Novation of Participation Agreement and Fee Letter Clause Samples

Novation of Participation Agreement and Fee Letter. (a) Ark Pacific hereby assigns, transfers and conveys to the Incoming Party all of Ark Pacific’s rights, title and interest in, to and under each of the Participation Agreement and the Fee Letter in accordance with the respective terms thereof, as of the date of this Agreement (the “Effective Date”). (b) The Incoming Party hereby agrees to assume and perform all of Ark Pacific’s obligations, liabilities and duties under each of the Participation Agreement and the Fee Letter arising from and after the Effective Date, pursuant and subject to the terms of each of the Participation Agreement and the Fee Letter. (c) Each of Grantor, Participant and the Incoming Party agrees to continue to perform the Participation Agreement and the Fee Letter (as applicable) and be bound by its terms in every way as if the Incoming Party were the original party to each of the Participation Agreement and the Fee Letter in place of Ark Pacific. (d) Each of Grantor and Participant irrevocably and unconditionally releases Ark Pacific from all liability and obligations under each of the Participation Agreement and the Fee Letter, and Ark Pacific irrevocably and unconditionally releases Grantor and Participant from all liability and obligations under the each of the Participation Agreement and the Fee Letter, in each case arising from and after the Effective Date.