Assignment of Right to Distributions Clause Samples
The Assignment of Right to Distributions clause defines the conditions under which a party may transfer their entitlement to receive payments or profits from an agreement to another party. Typically, this clause outlines whether such assignments are permitted, if prior consent is required, and any procedures or restrictions involved, such as notifying the other party or meeting specific criteria. Its core practical function is to control and clarify the transferability of financial benefits under the contract, thereby preventing unauthorized assignments and ensuring all parties are aware of and agree to any changes in who receives distributions.
Assignment of Right to Distributions. An Owner may assign all or any part of its right to receive distributions hereunder, but such assignment (in the absence of a permitted Transfer) shall effect no change in the ownership of the Trust.
Assignment of Right to Distributions. 13 ARTICLE IV
Assignment of Right to Distributions. Each Member shall have the right to sell, transfer or assign, for cash, or cash and notes, by a written instrument its right to receive distributions of cash or other property from the Company; provided that any such assignment is not secured by the Interests and further provided that such an assignee shall not be substituted as a Substitute Member in place of any Member.
Assignment of Right to Distributions. 4 Section 3.06 Transfer.......................................................5 Section 3.07 Federal Income Tax Allocations.................................5 ARTICLE IV
Assignment of Right to Distributions. An Owner may assign all or any part of its right to receive distributions hereunder, but such assignment (in the absence of a permitted Transfer) shall effect no change in the ownership of the Trust. ARTICLE IV CONCERNING THE OWNERS Section 4.01 Action by Owners with Respect to Certain Matters.
(a) The Owner Trustee will take such action or refrain from taking such action under this Agreement or any Trust Related Agreement as it shall be directed pursuant to an express provision of this Agreement or such Trust Related Agreement or, with respect to nonministerial matters, as it shall be directed by all the Owners for so long as any of the Notes are outstanding.
(b) Without limiting the generality of the foregoing, in connection with the following nonministerial matters, the Owner Trustee will take no action, and will not have authority to take any such action, unless it receives prior written approval from all the Owners for so long as any of the Notes are outstanding: (i) Initiate any claim or lawsuit by the Trust and compromise any claim or lawsuit brought by or against the Trust, except for claims or lawsuits initiated in the ordinary course of business by the Trust or its agents or nominees for collection on the Student Loans owned by the Trust; (ii) Amend, change or modify this Agreement or any Trust Related Agreement; (iii) To the fullest extent permitted by applicable law, file a voluntary petition in bankruptcy for the Trust, which in no event shall the Owner Trustee be permitted to do or be instructed to do until at least 367 days after the payment in full of the Outstanding Notes (as defined in the Indenture) issued by the Trust; and (iv) To the fullest extent permitted by applicable law, (A) Institute proceedings to have the Trust declared or adjudicated bankrupt or insolvent, (B) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (C) file a petition or consent to a petition seeking reorganization or relief on behalf of the Trust under any applicable federal or state law relating to bankruptcy, (D) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or any similar official) of the Trust or a substantial portion of the property of the Trust, (E) make any assignment for the benefit of the Trust’s creditors, (F) cause the Trust to admit in writing its inability to pay its debts generally as they become due, or (G) take any action, or cause the Trust to take any action, in furthera...
Assignment of Right to Distributions. 8 ARTICLE IV
Assignment of Right to Distributions. No Beneficiary may assign or otherwise transfer any right to distributions under this Agreement or any other rights under this Agreement, other than by will, intestate succession or operation of law. The Trustee will not take any action to facilitate or encourage any trading in the Beneficial Interests or in any instrument tied to the value of the Beneficial Interests. No transfer, by operation of law, of the right to distributions or other rights shall operate to terminate the Trust under this Agreement or entitle any successor or transferee of the Beneficiary to an accounting or to the transfer to it of legal title to any part of the Trust Property.
Assignment of Right to Distributions. Notwithstanding anything to the contrary otherwise contained in this Agreement, a Member, without the consent of any other Member, may assign all or any portion of its right to receive distributions under Section 5.03 by reason of its Member’s Interest as security for borrowings used for Company purposes to the extent, but only to the extent, of such Member’s proportionate interest therein; provided, however, that (A) such assignment shall not release such Member from any of its obligations or liabilities hereunder, and (B) no assignee of such Member’s Interest shall have the right to become a Member for any purpose as a result of such assignment.