Occurrence of Events of Loss Sample Clauses
The 'Occurrence of Events of Loss' clause defines what constitutes an event of loss under the agreement and sets out the circumstances in which such events are recognized. Typically, this clause outlines the types of incidents—such as damage, destruction, or theft—that trigger the rights and obligations of the parties, often in the context of insurance or asset management. By clearly specifying what qualifies as a loss event, the clause ensures both parties understand when certain contractual provisions, like indemnification or claims processes, become operative, thereby reducing ambiguity and potential disputes.
Occurrence of Events of Loss. The Facility Lessee will promptly notify the Owner Lessor and, so long as the Lien of the Lease Indenture shall not have been terminated or discharged, the Lease Indenture Trustee of any damage to, or other event with respect to, any portion of the Facility which the Facility Lessee reasonably anticipates will cause an Event of Loss. If an Event of Loss shall occur, then no later than eighteen months following such occurrence, the Facility Lessee shall notify the Owner Lessor and, so long as the Lien of the Lease Indenture shall not have been terminated or discharged, the Lease Indenture Trustee, in writing of its election to either (a) subject to the satisfaction of the conditions set forth in Section 10.3(a), rebuild or replace the Facility or a Relevant Portion of the Facility or (b) terminate this Facility Lease, in whole or in part with respect to the Facility or a Relevant Portion of the Facility, as the case may be, by electing to effect an Early Buy Out pursuant to Section 15.1 hereof; provided, however, that the Facility Lessee may only elect to terminate the Facility Lease in part with respect to a Relevant Portion of the Facility to the extent that the remaining Units subject to the Facility Lease continue to be (or will be, after repairing in accordance with this Facility Lease any damage to such remaining Units which may have occurred as a result of the Event of Loss to a Relevant Portion of the Facility to which such partial termination relates) commercially viable in accordance with Prudent Industry Practice. Subject to the last sentence of Section 15.1, the Facility Lessee may elect the option provided in clause (b) of the preceding sentence regardless of whether a Relevant Portion of the Facility is to be rebuilt or replaced. If the Facility Lessee fails to make an election as provided above, an Event of Loss shall be deemed to occur with respect to the Facility or, if the Event of Loss relates to less than all of the Units, a Relevant Portion of the Facility, as of the end of the eighteen-month period referred to in the second sentence of this Section 10.1 and the Facility Lessee will be deemed to have made the election to terminate this Facility Lease, in whole or in part, as the case may be, by exercising its Early Buy Out pursuant to Section 15.2 and will be deemed to have delivered an Early Buy Out Notice pursuant to Section 15.2 as of the end of such eighteen-month period.
Occurrence of Events of Loss. (a) Each of the Owner Participant and the Owner Lessor will promptly notify the Facility Lessee of any event of which it is aware that would result in a Regulatory Event of Loss; PROVIDED, HOWEVER, that the failure to provide such notice shall not result in any liability with respect to the Owner Participant or the Owner Lessor and shall not in any way relieve the Facility Lessee of any of its obligations under this Facility Lease, including the obligations under this Section 10.
(b) If an Event of Loss described in clauses (i) or (ii) of the definition of Event of Loss shall occur, then, no later than six months following the date that the Facility Lessee has actual knowledge of such occurrence, the Facility Lessee shall notify the Owner Lessor and the other Lease Financing Parties of its election to either (1) subject to the satisfaction of the conditions set forth in Section 10.3 and the terms of the other Operative Documents, rebuild the Facility so that the Facility shall have a current and residual value, remaining useful life and utility at least equal to that of the Facility prior to such Event of Loss, assuming the Facility was in the condition and repair required to be maintained by this Facility Lease, or (2) terminate this Facility Lease and purchase the Facility from the Owner Lessor by paying to the Owner Lessor an amount equal to the applicable Termination Value and causing EME to pay to the parties entitled thereto all other amounts payable pursuant to Section 10.
Occurrence of Events of Loss. (a) If an Event of Loss described in clauses (a), (b) or (c) of the definition of Event of Loss shall occur, the Sublessee shall have the right, at its own cost and expense, to rebuild or replace the Facility in accordance with the terms of Sections 10.1 and 10.3 of the Facility Lease and subject to all conditions to such rebuilding or replacement set forth in such Sections 10.1 and 10.
Occurrence of Events of Loss. The Owner Participant or the Owner Lessor will promptly notifY the Facility Lessee of any event of which it is aware that, upon election of the Owner Participant, would result in a Regulatory Event of Loss; provided, however, that the failure to provide such notice shall not result in any liability with respect to the Owner Participant or the Owner Lessor and shall not in any way relieve the Facility Lessee of any of its obligations under this Facility Lease, including the obligations under this Section 10. If an Event of Loss described in clauses (a) or (b) of the definition of Event of Loss shall occur, then no later than nine months following such occurrence the Facility Lessee shall notifY the Owner Lessor, the Owner Participant and, so long as the Lien of the Lease Indenture shall not have been terminated or discharged, the Lease Indenture Trustee and the Pass Through Trustee in writing of its election to either (a) rebuild or replace the Facility in accordance with the Operative Documents so that the Facility shall have a current and residual value, remaining Shawville Facility Lease 18
Occurrence of Events of Loss. Promptly upon becoming aware thereof, the Lessee shall notify the Lessor, the Owner Participant and, so long as the Lien of the Indenture has not been terminated or discharged, the Indenture Trustee and the Pass Through Trustee of the occurrence of an Event of Loss or an event which, upon election of the Owner Participant, would result in a Regulatory Event of Loss. Unless notice has been received from the Lessee, promptly upon becoming aware thereof, the Lessor or the Owner Participant shall notify the Lessee and, so long as the Lien of the Indenture has not been terminated or discharged, the Indenture Trustee and the Pass Through Trustee of the occurrence of an event which upon election of the Owner Participant would result in a Regulatory Event of Loss; provided, however, that the failure to provide such notice shall not result in any liability with respect to the Owner Participant or the Lessor and shall not in any way relieve the Lessee of any of its obligations under this Facility Lease, including the obligations under this Section 10. The Owner Participant shall promptly (but not more than six months) after receiving Actual Knowledge of an event which, upon the election of the Owner Participant would result in a Regulatory Event of Loss, notify the Lessee and, so long as the Lien of the Indenture has not been terminated or discharged, the Indenture Trustee and the Pass Through Trustee, of its decision to declare a Regulatory Event of Loss.
Occurrence of Events of Loss. (a Each of the Owner Participant and the Owner Lessor will promptly notify the Facility Lessee of any event of which it is aware that would result in a Regulatory Event of Loss; provided, however, that the failure to provide such notice shall not result in any liability with respect to the Owner Participant or the Owner Lessor and shall not in any way relieve the Facility Lessee of any of its obligations under this Facility Lease, including the obligations under this Section 10. The Facility Lessee shall promptly notify ---------- each other Lease Financing Party of any Event of Loss.
Occurrence of Events of Loss. 12 Section 10.2 Condemnation Payments 12
Occurrence of Events of Loss. The Owner Participant or the Lessor will promptly notify the Lessee of any event of which it is aware that, unless