Successors Clause Example from Business Contracts

Successors. (a) This Agreement is personal to the Executive and shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive's legal representatives. (b) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and permitted assigns. (c) The Company and NOV will require any successor (whether direct or indirect, by purchase, merger, consolidation... or otherwise) to all or substantially all of the business and/or assets of the Company or NOV to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company and/or NOV, as the case may be, would be required to perform it if no such succession had taken place. As used in this Agreement, "Company" and "NOV" shall mean the Company and NOV, respectively, as hereinbefore defined and any successor to their business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise. View More