Acquired Leases Clause Samples
Acquired Leases. At Closing, Parent shall reimburse the Company for any cash or other collateral posted by the Company or its Affiliates resulting from renewing, extending, amending or supplementing any Acquired Lease for any period after the Closing, and each Party shall reimburse the other Party in accordance with Section 2.2(e) for any payments by a Party in connection with any actions such Party takes with respect to obtaining any consents to assign the Acquired Leases. Parent shall guarantee any Acquired Lease as required pursuant to Section 6.2(a) hereof.
Acquired Leases. After the Closing Date, Buyer will not, and will not permit any of its Affiliates to (and shall cause its successors or assigns not to), renew, extend, amend or supplement any Acquired Lease resulting in the term of such Acquired Lease extending beyond ten (10) years following the Closing without Parent’s prior written consent unless Buyer provides Parent with evidence reasonably satisfactory to Parent that Parent’s obligations with respect to such extended period under the Acquired Leases have been irrevocably and fully released (the effective date of any such release being a “Release Date”). Any cash or other collateral posted by Parent or its Affiliates in respect of such obligations shall be delivered to Parent promptly following such release. From the Closing Date to the applicable Release Date, Buyer shall provide Parent with prompt written notice upon entering into any renewal, extension, amendment or supplement of any Acquired Lease resulting in an extension of such Acquired Lease. In the event that Buyer desires to transfer an Acquired Store, Buyer shall, as a condition to such transfer, have the transferee agree in writing to be bound by the covenant in this Section 5.18, with such written agreement being delivered to Parent prior to the execution of such transfer.
Acquired Leases. All Transferred Leases.
Acquired Leases. Seller has delivered to Buyer a true and complete copy of each Acquired Lease. With respect to each Acquired Lease:
(a) except as set forth on Section 4.14(a) of the Seller Disclosure Schedule, such Acquired Lease is in full force and effect and is a legal, valid, binding, and enforceable obligation of Seller or the applicable Business Affiliate, and, to Seller’s Knowledge, of the landlord under the Acquired Lease, except as enforceability may be limited by the Enforceability Exception;
(b) Seller’s leasehold with respect to such property is free and clear of all Liens other than Permitted Liens; and
(c) neither Seller, nor to Seller’s Knowledge, the landlord under the Acquired Lease is in breach or default under such Acquired Lease, and no event has occurred or circumstance exists which, with the delivery of notice, passage of time or both, would constitute such a breach or default by Seller or, to Seller’s Knowledge, the landlord under the Acquired Lease, and Seller has paid all rent due and payable under such Acquired Lease.