Common use of Lease Transfer Clause in Contracts

Lease Transfer. Parent Assigning Leased Property transferring to SpinCo Group. Parent shall assign, novate or cause its applicable Subsidiary to assign or novate, and SpinCo or its applicable Subsidiary shall accept and assume, Parent’s or its Subsidiary’s interest in the Parent Assigning Leased Properties, subject to the other provisions of this Agreement and (to the extent not inconsistent with the provisions of this Agreement) the terms of the Separation Agreement and the Ancillary Agreements. The Actual Completion Date shall be on or before the Real Estate Separation Date; provided, that if a Lease Consent is required but not obtained prior to the Real Estate Separation Date, the assignment or novation shall be completed on the earlier of (A) the tenth (10th) Business Day after the relevant Lease Consent has been granted and (B) the date agreed upon by the parties in accordance with Section 2.10. Such properties will be identified on Schedule 1.01(d) of the Separation Agreement as “SpinCo as Grantee: Lease Assignments”.

Lease Transfer. Parent SpinCo Assigning Leased Property transferring to SpinCo Parent Group. Parent SpinCo shall assign, novate or cause its applicable Subsidiary to assign or novate, and SpinCo Parent or its applicable Subsidiary shall accept and assume, ParentSpinCo’s or its Subsidiary’s interest in the Parent SpinCo Assigning Leased Properties, subject to the other provisions of this Agreement and (to the extent not inconsistent with the provisions of this Agreement) the terms of the Separation Agreement and the Ancillary Agreements. The Actual Completion Date shall be on or before the Real Estate Separation Date; provided, that if a Lease Consent is required but not obtained prior to the Real Estate Separation Date, the assignment or novation shall be completed on the earlier of (A) the tenth (10th) Business Day after the relevant Lease Consent has been granted and (B) the date agreed upon by the parties in accordance with Section 2.10. Such properties will be identified on in Schedule 1.01(d) of the Separation Agreement as “SpinCo Parent as Grantee: Lease Assignments”.