Acknowledgement of Assignment of Rights Clause Samples
The Acknowledgement of Assignment of Rights clause serves to formally recognize that one party has transferred its contractual rights to another party. In practice, this clause typically requires the original party or a third party to confirm in writing that they are aware of the assignment and will honor the new party’s rights under the agreement. This ensures that all parties are clear about who holds the relevant rights, thereby preventing disputes or confusion regarding obligations and entitlements after the assignment.
Acknowledgement of Assignment of Rights. The Company hereby consents, agrees and acknowledges that (a) as a condition to obtaining the debt financing contemplated by Section 3.5, Parent and Purchaser have agreed to pledge and assign to Lender, and to grant a security interest to Lender in and to, their respective rights and privileges under this Agreement and the Asset Sale Escrow Agreement and (b) the Company will execute and deliver to Purchaser such acknowledgements or other consents with respect to such pledge and assignment as Lender may reasonably request.