By Owner. The terms of this Agreement shall be binding upon Owner and its successors and assigns. Without the prior consent of Contractor, Owner may, upon prior written Notice to Contractor, assign all or part of Owner’s right, title and interest herein to any Lenders, any Affiliate of Owner, any successor to Owner’s business (whether by merger, acquisition or otherwise) or to any financially responsible assignee that agrees to be bound by the terms hereof. In addition, Owner may assign all or part of its right, title and interest herein to any other Person with the prior written approval of Contractor, which approval shall not be withheld unreasonably. Contractor acknowledges that the Lenders may under certain circumstances foreclose upon and sell, or cause Owner to sell or lease the Facility and cause any new lessee or purchaser of the Facility to assume all of the interests, rights and obligations of Owner arising under this Agreement. In such event, Contractor agrees to the assignment by Owner and the Lenders of this Agreement and its rights herein to such purchaser or lessee and shall release Owner and the Lenders from all obligations hereunder upon any such assignment, provided that such new lessee or purchaser assumes Owner’s obligations under this Agreement.
Appears in 9 contracts
Samples: Engineering, Procurement and Construction Agreement (Venture Global, Inc.), Engineering, Procurement and Construction Agreement (Venture Global, Inc.), Engineering, Procurement and Construction Agreement (Venture Global, Inc.)
