Non-Assignable Contract definition

Non-Assignable Contract means any agreement, contract or license to which any Grantor is a party that by its terms purports to restrict or prevent the assignment or granting of a security interest therein (either by its terms or by any federal or state statutory prohibition or otherwise irrespective of whether such prohibition or restriction is enforceable under Section 9-406 through 409 of the UCC).

Non-Assignable Contract shall have the meaning set forth in Section 2.5(a).

Non-Assignable Contract means any Contract that by its terms purports to restrict or prevent the assignment thereof or granting of a security interest therein (either by its terms or by any federal or state statutory prohibition or otherwise, irrespective of whether such prohibition or restriction is enforceable under Sections 9-407 through 409 of the New York UCC).

Examples of Non-Assignable Contract in a sentence

• The performance obligations of MII Life or its applicable Affiliate under a Non-Assignable Contract shall, unless prohibited by law or by the terms of such Non-Assignable Contract, be deemed to be subleased or subcontracted to Buyer until such Non-Assignable Contract has been assigned to Buyer.

• Any Non-Assignable Contract assigned pursuant to the terms of this Section 5.13 shall, when assigned, constitute an Assigned Contract hereunder from and after such date.

• Nothing in this Agreement shall be construed as an attempt or an agreement to assign or cause the assignment of any Non-Assignable Contract, unless such consent shall have been given, or as to which all the remedies for the enforcement thereof enjoyed by Seller would not, as a matter of law, pass to Purchaser as an incident of the assignments provided by this Agreement.

• SLA shall not take any action or suffer any omission that could limit, restrict or terminate in any material respect the benefits to Acquiror of such Assumed or Non-Assignable Contract unless, in good faith and after consultation with and prior written notice to Acquiror, SLA is (i) ordered to do so by a Governmental Entity of competent jurisdiction or (ii) otherwise required to do so by Law.

• Each Grantor shall, within thirty (30) days after entering into any Material Contract that is a Non-Assignable Contract after the date hereof, request in writing the consent of the counterparty or counterparties to such Non-Assignable Contract pursuant to the terms of such Non-Assignable Contract or applicable law to the assignment or granting of a security interest in such Non-Assignable Contract to the Bank, and use commercially reasonable efforts to obtain such consent as soon as practicable thereafter.

More Definitions of Non-Assignable Contract

Non-Assignable Contract is defined in Section 2.5.

Non-Assignable Contract means any agreement, contract or license to which any Grantor is a party that by its terms purports to restrict or prevent the assignment or granting of a security interest therein (either by its terms or by any federal or state statutory prohibition or otherwise irrespective of whether such prohibition or restriction is enforceable under Sections 9-406 through 409 of the UCC).

Non-Assignable Contract has the meaning set forth in Section 2.11.

Non-Assignable Contract is defined in SECTION 2.7.

Non-Assignable Contract means any Contract which would be assigned to the Purchaser under this Agreement but in respect of which an assignment or attempted assignment would constitute a breach thereof or would contravene any applicable Law.

Non-Assignable Contract shall have the meaning set forth in the Separation and Distribution Agreement.

Non-Assignable Contract means any Contract identified as such in the Asset List.