1999 AGN JUN 15 I16 - Laserfiche WebLink

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1 the Defaulting Party herein shall at any time prove to be false or misleading in any 2 material respect or (iii) the failure by the Defaulting Party to perform any covenant set 3 forth in this Agreement, and such failure is not excused by Force Majeure or cured within 4 five Business Days after written notice thereof to the Defaulting Party or (iv) the 5 Defaulting Party shall be subject to a Bankruptcy Proceeding. 6 13.1.2 Remedies upon an Event of Default. 7 (a) If an Event of Default occurs with respect to a Defaulting Party at any 8 time during the term of this Agreement, the Non -Defaulting Party may, for so 9 long as the Event of Default is continuing, (i) establish a date (which date shall be 10 between 5 and 10 Business Days after the Non -Defaulting Party delivers notice) 11 ("Early Termination Date") on which any or all transactions selected by it shall 12 terminate and (ii) withhold any payments due in respect of the terminated 13 transactions; provided, however, upon the occurrence of any Event of Default 14 listed in item (iv) of Section 13.1.1 as it may apply to any Party, all transactions 15 and this Agreement in respect thereof shall automatically terminate, without 16 notice, and without any other action by either Party as if an Early Termination 17 Date had been declared immediately prior to such event. If an Early Termination 18 Date has been designated, the Non -Defaulting Party shall, within thirty (30) days 19 after the declaration of the Early Termination Date, in good faith calculate its 20 Gains, Losses and Costs resulting from the termination of the terminated 21 transactions. The Gains, Losses and Costs shall be determined by comparing the 22 value of the remaining term, contract quantity and contract price under the 23 transaction had it not been terminated to the equivalent quantities and relevant Power Sales Agreement, City of Colton and American Utility Network June 8, 1999 Page 8 of 18