INTEREST CONVEYED TO LESSEE Sample Clauses

INTEREST CONVEYED TO LESSEE. The Lessee and the Lessor intend that this Lease be treated, for accounting purposes, as an operating lease. For all other purposes, the Lessee and the Lessor intend that the transaction represented by this Lease be treated as a financing transaction, and for such purposes, it is the intention of the parties hereto (i) that this Lease be treated as a mortgage, security deed or deed of trust (whichever is applicable in the jurisdiction in which the Leased Property is located) and security agreement, encumbering the Leased Property, and that the Lessee, as grantor, hereby grants to the Lessor, as mortgagee or beneficiary and secured party, or any successor thereto, a first and paramount Lien on the Leased Property in which the Lessee has an interest, (ii) that the Lessor shall have, as a result of such determination, all of the rights, powers and remedies of a mortgagee, deed of trust beneficiary or secured party available under Applicable Law to take possession of and sell (whether by foreclosure or otherwise) the Leased Property, (iii) that the effective date of such mortgage, security deed or deed of trust shall be the effective date of this Lease, or the Lease Supplement, if later, (iv) that the recording of this Lease or the Lease Supplement shall be deemed to be the recording of such mortgage, security deed or deed of trust, and (v) that the obligations secured by such mortgage, security deed or deed of trust shall include the Funded Amount and all Basic Rent and Supplemental Rent hereunder and all other obligations of and amounts due from the Lessee hereunder and under the Operative Documents.

INTEREST CONVEYED TO LESSEE. If a bankruptcy court or other court of competent jurisdiction determines that the transaction represented by this Lease will not be enforced as a true lease, or will be treated as a financing or other transaction, then in such event it is the intention of the parties hereto (i) that this Lease be treated as a mortgage and security agreement encumbering the Leased Property, (ii) that Lessor shall have, as a result of such determination, all of the rights, powers and remedies of a mortgagee available under Applicable Law to take possession of and sell upon the occurrence of an Event of Default (whether by foreclosure or otherwise) the Leased Property, (iii) that the effective date of such mortgage and security agreement shall be the effective date of this Lease, (iv) that the recording of this Lease, the Memorandum of Lease, or any other instrument referencing this provision shall be deemed to be the recording of such mortgage and security agreement and (v) that the obligations secured by such mortgage and security agreement shall include the Loan and all Basic Rent and Supplemental Rent hereunder and all other obligations of and amounts due from Lessee hereunder and under the Operative Documents but without duplication.

INTEREST CONVEYED TO LESSEE. This Lease Agreement is an agreement of lease and does not convey to the Lessee any right, title or interest in or to the Facility except as an Lessee.

INTEREST CONVEYED TO LESSEE. Lessor and Lessee intend that this Lease be treated, for accounting purposes, as an operating lease. For all other purposes, Lessee and Lessor intend that the transaction represented by this Lease be treated as a financing transaction; for such purposes, it is the intention of the parties hereto that this Lease is hereby agreed to be a mortgage and security agreement. Said Mortgage and Security Agreement is made and entered into as of the date set forth first above by and between Lessee, as mortgagor (hereinafter sometimes designated as "MORTGAGOR"), and Lessor, as mortgagee (hereinafter sometimes designated as "MORTGAGEE").

INTEREST CONVEYED TO LESSEE. Lessor and Lessee intend that this Lease be treated, for financial accounting purposes, as an operating lease. For all other purposes, Lessee and Lessor intend that the transaction represented by this Lease be treated as a secured financing transaction; as more particularly described in Section 2.4(a) of the Participation Agreement. Accordingly, for purposes of applicable state law, this Lease and the Memorandum of Lease will be treated as a mortgage, deed of trust and security agreement, encumbering the Leased Property and the other property described therein, between Lessee, as grantor, and Lessor, as mortgagee or beneficiary and secured party, or any successor thereto, creating a first and paramount Lien on the Leased Property, and when any Lease Event of Default has occurred and is continuing, Lessor shall have all of the rights, powers and remedies of a mortgagee or deed of trust beneficiary available under Applicable Law to take possession of and sell (whether by foreclosure or otherwise) the Leased Property. The effective date of such mortgage or deed of trust shall be the effective date of this Lease. The recording of this Lease (or a memorandum thereof) shall be deemed to be the recording of such mortgage and deed of trust. The obligations secured by such mortgage or deed of trust shall include all Basic Rent and Supplemental Rent hereunder and all other obligations of and amounts due from Lessee hereunder and under the other Operative Documents.

INTEREST CONVEYED TO LESSEE. 16 ---------------------------

INTEREST CONVEYED TO LESSEE. If a bankruptcy court or other court of competent jurisdiction determines that the transaction represented by this Lease will not be enforced as a true lease, or will be treated as a financing or other transaction, then in such event it is the intention of the parties hereto (i) that this Lease be treated as a mortgage and security agreement, deed of trust and security agreement, or other similar instrument encumbering the Leased Property, (ii) that Lessor shall have, as a result of such determination, all of the rights, powers and remedies of a mortgagee or trustee under a deed of trust available under Applicable Law to take possession of and sell upon the occurrence of an Event of Default (whether by foreclosure or otherwise) the Leased Property, (iii) that the effective date of such mortgage and security agreement, deed of trust and security agreement, or other similar instrument shall be the effective date of this Lease, (iv) that the recording of this Lease, each

INTEREST CONVEYED TO LESSEE. 17 --------------------------- ARTICLE XII EVENTS OF DEFAULT ....................................... 17 ----------------- ARTICLE XIII ENFORCEMENT ............................................ 23 ----------- Section 13.1 Remedies................................................ 23

INTEREST CONVEYED TO LESSEE. 21 SECTION 14.1

INTEREST CONVEYED TO LESSEE. If a bankruptcy court or other court of competent jurisdiction determines that the transaction represented by this Lease will not be enforced as a true lease, or will be treated as a financing or other transaction, then in such event it is the intention of the parties hereto (i) that this Lease be treated as a mortgage and security agreement, deed of trust and security agreement, or other similar instrument encumbering the Leased Property, (ii) that Lessor shall have, as a result of such determination, all of the rights, powers and remedies of a mortgagee or trustee under a deed of trust available under Applicable Law to take possession of and sell upon the occurrence of an Event of Default (whether by foreclosure or otherwise) the Leased Property, (iii) that the effective date of such mortgage and security agreement, deed of trust and security agreement, or other similar instrument shall be the effective date of this Lease, (iv) that the recording of this Lease, each Memorandum of Lease, or any other instrument referencing this provision shall be deemed to be the recording of such mortgage and security agreement, deed of trust and security agreement, or other similar instrument and (v) that the obligations secured by such mortgage and security agreement, deed of trust and security agreement, or other similar instrument shall include the payment of all Basic Rent and Supplemental Rent, the Lease Balance and all other obligations of and amounts due from Lessee hereunder and under the Operative Documents but without duplication.