Common use of Contracts not capable of assignment Clause in Contracts

Contracts not capable of assignment. In the case of a contract not capable of assignment, or only assignable with the permission of the supplier: (a) the Sellers are to maintain the contract (or part thereof) for the benefit of the Buyers for so long as is necessary to ascertain whether the supplier is prepared to permit assignment, or novate the contract (or part thereof); (b) the Sellers are to use all reasonable and proper endeavours to obtain permission to assign the contract (or part thereof), or procure a novation for the Buyers; (c) if assignment is permitted by the supplier, paragraph 3 (contracts capable and assignment) is to apply;

Appears in 2 contracts

Sources: Nominee Agreement (Hines Global REIT, Inc.), Nominee Agreement (Hines Global REIT, Inc.)