Common use of Personal Rights and Obligations Clause in Contracts

Personal Rights and Obligations. This Agreement and all rights and obligations hereunder are personal and shall not be assignable by either party except as provided in this subparagraph, and any purported assignment in violation thereof shall be null and void. Any person, firm or corporation succeeding to the business of Company (or that portion of the business with which Employee is involved) by merger, consolidation, purchase of assets or otherwise, must assume by contract or operation of law the obligations of Company hereunder and in such a case Employee shall continue to honor this Agreement with such person, firm or corporation substituted for Company as the employer; provided, however, that Company shall, if it still exists as a separate entity, notwithstanding such assumption and/or assignment, remain liable and responsible for the fulfillment of the terms and conditions of this Agreement on the part of the Company.