Assignment to Financing Entities Sample Clauses
The "Assignment to Financing Entities" clause allows a party to transfer its rights or interests under the agreement to banks, lenders, or other financial institutions, typically as part of securing financing. In practice, this means that if a party needs to obtain a loan or other financial support, it can assign its contractual rights—such as payment streams or receivables—to the financing entity without requiring the other party's consent. This clause facilitates access to funding by making it easier for parties to use their contractual rights as collateral, thereby addressing the need for flexibility in financial arrangements and supporting project or business financing.
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Assignment to Financing Entities. Owner may, without Contractor’s prior consent but upon five (5) days prior Notice to Contractor, make a collateral assignment of all or part of its right, title, and interest in this Agreement to any Financing Entity. Any such Financing Entity may further sub-assign all or any portion of Owner’s rights and obligations hereunder to Owner or any Affiliate of Owner. Any Financing Entity may, in connection with any default under any financing document related to the Project, assign any rights assigned to it hereunder to any Person without the consent of Contractor or Owner. Contractor agrees that, upon receipt of written notice of such permitted assignment, it shall deliver all documents, data, Notices, and other communications required to be delivered to Owner hereunder to Owner and to the Financing Entities or to any other permitted assignee at such address as such Persons shall designate to Contractor in writing.
Assignment to Financing Entities. Owner may, without Contractor’s prior consent but upon five (5) days prior Notice to Contractor, make a collateral assignment of all or part of its right, title, and interest in this Agreement to any Financing Entity. Any such Financing Entity may further sub-assign all or any portion of Owner’s rights and obligations hereunder to Owner or any Affiliate of Owner in connection with any financing or refinancing related to the development, construction, operation and maintenance of the Project. Contractor acknowledges that the Financing Parties may under certain circumstances assume the interests and rights of Owner under the Contract Documents, and that the Financing Parties may under certain circumstances foreclose upon and sell, or cause Owner to sell or lease the Project and cause any new lessee or purchaser of the Project to assume all of the interests, rights and obligations of Owner arising under the Contract Documents. In such event, Contractor hereby agrees to the assignment by Owner and the Financing Parties of the Contract Documents and its rights herein to such purchaser or lessee. Contractor agrees that, upon receipt of written notice of such permitted assignment, it shall deliver all documents, data, Notices, and other communications required to be delivered to Owner hereunder to Owner and to the Financing Entities or to any other permitted assignee at such address as such Persons shall designate to Contractor in writing.