Common use of Cooperative Assignment Clause in Contracts

Cooperative Assignment. Except as otherwise provided by this Agreement, Cooperative shall not assign, subcontract, sublet or delegate its rights, privileges or obligations under this Agreement without the prior written approval of Host Town, provided that prior notice to or consent of Host Town shall not be required: (i) for an assignment or transfer by Cooperative to any of its other individual Cooperative Members; (ii) for any assignment or transfer by Cooperative to Contractor; and (iii) for a collateral assignment by Cooperative to any Financier, subject to the terms and conditions of this Article XI. For assignments requiring Host Town’s approval, approval may be denied in the reasonable discretion of Host Town if it determines that the proposed assignee does not have at least the same financial and technical ability as the assigning Cooperative. Notwithstanding the foregoing, Host Town may not unreasonably withhold its consent to an assignment to an affiliated entity under common control or management with Cooperative. Cooperative’s assignee shall agree in writing to be bound by the terms and conditions of this Agreement.