Common use of Application of Payments Not Relating to an Event of Loss Clause in Contracts

Application of Payments Not Relating to an Event of Loss. (a) In the event that during the Facility Lease Term title to, or the use of, all or any portion of the Undivided Interest, the Facility or the Facility Site is requisitioned or taken by or pursuant to a request of any Governmental Authority under the power of eminent domain or otherwise for a period or in a manner which does not constitute an Event of Loss, the Facility Lessee's obligation to pay all installments of Basic Lease Rent or Renewal Rent, as applicable, shall continue for the duration of such requisitioning or taking. Subject to Section 10.3(d) hereof, the Facility Lessee shall be entitled to receive and retain for its own account all sums payable for any such period by such Governmental Authority as compensation for such requisition or taking of possession; PROVIDED THAT if at the time of such payment a Material Lease Default or a Lease Event of Default shall have occurred and be continuing, such amounts shall be paid to and held by the Owner Lessor unless the Lessor Notes are outstanding, in which case such amounts shall be paid to and held by the Security Agent, as security for the obligations of the Facility Lessee under this Facility Lease until such time as no Material Lease Default or Lease Event of Default is continuing.

Appears in 3 contracts

Samples: Facility Lease Agreement (Eme Homer City Generation Lp), Facility Lease Agreement (Eme Homer City Generation Lp), Facility Lease Agreement (Eme Homer City Generation Lp)

AutoNDA by SimpleDocs

Application of Payments Not Relating to an Event of Loss. (a) In the event that during the Facility Lease Term title to, or the use of, of all or any portion of the Undivided Interest, the Facility or the Facility Site is requisitioned or taken by or pursuant to a request of any Governmental Authority Entity under the power of eminent domain or otherwise for a period or in a manner which does not constitute an Event of Loss, the Facility Lessee's obligation to pay all installments of Basic Periodic Lease Rent or and Renewal Rent, as applicable, Lease Rent shall continue for the duration of such requisitioning or taking. Subject to Section 10.3(d) hereof, the The Facility Lessee shall be entitled to receive and retain for its own account all sums payable for any such period by such Governmental Authority Entity as compensation for such requisition or taking of possession; PROVIDED THAT . Any amount referred to in this Section 10.4(a) that is payable to the Facility Lessee shall not be paid to the Facility Lessee, or if it has been previously paid directly to the Facility Lessee, shall not be retained by the Facility Lessee, if at the time of such payment a Material Significant Lease Default or a Lease Event of Default shall have occurred and be continuing, such amounts but shall be paid to and held by the Owner Lessor unless or, so long as the Lessor Notes are outstandingLien of the Lease Indenture shall not have been terminated or discharged, in which case such amounts shall be paid to and held by the Security Agent, Lease Indenture Trustee as security for the obligations of the Facility Lessee under this Facility Lease until Lease, and at such time as no Material there shall not be continuing any such Significant Lease Default or Lease Event of Default is continuingDefault, such amount shall be paid to the Facility Lessee.

Appears in 2 contracts

Samples: Participation Agreement (Dynegy Danskammer LLC), Facility Lease Agreement (Dynegy Danskammer LLC)

Application of Payments Not Relating to an Event of Loss. (a) In the event that during the Facility Lease Term title to, or the use of, all or any portion of the Undivided Interest, the Facility or the Facility Site is requisitioned or taken by or pursuant to a request of any Governmental Authority under the power of eminent domain or otherwise for a period or in a manner which does not constitute an Event of Loss, the Facility Lessee's obligation to pay all installments of Basic Lease Rent or Renewal Rent, as applicable, shall continue for the duration of such requisitioning or taking. Subject to Section 10.3(d) hereof, the The Facility Lessee shall be entitled to receive and retain for its own account all sums payable for any such period by such Governmental Authority as compensation for such requisition or taking of possession; PROVIDED PROVIDED, THAT if at the time of such payment a Material Lease Default or a Lease Event of Default shall have occurred and be continuing, such amounts shall be paid to and held by the Owner Lessor unless the Lessor Notes are outstanding, in which case such amounts shall be paid to and held by the Security AgentLease Indenture Trustee, as security for the obligations of the Facility Lessee under this Facility Lease until such time as no Material Lease Default or Lease Event of Default is continuing.

Appears in 2 contracts

Samples: Facility Lease Agreement (Edison Mission Energy), Lease Agreement (Edison Mission Energy)

Application of Payments Not Relating to an Event of Loss. (a) In the event that during the Facility Lease Term title to, or the use of, all or any portion of the Undivided Interest, the Facility or the Facility Site is requisitioned or taken by or pursuant to a request of any Governmental Authority under the power of eminent domain or otherwise for a period or in a manner which does not constitute an Event of Loss, the Facility Lessee's obligation to pay all installments of Basic Periodic Lease Rent or Renewal Rent, as applicable, shall continue for the duration of such requisitioning or taking. Subject to Section 10.3(d) hereof, the The Facility Lessee shall be entitled to receive and retain for its own account all sums payable for any such period by such Governmental Authority as compensation for such requisition or taking of possession; PROVIDED THAT provided, that if at the time of such payment a Material Significant Lease Default or a Lease Event of Default shall have occurred and be continuing, such amounts shall be paid to and held by the Owner Lessor unless the Lessor Notes are outstanding, in which case such amounts shall be paid to and held by the Security AgentLease Indenture Trustee, as security for the obligations of the Facility Lessee under this Facility Lease until such time as no Material Significant Lease Default or Lease Event of Default is continuing.

Appears in 2 contracts

Samples: Facility Lease Agreement (Mirant Mid Atlantic LLC), Facility Lease Agreement (Mirant Mid Atlantic LLC)

Application of Payments Not Relating to an Event of Loss. (a) In the event that during the Facility Lease Term title to, or the use of, all or any portion of the Undivided Interest, the Facility or the Facility Site is requisitioned or taken by or pursuant to a request of any Governmental Authority under the power of eminent domain or otherwise for a period or in a manner which does not constitute an Event of Loss, the Facility Lessee's obligation to pay all installments of Basic Lease Rent or Renewal Rent, as applicable, shall continue for the duration of such requisitioning or taking. Subject to Section 10.3(d) hereof, the Facility Lessee shall be entitled to receive and retain for its own account all sums payable for any such period by such Governmental Authority as compensation for such requisition or taking of possession; PROVIDED THAT provided that if at the time of such payment a Material Lease Default or a Lease Event of Default shall have occurred and be continuing, such amounts shall be paid to and held by the Owner Lessor unless the Lessor Notes are outstanding, in which case such amounts shall be paid to and held by the Security Agent, as security for the obligations of the Facility Lessee under this Facility Lease until such time as no Material Lease Default or Lease Event of Default is continuing.

Appears in 1 contract

Samples: Facility Lease Agreement (Eme Homer City Generation Lp)

AutoNDA by SimpleDocs

Application of Payments Not Relating to an Event of Loss. (a) In the event that during the Facility Network Lease Term title to, or the use of, of all or any portion of the Undivided Interest, the Facility or the Facility Site Network is requisitioned or taken by or pursuant to a request of any Governmental Authority Entity under the power of eminent domain or otherwise for a period or in a manner which does not constitute an Event of Loss, the Facility Lessee's ’s obligation to pay all installments of Basic Lease Rent or Renewal Rent, as applicable, shall continue for the duration of such requisitioning or taking. Subject to Section 10.3(d) hereof, the Facility The Lessee shall be entitled to receive and retain for its own account all sums payable for any such period by such Governmental Authority Entity as compensation for such requisition or taking of possession; PROVIDED THAT provided, however, that if at the time of such payment a Material Lease Default or a Lease Event of Default shall have occurred and be continuing, all such amounts sums shall be paid to and held by the Owner Lessor unless or, so long as the Lessor Notes are outstandingLien of the Lease Indenture shall not have been terminated or discharged, in which case such amounts shall be paid to and held by the Security Agent, Lease Indenture Trustee as security for the obligations of the Facility Lessee under this Facility Lease until such time Network Lease, and upon the earlier of (i) so long as no Material Lease Default or Lease Event of Default shall be continuing under Section 17(a) or (b) hereof, 180 days after the Owner Lessor (or the Lease Indenture Trustee) shall have received such amount, provided the Owner Lessor (or the Lease Indenture Trustee) has not proceeded to exercise any remedy under Section 17 hereof and it is continuingnot stayed or prevented by law or otherwise from exercising such remedy and (ii) such time as there shall not be continuing any Lease Event of Default, such amount shall be paid to the Lessee.

Appears in 1 contract

Samples: Network Lease Agreement (Tennessee Valley Authority)

Application of Payments Not Relating to an Event of Loss. (a) In the event that during the Facility Lease Term title to, or the use of, all or any portion of the Undivided Interest, the Facility or the Facility Site is requisitioned or taken by or pursuant to a request of any Governmental Authority Entity under the power of eminent domain or otherwise for a period or in a manner which does not constitute an Event of Loss, the Facility Lessee's obligation to pay all installments of Basic Lease Rent or Renewal Rent, as applicable, shall continue for the duration of such requisitioning or taking. Subject to Section 10.3(d) hereof, the The Facility Lessee shall be entitled to receive and retain for its own account all sums payable for any such period by such Governmental Authority Entity as compensation for such requisition or taking of possession; PROVIDED PROVIDED, THAT if at the time of such payment a Material Lease Default or a Lease Event of Default shall have occurred and be continuing, such amounts shall be paid to and held by the Owner Lessor unless the Lessor Notes Loans are outstanding, in which case such amounts shall be paid to and held by the Security AgentHolder Representative, as security for the obligations of the Facility Lessee under this Facility Lease until such time as no Material Lease Default or Lease Event of Default is continuing.

Appears in 1 contract

Samples: Facility Lease Agreement (Edison Mission Energy)

Time is Money Join Law Insider Premium to draft better contracts faster.