Common use of No Assignment or Subletting Permitted Clause in Contracts

No Assignment or Subletting Permitted. Tenant shall not directly or indirectly, voluntarily or by operation of law, sell, assign, sublease, encumber, pledge or otherwise transfer or hypothecate all or any part of the Premises or Tenant's leasehold estate hereunder, without first obtaining Landlord's prior written consent, which will not be unreasonably withheld. A transfer of fifty percent (50%) or more of the ownership interests of Tenant within any twelve (12) month period shall be deemed equivalent to an assignment or subletting requiring the consent of Landlord. Notwithstanding the foregoing, a corporate reorganization within the meaning of Section 368 of the Internal Revenue Code of 1986 shall not be considered an assignment or subletting within the meaning of this Section 14.1. Tenant agrees that any permitted assignment or subletting hereunder may be conditioned upon payment of consideration to be agreed upon by Landlord and Tenant.

No Assignment or Subletting Permitted. Tenant shall not directly or indirectly, voluntarily or by operation of law, sell, assign, sublease, encumber, pledge or otherwise transfer or hypothecate all or any part of the Premises or Tenant's leasehold estate hereunder, without first obtaining Landlord's prior written consent, which consent will not be unreasonably withheld. A transfer of fifty percent (50%) or more of the ownership interests of Tenant within any twelve (12) month period shall be deemed equivalent to an assignment or subletting requiring the consent of Landlord. Notwithstanding the foregoing, a corporate reorganization within the meaning of Section 368 of the Internal Revenue Code of 1986 shall not be considered an assignment or subletting within the meaning of this Section 14.1. Tenant agrees that any permitted assignment or subletting hereunder may be conditioned upon payment of consideration to be agreed upon by Landlord and Tenant.