Assignment by the Bank. If at any time, by assignment or otherwise, the Bank transfers its rights in the Borrower's obligations hereunder and its rights in the security therefor, in whole or in part, such transfer shall carry with it the powers and rights of the Bank under this Agreement and the Collateral so transferred and the transferee shall become vested with such powers and rights whether or not they are specifically referred to in the instrument evidencing the transfer. If, and to the extent that the Bank retains such rights and Collateral, the Bank shall continue to have the rights and powers herein set forth with respect thereto. This Agreement shall be binding upon and inure to the benefit of the Bank, the Borrower, and their successors, assigns, heirs and personal representatives; provided, however, the rights and obligations of the Borrower hereunder are not assignable, delegable or transferable without the consent of the Bank. All of the rights of the Bank hereunder shall inure to the benefit of any participating bank or banks and its or their successors and assigns. The Bank shall have the unrestricted right at any time and from time to time, and without the consent of or notice to Borrower or any Guarantor, to grant to one or more banks or other financial institutions (each, a "Participant") participating interests in the Bank's obligation to lend hereunder and/or any or all of the Loans held by the Bank hereunder. In the event of any such grant by the Bank of a participating interest to a Participant, whether or not upon notice to the Borrower, the Bank shall remain responsible for the performance of its obligations hereunder and the Borrower shall continue to deal solely and directly with the Bank in connection with the Bank's rights and obligations hereunder. The Bank may furnish any information concerning the Borrower in its possession from time to time to prospective assignees and Participants, provided that the Bank shall require any such prospective assignee or Participant to agree in writing to maintain the confidentiality of such information.
Appears in 1 contract
Samples: Loan Agreement (Pennichuck Corp)
Assignment by the Bank. If Bank shall have the unrestricted right at any time or from time to time, by assignment or otherwise, the Bank transfers its rights in and without the Borrower's or any Guarantor's consent, to assign all or any portion of its rights and obligations hereunder to one or more banks or other financial institutions (each, an "Assignee"), and its rights in the security thereforBorrower and each Guarantor agrees that it shall execute, in whole or in partcause to be executed, such transfer shall carry with it the powers and rights of the Bank under documents, including without limitation, amendments to this Agreement and to any other documents, instruments and agreements executed in connection herewith as Bank shall deem necessary to effect the Collateral so transferred foregoing assignment to the Assignee provided the same does not modify the terms of the Loan other than to change the lender. In addition, at the request of Bank and any such Assignee, the Borrower shall issue one or more new promissory notes, as applicable, to any such Assignee and, if Bank has retained any of its rights and obligations hereunder following such assignment, to Bank, which new promissory notes shall be issued in replacement of, but not in discharge of, the liability evidenced by the promissory note held by Bank prior to such assignment and shall reflect the amount of the respective commitments and loans held by such Assignee and bank after giving effect to such assignment. Upon the execution and delivery of appropriate assignment documentation, amendments and any other documentation required by Bank in connection with such assignment, and the transferee shall become vested with such powers and rights whether or not they are specifically referred payment by Assignee of the purchase price agreed to in the instrument evidencing the transfer. Ifby Bank, and to the extent that the Bank retains such rights and CollateralAssignee, the Bank shall continue to have the rights and powers herein set forth with respect thereto. This Agreement such Assignee shall be binding upon a party to this Agreement and inure to the benefit shall have all of the Bank, the Borrower, and their successors, assigns, heirs and personal representatives; provided, however, the rights and obligations of Bank hereunder (and under any and all other guaranties, documents, instruments and agreements executed in connection herewith) to the extent that such rights and obligations have been assigned by Bank pursuant to the assignment documentation between Bank and such Assignee, and Bank shall be released from its obligations hereunder and thereunder to a corresponding extent. The Bank may furnish any information concerning the Borrower hereunder are not assignablein its possession from time to time to prospective Assignees, delegable or transferable without provided that Bank shall require any such prospective Assignees to agree in writing to maintain the consent confidentiality of the Bank. All of the rights of the Bank hereunder shall inure to the benefit of any participating bank or banks and its or their successors and assignssuch information. The Bank shall have the unrestricted right at any time and from time to time, and without the consent of or notice to the Borrower or any Guarantor, to grant to one or more banks or other financial institutions (each, a "Participant") participating interests in the Bank's obligation to lend hereunder and/or any or all of the Loans Loan held by the Bank hereunder. In the event of any such grant by the Bank of a participating interest to a Participant, whether or not upon notice to the Borrower, the Bank shall remain responsible for the performance of its obligations hereunder and the Borrower shall continue to deal solely and directly with the Bank in connection with the Bank's rights and obligations hereunder. The Bank may furnish any information concerning the Borrower in its possession from time to time to prospective assignees and Participants, provided that the Bank shall require any such prospective assignee or Participant to agree in writing to maintain the confidentiality of such information.
Appears in 1 contract
Samples: Loan Agreement (Pennichuck Corp)
Assignment by the Bank. The Bank may assign its rights and obligations under the Loan Documents with the prior consent of the Borrower which consent shall not be unreasonably withheld. If at any time, by permitted assignment or otherwise, the Bank transfers its rights in the Borrower's obligations hereunder and its rights in the security therefor, in whole or in part, such transfer shall carry with it the powers and rights of the Bank under this Agreement and the Collateral so transferred and the transferee shall become vested with such powers and rights whether or not they are specifically referred to in the instrument evidencing the transfer. If, and to the extent that the Bank retains such rights and Collateral, the Bank shall continue to have the rights and powers herein set forth with respect thereto. This Agreement shall be binding upon and inure to the benefit of the Bank, the Borrower, and their successors, permitted assigns, heirs and personal representatives; provided, however, the rights and obligations of the Borrower hereunder are not assignable, delegable or transferable without the consent of the Bank. All of the rights of the Bank hereunder shall inure to the benefit of any participating bank or banks and its or their successors and assigns. The Bank shall have the unrestricted right at any time and from time to time, and without the consent of or notice to Borrower or any Guarantor, to grant to one or more banks or other financial institutions (each, a "Participant") participating interests in the Bank's obligation to lend hereunder and/or any or all of the Loans Loan held by the Bank hereunder. In the event of any such grant by the Bank of a participating interest to a Participant, whether or not upon notice to the Borrower, the Bank shall remain responsible for the performance of its obligations hereunder and the Borrower shall continue to deal solely and directly with the Bank in connection with the Bank's rights and obligations hereunder. The Bank may furnish any information concerning the Borrower in its possession from time to time to prospective assignees and Participants, provided that the Bank shall require any such prospective assignee or Participant to agree in writing to maintain the confidentiality of such information.
Appears in 1 contract
Samples: Loan Agreement (Nashua Corp)
Assignment by the Bank. If The Bank shall have the unrestricted right at any time or from time to time, by assignment or otherwise, the Bank transfers its rights in and without the Borrower's or any guarantor's consent, to assign all or any portion of its rights and obligations hereunder to one or more banks or other financial institutions (each, an "Assignee"), and its rights in the security thereforBorrower and each guarantor agrees that it shall execute, in whole or in partcause to be executed, such transfer shall carry with it the powers and rights of the Bank under documents, including without limitation, amendments to this Agreement and to any other documents, instruments and agreements executed in connection herewith as Bank shall deem necessary to effect the Collateral so transferred foregoing assignment to the Assignee provided the same does not modify the terms of the Loan other than to change the lender. In addition, at the request of Bank and any such Assignee, the Borrower shall issue one or more new promissory notes, as applicable, to any such Assignee and, if Bank has retained any of its rights and obligations hereunder following such assignment, to Bank, which new promissory notes shall be issued in replacement of, but not in discharge of, the liability evidenced by the promissory note held by Bank prior to such <PAGE> 16 assignment and shall reflect the amount of the respective commitments and loans held by such Assignee and bank after giving effect to such assignment. Upon the execution and delivery of appropriate assignment documentation, amendments and any other documentation required by Bank in connection with such assignment, and the transferee shall become vested with such powers and rights whether or not they are specifically referred payment by Assignee of the purchase price agreed to in the instrument evidencing the transfer. Ifby Bank, and to the extent that the Bank retains such rights and CollateralAssignee, the Bank shall continue to have the rights and powers herein set forth with respect thereto. This Agreement such Assignee shall be binding upon a party to this Agreement and inure to the benefit shall have all of the Bank, the Borrower, and their successors, assigns, heirs and personal representatives; provided, however, the rights and obligations of Bank hereunder (and under any and all other guaranties, documents, instruments and agreements executed in connection herewith) to the extent that such rights and obligations have been assigned by Bank pursuant to the assignment documentation between Bank and such Assignee, and Bank shall be released from its obligations hereunder and thereunder to a corresponding extent. The Bank may furnish any information concerning the Borrower hereunder are not assignablein its possession from time to time to prospective Assignees, delegable or transferable without provided that Bank shall require any such prospective Assignees to agree in writing to maintain the consent confidentiality of the Bank. All of the rights of the Bank hereunder shall inure to the benefit of any participating bank or banks and its or their successors and assignssuch information. The Bank shall have the unrestricted right at any time and from time to time, and without the consent of or notice to the Borrower or any Guarantorguarantor, to grant to one or more banks or other financial institutions (each, a "Participant") participating interests in the Bank's obligation to lend hereunder and/or any or all of the Loans Loan held by the Bank hereunder. In the event of any such grant by the Bank of a participating interest to a Participant, whether or not upon notice to the Borrower, the Bank shall remain responsible for the performance of its obligations hereunder and the Borrower shall continue to deal solely and directly with the Bank in connection with the Bank's rights and obligations hereunder. The Bank may furnish any information concerning the Borrower in its possession from time to time to prospective assignees and Participants, provided that the Bank shall require any such prospective assignee or Participant to agree in writing to maintain the confidentiality of such information.
Appears in 1 contract
Assignment by the Bank. If at any time, by assignment or otherwise, the Bank transfers its rights in the Borrower's obligations hereunder and its rights in the security therefor, in whole or in part, such transfer shall carry with it the powers and rights of the Bank under this Agreement and the Collateral so transferred and the transferee shall become vested with such powers and rights whether or not they are specifically referred to in the instrument evidencing the transfer. If, and to the extent that the Bank retains such rights and Collateral, the Bank shall continue to have the rights and powers herein set forth with respect thereto. This Agreement shall be binding upon and inure to the benefit of the Bank, the Borrower, and their successors, assigns, heirs and personal representatives; provided, however, the rights and obligations of the Borrower hereunder are not assignable, delegable or transferable without the consent of the Bank. All of the rights of the Bank hereunder shall inure to the benefit of any participating bank or banks and its or their successors and assigns. The Bank shall have the unrestricted right at any time and or from time to time, and without the consent of or notice to Borrower Borrower's or any Guarantor's consent, to grant assign all or any portion of its rights and obligations hereunder to one or more banks or other financial institutions (each, a an "ParticipantAssignee") participating interests ), and the Borrower and each Guarantor agrees that it shall execute, or cause to be executed, such documents, including without limitation, amendments to this Agreement and to any other documents, instruments and agreements executed in connection herewith as the Bank shall deem necessary to effect the foregoing. In addition, at the request of the Bank and any such Assignee, the Borrower shall issue one or more new promissory notes, as applicable, to any such Assignee and, if the Bank has retained any of its rights and obligations hereunder following such assignment, to the Bank's obligation to lend hereunder and/or any or all of , which new promissory notes shall be issued in replacement of, but not in discharge of, the Loans liability evidenced by the promissory note held by the Bank hereunder. In prior to such assignment and shall reflect the event amount of any the respective commitments and loans held by such grant by Assignee and the Bank after giving effect to such assignment. Upon the execution and delivery of a participating interest to a Participantappropriate assignment documentation, whether or not upon notice to the Borrower, the Bank shall remain responsible for the performance of its obligations hereunder amendments and the Borrower shall continue to deal solely and directly with any other documentation required by the Bank in connection with such assignment, and the payment by Assignee of the purchase price agreed to by the Bank's , and such Assignee, such Assignee shall be a party to this Agreement and shall have all of the rights and obligations hereunder. The of the Bank may furnish hereunder (and under any information concerning and all other guaranties, documents, instruments and agreements executed in connection herewith) to the Borrower in its possession from time extent that such rights and obligations have been assigned by the Bank pursuant to time to prospective assignees the assignment documentation between the Bank and Participantssuch Assignee, provided that and the Bank shall require any such prospective assignee or Participant be released from its obligations hereunder and thereunder to agree in writing to maintain the confidentiality of such informationa corresponding extent."
Appears in 1 contract
