Common use of Termination Procedure for Long Term Transmission Customers Event of Default Clause in Contracts

Termination Procedure for Long Term Transmission Customers Event of Default. a. Upon the occurrence of a Long Term Transmission Customers Event of Default under Article 13.2, the TSP may serve notice on Long Term Transmission Customers, with a copy to the Appropriate Commission and the Lenders‟ Representative, of its intention to terminate this Agreement (a "TSP‟s Preliminary Termination Notice"), which notice shall specify in reasonable detail the circumstances giving rise to such TSP‟s Preliminary termination Notice. b. Following the issue of a TSP‟s Preliminary Termination Notice, the Consultation Period shall apply. c. The Consultation Period would be for the Parties to discuss as to what steps shall be taken with a view to mitigate the consequences of the relevant Event of Default having regard to all the circumstances. d. During the Consultation Period, both Parties shall, save as otherwise provided in this Agreement, continue to perform their respective obligations under this Agreement. e. Following the expiry of the Consultation Period, unless the Parties shall have otherwise agreed or the circumstances giving rise to the TSP Preliminary Termination Notice shall have ceased to exist or shall have been remedied, the TSP may terminate this Agreement by giving written notice of thirty (30) days (“TSP‟s Termination Notice”) to the Lead Long Term Transmission Customer, with a copy to the Lenders‟ Representative and the Appropriate Commission. Unless the Lenders have exercised their rights for substitution as per provisions of Article 15.3 of this Agreement and the Appropriate Commission has agreed to such substitution rights of the Lenders or otherwise directed by the Appropriate Commission, this Agreement shall terminate on the date of expiry of such Termination Notice.

Termination Procedure for Long Term Transmission Customers Event of Default. a. Upon the occurrence of a Long Term Transmission Customers Event of Default under Article 13.2, the TSP may serve notice on Long Term Transmission Customers, with a copy to the Appropriate Commission and the Lenders‟ Lenders’ Representative, of its intention to terminate this Agreement (a "TSP‟s TSP’s Preliminary Termination Notice"), which notice shall specify in reasonable detail the circumstances giving rise to such TSP‟s TSP’s Preliminary termination Notice. b. Following the issue of a TSP‟s TSP’s Preliminary Termination Notice, the Consultation Period shall apply. c. The Consultation Period would be for the Parties to discuss as to what steps shall be taken with a view to mitigate the consequences of the relevant Event of Default having regard to all the circumstances. d. During the Consultation Period, both Parties shall, save as otherwise provided in this Agreement, continue to perform their respective obligations under this Agreement. e. Following the expiry of the Consultation Period, unless the Parties shall have otherwise agreed or the circumstances giving rise to the TSP Preliminary Termination Notice shall have ceased to exist or shall have been remedied, the TSP may terminate this Agreement by giving written notice of thirty (30) days (“TSP‟s TSP’s Termination Notice”) to the Lead Long Term Transmission Customer, with a copy to the Lenders‟ Lenders’ Representative and the Appropriate Commission. Unless the Lenders have exercised their rights for substitution as per provisions of Article 15.3 of this Agreement and the Appropriate Commission has agreed to such substitution rights of the Lenders or otherwise directed by the Appropriate Commission, this Agreement shall terminate on the date of expiry of such Termination Notice.