Common use of Renegotiated Contract Challenges Clause in Contracts

Renegotiated Contract Challenges. Each of the Parties further waives and releases all rights to challenge the terms, conditions, rates and/or validity of the Renegotiated Contract, and whether such contract is Just and Reasonable, or in the public interest, for and with respect to the entire term thereof, including any rights under Sections 205 and/or 206 of the Federal Power Act to request the FERC to revise the terms and conditions and the rates or services specified in the Renegotiated Contract, and hereby further covenants to make no filings at the FERC or with any other state or federal agency, board, court or tribunal challenging the rates, terms and conditions of the Renegotiated Contract as to whether it is lawful, Just and Reasonable, or in the public interest. The Parties stipulate and agree that the foregoing shall be effective regardless of what, if any, action the FERC may take as a result of its ongoing proceeding entitled Proposed Policy Statement Regarding the Standard of Review for Proposed Changes to Market Based Rate Contracts for Wholesale Sales of Electric Energy by Public Utilities, FERC Stat. & Regs. 32,562 (Aug. 1, 2002).