Leasing Restrictions. Without the prior written consent of Lender, Borrower and Borrower’s agents shall not (a) enter into any additional leases, (b) modify, amend or terminate the Lease, or (c) accept any rental payment in advance of its due date. Notwithstanding the foregoing, Borrower shall have the right to enter into new leases with third parties for occupancy of the Property, provided that any of such leases are subject and subordinate to the Liens in favor of Lender under this Agreement and are approved by Lender in writing.
Appears in 2 contracts
Sources: Term Loan and Security Agreement, Term Loan and Security Agreement (Lexicon Pharmaceuticals, Inc.)
Leasing Restrictions. Without the prior written consent of Lender, Borrower and Borrower’s 's agents shall not (a) enter into any additional leases, (b) modify, amend or terminate the Lease, or (c) other than on a form which has been approved by Lender, nor shall Borrower accept any rental payment in advance of its due date. Notwithstanding the foregoing, Borrower shall have the right to enter into new leases with third parties for occupancy of the Property, provided that any of such leases are subject and subordinate to the Liens in favor of Lender under this Agreement and are approved by Lender in writing.
Appears in 1 contract