Effect of Assignment or Pledge Sample Clauses
The "Effect of Assignment or Pledge" clause defines the legal consequences and changes in rights or obligations that occur when a party assigns or pledges its interest under an agreement. Typically, this clause clarifies whether the assignee or pledgee acquires the same rights and responsibilities as the original party, and may specify any conditions or limitations on such transfers. For example, it might state that the new party is bound by all terms of the contract or that certain rights cannot be transferred without consent. The core function of this clause is to ensure all parties understand how assignments or pledges impact their contractual relationships, thereby preventing disputes and maintaining contractual clarity.
Effect of Assignment or Pledge. If the Optionee attempts to assign or pledge shares of Common Stock covered by this Option, or if there is a levy, attachment, execution or other legal or equitable process upon this Option, the Company has the right to terminate this Option.
Effect of Assignment or Pledge. If the Employee assigns or pledges contingent rights covered by this Agreement or attempts to do so, or if there is a levy, attachment, execution or other legal or equitable process upon the contingent rights, Cinergy Corp. shall have the right to terminate this Agreement.