Common use of Effectiveness of Assignments Clause in Contracts

Effectiveness of Assignments. Subject to acceptance and recording thereof pursuant to Section 11.05(c) hereof, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Bank under this Agreement, and the assigning Bank thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Bank’s rights and obligations under this Agreement, such Bank shall cease to be a party hereto but shall continue to be entitled to the benefits of Section 5 hereof and Section 11.03 hereof). Any assignment or transfer by a Bank of rights or obligations under this Agreement that does not comply with this Section 11.05 shall be treated for purposes of this Agreement as a sale by such Bank of a participation in such rights and obligations in accordance with Section 11.05(e).

Effectiveness of Assignments. Subject to acceptance and recording thereof pursuant to Section 11.05(cparagraph (c) hereofbelow, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Bank Lender under this Agreement, and the assigning Bank Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning BankLender’s rights and obligations under this Agreement, such Bank Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Section 5 hereof and the rights referred to in Section 11.03 hereof11.07). Any assignment or transfer by a Bank Lender of rights or obligations under this Agreement that does not comply with this Section 11.05 11.06 shall be treated for purposes of this Agreement as a sale by such Bank Lender of a participation in such rights and obligations in accordance with Section 11.05(e)paragraph (e) below.