Common use of Termination of the Company’s Obligations Under Section 8 Clause in Contracts

Termination of the Company’s Obligations Under Section 8. 30. Except as otherwise expressly provided herein, the Company’s obligations under this Section 8.30 shall commence on the Restatement Closing Date and shall terminate upon the expiration or other termination of the Lease and consummation of the purchase by the Company or the Guarantor (or an Affiliate thereof) of the Facility for the Purchase Price in accordance with the Lease; provided, however, that upon the termination of the Lease, and provided that the Company or the Guarantor (or an Affiliate thereof) shall not have purchased and paid the Purchase Price for the Facility in accordance with the terms of the Lease, this Section 8.30 shall continue in full force and effect until the date the Facility is sold to a Person other than the Lessee or any of its Affiliates or any earlier written notice from the Lessor of its election to terminate this Agreement.

Appears in 3 contracts

Samples: Investment and Participation Agreement (Protective Life Insurance Co), Investment and Participation Agreement (Protective Life Corp), Investment and Participation Agreement (Protective Life Insurance Co)

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Termination of the Company’s Obligations Under Section 8. 30. Except as otherwise expressly provided herein, the Company’s obligations under this Section 8.30 shall commence on the Restatement Closing Date and shall terminate upon the expiration or other termination of the Lease and consummation of the purchase by the Company or the Guarantor (or an Affiliate thereof) of the Facility for the Purchase Price in accordance with the Lease; provided, however, that upon the termination of the Lease, and provided that the Company or the Guarantor (or an Affiliate thereof) shall not have purchased and paid the Purchase Price for the Facility in accordance with the terms of the Lease, this Section 8.30 shall continue in full force and effect until the date the Facility is sold to a Person other than the Lessee or any of its Affiliates or any earlier written notice from the Lessor of its election to terminate this Agreement.

Appears in 2 contracts

Samples: Investment and Participation Agreement (Protective Life Insurance Co), Investment and Participation Agreement (Protective Life Corp)

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