Termination with Respect to an Owner Compressor Sample Clauses
The 'Termination with Respect to an Owner Compressor' clause defines the conditions under which a party may terminate contractual obligations specifically related to a compressor owned by one of the parties. This clause typically outlines the procedures for ending services, payments, or responsibilities tied to the operation, maintenance, or use of the owner’s compressor, such as in a gas transportation or processing agreement. Its core function is to provide a clear mechanism for disengaging from obligations related to a specific asset, thereby managing risk and ensuring both parties understand their rights and duties if the compressor is removed from service or ownership changes.
Termination with Respect to an Owner Compressor. Notwithstanding the other provisions of this Section 3 to the contrary (but subject to the provisions of Section 12), the Management Term shall terminate with respect to any Owner Compressor which is sold, foreclosed upon, lost, stolen, damaged beyond repair, requisitioned (other than a temporary requisition for a period of not more than 180 days) by any Governmental Authority, worn out, unsuitable for use or economically obsolete (any of the foregoing, a "Compressor Termination Event") as of the date of such Compressor Termination Event after the deposit into the Head Lessee Collection Account of all Casualty Proceeds and other amounts received with respect to such Owner Compressor. Each of the Owners and the Manager shall notify the other party and the Indenture Trustee promptly after it obtains knowledge of any Compressor Termination Event.
Termination with Respect to an Owner Compressor. Notwithstanding the other provisions of this Section 3 to the contrary (but subject to the provisions of Section 12), the Management Term shall terminate with respect to any Owner Compressor which becomes an Obsolete Compressor, is subject to a Casualty Loss (other than a temporary requisition by any Governmental Authority for a period of not more than 180 days), or has been sold or foreclosed (any of the foregoing, a “Compressor Termination Event”) as of the date of such Compressor Termination Event; provided that as to any Owner Compressor subject to a Compressor Termination Event for which a Substitute Compressor has not been provided in accordance with Section 4.02 of the Contribution Agreement, the Manager shall continue to have the duty, to the extent any of the following amounts are actually received by the Manager, to deposit into the Trust Account all Casualty Proceeds or other amounts received with respect to such Obsolete Compressor or the Owner Compressor that was subject to such Casualty Loss, at such time as provided for herein or in the Indenture. The Issuer and the Manager shall notify the other party and the Indenture Trustee promptly after it obtains knowledge of any Compressor Termination Event.
Termination with Respect to an Owner Compressor. Notwithstanding the other provisions of this Section 3 to the contrary (but subject to the provisions of Section 12), the Management Term shall terminate with respect to any Owner Compressor which is subject to a Casualty Loss, sold, foreclosed upon, lost, stolen, damaged beyond repair, requisitioned (other than a temporary requisition for a period of not more than 180 days) by any Governmental Authority, worn out, unsuitable for use or economically obsolete (any of the foregoing, a “Compressor Termination Event”) as of the date of such Compressor Termination Event after the deposit into the Trust Account of all Casualty Proceeds or other amounts received with respect to the Casualty Loss, sale, foreclosure, other loss, theft, damage, requisition, obsolescence or unsuitability of such Owner Compressor. The Issuer and the Manager shall notify the other party and the Indenture Trustee promptly after it obtains knowledge of any Compressor Termination Event.