Common use of Regulatory Approvals and Saving Clause Clause in Contracts

Regulatory Approvals and Saving Clause. The Parties recognize that the sale and delivery of capacity and energy under this Agreement may be subject to regulation by federal and state agencies having jurisdiction over the Agreement, Buyer, Seller and various aspects of the transmission and delivery of capacity and energy to Buyer. Any provision declared or rendered unlawful by any applicable court of law or such regulatory agency or deemed unlawful because of a statutory or regulatory change shall not otherwise affect the remaining lawful obligations that arise under the Agreement. In the event that any order of a court or regulatory agency with competent jurisdiction, including the Federal Energy Regulatory Commission, results in substantive modification of the Agreement or otherwise affects the Parties’ economic benefits intended under the Agreement, the Parties shall use good faith efforts to reform the Agreement in order to give effect to the original intention and economic bargain of the Parties.

Regulatory Approvals and Saving Clause. The Parties recognize that the sale and delivery of capacity and energy under this Agreement may be subject to regulation by federal and state agencies having jurisdiction over the Agreement, Buyer, Seller and various aspects of the transmission and delivery of capacity and energy to Buyer. Any provision declared or rendered unlawful by any applicable court of law or such regulatory agency or deemed unlawful because of a statutory or regulatory change shall not otherwise affect the remaining lawful obligations that arise under the Agreement. In the event that any order of a court or regulatory agency with competent jurisdiction, including the Federal Energy Regulatory Commission, results in substantive modification of the Agreement or otherwise affects the Parties’ ' economic benefits intended under the Agreement, the Parties shall use good faith efforts to reform the Agreement in order to give effect to the original intention and economic bargain of the Parties.