Common use of End of Term Adjustment Clause in Contracts

End of Term Adjustment. (a) The provisions of this paragraph (a) shall apply only if a sale of the Leased Property to a third party pursuant to paragraph (b) of Article 28 has been consummated on or before the applicable Mandatory Sale Date. If the Net Proceeds following a sale of the Leased Property sold in accordance with paragraph (b) of Article 28 hereof are less than the Purchase Price for the Leased Property on the applicable Mandatory Sale Date as set forth in paragraph (a) of Article 28 hereof, Lessee shall, on such Mandatory Sale Date, pay to Lessor, as an adjustment to the Basic Rent payable under this Lease, by wire transfer of immediately available federal funds, an amount equal to such deficiency (the Adjustment Price); PROVIDED, HOWEVER, that if all of the Limited Lessee Risk Conditions (as hereinafter defined) have been satisfied, the amount of the Adjustment Price payable by Lessee shall not exceed the sum of (i) then applicable Maximum Lessee Risk Amount plus (ii) all accrued and unpaid Basic Rent (other than Basic Rent capitalized during the Construction Term) and Additional Rent payable hereunder. Otherwise, if any Limited Lessee Risk Condition is not met, Lessee shall make the payments specified under Article 30(b)(ii). If the Net Proceeds following such a sale pursuant to paragraph (b) of Article 28 on or before the Mandatory Sale Date exceed the Purchase Price for the Leased Property and Lessor shall have received such amount, then Lessor shall, on the Mandatory Sale Date, pay to Lessee by wire transfer of immediately available federal funds, an amount equal to such excess, as an adjustment to the Basic Rent payable under this Lease; provided, however, that Lessor shall have the right to offset against such adjustment payable by Lessor, any amounts then due and payable from Lessee to Lessor hereunder.

Appears in 1 contract

Samples: Lease Agreement (Geltex Pharmaceuticals Inc)

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End of Term Adjustment. (a) The provisions of this paragraph (a) shall apply only if a sale of the Leased Property Properties to a third party pursuant to paragraph (b) of Article 28 27 has been consummated on or before the applicable Mandatory Sale Term Termination Date. If the Net Proceeds following a sale of the Leased Property Properties, sold in accordance with paragraph (b) of Article 28 27 hereof are less than the Purchase Price sum of the Termination Values for all of the Leased Property Properties on the applicable Mandatory Sale Term Termination Date as set forth in paragraph (a) of Article 28 27 hereof, Lessee shall, on such Mandatory Sale the Term Termination Date, pay to Lessor, as an adjustment to the Basic Rent payable under this LeaseLease and allocable to the Properties, by wire transfer of immediately available federal funds, an amount equal to such deficiency (the Adjustment Price)) plus accrued and unpaid Basic Rent, if any, due and payable on the Term Termination Date, plus any Additional Obligations then due and owing to Lessor hereunder; PROVIDEDprovided, HOWEVERhowever, that if all of the Limited Lessee Risk Conditions (as hereinafter defined) have been satisfiedsatisfied as to all of the Properties on the Term Termination Date, the amount of the Adjustment Price payable by Lessee shall not exceed the sum of (i) then applicable Maximum Lessee Risk Amount plus (ii) for all accrued and unpaid Basic Rent (other than Basic Rent capitalized during the Construction Term) and Additional Rent payable hereunder. OtherwiseProperties; otherwise, if any Limited Lessee Risk Condition is not metsatisfied as to any Property, Lessee shall make the payments specified under Article 30(b)(ii29(b)(ii). If the aggregate Net Proceeds following such a sale pursuant to paragraph (b) of Article 28 27 on or before the Mandatory Sale Term Termination Date exceed the Purchase Price sum of the Termination Values for the Leased Property Properties, and Lessor Lessee shall have received such amountpaid to Lessor all amounts due and payable on or before the Term Termination Date, including all Basic Rent, Additional Obligations and all other amounts then due and payable hereunder, then Lessor shall, on the Mandatory Sale Term Termination Date, pay to Lessee by wire transfer of immediately available federal funds, an amount equal to such excess, as an adjustment to the Basic Rent payable under this Lease; provided, however, that Lessor shall have the right to offset against such adjustment payable by Lessor, Lessor any amounts then due and payable from Lessee to Lessor hereunder.

Appears in 1 contract

Samples: Lease Agreement (Iron Mountain Inc /De)

End of Term Adjustment. (a) The provisions of this paragraph (aThis Section 31(a) shall apply only if a sale of the Leased Property to a third party pursuant to paragraph (b) of Article 28 has been consummated on or before prior to the applicable Mandatory Sale DateTermination Date pursuant to Section 30(b) hereof. If the Net Proceeds following a sale of Sale of the Leased Property sold in accordance with paragraph (b) of Article 28 hereof from a sale to a third party are less than the Purchase Price for of the Leased Property on the applicable Mandatory Sale Date as set forth in paragraph (a) of Article 28 hereofsuch Termination Date, Lessee shall, on such Mandatory Sale the Termination Date, pay to Lessor, Owner as an adjustment to the Basic Rent payable under this LeaseEnd of Term Adjustment, by wire transfer of in immediately available federal funds, an amount equal to such deficiency (the Adjustment Price); PROVIDED, HOWEVER, that if all of the Limited Lessee Risk Conditions (as hereinafter defineda "Deficiency") have been satisfied, the amount of the Adjustment Price payable by Lessee shall not exceed the sum of (i) then applicable Maximum Lessee Risk Amount plus (ii) all accrued and unpaid Basic Rent (other than Basic Rent capitalized during the Construction Term) and Additional Rent payable hereunder. Otherwise, if any Limited Lessee Risk Condition is not met, Lessee shall make the payments specified under Article 30(b)(ii). If the Net Proceeds following such a sale pursuant to paragraph (b) of Article 28 on or before the Mandatory Sale Date exceed the Purchase Price for the Leased Property and Lessor shall have received such amount, then Lessor shall, on the Mandatory Sale Date, pay to Lessee by wire transfer of immediately available federal funds, an amount equal to such excess, as an adjustment to the Basic Rent payable under this Lease; provided, however, that Lessor if all of the Limited Lessee Risk Conditions have -------- ------- been met, the amount of the Deficiency payable by Lessee with respect to the Leased Property shall not exceed the Maximum Lessee Risk Amount then applicable. If the Net Proceeds of Sale of the Leased Property exceed the Purchase Price, Owner shall pay to Lessee an amount equal to such excess as an adjustment to the Rent paid or payable under this Lease; provided, however, that Owner shall have -------- ------- the right to offset against such adjustment payable by LessorOwner, any other amounts then due and payable from Lessee to Lessor hereunderOwner hereunder or under any other agreements between Owner and Lessee. Lessee shall also pay to Owner on the Termination Date the Base Rental due and payable for the Leased Property on the Termination Date, plus all Additional Rental then due and owing to Owner. Owner's obligation to sell (or cause to be sold) the Leased Property to a third party under Section 30 is contingent upon the receipt of the amounts, if any, payable by Lessee pursuant to this Section 31(a) and Section 31(c).

Appears in 1 contract

Samples: Lease Agreement (Brookdale Living Communities Inc)

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End of Term Adjustment. (a) The provisions of this paragraph (a) ---------------------- shall apply only if a sale of the Leased Property Properties to a third party pursuant to paragraph (b) of Article 28 has been consummated on or before the applicable Mandatory Sale Term Termination Date. If the Net Proceeds following a sale of the Leased Property Properties sold in accordance with paragraph (b) of Article 28 hereof are less than the Purchase Price for the Leased Property Properties on the applicable Mandatory Sale TermTermination Date as set forth in paragraph (a) of Article 28 hereof, Lessee shall, by 9:30 a.m. Eastern Time on such Mandatory Sale Term Termination Date, pay to Lessor, as an adjustment to the Basic Rent payable under this Lease, by wire transfer of immediately available federal funds, an amount equal to such deficiency (the Adjustment Price)) plus accrued and unpaid ---------------- Basic Rent, if any, due and payable on the applicable Term Termination Date, plus any Additional Rent then due and owing to Lessor hereunder; PROVIDEDprovided, HOWEVER-------- however, that if all of the Limited Lessee Risk Conditions (as hereinafter defined) have been satisfiedsatisfied ------- and a certification to such effect shall have been delivered by Lessee to Lessor and the Indenture Trustee on or before 9:30 a.m. Eastern time on the Term Termination Date, the amount of the Adjustment Price payable by Lessee shall not exceed the sum of (i) then applicable Maximum Lessee Risk Amount plus (ii) all accrued and unpaid Basic Rent (other than Basic Rent capitalized during the Construction Term) and Additional Rent payable hereunder. OtherwiseAmount; otherwise, if any Limited Lessee Risk Condition is not met, Lessee shall make the payments specified under Article 30(b)(ii30(b). If the Net Proceeds following such a sale pursuant to paragraph (b) of Article 28 on or before the Mandatory Sale Date end of the Maximum Lease Term with respect to the Leased Properties exceed the Purchase Price for the Leased Property Properties, and Lessor if all of the Limited Lessee Risk Conditions have been satisfied and a certification to such effect shall have received such amountbeen delivered by Lessee to Lessor and the Indenture Trustee, and Lessee shall have paid to Lessor all amounts due and payable on or before the Term Termination Date including all Basic Rent, Additional Rent and all amounts due under paragraphs (a) or (c) of this Article 30, then Lessor shall, on the Mandatory Sale Term Termination Date, pay to Lessee by wire transfer of immediately available federal funds, an amount equal to such excess, as an adjustment to the Basic Rent payable under this Lease; provided, however, that Lessor shall have the right to offset against such adjustment payable by Lessor, any amounts then due and payable from Lessee to Lessor hereunder.

Appears in 1 contract

Samples: Lease Agreement (Capital One Financial Corp)

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