Severable Modifications Clause Samples
Severable Modifications. At any time after the Operator has ----------------------- notified the Owner that it has determined not to renew this Agreement pursuant to Article XVII, or operational responsibility for the Allocated Assets reverts to the Owner, the Operator shall at the Owner's request, advise the Owner of the nature and condition of all Severable Modifications owned by the Operator pursuant to Section 7.2(b)(ii) hereof which the Operator has removed or intends to remove from the Allocated Assets in accordance with Section 7.2(c) hereof. The Operator may (and shall, if so directed by Owner), at its sole cost, expense and risk, remove from any Allocated Asset any Severable Modification; provided, that any such Modification not removed pursuant to this Section 9.4 shall be deemed to be part of the Allocated Asset to which it relates for all purposes hereof and title to such Modification shall thereupon vest in the Owner free and clear of all Liens, other than Owner Liens.
Severable Modifications. 12 ARTICLE X - LOSS, DESTRUCTION, CONDEMNATION, DAMAGE, ETC.....................13 SECTION 10.1 Replacement; Payment...................................13 SECTION 10.2 Applications During Event of Default...................14 SECTION 10.3 Application of Article VII.............................14 ARTICLE XI - INDEMNITIES.....................................................14
Severable Modifications. The Lessee shall retain ownership and title to all Optional Modifications which are Severable Modifications (other than Severable Modifications which are financed by the Lessor pursuant to Section 11.1 of the Participation Agreement) and no interest in such Severable Modifications shall vest in the Lessor or become subject to this Facility Lease or the Lien of the Indenture; provided, however, that upon the return of the Undivided Interest to the Lessor pursuant to Section 5.1 hereof, the Lessor shall have the right to purchase an undivided interest equal to the Lessor’s Percentage of such Severable Modifications at their then fair market value in cash paid to the Lessee as of and on the Date of Return or if the Lessor does not elect either to purchase any such Severable Modification and to the extent that such Severable Modification is necessary or commercially advisable for the economic operation of the Facility, then, to the same extent, such Severable Modification shall be included in and made available to the Lessor through an amendment to the Support Agreement. If the Lessor does not elect to either purchase such Severable Modifications or the Lessee does not make such Severable Modifications available through the Support Agreement (subject to the terms set forth in Section 4 of the Support Agreement, mutatis mutandis), the Lessee may remove such Severable Modifications at the end of the Lease Term. The Lessee shall repair any damage to the Facility and the Facility Site caused by such removal, all at the Lessee’s cost and expense. If the Lessee shall have failed to remove any Optional Modification which is a Severable Modification, or make available through the Support Agreement, as above provided prior to the return of the Undivided Interest pursuant to Section 5.1, title to an undivided interest equal to the Lessor’s Percentage in such Optional Modification shall (at no cost to the Lessor, the Owner Participant or, if applicable, the OP Guarantor) vest in the Lessor.
Severable Modifications. ARTICLE X - LOSS, DESTRUCTION, CONDEMNATION, DAMAGE, ETC. . .13
Severable Modifications. If Lessee has made any Severable Modification to the Equipment to be surrendered to Lessor pursuant to Section 8.01, and such Severable Modification has not previously been removed by Lessee, Lessee shall, not later than 60 days before such surrender, inform Lessor in writing if Lessee intends to leave such Severable Modification in place, whereupon Lessor may elect to purchase such Severable Modification for its then fair market value. If Lessor has not given Lessee written notice of its election under the preceding sentence at least 30 days prior to the date for the surrender of the Equipment, Lessee may (i) remove such Severable Modification prior to such surrender (and shall repair in all material respects any damage caused by such removal), or (ii) leave such Severable Modification in place, in which case it will become the property of Lessor without further action on the part of, or further cost to, Lessor.