Severable Modifications. At any time after the Operator has ----------------------- notified the Owner that it has determined not to renew this Agreement pursuant to Article XVII, or operational responsibility for the Allocated Assets reverts to the Owner, the Operator shall at the Owner's request, advise the Owner of the nature and condition of all Severable Modifications owned by the Operator pursuant to Section 7.2(b)(ii) hereof which the Operator has removed or intends to remove from the Allocated Assets in accordance with Section 7.2(c) hereof. The Operator may (and shall, if so directed by Owner), at its sole cost, expense and risk, remove from any Allocated Asset any Severable Modification; provided, that any such Modification not removed pursuant to this Section 9.4 shall be deemed to be part of the Allocated Asset to which it relates for all purposes hereof and title to such Modification shall thereupon vest in the Owner free and clear of all Liens, other than Owner Liens.
Appears in 2 contracts
Sources: Operating Agreement (CSX Corp), Operating Agreement (CSX Transportation Inc)
Severable Modifications. At any time after the Operator has ----------------------- notified the Owner that it has determined not to renew this Agreement pursuant to Article XVII, or operational responsibility for the Allocated Assets reverts to the Owner, the Operator shall at the Owner's request, advise the Owner of the nature and condition of all Severable Modifications owned by the Operator pursuant to Section 7.2(b)(ii) hereof which the Operator has removed or intends to remove from the Allocated Assets in accordance with Section 7.2(c) hereof. The Operator may (and shall, if so directed by Owner), at its sole cost, expense and risk, remove from any Allocated Asset any Severable Modification; provided, that any such Modification not removed pursuant to this Section 9.4 shall be deemed to be part of the Allocated Asset to which it relates for all purposes hereof and title to such Modification shall thereupon vest in the Owner free and clear of all Liens, other than Owner Liens.
Appears in 1 contract