Common use of Removal of Project Equipment Clause in Contracts

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 Project Equipment. The Company shall have the privilege from time to time of substituting machinery, equipment and related property for any Project Equipment; provided that the machinery and equipment so substituted shall be of a value not less than the value of the machinery or equipment replaced and shall not make the Project unsuitable for the Project Purposes. Any such substitute machinery and equipment shall become the property of the Director and be included under the terms of this Lease, and the replaced Project Equipment shall become the property of the Company. The Company shall promptly notify the Director and the Trustee of any substitutions of machinery or equipment, which notice shall include a description of the substituted machinery or equipment. The Company shall also have the privilege of removing any Project Equipment, without substitution therefor; provided, that the Company pays to the Director a sum equal to the then value of said Project Equipment, as determined by an Independent Engineer selected by the Company, and so long as any of the Bonds remain outstanding, the Company shall pay such amounts directly to the Trustee for deposit in the Collateral Proceeds Account and shall deliver to the Director and the Trustee a certificate signed by said Independent Engineer setting forth the value of said Project Equipment and stating that the removal of such equipment will not make the Project unsuitable for the Project Purposes. The Company may at any time while it is not in default under this Lease remove from the Project any machinery or equipment purchased and installed by it pursuant to Section 8.7 of this Lease and not included as Project Equipment. In the event any removal of machinery or equipment under this Section or Section 8.7 causes damage to existing buildings or structures, the Company shall restore the same or repair such damage at its sole expense. Company shall so request. This provision shall not be construed to require cooperation by the Director with the Company in any labor dispute.

Removal of Project Equipment. The Company 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 be under any obligation to renew(i) substantially impair the operation of the Project as a "project" within the meaning of the Act, repair or replace any inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary Project Equipment. The Company shall have the privilege from time to time of substituting machinery, equipment and related property for any Project Equipment; provided that the machinery and equipment so substituted shall be of a value not less than (ii) materially diminish the value of the machinery 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 replaced and shall or other personal property not make theretofore constituting part of the Project unsuitable for Equipment and having utility (but not necessarily the same value or function) in the operation of the Project Purposes. Any equal to or greater than the utility of the item of Project Equipment so removed, it being understood that all such substitute machinery substituted equipment or other personal property shall be free of all liens and equipment encumbrances (other than Permitted Encumbrances), shall become be the sole property of the Director 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 included under 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 LeaseSection 6.2, and the replaced Project Equipment shall become Issuer will convey title to such item to the property Lessee or its designee by xxxx of the Companysale or other appropriate conveyance. The Company Lessee shall promptly notify the Director and the Trustee not, by reason of any substitutions of machinery or equipment, which notice shall include a description of the substituted machinery or equipment. The Company shall also have the privilege of removing any Project Equipment, without substitution therefor; provided, that the Company pays to the Director a sum equal to the then value of said Project Equipment, as determined by an Independent Engineer selected by the Company, and so long as any of the Bonds remain outstanding, the Company shall pay such amounts directly to the Trustee for deposit in the Collateral Proceeds Account and shall deliver to the Director and the Trustee a certificate signed by said Independent Engineer setting forth the value of said Project Equipment and stating that the removal of such equipment will not make any items of the Project unsuitable Equipment pursuant to this Section 6.2, or any substitutions made for any items of the Project Purposes. The Company may at Equipment so removed, be entitled to any time while it is not in default under this Lease remove from diminution or abatement of the Project Basic Rent or any machinery or equipment purchased and installed by it pursuant to Section 8.7 of this Lease and not included as Project Equipment. In the event any removal of machinery or equipment under this Section or Section 8.7 causes damage to existing buildings or structures, the Company shall restore the same or repair such damage at its sole expense. Company shall so request. This provision shall not be construed to require cooperation other rent payable by the Director with the Company in any labor disputeLessee hereunder.

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 Project Equipment. The Company shall have the privilege from time to time of substituting machinery, equipment and related property for any Project Equipment, if any; provided that the machinery and equipment so substituted shall be of a value not materially less than the value of the machinery or equipment replaced and shall not make the Project unsuitable for the Project Purposes. Any such substitute machinery and equipment shall become the property part of the Director and be included under the terms of this Lease, and the replaced Project Equipment shall become the property for purposes of the CompanyMortgage. The Company shall promptly notify the Director and the Trustee of any substitutions of machinery or equipment, which notice shall include a description of the substituted machinery or equipment. The Company shall also have the privilege of removing any Project Equipment, without substitution therefor; provided, that the Company pays to the Director a sum equal to the then value of said Project Equipment, as determined by an Independent Engineer selected by the Company, and so long as any of the Bonds remain outstanding, the Company shall pay such amounts directly to the Trustee for deposit in the Collateral Proceeds Account and shall deliver to the Director and the Trustee a certificate signed by said Independent Engineer setting forth the value of said Project Equipment and stating that the removal of such equipment will not make the Project unsuitable for the Project Purposes. The Company may at any time while it is not in default under this Lease Loan Agreement remove from the Project any machinery or equipment purchased and installed by it pursuant to Section 8.7 of this Lease at the Project Site and not included as Project Equipment. In the event any such removal of machinery or equipment under this Section or Section 8.7 causes damage to existing buildings or structures, the Company shall restore the same or repair such damage at its sole expense. The Director agrees to execute and deliver such documents as the Company shall so request. This provision shall not be construed to require cooperation may properly request in connection with any action taken by the Director with the Company in conformity with this Section 5.2. The removal from the Project of any labor disputeportion of the Project Equipment pursuant to the provisions of this Section shall not entitle the Company to any abatement or diminution of the amounts payable under Sections 4.2 or 4.4 hereof.

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 Project Equipment. The Company shall have the privilege from time to time of substituting machinery, equipment and related property for any Project Equipment; provided that the machinery and equipment so substituted shall be of a value not less than the value of the machinery or equipment replaced and shall not make the Project unsuitable for the Project Purposes. Any such substitute machinery and equipment shall become the property of the Director and be included under the terms of this Lease, and the replaced Project Equipment shall become the property of the Company. The Company shall promptly notify the Director and the Trustee of any substitutions of machinery or equipment, which notice shall include a description of the substituted machinery or equipment. The Company shall also have the privilege of removing any Project Equipment, without substitution therefor; provided, that the Company pays to the Director a sum equal to the then value of said Project Equipment, as determined by an Independent Engineer selected by the Company, and so long as any of the Bonds remain outstanding, the Company shall pay such amounts directly to the Trustee for deposit in the Collateral Proceeds Account and shall deliver to the Director and the Trustee a certificate signed by said Independent Engineer setting forth the value of said Project Equipment and stating that the removal of such equipment will not make the Project unsuitable for the Project Purposes. The Company may at any time while it is not in default under this Lease remove from the Project any machinery or equipment purchased and installed by it pursuant to Section 8.7 of this Lease and not included as Project Equipment. In the event any removal of machinery or equipment under this Section or Section 8.7 causes damage to existing buildings or structures, the Company shall restore the same or repair such damage at its sole expense. The Director agrees to execute and deliver such documents as the Company shall so request. This provision shall not be construed to require cooperation may properly request in connection with any action taken by the Director with the Company in conformity with this Section 5.2. The removal from the Project of any labor disputeportion of the Project Equipment pursuant to the provisions of this Section shall not entitle the Company to any abatement or diminution of the rents payable under Section 4.3 hereof.

Removal of Project Equipment. The In any instance where the Company shall not be under in its sole discretion determines that any obligation to renew, repair or replace any item of the Project Equipment has become inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary in the use and operation of the Project, the Company may remove such item of Project Equipment from the Project and (on behalf of the Council) sell, trade in, exchange or otherwise dispose of it without any responsibility or accountability to the Council or the Trustee therefor. In any instance not described in the preceding sentence, the Company may so remove and dispose of items of Project Equipment, provided that the Company thereafter substitutes and installs in or about the Project Building other equipment or other personal property having equal or greater utility (but not necessarily the same value or function) in the operation of the Project, which such substituted equipment or other property shall be free of all liens and encumbrances (other than Permitted Encumbrances), shall be the sole property of the Council, shall become a part of the Project Equipment subject to the demise hereof and shall be held by the Company on the same terms and conditions as the items originally constituting the Project Equipment. The If as a result of the removal of any item of the Project Equipment pursuant to the provisions of the first paragraph of this Section 6.2, the Company becomes obligated to substitute other equipment or other personal property for the Project Equipment so removed, it may, so long as it is not in default with respect to the payment of any installment of Basic Rent, defer the substitution of such other equipment or other personal property for any reasonable period, taking into account (without limitation thereto) such causes for delay as strikes or labor disputes, disruption of operations at the Project due to the construction of improvements thereto, and delays in the delivery of purchased equipment or other personal property to be substituted for the Project Equipment so removed. Upon the substitution of any equipment or other personal property for any item of the Project Equipment removed pursuant to the provisions of the first paragraph of this Section 6.2, the Company will furnish the Council with a certificate signed by an Authorized Company Representative describing such equipment or other personal property and identifying the Project Equipment for which it is to be substituted. Anything herein contained to the contrary notwithstanding, the Company shall have the privilege from time not be in default under this Lease Agreement because of any failure to time of substituting machinery, substitute equipment and related or other personal property for any Project Equipment; provided that Equipment theretofore removed from the machinery Project unless such failure shall have continued for at least ninety (90) days after the Council or the Trustee shall have given the Company written notice specifying the Project Equipment theretofore removed for which no substitution has been made and requesting the Company to make an appropriate substitution therefor. In any case where the Company does not then own any equipment so substituted shall be of a value not less than the value or other personal property suitable for substitution for any of the machinery or equipment replaced and shall not make Project Equipment removed from the Project unsuitable pursuant to the provisions of the first paragraph of this Section 6.2, or in any case where the Company desires to purchase the equipment or other personal property to be substituted for any of the Project PurposesEquipment so removed, the Company may, in lieu of purchasing and installing such equipment or other personal property, advance to the Council the funds necessary therefor, whereupon the Council will purchase and install such equipment or other personal property. Any such substitute machinery and equipment shall become The Council will, by xxxx of sale or other appropriate conveyance, convey to the property Company any item of the Director and be included under Project Equipment which, as a result of compliance with the terms provisions of this LeaseSection 6.2, and the replaced Project Equipment shall become Company is entitled to have released from the property demise of the Companythis Lease Agreement. The Company shall promptly notify will reimburse the Director Council for its reasonable expenses and disbursements incurred in connection with such conveyance and the Trustee execution and delivery of any substitutions of machinery or equipment, which notice shall include a description of the substituted machinery or equipmentsuch instrument. The Company preceding provisions of this section shall also have the privilege of removing any Project Equipment, without substitution therefor; provided, that the Company pays to the Director a sum equal to the then value of said Project Equipment, as determined by an Independent Engineer selected by the Company, and apply only so long as any of the Bonds remain outstandingIndenture Indebtedness remains unpaid. After full payment of the Indenture Indebtedness and the cancellation and satisfaction of the Indenture in accordance with the provisions thereof, the Company shall pay may, if in its sole discretion it determines that any or all items of the Project Equipment have become unsuitable or unnecessary for its use and operation of the Project, remove such amounts directly items of the Project Equipment from the Project Building and (on behalf of the Council) sell or otherwise dispose of such items, without any responsibility or accountability to the Trustee for deposit Council therefor and without being required to install in or around the Collateral Proceeds Account Project Building equipment or other personal property in substitution therefor, and shall deliver to the Director and the Trustee a certificate signed may retain any money or other consideration received by said Independent Engineer setting forth the value of said Project Equipment and stating that the removal it upon any disposition of such equipment will not make items of Project Equipment. Nothing contained herein shall prohibit the Project unsuitable for the Project Purposes. The Company may Company, at any time while it is not in default under this Lease remove during which no Event of Default shall have occurred and be continuing, from removing from the Project Building any machinery equipment or equipment purchased and installed other personal property that is owned by it pursuant to Section 8.7 or leased by it from third parties and that does not constitute part of this Lease and not included as the Project Equipment. In ; provided, however, that if any such equipment or other personal property owned by the event any removal Company or leased by it from third parties is removed from the Project Building prior to full payment of machinery or equipment under this Section or Section 8.7 causes damage to existing buildings or structuresthe Indenture Indebtedness, the Company shall restore the same or will promptly repair such damage at its sole expense. Company shall so request. This provision shall not be construed own expense any damage to require cooperation the Project caused by the Director with the Company in any labor disputesuch removal.