Common use of CPUC Approval or Bankruptcy Court Approval Delayed Clause in Contracts

CPUC Approval or Bankruptcy Court Approval Delayed. CPUC Approval and Bankruptcy Court Approval must be obtained on or before one hundred eighty (180) days from the later of (a) the date on which Buyer files this Agreement with the CPUC seeking CPUC Approval and (b) the date on which Buyer files the Agreement with the Bankruptcy Court seeking Bankruptcy Approval (“Approvals Condition Precedent”). If (a) CPUC Approval or Bankruptcy Court Approval has not been obtained by this date, or (b) if the CPUC rejects this Agreement through a final and non-appealable order, then either Party may terminate this Agreement effective upon Notice to the other Party, unless the need for such CPUC Approval or Bankruptcy Court Approval has been waived in writing by both Parties. Within ten (10) Business Days of such termination, Buyer shall return the Project Development Security to Seller. Following the return of the Project Development Security to Seller, neither Party shall have any obligation or liability to the other by reason of such termination.