Remarketing Options Sample Clauses
Remarketing Options. The Company may select one or more of the following options for remarketing Excess Firm Energy:
(A) The Company may identify one or more Qualified Purchasers that have agreed to purchase some or all of the Excess Firm Energy under specified terms and conditions at agreed-upon prices or price formulas and for agreed-upon amounts and durations. The Company shall provide BPA at least the notice specified in section 18(b)(3) prior to the date that deliveries are to begin under each proposed sale.
(B) The Company may arrange in advance for a Qualified Purchaser(s) to purchase any Firm Power that becomes Excess Firm Energy during any period for which the Company and a Qualified Purchaser may agree. The Company shall provide Contract No. 95MS-94862 37 BPA at least the notice specified in section 18(b)(3) prior to the date on which the prearrangement becomes effective. In addition, the Company shall notify BPA as required in section 10(b) when deliveries are to begin under the arrangement.
(C) The Company may request that BPA find purchasers for the Excess Firm Energy. If the Company chooses, it may request that BPA seek sales of specified amounts for daily, weekly, monthly, or other specified durations, and the Company may specify minimum prices or price ranges for the sales. BPA and the Company shall agree on the price of the sale at the time of the transaction unless the daily limitations in section 18(b)(4)(E) apply. BPA shall promptly notify the Company of the sales made on the Company's behalf.
(D) The Company and BPA may agree to a price for use in crediting the Company's wholesale power bill under section 18(b)(4). BPA shal▇ ▇▇ve discretion to dispose of or use such Excess Firm Energy without regard to the procedures associated with other options for disposal, and the Company shall have no further rights with respect to such Excess Firm Energy that is subject to such agreement.
Remarketing Options. Subject to the fulfillment of each of the conditions set forth below, Guarantor shall have the option (the "Remarketing Option") exercisable at any time during the applicable Option Period with respect to the Purchase Option (and in lieu of the exercise of the Purchase Option), to market any Leased Property for the Company and to procure a purchaser therefor. Guarantor's effective exercise and consummation of the Remarketing Option shall be subject to the due and timely fulfillment of each of the following provisions, the failure of any of which shall render the Remarketing Option and Guarantor's exercise thereof null and void.
(i) Once the Guarantor has exercised the Remarketing Option as provided, Guarantor shall, as exclusive agent for the Company, use commercially reasonable efforts to sell the Company's interest in such Leased Property and will attempt to obtain the highest purchase price therefor. Guarantor will be responsible for hiring brokers and making such Leased Property available for inspection by prospective purchasers. Guarantor shall promptly provide any maintenance records relating to such Leased Property to the Company and any potential purchaser upon request, and shall otherwise do all things necessary to sell and deliver possession of such Leased Property to the purchaser. All such marketing of such Leased Property shall be at Guarantor's sole expense. Guarantor shall allow the Company and any potential qualified purchaser access to such Leased Property for the purpose of inspecting the same.
(ii) Guarantor shall submit all bids to the Company, and the Guarantor will have the right to review the same and the right to submit any one or more bids. All bids shall be on an "all-cash" basis. Guarantor shall procure bids from one or more bona fide prospective purchasers and shall deliver to the Company not less than ninety (90) days prior to the last day of such Lease Term a binding written unconditional (except as set forth below), irrevocable offer by such purchaser offering the highest "all-cash" bid to purchase such Leased Property. Such 8 purchaser shall not be Guarantor or any subsidiary or affiliate of Guarantor. The written offer must specify the last day of such Lease Term as the closing date.
(iii) On the last day of such Lease Term, Lessee shall surrender such Leased Property as provided for herein.
(iv) In connection with any such sale of such Leased Property, Guarantor will provide to the purchaser all customary "seller's" indemn...