Acceptable Leases Clause Samples

Acceptable Leases. (a) Each lease that is a Borrowing Base Property or a portion thereof, shall at all times be an Acceptable Lease; (b) within ten days after receipt of request by the Administrative Agent, the applicable Loan Party shall use commercially reasonable efforts to obtain from each lessor related to each Acceptable Lease and furnish to the Administrative Agent the estoppel certificate of such lessor stating the date through which rent has been paid and whether or not there are any defaults thereunder and specifying the nature of such claimed defaults, if any; (c) promptly execute, acknowledge and deliver to the Administrative Agent such instruments as may be required to permit the Administrative Agent to cure any default under any Acceptable Lease or permit the Administrative Agent to take such other action required to enable the Administrative Agent to cure or remedy the matter in default and preserve the security interest of the Administrative Agent under the Loan Documents with respect to the applicable Acceptable Lease and each Loan Party irrevocably appoints the Administrative Agent as its true and lawful attorney-in-fact to do, in its name or otherwise, any and all acts and to execute any and all documents that are necessary to preserve any rights of such Loan Party under or with respect to each Acceptable Lease, including, without limitation, the right to effectuate any extension or renewal of such Acceptable Lease, or to preserve any rights of such Loan Party whatsoever in respect of any part of such Acceptable Lease (and the above powers granted to the Administrative Agent are coupled with an interest and shall be irrevocable); (d) the actions or payments of the Administrative Agent to cure any default by any Loan Party under any Acceptable Lease shall not remove or waive, as between such Loan Party and the Administrative Agent, the default that occurred under this Agreement by virtue of the default by a Loan Party under such Acceptable Lease. All sums expended by the Administrative Agent to cure any such default in accordance with this Section 6.16, shall be paid by the applicable Loan Party to the Administrative Agent, upon demand, with interest on such sum at the rate set forth in this Agreement from the date such sum is expended to and including the date the reimbursement payment is made to the Administrative Agent. All such indebtedness shall be deemed to be Obligations secured by the Security Documents; (e) if the applicable Loan Party shall defaul...

Acceptable Leases. Each applicable Loan Party has delivered true, correct and complete copies of each Acceptable Lease, together with all related agreements, to the Administrative Agent. SECTION 5 CONDITIONS PRECEDENT 5.1

Acceptable Leases. Each lease that is a Borrowing Base Property or a portion thereof, shall at all times be an Acceptable Lease; (a) within ten days after receipt of request by the Administrative Agent, the applicable Loan Party shall use commercially reasonable efforts to obtain from each lessor related to each Acceptable Lease and furnish to the Administrative Agent the estoppel certificate of such lessor stating the date through which rent has been paid and whether or not there are any defaults thereunder and specifying the nature of such claimed defaults, if any; (b) promptly give notice to the Administrative Agent of any event or occurrence that, with notice or passage of time or both, would constitute an event of default under any Acceptable Lease and promptly furnish to the Administrative Agent a copy of any notice given or received by any Loan Party pursuant to any Acceptable Lease; (c) upon the Administrative Agent’s reasonable written request and at reasonable intervals, unless an Event of Default shall have occurred and be continuing, in which case, upon written request at any time, provide to the Administrative Agent any information or materials relating to such Acceptable Lease and evidencing the applicable Loan Party’s due observance and performance of its material obligations thereunder; (d) [intentionally omitted]; and (e) notwithstanding anything to the contrary contained in the Loan Documents with respect to any Acceptable Lease: (i) [intentionally omitted]; (ii) each Loan Party shall not, without the Administrative Agent’s prior written consent, elect to treat any Acceptable Lease as terminated under subsection 365(h)(l)(A)(l) of the Bankruptcy Code. Any such election made without the Administrative Agent’s prior written consent shall be void.

Acceptable Leases. 88 6.17 Borrowing Base Property Covenants .................................................................... 89 6.18 [Intentionally Omitted] ......................................................................................... 91 6.19

Acceptable Leases. (a) Each lease that is a Borrowing Base Property or a portion thereof, shall at all times be an Acceptable Lease; (b) within ten days after receipt of request by the Administrative Agent, the applicable Loan Party shall use commercially reasonable efforts to obtain from each lessor (i) [intentionally omitted]; (ii) each Loan Party shall not, without the Administrative Agent’s prior written consent, elect to treat any Acceptable Lease as terminated under subsection 365(h)(l)(A)(l) of the Bankruptcy Code. Any such election made without the Administrative Agent’s prior written consent shall be void.