4Assignment. Purchaser shall have the right to assign this Agreement without the need for Seller’s consent; provided, however, that any such assignee shall be controlled by or under the control of, Purchaser or its wholly owned affiliate. Control for this purpose shall mean having the majority of membership interests in any Person that is the assignee and/or the power (exclusive or in conjunction with any debt providers, investors and/or partners or other Persons) to cause the direction or management of such Person, directly or indirectly.
Appears in 2 contracts
Sources: Hotel Purchase and Sale Agreement, Hotel Purchase and Sale Agreement (Sotherly Hotels Lp)