Common use of Foreclosure by Leasehold Lender Clause in Contracts

Foreclosure by Leasehold Lender. If any Leasehold Financing is secured by a valid and enforceable lien on the leasehold estate under the Lease or on the direct or indirect Ownership Interests in Tenant, whether by mortgage, equity pledge or otherwise, and there is any proposed Foreclosure by Leasehold Lender thereunder, such Leasehold Lender shall, in connection with and as a condition precedent to consummating any Foreclosure by Leasehold Lender, irrevocably elect, by written notice to Tenant and Lease Guarantor (with a copy to Landlord and Manager), one (and only one) of the following: (a) Leasehold Foreclosure with MLSA Termination Election: to terminate this Agreement and, in connection with such termination, to comply in all respects with all applicable provisions of the Lease, including Section 22.2(i)(1)(A) and Section 22.2(i)(2) through (5) thereof, and, without limitation, to cause (x) a replacement lease guarantor that is a Qualified Replacement Guarantor (as defined in the Lease) to provide a Replacement Guaranty (as defined in the Lease) of the Lease and (y) the Managed Facility to be managed pursuant to a Replacement Management Agreement (as defined in the Lease) by a Qualified Replacement Manager (as defined in the Lease) or another manager that is otherwise permitted by Section 22.2(i)(1)(A)(z) of the Lease, in each case in accordance with Section 22.2(i)(1)(A) of the Lease (and the obligations and liabilities of Lease Guarantor in respect of the Lease Guaranty shall be determined as set forth in Section 17.3.5.2); or

Foreclosure by Leasehold Lender. If any Leasehold Financing is secured by a valid and enforceable lien on the leasehold estate under the Master Lease or on the direct or indirect Ownership Interests in Tenant, whether by mortgage, equity pledge or otherwise, and there is any proposed Foreclosure by Leasehold Lender thereunder, such Leasehold Lender shall, in connection with and as a condition precedent to consummating any Foreclosure by Leasehold Lender, irrevocably elect, by written notice to Tenant and Lease Guarantor (with a copy to Landlord and Manager), one (and only one) of the following: (a) Leasehold Foreclosure with MLSA Termination Election: to terminate this Agreement and, in connection with such termination, to comply in all respects with all applicable provisions of the Master Lease, including Section 22.2(i)(1)(A) and Section 22.2(i)(2) through (5) thereof, and, without limitation, to cause (x) a replacement lease guarantor that is a Qualified Replacement Guarantor (as defined in the Master Lease) to provide a Replacement Guaranty (as defined in the Master Lease) of the Master Lease and (y) the Managed Facility Facilities to be managed pursuant to a Replacement Management Agreement (as defined in the Master Lease) by a Qualified Replacement Manager (as defined in the Master Lease) or another manager that is otherwise permitted by Section 22.2(i)(1)(A)(z) of the Master Lease, in each case in accordance with Section 22.2(i)(1)(A) of the Master Lease (and the obligations and liabilities of Lease Guarantor in respect of the Lease Guaranty shall be determined as set forth in Section 17.3.5.2); or