Examples of Facility Equipment in a sentence
In the event that a governmental entity with jurisdiction over the Solar Facility requires Company to post a bond or security to secure its performance in removing the Solar Facility Equipment and restoring the Leased Property, then Company’s posting of such bond or security shall be deemed to satisfy its obligations arising under this Section 7.4 to the extent of the amount of such bond or security.
The Solar Facility and the Solar Facility Equipment are not fixtures, and Landowner may not sell, lease, assign, mortgage, pledge or otherwise alienate or encumber (collectively, a “Transfer”) the Solar Facility or any Solar Facility Equipment together with its fee interest or leasehold rights to the Leased Property.
The Decommissioning Security shall remain in effect until Company has completed the decommissioning of the Solar Facility and the removal of the Solar Facility Equipment from the Leased Property and met all of Company’s obligations required under Section 7.1 of this Lease.
No later than the Commercialization Date, and for the remaining duration of the Commercial Term (as it may be extended), Company shall post or arrange for the posting of security funds in a manner and amount sufficient to ensure decommissioning of the Solar Facility and removal of the Solar Facility Equipment from the Leased Property consistent with the Decommissioning Cost Estimate, as it may be updated (“Decommissioning Security”).
Landowner may draw on the Decommissioning Security to pay for or to reimburse Landowner for the costs of removal and decommissioning of the Solar Facility Equipment and restoration of the Leased Property and Easements done in conformity with the provisions of Section 7.2.