Common use of Opt-Out Right Clause in Contracts

Opt-Out Right. For Defaults occurring after December 31, 2017, a Party not‌ wishing to pay for a defaulting Party’s obligations to pay for Reclamation Costs may elect to “opt out” of such payment (each such Party, an “Opt-out Participant”). Opt-out Participants will have no obligation for a defaulting Party’s Reclamation Trust shortfall or for the failure of a Party’s Trustee to pay an invoice for Reclamation Costs for Defaults occurring after December 31, 2017. All Parties except PNM are deemed to be Opt-out Participants unless they deliver written notice of their election to become Opt-in Participants; such notice must be delivered to the Reclamation Trust Funds Operating Agent and to the other Parties, no later than seventy-five (75) days after the Effective Date.

Opt-Out Right. For Defaults occurring after December 31, 2017, a Party not‌ not wishing to pay for a defaulting Party’s obligations to pay for Reclamation Costs may elect to “opt out” of such payment (each such Party, an “Opt-out Participant”). Opt-out Participants will have no obligation for a defaulting Party’s Reclamation Trust shortfall or for the failure of a Party’s Trustee to pay an invoice for Reclamation Costs for Defaults occurring after December 31, 2017. All Parties except PNM are deemed to be Opt-out Participants unless they deliver written notice of their election to become Opt-in Participants; such notice must be delivered to the Reclamation Trust Funds Operating Agent and to the other Parties, no later than seventy-five (75) days after the Effective Date.