Successor Lessees Sample Clauses

Successor Lessees. The following is hereby added as an additional section to the Leases: “Successor Lessees. Lessor, Polymer and CMI acknowledge that, as a result of their similar ownership and other close affiliations, the Premises have been leased to Polymer and CMI pursuant to the terms of the Leases (i) without a number of security and operational improvements which would otherwise be required to be constructed if the Premises were leased to unrelated third parties and (ii) on the basis of sharing a number of common services and building and property systems which would otherwise be required to be physically divided and provided for on a separate basis if the Premises were leased to unrelated third parties. Therefore, in the event any person or entity other than Polymer or CMI (except for Polymer or CMI as a “Debtor-in-Possession” but only so long as Polymer or CMI, as the case may be, continues to be controlled by the Exempt Persons as defined in that certain Distribution Agreement) becomes a lessee under any of the Leases or Polymer or CMI undergo a Change in Control, whether as a result of the occurrence of any of the events set forth in Section 27(a)(ii) of the Leases (as amended by this Amendment) or otherwise (any such person or entity or Polymer or CMI, following a Change in Control, a “Successor Lessee”), then (a) Lessor shall have the right, but not the obligation, to construct the improvements and undertake the activities set forth in Exhibit A hereto (and, in that event and notwithstanding any other provision in the Leases or any cost sharing agreement between Lessor, CMI and/or Polymer, the Lessor or Successor Lessee (as applicable) shall bear all costs and expenses related thereto in the manner specified in Exhibit A); and (b) any such Successor Lessee shall be required to comply with such reasonable additional rules and regulations promulgated by Lessor, including, without limitation, the requirement that any non-employee visitors of Successor Lessee to the Premises execute a visitor agreement in form and substance reasonably satisfactory to Lessor. Nothing in this section shall be deemed to be a consent to the assignment of the Leases by Polymer or CMI or otherwise be deemed to be a modification of the assignment or change in control restrictions binding Polymer and CMI under the terms of the Leases.”
Sample 1
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Related to Successor Lessees

  • Successor Landlord A “Successor Landlord” means any party that becomes owner of the Property as the result of a Foreclosure Event.

  • Successor Laws References in the Transaction Documents to laws, rules, regulations and forms shall also include successors to and functionally equivalent replacements of such laws, rules, regulations and forms. A successor rule to Rule 144(b)(1)(i) shall include any rule that would be available to a non-Affiliate of the Company for the sale of Common Stock not subject to volume restrictions and after a six month holding period.

  • Successor General Partner Upon the occurrence of an event giving rise to a Withdrawal of a General Partner, any remaining General Partner, or, if there be no remaining General Partner, the Withdrawing General Partner or its legal representative, shall promptly notify the Special Limited Partner of such Withdrawal (the "Withdrawal Notice"). Whether or not the Withdrawal Notice shall have been sent as provided herein, the Special Limited Partner shall have the right to become a successor General Partner (and to become the successor managing General Partner if the Withdrawing General Partner was previously the managing General Partner). In order to effectuate the provisions of this Section 13.4 and the continuance of the Partnership, the Withdrawal of a General Partner shall not be effective until the expiration of 120 days from the date on which occurred the event giving rise to the Withdrawal, unless the Special Limited Partner shall have elected to become a successor General Partner as provided herein prior to expiration of such 120-day period, whereupon the Withdrawal of the General Partner shall be deemed effective upon the notification of all the other Partners by the Special Limited Partner of such election.

  • Successors; Assignment This Agreement shall be binding upon and inure to the benefit of the heirs, executors, administrators, legal representatives, successors and assigns of the parties; provided however, that Borrower may not assign or transfer its interest hereunder without Bank's prior written consent. Bank reserves the right to sell, assign, transfer, negotiate or grant participations in all or any part of, or any interest in, Bank's rights and benefits under each of the Loan Documents. In connection therewith, Bank may disclose all documents and information which Bank now has or may hereafter acquire relating to any credit subject hereto, Borrower or its business, or any collateral required hereunder.

  • Successors, etc This Agreement shall enure to the benefit of and be binding upon each of the parties hereto and their respective heirs, successors and permitted assigns.

  • Lessor's Right to Perform for Lessee If Lessee fails to make any payment of Rent required to be made by it hereunder or fails to perform or comply with any of its agreements contained herein, then (but in each case, except in the case of failure to pay Rent or in the case of failure to maintain insurance as required hereunder, no earlier than the fifteenth day after the occurrence of such failure, whether or not it shall yet constitute an Event of Default hereunder) Lessor may itself make such payment or perform or comply with such agreement but shall not be obligated hereunder to do so, and the amount of such payment and the amount of the reasonable expenses of Lessor incurred in connection with such payment or the performance of or compliance with such agreement, as the case may be, together with interest thereon at the Past Due Rate, shall be deemed Supplemental Rent, payable by Lessee upon demand.

  • Successor Companies In the case of the amalgamation, consolidation, arrangement, merger or transfer of the undertaking or assets of the Company as an entirety or substantially as an entirety to another person (a “successor company”), the successor company resulting from the amalgamation, consolidation, arrangement, merger or transfer (if not the Company) shall be bound by the provisions hereof and all obligations for the due and punctual performance and observance of each and every covenant and obligation contained in this Indenture to be performed by the Company and the successor company shall by supplemental indenture satisfactory in form and substance to the Warrant Agent and executed and delivered by the successor company to the Warrant Agent, expressly assume those obligations.

  • Successor or Transferee (a) Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a), the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named as the Issuer herein.

  • SUCCESSOR RIGHTS This Agreement shall inure to the benefit of and be enforceable by the Executive's personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive should die while any amounts would still be payable to him hereunder, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to his executor or, if there is no such executor, to his estate.

  • Successor in Interest This Agreement and the rights and obligations hereunder shall be binding upon and inure to the benefit of the parties hereto and their respective legal representatives, and shall also bind and inure to the benefit of any successor of the Company by merger or consolidation or any purchaser or assignee of all or substantially all of its assets, but, except to any such successor, purchaser, or assignee of the Company, neither this Agreement nor any rights or benefits hereunder may be assigned by either party hereto.

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