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. Unless the Lessee has exercised its option to purchase the Facility pursuant to Section 19 of this Lease and has paid all amounts due and owing under this Lease or any of the other Operative Agreements, 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.
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. 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. (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.
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. 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.
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. The Lessee may from time to time make such Severable and Nonseverable Alterations to the Transmission System which are not Required Alterations (all such Alterations being herein referred to as OPTIONAL ALTERATIONS) as the Lessee, in its sole discretion, may deem desirable in the proper conduct of its business; PROVIDED, HOWEVER, that no Optional Alteration shall diminish the value, utility or condition of the Transmission System below the value, utility and condition thereof immediately prior to such Optional Alteration, assuming the Transmission System was then in at least the condition and repair required to be maintained by the terms of this Lease. If at any time the Lessee shall propose to incorporate in the Transmission System any Nonseverable Optional Alteration with a cost in excess of $2,000,000, the Lessee will give to the Lessor 30 days' prior written notice thereof, including the Lessee's proposal for the financing of the cost of the Lessor's Undivided Interest therein. Such alteration shall be subject to the Lessor's consent; PROVIDED, HOWEVER, that if the Lessor shall not have objected to the incorporation of such proposed Nonseverable Optional Alteration in the Transmission System within such 30-day period, the Lessor will be deemed to have consented thereto. In such connection, the Lessor acknowledges that its interest in the Transmission System is only with respect to its Undivided Interest and, therefore, that the Lessee shall be required to take into account the rights and interests of all other Persons having an undivided interest in the Transmission System, including any undivided interest in such proposed Nonseverable Optional Alteration. All Optional Alterations shall be completed in a good and workmanlike manner, with reasonable dispatch.
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:
