Common use of Security and Credit Clause in Contracts

Security and Credit. 17.1 If Customer fails to pay the sums owed by it to Owner pursuant to this Agreement when due, Owner shall provide Customer with notice of default as provided in this Agreement and an opportunity to cure such default within a period of fifteen (15) days from delivery of such notice. If Customer has not cured such default within such fifteen (15) day cure period, Owner may exercise any of the remedies provided in Section 15.3 or proceed in accordance with Applicable Law to recover its damages, including, without limitation, all costs, reasonable attorney fees, and expenses incurred by Owner in the recovery of fees owed to Owner by Customer. 17.2 If at any time Owner believes in good faith that the ability of the Customer to perform under this Agreement has been impaired or is unsatisfactory, advance cash payment or other assurance of future performance acceptable to Owner, including letters of credit, will be given by Customer upon demand by Owner to cover fees that are reasonably anticipated to become due under this Agreement over the remaining Term. Failure to provide an assurance of future performance pursuant to this paragraph shall be deemed an Event of Default under Section 15.1. 17.3 If any insolvency, bankruptcy, receivership, or similar proceedings are initiated by or against Customer, on the day immediately before such event, any fees for services rendered or to be rendered under this Agreement and any fees required to be paid for the remaining Term of this Agreement, will become immediately due and payable, and this Agreement will terminate, without prejudice to any other rights or remedies it may have under this Agreement or the law.

Security and Credit. 17.1 If Customer fails should fail to pay the such sums owed by it to Owner pursuant to this Agreement when dueOwner, Owner shall provide Customer with notice of default as provided in this Agreement and an opportunity to cure such default within a period of fifteen thirty (1530) days from delivery of such noticecalendar days. If Customer has not cured such default within such fifteen thirty (1530) day cure period, Owner may exercise any of the remedies provided in Section 15.3 or proceed in accordance with Applicable Law to recover its damages, including, without limitation, all costs, reasonable attorney fees, and expenses incurred by Owner in the recovery of fees money owed to Owner by Customer. 17.2 If at any time Owner believes in good faith that the ability financial responsibility of the Customer to perform under this Agreement has been impaired or is unsatisfactory, advance cash payment or other assurance of future performance acceptable to Ownersecurity, including letters of credit, will be given by Customer upon demand by Owner to cover fees the value of all anticipated throughput and other fees, as well as the value of Products delivered for the account of Customer in the event that are reasonably anticipated Customer has a negative inventory of its own Products. If the current value of the Products in Owner’s custody is at any time less than the value of the security provided by Customer, Owner may refuse to become due under this Agreement over the remaining Term. Failure deliver to provide an assurance of future performance pursuant to this paragraph shall be deemed an Event of Default under Section 15.1Customer any additional Products until such time as Customer provides additional security. 17.3 If any insolvency, bankruptcy, receivership, or similar proceedings are initiated by or against Customer, on the day immediately before such event, any fees for services rendered or to be rendered under this Agreement and any fees required to be paid for the remaining Term of this Agreement, will become immediately due and payable, payable and this Agreement will terminate, without prejudice to any other rights or remedies it may have under this Agreement or the law.