Common use of Transfers of Collateral between Accounts Clause in Contracts

Transfers of Collateral between Accounts. Customer agrees that the BNPP Entities, at any time, at any BNPP Entity’s discretion and subject to using commercially reasonable efforts to provide prior notice to Customer, may use, apply, or transfer any and all Collateral interchangeably between the BNPP Entities in any accounts in which Customer has an interest. With respect to Collateral pledged principally to secure Obligations under any Contract, the BNPP Entities shall have the right, but in no event the obligation, to apply all or any portion of such Collateral to Customer’s Obligations to any of the BNPP Entities under any other Contract, to transfer all or any portion of such Collateral to secure Customer’s Obligations to any of the BNPP Entities under any other Contract or to release any such Collateral. Under no circumstances shall any Collateral pledged principally to secure Obligations to any of the BNPP Entities under any Contract be required to be applied or transferred to secure Obligations to any of the other BNPP Entities or to be released if (i) any BNPP Entity determines that such transfer would render it undersecured with respect to any Obligations, (ii) an event of default has occurred with respect to Customer under any Contract or Obligation or (iii) any such application, transfer or release would be contrary to Applicable Law. The BNPP Entities shall not transfer Collateral from any account in which Customer has an interest to satisfy a deficit in another such account, unless the first account has an excess of Collateral and such transfer would not cause a deficit in the first account.

Transfers of Collateral between Accounts. Customer agrees that the BNPP Entities, at any time, at any either BNPP Entity’s 's discretion and subject to using commercially reasonable efforts to provide without prior notice to Customer, may use, apply, or transfer any and all Collateral interchangeably between the BNPP Entities in any accounts in which Customer has an interest. With respect to Collateral pledged principally to secure Obligations under any Contract, the BNPP Entities shall have the right, but in no event the obligation, to apply all or any portion of such Collateral to Customer’s 's Obligations to any either of the BNPP Entities under any other Contract, to transfer all or any portion of such Collateral to secure Customer’s 's Obligations to any either of the BNPP Entities under any other Contract or to release any such Collateral. Under no circumstances shall any Collateral pledged principally to secure Obligations to any either of the BNPP Entities under any Contract be required to be applied or transferred to secure Obligations to any either of the other BNPP Entities or to be released if (i) any either BNPP Entity determines that such transfer would render it It undersecured with respect to any Obligations, (ii) an event of default has occurred with respect to Customer under any Contract or Obligation or (iii) any such application, transfer or release would be contrary to Applicable Law. The BNPP Entities shall not transfer Collateral from any account in which Customer has an interest to satisfy a deficit in another such account, unless the first account has an excess of Collateral and such transfer would not cause a deficit in the first account.

Transfers of Collateral between Accounts. Customer agrees that the BNPP Entities, at any time, at any either BNPP Entity’s discretion and subject to using commercially reasonable efforts to provide without prior notice to Customer, may use, apply, or transfer any and all Collateral interchangeably between the BNPP Entities in any accounts in which Customer has an interest. With respect to Collateral pledged principally to secure Obligations under any Contract, the BNPP Entities shall have the right, right but in no event the obligation, to apply all or any portion of such Collateral to Customer’s Obligations to any either of the BNPP Entities Entitles under any other Contract, to transfer all or any portion of such Collateral to secure Customer’s Obligations to any either of the BNPP Entities under any other Contract or to release any such Collateral. Under no circumstances shall any Collateral pledged principally to secure Obligations to any either of the BNPP Entities under any Contract be required to be applied or transferred to secure Obligations to any either of the other BNPP Entities or to be released if (i) any either BNPP Entity determines that such transfer would render it undersecured with respect to any Obligations, (ii) an ii)an event of default has occurred with respect to Customer under any Contract or Obligation or (iii) any such application, transfer or release would be contrary to Applicable Law. The BNPP Entities shall not transfer Collateral from any account in which Customer has an interest to satisfy a deficit in another such account, unless if doing so would cause the first account to have a collateral or margin deficit and unless the second account has an excess of Collateral and such transfer would not cause a deficit in the first account.actual deficit

Transfers of Collateral between Accounts. Customer agrees that the BNPP Entities, at any time, at any BNPP Entity’s discretion and subject to using commercially reasonable efforts to provide without prior notice to Customer, may use, apply, or transfer any and all Collateral interchangeably between the BNPP Entities in any accounts in which Customer has an interest. With respect to Collateral pledged principally to secure Obligations under any Contract, the BNPP Entities shall have the right, but in no event the obligation, to apply all or any portion of such Collateral to Customer’s Obligations to any either of the BNPP Entities under any other Contract, to transfer all or any portion of such Collateral to secure Customer’s Obligations to any either of the BNPP Entities under any other Contract or to release any such Collateral; provided that, notwithstanding the above, no BNPP Entity shall have any right to sell Collateral or otherwise take any enforcement action with respect to any Collateral other than following the occurrence of an Event of Default which has not been waived by the BNPP Entities. Under no circumstances shall any Collateral pledged principally to secure Obligations to any either of the BNPP Entities under any Contract be required to be applied or transferred to secure Obligations to any either of the other BNPP Entities or to be released if (i) any BNPP Entity determines that such transfer would render it undersecured with respect to any Obligations, (ii) an event of default has occurred with respect to Customer under any Contract or Obligation or (iii) any such application, transfer or release would be contrary to Applicable Law. The BNPP Entities shall not transfer Collateral from any account in which Customer has an interest to satisfy a deficit in another such account, unless the first account has an excess of Collateral and such transfer would not cause a deficit in the first account.

Transfers of Collateral between Accounts. Customer agrees that the BNPP Entities, at any time, at any either BNPP Entity’s discretion and subject to using commercially reasonable efforts to provide without prior notice to Customer, may use, apply, or transfer any and all Collateral interchangeably between the BNPP Entities in any accounts in which Customer has an interest. With respect to Collateral pledged principally to secure Obligations under any Contract, the BNPP Entities shall have the right, but in no event the obligation, to apply all or any portion of such Collateral to Customer’s Obligations to any either of the BNPP Entities under any other Contract, to transfer all or any portion of such Collateral to secure Customer’s Obligations to any either of the BNPP Entities under any other Contract or to release any such Collateral; provided that, notwithstanding the above, no BNPP Entity shall have any right to sell Collateral or otherwise take any enforcement action with respect to any Collateral other than following the occurrence of an Event of Default which has not been waived by the BNPP Entities. Under no circumstances shall any Collateral pledged principally to secure Obligations to any either of the BNPP Entities under any Contract be required to be applied or transferred to secure Obligations to any either of the other BNPP Entities or to be released if (i) any either BNPP Entity determines that such transfer would render it undersecured with respect to any Obligations, (ii) an event of default has occurred with respect to Customer under any Contract or Obligation or (iii) any such application, transfer or release would be contrary to Applicable Law. The BNPP Entities shall not transfer Collateral from any account in which Customer has an interest to satisfy a deficit in another such account, unless the first account has an excess of Collateral and such transfer would not cause a deficit in the first account.

Transfers of Collateral between Accounts. Customer agrees that the BNPP Entities, at any time, at any BNPP Entity’s 's discretion and subject to using commercially reasonable efforts to provide prior notice to Customer, may use, apply, or transfer any and all Collateral interchangeably between the BNPP Entities in any accounts in which Customer has an interest. With respect to Collateral pledged principally to secure Obligations under any Contract, the BNPP Entities shall have the right, but in no event the obligation, to apply all or any portion of such Collateral to Customer’s 's Obligations to any of the BNPP Entities under any other Contract, to transfer all or any portion of such Collateral to secure Customer’s 's Obligations to any of the BNPP Entities under any other Contract or to release any such Collateral. Under no circumstances shall any Collateral pledged principally to secure Obligations to any of the BNPP Entities under any Contract be required to be applied or transferred to secure Obligations to any of the other BNPP Entities or to be released if (i) any BNPP Entity determines that such transfer would render it undersecured with respect to any Obligations, (ii) an event of default has occurred with respect to Customer under any Contract or Obligation or (iii) any such application, transfer or release would be contrary to Applicable Law. The BNPP Entities shall not transfer Collateral from any account in which Customer has an interest to satisfy a deficit in another such account, unless the first account has an excess of Collateral and such transfer would not cause a deficit in the first account.

Transfers of Collateral between Accounts. Customer agrees that the BNPP Entities, at any time, at any BNPP Entity’s discretion and subject to using commercially reasonable efforts to provide prior notice to Customer, may use, apply, or transfer any and all Collateral interchangeably between the BNPP Entities in any accounts in which Customer has an interest. With respect to Collateral pledged principally to secure Obligations under any Contract, the BNPP Entities shall have the right, but in no event the obligationObligation, to apply all or any portion of such Collateral to Customer’s Obligations to any of the BNPP Entities under any other Contract, to transfer all or any portion of such Collateral to secure Customer’s Obligations to any of the BNPP Entities under any other Contract or to release any such Collateral. Under no circumstances shall any Collateral pledged principally to secure Obligations to any of the BNPP Entities under any Contract be required to be applied or transferred to secure Obligations to any of the other BNPP Entities or to be released if (i) any BNPP Entity determines that such transfer would render it undersecured with respect to any Obligations, (ii) an event of default has occurred with respect to Customer under any Contract or Obligation or (iii) any such application, . transfer or release would be contrary to Applicable Law. The BNPP Entities shall not transfer Collateral from any account in which Customer has an interest to satisfy a deficit in another such account, . unless the first account has an excess of Collateral and such transfer would not cause a deficit in the first account.

Transfers of Collateral between Accounts. Customer agrees that the BNPP Entities, at any time, at any BNPP Entity’s discretion and subject to using commercially reasonable efforts to provide without prior notice to Customer, may use, apply, or transfer any and all Collateral interchangeably between the BNPP Entities in any accounts in which Customer has an interest. With respect to Collateral pledged principally to secure Obligations under any Contract, the BNPP Entities shall have the right, but in no event the obligation, in each case, after using commercially reasonable efforts to provide notice to Customer, to apply all or any portion of such Collateral to Customer’s Obligations to any of the BNPP Entities under any other Contract, to transfer all or any portion of such Collateral to secure Customer’s Obligations to any of the BNPP Entities under any other Contract or to release any such Collateral. Under no circumstances shall any Collateral pledged principally to secure Obligations to any of the BNPP Entities under any Contract be required to be applied or transferred to secure Obligations to any of the other BNPP Entities or to be released if (i) any BNPP Entity determines that such transfer would render it undersecured with respect to any Obligations, (ii) an event of default has occurred with respect to Customer under any Contract or Obligation or (iii) any such application, transfer or release would be contrary to Applicable Law. The Notwithstanding anything in this Agreement to the contrary, Collateral shall not be transferred by the BNPP Entities shall not transfer Collateral from any account in which Customer has an interest offshore of the United States of America except (x) to the extent necessary to satisfy margin or other collateral requirements under a deficit in another Contract with a BNPP Entity organized under the laws of a jurisdiction other than the United States, (y) as a result of the form or jurisdiction of such accountCollateral, unless the first account has an excess or (z) as a result of Collateral and such a transfer would not cause a deficit in the first accountpursuant to Exhibit B hereof.