Common use of BNPLC's Consent Required Clause in Contracts

BNPLC's Consent Required. Without the prior consent of BNPLC, SGC shall not assign, transfer, mortgage, pledge or hypothecate this Lease or any interest of SGC hereunder and shall not sublet all or any part of the Property, by operation of law or otherwise; provided, that, if (and after) SGC completes the Construction Project pursuant to the Construction Management Agreement and so long as no Event of Default has occurred and is continuing, SGC shall be entitled without the consent of BNPLC to (1) assign SGC's rights under this Lease and the other Operative Documents to an Affiliate of SGC (including any Affiliate of SGC that is the surviving entity after a merger permitted by subsection 3.04(a) of Schedule A attached to the Guaranty) pursuant to a written assignment unconditionally providing that the Affiliate assumes SGC's obligations hereunder and thereunder and (unless SGC has been merged into the Affiliate pursuant to a merger permitted by subsection 3.04(a) of Schedule A attached to the Guaranty) that SGC ratifies and confirms for the benefit of BNPLC SGC's responsibility and liability to BNPLC under this Lease and the other Operative Documents, and (2) sublet all or any portion of the Property if: (i) any sublease by SGC is made expressly subject and subordinate to the terms hereof; (ii) no sublease purports to grant the subtenant thereunder rights to use or occupy the Property after the expiration or termination of this Lease, other than rights expressly conditioned upon a purchase by SGC of the Property pursuant to the Purchase Agreement; (iii) the uses permitted by such sublease are limited to uses expressly permitted by subparagraph 3. (a) above; and (iv) less than forty-nine percent (49%) of any completed Improvements are at any time subleased by SGC to anyone other than its own Affiliates.

BNPLC's Consent Required. Without Except as required to satisfy subparagraphs 0 and 0, Electroglas shall not, without the prior consent of BNPLCBNPLC in each case, SGC shall not assign, transfer, mortgage, pledge or hypothecate this Lease or any interest of SGC Electroglas hereunder and shall not or sublet all or any part of the Property, by operation of law or otherwise; provided, that, if (and after) SGC completes the Construction Project pursuant to the Construction Management Agreement and so long as no Event of Default has occurred and is continuing, SGC Electroglas shall be entitled without the consent of BNPLC to (1) assign SGC's Electroglas' rights under this Lease and the other Operative Purchase Documents to an Affiliate of SGC (including any Affiliate of SGC that is the surviving entity after a merger permitted by subsection 3.04(a) of Schedule A attached to the Guaranty) Electroglas pursuant to a written assignment unconditionally providing that the Affiliate assumes SGC's Electroglas' obligations hereunder and thereunder and (unless SGC has been merged into the Affiliate pursuant to a merger permitted by subsection 3.04(a) of Schedule A attached to the Guaranty) that SGC Electroglas ratifies and confirms for the benefit of BNPLC SGC's Electroglas' responsibility and liability to BNPLC under this Lease and the other Operative Purchase Documents, and (2) sublet all or any portion of the Property if: (i) any sublease by SGC Electroglas is made expressly subject and subordinate to the terms hereof; (ii) no sublease purports to grant has a term longer than the subtenant thereunder rights to use or occupy remainder of the Property after the expiration or termination then effective term of this Lease, other than rights expressly conditioned upon a purchase by SGC of the Property pursuant to the Purchase Agreement; (iii) the uses permitted each sublease expressly prohibits any use not consistent with subparagraph 0, and, with respect to any sublessee not an Affiliate of Electroglas, expressly prohibits any manufacturing use not approved in advance by such sublease are limited to uses expressly permitted by subparagraph 3. (a) aboveBNPLC as a use that will not present any extraordinary risk of environmental or other uninsured liability; and (iv) less than forty-nine percent (49%) of any completed Improvements are at any time subleased the subleases by SGC Electroglas to anyone other than its own AffiliatesAffiliates are limited to sixty-five percent (65%) of the square footage of completed building Improvements.

BNPLC's Consent Required. Without the prior consent of BNPLC, SGC FCI shall not assign, transfer, mortgage, pledge or hypothecate this Lease or any interest of SGC FCI hereunder and shall not sublet all or any part of the Property, by operation of law or otherwise; provided, that, if (and after) SGC FCI completes the Construction Project pursuant to the Construction Management Agreement and so long as no Event of Default has occurred and is continuing, SGC FCI shall be entitled without the consent of BNPLC to (1) assign SGCFCI's rights under this Lease and the other Operative Documents to an Affiliate of SGC FCI (including any Affiliate of SGC FCI that is the surviving entity after a merger permitted by subsection 3.04(a) of Schedule A attached to the Guaranty) pursuant to a written assignment unconditionally providing that the Affiliate assumes SGCFCI's obligations hereunder and thereunder and (unless SGC FCI has been merged into the Affiliate pursuant to a merger permitted by subsection 3.04(a) of Schedule A attached to the Guaranty) that SGC FCI ratifies and confirms for the benefit of BNPLC SGCFCI's responsibility and liability to BNPLC under this Lease and the other Operative Documents, and (2) sublet all or any portion of the Property if: (i) any sublease by SGC FCI is made expressly subject and subordinate to the terms hereof; (ii) no sublease purports to grant the subtenant thereunder rights to use or occupy the Property after the expiration or termination of this Lease, other than rights expressly conditioned upon a purchase by SGC FCI of the Property pursuant to the Purchase Agreement; (iii) the uses permitted by such sublease are limited to uses expressly permitted by subparagraph 3. (a) above; and (iv) less than forty-nine percent (49%) of any completed Improvements are at any time subleased by SGC FCI to anyone other than its own Affiliates.

BNPLC's Consent Required. Without the prior consent of BNPLC, SGC Solectron shall not assign, transfer, mortgage, pledge or hypothecate this Lease or any interest of SGC Solectron hereunder and shall not sublet all or any part of the Property, by operation of law or otherwise; provided, that, if (and after) SGC completes the Construction Project pursuant to the Construction Management Agreement and so long as no Landlord's Election to Continue Construction has occurred and no Event of Default has occurred and is continuing, SGC Solectron shall be entitled without the consent of BNPLC to (1) assign SGCSolectron's rights under this Lease and the other Operative Documents Purchase Agreement to an Affiliate of SGC Solectron (including any Affiliate of SGC Solectron that is the surviving entity after a merger permitted by subsection 3.04(a) of Schedule A attached to the Guaranty) pursuant to a written assignment unconditionally providing that the Affiliate assumes SGCSolectron's obligations hereunder and thereunder and (unless SGC Solectron has been merged into the Affiliate pursuant to a merger permitted by subsection 3.04(a) of Schedule A attached to the Guaranty) that SGC Solectron ratifies and confirms for the benefit of BNPLC SGCSolectron's responsibility and liability to BNPLC under this Lease and the other Operative DocumentsPurchase Agreement, and (2) sublet all or any portion of the Property if: (i) any sublease by SGC Solectron is made expressly subject and subordinate to the terms hereof; (ii) no sublease purports to grant the subtenant thereunder rights to use or occupy the Property after the expiration or termination of this Lease, other than rights expressly conditioned upon a purchase by SGC Solectron of the Property pursuant to the Purchase Agreement; (iii) the uses permitted by such sublease are limited to uses expressly permitted by subparagraph 3. (a) above; and (iv) less than forty-nine percent (49%) of any completed Improvements are at any time subleased by SGC Solectron to anyone other than its own Affiliates.