Common use of Assignments or Transfers without the Consent of the County Clause in Contracts

Assignments or Transfers without the Consent of the County. Applicant may transfer or assign all or any portion of its interest in the Project at any time, including rights, obligations and responsibilities arising hereunder, to third parties acquiring all or substantially all the assets of the Project or all or substantially all the membership interests in Applicant without the consent of the County provided that: (a) Transferee is (i) an investor-owned electric utility regulated by the Federal Regulatory Energy Commission ("FERC") and the Washington Utilities and Transportation Commission ("WUTC") or a wholly owned subsidiary of such an investor-owned electric utility, or; (ii) an entity having, at the time of transfer or assignment, a senior unsecured long term debt rating ("Credit Rating") of (1) if such entity has a Credit Rating from Standard and Poor's but not from Xxxxx'x, BBB- or better from Standard and Poor's or (2) if such entity has a Credit Rating from Xxxxx'x but not from Standard and Poor's, Baa3 or better from Xxxxx'x or (3) if such entity has a Credit Rating from both Standard and Poor's and Xxxxx'x, BBB- or better from Standard and Poor's and Baa3 or better from Xxxxx'x; and (b) Transferee agrees to be bound by the rights, obligations and responsibilities of Applicant hereunder, on and after the date of such transfer or assignment. In the event that Applicant transfers or assigns all or any portion of its interest in and to the Project in accordance with this provision, Applicant shall be released from all obligations or liabilities under this Agreement on and after the date of such transfer or assignment as to that portion of Applicant's interest so transferred or assigned.

Assignments or Transfers without the Consent of the County. Applicant may transfer or assign all or any portion of its interest in the Project at any time, including rights, obligations and responsibilities arising hereunder, to third parties acquiring all or substantially all the assets of the Project or all or substantially all the membership interests in Applicant without the consent of the County provided that: (a) Transferee is (i) an investor-owned electric utility utility, such as Puget Sound Energy, regulated by the Federal Regulatory Energy Commission ("FERC") and the Washington Utilities and Transportation Commission ("WUTC") or a wholly owned subsidiary of such an investor-owned electric utility, or; (ii) an entity having, at the time of transfer or assignment, a senior unsecured long term debt rating ("Credit Rating") of (1) if such entity has a Credit Rating from Standard and Poor's but not from Xxxxx'x, BBB- or better from Standard and Poor's or (2) if such entity has a Credit Rating from Xxxxx'x but not from Standard and Poor's, Baa3 or better from Xxxxx'x or (3) if such entity has a Credit Rating from both Standard and Poor's and Xxxxx'x, BBB- or better from Standard and Poor's and Baa3 or better from Xxxxx'x; and (b) Transferee agrees to be bound by the rights, obligations and responsibilities of Applicant hereunder, on and after the date of such transfer or assignment. In the event that Applicant transfers or assigns all or any portion of its interest in and to the Project in accordance with this provision, Applicant shall be released from all obligations or liabilities under this Agreement on and after the date of such transfer or assignment as to that portion of Applicant's interest so transferred or assigned.

Assignments or Transfers without the Consent of the County. Applicant may transfer or assign all or any portion of its interest in the Project at any time, including rights, obligations and responsibilities arising hereunder, to third parties acquiring all or substantially all the assets of the Project or all or substantially all the membership interests in Applicant without the consent of the County provided that: (a) Transferee is (i) an investor-owned electric utility regulated by the Federal Regulatory Energy Commission ("FERC") and the Washington Utilities and Transportation Commission ("WUTC") or a wholly owned subsidiary of such an investor-owned electric utility, or; (ii) an entity having, at the time of transfer or assignment, a senior unsecured long term debt rating ("Credit Rating") of (1) if such entity has a Credit Rating from Standard and Poor's but not from Xxxxx'xMoody's, BBB- or better from Standard and Poor's or (2) if such entity has a Credit Rating from Xxxxx'x Moody's but not from Standard and Poor's, Baa3 or better from Xxxxx'x Moody's or (3) if such entity has a Credit Rating from both Standard and Poor's and Xxxxx'xMoody's, BBB- or better from Standard and Poor's and Baa3 or better from Xxxxx'xMoody's; and (b) Transferee agrees to be bound by the rights, obligations and responsibilities of Applicant hereunder, on and after the date of such transfer or assignment. In the event that Applicant transfers or assigns all or any portion of its interest in and to the Project in accordance with this provision, Applicant shall be released from all obligations or liabilities under this Agreement on and after the date of such transfer or assignment as to that portion of Applicant's interest so transferred or assigned.

Assignments or Transfers without the Consent of the County. Applicant may transfer or assign all or any portion of its interest in the Project at any time, including rights, obligations and responsibilities arising hereunder, to third parties acquiring all or substantially all the assets of the Project or all or substantially all the membership interests in Applicant without the consent of the County provided that: (ai) Transferee is (ia) an investor-owned electric utility utility, such as Puget Sound Energy, regulated by the Federal Regulatory Energy Commission ("FERC") and the Washington Utilities and Transportation Commission ("WUTC") or a wholly owned subsidiary of such an investor-owned electric utility, or; (iib) an entity having, at the time of transfer or assignment, a senior unsecured long term debt rating ("Credit Rating") of (1) if such entity has a Credit Rating from Standard and Poor's but not from Xxxxx'xMoody's, BBB- or better from Standard and Poor's or (2) if such entity has a Credit Rating from Xxxxx'x Moody's but not from Standard and Poor's, Baa3 or better from Xxxxx'x Moody's or (3) if such entity has a Credit Rating from both Standard and Poor's and Xxxxx'xMoody's, BBB- or better from Standard and Poor's and Baa3 or better from Xxxxx'xMoody's; and (bii) Transferee agrees to be bound by the rights, obligations and responsibilities of Applicant hereunder, including financial assurance for decommissioning as set forth in Section 6 above, on and after the date of such transfer or assignment. In the event that Applicant transfers or assigns all or any portion of its interest in and to the Project in accordance with this provision, Applicant shall be released from all obligations or liabilities under this Agreement on and after the date of such transfer or assignment as to that portion of Applicant's interest so transferred or assigned.

Assignments or Transfers without the Consent of the County. Applicant may transfer or assign all or any portion of its interest in the Project at any time, including rights, obligations and responsibilities arising hereunder, to third parties acquiring all or substantially all the assets of the Project or all or substantially all the membership interests in Applicant without the consent of the County provided that: (a) Transferee is (i) an investor-owned electric utility utility, such as Puget Sound Energy, regulated by the Federal Regulatory Energy Commission ("FERC") and the Washington Utilities and Transportation Commission ("WUTC") or a wholly owned subsidiary of such an investor-owned electric utility, or; (ii) an entity having, at the time of transfer or assignment, a senior unsecured long term debt rating ("Credit Rating") of (1) if such entity has a Credit Rating from Standard and Poor's but not from Xxxxx'xMoody's, BBB- or better from Standard and Poor's or (2) if such entity has a Credit Rating from Xxxxx'x Moody's but not from Standard and Poor's, Baa3 or better from Xxxxx'x Moody's or (3) if such entity has a Credit Rating from both Standard and Poor's and Xxxxx'xMoody's, BBB- or better from Standard and Poor's and Baa3 or better from Xxxxx'xMoody's; and (b) Transferee agrees to be bound by the rights, obligations and responsibilities of Applicant hereunder, on and after the date of such transfer or assignment. In the event that Applicant transfers or assigns all or any portion of its interest in and to the Project in accordance with this provision, Applicant shall be released from all obligations or liabilities under this Agreement on and after the date of such transfer or assignment as to that portion of Applicant's interest so transferred or assigned.