Common use of Resolution of Financial Matters Where No Consensus Clause in Contracts

Resolution of Financial Matters Where No Consensus. Subject to Section 3.4(e), if the JOC is unable to reach a consensus in respect of a Financial Matter pursuant to Section 3.3(b), as confirmed by a vote in accordance with Section 3.5(j): (i) each Party may make separate representations to the Applicable Regulator in respect of the matter, and the Manager responsible for the Financial Matter shall facilitate such representations as provided for in Section 4.5; (ii) in any application or submission to an Applicable Regulator with respect to a Financial Matter, the Parties shall jointly request the Applicable Regulator to make its determination of the Financial Matter in a manner consistent with each Party’s obligations under this Agreement (including Emera’s obligation to maintain the Maritime Link in a manner consistent with its Initial Service Life and to transfer the Maritime Link to Nalcor in the Required Condition); and (iii) subject to Section 3.4(d), to the extent that the Applicable Regulator accepts the request of the Parties for a determination and makes a determination of the issue submitted to it, the Applicable Regulator’s determination will be final and binding on the Parties, and the Parties shall promptly take such action as may be required to comply with the determination.