Common use of Binding on Assignees Clause in Contracts

Binding on Assignees. Neither Party may assign this Agreement or any of the rights, interests or obligations under this Agreement without the prior written consent of the other Party, which consent shall not be unreasonably withheld; provided, however, that either Party may assign its rights under this Agreement to a successor in interest resulting from any merger, reorganization, consolidation or as part of a sale of all or substantially all of its assets. This Agreement is binding upon and inures to the benefit of the successors, permitted assigns, and representatives in bankruptcy of the Parties. Nothing contained in this Section will prevent either Party from mortgaging its rights as security for its indebtedness, but any such mortgage shall be subordinate to the Parties’ rights and obligations under this Agreement.