Common use of Termination of PBF Line of Credit Clause in Contracts

Termination of PBF Line of Credit. Upon the occurrence of any of the events listed below, (each, a “Credit Default”) with respect to Buyer, Seller may, in its sole discretion, and in addition to any other legal remedies it may have, in law or equity, upon giving notice to Buyer reduce the PBF Line of Credit to zero: (i) Buyer or any of Buyer’s Affiliates fails to make any payment in respect of indebtedness of more than $[REDACTED] when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) and such failure continues and is not discharged within 5 Business Days; and (ii) Buyer fails to comply with the terms of Clauses 19, (c), (d) and (e). In the case of the occurrence of any Credit Default, Seller may notify Buyer that the PBF Line of Credit has been reduced to zero. Within 1 Business Day after receipt of such notice by Buyer, Buyer shall provide Seller with Additional Acceptable Security in an amount equal to at least the total amount that will be owed to Seller hereunder through the next Business Day, and Buyer shall continue to provide Additional Acceptable Security in an amount equal to at least the total amount that will be owed to Seller hereunder through the next Business Day for the remaining term of this Agreement.