Partial Casualties Sample Clauses
Partial Casualties. If the Facility or any part thereof shall suffer any destruction, damage, loss or theft not constituting an Event of Loss ("PARTIAL EVENT OF LOSS"), the Facility Lessee shall rebuild or make such repairs as are necessary (i) to restore the Facility to the current value, residual value, utility and remaining economic useful life it had immediately prior to such destruction, damage, loss or theft (assuming, for the purposes of determining the current value, residual value, utility and remaining economic useful life of the Facility, that no Severable Improvements that are not Required Improvements or Improvements financed through this Facility Lease shall have been made to the Facility during the Facility Lease Term and assuming the Facility was in the condition and repair required to be maintained by the terms of this Facility Lease) and (ii) to ensure that the Facility is maintained in accordance with SECTIONS 7 and 8 hereof and that the Facility does not become "limited use property" within the meaning of Rev. Proc. 2001-28, 2001-19 I.R.B. 1156 or Rev. Proc. 2001-29, 2001-19 I.R.B. 1160, PROVIDED HOWEVER, that in connection with a Partial Event of Loss in respect of which the Facility Lessee received a settlement of or payment of $5,000,000 or more, the Facility Lessee shall deliver a Reinvestment Notice to the Owner Lessor, the Owner Participant, the Lease Indenture Trustee, the Security Agent, the Lender and the Bondholder Trustee within 45 days of the receipt of the proceeds in respect of such Partial Event of Loss.
Partial Casualties. If the Facility or any part thereof shall suffer any destruction, damage, loss or theft not constituting an Event of Loss, the Facility Lessee shall rebuild or make such repairs as are necessary (i) to restore the Facility to the current value, residual value, utility and remaining useful life it had immediately prior to such destruction, damage, loss or theft (assuming, for the purposes of determining the current value, residual value, utility and remaining useful life of the Facility, that no Severable Improvements that are not Required Improvements shall have been made to the Facility during the Facility Lease Term) and (ii) to ensure that the Facility is maintained in accordance with Sections 7 and 8 hereof and that the Facility does ---------- ----- not become "limited use" property within the meaning of Rev. Proc. 75-28, 1975-1 C.B. 752 or Rev. Proc. 76-30, 1976-2 C.B. 647.
Partial Casualties. (a) Upon the occurrence of any Partial Casualty (other than a Significant Partial Casualty), the Lessee (unless the Casualty Insurance Proceeds received with respect to such Partial Casualty is less than $2,500,000, the obligations of HELCO under the PPA are not affected as a result of any decision not to cause such rebuilding or replacement to occur in accordance with this Section 10.5(a) and such Partial Casualty does not (i) decrease by more than a de minimis amount the current or residual value, remaining useful life or utility of the Project below the current or residual value, the remaining useful life or the utility thereof immediately prior to such Partial Casualty (assuming the Project was then in the condition required to be maintained by the terms of this Project Lease), (ii) cause the Project to become "limited-use" property within the meaning of Rev. Proc. 2001-28, 2001-1 C.B. 1156 or (iii) result in a Default or an Event of Default under any applicable term or provision of any Operative Document) shall cause the rebuilding or replacement of the Project to commence as soon as practicable, and in any event within twelve (12) months of the occurrence of the event that caused such Partial Casualty and will cause work on such rebuilding or replacement to proceed diligently thereafter. As the rebuilding or replacement of the project progresses, (i) all such rebuilt or replacement portions of Project shall become subject to the Head Lease and this Project Lease, and (ii) so long as the Lien of the Indenture shall not have been terminated and fully discharged, the Owner Lessor's interest therein shall become subject to the Lien of the Indenture, automatically without any further act by any Person. A Partial Casualty which constitutes a Significant Partial Casualty shall be treated for purposes of this Project Lease as an Event of Loss described in clauses (a) and (b) of the definition of such term, and, if the Lessee chooses to rebuild or replace the Project, the provisions of Section 10.3 (a)(i) and (b) shall apply to such Partial Casualty. If the Lessee has failed to satisfy such provisions of Section 10.3 with respect to a Significant Partial Casualty, then such Partial Casualty shall be considered an Event of Loss for purposes hereof, and the provisions of Section 10.1(b) shall apply.
(b) Upon the occurrence of a Partial Casualty (other than a Significant Partial Casualty), the Lessee shall (i) cause the rebuilding or replacement of the Owner Les...
Partial Casualties. As soon as practicable after a Partial Casualty to a Vehicle, the Grantor shall repair and rebuild the affected portions of such Vehicle (or cause such affected portions to be repaired and rebuilt) to the condition required to be maintained by Section 6(b) hereof.