Common use of Rights of Credit Provider Clause in Contracts

Rights of Credit Provider. Upon any Event of Default under this Agreement which permits the termination thereof by the Issuer, the Trustee shall give notice to the Credit Provider and the Credit Provider shall have the right at any time within six (6) months from the date of such notice to cure the Event of Default and reinstate this Agreement unless the Issuer has first terminated this Agreement as provided herein. Notwithstanding the foregoing, at any time after two (2) months from the date a notice of Event of Default is given to the Credit Provider, the Trustee on behalf of the Issuer may elect to terminate this Agreement and acquire possession of the demised premises. Upon acquiring possession of the demised premises the Trustee shall notify the Credit Provider. The Credit Provider shall have six (6) months from the date of such notice of acquisition to elect to take a new lease on the demised premises. Such new lease shall have a term equal to the unexpired portion of the term of this Agreement and shall be on the same terms and conditions as contained in this Agreement, except that the Credit Provider’s liability for rent shall not extend beyond its occupancy under such lease. The Issuer shall tender such new lease to the Credit Provider within thirty (30) days after a request for such lease and shall deliver possession of the demised premises immediately upon execution of the new lease. Upon executing a new lease, the Credit Provider shall pay to the Trustee any unpaid Rent due or that would have become due under this Agreement to the date of the execution of the new lease, including all sums that would be due but for such termination, and pay or cause to be paid any and all reasonable expenses, including reasonable attorneys’ fees, court costs and costs and disbursements incurred by the Issuer in connection with the execution and delivery of such new lease, less any net rentals or other income which the Issuer may have received on account of the Facilities since the date of the Event of Default under this Agreement. The Company, the Issuer and the Trustee hereby agree that the Credit Provider shall be subrogated to the rights of the Company under this Agreement, including the Company’s options set forth in Article X hereof, for any amounts paid under the Letter of Credit and not reimbursed by the Company pursuant to the Reimbursement Agreement.

Rights of Credit Provider. Upon any Event of Default under this Agreement which permits the termination thereof by the Issuer, the Trustee shall give notice to the Credit Provider and the Credit Provider shall have the right at any time within six (6) months from the date of such notice to cure the Event of Default and reinstate this Agreement unless the Issuer has first terminated this Agreement as provided herein. Notwithstanding the foregoing, at any time after two (2) months from the date a notice of Event of Default is given to the Credit Provider, the Trustee on behalf of the Issuer may elect to terminate this Agreement and acquire possession of the demised premises. Upon acquiring possession of the demised premises the Trustee shall notify the Credit Provider. The Credit Provider shall have six (6) months from the date of such notice of acquisition to elect to take a new lease on the demised premises. Such new lease shall have a term equal to the unexpired portion of the term of this Agreement and shall be on the same terms and conditions as contained in this Agreement, except that the Credit Provider’s liability for rent shall not extend beyond its occupancy under such lease. The Issuer shall tender such new lease to the Credit Provider within thirty (30) days after a request for such lease and shall deliver possession of the demised premises immediately upon execution of the new lease. Upon executing a new lease, the Credit Provider shall pay to the Trustee any unpaid Rent due or that would have become due under this Agreement to the date of the execution of the new lease, including all sums that would be due but for such termination, and pay or cause to be paid any and all reasonable expenses, including reasonable attorneys’ fees, court costs and costs and disbursements incurred by the Issuer in connection with the execution and delivery of such new lease, less any net rentals or other income which the Issuer may have received on account of the Facilities since the date of the Event of Default under this Agreement. The Company, the Issuer and the Trustee hereby agree that the Credit Provider shall be subrogated to the rights of the Company under this Agreement, including the Company’s options set forth in Article X hereof, for any amounts paid under the Letter of Credit and not reimbursed by the Company pursuant to the Reimbursement Credit Agreement.