Common use of Indemnity for Excessive Wear Clause in Contracts

Indemnity for Excessive Wear. If the proceeds of the sale described in Section 22.1 with respect to the Properties, less all expenses incurred by Lessor in connection with such sale, shall be less than the Limited Recourse Amount with respect to the Properties, and at the time of such sale it shall have been reasonably determined (pursuant to the Appraisal Procedure) that the Fair Market Sales Value of the Properties, shall have been impaired by greater than expected wear and tear during the term of the Lease, Lessee shall pay to Lessor within ten (10) days after receipt of Lessor's written statement (i) the amount of such excess wear and tear determined by the Appraisal Procedure or (ii) the amount of the Net Sale Proceeds Shortfall, whichever amount is less.

Appears in 6 contracts

Samples: Lease Agreement (Wackenhut Corrections Corp), Lease Agreement (Healthsouth Corp), Lease Agreement (Healthsouth Corp)

AutoNDA by SimpleDocs

Indemnity for Excessive Wear. If the proceeds of the sale described in Section 22.1 21.1(b) with respect to the Propertiesany Unit, less all expenses incurred by Lessor or Lessee in connection with such sale, shall be less than the Limited Recourse Deficiency Amount with respect to the Properties, and for such Unit at the time of such sale and if it shall have been reasonably determined (pursuant to the Appraisal Procedure) that the Fair Market Sales Value of the Properties, such Unit shall have been impaired by greater than expected wear and tear during the term of the LeaseTerm, Lessee shall pay to Lessor within ten (10) days after receipt of Lessor's written statement (i) the amount of such excess wear and tear determined by the Appraisal Procedure or (ii) the amount of the Net Sale Proceeds Shortfall, whichever amount is less.

Appears in 2 contracts

Samples: Lease (Hanover Compressor Co /), Hanover Compressor Co /

Indemnity for Excessive Wear. If the proceeds of the sale described in Section 22.1 21.1(b) with respect to the Propertiesany Property, less all expenses incurred by Lessor in connection with such sale, shall be less than the Limited Recourse Amount with respect to the Properties, and for such Property at the time of such sale and if it shall have been reasonably determined (pursuant to the Appraisal Procedure) that the Fair Market Sales Value of the Properties, such Property shall have been impaired by greater than expected wear and tear during the term of the LeaseTerm, Lessee shall pay to Lessor within ten (10) days after receipt of Lessor's written statement (i) the amount of such excess wear and tear determined by the Appraisal Procedure or (ii) the amount of the Net Sale Proceeds Shortfall, whichever amount is less.

Appears in 2 contracts

Samples: Lease (Living Centers of America Inc), Lease (Paragon Health Network Inc)

Indemnity for Excessive Wear. If the proceeds of the sale described in Section 22.1 with respect to the Propertiesany Property, less all expenses incurred by Lessor in connection with such sale, shall be less than the Limited Recourse Amount with respect to the Propertiessuch Property, and at the time of such sale it shall have been reasonably determined (pursuant to the Appraisal Procedure) that the Fair Market Sales Value of the PropertiesProperty, shall have been impaired by greater than expected wear and tear during the term of the Lease, Lessee shall pay to Lessor within ten (10) days after receipt of Lessor's ’s written statement (i) the amount of such excess wear and tear determined by the Appraisal Procedure or (ii) the amount of the Net Sale Proceeds Shortfall, whichever amount is less.

Appears in 2 contracts

Samples: Lease Agreement (Tech Data Corp), Lease Agreement (Tech Data Corp)

Indemnity for Excessive Wear. If the proceeds of the sale described in Section SECTION 22.1 with respect to the Properties, less all expenses incurred by Lessor in connection with such sale, shall be less than the Limited Recourse Amount with respect to the Properties, and at the time of such sale it shall have been reasonably determined (pursuant to the Appraisal Procedure) that the Fair Market Sales Value of the Properties, shall have been impaired by greater than expected wear and tear during the term of the Lease, Lessee shall pay to Lessor within ten (10) days after receipt of Lessor's written statement (i) the amount of such excess wear and tear determined by the Appraisal Procedure or (ii) the amount of the Net Sale Proceeds Shortfall, whichever amount is less.

Appears in 2 contracts

Samples: Lease Agreement (Tech Data Corp), Lease Agreement (Aviation Sales Co)

Indemnity for Excessive Wear. If the proceeds of the sale ---------------------------- described in Section 22.1 21.1(b) with respect to the PropertiesProperty, less all expenses incurred by Lessor in connection with such sale, shall be less than the Limited Recourse Deficiency Amount with respect to for the Properties, and Property at the time of such sale and if it shall have been reasonably determined (pursuant to the Appraisal Procedure) that the Fair Market Sales Value of the Properties, Property shall have been impaired by greater than expected wear and tear during the term of the LeaseTerm, Lessee shall pay to Lessor within ten (10) days after receipt of Lessor's written statement (i) the amount of such excess wear and tear determined by the Appraisal Procedure or (ii) the amount of the Net Sale Proceeds Shortfall, whichever amount is less.

Appears in 1 contract

Samples: Lease (Immunex Corp /De/)

Indemnity for Excessive Wear. If the proceeds of the sale described in Section 22.1 23.1 with respect to the PropertiesEquipment, less all expenses incurred by Lessor in connection with such sale, shall be less than the Limited Recourse Amount with respect to the PropertiesEquipment, and at the time of such sale it shall have been reasonably determined (pursuant to the Appraisal Procedure) that the Fair Market Sales Value of the Properties, Equipment shall have been impaired by greater than expected wear and tear during the term of the Lease, Lessee shall pay to Lessor within ten (10) days after receipt of Lessor's written statement (i) the amount of such excess wear and tear determined by the Appraisal Procedure or (ii) the amount of the Net Sale Proceeds Shortfall, whichever amount is less.

Appears in 1 contract

Samples: Lease Agreement (Kansas City Power & Light Co)

Indemnity for Excessive Wear. If the proceeds of the sale described in Section 22.1 21.1(b) with respect to the PropertiesProperty, less all expenses incurred by Lessor in connection with such sale, shall be less than the Limited Recourse Deficiency Amount with respect to for the Properties, and Property at the time of such sale and if it shall have been reasonably determined (pursuant to the Appraisal Procedure) that the Fair Market Sales Value of the Properties, Property shall have been impaired by greater than normal and expected wear and tear during the term of the LeaseTerm, Lessee shall pay to Lessor within ten (10) days after receipt of Lessor's written statement (i) the amount of such excess wear and tear determined by the Appraisal Procedure or (ii) the amount of the Net Sale Proceeds Shortfall, whichever amount is less.

Appears in 1 contract

Samples: Safeskin Corp

Indemnity for Excessive Wear. If the proceeds of the sale described in Section 22.1 with respect to the Propertiesany Property, less all expenses incurred by Lessor in connection with such sale, shall be less than the Limited Recourse Amount with respect to the Propertiessuch Property, and at the time of such sale it shall have been reasonably determined (pursuant to the Appraisal Procedure) that the Fair Market Sales Value of the Properties, Property shall have been impaired by greater than expected wear and tear during the term of the Lease, Lessee shall pay to Lessor within ten (10) days after receipt of Lessor's ’s written statement (i) the amount of such excess wear and tear determined by the Appraisal Procedure or (ii) the amount of the Net Sale Proceeds Shortfall, whichever amount is less.

Appears in 1 contract

Samples: Lease Agreement (Tech Data Corp)

Indemnity for Excessive Wear. If the proceeds of the sale described in Section 22.1 with respect to the Properties, less all expenses incurred by Lessor in connection with such sale, shall be less than the Limited Recourse Amount with respect to the Properties, and at the time of such sale it shall have been reasonably determined (pursuant to the Appraisal Procedure) that the Fair Market Sales Value of the Properties, shall have been impaired by greater than expected wear and tear during the term of the Lease, Lessee shall pay to Lessor within ten (10) days after receipt of Lessor's ’s written statement (i) the amount of such excess wear and tear determined by the Appraisal Procedure or (ii) the amount of the Net Sale Proceeds Shortfall, whichever amount is less.

Appears in 1 contract

Samples: Lease Agreement (Healthsouth Corp)

AutoNDA by SimpleDocs

Indemnity for Excessive Wear. If the proceeds of the sale described in Section 22.1 with respect to the PropertiesProperty, less all expenses incurred by Lessor in connection with such sale, shall be less than the Limited Recourse Amount with respect to the PropertiesProperty, and at the time of such sale it shall have been reasonably determined (pursuant to the Appraisal Procedure) that the Fair Market Sales Value of the PropertiesProperty, shall have been impaired by greater than expected wear and tear during the term of the Lease, Lessee shall pay to Lessor within ten (10) days after receipt of Lessor's written statement (i) the amount of such excess wear and tear determined by the Appraisal Procedure or (ii) the amount of the Net Sale Proceeds Shortfall, whichever amount is less.

Appears in 1 contract

Samples: Lease Agreement (Ivex Packaging Corp /De/)

Indemnity for Excessive Wear. If the proceeds of the sale described in Section 22.1 with respect to the Properties, less all expenses incurred by Lessor in connection with such sale, Properties shall be less than the Limited Recourse Amount with respect to the Properties, and at the time of such sale it shall have been reasonably determined (pursuant to the Appraisal Procedure) that the Fair Market Sales Value of the Properties, Properties shall have been impaired by greater than expected wear and tear during the term Lessee's violation of the Sections 10.1(a) or (c) of this Lease, Lessee shall pay to Lessor within ten (10) days after receipt of Lessor's written statement (i) the amount of necessary to repair such excess wear and tear determined by the Appraisal Procedure or (ii) the amount of the Net Sale Proceeds Shortfall, whichever amount is less.

Appears in 1 contract

Samples: Credit Agreement (Franklin Resources Inc)

Indemnity for Excessive Wear. If the proceeds of the sale described in Section 22.1 21.1(b) with respect to the Propertiesany Property, less all expenses incurred by Lessor in connection with such sale, shall be less than the Limited Recourse Deficiency Amount with respect to the Properties, and for such Property at the time of such sale and if it shall have been reasonably determined (pursuant to the Appraisal Procedure) that the Fair Market Sales Value of the Properties, such Property shall have been impaired by greater than expected wear and tear during the term of the LeaseTerm, Lessee shall pay to Lessor within ten (10) days after receipt of Lessor's written statement (i) the amount of such excess wear and tear determined by the Appraisal Procedure or (ii) the amount of the Net Sale Proceeds Shortfall, whichever amount is less.. 4

Appears in 1 contract

Samples: Lease (Dominicks Supermarkets Inc)

Indemnity for Excessive Wear. If the proceeds of the sale described in Section 22.1 SECTION 21.1(B) with respect to the Properties, less all expenses incurred by Lessor in connection with such sale, shall be less than the Limited Recourse Amount with respect to for the Properties, and Properties at the time of such sale and if it shall have been reasonably determined (pursuant to the Appraisal Procedure) that the Fair Market Sales Value of the Properties, Properties or any of them shall have been impaired by greater than expected wear and tear during the term of the LeaseTerm, Lessee shall pay to Lessor within ten (10) days after receipt of Lessor's written statement (i) the amount of such excess wear and tear determined by the Appraisal Procedure or (ii) the amount of the Net Sale Proceeds Shortfall, whichever amount is less.

Appears in 1 contract

Samples: Master Lease (Symantec Corp)

Indemnity for Excessive Wear. If the proceeds of the sale described in Section 22.1 21.1(b) with respect to the Propertiesany Property, less all expenses incurred by Lessor in connection with such sale, shall be less than the Limited Recourse Deficiency Amount with respect to the Properties, and for such Property at the time of such sale and if it shall have been reasonably determined (pursuant to the Appraisal Procedure) that the Fair Market Sales Value of the Properties, such Property shall have been impaired by greater than expected wear and tear during the term of the LeaseTerm, Lessee shall pay to Lessor within ten (10) days after receipt of Lessor's written statement (i) the amount of such excess wear and tear determined by the Appraisal Procedure or (ii) the amount of the Net Sale Proceeds Shortfall, whichever amount is less.

Appears in 1 contract

Samples: Kindercare Learning Centers Inc /De

Time is Money Join Law Insider Premium to draft better contracts faster.