Common use of FAIR VALUE CERTIFICATE Clause in Contracts

FAIR VALUE CERTIFICATE. (a) Upon the delivery by the Company to the Trustee of Senior Note First Mortgage Bonds pursuant to Section 401 hereof, the Company shall simultaneously therewith deliver to the Trustee a certificate of an Expert (1) stating that he or she is familiar with the provisions of such Senior Note First Mortgage Bonds and of this Indenture; (2) identifying such Senior Note First Mortgage Bonds; (3) identifying the Notes being issued contemporaneously therewith and (4) stating the fair value to the Company of such Senior Note First Mortgage Bonds. If the fair value to the Company of the Senior Note First Mortgage Bonds so delivered, as described in the certificate to be delivered pursuant to this Section 404(a), both (1) is equal to or exceeds (A) $25,000 and (B) 1% of the principal amount of the Notes outstanding at the date of delivery of such Senior Note First Mortgage Bonds and (2) together with the fair value to the Company, as described in the certificates delivered pursuant to this Section 404(a), of all other Senior Note First Mortgage Bonds delivered to the Trustee since the commencement of the then current calendar year, is equal to or exceeds 10% of the principal amount of the Notes outstanding at the date of delivery of such Senior Note First Mortgage Bonds, then the certificate required by this Section 404(a) shall (1) be delivered by an Independent Expert and (2) shall, in addition to the certifications described above, state the fair value to the Company of all Senior Note First Mortgage Bonds delivered to the Trustee pursuant to Section 401 hereof since the commencement of the then current year as to which a certificate was not delivered by an Independent Expert.

FAIR VALUE CERTIFICATE. (a) Upon the delivery by the Company to the Trustee of Senior Note First Mortgage Bonds pursuant to Section 401 4.01 or Section 4.09 hereof, the Company shall simultaneously therewith deliver to the Trustee a certificate of an Expert (1) stating that he or she it is familiar with the provisions of such Senior Note First Mortgage Bonds and of this Indenture; (2) identifying stating the principal amount of such Senior Note First Mortgage Bonds so delivered, the stated interest rate (or method of calculation of interest) of such Senior Note First Mortgage Bonds (if any) and the stated maturity date of such Senior Note First Mortgage Bonds; (3) identifying the Notes being issued contemporaneously therewith therewith, and (4) stating the fair value to the Company of such Senior Note First Mortgage Bonds. If the fair value to the Company of the Senior Note First Mortgage Bonds so delivered, as described in the certificate to be delivered pursuant to this Section 404(a4.06(a), both (1l) is equal to or exceeds (A) $25,000 and (B) 1% of the principal amount of the Notes outstanding Outstanding at the date of delivery of such Senior Note First Mortgage Bonds and (2) together with the fair value to the Company, as described in the certificates to be delivered pursuant to this Section 404(a4.06(a), of all other Senior Note First Mortgage Bonds delivered to the Trustee since the commencement of the then current calendar year, is equal to or exceeds 10% of the principal amount of the Notes outstanding Outstanding at the date of delivery of such Senior Note First Mortgage Bonds, then the certificate required by this Section 404(a4.06(a) shall (1) be delivered by an Independent Expert who shall be independent of the Company and (2) shall, in addition to the certifications described above, state the fair value to the Company of all Senior Note First Mortgage Bonds delivered to the Trustee pursuant to Section 401 4.09 hereof since the commencement of the then current year as to which a certificate was not delivered by an Independent ExpertExpert independent of the Company.

FAIR VALUE CERTIFICATE. (a) Upon If required by applicable law, upon the delivery by the Company to the Trustee of Senior Note First Mortgage Bonds pursuant to Section 401 4.01 or Section 4.09 hereof, the Company shall simultaneously therewith deliver to the Trustee a certificate of an Expert (1) stating that he or she is familiar with the provisions of such Senior Note First Mortgage Bonds and of this Indenture; (2) identifying stating the principal amount of such Senior Note First Mortgage Bonds so delivered, the stated interest rate (or method of calculation of interest) of such Senior Note First Mortgage Bonds (if any) and the stated maturity date of such Senior Note First Mortgage Bonds; (3) identifying the Notes being issued contemporaneously therewith therewith, and (4) stating the fair value to the Company of such Senior Note First Mortgage Bonds. If the fair value to the Company of the Senior Note First Mortgage Bonds so delivered, as described in the certificate to be delivered pursuant to this Section 404(a4.06(a), both (1l) is equal to or exceeds (A) $25,000 and (B) 1% of the principal amount of the Notes outstanding at the date of delivery of such Senior Note First Mortgage Bonds and (2) together with the fair value to the Company, as described in the certificates to be delivered pursuant to this Section 404(a4.06(a), of all other Senior Note First Mortgage Bonds delivered to the Trustee since the commencement of the then current calendar year, is equal to or exceeds 10% of the principal amount of the Notes outstanding at the date of delivery of such Senior Note First Mortgage Bonds, then the certificate required by this Section 404(a4.06(a) shall (1) be delivered by an Independent Expert who shall be independent of the Company and (2) shall), in addition to the certifications described above, state the fair value to the Company of all Senior Note First Mortgage Bonds delivered to the Trustee pursuant to Section 401 4.09 hereof since the commencement of the then current year as to which a certificate was not delivered by an Independent ExpertExpert independent of the Company.

FAIR VALUE CERTIFICATE. (a) Upon If required by applicable law, upon the delivery by the Company to the Trustee of the Senior Note First Mortgage Bonds pursuant to Section 401 4.01 or Section 4.09 hereof, the Company shall simultaneously 26 therewith deliver to the Trustee a certificate of an Expert (1) stating that he he, she or she it is familiar with the provisions of such Senior Note First Mortgage Bonds and of this Indenture; (2) identifying stating the principal amount of such Senior Note First Mortgage Bonds so delivered, the stated interest rate (or method of calculation of interest) of such Senior Note First Mortgage Bonds (if any) and the Stated Maturity of such Senior Note First Mortgage Bonds; (3) identifying the Notes being issued contemporaneously therewith therewith, and (4) stating the fair value to the Company of such Senior Note First Mortgage Bonds. If the fair value to the Company of the Senior Note First Mortgage Bonds so delivered, as described in the certificate to be delivered pursuant to this Section 404(a4.06(a), both (1l) is equal to or exceeds (A) $25,000 and (B) 1% of the principal amount of the Notes outstanding Outstanding at the date of delivery of such Senior Note First Mortgage Bonds and (2) together with the fair value to the Company, as described in the certificates to be delivered pursuant to this Section 404(a4.06(a), of all other Senior Note First Mortgage Bonds delivered to the Trustee since the commencement of the then current calendar year, is equal to or exceeds 10% of the principal amount of the Notes outstanding Outstanding at the date of delivery of such Senior Note First Mortgage Bonds, then the certificate required by this Section 404(a4.06(a) shall (1) be delivered by an Independent Expert who shall be independent of the Company and (2) shall, in addition to the certifications described above, state the fair value to the Company of all Senior Note First Mortgage Bonds delivered to the Trustee pursuant to Section 401 4.09 hereof since the commencement of the then current year as to which a certificate was not delivered by an Independent ExpertExpert independent of the Company.

FAIR VALUE CERTIFICATE. (a) a)....Upon the delivery by the Company to the Trustee of Senior Note First Mortgage Bonds pursuant to Section 401 hereof, the Company shall simultaneously therewith deliver to the Trustee a certificate of an Expert (1) stating that he or she is familiar with the provisions of such Senior Note First Mortgage Bonds and of this Indenture; (2) identifying such Senior Note First Mortgage Bonds; (3) identifying the Notes being issued contemporaneously therewith and (4) stating the fair value to the Company of such Senior Note First Mortgage Bonds. If the fair value to the Company of the Senior Note First Mortgage Bonds so delivered, as described in the certificate to be delivered pursuant to this Section 404(a), both (1) is equal to or exceeds (A) $25,000 and (B) 1% of the principal amount of the Notes outstanding at the date of delivery of such Senior Note First Mortgage Bonds and (2) together with the fair value to the Company, as described in the certificates delivered pursuant to this Section 404(a), of all other Senior Note First Mortgage Bonds delivered to the Trustee since the commencement of the then current calendar year, is equal to or exceeds 10% of the principal amount of the Notes outstanding at the date of delivery of such Senior Note First Mortgage Bonds, then the certificate required by this Section 404(a) shall (1) be delivered by an Independent Expert and (2) shall, in addition to the certifications described above, state the fair value to the Company of all Senior Note First Mortgage Bonds delivered to the Trustee pursuant to Section 401 hereof since the commencement of the then current year as to which a certificate was not delivered by an Independent Expert.

FAIR VALUE CERTIFICATE. (a) Upon the delivery by the Company to the Trustee of Senior Note First Mortgage Bonds pursuant to Section 401 4.01 or Section 4.09 hereof, the Company shall simultaneously therewith deliver to the Trustee a certificate of an Expert (1) stating that he or she it is familiar with the provisions of such Senior Note First Mortgage Bonds and of this Indenture; (2) identifying stating the principal amount of such Senior Note First Mortgage Bonds so delivered, the stated interest rate (or method of calculation of interest) of such Senior Note First Mortgage Bonds and the stated maturity date of such Senior Note First Mortgage Bonds; (3) identifying the Notes being issued contemporaneously therewith therewith, and (4) stating the fair value to the Company of such Senior Note First Mortgage Bonds. If the fair value to the Company of the Senior Note First Mortgage Bonds so delivered, as described in the certificate to be delivered pursuant to this Section 404(a4.06(a), both (1l) is equal to or exceeds (A) $25,000 and (B) 1% of the principal amount of the Notes outstanding at the date of delivery of such Senior Note First Mortgage Bonds and (2) together with the fair value to the Company, as described in the certificates to be delivered pursuant to this Section 404(a4.06(a), of all other Senior Note First Mortgage Bonds delivered to the Trustee since the commencement of the then current calendar year, is equal to or exceeds 10% of the principal amount of the Notes outstanding at the date of delivery of such Senior Note First Mortgage Bonds, then the certificate required by this Section 404(a4.06(a) shall (1) be delivered by an Independent Expert who shall be independent of the Company and satisfactory to the Trustee in its reasonable judgment and (2) shall, in addition to the certifications described above, state the fair value to the Company of all Senior Note First Mortgage Bonds delivered to the Trustee pursuant to Section 401 4.09 hereof since the commencement of the then current year as to which a certificate was not delivered by an Independent ExpertExpert independent of the Company.

FAIR VALUE CERTIFICATE. (a) Upon the delivery by the Company to the Trustee of Senior Note First Mortgage Bonds pursuant to Section 401 1301 hereof and subject to Section 303 hereof, the Company shall simultaneously therewith deliver to the Trustee a certificate of an Expert (1) stating that he or she it is familiar with the provisions of such Senior Note First Mortgage Bonds and of this Indenture; , (2) identifying stating the principal amount of such Senior Note First Mortgage Bonds so delivered, the stated interest rate (or method of calculation of interest) of such Senior Note Mortgage Bonds and the stated maturity date of such Senior Note Mortgage Bonds; , (3) identifying the Notes Securities being issued contemporaneously therewith therewith, and (4) stating the fair value to the Company of such Senior Note First Mortgage Bonds. If the fair value to the Company of the Senior Note First Mortgage Bonds so delivered, as described in the certificate to be delivered pursuant to this Section 404(a1306(a), both (1l) is equal to or exceeds (A) $25,000 and (B) 1% of the principal amount of the Notes Securities outstanding at the date of delivery of such Senior Note First Mortgage Bonds and (2) together with the fair value to the Company, as described in the certificates to be delivered pursuant to this Section 404(a1306(a), of all other Senior Note First Mortgage Bonds delivered to the Trustee since the commencement of the then current calendar year, is equal to or exceeds 10% of the principal amount of the Notes Securities outstanding at the date of delivery of such Senior Note First Mortgage Bonds, then the certificate required by this Section 404(a1306(a) shall (1) be delivered by an Independent Expert who shall be independent of the Company and satisfactory to the Trustee in its reasonable judgment and (2) shall, in addition to the certifications described above, state the fair value to the Company of all Senior Note First Mortgage Bonds delivered to the Trustee pursuant to Section 401 1301 hereof since the commencement of the then current year as to which a certificate was not delivered by an Independent ExpertExpert independent of the Company.

FAIR VALUE CERTIFICATE. (a) Upon the delivery by the Company to the Trustee of Senior Note First Mortgage Bonds pursuant to Section 401 4.01 or Section 4.09 hereof, the Company shall simultaneously therewith deliver to the Trustee a certificate of an Expert (1) stating that he or she it is familiar with the provisions of such Senior Note First Mortgage Bonds and of this Indenture; (2) identifying stating the principal amount of such Senior Note First Mortgage Bonds so delivered, the stated interest rate (or method of calculation of interest) of such Senior Note First Mortgage Bonds (if any) and the stated maturity date of such Senior Note First Mortgage Bonds; (3) identifying the Notes being issued contemporaneously therewith therewith, and (4) stating the fair value to the Company of such Senior Note First Mortgage Bonds. If the fair value to the Company of the Senior Note First Mortgage Bonds so delivered, as described in the certificate to be delivered pursuant to this Section 404(a4.06(a), both (1l) is equal to or exceeds (A) $25,000 and (B) 1% of the principal amount of the Notes outstanding at the date of delivery of such Senior Note First Mortgage Bonds and (2) together with the fair value to the Company, as described in the certificates to be delivered pursuant to this Section 404(a4.06(a), of all other Senior Note First Mortgage Bonds delivered to the Trustee since the commencement of the then current calendar year, is equal to or exceeds 10% of the principal amount of the Notes outstanding at the date of delivery of such Senior Note First Mortgage Bonds, then the certificate required by this Section 404(a4.06(a) shall (1) be delivered by an Independent Expert who shall be independent of the Company and (2) shall), in addition to the certifications described above, state the fair value to the Company of all Senior Note First Mortgage Bonds delivered to the Trustee pursuant to Section 401 4.09 hereof since the commencement of the then current year as to which a certificate was not delivered by an Independent ExpertExpert independent of the Company.

FAIR VALUE CERTIFICATE. (a) Upon the delivery by the Company to the Trustee of Senior Note First Mortgage Bonds pursuant to Section 401 hereof, the Company shall simultaneously therewith deliver to the Trustee a certificate of an Expert (1) stating that he or she it is familiar with the provisions of such Senior Note First Mortgage Bonds and of this Indenture; (2) identifying stating the principal amount of such Senior Note First Mortgage Bonds delivered, the stated interest rate (or method of calculation of interest) of such Senior Note First Mortgage and the stated maturity date of such Senior Note First Mortgage Bonds; (3) identifying the Notes being issued contemporaneously therewith therewith, and (4) stating the fair value to the Company of such Senior Note First Mortgage Bonds. If the fair value to the Company of the Senior Note First Mortgage Bonds so delivered, as described in the certificate to be delivered pursuant to this Section 404(a), both (1l) is equal to or exceeds (A) $25,000 and (B) 1% of the principal amount of the Notes outstanding at the date of delivery of such Senior Note First Mortgage Bonds and (2) together with the fair value to the Company, as described in the certificates delivered pursuant to this Section 404(a), of all other Senior Note First Mortgage Bonds delivered to the Trustee since the commencement of the then current calendar year, is equal to or exceeds 10% of the principal amount of the Notes outstanding at the date of delivery of such Senior Note First Mortgage Bonds, then the certificate required by this Section 404(a) shall (1) be delivered by an Independent independent Expert and (2) shall, in addition to the certifications described above, state the fair value to the Company of all Senior Note First Mortgage Bonds delivered to the Trustee pursuant to Section 401 hereof since the commencement of the then current year as to which a certificate was not delivered by an Independent ExpertExpert independent of the Company.

FAIR VALUE CERTIFICATE. (a) Upon the delivery by the Company to the Trustee of Senior Note First Mortgage Bonds pursuant to Section 401 14.1 hereof and subject to Section 3.3 hereof, the Company shall simultaneously therewith deliver to the Trustee a certificate of an Expert (1) stating that he or she it is familiar with the provisions of such Senior Note First Mortgage Bonds and of this Indenture; , (2) identifying stating the principal amount of such Senior Note First Mortgage Bonds so delivered, the stated interest rate (or method of calculation of interest) of such Senior Note Mortgage Bonds and the stated maturity date of such Senior Note Mortgage Bonds; , (3) identifying the Notes Securities being issued contemporaneously therewith therewith, and (4) stating the fair value to the Company of such Senior Note First Mortgage Bonds. If the fair value to the Company of the Senior Note First Mortgage Bonds so delivered, as described in the certificate to be delivered pursuant to this Section 404(a14.6(a), both (1l) is equal to or exceeds (A) $25,000 and (B) 1% of the principal amount of the Notes Securities outstanding at the date of delivery of such Senior Note First Mortgage Bonds and (2) together with the fair value to the Company, as described in the certificates to be delivered pursuant to this Section 404(a14.6(a), of all other Senior Note First Mortgage Bonds delivered to the Trustee since the commencement of the then current calendar year, is equal to or exceeds 10% of the principal amount of the Notes Securities outstanding at the date of delivery of such Senior Note First Mortgage Bonds, then the certificate required by this Section 404(a14.6(a) shall (1) be delivered by an Independent Expert who shall be independent of the Company and satisfactory to the Trustee in its reasonable judgment and (2) shall, in addition to the certifications described above, state the fair value to the Company of all Senior Note First Mortgage Bonds delivered to the Trustee pursuant to Section 401 14.1 hereof since the commencement of the then current year as to which a certificate was not delivered by an Independent ExpertExpert independent of the Company.

FAIR VALUE CERTIFICATE. (a) Upon the delivery by the Company to the Trustee of If Senior Note First Mortgage Bonds ----------------------- are delivered or surrendered to the Company pursuant to Section 401 4.03 hereof, the Company shall simultaneously therewith deliver to the Trustee a certificate of an Expert (1) stating that he or she it is familiar with the provisions of such Senior Note First Mortgage Bonds and of this Indenture; , (2) identifying stating the principal amount of such Senior Note First Mortgage Bonds; Bonds so delivered, the stated interest rate (3or method of calculation of interest) identifying of such Senior Note First Mortgage Bonds (if any) and the Notes being issued contemporaneously therewith and (4) stating the fair value to the Company Stated Maturity date of such Senior Note First Mortgage Bonds, (3) if applicable, identifying the Notes, the payment of the interest on and principal of which has been discharged hereunder, and (4) stating that such delivery and release will not impair the lien of this Indenture in contravention of the provisions of this Indenture. If If, prior to the Release Date, the fair value to the Company of the Senior Note First Mortgage Bonds so delivereddelivered and released, as described in the certificate to be delivered pursuant to this Section 404(a)4.04, both (1) is equal to or exceeds (A) $25,000 and (B) 1% of the principal amount of the Outstanding Notes outstanding at the date of delivery release of such Senior Note First Mortgage Bonds and (2) together with the fair value to the Company, as described in the certificates to be delivered pursuant to this Section 404(a)4.04, of all other Senior Note First Mortgage Bonds delivered to released from the Trustee lien of this Indenture since the commencement of the then current calendar year, is equal to or exceeds 10% of the principal amount of the Notes outstanding Outstanding at the date of delivery release of such Senior Note First Mortgage Bonds, then the certificate required by this Section 404(a) 4.04 shall (1) be delivered by an Independent Expert and (2) shallwho shall be independent of the Company. If, in addition to the certifications described above, state the fair value to the Company connection with a release of all outstanding Senior Note First Mortgage Bonds delivered Bonds, the Company provides to the Trustee pursuant an Opinion of Counsel stating that the certificate described by this Section 4.04 is not required by law, such certificate shall not be required to Section 401 hereof since the commencement of the then current year as to which a certificate was not be delivered by an Independent Expertthereunder in connection with such delivery or release.

FAIR VALUE CERTIFICATE. (a) Upon If required by applicable law, upon the delivery by the Company to the Trustee of the Senior Note First Mortgage Bonds pursuant to Section 401 4.07 hereof, the Company shall simultaneously therewith deliver to the Trustee a certificate of an Expert (1) stating that he he, she or she it is familiar with the provisions of such Senior Note First Mortgage Bonds and of this Indenture; (2) identifying stating the principal amount of such Senior Note First Mortgage Bonds so delivered, the stated interest rate (or method of calculation of interest) of such Senior Note First Mortgage Bonds (if any) and the Stated Maturity date of such Senior Note First Mortgage Bonds; (3) identifying the Notes being issued contemporaneously therewith therewith, and (4) stating the fair value to the Company of such Senior Note First Mortgage Bonds. If the fair value to the Company of the Senior Note First Mortgage Bonds so delivered, as described in the certificate to be delivered pursuant to this Section 404(a4.04(a), both (1l) is equal to or exceeds (A) $25,000 and (B) 1% of the principal amount of the Notes outstanding Outstanding at the date of delivery of such Senior Note First Mortgage Bonds and (2) together with the fair value to the Company, as described in the certificates to be delivered pursuant to this Section 404(a4.04(a), of all other Senior Note First Mortgage Bonds delivered to the Trustee since the commencement of the then current calendar year, is equal to or exceeds 10% of the principal amount of the Notes outstanding Outstanding at the date of delivery of such Senior Note First Mortgage Bonds, then the certificate required by this Section 404(a4.04(a) shall (1) be delivered by an Independent Expert who shall be independent of the Company and (2) shall, in addition to the certifications described above, state the fair value to the Company of all Senior Note First Mortgage Bonds delivered to the Trustee pursuant to Section 401 4.07 hereof since the commencement of the then current year as to which a certificate was not delivered by an Independent ExpertExpert independent of the Company.

FAIR VALUE CERTIFICATE. (a) Upon the delivery by the Company to the Trustee of Senior Note First Mortgage Collateral Bonds pursuant to Section 401 4.06 hereof, or Substituted Collateral Bonds pursuant to Section 4.09 hereof, the Company shall simultaneously therewith deliver to the Trustee a certificate of an Expert (1) stating that he or she it is familiar with the provisions of such Senior Note First Mortgage Collateral Bonds or Substituted Collateral Bonds and of this Indenture; (2) identifying stating the principal amount of such Senior Note First Mortgage Collateral Bonds or Substituted Collateral Bonds so delivered, the stated interest rate (or method of calculation of interest) of such Collateral Bonds or Substituted Collateral Bonds and the stated maturity date of such Collateral Bonds or Substituted Collateral Bonds; (3) identifying the Notes Securities being issued contemporaneously therewith therewith, and (4) stating the fair value to the Company of such Senior Note First Mortgage Collateral Bonds or Substituted Collateral Bonds. If the fair value to the Company of the Senior Note First Mortgage Collateral Bonds or Substituted Collateral Bonds so delivered, as described in the certificate to be delivered pursuant to this Section 404(a4.10(a), both (1w) is equal to or exceeds (Ai) $25,000 and (Bii) 1% of the principal amount of the Notes Securities outstanding at the date of delivery of such Senior Note First Mortgage Collateral Bonds or Substituted Collateral Bonds and (2x) together with the fair value to the Company, as described in the certificates to be delivered pursuant to this Section 404(a4.10(a), of all other Senior Note First Mortgage Collateral Bonds or Substituted Collateral Bonds delivered to the Trustee Trustees since the commencement of the then current calendar year, is equal to or exceeds 10% of the principal amount of the Notes outstanding Securities Outstanding at the date of delivery of such Senior Note First Mortgage Collateral Bonds or Substituted Collateral Bonds, then the certificate required by this Section 404(a4.10 (a) shall (1y) be delivered by an Independent Expert who shall be independent of the Company and satisfactory to the Trustee in its reasonable judgement and (2z) shall, in addition to the certifications verifications described above, state the fair value to the Company of all Senior Note First Mortgage Collateral Bonds or Substituted Collateral Bonds delivered to the Trustee pursuant to Section 401 4.08 or 4.09 hereof since the commencement of the then current year as to which a certificate was not delivered by an Independent ExpertExpert independent of the Company.

FAIR VALUE CERTIFICATE. (a) Upon the delivery by the Company to the Trustee of Senior Note First Mortgage Bonds pursuant to Section 401 4.1 or Section 4.9 hereof, the Company shall simultaneously therewith deliver to the Trustee a certificate of an Expert (1) stating that he or she it is familiar with the provisions of such Senior Note First Mortgage Bonds and of this Indenture; (2) identifying stating the principal amount of such Senior Note First Mortgage Bonds so delivered, the stated interest rate (or method of calculation of interest) of such Senior Note Mortgage Bonds and the stated maturity date of such Senior Note Mortgage Bonds; (3) identifying the Notes being issued contemporaneously therewith therewith, and (4) stating the fair value to the Company of such Senior Note First Mortgage Bonds. If the fair value to the Company of the Senior Note First Mortgage Bonds so delivered, as described in the certificate to be delivered pursuant to this Section 404(a4.6(a), both (1l) is equal to or exceeds (A) $25,000 and (B) 1% of the principal amount of the Notes outstanding at the date of delivery of such Senior Note First Mortgage Bonds and (2) together with the fair value to the Company, as described in the certificates to be delivered pursuant to this Section 404(a4.6(a), of all other Senior Note First Mortgage Bonds delivered to the Trustee since the commencement of the then current calendar year, is equal to or exceeds 10% of the principal amount of the Notes outstanding at the date of delivery of such Senior Note First Mortgage Bonds, then the certificate required by this Section 404(a4.6(a) shall (1) be delivered by an Independent Expert who shall be independent of the Company and satisfactory to the Trustee in its reasonable judgment and (2) shall, in addition to the certifications described above, state the fair value to the Company of all Senior Note First Mortgage Bonds delivered to the Trustee pursuant to Section 401 4.9 hereof since the commencement of the then current year as to which a certificate was not delivered by an Independent ExpertExpert independent of the Company.