Common use of No Election to Terminate Clause in Contracts

No Election to Terminate. Mezzanine Borrower shall not permit Mortgage Borrower to elect to treat any of the Operating Agreements as terminated, canceled or surrendered pursuant to the applicable provisions of the Bankruptcy Code (including, without limitation, Section 365(h)(1) thereof) without Mezzanine Lender’s prior written consent in the event a bankruptcy of a Fee Owner or any other party to an Operating Agreement. In addition, to the extent not prohibited by applicable law, Mezzanine Borrower shall cause Mortgage Borrower, in the event of a bankruptcy of Fee Owner or any other party to an Operating Agreement, to reaffirm and ratify the legality, validity, binding effect and enforceability of such Operating Agreement and shall remain in possession of the Property, the Leasehold Estate and the other rights granted pursuant to the Operating Agreements, notwithstanding any rejection thereof by Fee Owner, any other party to any Operating Agreement, or any trustee, custodian or receiver.