Assignee rights Sample Clauses
The "Assignee rights" clause defines the rights and obligations that are transferred to a party (the assignee) when an assignment of contract or interest occurs. Typically, this clause outlines what specific rights the assignee receives, such as the ability to enforce contract terms, receive payments, or benefit from services originally owed to the assignor. It may also clarify any limitations or conditions on those rights, such as requiring notice to the other party or restricting certain actions. The core function of this clause is to ensure clarity and legal certainty regarding what the assignee is entitled to, thereby preventing disputes and misunderstandings after an assignment takes place.
Assignee rights. The assignee has the right:
(a) to negotiate with the assignor about the quantity, term and price of the Storage Services offered in the Secondary Market;
(b) once the assignment has been confirmed by the Storage Operator in accordance with attachment C3 of the Access Code for Storage, to use the assigned Storage Services in accordance with the Operating Procedures of the Storage Services that are offered on the Primary Market as explained in attachment D1 of the Access Code for Storage;
(c) to add Storage Services purchased on the Secondary Market to the Storage Services that it already had subscribed to on the Primary Market;
Assignee rights. Subject to and upon any assignment permitted by this Agreement, any assignee of the Parties shall in its own right be able to enforce any term of this Agreement in accordance with its terms as if it were a Party, but until such time any such assignee of the Parties shall have no such rights whether as a third party or otherwise.
Assignee rights. An Assignee shall not be entitled to any Member rights except the right to receive Distributions and Allocations of Net Income and Net Loss. The Assignee shall have a Capital Account and shall have Adjusted Invested Capital in the same amount as when its Percentage Interest was held by the assigning Member. The Assignee may become a Member pursuant to the procedures set forth in Section 9.3 below.
Assignee rights. Each Lender agrees that if the assignee of either Lender is a creditor of such Lender to whom such Lender has granted a security interest in this Agreement, then following the occurrence of an event of default (however defined) under or with respect to the indebtedness held by such assignee or the occurrence of an event which with the giving of notice or the passage of time or both would constitute such an event of default, all rights (but not the obligations) of the assignor Lender under this Agreement shall thereafter be exercisable solely by such assignee except to the extent such assignee may otherwise consent in writing.
Assignee rights. An assignment, if permitted under this Operating Agreement, entitles the assignee to an Economic Interest only, and to receive, to the extent assigned, the distributions to which the assignor would be entitled. In the absence of unanimous consent, an assignee is not entitled to participate in the management and affairs of the Company or to exercise any other rights of a Member. An assignee of a Membership Interest may be admitted as a Member only as permitted under Article VIII.
Assignee rights. A Disposition made in conformance with Section 3.3 shall be effective as of the date of the Disposition and shall be shown on the books and records of the Company. All items of income, gain, loss, deduction and credit shall be allocated between the Disposing Member and the assignee according to Section 706 of the Code. Distributions with respect to Units Disposed in a Disposition made before the effective date of such Disposition shall be paid to the Disposing Member, and distributions with respect to Units Disposed in a Disposition made after such date shall be paid to the assignee. Unless and until a Person that acquires Units through a Disposition becomes a Member in accordance with Section 3.3(d), such Person shall not be entitled to any of the rights granted to a Member hereunder or under applicable law, other than the rights granted specifically to assignees pursuant to this Section 3.3(f) and to have the other rights granted to assignees as required by the TBOC; provided that, without relieving any Disposing Member from any such limitations or obligations and as more fully described in Section 3.3(g), such Person shall be bound by any limitations and obligations of a Member contained herein by which a Member would be bound on account of the ownership of Units (including the obligation, if any, to make and return Capital Contributions on account of such Units or to Dispose of such Units pursuant to Section 3.3(c), Section 3.6 or Article XII).
Assignee rights