PURPOSE AND EFFECT OF AGREEMENT Sample Clauses

PURPOSE AND EFFECT OF AGREEMENT. This Agreement shall:
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PURPOSE AND EFFECT OF AGREEMENT. This Agreement is being entered into in compromise and resolution of claims, and nothing contained herein shall be deemed or construed to be an admission or acknowledgment of liability.
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PURPOSE AND EFFECT OF AGREEMENT. This Agreement sets forth the intention of the Parties to undertake the Project and the Public Improvements and to enter into the Collateral Agreements and complete the undertakings, in each case as described below, in furtherance of the Project and the Public Improvements. Once all Collateral Agreements have been entered into and all undertakings completed by the respective deadline provided herein, this Agreement shall be of no further effect with regard to matters contained herein that are governed by the Collateral Agreements, and the Parties shall be governed by the terms of the Collateral Agreements with respect to such matters and the Project and the Public Improvements. If a Collateral Agreement is fully executed and this Agreement is in effect and such Collateral Agreement contains a provision that is more specific than or that conflicts with a provision in this Agreement, such provision in the Collateral Agreement shall prevail and control.
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PURPOSE AND EFFECT OF AGREEMENT. The Parties have entered into this Comprehensive Settlement Agreement for the purpose of resolving issues that have or could have been raised by the Parties in connection with the FERC relicensing of the Project and to provide the necessary assurances to Progress Energy and to receive the necessary commitments of Progress Energy regarding future financial obligations, environmental and resource undertakings, and other licensing-related matters as specifically addressed herein. Progress Energy filed an application for a Major New License for its Yadkin-Pee Dee River Project with the Commission on April 26, 2006. Included in that application is information on the ongoing impacts of the Project developed through studies scoped and performed in the relicensing process conducted by Progress Energy. Once executed, the parties understand and agree that this Agreement will be filed with FERC as an Offer of Settlement that FERC may choose to implement in a New License for the Project in lieu of the operational proposals and certain other elements of that application. This Agreement specifies the Licensee’s obligations for the protection, mitigation and enhancement of ecological, environmental, recreational and cultural resources affected by the Project under a New License to be issued by FERC, as well as enforceable obligations of other Parties to this Agreement. All rights necessary or desirable to operate, manage and maintain the Project and to engage in power and utility operations that are not inconsistent with this Settlement Agreement are reserved by Progress Energy. This Agreement also specifies procedures to be used among the Parties to ensure the implementation of those License Articles and other agreed upon contractual obligations consistent with this Agreement, and with other legal and regulatory mandates. For these purposes, the Parties agree that this Agreement is fair and reasonable and in the public interest. Except as specifically provided below, any Party that is also a governmental agency agrees that the Licensee’s performance of its obligations under this Agreement will be consistent with and is intended to fulfill the Licensee’s existing statutory and regulatory obligations, as to each Party that is also a governmental agency relating to the relicensing of the Project, with regard to the Federal Power Act, 16 U.S.C. § 791(a) et. seq., Federal Water Pollution Control Act (as amended), 33 U.S.C. § 1251 et. seq., the Endangered Species Act 16 U.S.C...
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Related to PURPOSE AND EFFECT OF AGREEMENT

  • Effect of Agreement Nothing herein contained shall be deemed to require to the Trust to take any action contrary to its Declaration of Trust or its By-Laws or any applicable law, regulation or order to which it is subject or by which it is bound, or to relieve or deprive the Trustees of the Trust of their responsibility for and control of the conduct of the business and affairs of the Trust.

  • Execution and Effect of Agreement Buyer has the requisite corporate power and authority to enter into this Agreement and to perform its obligations hereunder, and the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and the performance of Buyer’s obligations hereunder have been duly authorized by all necessary corporate action on the part of Buyer. This Agreement has been duly executed and delivered by Buyer and constitutes the legal, valid and binding obligation of Buyer, enforceable against it in accordance with its terms, subject to the Enforceability Exceptions.

  • Authorization and Effect of Agreement Each of Purchaser and the Merger Sub has all requisite right, power and authority to execute and deliver this Agreement and the Ancillary Agreements to which it is or is proposed to be a party and to perform its obligations hereunder and under any such Ancillary Agreements and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement and the Ancillary Agreements to which it is a party by each of Purchaser and the Merger Sub and the performance by each of Purchaser and the Merger Sub of its obligations hereunder and thereunder, as the case may be, and the consummation of the transactions contemplated hereby or thereby, as the case may be, have been duly authorized by all requisite action on the part of each of Purchaser and the Merger Sub and no other action on the part of each of Purchaser and the Merger Sub is necessary to authorize the execution and delivery of this Agreement and the Ancillary Agreements to which it is a party or the consummation of the transactions contemplated hereby or thereby. This Agreement has been duly and validly executed and delivered by each of Purchaser and the Merger Sub and constitutes a legal, valid and binding obligation of each of Purchaser and the Merger Sub, enforceable against each of Purchaser and the Merger Sub in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar Laws affecting creditors’ rights and remedies generally.

  • Full Force and Effect of Agreement Except as hereby specifically amended, modified or supplemented, the Credit Agreement and all other Loan Documents are hereby confirmed and ratified in all respects and shall be and remain in full force and effect according to their respective terms.

  • Binding Effect of Agreement This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors, assigns and legal representatives.

  • Continuing Effect of Agreement Except as amended by this Agreement, all provisions of the Agreement shall remain unchanged and in full force and effect. From and after the date of this Amendment, whenever the term “Agreement” appears in the Agreement, it shall mean the Agreement, as amended by this Amendment to the Agreement.

  • Revocation and Effect of Consents Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder's Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.

  • Effect of Addendum THIS ADDENDUM AMENDS AND SUPPLEMENTS THE CONTRACT AND, IF APPLICABLE, ESCROW INSTRUCTIONS. IN THE EVENT THERE IS ANY CONFLICT BETWEEN THIS ADDENDUM AND THE CONTRACT OR ESCROW INSTRUCTIONS OR NOTICE OR OTHER DOCUMENTS ATTACHED AND MADE A PART OF THE AGREEMENT, THE TERMS OF THIS ADDENDUM TAKE PRECEDENCE AND SHALL PREVAIL EXCEPT AS OTHERWISE PROVIDED BY LAW.

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