Common use of Early Termination Event Clause in Contracts

Early Termination Event. (a) In the event a Generating Station is no longer owned or leased by Project Company, this Agreement shall automatically terminate with respect to such Generating Station, without penalty and without any further action required by either Party, as of the effective date of the transfer of ownership or termination of the lease of the Generating Station. (b) In the event Project Company ceases to be an Affiliate of MAEM, this Agreement shall automatically terminate, without penalty and without any further action required by either Party, as of the effective date of the transfer of ownership or control of Project Company or MAEM, as applicable. (c) In the event lenders or lessors exercise remedies following a Facility Lease Event of Default, Project Company may terminate this Agreement, without penalty, upon written notice to MAEM.