Common use of Owner’s Right to Assign Clause in Contracts

Owner’s Right to Assign. (a) The Owners may assign all of their rights under this Agreement to any mortgagee of the Vessel provided that such assignment shall not otherwise prejudice the rights of the Managers to terminate this Agreement pursuant to the terms hereof. Upon satisfaction of the condition set forth in the first sentence of this Clause 31(a), the Managers hereby agree to enter into an acknowledgment of such assignment in such form as the mortgagee may reasonably request. (b) The Managers may not assign all or any of their rights under this Agreement without the prior written consent of the Owners; (c) Neither party shall be entitled to transfer all or any of its obligations, duties or liabilities under this Agreement unless: (i) the same is expressly permitted under the terms of this Agreement; or (ii) it has received the prior written consent of the other party.

Owner’s Right to Assign. (a) The Owners may assign all of their rights under this Agreement to any mortgagee of the Vessel provided that such assignment shall not otherwise prejudice the rights of the Managers to terminate this Agreement pursuant to the terms hereof. Upon satisfaction of the condition set forth in the first sentence of this Clause 31(a32(a), the Managers hereby agree to enter into an acknowledgment of such assignment in such form as the mortgagee may reasonably request. (b) The Managers may not assign all or any of their rights under this Agreement without the prior written consent of the Owners; (c) Neither party shall be entitled to transfer all or any of its obligations, duties or liabilities under this Agreement unless: (i) the same is expressly permitted under the terms of this Agreement; or (ii) it has received the prior written consent of the other party.