Common use of Binding of Successors Clause in Contracts

Binding of Successors. This Agreement shall be binding upon and inure to the benefit of the legal representatives, successors and assigns of the parties. Neither party may assign its obligations without first obtaining the written consent of the other to such assignment, which consent shall not be unreasonably withheld; provided, however, that no such consent shall be required in the event that all or substantially all of the assets of a party are acquired by another person or in the event that a party is merged, consolidated or reorganized with another person; further provided, however, that in the event of such acquisition, merger, reorganization, stock transfer, corporate restructuring, or consolidation, the surviving entity shall assume the obligations of this Agreement. Nothing contained in this Section shall in any way prevent either party from pledging or mortgaging its rights hereunder for security of its indebtedness.