Negative Leasing Covenants Sample Clauses

Negative Leasing Covenants. (a) The Borrower shall not, and shall not permit any Guarantor to, without the Administrative Agent’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed, or as otherwise permitted by any provision of the Credit Agreement: (i) enter into any Major Leases after the date hereof; (ii) execute any other assignment of ▇▇▇▇▇▇▇▇’s interest relating to any of the Leases; (iii) discount any rent or other sums due under any Lease if (A) the premises leased thereunder is equal to or greater than 7,500 square feet of gross leasable area of the applicable Borrowing Base Property, (B) the discounted amount is in excess of an amount which is twenty-five percent (25%) of the aggregate contractual base rent payable over the initial term of such Lease (which calculation shall not take into account any extension options) and (C) the discounted amount under such Lease exceeds $750,000; (iv) collect rent or other sums due under any Lease in advance, other than to collect rentals one (1) month in advance of the time when it becomes due under any Lease; (v) terminate, modify or amend any of the terms of any Major Lease or in any manner release or discharge the tenants from any obligations thereunder; (vi) consent to any assignment or subletting by any tenant under any Major Lease; or (vii) subordinate or agree to subordinate any of the Leases to any other deed of trust, mortgage, deed to secure debt or encumbrance, other than the Mortgages encumbering the applicable Borrowing Base Property and the subordinate “Mortgages” (as defined in the Second Lien Credit Agreement) entered into in connection with the Second Lien Loans. Any such attempted amendment, cancellation, modification or other action in violation of the provisions of this Section without the prior written consent of the Administrative Agent shall be null and void. (b) Without in any way limiting the requirement of the Administrative Agent’s consent hereunder, any sums received by or on behalf of a Guarantor in consideration of any termination (or the release or discharge of any tenant), modification or amendment of any Lease in an amount: (i) less than $2,500,000 shall be retained by such applicable Guarantor; (ii) equal to or greater than $2,500,000 but less than $3,500,000 shall be held by such Guarantor and used solely for paying tenant improvement costs and leasing commissions in connection with the applicable Borrowing Base Property, or for any other use reasonably appr...