TO THE AGENT THAT (X) THE RENTAL RATE UNDER THE PROPOSED LEASE IS
EQUAL TO OR GREATER THAN THE RENTAL RATE FOR THE FIRST RENEWAL TERM IN THE LEASE
IN EFFECT FOR THE SUBJECT INDIVIDUAL PROPERTY
39
AS OF THE CLOSING DATE AND (Y) THE RATING, IF ANY, OF THE NEW TENANT IS EQUAL TO
OR HIGHER THAN THE RATING FOR THE TENANT UNDER SUCH EXISTING LEASE.
(D)
AGENT'S AND REQUIRED LENDERS PRIOR WRITTEN
APPROVAL SHALL BE REQUIRED IN EACH INSTANCE AS TO ANY PROPOSED LEASE FOR 75,000
OR MORE RENTABLE SQUARE FEET.
(E)
FOR ANY LEASE REQUIRING APPROVAL HEREUNDER,
THE APPROVAL SHALL RELATE TO: (I) THE ECONOMIC AND OTHER TERMS OF THE LEASE;
(II) EACH TENANT UNDER A PROPOSED LEASE; (III) EACH GUARANTOR, IF ANY, OF A
TENANT'S OBLIGATIONS UNDER A PROPOSED LEASE; (IV) ANY MODIFICATION OR AMENDMENT
TO THE LEASE, IF SUCH MODIFICATION OR AMENDMENT RELATES TO THE AMOUNT OF RENT
PAYABLE THEREUNDER, THE TERM OF THE LEASE, THE ECONOMIC DISCONTINUANCE RIGHTS
PROVIDED FOR THEREIN, OR ANY OTHER TERM WHICH MAY HAVE A MATERIAL IMPACT ON THE
VALUE OF THE INDIVIDUAL PROPERTY OR THE RENTAL PAYMENTS DUE UNDER THE LEASE; AND
(V) ANY TERMINATION, CANCELLATION OR SURRENDER OF THE LEASE.
7.21.2
BORROWER'S REQUESTS.
ANY REQUEST BY THE BORROWER FOR AN
APPROVAL FROM AGENT WITH RESPECT TO LEASING MATTERS SHALL BE SENT TO THE AGENT
AND SHALL BE ACCOMPANIED, AT A MINIMUM, BY THE FOLLOWING: (I) THE PROPOSED LEASE
OR AMENDMENT OR MODIFICATION THEREOF COMPLETE WITH ALL APPLICABLE SCHEDULES AND
EXHIBITS; (II) A COMPLETE COPY OF ANY PROPOSED GUARANTY; (III) COMPREHENSIVE
FINANCIAL INFORMATION WITH RESPECT TO THE PROPOSED TENANT AND, IF APPLICABLE,
THE PROPOSED GUARANTOR (AS TO NEW LEASES OR AMENDMENTS OR MODIFICATIONS TO
EXISTING LEASES INVOLVING MATERIAL ECONOMIC CHANGES); AND (IV) AN EXECUTIVE
SUMMARY OF THE TERMS AND CONDITIONS OF THE PROPOSED LEASE AND, IF APPLICABLE,
THE PROPOSED GUARANTY.
7.21.3
RESPONSE.
THE AGENT (AND THE REQUIRED LENDERS, AS
APPLICABLE) SHALL ACT ON REQUESTS FROM THE BORROWER FOR ANY APPROVAL REQUIRED
UNDER SECTION 7.21 IN A COMMERCIALLY REASONABLE MANNER AND SHALL USE
COMMERCIALLY REASONABLE EFFORTS TO RESPOND TO ANY SUCH REQUEST WITHIN (A)
FIFTEEN (15) BUSINESS DAYS FOR APPROVALS REQUIRED UNDER SECTION 7.21(B) AND (C)
ABOVE, AND (B) TWENTY (20) BUSINESS DAYS FOR APPROVALS REQUIRED UNDER
SECTION 7.21(D) ABOVE, IN EACH INSTANCE FOLLOWING AGENT'S RECEIPT THEREOF WITH
ALL REQUIRED SUPPORTING INFORMATION.
AGENT'S RESPONSE MAY CONSIST OF AN
APPROVAL OR DISAPPROVAL OF THE REQUEST, OR A CONDITIONAL APPROVAL THEREOF
SUBJECT TO SPECIFIED CONDITIONS, OR A REQUEST FOR FURTHER DATA OR INFORMATION,
OR ANY COMBINATION THEREOF.
IF AGENT (AND THE REQUIRED LENDERS, AS APPLICABLE)
FAILS TO RESPOND TO ANY SUCH REQUEST WITHIN SUCH PRESCRIBED TIME PERIOD, SUCH
REQUEST SHALL BE DEEMED APPROVED BY THE AGENT (AND THE REQUIRED LENDERS, AS
APPLICABLE).
IN ORDER TO EXPEDITE THE PROCESSING OF REQUESTS FOR SUCH
APPROVALS, THE BORROWER AGREES TO PROVIDE AGENT WITH AS MUCH ADVANCE INFORMATION
AS IS POSSIBLE IN A COMMERCIALLY REASONABLE MANNER IN ADVANCE OF THE BORROWER'S
FORMAL REQUEST FOR AN