MP Termination Events Sample Clauses
The MP Termination Events clause defines specific circumstances under which a Master Purchase (MP) agreement can be terminated by one or both parties. Typically, this clause outlines events such as material breaches, insolvency, or failure to meet key obligations that would trigger the right to terminate the agreement. For example, if a party fails to deliver goods as agreed or becomes bankrupt, the other party may invoke this clause to end the contract. Its core practical function is to provide a clear and agreed-upon mechanism for ending the contractual relationship in response to significant issues, thereby managing risk and ensuring both parties have recourse in the event of serious problems.
MP Termination Events. MP has the right, but not the obligation, to terminate this Agreement in the manner described in this Section 13.2 following an occurrence of any of the events, conditions or circumstances specified below (each a “MP Termination Event”); provided however, if such event, condition, or circumstance constitutes an MH Event of Default or an MP Event of Default, then the Parties’ rights and obligations shall be governed by Section 13.1:
(a) immediately upon providing notice to MH, if after giving effect to any applicable provisions in this Agreement, at any time during the Contract Term: (i) either Party is no longer a Market Participant; or
MP Termination Events. MP has the right, but not the obligation, to terminate this Agreement in the manner described below following any of the events, conditions or circumstances specified below (each a “MP Termination Event”):
(a) immediately upon notice to MH upon the termination of the Energy Exchange Agreement prior to the expiry of the term of that agreement, unless the termination occurred due to occurrence of an uncured Event of Default (as such term is defined in the Energy Exchange Agreement) by MP.