Contract – M12129 THOROLD COGEN L.P., by its General Partner NORTHLAND POWER THOROLD COGEN GP INC.
M12129 varies from the standard contract as follows:
1. Insert
Section 1.09 Definitions:
(c)
“CHP Contract” shall mean the Combined Heat and Power Contract
between Shipper and the Ontario Power Authority.
2. Insert Section 4.05 Early Termination by Shipper:
Notwithstanding Section 4.01, if the CHP Contract is terminated for any reason, Shipper may provide written notice (the “Early Termination Notice”) to Union irrevocably:
(a) electing to terminate this Contract pursuant to this Section; and
(b) agreeing to pay the Early Termination Amount in accordance with this Section.
In the event such Early Termination Notice is delivered:
i) Union shall calculate the Early Termination Amount (as defined below) and deliver written notice of such calculation to Shipper within 15 days of receipt of the Early Termination Notice;
ii) effective as of the later of (such later date being referred to as the “Early Termination Date”):
(A) the date specified in the Early Termination Notice (provided that such date shall be the end of a month); and
(B) the last day of the month in which the day that is 60 days after receipt of the Early Termination Notice falls, this Contract will be terminated and of no further force and effect and each of the parties shall be released from all further obligations hereunder (provided that any rights or remedies that a party may have for breaches of this Contract prior to such termination and any liability a party may have incurred prior to such termination shall not thereby be released); and
iii) Shipper shall pay the Early Termination Amount to Union on or before the Early Termination Date.
The “Early Termination Amount” is equal to the present value of the amounts that would be payable for the Monthly Demand Charge for the remaining term of this Contract after the Early Termination Date, using the Monthly Demand Charge and a discount rate equal to Union’s weighted average cost of capital.
