Common use of Regulatory Statement Clause in Contracts

Regulatory Statement. Pursuant to the terms of an order issued by the NMPRC and a stipulation that has been approved by the NMPRC, the Borrower is required to include the following separateness covenants in any debt instrument: (a) The Borrower and its corporate parent, PNM Resources, Inc. (“Parent”), are being operated as separate corporate and legal entities. In agreeing to make loans to Parent, Parent’s lenders are relying solely on the creditworthiness of Parent based on the assets owned by Parent, and the repayment of any loan to Parent will be made solely from the assets of Parent and not from any assets of the Borrower; and the Parent’s lenders will not take any steps for the purpose of procuring the appointment of an administrative receiver or the making of an administrative order for instituting any bankruptcy, reorganization, insolvency, wind up or liquidation or any like proceeding under applicable law in respect of the Borrower. (b) Notwithstanding any of the foregoing set forth in this Section 11.17, the Borrower and the Lenders hereby acknowledge and agree that (i) this Loan Agreement and the Notes evidence Indebtedness of the Borrower and not of the Parent, (ii) the Lenders are not, and shall not at any time be deemed to be, “Parent’s lenders” under this Loan Agreement and the Notes, (iii) as set forth in this Loan Agreement and the Notes, the Borrower is responsible for the repayment of all amounts outstanding hereunder, and (iv) the Lenders reserve all rights to pursue any and all remedies available at law and otherwise (including, without limitation, in bankruptcy) should the Borrower breach any of its obligations under this Loan Agreement and/or the Notes.

Regulatory Statement. Pursuant to the terms of an order issued by the NMPRC and a stipulation that has been approved by the NMPRCNew Mexico Public Regulation Commission, the Borrower is required to include the following separateness covenants in any debt instrument: (a) The Borrower and its corporate parent, PNM Resources, Inc. (“Parent”), ) are being operated as separate corporate and legal entities. In agreeing to make loans to Parent, Parent’s lenders are relying solely on the creditworthiness of Parent based on the assets owned by Parent, and the repayment of any the loan to Parent will be made solely from the assets of Parent and not from any assets of the Borrower; and the Parent’s lenders will not take any steps for the purpose of procuring the appointment of an administrative receiver or the making of an administrative order for instituting any bankruptcy, reorganization, insolvency, wind up or liquidation or any like proceeding under applicable law in respect of the Borrower. (b) Notwithstanding any of the foregoing set forth in this Section 11.17, the Borrower and the Lenders hereby acknowledge and agree that (i) this Loan Credit Agreement and the Notes evidence Indebtedness of the Borrower and not of the Parent, (ii) the Lenders are not, and shall not at any time be deemed to be, “Parent’s lenders” under this Loan Credit Agreement and the Notes, (iii) as set forth in this Loan Credit Agreement and the Notes, the Borrower is responsible for the repayment of all amounts outstanding hereunder, and (iv) the Lenders reserve all rights to pursue any and all remedies available at law and otherwise (including, without limitation, in bankruptcy) should the Borrower breach any of its obligations under this Loan Credit Agreement and/or the Notes.

Regulatory Statement. Pursuant to the terms of an order issued by the NMPRC and a stipulation that has been approved by the NMPRCNew Mexico Public Regulation Commission, the Borrower is required to include the following separateness covenants in any debt instrument: (a) The Borrower and its corporate parent, PNM Resources, Inc. (“Parent”), ) are being operated as separate corporate and legal entities. In agreeing to make loans to Parent, Parent’s lenders are relying solely on the creditworthiness of Parent based on the assets owned by Parent, and the repayment of any the loan to Parent will be made solely from the assets of Parent and not from any assets of the Borrower; and the Parent’s lenders will not take any steps for the purpose of procuring the appointment of an administrative receiver or the making of an administrative order for instituting any bankruptcy, reorganization, insolvency, wind up or liquidation or any like proceeding under applicable law in respect of the Borrower. (b) Notwithstanding any of the foregoing set forth in this Section 11.17, the Borrower and the Lenders hereby acknowledge and agree that (i) this Loan Agreement and the Notes evidence Indebtedness of the Borrower and not of the Parent, (ii) the Lenders are not, and shall not at any time be deemed to be, “Parent’s lenders” under this Loan Agreement and the Notes, (iii) as set forth in this Loan Agreement and the Notes, the Borrower is responsible for the repayment of all amounts outstanding hereunder, and (iv) the Lenders reserve all rights to pursue any and all remedies available at law and otherwise (including, without limitation, in bankruptcy) should the Borrower breach any of its obligations under this Loan Agreement and/or the Notes.

Regulatory Statement. Pursuant to the terms of an order issued by the NMPRC and a stipulation that has been approved by the NMPRC, the Borrower Company is required to include the following separateness covenants in any debt instrument: (a) The Borrower Company and its corporate parent, PNM Resources, Inc. (“the Parent”), are being operated as separate corporate and legal entities. In agreeing to make loans to Parent, Parent’s lenders are relying solely on the creditworthiness of Parent based on the assets owned by Parent, and the repayment of any loan to Parent will be made solely from the assets of Parent and not from any assets of the BorrowerCompany; and the Parent’s lenders will not take any steps for the purpose of procuring the appointment of an administrative receiver or the making of an administrative order for instituting any bankruptcy, reorganization, insolvency, wind up or liquidation or any like proceeding under applicable law in respect of the BorrowerCompany. (b) Notwithstanding any of the foregoing set forth in this Section 11.1722.6, the Borrower Company and the Lenders holders hereby acknowledge and agree that (i) this Loan Agreement and the Notes evidence Indebtedness of the Borrower Company and not of the Parent, (ii) the Lenders holders are not, and shall not at any time be deemed to be, “Parent’s lenders” under this Loan Agreement and the Notes, (iii) as set forth in this Loan Agreement and the Notes, the Borrower Company is responsible for the repayment of all amounts outstanding hereunder, and (iv) the Lenders holders of Notes reserve all rights to pursue any and all remedies available at law and otherwise (including, without limitation, including in bankruptcy) should the Borrower Company breach any of its obligations under this Loan Agreement and/or the Notes.

Regulatory Statement. Pursuant to the terms of an order issued by the NMPRC and a stipulation that has been approved by the NMPRCNew Mexico Public Regulation Commission, the Borrower is required to include the following separateness covenants in any debt instrument: (a) The Borrower and its corporate parent, PNM Resources, Inc. (“"Parent”), ") are being operated as separate corporate and legal entities. In agreeing to make loans to Parent, Parent’s 's lenders are relying solely on the creditworthiness of Parent based on the assets owned by Parent, and the repayment of any the loan to Parent will be made solely from the assets of Parent and not from any assets of the Borrower; and the Parent’s 's lenders will not take any steps for the purpose of procuring the appointment of an administrative receiver or the making of an administrative order for instituting any bankruptcy, reorganization, insolvency, wind up or liquidation or any like proceeding under applicable law in respect of the Borrower. (b) Notwithstanding any of the foregoing set forth in this Section 11.17, the Borrower and the Lenders hereby acknowledge and agree that (i) this Loan Credit Agreement and the Notes evidence Indebtedness of the Borrower and not of the Parent, (ii) the Lenders are not, and shall not at any time be deemed to be, “"Parent’s 's lenders” " under this Loan Credit Agreement and the Notes, (iii) as set forth in this Loan Credit Agreement and the Notes, the Borrower is responsible for the repayment of all amounts outstanding hereunder, and (iv) the Lenders reserve all rights to pursue any and all remedies available at law and otherwise (including, without limitation, in bankruptcy) should the Borrower breach any of the its obligations under this Loan Credit Agreement and/or the Notes.

Regulatory Statement. Pursuant to the terms of an order issued by the NMPRC and a stipulation that has been approved by the NMPRCNew Mexico Public Regulation Commission, the Borrower is required to include the following separateness covenants in any debt instrument: (a) The Borrower and its corporate parent, PNM Resources, Inc. (“"Parent”), ") are being operated as separate corporate and legal entities. In agreeing to make loans to Parent, Parent’s 's lenders are relying solely on the creditworthiness of Parent based on the assets owned by Parent, and the repayment of any the loan to Parent will be made solely from the assets of Parent and not from any assets of the Borrower; and the Parent’s 's lenders will not take any steps for the purpose of procuring the appointment of an administrative receiver or the making of an administrative order for instituting any bankruptcy, reorganization, insolvency, wind up or liquidation or any like proceeding under applicable law in respect of the Borrower. (b) Notwithstanding any of the foregoing set forth in this Section 11.17, the Borrower and the Lenders hereby acknowledge and agree that (i) this Loan Credit Agreement and the Revolving Notes evidence Indebtedness of the Borrower and not of the Parent, (ii) the Lenders are not, and shall not at any time be deemed to be, “"Parent’s 's lenders” " under this Loan Credit Agreement and the Revolving Notes and the foregoing covenants are therefore wholly inapplicable and ineffective under the terms of this Credit Agreement and the Revolving Notes, (iii) as set forth in this Loan Credit Agreement and the Revolving Notes, the Borrower is responsible for the repayment of all amounts outstanding hereunder, and (iv) the Lenders reserve all rights to pursue any and all remedies available at law and otherwise (including, without limitation, in bankruptcy) should the Borrower breach any of the its obligations under this Loan Credit Agreement and/or the Revolving Notes.

Regulatory Statement. Pursuant to the terms of an order issued by the NMPRC and a stipulation that has been approved by the NMPRC, the Borrower Company is required to include the following separateness covenants in any debt instrument: (a) The Borrower Company and its corporate parent, PNM Resources, Inc. (“the Parent”), are being operated as separate corporate and legal entities. In agreeing to make loans to Parent, Parent’s lenders are relying solely on the creditworthiness of Parent based on the assets owned by Parent, and the repayment of any loan to Parent will be made solely from the assets of Parent and not from any assets of the BorrowerCompany; and the Parent’s lenders will not take any steps for the purpose of procuring the appointment of an administrative receiver or the making of an administrative order for instituting any bankruptcy, reorganization, insolvency, wind up or liquidation or any like proceeding under applicable law in respect of the Borrower.Company. Public Service Company of New Mexico Note Purchase Agreement (b) Notwithstanding any of the foregoing set forth in this Section 11.1722.6, the Borrower Company and the Lenders holders hereby acknowledge and agree that (i) this Loan Agreement and the Notes evidence Indebtedness of the Borrower Company and not of the Parent, (ii) the Lenders holders are not, and shall not at any time be deemed to be, “Parent’s lenders” under this Loan Agreement and the Notes, (iii) as set forth in this Loan Agreement and the Notes, the Borrower Company is responsible for the repayment of all amounts outstanding hereunder, and (iv) the Lenders holders of Notes reserve all rights to pursue any and all remedies available at law and otherwise (including, without limitation, including in bankruptcy) should the Borrower Company breach any of its obligations under this Loan Agreement and/or the Notes.

Regulatory Statement. Pursuant to the terms of an order issued by the NMPRC and a stipulation that has been approved by the NMPRCNew Mexico Public Regulation Commission, the Borrower is required to include the following separateness covenants in any debt instrument: (a) The Borrower and its corporate parent, PNM Resources, Inc. (“"Parent”), ") are being operated as separate corporate and legal entities. In agreeing to make loans to Parent, Parent’s 's lenders are relying solely on the creditworthiness of Parent based on the assets owned by Parent, and the repayment of any the loan to Parent will be made solely from the assets of Parent and not from any assets of the Borrower; and the Parent’s 's lenders will not take any steps for the purpose of procuring the appointment of an administrative receiver or the making of an administrative order for instituting any bankruptcy, reorganization, insolvency, wind up or liquidation or any like proceeding under applicable law in respect of the Borrower. (b) Notwithstanding any of the foregoing set forth in this Section 11.17, the Borrower and the Lenders hereby acknowledge and agree that (i) this Loan Credit Agreement and the Notes evidence Indebtedness of the Borrower and not of the Parent, (ii) the Lenders are not, and shall not at any time be deemed to be, “"Parent’s 's lenders” " under this Loan Credit Agreement and the Notes, (iii) as set forth in this Loan Credit Agreement and the Notes, the Borrower is responsible for the repayment of all amounts outstanding hereunder, and (iv) the Lenders reserve all rights to pursue any and all remedies available at law and otherwise (including, without limitation, in bankruptcy) should the Borrower breach any of its obligations under this Loan Credit Agreement and/or the Notes.

Regulatory Statement. Pursuant to the terms of an order issued by the NMPRC and a stipulation that has been approved by the NMPRCNew Mexico Public Regulation Commission, the Borrower is required to include the following separateness covenants in any debt instrument: (a) The Borrower and its corporate parent, PNM Resources, Inc. (“Parent”), ) are being operated as separate corporate and legal entities. In agreeing to make loans credit extensions to Parent, Parent’s lenders are relying solely on the creditworthiness of Parent based on the assets owned by Parent, and the repayment of any loan to Parent the credit extension will be made solely from the assets of Parent and not from any assets of the Borrower; and the Parent’s lenders will not take any steps for the purpose of procuring the appointment of an administrative receiver or the making of an administrative order for instituting any bankruptcy, reorganization, insolvency, wind up or liquidation or any like proceeding under applicable law in respect of the Borrower. (b) Notwithstanding any of the foregoing set forth in this Section 11.17, the Borrower and the Lenders hereby acknowledge and agree that (i) this Loan Reimbursement Agreement and the Notes evidence Indebtedness of the Borrower and not of the Parent, (ii) the Lenders are not, and shall not at any time be deemed to be, “Parent’s lenders” under this Loan Reimbursement Agreement and the Notes, (iii) as set forth in this Loan Reimbursement Agreement and the Notes, the Borrower is responsible for the repayment of all amounts outstanding hereunder, and (iv) the Lenders reserve all rights to pursue any and all remedies available at law and otherwise (including, without limitation, in bankruptcy) ), should the Borrower breach any of the its obligations under this Loan Reimbursement Agreement and/or the Notes.

Regulatory Statement. Pursuant to the terms of an order issued by the NMPRC and a stipulation that has been approved by the NMPRCNew Mexico Public Regulation Commission, the Borrower is required to include the following separateness covenants in any debt instrument: (a) The Borrower and its corporate parent, PNM Resources, Inc. (“Parent”), the Parent are being operated as separate corporate and legal entities. In agreeing to make loans to the Parent, the Parent’s lenders are relying solely on the creditworthiness of the Parent based on the assets owned by the Parent, and the repayment of any the loan to Parent will be made solely from the assets of the Parent and not from any assets of the Borrower; and the Parent’s lenders will not take any steps for the purpose of procuring the appointment of an administrative receiver or the making of an administrative order for instituting any bankruptcy, reorganization, insolvency, wind up or liquidation or any like proceeding under applicable law in respect of the Borrower. (b) Notwithstanding any of the foregoing set forth in this Section 11.17, the Borrower and the Lenders hereby acknowledge and agree that (i) this Loan Credit Agreement and the Notes evidence Indebtedness of the Borrower and not of the Parent, (ii) the Lenders are not, and shall not at any time be deemed to be, “Parent’s lenders” under this Loan Credit Agreement and the Notes, (iii) as set forth in this Loan Credit Agreement and the Notes, the Borrower is responsible for the repayment of all amounts outstanding hereunder, and (iv) the Lenders reserve all rights to pursue any and all remedies available at law and otherwise (including, without limitation, in bankruptcy) should the Borrower breach any of its obligations under this Loan Credit Agreement and/or the Notes.

Regulatory Statement. Pursuant to the terms of an order issued by the NMPRC and a stipulation that has been approved by the NMPRC, the Borrower is required to include the following separateness covenants in any debt instrument: (a) The Borrower and its corporate parent, PNM Resources, Inc. (“Parent”), ) are being operated as separate corporate and legal entities. In agreeing to make loans to Parent, Parent’s lenders are relying solely on the creditworthiness of Parent based on the assets owned by Parent, and the repayment of any loan to Parent will be made solely from the assets of Parent and not from any assets of the Borrower; and the Parent’s lenders will not take any steps for the purpose of procuring the appointment of an administrative receiver or the making of an administrative order for instituting any bankruptcy, reorganization, insolvency, wind up or liquidation or any like proceeding under applicable law in respect of the Borrower. (b) Notwithstanding any of the foregoing set forth in this Section 11.17, the Borrower and the Lenders hereby acknowledge and agree that (i) this Loan Credit Agreement and the Notes evidence Indebtedness of the Borrower and not of the Parent, (ii) the Lenders are not, and shall not at any time be deemed to be, “Parent’s lenders” under this Loan Credit Agreement and the Notes, (iii) as set forth in this Loan Credit Agreement and the Notes, the Borrower is responsible for the repayment of all amounts outstanding hereunder, and (iv) the Lenders reserve all rights to pursue any and all remedies available at law and otherwise (including, without limitation, in bankruptcy) should the Borrower breach any of its obligations under this Loan Credit Agreement and/or the Notes.

Regulatory Statement. Pursuant to the terms of an order issued by the NMPRC New Mexico Public Regulation Commission and a stipulation that has been approved by the NMPRCNew Mexico Public Regulation Commission, the Borrower is required to include the following separateness covenants in any debt instrument: (a) The Borrower and its corporate parent, PNM Resources, Inc. (“Parent”), ) are being operated as separate corporate and legal entities. In agreeing to make loans to Parent, Parent’s lenders are relying solely on the creditworthiness of Parent based on the assets owned by Parent, and the repayment of any loan to Parent will be made solely from the assets of Parent and not from any assets of the Borrower; and the Parent’s lenders will not take any steps for the purpose of procuring the appointment of an administrative receiver or the making of an administrative order for instituting any bankruptcy, reorganization, insolvency, wind up or liquidation or any like proceeding under applicable law in respect of the Borrower. (b) Notwithstanding any of the foregoing set forth in this Section 11.17, the Borrower and the Lenders Lender hereby acknowledge and agree that (i) this Loan Agreement and the Notes Note evidence Indebtedness of the Borrower and not of the Parent, (ii) the Lenders are Lender is not, and shall not at any time be deemed to be, “Parent’s lenders” under this Loan Agreement and the NotesNote, (iii) as set forth in this Loan Agreement and the NotesNote, the Borrower is responsible for the repayment of all amounts outstanding hereunder, and (iv) the Lenders reserve Lender reserves all rights to pursue any and all remedies available at law and otherwise (including, without limitation, in bankruptcy) should the Borrower breach any of its obligations under this Loan Agreement and/or the NotesNote.

Regulatory Statement. Pursuant to the terms of an order issued by the NMPRC and a stipulation that has been approved by the NMPRCNew Mexico Public Regulation Commission, the Borrower is required to include the following separateness covenants in any debt instrument: (a) The Borrower and its corporate parent, PNM Resources, Inc. (“"Parent”), ") are being operated as separate corporate and legal entities. In agreeing to make loans to Parent, Parent’s 's lenders are relying solely on the creditworthiness of Parent based on the assets owned by Parent, and the repayment of any the loan to Parent will be made solely from the assets of Parent and not from any assets of the Borrower; and the Parent’s 's lenders will not take any steps for the purpose of procuring the appointment of an administrative receiver or the making of an administrative order for instituting any bankruptcy, reorganization, insolvency, wind up or liquidation or any like proceeding under applicable law in respect of the Borrower. (b) Notwithstanding any of the foregoing set forth in this Section 11.17, the Borrower and the Lenders hereby acknowledge and agree that (i) this Loan Credit Agreement and the Revolving Notes evidence Indebtedness of the Borrower and not of the Parent, (ii) the Lenders are not, and shall not at any time be deemed to be, “"Parent’s 's lenders” " under this Loan Credit Agreement and the Revolving Notes and the foregoing covenants are therefore wholly inapplicable and ineffective under the terms of this Credit Agreement and the Revolving Notes, (iii) as set forth in this Loan Credit Agreement and the Revolving Notes, the Borrower is responsible for the repayment of all amounts outstanding hereunder, and (iv) the Lenders reserve all rights to pursue any and all remedies available at law and otherwise (including, without limitation, in bankruptcy) should the Borrower breach any of the its obligations under this Loan Credit Agreement and/or the Revolving Notes.. Each of the parties hereto has caused a counterpart of this Credit Agreement to be duly executed and delivered as of the date first above written. BORROWER: -------- PUBLIC SERVICE COMPANY OF NEW MEXICO, a New Mexico corporation

Regulatory Statement. Pursuant to the terms of an order issued by the NMPRC and a stipulation that has been approved by the NMPRCNew Mexico Public Regulation Commission, the Borrower is required to include the following separateness covenants in any debt instrument: (a) The Borrower and its corporate parent, PNM Resources, Inc. (“Parent”), ) are being operated as separate corporate and legal entities. In agreeing to make loans to Parent, Parent’s lenders are relying solely on the creditworthiness of Parent based on the assets owned by Parent, and the repayment of any the loan to Parent will be made solely from the assets of Parent and not from any assets of the Borrower; and the Parent’s lenders will not take any steps for the purpose of procuring the appointment of an administrative receiver or the making of an administrative order for instituting any bankruptcy, reorganization, insolvency, wind up or liquidation or any like proceeding under applicable law in respect of the Borrower. (b) Notwithstanding any of the foregoing set forth in this Section 11.1711.18, the Borrower and the Lenders hereby acknowledge and agree that (i) this Loan Agreement and the Notes evidence Indebtedness of the Borrower and not of the Parent, (ii) the Lenders are not, and shall not at any time be deemed to be, “Parent’s lenders” under this Loan Agreement and the Notes, (iii) as set forth in this Loan Agreement and the Notes, the Borrower is responsible for the repayment of all amounts outstanding hereunder, and (iv) the Lenders reserve all rights to pursue any and all remedies available at law and otherwise (including, without limitation, in bankruptcy) should the Borrower breach any of the its obligations under this Loan Agreement and/or the Notes.

Regulatory Statement. Pursuant to the terms of an order issued by the NMPRC and a stipulation that has been approved by the NMPRCNew Mexico Public Regulation Commission, the Borrower is required to include the following separateness covenants in any debt instrument: (a) The Borrower and its corporate parent, PNM Resources, Inc. (“Parent”), the Parent are being operated as separate corporate and legal entities. In agreeing to make loans to the Parent, the Parent’s lenders are relying solely on the creditworthiness of the Parent based on the assets owned by the Parent, and the repayment of any the loan to Parent will be made solely from the assets of the Parent and not from any assets of the Borrower; and the Parent’s lenders will not take any steps for the purpose of procuring the appointment of an administrative receiver or the making of an administrative order for instituting any bankruptcy, reorganization, insolvency, wind up or liquidation or any like proceeding under applicable law in respect of the Borrower. (b) Notwithstanding any of the foregoing set forth in this Section 11.17, the Borrower and the Lenders hereby acknowledge and agree that (i) this Loan Agreement and the Notes evidence Indebtedness of the Borrower and not of the Parent, (ii) the Lenders are not, and shall not at any time be deemed to be, “Parent’s lenders” under this Loan Agreement and the Notes, (iii) as set forth in this Loan Agreement and the Notes, the Borrower is responsible for the repayment of all amounts outstanding hereunder, and (iv) the Lenders reserve all rights to pursue any and all remedies available at law and otherwise (including, without limitation, in bankruptcy) should the Borrower breach any of its obligations under this Loan Agreement and/or the Notes.