Assignment by Administrator Clause Samples
The "Assignment by Administrator" clause defines the administrator's right to transfer their rights or obligations under the agreement to another party. Typically, this clause outlines the conditions under which such an assignment is permitted, such as requiring notice to the other parties or limiting assignments to specific circumstances like mergers or sales of business assets. Its core practical function is to provide flexibility for the administrator to delegate or transfer their role, while also protecting the interests of other parties by setting boundaries on when and how assignments can occur.
Assignment by Administrator. Subject to Section 4.15 (if applicable), this Agreement and the rights and obligations of the Administrator hereunder shall be assignable, in whole or in part, by the Administrator and its successors and assigns; provided, that unless: (i) such assignment is to an Affiliate of PNC, (ii) it becomes unlawful for PNC to serve as the Administrator or (iii) a Termination Event exists, the Seller has consented to such assignment, which consent shall not be unreasonably withheld, conditioned or delayed.
Assignment by Administrator. This Agreement and the rights and obligations of the Administrator hereunder shall be assignable, in whole or in part, by the Administrator and its successors and assigns; provided, that unless: (i) such assignment is to an Affiliate of BNS, (ii) it becomes unlawful for BNS to serve as the Administrator or (iii) a Termination Event exists, the Seller has consented to such assignment, which consent shall not be unreasonably withheld, conditioned or delayed.