Common use of Definition of Transaction Clause in Contracts

Definition of Transaction. It is agreed and understood that this Assignment is a general assignment for the benefit of all of Assignor’s creditors; and that this is a “general assignment for the benefit of creditors,” as set forth in, and defined in the Delaware Code Title 10, Part IV, Chapter 73, Subchapter VI, and all other laws of the State of Delaware pertaining thereto. This general assignment for the benefit of creditors (s) (a) does constitute an assignment to Assignee of all assets of Assignor which are transferable and not exempt from enforcement of a money judgment; (b) is an assignment for the benefit of all of the creditors of the Assignor; and

Definition of Transaction. It is agreed and understood that this Assignment is a general assignment for the benefit of all of Assignor’s creditors; and that this is a “general assignment for the benefit of creditors,” as set forth in, and defined in the Delaware Code Title 10, Part IV, Chapter 73, Subchapter VI, and all other laws of the State of Delaware pertaining thereto. This general assignment for the benefit of creditors (s) (a) does constitute an assignment to Assignee of all assets of Assignor which are transferable and not exempt from enforcement of a money judgment; (b) is an assignment for the benefit of all of the creditors of the Assignor; andand (c) does not create a preference of one creditor or class of creditors over any other creditor or class of creditors.