Common use of Exempt Sublets Clause in Contracts

Exempt Sublets. Notwithstanding the provisions of Paragraph 24.1 to the contrary, Landlord’s prior written consent shall not be required for (and the provisions of Paragraphs 24.3, 24.6 and 24.7 shall not apply to) the following (“Permitted Transfers”): (i) a Sublet of the Lease or the Premises, or any part thereof, to any entity controlling, controlled by, under common control with, Tenant, (ii) Tenant’s assignment of this Lease to a purchaser or other transferee in connection with any sale by Tenant of all or substantially all of its assets or stock in a transaction or series of transactions, or to any other successor entity which may result by way of merger, consolidation, sale, or acquisition, or (iii) a Sublet to any entity with whom Tenant is undertaking or will undertake a joint venture or similar joint research and development, marketing, distribution, sales or development project at the Premises, provided that (x) for any Permitted Transfer Tenant gives Landlord prior (subject to any nondisclosure obligations that are binding upon Tenant) written notice of the name of the Subtenant and its contact information; (y) in the event of an assignment of this Lease the assignee assumes, in writing, all of Tenant’s obligations under the Lease, and (z) in the event of an assignment of this Lease to a purchaser or successor entity, the assignee has a tangible net worth that is equal to or greater than the tangible net worth of the Tenant immediately prior to such assignment.