Common use of Required Alterations Clause in Contracts

Required Alterations. The Lessee, at its sole cost and expense, shall, with reasonable promptness, make such repairs, alterations, modifications, reconfigurations, improvements and additions (herein for the purpose of this Section 8 collectively called "ALTERATIONS") to the Leased Property as may be required from time to time to meet the requirements of Applicable Law or of any insurance policies in effect with respect to the Leased Property unless prior to the time at which such Alterations became required pursuant to such Applicable Law or insurance policies the Lessee shall have given the Owner-Trustee notice of the termination of this Lease pursuant to Section 13(d). If the Lessee determines in good faith that the cost of any Alteration required under this Section 8(d) is greater than $1,000,000, the Lessee may, upon less than 90 days' prior written notice to the OwnerTrustee, elect to close the Facility and either purchase the Facility or terminate the Lease pursuant to the next succeeding paragraph. Such written notice shall be accompanied by an Officer's Certificate of the Lessee specifying the required Alteration, the Lessee's good faith determination of the cost of such Alteration and that, as a result of such cost, the Lessee has elected to close the Facility. Such written notice shall specify either (i) that the Lessee has elected to and shall purchase the Facility pursuant to Section 19(f), PROVIDED that the Early Purchase Date for purposes of Section 19(f) shall be the next succeeding Rent Payment Date that is at least 90 days after the date of such written notice and the Early Purchase Price for purposes of Section 19(f) shall be the Termination Value on such Early Purchase Date, or (ii) that the Lessee has elected to and shall terminate the Lease pursuant to Section 13(d) as of the next succeeding Rent Payment Date that is at least 180 days after the date of such written notice.

Required Alterations. The Lessee, at its sole cost and expense, shall, with reasonable promptness, make such repairs, alterations, modifications, reconfigurations, improvements and additions (herein for the purpose of this Section 8 collectively collectively, including, for the avoidance of doubt, the CLO2 System, called "ALTERATIONSAlterations") to the Leased Property Property, and shall obtain and maintain all applicable Permits necessary for the construction and operation of such Alterations, as may be required from time to time to meet the requirements of Applicable Law or of any insurance policies in effect with respect to the Leased Property unless prior to the time at which such Alterations became required pursuant to such Applicable Law or insurance policies the Lessee shall have given the Owner-Owner Trustee notice of the termination of this Lease pursuant to Section 13(d). If the Lessee determines in good faith that the cost of any Alteration (other than the CLO2 Alteration required under this Section 8(d)) is greater than $1,000,000, the Lessee may request a determination of the Fair Market Sales Value of the Facility pursuant to Section 19(a) of this Lease and may, upon not less than 90 days' prior written notice to the OwnerTrusteeOwner Trustee, elect to close the Facility and either purchase the Facility or terminate the this Facility Lease pursuant to the next succeeding paragraph. Such written notice shall be accompanied by an Officer's Certificate of the Lessee specifying the required Alteration, the Lessee's good faith determination of the cost of such Alteration and that, as a result of such cost, the Lessee has elected to close the Facility. Such written notice shall specify either (i) that the Lessee has elected to and shall purchase the Facility pursuant to Section 19(f), PROVIDED provided that the Early Purchase Date for purposes of Section 19(f) shall be the next succeeding Rent Payment Date that is at least 90 days after the date of such written notice and the Early Purchase Price for purposes of Section 19(f) shall be the greater of Fair Market Sales Value of the Facility, as determined in accordance with Section 19(a) hereof and the Termination Value on such Early Purchase Date, or (ii) that the Lessee has elected to and shall terminate the this Lease pursuant to Section 13(d) as of the next succeeding Rent Payment Date that is at least 180 days after the date of such written notice.

Required Alterations. The Lessee, at its sole cost and expense, shall, with reasonable promptness, make such repairs, alterations, modifications, reconfigurations, improvements and additions (herein for the purpose of this Section 8 collectively called "ALTERATIONS") to the Leased Property as may be required from time to time to meet the requirements of Applicable Law or of any insurance policies in effect with respect to the Leased Property unless prior to the time at which such Alterations became required pursuant to such Applicable Law or insurance policies the Lessee shall have given the Owner-Trustee notice of the termination of this Lease pursuant to Section 13(d). If the Lessee determines in good faith that the cost of any Alteration required under this Section 8(d) is greater than $1,000,000, the Lessee may, upon less than 90 days' prior written notice to the OwnerTrusteeOwner-Trustee, elect to close the Facility and either purchase the Facility or terminate the Lease pursuant to the next succeeding paragraph. Such written notice shall be accompanied by an Officer's Certificate of the Lessee specifying the required Alteration, the Lessee's good faith determination of the cost of such Alteration and that, as a result of such cost, the Lessee has elected to close the Facility. Such written notice shall specify either (i) that the Lessee has elected to and shall purchase the Facility pursuant to Section 19(f), PROVIDED that the Early Purchase Date for purposes of Section 19(f) shall be the next succeeding Rent Payment Date that is at least 90 days after the date of such written notice and the Early Purchase Price for purposes of Section 19(f) shall be the Termination Value on such Early Purchase Date, or (ii) that the Lessee has elected to and shall terminate the Lease pursuant to Section 13(d) as of the next succeeding Rent Payment Date that is at least 180 days after the date of such written notice.

Required Alterations. The Lessee, at its sole cost (i) PJP or PTFI shall give notice to the other party of any Alteration that is required by any Governmental Authority or by operation of any Governmental Action pursuant to Applicable Law (a "Required Alteration") which notice shall include in reasonable detail a description of the Required Alteration and expense, the projected Alteration Costs thereof. PTFI shall, with reasonable promptnesswithin thirty (30) Business Days of having given or received such notice, make either (x) consent to such repairs, alterations, modifications, reconfigurations, improvements Required Alteration and additions (herein elect to provide for the purpose payment or financing, which financing shall be in compliance with the terms of the Financing Documents, of the Alteration Costs of such Required Alteration as provided in paragraph (ii) of this Section 8 collectively called "ALTERATIONS"7.03(e) or (y) propose to the Leased Property as may PJP that such Required Alteration be required from time to time to meet the requirements of Applicable Law deferred or of any insurance policies in effect with respect to the Leased Property unless prior to the time at not be performed, which such Alterations became required pursuant to such Applicable Law or insurance policies the Lessee shall have given the Owner-Trustee notice of the termination of this Lease pursuant to Section 13(d). If the Lessee determines in good faith that the cost of any Alteration required under this Section 8(d) is greater than $1,000,000, the Lessee may, upon less than 90 days' prior written notice to the OwnerTrustee, elect to close the Facility and either purchase the Facility or terminate the Lease pursuant to the next succeeding paragraph. Such written notice proposal shall be accompanied by an Officer's Certificate of the Lessee specifying the required Alterationproposed amendments hereto to either relieve PJP of, or compensate PJP for, the Lesseeincreased risks to PJP of deferring or not performing such Required Alteration. PJP shall consider PTFI's proposal in good faith determination faith, provided, however, that PJP shall not be required to defer or forego taking any action necessary to prevent a violation of Applicable Law, in which case the cost foregoing clause (x) shall apply. Any dispute as to PTFI's proposal shall, at either party's request, be submitted to technical dispute resolution in accordance with Section 19.07. (ii) PTFI shall elect, within thirty (30) Business Days of such receipt or delivery of a notice of a Required Alteration and that, as a result (or within fifteen (15) Business Days following resolution of such cost, any matter described in the Lessee has elected to close the Facility. Such written notice shall specify either last sentence of subparagraph (i) of this Section 7.03(e) that results in the Lessee has elected to and shall purchase the Facility pursuant to Section 19(fmaking of a Required Alteration), PROVIDED that as the Early Purchase Date for purposes of Section 19(fcase may be, to (A) shall be pay directly the next succeeding Rent Payment Date that is at least 90 days after the date Life Cycle Costs of such written notice Required Alteration (to the extent not required to be paid by PJP as provided below and to the Early Purchase Price for purposes of Section 19(f) shall be the Termination Value on such Early Purchase Dateextent not otherwise paid by PTFI), or (iiB) that agree to such modifications to the Lessee has elected payments to and be made by PTFI hereunder as shall terminate permit the Lease financing, which financing shall be in compliance with the terms of the Financing Documents, of the Life Cycle Costs of such Required Alteration (excluding any Life Cycle Costs paid by PTFI pursuant to clause (A) above), including a mutually acceptable return of and on any investment made by Shareholders in respect thereof; provided, however, that PJP shall bear the first $100,000 of Life Cycle Costs in respect of each Required Alteration. PTFI shall have no obligations under this Section 13(d7.03(e) as to the extent that a Required Alteration is attributable to any third party sale. Upon termination of this Agreement, PTFI's obligation to pay the next succeeding Rent Payment Date that is at least 180 days after the date of such written noticeLife Cycle Costs shall terminate.

Required Alterations. The Lessee, at its sole cost and expense, shall, -------------------- with reasonable promptness, make such repairs, alterations, modifications, reconfigurations, improvements and additions (herein for the purpose of this Section 8 collectively called "ALTERATIONSAlterations") to the Leased Property Property, and shall obtain and maintain all applicable Permits necessary for the construction and operation of such Alterations, as may be required from time to time to meet the requirements of Applicable Law or of any insurance policies in effect with respect to the Leased Property unless prior to the time at which such Alterations became required pursuant to such Applicable Law or insurance policies the Lessee shall have given the Owner-Owner Trustee notice of the termination of this Lease pursuant to Section 13(d). If the Lessee determines in good faith that the cost of any Alteration (required under this Section 8(d)) is greater than $1,000,000 or if it determines in good faith that the cost of any Alteration (required under 8(d) of the ClO2 Lease) is greater than $1,000,000, the Lessee may request a determination of the Fair Market Sales Value of the Facility pursuant to Section 19(a) of this Lease and may, upon not less than 90 days' prior written notice to the OwnerTrusteeOwner Trustee, elect to close the Facility and either purchase the Facility or terminate the this Facility Lease pursuant to the next succeeding paragraph. Such written notice shall be accompanied by an Officer's Certificate of the Lessee specifying the required Alteration, the Lessee's good faith determination of the cost of such Alteration and that, as a result of such cost, the Lessee has elected to close the Facility and the ClO2 Facility. Such written notice shall specify either (i) that the Lessee has elected to and shall purchase the Facility pursuant to Section 19(f), PROVIDED provided that the Early Purchase Date for purposes of Section 19(f) shall be the next succeeding Rent Payment Date that is at least 90 days after the date of such written notice and the Early Purchase Price for purposes of Section 19(f) shall be the greater of Fair Market Sales Value of the Facility, as determined in accordance with Section 19(a) hereof and the Termination Value on such Early Purchase Date; provided that Lessee may not elect to purchase the Facility unless ▇▇▇▇ & ▇▇▇▇▇▇ has elected to purchase the ClO2 Facility pursuant to Section 14(c) of the ClO2 Participation Agreement, or (ii) that the Lessee has elected to and shall terminate the this Lease pursuant to Section 13(d) as of the next succeeding Rent Payment Date that is at least 180 days after the date of such written notice; provided that the Lessee may not elect to terminate this Lease pursuant to Section 13(d) unless the ClO2 Lessee has elected to terminate the ClO2 Lease under Section 13(d) of the ClO2 Lease.