Affiliate Exchange Right Clause Samples
The Affiliate Exchange Right clause grants a party the ability to transfer or assign its rights and obligations under the agreement to an affiliate, typically a company under common ownership or control. In practice, this means that if a business undergoes internal restructuring or wishes to shift contractual responsibilities to a subsidiary or parent company, it can do so without breaching the agreement or requiring the other party’s consent. This clause facilitates corporate flexibility and continuity, ensuring that business operations can adapt to organizational changes without unnecessary legal obstacles.
Affiliate Exchange Right. Any affiliate of the Depositor who certifies in writing that it is one, but not the Depositor itself, will have the right on any date to tender to the Trustee Certificates of a specified principal amount together with Call Warrants relating to a principal amount of Term Assets, and to receive in exchange Term Assets in an equal principal amount.
Affiliate Exchange Right. Any affiliate of the Depositor, but not the Depositor itself, will have the right on any date to tender to the Trustee Certificates of a specified principal amount and to receive in exchange (i) Term Assets in an amount equal to 103.23% of such principal amount and (ii) Treasury Obligations in a maturity amount equal to such principal amount.
Affiliate Exchange Right. Any affiliate of the Depositor who certifies in writing that it is one, but not the Depositor itself, will have the right on any date to tender to the Trustee Certificates of a specified principal amount and to receive in exchange (i) Term Assets in an amount equal to such principal amount and (ii) Treasury STRIPS in a maturity amount equal to such principal amount. If an affiliate of the Depositor purchases Certificates from a non-affiliate with the intention of exercising the affiliate exchange right with respect to such Certificates, the purchase price for such Certificates may be the sum of the Market Value of the Term Assets and Treasury STRIPS that such affiliate will receive upon the exercise of the affiliate exchange right. "Market Value" means the highest bid that such affiliate receives from at least two nationally recognized broker dealers for such amount of Term Assets and Treasury STRIPS.