Common use of Pursuant to Section 12 Clause in Contracts

Pursuant to Section 12. 1(a) of that certain Standard Industrial/Commercial Multi-Tenant Lease between the Company and ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇, LLC, dated November 10, 2014 and terminating November 30, 2016 (“Warehouse Lease”), the Company may not assign or transfer the Warehouse Lease without the Lessor’s (as defined therein) written consent. Pursuant to Section 12.1(c) of the Warehouse Lease, any involvement of the Company’s assets in any transaction (including a financing or asset sale) which results in a reduction of Net Worth (as defined therein) of the Company by an amount greater than 25% of such Net Worth as represented at the time of execution of the Warehouse Lease shall be considered an assignment requiring consent of the Lessor. An assignment or transfer without consent shall be considered a Default (as defined therein) of the Warehouse Lease.

Appears in 2 contracts

Sources: Asset Purchase Agreement, Asset Purchase Agreement (Ds Healthcare Group, Inc.)

Pursuant to Section 12. 1(a) of that certain Standard Industrial/Commercial Multi-Tenant Lease between the Company and ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇Family, LLCL.L.C., dated November 10July 5, 2014 2011 and terminating November September 30, 2016 (“Warehouse Office Lease”), the Company may not assign or transfer the Warehouse Office Lease without the Lessor’s (as defined therein) written consent. Pursuant to Section 12.1(c) of the Warehouse Office Lease, any involvement of the Company’s assets in any transaction (including a financing or asset sale) which results in a reduction of Net Worth (as defined therein) of the Company by an amount greater than 25% of such Net Worth as represented at the time of execution of the Warehouse Office Lease shall be considered an assignment requiring consent of the Lessor. An assignment or transfer without consent shall be considered a Default (as defined therein) of the Warehouse Office Lease.

Appears in 1 contract

Sources: Asset Purchase Agreement