Common use of Owner Assignment Clause in Contracts

Owner Assignment. Owner shall be entitled at any time, without the consent of the Managers (or if such consent is an inalienable right under any Legal Requirements, then the Manager shall grant such consent), to cede, assign and delegate its rights and obligations under (i) in the event of a Transfer of the Owner’s interest in the CityCenter Project, this Agreement and all of the Project Agreements, and (ii) in the event of a Transfer of the Joint Venture’s interest in a Component of the CityCenter Project, the applicable Project Agreement shall encumber the Component which is the subject of the Transfer. In addition, Owner shall have the right to assign this Agreement and the other Project Agreements to any Mortgagee and/or any lender under any Financing Instrument as additional security for any indebtedness secured (or to be secured) by a Mortgage and/or any Financing Instrument and in connection with such assignment, the Managers, as applicable, hereby agrees to join in executing such form of consent to such assignment as the Mortgagee and/or any lender under any Financing Instrument, in its sole discretion, may require.

Owner Assignment. Owner shall be entitled at any time, without the consent of the Managers Operator (or if such consent is an inalienable right under any Legal Requirements, then the Manager Operator shall grant such consent), to cede, assign and delegate its rights and obligations under (i) in the event of a Transfer of the Owner’s interest Interest in the CityCenter Project, this Agreement and all of the Project Agreements, and (ii) in the event of a Transfer of the Joint Venture’s interest in a Component of the CityCenter Project, the applicable Project Agreement shall encumber the Component which is the subject of the Transfer. In addition, Owner shall have the right to assign this Agreement and the other Project Agreements to any Mortgagee and/or any lender under any Financing Instrument as additional security for any indebtedness secured (or to be secured) by a Mortgage and/or any Financing Instrument and in connection with such assignment, the Managerseach Manager, as applicable, hereby agrees to join in executing such form of consent to such assignment as the Mortgagee and/or any lender under any Financing Instrument, in its sole discretion, may require.

Owner Assignment. Owner shall be entitled at any time, without the consent of the Managers (or if such consent is an inalienable right under any Legal Requirements, then the Manager shall grant such consent), to cede, assign and delegate its rights and obligations under (i) in the event of a Transfer of the Owner’s interest in the CityCenter Project, this Agreement and all of the Project Agreements, and (ii) in the event of a Transfer of the Joint Venture’s interest in a Component of the CityCenter Project, the applicable Project Agreement shall encumber the Component which is the subject of the Transfer. In addition, Owner shall have the right to assign this Agreement and the other Project Agreements to any Mortgagee and/or any lender under any Financing Instrument as additional security for any indebtedness secured (or to be secured) by a Mortgage and/or any Financing Instrument and in connection with such assignment, the Managerseach Manager, as applicable, hereby agrees to join in executing such form of consent to such assignment as the Mortgagee and/or any lender under any Financing Instrument, in its sole discretion, may require.