Remedies of the IESO. (a) If any Default Event is not cured by the date set out in the Notice of Default, then the IESO may, upon written notice to the Recipient:
1. suspend the payment of funds for such period as the IESO determines appropriate;
Remedies of the IESO. (a) If any Default Event is not cured by the date set out in the Notice of Default, then the IESO may, upon written notice to the Recipient,
(i) suspend the payment of funds for such period as the IESO determines appropriate;
(ii) refuse a Request for Funding;
(iii) demand the repayment of an amount equal to any funds the Recipient used for purposes not agreed upon by the IESO or that were improperly paid; and/or
(iv) terminate the Funding Agreement.
(b) If the Funding Agreement is terminated pursuant to any of Sections 8.3(a)(i) through 8.3(a)(vii), inclusive, or 8.4(a)(iv), the IESO may demand the repayment of an amount equal to any funds the IESO provided to the Recipient and the Recipient will not be eligible for any future payments related to the FIT Project under the EPP or any Support Program. The IESO’s remedies hereunder are in addition to any other rights it may have under the Funding Agreement or otherwise. Nothing in this section limits or impacts any other rights or causes of action that the IESO may have regarding representations, warranties, covenants and indemnities in its favour contained in the Funding Agreement.
(c) If the IESO waives compliance with any of the conditions, obligations or covenants contained in the Funding Agreement, the waiver will be without prejudice to any of its rights of termination in the event of the non-fulfillment, non-observance or non- performance of any other conditions, obligation or covenants in whole or in part.
(d) If the Funding Agreement is terminated pursuant to Section 8.3(a)(ix), the Recipient shall provide to the IESO, within ten (10) Business Days of the Termination for Convenience Date, all Deliverables in Schedule “D” completed up to the Termination for Convenience Date along with a Request for Funding. If the IESO approves the Request for Funding, and provided that the Recipient is not in breach of any of its obligations under the Funding Agreement as of the Termination for Convenience Date, the IESO shall pay to the Recipient an amount calculated pursuant to Section 5.3(b) based on the Project Expenses incurred up to the date of the notice of the termination pursuant to Section 8.3(a)(ix) from the IESO and evidenced by the Request for Funding that have not been covered by previous Disbursements, up to the Maximum Funding Amount.
(e) Subject to Section 8.4(b), the IESO may, in its sole and absolute discretion, make a Funding Payment to the Recipient for Project Expenses paid as of the date of te...
Remedies of the IESO. (a) If any Participant Event of Default occurs and is continuing, upon written notice to the Participant, the IESO may terminate this Agreement.
(b) If any Participant Event of Default occurs and is continuing, the IESO may:
(i) in addition to the remedy set out in Section 9.2(a) (A) draw on all or part of the Performance Security in accordance with Section 7.3 and, if the remedy in Section 9.2(a) has not been exercised, require the Participant to replace the Performance Security or (B) where the Participant has provided Incentive Security, suspend the obligation to make any payment due to the Participant in accordance with Section 7.3; and
(ii) refuse to make any Project Incentive payments to the Participant under this Agreement.
(c) If a Participant Event of Default contained in Section 9.1(a) occurs, the IESO may, in addition to the remedies available to it in Sections 9.2(a) and 9.2(b) also have the right to elect to:
(i) allow the Participant, at the Participant's sole cost and expense, to substitute alternate equivalent electricity savings for the Electricity Savings;
(ii) extend the term of this Agreement until such date as the Anticipated Electricity Savings have been achieved;
(iii) where the Participant has elected to provide Performance Security, the IESO may call on 25% of the total Performance Security for each such failure; and
(iv) where the Participant has elected to provide Incentive Security, the IESO may withhold the payment that would otherwise have been paid to the Participant pursuant to Section 6.2 until:
(A) if the Project or Portfolio failed to achieve 90% of the Anticipated Electricity Savings for a quarterly M&V Reporting Period within the first year after the In-Service Date, the first annual M&V Report is received by the IESO that confirms that the Project or Portfolio has achieved at least 90% of the Anticipated Electricity Savings for the first annual M&V Reporting Period; or
(B) if the Project or Portfolio failed to achieve 90% of the Anticipated Electricity Savings for an annual M&V Reporting Period, it receives two subsequent consecutive M&V Reports each of which confirms that the Project or Portfolio has achieved at least 90% of the Anticipated Electricity Savings for that M&V Reporting Period. If the IESO seeks to use one or more of the above-noted remedies in this Section 9.2(c), the Parties shall negotiate in good faith to determine which of the remedies are most appropriate under the circumstances of the particular Pa...
Remedies of the IESO. If any Participant Event of Default occurs and is continuing, the IESO may:
(a) upon written notice to the Participant, terminate this Master Agreement (and all Incentive Schedules) or only the Incentive Schedule to which the Participant Event of Default relates. Notwithstanding anything else in the Agreement, on the occurrence of a Participant Event of Default referred to in Sections 7.1(e) or 7.1(g), all of the IESO’s obligations hereunder will terminate immediately before such Participant Event of Default;
(b) draw on Performance Security or withhold deferred payments that are given as security, or where the requirement under an Incentive Schedule to provide Performance Security has been waived, revoke such waiver and require the Participant to pay liquidated damages in an amount equal to or lesser than the Performance Security that would have had to have been posted, provided that the IESO’s right to draw down Performance Security or receive liquidated damages under this Section 7.2(b) will be limited to the amount of the Incentive that it has already paid if the Participant Event of Default arises before the In-Service Date and the deadline for such In-Service Date remains pending;
(c) refuse to pay all or any portion of any Incentives or any other payments to the Participant under the Agreement;
(d) require the Participant to repay all or part of the amount paid by the IESO under the applicable Incentive Schedule as liquidated damages; and
(e) exercise any other remedy set out in an Incentive Schedule for a Participant Event of Default.
Remedies of the IESO. (a) If any Participant Event of Default occurs and is continuing:
(i) upon written notice to the Participant, the IESO may terminate this Agreement; and/or
(ii) the IESO will be entitled to:
A. withhold payment of any Net Project Incentives payable but not yet paid to the Participant until such Participant Event of Default is remedied, if such Participant Event of Default is capable of being remedied; and/or
B. an amount equal to a portion of the Net Project Incentive, calculated as follows: (Amount of Net Project Incentive paid in relation to the defaulting Project) x (months remaining in Electricity Savings Period) ÷ (total months in the Electricity Savings Period) For the purposes of this calculation, a Participant Event of Default occurring at any time during a month will be deemed as a Participant Event of Default for the full month; and
(b) Notwithstanding anything else in this Agreement, on the occurrence of a Participant Event of Default referred to in Sections 9.1(e), 9.1(g) or 9.1(h), all of the IESO’s obligations hereunder will be deemed to terminate immediately before such Participant Event of Default.
(c) To the extent that any damages required to be paid hereunder are liquidated, the Parties acknowledge that the damages are difficult or impossible to determine, or otherwise obtaining an adequate remedy is inconvenient and the liquidated damages calculated hereunder constitute a reasonable approximation of the harm or loss.
(d) The express rights and remedies of the IESO set out in Section 9.2 are in addition to and will not limit any other rights and remedies available to the IESO at law or in equity.
