Involuntary Assignments, Bankruptcy. State and Concessionaire agree that neither this Contract nor any interest of Concessionaire hereunder in the Premises shall be subject to involuntary assignment or transfer by operation of law in any manner whatsoever, including, without limitation, the following: (a) transfer by testacy or intestacy; (b) assignments or arrangements for the benefit of creditors; (c) levy of a writ of attachment or execution on this Contract; (d) the appointment of a receiver with the authority to take possession of the Premises in any proceeding or action in which Concessionaire is a party; or (e) the filing by or against Concessionaire of a petition to have Concessionaire adjudged a bankrupt, or of a petition for reorganization or arrangement under any law relating to bankruptcy. Any such involuntary assignment or transfer by operation of law shall constitute a default by Concessionaire and State shall have the right to elect to take immediate possession of the Premises, to terminate this Contract and/or invoke other appropriate remedies as set forth below, in which case this Contract shall not be treated as an asset of Concessionaire.
Involuntary Assignments, Bankruptcy. LESSOR and LESSEE have considered the implications of having this Lease subject to involuntary transfer, whether by insolvency, bankruptcy, intestacy, testacy, attachment, execution, receivership or any other form of involuntary transfer. If this Lease were subject to such involuntary transfer, LESSOR would require a security deposit many times in excess of the one specified in Section 44, and in consideration for requiring only the security deposit stated in Section 44,LESSOR and LESSEE agree that neither this Lease nor any interest of LESSEE hereunder in the Leased Premises, shall be subject to involuntary assignment or transfer by operation of law in any manner whatsoever including, without limitation, the following; (a) transfer by testacy or intestacy; (b) assignments or arrangements for the benefit of creditors; (e) levy of a writ of attachment or execution on this Lease; (d) the appointment of a receiver with the authority to take possession of the Leased Premises in any proceeding or action in which LESSEE is a party; (e) the filing by or against LESSEE of a petition to have LESSEE adjudged a bankrupt, or of a petition for reorganization or arrangement under any law relating, to bankruptcy. Any such involuntary assignment or transfer by operation of law shall constitute a default by LESSEE and LESSOR shall have the right to elect to terminate this Lease, in which case this Lease shall not be treated as an asset of LESSEE. The performing of any of the acts specified in the Section 23 by any guarantor of this Lease instead of or in conjunction with the performance of such acts by LESSEE shall constitute a default under this Lease. 141
