Replacement Property Right Sample Clauses

Replacement Property Right. Tenant’s right to require Landlord to consummate a Replacement Property Transaction, subject to and in accordance with the terms and conditions of Section 22.7 of Master Lease, which right may be exercised with respect to one or both of the Replaced Properties in a single Replacement Property Transaction or two separate Replacement Property Transactions (it being understood that if more than one Replacement Property is identified by Tenant to replace a Replaced Property, then the acquisition of such Replacement Properties shall occur in a single transaction with the applicable Replaced Property). Replacement Property Transaction: (a) The sale by Tenant or an Affiliate of Tenant to Landlord of a Replacement Property and the simultaneous leaseback to Tenant of such Replacement Property pursuant to Section 22.7 of this Master ▇▇▇▇▇ and (b) the transfer by Landlord to the Replaced Property Transferee of all of Landlord’s interest in the Replaced Property (including ▇▇▇▇▇▇▇▇’s fee interest therein), in each case, free and clear of all liens for borrowed money; provided that, in the event that the Replaced Property Transferee is not Tenant or any of its Affiliates, then Tenant shall simultaneously transfer to the Replaced Property Transferee all of Tenant’s Property and its operations (in each case, excluding Tenant’s intellectual property, any of which Tenant may, in its sole discretion, elect to transfer) with respect to the Replaced Property. Replacement Property Transaction Notice: As defined in Section 22.7(a). Representative: With respect to the lenders or holders under a Debt Agreement, a Person designated as agent or trustee or a Person acting in a similar capacity or as representative for such lenders or holders. 23 ACTIVE/103726432.5 US-DOCS\116344257.8