Common use of Assignment; Participations Clause in Contracts

Assignment; Participations. (a) BNY may assign any or all of the Obligations and may transfer therewith any or all of the Collateral therefor in accordance with the provisions of the Affiliate Loan Agreements and the transferee shall have the same rights with respect thereto as had BNY. Upon such transfer, BNY shall be released from all responsibility for the Collateral so transferred. (b) BNY may from time to time sell or otherwise grant participations in any of the Obligations in accordance with the provisions of the Affiliate Loan Agreements and the holder of any such participation shall, subject to the terms of any agreement between BNY and such holder, be entitled to the same benefits with respect to any Collateral for the Obligations in which such holder is a participant as BNY. Obligor agrees that each such holder may exercise any and all rights of banker's lien, set-off and counterclaim with respect to its participation in the Obligations as fully as though Obligor were directly indebted to such holder in the amount of such participation.