Interests in Unit 4 Common Facilities Sample Clauses

Interests in Unit 4 Common Facilities. All properties as defined in Section 1.03, whether real, personal or mixed and whether tangible or intangible (including all options or contract rights for the acquisition of real property as the site for said Unit 4 Common Facilities) now owned or hereafter acquired for the purposes of said Unit 4 Common Facilities, whether held at any time or from time to time in the name or names of one or both of the Companies or of any nominee, agent or contractor of one or both of the Companies, shall at all times be owned by the Companies as tenants in common with undivided ownership interests in the respective percentage shares in the whole and each and every item of such properties determined as follows: a) Until the redetermination and settlement under subsection (b) of this Section, the respective percentage shares of ownership of the various items and classes of-Unit 4 Common Facilities shall be as determined by Xxxx 0 Xxxxxxxxxxxx Xxxxxxxxx. b) Prior to the date when any Unit 4 Common Facilities are placed in service, the identity of such Unit 4 Common Facilities and the respective percentage shares of ownership thereof shall be re-determined by mutual agreement of the Xxxx 0 Xxxxxxxxxxxx Xxxxxxxxx so as to reflect the relative anticipated use of facilities by the respective Companies as of the date of commercial operation. Generally, to the extent that Unit 4 Common Facilities are to be used in part in connection with operation of Unit 4, only that part of their ownership shall be shared by the Companies in proportion to their ownership shares in Xxxx 0, and all other interest therein shall be vested in "Power Company." Ownership shall thereupon be adjusted by mutual transfer of interests to accord with such redetermination, and settlement for interests then transferred shall be made by cash payment by the transferee for the value thereof taken at the transferor's original cost thereof at the date of purchase as determined under the Uniform System of Accounts mentioned in Section 3.07 hereof. After redetermination and settlement as provided in the foregoing subsection (b), the ownership of Unit 4 Common Facilities shall remain fixed.
Sample 1
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Related to Interests in Unit 4 Common Facilities

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