Common use of Delivery of Certificate of Engineer, Appraiser or Other Expert Clause in Contracts

Delivery of Certificate of Engineer, Appraiser or Other Expert. In connection with any release from the security and other interest created by any Lease Indenture of a portion of the Lease Indenture Estate (as defined in such Lease Indenture) pursuant to Section 13.01 and 13.02 of such Lease Indenture, at its own expense ELI shall cause to be delivered to the Trustee a xxxtificate of an engineer, appraiser or other expert as to the fair value of any portion of the Lease Indenture Estate to be released from the lien of such Lease Indenture and such certificate shall state that in the opinion of the Person making the same the proposed release will not impair the security under such Lease Indenture in contravention of the provisions thereof. If the fair value of the portion of the Lease Indenture Estate to be released and all other portions of the Lease Indenture Estate released since the commencement of the then current calendar year, as set forth in the certificate required pursuant to this Section 5.11, is 10% or more of the aggregate principal amount of Securities at the time Outstanding, such certificate shall be made by an independent engineer, appraiser or other expert; provided, however, that a certificate of an independent engineer, appraiser or other expert shall not be required in the case of any release of portions of the Lease Indenture Estate if the fair value thereof as set forth in the certificate or opinion required by this Section 5.11 is less than $25,000 or less than 1% of the aggregate principal amount of Securities at the time Outstanding. ARTICLE SIX

Appears in 2 contracts

Samples: Participation Agreement (Entergy Louisiana Inc), Participation Agreement (Entergy Louisiana Inc)

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Delivery of Certificate of Engineer, Appraiser or Other Expert. In connection with any release from the security and other interest created by any Lease Indenture of a portion of the Lease Indenture Estate (as defined in such Lease Indenture) pursuant to Section 13.01 and 13.02 of such Lease Indenture, at its own expense ELI LP&L shall cause to be delivered to the Trustee a xxxtificate certificate of an engineer, appraiser or other expert as to the fair value of any portion of the Lease Indenture Estate to be released from the lien of such Lease Indenture and such certificate shall state that in the opinion of the Person making the same the proposed release will not impair the security under such Lease Indenture in contravention of the provisions thereof. If the fair value of the portion of the Lease Indenture Estate to be released and all other portions of the Lease Indenture Estate released since the commencement of the then current calendar year, as set forth in the certificate required pursuant to this Section 5.11, is 10% or more of the aggregate principal amount of Securities at the time Outstanding, such certificate shall be made by an independent engineer, appraiser or other expert; provided, however, that a certificate of an independent engineer, appraiser or other expert shall not be required in the case of any release of portions of the Lease Indenture Estate if the fair value thereof as set forth in the certificate or opinion required by this Section 5.11 is less than $25,000 or less than 1% of the aggregate principal amount of Securities at the time Outstanding. ARTICLE SIX

Appears in 1 contract

Samples: Participation Agreement (Louisiana Power & Light Co /La/)

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Delivery of Certificate of Engineer, Appraiser or Other Expert. In connection with any release from the security and other interest created by any Lease Indenture of a portion of the Lease Indenture Estate (as defined in such Lease Indenture) pursuant to Section 13.01 and 13.02 of such Lease Indenture, at its own expense ELI XXX shall cause to be delivered to the Trustee a xxxtificate certificate of an engineer, appraiser or other expert as to the fair value of any portion of the Lease Indenture Estate to be released from the lien of such Lease Indenture and such certificate shall state that in the opinion of the Person making the same the proposed release will not impair the security under such Lease Indenture in contravention of the provisions thereof. If the fair value of the portion of the Lease Indenture Estate to be released and all other portions of the Lease Indenture Estate released since the commencement of the then current calendar year, as set forth in the certificate required pursuant to this Section 5.11, is 10% or more of the aggregate principal amount of Securities at the time Outstanding, such certificate shall be made by an independent engineer, appraiser or other expert; provided, however, that a certificate of an independent engineer, appraiser or other expert shall not be required in the case of any release of portions of the Lease Indenture Estate if the fair value thereof as set forth in the certificate or opinion required by this Section 5.11 is less than $25,000 or less than 1% of the aggregate principal amount of Securities at the time Outstanding. ARTICLE SIX

Appears in 1 contract

Samples: Participation Agreement (Entergy Louisiana Inc)

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