Common use of Exercise of Remedies by the Provider Clause in Contracts

Exercise of Remedies by the Provider. Upon the occurrence of an event entitling the Provider to terminate its SOP Obligations under the Order or the occurrence of an Event of Default on the part of the T&D hereunder, the Provider, upon written notice to the T&D, shall have the right to (i) accelerate all amounts owing between the Parties hereunder and to liquidate and terminate all, but not less than all, of the transactions contemplated hereunder and the SOP Obligations provided that the effective date of any such termination shall occur no earlier than three (3) Business Days following receipt of such written notice, (ii) withhold any payments due to the T&D under any transactions contemplated hereunder and the SOP Obligations, (iii) dispose of funds otherwise payable to the T&D to cover the costs of and any losses upon resale of service, and/or (iv) suspend performance of this Agreement and the SOP Obligations. For purposes of calculating damages or other amounts payable as a consequence of the foregoing, the Provider shall be considered the “Non-Defaulting Party” and, shall have the sole right to collect damages as a consequence of any such failure on the part of the T&D or otherwise to the detriment of the Provider from the T&D as the sole “Defaulting Party”.

Exercise of Remedies by the Provider. Upon the occurrence of an event entitling the Provider to terminate its SOP TOUOP Obligations under the Order or the occurrence of an Event of Default on the part of the T&D hereunder, the Provider, upon written notice to the T&D, shall have the right to (i) accelerate all amounts owing between the Parties hereunder and to liquidate and terminate all, but not less than all, of the transactions contemplated hereunder and the SOP TOUOP Obligations provided that the effective date of any such termination shall occur no earlier than three (3) Business Days following receipt of such written notice, (ii) withhold any payments due to the T&D under any transactions contemplated hereunder and the SOP TOUOP Obligations, (iii) dispose of funds otherwise payable to the T&D to cover the costs of and any losses upon resale of service, and/or (iv) suspend performance of this Agreement and the SOP TOUOP Obligations. For purposes of calculating damages or other amounts payable as a consequence of the foregoing, the Provider shall be considered the “Non-Defaulting Party” and, shall have the sole right to collect damages as a consequence of any such failure on the part of the T&D or otherwise to the detriment of the Provider from the T&D as the sole “Defaulting Party”.