Invalid Assignment Sample Clauses
The Invalid Assignment clause defines the conditions under which any attempt to transfer rights or obligations under a contract is considered void or unenforceable. Typically, this clause prevents parties from assigning their interests in the agreement to third parties without prior written consent from the other party. For example, if one party tries to sell or delegate their contractual responsibilities without approval, such an action would have no legal effect. The core function of this clause is to maintain control over who is involved in the contract, thereby protecting the parties from unwanted or unauthorized changes in contractual relationships.
Invalid Assignment. Any purported assignment of an Interest of the Limited Partner or the Special Limited Partner otherwise than in accordance with Section 12.1 or Section 12.6 shall be of no effect as between the Partnership and the purported assignee and shall be disregarded by the General Partner in making allocations and Distributions hereunder.
Invalid Assignment. 49 12.4 Assignee's Rights to Allocations and Distributions .............................. 49 12.5 Substitution of Assignee as Limited Partner or Special Limited Partner...................... 49 12.6 Death, Bankruptcy, Incompetency, etc. of a Limited Partner ................................... 50 XIII. WITHDRAWAL, REMOVAL AND REPLACEMENT OF GENERAL PARTNER .................................................... 50
Invalid Assignment. 43 Section 12.4 Assignee's Rights to Allocations and Distributions...
Invalid Assignment. 51 Section 12.4 Assignee's Rights to Allocations and Distributions......................................51 Section 12.5 Substitution of Assignee as Limited Partner or Special Limited Partner............................51 Section 12.6 Death, Bankruptcy, Incompetency, etc., of a Limited Partner............................................52 ARTICLE XIII. WITHDRAWAL, REMOVAL AND REPLACEMENT OF GENERAL PARTNER..........52 Section 13.1 Withdrawal of General Partner......................52 Section 13.2 Removal of General Partner.........................52 Section 13.3 Effects of a Withdrawal............................54 Section 13.4 Successor General Partner..........................56 Section 13.5 Admission of Additional or Successor General Partner............................................56 Section 13.6 Transfer of Interest...............................57 Section 13.7 No Goodwill Value..................................57 ARTICLE XIV. BOOKS AND ACCOUNTS, REPORTS, TAX RETURNS, FISCAL YEAR AND BANKING..............................................................57
Invalid Assignment. Any purported assignment of an Interest of an Investor Member or Special Member otherwise than in accordance with Section 12.1 or Section 12.6 shall be of no effect as between the Company and the purported assignee and shall be disregarded by the Managing Member in making allocations and Distributions hereunder.
Invalid Assignment. 51 Section 12.4 Assignee's Rights to Allocations and Distributions............51 Section 12.5 Substitution of Assignee as Limited Partner or Special Limited Partner.......................................................51 Section 12.6 Death, Bankruptcy, Incompetency, etc., of a Limited Partner...52 Article XIII. WITHDRAWAL, REMOVAL AND REPLACEMENT OF GENERAL PARTNER..........52 Section 13.1 Withdrawal of General Partner.................................52 Section 13.2 Removal of General Partner....................................52 Section 13.3 Effects of a Withdrawal.......................................54 Section 13.4 Successor General Partner.....................................56
Invalid Assignment. Assignee's Rights to Allocations and Distributions ............................ 43 12.5 Substitution of Assignee as Limited Partner.....
Invalid Assignment. Assignee's Rights to Allocations and Distributions ..........................................
Invalid Assignment. 47 12.4 Assignee's Rights to Allocations and Distributions .............................. 47 12.5 Substitution of Assignee as Investor Member or Special Member............................... 47 12.6 Death, Bankruptcy, Incompetency, etc. of an Investor Member .................................. 48 XIII. WITHDRAWAL, REMOVAL AND REPLACEMENT OF MANAGING MEMBER ..................................................... 48
Invalid Assignment. Any assignment or transfer, or purported assignment or transfer, which is consummated by Operator in violation of this Article XIII shall, at the option of Owner, be void and of no force or effect. Additionally, if (x) Operator effectuates or attempts to effectuate any assignment or transfer without first satisfying all conditions precedent to such transfer or assignment pursuant to this Article XIII and (y) either Operator or the purported transferee refuses to confirm, acknowledge or recognize, in writing, that the purported assignment or transfer is ineffective and a nullity with respect to this Agreement and Owner, or if the transferee refuses to vacate the Club or to cease controlling the management and/or operation of the Club, then any such refusal or failure shall be a material default hereunder entitling Owner to terminate this Agreement unless such default is cured within fifteen (15) business days of Owner's delivery of a notice of termination to Operator, following which neither party shall have any further liability under this Agreement except for the payment of money due at the time of such termination and all other obligations which specifically survive the termination of this Agreement.