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Article Twenty Seven — Effect of Legislation - Separability

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It is understood and agreed that all agreements herein are subject to all applicable laws now or hereafter in effect; and to the lawful regulations, rulings and orders of regulatory commissions or agencies having jurisdiction.  If any provision of this Agreement is in contravention of the laws or regulations of the United States or the State of New York, such provision shall be superseded by the appropriate provision of such law or regulation, so long as same is in force and effect, but all other provisions of this Agreement shall continue in full force and effect.