Removal Upon Assignment Clause Samples

The Removal Upon Assignment clause establishes the conditions under which a party must remove certain obligations, rights, or interests from an agreement if they assign their position to another party. Typically, this clause applies when a party transfers its contractual rights or duties to a third party, requiring the original party to ensure that specific provisions—such as guarantees, security interests, or personal undertakings—are released or terminated upon assignment. Its core practical function is to prevent lingering liabilities or obligations for the original party after an assignment, thereby ensuring a clean transfer and reducing the risk of future disputes.
Removal Upon Assignment. If the Operator assigns part of its Working Interest (excluding an interest assigned to an Affiliate) and the assignment reduces the Operator’s Working Interest to less than the Working Interest of a Non-Operating Party, whether accomplished by one or more assignments, then the removal of the Operator requires approval by Vote.
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Removal Upon Assignment. 4.4.2 Removal for Cause by Vote . . . . . . . . . . . . . . . . . . 4.5
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Removal Upon Assignment. If the Operator assigns a ten percent (10%) or greater Working Interest in a Designated Prospect (excluding any interest assigned to an Affiliate) which reduces the Operator's Working Interest in the Designated Prospect to less than the Working Interest of another Non-Operating Party (and in Mobil s case, the combined Mobil ownership), whether accomplished by single or multiple assignments, then the Operator may be removed by vote of the Parties as a General Matter. Provided however, the Operator shall not be removed solely on the basis of a reduced Working Interest when the reduced Working Interest is equal to or larger than the next largest Working Interest of a Party (and in Mobil s case, the combined Mobil ownership) in the Designated Prospect.
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Related to Removal Upon Assignment

  • Non-Assignment PROVIDER shall neither assign its rights nor delegate its duties under this Agreement without the prior written consent of A&M System.

  • Disclosure upon assignment and novation You hereby consent, in connection with any, or any proposed, novation, assignment, transfer or sale of any of our rights and/or obligations with respect to or in connection with your card account(s) and any facilities and services available in connection with the card to any novatee, assignee, transferee, purchaser or any other person participating or otherwise involved in such, or such proposed, transaction, to the disclosure, to any such person, by us, of any and all information relating to you, your card account(s) with us, this agreement and any security, guarantee and assurance provided to secure your obligations thereunder and any other information whatsoever which may be required in relation thereto.

  • Assignment, Etc The Holder may assign or transfer this Note to any transferee at its sole discretion. This Note shall be binding upon the Company and its successors and shall inure to the benefit of the Holder and its successors and permitted assigns.

  • Non-Assignment of Agreement The Grantee may not assign, sublicense or otherwise transfer its rights, duties or obligations under this Agreement without the prior written consent of the Division, which shall not unreasonably be withheld. The agreement transferee must demonstrate compliance with the requirements of the project. If the Division approves a transfer of the Grantee’s obligations, the Grantee shall remain liable for all work performed and all expenses incurred in connection with this Agreement. In the event the Legislature transfers the rights, duties and obligations of the Division to another governmental entity, pursuant to Section 20.06, Florida Statutes or otherwise, the rights, duties and obligations under this Agreement shall be transferred to the succeeding governmental agency as if it was the original party to this Agreement.

  • Transfer/Assignment (A) Subject to compliance with clause (B) of this Section 7, this Warrant and all rights hereunder are transferable, in whole or in part, upon the books of the Company by the registered holder hereof in person or by duly authorized attorney, and a new warrant shall be made and delivered by the Company, of the same tenor and date as this Warrant but registered in the name of one or more transferees, upon surrender of this Warrant, duly endorsed, to the office or agency of the Company described in Section 3. All expenses (other than stock transfer taxes) and other charges payable in connection with the preparation, execution and delivery of the new warrants pursuant to this Section 7 shall be paid by the Company. (B) The transfer of the Warrant and the Shares issued upon exercise of the Warrant are subject to the restrictions set forth in Section 4.4 of the Purchase Agreement. If and for so long as required by the Purchase Agreement, this Warrant shall contain the legends as set forth in Section 4.2(a) of the Purchase Agreement.