Common use of TRANSFER OF OPERATIONS UPON TERMINATION OF LEASE Clause in Contracts

TRANSFER OF OPERATIONS UPON TERMINATION OF LEASE. 33.1 The date on which this Lease either terminates pursuant to its Terms or is terminated by either party whether pursuant to a right granted to it hereunder or otherwise shall be referred to as the "Closing Date" in this Article. On the Closing Date, this Lease shall be deemed and construed as an absolute assignment for purposes of vesting in Lessor or Lessor's designee all of Lessee's right, title and interest in and to the following intangible property which is now or hereafter used in connection with the operation of the Demised Premises (the "Intangibles") and an assumption by Lessor of Lessee's obligations under the Intangibles other Intangibles from and after the Closing Date; provided that from and after the Closing Date, Lessee shall indemnify, defend and hold harmless Lessor against any claims, losses, costs or damages, including reasonable attorneys' fees incurred or arising by reason of Lessee's obligations under the Intangibles prior to the Closing Date:

TRANSFER OF OPERATIONS UPON TERMINATION OF LEASE. 33.1 The date on which this Lease Sub-Sublease either terminates pursuant to its Terms or is terminated by either party whether pursuant to a right granted to it hereunder or otherwise shall be referred to as the "Closing Date" in this Article. On the Closing Date, this Lease Sub-Sublease shall be deemed and construed as an absolute assignment for purposes of vesting in Lessor or Lessor's designee all of Lessee's right, title and interest in and to the following intangible property which is now or hereafter used in connection with the operation of the Demised Premises (the "Intangibles") and an assumption by Lessor of Lessee's obligations under the Intangibles other Intangibles from and after the Closing Date; provided that from and after the Closing Date, Lessee shall indemnify, defend and hold harmless Lessor against any claims, losses, costs or damages, including reasonable attorneys' fees incurred or arising by reason of Lessee's obligations under the Intangibles prior to the Closing Date: