Common use of Modification of Project Clause in Contracts

Modification of Project. As long as no Event of Default exists hereunder, the Company and each Company Affiliate shall have the right at any time and from time to time during the Term hereof to undertake any of the following: (a) The Company or any Company Affiliate may, at its own expense, add to the Project any real and personal property as the Company or such Company Affiliate in its discretion deems useful or desirable. (b) In any instance where the Company or any Company Affiliate in its discretion determines that any items included in the Project have become inadequate, obsolete, worn out, unsuitable, undesirable, or unnecessary for operations at the Project, the Company or such Company Affiliate may remove such items or portions from the Project and sell, trade in, exchange, or otherwise dispose of them (as a whole or in part) without the consent of the County, as such may be permitted under the Simplified FILOT Act. (c) The Company or any Company Affiliate may, at any time in its discretion by written notice to the County, remove any real or personal property from the Negotiated FILOT (as defined in Section 5.01) set forth in this Agreement and thereafter such property will be considered Non-Qualifying Property and will be subject to FILOT Payments as set forth in Section 5.01(b) hereof.

Modification of Project. As long as no Event of Default exists hereunder, the Company and each Company Sponsor Affiliate shall have the right at any time and from time to time during the Term hereof to undertake any of the following: (a) The Company or any Company Sponsor Affiliate may, at its own expense, add to the Project any real and personal property as the Company or such Company Sponsor Affiliate in its discretion deems useful or desirable. (b) In any instance where the Company or any Company Sponsor Affiliate in its discretion determines that any items included in the Project have become inadequate, obsolete, worn out, unsuitable, undesirable, or unnecessary for operations at the Project, the Company or such Company Sponsor Affiliate may remove such items or portions from the Project and sell, trade in, exchange, or otherwise dispose of them (as a whole or in part) without the consent of the County, as such may be permitted under the Simplified FILOT Act. (c) The Company or any Company Sponsor Affiliate may, at any time in its discretion by written notice to the County, remove any real or personal property from the Negotiated FILOT (as defined in Section 5.01) set forth in this Agreement and thereafter such property will be considered Non-Qualifying Property and will be subject to FILOT Payments as set forth in Section 5.01(b) hereof.