Common use of Remedies of the City on an Event of Default Clause in Contracts

Remedies of the City on an Event of Default. (a) Upon an Event of Default, DoITT may: (i) cause a withdrawal from the Security Fund for any specified amount due the City under this Agreement; (ii) seek and/or pursue money damages from the Company as compensation for such Event of Default; (iii) bar the Company from using or reserving the use of some or all Street Poles as a site for the Company’s equipment, or revoke the franchise granted hereunder with respect to any specific Street Pole or group of Street Poles; (iv) revoke the franchise granted pursuant to this Agreement by termination of this Agreement as provided in Section 11.3 hereof; (v) accelerate the due date of the Zone Compensation due under Section I. of Appendix D hereof, such that all amounts due thereunder for the remainder of the Scheduled Term become immediately due and payable as if such full and immediate payment and due date were expressly provided in Section I. of Appendix D hereof (provided that in no event shall the amount thus due and payable as the result of such acceleration exceed the present value of the stream of Zone Compensation payments which would have been due and payable during the remainder of the Scheduled Term absent such acceleration, said present value to be calculated using a discount rate reasonably designated by the City); (vi) seek to restrain by injunction the applicable breach or default by the Company; and/or (vii) invoke any other available remedy that would be permitted by law. (b) Nothing herein shall prevent the City from electing more than one remedy, simultaneously or consecutively, for any Event of Default so long as there is no duplicative recovery of damages.

Remedies of the City on an Event of Default. (a) Upon an Event of Default, DoITT may:DoITT (i) cause a withdrawal from the Security Fund for any specified amount due the City under this Agreement; (ii) seek and/or pursue money damages from the Company as compensation for such Event of Default; (iii) bar the Company from using or reserving the use of some or all Street Poles as a site for the Company’s equipment, or from the reserving use of some or all Street Operations Poles, or revoke the franchise granted hereunder with respect to any specific Street Pole or group of Street Poles; (iv) revoke the franchise granted pursuant to this Agreement by termination of this Agreement as provided in Section 11.3 hereof; (v) accelerate the due date of the Zone Compensation due under Section I. of Appendix D hereof, such that all amounts due thereunder for the remainder of the Scheduled Term become immediately due and payable as if such full and immediate payment and due date were expressly provided in Section I. of Appendix D hereof (provided that in no event shall the amount thus due and payable as the result of such acceleration exceed the present value of the stream of Zone Compensation payments which would have been due and payable during the remainder of the Scheduled Term absent such acceleration, said present value to be calculated using a discount rate reasonably designated by the City); (vi) seek to restrain by injunction the applicable breach or default by the Company; and/or (vii) invoke any other available remedy that would be permitted by law. (b) Nothing herein shall prevent the City from electing more than one remedy, simultaneously or consecutively, for any Event of Default so long as there is no duplicative recovery of damages.