Common use of Conditions to Assignment Clause in Contracts

Conditions to Assignment. The following shall apply if any party assigns its interest, by law or agreement. No assignment, other than to a lender as collateral security, shall be effective unless and until the assignee assumes in writing or by law (i.e., merger or otherwise) all of the obligations of the assignor under this Agreement. Such assignment shall not relieve the assignor of its obligations under this Agreement.