Common use of Change in Law or Regulation Clause in Contracts

Change in Law or Regulation. In the event that any new, or any change in any existing, statute, rule, regulation, order or other law, or procedure, tariff, rate class or other process or charge, promulgated by any governmental authority or EDU, Independent System Operator, RTO or other regulated service provider, alters to the detriment of AEP Energy its costs to perform or its economic returns under this Agreement (a “Change in Law or Regulation”), then AEP Energy shall provide written notice requesting Customers’ affirmative consent and agreement, describing the Change in Law or Regulation, the resulting price revisions, and the future date upon which such revised pricing is requested to be effective (a “Price Revision Request”). Each Customer then shall be able to affirmatively consent and agree to such Price Revision Request, and if such Customer agrees, such Customer shall pay the revised price described in such Price Revision Request, and all other terms and conditions of this Agreement not modified by such Price Revision Request will remain in full force and effect. If, however, such Customer does not affirmatively consent and agree to the Price Revision Request within thirty (30) calendar days, the retail electric service agreement with respect to such Customer shall automatically terminate without penalty or further obligation (but such Customer shall remain responsible to pay AEP Energy for any electricity supply used before such Customer’s retail electric service agreement is terminated, as well as any late fees). Such termination will be effective on the next available drop date as established by the EDU.