ASSIGNMENT BY THE OWNERS. 1. The Owners shall be entitled to assign all of its rights and obligations under this Agreement to any affiliate of the Owners to which assignment the Consultant hereby consents, provided that such assignment shall not otherwise alter the terms of this Agreement. 2. If the Owners assign, novate or otherwise transfer the Building Contracts or any of them to a third party this Agreement may, in the option of the Owners, be novated to take effect, from the date of the exercise by the Owners of their option, as a contract between the Consultant and the third party in relation to the relevant Vessel or Vessels and the Consultant agrees that it will upon the Owners’ request enter into a novation agreement in such form as the Owners may reasonably require, with the Owners and the third party.
Appears in 3 contracts
Sources: Agreement for Plan Approval and Construction Supervision (Gener8 Maritime, Inc.), Agreement for Plan Approval and Construction Supervision (Gener8 Maritime, Inc.), Agreement for Plan Approval and Construction Supervision (Gener8 Maritime, Inc.)