Common use of Payment of Casualty Value Clause in Contracts

Payment of Casualty Value. Following the occurrence of an Event of Loss, on the date specified in a notice from the Lessor to the Lessee, the Lessee shall pay to the Lessor (A) an amount equal to the excess of (i) Casualty Value, determined as of the date such payment is due, if such date is a Basic Rent Payment Date, or the next succeeding Basic Rent Payment Date, in all other cases (except if such Event of Loss occurs on a Basic Rent Payment Date, in which event the Casualty Value shall be determined as of such Basic Rent Payment Date), over (ii) the unpaid principal amount of the Notes Outstanding on such date and assumed by the Lessee on such date, after giving effect to the payment, if any, of the principal installment due and payable and paid in respect of such Notes on such date, together with (B) any other amounts of Supplemental Rent then due. If the Lessee shall have made such payment and shall have assumed all obligations and liabilities of the Owner Trustee under the Indenture and the Notes pursuant to Section 3.9 (b) of the Indenture, the Lessor shall, as long as no Default or Event of Default shall have occurred and be continuing (and at any time after the occurrence of an Event of Loss the Lessor may) Transfer the Undivided Interest, subject to the Lien of the Indenture, to the Lessee, or an Affiliate thereof, as may be designated by the Lessee in the Lessee’s Notice in effect immediately prior to such Transfer, or if no Lessee’s Notice shall then be in effect, to the Lessee. If, following the occurrence of an Event of Loss, the Lessor or the Owner Participant shall have received an amount equal to Net Casualty Value and the Lessor and the Owner Participant shall have received all other amounts due and owing to them by the Lessee hereunder and under the other Transaction Documents, but the Lessee shall not have assumed the obligations and liabilities of the Owner Trustee under the Indenture and the Notes pursuant to Section 3.9(b) of the Indenture, the Owner Participant shall effect the Special Transfer, in which case, without further act on the part of the Lessor or the Lessee, the obligation of the Lessee to pay further Basic Rent shall be reduced to an amount, payable on each Basic Rent Payment Date thereafter, equal to the aggregate amount of principal of and premium, if any, and accrued interest then payable on, all Notes then Outstanding.

Payment of Casualty Value. Following On the occurrence Basic Rent Payment Date next following receipt by the Lessee of an Event of Loss, on the date specified in a written notice from the Lessor to the Lesseethat an Event of Loss has occurred, the Lessee shall pay to the Lessor (A) all Basic Rent due on such Basic Rent Payment Date, plus an amount equal to the excess of (i) Casualty Value, determined as of the date such payment is due, if such date is a Basic Rent Payment Date, or the next succeeding Basic Rent Payment Date, in all other cases (except if such Event of Loss occurs on a Basic Rent Payment Date, in which event the Casualty Value shall be determined as of such Basic Rent Payment Date), over (ii) the unpaid principal amount of the Notes Outstanding on such date and assumed by the Lessee on such date, after giving effect to the payment, if any, of the principal installment due and payable and paid in respect of such Notes on such date, together with (B) any other amounts of Supplemental Rent then due. If the Lessee shall have made such payment and shall have assumed all obligations and liabilities of the Owner Trustee under the Indenture and the Notes pursuant to Section 3.9 (b) of the Indenture, the Lessor shall, as long as no Default or Event of Default shall have occurred and be continuing (and at any time after the occurrence of an An Event of Loss shall not be deemed to have occurred unless and until the Lessor may) Transfer delivers the Undivided Interest, subject to notice specified in the Lien of the Indenture, to the Lessee, or an Affiliate thereof, as may be designated preceding sentence. Upon compliance in full by the Lessee in with the Lessee’s Notice in effect immediately prior to such Transfer, or if no Lessee’s Notice shall then be in effect, to the Lessee. If, following the occurrence foregoing provisions of an Event of Loss, the Lessor or the Owner Participant shall have received an amount equal to Net Casualty Value this Section (c) and the Lessor and the Owner Participant shall have received all other amounts due and owing to them assumption by the Lessee hereunder and under the other Transaction Documents, but the Lessee shall not have assumed of all the obligations and liabilities of the Owner Trustee under the Indenture and the Notes pursuant to Section 3.9(b) of the Indenture, the Lessor shall (so long as no Default or Event of Default shall have occurred and be continuing), and at any time after the occurrence of an Event of Loss, the Lessor may: (1) in the case of an Event of Loss arising from a Final Shutdown, if the Lessee shall have declined, but one or more of the other ANPP Participants shall have elected, to reconstruct or restore Unit 1, as permitted by the ANPP Participation Agreement, Transfer the Undivided Interest and the Real Property Interest to such electing ANPP Participants, as required by and in the proportions set forth in the ANPP Participation Agreement, in which case the Lessee shall be entitled to receive the portion of the "salvage value" purchase price allocable to the Undivided Interest; or (2) if clause (1) shall not be applicable, Transfer the Undivided Interest and the Real Property Interest to the Lessee. If the Lessee shall not have assumed all the obligations and liabilities of the Owner Trustee under the Indenture and the Notes in accordance with Section 3.9(b) of the Indenture, but the Owner Participant shall effect the Special Transfer, in which case, without further act on the part have received under Section 5.2 of the Indenture all amounts required to be paid by the Lessee pursuant to this Section 9(c) (including interest, if any, thereon pursuant to Section 3(b)(iii) hereof), the Lessor or shall retain the LesseeUndivided Interest and the Real Property Interest subject to the terms of this Facility Lease and Section 7(b,)(4) of the Participation Agreement; provided, however, that (i) the obligation of the Lessee to pay further Basic Rent shall be reduced to an amount, payable amount on each Basic Rent Payment Date thereafter, equal to the aggregate amount of principal of and principal, premium, if any, and accrued interest then payable on, on all Notes then OutstandingOutstanding and (ii) this Facility Lease shall become a security agreement for all purposes of Applicable Law.

Payment of Casualty Value. Following On the occurrence Basic Rent Payment Date next following receipt by the Lessee of an Event of Loss, on the date specified in a written notice from the Lessor to the Lesseethat an Event of Loss has occurred, the Lessee shall pay to the Lessor (A) all Basic Rent due on such Basic Rent Payment Date, plus an amount equal to the excess of (i) Casualty Value, determined as of the date such payment is due, if such date is a Basic Rent Payment Date, or the next succeeding Basic Rent Payment Date, in all other cases (except if such Event of Loss occurs on a Basic Rent Payment Date, in which event the Casualty Value shall be determined as of such Basic Rent Payment Date), Date over (ii) the unpaid principal amount of the Notes Outstanding on such date and assumed by the Lessee on such date, after giving effect to the payment, if any, of the principal installment due and payable and paid in respect of such Notes on such date, together with (B) any other amounts of Supplemental Rent then due. If the Lessee shall have made such payment and shall have assumed all obligations and liabilities of the Owner Trustee under the Indenture and the Notes pursuant to Section 3.9 (b) of the Indenture, the Lessor shall, as long as no Default or Event of Default shall have occurred and be continuing (and at any time after the occurrence of an An Event of Loss shall not be deemed to have occurred unless and until the Lessor may) Transfer delivers the Undivided Interest, subject to notice specified in the Lien of the Indenture, to the Lessee, or an Affiliate thereof, as may be designated preceding sentence. Upon compliance in full by the Lessee in with the Lessee’s Notice in effect immediately prior to such Transfer, or if no Lessee’s Notice shall then be in effect, to the Lessee. If, following the occurrence foregoing provisions of an Event of Loss, the Lessor or the Owner Participant shall have received an amount equal to Net Casualty Value this Section 9(c) and the Lessor and the Owner Participant shall have received all other amounts due and owing to them assumption by the Lessee hereunder and under the other Transaction Documents, but the Lessee shall not have assumed of all the obligations and liabilities of the Owner Trustee under the Indenture and the Notes pursuant to Section 3.9(b) of the Indenture, the Lessor shall (so long as no Default or Event of Default shall have occurred and be continuing), and at any time after the occurrence of an Event of Loss, the Lessor may: (1) in the case of an Event of Loss arising from a Final Shutdown, if the Lessee shall have declined, but one or more of the other ANPP Participants shall have elected, to reconstruct or restore Unit 2, as permitted by the ANPP Participation Agreement, Transfer the Undivided Interest and the Real Property Interest to such electing ANPP Participants, as required by and in the proportions set forth in the ANPP Participation Agreement, in which case the Lessee shall be entitled to receive the portion of the "salvage value" purchase price allocable to the Undivided Interest; or (2) if clause (1) shall not be applicable, Transfer the Undivided Interest and the Real Property Interest to the Lessee. If the Lessee shall not have assumed all the obligations and liabilities of the Owner Trustee under the Indenture and the Notes in accordance with Section 3.9(b) of the Indenture, but the Owner Participant shall effect the Special Transfer, in which case, without further act on the part have received under Section 5.2 of the Indenture all amounts required to be paid by the Lessee pursuant to this Section 9(c) (including interest, if any, thereon pursuant to Section 3(b) (iii) hereof), the Lessor or shall retain the LesseeUndivided Interest and the Real Property Interest subject to the terms of this Facility Lease and Section 7(b)(4) of the Participation Agreement; provided, however, that (i) the obligation of the Lessee to pay further Basic Rent shall be reduced to an amount, payable amount on each Basic Rent Payment Date thereafter, equal to the aggregate amount of principal of and principal, premium, if any, and accrued interest then payable on, ' all Notes then OutstandingOutstanding and (ii) this Facility Lease shall become a security agreement for all purposes of Applicable Law.

Payment of Casualty Value. Following Except as otherwise provided in the occurrence definition of the term "Final Shutdown", an Event of Loss, on Loss shall not occur unless. and until the date specified in Owner Participant delivers to the Lessor and the Lessee a written notice identifying the applicable event and declaring that such event constitutes an Event of Loss hereunder. On the Basic Rent Payment Date next following receipt by the Lessee of a written notice from the Lessor to the Lesseethat an Event of Loss has occurred, the Lessee shall pay to the Lessor (A) all Basic Rent due on such Basic Rent Payment Date, plus an amount equal to the excess of (i) Casualty Value, determined as of the date such payment is due, if such date is a Basic Rent Payment Date, or the next succeeding Basic Rent Payment Date, in all other cases (except if such Event of Loss occurs on a Basic Rent Payment Date, in which event the Casualty Value shall be determined as of such Basic Rent Payment Date), Date over (ii) the unpaid principal amount of the Notes Outstanding on such date and assumed by the Lessee on such date, after giving effect to the payment, if any, of the principal installment due and payable and paid in respect of such Notes on such date, together with . (Ba) any other amounts of Supplemental Rent then due. If the Lessee shall have made such payment and shall have assumed all obligations and liabilities of the Owner Trustee under the Indenture and the Notes pursuant to Section 3.9 (b) of the Indenture, the Lessor shall, as long as no Default or Event of Default shall have occurred and be continuing (and at any time after the occurrence of an Event of Loss the Lessor may) Transfer the Undivided Interest, subject to the Lien of the Indenture, to the Lessee, or an Affiliate thereof, as may be designated Upon compliance in full by the Lessee in with the Lessee’s Notice in effect immediately prior to such Transfer, or if no Lessee’s Notice shall then be in effect, to the Lessee. If, following the occurrence foregoing provisions of an Event of Loss, the Lessor or the Owner Participant shall have received an amount equal to Net Casualty Value this Section 9(c) and the Lessor and the Owner Participant shall have received all other amounts due and owing to them assumption by the Lessee hereunder and under the other Transaction Documents, but the Lessee shall not have assumed of all the obligations and liabilities of the Owner Trustee under the Indenture and the Notes pursuant to Section 3.9(b) of the Indenture, the Owner Participant Lessor shall (so long as no Default or Event of Default shall have occurred and be continuing), and (b) at any time after the occurrence of an Event of Loss the Lessor may: 6091.BXXXXXX.1106.47:l (i) if Section 16.2 of the ANPP Participation Agreement (as in effect on the Special Transferdate hereof) or any similar provision of the ANPP Participation Agreement (as in effect on such date) shall be applicable and the Lessee shall have declined, but one or more of the other ANPP Participants shall have elected, to reconstruct or restore Unit 2, as permitted by the ANPP Participation Agreement, Transfer the Undivided Interest and the Real Property Interest to such electing ANPP Participants, as required by, and in the proportions set forth in, the ANPP Participation Agreement, in which casecase the Lessee shall be entitled to receive the "salvage value" purchase price allocable to the Undivided Interest and he Real Property Interest; or (ii) if clause (i) above shall not be applicable, without further act on Transfer the part of Undivided Interest and the Lessor or Real Property Interest to the Lessee, the obligation of the Lessee to pay further Basic Rent shall be reduced to an amount, payable on each Basic Rent Payment Date thereafter, equal to the aggregate amount of principal of and premium, if any, and accrued interest then payable on, all Notes then Outstanding.

Payment of Casualty Value. Following On the occurrence Basic Rent Payment Date next following receipt by the Lessee of an Event of Loss, on the date specified in a written notice from the Lessor to the Lesseethat an Event of Loss has occurred, the Lessee shall pay to the Lessor (A) all Basic Rent due on such Basic Rent Payment Date, plus an amount equal to the excess of (i) Casualty Value, determined as of the date such payment is due, if such date is a Basic Rent Payment Date, or the next succeeding Basic Rent Payment Date, in all other cases (except if such Event of Loss occurs on a Basic Rent Payment Date, in which event the Casualty Value shall be value determined as of such Basic Rent Payment Date), Date over (ii) the unpaid principal amount of the Notes Outstanding on such date and assumed by the Lessee on such date, after giving effect to the payment, if any, of the principal installment due and payable and paid in respect of such Notes on such date, together with (B) any other amounts of Supplemental Rent then due. If the Lessee shall have made such payment and shall have assumed all obligations and liabilities of the Owner Trustee under the Indenture and the Notes pursuant to Section 3.9 (b) of the Indenture, the Lessor shall, as long as no Default or Event of Default shall have occurred and be continuing (and at any time after the occurrence of an An Event of Loss shall not be deemed to have occurred unless and until the Lessor may) Transfer delivers the Undivided Interest, subject to notice specified in the Lien of the Indenture, to the Lessee, or an Affiliate thereof, as may be designated preceding sentence. Upon compliance in full by the Lessee in with the Lessee’s Notice in effect immediately prior to such Transfer, or if no Lessee’s Notice shall then be in effect, to the Lessee. If, following the occurrence foregoing provisions of an Event of Loss, the Lessor or the Owner Participant shall have received an amount equal to Net Casualty Value this Section 9(c) and the Lessor and the Owner Participant shall have received all other amounts due and owing to them assumption by the Lessee hereunder and under the other Transaction Documents, but the Lessee shall not have assumed of all the obligations and liabilities of the Owner Trustee under the Indenture and the Notes pursuant to Section 3.9(b) of the Indentureindenture, the Owner Participant Lessor shall effect (so long as no Default or Event of Default shall have occurred and be continuing) , and at any time after the Special Transferoccurrence of an Event of Loss, the Lessor may: (1) in the case of an Event of Loss arising from a Final Shutdown, if the Lessee shall have declined, but one or more of the other ANPP Participants shall have elected, to reconstruct or restore unit 1, as permitted by the ANPP Participation Agreement, Transfer the Undivided Interest and the Real Property interest to such electing ANPP Participants, as required by and in the proportions set forth in the ANPP Participation Agreement, in which case, without further act on case the part Lessee shall be entitled to receive the portion of the Lessor or the Lessee, the obligation of the Lessee to pay further Basic Rent shall be reduced to an amount, payable on each Basic Rent Payment Date thereafter, equal salvage value" purchase price allocable to the aggregate amount of principal of and premium, if any, and accrued interest then payable on, all Notes then Outstanding.Undivided interest; or

Payment of Casualty Value. Following On the Basic Rent Payment Date next following the occurrence of an Event of Loss, on the date specified in a notice from the Lessor to the Lessee, the Lessee shall pay to the Lessor (A) all Basic Rent due on such Basic Rent Payment Date, plus an amount equal to the excess of (i) Casualty Value, determined as of the date such payment is due, if such date is a Basic Rent Payment Date, or the next succeeding Basic Rent Payment Date, in all other cases (except if such Event of Loss occurs on a Basic Rent Payment Date, in which event the Casualty Value shall be determined as of such Basic Rent Payment Date), plus an amount equal to the execww of (i) Casualty Value determined as of such Basic Rent Payment Date over (ii) the unpaid principal amount of the Notes Outstanding on such date and assumed by the Lessee on such date, after giving effect to the payment, if any, of the principal installment due and payable and paid in respect of such Notes on such date, together with (B) any other amounts of Supplemental Rent then due. If the Lessee shall have made such payment and shall have assumed all obligations and liabilities of the Owner Trustee under the Indenture and the Notes pursuant to Section 3.9 (b) of the Indenture, the Lessor shall, as long as no Default or Event of Default shall have occurred and be continuing (and at any time after the occurrence of an Event of Loss the Lessor may) Transfer the Undivided Interest, subject to the Lien of the Indenture, to the Lessee, or an Affiliate thereof, as may be designated Upon compliance in full by the Lessee in with the Lessee’s Notice in effect immediately prior to such Transfer, or if no Lessee’s Notice shall then be in effect, to the Lessee. If, following the occurrence foregoing provisions of an Event of Loss, the Lessor or the Owner Participant shall have received an amount equal to Net Casualty Value this Section 9(c) and the Lessor and the Owner Participant shall have received all other amounts due and owing to them assumption by the Lessee hereunder and under the other Transaction Documents, but the Lessee shall not have assumed of all the obligations and liabilities of the Owner Trustee under the Indenture and the Notes pursuant to Section 3.9(b) of the Indenture, the Owner Participant Lessor shall effect (so long as no Default or Event of Default shall have occurred and be continuing), and at any time after the Special Transferoccurrence of an Event of Loss, the Lessor may: (1) in the case of an Event of Loss arising from a Final Shutdown, if the Lessee shall have declined, but one or more of the other ANPP Participants shall have elected, to reconstruct or restore Unit 1, as permitted by the ANPP Participation Agreement, Transfer the Undivided Interest and the Real Property Interest to such electing ANPP Participants, as required by and in the proportions set forth in the ANPP Participation Agreement, in which case, without further act on case the part Lessee shall be entitled to receive the portion of the Lessor or "salvage value" purchase price allocable to the Undivided Interest; or (2) if clause (1) shall not be applicable, Transfer the Undivided Interest and the Real Property Interest to the Lessee. If the Lessee shall not have assumed all the obligations and liabilities of the Owner Trustee under the Indenture and the Notes in accordance with Section 3.9(b) of the Indenture, but shall have paid all amounts required by this Section 9(c), the Lessor shall retain the Undivided Interest and the Real Property Interest subject to the terms of this Facility Lease and Section 7(b) (4) of the Participation Agreement; provided, however, that (i) the obligation of the Lessee to pay further Basic Rent shall be reduced to an amount, payable amount on each Basic Rent Payment Date thereafter, equal to the aggregate amount of principal of and the principal, premium, if any, and accrued interest then payable on, on all Notes then OutstandingOutstanding and (ii) this Facility Lease shall become a security agreement for all purposes of Applicable Law.