Common use of Unassignable Assets Clause in Contracts

Unassignable Assets. Notwithstanding anything else in this Agreement to the contrary, this Agreement shall not constitute an agreement to assign or transfer any Assets or part thereof or any rights or benefits arising thereunder or resulting therefrom if an attempted assignment or transfer thereof, without the Consent of a third party thereto, would constitute a breach thereof, or make Buyer, Seller or any of their respective Affiliates liable for damages or other penalties thereunder. If such Consent is not obtained, or if an attempted assignment thereof would be ineffective or would affect the rights of Buyer or Seller so that Buyer would not in fact receive all such rights, Seller (i) shall cooperate with Buyer, at Buyer's request, in endeavoring to obtain such Consent and (ii) if any such Consent is unobtainable, shall hold any such Asset or part thereof in trust for Buyer and shall cooperate with Buyer in an arrangement designed to provide to Buyer, at Seller's expense, the benefits and liabilities following Closing with respect to any such Asset or part thereof or any right or benefit arising thereunder or resulting therefrom, including enforcement for the benefit of Buyer of any and all rights of Seller against a third party arising out of the breach or cancellation by such third party or otherwise. Nothing in this Section 12.07 shall be deemed to waive or to require Buyer to waive any of the conditions to Closing relating to obtaining Consents from third parties, or to relieve the Seller of its obligation to obtain prior to closing the Consents otherwise required by this Agreement. Buyer and Seller shall from time to time after the Closing execute and deliver to the other such further instruments and other written assurances and documents as may be reasonably required in order to perfect the transfer of any of the Assets to Buyer, or to ensure that Buyer is entitled to the benefits of the Assets.

Appears in 1 contract

Sources: Asset Purchase Agreement (E Centives Inc)

Unassignable Assets. Notwithstanding anything else in this Agreement to the contrary, this Agreement shall not constitute an agreement to assign or transfer any Acquired Assets or part thereof or any rights or benefits benefit arising thereunder or resulting therefrom if an attempted assignment or transfer thereof, without the Consent consent of a third party thereto, would constitute a breach thereof, or make Buyer, Seller or any of their respective Affiliates liable for damages or other penalties thereunder. If such Consent consent is not obtained, or if an attempted assignment thereof would be ineffective or would affect the rights of Buyer or Seller so that Buyer would not in fact receive all such rights, Seller (i) shall cooperate with Buyer, at Buyer's request, in endeavoring to obtain such Consent consent and (ii) if any such Consent consent is unobtainable, shall hold any such Acquired Asset or part thereof in trust for Buyer and shall cooperate with Buyer in an arrangement designed to provide to Buyer, at Seller's expense, the benefits and liabilities following Closing with respect to any such Acquired Asset or part thereof or any right or benefit arising thereunder or resulting therefrom, including enforcement for the benefit of Buyer of any and all rights of Seller against a third party arising out of the breach or cancellation by such third party or otherwise. Nothing in this Section 12.07 6(g) shall be deemed to waive or to require Buyer to waive any of the conditions to Closing relating to obtaining Consents consents from third parties, or to relieve the Seller of its obligation to obtain prior to closing the Consents consents otherwise required by this Agreement. Buyer and Seller shall from time to time after the Closing execute and deliver to the other such further instruments and other written assurances and documents as may be reasonably required in order to perfect the transfer of any of the Acquired Assets to Buyer, or to ensure that Buyer is entitled to the benefits of the Acquired Assets.

Appears in 1 contract

Sources: Asset Purchase Agreement (E Centives Inc)