Customer can provide evidence satisfactory to the Operator that such proceedings are frivolous or vexatious and can be dismissed within 15 days; (b) if the Customer shall make any offer of composition to its creditors (except in the case of a voluntary reorganisation not including the insolvency of the Customer); (c) if any order of distress or attachment or similar order shall be made against any property of the Customer and is in respect of an amount greater than US$5,000,000 and remains undischarged for 14 days; (d) if the Customer shall cease to carry on the business in which it was engaged at the commencement of effect of the Agreement; or (e) if the Customer shall fail to perform or observe any material term or condition of the Agreement, all sums due from the Customer to the Operator shall become immediately due and payable.
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Samples: Commercial Storage Agreement (Brooge Energy LTD), Commercial Storage Agreement (Brooge Energy LTD)
Immediate Payment. Notwithstanding the period for payment stipulated in In Clause 11.1:
(a) if legal proceedings shall be commenced by any third party for the bankruptcy or liquidation or winding up of the Customer, . unless the Customer can provide evidence satisfactory to the Operator that such proceedings are frivolous or vexatious and can be dismissed within 15 days;
(b) if the Customer shall make any offer of composition to its creditors (except in the case of a voluntary reorganisation not including the insolvency of the Customer);
(c) if any order of distress or attachment or similar order shall be made against any property of the Customer and is in respect of an amount greater than US$5,000,000 and remains undischarged for 14 days;
(d) if the Customer shall cease to carry on the business in which it was engaged at the commencement of effect of the Agreement; or
(e) if the Customer shall fail to perform or observe any material term or condition of the Agreement, . all sums due from the Customer to the Operator shall become immediately due and payable.
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