Invalidity of the Financial Settlement Agreement Sample Clauses

Invalidity of the Financial Settlement Agreement. A new section 3(b)(2) of the Settlement Agreement provides that in the event the United States Court of Appeals for the Ninth Circuit finally determines, after all appeals or requests for reconsideration, that the Financial Settlement Agreement (or cash payments under the Financial Settlement Agreement) is invalid, then PacifiCorp has two options. First, PacifiCorp can provide written notice to BPA within 30 calendar days that the Monetary Benefits provided under section 4 of the Settlement Agreement satisfy all of BPA’s obligations under or arising out of section 5(c) of the Northwest Power Act for the period following the court’s final determination through September 30, 2006. Second, if PacifiCorp provides no notice, BPA and PacifiCorp agree that the provisions of section 3(a), which establish the satisfaction of BPA’s section 5(c) obligations, will be of no further force or effect. Section 3(b)(2) also provides that in the event of the court’s above-noted final determination, the Parties intend that the cash payments pursuant the Financial Settlement Agreement and the Monetary Benefits provided under the Settlement Agreement provided prior to such final determination will be retained by PacifiCorp, to the maximum extent permitted by law. Also, the satisfaction of BPA’s obligations to PacifiCorp under section 5(c) of the Northwest Power Act prior to the court’s final determination should be preserved, to the maximum extent permitted by law. As noted previously, this would avoid a difficult and complicated process of determining a new agreement and retroactively implementing changes to the benefits for that period. Also, additional difficulties would lie in the ability of PacifiCorp and the state public utility commissions to implement such changes without creating potential economic harm to consumers.
Sample 1
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Related to Invalidity of the Financial Settlement Agreement

  • Modification of Settlement Agreement Any modification to this Settlement Agreement shall be in writing and signed by the Parties.

  • Validity of the Agreement This Agreement constitutes the legal, valid and binding agreement of Buyer enforceable against Buyer in accordance with its terms.

  • FAILURE TO HONOUR SETTLEMENT AGREEMENT If this Settlement Agreement is accepted by the Hearing Panel and, at any subsequent time, the Respondent fails to honour any of the Terms of Settlement set out herein, Staff reserves the right to bring proceedings under section 24.3 of the By-laws of the MFDA against the Respondent based on, but not limited to, the facts set out in Part IV of the Settlement Agreement, as well as the breach of the Settlement Agreement. If such additional enforcement action is taken, the Respondent agrees that the proceeding(s) may be heard and determined by a hearing panel comprised of all or some of the same members of the hearing panel that accepted the Settlement Agreement, if available.

  • Termination Amendment and Waiver 46 7.1 Termination....................................................................................46 7.2

  • Application of Settlement Agreement 10.1 This Settlement Agreement shall apply to, be binding upon, and inure to the benefit of, CAG and the Releasees and Downstream Releasees identified in Section 2 above.

  • Maturity of the Funding Agreement Upon the maturity of the Funding Agreement and the return of funds thereunder, the Trust hereby directs the Indenture Trustee to set aside from such funds an amount sufficient for the repayment of the outstanding principal on the Notes and Trust Beneficial Interest when due.

  • EXECUTION OF SETTLEMENT AGREEMENT This Settlement Agreement may be signed in one or more counterparts which together shall constitute a binding agreement.

  • Modification, Amendment and Waiver The authority of the Trustees hereunder to authorize the Trust to enter into contracts or other agreements or arrangements shall include the authority of the Trustees to modify, amend, waive any provision of supplement, assign all or a portion of, novate, or terminate such contracts, agreements or arrangements. The enumeration of any specific contracts in this Section 5.12 shall in no way be deemed to limit the power and authority of the Trustees as otherwise set forth in this Declaration of Trust to authorize the Fund to engage, contract with or make payments to such Persons as the Trustees may deem desirable for the transaction of the business of the Fund.

  • Contents of Agreement; Amendment and Assignment (a) This Agreement sets forth the entire understanding between the parties hereto with respect to the subject matter hereof and cannot be changed, modified, extended or terminated except upon written amendment approved by the Board and executed on its behalf by a duly authorized officer of the Company and by Executive. (b) All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective heirs, executors, administrators, legal representatives, successors and assigns of the parties hereto, except that the duties and responsibilities of Executive under this Agreement are of a personal nature and shall not be assignable or delegatable in whole or in part by Executive. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business or assets of the Company, within 15 days of such succession, expressly to assume and agree to perform this Agreement in the same manner and to the same extent as the Company would be required to perform if no such succession had taken place.

  • Validity of Agreement The Company shall be precluded from asserting in any Proceeding, including, without limitation, an action under Section 12 (a) above, that the provisions of this Agreement are not valid, binding and enforceable or that there is insufficient consideration for this Agreement and shall stipulate in court that the Company is bound by all the provisions of this Agreement.

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