Common use of LESSOR'S ASSIGNMENT Clause in Contracts

LESSOR'S ASSIGNMENT. Lessee acknowledges and understands that lessor may assign this lease to a bank or other financial institution and that such assignee shall be entitled to all of the benefits of this lease including all credit and financial information that lessee shall have theretofore or thereafter submitted to lessor. In connection therewith lessee agrees: (a) to recognize any such assignment upon receipt of written notice thereof; (b) to accept the directions, demands or consents of such assignee in place of those of lessor; (c) to pay all rent hereunder as directed by such assignee and not to terminate this lease, notwithstanding any default on the part of lessor or any other liability or obligation on the part of lessor to lessee whether or not arising hereunder; (d) not to require such assignee to perform any duty, covenant or condition required to be performed by lessor, all rights of lessee in connection therewith being hereby waived as to such assignee, provided that nothing hereinbefore contained shall relieve lessor of its obligations to lessee hereunder; (e) not to set up against such assignee any defenses, setoffs or counterclaims which it may have against lessor in regard to the payment of rent hereunder.

LESSOR'S ASSIGNMENT. Lessee LESSEE understands and acknowledges that LESSOR has entered into this MASTER LEASE and understands that lessor may assign this lease shall enter into each Lease Schedule in anticipation of assigning, mortgaging, or otherwise transferring its rights and interests thereunder and/or in the equipment (but not its obligations) to a bank others (hereinafter referred to as "Assignees") without notice to or other financial institution the consent of LESSEE. Accordingly, LESSOR and that LESSEE agree that: (1) LESSEE will, after due notice, acknowledge in writing such assignee notice of assignment as reasonably requested by LESSOR or its Assignee, and pay directly to the designated Assignee the amounts which become due under each assigned Lease Schedule and such payment shall be entitled absolute and unconditional, without reduction, abatement, offset or counterclaim of any kind. Notwithstanding the foregoing, LESSEE reserves its rights to all have recourse directly against LESSOR on account of the benefits of this lease including all credit and financial information that lessee shall have theretofore or thereafter submitted to lessor. In connection therewith lessee agrees: (a) to recognize any such assignment upon receipt of written notice thereof; (b) to accept the directions, demands or consents of such assignee in place of those of lessor; (c) to pay all rent hereunder as directed by such assignee and not to terminate this lease, notwithstanding any default on the part of lessor or any other liability or obligation on the part of lessor to lessee whether or not arising hereunder; (d) not to require such assignee to perform any duty, covenant or condition required to be performed by lessor, all rights of lessee in connection therewith being hereby waived as to such assignee, provided that nothing hereinbefore contained shall relieve lessor of its obligations to lessee hereunder; (e) not to set up against such assignee any defenses, setoffs or counterclaims which claim it may have against lessor in regard LESSOR. (2) Any Assignee may reassign its rights and interests hereunder with the same effect as the original assignment. (3) LESSEE agrees to execute all filings pursuant to the payment Uniform Commercial Code as well as any other documents reasonably requested by LESSOR or its Assignee. Any Assignee shall not be liable to LESSEE for any obligations of rent LESSOR hereunder.