Common use of DPUC Approval Clause in Contracts

DPUC Approval. This Agreement is contingent upon the Seller obtaining final approval from the DPUC (which approval shall become "final" only upon the expiration of the applicable appeal periods without any appeal having been filed, served and pending on the applicable date below), for the sale of the Premises to the Buyer pursuant to Section 16-43 of the Connecticut General Statutes, and upon final approval by the DPUC, as defined above, of a ratemaking accounting treatment for the net gain from such sale reasonably satisfactory to the Seller. Such satisfaction shall be deemed to have been obtained if the Seller does not notify the Buyer to the contrary in writing within five (5) business days after having notified the Buyer of such final approval as contemplated in Paragraph 9 hereof. Seller agrees (i) to publish notice of its intention to sell in accordance with Section 16-50c(b)(2) of the Connecticut General Statutes within 5 business days from the first date on which this Agreement has been executed by both the Seller and the Buyer, (ii) to submit this Agreement to the DPUC for approval within 35 days after such publication, and (iii) to pursue its application for approval with reasonable diligence. If the Seller shall not have received final approval (as described in Subparagraph (b) above) by October 30, 1998, or if all purchase rights (as described in Subparagraph (a) above) shall not have expired or been waived in accordance with their statutory terms by December 24, 1998, this Agreement shall be terminable by the Seller so notifying the Buyer in writing within five (5) days of either of said conditions not having been met, and, upon such notification, Seller shall return to Buyer all sums paid hereunder, together with interest thereon. Upon such payment, this Agreement shall terminate and be of no further force or effect, and the parties shall be relieved of all liability each to the other, hereunder. The Seller shall also notify the Buyer in writing within five (5) days of each of said conditions having been successfully met.

DPUC Approval. This Notwithstanding any provision of this Agreement to the contrary, the Seller's obligation to sell the Premises hereunder is contingent upon the Seller obtaining final Final approval from the DPUC (which approval shall become "finalFinal" only upon the expiration of the applicable appeal periods without any appeal having been filed, served and pending on the applicable date belowfiled or served), for the sale of the Premises to the Buyer pursuant to Section 16-43 of the Connecticut General Statutes, and upon final approval by the DPUC, as defined above, of a ratemaking accounting treatment for the net gain from such sale reasonably satisfactory to the Seller. Such satisfaction shall be deemed to have been obtained if the Seller does not notify the Buyer to the contrary in writing within five (5) business days after having notified from the Buyer DPUC's Final approval of such final approval as contemplated in Paragraph 9 hereofthe sale and ratemaking accounting treatment. Seller agrees (i) to publish submit this Agreement to the DPUC for approval within 35 days after publishing notice of its intention to sell in accordance with Section 16-50c(b)(2) of the Connecticut General Statutes within 5 business days from Statutes, to diligently pursue such application and to supply to the first date on which this Agreement has been executed Buyer copies of all appraisals of the fair market value of the Premises obtained by both the Seller and the Buyer, (ii) to submit this Agreement be submitted to the DPUC for approval within 35 days after such publication, and (iii) to pursue its in connection with he Seller's application for approval with reasonable diligenceapproval. If the Seller shall not have received final such Final approval (as described in Subparagraph (b) above) by October 30November 14, 19981997, or if all purchase rights (as described in Subparagraph (a) above) shall not have expired or been waived in accordance with their statutory terms by December 24, 1998, this Agreement shall be terminable by the Seller so notifying the Buyer in writing within five (5) days of either of said conditions not having been met, and, upon such notification, Seller shall return to Buyer all sums paid hereunder, including the Xxxxxxx Money deposit and the Supplementary Deposit contemplated in Paragraphs 1(a) and 1(b) hereof, respectively, together with interest thereon. Upon , within seven (7) days after said date and, upon such paymentreturn of said sums, this Agreement shall terminate and be the obligations of no further force or effect, and the parties hereunder shall be relieved of all liability each terminate and come to the other, hereunder. The Seller shall also notify the Buyer in writing within five (5) days of each of said conditions having been successfully metan end.

DPUC Approval. This Notwithstanding any provision of this Agreement to the contrary, Seller's obligation to sell the Subject Property hereunder is contingent upon the Seller obtaining final Final approval from the DPUC (which approval shall become "finalFinal" only upon the expiration of the applicable appeal periods without any appeal having been filed, served and pending on the applicable date belowfiled or served), for the sale of the Premises Subject Property to the Buyer pursuant to Section 16-43 of the Connecticut General Statutes, and upon final approval by the DPUC, as defined above, of a ratemaking accounting treatment for the net gain from such sale reasonably satisfactory to Seller. For the purposes of this Agreement, "reasonably satisfactory" shall mean comparable to ratemaking accounting treatments approved by DPUC on comparable pending or completed sales of other land owned or sold by Seller. Such satisfaction shall be deemed to have been obtained if the Seller does not notify the Buyer to the contrary in writing within five (5) business days after having notified the Buyer of such DPUC's final approval as contemplated in Paragraph 9 hereofof the sale and ratemaking accounting treatment. Seller agrees (i) to publish submit this Agreement to the DPUC for approval within 35 days after publishing notice of its intention to sell in accordance with Section 16-50c(b)(2) of the Connecticut General Statutes within 5 business days from Statutes, to diligently pursue such application and to supply to Buyer copies of all appraisals of the first date on which this Agreement has been executed fair market value of the Premises obtained by both the Seller and the Buyer, (ii) to submit this Agreement be submitted to the DPUC for approval within 35 days after such publication, and (iii) to pursue its in connection with Seller's application for approval with reasonable diligenceapproval. If the Seller shall not have received final such Final approval (as described by December 15, 1998 Seller shall have the option to terminate this Agreement and return the Deposits to Buyer in Subparagraph (b) above) which event the obligations of the parties hereunder shall terminate and come to an end. Under such termination, the Deposits shall be retained by October 30, 1998, Seller or if all purchase rights (as described in Subparagraph (a) above) shall not have expired or been waived returned to Buyer in accordance with their statutory terms by December 24the provisions of Paragraph 4, 1998, this Agreement shall be terminable by the Seller so notifying the Buyer in writing within five (5) days of either of said conditions not having been met, and, upon such notification, Seller shall return to Buyer all sums paid hereunder, together with interest thereon. Upon such payment, this Agreement shall terminate and be of no further force or effect, and the parties shall be relieved of all liability each to the other, hereunder. The Seller shall also notify the Buyer in writing within five (5) days of each of said conditions having been successfully metherein.

DPUC Approval. This Notwithstanding any provision of this Agreement to the contrary, Seller=s obligation to sell the Subject Property hereunder is contingent upon the Seller obtaining final approval Final Approval from the DPUC (which approval shall become "finalFinal" only upon the expiration of the applicable appeal periods without any appeal having been filed, served and pending on the applicable date belowfiled or served), for the sale of the Premises Subject Property to the Buyer pursuant to Section 16-43 of the Connecticut General Statutes, and upon final approval by the DPUC, as defined above, of a ratemaking accounting treatment for the net gain from such sale reasonably satisfactory to Seller. For the purposes of this Agreement, "reasonably satisfactory" shall mean comparable to ratemaking accounting treatments approved by DPUC on comparable pending or completed sales of other land owned or sold by Seller. Such satisfaction shall be deemed to have been obtained if the Seller does not notify the Buyer to the contrary in writing within five (5) business days after having notified the Buyer of such DPUC's final approval as contemplated in Paragraph 9 hereofof the sale and ratemaking accounting treatment. Seller agrees (i) to publish submit this Agreement to the DPUC for approval within 35 days after publishing notice of its intention to sell in accordance with Section 16-50c(b)(2) of the Connecticut General Statutes within 5 business days from Statutes, to diligently pursue such application and to supply to Buyer copies of all appraisals of the first date on which this Agreement has been executed fair market value of the Premises obtained by both the Seller and the Buyer, (ii) to submit this Agreement be submitted to the DPUC for approval within 35 days after such publication, and (iii) to pursue its in connection with Seller's application for approval with reasonable diligenceapproval. If the Seller shall not have received final such Final approval (as described by June 26, 2000 Seller shall have the option to terminate this Agreement and return the Deposits to Buyer in Subparagraph (b) above) which event the obligations of the parties hereunder shall terminate and come to an end. Under such termination, the Deposits shall be retained by October 30, 1998, Seller or if all purchase rights (as described in Subparagraph (a) above) shall not have expired or been waived returned to Buyer in accordance with their statutory terms by December 24the provisions of Paragraph 4, 1998, this Agreement shall be terminable by the Seller so notifying the Buyer in writing within five (5) days of either of said conditions not having been met, and, upon such notification, Seller shall return to Buyer all sums paid hereunder, together with interest thereon. Upon such payment, this Agreement shall terminate and be of no further force or effect, and the parties shall be relieved of all liability each to the other, hereunder. The Seller shall also notify the Buyer in writing within five (5) days of each of said conditions having been successfully metherein.

DPUC Approval. This Notwithstanding any provision of this Agreement to the contrary, Seller's obligation to sell the Subject Property hereunder is contingent upon the Seller obtaining final approval Final Approval from the DPUC (which approval shall become "finalFinal" only upon the expiration of the applicable appeal periods without any appeal having been filed, served and pending on the applicable date belowfiled or served), for the sale of the Premises Subject Property to the Buyer pursuant to Section 16-43 of the Connecticut General Statutes, and upon final approval by the DPUC, as defined above, of a ratemaking accounting treatment for the net gain from such sale reasonably satisfactory to Seller. For the purposes of this Agreement, "reasonably satisfactory" shall mean comparable to ratemaking accounting treatments approved by DPUC on comparable pending or completed sales of other land owned or sold by Seller. Such satisfaction shall be deemed to have been obtained if the Seller does not notify the Buyer to the contrary in writing within five (5) business days after having notified the Buyer of such DPUC's final approval as contemplated in Paragraph 9 hereofof the sale and ratemaking accounting treatment. Seller agrees (i) to publish submit this Agreement to the DPUC for approval within 35 days after publishing notice of its intention to sell in accordance with Section 16-50c(b)(2) of the Connecticut General Statutes within 5 business days from Statutes, to diligently pursue such application and to supply to Buyer copies of all appraisals of the first date on which this Agreement has been executed fair market value of the Premises obtained by both the Seller and the Buyer, (ii) to submit this Agreement be submitted to the DPUC for approval within 35 days after such publication, and (iii) to pursue its in connection with Seller's application for approval with reasonable diligenceapproval. If the Seller shall not have received final approval (as described such Final Approval by June 26, 2000, Seller shall have the option to terminate this Agreement and return the Deposits to Buyer in Subparagraph (b) above) which event the obligations of the parties hereunder shall terminate and come to an end. Under such termination, the Deposits shall be retained by October 30, 1998, Seller or if all purchase rights (as described in Subparagraph (a) above) shall not have expired or been waived returned to Buyer in accordance with their statutory terms by December 24the provisions of Paragraph 4, 1998, this Agreement shall be terminable by the Seller so notifying the Buyer in writing within five (5) days of either of said conditions not having been met, and, upon such notification, Seller shall return to Buyer all sums paid hereunder, together with interest thereon. Upon such payment, this Agreement shall terminate and be of no further force or effect, and the parties shall be relieved of all liability each to the other, hereunder. The Seller shall also notify the Buyer in writing within five (5) days of each of said conditions having been successfully metherein.