Equipment Class definition
Examples of Equipment Class in a sentence
No Party shall assign this Agreement in whole or in part, or any of the rights, interests, or obligations hereunder, without the prior written consent of all other Parties that are members of the Equipment Class or Equipment Classes that such Party is then a member of hereunder, except pursuant to the merger, consolidation or sale of all or substantially all of the assets of such Party.
In respect of each Equipment Class that a Participating Utility is a member of, upon becoming a member of such Equipment Class, and from time to time thereafter as requested by the relevant Equipment Sub- Committee, such Participating Utility shall provide the relevant Equipment Sub- Committee with complete and accurate information necessary for such Equipment Sub- Committee to calculate Required Obligations.
A Party shall be deemed to have withdrawn from this Agreement only after it has withdrawn from each Equipment Class in which it was a member pursuant to the provisions of Section 10.1 hereof.
Each Equipment Sub- Committee shall, as soon as practicable following such time as its Equipment Class first has three or more members, calculate the Required Obligation for each of its members in respect of the Initial Measurement Date, and, as soon as practicable following the Initial Measurement Date and each Measurement Date thereafter, calculate the Required Obligation for each of its members in respect of the next succeeding Measurement Date.
In addition, in the event that, following the calculation of any such Required Obligation, one or more additional Participating Utilities joins a particular Equipment Class, the relevant Equipment Sub-Committee may, upon the affirmative action of the members of such Equipment Class, recalculate the Required Obligation for each of its members for the next succeeding Measurement Date.
A Party may join as a member of any other Equipment Class at any time by providing written notice of its decision to become a member of any such other Equipment Class to the Equipment Committee and the relevant Equipment Sub-Committee, or if the Equipment Committee has not yet held its first meeting to the Project Manager, but in no event may a Party withdraw as a member of any Equipment Class, except in strict compliance with Section 10.1 hereof.
Notwithstanding a Party's withdrawal from an Equipment Class or this Agreement, as contemplated hereby, such Party shall continue to enjoy any rights, and shall remain liable for any obligations, that arose or accrued to it under this Agreement prior to the date of any such withdrawal.
The Equipment Committee shall be divided into a number of Equipment Sub-Committees corresponding to the Equipment Classes of Qualified Spare Transformers that have been Committed hereunder, with each Representative serving on those Equipment Sub-Committees that correspond to the Equipment Class or Equipment Classes of any Qualified Spare Transformers that the Participating Utility that he or she represents has Committed hereunder.