Common use of Effect of Agreement, Assignment, Required Assumption Clause in Contracts

Effect of Agreement, Assignment, Required Assumption. This Agreement shall be binding upon Employee and his heirs, executors, administrators, legal representatives, successors and assigns and the Employer and its successors and assigns. Employee may not assign any rights or obligations hereunder without the prior written consent of Employer and, except with respect to a successor entity (as described below), Employer may not assign any rights or obligations hereunder without the prior written consent of Employee. Employer shall require any person who is the successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or a substantial portion of the business or assets of Employer to expressly assume the obligations of Employer hereunder. The term "Employer" as used in this Agreement shall expressly include any such successors.

Effect of Agreement, Assignment, Required Assumption. This Agreement shall be binding upon Employee and his heirs, executors, administrators, legal representatives, successors and assigns and the Employer and its successors and assigns. Employee may not assign any rights or obligations hereunder without the prior written consent of Employer. Employer and, except with respect may assign its rights and obligations hereunder to a any successor entity (as described below), Employer may not assign any rights or obligations hereunder without transferee carrying on a substantial portion of the prior written consent of Employeebusiness currently carried on by the Employer. Employer shall require any person who is the successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to substantially all or a substantial portion of the business or assets of Employer to expressly assume assume, by a written agreement in form and substance satisfactory to the Employee, all of the obligations of Employer hereunder. The term "Employer" as used in under this Agreement shall expressly include any such successorsAgreement.