Common use of Purchase of Ownership Interest Clause in Contracts

Purchase of Ownership Interest. Each Owner shall give written notice to the other Owner when it believes any of the Transmission Facilities or Common Equipment should be Retired Transmission Facilities (each, a “Decommissioning Notice”). If the other Owner desires to continue the operation of such Retired Transmission Facilities (the “Remaining Owner”), then the Remaining Owner shall have the option to purchase all of the Ownership Interest(s) (and associated Directional Capacity Allocation Percentage(s) and Directional Capacity Allocation(s)), if any, of the other Owner in such Retired Transmission Facilities. In order to exercise its option to purchase all of the Ownership Interest(s) (and associated Directional Capacity Allocation Percentage(s) and Directional Capacity Allocation(s)) of the other Owner in such Retired Transmission Facilities, the Remaining Owner must give written notice thereof to the other Owner within ninety (90) days of receipt of the other Owner’s Decommissioning Notice. The Owners shall enter into such documentation as the Remaining Owner shall reasonably request to document the purchase and sale of the Ownership Interest(s) (and associated Directional Capacity Allocation Percentage(s) and Directional Capacity Allocation(s)), if any, of the other Owner in such Retired Transmission Facilities, provided that the purchase price of the Ownership Interest(s) (and associated Directional Capacity Allocation Percentage(s) and Directional Capacity Allocation(s)) of the other Owner shall be equal to the other Owner’s Pro Rata Share (based on its respective Ownership Interest(s), if any, in the Retired Transmission Facilities) of the depreciated cost of the Retired Transmission Facilities.

Purchase of Ownership Interest. Each If the Owners, the Operator, or the Owner shall give written notice determines pursuant to Sections 7.1(a)(i), 7.1(a)(ii), or 7.1(a)(iii), respectively, not to repair or rebuild the other Owner when it believes any of the Transmission Facilities or Common Equipment should be Retired Transmission Damaged Facilities (eachor cannot reach agreement to repair or rebuild the Damaged Facilities) and, a “Decommissioning Notice”). If the other in each case, one Owner desires to continue repair or rebuild the operation of such Retired Transmission Damaged Facilities (the “Remaining Continuing Owner”), then the Remaining Continuing Owner shall have the option to purchase all of the Ownership Interest(s) (and associated Directional Capacity Allocation Percentage(s) and Directional Capacity Allocation(s)), if any, ) of the other Owner in such Retired Transmission the Damaged Facilities. In order to exercise its option to purchase all of the Ownership Interest(s) (and associated Directional Capacity Allocation Percentage(s) and Directional Capacity Allocation(s)) of the other Owner in such Retired Transmission the Damaged Facilities, the Remaining Continuing Owner must give written notice thereof to the other Owner within ninety thirty (9030) days of receipt of the other OwnerOwners’ or Operator’s Decommissioning Noticedetermination pursuant to Section 7.1 not to repair or rebuild the Damaged Facilities. The Owners shall enter into such documentation as the Remaining Continuing Owner shall reasonably request to document the purchase and sale of all of the Ownership Interest(s) (and associated Directional Capacity Allocation Percentage(s) and Directional Capacity Allocation(s)), if any, ) of the other Owner in such Retired Transmission the Damaged Facilities, provided that the purchase price of the Ownership Interest(s) (and associated Directional Capacity Allocation Percentage(s) and Directional Capacity Allocation(s)) of the other Owner shall be equal to the other Owner’s Pro Rata Share (based on its respective Ownership Interest(s), if any, ) in the Retired Transmission Damaged Facilities) of the depreciated cost salvage value of the Retired Transmission Damaged Facilities.

Purchase of Ownership Interest. Each If the Owners, the Operator, or the Owner shall give written notice determines pursuant toSections7.1(a)(i), 7.1(a)(ii), or 7.1(a)(iii), respectively, not to repair or rebuild the other Owner when it believes any of the Transmission Facilities or Common Equipment should be Retired Transmission Damaged Facilities (eachor cannot reach agreement to repair or rebuild the Damaged Facilities) and, a “Decommissioning Notice”). If the other in each case, one Owner desires to continue repair or rebuild the operation of such Retired Transmission Damaged Facilities (the “Remaining Continuing Owner”), then the Remaining Continuing Owner shall have the option to purchase all of the Ownership Interest(s) (and associated Directional Capacity Allocation Percentage(s) and Directional Capacity Allocation(s)), if any, ) of the other Owner in such Retired Transmission the Damaged Facilities. In order to exercise its option to purchase all of the Ownership Interest(s) (and associated Directional Capacity Allocation Percentage(s) and Directional Capacity Allocation(s)) of the other Owner in such Retired Transmission the Damaged Facilities, the Remaining Continuing Owner must give written notice thereof to the other Owner within ninety thirty (9030) days of receipt of the other OwnerOwners’ or Operator’s Decommissioning Noticedetermination pursuant to Section 7.1 not to repair or rebuild the Damaged Facilities. The Owners shall enter into such documentation as the Remaining Continuing Owner shall reasonably request to document the purchase and sale of all of the Ownership Interest(s) (and associated Directional Capacity Allocation Percentage(s) and Directional Capacity Allocation(s)), if any, ) of the other Owner in such Retired Transmission the Damaged Facilities, provided that the purchase price of the Ownership Interest(s) (and associated Directional Capacity Allocation Percentage(s) and Directional Capacity Allocation(s)) of the other Owner shall be equal to the other Owner’s Pro Rata Share (based on its respective Ownership Interest(s), if any, ) in the Retired Transmission Damaged Facilities) of the depreciated cost salvage value of the Retired Transmission Damaged Facilities.