Examples of Call Rights in a sentence
If the Operating Committee determines that a Triggering Event has occurred, then each affected Participant may exercise its Call Rights by submitting a request to purchase Spare Equipment to the Technical Committee.
Any Participant may exercise its Call Rights if, by providing Spare Equipment under this Agreement as a result of a Triggering Event, that Participant then faces an urgent grid need in which, for an extended period of time, the Participant loses its ability to serve significant load, is at imminent risk for losing significant load, or cannot maintain grid stability, subject to the Operating Committee and Technical Committee procedures in Section IV.A and Section IV.B.
If an affected Participant elects to exercise its Call Rights (“Buyer”), then it shall provide notice thereof to the contributing Participant(s) designated by the Operating Committee pursuant to Section IV.B.2 (“Seller(s)”) and all other Participants in the applicable Equipment Class.
Accordingly, each Participant agrees that irreparable damage may occur in the event that any Participant fails to consummate, or cause to be consummated, the sale of any Spare Equipment upon the exercise of Call Rights in accordance with Section IV, and that the Participants will be entitled to specific performance of the terms thereof in addition to any other remedy available at law or in equity without the obligation to post bond or other security.
The Technical Committee will establish and publish considerations, factors, or other procedures for the determination of which specific Equipment should be purchased upon the occurrence of a Triggering Event and the exercise of Call Rights by one or more affected Participants, including procedures for evaluating and determining the respective rights of affected Participants when multiple affected Participants make requests to purchase Spare Equipment pursuant to this Section IV.