Common use of NECESSARY PREREQUISITES Clause in Contracts

NECESSARY PREREQUISITES. Prior to this Agreement becoming effective, each of the following events shall have occurred: 1. The Amended Operating Agreement is in full force and effect. 2. The Amended Operating Agreement shall have been executed by Monongahela Power Company, The Potomac Edison Company, and West Penn Power Company, all doing business as Allegheny Power. 3. The FERC shall have accepted the Amended Operating Agreement, this Reliability Assurance Agreement, and the PJM Tariff changes filed contemporaneously with this Agreement, including all rate changes, all without change or condition. In the event that the FERC fails to adopt, as required by this Article, all of the above agreements and Tariff changes without change or condition, the Parties hereto agree to negotiate in good faith to seek to accommodate such changes as the FERC indicates are required before acceptance. In the event of failure to so agree, no Party shall be bound by the terms of this Agreement and this Agreement shall have no further force and effect.