Common use of Rights Upon Default Clause in Contracts

Rights Upon Default. Upon and during the continuation of an Event of Default, the Non-Defaulting Party shall be entitled to elect or pursue one or more of the following remedies: (i) pursue any and all available legal and equitable remedies; (ii) designate a day, no earlier than the day notice of such designation is effective and no later than twenty (20) days after notice of such designation is effective, as a date for Early Termination (“Early Termination Date”) with respect to the obligations of the Defaulting Party without any liability or responsibility whatsoever except for obligations arising prior to the Early Termination Date and except for the determination and payment of the Termination Payment as provided in Section 5.4, by providing written notice to the Defaulting Party. Provided, however, that an Early Termination Date may be designated to occur concurrently with the Event of Default with respect to an Event of Default under subsections (i), (ii), (iii), (iv), (v), (vi), (vii), (viii) or (ix) of Section 5.1. In the event that a Non-Defaulting Party elects to designate an Early Termination Date with respect to the obligations of a Defaulting Party, the rights, liabilities, powers and obligations of any other Non-Defaulting Party shall survive such termination if the Early Termination is applicable to one or more but not all of the Companies; (iii) receive Damages in accordance with Section 5.3; (iv) accelerate all amounts owing between the Defaulting and Non-Defaulting Parties; (v) liquidate and terminate the undertakings set forth in this Agreement; (vi) withhold any payments due to the Defaulting Party under this Agreement; and (vii) suspend performance under this Agreement.

Rights Upon Default. Upon and during the continuation of an Event of Default, the Non-Defaulting Party shall be entitled to elect or pursue one or more of the following remedies: (i) pursue any and all available legal and equitable remedies; (ii) designate a day, no earlier than the day notice of such designation is effective and no later than twenty (20) days after notice of such designation is effective, as a date for Early Termination (“Early Termination Date”) with respect to the obligations of the Defaulting Party without any liability or responsibility whatsoever except for obligations arising prior to the Early Termination Date and except for the determination and payment of the Termination Payment as provided in Section 5.4, by providing written notice to the Defaulting Party. Provided, however, that an Early Termination Date may be designated to occur concurrently with the Event of Default with respect to an Event of Default under subsections (i), (ii), (iii), (iv), (v), (vi), (vii), (viii) or (ix) of Section 5.1. In the event that a Non-Defaulting Party elects to designate an Early Termination Date with respect to the obligations of a Defaulting Party, the rights, liabilities, powers and obligations of any other Non-Defaulting Party shall survive such termination if the Early Termination is applicable to one or more but not all of the Companies; (iii) receive Damages in accordance with Section 5.3; (iv) accelerate all amounts owing between the Defaulting and Non-Defaulting Parties;Defaulting (v) liquidate and terminate the undertakings set forth in this Agreement; (vi) withhold any payments due to the Defaulting Party under this Agreement; and (vii) suspend performance under this Agreement.

Rights Upon Default. Upon and during the continuation of an Event of Default, the Non-Defaulting Party shall be entitled to elect or pursue one or more of the following remedies: (i) pursue any and all available legal and equitable remedies; (ii) designate a day, no earlier than the day notice of such designation is effective and no later than twenty (20) days after notice of such designation is effective, as a date for Early Termination Date (“Early Termination Date”) with respect to the obligations of the Defaulting Party without any liability or responsibility whatsoever except for obligations arising prior to the Early Termination Date and except for the determination and payment of the Termination Payment as provided in Section 5.45.1, by providing written notice to the Defaulting Party. Provided, however, that an Early Termination Date may be designated to occur concurrently with the Event of Default with respect to an Event of Default under subsections (i), (ii), (iii), (iv), (v), (vi), Error! Reference source not found., (vii), (viii) or (ixviii) of Section 5.1. In the event that a Non-Defaulting Party elects to designate an Early Termination Date with respect to the obligations of a Defaulting Party, the rights, liabilities, powers and obligations of any other Non-Defaulting Party shall survive such termination if the Early Termination is applicable to one or more but not all of the Companies; (iii) receive Damages in accordance with Section 5.3; (iv) accelerate all amounts owing between the Defaulting and Non-Defaulting Parties; (v) liquidate and terminate the undertakings set forth in this Agreement; (vi) subject to Section 5.4, withhold any payments due to the Defaulting Party under this Agreement; and (vii) suspend performance under this Agreement.

Rights Upon Default. Upon and during the continuation of an Event of Default, the Non-Defaulting Party shall be entitled to elect or pursue one or more of the following remedies: (i) pursue any and all available legal and equitable remedies, provided, however, that the exercise of any such remedy shall not eliminate the obligation of the Non-Defaulting Party to calculate a Settlement Amount and Termination Payment in accordance with Section 5.4; (ii) designate a day, no earlier than the day notice of such designation is effective and no later than twenty (20) days after notice of such designation is effective, as a date for Early Termination (“Early Termination Date”) with respect to the obligations of the Defaulting Party without any liability or responsibility whatsoever except for obligations arising prior to the Early Termination Date and except for the determination and payment of the Termination Payment as provided in Section 5.4, by providing written notice to the Defaulting Party. Provided, however, that an Early Termination Date may be designated to occur concurrently with the Event of Default with respect to an Event of Default under subsections (i), (ii), (iii), (iv), (v), (vi), (vii), (viii) or (ix) of Section 5.1. In the event that a Non-Defaulting Party elects to designate an Early Termination Date with respect to the obligations of a Defaulting Party, the rights, liabilities, powers and obligations of any other Non-Defaulting Party shall survive such termination if the Early Termination is applicable to one or more but not all of the Companies; (iii) receive Damages in accordance with Section 5.3; (iv) accelerate all amounts owing between the Defaulting and Non-Defaulting Parties; (v) liquidate and terminate the undertakings set forth in this Agreement; (vi) withhold any payments due to the Defaulting Party under this Agreement; and (vii) suspend performance under this Agreement.

Rights Upon Default. Upon and during the continuation of an Event of Default, the Non-Defaulting Party shall be entitled to elect or pursue one or more of the following remedies: (i) pursue any and all available legal and equitable remedies; (ii) designate a day, no earlier than the day notice of such designation is effective and no later than twenty (20) days after notice of such designation is effective, as a date for Early Termination (“Early Termination Date”) with respect to the obligations of the Defaulting Party without any liability or responsibility whatsoever except for obligations arising prior to the Early Termination Date and except for the determination and payment of the Termination Payment as provided in Section 5.4, by providing written notice to the Defaulting Party. Provided, however, that an Early Termination Date may be designated to occur concurrently with the Event of Default with respect to an Event of Default under subsections (i), (ii), (iii), (iv), (v), (vi), (vii), (viii) or (ix) of Section 5.1. In the event that a Non-Defaulting Party elects to designate an Early Termination Date with respect to the obligations of a Defaulting Party, the rights, liabilities, powers and obligations of any other Non-Defaulting Party shall survive such termination if the Early Termination is applicable to one or more but not all of the Companies; (iii) receive Damages in accordance with Section 5.3; (iv) accelerate all amounts owing between the Defaulting and Non-Non- Defaulting Parties; (v) liquidate and terminate the undertakings set forth in this Agreement; (vi) withhold any payments due to the Defaulting Party under this Agreement; and (vii) suspend performance and 5.3 Damages Resulting from an Event of Default‌ Damages resulting from one or more of the following shall include all costs incurred by a Company, acting in a commercially reasonable manner consistent with any statutory or regulatory requirements imposed by the Applicable Legal Authorities, in obtaining replacement services or in obtaining a replacement supplier, which costs exceed the amounts that would have been payable to the defaulting BGS-LRTP Supplier under this Agreement: (i) the BGS-LRTP Supplier’s failure: (a) to provide BGS-LRTP Supply in accordance with this Agreement, or‌ (b) to pay the MISO for purchases of any products or services from the MISO, or (c) to pay the MISO for the charges invoiced by the MISO to it, or (d) to otherwise fail to comply with MISO requirements; such that the MISO holds one or more of the Companies responsible for the provision of Energy (including all charges for Energy Losses, Energy Imbalance Service, and congestion), Resource Adequacy Requirements or Capacity to meet the BGS-LRTP Supplier Responsibility Share under this Agreement; or (ii) the occurrence of any Event of Default attributable to the BGS- LRTP Supplier resulting in Early Termination.

Rights Upon Default. Upon and during the continuation of an Event of Default, the Non-Defaulting Party shall be entitled to elect or pursue one or more of the following remedies: (i) pursue any and all available legal and equitable remedies; (ii) designate a day, no earlier than the day notice of such designation is effective and no later than twenty (20) days after notice of such designation is effective, as a date for Early Termination Date (“Early Termination Date”) with respect to the obligations of the Defaulting Party without any liability or responsibility whatsoever except for obligations arising prior to the Early Termination Date and except for the determination and payment of the Termination Payment as provided in Section 5.4, by providing written notice to the Defaulting Party. Provided, however, that an Early Termination Date may be designated to occur concurrently with the Event of Default with respect to an Event of Default under subsections (i), (ii), (iii), (iv), (v), (vi), Error! Reference source not found., (vii), (viii) or (ixviii) of Section 5.1. In the event that a Non-Defaulting Party elects to designate an Early Termination Date with respect to the obligations of a Defaulting Party, the rights, liabilities, powers and obligations of any other Non-Defaulting Party shall survive such termination if the Early Termination is applicable to one or more but not all of the Companies; (iii) receive Damages in accordance with Section 5.3; (iv) accelerate all amounts owing between the Defaulting and Non-Defaulting Parties; (v) liquidate and terminate the undertakings set forth in this Agreement; (vi) subject to Section 5.4, withhold any payments due to the Defaulting Party under this Agreement; and (vii) suspend performance under this Agreement.

Rights Upon Default. Upon and during the continuation of an Event of Default, the Non-Defaulting Party shall be entitled to elect or pursue one or more of the following remedies: (i) pursue any and all available legal and equitable remedies; (ii) designate a day, no earlier than the day notice of such designation is effective and no later than twenty (20) days after notice of such designation is effective, as a date for Early Termination (“Early Termination Date”) with respect to the obligations of the Defaulting Party without any liability or responsibility whatsoever except for obligations arising prior to the Early Termination Date and except for the determination and payment of the Termination Payment as provided in Section 5.4, by providing written notice to the Defaulting Party. Provided, however, that an Early Termination Date may be designated to occur concurrently with the Event of Default with respect to an Event of Default under subsections (i), (ii), (iii), (iv), (v), (vi), (vii), (viii) or (ix) of Section 5.1. In the event that a Non-Defaulting Party elects to designate an Early Termination Date with respect to the obligations of a Defaulting Party, the rights, liabilities, powers and obligations of any other Non-Defaulting Party shall survive such termination if the Early Termination is applicable to one or more but not all of the CompaniesCompanies5.1; (iii) receive Damages in accordance with Section 5.3; (iv) accelerate all amounts owing between the Defaulting and Non-Defaulting Parties; (v) liquidate and terminate the undertakings set forth in this Agreement; (vi) withhold any payments due to the Defaulting Party under this Agreement; and (vii) suspend performance under this Agreement.

Rights Upon Default. Upon and during the continuation of an Event of Default, the Non-Defaulting Party shall be entitled to elect or pursue one or more of the following remedies: (i) pursue any and all available legal and equitable remedies; (ii) designate a day, no earlier than the day notice of such designation is effective and no later than twenty (20) days after notice of such designation is effective, as a date for Early Termination (“Early Termination Date”) with respect to the obligations of the Defaulting Party without any liability or responsibility whatsoever except for obligations arising prior to the Early Termination Date and except for the determination and payment of the Termination Payment as provided in Section 5.4, by providing written notice to the Defaulting Party. Provided, however, that an Early Termination Date may be designated to occur concurrently with the Event of Default with respect to an Event of Default under subsections (i), (ii), (iii), (iv), (v), (vi), (vii), (viii) or (ix) of Section 5.1. In the event that a Non-Defaulting Party elects to designate an Early Termination Date with respect to the obligations of a Defaulting Party, the rights, liabilities, powers and obligations of any other Non-Defaulting Party shall survive such termination if the Early Termination is applicable to one or more but not all of the Companies; (iii) receive Damages in accordance with Section 5.3; (iv) accelerate all amounts owing between the Defaulting and Non-Non- Defaulting Parties; (v) liquidate and terminate the undertakings set forth in this Agreement; (vi) withhold any payments due to the Defaulting Party under this Agreement; and (vii) suspend performance and Damages resulting from one or more of the following shall include all costs incurred by a Company, acting in a commercially reasonable manner consistent with any statutory or regulatory requirements imposed by the Applicable Legal Authorities, in obtaining replacement services or in obtaining a replacement supplier, which costs exceed the amounts that would have been payable to the defaulting BGS-LRTP Supplier under this Agreement: (i) the BGS-LRTP Supplier’s failure: (a) to provide BGS-LRTP Supply in accordance with this Agreement, or (b) to pay the MISO for purchases of any products or services from the MISO, or (c) to pay the MISO for the charges invoiced by the MISO to it, or (d) to otherwise fail to comply with MISO requirements; such that the MISO holds one or more of the Companies responsible for the provision of Energy (including all charges for Energy Losses, Energy Imbalance Service, and congestion), Resource Adequacy Requirements or Capacity to meet the BGS-LRTP Supplier Responsibility Share under this Agreement; or (ii) the occurrence of any Event of Default attributable to the BGS- LRTP Supplier resulting in Early Termination.