Common use of Alterations, Modifications and Additions Clause in Contracts

Alterations, Modifications and Additions. Upon receiving prior written approval from the Lessor, Lessee or any Permitted Sublessee, at its own expense, may from time to time make such additions, alterations and modifications, including removal (without replacement) of Parts which Lessee or any Permitted Sublessee deems obsolete or no longer appropriate or suitable for use in the Equipment, and additions to the Equipment as Lessee or such Permitted Sublessee may deem desirable in the proper conduct of its business; provided that no such alteration, modification, removal or addition decreases the value, utility, residual value or remaining economic useful life of the Equipment below the value, utility, residual value or remaining economic useful life thereof immediately prior to such alteration, modification, removal or addition assuming the Equipment was then in the condition required to be maintained by the terms of this Lease. Any severable Part not mandated by Applicable Law to be incorporated or installed in or attached or added to the Equipment as the result of such alteration, modification, removal or addition shall not constitute part of Lessor’s Interest and may be removed at any time during the Term; provided that (i) such Part is in addition to, and not in replacement of or substitution for, any Part originally incorporated or installed in or attached or added to the Equipment at the time of the delivery thereof thereunder or any Part in replacement of or substitution for any such Part; (ii) such Part is not otherwise required to be incorporated or installed in or attached to the Equipment pursuant to the terms hereof or in order to maintain insurance coverage; and (iii) such Part can be removed from such Equipment without damage and without diminishing the value, utility, residual value or remaining economic useful life of such which the Equipment would have had at such time had such alteration, modification, removal or addition not occurred, assuming such Equipment was maintained in the condition required by the terms of this Lease. All other such Parts and the rights of Lessor and Lessee with respect thereto shall be subject to the Sale Agreement and this Lease. Upon termination of this Lease or, in the event that this Lease is renewed pursuant to Section 3(a) hereof, the termination of the term of the last renewal, with respect to any Item of Equipment, Lessor shall have the right to purchase for its then fair market value such Item of Equipment or any severable Part owned by Lessee (or its designee) not removed prior to the return to Lessor (including pursuant to the exercise of remedies following an Event of Default) of such Item of Equipment. If Lessor elects not to purchase a severable Part owned by Lessee (or its designee), Lessee or a Permitted Sublessee, as the case may be, may at its option remove such Part or return the applicable Item of Equipment with such Part intact (in which case such Part shall become subject to the Sale Agreement without further act by the parties hereto). Any permitted additions or modifications will be permanently recorded and the records of such shall be made available at the request of the Lessor.

Alterations, Modifications and Additions. Upon receiving prior written approval from the Lessor, Lessee or any Permitted SublesseePDC shall, at its own sole expense, may from time to time make such additions, any alterations and modifications, including removal (without replacement) of Parts which Lessee or any Permitted Sublessee deems obsolete or no longer appropriate or suitable for use modifications in the Equipment, and additions to the Equipment Rigs as Lessee required by any relevant governmental authority or such Permitted Sublessee may deem desirable in as deemed necessary by PDC, whether upon the proper conduct recommendation of its business; provided that no such any manufacturer or otherwise, for the safe operation of the Rigs (any alteration, modification, removal or addition decreases required or deemed necessary is herein called a "Required Modification"). In addition, PDC shall, at its sole expense, make other alterations and modifications in and additions to the Rigs as it deems necessary or prudent to properly conduct its business (any alteration, modification, or addition deemed desirable is herein called an "Optional Modification"); but (I) any Required Modification shall be expeditiously completed in a good and workmanlike manner, in compliance with all applicable legal requirements; and (ii) no Optional Modification shall diminish the value or utility of any Rig or impair its operating condition below its value, utility, residual and operating condition immediately before the Optional Modification, assuming that the Rig was then of the value or remaining economic useful life of the Equipment below the value, utility, residual value or remaining economic useful life thereof immediately prior to such alteration, modification, removal or addition assuming the Equipment was then utility and in the operating condition required to be maintained by the terms of under this LeaseSecurity Agreement. Any severable Part not mandated by Applicable Law to be incorporated or installed in or attached or added to the Equipment as the result of such alteration, modification, removal or addition shall not constitute part of Lessor’s Interest and may be removed at any time during the Term; provided that (i) such Part is in addition to, and not in replacement of or substitution for, any Part originally incorporated or installed in or attached or added to the Equipment at the time of the delivery thereof thereunder or any Part in replacement of or substitution for any such Part; (ii) such Part is not otherwise required to be All parts incorporated or installed in or attached to the Equipment pursuant to the terms hereof or in order to maintain insurance coverage; and (iii) such Part can be removed from such Equipment without damage and without diminishing the value, utility, residual value or remaining economic useful life any Rig as a result of such which the Equipment would have had at such time had such any alteration, modification, removal or addition which are not occurredreadily removable without damage to the Rig shall, assuming such Equipment was maintained in without necessity of further act, become part of the condition required by the terms of this Lease. All other such Parts Rig for all purposes hereof and the rights of Lessor and Lessee with respect thereto shall be subject to the Sale Agreement and this Lease. Upon termination of this Lease or, in the event that this Lease is renewed pursuant to Section 3(a) hereof, the termination of the term of the last renewal, with respect to any Item of Equipment, Lessor shall have the right to purchase for its then fair market value such Item of Equipment or any severable Part owned by Lessee (or its designee) not removed prior to the return to Lessor (including pursuant to the exercise of remedies following an Event of Default) of such Item of Equipment. If Lessor elects not to purchase a severable Part owned by Lessee (or its designee), Lessee or a Permitted Sublessee, as the case may be, may at its option remove such Part or return the applicable Item of Equipment with such Part intact (in which case such Part shall become subject to the Sale Agreement without further act by the parties hereto). Any permitted additions or modifications will be permanently recorded and the records of such shall be made available at the request of the Lessorsecurity interest granted herein.

Alterations, Modifications and Additions. Upon receiving prior written approval from the Lessor, Lessee or any Permitted SublesseeThe Debtor, at its own sole expense, will make such alterations and modifications in and additions to the Equipment as may be required 5 from time to time by any relevant governmental authority or as may be deemed necessary from time to time by the Debtor, whether upon the recommendation of any manufacturer or otherwise, for the purpose of the safe operation of the Equipment (any such alteration, modification or addition as may be so required or so deemed necessary being herein called a "Required Modification"). In addition, the Debtor, at its sole expense, may from time to time make such additions, other alterations and modifications, including removal (without replacement) of Parts which Lessee or any Permitted Sublessee deems obsolete or no longer appropriate or suitable for use modifications in the Equipment, and additions to the Equipment as Lessee or such Permitted Sublessee the Debtor may deem desirable in the proper conduct of its business; provided that no business (any such alteration, modification, removal modification or addition decreases as may be so deemed desirable being herein called an "Optional Modification"); provided, however, that (i) any Required Modification shall be expeditiously completed in a good and workmanlike manner, in compliance with all legal requirements applicable thereto, and (ii) no Optional Modification shall diminish the value, utility, residual value or remaining economic useful life utility of any item of Equipment or impair the Equipment below the value, utility, residual value or remaining economic useful life operating condition thereof immediately prior to such alterationoptional Modification, modification, removal or addition assuming the that such item of Equipment was then of the value or utility and in the operating condition required to be maintained by the terms of this LeaseSecurity Agreement. Any severable Part not mandated by Applicable Law to be incorporated or installed in or attached or added to the Equipment as the result of such alteration, modification, removal or addition shall not constitute part of Lessor’s Interest and may be removed at any time during the Term; provided that (i) such Part is in addition to, and not in replacement of or substitution for, any Part originally incorporated or installed in or attached or added to the Equipment at the time of the delivery thereof thereunder or any Part in replacement of or substitution for any such Part; (ii) such Part is not otherwise required to be All parts incorporated or installed in or attached to the any item of Equipment pursuant to the terms hereof as a result of any alteration, modification or in order to maintain insurance coverage; and (iii) such Part can be removed from such Equipment addition which are not readily removable without damage and to such item of Equipment shall, without diminishing the valuenecessity of further act, utility, residual value or remaining economic useful life become part of such which the item of Equipment would have had at such time had such alteration, modification, removal or addition not occurred, assuming such Equipment was maintained in the condition required by the terms of this Lease. All other such Parts for all purposes hereof and the rights of Lessor and Lessee with respect thereto shall be subject to the Sale Agreement and this Lease. Upon termination of this Lease or, in the event that this Lease is renewed pursuant to Section 3(a) hereof, the termination of the term of the last renewal, with respect to any Item of Equipment, Lessor shall have the right to purchase for its then fair market value such Item of Equipment or any severable Part owned by Lessee (or its designee) not removed prior to the return to Lessor (including pursuant to the exercise of remedies following an Event of Default) of such Item of Equipment. If Lessor elects not to purchase a severable Part owned by Lessee (or its designee), Lessee or a Permitted Sublessee, as the case may be, may at its option remove such Part or return the applicable Item of Equipment with such Part intact (in which case such Part shall become subject to the Sale Agreement without further act by the parties hereto). Any permitted additions or modifications will be permanently recorded and the records of such shall be made available at the request of the Lessorsecurity interests granted herein.

Alterations, Modifications and Additions. Upon receiving prior written approval from the Lessor, Lessee or any Permitted SublesseeThe Debtor, at its own sole expense, will make such alterations and modifications in and additions to the Rigs as may be required from time to time by any relevant governmental authority or as may be deemed necessary from time to time by the Debtor, whether upon the recommendation of any manufacturer or otherwise, for the purpose of the safe operation of the Rigs (any such alteration, modification or addition as may be so required or so deemed necessary being herein called a "Required Modification"). In addition, the Debtor, at its sole expense, may from time to time make such additions, other alterations and modifications, including removal (without replacement) of Parts which Lessee or any Permitted Sublessee deems obsolete or no longer appropriate or suitable for use modifications in the Equipment, and additions to the Equipment Rigs as Lessee or such Permitted Sublessee the Debtor may deem desirable in the proper conduct of its business; provided that no business (any such alteration, modification, removal modification or addition decreases as may be so deemed desirable being herein called an "Optional Modification"); provided, however, that (i) any Required Modification shall be expeditiously completed in a good and workmanlike manner, in compliance with all legal requirements applicable thereto, and (ii) no Optional Modification shall diminish the value, utility, residual value or remaining economic useful life utility of any Rig or impair the Equipment operating condition thereof below the value, utility, residual value or remaining economic useful life utility and operating condition thereof immediately prior to such alterationOptional Modification, modification, removal or addition assuming the Equipment that such Rig was then of the value or utility and in the operating condition required to be maintained by the terms of this LeaseSecurity Agreement. Any severable Part not mandated by Applicable Law to be incorporated or installed in or attached or added to the Equipment as the result of such alteration, modification, removal or addition shall not constitute part of Lessor’s Interest and may be removed at any time during the Term; provided that (i) such Part is in addition to, and not in replacement of or substitution for, any Part originally incorporated or installed in or attached or added to the Equipment at the time of the delivery thereof thereunder or any Part in replacement of or substitution for any such Part; (ii) such Part is not otherwise required to be All parts incorporated or installed in or attached to the Equipment pursuant to the terms hereof any Rig as a result of any alteration, modification or in order to maintain insurance coverage; and (iii) such Part can be removed from such Equipment addition which are not readily removable without damage and to such Rig shall, without diminishing the valuenecessity of further act, utility, residual value or remaining economic useful life become part of such which the Equipment would have had at such time had such alteration, modification, removal or addition not occurred, assuming such Equipment was maintained in the condition required by the terms of this Lease. All other such Parts Rig for all purposes hereof and the rights of Lessor and Lessee with respect thereto shall be subject to the Sale Agreement and this Lease. Upon termination of this Lease or, in the event that this Lease is renewed pursuant to Section 3(a) hereof, the termination of the term of the last renewal, with respect to any Item of Equipment, Lessor shall have the right to purchase for its then fair market value such Item of Equipment or any severable Part owned by Lessee (or its designee) not removed prior to the return to Lessor (including pursuant to the exercise of remedies following an Event of Default) of such Item of Equipment. If Lessor elects not to purchase a severable Part owned by Lessee (or its designee), Lessee or a Permitted Sublessee, as the case may be, may at its option remove such Part or return the applicable Item of Equipment with such Part intact (in which case such Part shall become subject to the Sale Agreement without further act by the parties hereto). Any permitted additions or modifications will be permanently recorded and the records of such shall be made available at the request of the Lessorsecurity interests granted herein.

Alterations, Modifications and Additions. Upon receiving prior written approval At their sole expense, make such alterations and modifications in and additions to the Equipment as may be required from time to time by any relevant Governmental Authority or as may be deemed necessary from time to time by Parent or the LessorBorrowers, Lessee whether upon the recommendation of any manufacturer or otherwise, for the purpose of the safe operation of the Equipment (any Permitted Sublesseesuch alteration, modification or addition as may be so required or so deemed necessary being herein called a "Required Modification"). In addition, the Borrowers, at its own their sole expense, may from time to time make such additions, other alterations and modifications, including removal (without replacement) of Parts which Lessee or any Permitted Sublessee deems obsolete or no longer appropriate or suitable for use modifications in the Equipment, and additions to the Equipment as Lessee Parent or such Permitted Sublessee Borrowers may deem desirable in the proper conduct of its business; provided that no their business (any such alteration, modification, removal modification or addition decreases as may be so deemed desirable being herein called an "Optional Modification"); provided, however, that (i) any Required Modification shall be expeditiously completed in a good and workmanlike manner, in compliance with all material legal requirements applicable thereto, and (ii) no Optional Modification shall diminish the value, utility, residual value or remaining economic useful life utility of any item of Equipment or impair the Equipment operating condition thereof below the value, utility, residual value or remaining economic useful life utility and operating condition thereof immediately prior to such alterationOptional Modification, modification, removal or addition assuming the that such item of Equipment was then of the value or utility and in 78 80 the operating condition required to be maintained by the terms of this LeaseAgreement. Any severable Part not mandated by Applicable Law to be incorporated or installed in or attached or added to the Equipment as the result of such alteration, modification, removal or addition shall not constitute part of Lessor’s Interest and may be removed at any time during the Term; provided that (i) such Part is in addition to, and not in replacement of or substitution for, any Part originally incorporated or installed in or attached or added to the Equipment at the time of the delivery thereof thereunder or any Part in replacement of or substitution for any such Part; (ii) such Part is not otherwise required to be All parts incorporated or installed in or attached to the any item of Equipment pursuant to the terms hereof composing Collateral as a result of any alteration, modification or in order to maintain insurance coverage; and (iii) such Part can be removed from such Equipment addition which are not readily removable without damage and to such item of Equipment shall, without diminishing the valuenecessity of further act, utility, residual value or remaining economic useful life become part of such which the item of Equipment would have had at such time had such alteration, modification, removal or addition not occurred, assuming such Equipment was maintained in the condition required by the terms of this Lease. All other such Parts for all purposes hereof and the rights of Lessor and Lessee with respect thereto shall be subject to the Sale Agreement and this Lease. Upon termination of this Lease or, in the event that this Lease is renewed pursuant to Section 3(a) hereof, the termination of the term of the last renewal, with respect to any Item of Equipment, Lessor shall have the right to purchase for its then fair market value such Item of Equipment or any severable Part owned by Lessee (or its designee) not removed prior to the return to Lessor (including pursuant to the exercise of remedies following an Event of Default) of such Item of Equipment. If Lessor elects not to purchase a severable Part owned by Lessee (or its designee), Lessee or a Permitted Sublessee, as the case may be, may at its option remove such Part or return the applicable Item of Equipment with such Part intact (in which case such Part shall become subject to the Sale Agreement without further act by the parties hereto). Any permitted additions or modifications will be permanently recorded and the records of such shall be made available at the request of the Lessorsecurity interest granted herein.

Alterations, Modifications and Additions. Upon receiving prior written approval from the Lessor, Lessee or any Permitted SublesseeThe Debtor, at its own sole expense, will make such alterations and modifications in and additions to the Equipment as may be required from time to time by any relevant governmental authority or as may be deemed necessary from time to time by the Debtor, whether upon the recommendation of any manufacturer or otherwise, for the purpose of the safe operation of the Equipment (any such alteration, modification or addition as may be so required or so deemed necessary being herein called a "Required Modification"). In addition, the Debtor, at its sole expense, may from time to time make such additions, other alterations and modifications, including removal (without replacement) of Parts which Lessee or any Permitted Sublessee deems obsolete or no longer appropriate or suitable for use modifications in the Equipment, and additions to the Equipment as Lessee or such Permitted Sublessee the Debtor may deem desirable in the proper conduct of its business; provided that no business (any such alteration, modification, removal modification or addition decreases as may be so deemed desirable being herein called an "Optional Modification"); provided, however, that (i) any Required Modification shall be expeditiously completed in a good and workmanlike manner, in compliance with all legal requirements applicable thereto, and (ii) no Optional Modification shall diminish the value, utility, residual value or remaining economic useful life utility of any piece of Equipment or impair the Equipment operating condition thereof below the value, utility, residual value or remaining economic useful life utility and operating condition thereof immediately prior to such alterationOptional Modification, modification, removal or addition assuming the that such piece of Equipment was then of the value or utility and in the operating condition required to be maintained by the terms of this LeaseSecurity Agreement. Any severable Part not mandated by Applicable Law to be incorporated or installed in or attached or added to the Equipment as the result of such alteration, modification, removal or addition shall not constitute part of Lessor’s Interest and may be removed at any time during the Term; provided that (i) such Part is in addition to, and not in replacement of or substitution for, any Part originally incorporated or installed in or attached or added to the Equipment at the time of the delivery thereof thereunder or any Part in replacement of or substitution for any such Part; (ii) such Part is not otherwise required to be All parts incorporated or installed in or attached to the any piece of Equipment pursuant to the terms hereof as a result of any alteration, modification or in order to maintain insurance coverage; and (iii) such Part can be removed from such Equipment addition which are not readily removable without damage and to such piece of Equipment shall, without diminishing the valuenecessity of further act, utility, residual value or remaining economic useful life become part of such which the Equipment would have had at such time had such alteration, modification, removal or addition not occurred, assuming such Equipment was maintained in the condition required by the terms of this Lease. All other such Parts and the rights of Lessor and Lessee with respect thereto shall be subject to the Sale Agreement and this Lease. Upon termination of this Lease or, in the event that this Lease is renewed pursuant to Section 3(a) hereof, the termination of the term of the last renewal, with respect to any Item of Equipment, Lessor shall have the right to purchase for its then fair market value such Item of Equipment or any severable Part owned by Lessee (or its designee) not removed prior to the return to Lessor (including pursuant to the exercise of remedies following an Event of Default) of such Item of Equipment. If Lessor elects not to purchase a severable Part owned by Lessee (or its designee), Lessee or a Permitted Sublessee, as the case may be, may at its option remove such Part or return the applicable Item of Equipment with such Part intact (in which case such Part shall become subject to the Sale Agreement without further act by the parties hereto). Any permitted additions or modifications will be permanently recorded and the records of such shall be made available at the request of the Lessor.piece

Alterations, Modifications and Additions. Upon receiving prior written approval from the Lessor, Lessee or any Permitted SublesseeThe Debtor, at its own sole expense, will make such alterations and modifications in and additions to the Equipment as may be required from time to time by any relevant governmental authority or as may be deemed necessary from time to time by the Debtor, whether upon the recommendation of any manufacturer or otherwise, for the purpose of the safe operation of the Equipment (any such alteration, modification or addition as may be so required or so deemed necessary being herein called a "Required Modification"). In addition, the Debtor, at its sole expense, may from time to time make such additions, other alterations and modifications, including removal (without replacement) of Parts which Lessee or any Permitted Sublessee deems obsolete or no longer appropriate or suitable for use modifications in the Equipment, and additions to the Equipment as Lessee or such Permitted Sublessee the Debtor may deem desirable in the proper conduct of its business; provided that no business (any such alteration, modification, removal modification or addition decreases as may be so deemed desirable being herein called an "Optional Modification"); provided, however, that (i) any Required Modification shall be expeditiously completed in a good and workmanlike manner, in compliance with all legal requirements applicable thereto, and (ii) no Optional Modification shall diminish the value, utility, residual value or remaining economic useful life utility of any piece of Equipment or impair the Equipment operating condition thereof below the value, utility, residual value or remaining economic useful life utility and operating condition thereof immediately prior to such alterationOptional Modification, modification, removal or addition assuming the that such piece of Equipment was then of the value or utility and in the operating condition required to be maintained by the terms of this LeaseSecurity Agreement. Any severable Part not mandated by Applicable Law to be incorporated or installed in or attached or added to the Equipment as the result of such alteration, modification, removal or addition shall not constitute part of Lessor’s Interest and may be removed at any time during the Term; provided that (i) such Part is in addition to, and not in replacement of or substitution for, any Part originally incorporated or installed in or attached or added to the Equipment at the time of the delivery thereof thereunder or any Part in replacement of or substitution for any such Part; (ii) such Part is not otherwise required to be All parts incorporated or installed in or attached to the any piece of Equipment pursuant to the terms hereof as a result of any alteration, modification or in order to maintain insurance coverage; and (iii) such Part can be removed from such Equipment addition which are not readily removable without damage and to such piece of Equipment shall, without diminishing the valuenecessity of further act, utility, residual value or remaining economic useful life become part of such which the piece of Equipment would have had at such time had such alteration, modification, removal or addition not occurred, assuming such Equipment was maintained in the condition required by the terms of this Lease. All other such Parts for all purposes hereof and the rights of Lessor and Lessee with respect thereto shall be subject to the Sale Agreement and this Lease. Upon termination of this Lease or, in the event that this Lease is renewed pursuant to Section 3(a) hereof, the termination of the term of the last renewal, with respect to any Item of Equipment, Lessor shall have the right to purchase for its then fair market value such Item of Equipment or any severable Part owned by Lessee (or its designee) not removed prior to the return to Lessor (including pursuant to the exercise of remedies following an Event of Default) of such Item of Equipment. If Lessor elects not to purchase a severable Part owned by Lessee (or its designee), Lessee or a Permitted Sublessee, as the case may be, may at its option remove such Part or return the applicable Item of Equipment with such Part intact (in which case such Part shall become subject to the Sale Agreement without further act by the parties hereto). Any permitted additions or modifications will be permanently recorded and the records of such shall be made available at the request of the Lessorsecurity interests granted herein.