Effective Assignment Sample Clauses
The Effective Assignment clause defines the conditions under which rights or obligations under a contract may be transferred from one party to another. Typically, this clause outlines whether assignments require prior written consent, specify any exceptions, and may detail the process for notifying the other party of an assignment. Its core practical function is to control and clarify how contractual interests can be reassigned, thereby protecting parties from unwanted or unauthorized transfers and ensuring all parties are aware of who holds contractual rights and duties.
Effective Assignment. In the event an assignment is made in accordance with this Agreement, unless otherwise required by the Code:
(a) the effective date of such assignment shall be the date the written instrument of assignment is received and approved by all of the non-assigning Members;
(b) the Company and the non-assigning Members shall be entitled to treat the assignor of the assigned Membership Interest as the absolute owner thereof in all respects and shall incur no liability for allocations of Profits or Losses and distributions of Operating Cash Flow or Capital Proceeds made in good faith to such assignor until such time as the written instrument of assignment has been actually received and approved by the other Members and recorded in the books of the Company; and
(c) any Profits and Losses shall be allocated between the assignor and the assignee of the assigned Membership Interest in the manner described in Exhibit B.
Effective Assignment. No assignment of any interest in this Agreement made with District's consent, or as herein otherwise permitted, shall be effective until there shall have been delivered to District an executed counterpart of such assignment containing an agreement, in recordable form, executed by the assignor and the proposed assignee, wherein and whereby such assignee assumes due performance of the obligations on the assignor's part to be performed under this Agreement to the end of the term hereof. The consent by District to an assignment hereunder shall not in any way be construed to relieve Lessee from obtaining the express consent in writing of District to any further assignment. Notwithstanding an assignment by Lessee, Lessee shall remain fully responsible to the District in accordance with the terms and provisions of this Agreement.
Effective Assignment. After assignment of the Licensed Capacity to Dominion pursuant to this Article VIII, Dominion shall pay all pro rata fees and financial obligations pursuant to this Agreement (other than Base License Fees and License Option Payments) and the Castle Rock/Dominion Infrastructure Operations Agreement.
Effective Assignment. The Seller Parties shall have caused an effective assignment of all of the Assumed Contracts and Intellectual Property to the Purchaser at or prior to the Closing.
Effective Assignment. The execution of this Agreement, the assignment and transfer of Assigned Preemptive Rights and the execution of any document, instrument, instruction or agreement related with the execution and/or performance of this Agreement constitute valid and binding obligations of each Assigning Shareholder, enforceable against such Party in accordance with the terms hereof. The assignment of the Assigned Preemptive Rights is irrevocable.