Adjustment of PIT and BAT Settlement Payment Amounts; Termination. a. One year prior to the expiration of the Amended Term, the Parties shall commence good faith negotiations to establish PIT and BAT Settlement Payment amounts for APS to run concurrently with any extension of the Leases and Grants. If the Parties are not able to reach agreement upon new PIT and BAT Settlement Payment amounts before expiration of the Amended Term, the Parties will either continue this Restated Agreement in effect with the PIT and BAT Settlement Payment amounts set forth in Section 1 above, or either Party may elect to terminate this Restated Agreement.
Appears in 6 contracts
Samples: Settlement and Closing Agreement (El Paso Electric Co /Tx/), Settlement and Closing Agreement (El Paso Electric Co /Tx/), Settlement and Closing Agreement (PNM Resources Inc)
