Common use of Lease Transfer Clause in Contracts

Lease Transfer. SpinCo Assigning Leased Property transferring to Parent Group. SpinCo shall assign, novate or cause its applicable Subsidiary to assign or novate, and Parent or its applicable Subsidiary shall accept and assume, SpinCo’s or its Subsidiary’s interest in the 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 in Schedule 1.01(d) of the Separation Agreement as “Parent as Grantee: Lease Assignments”.

Lease Transfer. SpinCo Parent Assigning Leased Property transferring to Parent SpinCo Group. SpinCo Parent shall assign, novate or cause its applicable Subsidiary to assign or novate, and Parent SpinCo or its applicable Subsidiary shall accept and assume, SpinCoParent’s or its Subsidiary’s interest in the SpinCo 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 in on Schedule 1.01(d) of the Separation Agreement as “Parent SpinCo as Grantee: Lease Assignments”.