Assignment and Default Clause Samples
Assignment and Default. Owner shall have the right to assign the Contract to any one or more Owner’s Lenders. If an event of default by Owner has occurred under any loan documents relating to Owner’s Lenders, Contractor agrees that Owner’s Lenders may at anytime thereafter upon written notice to Contractor (“Lender’s Notification”), require Contractor to continue to perform Work under the Contract, and in such Lender’s Notification, Owner’s Lenders may elect either to (a) not assume any of Owner’s rights or obligations under the Contract, or (b) assume Owner’s rights and obligations arising under the Contract from and after the date of Lender’s Notification. Upon receipt of Lender’s Notification, and notwithstanding any event of default by Owner under any such loan documents and whether Owner’s Lenders elect clause (a) or (b), Contractor shall thereafter continue to properly perform the Work and its obligations under the Contract in accordance with the terms of the Contract, so long as Contractor continues to be paid, by either Owner or Owner’s Lenders in accordance with the terms of this Agreement, for all Work not in dispute and properly performed in accordance with the terms of the Contract from and after the date of Lender’s Notification.
Assignment and Default. If the Manager shall file a voluntary petition in bankruptcy or shall be adjudicated a bankrupt or insolvent, or shall file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the federal bankruptcy act or any other applicable laws, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver, or liquidator of the Manager or of all or any substantial part of its properties and shall not cure within fifteen (15) business days, the City may immediately terminate the Term. If the Manager substantially breaches this contract, and shall not cure within fifteen (15) business days, the City may immediately terminate the Term.
Assignment and Default. Subject to the provisions of Subparagraphs 24(b) and (c) and Paragraphs 12 and 25 of this Agreement, during the continuance of this Agreement no Party shall, without the consent of the other Parties, sell, assign, transfer, or dispose of its rights or obligations under this Agreement or of any interest in the TPC-5 Cable Network except to a successor or subsidiary of such Party or a corporation controlling, or under the same effective control as, such Party, in which case written notice shall be given in a timely manner by the Party making said sale, assignment, transfer, or disposition.