Acquisition of the Facility by SCPPA Sample Clauses

Acquisition of the Facility by SCPPA. The Parties mutually acknowledge and agree that SCPPA may, under certain circumstances, acquire ownership of the Facility or an ownership interest therein, and succeed to the rights and obligations associated with such ownership with respect to the Facility pursuant to the provisions of the Power Purchase and Security Agreements, including the purchase of rights and interests under the Facility Credit Agreements or pursuant to any security interest in the Project held by any third party, or through foreclosure action (or a deed in-lieu-of foreclosure) or under and pursuant to any of the Security Instruments, or purchase at foreclosure sale, including, but not limited to, the rights and obligations under operating agreements and the ownership interests with respect to the leasehold estates, rights-of-way and other real property interests upon which the Facility is situated, at such time and under such terms as provided in the Power Purchase and Security Agreements or on such other terms as may be agreed upon between SCPPA and the Power Purchase Provider, or otherwise. The Parties also anticipate that any such Acquisition of the Facility, or an ownership interest therein may be carried out with SCPPA financing. If, pursuant to the recommendation of the Coordinating Committee and approval of the Board of Directors, SCPPA should enter into any arrangement to purchase or acquire the Facility, or any ownership interest therein, pursuant to the Power Purchase and Security Agreements or, subject to the recommendation of the Coordinating Committee and approval of the Board of Directors, SCPPA exercises any option to purchase or acquire the Facility or any ownership interest therein as provided in the Power Purchase and Security Agreements or to purchase rights and interests under the Facility Credit Agreements, or otherwise acquires the Facility or an ownership interest therein, pursuant to any of the Security Instruments or any of the foregoing, SCPPA may finance the associated Cost of Acquisition through the issuance of Bonds. It is understood by SCPPA and Purchaser that no representative acting on Purchaser’s behalf pursuant to this Agreement as a representative or member of the Coordinating Committee or as a representative or member on the SCPPA Board of Directors shall recommend or vote in favor of any purchase or acquisition of the Facility without such approval of the Los Angeles Department of Water and Power’s Board of Water and Power Commissioners.
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Related to Acquisition of the Facility by SCPPA

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