Termination of agreement for Event of Default or Insolvency Event Sample Clauses

Termination of agreement for Event of Default or Insolvency Event. In addition to any other termination right in this agreement, if a party has breached this agreement and the breach is an Event of Default, or a party has become subject to an Insolvency Event, the other party may (immediately in the case of an Insolvency Event, and not less than 1 Working Day after the end of the timeframe set out in clause 20.1 in the case of an Event of Default) issue a notice of termination to the defaulting party, effective either:
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Termination of agreement for Event of Default or Insolvency Event. In addition to any other termination right in this agreement, if a party has breached this agreement and the breach is an Event of Default, or a party has become subject to an Insolvency Event, the other party may (immediately in the case of an Insolvency Event, and not less than 1 Working Day after the end of the timeframe set out in clause 20.1 in the case of an Event of Default) issue a notice of termination to the defaulting party, effective either: no less than 5 Working Days after the date of such notice; or immediately if the Retailer has ceased to supply electricity to all Consumers. Such notice for termination will lapse if the defaulting party remedies the Event of Default or Insolvency Event (as applicable) prior to the notice of termination becoming effective or the other party withdraws or extends the effective date of its notice. Termination not to prejudice rights: Termination of this agreement by either party will be without prejudice to all other rights or remedies of either party, and all rights of that party accrued as at the date of termination. Retailer remains liable for charges for remaining Consumers: If this agreement is terminated by the Distributor for any reason, the Retailer remains liable to pay any charges for Services that arise in relation to connected Consumers that have not been switched to another retailer, or whose ICPs have not been disconnected by the Distributor (unless the Distributor has received notice to disconnect the ICPs and has not done so, in which case the Retailer will not be liable to pay any charges for Services in respect of the ICP from the date that is 2 Working Days after the date the Distributor received the notice to disconnect the ICP). The Distributor may charge for such Services at the prices that apply at the time of termination. Obligations to continue until termination: The parties will continue to meet their responsibilities under this agreement up to the effective date of termination. Events to occur on termination: On the effective date of termination, unless this agreement is replaced by an Alternative Contract: the parties will have returned or certified the destruction of the other party’s Confidential Information; and the parties will cease to provide the Services to each other. until such time as the Electricity Authority introduces a default retailer provision, the Distributor may notify any Consumer that there is no longer a use of system agreement between the Retailer and the Distr...
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Termination of agreement for Event of Default or Insolvency Event. In addition to any other termination right in this agreement, if a party has breached this agreement and the breach is an Event of Default, or a party has become subject to an Insolvency Event, the other party may (immediately in the case of an Insolvency Event, and not less than 1 Working Day after the end of the timeframe set out in clause 20.1 in the case of an Event of Default) issue a notice of termination to the defaulting party, effective either: no less than 5 Working Days after the date of such notice; or immediately if the Retailer has ceased to supply electricity to all Consumers. Such notice for termination will lapse if the defaulting party remedies the Event of Default or Insolvency Event (as applicable) prior to the notice of termination becoming effective or the other party withdraws or extends the effective date of its notice. Notice to Consumers: Either party may copy any notice given under clause 21.2 to any or all of the Consumers (notwithstanding the provisions of clause 22), provided that the information contained in that notice is not inaccurate or misleading. Termination not to prejudice rights: Termination of this agreement by either party will be without prejudice to all other rights or remedies of either party, and all rights of that party accrued as at the date of termination.
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Related to Termination of agreement for Event of Default or Insolvency Event

  • Rights Upon Event of Default (a) As long as an Event of Default under this Agreement remains unremedied, Holders of not less than 50% of the outstanding Class Principal Balance of the Original Notes (in each case the outstanding Class Principal Balance of the Original Notes will be determined without regard to any exchanges of Class M Notes for MAC Notes) to which such Event of Default relates may, by written notice to Freddie Mac, declare such Notes due and payable and accelerate the maturity of such Notes. In the event that Class M Notes have been exchanged for MAC Notes, Holders of such MAC Notes will be entitled to exercise all the voting or direction rights that are allocated to such exchanged Class M Notes as described herein. Upon such acceleration, the Class Principal Balance of such Notes and the interest accrued thereon shall be due and payable.

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