Common use of Leasing Conditions Clause in Contracts

Leasing Conditions. Except as otherwise provided in this Section 7.18, (i) enter into any new Material Real Property Lease (a “New Real Property Lease”) or (ii) modify any Material Real Property Lease (including, without limitation, accept a surrender of any portion of any Mortgaged Property subject to a Material Real Property Lease (unless otherwise required by law), allow a reduction in the term of any Material Real Property Lease or a reduction in the Rent payable under any Material Real Property Lease, change any renewal provisions of any Material Real Property Lease, materially increase the obligations of the landlord or materially decrease the obligations of any Tenant under a Material Real Property Lease) or terminate any Material Real Property Lease unless the Tenant under such Material Real Property Lease is in default (any such action referred to in clause (ii) being referred to herein as a “Real Property Lease Modification”) without the prior written consent of the Administrative Agent. Any New Real Property Lease or Real Property Lease Modification that requires the Administrative Agent’s consent shall be delivered to the Administrative Agent for approval not less than five (5) Business Days prior to the effective date of such New Real Property Lease or Real Property Lease Modification. If the Administrative Agent fails to respond to a request for the Administrative Agent’s consent pursuant to this Section 7.18 within five (5) Business Days of the Administrative Agent’s receipt of the Borrower’s request therefor, the Borrower may deliver to the Administrative Agent a second request. If the Administrative Agent fails to respond to such second request within ten (10) Business Days of its receipt thereof, the Administrative Agent’s consent shall be deemed granted. Notwithstanding the foregoing, but subject to terms of Sections 7.18(f) and (g), so long as no Default or Event of Default shall have occurred and be continuing, the Borrower or a Subsidiary may enter into a New Real Property Lease or Real Property Lease Modification in accordance with the Real Property Leasing Standards. All Real Property Leases not otherwise subject to this paragraph (a) shall be entered into on commercially reasonable, market terms.

Leasing Conditions. Except as otherwise provided in this Section 7.187.19, (i) enter into any new Material Real Property Lease (a “New Real Property Lease”) or (ii) modify any Material Real Property Lease (including, without limitation, accept a surrender of any portion of any Mortgaged Property subject to a Material Real Property Lease (unless otherwise required by law), allow a reduction in the term of any Material Real Property Lease or a reduction in the Rent payable under any Material Real Property Lease, change any renewal provisions of any Material Real Property Lease, materially increase the obligations of the landlord or materially decrease the obligations of any Tenant under a Material Real Property Lease) or terminate any Material Real Property Lease unless the Tenant under such Material Real Property Lease is in default (any such action referred to in clause (ii) being referred to herein as a “Real Property Lease Modification”) without the prior written consent of the Administrative Agent, not to be unreasonably withheld, delayed or conditioned. Any New Real Property Lease or Real Property Lease Modification that requires the Administrative Agent’s consent shall be delivered to the Administrative Agent for approval not less than five (5) Business Days prior to the effective date of such New Real Property Lease or Real Property Lease Modification. If the Administrative Agent fails to respond to a request for the Administrative Agent’s consent pursuant to this Section 7.18 7.19 within five (5) Business Days of the Administrative Agent’s receipt of the Borrower’s request therefor, the Borrower may deliver to the Administrative Agent a second requestrequest in an envelope or under cover of a letter marked “URGENT” and including a legend in bold typeface that the Administrative Agent’s failure to grant or deny the requested consent within ten (10) Business Days of the receipt thereof will result in the requested consent being deemed to have been granted. If the Administrative Agent fails to respond to such second request within ten (10) Business Days of its receipt thereof, the Administrative Agent’s consent shall be deemed granted. Notwithstanding the foregoing, but subject to terms of Sections 7.18(f7.19(f) and (g), so long as no Default or Event of Default shall have occurred and be continuing, the Borrower or a Restricted Subsidiary may enter into a New Real Property Lease or Real Property Lease Modification in accordance with the Real Property Leasing Standards. All Real Property Leases not otherwise subject to this paragraph (a) shall be entered into on commercially reasonable, market terms.

Leasing Conditions. Except as otherwise provided in this Section 7.18, (i) enter into any new Material Real Property Lease (a “New Real Property Lease”) or (ii) modify any Material Real Property Lease (including, without limitation, accept a surrender of any portion of any Mortgaged Property subject to a Material Real Property Lease (unless otherwise required by law), allow a reduction in the term of any Material Real Property Lease or a reduction in the Rent payable under any Material Real Property Lease, change any renewal provisions of any Material Real Property Lease, materially increase the obligations of the landlord or materially decrease the obligations of any Tenant under a Material Real Property Lease) or terminate any Material Real Property Lease unless the Tenant under such Material Real Property Lease is in default (any such action referred to in clause (ii) being referred to herein as a “Real Property Lease Modification”) without the prior written consent of the Administrative Agent, not to be unreasonably withheld, delayed or conditioned. Any New Real Property Lease or Real Property Lease Modification that requires the Administrative Agent’s consent shall be delivered to the Administrative Agent for approval not less than five (5) Business Days prior to the effective date of such New Real Property Lease or Real Property Lease Modification. If the Administrative Agent fails to respond to a request for the Administrative Agent’s consent pursuant to this Section 7.18 within five (5) Business Days of the Administrative Agent’s receipt of the Borrower’s request therefor, the Borrower may deliver to the Administrative Agent a second requestrequest in an envelope or under cover of a letter marked “URGENT” and including a legend in bold typeface that the Administrative Agent’s failure to grant or deny the requested consent within ten (10) Business Days of the receipt thereof will result in the requested consent being deemed to have been granted. If the Administrative Agent fails to respond to such second request within ten (10) Business Days of its receipt thereof, the Administrative Agent’s consent shall be deemed granted. Notwithstanding the foregoing, but subject to terms of Sections 7.18(f) and (g), so long as no Default or Event of Default shall have occurred and be continuing, the Borrower or a Restricted Subsidiary may enter into a New Real Property Lease or Real Property Lease Modification in accordance with the Real Property Leasing Standards. All Real Property Leases not otherwise subject to this paragraph (a) shall be entered into on commercially reasonable, market terms.