Common use of Mid-term Remarketing Option Clause in Contracts

Mid-term Remarketing Option. At any time during the Lease Term other than after the occurrence and during the continuance of an Event of Default, Lessee shall have the option (the “Remarketing Option”) to designate a third party purchaser and to cause the Lessor to sell the Leased Property to such purchaser on the date designated for the sale thereof by Lessee (the “Remarketing Sale Date”) provided, that the Lessor shall have received the Remarketing Sale Proceeds of such sale together with (in the case where such Remarketing Sale Proceeds do not equal or exceed the Break Even Price) additional cash amounts paid to the Lessor by the Lessee, as Supplemental Rent, in an amount equal to the excess of the Break Even Price over such Remarketing Sale Proceeds. If the Remarketing Sale Proceeds exceed the Break Even Price as of such Remarketing Sale Date, the Lessor shall pay over to the Lessee the portion of the Remarketing Sale Proceeds in excess thereof after satisfaction of all amounts due hereunder or under the other Operative Documents. Subject to, and concurrent with, the receipt by the Lessor of funds equal to or in excess of the Break Even Price, on the Remarketing Sale Date, the Lessor shall convey to the Lessee or its designee the Leased Property in accordance with Section 23.11. The Lessee shall be responsible for the payment of all fees and expenses of the Lessor (including reasonable attorneys’ fees and expenses) incurred in connection with any exercise or purported exercise of the Remarketing Option.