Amendments to Settlement Agreement Clause Samples
The "Amendments to Settlement Agreement" clause defines the process by which changes or modifications to the original settlement agreement can be made. Typically, this clause requires that any amendments be documented in writing and signed by all parties involved, ensuring that no informal or verbal changes are considered valid. Its core practical function is to maintain clarity and prevent disputes by ensuring that all parties explicitly agree to any alterations, thereby safeguarding the integrity of the original agreement.
Amendments to Settlement Agreement a. Amendment to Section 1(a)
Amendments to Settlement Agreement. Effective as of the date (the "Approved Date") upon which an order from the New Mexico Public Service Commission, in its Case No. 2429, approving the transactions contemplated by this Section 2 becomes final and non-appealable, Section 3.4(a) of the Settlement Agreement is hereby amended and restated in its entirety as follows (which amendment and restatement shall be effective as of the Approval Date, it being understood and agreed that the original terms of such Section 3.4
(a) (without such amendment and restatement) shall apply to all actions, events and circumstances (including without limitation the remittal of sums by the Collateral Agent to PNM or the Lenders) subject to such original terms and occurring prior to the Approval Date):
(a) Recapture. Subject to Sections 3.2, 3.3 and 3.4 (b) hereof, if at any time the Agent, the Collateral Agent or the Lenders shall have received and retained $115,540,000 after May 1, 1989 on the Debt from any source, including without limitation payments from PNM under Section 3.1 hereof, the Collateral Agent shall remit promptly to PNM as a refund of a portion of the damages paid by PNM amounts equal to any sums subsequently received by the Collateral Agent in respect of the Debt or of any interest in the residual value of ▇▇▇▇▇▇▇ allocated to the Lenders in connection with the ▇▇▇▇▇▇▇ Restructuring Agreement (as hereinafter defined), until PNM has been fully reimbursed without interest, for any payments it has made to the Collateral Agent under Sections 3.1(b), (c), (d) or (e) or Section 3.3 hereof; provided, however, that no remittances shall be made to PNM under this Section 3.4(a) until after the Collateral Agent has received and distributed to the Lenders in accordance with the Consent and Override Agreement (i) the payments contemplated to be made by ▇▇▇▇▇▇▇ pursuant to Section 2 of the First Restructuring Agreement Amendment (as hereinafter defined), (ii) other sums received by the Collateral Agent (up to $100,000 in the aggregate) from any source in respect of the Debt and (iii) if the Bellamah Release (as hereinafter defined) is effected pursuant to Section 4 of the First Settlement Agreement Amendment (as hereinafter defined), the sum of $100, 000 (paid by ▇▇▇▇▇▇▇ and/or the Bellamah Trustee in Bankruptcy (the "Bellamah Trustee")) plus the payments contemplated to be made by ▇▇▇▇▇▇▇ pursuant to clause (e) of the second proviso to such Section 4, which amounts shall be in addition to the sum referred to in t...
Amendments to Settlement Agreement. The Settlement Agreement shall be amended as follows:
(a) Paragraph 10 of the Settlement Agreement. Paragraph 10 of the Settlement Agreement shall be amended by deleting it in its entirety and replacing it with the following:
Amendments to Settlement Agreement. Effective as of the date hereof, Section 4(a)(i) and (ii) of the Settlement Agreement are hereby amended in their entirety to read as follows:
(i) upon the execution of the amendment dated as of April 26, 2000 to this Agreement by the parties hereto, the parties hereto agree to execute a Securities Exchange Agreement substantially in the form attached to such amendment as Exhibit A thereto and to consummate the transactions contemplated by such Securities Exchange Agreement.
(ii) [Intentionally Deleted]"