Common use of ASSUMPTION BY TRANSFEREE FUND Clause in Contracts

ASSUMPTION BY TRANSFEREE FUND. On the Novation Date for a Transaction or proportion of a Transaction, the Transferee Fund and Party C in its capacity as manager of that Fund are deemed to undertake to Party A that they will duly observe and perform and totally assume all the obligations of the Transferor Fund and Party C respectively under that Transaction or proportion of that Transaction, the time for performance of which is on or after the Novation Date as if the Transferee Fund had been named originally as a party to that Transaction or proportion of that Transaction instead of the Transferor Fund.