Common use of Rights of the Lessee Clause in Contracts

Rights of the Lessee. If at any time all obligations (i) of the Owner Trustee under the Credit Agreement, the Security Documents and the other Operative Agreements and (ii) of the Lessee under the Operative Agreements have in each case been satisfied or discharged in full, then the Lessee shall be entitled to (a) terminate the Lease and (b) receive all amounts then held under the Operative Agreements and all proceeds with respect to any of the Properties. Upon the termination of the Lease pursuant to the foregoing clause (a), the Lessor shall transfer to the Lessee all of its right, title and interest free and clear of the Lien of the Lease, the Lien of the Security Documents and all Lessor Liens in and to any Properties then subject to the Lease and any amounts or proceeds referred to in the foregoing clause (b) shall be paid over to the Lessee.

Appears in 5 contracts

Samples: Lease Agreement (Lexicon Genetics Inc/Tx), Participation Agreement (Sterile Recoveries Inc), And Replacement Participation Agreement (Rf Micro Devices Inc)

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Rights of the Lessee. If at any time all obligations (i) of the Owner Trustee under the Credit Agreement, the Security Documents Borrower and the other Operative Agreements and (ii) of the Lessee under the Operative Agreements have in each case been satisfied or discharged in full, then the Lessee shall be entitled to (a) terminate the Lease and (b) receive (i) all amounts then held under the Operative Agreements Agreements, and all proceeds with respect to any to, the Property and (ii) a release of the Propertiesremaining Collateral. Upon the termination of the Lease pursuant to the foregoing clause (a), the Lessor shall transfer to the Lessee or its designee all of its right, title and interest free and clear of the Lien of the Lease, the Lien of the Security Documents and all other Operative Agreements and all Lessor Liens in and to any Properties then subject to the Lease Property and any amounts or proceeds referred to in the foregoing clause (b) shall be paid over to the LesseeLessee or its designee.

Appears in 2 contracts

Samples: Participation Agreement (Human Genome Sciences Inc), Participation Agreement (United Therapeutics Corp)

Rights of the Lessee. If at any time all obligations (i) of the Owner Trustee under the Credit Agreement, the Security Documents and the other Operative Agreements and (ii) of the Lessee under the Operative Agreements have in each case been satisfied or discharged in full, then the Lessee shall be entitled to (a) terminate the Lease and (b) receive all amounts then held under the Operative Agreements and all proceeds with respect to any of the Properties. Upon the termination of the Lease pursuant to the foregoing clause (a), the Lessor shall transfer to the Lessee or its designee all of its right, title and interest free and clear of the Lien of the Lease, the Lien of the Security Documents and all Lessor Liens in and to any Properties then subject to the Lease and any amounts or proceeds referred to in the foregoing clause (b) shall be paid over to the Lessee.

Appears in 1 contract

Samples: Participation Agreement (Guilford Pharmaceuticals Inc)

Rights of the Lessee. If at any time all obligations (i) of the Owner Trustee Borrower under the Credit Agreement, the Security Documents and the other Operative Agreements and (ii) of the Lessee Credit Parties under the Operative Agreements have in each case been satisfied or discharged in full, then the Lessee shall be entitled to (a) terminate the Lease and (b) receive all amounts then held under the Operative Agreements and all proceeds with respect to any of the Properties. Upon the termination of the Lease pursuant to the foregoing clause (a), the Lessor shall transfer to the Lessee all of its right, title and interest free and clear of the Lien of the Lease, the Lien of the Security Documents and all Lessor Liens in and to any Properties then subject to the Lease and any amounts or proceeds referred to in the foregoing clause (b) shall be paid over to the Lessee.

Appears in 1 contract

Samples: Participation Agreement (West Corp)

Rights of the Lessee. If at any time all obligations (i) of the Owner Trustee Borrower under the Credit Agreement, the Security Documents and the other Operative Agreements and (ii) of the Lessee under the Operative Agreements have in each case been satisfied or discharged in full, then the Lessee shall be entitled to (a) terminate the Lease and the Guaranty and (b) receive all amounts then held under the Operative Agreements and all proceeds with respect to any of the PropertiesProperty. Upon the termination of the Lease and Guaranty pursuant to the foregoing clause (a), the Lessor Trust shall transfer to the Lessee all of its right, title and interest free and clear of the Lien of the Lease, the Lien of the Security Documents and all Lessor Liens in and to any Properties the Property then subject to the Lease and any amounts or proceeds referred to in the foregoing clause (b) shall be paid over to the Lessee.

Appears in 1 contract

Samples: Participation Agreement (Lam Research Corp)

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Rights of the Lessee. If at any time all obligations (i) of the Owner Trustee Borrower under the Credit Agreement, the Security Documents and the other Operative Agreements and (ii) of the Lessee under the Operative Agreements have in each case been satisfied or discharged in full, then the Lessee shall be entitled to (a) terminate the Lease and (b) receive all amounts then held under the Operative Agreements and all proceeds with respect to any of the Propertieseach Property. Upon the termination of the Lease pursuant to the foregoing clause (a), the Lessor Trust shall transfer to the Lessee all of its right, title and interest free and clear of the Lien of the Lease, the Lien of the Security Documents and all Lessor Liens in and to any Properties each Property then subject to the Lease and any amounts or proceeds referred to in the foregoing clause (b) shall be paid over to the Lessee.

Appears in 1 contract

Samples: Participation Agreement (Symantec Corp)

Rights of the Lessee. If Notwithstanding any provision of the Operative Agreements, if at any time all obligations (i) of the Owner Trustee under the Credit Agreement, Agreement and the Security Documents and the other Operative Agreements and (ii) of the Lessee under the Operative Agreements have in each case been satisfied or discharged in full, then the Lessee shall be entitled to (a) terminate the Lease and (b) receive all amounts then held under the Operative Agreements and all proceeds with respect to any of the Properties. Upon the termination of the Lease pursuant to the foregoing clause (a), the Lessor shall transfer to the Lessee all of its right, title and interest free and clear of the Lien of the Lease, the Lien of the Security Documents Instruments and all Lessor Liens in and to any Properties then subject to the Lease and any amounts or proceeds referred to in the foregoing clause (b) shall be paid over to the Lessee.

Appears in 1 contract

Samples: Participation Agreement (Performance Food Group Co)

Rights of the Lessee. If Notwithstanding any provision of the Operative Agreements, if at any time all obligations (i) of the Owner Trustee under the Credit Agreement, Agreement and the Security Documents and the other Operative Agreements and (ii) of the Lessee under the Operative Agreements have in each case been satisfied or discharged in full, then the Lessee shall be entitled to (a) terminate the Lease and (b) receive all amounts then held under the Operative Agreements and all proceeds with respect to any of the PropertiesProperty. Upon the termination of the Lease pursuant to the foregoing clause (a), the Lessor shall transfer to the Lessee all of its right, title and interest free and clear of the Lien of the Lease, the Lien of the Security Documents Lease and all Lessor Liens in and to any Properties the Property then subject to the Lease in the manner so provided in the Lease and any amounts or proceeds referred to in the foregoing clause (b) shall be paid over to the Lessee.

Appears in 1 contract

Samples: Participation Agreement (Lci International Inc /Va/)

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