American Assignment to Benefit Creditors Sample Clauses

American Assignment to Benefit Creditors. If American either (i) makes an assignment for the benefit of its creditors, (ii) suspends the payment of, admits in writing its inability to pay, or generally fails to pay its debts as they become due, (iii) has suspended its transactions with banks and other financial institutions, (iv) has issued against it any writ, execution, process, or abstract of judgment which may have a Material Adverse Effect on American and which is not dismissed, satisfied or stayed within sixty (60) days, or (v) files a petition for bankruptcy, corporate reorganization, corporate liquidation, arrangement or special liquidation proceedings under any Applicable Law, then Carrier may, at its option, immediately terminate this Agreement upon written notice to American; provided, however, that notwithstanding any provision to the contrary contained herein, Carrier shall continue to honor any Award Tickets for Award Travel issued in accordance with the terms of this Agreement for a period of one (1) year from the date of issuance.
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American Assignment to Benefit Creditors. If American either (i) makes an assignment for the benefit of its creditors, (ii) suspends the payment of, admits in writing its inability to pay, or generally fails to pay its debts as they become due, (iii) has suspended its transactions with banks and other financial institutions, (iv) has issued against it any writ, execution, process, or abstract of judgment which may have a Material Adverse Effect on American and which is not dismissed, satisfied or stayed within sixty (60) days, or (v) files a petition for bankruptcy, corporate reorganization, corporate liquidation, arrangement or special liquidation proceedings under any Applicable Law, then Carrier may, at its option, immediately terminate this Agreement upon written notice to American.
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Related to American Assignment to Benefit Creditors

  • Assignment and Benefit (a) This Agreement is personal to the Manager and shall not be assignable by the Manager, by operation of law, or otherwise without the prior written consent of the Company otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Manager’s heirs and legal representatives.

  • Benefit; Assignment Subject to provisions herein to the contrary, this Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective legal representatives, successors and assigns. No party may assign this Agreement without the prior written consent of the other party; provided, however, that a party hereto may assign its interest (or a portion thereof) in this Agreement to an Affiliate, but, in such event, the assignor shall be required to remain obligated hereunder in the same manner as if such assignment had not been effected.

  • Assignment; Benefit (a) The rights and obligations hereunder shall not be assignable without the prior written consent of the other parties hereto. Any attempted assignment of rights or obligations in violation of this Section 4.3 shall be null and void.

  • PARTIES BENEFITED; ASSIGNMENTS 11.1 This Agreement shall be binding upon, and inure to the benefit of, the Consultant, his heirs and his personal representative or representatives, and upon the Company and its successors and assigns. Neither this Agreement nor any rights or obligations hereunder may be assigned by the Consultant.

  • Assignment of Benefits All rights of the Member to receive benefits hereunder are personal to the Member and may not be assigned.

  • Assignment and Third Party Beneficiaries 14.1 Except as provided in Section 15.1 below, neither this Agreement nor any rights or obligations hereunder may be assigned or subcontracted by either party without the written consent of the other party. Any attempt to do so in violation of this Section shall be void. Unless specifically stated to the contrary in any written consent to an assignment, no assignment will release or discharge the assignor from any duty or responsibility under this Agreement.

  • Assignment; Third Party Beneficiaries Neither this Agreement nor any of the rights, interests or obligations of any party hereunder shall be assigned by any of the parties hereto (whether by operation of law or otherwise) without the prior written consent of the other party. This Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and permitted assigns. This Agreement is not intended to confer upon any person other than the parties hereto any rights or remedies hereunder.

  • ASSIGNMENT OF CLAIM Contractor hereby assigns to the State any and all claims for overcharges associated with this Contract that may arise under the antitrust laws of the United States, 15 USC Section 1, et. seq. and the antitrust laws of the State of New York, General Business Law Section 340, et. seq.

  • Assignment of Claims Act Upon the request of the Agent, the Borrower shall execute any documents or instruments and shall take such steps or actions reasonably required by the Agent so that all monies due or to become due under any contract with the United States of America, the District of Columbia or any state, county, municipality or other domestic or foreign governmental entity, or any department, agency or instrumentality thereof, will be assigned to the Agent, for the benefit of itself and the Lenders, and notice given thereof in accordance with the requirements of the Assignment of Claims Act of 1940, as amended, or any other laws, rules or regulations relating to the assignment of any such contract and monies due to or to become due.

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