Common use of Settlement for Termination Clause in Contracts

Settlement for Termination. Borrower agrees that no settlement for damages, for termination of any of the Leases under the Federal Bankruptcy Code, or under any other federal, state, or local statute, shall be made without the prior written consent of Lender, which consent may be withheld for any reason whatsoever or no reason, as Lender may determine in its sole and absolute discretion, and any check in payment of such damages shall be made payable to both Borrower and Lender. Borrower hereby assigns any such payment to Lender, to be applied to the Indebtedness as Lender may elect, and Borrower agrees to endorse any check for such payment to the order of Lender.