NEW YORK PUBLIC SERVICE COMMISSION APPROVAL. 47.1 The Parties acknowledge that this Agreement and any amendments thereto may be filed with and may require the approval of the New York Public Service Commission (“PSC”) pursuant to the provisions of Public Service Law Sections 70 and/or 119-a, or that Niagara Mohawk may seek approval of same from the PSC. If the PSC issues any rule, order or determination that directly or indirectly prohibits or prevents performance under this Agreement or otherwise makes such performance illegal or impossible, or takes any action or issues any rule, order or determination that directly or indirectly effects a material adverse change in any substantive provision of this Agreement, in the terms of performance or the rights or obligations of either party, then either party may (i) proceed with the Agreement so changed, (ii) seek to renegotiate the affected terms of the Agreement by providing written notice to the other party of its desire to do so or (iii) terminate the Agreement by providing sixty (60) days’ prior written notice; provided that, if such action or determination is rescinded prior to the effectiveness of such termination notice, the termination notice will be ineffective.
