Common use of Adequate Assurances Clause in Contracts

Adequate Assurances. If, during the Term of this Agreement, a Material Adverse Change has occurred with respect to the Company and is continuing, then Xxxx may notify the Company thereof and demand in writing that the Company provide to Xxxx adequate assurance of the Company’s ability to perform its obligations hereunder. Such adequate assurance (the “Adequate Assurance”) may take the form of a prepayment from the Company to Xxxx in such amount as Xxxx reasonably deems sufficient, a provision of additional credit support in the form of letters of credit, third party guaranties and/or collateral security in such forms and amount and provided by such parties as Xxxx reasonably deems sufficient or such other form of assurance as Xxxx reasonably deems sufficient, in each case taking into account such Material Adverse Change. If such adequate assurance is not received within ten (10) Business Days after such demand by Xxxx, then such failure shall constitute an Event of Default by the Company under clause (j) of Section 18.1.

Appears in 4 contracts

Samples: Supply and Offtake Agreement (Delek US Holdings, Inc.), Supply and Offtake Agreement (Alon USA Energy, Inc.), Supply and Offtake Agreement (Alon USA Energy, Inc.)

AutoNDA by SimpleDocs

Adequate Assurances. If, during the Term of this Agreement, a Material Adverse Change has occurred with respect to the Company and is continuing, then Xxxx may notify the Company thereof and demand in writing that the Company provide to Xxxx adequate assurance of the Company’s ability to perform its obligations hereunder. Such adequate assurance (the “Adequate Assurance”) may take the form of a prepayment from the Company to Xxxx in such amount as Xxxx reasonably deems sufficient, a provision of additional credit support in the form of letters of credit, third party guaranties and/or collateral security in such forms and amount and provided by such parties as Xxxx reasonably deems sufficient or such other form of assurance as Xxxx reasonably deems sufficient, in each case taking into account such Material Adverse Change. If such adequate assurance is not received within ten (10) 10 Business Days after such demand by Xxxx, then such failure shall constitute an Event of Default by the Company under clause (jh) of Section 18.1.

Appears in 2 contracts

Samples: Supply and Offtake Agreement (Alon USA Energy, Inc.), Supply and Offtake Agreement (Alon USA Energy, Inc.)

Adequate Assurances. If, during the Term of this Agreement, a Material Adverse Change has occurred with respect to the Company and is continuing, then Xxxx may notify the Company thereof and demand in writing that the Company provide to Xxxx adequate assurance of the Company’s ability to perform its obligations hereunder. Such adequate assurance (the “Adequate Assurance”) may take the form of a prepayment from the Company to Xxxx in such amount as Xxxx reasonably deems sufficient, a provision of additional credit support in the form of letters of credit, third party guaranties and/or collateral security in such forms and amount and provided by such parties as Xxxx reasonably deems sufficient or such other form of assurance as Xxxx reasonably deems sufficient, in each case taking into account such Material Adverse Change. If such adequate assurance is not received within ten (10) Business Days after such demand by Xxxx, then such failure shall constitute an Event of Default by the Company under clause (jg) of Section 18.1.

Appears in 2 contracts

Samples: Master Supply and Offtake Agreement (Delek US Holdings, Inc.), Master Supply and Offtake Agreement (Delek US Holdings, Inc.)

Adequate Assurances. If, during the Term of this Agreement, a Material Adverse Change has occurred with respect to the Company and is continuing, then Xxxx may notify the Company thereof and demand in writing that the Company provide to Xxxx adequate assurance of the Company’s ability to perform its obligations hereunder. Such adequate assurance (the th e “Adequate Assurance”) may take the form of a prepayment from the Company to Xxxx in such amount as Xxxx reasonably deems sufficient, a provision of additional credit support in the form of letters of credit, third party guaranties and/or collateral security in such forms and amount and provided by such parties as Xxxx reasonably deems sufficient or such other form of assurance as Xxxx reasonably deems sufficient, in each case taking into account such Material Adverse Change. If such adequate assurance is not received within ten (10) Business Days after such demand by Xxxx, then such failure shall constitute an Event of Default by the Company under clause (jh) of Section 18.1.

Appears in 1 contract

Samples: Supply and Offtake Agreement (Alon USA Energy, Inc.)

Adequate Assurances. If, during the Term of this Agreement, a Material Adverse Change has occurred with respect to the Company and is continuing, then Xxxx may notify the Company thereof and demand in writing that the Company provide to Xxxx adequate assurance of the Company’s ability to perform its obligations hereunder. Such adequate assurance (the “Adequate Assurance”) may take the form of a prepayment from the Company to Xxxx in such amount as Xxxx reasonably deems sufficient, a provision of additional credit support in the form of letters of credit, third party guaranties and/or collateral security in such forms and amount and provided by such parties as Xxxx reasonably deems sufficient or such other form of assurance as Xxxx reasonably deems sufficient, in each case taking into account such Material Adverse Change. If such adequate assurance is not received within ten (10) 10 Business Days after such demand by Xxxx, then such failure shall constitute an Event of Default by the Company under clause (jk) of Section 18.1.

Appears in 1 contract

Samples: Supply and Offtake Agreement (Delek US Holdings, Inc.)

AutoNDA by SimpleDocs

Adequate Assurances. If, during the Term of this Agreement, a Material Adverse Change has occurred with respect to the Company and is continuing, then Xxxx Axxx may notify the Company thereof and demand in writing that the Company provide to Xxxx Axxx adequate assurance of the Company’s 's ability to perform its obligations hereunder. Such adequate assurance (the “Adequate Assurance”) may take the form of a prepayment from the Company to Xxxx Axxx in such amount as Xxxx Axxx reasonably deems sufficient, a provision of additional credit support in the form of letters of credit, third party guaranties and/or collateral security in such forms and amount and provided by such parties as Xxxx Axxx reasonably deems sufficient or such other form of assurance as Xxxx Axxx reasonably deems sufficient, in each case taking into account such Material Adverse Change. If such adequate assurance is not received within ten (10) Business Days after such demand by XxxxAxxx, then such failure shall constitute an Event of Default by the Company under clause (jh) of Section 18.1.

Appears in 1 contract

Samples: Supply and Offtake Agreement (Alon USA Energy, Inc.)

Adequate Assurances. If, during the Term of this Agreement, a Material Adverse Change has occurred with respect to the Company and is continuing, then Xxxx may notify the Company thereof and demand in writing that the Company provide to Xxxx adequate assurance of the Company’s ability to perform its obligations hereunder. Such adequate assurance (the “Adequate Assurance”) may take the form of a prepayment from the Company to Xxxx in such amount as Xxxx reasonably deems sufficient, a provision of additional credit support in the form of letters of credit, third party guaranties and/or collateral security in such forms and amount and provided by such parties as Xxxx reasonably deems sufficient or such other form of assurance as Xxxx reasonably deems sufficient, in each case taking into account such Material Adverse Change. If such adequate assurance Adequate Assurance is not received within ten (10) Business Days after such demand by Xxxx, then such failure shall constitute an Event of Default by the Company under clause (ji) of Section 18.119.1.

Appears in 1 contract

Samples: Master Supply and Offtake Agreement (Delek US Holdings, Inc.)

Time is Money Join Law Insider Premium to draft better contracts faster.