Tenant Successor means a person or entity who or which acquires and succeeds to ownership of all or substantially all of Tenant's business as a result of either (i) purchase of all or substantially all of Tenant's assets, or (ii) purchase of all or substantially all issued and outstanding shares of capital stock in Tenant or (iii) a merger with Tenant (the "Acquisition"). Tenant agrees to provide Landlord the evidence of the sublessee's affiliation or of the Acquisition, as the case may be, when Tenant requests Landlord's consent to a sublease of the Demised Premises to an Affiliate or to an assignment of this Lease to an Affiliate or to a Tenant Successor. It is further agreed that if Landlord consents to such assignment of the Lease to an Affiliate or to a Tenant Successor, and provided that the Affiliate or Tenant Successor, as the case may be, has a net worth at least equal to the Minimum Net Worth aforesaid, and is not subject to any Events of Bankruptcy, and provided Tenant has furnished evidence reasonably satisfactory to Landlord to confirm the financial condition of such assignee Affiliate or Tenant Successor, and further provided that Lender's Consent (as defined and under the terms set forth above) to such release of liability has been obtained, then in such event Landlord will join with Tenant and its Affiliate or Tenant Successor, as the case may be, in executing an instrument reasonably acceptable to Landlord by which (A) Tenant is released of all liability under this Lease accruing after the effective date of the assignment hereof to the Affiliate or Tenant Successor, as the case may be (the "Effective Transfer Date"), and (B) the Affiliate or Tenant Successor, as the case may be, assumes all obligations of Tenant under this Lease. However, no such release instrument shall relieve Tenant of any indemnification obligations to Landlord under this Lease covering periods prior to the Effective Transfer Date unless assumed by the Affiliate or Tenant Successor, as the case may be, with the consent of the Landlord. Landlord and Tenant agree to use reasonable efforts to obtain the Lender's Consent described above in Paragraphs 7(B) and 7(C).
Tenant Successor means any entity (y) which results from a merger or consolidation with the original Tenant under this Lease or (z) which acquires all or substantially all of the assets of the original Tenant under this Lease for a legitimate business purpose.
Tenant Successor means any corporation, limited liability company, partnership, trust or other entity which is the successor to Tenant by merger, consolidation, non-bankruptcy reorganization or acquisition of substantially all the assets or stock of Tenant.
Examples of Tenant Successor in a sentence
Except in the case of a statutory merger, in which case the surviving entity in the merger shall be liable under this Lease, Tenant shall continue to remain fully liable under this Lease, on a joint and several basis with the Tenant Affiliate or Permitted Tenant Successor.
As used herein, the term "Tenant Successor" shall mean any entity (y) which results from a merger or consolidation with the original Tenant under this Lease or (z) which acquires all or substantially all of the assets of the original Tenant under this Lease for a legitimate business purpose.
Tenant Successor" shall mean any corporation, limited liability company, partnership, trust or other entity which is the successor to Tenant by merger, consolidation, non-bankruptcy reorganization or acquisition of substantially all the assets or stock of Tenant.
Subleases and assignments to Tenant Affiliates complying with the provisions of this Section 11.2 and assignments (“Permitted Tenant Successor Assignments”) to Permitted Tenant Successors complying with the provisions of this Section 11.2 are referred to collectively herein as “Permitted Transfers”.
As used herein, the term “Tenant Successor” shall mean any entity (i) which results from a merger or consolidation with the original Tenant under this Lease or (ii) which acquires all or substantially all of the assets of the original Tenant under this Lease; and the term “Tenant Affiliate” shall mean any entity which is controlled by, controls, or is under common control with (A) the original Tenant named in this lease, or (B) a Tenant Successor.
More Definitions of Tenant Successor
Tenant Successor means any entity (i) which results from a merger or consolidation with the original Tenant under this Lease or (ii) which acquires all or substantially all of the assets of the original Tenant under this Lease; and the term “Tenant Affiliate” shall mean any entity which is controlled by, controls, or is under common control with (A) the original Tenant named in this lease, or (B) a Tenant Successor. For purposes of the foregoing, the term “control” means the power to direct the management and policies of the subject entity, either directly or indirectly, whether through the ownership of voting securities or other beneficial interests or otherwise.
Tenant Successor means any entity which results from a merger or consolidation or any other non-bankruptcy reorganization with Tenant or any entity which acquires all or substantially all of the stock of Tenant, provided that such entity must have a tangible net worth of at least one hundred fifty percent (150%) of the tangible net worth of Tenant at the time of such assignment; and (iii) "control" in this context shall mean the right directly or indirectly to exercise in excess of fifty percent (50%) of the voting or governing power of an entity.
Tenant Successor means any entity (i) which results from a merger or consolidation with the original Tenant under this Lease or (ii) which acquires all or substantially all of the assets of the original Tenant under this lease for a legitimate business purpose; and the term "Tenant Affiliate" shall mean any entity which is controlled by, controls, or is under common control with (A) the original Tenant named in this lease, or (B) a Tenant Successor. For purposes of the foregoing, the term "control" means the power to direct the management and policies of the subject entity, either directly or indirectly, whether through the ownership of voting securities or other beneficial interests or otherwise.
Tenant Successor means any entity which acquires all or substantially all of the stock or assets of Tenant or any entity into which Tenant may become merged or consolidated or any other non-bankruptcy reorganization; and (iii) "control" in this context shall mean the right directly or indirectly to exercise in excess of fifty percent (50%) of the voting or governing power of an entity. In addition to the foregoing, a sale or transfer of all or any portion of the capital stock of Tenant shall be permitted without the consent of Landlord if (a) such sale or transfer occurs in connection with a bona fide financing or capitalization for the benefit of Tenant and does not result in a change of use of the Premises, or (b) Tenant becomes a publicly traded company; provided, that, in the event of a sale or transfer of a Controlling interest in Tenant or a public offering, Tenant shall furnish Landlord with prior written notice.
Tenant Successor means any entity which acquires all or substantially all of the stock or assets of Tenant or any entity into which Tenant may become merged or consolidated, provided at the time of assignment or subleasing the Tenant Affiliates' or Tenant Successors' then-current tangible net worth (as determined in accordance with generally accepted accounting principles consistently applied) equals or exceeds that of the Tenant as of the date of the execution of this Lease, as evidenced by the then-current financial statements delivered to Landlord and certified by a licensed Certified Public accounting firm, reasonably approved by Landlord, with no material exceptions and no pending or contingent claims that would materially adversely affect the net worth of such successor corporation. "Control" in this context shall mean the right directly or indirectly to exercise in excess of fifty percent (50%) of the voting or governing power of an entity.
Tenant Successor means any entity which acquires all or substantially all of the stock or assets of Tenant or any entity into which Tenant may become merged or consolidated or other reorganization; and (iii) "control" in this context shall mean the right directly or indirectly to exercise in excess of fifty percent (50%) of the voting or governing power of an entity.
Tenant Successor means mean (a) a corporation or other business entity which is the surviving entity resulting from a merger or consolidation with, or other reorganization of, Tenant, its successors or assigns, completed in accordance with applicable statutory provisions for the merger, consolidation or reorganization, provided that by operation of law or by effective provisions contained in the instruments of merger or consolidation, or reorganization the liabilities of the corporations or other business entities participating in such merger, consolidation or reorganization are assumed by the corporation or other business entity surviving such merger, consolidation or reorganization, or (b) a corporation or other business entity acquiring all or substantially all of the assets of Tenant, including the leasehold estate created by this Lease, and assuming the obligations of Tenant under this Lease, or (c) a corporation or other business entity acquiring all or substantially all of the outstanding stock or other ownership interest of Tenant; provided that such merger, consolidation, reorganization or acquisition, whichever the case may be, is not principally for the purpose of transferring the leasehold estate created hereby; and provided further that immediately after giving effect to any such merger, consolidation, reorganization or acquisition, whichever the case may be, the corporation or other business entity surviving such merger or created by such consolidation or reorganization, or acquiring such assets or such stock, as the case may be, shall have a net worth (excluding any amounts attributable to good will) which is equal to or greater than the net worth of Tenant immediately preceding the merger, consolidation, reorganization or acquisition. Tenant shall provide Landlord with evidence, reasonably satisfactory to Landlord, that such net worth requirement is satisfied.