Common use of Conforming Leasehold Interests Clause in Contracts

Conforming Leasehold Interests. (a) If (i) after the Closing Date any Credit Party acquires, or (ii) at the time any Person becomes a Subsidiary (other than a Subsidiary that is not required to become a Guarantor), such Person holds, any Material Leasehold Property, the Credit Party or such Person shall use commercially reasonable efforts (which shall not include the payment of money) to cause such Material Leasehold Property to be a Conforming Leasehold Interest but excluding any Material Leasehold Property where, in the Administrative Agent’s reasonable discretion, the costs of causing such property to become a Conforming Leasehold Interest is excessive in relation to the value of the benefit to be afforded to the Lenders thereby or where such property is not material to the business and operations of such Credit Party or such Person. (b) Notwithstanding anything to the contrary herein, it is understood and agreed that the obligations of the Credit Parties hereunder shall not be secured by any pledge or grant of a security or collateral interest in or to any Real Property Assets owned or held by the Credit Parties. On or promptly after the Closing Date, the Administrative Agent shall cause any and all mortgages, assignments or similar documents constituting a Lien upon any Real Property Assets and granted to secure any obligations under or with respect to the Existing Credit Agreement to be released, reconveyed and terminated in all respects. Further the Administrative Agent agrees to cancel and terminate on or promptly after the Closing Date any and all assignments of any security interest in or to any license agreement or similar document, in each case relating to any Real Property Asset or interest therein (and including any tower license) to the extent such assignment was granted by any Credit Party in connection with the Existing Credit Agreement.

Conforming Leasehold Interests. (a) If (i) after the Closing Date (i) any Credit Party acquires, or (ii) at the time any Person becomes a Subsidiary (other than a Subsidiary that is not required to become a Guarantor), such Person holds, any Material Leasehold Property, the Credit Party or such Person shall use commercially reasonable efforts (which shall not include the payment of money) to cause such Material Leasehold Property to be a Conforming Leasehold Interest but excluding any Material Leasehold Property where, in the Administrative Agent’s reasonable discretion, the costs of causing such property to become a Conforming Leasehold Interest is excessive in relation to the value of the benefit to be afforded to the Lenders thereby or where such property is not material to the business and operations of such Credit Party or such Person. (b) Notwithstanding anything to the contrary herein, it is understood and agreed that the obligations of the Credit Parties hereunder shall not be secured by any pledge or grant of a security or collateral interest in or to any Real Property Assets owned or held by the Credit Parties. On or promptly after the Closing Date, the Administrative Agent shall cause any and all mortgages, assignments or similar documents constituting a Lien upon any Real Property Assets and granted to secure any obligations under or with respect to the Existing Credit Agreement to be released, reconveyed and terminated in all respects. Further Further, the Administrative Agent agrees to cancel and terminate on or promptly after the Closing Date any and all assignments of any security interest in or to any license agreement or similar document, in each case relating to any Real Property Asset or interest interests therein (and including any tower license) to the extent such assignment was granted by any Credit Party in connection with the Existing Credit Agreement.