Common use of REGULATORY EVENT Clause in Contracts

REGULATORY EVENT. If a Regulatory Event occurs, the Parties shall use their best efforts to reform this ESA to give effect to the original intent of the Parties. If a Regulatory Event affects Competitive Supplier and Competitive Supplier incurs excess costs as a result thereof, such amount shall be allocated to and collected from Participating Consumers on a per kWh basis through applicable monthly invoice(s). If the Parties are unable, within fifteen (15) days of entering into negotiations, to reform this Agreement, the adversely affected Party shall have the right, upon ten (10) days’ notice, to terminate this Agreement without liability and close out its obligations hereunder.