Operation of Law Clause Examples
The 'Operation of Law' clause defines how certain rights, obligations, or changes under a contract may occur automatically due to legal requirements, rather than through the direct actions or agreements of the parties involved. For example, this clause may address what happens if a party undergoes bankruptcy, merges with another entity, or if a law changes in a way that affects the contract. Its core function is to clarify how the contract will adapt or respond to legal events outside the parties' control, thereby reducing uncertainty and ensuring the contract remains enforceable and relevant in changing legal circumstances.
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Operation of Law. Consummation by the Company of the acquisition of the Preferred Stock in exchange for the Notes shall not violate Section 160 of the General Corporation Law of the State of Delaware.
Operation of Law. The prohibition against a Transfer, without the consent required by this Article 14, will be construed to include a prohibition against:
(a) any amalgamation, corporate merger, or Transfer by operation of law; and
(b) a mortgage of this Lease by the Tenant either by way of assignment or sublease and in such event, the provisions of this Article 14 will, mutatis mutandis, apply to such mortgage.
Operation of Law. Tenant shall not allow or permit any transfer of this Lease, or any interest hereunder, by operation of law, or convey, mortgage, pledge or encumber this Lease or any interest hereunder.
Operation of Law. Unless the Board of Education gives written notice of non- renewal of this contract to the Administrator at least 90 days before the contract's termination date, this contract will, without further action, be automatically renewed for an additional one-year period as provided by Public Act 183 of 1979, now being MCL 380.1229. The Superintendent shall advise the Board of Education of this obligation in January if the contract terminates at the end of that school year and the Board shall conduct the evaluation of the superintendent prior to March 30 of that year.
Operation of Law. In the event this Agreement, in whole or in part, is deemed to be contrary to local, state or federal law by counsel for SRHS or, in the opinion of counsel for SRHS, presents substantial legal risk to either party, the parties agree to use their best efforts to make changes to this Agreement to the minimum extent necessary to make this Agreement consistent with applicable law, trying to retain as closely as possible the original terms reflected in this Agreement. If this Agreement cannot be modified or amended in any way that is mutually agreeable to the parties and complies with applicable law after the parties have used their best efforts, then either party may terminate this Agreement.
Operation of Law. Neither this Lease, nor any interest herein, nor any estate created hereby, shall pass by operation of law under any state or federal insolvency or bankruptcy act to any trustee, receiver, assignee for the benefit of creditors or any other person whatsoever without the prior written consent of Landlord, which shall not be unreasonably withheld. Any purported transfer in violation of the provisions of this Paragraph 26.2 shall constitute a default under and breach of this Lease, regardless of Tenant’s compliance with the other provisions of this Lease; and Landlord at its option by written notice to Tenant may exercise all rights and remedies provided for in Article 25, including the termination of this Lease, effective on service of such notice without the necessity of further notice under Article 25.
Operation of Law. Nothing in this Agreement shall be interpreted or construed in a way that would prevent the City and/or the Department from complying with any duty or obligation placed upon the City and/or Department by operation of law.
Operation of Law. These Conditions shall be constructed and the rights of the parties hereto shall be regulated by the law of England.
Operation of Law. In the event this Agreement, in whole or in part, is deemed to be contrary to local, state or federal law by counsel for the District or, in the opinion of counsel for the District, presents substantial legal risk to either party, the parties agree to use their best efforts to make changes to this Agreement to the minimum extent necessary to make this Agreement consistent with applicable law, trying to retain as closely as possible the original terms reflected in this Agreement. If this Agreement cannot be modified or amended in any way that is mutually agreeable to the parties and complies with applicable law after the parties have used their best efforts, then either party may terminate this Agreement.
Operation of Law. It is understood and agreed that neither this Lease, nor any interest herein or hereunder, nor any estate hereby created, in favor of Tenant, shall pass by operation of law under any State or Federal insolvency or bankruptcy act, or any similar law now or hereafter in effect, to any trustee, receiver, assignee for the benefit of creditors, or any other person whomsoever without the express written consent of Lessor first had and obtained therefore. Any purported transfer in violation of the provisions of this Section 24B shall constitute a breach of this Lease by Tenant.