Common use of Settlement Effective Date Clause in Contracts

Settlement Effective Date. This Settlement shall become effective upon signature by all Parties. This Settlement may be modified pending the FERC’s review. If the FERC issues final orders acknowledging the Settlement with modifications or conditions, this Settlement shall be considered modified to conform to the terms of those orders unless at least one Party indicates to the other Parties in writing within 30 days after the issuance of such orders its objection to the modification, change or condition. The Parties shall then commence negotiations for a period of up to 90 days to resolve the issue(s) and modify the Settlement as needed. If agreement cannot be reached at the end of the ninety (90) day period, the objecting Party may withdraw from the Settlement by notifying the other Parties in writing within 10 days. If any one of the Parties withdraws, this Settlement shall cease to have any force or effect. If this Settlement is modified to conform to the terms of the FERC orders, as discussed above, it shall be considered officially modified on the latest of the following events: the date when all of the rehearing requests on those orders have been denied; if rehearing is not applied for, the date on which the right to seek rehearing expires; the date upon which all of the Parties agree to the modification of the Settlement. The above shall not preclude a Party from seeking rehearing on the modifications or conditions pursuant to 18 C.F.R 385.713 within the prescribed time limits. However, a Party need not seek rehearing prior to withdrawing from this Settlement. The Request for rehearing shall be withdrawn if the Parties subsequently reach agreement on modifying the Settlement. The terms of this Settlement shall continue in effect, subject to the FERC’s reserved authority under the license to require modifications until the effective date of any FERC order approving surrender of a project under 18 C.F.R. 6.1. For the purposes of this section, the phase that the FERC issues final orders accepting the Settlement with modifications or conditions includes, but is not limited to, the situation where the FERC issues final orders that do not include all of the conditions of this Settlement because the FERC has determined it lacks jurisdiction over those issues.