Common use of Binding Effect; Assignment; Termination Clause in Contracts

Binding Effect; Assignment; Termination. This Agreement will be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns, but will not be assignable or delegable by any Party hereto without the prior written consent of each of the other Parties; provided that this Agreement shall not be binding on any subsequent transferees of Partnership Securities from the Purchaser, other than Affiliates of the Purchaser to the extent required by Section 1(c)(iii). This Agreement shall terminate on the Standstill Termination Date, except that the provisions of this Section 2 shall survive any termination of this Agreement and except that no party to this Agreement shall be relieved or released from liability for damages arising out of a breach of this Agreement before such termination.

Appears in 2 contracts

Samples: Series B Preferred Unit Purchase Agreement (Breitburn Energy Partners LP), Series B Preferred Unit Purchase Agreement (Breitburn Energy Partners LP)

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Binding Effect; Assignment; Termination. This Agreement will be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns, but will not be assignable or delegable by any Party hereto without the prior written consent of each of the other Parties; provided that this Agreement shall not be binding on any subsequent transferees of Partnership Securities from the PurchaserPurchasers, other than Affiliates of the Purchaser Purchasers to the extent required by Section 1(c)(iii). This Agreement shall terminate on the Standstill Termination Date, except that the provisions of this Section 2 shall survive any termination of this Agreement and except that no party to this Agreement shall be relieved or released from liability for damages arising out of a breach of this Agreement before such termination.

Appears in 1 contract

Samples: Series B Preferred Unit Purchase Agreement (Breitburn Energy Partners LP)

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Binding Effect; Assignment; Termination. This Agreement will be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns, but will not be assignable or delegable by any Party hereto without the prior written consent of each of the other Parties; provided that this Agreement shall not be binding on any subsequent transferees of Partnership Securities from the Purchaser, other than Affiliates of the Purchaser to the extent required by Section 1(c)(iii). This Agreement shall terminate with respect to each Purchaser (and the NRP Entities’ rights with respect to and obligations to such Purchaser) on the Standstill Board Rights Termination DateDate applicable thereto, except that in any such case the provisions of this Section 2 5 shall survive any termination of this Agreement and except that no party to this Agreement shall be relieved or released from liability for damages arising out of a breach of this Agreement before such termination.

Appears in 1 contract

Samples: Board Representation and Observation Rights Agreement (Natural Resource Partners Lp)

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