Transfer of Beneficiary. During the Lease Term Lessor may transfer its interest in the Lease or Lessor’s lender may change. Lessor may request a change to Beneficiary under the Letter of Credit Security to the successor of Lessor and/or Lessor’s lender (the “Transferee”). Lessee agrees to cooperate and to cause Issuer, at Lessor’s cost, to timely issue a new Letter of Credit Security on the same terms and conditions as the original Letter of Credit Security, except that the new Letter of Credit Security shall be payable to the Transferee. Lessor shall surrender the existing Letter of Credit Security to Lessee simultaneously with Lessee’s delivery of the new Letter of Credit Security to Transferee.
Appears in 5 contracts
Samples: And Attornment Agreement (Biotech Spinco, Inc.), Option Agreement (PDL Biopharma, Inc.), Work Letter Agreement (PDL Biopharma, Inc.)
Transfer of Beneficiary. During the Lease Term Lessor may transfer its interest in the Lease or Lessor’s lender may change. Lessor may request a change to Beneficiary under the Improvements Letter of Credit Security to the successor of Lessor and/or Lessor’s lender (the “Transferee”). Lessee agrees to cooperate and to cause Issuer, at Lessor’s cost, to timely issue a new Improvements Letter of Credit Security on the same terms and conditions as the original Improvements Letter of Credit Security, except that the new Improvements Letter of Credit Security shall be payable to the Transferee. Lessor shall surrender the existing Improvements Letter of Credit Security to Lessee simultaneously with Lessee’s delivery of the new Improvements Letter of Credit Security to Transferee.
Appears in 2 contracts
Samples: Work Letter Agreement (PDL Biopharma, Inc.), And Attornment Agreement (Biotech Spinco, Inc.)
Transfer of Beneficiary. During the Lease Term Lessor may transfer its interest in the Lease or Lessor’s lender may change. Lessor may request a change to Beneficiary under the Letter of Credit Security to the successor of Lessor and/or Lessor’s lender (the “Transferee”). Lessor and Lessee agrees agree to cooperate and to cause in causing Issuer, at Lessor’s cost, to timely issue a new Letter of Credit Security on the same terms and conditions as the original Letter of Credit Security, except that the new Letter of Credit Security shall be payable to the Transferee. Lessor shall surrender the existing Letter of Credit Security to Lessee simultaneously with Lessee’s delivery of the new Letter of Credit Security to Transferee.
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