Removal of Portions of the Project. (a) The Company shall not be under any obligation to renew, repair or replace any inadequate, obsolete, worn-out, unsuitable, undesirable or unnecessary portion of the Project. In any instance where the Company determines that any portion of the Project has become inadequate, obsolete, worn-out, unsuitable, undesirable or unnecessary, the Company may remove such portion from the Project and sell, trade in, exchange or otherwise dispose of such removed portion of the Project without any responsibility or accountability to the Authority, the Trustee or the holders of the Bonds.
Removal of Portions of the Project. The Borrower may remove items of furnishings or equipment constituting part of the Project only in accordance with the provisions of the Reimbursement Agreement and the Mortgage.
Removal of Portions of the Project. The Borrower shall have the right, from time to time, subject to the terms of the Reimbursement Agreement, to remove, substitute or modify any portion of the Project, provided that such removal, substitution or modification shall not impair the character of the Project as a "project" within the meaning of the Act. Any such substituted or modified property shall be included under the terms of this Agreement as part of the Project. (End of Article V)
Removal of Portions of the Project. The Borrower shall be under no obligation to renew, repair or replace any inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary portions of the Project; provided, however, that such failure to renew, repair or replace does not impair the character of the Project as a "project" within the meaning of the Act. Subject to the Security Documents, the Borrower shall have the right, from time to time, to substitute personal property for any portion of the Project, provided that the property so substituted shall not impair the character of the Project as a "project" within the meaning of the Act, and shall have a value not less than the value of the personal property for which it is substituted. Any such substituted property shall be included under the terms of this Agreement as part of the Project. The Borrower shall have the right to remove any portions of the Project consisting of personal property, without substitution therefor; provided, however that such removal does not impair the character of the project within the meaning of the Act and so long as such removal does not violate any terms of the Letter of Credit Agreement or the Security Documents. (End of Article V)
Removal of Portions of the Project. The Company shall not be under any obligation to renew, repair or replace any inadequate, obsolete, worn-out, unsuitable, undesirable or unnecessary portion of the Project. In any instance where the Company determines that any portion of the Project has become inadequate, obsolete, worn-out, unsuitable, undesirable or unnecessary, the Company may remove such portion of the Project and sell, trade-in, exchange or otherwise dispose of such removed portion of the Project free of any security interest in favor of the Board or the Trustee; provided, however, the Company shall utilize any unfounded net property additions which are available to it to withdraw any net proceeds of the disposition of such removed portion of the Project under any indenture securing indebtedness of the Company and promptly apply the funds so withdrawn to the replacement of or substitution for the properties so disposed of or shall pay such funds to the Trustee for deposit in the Bond Fund, and any properties having a similar function acquired for the replacement of or in substitution for the properties so disposed, if acquired in whole or in part with such proceeds, shall become a part of the Project subject to the Security Interest. The Company will promptly notify the Board and the Trustee of the disposition of any portion of the Project, as permitted by this Section, if, but only if, such removed portion at the time such is disposed of is replaced by property having a similar function, which costs $ or more or is sold by the Company for a sale price of $ or more. The removal of any portion of the Project pursuant to the provisions of this Section shall not entitle the Company to any abatement or diminution of the purchase price for the Project.
Removal of Portions of the Project. The Lessee shall not be under any obligation to renew, repair, or replace any inadequate, obsolete, worn out, unsuitable, undesirable, or unnecessary fixtures or equipment that are a part of the Project. If any fixture, equipment, or parts thereof have become obsolete or worn out, the Lessee, at its own expense, may dispose of said worn or obsolete fixture, equipment or parts without any responsibility or accountability to the Issuer therefor, in which case the removed property shall cease to be a part of the Project. If the Lessee, in its sole and absolute discretion, determines that any fixtures, equipment or parts thereof (which are not inadequate, obsolete, worn out, unsuitable, undesirable, or unnecessary) should be sold or traded in, then the Lessee may do so provided that it either: (a) replaces such property or parts with other items of property having a value at least equal to the net book value of the property sold or traded in and causes title to such replacement property to be transferred to the Issuer, whereupon the replacement property shall become a part of the Project; or (b) pays to the Trustee, to be used to defease or retire the Bonds, an amount equal to the net book value of the property sold or traded in. At the written request of the Lessee, the Issuer shall execute such instruments as shall be required to convey title to any such removed fixture or parts thereof to the Lessee, to the purchaser thereof or to the person accepting the same as a trade in and the Bondholder shall release the lien and security interest of the Security Document therein. The removal from the Project of any fixture or parts thereof pursuant to the provisions of this Section shall not entitle the Lessee to any abatement or diminution of the rental payments payable under Section 5.3 hereof (except to the extent that a prepayment of principal or a credit in reduction of principal of the Bonds may result in a reduction of Debt Service on the Bonds and a corresponding reduction in the Basic Rent hereunder).
Removal of Portions of the Project. The Company shall not be under any obligation to renew, repair or replace any inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary portions of the Project, except to the extent required under the Mortgage or Section 5.12 hereof and to the extent, if any, necessary to ensure the continued character of the Project as Exempt Facilities or the federal tax-exempt status of interest on the Bonds; and the Company shall have the right from time to time to substitute personal property or fixtures for any portions of the Project provided that the personal property or fixtures so substituted shall not impair the character of the Project as Exempt Facilities or adversely affect the federal tax-exempt status of interest on the Bonds. Any such substituted property or fixtures shall, when so substituted, become a part of the Project. To the extent permitted by the Mortgage and Section 5.12 hereof, and so long as it does not adversely affect the federal tax-exempt status of interest on the Bonds, the Company shall also have the right to remove any portions of the Project without substitution thereof; provided, that the Company shall deliver to the Trustee a certificate signed by an Engineer describing said portions of the Project and stating that the removal of such property or fixtures will not impair the character of the Project as Exempt Facilities.
Removal of Portions of the Project. The Authority shall not be under any obligation to renew, repair or replace any inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary portions of the Project. Kitty Hawk shall have the privilege from time to time of substituting personal property or fixtures for any portions of the Project, provided that the personal property or fixtures so substituted shall not impair the character or significance of the Leased Premises as furthering the purposes of the Act. Any such substituted property or fixtures shall, unless the Authority and Kitty Hawk otherwise agree in writing, become the property of the Authority and shall be included under the terms of this Lease, and the replaced portions of the Project shall become the property of the Authority.
Removal of Portions of the Project. The User shall have the right, from time to time, subject to the terms of the Reimbursement Agreement, to remove, substitute or modify any portion of the Project, provided that such removal, substitution or modification shall not impair the character of the Project as a "project" within the meaning of the Act. Any such substituted or modified property shall be included under the terms of this Agreement as part of the Project.
Removal of Portions of the Project. The Company shall not be under any obligation to renew, repair or replace any inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary portions of the Project, except that, subject to Section 5.4 hereof, it will use its best efforts to ensure the continued character of the Project as Pollution Control Facilities. The Company shall have the right from time to time to substitute personal property or fixtures for any portions of the Project, provided that the personal property or fixtures so substituted shall not impair the character of the Project as Pollution Control Facilities. Any such substituted property or fixtures shall, when so substituted, become a part of the Project. The Company shall also have the right to remove any portion of the Project, without substitution therefor; provided that the Company shall deliver to the Trustee a certificate signed by an Engineer describing said portion of the Project and stating that the removal of such property or fixtures will not impair the character of the Project as Pollution Control Facilities.
