ASSIGNMENT BY THE OWNERS Sample Clauses
The "Assignment by the Owners" clause defines the conditions under which the owners of a contract or property may transfer their rights and obligations to another party. Typically, this clause outlines whether the owners need prior written consent from the other party before making such an assignment, and may specify exceptions or limitations, such as prohibiting assignment altogether or allowing it only in specific circumstances like a sale or merger. Its core practical function is to control and restrict the transfer of contractual interests, thereby protecting the other party from being forced into a relationship with an unknown or unsuitable assignee.
ASSIGNMENT BY THE OWNERS. This Agreement shall bind and inure to the benefit of and be enforceable by Servicer and any Owner and the respective permitted successors and permitted assigns of Servicer and the related Owner. This Agreement shall not be assigned, pledged or hypothecated by Servicer to a third party without the prior written consent of the related Owner. Any Owner shall have the right, in its sole discretion, to assign its interest under this Agreement with respect to some or all of the Loans to any affiliate managed by the related Owner’s or Owner’s subsidiaries.
ASSIGNMENT BY THE OWNERS. 1. The Owners shall be entitled to assign all of its rights and obligations under this Agreement to any affiliate of the Owners to which assignment the Consultant hereby consents, provided that such assignment shall not otherwise alter the terms of this Agreement.
2. If the Owners assign, novate or otherwise transfer the Building Contracts or any of them to a third party this Agreement may, in the option of the Owners, be novated to take effect, from the date of the exercise by the Owners of their option, as a contract between the Consultant and the third party in relation to the relevant Vessel or Vessels and the Consultant agrees that it will upon the Owners’ request enter into a novation agreement in such form as the Owners may reasonably require, with the Owners and the third party.