Change of Operating Agent Sample Clauses

The Change of Operating Agent clause outlines the process and conditions under which the party responsible for managing or operating a project, asset, or agreement can be replaced. Typically, this clause specifies the circumstances that may trigger a change, such as breach of duty, mutual agreement, or a vote by stakeholders, and details the steps required to appoint a new operating agent, including notice periods and approval requirements. Its core function is to ensure continuity and proper management by providing a clear mechanism for transitioning operational control when necessary, thereby minimizing disruption and protecting the interests of all parties involved.
Change of Operating Agent. Subject in all cases to the applicable PSCW requirements in effect from time to time: (a) WEPCO may, at its sole discretion, resign as Operating Agent by providing written notice to the other Parties at least 180 days in advance of the date, stated in the notice, upon which it will no longer act as Operating Agent. (b) The Operating Committee may remove WEPCO as Operating Agent, or reduce the scope of its duties and responsibilities as Operating Agent, pursuant to and subject to the limitations set forth in Section 3.3(d). Any removal of WEPCO as Operating Agent, or reduction of the scope of Operating Functions for which WEPCO is to be responsible, shall be without prejudice to WEPCO’s rights in its capacity as a Lessee/Owner Party to this Agreement, and WEPCO may be removed as Operating Agent or have the scope of its Operating Functions reduced only to the extent or in such a manner that such removal or reduction of scope does not interfere with WEPCO’s operation of any facilities solely owned by it on the Land. (c) In the event that WEPCO resigns or is removed as Operating Agent (or has the scope of its Operating Functions reduced), the Operating Committee shall promptly meet and attempt to reach consensus on appointment of a Successor Operating Agent to perform the Operating Functions that WEPCO will no longer fulfill. If WEPCO has tendered its resignation and the unanimous consensus of the Operating Committee cannot be reached within four months prior to the effective date of WEPCO’s resignation, the Successor Operating Agent shall be appointed by a Majority Vote of the Operating Committee. If the Operating Committee has voted to remove WEPCO as Operating Agent or reduce the scope of its Operating Functions, selection of the Successor Operating Agent must be approved by affirmative vote of two of the three voting Operating Committee Members. (d) No entity shall be allowed to bid as Successor Operating Agent unless it has (i) Acceptable Credit and (ii) at least ten years experience (together with its predecessors and Affiliates) operating major coal-fired generating plants. The selection of a Successor Operating Agent shall be made following a Request for Proposals, and shall be based upon the foregoing objective factors, together with other pertinent factors, such as (x) whether, in operating major coal-fired plants, the entity achieved favorable results in terms of cost, efficiency and unit availability compared to the North American average for such ...
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Change of Operating Agent 
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Related to Change of Operating Agent

  • Change of Operations To: Members of Local Union 776 Dear Brothers and Sisters: As you know, we have a tentative agreement for the UPS Cartage Services, Inc. Supplemental Agreement. Article 2 of the re-negoti- ated CSI Supplement outlines the National Master UPS Agreement (NMA) Articles that may be applied to your Addendum. You will note that several NMA articles are not applicable. These are sub- jects that are either addressed in the CSI Supplement or are not op- erationally applicable to CSI. Where there are two provisions covering the same subject, one in the Local Addendum and one in the National Master UPS. Agree- ment, the following provisions of the National Master UPS Agree- ment shall apply:

  • Control of Operations Without in any way limiting any party’s rights or obligations under this Agreement, the parties understand and agree that (a) nothing contained in this Agreement shall give Parent or the Company, directly or indirectly, the right to control or direct the other party’s operations prior to the Effective Time and (b) prior to the Effective Time, each of the Company and Parent shall exercise, consistent with the terms and conditions of this Agreement, complete control and supervision over its operations.

  • Date of Operation 3.1 This Agreement remains in force until 2/7/2027. The agreement will continue to apply beyond its expiration date until it is replaced in accordance with the FW Act.

  • Statement of Operations Statement of Changes in Net Assets.

  • Duties of Operator Operator shall perform all required testing of Manufacturer’s Bus in accordance with the FTA Regulations and the established testing procedures used at the bus testing facility and provided to Manufacturer which procedures are attached hereto marked Exhibit “A” and incorporated herein by this reference.