Removal of Project Equipment. The County shall not be under any obligation to renew, repair or replace any inadequate, obsolete, worn out, unsuitable, undesirable, inappropriate or unnecessary Project Equipment. If the Company in its sole discretion determines that any such items of Project Equipment have become inadequate, obsolete, worn out, unsuitable, undesirable, inappropriate or unnecessary for its purposes at such time, the Company may remove such items from the Building and the Project Land and (on behalf of the County) sell, trade in or otherwise dispose of them (as a whole or in part) without any responsibility or accountability to the County or the Trustee therefor, provided that the Company shall either:
(a) substitute (either by direct payment of the costs thereof or by advancing to the County the moneys necessary therefor) and install anywhere in the Building or on the 108 Project Land other machinery, equipment or related property having equal or greater utility (but not necessarily having the same function or value) in the operation of the Building as a modern industrial facility (provided such removal and substitution shall not impair operating unity), all of which substituted machinery, equipment or related property shall be free of all liens and encumbrances (other than Permitted Encumbrances) but shall become a part of the Project Equipment; or
(b) not make any such substitution and installation, provided (i) that in the case of the sale of any such machinery, equipment or related property to anyone other than itself or in the case of the scrapping thereof, the Company shall pay into the Bond Fund the proceeds from such sale or the scrap value thereof, as the case may be, (ii) that in the case of the trade-in of such machinery, equipment or related property for other machinery, equipment or related property not to be installed in the Building or on the Project Land, the Company shall pay into the Bond Fund the amount of the credit received by it in such trade-in, and (iii) that in the case of the sale of any such machinery, equipment or related property to the Company or in the case of any other disposition thereof, the Company shall pay into the Bond Fund an amount equal to the original cost thereof less depreciation using methods and rates calculated in accordance with generally accepted accounting principles. The removal from the Project of any portion of the Project Equipment pursuant to the provisions of this Section shall not entitle the Company to any diminut...
Removal of Project Equipment. Subject to the Mortgage, the Lessee may, if no Event of Default shall have occurred and be continuing, dispose of any item of the Project Equipment, in the normal course of its business operations, so long as such disposal shall not (i) substantially impair the operation of the Project as a "project" within the meaning of the Act, or (ii) materially diminish the value of the Project as it then exists, or, in the alternative, so long as the Lessee conveys to the Issuer, before or simultaneously with such removal, other equipment or other personal property not theretofore constituting part of the Project Equipment and having utility (but not necessarily the same value or function) in the operation of the Project equal to or greater than the utility of the item of Project Equipment so removed, it being understood that all such substituted equipment or other personal property shall be free of all liens and encumbrances (other than Permitted Encumbrances), shall be the sole property of the Issuer, shall be and become a part of the Project Equipment subject to the demise of the Lease and to the lien of the Mortgage and shall be held by the Lessee on the same terms and conditions as the items originally constituting the Project Equipment. Upon the removal by the Lessee of any item of the Project Equipment from the Project Site in compliance with the conditions of this Section 6.2, the Issuer will convey title to such item to the Lessee or its designee by xxxx of sale or other appropriate conveyance. The Lessee shall not, by reason of the removal of any items of the Project Equipment pursuant to this Section 6.2, or any substitutions made for any items of the Project Equipment so removed, be entitled to any diminution or abatement of the Basic Rent or any other rent payable by the Lessee hereunder.
Removal of Project Equipment. The Company shall cause the Project and all of its property used or useful in the conduct of its business and operations to be maintained, preserved and kept in good repair and working order and condition and in as safe condition as its operations will permit and will make all repairs, renewals, replacements and improvements thereof necessary for the efficient and advantageous conduct of its business and operations. Nothing in this Section shall obligate the Company to preserve, repair, renew or replace any element or unit of the Project or any of its property no longer used or no longer useful in the conduct of its business, or prevent the Company from discontinuing the operation of any element or unit of the Project or any of its property or from removing or demolishing any building or buildings, if in its judgment (evidenced, in the case of such a cessation other than in the ordinary course of business, by a determination by its governing board) such discontinuance is desirable in the conduct of its business and not disadvantageous in any material respect to the owners of the Bonds. The Company may make additions, alterations and changes to the Project or its property so long as such additions, alterations and changes are made in compliance with the provisions of this Lease Agreement and will not result in a violation of the provisions of this Lease Agreement, and the Company may dispose of any property as permitted by this Lease Agreement.
Removal of Project Equipment. The Borrower may, if no Event of Default shall have occurred and be continuing, dispose of any item of the Project Equipment upon compliance with the conditions set forth in either subparagraph (a) or (b) below:
(a) The item of Project Equipment may be removed, sold or otherwise disposed of if it is retired or replaced in the ordinary course of operation of the Project, or
(b) The Borrower may sell part of the Project Equipment for fair market value provided the net proceeds of the sale after the payment of all costs thereof shall be used to purchase replacement Project equipment, or, paid to the Lenders for application against the principal on the Loan. The Borrower will not remove any items of the Project Equipment pursuant to the provisions of this Section if the operating utility of the Project will be significantly impaired by the removal. In furtherance of the preceding provisions of this Section, the Borrower will do the following:
(1) The Borrower will execute and deliver to the Lenders those documents as the Lenders may from time to time require to confirm the title of the Borrower to any items of equipment and other personal property that under the provisions of this Section are to become a part of the Project Equipment.
(2) The Borrower will pay all reasonable costs (including attorneys' fees) incurred by Lenders in subjecting to the lien of Lenders' Mortgage and Security Agreement any items of equipment and other personal property that under the provisions of this Section are to become a part of the Project Equipment Upon the removal by the Borrower of any item of the Project Equipment from the Project in compliance with the conditions of this Section 7.12, the Borrower will convey title to that item to the purchaser thereof by bill of sale or other appropriate conveyance. The Lenders shall exexxxx and deliver any instruments that the Borrower may deem necessary to confirm the release of any of the Project Equipment after notice to and the consent of the Lenders. The Borrower will reimburse the Lenders for their reasonable expenses (including attorneys' fees) incurred in connection with the release.
Removal of Project Equipment. The Company shall not be under any obligation to renew, repair or replace any inadequate, obsolete, worn out, unsuitable, undesirable or
Removal of Project Equipment. If no Event of Default has occurred and then exists, the Company shall have the right to remove Project Equipment from the Project Facilities, as follows:
(a) The Company shall have the privilege from time to time of substituting equipment and related property for any Project Equipment, provided that the effect of such substitution shall not be to materially impair the character or revenue producing significance of the Project Facilities.
(b) The Company shall also have the privilege of removing any Project Equipment without substitution therefor, provided that such removal shall not materially impair the character or revenue producing significance or value of the Project Facilities. In the event any removal of equipment under this Section causes damage to buildings or road right-of-ways, the Company shall restore or repair such damage at its expense. The Town shall execute and deliver such releases or other documents (if any) requested by the Company in connection with any action taken by the Company pursuant to this Section.
Removal of Project Equipment. The Company shall have the right, provided the Company is not in default in the payment of Basic Rent or Additional Rent hereunder, to remove from the Project and (on behalf of the City) sell, exchange or otherwise dispose of, without responsibility or accountability to the City or the Trustee with respect thereto, any items of the Project Equipment which
(a) the Company shall certify to the Trustee have become inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary or are otherwise no longer useful to the Company in its operations conducted on or in the Project, or (b) the Company shall certify to the Trustee have a value of less than $1,000,000. The Trustee shall amend the list of Project Equipment maintained by it pursuant to Section 10.8 hereof upon receipt of such certificates. In all cases, the Company shall pay all the costs and expenses of any such removal and shall promptly repair at its expense all damage to the Project caused thereby in a good and workmanlike manner.
Removal of Project Equipment. The Company may remove or permit the removal of any Project Equipment from the Project Site in accordance with the following provisions:
(a) In any instance where the Company in its sound discretion determines that any item of Project Equipment with a market value of $50,000 or more has become inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary for the operation of the Project, the Company may, at its own expense, remove and dispose of such item of Project Equipment and (except as provided in subsection (b) hereof) substitute and install other items of machinery, equipment or other personal property, not necessarily having the same function, provided that such removal and substitution shall not impair the operating utility of the Project and, provided, further, that the Company shall not dispose of Project Equipment having a market value greater than $350,000 in any fiscal year without prior
Removal of Project Equipment. If no Default exists, the Borrower shall have the right to remove Project Equipment from the Project Facilities, as follows:
(a) The Borrower shall have the privilege from time to time of substituting equipment and related property for any Project Equipment, provided that the effect of such substitution shall not be to materially impair the character or revenue producing significance of the Project Facilities.
(b) The Borrower shall also have the privilege of removing any Project Equipment without substitution therefor, provided that such removal shall not materially impair the character or revenue producing significance or value of the Project Facilities. In the event any removal of equipment under this Section causes damage to buildings, the Borrower shall restore or repair such damage at its expense. The Issuer shall execute and deliver such releases or other documents (if any) requested by the Borrower in connection with any action taken by the Borrower pursuant to this Section. The removal from the Project Facilities of any portion of equipment pursuant to the provisions of this Section shall not entitle the Borrower to any abatement or diminution of Loan Repayments subsequently due.
Removal of Project Equipment. The Company shall not be under any obligation to renew, repair or replace any inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary item of Project Equipment. In any instance where the Company in its sole discretion determines that any items of Project Equipment have become inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary, the Company may remove such items of Project Equipment and (on behalf of the Issuer), sell, trade-in, exchange or otherwise dispose of them (in whole or in part) without any responsibility or accountability to the issuer or the Trustee.
