Non-Assignable Except to Certain Affiliates. This Agreement shall be non-assignable by the parties hereto, except that a party may assign its rights and obligations to any subsidiary of, or any company under common control with, such party, provided that: a. the assignee is duly licensed to perform all functions required of that party under this Agreement; b. the assignee undertakes to perform such party's functions hereunder; and c. in the event that the Broker-Dealer or the General Agent determines to assign its rights and obligations under this Agreement: i. such proposed assignment is approved in advance by the Distributor; and ii. the Broker-Dealer or the General Agent or assignee pays any state insurance agent appointment fees and any other charges or fees, including taxes, that become due and payable as a result of the assignment.
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Samples: Sales Agreement (Separate Account Fp of Equitable Variable Life Insurance Co), Sales Agreement (Separate Account No 45 of Equitable Life Assur Society of Us), Sales Agreement (Separate Account Fp of Equitable Variable Life Insurance Co)
Non-Assignable Except to Certain Affiliates. This Agreement shall be non-assignable by the parties hereto, except that a party may assign its rights and obligations to any subsidiary of, or any company under common control with, such party, provided that:
a. the assignee is duly licensed to perform all functions required of that party under this Agreement;
b. the assignee undertakes to perform such party's ’s functions hereunder; and
c. in the event that the Broker-Dealer or the General Agent determines to assign its rights and obligations under this Agreement:
i. such proposed assignment is approved in advance by the Distributor; and
ii. the Broker-Dealer or the General Agent or assignee pays any state insurance agent appointment fees and any other charges or fees, including taxes, that become due and payable as a result of the assignment.
Appears in 3 contracts
Samples: Broker Dealer and General Agent Sales Agreement (Equitable Financial Life Insurance Co of America), Sales Agreement (Separate Account a of Axa Equitable Life Insurance Co), Sales Agreement (Axa Equitable Life Insurance Co)
Non-Assignable Except to Certain Affiliates. This Agreement shall be non-assignable by the parties hereto, except that a party may assign its rights and obligations to any subsidiary ofan Affiliate, a successor pursuant to a merger, reorganization, consolidation or any company under common control withsale, such an entity that acquires all or substantially all of a party’s assets or business applicable to this Agreement, provided that:
a. the assignee is duly licensed to perform all functions required of that party under this Agreement;
b. the assignee undertakes to perform such party's ’s functions hereunder; and
c. in the event that the Broker-Dealer or the General Agent determines to assign its rights and obligations under this Agreement:
i. : such proposed assignment is approved in advance by the Distributor; and
ii. , the Broker-Dealer or the General Agent or the assignee pays any state insurance agent appointment fees and any other charges or fees, including taxes, that become due and payable as a result of the assignment.
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