Common use of Types of assignment Clause in Contracts

Types of assignment. Three types of assignment of Storage Services are possible: a) assignment through OTC: (i) assignment with release of rights and obligations: this means that all rights and obligations (including all payment obligations) of the assigned Storage Services are transferred during the period of the assignment and that the assignee is liable in full for adhering to all obligations that are associated with the Storage Services being assigned. (ii) assignment without release of rights and obligations: this means that assignor and assignee both remain liable during the period of the assignment. In case the assignee fails to fulfil its obligations that relate to the assigned Storage Service(s), then the assignor shall be held jointly liable for adhering to these obligations. b) assignment through Secondary Market Platform with partial release: this means an assignment as described in a) (i) here-above except that (1) the assignor remains liable towards the Storage Operator for payment of all Service Fees to the Storage Operator and (2) the assignee shall become liable for all other obligations (amongst others Commodity Element and the Settlement Fees) linked to the relevant part and duration of the SCFA.