Common use of Assignment by ART Clause in Contracts

Assignment by ART. ART may assign its rights and obligations under this Agreement (i) without notice or consent, to any Affiliate that agrees in writing to be bound by the terms hereof or (ii) to any other entity that expressly assumes in writing the terms and conditions of this Agreement upon prior consent from Purchaser, which consent shall not be unreasonably withheld. Notwithstanding the foregoing, ART may assign its rights and obligations under this Agreement without notice or consent in connection with any sale, transfer, conveyance or assignment of all or substantially all of ART's assets or stock. ART may, without notice or consent, transfer or assign its interest hereunder, or grant a security interest in all or any part of this Agreement, the Equipment and/or sums payable hereunder as collateral security for any loans or advances made or to be made to ART by a financing or other institution ("Secured Party"). In such event, Purchaser upon receipt of notice of any such transfer, assignment or grant and instructions from ART, shall pay its obligations hereunder or amounts equal thereto to such assignee or the Secured Party in the manner specified in said instructions. In the event that ART notifies Purchaser of its intention to transfer, assign, or grant a security interest in all or any part of this Agreement, the Equipment and/or sums payable hereunder, as aforesaid, Purchaser agrees to execute such documents as may be reasonably necessary to secure and/or complete such transfer, assignment or grant and to perfect the assignee's or Secured Parties interest therein.

Assignment by ART. ART may assign its rights and obligations under this Agreement (i) without notice or consent, to any Affiliate that agrees in writing to be bound by the terms hereof or (ii) to any other entity that expressly assumes in writing the terms and conditions of this Agreement upon prior consent from Purchaser, which consent shall not be unreasonably withheld. Notwithstanding the foregoing, ART may assign its rights and obligations under this Agreement without notice or consent in connection with any sale, transfer, conveyance or of assignment of all or substantially all of ART's assets or stock. ART may, without notice or consent, transfer or assign its interest hereunder, or grant a security interest in all or any part of this Agreement, the Equipment and/or sums payable hereunder as collateral security for any loans or advances made or to be made to ART by a financing or other institution ("Secured Party"). In such event, Purchaser upon receipt of notice of any such transfer, assignment or grant and instructions from ART, shall pay its obligations hereunder or amounts equal thereto to such assignee or the Secured Party in the manner specified in said instructions. In the event that ART notifies Purchaser of its intention to transfer, assign, or grant a security interest in all or any part of this Agreement, the Equipment and/or sums payable hereunder, as aforesaid, Purchaser agrees to execute such documents as may be reasonably necessary to secure and/or complete such transfer, assignment or grant and to perfect the assignee's or Secured Parties interest therein.

Assignment by ART. ART may assign its rights and obligations under this Agreement (i) without notice or consent, to any Affiliate that agrees in writing to be bound by the terms hereof or (ii) to any other entity that expressly assumes in writing the terms and conditions of this Agreement upon prior consent from Purchaser, which consent shall not be unreasonably withheld. Notwithstanding Nothwithstanding the foregoing, ART may assign its rights and obligations under this Agreement without notice or consent in connection with any sale, transfer, conveyance or assignment of all or substantially all of ART's assets or stock. ART may, without notice or consent, transfer or assign its interest hereunder, or grant a security interest in all or any part of this Agreement, the Equipment and/or sums payable hereunder as collateral security for any loans or advances made or to be made to ART by a financing or other institution ("Secured Party"). In such event, Purchaser upon receipt of notice of any such transfer, assignment or grant and instructions from ART, shall pay its obligations hereunder or amounts equal thereto to such assignee or the Secured Party in the manner specified in said instructions. In the event that ART notifies Purchaser of its intention to transfer, assign, or grant a security interest in all or any part of this Agreement, the Equipment and/or sums payable hereunder, as aforesaid, Purchaser agrees to execute such documents as may be reasonably necessary to secure and/or complete such transfer, assignment or grant and to perfect the assignee's or Secured Parties interest therein.