Common use of Purchase of Ownership Interest Clause in Contracts

Purchase of Ownership Interest. If pursuant to Section 8.01 the Owners determine not to repair or rebuild the Damaged Facilities (or cannot reach agreement to repair or rebuild the Damaged Facilities) or the Operator determines that the Damaged Facilities should not be repaired and reconstructed and, in each case, one Owner desires to repair or rebuild the Damaged Facilities (the “Continuing Owner”), then the Continuing Owner shall have the option to purchase all of the Ownership Interest (and Capacity Share) of the other Owner. In order to exercise its option to purchase all of the Ownership Interest (and Capacity Share) of the other Owner, the Continuing Owner must give written notice thereof to the other Owner within thirty (30) days of the Owners’ or Operator’s determination pursuant to Section 8.01 not to repair or rebuild the Damaged Facilities. The Owners shall enter into such documentation as the Continuing Owner shall reasonably request to document the purchase and sale of all of the Ownership Interest (and Capacity Share) of the other Owner in the Transmission Facilities, provided that the purchase price of the Ownership Interest (and Capacity Share) of the other Owner shall be equal to the other Owner’s pro rata share (based on its Ownership Interest) of: (a) the salvage value of the Damaged Facilities, and (b) the depreciated cost of the Transmission Facilities which are not part of the Damaged Facilities.

Purchase of Ownership Interest. If pursuant Each Owner shall give written notice to Section 8.01 the Owners determine not to repair or rebuild other Owner when it believes the Damaged Facilities (or cannot reach agreement to repair or rebuild the Damaged Facilities) or the Operator determines that the Damaged Transmission Facilities should not be repaired retired and reconstructed anddecommissioned (each, in each case, one a “Decommissioning Notice”). If the other Owner desires to repair or rebuild continue the Damaged operation of the Transmission Facilities (the “Continuing Remaining Owner”), then the Continuing Remaining Owner shall have the option to purchase all of the Ownership Interest (and Capacity Share) of the other OwnerOwner in the Transmission Facilities. In order to exercise its option to purchase all of the Ownership Interest (and Capacity Share) of the other OwnerOwner in the Transmission Facilities, the Continuing Remaining Owner must give written notice thereof to the other Owner within thirty ninety (3090) days of receipt of the Owners’ or Operatorother Owner’s determination pursuant to Section 8.01 not to repair or rebuild the Damaged FacilitiesDecommissioning Notice. The Owners shall enter into such documentation as the Continuing Remaining Owner shall reasonably request to document the purchase and sale of all of the Ownership Interest (and Capacity Share) of the other Owner in the Transmission FacilitiesOwner, provided that the purchase price of the Ownership Interest (and Capacity Share) of the other Owner shall be equal to the other Owner’s pro rata share (based on its Ownership Interest) of: (a) the salvage value of the Damaged Facilities, and (b) the depreciated cost of the applicable Transmission Facilities which are not part of the Damaged Facilities.