Common use of Transfer of Indebtedness Clause in Contracts

Transfer of Indebtedness. A. This Agreement is for the benefit of Lender and for such other person or persons as may from time to time become or be the holders of any of Borrower's Indebtedness hereby guaranteed and this Agreement shall be transferrable and negotiable, with the same force and effect and to the same extent as Borrower's Indebtedness may be transferrable, it being understood that, upon the transfer or assignment by Lender of any of Borrower's Indebtedness hereby guaranteed, the legal holder of such Indebtedness shall have all of the rights granted to Lender under this Agreement. B. Each Guarantor hereby recognizes and agrees that Lender may, from time to time, one or more times, transfer any portion (but not all) of Borrower's Indebtedness to one or more third parties provided that the Lender retains a portion of the Indebtedness. Such transfers may include, but are not limited to, sales of a participation interest in such Indebtedness in favor of one or more third party lenders, provided that the Lender remains the lead or agent bank. Each Guarantor specifically agrees and consents to all such transfers and assignments and each Guarantor further waives any subsequent notice of and right to consent to any such transfers and assignments as may be provided under applicable Louisiana law. Each Guarantor additionally agrees that the purchaser of a participation interest in Borrower's Indebtedness will be considered as the absolute owner of a percentage interest of such Indebtedness and that such a purchaser will have all of the rights granted to the purchaser under any participation agreement governing the sale of such a participation interest.

Transfer of Indebtedness. A. This Agreement is for the benefit of Lender and for such other person or persons as may from time to time become or be the holders of any of Borrower's Indebtedness hereby guaranteed and this Agreement shall be transferrable and negotiable, with the same force and effect and to the same extent as Borrower's Indebtedness may be transferrable, it being understood that, upon the transfer or assignment by Lender of any of Borrower's Indebtedness hereby guaranteed, the legal holder of such Indebtedness shall have all of the rights granted to Lender under this Agreement. B. Each Guarantor Grantor hereby recognizes and agrees that Lender may, from time to time, one Xxxxxx may assign all or more times, transfer any portion (but not all) of Borrower's the Indebtedness to one or more third parties provided that the Lender retains a portion of the Indebtednessparty creditors. Such transfers may include, but are not limited to, sales of a participation interest interests in such Indebtedness in favor of one or more third party lenders, provided that the Lender remains the lead or agent bankIndebtedness. Each Guarantor Grantor specifically agrees and consents to all such transfers and assignments and each Guarantor further waives any subsequent notice of and right to consent to any such transfers and assignments as may be provided for under applicable Louisiana law. Each Guarantor Grantor further agrees that, upon any transfer of all or any portion of the Indebtedness, Lender may transfer and deliver any of the collateral securing repayment of the Indebtedness (including, but not limited to, the aforesaid Note) to the transferee of such Indebtedness, and such transfers shall not affect the priority and ranking of the Collateral Mortgage, and such collateral shall secure any and all present and/or future Indebtedness in favor of such a transferee in principal, interest, costs, expenses, attorneys' fees and other fees and charges. Grantor additionally agrees that that, after any such transfer has taken place, Lender shall be fully discharged from any and all liability and responsibility to Grantor with respect to any collateral so transferred, and the purchaser of a participation interest in Borrower's Indebtedness will transferee thereafter shall be considered as the absolute owner of a percentage interest of such Indebtedness and that such a purchaser will have vested with all of the powers and rights granted with respect to such transferred collateral, with Xxxxxx retaining all powers and rights with respect to any of the purchaser under any participation agreement governing the sale of such a participation interestpledged collateral that is not transferred to another party.

Transfer of Indebtedness. A. This Agreement is for the benefit of Lender and for such other person or persons as may from time to time become or be the holders of all or any part of Borrower's Indebtedness hereby guaranteed and this the Indebtedness. This Agreement shall be transferrable and negotiable, negotiable with the same force and 5 09-11-1996 COMMERCIAL GUARANTY PAGE 5 LOAN NO. (CONTINUED) =============================================================================== effect and to the same extent as Borrower's the Indebtedness may be transferrable, ; it being understood and agreed to by Guarantor that, upon the any transfer or assignment by Lender of all or any part of Borrower's Indebtedness hereby guaranteedthe Indebtedness, the legal holder of such Indebtedness shall have all of the rights and remedies granted to Lender under this Agreement. B. Each . Guarantor hereby recognizes and further agrees that Lender maythat, from time to time, one upon any transfer of all or more times, transfer any portion (but not all) of Borrower's Indebtedness to one or more third parties provided that the Lender retains a portion of the Indebtedness. Such transfers , Lender may includetransfer and deliver any and all collateral securing repayment of such Indebtedness (including, but are not limited to, sales any collateral provided by Guarantor) to the transferee of a participation interest in such Indebtedness, and such collateral shall secure any and all of the Indebtedness in favor of one or more third party lenders, provided that the Lender remains the lead or agent banksuch a transferee. Each Guarantor specifically agrees and consents to all such transfers and assignments and each Guarantor further waives any subsequent notice of and right to consent to any such transfers and assignments as may be provided under applicable Louisiana law. Each Guarantor additionally agrees that that, after any such transfer or assignment has taken place, Lender shall be fully discharged from any and all liability and responsibility to Borrower and Guarantor with respect to such collateral, and the purchaser of a participation interest in Borrower's Indebtedness will transferee thereafter shall be considered as vested with all the absolute owner of a percentage interest of powers and rights with respect to such Indebtedness and that such a purchaser will have all of the rights granted to the purchaser under any participation agreement governing the sale of such a participation interestcollateral, except for gross negligence or willful misconduct.