No Attachment Binding on Successors Clause Example from Business Contracts

No Attachment Binding on Successors. (a)Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void, and of no effect. (b)FLIC shall require any successor or assignee, whether direct or indirect, by purchase, merger, c...onsolidation or otherwise, to all or substantially all the business or assets of FLIC, expressly and unconditionally to assume and agree to perform FLIC's obligations under this Agreement, in the same manner and to the same extent that FLIC would be required to perform if no such succession or assignment had taken place. View More