Certain Transfers; Termination Clause Samples
The "Certain Transfers; Termination" clause defines the conditions under which specific transfers of rights, interests, or obligations are permitted or may trigger the termination of an agreement. Typically, this clause outlines scenarios such as a party assigning its rights to a third party, undergoing a merger, or experiencing a change of control, and specifies whether such actions require consent or automatically result in termination. Its core function is to protect the parties from unwanted changes in the contractual relationship by ensuring that significant transfers or structural changes do not occur without proper oversight or recourse, thereby maintaining stability and predictability in the agreement.
Certain Transfers; Termination. Except as expressly permitted ------------------------------ hereby or by the terms of any other Operative Document or required by the terms of the Head Lease, the Owner Trust will not transfer the Vessel Interest to any Person prior to the expiration or earlier termination of the Charter pursuant to its terms, other than a successor Owner Trust appointed in accordance with the provisions of Section 11 of the Trust Agreement, or terminate the Trust Agreement or distribute all or any part of the Trust Estate to any Person.
Certain Transfers; Termination. Except as expressly permitted hereby or by the terms of any other Operative Document, unless the Lease shall have been declared in default in accordance with Section 16.1 thereof, the Grantor Trustee will not transfer the Undivided Interest to any Person prior to the expiration or earlier termination of the Lease pursuant to its terms, other than a successor Grantor Trustee appointed in accordance with the provisions of Section 11 of the Trust Agreement, or terminate the Trust Agreement or distribute all or any part of the Trust Estate to any Person.
Certain Transfers; Termination. Except as expressly permitted or required hereby or by the terms of any other Operative Document, subject to Section 16 of the Lease, the Lessor will not transfer the Undivided Interest or any other portion of the Trust Estate to any Person prior to the expiration or earlier termination of the Lease pursuant to its terms, terminate the Trust Agreement or distribute all or any part of the Trust Estate to any Person.
Certain Transfers; Termination. Except as expressly permitted ------------------------------ hereby or by the terms of any other Operative Document, the Owner Trustee will not transfer any of its right, title or interest in and to any portion of the Facility to any Person without the express prior written consent of the Lessee prior to the expiration or earlier termination of the Lease pursuant to its terms, other than to a successor Owner Trustee appointed in accordance with the provisions of Section 10 of the Trust Agreement, or terminate the Trust Agreement or distribute all or any part of the Trust Estate to any Person.