Common use of Application of Sale Proceeds and Recourse Payments Clause in Contracts

Application of Sale Proceeds and Recourse Payments. (a) On the Lease Expiration Date in connection with an exercise of the Sale Option, Lessee shall pay to Lessor all Rent then due together with all other amounts due and payable by Lessee to Lessor, Agent, any Participant or any Indemnitee. Lessee also shall pay to Lessor, as Supplemental Rent, from the aggregate Sale Proceeds the aggregate outstanding Lease Balance as of the Lease Expiration Date (as determined after the payment of all Rent due on -38- such date). If the Sale Proceeds exceed the Lease Balance as of the Lease Expiration Date, Lessee shall retain the portion of the Sale Proceeds in excess thereof. If the Sale Proceeds are less than the aggregate outstanding Lease Balance, Lessee shall pay or shall cause to be paid to Lessor, as Supplemental Rent, on the Lease Expiration Date, in addition to the Sale Proceeds an additional amount equal to the lesser of (x) the Sales Recourse Amount and (y) the amount that the Lease Balance exceeds the Sale Proceeds. (b) The obligation of Lessee to pay the amounts determined pursuant to Sections 22.3(a) and 22.4 hereof shall be recourse obligations of Lessee, and such payments by Lessee shall not limit any other obligation of Lessee under the Operative Documents, including pursuant to Article VII of the Participation Agreement.

Application of Sale Proceeds and Recourse Payments. (a) a On the Lease Expiration Date in connection with an exercise of the Sale Option, Lessee shall pay to Lessor all Rent then due together with all other amounts due and payable by Lessee to Lessor, Agent, any Participant or any Indemnitee. If a sale of the Leased Property is completed on the Lease Expiration Date, Lessee also shall pay to Lessor, as Supplemental Rent, from the aggregate Sale Proceeds the aggregate outstanding Lease Balance as of the Lease Expiration Date (as determined after the payment of all Rent due on -38- such date). If the Sale Proceeds exceed the Lease Balance as of the Lease Expiration Date, Lessee shall retain the portion of the Sale Proceeds in excess thereof. If the Sale Proceeds are less than the aggregate outstanding Lease Balance, Lessee shall pay or shall cause to be paid to Lessor, as Supplemental Rent, on the Lease Expiration Date, in addition to the Sale Proceeds Proceeds, an additional amount equal to the lesser of (x) the Sales Recourse Amount and (y) the amount that the Lease Balance exceeds the Sale Proceeds. (b) b The obligation of Lessee to pay the amounts determined pursuant to Sections 22.3(aSection 21.3(a) and 22.4 hereof shall be recourse obligations obligation of Lessee, and such payments by Lessee shall not limit any other obligation of Lessee under the Operative Documents, including pursuant to Article VII of the Participation Agreement.

Application of Sale Proceeds and Recourse Payments. (a) On the Lease Expiration Date in connection with an exercise of the Sale Option, Lessee shall pay to Lessor all Rent then due together with all other amounts due and payable by Lessee to Lessor, Agent, any Participant or any Indemnitee. Lessee also shall pay to Lessor, as Supplemental Rent, from the aggregate Sale Proceeds the aggregate outstanding Lease Balance as of the Lease Expiration Date (as determined after the payment of all Rent due on -38- such date). If the Sale Proceeds exceed the Lease Balance as of the Lease Expiration Date, Lessee shall retain the portion of the Sale Proceeds in excess thereof. If the Sale Proceeds are less than the aggregate outstanding Lease Balance, Lessee shall pay or shall cause to be paid to Lessor, as Supplemental Rent, on the Lease Expiration Date, in addition to the Sale Proceeds an additional amount equal to the lesser of (x) the Sales Recourse Amount and (y) the amount that the Lease Balance exceeds the Sale Proceeds. (b) The obligation of Lessee to pay the amounts determined pursuant to Sections 22.3(a) and 22.4 hereof shall be recourse obligations of Lessee, and such payments by Lessee shall not limit any other obligation of Lessee under the Operative Documents, including pursuant to Article VII of the Participation Agreement.