Assigned Contract definition
Examples of Assigned Contract in a sentence
The Company will secure all consents and approvals necessary or appropriate for the assignment to or for the benefit of the Secured Party of the Assigned Contract and to enforce the security interests granted hereunder.
The Assigned Contract is in full force and effect and no default by the Company or, to the knowledge of the Company, any other party thereto currently exist thereunder as of the date hereof.
The Grantors shall give to the Secured Party prompt notice of (i) each material demand or material notice received or given by either Grantor relating to the Assigned Contract, and (ii) any default or event which, with the giving of notice or the passage of time or both, might reasonably be expected to become a default under the Assigned Contract, whether by the Company or any other Person, and of which either Grantor has knowledge or has received notice.
Upon the request of the Secured Party after the occurrence and during the continuation of an Event of Default, the Company shall notify the parties to the Assigned Contract that the Assigned Contract has been assigned to the Secured Party and that payments in respect thereof shall be made directly to the Secured Party.
The Assigned Contract has been duly executed and delivered by the Company and each other party thereto and is the legally valid and binding obligation of each party thereto, enforceable against such party in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.