Common use of Release of Property Not Constituting Funded Property Clause in Contracts

Release of Property Not Constituting Funded Property. Unless an Event of Default shall have occurred and be continuing, the Company may obtain the release of any part of the Mortgaged Property, or any interest therein, which does not constitute Funded Property, and the Trustee shall release all its right, title and interest in and to the same from the Lien hereof, upon receipt by the Trustee of: (a) a Company Order requesting the release of such property and transmitting therewith a form of instrument to effect such release; (b) an Officer's Certificate stating that, to the knowledge of the signer, no Event of Default has occurred and is continuing; (c) an Expert's Certificate, made and dated not more than ninety (90) days prior to the date of such Company Order: (i) describing the property to be released; (ii) stating the Fair Value, in the judgment of the signers, of the property to be released; (iii) stating the Cost of the property to be released; (iv) stating that the property to be released does not constitute Funded Property; (v) if true, stating either (A) that the aggregate amount of the Cost or Fair Value to the Company (whichever is less) of all Property Additions which do not constitute Funded Property (excluding the property to be released), after making deductions therefrom and additions thereto of the character contemplated by Section 1.03, is not less than zero (0) or (B) that the Cost or Fair Value (whichever is less) of the property to be released does not exceed the aggregate Cost or Fair Value to the Company (whichever is less) of Property Additions acquired, made or constructed on or after the ninetieth (90th) day prior to the date of the Company Order requesting such release; (vi) if neither of the statements contemplated in subclause (v) above can be made, stating the amount by which zero (0) exceeds the amount referred to in subclause (v)(A) above (showing in reasonable detail the calculation thereof); and (vii) stating that, in the judgment of the signers, such release will not impair the security under this Indenture in contravention of the provisions hereof; and (d) if the Expert's Certificate required by clause (c) above contains neither of the statements contemplated in clause (c)(v) above, an amount in cash, to be held by the Trustee as part of the Mortgaged Property, equal to the amount, if any, by which seventy percentum (70%) of the lower of (i) the Cost or Fair Value (whichever shall be less) of the property to be released and (ii) the amount shown in clause (c)(vi) above exceeds the aggregate of items of the character described in subclauses (iii) and (v) of clause (d) in the first paragraph of Section 8.03 then to be used as a credit under this Section 8.04 (subject, however, to the same limitations and conditions with respect to such items as are set forth in Section 8.03). Anything herein to the contrary notwithstanding, if any part of the Mortgaged Property is to be released prior to the delivery of the Initial Expert's Certificate pursuant to Section 4.02(b)(ii), the Company shall deliver to the Trustee an Initial Expert's Certificate complying with the provisions of Section 4.02(b)(ii), except that there shall be stated in clause (M) the sum of (x) the aggregate principal amount of Securities then Outstanding and (y) the aggregate principal amount of First Mortgage Bonds then Outstanding. Such Initial Expert's Certificate shall be accompanied by the documents specified in clauses (iii), (iv) and (v) of Section 4.02(b). Thereupon, the part of the Mortgaged Property to be released shall be released pursuant to Section 8.03, to the extent the same shall constitute Funded Property, and/or pursuant to Section 8.04, to the extent the same shall not constitute Funded Property.

Release of Property Not Constituting Funded Property. Unless an Event of Default shall have occurred and be continuing, the Company may obtain the release of any part of the Mortgaged Property, or any interest therein, which does not constitute Funded Property, and the Trustee shall release all its right, title and interest in and to the same from the Lien hereof, upon receipt by the Trustee of: (a1) a Company Order requesting the release of such property and transmitting therewith a form of instrument to effect such release; (b2) an Officer's Certificate stating that, to the knowledge of the signer, no Event of Default has occurred and is continuing; (c3) an Expert's Certificate, made and dated not more than ninety (90) days prior to the date of such Company Order: (iA) describing the property to be released; (iiB) stating the Fair Value, in the judgment of the signers, of the property to be released; (iiiC) stating the Cost of the property to be released; (ivD) stating that the property to be released does not constitute Funded Property; (vE) if true, stating either (Ai) that the aggregate amount of the Cost or Fair Value to the Company (whichever is less) of all Property Additions which do not constitute Funded Property (excluding the property to be released), after making deductions therefrom and additions thereto of the character contemplated by Section 1.03103, is not less than zero (0) or (Bii) that the Cost or Fair Value (whichever is less) of the property to be released does not exceed the aggregate Cost or Fair Value to the Company (whichever is less) of Property Additions acquired, made or constructed on or after the ninetieth (90th) day prior to the date of the Company Order requesting such release; (viF) if neither of the statements contemplated in subclause clause (vE) above can be made, stating the amount by which zero (0) exceeds the amount referred to in subclause (v)(AE)(i) above (showing in reasonable detail the calculation thereof); and (viiG) stating that, in the judgment of the signers, such release will not impair the security under this Indenture in contravention of the provisions hereof; and (d4) if the Expert's Certificate required by clause (c3) above contains neither of the statements contemplated in clause (c)(v3)(E) above, an amount in cash, to be held by the Trustee as part of the Mortgaged Property, equal to the amount, if any, by which seventy percentum (70%) of the lower of (i) the Cost or Fair Value (whichever shall be less) of the property to be released and (ii) the amount shown in clause (c)(vi3)(F) above exceeds the aggregate of items of the character described in subclauses (iiiC) and (vE) of clause (d4) in the first paragraph of Section 8.03 703 then to be used as a credit under this Section 8.04 704 (subject, however, to the same limitations and conditions with respect to such items as are set forth in Section 8.03703). Anything herein to the contrary notwithstanding, if any part of the Mortgaged Property is to be released prior to the delivery of the Initial Expert's Certificate pursuant to Section 4.02(b)(ii402(2)(B), the Company shall deliver to the Trustee an Initial Expert's Certificate complying with the provisions of Section 4.02(b)(ii402(2)(B), except that there shall be stated in clause (M) the sum of (xxiii) the aggregate principal amount of Securities then Outstanding and (y) the aggregate principal amount of First Mortgage Bonds then Outstanding. Such Initial Expert's Certificate shall be accompanied by the documents specified in clauses (iiiC),(D), (iv) and (vE) of Section 4.02(b402(2). Thereupon, the part of the Mortgaged Property to be released shall be released pursuant to Section 8.03703, to the extent the same shall constitute Funded Property, and/or pursuant to Section 8.04704, to the extent the same shall not constitute Funded Property.

Release of Property Not Constituting Funded Property. Unless an Event of Default shall have occurred and be continuing, the Company may obtain the release of any part of the Mortgaged Property, or any interest therein, which does not constitute Funded Property, and the Trustee shall release all its right, title and interest in and to the same from the Lien hereof, upon receipt by the Trustee of: (a) a Company Order requesting the release of such property and transmitting therewith a form of instrument to effect such release; (b) an Officer's ’s Certificate stating that, to the knowledge of the signer, no Event of Default has occurred and is continuing; (c) an Expert's ’s Certificate, made and dated not more than ninety (90) days prior to the date of such Company Order: (i) describing the property to be released; (ii) stating the Fair Value, in the judgment of the signers, of the property to be released; (iii) stating the Cost of the property to be released; (iv) stating that the property to be released does not constitute Funded Property; (v) if true, stating either (A) that the aggregate amount of the Cost or Fair Value to the Company (whichever is less) of all Property Additions which do not constitute Funded Property (excluding the property to be released), after making deductions therefrom and additions thereto of the character contemplated by Section 1.031.3, is not less than zero (0) or (B) that the Cost or Fair Value (whichever is less) of the property to be released does not exceed the aggregate Cost or Fair Value to the Company (whichever is less) of Property Additions acquired, made or constructed on or after the ninetieth (90th) day prior to the date of the Company Order requesting such release; (vi) if neither of the statements contemplated in subclause (v) above can be made, stating the amount by which zero (0) exceeds the amount referred to in subclause (v)(A) above (showing in reasonable detail the calculation thereof); and (vii) stating that, in the judgment of the signers, such release will not materially impair the security under this Indenture in contravention of the provisions hereof; and (d) if the Expert's ’s Certificate required by clause (c) above contains neither of the statements contemplated in clause (c)(v) above, an amount in cash, to be held by the Trustee as part of the Mortgaged Property, equal to the amount, if any, by which seventy percentum (70%) % of the lower of (i) the Cost or Fair Value (whichever shall be less) of the property to be released and (ii) the amount shown in clause (c)(vi) above exceeds the aggregate of items of the character described in subclauses (iii) and (v) of clause (d) in the first paragraph of Section 8.03 8.3 then to be used as a credit under this Section 8.04 8.4 (subject, however, to the same limitations and conditions with respect to such items as are set forth in Section 8.038.3). Anything herein to the contrary notwithstanding, if any part of the Mortgaged Property is to be released prior to the delivery of the Initial Expert's Certificate pursuant to Section 4.02(b)(ii), the Company shall deliver to the Trustee an Initial Expert's Certificate complying with the provisions of Section 4.02(b)(ii), except that there shall be stated in clause (M) the sum of (x) the aggregate principal amount of Securities then Outstanding and (y) the aggregate principal amount of First Mortgage Bonds then Outstanding. Such Initial Expert's Certificate shall be accompanied by the documents specified in clauses (iii), (iv) and (v) of Section 4.02(b). Thereupon, the part of the Mortgaged Property to be released shall be released pursuant to Section 8.03, to the extent the same shall constitute Funded Property, and/or pursuant to Section 8.04, to the extent the same shall not constitute Funded Property.

Release of Property Not Constituting Funded Property. Unless an Event of Default shall have occurred and be continuing, the Company may obtain the release of any part of the Mortgaged Property, or any interest therein, which does not constitute Funded Property, and the Trustee shall release all its right, title and interest in and to the same from the Lien lien hereof, upon receipt by the Trustee of: (a) a Company Order requesting the release of such property and transmitting therewith a form of instrument to effect such release; (b) an Officer's ’s Certificate stating that, to the knowledge of the signer, no Event of Default has occurred and is continuing; (c) an Expert's ’s Certificate, made and dated not more than ninety (90) days prior to the date of such Company Order: (i) describing the property to be released; (ii) stating the Fair Value, in the judgment of the signers, of the property to be released; (iii) stating the Cost of the property to be released; (iv) stating that the property to be released does not constitute Funded Property; (v) if true, stating either (A) that the aggregate amount of the Cost or Fair Value to the Company (whichever is less) of all Property Additions which do not constitute Funded Property (excluding the property to be released), after making deductions therefrom and additions thereto of the character contemplated by Section 1.031.3, is not less than zero (0) or (B) that the Cost or Fair Value (whichever is less) of the property to be released does not exceed the aggregate Cost or Fair Value to the Company (whichever is less) of Property Additions acquired, made or constructed on or after the ninetieth (90th) day prior to the date of the Company Order requesting such release; (vi) if neither of the statements contemplated in subclause (v) above can be made, stating the amount by which zero (0) exceeds the amount referred to in subclause (v)(A) above (showing in reasonable detail the calculation thereof); and (vii) stating that, in the judgment of the signers, such release will not impair the security under this Indenture in contravention of the provisions hereof; and (d) if the Expert's ’s Certificate required by clause (c) above contains neither of the statements contemplated in clause (c)(v) above, an amount in cash, to be held by the Trustee as part of the Mortgaged Property, equal to the amount, if any, by which seventy percentum (70%) 60% of the lower of (i) the Cost or Fair Value (whichever shall be less) of the property to be released and (ii) the amount shown in clause (c)(vi) above exceeds the aggregate of items of the character described in subclauses (iiiii) and (viv) of clause (d) in the first paragraph of Section 8.03 8.3 then to be used as a credit under this Section 8.04 8.4 (subject, however, to the same limitations and conditions with respect to such items as are set forth in Section 8.038.3). Anything herein to the contrary notwithstanding, if any part of the Mortgaged Property is to be released prior to the delivery of the Initial Expert's Certificate pursuant to Section 4.02(b)(ii), the Company shall deliver to the Trustee an Initial Expert's Certificate complying with the provisions of Section 4.02(b)(ii), except that there shall be stated in clause (M) the sum of (x) the aggregate principal amount of Securities then Outstanding and (y) the aggregate principal amount of First Mortgage Bonds then Outstanding. Such Initial Expert's Certificate shall be accompanied by the documents specified in clauses (iii), (iv) and (v) of Section 4.02(b). Thereupon, the part of the Mortgaged Property to be released shall be released pursuant to Section 8.03, to the extent the same shall constitute Funded Property, and/or pursuant to Section 8.04, to the extent the same shall not constitute Funded Property.

Release of Property Not Constituting Funded Property. Unless an Event of Default shall have occurred and be continuing, the Company may obtain the release of any part of the Mortgaged Property, or any interest therein, which does not constitute Funded Property, and the Trustee shall release all its right, title and interest in and to the same from the Lien hereof, upon receipt by the Trustee of: (a) a Company Order requesting the release of such property and transmitting therewith a form of instrument or instruments to effect such release; (b) an Officer's Certificate describing the property to be released and stating that, to the knowledge of the signer, no Event of Default has occurred and is continuing; (c) an Expert's Certificate, made and dated not more than ninety (90) days prior to the date of such Company Order: (i) describing the property to be released; (ii) stating the Fair Value, in the judgment of the signers, of the property to be released; (iii) stating the Cost of the property to be released; (iv) stating that the property to be released does not constitute Funded Property;; 101 (v) if true, stating either (A) that the aggregate amount of the Cost or Fair Value to the Company (whichever is less) of all Property Additions which do not constitute Funded Property (excluding the property to be released), after making deductions therefrom and additions thereto of the character contemplated by Section 1.03103, is not less than zero (0) or (B) that the Cost or Fair Value (whichever is less) of the property to be released does not exceed the aggregate Cost or Fair Value to the Company (whichever is less) of Property Additions acquired, made or constructed on or after the ninetieth (90th) day prior to the date of the Company Order requesting such release; (vi) if neither of the statements contemplated in subclause (v) above can be made, stating the amount by which zero (0) exceeds the amount referred to in subclause (v)(A) above (showing in reasonable detail the calculation thereof); and (vii) stating that, in the judgment of the signers, such release will not impair the security under this Indenture in contravention of the provisions hereof; and (d) if the Expert's Certificate required by clause (c) above contains neither of the statements contemplated in clause (c)(v) above, an amount in cash, to be held by the Trustee as part of the Mortgaged Property, equal to the amount, if any, by which seventy percentum (70%) of the lower of (i) the Cost or Fair Value (whichever shall be less) of the property to be released and (ii) the amount shown in clause (c)(vi) above exceeds the aggregate of items of the character described in subclauses (iii) and (v) of clause (d) in the first paragraph of Section 8.03 then to be used as a credit under this Section 8.04 (subject, however, to the same limitations and conditions with respect to such items as are set forth in Section 8.03). Anything herein to the contrary notwithstanding, if any part of the Mortgaged Property is to be released prior to the delivery of the Initial Expert's Certificate pursuant to Section 4.02(b)(ii), the Company shall deliver to the Trustee an Initial Expert's Certificate complying with the provisions of Section 4.02(b)(ii), except that there shall be stated in clause (M) the sum of (x) the aggregate principal amount of Securities then Outstanding and (y) the aggregate principal amount of First Mortgage Bonds then Outstanding. Such Initial Expert's Certificate shall be accompanied by the documents specified in clauses (iii), (iv) and (v) of Section 4.02(b). Thereupon, the part of the Mortgaged Property to be released shall be released pursuant to Section 8.03, to the extent the same shall constitute Funded Property, and/or pursuant to Section 8.04, to the extent the same shall not constitute Funded Property.

Release of Property Not Constituting Funded Property. Unless an Event of Default shall have occurred and be continuing, the Company may obtain the release of any part of the Mortgaged Property, or any interest therein, which does not constitute Funded Property, and the Trustee shall release all its right, title and interest in and to the same from the Lien hereof, upon receipt by the Trustee of: (a) a Company Order requesting the release of such property and transmitting therewith a form of instrument to effect such release; (b) an Officer's Certificate stating that, to the knowledge of the signer, no Event of Default has occurred and is continuing; (c) an Expert's Certificate, made and dated not more than ninety (90) days prior to the date of such Company Order: (i) describing the property to be released; (ii) stating the Fair Value, in the judgment of the signers, of the property to be released; (iii) stating the Cost of the property to be released; (iv) stating that the property to be released does not constitute Funded Property; (v) if true, stating either (A) that the aggregate amount of the Cost or Fair Value to the Company (whichever is less) of all Property Additions which do not constitute Funded Property (excluding the property to be released), after making deductions therefrom and additions thereto of the character contemplated by Section 1.03, is not less than zero (0) or (B) that the Cost or Fair Value (whichever is less) of the property to be released does not exceed the aggregate Cost or Fair Value to the Company (whichever is less) of Property Additions acquired, made or constructed on or after the ninetieth (90th) day prior to the date of the Company Order requesting such release); (vi) if neither of the statements statement contemplated in subclause (v) above can cannot be made, stating the amount by which zero (0) exceeds the amount referred to in subclause (v)(A) above (showing in reasonable detail the calculation thereof); and (vii) stating that, in the judgment of the signers, such release will not impair the security under this Indenture in contravention of the provisions hereof; and (d) if the Expert's Certificate required by clause (c) above contains neither of the statements contemplated in clause (c)(v) above, an amount in cash, to be held by the Trustee as part of the Mortgaged Property, equal to the amount, if any, by which seventy sixty-five percentum (7065%) of the lower of (i) the Cost or Fair Value (whichever shall be less) of the property to be released and (ii) the amount shown in clause (c)(vi) above exceeds the aggregate of items of the character described in subclauses (iii) and (v) of clause (d) in the first paragraph of Section 8.03 then to be used as a credit under this Section 8.04 (subject, however, to the same limitations and conditions with respect to such items as are set forth in Section 8.03). Anything herein to the contrary notwithstanding, if any part of the Mortgaged Property is to be released prior to the delivery of the Initial Expert's Certificate pursuant to Section 4.02(b)(ii), the Company shall deliver to the Trustee an Initial Expert's Certificate complying with the provisions of Section 4.02(b)(ii), except that there shall be stated in clause (M) the sum of (x) the aggregate principal amount of Securities then Outstanding and (y) the aggregate principal amount of First Mortgage Bonds then Outstanding. Such Initial Expert's Certificate shall be accompanied by the documents specified in clauses (iii), (iv) and (v) of Section 4.02(b). Thereupon, the part of the Mortgaged Property to be released shall be released pursuant to Section 8.03, to the extent the same shall constitute Funded Property, and/or pursuant to Section 8.04, to the extent the same shall not constitute Funded Property.