Required Assignment Clause Samples
A Required Assignment clause obligates one party to transfer or assign certain rights, interests, or obligations under a contract to another party, typically upon the occurrence of specific events or conditions. In practice, this may mean that if a company is acquired or merges with another entity, it must assign its contractual rights or duties to the new entity, or that certain intellectual property developed during a project must be assigned to the client. The core function of this clause is to ensure continuity and clarity regarding who holds contractual rights or responsibilities, thereby preventing disputes or gaps in obligations if circumstances change.
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Required Assignment. In connection with any Sale of the Inn which includes a transfer of Lessor's and/or Lessee's title in the Site and/or the Inn, Lessor and Lessee agree that the successors to their respective titles in the Site and/or the Inn shall also assume their respective rights and obligations under this Agreement and shall cause such successor(s) to assume such rights and obligations pursuant to an assumption of this Agreement reasonably acceptable to Manager.
Required Assignment. In connection with any Sale of the Hotel which includes a transfer of Landlord’s and/or Tenant’s title in the Site and/or the Hotel, Landlord and Tenant agree that the successors to their respective titles in the Site and/or the Hotel shall also assume their respective rights and obligations under this Agreement and shall cause such successor(s) to assume such rights and obligations pursuant to an assumption of this Agreement reasonably acceptable to Manager.
Required Assignment. Upon the consummation of the initial public ------------------- offering of the shares of WHC as currently contemplated for at least Twenty Five Million Dollars ($25,000,000), the initial Tenant named herein shall be required to assign its interest under this Agreement, directly or indirectly, to a corporate subsidiary of WHC, wholly owned by WHC. Simultaneously with the foregoing assignment, Wyndham shall execute and deliver to Landlord the Stock Pledge Agreement, which pledge Landlord agrees to subordinate to the lien of a Lending Institution as provided in this Agreement.
Required Assignment. 57 ARTICLE 17: ESTOPPEL CERTIFICATES AND FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
Required Assignment. In connection with any Hotel Transfer which includes a transfer of Landlord’s or Tenant’s title in the Leased Premises, Landlord and Tenant will cause the successors to their respective titles in the Leased Premises to assume their respective rights and obligations under this Agreement under an assumption agreement reasonably acceptable to Manager and the applicable successor entity.
Required Assignment. The Assignee acknowledges and agrees that the Assignor or Strata Corporation may require, upon 30 days' written notice, the Assignee to assign the Stall to another leasehold owner of a Strata Lot in exchange for a Resident Stall which is not an Electric Vehicle Stall or a Handicap Stall. The Assignee agrees to execute an assignment of the Stall in the form of this Assignment at the end of the notice period upon the condition that the Assignee receives in exchange an assignment of a Resident Stall in the building which is not an Electric Vehicle Stall or a Handicap Stall. The exchange of parking stalls shall be without compensation and in accordance with the terms of the Parking Lease and the bylaws of the Strata Corporation. Notwithstanding the foregoing, the Assignee acknowledges and agrees that such notice may only be given by the Strata Corporation if:
a. The Assignee or a full-time occupant of the Strata Lot is not the registered owner or lessee of an electric vehicle or the Assignee or a full-time occupant of the Strata Lot does not hold a permanent disability handicap parking pass obtained by formal application approved by a medical doctor (a "Parking Pass"); and
b. The owner or full-time occupant of another Strata Lot requesting an Electric Vehicle Stall is the register owner or Lessee of an electric vehicle but does not hold an Electric Vehicle Stall partial assignment of the Parking Lease or the owner or full-time occupant of another Strata Lot requesting a Handicap Stall is the holder of a Parking Pass but does not hold a Handicap Stall partial assignment of the Parking Lease.
Required Assignment. The Company may, at its sole expense, upon notice to an Impacted Bank and the Agent or the Agent, upon notice to the Impacted Bank and the Company and at the sole expense of the Company, require that Impacted Bank to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 11.05), all its interests, rights and obligations under the Basic Documents to an assignee that shall assume such obligations (which assignee may be another Bank, if a Bank accepts such assignment); provided that such Impacted Bank shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company (in the case of all other amounts) less any amount then owed by the Impacted Bank hereunder.