Binding Effect; Novation Sample Clauses

Binding Effect; Novation. (a) This Agreement shall become effective when it shall have been executed by the Loan Parties, the Debt Coordinators, the Administrative Agent, the Collateral Trustee and the Lender Parties and thereafter shall be binding upon and inure to the benefit of the Loan Parties, the Debt Coordinators, the Administrative Agent, the Collateral Trustee and the Lender Parties and their respective successors and assigns, except that no Loan Party shall have the right to assign its rights hereunder or any interest herein without the prior written consent of the Debt Coordinators. (b) To the extent any of the Covered Facilities have assignment, transfer or novation provisions which permit a Lender Party to assign its rights and obligations to an assignee with the consent of a Loan Party, the requirement that a Loan Party consent to any such assignment is hereby terminated; provided that any such assignment shall be to (i) a Lender Party; (ii) an Affiliate of a Lender Party; (iii) a commercial bank, savings and loan association or savings bank organized under the laws of the United States, or any State thereof, and having total assets in excess of $100,000,000, (iv) a commercial bank organized under the laws of any other country that is a member of the Organization for Economic Development and Cooperation (the "OECD") or has concluded special lending arrangements with the International Monetary Fund associated with its General Arrangements to Borrow, or a political subdivision of any such country, and having total assets in excess of $100,000,000; (v) the central bank of any country that is a member of the OECD or (vi) a finance company, insurance company or other financial institution or fund (whether a corporation, partnership, trust or other entity) having total assets in excess of $100,000,000 that is engaged in making, purchasing or otherwise investing in commercial loans in the ordinary course of its business.
Sample 1Sample 2
AutoNDA by SimpleDocs
Binding Effect; Novation. (a) This Agreement shall become effective when it shall have been executed by the Loan Parties, the Agents, the Debt Coordinator, the Collateral Trustee, the Rexair Collateral Agent, and the Banks and thereafter shall be binding upon and inure to their benefit and that of their respective successors and assigns, except that no Loan Party shall have the right to assign its rights hereunder or any interest herein without the prior written consent of the Debt Coordinator. (b) To the extent that any of the Bank Facilities contains any provision that requires the consent of any Loan Party to permit a Bank party to such Bank Facility to assign all of any part of its rights and obligations under or in respect of such Bank Facility to any assignee, such requirement shall terminate upon the occurrence and during the continuance of a Default. Except as provided in the preceding sentence, all provisions in each Bank Facility with respect to the assignment of the rights and obligations of any Bank thereunder shall continue to be in effect.
Sample 1
Binding Effect; Novation. (a) Except as set forth in subsection (b) below, this Agreement shall become effective when it shall have been executed by the Loan Parties, the Agents, the Debt Coordinator, the Collateral Trustees, the Rexair Collateral Agent and the Banks and thereafter shall be binding upon and inure to their benefit and that of their respective successors and assigns, except that no Loan Party shall have the right to assign its rights hereunder or any interest herein without the prior written consent of the Debt Coordinator. (b) Articles II and III of this Agreement shall become effective upon the satisfaction of (i) subsection (a) above and (ii) the conditions precedent set forth in Section 4.01. (c) To the extent that any of the Bank Facilities contains any provision that requires the consent of any Loan Party to permit a Bank party to such Bank Facility to assign all of any part of its rights and obligations under or in respect of such Bank Facility to any assignee, such requirement shall terminate upon the occurrence and during the continuance of a Default. Except as provided in the preceding sentence, all provisions in each Bank Facility (other than the USI Credit Agreement) with respect to the assignment of the rights and obligations of any Bank thereunder shall continue to be in effect. All provisions relating to the assignment of rights and obligations of any Bank under the USI Credit Agreement, notwithstanding any provisions in the USI Credit Agreement to the contrary, are hereby amended and restated to read as set forth in Exhibit E.
Sample 1

Related to Binding Effect; Novation

  • Binding Effect, Etc Any amendment or waiver consented to as provided in this Section 17 applies equally to all holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Company and the holder of any Note nor any delay in exercising any rights hereunder or under any Note shall operate as a waiver of any rights of any holder of such Note. As used herein, the term “this Agreement” and references thereto shall mean this Agreement as it may from time to time be amended or supplemented.

  • Binding Effect; Assignment This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective legal representatives, successors and permitted assigns. This Agreement shall not be assigned by either party without the prior written consent of the other party hereto.

  • Binding Effect; Assignability This Agreement shall be binding upon and inure to the benefit of the Buyer and the Seller and their respective successors and permitted assigns. The Seller may not assign any of its rights hereunder or any interest herein without the prior written consent of the Buyer, except as provided in Section 3.11 or as otherwise herein specifically provided. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until such time as the parties hereto shall agree.

  • Binding Effect; No Assignment This Agreement shall be binding on and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors and assigns, except that (other than to effect the provisions of Paragraph 14) it may not be assigned by either party without the other party’s written consent.

  • Binding Effects This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, legal representatives and assigns.

  • Binding Effect and Assignability This Subscription Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors, legal representatives and assigns. The Subscriber agrees not to transfer or assign this Subscription Agreement, or any of the Subscriber’s interest herein.

  • Binding Effect; Ratification (a) On and after the execution and delivery hereof, (i) this Amendment shall be a part of the Transfer Agreement and (ii) each reference in the Transfer Agreement to “this Agreement”, “hereof”, “hereunder” or words of like import, and each reference in any other Related Document to the Transfer Agreement, shall mean and be a reference to such Agreement as amended hereby. (b) Except as expressly amended hereby, the Transfer Agreement shall remain in full force and effect and is hereby ratified and confirmed by the parties hereto.

  • Binding Effect; Governing Law Except as modified hereby, the Lease shall remain in full effect and this Amendment shall be binding upon Landlord and Tenant and their respective successors and assigns. If any inconsistency exists or arises between the terms of the Lease and the terms of this Amendment, the terms of this Amendment shall prevail. This Amendment shall be governed by the laws of the State in which the Premises are located.

  • Binding Effect of Agreement This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors, assigns and legal representatives.

  • Binding Effect; Successors This Agreement shall inure to the benefit of and be binding upon the parties hereto and, to the extent not prohibited herein, their respective heirs, successors, assigns and representatives. Nothing in this Agreement, expressed or implied, is intended to confer on any person other than the parties hereto and as provided above, their respective heirs, successors, assigns and representatives any rights, remedies, obligations or liabilities.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!