Common use of Exercise of Remedies by the T&D Clause in Contracts

Exercise of Remedies by the T&D. Upon the occurrence of a “Provider Default” under the Order or the occurrence of an Event of Default on the part of the Provider hereunder, the T&D, upon written notice to the Provider, shall have the right to (i) accelerate all amounts owing between the Parties hereunder and to liquidate and terminate all, but not less than all, of the transactions contemplated hereunder and the SOP Obligations provided that the effective date of any such termination shall occur no earlier than three (3) Business Days following receipt of such written notice, (ii) withhold any payments due to the Provider under any transactions contemplated hereunder and the SOP Obligations, (iii) dispose of funds otherwise payable to the Provider to cover the costs of replacement service (to the extent it is authorized to do so by the MPUC, provided that such authorization is consistent with applicable law), and/or (iv) suspend performance of this Agreement. For purposes of calculating damages or other amounts payable as a consequence of the foregoing, the T&D shall be considered the “Non-Defaulting Party” (in its own name, and in the name and on behalf of the affected Retail SOS Customers) and, shall have the sole right to collect damages as a consequence of any such failure on the part of the Provider from the Provider as the sole “Defaulting Party”.

Exercise of Remedies by the T&D. Upon the occurrence of a “Provider Default” under the Order or the occurrence of an Event of Default on the part of the Provider hereunder, the T&D, upon written notice to the Provider, shall have the right to (i) accelerate all amounts owing between the Parties hereunder and to liquidate and terminate all, but not less than all, of the transactions contemplated hereunder and the SOP TOUOP Obligations provided that the effective date of any such termination shall occur no earlier than three (3) Business Days following receipt of such written notice, (ii) withhold any payments due to the Provider under any transactions contemplated hereunder and the SOP TOUOP Obligations, (iii) dispose of funds otherwise payable to the Provider to cover the costs of replacement service (to the extent it is authorized to do so by the MPUC, provided that such authorization is consistent with applicable law), and/or (iv) suspend performance of this Agreement. For purposes of calculating damages or other amounts payable as a consequence of the foregoing, the T&D shall be considered the “Non-Defaulting Party” (in its own name, and in the name and on behalf of the affected Retail SOS TOUOS Customers) and, shall have the sole right to collect damages as a consequence of any such failure on the part of the Provider from the Provider as the sole “Defaulting Party”.