Common use of Remedies of Sleeve Provider Clause in Contracts

Remedies of Sleeve Provider. If any Reliant Event of Default shall have occurred and be continuing, the Sleeve Provider shall have each of the following rights and remedies: (a) the right to declare an Unwind Start Date; (b) the right to deliver to each Accepted Counterparty notice that all future trades under an existing Power and Hedging Contract shall not have the benefit of an ML Guarantee or any Xxxxxxx Collateral under such Accepted Counterparty’s Power and Hedging Contract and related Credit Support Agreement; (c) the right to cause REPS to enter into additional power purchase and hedging activities that reduce the VaR (and REPS may not enter into any other power purchase and hedging activities without the Sleeve Provider’s prior written consent); provided that in exercising such right, Sleeve Provider will use the same standard of care as Sleeve Provider uses in conducting transactions to correct risk policy violations under Sleeve Provider’s risk policies; (d) the right to setoff any amounts owed by any Xxxxxxx Party to any Reliant Retail Obligor under the Transaction Documents, whether such amounts or obligations are direct or indirect, absolute or contingent, or matured or unmatured, against any amounts owed by any Reliant Retail Obligor, including Credit Sleeve Obligations, whether such obligations are direct or indirect, absolute or contingent, or matured or unmatured; (e) the right of specific performance and injunctive relief to give effect to the terms and conditions of the Transaction Documents, to the extent permitted by applicable law, and in connection therewith the Parties acknowledge that the monetary remedies provided to the Xxxxxxx Parties under the Transaction Documents are insufficient to cover all damages that could be incurred by the Xxxxxxx Parties in connection with such a Reliant Event of Default; and (f) any other rights and remedies available at law or in equity with respect to breach of contract, subject to the provisions of Section 9.04.

Remedies of Sleeve Provider. If any Reliant Event of Default shall have occurred and be continuing, the Sleeve Provider shall have each of the following rights and remedies: (a) the right to declare an Unwind Start Date; (b) the right to deliver to each Accepted Counterparty notice that all future trades under an existing Power and Hedging Contract shall not have the benefit of an ML Guarantee or any Xxxxxxx Collateral under such Accepted Counterparty’s Power and Hedging Contract and related Credit Support Agreement; (c) the right to cause REPS to enter into additional power purchase and hedging activities that reduce to cure any violation of the VaR Risk Limits (and REPS may not enter into any other power purchase and hedging activities without the Sleeve Provider’s prior written consent); provided that in exercising such right, Sleeve Provider will use the same standard of care as Sleeve Provider uses in conducting transactions to correct risk policy violations under Sleeve Provider’s risk policies; (d) (i) the right to declare, by written notice to the Reliant Retail Obligors, an amount equal to 115% of the sum of all Exposure and all other liabilities and potential liabilities of the Xxxxxxx Parties to any Counterparty or other beneficiary under this Agreement, as reasonably determined by the Xxxxxxx Parties to a 99.0% (2.32-sigma) confidence level (such amount, the “Required Collateralization Amount”), to be, and the Required Collateralization Amount shall thereupon become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Reliant Retail Obligors, which amount shall be posted to the Sleeve Provider, and may be applied by the Sleeve Provider from time to time to satisfy any Draw Reimbursement Obligation or any other Secured Obligation, or at the option of the Sleeve Provider, posted from time to time to any Counterparty or other beneficiary in such amounts as may be agreed between the Sleeve Provider and such Counterparty or other beneficiary in exchange for a release or return of Xxxxxxx Collateral, following which the Xxxxxxx Parties shall have no liability to the Reliant Retail Obligors with respect to such portion of the Required Collateralization Amount so applied or posted to any Counterparty or other beneficiary and (ii) the right from time to time to require the Reliant Retail Obligors to post such additional amounts to the extent that the Xxxxxxx Parties determine that the amount of cash then posted is insufficient to exceed 115% of all Exposure and other potential liabilities as of such time, all of which may be applied by the Xxxxxxx Parties as provided in clause (i); (e) the right to setoff any amounts owed by any Xxxxxxx Party to any Reliant Retail Obligor under the Transaction Documents, whether such amounts or obligations are direct or indirect, absolute or contingent, or matured or unmatured, against any amounts owed by any Reliant Retail Obligor, including Credit Sleeve Obligations, whether such obligations are direct or indirect, absolute or contingent, or matured or unmatured; (ef) the right of specific performance and injunctive relief to give effect to the terms and conditions of the Transaction Documents, to the extent permitted by applicable law, and in connection therewith the Parties acknowledge that the monetary remedies provided to the Xxxxxxx Parties under the Transaction Documents are insufficient to cover all damages that could be incurred by the Xxxxxxx Parties in connection with such a Reliant Event of Default; and (fg) any other rights and remedies available at law or in equity with respect to breach of contract, subject to the provisions of Section 9.04.

Remedies of Sleeve Provider. If any Reliant Event of Default shall have occurred and be continuing, the Sleeve Provider shall have each of the following rights and remedies: (a) the right to declare an cure or cure the effects of such Reliant Event of Default and the right to exercise all contractual rights and remedies of REPS under any Power and Hedging Contract in respect of which any Post-Unwind Start DateDate Transaction remains outstanding; (b) (i) the right to deliver declare, by written notice to each Accepted the Sleeve Obligors, an amount equal to 115% of the sum of all Current Exposure and all other liabilities and potential liabilities of the Xxxxxxx Parties to any Counterparty or other beneficiary under this Agreement, as reasonably determined by the Xxxxxxx Parties to a 99.0% (2.32-sigma) confidence level (such amount, the “Required Collateralization Amount”), to be, and the Required Collateralization Amount shall thereupon become, immediately due and payable without presentment, demand, protest or other notice that of any kind, all future trades under an existing Power of which are hereby waived by the Sleeve Obligors, which amount shall be posted to the Sleeve Provider, and Hedging Contract shall not have may be applied by the benefit of an ML Guarantee Sleeve Provider from time to time to satisfy any Draw Reimbursement Obligation or any other Credit Sleeve Obligation, or at the option of the Sleeve Provider, posted from time to time to any Counterparty or other beneficiary in such amounts as may be agreed between the Sleeve Provider and such Counterparty or other beneficiary in exchange for a release or return of Xxxxxxx Collateral under Collateral, following which the Xxxxxxx Parties shall have no liability to the Sleeve Obligors with respect to such Accepted Counterparty’s Power portion of the Required Collateralization Amount so applied or posted to any Counterparty or other beneficiary and Hedging Contract (ii) the right from time to time to require the Sleeve Obligors to post such additional amounts to the extent that the Xxxxxxx Parties determine that the amount of cash then posted is insufficient to exceed 115% of all Current Exposure and related Credit Support Agreementother potential liabilities as of such time, all of which may be applied by the Xxxxxxx Parties as provided in clause (i); (c) the right to cause REPS to enter into additional power purchase set off and hedging activities that reduce the VaR apply any and all deposits (general or special, time or demand, provisional or final) at any time held and REPS may not enter into other obligations at any other power purchase and hedging activities without the Sleeve Provider’s prior written consent); provided that in exercising such right, Sleeve Provider will use the same standard of care as Sleeve Provider uses in conducting transactions to correct risk policy violations under Sleeve Provider’s risk policies; (d) the right to setoff any amounts owed time owing by any Xxxxxxx Party or any of their Affiliates to any Reliant Retail Obligor under or for the Transaction Documents, whether such amounts credit or obligations are direct or indirect, absolute or contingent, or matured or unmaturedthe account of the Sleeve Obligors, against any amounts owed by any Reliant Retail Sleeve Obligor, including Credit Sleeve Obligations, whether such obligations are direct or indirect, absolute or contingent, or matured or unmatured; (ed) the right of specific performance and injunctive relief to give effect to the terms and conditions of the Transaction Documents, to the extent permitted by applicable law, and in connection therewith the Parties acknowledge that the monetary remedies provided to the Xxxxxxx Parties under the Transaction Documents are insufficient to cover all damages that could be incurred by the Xxxxxxx Parties in connection with such a Reliant Event of Default; and (fe) any other rights and remedies available at law or in equity with respect to breach of contract, subject to the provisions of Section 9.04.