Common use of Right to Terminate Following an Event of Default Clause in Contracts

Right to Terminate Following an Event of Default. ‌ (1) If at any time an Event of Default with respect to a Party (the "Defaulting Party") has occurred and is then continuing beyond any applicable cure period, the other Party (the “Non-defaulting Party") may, by not less than twenty (20) calendar days notice to the Defaulting Party specifying the relevant Event of Default, designate a Business Day not earlier than the day such notice is effective as termination of this Agreement prior to the expiry of the Contract Term (such designated Business Day will constitute an “Early Termination Date”). (2) In addition to and not in limitation of any other right or remedy (including any right to setoff, counterclaim, or otherwise withhold payment) available to the Non-defaulting Party at law or in equity, the Non-defaulting Party may, at its option and in its commercially reasonably exercised discretion and without prior notice to the Defaulting Party, setoff any amounts payable by it to the Defaulting Party under this Agreement (irrespective of currency, place of payment or booking office of obligation) against amounts that the Defaulting Party may owe it under any of the MH/MP Agreements. The obligations of the Parties under this Agreement in respect of such amounts shall be deemed satisfied and discharged to the extent of any such setoff and recoupment. (3) The payment by the Defaulting Party of any amounts due under any of the MH/MP Agreements shall be a condition precedent to the payment of any amounts due by the Non-defaulting Party to the Defaulting Party under any of the MH/MP Agreements. (4) The Non-defaulting Party shall use Commercially Reasonable Efforts to provide notice to the Defaulting Party as to the nature and amount of any setoff and recoupment after it is affected, but failure to give notice shall not impair the validity of any setoff and recoupment.

Right to Terminate Following an Event of Default. ‌ (1) If at any time an Event of Default with respect to a Party (the "Defaulting Party") has occurred and is then continuing beyond any applicable cure period, the other Party (the “Non-defaulting Party") may, by not less than twenty (20) calendar days notice to the Defaulting Party specifying the relevant Event of Default, designate a Business Day not earlier than the day such notice is effective as termination of this Agreement prior to the expiry of the Contract Term (such designated Business Day will constitute an “Early Termination Date”). (2) In addition to and not in limitation of any other right or remedy (including any right to setoff, counterclaim, or otherwise withhold payment) available to the Non-defaulting Party at law or in equity, the Non-defaulting Party may, at its option and in its commercially reasonably exercised discretion and without prior notice to the Defaulting Party, setoff any amounts payable by it to the Defaulting Party under this Agreement (irrespective of currency, place of payment or booking office of obligation) against amounts that the Defaulting Party may owe it under any of the MH/MP AgreementsEnergy Exchange Agreement. The obligations of the Parties under this Agreement in respect of such amounts shall be deemed satisfied and discharged to the extent of any such setoff and recoupment. (3) The payment by the Defaulting Party of any amounts due under any either of the MHMP/MP MH Agreements shall be a condition precedent to the payment of any amounts due by the Non-defaulting Party to the Defaulting Party under any either of the MHMP/MP MH Agreements. (4) The Non-defaulting Party shall use Commercially Reasonable Efforts to provide notice to the Defaulting Party as to the nature and amount of any setoff and recoupment after it is affectedeffected, but failure to give notice shall not impair the validity of any setoff and recoupment.

Right to Terminate Following an Event of Default. ‌ (1) If at any time an Event of Default with respect to a Party (the "Defaulting Party") has occurred and is then continuing beyond any applicable cure period, the other Party (the “Non-defaulting Party") may, by not less than twenty (20) calendar days notice to the Defaulting Party specifying the relevant Event of Default, designate a Business Day not earlier than the day such notice is effective as termination of this Agreement prior to the expiry of the Contract Term (such designated Business Day will constitute an “Early Termination Date”). (2) In addition to and not in limitation of any other right or remedy (including any right to setoff, counterclaim, or otherwise withhold payment) available to the Non-defaulting Party at law or in equity, the Non-defaulting Party may, at its option and in its commercially reasonably exercised discretion and without prior notice to the Defaulting Party, setoff any amounts payable by it to the Defaulting Party under this Agreement (irrespective of currency, place of payment or booking office of obligation) against amounts that the Defaulting Party may owe it under any of the MH/MP Agreements250 MW System Power Sale Agreement. The obligations of the Parties under this Agreement in respect of such amounts shall be deemed satisfied and discharged to the extent of any such setoff and recoupment. (3) The payment by the Defaulting Party of any amounts due under any either of the MH/MP Agreements shall be a condition precedent to the payment of any amounts due by the Non-defaulting Party to the Defaulting Party under any either of the MH/MP Agreements. (4) The Non-defaulting Party shall use Commercially Reasonable Efforts to provide notice to the Defaulting Party as to the nature and amount of any setoff and recoupment after it is affectedeffected, but failure to give notice shall not impair the validity of any setoff and recoupment.