Common use of Conditions Precedent to Owner’s Obligations Clause in Contracts

Conditions Precedent to Owner’s Obligations. Owner’s obligations to perform pursuant to this Agreement are expressly subject to, and contingent on, the following: (a) Receipt and acceptance by Owner of the Certificate of Public Convenience and Necessity for the Storage Facility issued by the CPUC and CPUC approval of the Storage Facility Tariff (“CPUC Approvals”). It is expressly understood that the CPUC Approvals shall be in a form and substance satisfactory to Owner in its sole discretion, including, without limitation, approvals concerning the Storage Facility’s jurisdictional status, the Storage Facility Tariff, and the treatment of Storage Facility rates and charges by such agencies or governmental authorities, including the right to charge market based rates. (b) Receipt by Owner of adequate interest in, and firm commitments to use, the Storage Facility and determination by Owner, in its sole discretion, that the Storage Facility is and will be economical. (c) Receipt of firm financing commitments to enable construction and operation of the Storage Facility acceptable to Owner in its sole discretion. (d) Receipt of final approval by the Board of Directors of Nicor, Inc. to construct and operate the Storage Facility.

Conditions Precedent to Owner’s Obligations. Owner’s obligations to perform pursuant to this Agreement Agreement, the Firm Gas Storage Contract and the Interruptible Gas Storage Contract, if applicable, are expressly subject to, to and contingent on, on the following: (a) Receipt and acceptance by Owner of the Certificate of Public Convenience and Necessity for the Storage Facility issued by the CPUC and CPUC approval of the Storage Facility Tariff tariff “(“CPUC Approvals”). It is expressly understood that the CPUC Approvals shall be in a form and substance satisfactory to Owner in its sole discretionOwner, including, without limitation, approvals concerning the jurisdictional status of, and the tariff related to, the Storage Facility’s jurisdictional status, the Storage Facility Tariff, and the treatment of Storage Facility its rates and charges by such agencies or governmental authorities, including the right to charge market based rates. (b) Receipt by Owner of adequate interest in, in and firm commitments to use, use the Storage Facility and determination by Owner, in its sole discretion, Owner that the Storage Facility is and will be economical. (c) Receipt of firm financing commitments to enable construction and operation of the Storage Facility acceptable to Owner in its sole discretionOwner. (d) Receipt of final approval by the Board of Directors of Nicor, Inc. to construct and operate the Storage Facility.