Common use of Binding and Assignment Clause in Contracts

Binding and Assignment. (a) This Guarantee and all of the provisions hereof shall be binding upon and ensure to the benefit of the parties and their respective successors and permitted assigns. This Guarantee is not intended to confer upon any other Person, except the parties and their respective successors and permitted assigns, any rights, interests, obligations or remedies under this Guarantee. (b) Neither this Guarantee nor any of the rights, interests or obligations under this Guarantee shall be assigned by either party without the prior written consent of the other party. Notwithstanding the foregoing, if the Ontario Power Authority has been established pursuant to legislation and assigns the Agreement to the Ontario Power Authority, the Buyer may assign this Guarantee to the Ontario Power Authority without the consent of the Guarantor.