Common use of Excessive Use Indemnity Clause in Contracts

Excessive Use Indemnity. In the event that at the end of the Lease Term: (a) Lessee elects the Sale Option; and (b) after paying to Lessor all amounts due under Section 6.3 of the Lease, including Proceeds and the aggregate Applicable Percentage Amount, Lessor does not have sufficient funds to reduce the Lease Balance to zero, then Lessee shall promptly pay over to Lessor the shortfall unless Lessee delivers a report from an independent appraiser in form and substance satisfactory to Lessor and the Agent which establishes that the decline in value in the Sites from the aggregate amount anticipated for such date in the Appraiser's report delivered with respect to each Site on or about the applicable Site Acquisition Date was not due to the excessive use of any Facility or any Site, failure to maintain any Facility or any Site, modifications or restorations which reduce the value of any Facility or any Site, any adverse change in the environmental condition of any Facility or any Site, any easements granted pursuant to Section 8.3 of the Lease or Section 3.4 of the Construction Agency Agreement which reduce the value of any Facility or Site or any other cause or condition within the power of Lessee to control or affect differing from ordinary wear and tear.

Appears in 1 contract

Sources: Participation Agreement (Genesis Health Ventures Inc /Pa)

Excessive Use Indemnity. In the event that at the end of the Lease Term: (a) Lessee elects the Sale Remarketing Option; and (b) after paying to Lessor all amounts due under Section Sections 6.2 and 6.3 of the Lease, including Proceeds and the aggregate Applicable Percentage Guaranteed Residual Amount, Lessor does not have sufficient funds to reduce the Lease Balance to zero, then Lessee shall promptly pay over to Lessor the shortfall unless Lessee delivers a report from an independent appraiser in form and substance satisfactory to Lessor and the Agent Required Entities which establishes that the decline in value in the Sites Property from the aggregate amount anticipated for such date in the Appraiser's report delivered with respect to each Site such Property on or about the applicable Site Acquisition Date was not due to the excessive use of any Facility or any Sitethe Property, failure to maintain any Facility or any Sitethe Property, modifications or restorations which reduce the value of any Facility or any Sitethe Property, any adverse change in the environmental condition of any Facility or any Sitethe Property, any easements granted pursuant to Section 8.3 of the Lease or Section 3.4 of the Construction Agency Agreement which reduce the value of the Property, or any Facility defect or Site exception to title of the Property or any other cause or condition within the power of Lessee to control or affect differing from ordinary wear and tear.

Appears in 1 contract

Sources: Participation Agreement (Reebok International LTD)

Excessive Use Indemnity. In the event that at the end of the Lease Term: : (a) Lessee elects the Sale Remarketing Option; and (b) after paying to Lessor all amounts due under Section Sections 6.2 and 6.3 of the Lease, including Proceeds and the aggregate Applicable Percentage Guaranteed Residual Amount, Lessor does not have sufficient funds to reduce the Lease Balance to zero, then Lessee shall promptly pay over to Lessor the shortfall unless Lessee delivers a report from an independent appraiser in form and substance satisfactory to Lessor and the Agent Required Entities which establishes that the decline in value in the Sites a Property from the aggregate amount anticipated for such date in the Appraiser's report delivered with respect to each Site such Property on or about the applicable Site Documentation Date or the Acquisition Date as required herein was not due to the excessive use of any Facility or any Sitesuch Property, failure to maintain any Facility or any Sitesuch Property, modifications or restorations which reduce the value of any Facility or any Sitethe such Property, any adverse change in the environmental condition of any Facility or any Sitesuch Property, any easements granted pursuant to Section 8.3 of the Lease or Section 3.4 of the Construction Agency Agreement which reduce the value of such Property, or any Facility defect or Site exception to title of such Property or any other cause or condition within the power of Lessee to control or affect differing from ordinary wear and tear.

Appears in 1 contract

Sources: Participation Agreement (Reebok International LTD)