Rights Upon an Event of Default. The Balancing Pool shall notify the Commission of any Event of Default by the Service Provider. It is understood that upon notification of an Event of Default, the Commission may, at its sole discretion, direct the Balancing Pool to take action which may include: (a) declaring the availability of any funding under this Agreement to be terminated, whereupon the same shall forthwith terminate; (b) declaring all indebtedness and liabilities of the Service Provider to the Balancing Pool under this Agreement to be immediately due and payable, whereupon the same shall be immediately due and payable without presentment, demand, protest or notice, all of which will be deemed to be waived by the Service Provider; (c) filing such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Balancing Pool lodged, filed or otherwise recorded in any bankruptcy, administration, insolvency, winding-up or other judicial proceedings relating to the Service Provider; and/or (d) exercising and enforcing any or all of the Balancing Pool’s rights and remedies under this Agreement, at law, under statute and in equity.
Appears in 2 contracts
Sources: Funding Agreement, Funding Agreement