Removal of Project Equipment. The Company shall have the privilege from time to time of substituting machinery, equipment and related property for any Project Equipment, if any; provided that the machinery and equipment so substituted shall be of a value not materially less than the value of the machinery or equipment replaced and shall not make the Project unsuitable for the Project Purposes. Any such substitute machinery and equipment shall become part of the Project Equipment for purposes of the Mortgage. The Company shall promptly notify the Director and the Trustee of any substitutions of machinery or equipment, which notice shall include a description of the substituted machinery or equipment. The Company shall also have the privilege of removing any Project Equipment, without substitution therefor; provided, that the Company pays to the Director a sum equal to the then value of said Project Equipment, as determined by an Independent Engineer selected by the Company, and so long as any of the Bonds remain outstanding, the Company shall pay such amounts directly to the Trustee for deposit in the Collateral Proceeds Account and shall deliver to the Director and the Trustee a certificate signed by said Independent Engineer setting forth the value of said Project Equipment and stating that the removal of such equipment will not make the Project unsuitable for the Project Purposes. The Company may at any time while it is not in default under this Loan Agreement remove from the Project any machinery or equipment purchased and installed by it at the Project Site and not included as Project Equipment. In the event any such removal causes damage to existing buildings or structures, the Company shall restore the same or repair such damage at its sole expense. The Director agrees to execute and deliver such documents as the Company may properly request in connection with any action taken by the Company in conformity with this Section 5.2. The removal from the Project of any portion of the Project Equipment pursuant to the provisions of this Section shall not entitle the Company to any abatement or diminution of the amounts payable under Sections 4.2 or 4.4 hereof.
Removal of Project Equipment. The Company shall cause the Project and all of its property used or useful in the conduct of its business and operations to be maintained, preserved and kept in good repair and working order and condition and in as safe condition as its operations will permit and will make all repairs, renewals, replacements and improvements thereof necessary for the efficient and advantageous conduct of its business and operations. Nothing in this Section shall obligate the Company to preserve, repair, renew or replace any element or unit of the Project or any of its property no longer used or no longer useful in the conduct of its business, or prevent the Company from discontinuing the operation of any element or unit of the Project or any of its property or from removing or demolishing any building or buildings, if in its judgment (evidenced, in the case of such a cessation other than in the ordinary course of business, by a determination by its governing board) such discontinuance is desirable in the conduct of its business and not disadvantageous in any material respect to the owners of the Bonds. The Company may make additions, alterations and changes to the Project or its property so long as such additions, alterations and changes are made in compliance with the provisions of this Lease Agreement and will not result in a violation of the provisions of this Lease Agreement, and the Company may dispose of any property as permitted by this Lease Agreement.
Removal of Project Equipment. The Corporation shall have the right, provided the Corporation is not in default in making Lease Payments or Additional Payments hereunder, to remove from the Project and on behalf of the City, sell, exchange or otherwise dispose of, without responsibility or accountability to the City or the Lender with respect thereto, any items of equipment which constitute a part of the Project Equipment and which have become inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary or which, in the sound discretion of the Corporation, are otherwise no longer useful to the Corporation in its operations conducted on or in the Project; provided that, if the aggregate value of Project Equipment sold, exchanged or disposed in any fiscal year (on a noncumulative basis) exceeds $100,000, then with respect to the proposed removal in each fiscal year of such items of Project Equipment that originally cost $25,000 or more, the Corporation shall either:
Removal of Project Equipment. If no Default exists, the Borrower shall have the right to have Project Equipment removed from the Project Facilities released from the lien of the Mortgage, as follows:
Removal of Project Equipment. The Borrower may, if no Event of Default shall have occurred and be continuing, dispose of any item of the Project Equipment upon compliance with the conditions set forth in either subparagraph (a) or (b) below:
Removal of Project Equipment. The County shall not be under any obligation to renew, repair or replace any inadequate, obsolete, worn out, unsuitable, undesirable, inappropriate or unnecessary Project Equipment. If the Company in its sole discretion determines that any such items of Project Equipment have become inadequate, obsolete, worn out, unsuitable, undesirable, inappropriate or unnecessary for its purposes at such time, the Company may remove such items from the Building and the Project Land and (on behalf of the County) sell, trade in or otherwise dispose of them (as a whole or in part) without any responsibility or accountability to the County or the Trustee therefor, provided that the Company shall either:
Removal of Project Equipment. The Company shall not be under any obligation to renew, repair or replace any inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary item of Project Equipment. In any instance where the Company in its sole discretion determines that any items of Project Equipment have become inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary, the Company may remove such items of Project Equipment and (on behalf of the Issuer), sell, trade-in, exchange or otherwise dispose of them (in whole or in part) without any responsibility or accountability to the issuer or the Trustee.
Removal of Project Equipment. The Company shall not be under any obligation to renew, repair or replace any inadequate, obsolete, worn out, unsuitable, undesirable or
Removal of Project Equipment. The Company shall have the right, provided the Company is not in default in the payment of Lease Payments, to remove from the Project and (on behalf of the Issuer) sell, exchange or otherwise dispose of, without responsibility or accountability to the Issuer or the Trustee with respect thereto, any items of machinery and equipment which constitute a part of the Project and which have become inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary or which, in the sound discretion of the Company, are otherwise no longer useful to the Company in its operations conducted on the Project Site; provided that, the Company shall, for so long as the Series 2005A Bonds are Outstanding:
Removal of Project Equipment. The Company may remove or permit the removal of any Project Equipment from the Project Site in accordance with the following provisions:
