Transfers Prohibited Without Consent. Except for Permitted Transfers (as defined below), this Note shall not be transferable, negotiable or assignable otherwise than by the operation of law without the prior written consent of Maker, and any purported transfer, negotiation or assignment of this Note without the prior written consent of Maker shall be void and of no force or effect. The term "Permitted Transfers" shall mean transfers between Holder and its Subsidiaries.
Appears in 2 contracts
Sources: Bridge Loan and Security Agreement (Eltrax Systems Inc), Bridge Loan and Security Agreement (Eltrax Systems Inc)