Common use of Involuntary Assignment Clause in Contracts

Involuntary Assignment. No interest of Tenant in this Lease shall be assignable by operation of law, including, without limitation, the transfer of this Lease by testacy or intestacy. Each of the following acts shall be considered an involuntary assignment: (a) if Tenant is or becomes bankrupt or insolvent, makes an assignment for the benefit of creditors, or institutes a proceeding under the Bankruptcy Act in which Tenant is the bankrupt; (b) if a writ of attachment or execution is levied on this Lease; (c) if, in any proceeding or action to which Tenant is a party, a receiver is appointed with authority to take possession of the Premises. An involuntary assignment shall constitute a default by Tenant and Landlord shall have the right to elect to terminate this Lease, in which case this Lease shall not be treated as an asset of Tenant.

Involuntary Assignment. (a) No interest of Tenant in this Lease shall be assignable by operation of law, including, without limitation, the transfer of this Lease by testacy or intestacy. Each of the following acts shall be considered an involuntary assignment: : (a1) if If the Tenant is or becomes bankrupt or insolvent, makes an assignment for the benefit of creditorsInsolvent, or institutes a proceeding under the Bankruptcy Act in which Tenant is the bankrupt; or, if Tenant is a partnership or consists of more then one person or entity, if any partner of the partnership or other person or entity is or becomes bankrupt or insolvent, or makes an assignment for the benefit of creditors; (b2) if If a writ of attachment or execution is on levied on this Lease; Lease and is not removed within thirty (c30) ifdays of the levy; (3) If, in any proceeding or action to which Tenant is a party, a receiver is appointed with authority to take possession of the Premises. An involuntary assignment shall constitute a default by Tenant and Landlord shall have the right to elect to terminate this Lease, in which case this Lease shall not be treated as an asset of Tenant.

Involuntary Assignment. No interest of Tenant Subtenant in this Lease Sublease ---------------------- shall be assignable by operation of law, including, without limitation, the transfer of this Lease Sublease by testacy or intestacy. Each of the following acts shall be considered an involuntary assignment: (a) if Tenant Subtenant is or becomes bankrupt or insolvent, makes an assignment for the benefit of creditors, or institutes if a proceeding under the Bankruptcy Act is instituted in which Tenant Subtenant is the bankrupt"debtor"; (b) if a writ of attachment or execution is levied on this LeaseSublease; and (c) if, in any proceeding or action to which Tenant Subtenant is a party, a receiver is appointed with authority to take possession of the Demised Premises. An involuntary assignment shall constitute a an incurable default by Tenant Subtenant and Landlord Sublandlord shall have the right to elect to terminate this LeaseSublease, in which case this Lease Sublease shall not be treated as an asset of TenantSubtenant.