02A Assignment and Assumption Clause Samples

02A Assignment and Assumption. (a) In consideration of the Borrower's acceptance of the obligations of the Original Borrower under this Agreement and the other Transaction Documents the sufficiency of which is hereby acknowledged, effective on the Effectiveness Date, the Original Borrower hereby assigns to the Borrower, without recourse, and the Borrower hereby accepts and assumes all of the Original Borrower's rights and obligations under this Agreement and the other Transaction Documents. (b) From and after the Effectiveness Date, (i) the Borrower shall be a party to and be bound by all of the terms of this Agreement and the other Transaction Documents and shall have the rights and obligations (including, without limitation, with respect to Advances and the pledge of Student Loans financed hereunder) of the Borrower thereunder and (ii) the Original Borrower shall relinquish its rights and be released from its obligations under this Agreement and the other Transaction Documents. (c) As of the Effectiveness Date, the Lender, the Alternate Lender and the Facility Agent hereby consent to such assignment and assumption.