Common use of Rights/Obligations Clause in Contracts

Rights/Obligations. A Financing Party may enforce its lien or other rights and acquire title to the System or Tenant’s interest in this Lease (collectively, the “System Estate”) in any lawful way, pending foreclosure of such lien or exercise of such other rights, any Financing Party may take possession of and operate the System Estate. Upon foreclosure of such lien by power of sale, judicial foreclosure or acquisition of the System Estate by deed in lieu of foreclosure, a Financing Party may, upon notice to Landlord, sell and assign the System Estate to a third party. No Financing Party shall have any obligation or liability under this Agreement prior to the time that such Financing Party or its designee succeeds to absolute title to Tenant’s interest in this Agreement. Following and only following the acquisition of the System Estate by a Financing Party or its designee as set forth above, the Financing Party or other person acquiring title to the System Estate shall (i) within twenty (20) days of acquiring the System Estate, cure all defaults by Tenant hereunder that are capable of being cured; provided, however, if such defaults cannot be cured within the said twenty (20) day period, the cure period shall be extended for a reasonable period of time for the Financing Party or other person to cure such default as long as Financing Party or other person has commenced cure and is diligently pursuing the same; and (ii) assume and commence performance of all of Tenant’s obligations under this Lease thereafter arising. Landlord agrees that no Financing Party shall be obligated to perform any obligation or be deemed to incur any liability or obligation provided in this Lease on the part of Tenant or shall have any obligation or liability to Landlord with respect to this Lease except to the extent any Financing Party has expressly assumed the obligations of Tenant hereunder pursuant to this Section 6.3.

Rights/Obligations. A Financing Party may enforce its lien or other rights and acquire title to the System or Tenant’s interest in this Lease (collectively, the “System Estate”) in any lawful way, pending foreclosure of such lien or exercise of such other rights, any Financing Party may take possession of and operate the System Estate. Upon foreclosure of such lien by power of sale, judicial foreclosure or acquisition of the System Estate by deed in lieu of foreclosure, a Financing Party may, upon notice to Landlord, sell and assign the System Estate to a third party. No Financing Party shall have any obligation or liability under this Agreement prior to the time that such Financing Party or its designee succeeds to absolute title to Tenant’s interest in this Agreement. Following and only following the acquisition of the System Estate by a Financing Party or its designee as set forth above, the Financing Party or other person acquiring title to the System Estate shall (i) within twenty (20) days of acquiring the System Estate, cure all defaults by Tenant hereunder that are capable of being cured; provided, however, if such defaults cannot be cured within the said twenty (20) day period, the cure period shall be extended for a reasonable period of time for the Financing Party or other person to cure such default as long as Financing Party or other person has commenced cure and is diligently pursuing the same; and (ii) assume and commence performance of all of Tenant’s obligations under this Lease thereafter arising. Landlord Xxxxxxxx agrees that no Financing Party shall be obligated to perform any obligation or be deemed to incur any liability or obligation provided in this Lease on the part of Tenant or shall have any obligation or liability to Landlord with respect to this Lease except to the extent any Financing Party has expressly assumed the obligations of Tenant hereunder pursuant to this Section 6.3.

Rights/Obligations. A Financing Party or its assigns may enforce its lien or other rights and acquire title to the System or Tenant’s interest in this Lease (collectively, the “System Estate”) in any lawful way, pending . Pending foreclosure of such lien or exercise of such other rights, any Financing Party may take possession of and operate the System Estate. Upon foreclosure of such lien by power of sale, judicial foreclosure or acquisition of the System Estate by deed in lieu of foreclosure, a Financing Party may, upon notice to Landlord, sell and assign the System Estate to a third party; provided that such third party has (or retains a third party with) sufficient expertise and experience in the ownership or operation of electric generating facilities comparable to the System to be reasonably capable of performing the obligations of Tenant under this Lease in accordance with good utility practice. No During the period that a Financing Party may be in possession of the System Estate and/or during the pendency of any foreclosure or other proceedings instituted by a Financing Party, the Financing Party shall have any obligation or liability under this Agreement prior to the time that such Financing Party or its designee succeeds to absolute title to perform Tenant’s interest in this Agreementobligations hereunder. Following and only following the acquisition of the System Estate by a Financing Party or its designee as set forth above, the Financing Party or other person acquiring title to the System Estate shall (i) within twenty ten (2010) days of acquiring the System EstateSystem, cure all defaults by Tenant hereunder that are capable of being cured; provided, however, if such defaults cannot be bring cured within the said twenty (20) day period, the cure period shall be extended for a reasonable period of time for the Financing Party or other person to cure such default as long as Financing Party or other person has commenced cure and is diligently pursuing the same; and (ii) assume and commence performance of all of Tenant’s obligations under this Lease thereafter arising. Landlord Xxxxxxxx agrees that no Financing Party shall be obligated to perform any obligation or be deemed to incur any liability or obligation provided in this Lease on the part of Tenant or shall have any obligation or liability to Landlord with respect to this Lease except to the extent any Financing Party has expressly assumed the obligations of Tenant hereunder pursuant to this Section 6.3.

Rights/Obligations. A Financing Party or its assigns may enforce its lien or other rights and acquire title to the System or Tenant’s interest in this Lease (collectively, the “System Estate”) in any lawful way, pending . Pending foreclosure of such lien or exercise of such other rights, any Financing Party may take possession of and operate the System Estate. Upon foreclosure of such lien by power of sale, judicial foreclosure or acquisition of the System Estate by deed in lieu of foreclosure, a Financing Party may, upon notice to Landlord, sell and assign the System Estate to a third party; provided that such third party has (or retains a third party with) sufficient expertise and experience in the ownership or operation of electric generating facilities comparable to the System to be reasonably capable of performing the obligations of Tenant under this Lease in accordance with good utility practice. No During the period that a Financing Party may be in possession of the System Estate and/or during the pendency of any foreclosure or other proceedings instituted by a Financing Party, the Financing Party shall have any obligation or liability under this Agreement prior to the time that such Financing Party or its designee succeeds to absolute title to perform Tenant’s interest in this Agreementobligations hereunder. Following and only following the acquisition of the System Estate by a Financing Party or its designee as set forth above, the Financing Party or other person acquiring title to the System Estate shall (i) within twenty ten (2010) days of acquiring the System EstateSystem, cure all defaults by Tenant hereunder that are capable of being cured; provided, however, if such defaults cannot be bring cured within the said twenty (20) day period, the cure period shall be extended for a reasonable period of time for the Financing Party or other person to cure such default as long as Financing Party or other person has commenced cure and is diligently pursuing the same; and (ii) assume and commence performance of all of Tenant’s obligations under this Lease thereafter arising. Landlord agrees that no Financing Party shall be obligated to perform any obligation or be deemed to incur any liability or obligation provided in this Lease on the part of Tenant or shall have any obligation or liability to Landlord with respect to this Lease except to the extent any Financing Party has expressly assumed the obligations of Tenant hereunder pursuant to this Section 6.3.