Continuing Liability after Transfer Sample Clauses
The "Continuing Liability after Transfer" clause ensures that certain obligations or liabilities of a party persist even after their rights or interests under an agreement have been transferred to another party. In practice, this means that if a company assigns its contractual rights to a third party, it may still be responsible for breaches or obligations that arose before or during the transfer. This clause is crucial for protecting the non-transferring party from losing recourse for past actions or defaults, thereby maintaining accountability and reducing the risk of unresolved liabilities after a transfer occurs.
Continuing Liability after Transfer. A transferor of Units will remain liable for reimbursement to the Partnership of any amount distributed to it by the Partnership that may be necessary to restore the capital of the Partnership to the amount existing immediately prior to such distribution, if such distribution resulted in reduction in the capital of the Partnership and in the incapacity of the Partnership to pay its debts as and when such debts become due.
Continuing Liability after Transfer. Any such transfer shall not relieve Lessee from its obligations to comply with all the covenants, terms, conditions and provisions of this Lease, unless otherwise agreed in writing by Lessor. In the event Lessor consents to any transfer, such consent shall not relieve Lessee and/or any transferee, assignee, sublessee, etc., from securing Lessor’s written consent to any further transfer, nor shall any such consent be construed as a consent to any further transfer or as a waiver of any portion of this section or of Lessor’s rights hereunder.