TERMINATION AGREEMENT AND RELEASETermination Agreement and Release • February 11th, 2005 • New England Power Co • Electric services
This Termination Agreement and Release (the “Agreement”) is entered into as of January 31, 2005, by and between New England Power Company (“NEP”) and USGen New England, Inc. (“USGenNE”). NEP and USGenNE are sometimes referred to herein individually as “Party” or collectively as “the Parties”. WHEREAS, NEP and USGenNE are parties to a PSA Performance Support Agreement (Taunton Municipal Lighting Plant) dated as of August 5, 1997 (the “PSA”); WHEREAS, pursuant to the PSA, USGenNE is agent to NEP in connection with a System Power Sales Agreement dated as of November 10, 1993 between NEP and Taunton Municipal Lighting Plant (“TMLP”)(the “Power Sales Agreement”); WHEREAS, pursuant to a Settlement Agreement and Release dated as of the same date as this Agreement (the “Settlement Agreement”), NEP, USGenNE, and TMLP have agreed to terminate the Power Sales Agreement; WHEREAS, on July 8, 2003, USGenNE filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the Uni
SETTLEMENT AGREEMENT AND RELEASESettlement Agreement and Release • February 11th, 2005 • New England Power Co • Electric services
This Settlement Agreement and Release (together with all schedules hereto, this “Agreement”), entered into as of December 9, 2004, is by and among USGen New England, Inc. (“USGenNE” or the “Debtor”) and New England Power Company (“NEP”), The Narragansett Electric Company (“Narragansett”), the Massachusetts Electric Company ("MECO"), the Nantucket Electric Company ("NECO"), Granite State Electric Company ("GSEC"), National Grid USA Service Company, Inc. ("NGUSASC"), National Grid USA for purposes of Sections 4, 5, 6, 7 and 8 of this Agreement ("NGUSA") and affiliated companies (collectively, “National Grid” or the “National Grid Companies”). USGenNE and National Grid shall herein sometimes be referred to separately as “Party” or collectively as “Parties.” WHEREAS, in 1997, NEP agreed to sell, and USGenNE agreed to purchase, inter alia, substantially all of NEP’s non-nuclear generating assets (fossil and hydroelectric generating stations) with certain related liabilities and obligatio
SETTLEMENT AGREEMENT AND RELEASE3 Settlement Agreement and Release • February 11th, 2005 • New England Power Co • Electric services
This Agreement is subject to approval by the Bankruptcy Court in which the USGenNE Bankruptcy is pending. USGenNE shall file a motion with the Bankruptcy Court to approve this Agreement (the “Approval Motion”) within two (2) business days after the Parties execute this Agreement. The “Approval Date” shall mean (i) if any objection to the Approval Motion is filed, the date on which an order of the Bankruptcy Court approving this Agreement has become a final, non-appealable judicial order (unless the Parties waive in writing the requirement that such order be final and non-appealable, in which case the Approval Date will be the date on which the Bankruptcy Court entered the order approving the Approval Motion) or (ii) if no objection to the Approval Motion is filed, the date on which the Bankruptcy Court enters the order approving the Approval Motion. Notwithstanding anything contained in this Agreement to the contrary, this Agreement shall terminate automatically if a final non-appeal
