Common use of Rights and Obligations of Assignee; Release of Assignor Clause in Contracts

Rights and Obligations of Assignee; Release of Assignor. (a) From and after the Settlement Date, the Assignee shall be entitled to all rights, powers and privileges of the Assignor and shall perform all of the duties and obligations of the Assignor under the Loan Agreement and the other Loan Documents, to the extent of the Assigned Shares, including without limitation (i) the right to receive all payments in respect of the Assigned Shares which are unpaid on the Settlement Date or become payable from and after the Settlement Date, whether on account of principal, interest, fees, indemnities, increased costs, additional amounts or otherwise, (ii) the right to vote and to instruct the Agent under the Loan Agreement to the extent of the Assigned Shares, (iii) the right to set off and to appropriate and apply deposits of the Canadian Borrower as set forth in the Loan Agreement or any other Loan Document, (iv) the right to receive notices, requests, demands and other communications from the Agent and/or any other party required to give notices, requests, demands or other communications, (v) the obligation to fund all payments required to be made by a Lender holding an Assigned Share, and (vi) the obligation to provide to the Agent any withholding tax forms and other information prescribed by the applicable taxation authority certifying as to the Assignee's status for purposes of determining exemption from withholding taxes with respect to all payments to be made to the Assignee under the Loan Agreement or such other documents as are necessary to indicate that all such payments are subject to such rates at a rate reduced by an applicable tax treaty. From and after the Settlement Date, the Assignor shall be released from all duties and obligations under the Loan Agreement and all other Loan Documents to the extent of the Assigned Shares.

Appears in 2 contracts

Samples: Assignment and Assumption Agreement (Intertan Inc), Assignment and Assumption Agreement (Intertan Inc)

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Rights and Obligations of Assignee; Release of Assignor. (a) From and after the Settlement Date, the Assignee shall be entitled to all rights, powers and privileges of the Assignor of, and shall perform all of the duties and obligations of of, the Assignor under the Loan Credit Agreement and the other Loan Documentsall related documents, to the extent of the Assigned SharesShare, including without limitation (i) the right to receive all payments in respect of the Assigned Shares Share which are unpaid on the Settlement Date or become payable from and after the Settlement Date, whether on account of principal, interest, fees, indemnities, increased costs, additional amounts or otherwise, (ii) the right to vote and to instruct the Agent under the Loan Credit Agreement to the extent of the Assigned SharesShare, (iii) the right to set off and to appropriate and apply deposits of the Canadian Borrower (and any other obligor) as set forth in the Loan Credit Agreement or any other Loan Documentrelated document, (iv) the right to receive notices, requests, demands and other communications from the Agent Agent, the Borrower and/or any other party required to give notices, requests, demands or other communications, (v) the obligation to fund all payments required to be made by a Lender lender holding an the Assigned Share, Share [and (vi) the obligation to provide to the Agent any withholding tax forms and other information prescribed by the applicable taxation authority Internal Revenue Service of the United States certifying as to the Assignee's status for purposes of determining exemption from United States withholding taxes with respect to all payments to be made to the Assignee under the Loan Credit Agreement or such other documents as are necessary to indicate that all such payments are subject to such rates at a rate reduced by an applicable tax treatytreaty.]/5 The Assignor will deliver to the Assignee any notice of borrowing received by the Assignor on or after the Contract Date but before the Settlement Date if the borrowing date specified in such notice is on or after the Settlement Date. From and after the Settlement Date, the Assignor shall be released from all duties and obligations under the Loan Credit Agreement and all other Loan Documents related documents to the extent of the Assigned SharesShare.

Appears in 1 contract

Samples: Credit Agreement (Wickes Lumber Co /De/)

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Rights and Obligations of Assignee; Release of Assignor. (a) From and after the Settlement Date, the Assignee shall be entitled to all rights, powers and privileges of the Assignor of, and shall perform all of the duties and obligations of of, the Assignor under the Loan Credit Agreement and the other Loan Documentsall related documents, to the extent of the Assigned SharesShare, including without limitation (i) the right to receive all payments in respect of the Assigned Shares Share which are unpaid on the Settlement Date or become payable from and after the Settlement Date, whether on account of principal, interest, fees, indemnities, increased costs, additional amounts or otherwise, (ii) the right to vote and to instruct the Agent under the Loan Credit Agreement to the extent of the Assigned SharesShare, (iii) the right to set off and to appropriate and apply deposits of the Canadian Borrower (and any other obligor) as set forth in the Loan Credit Agreement or any other Loan Documentrelated document, (iv) the right to receive notices, requests, demands and other communications from the Agent Agent, the Borrower and/or any other party required to give notices, requests, demands or other communications, (v) the obligation to fund all payments required to be made by a Lender lender holding an the Assigned Share, Share [and (vi) the obligation to provide to the Agent any withholding tax forms and other information prescribed by the applicable taxation authority Internal Revenue Service of the United States certifying as to the Assignee's status for purposes of determining exemption from United States withholding taxes with respect to all payments to be made to the Assignee under the Loan Credit Agreement or such other documents as are necessary to indicate that all such payments are subject to such rates at a rate reduced by an applicable tax treaty.] (1) The Assignor will deliver to the Assignee any notice of borrowing received by the Assignor on or after the Contract Date but before the Settlement Date if the borrowing date specified in such notice is on or after the Settlement Date. From and after the Settlement Date, the Assignor shall be released from all duties and obligations under the Loan Credit Agreement and all other Loan Documents related documents to the extent of the Assigned SharesShare.

Appears in 1 contract

Samples: Credit Agreement (Riverside Group Inc/Fl)

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