Common use of Election of Options Clause in Contracts

Election of Options. Unless Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for in Section 19.1(b) and (b) satisfied each of the requirements in Articles XX and XXI, Lessee shall be deemed to have elected the Renewal Option. To the extent that the Renewal Option is not available for any reason (including because of the Participants' refusal to consent to an Extension Option Request), unless Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for in Section 19.1(b) and (b) satisfied each of the requirements in clause (ii) of Section 20.1(d), Lessee shall be deemed to have elected the Purchase Option. In addition, the Sale Option shall automatically be revoked if there exists a Default, Event of Default, Significant Environmental Event, Significant Casualty or Significant Condemnation at any time after the Sale Option is properly elected or Lessee fails to comply with each of the other terms and conditions set forth at Articles XX and XXI and Lessee shall be deemed to have elected the Purchase Option. Lessee may not elect the Sale Option if there exists on the date the election is made a Default, an Event of Default, Significant Environmental Event, Significant Casualty or Significant Condemnation. Any election by Lessee pursuant to Section 19.1 shall be irrevocable at the time made.

Election of Options. Unless (i) Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for in Section 19.1(b) 19.1 and (b) satisfied each of the requirements in Articles XX and XXIXXI (unless waived in accordance with the terms set forth therein), (ii) Lessee shall be deemed have elected to purchase all, but not less than all, of the Leased Property pursuant to Article XVIII or (iii) Lessee shall have elected the Renewal Option. To the extent that the Option and a renewal pursuant to such Renewal Option is not available for any reason (including because shall have become effective in accordance with Section 4.7 of the Participants' refusal Participation Agreement and all other conditions to consent to an Extension Option Request), unless Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for such renewal set forth in Section 19.1(b) and (b) satisfied each 4.7 of the requirements in clause (ii) of Participation Agreement and Section 20.1(d)19.3 hereof have been satisfied, Lessee shall be deemed to have elected the Purchase Option. In addition, the Sale Option shall automatically be revoked if there exists a Default, an Event of Default, Significant Environmental Event, Significant Casualty Event or Significant Condemnation an Event of Loss at any time after the Sale Option is properly elected or the Lessee fails to comply with each pay the Sale Option Recourse Amount to the Administrative Agent by not later than the last day of the other Base Term (unless the Lease is renewed for the Lease Renewal Term in accordance with the terms hereof). In the event of any such automatic revocation of the Sale Option (i) as a result of an Event of Default, Lessor shall be entitled to exercise all rights and conditions remedies provided in Article XVI (subject to the Lessee’s rights set forth at Articles XX in Section 18.1), and XXI and Lessee (ii) as a result of an Event of Loss or Specified Significant Environmental Event, Lessor shall be deemed entitled to have elected the Purchase Optionexercise all rights and remedies provided in Article XV. Lessee may not elect the Sale Option or the Renewal Option if there exists on the date the election is made a Default, an Event of Default, Significant Environmental Event, Significant Casualty Event or Significant Condemnationan Event of Loss. Any election by Lessee of the Purchase Option pursuant to Section 19.1 19.1(b) shall be irrevocable at the time made. The election of the Sale Option shall not limit any remedies of Lessor under Article XVI.

Election of Options. Unless (i) Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for in Section 19.1(b) 19.1 and (b) satisfied each of the requirements in Articles XX and XXIXXI (unless waived in accordance with the terms set forth therein), (ii) Lessee shall be deemed have elected to purchase all, but not less than all, of the Leased Property pursuant to Article XVIII or (iii) Lessee shall have elected the Renewal Option. To the extent that the Option and a renewal pursuant to such Renewal Option is not available for any reason (including because shall have become effective in accordance with Section 4.7 of the Participants' refusal Participation Agreement and all other conditions to consent to an Extension Option Request), unless Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for such renewal set forth in Section 19.1(b) and (b) satisfied each 4.7 of the requirements in clause (ii) of Participation Agreement and Section 20.1(d)19.3 hereof have been satisfied, Lessee shall be deemed to have elected the Purchase Option. In addition, the Sale Option shall automatically be revoked if there exists a Default, an Event of Default, Significant Environmental Event, Significant Casualty Event or Significant Condemnation an Event of Loss at any time after the Sale Option is properly elected or the Lessee fails to comply with each pay the Sale Option Recourse Amount to the Administrative Agent by not later than the last day of the other Term then in effect (unless this Lease is renewed for an additional Lease Renewal Term after the Restatement Date in accordance with the terms hereof). In the event of any such automatic revocation of the Sale Option (i) as a result of an Event of Default, Lessor shall be entitled to exercise all rights and conditions remedies provided in Article XVI (subject to the Lessee’s rights set forth at Articles XX in Section 18.1), and XXI and Lessee (ii) as a result of an Event of Loss or Specified Significant Environmental Event, Lessor shall be deemed entitled to have elected the Purchase Optionexercise all rights and remedies provided in Article XV. Lessee may not elect the Sale Option or the Renewal Option if there exists on the date the election is made a Default, an Event of Default, Significant Environmental Event, Significant Casualty Event or Significant Condemnationan Event of Loss. Any election by Lessee Lxxxxx of the Purchase Option pursuant to Section 19.1 19.1(b) shall be irrevocable at the time made. The election of the Sale Option shall not limit any remedies of Lessor under Article XVI.

Election of Options. Unless (i) Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for in Section 19.1(b) 19.1 and (b) satisfied each of the requirements in Articles XX and XXI, (ii) Lessee shall be deemed have elected to purchase all, but not less than all, of the Leased Property pursuant to Article XVIII or (iii) Lessee shall have elected the Renewal Option. To the extent that the Option and such Renewal Option is not available for any reason (including because has been approved by Lessor and all other the Participants and all other conditions to such renewal set forth in Section 4.7 of the Participants' refusal to consent to an Extension Option Request), unless Lessee shall Participation Agreement and Section 19.3 hereof have (a) affirmatively elected the Sale Option within the time period provided for in Section 19.1(b) and (b) satisfied each of the requirements in clause (ii) of Section 20.1(d)been satisfied, Lessee shall be deemed to have elected the Purchase Option. In addition, the Sale Option or Renewal Option shall automatically be revoked if there exists a Default, Event of Default, Significant Environmental Event, Significant Casualty Event or Significant Condemnation Event of Loss at any time after the Sale Option is properly elected or Lessee fails to comply with each of the other terms and conditions set forth at Articles XX and XXI and Lessee in such event Lessor shall be deemed entitled to have elected the Purchase Optionexercise all rights and remedies provided in Article XVI. Lessee may not elect the Sale Option or the Renewal Option if there exists on the date the election is made a Default, an Event of Default, Significant Environmental Event, Significant Casualty Event or Significant CondemnationEvent of Loss. Any election by Lessee of the Purchase Option pursuant to Section 19.1 19.1(b) shall be irrevocable at the time made.

Election of Options. Unless (i) Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for in Section 19.1(b) 19.1 and (b) satisfied each of the requirements in Articles XX and XXIXXI (unless waived in accordance with the terms set forth therein), (ii) Lessee shall be deemed have elected to purchase all, but not less than all, of the Leased Property pursuant to Article XVIII or (iii) Lessee shall have elected the Renewal Option. To the extent that the Option and a renewal pursuant to such Renewal Option is not available for any reason (including because shall have become effective in accordance with Section 4.7 of the Participants' refusal Participation Agreement and all other conditions to consent to an Extension Option Request), unless Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for such renewal set forth in Section 19.1(b) and (b) satisfied each 4.7 of the requirements in clause (ii) of Participation Agreement and Section 20.1(d)19.3 hereof have been satisfied, Lessee shall be deemed to have elected the Purchase Option. In addition, the Sale Option shall automatically be revoked if there exists a Default, an Event of Default, Significant Environmental Event, Significant Casualty Event or Significant Condemnation an Event of Loss at any time after the Sale Option is properly elected or the Lessee fails to comply with each pay the Sale Option Recourse Amount to the Administrative Agent by not later than the last day of the other Term then in effect (unless this Lease is renewed for an additional Lease Renewal Term after the Restatement Date in accordance with the terms hereof). In the event of any such automatic revocation of the Sale Option (i) as a result of an Event of Default, Lessor shall be entitled to exercise all rights and conditions remedies provided in Article XVI (subject to the Lessee’s rights set forth at Articles XX in Section 18.1), and XXI and Lessee (ii) as a result of an Event of Loss or Specified Significant Environmental Event, Lessor shall be deemed entitled to have elected the Purchase Optionexercise all rights and remedies provided in Article XV. Lessee may not elect the Sale Option or the Renewal Option if there exists on the date the election is made a Default, an Event of Default, Significant Environmental Event, Significant Casualty Event or Significant Condemnationan Event of Loss. Any election by Lessee of the Purchase Option pursuant to Section 19.1 19.1(b) shall be irrevocable at the time made. The election of the Sale Option shall not limit any remedies of Lessor under Article XVI.

Election of Options. Unless (i) Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for in Section 19.1(b) 19.1 and (b) satisfied each of the requirements in Articles XX and XXI, (ii) Lessee shall be deemed have elected to purchase all, but not less than all, of the Leased Property pursuant to Article XVIII or (iii) Lessee shall have elected the Renewal Option. To the extent that the Option and such Renewal Option is not available for any reason (including because has been approved by Lessor and all other the Participants and all other conditions to such renewal set forth in Section 4.7 of the Participants' refusal to consent to an Extension Option Request), unless Lessee shall Participation Agreement and Section 19.3 hereof have (a) affirmatively elected the Sale Option within the time period provided for in Section 19.1(b) and (b) satisfied each of the requirements in clause (ii) of Section 20.1(d)been satisfied, Lessee shall be deemed to have elected the Purchase Option. In addition, the Sale Option or Renewal Option shall automatically be revoked if there exists a Default, Event of Default, Significant Environmental Event, Significant Casualty Event or Significant Condemnation Event of Loss at any time after the Sale Option is properly elected or Lessee fails to comply with each of the other terms and conditions set forth at Articles XX and XXI and Lessee in such event Lessor shall be deemed entitled to have elected the Purchase Optionexercise all rights and remedies provided in Article XVI. Lessee may not elect the Sale Option or the Renewal Option if there exists on the date the election is made a Default, an Event of Default, Significant Environmental Event, Significant Casualty Event or Significant CondemnationEvent ‑31‑ of Loss. Any election by Lessee of the Purchase Option pursuant to Section 19.1 19.1(b) shall be irrevocable at the time made.

Election of Options. Unless To the extent that the Renewal Option is available, unless Lessee shall have (a) affirmatively elected in accordance herewith the Purchase Option or the Sale Option within the time period provided for in Section 19.1(b) and (b) satisfied each of the requirements in Articles XX and XXIOption, Lessee shall be deemed to have elected the Renewal Option. To the extent that If the Renewal Option is not available for any reason (including because of the Participants' refusal to consent to an Extension Option Request)no longer available, unless Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for in Section 19.1(b) SECTION 19.1 and (b) satisfied each of the requirements in clause (ii) of Section 20.1(d)ARTICLES XX and XXI, Lessee shall be deemed to have elected the Purchase Option. In addition, the Sale Option shall automatically be revoked if there exists a Lease Default, Lease Event of Default, Significant Environmental Event, Significant Casualty or Significant Condemnation at any time after the Sale Option is properly elected or Lessee fails to comply with each of the other terms and conditions set forth at Articles ARTICLES XX and XXI (including Xxxxxx's obligation to sell the Leased Property in accordance with the terms and Lessee conditions set forth at ARTICLES XX and XXI, on the last day of the Term) and Lessor shall be deemed entitled to have elected the Purchase Optionexercise all rights and remedies provided in ARTICLE XVI. Lessee may not elect the Sale Option if there exists on the date the election is made a Default, an Event of Default, Significant Environmental Event, Significant Casualty or Significant Condemnation. Any election by Lessee Xxxxxx pursuant to Section SECTION 19.1 shall be irrevocable at the time made.

Election of Options. Unless (i) Lessee shall have (a) affirmatively elected the Sale Option within the time period provided for in Section 19.1(b) 19.1 and (b) satisfied each of the requirements in Articles XX and XXI, (ii) Lessee shall be deemed have elected to purchase all, but not less than all, of the Leased Property pursuant to Article XVIII or (iii) Lessee shall have elected the Renewal Option. To the extent that Option and the Renewal Option is not available for any reason (including because has been approved by Lessor and all other Participants and all other conditions to such renewal set forth in Section 4.7 of the Participants' refusal to consent to an Extension Option Request), unless Lessee shall Transaction Agreement and Section 19.3 hereof have (a) affirmatively elected the Sale Option within the time period provided for in Section 19.1(b) and (b) satisfied each of the requirements in clause (ii) of Section 20.1(d)been satisfied, Lessee shall be deemed to have elected the Purchase Option. In addition, the Sale Option shall automatically be revoked if there exists a Default, Event of Default, Significant Environmental Event, Significant Casualty Event or Significant Condemnation Event of Loss at any time after the Sale Option is properly elected or Lessee fails to comply with each of the other terms and conditions set forth at Articles XX and XXI XXI, and Lessee in such event Lessor shall be deemed entitled to have elected the Purchase Optionexercise all rights and remedies provided in Article XVI. Lessee may not elect the Sale Option if there exists on the date the election is made a Default, an Event of Default, Significant Environmental Event, Significant Casualty Event or Significant CondemnationEvent of Loss. Any election by Lessee Xxxxxx of the Purchase Option pursuant to Section 19.1 19.1(b) shall be irrevocable at the time made.