Common use of Borrowing Base Leases Clause in Contracts

Borrowing Base Leases. (a) All Borrowing Base Leases (and all renewals thereof) executed after the Closing Date (other than extensions or renewals of existing Material Borrowing Base Leases pursuant to options provided therein and the Ensign Master Leases in each case in accordance with the terms of the applicable Borrowing Base Lease) shall provide for rental rates obtained through arm’s-length negotiations, shall be on commercially reasonable terms, and shall not contain any terms which could reasonably be expected to have a Property Material Adverse Effect. Each Loan Party that has entered into a Borrowing Base Lease: (A) shall not collect any rent under such Lease more than one (1) month in advance (other than security deposits); (B) shall not execute any other assignment of lessor’s interest in such Lease or the rent thereunder; (C) shall promptly furnish Administrative Agent with a copy of such Borrowing Base Lease (other than leases of Multi-Tenant Buildings) upon execution thereof; (D) shall observe and perform the material obligations imposed upon the lessor under such Leases in a commercially reasonable manner; and (E) shall enforce the obligations of the lessee thereunder to be observed or performed in a commercially reasonable manner that does not result in any Property Material Adverse Effect.

Borrowing Base Leases. (a) All Borrowing Base Leases (and all renewals thereof) executed after the Closing Date shall (other than extensions or renewals of existing Material Borrowing Base Leases pursuant to options provided therein and the Ensign Master Leases in each case in accordance with the terms of the applicable Borrowing Base Leasei) shall provide for rental rates obtained through arm’s-length negotiations, shall be on commercially reasonable terms, and shall not contain any terms which could reasonably be expected to have a Property Material Adverse Effect; and (ii) provide that such Lease is subordinate to the applicable Mortgage and that the Tenant will attorn to Administrative Agent and any purchaser at a foreclosure sale under the Mortgage. Each Loan Party Guarantor Subsidiary that has entered into a Borrowing Base Lease: (Aa) shall not collect any rent of Rent (as defined in the Mortgage) under such Lease more than one (1) month in advance (other than security deposits); (Bb) shall not execute any other assignment of lessor’s interest in such Lease or the rent thereunderRent thereunder other than the Mortgage (or an assignment of leases in favor of Administrative Agent); (Cc) shall promptly furnish Administrative Agent with a copy of such Borrowing Base Lease (other than leases of Multi-Tenant Buildings) upon execution thereof; (Dd) shall observe and perform the material obligations imposed upon the lessor under such Leases in a commercially reasonable manner; and (Ee) shall enforce the obligations of the lessee thereunder to be observed or performed in a commercially reasonable manner that does not result in any Property Material Adverse EffectEvent.