Common use of Remedies Upon an Event of Default Clause in Contracts

Remedies Upon an Event of Default. If an Event of Default shall have occurred and be continuing, the Non-Defaulting Party shall have the right to: (a) immediately suspend performance upon written notice to the Defaulting Party; provided, however, that if an SSO Supplier is the Non-Defaulting Party, such SSO Supplier may only suspend performance if the default of the Defaulting Party constitutes an Event of Default under Sections 7.1(a) or (d); (b) declare an Early Termination and designate by written notice an Early Termination Date which shall be no earlier than the day such designation notice is effective and no later than twenty (20) calendar days after such notice is effective; provided, however, that if an SSO Supplier is the Non-Defaulting Party, such SSO Supplier may only declare an Early Termination if the default of the Defaulting Party constitutes an Event of Default under Section 7.1(a) or (d); (c) calculate and receive from the Defaulting Party payment for any Default Damages which the Non-Defaulting Party incurs as of the date of the event giving rise to the Event of Default, until the earlier of; (i) the Early Termination Date (if applicable); (ii) the date the Event of Default has been cured by the Defaulting Party; or (iii) the date the Non-Defaulting Party waives such Event of Default; (d) withhold any payments due to the Defaulting Party under this Agreement as a set-off against any Default Damages, or Termination Payment, as applicable, the Defaulting Party is entitled to receive; (e) draw down, liquidate, set-off against, or demand payment under, any Guaranty, ICR Collateral and Margin Collateral; and

Remedies Upon an Event of Default. If an Event of Default shall have occurred and be continuing, the Non-Defaulting Party shall have the right to: (a) immediately suspend performance upon written notice to the Defaulting Party; provided, however, that if an SSO the XXXX Supplier is the Non-Defaulting Party, such SSO the XXXX Supplier may only suspend performance if the default of the Defaulting Party constitutes an Event of Default under Sections 7.1(a) or (d); (b) declare an Early Termination and designate by written notice an Early Termination Date which shall be no earlier than the day such designation notice is effective and no later than twenty (20) calendar days after such notice is effective; provided, however, that if an SSO the XXXX Supplier is the Non-Defaulting Party, such SSO the XXXX Supplier may only declare an Early Termination if the default of the Defaulting Party constitutes an Event of Default under Section 7.1(a) or (d); (c) calculate and receive from the Defaulting Party payment for any Default Damages which the Non-Defaulting Party incurs as of the date of the event giving rise to the Event of Default, until the earlier of; : (i) the Early Termination Date (if applicable); (ii) the date the Event of Default has been cured by the Defaulting Party; or (iii) the date the Non-Defaulting Party waives such Event of Default; (d) withhold any payments due to the Defaulting Party under this Agreement as a set-set- off against any Default Damages, or Termination Payment, as applicable, the Defaulting Party is entitled to receive; (e) draw down, liquidate, set-off against, or demand payment under, any Guaranty, ICR Collateral and Margin Collateral; and (f) exercise any other remedies at law or in equity.

Remedies Upon an Event of Default. If an Event of Default shall have occurred and be continuing, the non-defaulting Party (the “Non-Defaulting Party Party”) shall have the right to: (a) immediately suspend performance upon written notice to the Defaulting Party; provided, however, that if an SSO the XXXX Supplier is the Non-Defaulting Party, such SSO the XXXX Supplier may only suspend performance if the default of the Defaulting Party constitutes an Event of Default under Sections 7.1(a) or (d); (b) declare an Early Termination and designate by written notice an Early Termination Date which shall be no earlier than the day such designation notice is effective and no later than twenty (20) calendar days after such notice is effective; provided, however, that if an SSO the XXXX Supplier is the Non-Defaulting Party, such SSO the XXXX Supplier may only declare an Early Termination if the default of the Defaulting Party constitutes an Event of Default under Section 7.1(a) or (d); (c) calculate and receive from the Defaulting Party payment for any Default Damages which the Non-Defaulting Party incurs as of the date of the event giving rise to the Event of Default, until the earlier of; (i) the Early Termination Date (if applicable); (ii) the date the Event of Default has been cured by the Defaulting Party; or (iii) the date the Non-Defaulting Party waives such Event of Default; (d) withhold any payments due to the Defaulting Party under this Agreement as a set-off against any Default Damages, or Termination Payment, as applicable, the Defaulting Party is entitled to receive; (e) draw down, liquidate, set-off against, or demand payment under, any Guaranty, ICR Collateral and Margin Collateral; and

Remedies Upon an Event of Default. If an Event of Default shall have occurred and be continuing, the Non-Defaulting Party shall have the right to: (a) immediately suspend performance upon written notice to the Defaulting Party; provided, however, that if an SSO Supplier is the Non-Defaulting Party, such SSO Supplier may only suspend performance if the default of the Defaulting Party constitutes an Event of Default under Sections 7.1(a) or (d); (b) declare an Early Termination and designate by written notice an Early Termination Date which shall be no earlier than the day such designation notice is effective and no later than twenty (20) calendar days after such notice is effective; provided, however, that if an SSO Supplier is the Non-Defaulting Party, such SSO Supplier may only declare an Early Termination if the default of the Defaulting Party constitutes an Event of Default under Section 7.1(a) or (d); (c) calculate and receive from the Defaulting Party payment for any Default Damages which the Non-Defaulting Party incurs as of the date of the event giving rise to the Event of Default, until the earlier of; : (i) the Early Termination Date (if applicable); (ii) the date the Event of Default has been cured by the Defaulting Party; or (iii) the date the Non-Defaulting Party waives such Event of Default; (d) withhold any payments due to the Defaulting Party under this Agreement as a set-set- off against any Default Damages, or Termination Payment, as applicable, the Defaulting Party is entitled to receive; (e) draw down, liquidate, set-off against, or demand payment under, any Guaranty, ICR Collateral and Margin Collateral; and (f) exercise any other remedies at law or in equity.

Remedies Upon an Event of Default. If an Event of Default shall have occurred and be continuing, the Non-Defaulting Party shall have the right to: (a) immediately suspend performance upon written notice to the Defaulting Party; provided, however, that if an SSO Supplier is the Non-Defaulting Party, such SSO Supplier may only suspend performance if the default of the Defaulting Party constitutes an Event of Default under Sections 7.1(a) or (d); (b) declare an Early Termination and designate by written notice an Early Termination Date which shall be no earlier than the day such designation notice is effective and no later than twenty (20) calendar days after such notice is effective; provided, however, that if an SSO Supplier is the Non-Defaulting Party, such SSO Supplier may only declare an Early Termination if the default of the Defaulting Party constitutes an Event of Default under Section 7.1(a) or (d); (c) calculate and receive from the Defaulting Party payment for any Default Damages which the Non-Defaulting Party incurs as of the date of the event giving rise to the Event of Default, until the earlier of; : (i) the Early Termination Date (if applicable); (ii) the date the Event of Default has been cured by the Defaulting Party; or (iii) the date the Non-Defaulting Party waives such Event of Default; (d) withhold any payments due to the Defaulting Party under this Agreement as a set-off against any Default Damages, or Termination Payment, as applicable, the Defaulting Party is entitled to receive; (e) draw down, liquidate, set-off against, or demand payment under, any Guaranty, ICR Collateral and Margin Collateral; and

Remedies Upon an Event of Default. If an Event of Default shall have occurred and be continuing, the Non-Defaulting Party shall have the right to: (a) immediately suspend performance upon written notice to the Defaulting Party; provided, however, that if an SSO Supplier is the Non-Defaulting Party, such SSO Supplier may only suspend performance if the default of the Defaulting Party constitutes an Event of Default under Sections 7.1(a) or (d); (b) declare an Early Termination and designate by written notice an Early Termination Date which shall be no earlier than the day such designation notice is effective and no later than twenty (20) calendar days after such notice is effective; provided, however, that if an SSO Supplier is the Non-Defaulting Party, such SSO Supplier may only declare an Early Termination if the default of the Defaulting Party constitutes an Event of Default under Section 7.1(a) or (d); (c) calculate and receive from the Defaulting Party payment for any Default Damages which the Non-Defaulting Party incurs as of the date of the event giving rise to the Event of Default, until the earlier of; (i) the Early Termination Date (if applicable); (ii) the date the Event of Default has been cured by the Defaulting Party; or (iii) the date the Non-Defaulting Party waives such Event of Default; (d) withhold any payments due to the Defaulting Party under this Agreement as a set-set- off against any Default Damages, or Termination Payment, as applicable, the Defaulting Party is entitled to receive; (e) draw down, liquidate, set-off against, or demand payment under, any Guaranty, ICR Collateral and Margin Collateral; and

Remedies Upon an Event of Default. (a) If an Event of Default occurs with respect to a Defaulting Party at any time during the Contract Term, the Non-Defaulting Party may, for so long as the Event of Default is continuing (i) establish a date (which date shall have occurred be between five (5) and be continuingten (10) Work Days after the Non-Defaulting Party delivers notice) ("Early Termination Date") on which this Agreement shall terminate if the Event of Default has not been cured and (ii) withhold any payments due in respect of this Agreement; provided, however, upon the occurrence of any Event of Default listed in Section 9.1(d) as it may apply to any Party, this Agreement shall automatically terminate, without notice, and without any other action by either Party as if an Early Termination Date had been declared immediately prior to such event. If an Early Termination Date has been designated, the Non-Defaulting Party shall have in good faith calculate its Gains or Losses and Costs (as hereafter defined) resulting from the right to: termination of this Agreement. The Gains, Losses and Costs shall be determined by comparing the value of the remaining Contract Term and Contract Quantity under this Agreement had it not been terminated to the equivalent quantities and relevant market prices for the remaining term either quoted by a bona fide third-party offer or which are reasonably expected to be available in the market under a replacement contract for this Agreement. To ascertain the market prices of a replacement contract, the Non-Defaulting Party may consider, among other valuations, any or all of the settlement prices of NYMEX electricity futures contracts, quotations from leading dealers in energy swap contracts and other bona fide third party offers, all adjusted for the length of the remaining term and differences in transmission. It is expressly agreed that a Party shall not be required to enter into a replacement transaction in order to determine the Termination Payment (aas hereafter defined). The Non- Defaulting Party shall aggregate such Gains, Losses and Costs with respect to this Agreement into a single net amount ("Termination Payment") immediately suspend performance upon written notice to and notify the Defaulting Party; provided. If the Non-Defaulting Party's aggregate Losses and Costs exceed its aggregate Gains, howeverthe Defaulting Party shall, that if an SSO Supplier is within five (5) Work Days of receipt of such notice, pay the net amount to the Non-Defaulting Party, such SSO Supplier may only suspend performance if which amount shall bear interest at the default of Interest Rate from the Defaulting Party constitutes an Event of Default under Sections 7.1(a) or (d); (b) declare an Early Termination and designate by written notice an Early Termination Date which shall be no earlier than the day such designation notice is effective and no later than twenty (20) calendar days after such notice is effective; provided, however, that if an SSO Supplier is until paid. If the Non-Defaulting Party's aggregate Gains exceed its aggregate Losses and Costs, such SSO Supplier may only declare an Early if any, resulting from the termination of this Agreement, the amount of the Termination if the default of Payment shall be zero. If the Defaulting Party constitutes an Event of Default under Section 7.1(a) or (d); (c) calculate and receive from disagrees with the Defaulting Party payment for any Default Damages which the Non-Defaulting Party incurs as calculation of the date of the event giving rise to the Event of Default, until the earlier of; (i) the Early Termination Date (if applicable); (ii) the date the Event of Default has been cured by the Defaulting Party; or (iii) the date the Non-Defaulting Party waives such Event of Default; (d) withhold any payments due to the Defaulting Party under this Agreement as a set-off against any Default Damages, or Termination Payment, as applicable, the Defaulting Party is entitled issue shall be submitted to receive;binding arbitration in accordance with the arbitration procedures set forth in Section 16.9 and the resulting Termination Payment shall be due and payable within ten (10) Work Days after the award. (eb) draw down, liquidate, set-off against, or demand payment under, any Guaranty, ICR Collateral and Margin Collateral; andFor purposes of this Agreement:

Remedies Upon an Event of Default. If an Event of Default shall have occurred and be continuing, the Non-Defaulting Party shall have the right to: (a) immediately suspend performance upon written notice to the Defaulting Party; provided, however, that if an SSO the XXXX Supplier is the Non-Defaulting Party, such SSO the XXXX Supplier may only suspend performance if the default of the Defaulting Party constitutes an Event of Default under Sections 7.1(a) or (d); (b) declare an Early Termination and designate by written notice an Early Termination Date which shall be no earlier than the day such designation notice is effective and no later than twenty (20) calendar days after such notice is effective; provided, however, that if an SSO the XXXX Supplier is the Non-Defaulting Party, such SSO the XXXX Supplier may only declare an Early Termination if the default of the Defaulting Party constitutes an Event of Default under Section 7.1(a) or (d); (c) calculate and receive from the Defaulting Party payment for any Default Damages which the Non-Defaulting Party incurs as of the date of the event giving rise to the Event of Default, until the earlier of; : (i) the Early Termination Date (if applicable); (ii) the date the Event of Default has been cured by the Defaulting Party; or (iii) the date the Non-Defaulting Party waives such Event of Default; (d) withhold any payments due to the Defaulting Party under this Agreement as a set-off against any Default Damages, or Termination Payment, as applicable, the Defaulting Party is entitled to receive; (e) draw down, liquidate, set-off against, or demand payment under, any Guaranty, ICR Collateral and Margin Collateral; and

Remedies Upon an Event of Default. If (1) Upon the occurrence of an Event of Default shall have occurred and be and, with the exception of the Bankruptcy of a Party, for so long as such Event of Default is continuing, after the applicable cure period, the Non-Defaulting Party shall have the right to: (a) immediately suspend performance may, upon written notice to the Defaulting Party; provided, howeverestablish a date, that if an SSO Supplier is the Non-Defaulting Party, such SSO Supplier may only suspend performance if the default of the Defaulting Party constitutes an Event of Default under Sections 7.1(a) or (d); (b) declare an Early Termination and designate by written notice an Early Termination Date which shall be no earlier than the day Day such designation notice is effective and no later than twenty (20) calendar days Days after such notice is effective, on which this Agreement will terminate (“Early Termination Date”) and suspend its performance hereunder as of the declaration of such Early Termination Date; providedif the Event of Default is the Bankruptcy of a Party, howeverthe Non-Defaulting Party may exercise the remedy of immediate termination. Moreover, the Non-Defaulting Party will have the right to exercise all rights and remedies available to it under this Agreement, at law, and in equity including, but not limited to, the right: (a) to retain, draw on, liquidate, or apply any Security for any amounts due and owing; (b) to require the Defaulting Party to pay damages as set forth in Section 14.2(2); (c) to commence dispute resolution procedures as provided for in Article 23; (d) to file suit to compel the Defaulting Party to perform or pay any damages awarded the Non-Defaulting Party pursuant to Article 23; and (e) to file suit to enjoin any acts that are unlawful or violate the rights of the Non-Defaulting Party under this Agreement. (2) Except as otherwise expressly provided herein, any Event of Default shall subject the Defaulting Party to the payment only of actual, direct damages to the Non-Defaulting Party. The Non-Defaulting Party may take any actions it deems necessary or appropriate to protect, preserve or enforce its rights or to reduce any risk of loss resulting from an early termination of this Agreement. The Non-Defaulting Party shall calculate a Settlement Amount, if any, resulting from an SSO Supplier Early Termination Date in a commercially reasonably manner. The Settlement Amount is intended to compensate the Non-Defaulting Party for the loss of bargain, the costs of mitigation, and the loss of protection against risks arising from the early termination of this Agreement. Upon determination of the Settlement Amount by the Non-Defaulting Party, such SSO Supplier may only declare an Early Termination if the default of the Defaulting Party constitutes an Event of Default under Section 7.1(a) or (d); (c) calculate and receive from the Defaulting Party payment for any Default Damages which the Non-Defaulting Party incurs as shall provide the Defaulting Party with a written statement showing the calculation of the date Settlement Amount in sufficient detail to allow the Defaulting Party to compare such amount to its own estimate of the event giving rise Settlement Amount, and such Settlement Amount shall be due and owing upon notice of the calculation statement to the Event of Default, until the earlier of; (i) the Early Termination Date (if applicable); (ii) the date the Event of Default has been cured by the Defaulting Party; . No later than the third (3rd) Business day after notice of the Settlement Amount is provided to the Defaulting Party by the Non-Defaulting Party, the Party owing such Settlement Amount shall pay same by wire transfer of immediately available funds. In the event that the Defaulting Party disputes the Non-Defaulting Party’s calculation of the Settlement Amount, the dispute shall be resolved pursuant to the terms of Article 23. Nothing in this Section 14.2(2) shall be construed to restrict or (iii) the date preclude the Non-Defaulting Party waives such from realizing on any Security held by the Non-Defaulting Party at any time upon the occurrence of an Event of Default; (d) withhold any payments due Default with respect to the Defaulting Party under this Agreement notwithstanding (and without awaiting the outcome of) any dispute as a set-off against any Default Damages, or Termination Payment, as applicableto the Settlement Amount payable. Consistent with Section 26.1, the Parties have an obligation to mitigate damages in an Event of Default in order to minimize the Settlement Amount. (3) Any assertion by the Non-Defaulting Party is entitled of its entitlement to receive; enforce any of the remedies described in Section 14.2(1) must be initiated by the Non-Defaulting Party, through written notice to the Defaulting Party, no later than the expiration of twelve (e12) draw downmonths after the termination of this Agreement. The Party, liquidatewho fails to act in a timely manner as provided in this Section 14.2, set-off against, or demand payment under, any Guaranty, ICR Collateral and Margin Collateral; andshall be deemed to have waived its right to enforce such remedies.