Common use of Assignment by Operator Clause in Contracts

Assignment by Operator. Operator may not assign its interest under this Agreement or any of its rights hereunder or assign or delegate its duties hereunder to any entity or person without the prior consent of Owner, which consent Owner may withhold in its sole and absolute discretion. Any assignment by Operator without Owner’s prior consent shall be null and void. Each of the following shall be deemed to be an assignment of this Agreement by Operator requiring Owner’s consent, as above provided: (a) the direct or indirect transfer of ten percent (10%) or more of the voting stock, general partnership interests or other equity interests in Operator, whether in a single transaction or series of transactions, (b) any material change in the individuals having operating responsibility for Operator, and (c) any other change in control of Operator; provided, however, that in the case of (a) or (b), if after the transfer or change, S▇▇▇▇▇ Van will continue to own at least fifty five percent (55%) of the economic and voting interests in Operator and be the general partner, managing member or hold an equivalent position with complete control of Operator, the transfer described in (a) or change described in (b), as applicable, shall not be deemed to be an assignment of this Agreement by Operator. Any permitted assignment shall not relieve the assigning party of its liabilities and obligations under this Agreement. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.