Common use of Assignment Prohibition Clause in Contracts

Assignment Prohibition. This Agreement may not be assigned by the Advisor without the approval of a majority of the Board; provided, however, that such approval shall not be required in the case of an assignment to a corporation, association, trust or organization which may take over substantially all of the assets and carry on substantially all of the affairs of the Advisor, provided that at the time of such assignment, at least a majority of the outstanding capital stock of such successor organization shall be owned substantially by the current owners of a majority of the outstanding Common Stock of the Advisor and that an officer of the Advisor shall deliver to the Board a statement in writing indicating the ownership structure of the successor organization. Such an assignment shall bind the assignees hereunder in the same manner as the Advisor is bound hereunder. This Agreement shall not be assigned by the Company without the consent of the Advisor, except in the case of an assignment by the Company to a corporation or other organization which is a successor to the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company is bound hereunder.