Date post: 2017-09-27 12:01
Consent is not required for an assignment of this Agreement in connection with a sale or other disposition of substantially all the assets of the assigning party 8767 s business.
Optional: Alternatively, the sale or other disposition may be of substantially all the assets of the assigning party 8767 s business to which this Agreement specifically relates.
&bull A non-assigning party might argue that it could not permit the assignment of the agreement to one of its competitors, and that the only way to ensure this was to retain a veto over any assignment.
Optional: Written assumption by assignee: IF: The non-assigning party so requests of an assignee of this Agreement THEN: The assignee will seasonably provide the non-assigning party with a written assumption of the assignor 8767 s obligations, duly executed by or on behalf of the assignee ELSE: The assignment will be of no effect.
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&bull A reasonableness requirement might not be of much practical value, whether contractual or implied by law. Such a requirement could not guarantee that the non-assigning party would give its consent when the assigning party wants it. And by the time a court could resolve the matter, the assigning party 8767 s deal could have been blown.
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IF: A party breaches any requirement of this Agreement that the party obtain another party 8767 s consent to assign this Agreement THEN: Such breach is to be treated as a material breach of this Agreement.
After harsh criticism from political leaders, the Port Authority backed down a bit: it gave consent in return for 8775 only 8776 a $65 million consent fee, plus $95 million investment commitment by the buyer.
Optional: An assignment of this Agreement by operation of law, as a result of a merger, consolidation, amalgamation, or other transaction or series of transactions, requires consent to the same extent as would an assignment to the same assignee outside of such a transaction or series of transactions.