Application of Payments Not Relating to an Event of Loss. In the event that during the Facility Lease Term the use of all or any portion of the Facility is requisitioned or taken by or pursuant to a request of any Governmental Entity under the power of eminent domain or otherwise for a period which does not constitute an Event of Loss, the Facility Lessee’s obligation to pay all installments of Basic Lease Rent shall continue for the duration of such requisitioning or taking. The Facility Lessee shall be entitled to receive and retain for its own account all sums payable for any such period by such Governmental Entity as compensation for such requisition or taking of possession; provided, however, that if at the time of such payment a Significant Lease Default shall have occurred and be continuing, all such sums shall be paid to and held by the Lease Indenture Trustee, so long as the Lien of the Lease Indenture shall not have been terminated or discharged, or thereafter, the Owner Lessor as security for the obligations of the Facility Lessee under this Facility Lease, and such amount shall be paid to the Facility Lessee only at such time as no Significant Lease Default shall be continuing.
Appears in 2 contracts
Sources: Facility Lease Purchase Agreement (Tennessee Valley Authority), Facility Lease Purchase Agreement (Tennessee Valley Authority)
Application of Payments Not Relating to an Event of Loss. In the event that during the Facility Lease Term the use of all or any portion of the Facility is requisitioned or taken by or pursuant to a request of any Governmental Entity under the power of eminent domain or otherwise for a period which does not constitute an Event of Loss, the Facility Lessee’s 's obligation to pay all installments of Basic Lease Rent shall continue for the duration of such requisitioning or taking. The Facility Lessee shall be entitled to receive and retain for its own account all sums payable for any such period by such Governmental Entity as compensation for such requisition or taking of possession; provided, however, that if at the time of such payment a Significant Lease Default shall have occurred and be continuing, all such sums shall be paid to and held by the Lease Indenture Trustee, so long as the Lien of the Lease Indenture shall not have been terminated or discharged, or thereafter, the Owner Lessor as security for the obligations of the Facility Lessee 14 under this Facility Lease, and such amount shall be paid to the Facility Lessee only at such time as no Significant Lease Default shall be continuing.
Appears in 1 contract
Sources: Facility Lease Purchase Agreement
Application of Payments Not Relating to an Event of Loss. In the event that during the Facility Network Lease Term the use of all or any portion of the Facility Network is requisitioned or taken by or pursuant to a request of any Governmental Entity under the power of eminent domain or otherwise for a period which does not constitute an Event of Loss, the Facility Lessee’s obligation to pay all installments of Basic Lease Rent shall continue for the duration of such requisitioning or taking. The Facility Lessee shall be entitled to receive and retain for its own account all sums payable for any such period by such Governmental Entity as compensation for such requisition or taking of possession; provided, however, that if at the time of such payment a Significant Lease Event of Default shall have occurred and be continuing, all such sums shall be paid to and held by the Lease Indenture TrusteeOwner Lessor or, so long as the Lien of the Lease Indenture shall not have been terminated or discharged, or thereafter, the Owner Lessor Lease Indenture Trustee as security for the obligations of the Facility Lessee under this Facility Network Lease, and upon the earlier of (i) so long as no Lease Event of Default shall be continuing under Section 17(a) or (b) hereof, 180 days after the Owner Lessor (or the Lease Indenture Trustee) shall have received such amount, provided the Owner Lessor (or the Lease Indenture Trustee) has not proceeded to exercise any remedy under Section 17 hereof and it is not stayed or prevented by law or otherwise from exercising such remedy and (ii) such time as there shall not be continuing any Lease Event of Default, such amount shall be paid to the Facility Lessee only at such time as no Significant Lease Default shall be continuingLessee.
Appears in 1 contract
Sources: Network Lease Agreement (Tennessee Valley Authority)
Application of Payments Not Relating to an Event of Loss. In the event that during the Facility Lease Term the use of all or any portion of the Facility is requisitioned or taken by or pursuant to a request of any Governmental Entity under the power of eminent domain or otherwise for a period which does not constitute an Event of Loss, the Facility Lessee’s 's obligation to pay all installments of Basic Lease Rent shall continue for the duration of such requisitioning or taking. The Facility Lessee shall be entitled to receive and retain for its own account all sums payable for any such period by such Governmental Entity as compensation for such requisition or taking of possession; provided, however, that if at the time of such payment a Significant Lease Default shall have occurred and be continuing, all such sums shall be paid to and held by the Lease Indenture Trustee, so long as the Lien of the Lease Indenture shall not have been terminated or discharged, or thereafter, the Owner Lessor as security for the obligations of the Facility Lessee under this Facility Lease, and such amount shall be paid to the Facility Lessee only at such time as no Significant Lease Default shall be continuing.
Appears in 1 contract
Sources: Facility Lease Purchase Agreement (Tennessee Valley Authority)