Common use of Potential Changes in Ownership or Control of Aquila Clause in Contracts

Potential Changes in Ownership or Control of Aquila. Seller --------------------------------------------------- acknowledges that Aquila may become the subject of a merger, acquisition, transfer of a majority of the outstanding voting equity of Aquila, or other change in control (the "Aquila Change in Control") in the near future and that such transaction may be deemed an assignment of this Agreement pursuant to Section 12.2. Seller agrees that, if, following the consummation of the Aquila Change in Control, Aquila, or its successor entity resulting from such transaction, provides evidence reasonably satisfactory to Lenders (in accordance with common industry practice) demonstrating that it has a credit rating that is equal to or higher than such rating applicable to UCU as of the date of this Agreement, Seller shall provide its consent pursuant to Section 12.1 to such deemed assignment, and upon consummation thereof shall release UCU from its joint and several liability and from all obligations arising from and after the Aquila Change in Control.

Appears in 2 contracts

Samples: Power Sales Agreement (Dominion Resources Inc /Va/), Power Sales Agreement (Dominion Resources Inc /Va/)

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Potential Changes in Ownership or Control of Aquila. Seller --------------------------------------------------- acknowledges that Aquila may become the subject of a merger, acquisition, transfer of a majority of the outstanding voting equity of Aquila, or other change in control (the "Aquila Change in Control") in the near future and that such transaction may be deemed an assignment of this Agreement pursuant to Section 12.2. Seller agrees that, if, following the consummation of the Aquila Change in Control, Aquila, or its successor entity resulting from such transaction, provides evidence reasonably satisfactory to Lenders (in accordance with common industry practice) demonstrating that it has a credit rating that is equal to or higher than such rating applicable to UCU as of the date of this Agreement, Seller shall provide its consent pursuant to Section 12.1 to such deemed assignment, and upon consummation thereof shall release UCU from its joint and several liability and from all obligations arising from and after the Aquila Change in Control.

Appears in 1 contract

Samples: Power Sales Agreement (Aquila Inc)

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Potential Changes in Ownership or Control of Aquila. Seller --------------------------------------------------- acknowledges that Aquila may become the subject of a merger, acquisition, transfer of a majority of the outstanding voting equity of Aquila, or other change in control (the "Aquila Change in Control") in the near future and that such transaction may be deemed an assignment of this Agreement pursuant to Section 12.2. Seller agrees that, if, following the consummation of the Aquila Change in Control, Aquila, or its successor entity resulting from such transaction, provides evidence reasonably satisfactory to Lenders (in accordance with common industry practice) demonstrating that it has a 36 credit rating that is equal to or higher than such rating applicable to UCU as of the date of this Agreement, Seller shall provide its consent pursuant to Section 12.1 to such deemed assignment, and upon consummation thereof shall release UCU from its joint and several liability and from all obligations arising from and after the Aquila Change in Control.

Appears in 1 contract

Samples: Power Sales Agreement (Aquila Inc)

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