Common use of Event of Loss and Event of Total Loss Clause in Contracts

Event of Loss and Event of Total Loss. (a) During the Construction Term, if an Event of Loss with respect to Unit 2 occurs that results in: (i) less than one million Dollars ($1,000,000) in physical loss, destruction or damage to Xxxx 0 above any Loss Proceeds and/or Condemnation Award that Lessor receives or anticipates receiving in connection therewith, then Lessor shall be obligated to reconstruct or complete construction of Unit 2 in accordance with the requirements of Section 3.1; (ii) equal to or greater than one million Dollars ($1,000,000) in physical loss, destruction or damage to Xxxx 0 above any Loss Proceeds and/or Condemnation Award that Lessor receives or anticipates receiving in connection therewith, then Lessor shall be obligated to reconstruct or complete construction of Unit 2 in accordance with the requirements of Section 3.1, if and only if Lessee agrees to and the PSCW approves an increase in the "AALF" to be recovered in the Basic Rent formula by an amount equal to the additional Construction Costs incurred by or on behalf of Lessor to reconstruct or complete construction (including any costs incurred as a result of the time required to obtain PSCW approval), less the aggregate amount of any Loss Proceeds and/or Condemnation Award received by Lessor in connection therewith. The Milestone Dates and the Required Lease Effective Date shall be extended by a reasonable amount of time attributable to the time required to reconstruct or complete construction of Unit 2 (including any time required to obtain PSCW approval) and this Facility Lease and the other Lease Documents shall be amended as otherwise may be required by the Parties and approved by the PSCW; or (b) In the event that Lessee and/or the PSCW does not approve an increase in the "AALF" in the Basic Rent formula pursuant to Section 3.7(a)(ii), then Lessor may terminate this Facility Lease in accordance with Section 5.5 by delivering to Lessee a Purchase Price Notice (with the Purchase Price calculated as of the date of such notice) and the date upon which the Purchase Price Notice is delivered shall be deemed to be the Required Lease Effective Date for the purposes of Section 5.5. (c) During the Construction Term, if an Event of Total Loss in respect of Unit 2 occurs, then Lessor may elect to terminate this Facility Lease in accordance with Section 5.5 by delivering to Lessee a Purchase Price Notice (with the Purchase Price calculated as of the date of such notice) and the date upon which the Purchase Price Notice is delivered shall be deemed to be the Required Lease Effective Date for the purposes of Section 5.5 or to continue this Facility Lease on such terms and conditions as the Parties may mutually agree and the PSCW approves.

Event of Loss and Event of Total Loss. (a) During the Construction Term, if an Event of Loss with respect to Unit 2 1 occurs that results in: (i) less than one million Dollars ($1,000,000) in physical loss, destruction or damage to Xxxx 0 above any Loss Proceeds and/or Condemnation Award that Lessor receives or anticipates receiving in connection therewith, then Lessor shall be obligated to reconstruct or complete construction of Unit 2 1 in accordance with the requirements of Section 3.1; (ii) equal to or greater than one million Dollars ($1,000,000) in physical loss, destruction or damage to Xxxx 0 above any Loss Proceeds and/or Condemnation Award that Lessor receives or anticipates receiving in connection therewith, then Lessor shall be obligated to reconstruct or complete construction of Unit 2 1 in accordance with the requirements of Section 3.1, if and only if Lessee agrees to and the PSCW approves an increase in the "AALF" to be recovered in the Basic Rent formula by an amount equal to the additional Construction Costs incurred by or on behalf of Lessor to reconstruct or complete construction (including any costs incurred as a result of the time required to obtain PSCW approval), less the aggregate amount of any Loss Proceeds and/or Condemnation Award received by Lessor in connection therewith. The Milestone Dates and the Required Lease Effective Date shall be extended by a reasonable amount of time attributable to the time required to reconstruct or complete construction of Unit 2 1 (including any time required to obtain PSCW approval) and this Facility Lease and the other Lease Documents shall be amended as otherwise may be required by the Parties and approved by the PSCW; or (b) In the event that Lessee and/or the PSCW does not approve an increase in the "AALF" in the Basic Rent formula pursuant to Section 3.7(a)(ii), then Lessor may terminate this Facility Lease in accordance with Section 5.5 by delivering to Lessee a Purchase Price Notice (with the Purchase Price calculated as of the date of such notice) and the date upon which the Purchase Price Notice is delivered shall be deemed to be the Required Lease Effective Date for the purposes of Section 5.5. (c) During the Construction Term, if an Event of Total Loss in respect of Unit 2 1 occurs, then Lessor may elect to terminate this Facility Lease in accordance with Section 5.5 by delivering to Lessee a Purchase Price Notice (with the Purchase Price calculated as of the date of such notice) and the date upon which the Purchase Price Notice is delivered shall be deemed to be the Required Lease Effective Date for the purposes of Section 5.5 or to continue this Facility Lease on such terms and conditions as the Parties may mutually agree and the PSCW approves.

Event of Loss and Event of Total Loss. (a) During the Construction Term, if an Event of Loss with respect to the Unit 2 occurs that results in: (i) less than one million Dollars ($1,000,000) in physical loss, destruction or damage to the Xxxx 0 above any Loss Proceeds and/or Condemnation Award that Lessor receives or anticipates receiving for its own account in connection therewith, then Lessor shall be obligated to reconstruct or complete construction of the Unit 2 in accordance with the requirements of Section 3.1; (ii) equal to or greater than one million Dollars ($1,000,000) in physical loss, destruction or damage to the Xxxx 0 above any Loss Proceeds and/or Condemnation Award that Lessor receives or anticipates receiving for its own account in connection therewith, then Lessor shall be obligated to reconstruct or complete construction of the Unit 2 in accordance with the requirements of Section 3.1, if and only if Lessee agrees to and the PSCW approves an increase in the "“AALF" ” to be recovered in the Basic Rent formula by an amount equal to the additional Construction Costs incurred by or on behalf of Lessor to reconstruct or complete construction (including any costs incurred as a result of the time required to obtain PSCW approval), less the aggregate amount of any Loss Proceeds and/or Condemnation Award received by Lessor for its own account in connection therewith. The Milestone Dates and the Required Lease Effective Date shall be extended by a reasonable amount of time attributable to the time required to reconstruct or complete construction of the Unit 2 (including any time required to obtain PSCW approval) and this Facility Lease and the other Lease Documents shall be amended as otherwise may be required by the Parties and approved by the PSCW; or (b) In the event that Lessee and/or the PSCW does not approve an increase in the "“AALF" ” in the Basic Rent formula pursuant to Section 3.7(a)(ii3.6(a)(ii), then Lessor may terminate this Facility Lease in accordance with Section 5.5 by delivering to Lessee a Purchase Price Notice (with the Purchase Price calculated as of the date of such notice) and the date upon which the Purchase Price Notice is delivered shall be deemed to be the Required Lease Effective Date for the purposes of Section 5.5. (c) During the Construction Term, if an Event of Total Loss in respect of the Unit 2 occurs, then Lessor may elect to terminate this Facility Lease in accordance with Section 5.5 by delivering to Lessee a Purchase Price Notice (with the Purchase Price calculated as of the date of such notice) and the date upon which the Purchase Price Notice is delivered shall be deemed to be the Required Lease Effective Date for the purposes of Section 5.5 or to continue this Facility Lease on such terms and conditions as the Parties may mutually agree and the PSCW approves.

Event of Loss and Event of Total Loss. (a) During the Construction Term, if an Event of Loss with respect to the Unit 2 1 Facility occurs that results in: (i) less than one million Dollars ($1,000,000) in physical loss, destruction or damage to the Xxxx 0 Facility above any Loss Proceeds and/or Condemnation Award that Lessor receives or anticipates receiving for its own account in connection therewith, then Lessor shall be obligated to reconstruct or complete construction of the Unit 2 1 Facility in accordance with the requirements of Section 3.1; (ii) equal to or greater than one million Dollars ($1,000,000) in physical loss, destruction or damage to the Xxxx 0 Facility above any Loss Proceeds and/or Condemnation Award that Lessor receives or anticipates receiving for its own account in connection therewith, then Lessor shall be obligated to reconstruct or complete construction of the Unit 2 1 Facility in accordance with the requirements of Section 3.1, if and only if Lessee agrees to and the PSCW approves an increase in the "“AALF" ” to be recovered in the Basic Rent formula by an amount equal to the additional Construction Costs incurred by or on behalf of Lessor to reconstruct or complete construction (including any costs incurred as a result of the time required to obtain PSCW approval), less the aggregate amount of any Loss Proceeds and/or Condemnation Award received by Lessor for its own account in connection therewith. The Milestone Dates and the Required Lease Effective Date shall be extended by a reasonable amount of time attributable to the time required to reconstruct or complete construction of the Unit 2 1 Facility (including any time required to obtain PSCW approval) and this Facility Lease and the other Lease Documents shall be amended as otherwise may be required by the Parties and approved by the PSCW; or (b) In the event that Lessee and/or the PSCW does not approve an increase in the "“AALF" ” in the Basic Rent formula pursuant to Section 3.7(a)(ii3.6(a)(ii), then Lessor may terminate this Facility Lease in accordance with Section 5.5 by delivering to Lessee a Purchase Price Notice (with the Purchase Price calculated as of the date of such notice) and the date upon which the Purchase Price Notice is delivered shall be deemed to be the Required Lease Effective Date for the purposes of Section 5.5. (c) During the Construction Term, if an Event of Total Loss in respect of the Unit 2 1 Facility occurs, then Lessor may elect to terminate this Facility Lease in accordance with Section 5.5 by delivering to Lessee a Purchase Price Notice (with the Purchase Price calculated as of the date of such notice) and the date upon which the Purchase Price Notice is delivered shall be deemed to be the Required Lease Effective Date for the purposes of Section 5.5 or to continue this Facility Lease on such terms and conditions as the Parties may mutually agree and the PSCW approves.