Template:Nutshell GMRA 16

16. Non assignability; Termination

(a) No assignment: Neither party may assign, charge or otherwise deal with its rights or obligations under this Agreement without the other party’s prior written consent. This Agreement and any Transactions will bind and confer rights on the parties and their respective successors and assigns.

(b) Assignment on default: Notwithstanding 16 (a) parties may assign, charge or otherwise deal with their interests in any sum payable to it upon an Event of Default under paragraph 10(c) or 10(f).

(c) Termination by notice: Either party may terminate this Agreement upon written notice to the other. However, such termination will not affect outstanding Transactions.

(d) The parties’ remedies under this Agreement will survive its Termination.

(e) If any new state joins the European Union after 1 January 1999 that will not alter the terms of this Agreement or any Transaction, nor give rise to any unilateral termination or alteration rights that the parties did not already have.