Common use of ASSIGNMENT OF LEASE BY TENANT Clause in Contracts

ASSIGNMENT OF LEASE BY TENANT. Notwithstanding any provisions of this Article to the contrary, if this Lease is assigned to any person or entity pursuant to the provisions of the Bankruptcy Code: (a) Any and all monies or other considerations, payable or otherwise, to be delivered in connection with such assignment, shall be paid or delivered to Landlord, shall be and remain the exclusive property of Landlord, and shall not constitute property of Tenant or the estate of Tenant within the meaning of the Bankruptcy Code. Any and all monies or other considerations constituting Landlord's property under the preceding sentence not paid or delivered to Landlord shall be held in trust for the benefit of Landlord and shall be promptly paid or delivered to Landlord; and (b) Any person or entity to which this Lease is assigned pursuant to the provisions of the Bankruptcy Code shall be deemed without further act or deed to have assumed all of the obligations arising under this Lease on and after the date of such

ASSIGNMENT OF LEASE BY TENANT. Notwithstanding any provisions of this Article Section XV to the contrary, if this Lease is assigned to any person or entity pursuant to the provisions of the Bankruptcy Code: (a) Any a. any and all monies or other considerations, payable or otherwise, to be delivered in connection with such assignment, shall be paid or delivered to Landlord, shall be and remain the exclusive property of Landlord, Landlord and shall not constitute property of Tenant or the estate of Tenant within the meaning of the Bankruptcy Code. Any and all monies or other considerations constituting Landlord's property under the preceding sentence not paid or delivered to Landlord shall be held in trust for the benefit of Landlord and shall be promptly paid or delivered to Landlord; and (b) Any b. any person or entity to which this Lease is assigned pursuant to the provisions of the Bankruptcy Code shall be deemed without further act or deed to have assumed all of the obligations arising under this Lease on and after the date of suchsuch assignment. Any such assignee shall upon demand execute and deliver to Landlord an instrument confirming such assumption.