Optional Alterations. (i) The Lessee, at its sole cost and expense, may from time to time make such Alterations to the Facility as the Lessee may deem desirable in the proper conduct of its business and which are not inconsistent with, and would not impair, the continuing operation of the Facility in accordance with its original functional purpose; PROVIDED, that any such Alteration made by the Lessee pursuant to this paragraph shall not diminish the value, utility, condition or remaining economic useful life and estimated residual value of the Facility to the Owner-Trustee below the value, utility, condition, remaining economic useful life and estimated residual value thereof to the Owner-Trustee immediately prior to such Alteration assuming that the Facility was then in the condition required to be maintained by the terms of this Lease. At the Owner-Trustee's request, the Lessee will remove any readily removable Alterations under this paragraph prior to the end of the Term at the Lessee's sole cost and expense.
(ii) The Lessee, at its own expense shall have the right to erect, alter or abandon structures, improvements, personal property, ramps, ditches, roadways, drainage and sanitary systems, supply lines for materials and utilities on the Site Lease Property, to grant licenses, rights, and easements respecting the same and otherwise to affect the Site Lease Property in any manner which the Lessee shall deem necessary or advisable for the operation of the Facility or the Site Lease Property as originally erected or from time to time altered by the Lessee; PROVIDED that there shall be no interference with or impairment of the operation of the Leased Property and no adverse effect on the current or residual value, useful life or utility of the Leased Property resulting therefrom, and that all such licenses, rights and easements granted pursuant to this sentence shall be subject and subordinate to this Lease and the Site Lease. Provided that the foregoing conditions have been met and subject to all other provisions of this Lease, including, without limitation, maintenance requirements, the Owner-Trustee agrees to accept such structures, improvements, personal property, ramps, ditches, roadways, drainage and sanitary systems, supply lines for materials and utilities thereon, in an "as-is" condition at the time the Lessee's rights under this Lease of possession and use of the Facility and the Site shall cease.
Optional Alterations. Lessee may from time to time make such Severable and Non-Severable Alterations to the Facility which are not required pursuant to Section 10.05 as Lessee may deem desirable in the proper conduct of its business provided that (i) no such Alteration shall materially diminish the value, utility, condition or useful life of the Facility below the value, utility, useful life and condition thereof immediately prior to such Alteration, assuming the Facility was then in at least the condition and repair required to be maintained by the terms of this Lease, and (ii) such Alteration shall not be in replacement of, or in substitution for, any Part originally incorporated in the Facility or any Part title to which shall have vested in Lessor. All such Alterations shall be completed in a good and workmanlike manner, with reasonable dispatch.
Optional Alterations. Unless an Event of Default shall have occurred and be continuing, Lessee, at its own expense, may from time to time make any Alteration to the Leased Property unless such Alteration (a) will materially impair the value or utility of the Leased Property or (b) will cause the Leased Property at the time of termination of the Lease not to have the capacity and functional ability to perform on a continuing basis, in normal commercial operation (whether or not then operating) the functions it was performing or capable of performing at Closing; provided, however, that to the extent it shall be reasonably feasible to do so, any such Alteration shall be made in such a manner that title thereto will not pass to Lessor for the reasons described in 11.6 (Title to Parts).
Optional Alterations. The Lessee at its own expense may from time to time make such Alterations to any Item of Equipment as the Lessee may deem desirable in the proper conduct of its business and which are not inconsistent with the continuing operation of such Item of Equipment in accordance with its original functional purpose; PROVIDED, that any such Alteration made by the Lessee pursuant to this paragraph shall not diminish the value or utility of any Item of Equipment to the Lessor Trustee below the value and utility thereof to the Lessor MW 1997-1 Trust Equipment Lease Trustee immediately prior to such Alteration. At the Lessor Trustee's request, the Lessee will remove any readily removable Alterations prior to the end of the Lease Term at the Lessee's sole cost and expense.
Optional Alterations. 10 SECTION 9.4
Optional Alterations. In addition to the foregoing, the -------------------- Lessee, at its own expense (subject to Section 9.5 hereof), may from time to time:
(a) make such Alterations to the Equipment as the Lessee may deem desirable in the proper conduct of its business, provided that such Alterations (i) are readily removable without causing damage to any of the Equipment; (ii) do not adversely affect the productive capacity, cost efficiency, utility, reliability or value of the Equipment; and (iii) such Alterations do not cause the Lease to lose its characteristic as a lease for federal income tax purposes ("Severable Alterations"); and
(b) make such Alterations to the Equipment as the Lessee may deem desirable in the proper conduct of its business, provided that such Alterations (i) do not adversely affect the productive capacity, cost efficiency, utility, reliability or value of the Equipment; and (ii) such Alterations do not cause the Lease to lose its characteristic as a lease for federal income tax purposes ("Non-Severable Alterations").
Optional Alterations. In addition to the foregoing, Lessee, at its own expense, may from time to time make such Alterations to the Equipment as Lessee may deem desirable in the proper conduct of its business; provided, however, that no such alteration shall be made by Lessee without the prior written consent of Lessor if (i) the cost of such Alteration shall exceed $500,000, (ii) any Part incorporated or installed in or attached to the Equipment as a result of such Alteration shall not be "readily removable" within the meaning of Revenue Procedures 75-21, 1975-1 C.B. 715, and 75-28, 1975-1 C.B. 752, as amended or supplemented from time to time, unless such Alteration constitutes a "Nonseverable Improvement" which satisfies the conditions specified in Section 3 of Revenue Procedure 79-48, 1979-39 I.R.B. 27, or (iii) any such Part could not be removed from the equipment without materially diminishing or impairing the value, utility or condition which the Equipment would have had at such time had such Alteration not occurred.
Optional Alterations. The Lessee at its own expense may from time to time make such Alterations to any Item of Equipment as the Lessee may deem desirable in the proper conduct of its business and which are consistent with the continuing operation of such Item of Equipment in accordance with its original functional purpose; provided, that any such Alteration made by the Lessee pursuant to this paragraph must not diminish the value or utility of any Item of Equipment to the Lessor Trustee below the value and utility thereof to the Lessor Trustee immediately prior to such Alteration. At the Lessor Trustee's request, the Lessee will remove any readily removable Alterations prior to the end of the Lease Term at the Lessee's sole cost and expense.
Optional Alterations. Lessee may, at its own expense, from time to time make such Alterations to the Equipment as Lessee may deem desirable in the proper conduct of its business; provided, however, that any such Alteration made pursuant to this clause (ii) shall not materially adversely affect the value, utility and useful life of such Equipment assuming that immediately prior to such Alteration such Equipment was in the condition required by this Lease.
Optional Alterations. Lessee may, at its own expense, from time to time make such Alterations to the Equipment as Lessee may deem desirable in the proper conduct of its business; provided, however, that any such Alteration made pursuant to this clause (ii) shall not impair the operation of the Equipment or diminish the current Fair Market Value, or residual value, utility, or remaining life of such Equipment (other than to a de minimus extent) assuming that immediately prior to such Alteration such Equipment was in the condition required by this Lease and shall not cause the Equipment to be "limited use property" within the meaning of Revenue Procedure 2001-28, 2001-19 I.R.B. 1156.
