EFFECT OF AN EVENT OF DEFAULT. In addition to any other remedy available to it under this Agreement or under Applicable Law, upon any occurrence of an Event of Default, the non-defaulting Party shall be entitled to suspend performance of its obligations under this Agreement until the earlier of such time as (a) such Event of Default has been cured, or (b) the non-defaulting Party has elected to terminate this Agreement pursuant to Article XIV below. Notwithstanding the foregoing, (i) for any Event of Default by Seller prior to commencement of Commercial Operation of the Selected Project (or any portion thereof), NYSERDA shall be entitled only to stipulated damages pursuant to Article XV; and (ii) for any Event of Default after commencement of Commercial Operation of the Selected Project (or any portion thereof), if NYSERDA elects not to suspend performance of its obligations and Seller Transfers ORECs to NYSERDA, NYSERDA shall be obligated to accept such ORECs and pay for such ORECs in accordance with this Agreement.
Appears in 5 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Renewable Energy Certificate Purchase and Sale Agreement
EFFECT OF AN EVENT OF DEFAULT. In addition to any other remedy available to it under this Agreement or under Applicable Law, upon any occurrence of an Event of Default, the non-defaulting Party shall be entitled to suspend performance of its obligations under this Agreement until the earlier of such time as (a) such Event of Default has been cured, or (b) the non-defaulting Party has elected to terminate this Agreement pursuant to Article XIV below. Notwithstanding the foregoing, (i) for any Event of Default by Seller prior to commencement of Commercial Operation of by the Selected Project (or any portion thereof), NYSERDA shall be entitled only to stipulated damages pursuant to Article XV; and (ii) for any Event of Default after commencement of Commercial Operation of by the Selected Project (or any portion thereof), if NYSERDA elects not to suspend performance of its obligations and Seller Transfers ORECs transfers Tier 4 RECs to NYSERDA, NYSERDA shall be obligated to accept such ORECs Tier 4 RECs and pay for such ORECs Tier 4 RECs in accordance with this Agreement.
Appears in 3 contracts
Samples: Sale Agreement, Certificate Purchase and Sale Agreement, Certificate Purchase and Sale Agreement
EFFECT OF AN EVENT OF DEFAULT. In addition to any other remedy available to it under this Agreement or under Applicable Law, upon any occurrence of an Event of Default, the non-defaulting Party shall be entitled to suspend performance of its obligations under this Agreement until the earlier of such time as (a) such Event of Default has been cured, or (b) the non-defaulting Party has elected to terminate this Agreement pursuant to Article XIV below. Notwithstanding the foregoing, (i) for any Event of Default by Seller prior to commencement of Commercial Operation of by the Selected Project (or any portion thereof), NYSERDA shall be entitled only to stipulated damages pursuant to Article XV; and (ii) for any Event of Default after commencement of Commercial Operation of by the Selected Project (or any portion thereof), if NYSERDA elects not to suspend performance of its obligations and Seller Transfers transfers ORECs to NYSERDA, NYSERDA shall be obligated to accept such ORECs and pay for such ORECs in accordance with this Agreement.
Appears in 2 contracts
Samples: Purchase and Sale Agreement, Renewable Energy Certificate Purchase and Sale Agreement
