Assignment Participations Etc Clause Samples
The "Assignment; Participations; Etc" clause governs the rights and procedures for transferring or sharing a party's interests or obligations under the agreement. Typically, it outlines whether and how a party may assign its rights, delegate its duties, or allow third parties to participate in the contract, often requiring prior written consent from the other party or imposing certain conditions. This clause ensures that all parties maintain control over who may become involved in the agreement, thereby protecting their interests and preventing unwanted or unapproved transfers of contractual rights or responsibilities.
Assignment Participations Etc. (a) Lender may, with the written consent of the Company (which consent shall be obtained prior to Lender's delivery of any information (including financial information) to any Assignee (as hereinafter defined) relating to an assignment of Lender's rights and obligations under the Loan Documents, at all times other than during the existence of an Event of Default, which consent shall not be unreasonably withheld, at any time assign and delegate to one or more person or entity (provided, that, no written consent of the Company shall be required in connection with any assignment and delegation by Lender to an Affiliate of Lender) (each an "Assignee") all (but no less than all) of its interest in the Loan and the other rights and obligations of Lender hereunder, provided, however, that, the Company may continue to deal solely and directly with Lender in connection with the interest so assigned to an Assignee until written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee shall have been given to the Company by Lender and the Assignee.
(b) From and after the date that Lender notifies the Company of such assignment and the Company consents to such assignment, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it by Lender, shall have the rights and obligations of Lender under the Loan Documents, and (ii) the Lender shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such assignment, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Immediately after compliance with the conditions contained in Sections 9.6(a) and (b) with respect to Lender making an assignment or delegation to an eligible Assignee, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Loan arising therefrom.
Assignment Participations Etc. Conditions to Assignment by Lenders.
Assignment Participations Etc