Permitted Assignee. Notwithstanding anything contained herein to the contrary, at any time and from time to time during the Term, Tenant may without Landlord's consent assign this Lease or sublet any portion or all of the Premises for all or any portion of the Term to any Permitted Assignee (as hereinafter defined), so long as on the effective date of such assignment or subletting no Default then exists or no event which, with notice or passage of time or both, would constitute a Default then exists. In connection with an assignment or subletting to a Permitted Assignee, Tenant shall not be obligated to pay to Landlord any portion of the sublease profit described in Paragraph C of this Article 24 derived by Tenant from such assignment or subletting (if any). For purposes of this Lease, "Permitted Assignee" shall mean Tenant's parent corporation, any subsidiary, any Affiliate (as hereinafter defined), or any Successor (as hereinafter defined) of Tenant or any Affiliate or Successor of any subsidiary, Affiliate or Successor of Tenant. For purposes of this Lease, an "Affiliate" shall mean any corporation or any subsidiary of or Successor to Tenant or Tenant's parent corporation or any subsidiary of or Successor to Tenant's parent corporation has a direct or indirect ownership interest equal to or greater than fifty percent. For purposes of this Lease, a "Successor" shall mean any party succeeding to all or substantially all of the business or assets of Tenant or any party resulting from a merger or consolidation with Tenant.
Appears in 2 contracts
Sources: Office Lease (Donlar Corp), Office Lease (Donlar Corp)