Common use of Validity Pooling Clause in Contracts

Validity Pooling. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. In the event that the Company is party to a transaction that is otherwise intended to qualify for "pooling of interests" accounting treatment then (a) this Agreement shall, to the extent practicable, be interpreted so as to permit such accounting treatment, and (b) to the extent that the application of clause (a) of this Section 12 does not preserve the availability of such accounting treatment, then, to the extent that any provision of this Agreement disqualifies the transaction as a "pooling" transaction (including, if applicable, the entire Agreement), such provision shall be null and void as of the date hereof. All determinations under this Section 12 shall be made by the accounting firm whose opinion with respect to "pooling of interests" is required as a condition to the consummation of such transaction.

Appears in 1 contract

Sources: Change in Control Agreement (PPL Electric Utilities Corp)

Validity Pooling. 12.1 The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. . 12.2 In the event that the Company is party to a transaction that which is otherwise intended to qualify for "pooling of interests" accounting treatment then (aA) this Agreement shall, to the extent practicable, be interpreted so as to permit such accounting treatment, and (bB) to the extent that the application of clause (aA) of this Section 12 12.2 does not preserve the availability of such accounting treatment, then, to the extent that any provision of this the Agreement disqualifies the transaction as a "pooling" transaction (including, if applicable, the entire Agreement), such provision shall be null and void as of the date hereof. All determinations under this Section 12 12.2 shall be made by the accounting firm whose opinion with respect to "pooling of interests" is required as a condition to the consummation of such transaction.

Appears in 1 contract

Sources: Change in Control Agreement (Sierra Pacific Resources)

Validity Pooling. 12.1 The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. . 12.2 In the event that the Company is party to a transaction that which is otherwise intended to qualify for "pooling of interests" accounting treatment then (aA) this Agreement shall, to the extent practicable, be interpreted so as to permit such accounting treatment, and (bB) to the 101 extent that the application of clause (aA) of this Section 12 12.2 does not preserve the availability of such accounting treatment, then, to the extent that any provision of this the Agreement disqualifies the transaction as a "pooling" transaction (including, if applicable, the entire Agreement), such provision shall be null and void as of the date hereof. All determinations under this Section 12 12.2 shall be made by the accounting firm whose opinion with respect to "pooling of interests" is required as a condition to the consummation of such transaction.

Appears in 1 contract

Sources: Change in Control Agreement (Sierra Pacific Power Co)