Prohibition on Assignment/Binding Effect Sample Clauses

Prohibition on Assignment/Binding Effect. This Agreement may not be assigned or transferred by either Party without the express written consent of the other Party, which consent may be withheld in such Party's sole and absolute discretion. Subject to the foregoing, this Agreement shall extend to and be binding upon the legal representatives, successors, and permitted assigns of ISC and Penske Corp. Furthermore, except as otherwise permitted by this Agreement, Penske Corp. may not dilute its equity ownership directly or through Affiliates in PSH or Penske Speedways Holding below fifty one percent (51%) without the prior written consent of ISC which consent may be withheld in ISC's sole and absolute discretion.
Sample 1
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Prohibition on Assignment/Binding Effect. This Agreement may not be assigned or transferred by any Party without the express written consent of the other Party, which consent may be withheld in such Party's sole and absolute discretion. Subject to the foregoing, this Agreement shall extend to and be binding upon the legal representatives, successors, and permitted assigns of Kaiser and Penske. Furthermore, Penske, except to avoid the "put option" of Kaiser contained in this Agreement after Kaiser gives notice of the exercise of its "put option" or a default under its credit facilities, may not dilute its ownership interest in the Corporation below fifty one percent (51%) without the prior written consent of Kaiser which consent may be withheld in Xxxxxx'x reasonable discretion so long as Kaiser owns at least 1% of the Corporation's issued and outstanding Preferred or common stock. In addition, the effective ownership interest of Penske Performance, Inc., in Penske or in the Corporation, except to avoid the "put option" of Kaiser contained in this Agreement after Kaiser gives notice of the exercise of its "put option" or a default under its credit facility, may not dilute its effective ownership interest in the Corporation below fifty-one percent (51%) prior to January 1, 2000, without the prior written consent of Kaiser which consent may be withheld in Xxxxxx'x sole and absolute discretion so long as Kaiser owns at least fifteen (15%) of the Corporation issued and outstanding Preferred or common stock.
Sample 1

Related to Prohibition on Assignment/Binding Effect

  • Assignment; Binding Effect Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto (whether by operation of law or otherwise) without the prior written consent of the other parties. Subject to the preceding sentence, this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

  • No Assignment; Binding Effect Neither this Agreement nor any right, interest or obligation hereunder may be assigned (by operation of law or otherwise) by any party without the prior written consent of the other party and any attempt to do so will be void. Subject to the preceding sentence, this Agreement is binding upon, inures to the benefit of and is enforceable by the parties hereto and their respective successors and assigns.

  • Assignability; Binding Effect This Agreement shall be binding upon and inure to the benefit of the Parties and their successors and permitted assigns; provided, however, that the rights and obligations of each Party under this Agreement shall not be assignable, in whole or in part, directly or indirectly, whether by operation of law or otherwise, by such Party without the prior written consent of the other Party (such consent not to be unreasonably withheld, conditioned or delayed) and any attempt to assign any rights or obligations under this Agreement without such consent shall be null and void. Notwithstanding the foregoing, either Party may assign its rights and obligations under this Agreement to any of their respective Affiliates provided that no such assignment shall release such assigning Party from any liability or obligation under this Agreement.

  • Assignment and Binding Effect This Agreement shall be binding upon and inure to the benefit of the Executive and the Executive’s heirs, executors, personal representatives, assigns, administrators and legal representatives. Because of the unique and personal nature of the Executive’s duties under this Agreement, neither this Agreement nor any rights or obligations under this Agreement shall be assignable by the Executive. This Agreement shall be binding upon and inure to the benefit of the Company and its successors, assigns and legal representatives.

  • Assignability and Binding Effect This Agreement shall inure to the benefit of and shall be binding upon the heirs, executors, administrators, successors and legal representatives of the Executive, and shall inure to the benefit of and be binding upon the Corporation and its successors and assigns. The Executive may not assign, transfer, pledge, encumber, hypothecate or otherwise dispose of this Agreement, or any of his rights or obligations hereunder, and any such attempted delegation or disposition shall be null and void and without effect.

  • Execution; Binding Effect This Agreement may be executed in one or more counterparts and by the different parties hereto on separate counterparts, each of which, when so executed, shall be deemed to be an original; such counterparts, together, shall constitute one and the same agreement. Subject to Section 8.03, this Agreement shall inure to the benefit of and be binding upon the Seller and the Purchaser and their respective successors and assigns.

  • Assignment; Binding Effect; Third Party Beneficiaries No party may assign either this Agreement or any of its rights, interests or obligations hereunder without the prior written approval of the other party and any such assignment by a party without prior written approval of the other parties will be deemed invalid and not binding on such other parties. All of the terms, agreements, covenants, representations, warranties and conditions of this Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties and their respective successors, permitted assigns, heirs, executors and personal and legal representatives. There are no third party beneficiaries having rights under or with respect to this Agreement.

  • Governing Law; Binding Effect This First Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York and shall be binding upon the parties hereto and their respective successors and assigns.

  • Term; Binding Effect This Agreement shall (a) remain in full force and effect until payment and satisfaction in full of all of the Obligations; (b) be binding upon each Debtor, and its successors and permitted assigns; and (c) inure to the benefit of the Collateral Agent, for the benefit of the Lenders and their respective successors and assigns.

  • Assignment; Binding Effect; Benefit Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto (whether by operation of law or otherwise) without the prior written consent of the other parties. Subject to the preceding sentence, this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. Notwithstanding anything contained in this Agreement to the contrary, nothing in this Agreement, expressed or implied, is intended to confer on any person other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement.

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