Disclaimer of leasehold interests requires notice to interested persons and an adjudicatory objection process before trustee action. The provision conditions a bankruptcy trustee's ability to disclaim a leasehold interest on service of a notice on every interested person and either the absence of any timely objection by such persons or an Adjudicating Authority direction that the disclaimer take effect; the Authority may also make orders regarding fixtures, tenant improvements and other lease-related matters consequential to the disclaimer.