Required Purchase. So long as the Lessor has not exercised any other remedy inconsistent therewith, the Lessee shall be obligated to purchase the Leased Property for the Break Even Price automatically and without notice upon the occurrence of any Event of Default described in clauses (h) or (i) of Article XVII and upon receipt of the Break Even Price the Leased Property shall be transferred to the Lessee (or its designee) pursuant to Section 23.11.
Required Purchase. So long as Agent or Lessor has not exercised any other remedy inconsistent therewith, Lessee shall be obligated to purchase all of the Items of Equipment for the Purchase Amount automatically and without notice upon the occurrence of any Lease Event of Default described in clause (e)(vi) or (f) of Section 12.1 and, within five (5) Business Days after notice from Agent or Lessor, upon the occurrence of any other Lease Event of Default, and upon receipt of the Purchase Amount, the Items of Equipment shall be transferred to Lessee as set forth in the last sentence of the first paragraph of Section 14.1(a).
Required Purchase. If, in the Lessor’s sole judgment, any item of Equipment is damaged or does not meet the standards set forth above, or if Lessee fails to discharge its obligations set forth above with regard to any item of Equipment, Lessee shall pay to Lessor, immediately upon demand, at Lessor’s election, (a) the amount which Lessor determines will be necessary to return the Equipment to its required condition and/or to replace missing, damaged or non- performing items or equipment, or (b) Payments due and to become due under the terms of the Lease, Taxes, fees and charges due and to become due under the terms of the Lease, plus the residual value as indicated in Lessor’s books and records associated with such item of Equipment.
Required Purchase. In the event Director ceases to act as a director for any reason, any Options which have not vested are automatically terminated, My Option shares which have vested may be purchased through exercise of the Option by Director according to the terms at the 1994 Plan. Option Shares which have not vested shall riot be considered to be 'Options' until they are vested for purposes of the 1994 Plan
Required Purchase. Lessee shall be obligated to purchase for the Purchase Amount all of Lessor's interest in the Leased Property: (a) automatically and without notice upon the occurrence of any Lease Event of Default specified in CLAUSES(g) or (h) of ARTICLE XVI, or (b) immediately upon written demand of Lessor upon:
(i) the occurrence of any other Lease Event of Default pursuant to and for the amount described in SECTION 17.1(d), or (ii) any Significant Condemnation or Significant Casualty occurs with respect to the Leased Property.
Required Purchase. On or after the Base Term Commencement Date and so long as the Lessor has not exercised any other remedy inconsistent therewith, the Lessee shall be obligated to purchase the Leased Property for the Purchase Amount automatically and without notice upon the occurrence of any Event of Default described in clauses (h) or (i) of Article XVII and upon receipt of the Purchase Amount the Leased Property shall be transferred to the Lessee (or its designee) pursuant to Section 23.11 whereupon this Lease shall terminate except for such provisions which expressly survive such a termination.
Required Purchase. Provided that Lessor has not exercised any other remedy inconsistent therewith, Lessee shall be obligated to purchase Lessor's interest in the Premises for the Purchase Amount (a) automatically and without notice upon the occurrence of any Lease Event of Default arising as a result of an Insolvency Event, (b) immediately upon the written demand of Lessor upon the occurrence of any other Lease Event of Default.
Required Purchase. 1. In the case of a cross‐purchase type buy‐sell agreement, it may be appropriate to require that shareholders obtain and maintain life insurance of a particular amount on the life of each of the other shareholders.
2. In a redemption type buy‐sell agreement, it is more common to leave it to the corporation's discretion as to whether to purchase life insurance and the amount.
Required Purchase. 26 ARTICLE XX
Required Purchase. In the event Crescent makes a Determination that Crescent or any Crescent Affiliate holds or acquires or may hold or acquire (whether through direct or indirect acquisition or ownership, enactment of legislation, issuance of regulatory or administrative pronouncements or otherwise) any REIT Asset, at the option of Crescent (exercised in accordance with the further terms of this Agreement), and subject to the following conditions, COI shall purchase all or part of such REIT Asset as determined by Crescent in accordance with the further provisions of this Agreement. Notwithstanding the foregoing, if Crescent elects to purchase shares of class B common stock in Hillwood Arena (as such term is defined in the Shareholders Agreement) pursuant to Section 6B(v) of the Shareholders Agreement (the "McDaxxx Xxxck") with the intent (formed at or prior to the time the McDaxxx Xxxck is purchased) to make a Determination that all or part of the McDaxxx Xxxck is a REIT Asset based on facts and circumstances existing at the time of the purchase of the McDaxxx Xxxck, then COI will have the right but not the obligation to purchase the McDaxxx Xxxck pursuant to this Agreement.
